Unbowed and Unbroken ISE: DHG LSE: DAL
Dalata Hotel Group plc (“Dalata” or the “Group”), the largest hotel operator in Ireland with a growing presence in the United Kingdom, announces its results for the year ended 31 December 2020.
OUR PEOPLE ARE UNBOWED AND OUR BALANCE SHEET IS UNBROKEN
· Unprecedented year of challenge for the industry – 68% reduction in revenue leading to loss after tax of €101 million
· Proactive cost reductions and government support schemes protected employment and cash during periods of low occupancies
· Implementation of Dalata Keep Safe Programme with accreditation from Bureau Veritas
INCREASED LIQUIDITY DUE TO SPEEDY AND PROACTIVE RESPONSE
- Sale and leaseback of Clayton Hotel Charlemont, Dublin in April for €65 million
- Agreed amended debt facility in July with additional €39 million facility and revised suite of covenants
- Equity placing in September raised net proceeds of €92 million to further enhance balance sheet
- Increased liquidity with cash of €50 million and undrawn committed debt facilities of €248 million at the end of December
ROBUST BALANCE SHEET PROVIDES SECURITY AND OPPORTUNITY
· Asset backed balance sheet with hotel assets of €1.2 billion
· Conservative gearing with Net Debt to Value1 of 23%
READY FOR THE RECOVERY
- Management teams at hotels and central office in place to manage the recovery
- Hotels are primarily located in large cities or at major airports
· Modern well-maintained portfolio of hotels – average age of hotels is 17 years
· Exciting pipeline of close to 3,300 rooms in excellent locations
