EVENT HOSPITALITY & ENTERTAINMENT LIMITED
ABN: 51 000 005 103
FINANCIAL REPORT
FOR THE YEAR ENDED
30 JUNE 2021
(INCLUDING ADDITIONAL APPENDIX 4E DISCLOSURES)
ASX CODE: EVT
RELEASED
23 AUGUST 2021
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CONTENTS
Results for announcement to the market (Appendix 4E)
Annexure to the Appendix 4E
Consolidated financial report
INTERNET
These results will be available on the internet at www.evt.comunder the Investor Centre menu.
ENQUIRIES
Media enquiries should be directed to:
Jane Hastings - CEO | Phone: (02) 9373 6600 |
David Stone - Company Secretary | |
Street address | Postal address |
478 George Street | GPO Box 1609 |
SYDNEY NSW 2000 | SYDNEY NSW 2001 |
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APPENDIX 4E (Rule 4.3A)
PRELIMINARY FINAL REPORT
FOR THE YEAR ENDED 30 JUNE 2021
RESULTS FOR ANNOUNCEMENT TO THE MARKET
(All comparisons to the year ended 30 June 2020)
Restated* | |||||||
2021 | 2020 | ||||||
A$'000 | A$'000 | ||||||
Revenue and other income | to | 692,474 | 1,030,921 | ||||
Down | 32.8% | ||||||
Total revenues and other income | to | 692,474 | 1,030,921 | ||||
(Loss)/profit before individually significant items, net finance | |||||||
(35,744) | 37,020 | ||||||
costs and income tax | |||||||
Net finance costs | (41,194) | (32,513) | |||||
(Loss)/profit before individually significant items and income | |||||||
(76,938) | 4,507 | ||||||
tax | |||||||
Individually significant items | 13,910 | (72,949) | |||||
Loss before income tax | |||||||
(63,028) | (68,442) | ||||||
Income tax benefit | 14,992 | 11,455 | |||||
Loss attributable to members of the parent entity | Up | 15.7% | to | (48,036) | (56,987) | ||
Dividends | Amount per security | Franked amount per security | |||||
Final dividend | - Current year | Nil | Nil | ||||
- Previous corresponding period | Nil | Nil | |||||
Interim dividend | - Current year | Nil | Nil | ||||
- Previous corresponding period | 21.0 ¢ | 21.0 ¢ | |||||
Total dividend (interim and final): | xxxxxxxxxxxxxxxxxx | xxxxxxxxxxxxxxxxxx | |||||
- Current year | Nil | Nil | |||||
- Previous corresponding period | 21.0 ¢ | 21.0 ¢ | |||||
Record date for determining entitlements to the dividend | |||||||
Not applicable | |||||||
Date of final dividend payment | |||||||
Not applicable | |||||||
For an explanation of the figures reported refer to the commentary on results in the Annexure.
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APPENDIX 4E (Rule 4.3A)
PRELIMINARY FINAL REPORT
FOR THE YEAR ENDED 30 JUNE 2021
Commentary on the full year results
See attached annexure and the Directors' Report.
Restatement of financial statements
The Group has applied various changes to accounting policies, which has impacted both the opening position of its financial statements and the performance and position of previous reporting periods. See attached consolidated financial report for more information.
Controlled Entities Acquired or Disposed of
See attached consolidated financial report.
Associates and Joint Venture Entities
See attached consolidated financial report.
Net Tangible Asset Backing | |||
Restated | |||
30 June 2021 | 30 June 2020 | ||
Net tangible asset backing per ordinary security | $4.78 | $5.11 | |
Compliance statement
The attached consoldiated financial report for EVENT Hospitality & Entertainment Limited has been subject to audit by KPMG. A copy of the independent auditor's report to the members of EVENT Hospitality & Entertainment Limited is attached.
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D I R E C T O R S ' R E P O R T
The information presented below is the Operating and Financial Review, which forms part of the 2021 Directors Report
OPERATING AND FINANCIAL REVIEW
The result for the year was materially impacted by the continued and unprecedented global COVID-19 pandemic resulting in significant government mandated trading restrictions and closures. These restrictions were most severe in the first half of the year, and when restrictions eased in the second half, there were signs of a return to pre-COVID-19 demand. Group revenue excluding the benefit of government subsidies was $540.7 million, down $449.3 million or 45.4% on the prior year. Group revenue in the second half was up 30.9% on the first half and for divisions that were open, all exceeded revenue on the comparable half year period.
In Entertainment, with cinemas re-opening globally, towards the end of the year studios began to release blockbuster films and the immediate pent-up demand for the cinema experience was evident. Despite various interstate and international travel restrictions, Hotels experienced quarter-on-quarter improvement in trading, reaching 63.1% occupancy in the fourth quarter. At Thredbo, whilst the available audience was impacted by more than 50% due to government restrictions, the changes implemented to adapt to the constraints mitigated the impact. In addition, record demand for the summer experience contributed to Thredbo achieving a full year record revenue result.
To mitigate the impact of government trading restrictions on revenue, swift action was taken by management in the development of new COVID-safe and viable operating models. Active cost management as a result of business transformation initiatives reduced costs by $158 million, excluding government subsidies. The new business models are expected to deliver longer term benefits with improved margins post the pandemic. Since the commencement of the pandemic, active cost management strategies have delivered a total reduction in costs in the period from March 2020 to June 2021 of $264 million.
- 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.
- Reduced revenue is before wage subsidies and support (presented separately).
- Revenue related cost savings include film hire and cost of goods sold.
- Subsidies and support represent incremental amounts recognised during the year ended 30 June 2021 when compared with the year ended 30 June 2020 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.
- Active cost management represents all other cost savings.
Since March 2020, the Group has applied government wage subsidy programs including JobKeeper in Australia, the Wage Subsidy in New Zealand, and Short-Time Pay in Germany. The JobKeeper program concluded in March 2021. Overall, approximately half of all wage subsidies received to date represented a pass-through to employees that were not working during the period, and as such provided no net benefit to the Group. The balance of the wage subsidies received assisted the Group in retaining employees during periods of government-mandated periodic closures, lockdowns and travel restrictions, which have materially impacted all of the Group's businesses.
The Group's unallocated corporate costs were down 12.6% on the prior full year. This included the voluntary salary reductions from the CEO and Executive, and reduced Board fees. In addition, no bonus payments were made in the financial year. These unallocated cost savings were partially offset by an increase in insurance premiums of $2.0 million and overall, the Group's insurance costs escalated to $11.2 million, up 75.9%.
5 EVENT Hospitality & Entertainment Limited - 2021 Annual Report
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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 23:23:06 UTC.