SANDS CHINA LTD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
SANDS CHINA LTD.金沙中國有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1928) INSIDE INFORMATION UNAUDITED IFRS RESULTS FOR THE FISCAL FIRST QUARTER ENDED MARCH 31, 2016This announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The Board is pleased to announce the unaudited consolidated results of the Company and its subsidiaries prepared in accordance with International Financial Reporting Standards ("IFRS") for the fiscal first quarter ended March 31, 2016.
This announcement is issued by Sands China Ltd. ("we" or our "Company") pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Listing Rules. Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2015 Annual Report.
The Board is pleased to announce the unaudited consolidated results of the Company and its subsidiaries prepared in accordance with IFRS for the fiscal first quarter ended March 31, 2016.
Sands China Ltd. Consolidated Financial ResultsOn an IFRS basis, total net revenues for Sands China Ltd. decreased 7.8% to US$1,622.1 million (HK$12,583.1 million) for the first quarter of 2016, compared to US$1,759.6 million (HK$13,645.2 million) for the first quarter of 2015. Adjusted EBITDA for Sands China Ltd. decreased 2.5% to US$518.0 million (HK$4,018.3 million) for the first quarter of 2016, compared to US$531.5 million (HK$4,121.6 million) for the first quarter of 2015. Profit for Sands China Ltd. decreased 9.3% to US$312.7 million (HK$2,425.7 million) for the first quarter of 2016, compared to US$344.6 million (HK$2,672.3 million) for the first quarter of 2015.
On January 22, 2016, the Board declared an interim dividend of HK$0.99 (equivalent to US$0.128) per share. This interim dividend, amounting in aggregate to HK$7.99 billion (equivalent to US$1.03 billion), was paid on February 26, 2016. On March 11, 2016, the Board proposed the payment of a final dividend of HK$1.00 (equivalent to US$0.129) per share, which is subject to approval by Shareholders in the forthcoming annual general meeting. Based on the ordinary shares and share- based awards in issue as at March 31, 2016, the total amount of the final dividend to be distributed is estimated to be approximately HK$8.07 billion (equivalent to US$1.04 billion).
Note: The translation of US$ amounts into HK$ amounts or vice versa has been made at the rate of US$1.00 to HK$7.7573 (three months ended March 31, 2015: US$1.00 to HK$7.7547) for the purposes of illustration only.
Sands China Ltd. and Subsidiaries (collectively the "Group") Consolidated Income Statement Three months ended March 31, 2016 2015US$'000, except per share data (Unaudited)
Net revenues | 1,622,060 | 1,759,573 |
Gaming tax | (637,489) | (689,620) |
Employee benefit expenses | (278,064) | (287,476) |
Depreciation and amortization | (139,604) | (135,693) |
Gaming promoter/agency commissions | (35,289) | (40,548) |
Inventories consumed | (19,403) | (23,045) |
Other expenses and losses | (168,869) | (234,008) |
Operating profit | 343,342 | 349,183 |
Interest income | 902 | 5,436 |
Interest expense, net of amounts capitalized | (15,920) | (15,235) |
Profit before income tax | 328,324 | 339,384 |
Income tax (expense)/benefit | (15,673) | 5,187 |
Basic US3.87 cents US4.27 cents
Diluted US3.87 cents US4.27 cents
US$'000
(Unaudited)
Casino | 1,378,717 | 1,495,711 |
Mall | ||
- Income from right of use | 82,101 | 75,023 |
- Management fee and other | 13,228 | 12,340 |
Rooms | 62,600 | 83,187 |
Food and beverage | 36,483 | 40,104 |
Convention, ferry, retail and other | 48,931 | 53,208 |
1,622,060 | 1,759,573 | |
Net revenues by property are as follows: | Three months ended | March 31, |
2016 | 2015 |
US$'000
(Unaudited)
The Venetian Macao | 747,006 | 784,585 |
Sands Cotai Central | 524,936 | 566,332 |
The Plaza Macao | 147,843 | 160,756 |
Sands Macao | 172,715 | 222,469 |
Ferry and other operations | 35,805 | 32,901 |
The Parisian Macao | - | - |
Inter-segment revenues | (6,245) | (7,470) |
US$'000
(Unaudited)
Adjusted EBITDA(1) The Venetian Macao | 268,415 | 270,760 | |
Sands Cotai Central | 163,155 | 155,736 | |
The Plaza Macao | 48,192 | 44,495 | |
Sands Macao | 30,767 | 57,179 | |
Ferry and other operations | 7,446 | 3,344 | |
The Parisian Macao | - | - | |
Total adjusted EBITDA | 517,975 | 531,514 | |
Share-based compensation, net of amount capitalized | (5,042) | (3,795) | |
Corporate expense(2) | (22,965) | (20,075) | |
Pre-opening expense(2) | (7,773) | (9,161) | |
Depreciation and amortization | (139,604) | (135,693) | |
Net foreign exchange gains | 1,224 | 1,291 | |
Loss on disposal of property and equipment, | |||
investment properties and intangible assets | (473) | (14,898) | |
Operating profit | 343,342 | 349,183 | |
Interest income | 902 | 5,436 | |
Interest expense, net of amounts capitalized | (15,920) | (15,235) | |
Profit before income tax | 328,324 | 339,384 | |
Income tax (expense)/benefit | (15,673) | 5,187 | |
Adjusted EBITDA is profit attributable to equity holders of the Company before share-based compensation, corporate expense, pre-opening expense, depreciation and amortization, net foreign exchange gains/(losses), gain/(loss) on disposal of property and equipment, investment properties and intangible assets, interest and income tax benefit/(expense). Adjusted EBITDA is used by management as the primary measure of operating performance of the Group's properties and to compare the operating performance of the Group's properties with that of its competitors. However, adjusted EBITDA should not be considered in isolation; construed as an alternative to profit or operating profit; as an indicator of the Group's IFRS operating performance, other combined operations or cash flow data; or as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA as presented by the Group may not be directly comparable to other similarly titled measures presented by other companies.
Amounts exclude share-based compensation granted to employees by LVS and the Company.
Sands China Ltd. issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 04:27:33 UTC
Original Document: http://media.corporate-ir.net/media_files/IROL/23/233498/2016/167936 Eng_as printed_1055.pdf
