澳博控股(00880) - 2024 - 中期财报

Financial Performance - Group's total net revenue increased by 47.4% to HKD 13.801 billion in the first half of 2024 compared to HKD 9.362 billion in the same period in 2023[3][7] - Gaming net revenue rose by 48.3% to HKD 12.897 billion in H1 2024 from HKD 8.695 billion in H1 2023[3][7] - Adjusted EBITDA surged by 275.9% to HKD 1.734 billion in H1 2024 compared to HKD 461 million in H1 2023[3][7] - The company's attributable loss narrowed to HKD 162 million in H1 2024 from HKD 1.264 billion in H1 2023[3][7] - Total revenue for the six months ended June 30, 2024, was HKD 13,801.3 million, a significant increase from HKD 9,361.6 million in the same period in 2023[27] - Gaming revenue for the six months ended June 30, 2024, was HKD 12,897.0 million, compared to HKD 8,695.1 million in the same period in 2023[27] - The company reported a net loss of HKD 108.6 million for the six months ended June 30, 2024, a significant improvement from a net loss of HKD 1,196.9 million in the same period in 2023[27] - Net loss for the period amounted to HKD 108.6 million, compared to a net loss of HKD 1,196.9 million in the same period last year[33] - Total comprehensive loss for the period was HKD 114.4 million, a significant improvement from HKD 1,234.6 million in the previous year[33] - Pre-tax loss narrowed to HKD 85.2 million in the first half of 2024, significantly improved from a pre-tax loss of HKD 1,196.9 million in the same period in 2023[44] - The company reported a pre-tax loss of HKD 162.4 million in 2024, compared to a pre-tax loss of HKD 1,264.1 million in 2023[59] - The basic and diluted loss per share improved to HKD 2.3 cents in 2024 from HKD 17.8 cents in 2023[60] Property Performance - Grand Lisboa Palace's gross revenue reached HKD 2.956 billion, with gaming revenue of HKD 2.325 billion and non-gaming revenue of HKD 631 million in H1 2024[4] - Grand Lisboa's gross revenue stood at HKD 3.8 billion, including HKD 3.66 billion from gaming and HKD 140 million from non-gaming in H1 2024[4] - Occupancy rate at Grand Lisboa Palace increased by 10.9% to 94.8% in H1 2024, while average daily rate decreased by 15.1% to HKD 1,155[4] - Grand Lisboa Hotel's occupancy rate rose by 10.7% to 98.5% in H1 2024, with average daily rate increasing by 19.5% to HKD 1,226[4] - Revenue from the Grand Lisboa Palace increased by 106.7% to HKD 2,956 million, with casino gross gaming revenue up 124.9% to HKD 2,325 million[10] - Adjusted property EBITDA for the Grand Lisboa Palace improved significantly to HKD 192 million, compared to a loss of HKD 292 million in the previous year[10] - Non-rolling chip win amount at the Grand Lisboa Palace surged by 166.2% to HKD 1,363 million, with a win rate increase of 1.7 percentage points to 17.3%[10] - The Lisboa property saw a 58.1% increase in total revenue to HKD 3,800 million, driven by a 61.5% rise in casino gross gaming revenue[12] - Adjusted property EBITDA for the Lisboa property more than doubled, increasing by 113.5% to HKD 1,010 million[12] - The Sofitel Macau at Ponte 16 reported a 20.3% increase in total revenue to HKD 2,655 million, with casino gross gaming revenue up 21.6%[14] - Satellite casinos generated HKD 5,285 million in casino revenue, a 39.0% increase from the previous year, with adjusted property EBITDA improving by 86.1%[15] Liquidity and Financial Position - The group held HKD 3.433 billion in cash, bank balances, short-term bank deposits, and pledged bank deposits as of June 30, 2024[4] - The group's syndicated loan facility includes HKD 9 billion in term loans and HKD 10 billion in revolving credit, with HKD 4.1 billion undrawn as of June 30, 2024[4] - Bank balances and cash decreased by 31.6% to HKD 2.424 billion as of June 30, 2024, compared to HKD 3.542 billion at the end of 2023[19] - Total outstanding bank loans decreased to HKD 14.012 billion as of June 30, 2024, from HKD 15.236 billion at the end of 2023[19] - Asset-to-liability ratio stood at 52.4% as of June 30, 2024, slightly up from 52.2% at the end of 2023[20] - Committed capital expenditure obligations increased to HKD 744 million as of June 30, 2024, from HKD 427 million at the end of 2023, with HKD 587 million allocated for government bidding projects[20] - Mortgaged properties and equipment with a book value of HKD 33.565 billion and right-of-use assets of HKD 1.689 billion as of June 30, 2024[21] - Total assets as of June 30, 2024, were HKD 44,999.6 million, slightly decreased from HKD 45,305.9 million as of December 31, 2023[29] - Total liabilities as of June 30, 2024, were HKD 29,148.4 million, decreased from HKD 30,379.0 million as of December 31, 2023[30] - The company's net asset value as of June 30, 2024, was HKD 13,969.8 million, slightly