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, 2017This 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 Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2016 Annual Report.
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, 2017.
Sands China Ltd. Consolidated Financial ResultsOn an IFRS basis, total net revenues for Sands China Ltd. increased 15.5% to US$1,873 million (HK$14,557 million) for the first quarter of 2017, compared to US$1,622 million (HK$12,582 million) for the first quarter of 2016. Adjusted EBITDA for Sands China Ltd. increased 20.5% to US$624 million (HK$4,850 million) for the first quarter of 2017, compared to US$518 million (HK$4,018 million) for the first quarter of 2016. Profit for Sands China Ltd. increased 11.5% to US$349 million (HK$2,712 million) for the first quarter of 2017, compared to US$313 million (HK$2,428 million) for the first quarter of 2016.
On January 20, 2017, 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 24, 2017. On March 17, 2017, 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, 2017, 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$7.7722 (three months ended March 31, 2016: US$1.00 to HK$7.7573) for the purposes of illustration only.
US$ in millions, except per share data
(Unaudited)
Net revenues | 1,873 | 1,622 |
Gaming tax | (711) | (638) |
Employee benefit expenses | (302) | (278) |
Depreciation and amortization | (191) | (140) |
Gaming promoter/agency commissions | (33) | (35) |
Inventories consumed | (23) | (19) |
Other expenses and losses | (218) | (169) |
Operating profit | 395 | 343 |
Interest income | 1 | 1 |
Interest expense, net of amounts capitalized | (37) | (16) |
Profit before income tax | 359 | 328 |
Income tax expense | (10) | (15) |
Basic US4.32 cents US3.87 cents
Diluted US4.32 cents US3.87 cents
Casino | 1,581 | 1,379 |
Mall | ||
- Income from right of use | 97 | 82 |
- Management fee and other | 21 | 13 |
Rooms | 72 | 63 |
Food and beverage | 44 | 36 |
Convention, ferry, retail and other | 58 | 49 |
1,873 | 1,622 | |
Net revenues by property are as follows: |
US$ in millions
(Unaudited)
The Venetian Macao | 742 | 747 |
Sands Cotai Central | 462 | 525 |
The Parisian Macao | 315 | - |
The Plaza Macao | 143 | 148 |
Sands Macao | 179 | 172 |
Ferry and other operations | 40 | 36 |
Inter-segment revenues | (8) | (6) |
Adjusted EBITDA (1) The Venetian Macao | 290 | 268 | |
Sands Cotai Central | 142 | 163 | |
The Parisian Macao | 82 | - | |
The Plaza Macao | 51 | 48 | |
Sands Macao | 54 | 31 | |
Ferry and other operations | 5 | 8 | |
Total adjusted EBITDA | 624 | 518 | |
Share-based compensation, net of amount capitalized | (4) | (5) | |
Corporate expense (2) | (29) | (23) | |
Pre-opening expense (2) | (2) | (8) | |
Depreciation and amortization | (191) | (140) | |
Net foreign exchange (losses)/gains | (2) | 1 | |
Loss on disposal of property and equipment, | |||
and intangible assets | (1) | - | |
Operating profit | 395 | 343 | |
Interest income | 1 | 1 | |
Interest expense, net of amounts capitalized | (37) | (16) | |
Profit before income tax | 359 | 328 | |
Income tax expense | (10) | (15) | |
Adjusted EBITDA, which is a non-IFRS financial measure, 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), impairment loss, gain/(loss) on disposal of property and equipment, investment properties and intangible assets, interest, gain/(loss) on modification or early retirement of debt and income tax benefit/(expense). Management utilizes Adjusted EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported Adjusted EBITDA as a supplemental performance measure to IFRS financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including the Group, have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense and corporate expense, from their Adjusted EBITDA calculations. Adjusted EBITDA should not be interpreted as an alternative to profit or operating profit (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with IFRS. The Group has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in Adjusted EBITDA. Not all companies calculate Adjusted EBITDA in the same manner. As a result, Adjusted EBITDA as presented by the Group may not be directly comparable to similarly titled measures presented by other companies.
Amounts exclude share-based compensation granted to employees by LVS and the Company.
Sands China Ltd. published this content on 05 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 May 2017 04:38:21 UTC.
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