Event Hospitality & Entertainment : Year End Results Presentation

RESULTS PRESENTATION

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EVENT YEAR END RESULTS

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E V E N T H O S P I T A L I T Y & E N T E R T A I N M E N T

FY20

STRONG RESPONSE TO AN UNPRECEDENTED PERIOD

Good progress on Strategic Plan pre COVID-19 resulting in earnings growth and new company records set. COVID-19 Government mandated restrictions resulted in closures, a first in the company's 110-year history. Swift and effective action taken to mitigate impacts on cashflow and profitability.

• Government-mandatedrestrictions almost entirely wiped out revenue, down $262 million (-81%) reduction March-June (before subsidies).
• Redesign of every operation in an extremely short period of time to preserve liquidity.
• Active cost reduction and Government subsidies totalling $140 million mitigating 53% (excluding rent benefits) of revenue decline.
• Normalised PBIT of $34 million, statutory loss after tax of $11 million including $54 million individually significant items.

Strong balance sheet and new debt facilities secured.

• Net debt at 30 June 2020 of $421 million, debt facilities increased to $750 million, majority matures in 2023.
• Property portfolio with circa $2 billion fair value at the most recent valuation date.

Plans in place for all scenarios to ensure EVT is ready, agile and able to benefit from pent-up demand.

• Financial scenarios and operating models by division, to ready for each Government-mandatedCOVID-19 phase and will benefit the future.
• Leading COVID-19 safe operating practices and training developed, implemented and tested by infectious disease experts.
• Evidence of 'green shoots' when restrictions are lifted.

E V E N T H O S P I T A L I T Y & E N T E R T A I N M E N T

THE COVID-19 IMPACT

N O R M A L I S E D P B I T

COVID-19

Response +53%

COVID-19(excluding rent benefits) Impact - 81% YoY

1. Normalised profit is profit before the impact of AASB 16 Leases, interest, tax, individually significant items and discontinued operations. Normalised profit is an unaudited non-International Financial Reporting Standards ("IFRS") measure.
2. FY19 earnings adjustments relate to the impact of AASB 15 Revenue and the reduced gift card breakage resulting from the change in statutory validity period from 1 to 3 years, the cessation of virtual print fee revenue, and the partial closure of Rydges Queenstown in March 2019.
3. Underlying pre-COVID growth in earnings is an unaudited amount adjusted for the impact of AASB 15 Revenue and the reduced gift card breakage resulting from the change in statutory validity period from 1 to 3 years, the cessation of virtual print fee revenue, and the partial closure of Rydges Queenstown in March 2019.
4. COVID period reduced revenue is before wage subsidies (presented separately).
5. Revenue related cost savings include film hire and cost of goods sold.
6. Wage subsidies include JobKeeper in Australia and the Wage Subsidy in New Zealand.
7. Active cost management represents all other cost savings in the COVID-19 period other than revenue related cost savings identified above.

E V E N T H O S P I T A L I T Y & E N T E R T A I N M E N T