Ann: F21 Results Announcement, page-16

Agree with your comments, HungryHawk, re the EDV business split. In FY 21, the pubs were (on an aggregate basis) still profitable despite many days of lockdowns in some states. Perhaps some individual pubs lost money but that's understandably not disclosed.

Many ALH pubs are well regarded and attract (in 'normal' times) large numbers of patrons each week. I enjoy occasionally dining at various ones. Usually reasonable value and mostly a congenial atmosphere.

My household was at an ALH pub in Melbourne for a meal on the night Dictator Dan announced with just a few hours notice that a lockdown would commence at midnight.

The place was crowded in the dining area - great meal and good service - and the two bar areas. Different demographics: dining were families plus older retiree couples. One bar was full of tradesmen, some of whom were still in high-visibility clothing. The second bar had a more upmarket clientele including young Melburnians in their early 20s.

The language in the latter was as one might imagine it.

So there's a 'bounce' just before a lockdown as well as what you suggest post-the-event.