澳博控股(00880) - 2020 - 中期财报

Financial Performance - The group's total net revenue for the six months ended June 30, 2020, was HKD 4,374 million, a decrease of 74.4% compared to HKD 17,074 million in the same period of 2019[5]. - The adjusted EBITDA for the same period was HKD (984) million, representing a decline of 147.3% from HKD 2,078 million in 2019, with an adjusted EBITDA margin dropping from 12.2% to (22.5%) [8]. - The net loss attributable to the company's owners was HKD (1,412) million, compared to a profit of HKD 1,679 million in the previous year, marking a decrease of 184.1% [5]. - The group reported a loss of HKD 1,478.5 million for the period, compared to a profit of HKD 1,739.7 million in the prior year, indicating a substantial shift in financial performance[37]. - The group's pre-tax loss was HKD 1,465.1 million, with tax expenses of HKD 13.4 million, contrasting with a pre-tax profit of HKD 1,764.1 million and tax expenses of HKD 24.4 million in the previous year[37]. - The total comprehensive loss for the period amounted to HKD (1,766.3) million, compared to a comprehensive income of HKD 1,699.0 million in the prior year[37]. - The basic and diluted loss per share for the period was HKD (24.9) cents, compared to earnings of HKD 29.6 cents per share in the same period of the previous year[37]. Gaming Revenue - The group's gaming revenue from mass tables decreased by 73.5%, while VIP gaming revenue fell by 81.6% during the first half of 2020[6]. - The group's flagship casino, Grand Lisboa, experienced a gaming revenue decline of 80.7%, with adjusted EBITDA and attributable profit decreasing by 131.2% and 141.4%, respectively[6]. - The gross gaming revenue from the mass gaming tables accounted for 67.2% of the total gross gaming revenue during the reporting period, up from 60.7% in the same period last year[11]. - The gross gaming revenue from mass gaming tables was HKD 3,291 million, a decrease of 73.5% compared to HKD 12,402 million in the same period last year[12]. - The gross gaming revenue from VIP gaming at the new Lisboa Casino was HKD 742 million, down 81.2% from HKD 3,948 million in the previous year[16]. - VIP gaming revenue decreased to HKD 1,368.3 million, down 81.7% from HKD 7,454.8 million in 2019[54]. - Mass table gaming revenue fell to HKD 3,291.4 million, a decline of 73.5% compared to HKD 12,402.2 million in the previous year[54]. Operational Metrics - The average occupancy rate of the Grand Lisboa hotel dropped to 18.9%, a decrease of 75.9% compared to the previous year, although the average daily room rate increased by 9.5% to HKD 1,628[6]. - The average daily net win per mass gaming table was HKD 22,422, down 52.5% from HKD 47,158 in the previous year[12]. - The average number of mass gaming tables operated at the end of the period was 879, a decrease of 39.5% from 1,453 tables at the end of the previous year[12]. - The average daily net win per VIP gaming table in other self-promoted casinos was HKD 30,545, down 79.0% from HKD 145,654 in the previous year[19]. - The company operated 15 satellite casinos as of June 30, 2020, providing a total of 514 mass gaming tables and 510 slot machines[20]. Financial Position - The group maintained a strong financial position with cash, bank balances, and pledged bank deposits amounting to HKD 7.511 billion as of June 30, 2020[6]. - The company's cash and bank balances were HKD 7.364 billion, a decrease of 49.2% from HKD 14.504 billion at the end of 2019[27]. - The debt-to-asset ratio was 17.7% at the end of the reporting period, compared to not applicable at the end of 2019[28]. - The company's total equity as of June 30, 2020, was HKD 26,246.3 million, down from HKD 29,236.1 million, reflecting a decline of 10.2%[39]. - The company's cash and cash equivalents decreased to HKD 3,570.1 million from HKD 8,738.1 million, a decline of 59.1%[38]. - The company's retained earnings as of June 30, 2020, were HKD 13,984.9 million, down from HKD 16,641.1 million, a decrease of 16.0%[40]. Future Outlook - The company anticipates continued negative impacts on gaming revenue and related non-gaming activities due to COVID-19, with no recovery expected in 2020[26]. - The company anticipates that the ongoing effects of the Covid-19 pandemic will continue to impact its future operating performance, although the extent remains uncertain[43]. - Future outlook remains uncertain, with no specific guidance provided for the upcoming quarters[139]. - The company is focusing on new product development and technology enhancements to improve operational efficiency[139]. - Market expansion strategies are being evaluated, particularly in the context of post-pandemic recovery[139]. - The company is exploring potential mergers and acquisitions to strengthen its market position[139]. Capital Expenditures and Investments - The total project cost for the "Upper Lisboa" integrated resort is estimated at HK$39 billion, with capital commitments of approximately HK$5 billion as of June 30, 2020[25][29]. - The company reported capital expenditures related to property and equipment of HKD 2,811.7 million as of June 30, 2020, down from HKD 3,982.8 million as of December 31, 2019[89]. - The company has authorized but not contracted capital expenditures of HKD 2,710.4 million for the "Lisboa Palace" project as of June 30, 2020, compared to HKD 3,875.8 million as of December 31, 2019[89]. - The company has contracted but not provided for capital expenditures of HKD 2,451.2 million for the "Lisboa Palace" project as of June 30, 2020, down from HKD 3,067.4 million as of December 31, 2019[89]. Employee Metrics - The group maintained a low employee turnover rate with approximately 20,200 full-time employees as of June 30, 2020[33]. - Total employee costs amounted to HKD 2,757.4 million, down from HKD 2,979.0 million in 2019, indicating a reduction in workforce expenses[56]. Related Party Transactions - The company engaged in related party transactions totaling HKD 20.0 million for property rent, down from HKD 119.4 million in the same period of 2019, reflecting a decrease of approximately 83.3%[96]. - The company reported a significant transaction of HKD 490.7 million for the purchase of a property, which was not present in the previous period[96]. - The company disclosed related party transactions concerning property rental payments during the reporting period[103]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the period from January 1, 2020, to June 30, 2020[132]. - The interim report for the six months ended June 30, 2020, was reviewed by the audit committee[132]. - The company’s audit committee, along with the auditors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2020[132].