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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Event Hospitality & Entertainment Limited    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
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Event Hospitality & Entertainment : Year End Results Announcement

08/31/2020 | 12:59am EST

ASX ANNOUNCEMENT

ABN 51 000 005 103

SWIFT RESPONSE TO COVID-19 DELIVERS FULL YEAR NORMALISED PROFIT IN UNPRECEDENTED CIRCUMSTANCES

M O N D A Y 3 1 A U G U S T 2 0 2 0

Entertainment, hospitality and leisure operator EVENT Hospitality & Entertainment Limited ("EVT") today announced a full year result with revenue down 22.3% to $784 million, normalised EBITDA down 54.2% to $105 million, and normalised profit before AASB16, interest and tax from continuing operations of $34.1 million, a decrease of 78.5%. Overall, the Group reported a statutory net loss after tax of $11.4 million, including $54 million individually significant items net of tax, the majority of which were non-cash items.

In announcing the result, EVT CEO Jane Hastings said: "The year was impacted by the most unprecedented external factors experienced in the Group's 110-year history, including bushfires, floods and COVID-19government-mandated restrictions. Despite the impact of bushfires we achieved strong performance prior to the COVID-19 period with revenue up 2.5%, EBITDA up 1.7% and normalised profit up 2.2% in the eight months ended February 2020 on an adjusted basis. This was the second highest EBITDA result for the period from July to February from continuing operations in the Group's history."

"The final four months of the year was defined by the impact of COVID-19 government mandated restrictions which immediately impacted revenue, down $262 million for the four month period. We immediately adapted with new operating models by division, reflecting the various government COVID-19 restrictions and plan for potential financial scenarios. This planning has enabled the Group to pivot at short-notice and achieve $140 million in cost reduction including government subsidies, excluding the benefit of negotiated rent relief which will be recognised once agreements have been signed. We are well prepared and some of the changes are expected to deliver lasting benefits for the future"

"Safety remains our highest priority, and we have implemented market-leadingCOVID-19 safe operating practices for each division and these have been reviewed by infectious disease experts. I am exceptionally proud of how our teams have adapted and responded to the greatest challenges in the Group's history. We believe that our businesses will rebound relatively quickly once restrictions are lifted due to pent-up demand and we have already seen green shoots, when this has occurred, across the Group."

Ms Hastings commented on the Group's liquidity and cash flow position: "We announced last month the increase of our debt facilities to $750 million, and the majority of this matures in 2023. Our current net debt is approximately $450 million and we have a strong balance sheet, underpinned by a solid property portfolio with a fair value of $2 billion at the most recent valuation dates."

As foreshadowed in the Group's market update on 6 July 2020, the Board confirmed that there will be no final dividend for the year ended 30 June 2020. Chairman, Alan Rydge said: "Successful completion of the refinancing process in July, our strong balance sheet, and the swift response to COVID-19 positions the Group well to navigate through this challenging period and improve earnings as restrictions ease."

EVT operates cinemas in Australia and New Zealand primarily under the EVENT, BCC and GU Filmhouse brands, and in Germany under the CineStar brand. In Hotels and Resorts, EVT operates under the Rydges, QT and Atura brands and owns a 50% share of Jucy Snooze. EVT also owns the Thredbo Alpine Resort and has significant property holdings.

Approved for release to ASX by the Board of Event Hospitality & Entertainment Limited

Further information

ASX Company Security Code:

EVT

Telephone:

+61 2 9373 6600

Contact:

Jane Hastings (CEO) David Stone (Company Secretary)

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Event Hospitality and Entertainment Ltd. published this content on 31 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2020 04:59:06 UTC


© Publicnow 2020
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Sales 2021 665 M 491 M 491 M
Net income 2021 86,7 M 64,0 M 64,0 M
Net Debt 2021 400 M 296 M 296 M
P/E ratio 2021 20,4x
Yield 2021 0,39%
Capitalization 1 762 M 1 302 M 1 301 M
EV / Sales 2021 3,25x
EV / Sales 2022 2,23x
Nbr of Employees -
Free-Float 56,4%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 9,66 AUD
Last Close Price 10,93 AUD
Spread / Highest target 2,47%
Spread / Average Target -11,7%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
Jane M. Hastings CEO, Managing Director & Director
Alan G. Rydge Non-Executive Chairman
Richard Gordon Newton Independent Non-Executive Director
Peter Roland Coates Lead Independent Non-Executive Director
Valerie Anne Davies Independent Non-Executive Director
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