金沙中国有限公司(01928) - 2025 - 中期业绩

Financial Performance Summary The company's key financial metrics showed a slight decline in the first half of 2025 compared to the prior year Performance Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Total Net Revenues | $3.49 billion | $3.55 billion | -1.7% | | Adjusted Property EBITDA | $1.10 billion | $1.17 billion | -5.9% | | Profit for the Period | $413 million | $541 million | -23.7% | Business Overview and Outlook The Macau tourism and gaming market is experiencing a moderate recovery, supported by the completion of major development projects - Macau's tourism and gaming market shows a moderate recovery trend, with total visitor arrivals from mainland China increasing by 19.3% and overall gross gaming revenue growing by 4.4% year-over-year in H1 2025[8] - The core development project, "The Londoner Macao Phase II," was substantially completed in Q1 2025 with an estimated total cost of $1.2 billion, featuring the new Londoner Grand hotel tower and upgraded facilities[9] Management's Discussion and Analysis This section details the group's operating results, liquidity, and capital resources, highlighting performance drivers and financial position Operating Performance The group's overall operating performance faced pressure in H1 2025, with declines in net revenues, adjusted property EBITDA, and net profit Net Revenues Total net revenues slightly decreased due to a decline in casino revenue, partially offset by growth in rooms and mall segments Net Revenues by Segment (USD in millions) | Revenue Category | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Casino | 2,617 | 2,698 | (3.0)% | | Rooms | 406 | 393 | 3.3% | | Mall | 249 | 231 | 7.8% | | Food and Beverage | 123 | 135 | (8.9)% | | Convention, Ferry, Retail and Other | 97 | 94 | 3.2% | | Total Net Revenues | 3,492 | 3,551 | (1.7)% | - The decrease in casino net revenues was mainly due to lower revenues at The Venetian Macao, The Parisian Macao, and Sands Macao, partially offset by growth at The Londoner Macao following the full operation of Londoner Grand[12] - Room revenue grew by 3.3%, driven by higher occupancy and Revenue Per Available Room (RevPAR), with The Londoner Macao and The Plaza Macao recording significant RevPAR increases of 41.5% and 12.6%, respectively[15][17] - Mall revenue increased by 7.8%, primarily driven by a $12 million increase in percentage rents and a $4 million increase in base rents[18] Operating Expenses Operating expenses increased year-over-year, driven by higher employee benefit expenses, foreign exchange losses, and depreciation - Key drivers for the increase in operating expenses include: - A $42 million increase in employee benefit expenses - A $31 million increase in foreign exchange losses - A $12 million increase in depreciation and amortization[24] Adjusted Property EBITDA Adjusted property EBITDA declined, reflecting increased market competition, though The Londoner Macao showed significant growth Adjusted Property EBITDA by Segment (USD in millions) | Property/Business | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | The Venetian Macao | 461 | 576 | (20.0)% | | The Londoner Macao | 358 | 275 | 30.2% | | The Parisian Macao | 110 | 154 | (28.6)% | | The Plaza Macao | 140 | 136 | 2.9% | | Sands Macao | 19 | 22 | (13.6)% | | Ferry and Other Operations | 14 | 8 | 75.0% | | Total | 1,102 | 1,171 | (5.9)% | Finance Costs Net finance costs decreased due to a lower weighted average borrowing amount and interest rate following debt repayment - The weighted average interest rate decreased to 4.7% from 5.0% in the prior-year period, mainly due to lower interest rates on senior notes, interest savings from the repayment of the LVS Term Loan, and benefits from interest rate swaps[28] - The company fully repaid the outstanding principal of the $1.06 billion LVS Term Loan in March 2025, significantly reducing total borrowings[28] Profit for the Period Profit for the period decreased significantly due to the combined impact of lower revenues and higher expenses - Profit for the six months ended June 30, 2025, was $413 million, a 23.7% decrease year-over-year[29] Liquidity, Financial and Capital Resources The group maintains a solid financial position with sufficient liquidity to support operations, capital expenditures, and concession commitments Cash Flows The period saw a net decrease in cash, driven by lower operating inflows and significant outflows for financing activities Cash Flow Summary (USD in