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

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

• 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