Gold Coast ASX-listed companies received $390m JobKeeper payments, just one paid any back
Some of the Coast’s most successful companies are yet to repay a single dollar of JobKeeper funds – despite booking healthy profits and paying out millions in dividends to shareholders. DETAILS OF 17 COMPANIES >>
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GOLD Coast listed companies received almost $390m in taxpayer-funded JobKeeper payments, supporting the jobs of more than 16,000 people nationwide in the past two financial years, new data shows.
All but one of the groups are yet to repay a single dollar of the JobKeeper funds, despite some booking healthy profits and paying out millions of dollars in shareholder dividends.
While some profitable companies, including Nick Scali, Iluka Resources and Dominos Pizza, have voluntarily opted to repay funds from the $90bn scheme, few others have followed suit.
A Gold Coast Bulletin analysis of 17 ASX-listed companies, which are either based on the Gold Coast or have significant influence here, revealed nine of them booked profits in 2021. Eight shared those profits with shareholders via dividends worth more than $290m between them.
Just Peter Warren Automotive has made a voluntary payment back to the scheme, repaying $13m of $28m it received since March 2020.
New laws came into effect in September requiring listed companies to declare details of their JobKeeper subsidies, which were paid from March 2020 to March this year, by November 13.
Companies were paid $1200 per fortnight for every employee that worked 20 or more hours a week, and $750 for those who worked less in 2020, payments that reduced to $1000 and $650 this year.
Of the 17 Gold Coast-related companies analysed, The Star Entertainment Group received the largest amount under the scheme, with $159.4m supporting more than 7000 staff in Sydney, Brisbane and the Gold Coast.
Shareholders of The Star shared in $96.4m in dividends in FY2020 and FY2021.
Peter Warren, which took in the Gold Coast’s James Frizelle’s Automotive Group in 2017, paid $66.27m in shareholder dividends in 2021 and was paid $28m in Jobkeeper funds over the past two years.
The company repaid $13.32m of the payments for the 2021 financial year.
Gold Coast developer Sunland, on track for intentional delisting from the ASX, delivered a hefty $60m in dividends to lucky shareholders, while receiving $2.21m in JobKeeper payments for just over 100 staff.
Childcare giant G8 Education received $103.25m in 2020 JobKeeper payments and logged no amount for 2021.
G8 shareholders were paid $27.6m in 2020, based on the company’s performance the previous year.
Also sharing in Jobkeeper funds was powerhouse Ormeau company PWR Holdings, whose shareholders were paid $18.61m over two years while the company received $3.73m in Jobkeeper payments.
Four of the companies analysed by the Bulletin had not lodged Jobkeeper statements.
Companies who did not receive funds under the scheme are not required to lodge a statement under the new laws, and repayment of Jobkeeper funding is voluntary.
Here’s what each company has reported to the ASX:
Peter Warren Automotive Holdings
Newly-listed car dealership group which took in the Gold Coast’s James Frizelle’s Automotive in 2017.
Market capitalisation: $531.31m
Net result for FY2020: $8.908m profit
Net result for FY2021: $37.55m profit
JobKeeper over two years: $28m
Employees funded over two years: 1446-1473
Repayments over two years: $13.32m
Shareholder dividends over one year: $66.27m
The Star Entertainment Group
Casino operator with operations in Sydney, Brisbane and the Gold Coast.
Market capitalisation: $3.64bn
Net result for FY2020: $94.8m loss
Net result for FY2021: $57.9m profit
JobKeeper over two years: $157.4m
Employees funded over two years: 7016-7040
Repayments over two years: $0
Shareholder dividends over two years: $96.4m
G8 Education
Consumer services company which is Australia’s largest childcare group.
Market capitalisation: $923.65m
Net result for 2020 (calendar year): $187m loss
Net result for 2021 (calendar year): not yet reported
JobKeeper in 2020: $103.25m (2021 reported $0)
Employees funded : 8784
Repayments over two years: $0
Shareholder dividends over two years: $27.6m (2019 dividend paid in 2020)
Sunland Development Group
Long-time development company, headed up by the Abedian family, which is in the process of delisting from the ASX.
Market capitalisation: $372.39m
Net result for FY2020: $2.43m profit
Net result for FY2021: $24.95m profit
JobKeeper over two years: $2.21m
Employees funded over two years: 102-106
Repayments over two years: $0
Shareholder dividends over two years: $60.4m
PWR Holdings
Automobiles and components company based at Ormeau which designs and makes parts for motorsports and aerospace applications.
Market capitalisation: $916.7m
Net result for FY2020: $13.05m profit
Net result for FY2021: $16.8m profit
JobKeeper over two years: $3.73m
Employees funded over two years: 192-198
Repayments over two years: $0
Shareholder dividends over two years: $18.61m
AMA Group
Commercial and professional services group. Largest smash repair and auto accessories group in Australia, based at Bundall.
