Investor Presentation
Sydney, Aug 30, 2016 AEST (ABN Newswire) - Donaco International Ltd (
ASX:DNA) are pleased to provide the Company's latest Investor Presentation regarding the FY16 results.
FY16 Results Highlights
- Strong operational results from Star Vegas and Aristo have driven Group EBITDA to A$88 million (before non-recurring items)
- Adjusted Group EBITDA of A$97 million exceeded guidance of A$90-95 million
-- Star Vegas achieved 21% increase in EBITDA in local currency terms to Thai Baht 2.2 billion
-- Star Vegas EBITDA of USD 63.3 million exceeded target of USD 60 million
-- Aristo achieved 62% increase in EBITDA in local currency terms to RMB 51 million
- Group Revenue of A$143.4 million up from A$20.4 million reflecting the contribution from Star Vegas
-- FY16 was the first full year to include revenue from Star Vegas (A$120.1 million)
-- Aristo revenue increased 36% to A$23.2 million (FY15: A$17.1 million)
- Reported NPAT of A$77.2 million, compared to a loss of A$2.9 million in FY15
- Reported NPAT includes:
-- Valuation uplift of A$55.2 million for Star Vegas
-- Robust independent valuation by Colliers required for purchase price allocation, and annual impairment testing
-- Accounting standards require DNA to treat the acquisition as a bargain purchase, and book the valuation uplift as income
-- A$20.5 million Management Fee payable to the venue manager triggered by strong performance of Start Vegas
-- Venue manager receives payment if Star Vegas achieves USD60m EBITDA in 2016 and 2017
-- A$11.8 million of non-recurring M&A costs for acquisition of Star Vegas
- Well capitalised Balance Sheet
-- Gross Debt to Equity 32%, Net Debt to Equity 16%
- Maiden dividend of 1.00 cent per share
Outlook
- Initiatives are in place to continue to drive growth during FY17 and beyond
-- Star Vegas to benefit from new markets and VVIP gaming growth
-- Star Paradise expansion to introduce new Thai junkets and players, to provide additional recurring revenue from FY17
-- Marketing strategies for Aristo continue to be focussed on increasing the number of mass market players visiting the property, to reduce the volatility in win rate and earnings
To view the presentation, please visit:
http://abnnewswire.net/lnk/7Z2K19PP
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.
Donaco's flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
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