CROWN RESORTS Appendix 4E
Year ended 30 June 2016(previous corresponding period: 30 June 2015)
Results for announcement to the marketResults in accordance with Australian Accounting Standards | $'000 | |||
Revenue from operations | up | 3.8% | to | 3,616,152 |
Net profit for the period attributable to members of the parent | up | 146.4% | to | 948,823 |
Revenue from operations | $'000 3,598,085 | % Movement 5.1% | $'000 3,616,152 | % Movement 3.8% |
Earnings before interest, tax, depreciation and amortisation | 855,831 | 3.8% | 861,363 | 10.7% |
Depreciation & amortisation | (282,775) | 7.6% | (282,775) | 7.6% |
Earnings before interest & tax | 573,056 | 2.0% | 578,588 | 12.3% |
Share of associates' profits | 56,714 | 41,261 | ||
Net interest expense | (141,604) | (141,604) | ||
Significant items (3) | - | 555,234 | ||
Income tax expense | (87,196) | (89,903) | ||
Net profit after tax | 400,970 | (22.7%) | 943,576 | 149.4% |
Non-controlling interest | 5,247 | 5,247 | ||
Net profit attributable to members of the Parent | 406,217 | (22.7%) | 948,823 | 146.4% |
Normalised results have been adjusted to exclude the impact of any variance from theoretical win rate on VIP program play (at Crown Melbourne, Crown Perth, Crown Aspinall's and Melco Crown), pre-opening costs from Melco Crown and significant items (refer note 2e). The theoretical win rate is the expected hold percentage on VIP program play over time. Accordingly, the normalised result gives rise to adjustments to VIP program play revenue, gaming taxes, commissions & other expenses, income tax expense and equity accounted share of associates' results. Refer to note 1 in the attached financial statements for more information. The Group believes that normalised results are the best measure of viewing performance of the business as it removes the inherent volatility in VIP gaming revenue.
Actual results reflect revenues & expenses at actual win rates and include significant items.
Refer note 2e for further details.
Dividends | Amount per security | Franked amount per security |
Final dividend: | 39.5 cents | 27.65 cents |
Previous corresponding period: | 19.0 cents | 9.50 cents |
Record date for determining entitlements to the dividend: | 23 September 2016 | |
Final dividend payment date: | 7 October 2016 | |
Net Tangible Asset Backing | 30 June 2016 | 30 June 2015 |
Net tangible asset backing per ordinary security on issue at period end: | $4.71 | $4.20 |
For an explanation of any of the figures reported above, see Crown's Announcement made to the ASX on the same date as this Appendix 4E. Non-IFRS measures have not been subject to audit or review. | ||
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Statement of Profit or Loss
For the year ended 30 June 2016
Note | 2016 $'000 | 2015 $'000 | |
Revenues | 2 | 3,616,152 | 3,484,404 |
Other income | 2 | 603,593 | 349 |
Expenses | 2 | (2,996,405) | (3,011,132) |
Share of profits of associates and joint venture entities | 41,261 | 122,058 | |
Profit before income tax and finance costs | 1,264,601 | 595,679 | |
Finance costs | 2 | (215,671) | (132,088) |
Profit before income tax | 1,048,930 | 463,591 | |
Income tax expense | (105,354) | (85,284) | |
Net profit after tax | 943,576 | 378,307 | |
Attributable to: | 385,047 | ||
Equity holders of the Parent | 948,823 | ||
Non-controlling interests | (5,247) | (6,740) | |
943,576 | 378,307 | ||
The above Statement of Profit or Loss should be read in conjunction with the accompanying notes.
2016 Cents per share | 2015 Cents per share |
Earnings per share (EPS) | 52.86 |
Basic EPS | 130.26 130.26 |
Diluted EPS | 52.86 |
EPS calculation is based on the weighted average number of shares on issue throughout the | |
period | |
Dividends per share | 39.50 33.00 |
Current year final dividend declared | 19.00 |
Current year interim dividend paid | 18.00 |
Statement of Comprehensive Income
For the year ended 30 June 2016
2016 $'000 | 2015 $'000 | |
Net profit after tax | 943,576 | 378,307 |
Other Comprehensive Income | ||
Items that may be reclassified subsequently to profit or loss: | ||
Foreign currency translation (1) | 65,751 | 388,950 |
Movement in cash flow hedge reserve | (14,230) | 33,875 |
Unrealised gain / (loss) on investments | (5,079) | 7,250 |
Items reclassified to profit or loss: | ||
Foreign currency translation | (70,576) | - |
Items that will not be reclassified subsequently to profit or loss: | ||
Employee benefits reserve | 3,188 | - |
Other comprehensive income / (loss) for the period, net of income tax | (20,946) | 430,075 |
Total comprehensive income / (loss) for the period | 922,630 | 808,382 |
Attributable to: | 810,667 | |
Equity holders of the Parent | 925,236 | |
Non-controlling interests | (2,606) | (2,285) |
922,630 | 808,382 |
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
(1) The movement in the foreign currency translation reserve is largely attributable to foreign exchange movements relating to Crown's equity accounted investment in Melco Crown.
Statement of Financial Position
As at 30 June 2016
Note | 2016 $'000 | 2015 $'000 | |
Current assets | 449,663 | 340,984 | |
Cash and cash equivalents | 3 | ||
Trade and other receivables | 333,200 | 377,632 | |
Inventories | 16,296 | 14,861 | |
Prepayments | 33,405 | 29,511 | |
Other financial assets | 9,639 | 16,032 | |
Total current assets | 842,203 | 779,020 | |
Non-current assets | 141,488 | 151,284 | |
Receivables | |||
Other financial assets | 15,136 | 10,674 | |
Investments | 51,760 | 41,918 | |
Investments in associates | 1,614,886 | 1,965,717 | |
Property, plant and equipment | 4,069,036 | 3,690,497 | |
Licences | 1,113,959 | 1,130,623 | |
Other intangible assets | 608,518 | 420,844 | |
Deferred tax assets | 330,964 | 205,109 | |
Other assets | 60,694 | 61,264 | |
Total non-current assets | 8,006,441 | 7,677,930 | |
Total assets | 8,848,644 | 8,456,950 | |
Current liabilities | 475,240 | 451,593 | |
Trade and other payables | |||
Interest-bearing loans and borrowings | 85,715 | 188,784 | |
Income tax payable | 138,720 | 153,818 | |
Provisions | 182,017 | 169,174 | |
Other financial liabilities | - | 626 | |
Total current liabilities | 881,692 | 963,995 | |
Non-current liabilities | 339,489 | 171,495 | |
Other payables | |||
Interest-bearing loans and borrowings | 2,175,611 | 2,473,233 | |
Deferred tax liabilities | 219,035 | 192,916 | |
Provisions | 58,580 | 36,361 | |
Other financial liabilities | 22,060 | 9,950 | |
Total non-current liabilities | 2,814,775 | 2,883,955 | |
Total liabilities | 3,696,467 | 3,847,950 | |
Net assets | 5,152,177 | 4,609,000 | |
Equity | 446,763 | 446,763 | |
Contributed equity | |||
Treasury shares | (8,886) | - | |
Reserves | 796,630 | 820,217 | |
Retained earnings | 3,827,818 | 3,257,760 | |
Total equity | 5,062,325 | 4,524,740 | |
Non-Controlling Interest | 89,852 | 84,260 | |
Total equity | 5,152,177 | 4,609,000 | |
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Crown Resorts Limited published this content on 17 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 August 2016 23:35:04 UTC.
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