Evt Limited · ASX:EVT
Evt — EVENT Hospitality & Entertainment — H1 FY2021 Earnings Presentation
28 slides from Evt's earnings presentation, Feb 18, 2021
Slide 1: Results Presentation, Half Year Ended 31 December 2020
For personal use only RESULTS PRESENTATION 18 FEBRUARY 2021 H A L F Y E A R E N D E D 3 1 D E C E M B E R 2 0 2 0
Slide 2: Half Year Results Webcast and Dial In Details
EVENT HALF YEAR RESULTS WEBCAST AND DIAL IN DETAILS For personal use only F R I D AY 1 9 F E B R U A RY 2 0 2 1 8:00 AM(AEDT) Access a webcast of the briefing at: https://webcast.openbriefing.com/7070/ Alternatively you may dial in to the briefing by pre-registering at https://s1.c-conf.com/diamondp
Slide 3: Overview: Pandemic drives revenue down, strong response mitigates EBITDA loss
O V E RV I E W PANDEMIC DRIVES REVENUE DOWN $466M, STRONG For personal use only RESPONSE MITIGATES EBITDA LOSS TO $31M Pandemic materially impacts hotels, cinemas and ski resort industries globally, EVT markets perform better • Only 56% of global cinemas open, as a result studios delay blockbuster f
Slide 4: Overview: Strong progress on future growth initiatives
O V E RV I E W PANDEMIC DRIVES REVENUE DOWN $466M, STRONG For personal use only RESPONSE MITIGATES EBITDA LOSS TO $31M Strong progress on future growth initiatives despite COVID-19 • On track to exceed record year of hotel network expansion; new brand 'Independent Collection by Event' launched • Cin
Slide 5: Mitigating the COVID-19 Impact
MITIGATING THE COVID-19 IMPACT HALF YEAR ENDED 31 DECEMBER 2020 For personal use only COVID-19 NORMALISED EBITDA Response +62% COVID-19 Impact - 67% YoY 1. Normalised EBITDA is profit before depreciation, amortisation, the impact of AASB 16 Leases, interest, tax, individually significant items and d
Slide 6: $477M Cost Reduction Since Pandemic Commenced
$477M C O S T R ED UCTI O N S I N C E PAN D EMI C CO MMEN CED COVID-19 PERIOD: MARCH – DECEMBER For personal use only NORMALISED EBITDA COVID-19 Response +59% COVID-19 Impact - 72% YoY 1. Normalised EBITDA is profit before depreciation, amortisation, the impact of AASB 16 Leases, interest, tax, indi
Slide 7: H1 Results Overview
H1 RESULTS OVERVIEW 6 M O N T H S 4 M O N T H S 6 M O N T H S Group Revenue $294 million, down $466m (excluding government subsidies) on prior comparable half year period. Prior half year comparison less useful given pandemic E N D E D E N D E D E N D E D M O N T H L Y A V E R A G E D E C - 1 9 J U
Slide 8: Strong Balance Sheet
STRONG BALANCE SHEET For personal use only $ million Total debt Available facility / headroom Current debt level (Dec 2020) $533.6 $216.4 Pre-COVID debt level (Mar 2020) $492.6 $52.4 • Pandemic circa $800 million revenue decline offset by cost initiatives; net debt at 31 December of $452 million, 10
Slide 9: Hotels and Resorts
For personal use only HOTELS AND RESORTS
Slide 10: Hotels & Resorts Overview
HOTELS & RESORTS OVERVIEW For personal use only Underlying EBITDA positive (excluding government subsidies) every 6 M O N T H S 4 M O N T H S 6 M O N T H S M O N T H L Y month from September 2020. E N D E D E N D E D E N D E D A V E R A G E V A R I A N C E D E C - 1 9 J U N - 2 0 D E C - 2 0 % Signi
Slide 11: Key Statistics by Brand
KEY STATISTICS BY BRAND For personal use only RY D G E S 6 M O N T H S E N D E D D E C 4 M O N T H F Y 2 0 C O V I D 6 M O N T H S E N D E D D E C Each brand is performing in a similar way to pre-COVID- 2 0 1 9 P E R I O D 2 0 2 0 V A R I A N C E 19, with individual variances in brand performance Oc
Slide 12: Hotel Development
HOTEL DEVELOPMENT For personal use only Existing hotels QT QT GOLD COAST ⁄ Hotel Upgrade Rydges Atura QT NEWCASTLE ⁄ Management Contract Independent Collection - Late 2023 Jucy ATURA SOUTH WEST SYDNEY ⁄ Management Contract RYDGES PORT ADELAIDE - Late 2023 JUCY AUCKLAND ⁄ Management Contract / Leased
