aFull Year 2024 EVT Ltd Earnings Call Transcript
Key Points
- Underlying group revenue growth up 4% to $1.221 billion.
- Hotels division achieved a record result with revenue of $407.4 million, up 15.5%.
- Net debt of $304.1 million remains below pre-COVID levels, indicating a strong balance sheet.
- Successful completion of major milestones in the five-year IT transformation road map.
- Improvement in Net Promoter Scores and employee engagement scores across most parts of the business.
- Reported normalized EBITDA was down $35.7 million on the prior year.
- Entertainment EBITDA result adjusted for German government subsidies was down on prior year.
- Thredbo EBITDA was down $20.1 million due to materially worse winter conditions.
- Adjusted NPAT is down $12.9 million, in line with trading performance.
- Second half admissions across territories were down 14.1% year on year due to fewer blockbuster films.
Hi, everyone. Before we get started, I'd like to acknowledge the traditional custodians of the land. I'm speaking to you from today the Gadigal people of the Eora Nation. I'd like to pay my respects to elders past and present, and I'd like to acknowledge any and all Aboriginal and Torres Strait Islander people joining us today.
Thanks, everyone, for joining the call. We were pleased to achieve underlying group revenue growth up 4% to $1.221 billion adjusted for the benefit of the German government subsidies in the prior year. The hotels division achieved a record result with revenue of $407.4 million, up 15.5%.
Full year entertainment revenue was up $714.8 million, and that was certainly a year of two halves for entertainment with a record first quarter and a good first half. The disruption that followed from the Hollywood strikes, which shut down film production materially impacted the second half with fewer blockbusters released. And I'll explain this further in the presentation.
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