decreased from HKD 14,085.2 million as of December 31, 2023[30] - The company's equity attributable to owners of the company as of June 30, 2024, was HKD 13,767.4 million, slightly decreased from HKD 13,935.6 million as of December 31, 2023[30] - The company has unutilized bank financing facilities of HKD 4.05 billion as of June 30, 2024[37] - Current liabilities exceeded current assets by approximately HKD 1.881 billion as of June 30, 2024[37] - Capital commitments of the group amounted to HKD 744 million as of June 30, 2024[37] - The company's directors believe the group has sufficient liquidity to meet its financial obligations for the next 12 months[37] - Total assets of the group decreased slightly to HKD 48,328.3 million as of June 30, 2024, compared to HKD 49,739.7 million as of December 31, 2023[50] - Total liabilities of the group decreased to HKD 34,358.5 million as of June 30, 2024, from HKD 35,654.5 million as of December 31, 2023[50] - The gaming business segment assets stood at HKD 35,211.9 million as of June 30, 2024, slightly down from HKD 35,996.7 million as of December 31, 2023[50] - The hotel, catering, retail, and leasing business segment assets were HKD 10,036.2 million as of June 30, 2024, compared to HKD 10,298.7 million as of December 31, 2023[50] - Bank loans for the gaming business decreased to HKD 13,852.6 million as of June 30, 2024, from HKD 15,056.7 million as of December 31, 2023[50] - Unsecured notes for the gaming business remained relatively stable at HKD 9,420.1 million as of June 30, 2024, compared to HKD 9,413.7 million as of December 31, 2023[50] - Property and equipment decreased to HKD 37,806.1 million in 2024 from HKD 38,353.9 million in 2023, with a notable decrease in the value of leased land and buildings[62] - The company's right-of-use assets decreased slightly to HKD 2,561.4 million in 2024 from HKD 2,483.5 million in 2023[62] - Deposits for property and equipment purchases increased to HKD 550.6 million as of June 30, 2024, compared to HKD 317.7 million as of December 31, 2023[65] - The company's pledged bank deposits for bank facilities amounted to HKD 970.9 million as of June 30, 2024[67] - The interest rates on pledged bank deposits ranged from 4.00% to 4.10% as of June 30, 2024[68] - Advances to a gaming promoter and customers decreased to HKD 27.2 million as of June 30, 2024, from HKD 38.0 million as of December 31, 2023[69] - The total overdue amount of advances to gaming customers was HKD 7.7 million as of June 30, 2024, with HKD 0.8 million overdue for 90 days or more[69] - Prepayments increased to HKD 250.2 million as of June 30, 2024, compared to HKD 179.5 million as of December 31, 2023[69] - Other receivables from related parties amounted to HKD 202.7 million as of June 30, 2024, up from HKD 173.1 million as of December 31, 2023[74] - No additional impairment provisions or reversals were made for advances to a gaming intermediary and customers, other receivables from a service provider, and lease receivables for the six months ended June 30, 2023, and June 30, 2024[75] - Trade payables decreased to HKD 326.5 million as of June 30, 2024, from HKD 348.6 million as of December 31, 2023[76] - The average credit period for trade payables is 90 days, with no interest charged on overdue amounts[79] - The company's bank loans include syndicated secured bank loans totaling HKD 14,012.0 million as of June 30, 2024, compared to HKD 15,235.9 million as of December 31, 2023[81] - The Grand Lisboa Palace secured bank loan amounted to HKD 13,852.6 million as of June 30, 2024, down from HKD 15,056.7 million as of December 31, 2023[82] - The company recorded a loss of HKD 16.1 million due to the modification of the Grand Lisboa Palace bank loan repayment plan for the six months ended June 30, 2024[84] - The secured syndicated bank loan for the Grand Lisboa Palace project carries an effective annual interest rate of 6.36% as of June 30, 2024, down from 7.33% as of December 31, 2023[84] - The Grand Lisboa Palace bank loan is secured by non-gaming properties and equipment with a carrying value of HKD 33.184 billion and right-of-use assets with a carrying value of HKD 1.637 billion as of June 30, 2024[84] - The company revised the financing agreement for the Sixteen Pu Bank loan, extending the maturity date to June 2025 with a revised limit of MOP 273 million and HKD 230 million[85] - The actual annual interest rate for the secured bank loan as of June 30, 2024, was 7.15%, down from 8.09% at the end of 2023[85] - The company issued unsecured notes totaling HKD 9.42 billion as of June 30, 2024, with proceeds used for refinancing syndicated secured bank loans and general working capital[86] - The company's subsidiary issued HKD 1.906 billion in