EVT Limited

Last updated

EVT Limited
Company type Public company
ASX:  EVT
IndustryEntertainment, hospitality, travel
FoundedListed in 1962 on the Australian Securities Exchange. Subsidiaries date to 1910. [1]
Headquarters478 George Street,
Sydney
Area served
Australia, Germany, New Zealand.
Key people
  • Alan Rydge (Chairman)
  • Jane Hastings (Managing Director and Chief Executive Officer)
Revenue
  • Decrease2.svg A$1.03 billion (2020)
  • A$1.30 billion (2019)
  • Decrease2.svg A$-10.6 million (2020)
  • A$111.8 million (2019)
Total equity Decrease2.svg A$975.1 million (2020)
Number of employees
8,000-10,000
Website https://www.evt.com/

EVT Limited (stylised as EVT) (an acronym of the words 'Entertainment, Ventures, Travel') [2] is an Australian company which operates cinemas, hotels, restaurants and resorts in Australia, New Zealand and Germany.

Contents

It owns Event Cinemas, BCC Cinemas and CineStar, as well as golf courses and the ski resort Thredbo. Hotels owned by the group include the Rydges, QT and Atura brands.

The company was formerly called Amalgamated Holdings Limited and, from 2015, Event Hospitality and Entertainment. It is listed on the Australian Securities Exchange. [3]

Structure and brands

For much of EVT's recent history it has effectively been controlled by billionaire Alan Rydge, whose family companies reportedly owned 45 per cent of the shares in 2004, and 60 per cent in 2011. [4] [5]

As of 2019, EVT owns the largest cinema chains in Australia and New Zealand. Its cinema brands include Event Cinemas, BCC, CineStar, Greater Union, GU Film House, Moonlight Cinema, and the Sydney State Theatre. Event also owns over 60 hotels worldwide, operating more than 10,000 rooms, under the subsidiaries Atura Hotels, Rydges Hotels & Resorts, QT Hotels & Resorts and the Thredbo Alpine Village, making it Australia's fourth-largest hotel operator. Revenue is also generated from managing and leasing commercial property. [6]

As of 2017, the company had 62 hotels and resorts around the world, along with 75 cinemas in Australia, 54 cinemas in Germany, and 20 cinemas in New Zealand. [7] In 2014-2015 it was making most of its money from its cinema division, [8] and described Event Cinemas as its flagship. [9] In 2014, it was the fourth biggest owner of hotels in Australia, offering 9,000 rooms across the country. [8]

Most of its hotel and cinema brands are based in Australia, but some are in other countries:

Corporate alliances

Event Hospitality and Entertainment owns and operates some of its cinema chains as a joint venture with Village Roadshow, established in 2003 under the name Australian Theatres. [10] [11]

Many of its hotels belonged to the Global Hotel Alliance until late 2021.[ citation needed ]

History

1911–1940s

In 1911, The Christian was released. This was the first film produced by West's Pictures, which later became part of Greater Union. From 1911 to 1913, a series of mergers resulted in the formation of The Combine, a powerful alliance between exhibitor Union Theatres and the production and distribution company Australasian Films. The Combine imported many of its films and was blamed by independent competitors for a drop in the local production of films. [12]

In 1928, the company has sold off Australasian Films to John C. Jones, which later on absorbed into Columbia Pictures in 1935. [13] [14] In 1930, it reentered the theatrical market as the Union Theaters Feature Exchange by distributing features by British International Pictures. [15] Two years later, the company was renamed to British Empire Films (BEF), which served as the distribution arm of Greater Union. They distributed films of Cinesound Productions. [16] [17] [18]

In 1932, the box-office hit On Our Selection was produced by Cinesound Productions, a subsidiary which had been set up the previous year by Greater Union Theatres. In 1936, businessman Norman Rydge was elected chairman and managing director of Greater Union Theatres after buying a controlling interest. The company returned to profitability within three years. [19]

In 1942, Cinesound co-produced Kokoda Front Line! , the first Australian film to win an Academy Award. A full-length version of a wartime newsreel, it won an Oscar for best documentary. [8]

1970s-1980s

In 1971, the company acquired the assets of MGM's Australian operations, and MGM's films would be distributed by the company's subsidiary British Empire Films in Australia for two years, with Disney included in the contract, before MGM gave up its contract to Cinema International Corporation in 1973. [20] [21] The company also entered its relationship with Buena Vista International for the company's B.E.F. unit to distribute its films. [18] In 1976, the company's film distribution unit changed its name from British Empire Films to GUO Film Distributors. [18]

