EVT (EVT) H2 2024 earnings summary

Executive summary

• Group revenue grew 4% to AUD 1.221 billion, with record Hotels revenue of AUD 407.4 million and strong Thredbo performance despite adverse weather.

• Underlying EBITDA declined 8.2% to AUD 151.3 million, impacted by Thredbo weather and Hollywood strikes.

• Reported NPAT was AUD 4.8 million, affected by a AUD 26.9 million NZ tax charge and absence of prior year one-offs; normalized NPAT was AUD 34.1 million.

• Final fully franked dividend declared at AUD 0.20 per share.

• Thredbo revenue declined 18.9% due to poor weather, but a new business model helped offset the impact.

Financial highlights

• Hotels revenue up 15.5% to AUD 407.4 million, with record EBITDA of AUD 101.5 million.

• Entertainment Australia revenue up 1.7% to AUD 379.6 million; EBITDA AUD 38.7 million.

• Thredbo EBITDA down 50.6% to AUD 19.7 million, reflecting poor weather and lower skier days.

• Adjusted NPAT down AUD 12.9 million, reflecting trading performance.

• Net debt at AUD 304.1 million, below pre-COVID levels.

Outlook and guidance

• Weaker first quarter expected due to fewer hotel events, later Thredbo season start, and cycling record entertainment performance.

• Full-year market box office expected to be in line or ahead of prior year, subject to film performance.

• Hotels aim for another record year, though market challenges acknowledged.

• Thredbo winter result expected in line with prior year, subject to weather and business model performance.

• CapEx guidance for next financial year is AUD 120–130 million, with AUD 30–40 million as maintenance and the rest for growth.