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    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

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

08/22/2021 | 07:34pm EDT

RESULTS PRESENTATION

2 3 A U G U S T 2 0 2 1

Y E A R E N D E D 3 0 J U N E 2 0 2 1

O V E RV I E W

H2 TURNAROUND - POSITIVE FULL YEAR EBITDA

When Government restrictions are lifted, demand returns.

  • Government mandated restrictions severely impacted H1, when restrictions eased in H2 there were signs of demand at pre-COVID 19 levels.
    • 80% of cinemas opened in USA unlocking blockbuster releases; AU/NZ Easter weekend exceeded 2019.
    • Q4 US hotel occupancy above 60%; EVT Hotels quarter-by-quarter improvement to high of 63.1% in Q4.
    • Restrictions resulted in Thredbo skier visits down 48.7% in 2020, strong summer trade - full year record revenue result.
  • H2 revenue exceeded H1 and H2 FY20 for Entertainment Australia and New Zealand, and Hotels and Resorts.

All divisions generated positive EBITDA in H2.

  • Turnaround from H1 Group EBITDA loss -$31.1 million, to FY Group EBITDA +$27.2 million.
    • Thredbo FY EBITDA record result +$29.8 million; EBITDA margin +4.2 percentage points on FY20
    • Entertainment Group H2 EBITDA +$25.3 million on H1 loss of $65.4 million.
    • Hotels Group H2 EBITDA +94.7% on H1, Full Year positive EBITDA of $33.4 million.

Significant $264 million of active cost management (excludingGovernment subsidies) since COVID begun.

  • Operating cash burn in H1 of $29.1 million (after lease payments) to operating cashflow positive in H2 of $49.0 million.
  • New operating models working well delivering early signs of margin improvements.

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

MITIGATING THE COVID-19 IMPACT

YEAR ENDED 30 JUNE 2021

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

COVID-19

Impact - 45% YoY

COVID-19

Response +85%

  1. Normalised EBITDA is profit before depreciation, amortisation, the impact of AASB 16 Leases, interest, tax and individually significant items. Normalised profit is an unaudited non-International Financial Reporting Standards ("IFRS") measure.
  2. Reduced revenue is before wage subsidies and support (presented separately).
  3. Revenue related cost savings include film hire and cost of goods sold.
  4. Subsidies and support represent incremental amounts recognised during the year ended 30 June 2021 when compared with the year ended 30 June 2021 and includes German government support recognised during the year and wage subsidies including JobKeeper in Australia, the Wage Subsidy in New Zealand, and Short-Time Pay in Germany. Approximately half of all wage subsidies received in the year represented a pass-through to employees that were not working during the period.
  5. Active cost management represents all other cost savings in the year other than revenue related cost savings identified separately 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

MITIGATING THE COVID-19 IMPACT

C O V I D - 19 PERIOD: MARCH 2020 TO JUNE 2021

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

COVID-19

Impact - 66%

COVID-19

Response +67%

  1. Normalised EBITDA is profit before depreciation, amortisation, the impact of AASB 16 Leases, interest, tax and individually significant items. Normalised profit is an unaudited non-International Financial Reporting Standards ("IFRS") measure.
  2. Reduced revenue is before wage subsidies and support (presented separately).
  3. Revenue related cost savings include film hire and cost of goods sold.
  4. Subsidies and support include German government support recognised during the period and wage subsidies including JobKeeper in Australia, the Wage Subsidy in New Zealand, and Short-Time Pay in Germany. Approximately half of all wage subsidies received in the year represented a pass- through to employees that were not working during the period.
  5. Active cost management represents all other cost savings in the year other than revenue related cost savings identified separately 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

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Disclaimer

Event Hospitality and Entertainment Ltd. published this content on 23 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2021 23:33:07 UTC.


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Financials
Sales 2022 783 M 581 M 581 M
Net income 2022 0,45 M 0,34 M 0,34 M
Net Debt 2022 598 M 444 M 444 M
P/E ratio 2022 242x
Yield 2022 0,44%
Capitalization 2 540 M 1 886 M 1 885 M
EV / Sales 2022 4,01x
EV / Sales 2023 2,76x
Nbr of Employees -
Free-Float 72,2%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 15,76 AUD
Average target price 15,24 AUD
Spread / Average Target -3,27%
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Managers and Directors
Jane M. Hastings CEO, Managing Director & Executive 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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