SJM Holdings Limited : SJM Holdings Announces Record Results for Third Quarter 2013 (in PDF)

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SJM Holdings Announces

Record Results for Third Quarter 2013

Gaming Revenue increased 11.4% Adjusted EBITDA up 8.0%

Net Profit up 10.3%

(Hong Kong, 11 November 2013) SJM Holdings Limited (the "Company") today announced selected unaudited key performance indicators of the Company and its subsidiaries (collectively the "Group") for the three months ended 30 September 2013 ("Q3 2013").
2013 THIRD QUARTER HIGHLIGHTS (UNAUDITED)
• Profit attributable to owners of the Company in Q3 2013 increased by 10.3% over Q3 2012 to
HK$1,827 million.
• A d j u s t e d E B I T D A 1 o f t h e G r o u p i n Q 3 2 0 1 3 i n c r e a s e d b y 8 . 0 % o v e r Q 3 2 0 1 2 t o H K $ 2 , 0 4 3 m i l l i o n .
• A d j u s t e d E B IT D A M a r g i n 2 o f t h e G r o u p i n Q 3 2 0 1 3 was 9.6%, as compared with
9.9% in Q3 2 0 1 2 .
• G a m i n g r e v e n u e o f t h e G r o u p i n Q 3 2 0 1 3 i n c r e a s e d b y 1 1 . 4 % f r o m Q 3 2 0 1 2 t o
H K $ 21,055 m i l l i o n .
• T h e G r o u p ' s f l a g s h i p C a s i n o G r a n d L i s b o a increased its gaming revenue in Q3 2013 by 5.6% over Q3 2012 to HK$7,728 million whilst its Adjusted EBITDA decreased by 7.1% to HK$1,067 million.
• T h e G r ou p ' s gaming revenues accounted for 24.3% of Macau's casino gaming market during Q3 2013, as compared with 26.1% in Q3 2012.
• The Group maintained a strong and liquid financial position, with HK$25,912 million of cash and HK$1,564 million of debt as at 30 September 2013.

1 Earnings after adjustment for non-controlling interests 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

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Year-to-Date Comparison (unaudited)
Nine months ended 30 September

During Q3 2013, the Group's VIP gaming revenue was HK$13,575 million, an increase of 8.8% from
HK$12,482 million in Q3 2012, mass market gaming revenue was HK$7,141 million, an increase of
18.2% from HK$6,040 million, and slot machine (and Tombola) revenue was HK$339 million, a decrease of 8.5% from HK$370 million. The Group's total revenue during Q3 2013 of HK$21,236 million included hotel, catering and related services revenue of HK$181 million (Q3 2012: HK$160 million).
During Q3 2013 the Group operated an average of 585 VIP gaming tables (Q3 2012: 601), 1,186 mass market gaming tables (Q3 2012: 1,158) and 3,348 slot machines (Q3 2012: 3,812) (average of three month-end counts).

Total VIP chips sales for the Group during Q3 2013 were HK$488.8 billion (Q3 2012: HK$409.1 billion), and the VIP gaming hold percentage (before commissions and discounts) was 2.75% (Q3 2012: 2.92%).
Key Results for the Group's Casinos - Q3 2013

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

2 Fourteen third party-promoted casinos

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During Q3 2013, the Grand Lisboa Hotel achieved an average occupancy rate of 97.5% and average room rate of HK$2,183 per night, as compared with average occupancy rate of 96.0% and average room rate of HK$2,070 in Q3 2012.
Capital expenditure of the Group during Q3 2013 was HK$311 million, which was primarily for construction in progress and furniture, fixtures and equipment. As at 30 September 2013, the Group had total cash of HK$25,912 million and debt of HK$1,564 million.
Speaking on the third quarter results, Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said "We are very pleased to report another record quarter. Together with Macau's increasing popularity as a tourism destination, SJM's gaming and non-gaming operations are showing continued strong growth."
Further information on SJM Holdings Limited can be found on www.sjmholdings.com.
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