Passing Melbourne's Tennis Centre on Friday on a inbound Metro...

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Hopeful9

10,185 Posts.

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06/03/21

12:45

Post #: 51570487
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Originally posted by Exised: ↑

Might as well get it direct from the 4D p.4 see last point below.

COVID-19 impacts

As highlighted above BINGO’s half year performance has been impacted by the economic impacts of COVID-19. COVID-19 also impacted volumes, pricing and direct costs associated with running the business. Whilst difficult to quantify the total impact on the earnings of the Group it is noted that:

• Direct operating expenses of $0.2 million were incurred during the period with respect to items such as sanitisers, thermometers and hardware in the relocation of staff to alternate sites and home offices.

• Additional labour costs of $0.2 million were incurred with respect to additional labour hire during the period that West Melbourne staff were quarantined due to the positive cases amongst the staff. Other operational cost impacts for the Victorian business included additional employee COVID leave to support staff who needed to stay away for testing and inability to complete all recycling activities which impacted margin during this period. These totalled approximately $0.3 million.

• Underlying EBITDA, excluding the impacts of property sales, declined by $13.2 million compared to the PCP from $78.8 million to $65.6 million primarily due to COVID-19 factors which impacted volumes and price.

• Aggressive price reductions were made within NSW Post-Collections to retain and grow volume within the COVID-19environment.

• Volumes have dropped within VIC as a result of the second extended lockdown as well as for Commercial services collections within NSW. The reduction in commercial volume relates to the number of bin services required, rather than a reduction in customer base.

• Employment cost savings of $1.1 million were found with initiatives to reduce working days and leave balances during the period.

• The Group as a whole was not eligible for JobKeeper however approximately 90 employees within two smaller subsidiaries were eligible up to 27 September 2020. This has generated some minor relief for the Group, totalling $0.8 million for the period.

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Passing Melbourne's Tennis Centre on Friday on a inbound Metro train to Flinders Street from the southern suburbs, it was pleasing to see BIN bins being used to collect material.

The upsurge in State government infrastructure spending in NSW and Victoria should continue to be a positive for BIN.

BIN Price at posting: $3.17 Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

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