新濠国际发展(00200) - 2023 - 年度业绩

Financial Performance - Net revenue for the year ended December 31, 2023, was HKD 29.53 billion, a 179.5% increase from HKD 10.57 billion in the previous year[3] - Adjusted EBITDA for the year ended December 31, 2023, was HKD 7.51 billion, compared to a negative HKD 362 million in the previous year[3] - Post-tax loss for the year ended December 31, 2023, was HKD 3.49 billion, a significant improvement from the HKD 9.99 billion loss in the previous year[3] - Basic loss per share attributable to the company's owners was HKD 1.16, compared to HKD 3.40 in the previous year[3] - Net asset value per share attributable to the company's owners was HKD 0.4 as of December 31, 2023, down from HKD 1.2 in the previous year[3] - The company reported a net loss of HKD 3.49 billion for 2023, an improvement from the net loss of HKD 9.99 billion in 2022[17][18] - Net revenue for 2023 was HKD 29,531.6 million, a year-on-year increase of 179.5%[80] - Adjusted EBITDA for 2023 was HKD 7,505.1 million, compared to a loss of HKD 362.0 million in 2022, representing a 2,173.4% improvement[80] - The company's attributable loss to owners was HKD 1,743.9 million, a 65.9% reduction compared to 2022[80] - Net revenue increased by 179.5% from HKD 10.57 billion in 2022 to HKD 29.53 billion in 2023, driven by the early relaxation of COVID-19 restrictions in Macau and the opening of City of Dreams Mediterranean and Studio City Phase 2[82] - Casino revenue surged by 185.9% to HKD 24.09 billion in 2023, compared to HKD 8.43 billion in 2022[83] - Adjusted EBITDA improved significantly to HKD 7.51 billion in 2023 from a negative HKD 362 million in 2022, primarily due to the relaxation of COVID-19 restrictions and the opening of Studio City Phase 2[84] - The company's attributable loss narrowed to HKD 1.74 billion in 2023 from HKD 5.11 billion in 2022, despite increased net interest expenses and impairment losses[85] Expenses and Costs - Gaming tax and license fees increased to HKD 11.66 billion from HKD 3.83 billion in the previous year[4] - Employee benefit expenses rose to HKD 6.17 billion from HKD 5.19 billion in the previous year[4] - Depreciation and amortization expenses decreased slightly to HKD 4.45 billion from HKD 4.59 billion in the previous year[4] - Operating costs and expenses for 2023 included depreciation and amortization of HKD 4.45 billion, share-based compensation of HKD 356.3 million, and pre-opening costs of HKD 327.9 million[17] - Non-operating expenses for 2023 included interest expenses of HKD 4.30 billion, other financing costs of HKD 38.0 million, and exchange gains of HKD 51.2 million[17] - The company's total non-operating expenses for 2023 were HKD 4.11 billion, compared to HKD 3.18 billion in 2022[17][18] - The company's income tax expense for 2023 was HKD 98.4 million, compared to HKD 5.6 million in 2022[17][18] - Impairment of non-financial assets increased from HK$568.25 million in 2022 to HK$1.11 billion in 2023, a growth of 96.0%[25] - Advertising and promotion expenses increased from HK$243.30 million in 2022 to HK$1.15 billion in 2023, a growth of 373.1%[25] - Employee-related costs for the year ended December 31, 2023, were HKD 6,171,200,000, up from HKD 5,187,000,000 in 2022[109] Assets and Liabilities - Total non-current assets as of December 31, 2023, were HKD 76.68 billion, down from HKD 79.79 billion in the previous year[6] - Cash and bank balances as of December 31, 2023, were HKD 10.77 billion, down from HKD 14.32 billion in the previous year[6] - Total current liabilities increased to 8,726,114 thousand HKD as of December 31, 2023, compared to 7,276,784 thousand HKD in 2022[7][8] - Net current assets decreased significantly to 4,003,439 thousand HKD in 2023 from 10,027,168 thousand HKD in 2022[8] - Total assets minus current liabilities stood at 80,685,335 thousand HKD as of December 31, 2023, down from 89,814,834 thousand HKD in 2022[8] - Non-current liabilities totaled 70,312,128 thousand HKD in 2023, a decrease from 76,428,769 thousand HKD in 2022[8] - The company's cash and bank balances amounted to 10,765,478 thousand HKD as of December 31, 2023, with unused borrowing capacity of 8,246,959 thousand HKD[11] - Total assets decreased from HK$97.09 billion in 2022 to HK$89.41 billion in 2023, a decline of 7.9%[19] - Total liabilities decreased from HK$83.71 billion in 2022 to HK$79.04 billion in 2023, a decline of 5.6%[19] - The company's equity attributable to owners decreased by 62.9% to HKD 665.0 million in 2023[81] - The company's total intangible