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BRIEF-Village Roadshow Says Not Possible To Provide Meaningful Earnings Guidance At This Time

Published 19/03/2020, 12:19 pm
Updated 19/03/2020, 12:12 pm
© Reuters.

March 19 (Reuters) - Village Roadshow Ltd VRL.AX :

* UPDATE ON COVID-19 RESPONSE

* EXTREMELY DIFFICULT TO PREDICT OVERALL CONSEQUENCE FOR FINANCIAL RESULTS OF VRL FOR FY20

* NOT POSSIBLE TO PROVIDE MEANINGFUL GUIDANCE ON GROUP'S EARNINGS AT THIS TIME

* IN RECENT WEEKS, SEEN ESCALATION OF DISRUPTION TO BUSINESSES FROM COVID-19

* MAJOR STUDIOS HAVE RESCHEDULED A NUMBER OF 2H FY20 TITLES, WILL HAVE A SIGNIFICANT ADVERSE IMPACT ON DIVISION'S TRADING

* ASKING ALL EMPLOYEES TO TAKE LEAVE TO REDUCE EMPLOYEE COSTS

* SENIOR EXECUTIVES SALARIES WILL BE REDUCED IMMEDIATELY

* SENIOR EXECUTIVE BONUSES WILL BE ZERO FOR FY20

* FREEZE ON ALL NON-ESSENTIAL RECRUITMENT, CONSULTING AND ADVISORY WORK

* FREEZE ON ALL NON-ESSENTIAL INTERNATIONAL AND DOMESTIC TRAVEL

* FREEZE ON ALL NON-ESSENTIAL UNCOMMITTED CAPITAL EXPENDITURE

* IMPLEMENTING COST REDUCTION STRATEGIES TO REDUCE POTENTIAL IMPACT OF COVID-19 ON GROUP'S EARNINGS & CASH FLOWS

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