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Strong Financial Position for Recovery and Growth Ise: Dhg Lse: Dal

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Strong Financial Position for Recovery and Growth Ise: Dhg Lse: Dal HY 2020 Interim Results STRONG FINANCIAL POSITION FOR RECOVERY AND GROWTH ISE: DHG LSE: DAL Dublin and London | 1 September 2020: Dalata Hotel Group plc (“Dalata” or the “Group” or the “Company”), the largest hotel operator in Ireland with a growing presence in the United Kingdom, announces its results for the six-month period ended 30 June 2020. Results Summary Post IFRS 16 (as reported) Pre IFRS 161 Variance on Variance on €million H1 2020 H1 2019 H1 2020 H1 2019 Revenue 80.8 (60.0%) 80.8 (60.0%) Segments EBITDAR1 15.6 (80.9%) 15.6 (80.9%) Adjusted EBITDA1 10.1 (86.2%) (5.3) (108.8%) Loss before tax (70.9) (287.7%) (63.4) (250.2%) Basic loss per share (cents) (34.0) (292.1%) (31.1) (257.3%) Adjusted basic loss per share1 (cents) (13.1) (176.2%) (10.4) (153.7%) Key performance indicators1 H1 2020 H1 2019 Occupancy % 34.3% 80.2% Average room rate (€) 95.28 110.30 RevPAR (€) 32.69 88.48 RESILIENT OPERATING PERFORMANCE • Swift and decisive response to Covid-19 pandemic to protect our people, cash and business • Launch of accredited Dalata Keep Safe Programme • Proactive cost reductions minimised cash utilisation during period of low occupancies STRONG BALANCE SHEET PROVIDES STABILITY AND OPPORTUNITY • Cash/available facilities increased by €13 million from €162 million in December 2019 to €175 million in June 2020 • Cash of €110 million and undrawn committed debt facilities of €111 million at the end of August • Asset backed balance sheet with hotel assets of €1.2 billion in prime locations • Net Debt to Adjusted EBITDA pre IFRS 161 of 4.9x at 30 June 2020 (post IFRS 161: 7.4x) ANNOUNCING TODAY • Signed agreement for lease for two new hotels in Brighton and Manchester PROTECTING AND DRIVING SHAREHOLDER VALUE DESPITE CHALLENGES • Sale and leaseback of Clayton Hotel Charlemont, Dublin for €65 million • Exciting pipeline of close to 3,300 rooms in excellent locations 1 See Supplementary Financial Information which contains definitions and reconciliations of Alternative Performance Measures (“APM”) and other definitions. 1 HY 2020 Interim Results STRATEGIC AND OPERATING HIGHLIGHTS • All hotels have re-opened and are operating under the accredited Dalata Keep Safe Programme. Experienced management teams at each hotel focused on the safety of our customers, employees and suppliers. • 2020 started positively with encouraging trading in January and February. Record low occupancies followed during the remainder of the six-month period due to the Covid-19 pandemic. During this time, Dalata’s key priorities were the protection of our people, customers and liquidity. • The Group protected cash during the period of low occupancies through proactive cost reductions and working capital management, contracted business for essential services, utilisation of governments' support initiatives, cancellation of proposed dividend and the postponement of uncommitted capital expenditure. • Financial position remains robust with the amended Group's debt facilities providing additional financial flexibility as the hotels re-open for business. Dalata’s strong liquidity position includes cash resources of €110 million and undrawn committed debt facilities of €111 million at the end of August. • Asset backed balance sheet remains strong with €1.2 billion in hotel assets despite total revaluation losses of €161 million, arising from independent asset valuations in June 2020, representing a circa 12% decrease on valuations at December 2019. • Dalata is focused on positioning the business for further growth and a successful recovery. Our growth strategy remains compelling with exciting opportunities in London and larger regional UK cities. • Signed agreements to lease two new superbly located Maldron hotels to be constructed in Brighton and Manchester, which brings the current pipeline to almost 3,300 new rooms. Dalata’s pipeline of seven hotels already under construction includes two in Ireland and five in the UK; all of these properties will open between Q1 2021 and Q1 2022. Ten development projects including extensions are currently at the pre-construction phase. At a normalised run rate, we would expect the 13 new hotels to contribute EBITDAR in excess of €50 million in line with our targeted rental covers in year three of normal operation. OUTLOOK Since the end of June, the Group has been gradually opening its hotels with 100% of its hotels now re- opened. Occupancy for the Group amounted to 30% in July and is projected to be approximately 40% for August. While bookings from domestic guests are encouraging, the outlook for the near term remains uncertain at present with short lead time on bookings and it is not yet known when international travel will return to more normal levels. Adjusted EBITDA is expected to be in the range of €7.0 million to €7.5 million for the July and August period. We will continue to mitigate the financial consequences of the impact of Covid-19 through proactive cost reductions, maintaining our strong liquidity and assessing distressed opportunities as they arise. With cash of €110 million and available facilities of €111 million at the end of August, Dalata is very well positioned to withstand the challenges resulting from the Covid-19 pandemic and is focused on the anticipated recovery in global tourism in the medium term. The hospitality sector has historically shown tremendous resilience to recover from other demand shocks and crises and the Board believe that Dalata is well placed to benefit from the recovery with its young, well invested portfolio, experienced Senior Executive team and strong balance sheet. 