SJM HOLDINGS LIMITED 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.
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2017
The board of directors (the''Board'') of SJM Holdings Limited (the''Company'') hereby announces the unaudited consolidated interim results of the Company and its subsidiaries (collectively the''Group'') for the six months ended 30 June 2017 (the''Reporting Period'').
FINANCIAL HIGHLIGHTS
For the six months ended 30 June
2017 HK$ million (unaudited) | 2016 HK$ million (unaudited) | (Decrease) | |
Total Group revenue | 20,641 | 21,042 | (1.9%) |
Gaming revenue | 20,375 | 20,793 | (2.0%) |
Adjusted EBITDA* | 1,508 | 1,634 | (7.7%) |
Profit attributable to owners of the Company | 955 | 1,097 | (12.9%) |
Earnings per share -basic | HK16.9 cents | HK19.4 cents | (12.9%) |
- diluted | HK16.9 cents | HK19.4 cents | (12.9%) |
Interim dividend per ordinary share | HK5.0 cents | HK6.0 cents | (16.7%) |
* Adjusted EBITDA is earnings after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, gain on disposal of property and equipment and share- based payments.
INTERIM DIVIDEND
The Board has resolved to declare the payment of an interim dividend of HK5 cents per ordinary share of the Company (the''Share'') for the six months ended 30 June 2017 (six months ended 30 June 2016: HK6 cents per Share). The interim dividend is expected to be paid on 20 September 2017 to shareholders of the Company whose names appear on the register of members of the Company on 8 September 2017.
OPERATING HIGHLIGHTS
The Group's gaming revenue, Adjusted EBITDA and profit attributable to owners of the Company decreased by 2.0%, 7.7% and 12.9%, respectively, from the year-earlier period, whilst the Group's Adjusted EBITDA Margin (Hong Kong GAAP basis) decreased to 7.3% from 7.8%.
Mass market table gaming revenue of the Group decreased by 0.5% and VIP gaming revenue showed a decrease of 3.4% during the first half of 2017, compared with the year-earlier period. During the same period, slot machine operations revenue decreased by 3.2% compared with the year-earlier period.
Sociedade de Jogos de Macau, S.A. (''SJM'') had a 16.7% share of Macau's gaming revenue, including 21.4% of mass market table gaming revenue and 14.2% of VIP gaming revenue.
The Group maintained a strong financial position with cash, bank balances and pledged bank deposits of HK$9,855 million as at 30 June 2017.
The Group's flagship Casino Grand Lisboa increased revenue, Adjusted Grand Lisboa EBITDA and attributable profit by 7.7%, 0.1% and 6.5%, respectively, as compared to the year-earlier period.
The occupancy rate of Hotel Grand Lisboa increased by 2.8% from the year-earlier period to 93.3%. Average daily room rate decreased during the period by 2.1% to HK$1,575.
The Grand Lisboa Palace, the Group's integrated resort on Cotai made good progress on construction until work was halted due to an industrial accident on 18 June 2017. The Group continues to anticipate opening the Grand Lisboa Palace in the second half of 2018.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2017
Six months ended 30 June
Notes | 2017 HK$ million (unaudited) | 2016 HK$ million (unaudited) | |
Gaming, hotel, catering and related services revenues | 20,640.9 | 21,042.4 | |
Gaming revenue | 4 | 20,375.0 | 20,793.3 |
Special gaming tax, special levy and gaming premium | (7,940.7) | (8,100.1) | |
12,434.3 | 12,693.2 | ||
Hotel, catering and related services income | 265.9 | 249.1 | |
Cost of sales and services on hotel, catering and | |||
related services | (123.4) | (112.9) | |
Other income, gains and losses | 80.7 | 108.1 | |
Marketing and promotional expenses | (7,358.1) | (7,567.8) | |
Operating and administrative expenses | (4,338.8) | (4,260.9) | |
Finance costs | 5 | (18.4) | (24.5) |
Share of profits of an associate | 19.7 | 20.6 | |
Share of profits of a joint venture | 2.9 | 3. 1 | |
Profit before taxation | 6 | 964.8 | 1,108.0 |
Taxation | 7 | (16.5) | (18. 6) |
Profit for the period | 948.3 | 1,089.4 | |
Other comprehensive expense: | |||
Item that may be subsequently reclassified to profit or loss: Change in fair value of available-for-sale investment in equity securities | (31.4) | - | |
Total comprehensive income for the period | 916.9 | 1,089.4 | |
Profit for the period attributable to: | |||
owners of the Company | 955.4 | 1,097.4 | |
non-controlling interests | (7.1) | (8.0) | |
948.3 | 1,089.4 | ||
Total comprehensive income for the period attributable to: | |||
owners of the Company | 924.0 | 1,097.4 | |
non-controlling interests | (7.1) | (8.0) | |
916.9 | 1,089.4 | ||
Earnings per share: | |||
Basic | 9 | HK16.9 cents | HK19.4 c ents |
Diluted | 9 | HK16.9 cents | HK19.4 cents |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2017
At At
30 June 31 December
2017 2016
Notes HK$ million HK$ million
(unaudited) (audited)
Non-current assets
Property and equipment | 22,522.1 | 19,851.4 | |
Land use rights | 2,463.3 | 2,522.2 | |
Intangible asset | - | 1.6 | |
Art works and diamonds | 281.3 | 281.6 | |
Interest in an associate | 193.9 | 172.8 | |
Interest in a joint venture | 118.0 | 115.1 | |
Available-for-sale investment in equity securities | 296.9 | 328.3 | |
Other assets | 268.4 | 286.3 | |
Pledged bank deposits | 145.6 | 145.6 | |
26,289.5 | 23,704.9 | ||
Current assets Inventories | 81.5 | 68.5 | |
Trade and other receivables | 10 | 1,557.3 | 1,480.7 |
Financial assets at fair value through profit or loss | 88.9 | 78.1 | |
Pledged bank deposits | 1.3 | 262.2 | |
Short-term bank deposits | 3,342.2 | 3,650.2 | |
Bank balances and cash | 6,365.5 | 9,510.4 | |
11,436.7 | 15,050.1 | ||
Current liabilities Trade and other payables | 11 | 10,953.5 | 11,633.4 |
Payable for acquisition of land use rights | - | 178.4 | |
Taxation payable | 74.8 | 83.0 | |
Long-term bank loans | 200.0 | 539.1 | |
Amounts due to non-controlling interests of subsidiaries | 197.8 | 293.3 | |
11,426.1 | 12,727.2 | ||
Net current assets | 10.6 | 2,322.9 | |
Total assets less current liabilities | 26,300.1 | 26,027.8 |
SJM Holdings Ltd. published this content on 01 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 August 2017 10:31:11 UTC.
Original documenthttp://www.sjmholdings.com/resources/images/uploads/e00880-0801_1745.pdf
Public permalinkhttp://www.publicnow.com/view/38FB4F03B2B4948AFF585C5E0AE07F9CC9BD7030
