committee, including senior management and external privacy specialists, provide leadership in this area, with
regular updates to executive management, Board and Board Committees.
1 See Supplementary Financial Information which contains definitions and reconciliations of Alternative Performance Measures ("APM") and other definitions.
2 IBEC, Covid restrictions disproportionately impacting experience economy, 8 October 2020.
3 CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
4 The main adjusting items are the net property revaluation loss of EUR30.8 million (2019: net revaluation gain of EUR1.6 million) following the valuation of property assets and impairments of EUR11.8 million on other assets (including goodwill and right-of-use assets) which were significantly impacted by Covid-19. Further detail is provided below.
5 Dublin performance statistics exclude the Ballsbridge Hotel as the hotel effectively did not trade for most of 2020.
6 Performance statistics reflect full year performance of all hotels in this portfolio for both years.
7 Performance statistics reflect full year performance of all hotels in this portfolio for both years regardless of when acquired and include Clayton Hotel Cambridge (leasehold interest entered into in November 2019).
8 Other non-current assets comprise investment property, deferred tax assets and other receivables (which primarily relate to professional fees associated with future lease agreements for hotels currently being constructed or in planning).
9 Other liabilities comprise deferred tax liabilities, derivatives, provision for liabilities and current tax liabilities.
Dalata Hotel Group plc
Condensed consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December 2020
2020 2019 Note EUR'000 EUR'000 Continuing operations Revenue 2 136,821 429,184 Cost of sales (52,282) (154,584) Gross profit 84,539 274,600 Administrative expenses 3 (158,542) (155,505) Other income 495 1,206 Operating (loss)/profit (73,508) 120,301 Finance costs 4 (37,953) (30,613) (Loss)/profit before tax (111,461) 89,688 Tax credit/(charge) 10,783 (11,476) (Loss)/profit for the year attributable to owners of the Company (100,678) 78,212 Other comprehensive (loss)/income Items that will not be reclassified to profit or loss Revaluation of property 9 (143,631) 120,723 Related deferred tax 21,337 (17,272) (122,294) 103,451 Items that are or may be reclassified subsequently to profit or loss Exchange difference on translating foreign operations (23,313) 23,592 Gain/(loss) on net investment hedge 16,804 (16,987) Fair value movement on cash flow hedges (6,511) (4,238) Cash flow hedges - reclassified to profit or loss 1,992 1,177 Related deferred tax (565) 382 (11,593) 3,926 Other comprehensive (loss)/ income for the year, net of tax (133,887) 107,377 Total comprehensive (loss)/income for the year attributable to owners of the Company (234,565) 185,589 Earnings per share Basic (loss)/earnings per share 14 (50.9) cents 42.4 cents Diluted (loss)/earnings per share 14 (50.9) cents 42.0 cents
Dalata Hotel Group plc
Condensed consolidated statement of financial position
at 31 December 2020
*Restated 2020 Note 2019 EUR'000 EUR'000 Assets Non-current assets Intangible assets and goodwill 8 31,733 36,133 Property, plant and equipment 9 1,202,743 1,471,315 Right-of-use assets 10 411,007 386,407 Investment property 2,089 2,149 Deferred tax assets 12,344 3,527 Contract fulfilment costs 11 22,374 13,346 Other receivables 9,059 6,760 Total non-current assets 1,691,349 1,919,637 Current assets Trade and other receivables 9,231 21,802 Inventories 1,258 1,927 Cash and cash equivalents 50,197 40,586 Total current assets 60,686 64,315 Total assets 1,752,035 1,983,952 Equity Share capital 2,227 1,851 Share premium 504,735 504,488 Capital contribution 25,724 25,724 Merger reserve 81,264 (10,337) Share-based payment reserve 3,419 4,900 Hedging reserve (9,042) (3,958) Revaluation reserve 199,306 351,869 Translation reserve (13,102) (6,593) Retained earnings 138,249 204,897 Total equity 932,780 1,072,841 Liabilities Non-current liabilities Loans and borrowings 12 314,143 411,739 Lease liabilities 10 388,871 352,434 Deferred tax liabilities 39,404 59,358 Derivatives 9,042 4,434 Provision for liabilities 6,747 4,804 Total non-current liabilities 758,207 832,769 Current liabilities Lease liabilities 10 10,761 9,667 Trade and other payables 48,668 66,163 Derivatives - 89 Current tax liabilities 91 664 Provision for liabilities 1,528 1,759 Total current liabilities 61,048 78,342 Total liabilities 819,255 911,111 Total equity and liabilities 1,752,035 1,983,952
*The split of lease liabilities between current liabilities and non-current liabilities at 31 December 2019 has been reclassified on a basis consistent with the presentation applied at 31 December 2020, which reflects the timing of the future capital repayments of the lease liabilities (note 10).
On behalf of the Board:
John Hennessy Patrick McCann Chair Director
Dalata Hotel Group plc
Condensed consolidated statement of changes in equity
for the year ended 31 December 2020
Attributable to owners of the Company Share Share Capital Merger Share-based Hedging Revaluation Translation Retained capital premium contribution reserve payment reserve reserve reserve earnings Total reserve EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 At 1 January 2020 1,851 504,488 25,724 (10,337) 4,900 (3,958) 351,869 (6,593) 204,897 1,072,841 Comprehensive income: Loss for the year - - - - - - - - (100,678) (100,678) Other comprehensive income Exchange difference on translating - - - - - - - (23,313) - (23,313) foreign operations Gain on net - - - - - - - 16,804 - 16,804 investment hedge Revaluation of properties (note - - - - - - (143,631) - - (143,631) 9) Transfer of revaluation gain to retained - - - - - - (30,269) - 30,269 - earnings on sale of property (note 9) Fair value movement on cash - - - - - (6,511) - - - (6,511) flow hedges Cash flow hedges - reclassified to - - - - - 1,992 - - - 1,992 profit or loss Related deferred - - - - - (565) 21,337 - - 20,772 tax Total comprehensive - - - - - (5,084) (152,563) (6,509) (70,409) (234,565) loss for the year Transactions with owners of the Company: Equity-settled
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