2 HY 2020 Interim Results Pat McCann, Dalata Group CEO, commented: “I am delighted to welcome guests again to our hotels, all of which have now re-opened to the public. In over 50 years of working in this industry, I never previously had to close a hotel. The impact of the pandemic has been felt by all of the Dalata team since early March. However, I have been greatly heartened by the positive reaction of all of our people. We were busier than ever during the lockdown period. Our hotel management teams maintained the hotels and managed the essential services business during the height of the pandemic. They showed extraordinary flexibility and dedication during the lockdown period – they were our frontline workers. For those employees at home on the income support schemes, I was greatly encouraged by their participation in the education and training courses made available through Dalata Online by our Human Resources team. There were approximately 23,600 online courses and virtual classes completed from the beginning of April to the end of June. Central Office was busy as well. Our operations team designed the hugely successful Dalata Keep Safe programme. We teamed up with Bureau Veritas to get independent accreditation of our procedures. Our sales and revenues teams dealt with customers on cancellations and deposits as well as working with government agencies in ensuring that we could help in any way in dealing with the demands of the pandemic. Our finance team provided the information necessary to make timely informed decisions as well as facilitating two renegotiations of our debt facilities agreement. Our development team has secured two new exciting opportunities as well as managing the development of the current pipeline. Our marketing team designed a hugely successful marketing campaign that helped restart our business in all regions. I would also like to acknowledge the contribution of the Board, which has provided great support to the executive team over the last number of months. Our people are the heart of our business. Crises test the strength of a team and the Dalata team has excelled over the last six months. However, we are well aware that there still remain many challenges ahead. Our people have rallied to ensure the best and safest experience for our returning customers. It is true that the impacts of Covid-19 challenge how we deliver our warm hospitality, but we have worked hard together to find new ways to ensure an enjoyable and safe experience for both our people and our guests. As regards the business since re-opening, I am encouraged by the demand from domestic leisure customers. Occupancy levels for the Group reached 30% in July and is projected to be 40% in August. As expected, our hotels in regional Ireland and regional UK performed better than those in Dublin and London, which depend more on international travel and events. We could never have foreseen the extent of the challenges we now face with Covid-19 but we have always approached the management of our balance sheet in a way that ensured we would be ready for the inevitable ups and downs in our industry, including shocks, and yet position it for ongoing growth and opportunity. We therefore entered the Covid-19 crisis in a very strong financial position. Our asset backed balance sheet and comfortable gearing ensured Dalata was well placed to confront the resulting challenges. I am delighted to report that we managed to increase our liquidity position during the second quarter despite our hotels being closed to the public. This was achieved through a strong partnership with our banking club, initially agreeing an amendment to the Group’s debt facility agreement in March followed by a more comprehensive amendment in July. The two new covenants, Net Debt to Value and the minimum liquidity test, provide us with additional flexibility as the business recovers from the impact of the Covid- 19 pandemic. We also increased the total facility package by €39 million. Our institutional landlords continue to actively support Dalata and remain committed to our long-term partnerships. We completed the sale and leaseback of Clayton Hotel Charlemont in Dublin to Deka Immobilien in April at a very competitive yield, despite the onset of the pandemic.
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