convertible bonds at a 2% interest rate, with the option to convert into ordinary shares at HKD 3.78 per share[92] - The company's operating cash flow before working capital changes was HKD 1.7857 billion for the six months ended June 30, 2024, compared to HKD 534.2 million in the same period in 2023[95] - The company's net cash from operating activities was HKD 1.6426 billion for the six months ended June 30, 2024, slightly down from HKD 1.7375 billion in the same period in 2023[95] - The company's total issued and fully paid ordinary shares as of June 30, 2024, were 7,101,805,366, with a total value of HKD 14.4151 billion[94] - The company's final holding company loan amounted to HKD 2 billion, with a fixed annual interest rate of 4%, and is classified as a non-current liability[89] - The company's subsidiary's non-controlling interest payable was HKD 329 million as of June 30, 2024, with an estimated interest of HKD 4.3 million at an annual rate of 2.57%[88] - The company's convertible bonds had a liability portion of HKD 1.528 billion and an equity portion of HKD 574.7 million as of June 30, 2024[93] - The company issued $500 million 4.50% senior notes due 2026, $500 million 4.85% senior notes due 2028, HK$1.25 billion 3.9% senior notes due 2026, and MOP 300 million 3.9% senior notes due 2026 through its subsidiaries Champion Path and Champion Moments Limited[146] - The company issued HK$1.906 billion 2% convertible bonds with a 5-year maturity to SJM Holdings on June 22, 2022, with an initial conversion price of HK$4.07 per share, which was later adjusted to HK$3.78 per share due to the rights issue[148] - If the convertible bonds are fully exercised at the adjusted conversion price of HK$3.78 per share, 504,232,804 shares will be issued, representing approximately 7.10% of the total issued shares of 7,101,805,366 as of June 30, 2024[149] - The company recorded a loss per share for the six months ended June 30, 2024, and the assumption of exercising convertible bonds would result in a reduction of the loss per share[150] - The company has the ability to fulfill its redemption obligations under the convertible bonds based on its bank balance and cash as of June 30, 2024[150] - No conversion, redemption, or cancellation of convertible bonds occurred during the six months ended June 30, 2024[150] - The company issued HKD 1.25 billion 3.9% priority notes due in 2026, listed on MOX[157] - The company issued MOP 300 million 3.9% priority notes due in 2026, listed on MOX[158] - Champion Path issued $500,000,000 of 4.50% senior notes due in 2026, listed on the Stock Exchange[159] - Champion Path issued $500,000,000 of 4.85% senior notes due in 2028, listed on the Stock Exchange[160] - Adjusted EBITDA is defined as profit or loss before interest income/expense, taxes, depreciation, and amortization, among other adjustments[161] - Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total net revenue[162] - The company's subsidiary, Champion Moments Limited, is a wholly-owned entity registered in the British Virgin Islands[164] - The company's subsidiary, Champion Path Holdings Limited, is a wholly-owned entity registered in the British Virgin Islands[165] - The company's subsidiary, Champion Power Global Limited, is a wholly-owned entity registered in the British Virgin Islands[166] - The company has a secured bank loan for the Grand Lisboa Palace project[168] Business Operations and Strategy - The "Individual Visit Scheme" expanded to include 10 additional mainland Chinese cities, bringing the total to 59 cities, enhancing tourism opportunities[16] - Acquired two strategic assets in Q2 2024 to enhance dining leadership and mass market influence, including the iconic Golden Jubilee Entertainment Center, expected to open by end of 2024[17] - Employee count remained stable at approximately 19,700 full-time employees as of June 30, 2024, with low turnover rate in H1 2024[23] - Five restaurants under the group were listed in "Tatler Dining 20 Macau" in 2024, reinforcing its leadership in Macau's dining scene[18] - Actively participated in overseas roadshows in key markets including Singapore, Indonesia, South Korea, Thailand, and Hong Kong to promote "Tourism +" products[18] - Sponsored major events such as the FAI Indoor Skydiving World Cup and the Macau International Dragon Boat Race to enhance Macau's reputation as a high-end sports tourism destination[17] - Gaming business revenue increased to HKD 12,897.0 million in the first half of 2024, up from HKD 8,695.1 million in the same period in 2023, representing a 48.3% growth[44] - Hotel, catering, retail, and leasing business revenue rose to HKD 904.3 million in the first half of 2024, compared to HKD 666.5 million in the same period in 2023,