Ann: Investor Days Presentations, page-2

Apart from the politically correct 'Welcome to Country' opening - why doesn't EDV also acknowledge our pioneers who opened up the country by trekking thousands of miles (men like Hume and Hovell) - this is an interesting presentation.

Good that it highlighted how EBIT margins in the ALH Hotels division have risen over the years. I had thought EDV's total hotels were c.330 but that's become 344.

The Forest Hotel (Frenchs Forest, Sydney, NSW) highlighted refurbishment seems to be doing well, and shows how 15 per cent ROIC is the aim and can be achieved. Pleasing that it's recently refurbished 30 hotels.

Surprising that Dan's only has four million active MyDan's users. I'd have guessed at least five million.

The comment about how wages and salaries will rise and with interest rates doing the same, may possibly see reduced demand is a concern. I wonder how many costs EDV can easily strip out of the business? Against this, the evidence was that during draconian lockdowns, alcohol sales rose in Australia. The hotels division however may be vulnerable as patrons may curtail their drinks and meals visits.