金沙中国有限公司(01928) - 2023 - 中期财报

Financial Performance - For the six months ended June 30, 2023, Sands China Ltd. reported an adjusted property EBITDA of $939 million (HK$7.36 billion), a significant recovery from an adjusted property EBITDA loss of $120 million (HK$942 million) in the same period of 2022[5]. - The total net revenue for the first half of 2023 was $2.9 billion (HK$22.69 billion), representing an increase of 216.4% compared to $915 million (HK$7.18 billion) in the first half of 2022[5]. - The company achieved a profit of $175 million (HK$1.37 billion) in the first half of 2023, a turnaround from a loss of $760 million (HK$5.96 billion) in the same period of 2022[5]. - Casino revenue for the six months ended June 30, 2023, was $2,161 million, up 280.5$568 million for the same period in 2022[16]. - The company reported a profit attributable to equity holders of $175 million, compared to a loss of$760 million in the prior year[83]. - Basic and diluted earnings per share for the current period were 2.16 cents, recovering from a loss of 9.39 cents per share in the previous year[82]. - The company reported a total comprehensive income of $171 million for the period, compared to a total comprehensive loss of$762 million in the previous year[83]. Revenue Breakdown - Room revenue increased to $338 million for the six months ended June 30, 2023, a 244.9$98 million for the same period in 2022[19]. - The total revenue from the shopping mall segment was $224 million, reflecting a 16.1$193 million in the previous year[15]. - The food and beverage segment generated $104 million, which is an increase of 181.1$37 million in the same period last year[15]. - The total revenue from meetings, ferries, retail, and other services was $68 million, marking a 257.9$19 million in the previous year[15]. - The Venetian Macao's casino revenue was $969 million, a 290.7$248 million in the same period last year[17]. - The Londoner Macao's casino revenue reached $479 million, up 295.9$121 million in the previous year[17]. - The Parisian Macao's casino revenue was $311 million, reflecting a 314.7$75 million in the same period last year[17]. Visitor Statistics - Macau's gross gaming revenue for the first half of 2023 reached MOP 80.1 billion (approximately $9.93 billion), an increase of 205.1$1.23 billion and available borrowings of $1.74 billion under the 2018 SCL credit facility[8]. - As of June 30, 2023, the company held cash and cash equivalents totaling$1,230,000,000, primarily in HKD, USD, and MOP[33]. - The company reported a decrease in cash and cash equivalents of $468,000,000 for the six months ended June 30, 2023, compared to an increase of$91,000,000 in the same period in 2022[35]. - The company has capital commitments of $60,000,000 as of June 30, 2023, compared to$72,000,000 as of December 31, 2022[40]. - As of June 30, 2023, the net debt amounted to $7,654 million, a decrease of$526 million from December 31, 2022[45]. - The total capital as of June 30, 2023, was $7,128 million, down from$7,645 million as of December 31, 2022[45]. - The capital-to-debt ratio improved to 107.4% as of June 30, 2023, compared to 109.2% at the end of 2022[45]. Operational Developments - The construction of Phase II of The Londoner Macao is expected to commence in November 2023, with a target completion date before 2026[7]. - Sands China Ltd. continues to focus on reinvesting in its property portfolio to maintain high-quality offerings and competitiveness in the market[6]. - The company has committed to invest at least MOP 30,240,000,000 (approximately $3,750,000,000) in non-gaming projects in Macau by December 2032[41]. - The company successfully extended the maturity of its 2018 SCL credit facility from July 31, 2023, to July 31, 2025[8]. Expenses and Costs - Operating expenses rose by 65.3$2.46 billion from $1.49 billion, attributed to increased business volume across all categories[25]. - Casino expenses increased by 136.8$1.42 billion from $600 million, mainly due to higher gaming tax from increased casino revenue[26]. - General and administrative expenses were$301,000,000, an increase of 9.5% from $275,000,000 in the previous year, mainly due to higher marketing, utility, and wage expenses[27]. - The company incurred financing costs of$287 million for the six months ended June 30, 2023, compared to a loss of $189 million in the same period of 2022[97]. Governance and Compliance - The company has maintained compliance with corporate governance codes throughout the reporting period[52]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards[61]. - The company has five board committees: Audit Committee, Remuneration Committee, Nomination Committee, Capital Expenditure Committee, and Environmental, Social and Governance Committee[59]. Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[87]. - The company is investing$500 million in technology development to enhance user experience and operational efficiency[132]. - Market expansion plans include entering two new regions by Q4 2023, aiming for a 5% market share in those areas[132]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $1 billion allocated for potential deals[132]. Environmental and Social Responsibility - The company aims to enhance its environmental, social, and governance (ESG) initiatives, with a commitment to reduce carbon emissions by 25$50 million towards sustainability projects in 2023[139].