b'< DIRECTORS REPORTREVIEW OF OPERATIONS AND FINANCIAL RESULTSRESULT HIGHLIGHTSUnderlying NPAT of AUD9.2 million, down from AUD18.3 million in the 2018 financial year (FY2018).Revenue at Star Vegas continued to be significantly affected by the breaches of contract by the vendor, as well as disruptions due to ownership, management and control issues.2019 2018$ MILLION $ MILLIONStatutory NPAT (194.0) (124.2)Contribution of non-recurring items in NPAT result (203.2) (142.8)Underlying NPAT 9.2 18.3Group revenue 86.3 92.6Star Vegas revenue 64.7 66.6Aristo revenue 21.6 26.0Group EBITDA 29.6 42.4Underlying Group EBITDA 29.6 42.4Strong balance sheet with:Cash 27.4 47.1Borrowings 35.9 70.4Net debt 8.5 23.3Net debt to equity ratio 4.4% 6.3%Reported loss after tax was AUD194 million, which included non-recurring items totalling negative AUD203.2 million. In contrast, the reported loss after tax in FY18 was AUD124.2 million which included non-recurring items totalling negative AUD142.8 million.The non-recurring items in the 2019 financial year (FY19) were largely due to the Star Vegas licence impairment charge of AUD186.6 million. Impairment was also recognised for interactive casino gaming platform of AUD3.7M and trade and other receivables of AUD9.8M. In addition, there were AUD2.5M of non-recurring legal fees in regard to ongoing litigation matters and a net foreign exchange loss of AUD0.6 million (compared to gain of AUD0.3 million in FY18).Excluding the non-recurring items, underlying NPAT for the Group was AUD9.2 million, down from AUD18.3 million in FY18.DONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT 15'