assets and financial liabilities as of December 31, 2023, amounted to HKD 2,487,693,000, with a net book value of HKD 2,040,079,000[33] - The company's accumulated amortization of intangible assets as of December 31, 2023, was HKD 447,614,000[33] - Trade receivables as of 2023 amounted to HK$1,868,898,000, with HK$1,315,768,000 overdue by more than six months[42] - Trade payables as of 2023 totaled HK$91,807,000, with HK$58,397,000 due within one month[43] - Other payables, accrued expenses, and deposits received amounted to HK$7,982,093,000 in 2023, including HK$1,244,304,000 in gaming taxes and license fees[44] - Non-current liabilities included HK$2,203,552,000 in grants and license liabilities[45] - Total interest-bearing borrowings as of December 31, 2023, amounted to HKD 63,557,455,000, a decrease from HKD 72,211,007,000 in 2022[46] - New interest-bearing borrowings obtained in 2023 were HKD 9,811,171,000, compared to HKD 14,466,499,000 in 2022[47] - Repayments of interest-bearing borrowings in 2023 were HKD 18,633,784,000, significantly higher than HKD 215,474,000 in 2022[47] - Unsecured notes as of December 31, 2023, were HKD 47,496,913,000, slightly down from HKD 48,252,118,000 in 2022[46] - Unsecured bank loans decreased to HKD 8,222,000,000 in 2023 from HKD 14,831,845,000 in 2022[46] - Secured bank loans stood at HKD 5,135,975,000 in 2023, down from HKD 6,433,806,000 in 2022[46] - Fixed-rate borrowings were HKD 50,199,479,000 in 2023, compared to HKD 50,945,355,000 in 2022[46] - Floating-rate borrowings decreased to HKD 13,357,976,000 in 2023 from HKD 21,265,652,000 in 2022[46] - The company's borrowings denominated in USD were HKD 55,333,455,000 in 2023, down from HKD 63,780,960,000 in 2022[47] - The company repurchased USD 100,000,000 (approximately HKD 780,372,000) of 6.000$1,000,000,000 five-year secured credit facility in 2021, consisting of a $688,000,000 term loan and a$312,000,000 revolving credit facility[51] - As of December 31, 2023, the outstanding principal amount of the restated 2021 credit facility was $658,600,000 (approximately HKD 5,144,830,000), down from$837,480,000 (approximately HKD 6,540,308,000) in 2022[53] - The company issued $350,000,000 (approximately HKD 2,733,499,000) of 7.00$165,120,000 (approximately HKD 1,296,147,000) of outstanding principal under the 2021 credit facility's term loan on April 26, 2023, resulting in a loss on debt modification of HKD 82,222,000 for the year ended December 31, 2023[52] - The interest rate for USD-denominated borrowings under the 2021 credit facility was revised to SOFR plus a credit spread adjustment of 0.06% and a margin of 2.35% per annum, effective June 19, 2023[52] - As of December 31, 2023, HKD 7,880,949,000 of the company's borrowings were secured by certain assets, down from HKD 9,275,637,000 in 2022[54] - The company extended the availability period of an unsecured credit facility of PHP 2,350,000,000 (approximately HKD 330,370,000) to April 30, 2024, with no material changes to terms and conditions[54] - The company's secured bank loans bear interest at HIBOR plus a margin ranging from 1.00% to 4.00% per annum or SOFR plus a credit spread adjustment of 0.06% and a margin of 2.35% per annum, denominated in HKD or USD[51] - The company received waivers for financial covenants under the 2020 credit facility for all relevant periods up to and including March 31, 2024[51] - The capital-to-debt ratio as of December 31, 2023, was 71.1%, a decrease from 74.4% in 2022[104] - The company repaid HKD 1,170,000,000 of outstanding principal under the 2020 credit facility along with accrued interest on March 28, 2024[103] - The total amount of loans secured by the company's assets as of December 31, 2023, was HKD 7,880,900,000, down from HKD 9,275,600,000 in 2022[104] - The company settled a tender offer for USD 100,000,000 (approximately HKD 780,400,000) of 2025 senior notes on November 28, 2023[103] - The company extended the availability period of an unsecured credit facility amounting to PHP 2,350,000,000 (approximately HKD 330,400,000) to April 30, 2024[103] Operations and Projects - City of Dreams Mediterranean, a new integrated resort in Cyprus, commenced operations in 2023 but has been negatively impacted by geopolitical conflicts[11] - The company implemented cost-cutting measures and rationalized capital expenditure plans to preserve cash[11] - The company believes it has sufficient resources to support operations and capital expenditures for at least the next 12 months[11] - The second phase of Studio City's