In 1980, Alan Rydge inherited the company on the death of his father, becoming the youngest chairman of an Australian public company. [22] In 1982, the company's film distribution division was renamed to Greater Union Film Distributors after introducing a new logo. [18] In 1984, the company was once again fully Australian-owned after gaining control of Rank Organisation's half share.[ citation needed ]

In 1987, the company acquired Thredbo Alpine Resort. [23] Also that year, Greater Union merged its distribution unit with Roadshow Distributors, a Village Roadshow subsidiary to form a film distribution division consisting of two units, Roadshow Film Distributors, and Greater Union Distributors. The company as a whole merged into Roadshow five years later. [18]

In 1988, Rydge wanted to begin a hotels division and so recruited David Seargeant, who later became managing director. [8]

2000s

In 2003, Event Ltd partnered in a joint venture with Village Roadshow. Their joint entity was established under the name Australian Theatres. [10] [11]

In 2004, Amalgamated Holdings Ltd (AHL) suffered a share plunge after writing off more than $70 million on its German cinemas. [24] In 2005, Greater Union dropped its ban against cinemagoers bringing their own snacks and drinks after an investigation by the New South Wales Commissioner for Fair Trading. [25] [26] The same year, the Rydge family expanded its compound on Point Piper by buying a sixth adjoining property. [27]

In 2009, Meredith Hellicar resigned from the company board after being criticised in a judgement by the New South Wales Supreme Court for her part in approving, while chairwoman of James Hardie, a press release which falsely claimed that a trust for asbestosis victims had been fully funded. [28] [29] [30]

2010s

In 2010, Amalgamated bought a chain of cinemas in New Zealand and Fiji from Skycity Entertainment Group. [31] The same year, it also acquired outdoor cinema operator Moonlight Cinema for $1.75 million from Prime Media Group. [32] In the financial year 2010–2011, Alan Rydge was among the wealthy Australians who donated to a secret fund set up for Sydney politician Malcolm Turnbull. [33]

In 2011, Amalgamated sold its 49 per cent share of a cinema chain in the Middle East. [34] The same year, its operations in Queensland suffered losses due to severe flooding in 2010–2011. [35]

In 2013, the Featherdale Wildlife Park in Sydney was sold to Moss Capital for an estimated A$15 million. Amalgamated had owned the park since 1996. [36] In 2014, a three-year plan was unveiled to build or redevelop 14 new cinemas. [37]

In December 2015, Amalgamated Holdings Ltd changed its name to Event Hospitality and Entertainment Limited. Its ticker code changed from AHD to EVT on the Australian Securities Exchange. [38] In November 2016, David Seargeant gave notice that he would step down as managing director and CEO in the second half of 2017. [39] He was replaced by Jane Hastings. [40]

In 2017, the company sold its two-thirds interest in a Fiji cinema joint venture. [7]

2020s

The COVID-19 pandemic resulted in mandatory government-ordered closures of cinema locations between March 2020 to July 2020 in Australia and New Zealand. The Australian government also converted many Rydges hotel locations to mandatory quarantine stations for international and domestic travellers.[ citation needed ]

In October 2022, Event Hospitality & Entertainment Limited rebranded to EVT Limited. [41]

