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Donaco International Ltd (DNA.AX) FY21 Annual Report and Audited Accounts

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Donaco International Ltd
Donaco International Ltd

Donaco International Ltd (DNA.AX) FY21 Annual Report and Audited Accounts

Sydney, Australia, Sep 30, 2021 - (ABN Newswire) - Donaco International Ltd's (ASX:DNA) (HAM:UGS) recent performance has shown our deeper commitment towards business sustainability during this COVID-19 pandemic.

For the financial year, the Group reported statutory net profit after tax of A$25.2 million, which included non-recurring items totalling A$37.9 million. The non-recurring items are non-cash income of A$50.9 million Star Vegas settlement, A$8.4 million Star Vegas license impairment charge, A$0.4 million impairment of trade and other receivables, A$4.0 million settlement interest and A$0.2 million non-recurring legal fees.

Excluding the non-recurring items, underlying net loss after tax was A$12.7 million, an increase of A$6.4 million from FY20 net loss after tax of A$6.3 million.

The group recorded a negative EBITDA of A$0.1 million for the financial year 2021, down from prior year positive EBITDA of A$10.4 million, and generated an underlying net loss after tax of A$12.7 million (excluding the non-recurring items). Group revenue of A$10.3 million was recorded for the financial year, compared to prior year of A$53.5 million, and the group recorded a negative operational cash flow of A$4.5 million, an increase on prior year negative cash flow of A$3.2 million. Much of this reflects the broader uncertainty caused by the pandemic, which also affects the group's casino operations in Cambodia and Vietnam.

Despite the declined venue performances in financial year 2021, Donaco has successfully settled all legal cases with the Thai Vendors in relation to Star Vegas which contributed non-cash income of A$50.9 million. Mega Bank debt continued to decline to A$9.0 million as at 30 June 2021 with final repayment in December 2021. The repayments to Mega Bank from July 2021 has been supported by a US$7.8 million (A$10.4 million as at 30 June 2021 spot rate) shareholder loan from Mr. Lee Bug Huy, aka Techatut Sukcharoenkraisri, Chief Executive Officer and an executive director of the group.

Looking forward, financial year 2022 will be the year to gradually resume casino operations in Cambodia and Vietnam as the vaccinations will continue to be administered in the regions.

To view the full Annual Report, please visit:
https://abnnewswire.net/lnk/M83U98T0


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.

Contact:

Investors
Porntat Amatavivadhana
Donaco International Limited
porntat@donacointernational.com

Media
Shane Murphy
FTI Consulting
+61 420 945291
shane.murphy@fticonsulting.com

Source:
Donaco International Ltd

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