SJM Holdings Limited : Unaudited Key Performance Indicators for the Third Quarter of 2012 (in PDF)

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.

(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 30 September 2012 ("Q3 2012") to enable its shareholders, investors and the public to better appraise the position and business performance of the Group.

• Profit attributable to owners of the Company in Q3 2012 increased by 41.2% over Q3 2011
to HK$1,657 million.
• Adjusted EBITDA1of the Group in Q3 2012 increased by 14.3% over Q3 2011 to
HK$1,891 million.
• Adjusted EBITDA Margin2of the Group in Q3 2012 increased to 9.9% from 8.6% in Q3 2011.
• Gaming revenue of the Group in Q3 2012 decreased by 0.9% from Q3 2011 to
HK$18,892 million.
• The Group's flagship Casino Grand Lisboa continued to outperform the market, and increased its gaming revenue in Q3 2012 by 25.5% over Q3 2011 to HK$7,315 million and its Adjusted EBITDA by 20.0% to HK$1,148 million.
• The Group's gaming revenues accounted for 26.1% of Macau's casino gaming market
during Q3 2012, as compared with 28.0% in Q3 2011.
• The Group maintained a strong and liquid financial position, with HK$24,880 million of
cash and HK$3,695 million of debt as at 30 September 2012.

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

2 Adjusted EBITDA divided by total revenue

1

During Q3 2012, the Group's VIP gaming revenue was HK$12,482 million, a decrease of 6.3% from HK$13,314 million in Q3 2011, mass market gaming revenue was HK$6,040 million, an increase of 12.1% from HK$5,389 million, and slot machine (and Tombola) revenue was HK$370 million, an increase of 4.5% from HK$354 million. The Group's total revenue during Q3 2012 of HK$19,052 million included hotel, catering and related services revenue of HK$160 million (Q3 2011: HK$156 million).
During Q3 2012 the Group operated an average of 601 VIP gaming tables (Q3 2011: 613),
1,158 mass market gaming tables (Q3 2011: 1,145) and 3,812 slot machines (Q3 2011: 3,964) (average of three month-end counts).
Total VIP chips sales for the Group during Q3 2012 were HK$409.1 billion (Q3 2011: HK$463.0 billion), and the VIP gaming hold percentage (before commissions and discounts) was

3.05% (Q3 2011: 2.88%).

HK$ million HK$ million

Casino Grand Lisboa 7,315 1,148
Other Self-promoted Casinos1 2,591 271
Satellite Casinos2 8,986 371

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

2 Fourteen third party-promoted casinos

2
The Group's Adjusted EBITDA margin was 9.9% in Q3 2012, as compared with 8.6% in Q3 2011. The increase in Adjusted EBITDA margin reflected the improvement of Adjusted EBITDA margin of Casino Grand Lisboa and Other Self-promoted Casinos, the revaluation of share price of a listed investment and the non-recurrence of share of loss of an associate.
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 Q3 2012 was 17.3%. 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 29.4%. 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 Q3 2012, the Grand Lisboa Hotel achieved an average occupancy rate of 96.0% and average room rate of HK$2,070 per night, as compared with average occupancy rate of 94.7% and average room rate of HK$2,015 in Q3 2011.
Capital expenditure of the Group during Q3 2012 was HK$233 million, which was primarily for furniture, fixtures and equipment, and chips. As at 30 September 2012, the Group had total cash of HK$24,880 million and debt of HK$3,695 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, 15 November 2012

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, Mr. Rui José da Cunha, Ms. Leong On Kei, Angela, Mr. Shum Hong Kuen, David and Mr. Fok Tsun Ting, Timothy, the non-executive director of the Company is Dato' Dr. Cheng Yu Tung and the independent non-executive directors of the Company are Mr. Chau Tak Hay, Mr. Lan Hong Tsung, David, Mr. Shek Lai Him, Abraham and Mr. Tse Hau Yin.

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