nawergot.blogg.se - Showing delays in merlin project

debt service payments at £12 million per month andĪttractions remain largely closed but in a state of readiness to reopen during 2020, Going concern.capital expenditure on the Existing Estate portfolio of £6 million per month.

operating costs including rent net of deferrals averaging £30 million per month.This assumes that attractions remain closed, but are kept ready to reopen in 2020, and breaks down as: Ongoing cash outflows during lockdownįollowing the cost cutting and cash conserving actions taken, Merlin’s average operational cash outflow (including non-deferred rent) will be approximately £50 million per month after interest, mandated debt amortisation, tax and capex on the Existing Estate. There remain £24 million of the local government grants received to be utilised on the project’s next phase.

LEGOLAND Korea has a total budget of approximately £190 million, with spend to finish the project of approximately £160 million. The total estimated spend required to finish the project is approximately £150 million, out of a total budget of approximately £340 million. The opening of LEGOLAND New York has been delayed to 2021, and currently there is no work being done on site. These cuts do not include LEGOLAND New York and LEGOLAND Korea which are considered separately. Capital expenditure reviewĬapital expenditure has been reviewed and reduced by 40 per cent to focus on “concluding current projects, essential maintenance and infrastructure work”. Merlin is extending annual and season passes. Merlin is also “actively engaged” with landlords to seek deferrals or rent-free periods during closure. The Group is seeking government support through the UK furlough scheme which will reimburse £10 million per month and UK business rate recovery of £2 million per month.

Variable cost cutting measures including staff and rent.

Marketing and advertising spend cut back almost entirely.

Furloughing around 80 per cent of staff, a freeze on recruitment and voluntary salary reductions.

Moves have been made to conserve cash within the business including moves to cut operating costs by 45 per cent including: Of Merlin’s 130 attractions worldwide, all but 9 are closed. The global attractions operator has stated in it’s annual report and accounts released on 24 April that: “There is material uncertainty on our ability to continue as a going concern.” Cost cutting Merlin Entertainments has released its annual accounts which include a statement about the impact of the coronavirus shutdowns on the Merlin Group’s ability to operate as a going concern.