expansion was completed in 2023, with the first stage opening in April and the second stage in September[11] - The company's operating segments are divided into "Casino and Hotel" and "Other," with segment performance evaluated based on Adjusted EBITDA, which excludes interest, taxes, depreciation, amortization, and other non-operating items[16] - The "Casino and Hotel" segment generated net revenue of HKD 29.55 billion in 2023, with Adjusted EBITDA of HKD 7.51 billion, compared to net revenue of HKD 10.57 billion and Adjusted EBITDA loss of HKD 356.8 million in 2022[17][18] - Total assets and liabilities are managed on a group basis, with deferred tax assets and liabilities, as well as other unallocated corporate assets and liabilities, excluded from segment reporting[16] - Net revenue from external customers in the casino and hotel segment increased from HK$6.71 billion in 2022 to HK$24.41 billion in 2023, a growth of 263.8% in Macau[22] - Non-current classified assets in Macau decreased from HK$71.88 billion in 2022 to HK$69.66 billion in 2023, a decline of 3.1%[22] - Capital expenditure in the casino and hotel segment decreased from HK$4.67 billion in 2022 to HK$1.98 billion in 2023, a decline of 57.6%[20] - Customer contract revenue increased from HK$10.22 billion in 2022 to HK$29.12 billion in 2023, a growth of 184.9%[24] - Rental income included in entertainment, retail, and other increased from HK$342.48 million in 2022 to HK$410.41 million in 2023, a growth of 19.8%[24] - Loss from joint ventures and associates decreased from HK$6.59 million in 2022 to HK$6.45 million in 2023, a decline of 2.1%[20] - The impairment of the cash-generating unit of Altira Macau was calculated based on the estimated recoverable amount of HKD 875,115,000 as of December 31, 2022, using a pre-tax discount rate of 14.11%[26] - The company's income tax expense for 2023 was HKD 98,363,000, compared to HKD 5,634,000 in 2022, with significant increases in Hong Kong profits tax and Macau supplementary tax on dividends[27] - Altira Macau was granted an extension of the exemption from Macau supplementary tax on gaming profits from January 1, 2023, to December 31, 2027[28] - Altira Macau entered into agreements with the Macau government for payments in lieu of Macau supplementary tax on dividends from gaming profits, totaling HKD 44,165,000 for 2023[29] - The company did not recommend any dividends for the years ended December 31, 2023, and 2022[30] - The company's basic and diluted loss per share attributable to owners was HKD 1,743,932,000 for 2023, compared to HKD 5,115,881,000 in 2022[31] - Intangible assets increased to HKD 19,357,150,000 in 2023 from HKD 17,319,114,000 in 2022, primarily due to gaming concessions and licenses[32] - The company confirmed intangible assets and financial liabilities of MOP 1,934,035,000 (approximately HKD 1,877,704,000) related to the use and operation rights of reversionary assets and the obligation to pay fixed and floating gaming premiums under the concession[35] - The company was granted a 10-year gaming concession by the Macau government, effective from January 1, 2023, to December 31, 2032, with an annual fixed gaming premium of MOP 30,000,000 (approximately HKD 29,126,000) and additional floating premiums based on the number and type of gaming tables and machines[34] - The company's gaming concession includes the operation of five entertainment venues in Macau, with a minimum requirement of 500 gaming tables and 1,000 gaming machines[34] - The company's intangible assets related to the gaming concession are amortized on a straight-line basis over the 10-year concession period[35] - The company's subsidiary in Cyprus was granted a 30-year gaming license, with an initial annual license fee of EUR 2,500,000 (approximately HKD 21,618,000) for the first four years, increasing to EUR 5,000,000 (approximately HKD 43,236,000) for the subsequent four years[36] - The Cyprus gaming license requires the opening of the City of Dreams Mediterranean by June 30, 2023, with the possibility of termination by the Cyprus government if this deadline is not met[36] - The company's gaming concession in Macau includes the transfer of reversionary assets from the Macau government, with concession fees ranging from MOP 750 (approximately HKD 730) per square meter for the first three years to MOP 2,500 (approximately HKD 2,400) per square meter for the remaining seven years[34] - The company recognized intangible assets of €68,031,000 (approximately HK$579,505,000) and financial liabilities of €67,