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Unbowed and Unbroken

Published: Wednesday, March 03, 2021.

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

·         Modern well-maintained portfolio of hotels – average age of hotels is 17 years

·         Exciting pipeline of close to 3,300 rooms in excellent locations

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