澳博控股(00880) - 2021 - 中期财报

Financial Performance - The group's total net revenue for the six months ended June 30, 2021, was HKD 5,222 million, an increase of 19.4% from HKD 4,374 million in the same period of 2020[10]. - Gaming net revenue rose to HKD 5,076 million, up 18.8% from HKD 4,272 million year-on-year[10]. - Adjusted EBITDA improved by 48.2%, from a loss of HKD 984 million to a loss of HKD 510 million[10]. - The loss attributable to the company's owners was HKD 1,466 million, a 3.8% increase from HKD 1,412 million in the previous year[10]. - Total revenue for the six months ended June 30, 2021, was HKD 1,198 million, a decrease of 9.7% compared to HKD 1,325 million in 2020[13]. - The company reported a pre-tax loss of HKD 1,487.7 million, slightly higher than the loss of HKD 1,465.1 million in the previous year[32]. - Total comprehensive income for the period was a loss of HKD 1,439.0 million, reflecting a significant decrease from the previous year's comprehensive income[37]. - The company incurred a loss of HKD 1,465.9 million during the period, which included other comprehensive income of HKD 26.9 million[37]. Gaming Operations - The mass table gaming gross revenue increased by 33.2% to HKD 4,385 million, while VIP gaming gross revenue decreased by 37.5% to HKD 855 million[12]. - The overall gaming win rate decreased by 1.0 percentage points to 2.6% from 3.6% in the previous year[13]. - The total revenue from slot machines increased by 39.9% to HKD 1,993 million compared to HKD 1,425 million in 2020[13]. - VIP chip sales amounted to HKD 14,543 million, down 30.2% from HKD 20,838 million in the previous year[13]. - The VIP gaming business generated revenue of HKD 855.6 million for the six months ended June 30, 2021, down from HKD 1,368.3 million in the same period of 2020, reflecting a decline of 37.4%[53]. - The mass table gaming revenue increased to HKD 4,385.2 million in the first half of 2021, compared to HKD 3,291.4 million in the same period of 2020, marking a growth of 33.2%[53]. Hotel and Hospitality - The occupancy rate of the New Lisboa hotel increased by 43.6% to 62.4%, while the average daily room rate decreased by 60.1% to HKD 713[8]. - The average daily room rate for the new Lisboa Hotel decreased by 60.1% to HKD 713 from HKD 1,789 in 2020[19]. - The occupancy rate for the new Lisboa Hotel increased to 62.4%, up 43.6 percentage points from 18.8% in 2020[19]. - The group’s total revenue from the hotel, restaurant, and retail business was HKD 145.2 million for the six months ended June 30, 2021, compared to HKD 102.0 million in the same period of 2020, an increase of 42.3%[49]. Financial Position - As of June 30, 2021, the group's cash, bank balances, and short-term bank deposits totaled HKD 2,709 million[8]. - The total outstanding bank loans as of June 30, 2021, amounted to HKD 9.005 billion, down from HKD 18.787 billion on December 31, 2020[24]. - The asset-liability ratio at the end of the reporting period was 33.4%, up from 26.9% on December 31, 2020[25]. - The group has an unutilized unconditional financing facility of HKD 8.270 billion from bank loan financing agreements as of June 30, 2021[24]. - The company's net asset value decreased to HKD 23,205.3 million from HKD 24,639.9 million at the end of 2020[36]. - The company’s total liabilities exceeded current assets, resulting in a net current liability of HKD 12,418.7 million[34]. - The group reported a total liability of HKD 26,378.6 million as of June 30, 2021, down from HKD 28,081.6 million as of December 31, 2020[51]. Capital Expenditure and Investments - The company invested HKD 859.0 million in property and equipment during the first half of 2021, a decrease from HKD 1,790.4 million in the same period of 2020[38]. - The total project cost for the Lisboa Palace was approximately HKD 39 billion, with capital commitments of HKD 1.2 billion as of June 30, 2021[21]. - The company has capital commitments related to property and equipment amounting to HKD 471.3 million as of June 30, 2021, compared to HKD 1,051.1 million as of December 31, 2020[94]. - The company has a total of HKD 35,449.6 million in construction in progress related to the "Grand Lisboa Palace" project as of June 30, 2021, compared to HKD 34,023.0 million at the end of 2020[61]. Debt and Financing - The group issued $500 million (equivalent to HKD 3.875 billion) 4.5% senior notes due January 27, 2026, and $500 million (equivalent to HKD 3.875 billion) 4.85% senior notes due January 27, 2028, rated Ba2 and BB+ by Moody's and Fitch respectively[22]. - The company raised HKD 9,292.3 million through the issuance of unsecured notes during the financing activities[38]. - The company issued unsecured notes totaling USD 500 million with a fixed annual interest rate of 4.50%, maturing in 2026, and the actual annual interest rate is 4.65%[86]. - The company also issued USD 500 million of 4.85% senior notes due in 2028 on January 27, 2021[155]. - The company has established financial risk management policies to ensure all payables are settled within credit terms[76]. COVID-19 Impact - The group anticipates that gaming gross revenue and related tourism sectors will continue to be negatively impacted by COVID-19, with 2021 revenues expected to remain below pre-pandemic levels[23]. - The COVID-19 pandemic has significantly adversely affected the group's financial condition, operations, and cash flow, with future impacts being difficult to estimate due to uncertainties[44]. - The group has implemented health protection measures in response to COVID-19, affecting operations and visitor numbers[42]. - The group has recognized a reduction in lease liabilities of HKD 23.9 million due to rent concessions related to COVID-19, which has been accounted for as variable lease payments[46]. Shareholder Information - The total issued and paid-up share capital as of June 30, 2021, was HKD 11,479.3 million, with 5,681,444,293 shares issued[89]. - Major shareholder 澳門旅遊娛樂股份有限公司 holds 3,062,059,500 shares, representing 53.90% of the issued shares[128]. - The company has a stock option plan approved in 2009, which has since expired, but unexercised options remain valid until the end of their exercise period[131]. - The company granted stock options totaling 101.5 million shares, with 98.5 million shares remaining unexercised as of June 30, 2021[134]. Corporate Governance - The company confirmed compliance with the corporate governance code during the reporting period[148]. - The company adopted a standard code for securities trading by directors, confirming adherence during the reporting period[149]. - The company’s interim report for the six months ending June 30, 2021, was reviewed by the audit committee[149].