28290 Eng.indd

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 THIRD QUARTER ENDED SEPTEMBER 30, 2015



This 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 third quarter ended September 30, 2015.


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 2014 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 third quarter ended September 30, 2015.


Sands China Ltd. Consolidated Financial Results


On an IFRS basis, total net revenues for Sands China Ltd. decreased 28.9% to US$1,648.8 million (HK$12,778.2 million) for the third quarter of 2015, compared to US$2,319.4 million (HK$18,010.4 million) for the third quarter of 2014. Adjusted EBITDA for Sands China Ltd. decreased 32.7% to US$545.4 million (HK$4,226.9 million) for the third quarter of 2015, compared to US$811.0 million (HK$6,297.5 million) for the third quarter of 2014. Profit for Sands China Ltd. decreased 46.4% to US$344.8 million (HK$2,672.2 million) for the third quarter of 2015, compared to US$643.1 million (HK$4,993.7 million) for the third quarter of 2014.


Note: The translation of US$ amounts into HK$ amounts has been made at the rate of US$1.00 to HK$7.7500 (three months ended September 30, 2014: US$1.00 to HK$7.7651) for the purposes of illustration only.


US$'000, except per share data

(Unaudited)


Net revenues

1,648,814

2,319,428

5,165,408

7,394,683

Gaming tax

(636,885)

(951,158)

(2,019,375)

(3,120,605)

Employee benefit expenses

(259,485)

(269,303)

(827,944)

(798,858)

Depreciation and amortization

(133,675)

(131,683)

(402,132)

(388,933)

Gaming promoter/agency commissions

(37,518)

(75,752)

(119,466)

(259,701)

Inventories consumed

(19,967)

(26,595)

(60,163)

(76,527)

Other expenses and losses

(183,250)

(208,845)

(612,738)

(674,154)


Operating profit


378,034


656,092


1,123,590


2,075,905

Interest income

1,509

4,955

10,245

14,444

Interest expense, net of amounts capitalized

(15,899)

(16,607)

(46,358)

(54,800)

Loss on modification or early retirement of debt

-

-

-

(17,964)


Profit before income tax


363,644


644,440


1,087,477


2,017,585

Income tax expense

(18,883)

(1,374)

(8,223)

(4,103)


Profit for the period attributable to equity holders of the Company 344,761 643,066 1,079,254 2,013,482



Earnings per share for profit attributable to equity holders of the Company

  • Basic US4.28 cents US7.98 cents US13.38 cents US24.97 cents



  • Diluted US4.27 cents US7.96 cents US13.37 cents US24.94 cents



Casino

1,379,993

2,017,152

4,378,660

6,588,643

Mall

- Income from right of use

84,897

92,755

240,686

218,812

- Management fee and other

12,873

11,947

38,431

33,759

Rooms

74,371

88,950

228,407

253,861

Food and beverage

36,342

47,246

110,613

131,307

Convention, ferry, retail and other

60,338

61,378

168,611

168,301


1,648,814


2,319,428


5,165,408


7,394,683


Net revenues by property are as follows:


Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014


US$'000

(Unaudited)


The Venetian Macao

697,949

938,827

2,219,814

3,146,984

Sands Cotai Central

545,418

809,156

1,660,148

2,407,974

The Plaza Macao

167,364

264,499

531,590

860,868

Sands Macao

204,806

276,617

666,111

896,530

Ferry and other operations

40,517

38,316

109,497

104,342

The Parisian Macao

-

-

-

-

Inter-segment revenues

(7,240)

(7,987)

(21,752)

(22,015)


1,648,814


2,319,428


5,165,408


7,394,683



Adjusted EBITDA(1)

The Venetian Macao


257,106


353,160


783,583


1,226,010

Sands Cotai Central

170,262

266,428

489,890

779,454

The Plaza Macao

58,787

101,130

177,615

281,974

Sands Macao

50,947

87,716

174,194

260,700

Ferry and other operations

8,285

2,551

16,267

197

The Parisian Macao

-

-

-

-


Total adjusted EBITDA


545,387


810,985


1,641,549


2,548,335

Share-based compensation,

net of amount capitalized

(3,205)

(6,913)

(15,508)

(17,667)

Corporate expense(2)

(20,668)

(16,038)

(57,561)

(45,330)

Pre-opening expense(2)

(9,004)

2,766

(27,555)

(17,311)

Depreciation and amortization

(133,675)

(131,683)

(402,132)

(388,933)

Net foreign exchange (losses)/gains

(88)

(2,361)

1,054

(1,124)

Loss on disposal of property and

equipment, investment properties

and intangible assets

(713)

(664)

(16,257)

(2,050)

Fair value losses on financial assets at fair value through profit or loss


-


-


-


(15)


Operating profit


378,034


656,092


1,123,590


2,075,905

Interest income

1,509

4,955

10,245

14,444

Interest expense, net of amounts

capitalized

(15,899)

(16,607)

(46,358)

(54,800)

Loss on modification or early retirement of debt


-


-


-


(17,964)


Profit before income tax


363,644


644,440


1,087,477


2,017,585

Income tax expense

(18,883)

(1,374)

(8,223)

(4,103)


Profit for the period attributable to

equity holders of the Company

344,761

643,066

1,079,254

2,013,482


distributed by