SJM : Unaudited Key Performance Indicators for the First Quarter of 2015 (in PDF)

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(incorporated in Hong Kong with limited liability)

The board of directors (the "Board") of SJM Holdings Limited (the "Company") is pleased to announce selected unaudited key performance indicators of the Company and its subsidiaries (collectively the "Group") for the three months ended 31 March 2015 ("Q1 2015") to enable its shareholders, investors and the public to better appraise the position and business performance of the Group.

• Gaming revenue of the Group in Q1 2015 decreased by 37.3% from Q1 2014 to
HK$14,281 million.
• Adjusted EBITDA1 of the Group in Q1 2015 decreased by 43.3% over Q1 2014 to
HK$1,241 million.
• Adjusted EBITDA Margin2 of the Group in Q1 2015 decreased to 8.6% from 9.5% in
Q1 2014.
• Profit attributable to owners of the Company in Q1 2015 decreased by 46.5% over Q1 2014 to HK$1,004 million. The decrease was mainly caused by the 37.3% decrease in gaming revenue, which was in line with the decrease of gaming revenue in the Macau gaming market.
• The Group's gaming revenue accounted for 22.7% of Macau's casino gaming revenue during Q1 2015, as compared with 23.0% in Q1 2014.
• The Group maintained a strong and liquid financial position, with HK$23,026 million of cash and HK$890 million of debt as at 31 March 2015.
• During Q1 2015, the first full year of construction was completed on the Lisboa Palace, the
Group's integrated resort on Cotai which is planned for completion in 2017.

1 Earnings after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, loss on disposal/write-off of property and equipment and share-based payments

2 Adjusted EBITDA divided by total revenue

1

During Q1 2015, the Group's VIP gaming revenue was HK$7,922 million, a decrease of 45.4% from HK$14,511 million in Q1 2014, mass market gaming revenue was HK$6,048 million, a decrease of 23.9% from HK$7,948 million, and slot machine (and Tombola) revenue was HK$311 million, a decrease of 5.6% from HK$330 million. The Group's total revenue during Q1 2015 of HK$14,439 million included hotel, catering and related services revenue of HK$158 million (Q1 2014: HK$173 million).
During Q1 2015, the Group operated an average of 530 VIP gaming tables (Q1 2014: 582),
1,209 mass market gaming tables (Q1 2014: 1,195) and 2,793 slot machines (Q1 2014: 2,971) (average of three month-end counts).
Total VIP chips sales for the Group during Q1 2015 were HK$247.2 billion (Q1 2014: HK$537.2 billion) and the VIP gaming hold percentage (before commissions and discounts) was
3.18% (Q1 2014: 2.70%).

HK$ million HK$ million

Casino Grand Lisboa 5,198 671
Other Self-promoted Casinos1 1,725 251
Satellite Casinos2 7,358 277

1 Casino Lisboa, Casino Oceanus at Jai Alai and one Tombola hall

2 Fifteen third party-promoted casinos

The Group's Adjusted EBITDA Margin was 8.6% in Q1 2015, as compared with 9.5% in
Q1 2014.
Unrealised fair value loss in an available-for-sale investment in equity securities amounting to HK$48 million in Q1 2015 has been recognised in other comprehensive income and accumulated under investment revaluation reserve. Accumulated unrealised fair value gain amounting to HK$80 million as of 31 March 2015 has been recorded in investment revaluation reserve.
2
To be more comparable to casino companies reporting in the United States, commissions and discounts paid to players and promoters would be deducted from revenue before calculating Adjusted EBITDA Margin. Using this method, the Group's Adjusted EBITDA Margin for Q1 2015 was 13.9%. If the Group's revenue is further adjusted to include the net revenue of self-promoted casinos plus the net revenue contribution (after reimbursed expenses) of the Group's Satellite Casinos, the Group's Adjusted EBITDA Margin would be 25.7%. These alternative margin calculations are provided for the convenience of investors and other interested parties for the purpose of comparing the Group's results with other casino operating companies.
During Q1 2015, the Grand Lisboa Hotel achieved an average occupancy rate of 81.4% and average room rate of HK$2,509 per night, as compared with average occupancy rate of 95.8% and average room rate of HK$2,385 in Q1 2014.
Capital expenditure of the Group during Q1 2015 was HK$489 million, which was primarily for construction in progress. As at 31 March 2015, the Group had total cash of HK$23,026 million and debt of HK$890 million.

Shareholders and potential investors should be advised that the above financial data relates only to certain parts of the Group's operations and is based on the Group's internal records and management accounts. The above financial data has not been reviewed or audited by independent auditors and is not a forecast of the performance of the Group as a whole. The Board cautions shareholders and potential investors not to rely unduly on such data and to exercise caution when dealing in the securities of the Company.
By order of the Board

Executive Director and Chief Executive Officer

Hong Kong, 4 May 2015

As at the date of this announcement, the executive directors of the Company are Dr. Ho Hung Sun, Stanley, Dr. So Shu Fai, Mr. Ng Chi Sing, Dr. Rui José da Cunha, Mr. Fok Tsun Ting, Timothy, Deputada Leong On Kei, Angela and Mr. Shum Hong Kuen, David, the non-executive director of the Company is Dr. Cheng Kar Shun and the independent non-executive directors of the Company are Mr. Chau Tak Hay, Dr. Lan Hong Tsung, David, Hon. Shek Lai Him, Abraham and Mr. Tse Hau Yin.

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