Slide 13: Independent Collection
INDEPENDENT [7] COLLECTION am cLASsic [! COMFORT LC! @) Vv A L Za THE TANK STREAM HANBICINS Glee! YARRA VALLEY
Slide 14: Property
For personal use only PROPERTY
Slide 15: Property
PROPERTY For personal use only HALF YEAR ENDED 31 DE CEMBE R 2019 2020 VA R I A N CE Rental revenue below the prior year due to COVID-19 impact, Revenue ($000) 10,722 7,259 (32.3)% including rent relief provided to tenants. Fair value adjustments ($000) 1,293 250 (80.7)% $0.25 million fair value inc
Slide 16: Thredbo
For personal use only THREDBO
Slide 17: Thredbo: Strong Result Despite COVID-19 Restrictions
THREDBO STRONG RESULT DESPITE COVID-19 RESTRICTIONS For personal use only HALF YEAR ENDED 31 DECEMBER 2019 2020 VARIANCE WINTER MONTHS 2019 2020 VARIANCE Revenue ($000) 63,349 50,945 (19.6)% Revenue ($000) 58,443 44,223 (24.3)% EBITDA ($000) 28,633 23,842 (16.7)% EBITDA ($000) 29,513 24,430 (17.2)%
Slide 18: Entertainment
For personal use only E N T E R TA I N M E N T
Slide 19: For personal use only
For personal use only EVENT HOSPITALITY & ENTERTAINMENT 1
Slide 20: All Customer Segments Have Returned to Cinemas, But Only Blockbuster Released
ALL CUSTOMER SEGMENTS HAVE RETURNED TO CINEMAS, BUT ONLY 1 BLOCKBUSTER RELEASED For personal use only EVENT HOSPITALITY & ENTERTAINMENT
Slide 21: Entertainment Australia
ENTERTAINMENT AUSTRALIA For personal use only 6 M O N T H S 4 M O N T H S 6 M O N T H S M O N T H L Y • EBITDA was positively impacted by active cost management of $37.3 million. E N D E D E N D E D E N D E D A V E R A G E V A R I A N C E D E C - 1 9 J U N - 2 0 D E C - 2 0 % • Further transformatio
Slide 22: Cinebuzz on Demand
buzz | QN DEMAND ceca TEN scone AUSTRALIAN MADE fy ‘ Bre sath A be AUSTRALIANMADE Bre q aaa wae aaa / U , ACTION y SOMEDY aa0 baaa j as sae ae ae i y ADVENTURE f 4 4 - ° bawe
Slide 23: Entertainment New Zealand
ENTERTAINMENT NEW ZEALAND For personal use only 6 M O N T H S 4 M O N T H S 6 M O N T H S M O N T H L Y EBITDA was positively impacted by active cost management of E N D E D E N D E D $6.5 million. E N D E D A V E R A G E V A R I A N C E D E C - 1 9 J U N - 2 0 D E C- 2 0 % Pre-COVID COVID-impacted
Slide 24: Entertainment Germany
ENTERTAINMENT GERMANY 6 M O N T H S 4 M O N T H S 6 M O N T H S German cinemas were restricted or closed for the majority of H1. For personal use only M O N T H L Y E N D E D E N D E D E N D E D A V E R A G E German market (-84%) performed well relative to other major European D E C - 1 9 J U N - 2
Slide 25: 2021 Strong Film Line-up
2021 STRONG FILM LINE-UP R E L E A S E D AT E S R E M A I N S U B J E C T TO C H A N G E For personal use only EVENT HOSPITALITY & ENTERTAINMENT
Slide 26: H2 Outlook
H2 OUTLOOK C O V I D - 1 9 VA C C I N AT I O N P R O G R A M M E D I C TAT E S S P E E D O F R E C O V E RY For personal use only Targeting improved H2 to H1 for cinema and hotels, positive outlook July to December 2021 ENTERTAINMENT • Pent up demand for cinema, major film titles expected to release
Slide 27: Recovery Period: Strategic Priorities
RECOVERY PERIOD: STRATEGIC PRIORITIES For personal use only 1. GROW REVENUE ABOVE MARKET AGILE COVID-SAFE ENHANCED PRODUCT INNOVATION & OPERATIONS SALES MODEL YIELD MANAGEMENT 2. MAXIMISE ASSETS DIVESTMENT OF PRESERVE CASH, INCREASE VALUE NON-CORE ASSETS TARGETED UPGRADES OF CORE ASSETS 3. BUSINESS
Slide 28: Non-IFRS Financial Information
NON-IFRS FINANCIAL INFORMATION For personal use only The EVENT Group results are prepared under Australian Accounting Standards, and also comply with International Financial Reporting Standards (“IFRS”). This presentation includes certain non-IFRS measures, including the normalised profit concept. T
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