See also

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References

  1. ↑ "About Us – Overview". Amalgamated Holdings Limited. Archived from the original on 3 April 2015. Retrieved 26 August 2015.
  2. ↑ "EVT". EVT Limited. Retrieved 12 March 2023.
  3. ↑ "EVT LIMITED". ASX. 12 March 2023. Retrieved 12 March 2023.
  4. ↑ Shoebridge, Neil (14 November 2011). "Amalgamated notes uncertain picture". The Australian Financial Review. Retrieved 25 October 2015.
  5. ↑ "Amalgamated's German movie flop". Crikey. 20 May 2004. Retrieved 26 October 2015.
  6. ↑ "Annual Report 2019" (PDF). Australian Securities Exchange.
  7. 1 2 "Annual Report 2017" (PDF). Australian Securities Exchange.
  8. 1 2 3 4 Schlesinger, Larry (2 October 2014). "Why Amalgamated believes in diversity". The Australian Financial Review. Retrieved 25 October 2015.
  9. ↑ "About Us – Our History". Amalgamated Holdings Limited. Retrieved 26 August 2015.
  10. 1 2 "Historical details for ABN 33 595 052 153". ABN Lookup. 1 November 2014. Retrieved 20 December 2022.
  11. 1 2 Hanson, S. (2019). Screening the World: Global Development of the Multiplex Cinema. Springer International Publishing. p. 224. ISBN   978-3-030-18995-2 . Retrieved 20 December 2022.
  12. ↑ "Film "Combine.": Australian's Complaint". The Register. Adelaide. 17 June 1927. Retrieved 29 November 2016.
  13. ↑ "John C. Jones To Take Over Australasian Films March 18". Everyones. 27 February 1929. p. 6.
  14. ↑ "Columbia Negotiates to Buy G.A.F. Distribution System". Everyones. 24 April 1935. p. 5.
  15. ↑ "Union Theaters Distribute British International". Everyones. 7 May 1930. p. 7.
  16. ↑ British Empire Films [ permanent dead link ] at National Film and Sound Archive
  17. ↑ "Further Reconsideration For U.T.'s Affiliated Production Companies". Everyones. 22 June 1932. p. 12.
  18. 1 2 3 4 5 Groves, Don (2010). AHL: 100 Years of Entertainment. Amalgamated Holdings Ltd. ISBN   9780958946612.
  19. ↑ Perkins, John (2002). "Rydge, Sir Norman Bede (1900–1980)". Australian Dictionary of Biography . National Centre of Biography, Australian National University. ISSN   1833-7538 . Retrieved 29 October 2016.
  20. ↑ Melnick, Ross (26 April 2022). Hollywood's Embassies. Columbia University Press. ISBN   9780231554138.
  21. ↑ Hanson, Stuart (26 July 2019). Screening the World. Springer International Publishing. ISBN   9783030189952.
  22. ↑ "#1476: Alan Rydge". Forbes: The World's Billionaires. 2016. Retrieved 29 October 2016.
  23. ↑ "Thredbo's History". www.thredbo.com.au. Retrieved 4 May 2020.
  24. ↑ "Amalgamated hurt by German subsidiary". The Sydney Morning Herald . 19 May 2004. Retrieved 22 October 2016.
  25. ↑ "Cinema Chain Scraps Snack Ban". FindLaw Australia. 22 June 2005. Retrieved 29 November 2016.
  26. ↑ "Cinema chain pulls food ban". ABC News. Australian Broadcasting Corporation. 23 June 2005. Retrieved 29 October 2016.
  27. ↑ Chancellor, Jonathan (19 February 2005). "Family spreads wings in Point Piper with $8.7m". The Sydney Morning Herald. Retrieved 29 October 2016.
  28. ↑ "Ex-James Hardie chairwoman resigns". The Sydney Morning Herald. 24 April 2009. Retrieved 26 October 2015.
  29. ↑ Schwab, Adam (13 August 2009). "Meredith Hellicar could be forced to pay up". Crikey. Retrieved 26 October 2015.
  30. ↑ John, Danny (25 April 2009). "Hardie judgement prompts Hellicar to retreat". The Sydney Morning Herald. Retrieved 26 October 2015.
  31. ↑ Hoey, Trevor (24 November 2009). "Amalgamated Holdings to acquire Skycity cinemas". The Australian Financial Review. Retrieved 25 October 2015.
  32. ↑ "Amalgamated acquires Moonlight Cinema". The Sydney Morning Herald. 28 July 2010. Retrieved 22 October 2016.
  33. ↑ McColl, Gina (19 June 2016). "Turnbull's links to secretive fundraising practices". The Sydney Morning Herald. Fairfax Media. Retrieved 7 December 2016.
  34. ↑ Schlesinger, Larry (20 August 2015). "Amalgamated shares soars on special 'snow' dividend". The Australian Financial Review. Retrieved 25 October 2015.
  35. ↑ Thomson, James (13 January 2011). "Companies assess flood costs amid concerns rebuilding could take two years". Smart Company. Retrieved 26 October 2015.[ permanent dead link ]
  36. ↑ Chancellor, Jonathan (25 June 2013). "Moss Capital buys Doonside, Sydney wildlife attraction Featherdale Wildlife Park". Property Observer. Archived from the original on 19 September 2018. Retrieved 27 August 2015.
  37. ↑ Smith, Matthew (30 October 2014). "Netflix can't kill the cinema, says Amalgamated". The Australian Financial Review. Archived from the original on 4 March 2016. Retrieved 26 October 2015.
  38. ↑ "ASX Code and Company Name Changes 2015". ASX. Retrieved 20 December 2022.
  39. ↑ "ASX ANNOUNCEMENT: MANAGING DIRECTOR ANNOUNCES INTENTION TO STEP DOWN" (PDF). Australian Securities Exchange. 10 November 2016. Retrieved 7 December 2016.
  40. ↑ "EVENT HOSPITALITY AND ENTERTAINMENT LTD details". ASX. Retrieved 9 December 2017.
  41. ↑ "ASX code changes". Australian Securities Exchange. 25 October 2022. Archived from the original on 27 October 2022. Retrieved 20 December 2022.
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