ASX Announcement
18 February 2021
2021 HALF YEAR RESULTS ANNOUNCEMENT, ACCOUNTS & FINANCIAL CALENDAR
The Star Entertainment Group Limited (ASX code: SGR) (The Star Entertainment Group) provides the following documents in accordance with ASX Listing Rule 4.2A:
1. Appendix 4D;
2. Media Release; and
3. Directors' Report and Financial Report for the half year ended 31 December 2020.
Dividend Reinvestment Plan
The Star Entertainment Group's Dividend Reinvestment Plan remains suspended as no interim dividend has been declared.
2021 Financial Calendar
The 2021 Financial Calendar is attached and can be found on The Star Entertainment Group's website atwww.starentertainmentgroup.com.au.
Authorised by:
The Board of Directors
For more information contact:
Financial analysts | Harry Theodore Chief Financial Officer | Tel: + 61 2 9657 8040 |
Mark Wilson General Manager Business Development and Investor Relations | Tel: + 61 2 9657 7423 | |
Media | Peter Jenkins General Manager Media & Communications | Tel: + 61 2 9657 9288 |
STARENTERTAINMENTGROUP.COM.AU
T + 61 7 3228 0000
THE STAR ENTERTAINMENT GROUP LTD ABN 85 149 629 023
Level 3, 159 William Street, Brisbane QLD 4000
2021 FINANCIAL CALENDAR
The Star Entertainment Group Limited (ASX:SGR) is pleased to advise the following indicative key dates for 2021:
Date | Event |
18 February 2021 | Half Year Results Announcement |
30 June 2021 | End of Financial Year |
19 August 2021 | Full Year Results Announcement |
25 August 2021 | Closing date for receipt of director nominations |
28 October 2021 | Annual General Meeting* |
* Details regarding the location of the meeting and the business to be dealt with at the meeting will be contained in a Notice of Meeting to be sent to shareholders in September 2021.
Appendix 4D
Financial Report for the half year ended 31 December 2020
1. Results for announcement to the market
(all comparisons to the half year ended 31 December 2019)
The Appendix 4D should be read in conjunction with The Star Entertainment Group Limited's audited Directors' Report and Financial Report for the year ended 30
June 2020 lodged with the Australian Securities Exchange (ASX) on 20 August 2020.
Results in accordance with Australian Accounting Standards Revenue from ordinary activities Profit from ordinary activities after tax attributable to members of the parent Net profit after tax for the period attributable to members of the parent | Current period $m | % change |
741.4 51.2 51.2 | (29.6%) (33.1%) (33.1%) |
Current Period
Normalised 1 $m
% change
Revenue
733.1
(35.2%)
Earnings before interest, tax, depreciation and amortisation
225.7
(26.6%)
Depreciation and amortisation
(107.2)
6.0%
Earnings before interest, tax and significant items
118.5
(42.6%)
Share of associates' profits
(1.3)
N.M. 4
Net interest expense
(26.9)
9.8%
Significant items (net of tax) 3
N/A
-
Income tax expense
(27.1)
(50.9%)
Net profit after tax
63.2
(50.0%)
Current Period Statutory 2 $m | % change |
741.4 | (29.6%) |
233.2 (107.2) | (4.2%) 6.0% |
126.0 (1.3) (26.9) (15.4) (31.2) 51.2 | (11.5%) N.M. 4 9.8% N.M. 4 (12.6%) (33.1%) |
741.4
(29.6%)
233.2
(4.2%)
(107.2)
6.0%
126.0
(11.5%)
(26.9)
9.8%
(15.4)
(31.2)
(12.6%)
1 Normalised results reflect the underlying performance of the business as they remove the inherent win rate volatility of the International VIP Rebate business. Normalised results are adjusted using an average win rate of 1.35% on actual turnover, taxes and revenue share commissions. It does not include adjustments to doubtful debts. Normalised earnings exclude significant items.
2 Statutory results disclose revenues and expenses at actual win rates and include significant items.
3 Significant items include restructuring costs, one-off COVID-19 related expenditure and impairment.
4 Movement not meaningful.
2. Dividend information
Current periodPrevious corresponding period
Interim fully franked dividend declared (amount per share)1 Record Date
N/A 10.5 cents
Date Payable2
N/A N/A
26 February 2020
1 April 2020
1 No interim dividend was declared for the period ended 31 December 2020. In accordance with terms associated with the waiver of covenants at 30 June 2020 and 31 December 2020 from debt providers, no further cash dividends will be paid until gearing, which represents the ratio of net debt to 12 month trailing statutory EBITDA, is below 2.5 times.
2 Date payable was deferred from 1 April 2020 to 2 July 2020 due to exceptional circumstances associated with COVID-19.
Dividend reinvestment plan
The key terms of The Star Entertainment Group Limited's dividend reinvestment plan (DRP) in operation for the interim dividend are: N/A
The last date for receipt of election notices for the dividend reinvestment plan is:
N/A
3. Net tangible assets per share
Current periodPrevious corresponding period
Net tangible asset backing per ordinary share 1
$1.81
$1.97
1 Excludes Right-of-use assets.
Additional Appendix 4D disclosures and other significant information may be found in The Star Entertainment Group Limited's Directors' Report and Financial Report for the half year ended 31 December 2020, and the media release lodged with the ASX on 18 February 2021.
ASX AND MEDIA RELEASE
Thursday, 18 February 2021
THE STAR ENTERTAINMENT GROUP (ASX:SGR) 1H FY2021 RESULTS1
HIGHLIGHTS
• Sound performance in the context of COVID-19 related operating restrictions
o Normalised2 EBITDA of $226m and normalised NPAT of $63m
o Statutory EBITDA (before significant items) of $233m and statutory NPAT of $51m
o COVID-19 related social distancing restrictions and border closures materially impacted volumes across the Group's properties
• Key performance highlights
o Gold Coast slots revenue up 8%, Brisbane up 7%
o Group loyalty gaming revenue up slightly - Sydney Sovereign PGR up 5%
o Group normalised EBITDA margin improved from 23.5% to 30.4%
• Costs and capex well managed
o Operating expenses down 40% to $324m
o Variable costs aligned with lower revenues while fixed costs reduced (operating costs include higher temporary COVID-19 related costs including cleaning, security, and hygiene marshals)
o Capex down 65% on the prior period
• Balance sheet position improved, debt covenant waivers attained
o Net debt reduced by $151m during the period
o Negotiated full waiver of debt covenants for the December 2020 testing date and an amendment of the covenant ratios for the June 2021 testing date
o Contracted the sale of the VIP aircraft and boat while progressing the sale process for The Star Sydney Car Park concession
1H FY2021 Financial Highlights | Normalised | |||
$m | vs pcp | vs pcp | ||
Gross Revenue | 750 | (36%) | 742 | (43%) |
EBITDA (before significant items) | 233 | (4%) | 226 | (27%) |
EBIT (before significant items) | 126 | (12%) | 119 | (43%) |
NPAT (before significant items) | 67 | (19%) | 63 | (50%) |
Statutory NPAT | 51 | (33%) | - | - |
Statutory
1 This release should be read in conjunction with The Star Entertainment Group Limited's 1H FY2021 Results Presentation and Directors'
Report and Financial Report for the six months ended 31 December 2020.
2 Normalised results reflect the underlying performance of the business as they remove the inherent win rate volatility of the International
VIP Rebate business. Normalised results are adjusted using an average win rate of 1.35% on actual turnover, taxes and revenue share commissions, unless otherwise stated, and are before significant items.
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Star Entertainment Group Limited published this content on 18 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2021 22:44:01 UTC.