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.
金沙中國有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1928)1
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PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 20151.
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FINANCIAL HIGHLIGHTS
CHAIRMAN'S STATEMENT
MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL RESULTS
DISCLOSURE OF FINANCIAL RESULTS IN MACAO CORPORATE GOVERNANCE
PUBLICATION OF ANNUAL RESULTS ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SHARES
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Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2014 annual report or 2015 interim report.
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FINANCIAL HIGHLIGHTS
Net revenues were US$6,820.1 million (HK$52,861.2 million) for the year ended December 31, 2015, a decrease of US$2,685.1 million (HK$20,882.0 million), or 28.2%, compared to US$9,505.2 million (HK$73,743.2 million) for the year ended December 31, 2014.
Operating expenses were US$5,301.3 million (HK$41,089.3 million) for the year ended December 31, 2015, a decrease of US$1,579.7 million (HK$12,294.9 million), or 23.0%, compared to US$6,881.0 million (HK$53,384.2 million) for the year ended December 31, 2014.
Adjusted EBITDA for the year ended December 31, 2015 was US$2,223.0 million (HK$17,230.0 million), a decrease of US$1,038.0 million (HK$8,069.5 million), or 31.8%, compared to US$3,261.0 million (HK$25,299.5 million) for the year ended December 31, 2014.
Profit for the year ended December 31, 2015 was US$1,459.4 million (HK$11,311.5 million), a decrease of US$1,088.3 million (HK$8,454.1 million), or 42.7%, compared to US$2,547.7 million (HK$19,765.6 million) for the year ended December 31, 2014.
Note: The translation of US$ amounts into HK$ amounts has been made at the rate of US$1.00 to HK$7.7508 (2014: US$1.00 to HK$7.7582) for the purposes of illustration only.
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CHAIRMAN'S STATEMENT
Dear Shareholders,
On behalf of the Board, I am pleased to report that we continued to execute our strategic objectives during the year.
Despite the challenges in the Macao market, we again delivered a strong set of financial results, while meaningfully contributing to Macao's diversification and long-term development objectives as Asia's leading business and leisure tourism destination.
We once again generated industry-leading adjusted EBITDA and profit while returning excess capital to Shareholders. Our industry-leading cash flow generation and strong balance sheet allowed the Board to declare dividends per share of HK$1.99 in 2015, returning over HK$16.0 billion to Shareholders.
The Company generated a market-leading US$2.22 billion in adjusted EBITDA in 2015, with an adjusted EBITDA margin of 32.6%. Net Revenues were US$6.82 billion.
Our property portfolio in Macao continues to generate market-leading visitation and financial results. We welcomed over 68 million visitors to our properties during 2015. The Venetian Macao, our flagship property on Cotai, remains the iconic, must-see integrated resort destination in Macao, welcoming over 31 million visitors annually. Despite all the headwinds and challenges in 2015, and the arrival of new competition, The Venetian Macao generated US$1.1 billion of adjusted EBITDA for the year, and was the only property in Macao to exceed US$1.0 billion in EBITDA. Sands Cotai Central, The Plaza Macao and Sands Macao also delivered solid operating results for the year.
Looking ahead, we remain fully committed to playing the pioneering role in Macao's transformation into Asia's leading business and leisure tourism destination. Our track record in being transformative pioneers in MICE, retail, and entertainment remains unmatched in our industry. Sands China's unrivaled diversity of product offering, scale and critical mass allow the Company to cater to every type of business and leisure visitor. Our integrated resort business model clearly positions the Company well for future growth.
With the opening of The Parisian Macao in 2016, Sands China will have invested in excess of US$13.0 billion to deliver on our promise to contribute to Macao's diversification and success as Asia's leading business and leisure tourism destination. Our investment includes nearly 13,000 hotel rooms, 2.0 million square feet (approximately 186,000 square meters) of retail-mall offerings and
2.0 million square feet (approximately 186,000 square meters) of MICE capacity.
I am confident that The Parisian Macao will both replicate the success of The Venetian Macao as another themed, iconic and must-see integrated resort destination for Macao's visitors, while expanding the overall business and leisure tourism appeal of Macao.
Importantly, the benefits of our integrated resort business model extend far beyond our own financial success. As one of the largest employers in Macao, we take our responsibilities to the community very seriously. Our decade-long effort in developing and promoting local talent is showing clear results. In 2004, when we opened the Sands Macao, only 7% of our approximately 900 managerial staff were citizens of Macao. Today, after eleven years of training and development programs focused on our local team members, 86% of our approximately 2,700 managerial staff are citizens of Macao.
We could not have achieved our industry-leading financial results and contributions to Macao's diversification and success as a business and leisure tourism destination without the hard work and dedication of Sands China's nearly 27,000 team members. I thank them once again for their efforts and look forward to their continued contributions in the years ahead.
We look forward to sharing the Company's continued success with you and other stakeholders at the upcoming Sands China Annual General Meeting.
I thank you again for the confidence that you have placed in us.
Sheldon G. AdelsonChairman of the Board and Chief Executive Officer
February 19, 2016
- MANAGEMENT DISCUSSION AND ANALYSIS
Our operations consist of The Venetian Macao, Sands Cotai Central, The Plaza Macao, the Sands Macao and other operations that support these properties, including our high-speed CotaiJet ferry service operating between Hong Kong and Macao. The following table sets forth data on our existing operations as at December 31, 2015:
The Venetian Macao | Sands Cotai Central | The Plaza Macao | Sands Macao | Total | |
Opening date | August 2007 | April 2012 (i) | August 2008 | May 2004 | - |
Hotel rooms | 2,841 | 6,228 | 360 | 238 | 9,667 |
Paiza suites | 64 | - | - | 51 | 115 |
Paiza mansions | - | - | 19 | - | 19 |
MICE (square feet) | 1,200,000 | 369,000 | 28,000 | - | 1,597,000 |
Theater (seats) | 1,800 | - | - | 650 | - |
Arena (seats) | 15,000 | - | - | - | - |
Total retail (square feet) | 921,000 | 332,000 | 259,000 | 16,000 | 1,528,000 |
Number of shops | 347 | 138 | 146 | 13 | 644 |
Number of restaurants | 55 | 51 | 8 | 10 | 124 |
and food outlets | |||||
Total gaming facility | |||||
(square feet) | 376,000 | 370,000 | 105,000 | 216,000 | 1,067,000 |
Gaming units: Tables (ii) | 643 | 515 | 98 | 279 | 1,535 |
Slots | 1,744 | 1,512 | 144 | 783 | 4,183 |
Notes:
(i) Sands Cotai Central consists of the Conrad and Holiday Inn tower, the first Sheraton tower, the second Sheraton tower and the St. Regis tower, which opened in April 2012, September 2012, January 2013 and December 2015, respectively.
(ii) Permanent table count as at December 31, 2015.
Sands China Ltd. issued this content on 19 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 February 2016 08:35:17 UTC
Original Document: http://media.corporate-ir.net/media_files/IROL/23/233498/2016/124855 (Eng)_as printed_1435.pdf
