银河娱乐(00027) - 2020 - 中期财报

Company Overview - Galaxy Entertainment Group aims to be recognized as Asia's leading gaming and entertainment corporation[5]. - The company operates three flagship projects in Macau, including the Galaxy Macau, which spans 1 million square meters and features approximately 3,600 hotel rooms[17]. - Galaxy Macau offers over 100,000 square meters of retail space with around 200 international luxury brands and 120 dining options[17]. - The company is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Index[17]. - Galaxy Entertainment Group's service philosophy is centered around "Pride of the World, Connected to Asia," which has led to its continued market leadership[17]. Financial Performance - Net revenue decreased by 76% to HKD 6.22 billion compared to the same period last year[20]. - Adjusted EBITDA was (HKD 1.09 billion), down from HKD 8.32 billion in the first half of 2019[25]. - Shareholders' loss amounted to HKD 2.86 billion, compared to a profit of HKD 6.68 billion in the first half of 2019[27]. - Total net revenue for the first half of 2020 was HKD 3,835 million, a decrease of 79.6% compared to HKD 18,790 million in the first half of 2019[28]. - The total gaming revenue for the first half of 2020 was HKD 4,366 million, down 80% from HKD 21,829 million in the first half of 2019[29]. - The group reported a loss attributable to shareholders of HKD 2.856 billion, compared to a profit of HKD 6.680 billion in the first half of 2019[46]. - The company reported a total loss of HKD 2,802,555 thousand for the period, reflecting the impact of the ongoing market challenges[123]. Operational Challenges - Hotel occupancy rates were significantly low, with Galaxy Macau at 21%, StarWorld at 23%, and Broadway at 22%[21][22][23]. - Non-gaming revenue fell by 75% to HKD 679 million[25]. - The number of visitors to Macau in the first half of 2020 was 3.3 million, an 84% decrease compared to the previous year[45]. - The adjusted EBITDA margin for the Galaxy Macau™ was NEG5% in the first half of 2020, compared to 33% in the first half of 2019[28]. - The company has decided not to declare dividends due to the ongoing impact of the COVID-19 pandemic[36]. Development and Expansion - The company continues to advance the development of its third and fourth phases in Cotai, focusing on non-gaming business and MICE facilities[24]. - The company is exploring international development opportunities, including in Japan[24]. - Future development projects, including the third and fourth phases of Cotai, are progressing well, supporting the vision of Macau as a "World Center of Tourism and Leisure"[37]. - The group continues to pursue international development plans, particularly in Japan, while adjusting timelines as necessary due to ongoing pandemic impacts[69]. Corporate Social Responsibility - The group emphasized its commitment to corporate social responsibility, contributing HKD 100 million in cash donations to combat COVID-19[38]. - The group donated HKD 20 million to Hubei Province and Wuhan City for COVID-19 emergency response efforts, and an additional HKD 75 million for long-term medical infrastructure support[79]. - Galaxy Entertainment Group donated a total of 500,000 masks to Zhuhai and Hengqin New Area during the pandemic[82]. - The group provided various forms of assistance during the pandemic, including waiving fixed rent for eligible tenants from February to June 2020[80]. Environmental Initiatives - The group successfully saved 38,770,800 kWh of electricity and 872,731 cubic meters of water in the first half of the year compared to the same period last year[94]. - The group has implemented a comprehensive recycling program across all properties, focusing on energy efficiency and waste reduction[93]. - The company continues to promote environmental protection and sustainable development through various initiatives, including LED light replacement and energy-saving technologies[93]. Employee Engagement - Employee costs (excluding directors' remuneration) amounted to HKD 3.605 billion as of June 30, 2020, with approximately 22,020 employees hired in Hong Kong, Macau, and mainland China[75]. - The group has implemented a stock option plan and share reward plan to attract, motivate, and retain employees, aligning their interests with those of shareholders[76]. - The total training hours increased to nearly 746,000 hours in the first half of 2020, up from 575,000 hours in the same period last year[84]. Shareholder Information - A special dividend of HKD 0.45 per share was declared on April 24, 2020, but no further dividends were announced due to ongoing impacts from the COVID-19 pandemic[20]. - The company’s equity attributable to shareholders decreased to HKD 66.281 billion, a reduction of approximately 10% from HKD 73.587 billion on December 31, 2019[70]. - The company reported a significant increase in cash and bank deposits to HKD 16,988,279,000, up from HKD 11,183,354,000 in 2019, indicating improved liquidity[104]. Governance and Compliance - The company confirmed that all directors complied with the standards set out in the code of conduct for securities transactions during the six months ended June 30, 2020[174]. - The company has complied with the corporate governance code, except for one provision, during the six months ended June 30, 2020[175]. - The chairman's leadership and vision are considered valuable assets for the company, and his continued tenure is deemed beneficial[175].