Ardent Leisure Group updated its preliminary, unaudited results for FY 18

  • Jul 30, 2018 AEST
  • Team Kalkine
Ardent Leisure Group updated its preliminary, unaudited results for FY 18

Weak preliminary, unaudited results for FY18: Ardent Leisure Group’s (ASX: AAD) stock fell 2.886% on July 30, 2018 after the company updated on its preliminary, unaudited results for FY18, including the estimated impact of non-cash valuation adjustments and impairment charges to be recorded in the second half of FY18. For the full year 2018, the revenue from the US Entertainment Centres division is expected to grow approximately 18% and constant centre revenue, which is measured on a like-for-like basis, is expected to grow 1.6%. This division's FY18 EBITDA includes a non-cash impairment charge of $38 million that is associated with five underperforming locations, $5 million of preopening costs and  $7 million of other restructuring and non-recurring items. The asset impairment for Main Event shows the difficult trading conditions at five impaired locations, due to real estate quality and ongoing brand challenges associated with the former business that operated some of the locations. Moreover, for FY 18, the revenue from the Australian Theme Parks division is impacted due to continued slow recovery post the Thunder River Rapids ride tragedy that occurred in October 2016, discounted ticket pricing, and some adverse weather conditions. Its FY18 EBITDA includes a $75 million Dreamworld revaluation decrement, $6 million of Dreamworld incident costs (net of insurance recoveries), SkyPoint revaluation decrement of $4 million and $1 million of other asset impairments and non-cash losses. The revaluation adjustment for Dreamworld shows slower recovery in attendance at the theme park than what was projected previously. Additionally, FY18 pro-forma corporate costs are expected to be $12 million, down 26% from $16 million in FY17, excluding non-recurring items of $4 million. Further, the net debt as of 26 June 2018 is approximately $11 million, due to the use of proceeds from the sale of the disposed businesses to pay down the current syndicated facility. Meanwhile, AAD stock has risen 6.91% in three months as on July 27, 2018.

Image of AADPreliminary and unaudited results of FY 18 (Source: Company Reports)

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