Crown Resorts Ltd

CWN Details

For the full year ended 30 June 2017, Crown Resorts Limited (ASX: CWN) reported 15.5% yo decline in normalized NPAT attributable to the parent of $343.1 million, while reported NPAT attributable to the parent of $308.9 million was down 21.5% yoy before significant items. However, the reported NPAT attributable to the parent of $1,866.1 million, up 96.7% yoy after significant items. Further, net gain from significant items attributable to the parent stood at $1,557.2 million, the major component of which is the net gain from the sale of shares in Melco Resorts & Entertainment Limited. Normalised EBITDA was down 3.3% yoy to $828.0 million, while reported EBITDA was down 8.3% to $790.3 million.  Normalised EBITDA from Crown Melbourne declined 12.5% yoy to $588.8 million, and reported EBITDA for the period was $570.6 million, down 14.0% yoy. The reported EBITDA result considers an unfavorable variance from the theoretical VIP program play result which had a negative EBITDA impact of $18.2 million.This compares to a negative EBITDA impact of $9.9 million in the pcp. Normalised EBITDA from Crown Perth was down 5.8% yoy to $244.8 million, and reported EBITDA for the period was $257.3 million, down 10.0% yoy.

Net operating cash flow for the period of $465.7 million compared to net operating cash flow of $482.7 million in the pcp. After net proceeds received from the sale of investments of $3,165.1 million, net capital expenditure of $348.1 million, share buy-back payments of $499.9 million and dividend payments of $1,110.8 million. The Group’s net debt position (excluding working capital cash of $134.7 million) at 30 June 2017 was $308.5 million, consisting of total debt of $1,945.0 million and cash (excluding working capital cash) of $1,636.5 million. At 30 June 2017, total liquidity, excluding working capital cash of $134.7 million, was $2,051.3 million, represented by $1,636.5 million in available cash and $414.8 million in committed undrawn facilities. We maintain a “Hold” recommendation on the stock at the current market price of $11.83
 

CWN Daily chart; (Source: Thomson Reuters)

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