Market capitalisation: $460.97m
Net result for FY2020: $71.47m loss
Net result for FY2021: $99.1m loss
JobKeeper over two years: $63.65m
Employees funded over two years: 3299-3342
Repayments over two years: $0
Shareholder dividends over two years: $0
Ardent Leisure Group
Consumer services company which operates Dreamworld, WhiteWater World and Skypoint.
Market capitalisation: $743.54m
Net result for FY2020: $136.1m loss
Net result for FY2021: $86.8m loss
JobKeeper over two years: $19.77m
Employees funded over two years: 652-654
Repayments over two years: $0
Shareholder dividends over two years: $0
Cettire Limited
Luxury online fashion retailer chaired by high profile Gold Coast businessman Bob East, ex chair of Tourism Australia and Mantra Group.
Market capitalisation: $1.63bn
Net result for FY2020: $1.53m profit
Net result for FY2021: $251,000 loss
JobKeeper over two years: None paid
Employees funded over two years: N/A
Repayments over two years: N/A
Shareholder dividends over two years: $3.3m (paid prior to IPO)
Aeeris
Media and entertainment company known for operating the Emergency Warning Network of disaster alerts.
Market capitalisation: $11.33m
Net result for FY2020: $143,761 loss
Net result for FY2021: $1179 profit
JobKeeper over two years: $220,050
Employees funded over two years: 8
Repayments over two financial years: $0
Shareholder dividends over two years: $0
ASF Group
Diversified financials, known locally for being unsuccessful proponents of integrated resort at The Spit.
Market capitalisation: $41.22m
Net result for FY2020: $5.95m loss
Net result for 2021: $3.23m loss
JobKeeper over two years: $271,200
Employees funded over two years: 8
Repayments over two years: $0
Shareholder dividends over two years: $0
Aquis Entertainment
Consumer services group which owns Canberra Casino. A subsidiary of Aquis Group, which owns Aquis Park, home of Gold Coast Turf Club.
Market capitalisation: $34.25m
Net result for 2020 (calendar year): $708,201 profit
Net result for 2021 (calendar year): not yet reported
JobKeeper over two years: $4.8m
Employees funded over two years: 141-187
Repayments over two years: $0
Shareholder dividends over two years: $0
Eureka Group
Real estate company with a focus on retirement living. Has held a stake in Couran Cove.
Market capitalisation: $154.88m
Net result for FY2020: $8.09m profit
Net result for FY2021: $6.28m profit
JobKeeper over two years: $63,000
Employees funded over two years: 3-4
Repayments over two years: $0
Shareholder dividends over two years: $6.19m
Epsilon Healthcare
Pharmaceuticals, biotech and life sciences company which processes and packages medicinal cannabis products from its Southport manufacturing base.
Market capitalisation: $21.19m
Net result for 2020 (calendar year): $10.54m loss
Net result for 2021 (calendar year): not yet reported
JobKeeper over two years: not disclosed
Employees funded over two years: not disclosed
Repayments over two years: not disclosed
Shareholder dividends over two years: $0
Icon Energy
Resources explorer which has yet to announce a partner to fund any of its energy prospects.
Market capitalisation: $13.15m
Net result for FY2020: $2.95m loss
Net result for FY2021: $6.92m loss
JobKeeper over two years: not disclosed
Employees funded over two years: not disclosed
Repayments over two years: not disclosed
Shareholder dividends over two years: $0
Rightcrowd Limited
Software and services company that provides safety, security and compliance solutions that manage the access and presence of people within organisations.
Market capitalisation: $71.8m
Net result for FY2020: $6.8m loss
Net result for FY2021: $4.7m loss
JobKeeper over two years: $1.8m
Employees funded over two years: 64-66
Repayments over two years: $0
Shareholder dividends over two years: $0
Retail Food Group
Consumer services company based in Robina that owns and operates franchise brands including Donut King, Gloria Jeans, Michel’s Patisserie and Crust Pizza.
Market capitalisation: $161.42m
Net result for FY2020: $3.99m loss
Net result for FY2021: $1.46m profit
JobKeeper over two years: $5.69m
Employees funded over two years: 224-235
Repayments over two years: $0
Shareholder dividends over two years: $0
Raptis Group
Long-time development company chaired by Jim Raptis.
Market capitalisation: $2.09m
Net result for FY2020: $53,111 profit
Net result for FY2021: $531,492 profit
JobKeeper over two years: not disclosed
Employees funded over two years: not disclosed
Repayments over two years: not disclosed
Shareholder dividends over two years: $0
Market capitalisations are as at November 21, 2021.
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