金沙中国有限公司(01928) - 2023 - 中期业绩

Financial Performance - For the six months ended June 30, 2023, the adjusted property EBITDA was $939 million, compared to a loss of$120 million for the same period in 2022, indicating a significant recovery[2]. - The total net revenue for the six months ended June 30, 2023, was $2.9 billion, an increase of 216.4$915 million in the same period of 2022[4]. - The company's profit for the six months ended June 30, 2023, was $175 million, a turnaround from a loss of$760 million in the same period of 2022[2]. - The net revenue from the gaming segment was $2.16 billion, up 280.5$568 million in the previous year[5]. - The total comprehensive income for the period was $171 million, a significant recovery from a loss of$762 million in the previous year[40]. - The company reported a net profit attributable to equity holders of $175 million for the six months ended June 30, 2023, compared to a loss of$760 million in the same period of 2022[50]. - The company reported a basic and diluted earnings per share of 2.16 cents for the period, a recovery from a loss of 9.39 cents per share in the previous year[39]. Visitor and Revenue Growth - The total number of visitors to Macau increased by approximately 141.0% compared to the same period in 2022, contributing to improved business performance[3]. - The company anticipates continued improvement in visitor numbers and revenue as travel restrictions have been lifted, although future impacts remain uncertain[3]. - The Venetian Macao generated $1.211 billion in net revenue, up from$377 million in the prior year, reflecting a growth of approximately 221%[48]. - The Londoner Macao reported net revenue of $685 million, an increase of 242$200 million in the same period last year[48]. - The Parisian Macao's net revenue was $413 million, up from$116 million, marking a growth of approximately 256%[48]. Operational Metrics - Hotel revenue reached $338 million, a 244.9$98 million in the same period of 2022, driven by higher occupancy rates and revenue per available room[8]. - The occupancy rate for The Venetian Macao improved to 90.4%, up 50.5 points from 39.9%[9]. - The average daily room rate (ADR) for The Venetian Macao increased by 42.5% to $208 from$146[9]. - Food and beverage revenue surged by 181.1% to $104 million from$37 million in the previous year[14]. - Total shopping center revenue increased by 16.1% to $224 million from$193 million year-over-year[11]. Financial Position and Liquidity - The company reported a strong balance sheet with cash and cash equivalents totaling $1.23 billion and available borrowings of$1.74 billion as of June 30, 2023[3]. - Cash and cash equivalents totaled $1.23 billion as of June 30, 2023, primarily held in HKD, USD, and MOP[20]. - Cash used in investing activities for the six months ended June 30, 2023, was$51 million, primarily due to capital expenditures of $79 million[24]. - The company has a strong balance sheet with total cash and cash equivalents of$1,230 million and available borrowings of $1,740 million as of June 30, 2023[45]. - The company’s total current borrowings decreased to$14 million as of June 30, 2023, from $1,974 million as of December 31, 2022, reflecting a significant reduction[69]. Debt and Financing - The company successfully extended the maturity of its 2018 SCL credit facility from July 31, 2023, to July 31, 2025, enhancing financial flexibility[3]. - Net financing costs for the six months ended June 30, 2023, were$287 million, up from $189 million in the same period in 2022, representing a 51.9$1,740 million under the 2018 SCL credit facility, which includes $1,570 million in HKD and$166 million in USD[72]. - The non-current portion of financial liabilities related to the gaming concession is recorded under "Trade payables and other payables - non-current" in the consolidated balance sheet[60]. Capital Expenditures and Investments - Total capital expenditure for the six months ended June 30, 2023, was $79 million, a decrease of 49.4$156 million in the same period of 2022[26]. - The company has committed to invest at least $3.75 billion in Macau by December 2032, including$3.44 billion in non-gaming projects[27]. - The company continues to support ongoing major construction projects and fulfill contractual obligations[45]. Compliance and Governance - The audit committee reviewed the accounting policies and interim financial statements for the six months ended June 30, 2023, confirming compliance with applicable accounting standards[38]. - The company believes it has complied with all covenants of the 2018 SCL credit facility as of June 30, 2023[21]. - The board of directors did not recommend an interim dividend for the six months ended June 30, 2023[28]. Risks and Challenges - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2022[46]. - The company has applied for an extension of tax exemptions for its gaming operations, which may affect future tax liabilities[56].