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FY21 AGM Presentation
28 January 2022
Porntat Amatavivadhana | Gordon Lo |
Chairman | Chief Financial Officer |
The Year in Review
Maintained prudent cost control and balance sheet protection
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Donaco's operations, DNA Star Vegas (Star Vegas) and Aristo International Hotel (Aristo), were largely affected by C-19.
Star Vegas operated for 7 months of the year until April 2021 and Aristo remained open on a limited basis, due to restrictions related to the pandemic.
The outbreak affected revenue and EBITDA resulting in FY21 revenue of A$10.32 (FY20: A$53.39m) and negative EBITDA of
A$0.07m (FY20: A$10.38m).
Despite opening on a limited basis, Aristo achieved positive EBITDA of A$0.30m in the first three months of FY22, demonstrating the strength of the asset.
The Board and Management team continued to execute disciplined cost control underpinned by a strengthened balance sheet.
Settlement of the Loan Facility with main lender Mega Bank was reached, with final payment made in December 2021.
Positive long-term business outlook with proliferation of vaccines globally, and across South-East Asia, as well as increased tourism infrastructure spend emerging in the region.
Encouraging long term outlook, Mega Bank Facility settled, and improving broader business
conditions
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FY21 Achievements
1. | Cost control strategy and strategic initiatives to |
preserve Star Vegas and Aristo | |
• | Disciplined cost control led to a reduction in |
operating expenses and corporate costs. | |
• | Reached monthly cash burn target of approx. |
onlyA$550,000, in line with targeted range. | |
• | Aristo achieved positive EBITDA of A$0.30m in |
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the first three months of FY22, despite | |
operating at a limited capacity due to COVID-19 | |
restrictions. | |
• | Adjusted service provider agreements for |
improved outcomes; i.e. restructured gaming | |
machine arrangements, introduced retail | |
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outlets and reorganised arrangements with | |
junket operators. | |
2. | Successfully settled all legal cases with Thai |
Vendor in relation to Star Vegas |
3. Mega Bank debt paid off post year end
- Loan Facility with its main lender, Mega Bank, settled on 30 December 2021 with USD$1.8m payment.
- Donaco has fully repaid the initially borrowed amount of USD$120m.
- Debt reduction as a means to preserve shareholder value.
- Despite swiftly paying down Loan Facility, Donaco maintained a healthy cash position of A$4.4 million as at 31 December 2021.
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FY21 Group Results
FY21 Group Result Summary
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Strategic initiatives executed and proactive cost control strategy to navigate through the pandemic.
However C-19 heightened in 2H FY21 resulting in revenue of A$10.32m (FY20: A$53.49m) and negative EBITDA of A$0.07m (FY20: A$10.38m).
Disciplined cost control management led to a reduction in operating expenses to A$6.92m in FY21 (FY20 A$37.55m) and to A$3.46m (FY20 A$5.49m) respectively.
Statutory net profit after tax of A$25.18m in FY21 (FY20
A$58.89m), as a result of the non-competition settlement in relation to Star Vegas.
All figures in AUD (millions) | FY21 | FY20 |
Group Revenue | 10.3 | 53.5 |
Star Vegas | 9.1 | 39.7 |
Aristo International Hotel | 1.2 | 13.7 |
Corporate Operations | 0.0 | 0.0 |
EBITDA | (0.07) | 10.3 |
Star Vegas | 4.2 | 11.0 |
Aristo International Hotel | (0.9) | 4.9 |
Corporate Operations | (3.5) | (5.5) |
Statutory NPAT | 25.2 | (59.0) |
Underlying NPAT1 | (12.7) | (6.3) |
1. Underlying NPAT excludes non-recurring items and net exchange losses.
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Donaco International Ltd. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 03:05:05 UTC.