millions) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 937 | 1,037 | | Net Cash Used in Investing Activities | (306) | (192) | | Net Cash Used in Financing Activities | (1,607) | (419) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (976) | 426 | - Net cash used in financing activities of $1.61 billion was primarily for the repayment of the LVS Term Loan ($1.06 billion), payment of dividends ($260 million), and interest payments ($232 million)[35] Capital Expenditures Capital expenditures increased year-over-year, with the majority allocated to the construction of The Londoner Macao Phase II Capital Expenditures by Property (USD in millions) | Property | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Venetian Macao | 85 | 77 | | The Londoner Macao | 228 | 123 | | The Parisian Macao | 9 | 6 | | The Plaza Macao | 5 | 5 | | Sands Macao | 6 | 6 | | Total | 333 | 218 | Investment Commitments The company is committed to a significant investment plan under its gaming concession, focusing primarily on non-gaming projects - The company has committed to invest at least MOP 35.84 billion (approximately $4.43 billion) by December 2032, with MOP 33.39 billion (approximately $4.13 billion) designated for non-gaming projects[40] Dividends The Board of Directors declared an interim dividend for the period, scheduled for payment in September 2025 - An interim dividend of HK$0.25 per share was declared, totaling approximately $258 million[41] Contingent Liabilities Management believes that existing contingent liabilities from litigation and claims will not materially impact the company's financials - Management believes that existing contingent liabilities will not have a material adverse effect on the company's financial condition[42] Capital Risk Management The group's gearing ratio improved slightly as net debt decreased, reflecting prudent capital management Gearing Ratio (USD in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 5,939 | 6,036 | | Total Equity | 1,120 | 1,031 | | Total Capital | 7,059 | 7,067 | | Gearing Ratio | 84.1% | 85.4% | Financial Results This section presents the condensed consolidated financial statements for the first half of 2025 Consolidated Income Statement The income statement reflects a year-over-year decrease in net revenues and a significant drop in profit attributable to equity holders Consolidated Income Statement Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Revenues | 3,492 | 3,551 | | Operating Profit | 585 | 688 | | Profit Before Income Tax | 413 | 498 | | Profit for the Period Attributable to Equity Holders of the Company | 413 | 541 | | Basic Earnings Per Share | 5.10 US cents | 6.69 US cents | Consolidated Statement of Comprehensive Income Total comprehensive income for the period declined after accounting for other comprehensive expenses like currency adjustments Consolidated Statement of Comprehensive Income Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Equity Holders of the Company | 413 | 541 | | Other Comprehensive Expense | (67) | (14) | | Total Comprehensive Income for the Period Attributable to Equity Holders of the Company | 346 | 527 | Consolidated Balance Sheet The balance sheet shows a reduction in total assets and liabilities, primarily due to decreased cash and debt repayments Consolidated Balance Sheet Summary (USD in millions) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 10,084 | 11,169 | | Non-current Assets | 8,763 | 8,884 | | Current Assets | 1,321 | 2,285 | | Total Liabilities | 8,964 | 10,138 | | Non-current Liabilities | 6,853 | 7,145 | | Current Liabilities | 2,111 | 2,993 | | Total Equity | 1,120 | 1,031 | Notes to the Condensed Consolidated Financial Statements The notes provide detailed disclosures on accounting policies, segment performance, debt structure, and active debt management activities - Segment information shows The Venetian Macao contributed $1.30 billion in net revenues and $461 million in adjusted property EBITDA, while The Londoner Macao contributed $1.17 billion in net revenues and $358 million in adjusted property EBITDA[55] - In June 2025, the company drew down a HK$12.75 billion (approximately $1.64 billion) term loan to redeem its maturing $1.8 billion senior notes[73] - In March 2025, the company voluntarily repaid the LVS Term Loan in full, with a total repayment of principal and interest amounting to $1.07 billion[74] Corporate Governance The company confirms its compliance with the Corporate Governance Code and reports a recent change in its board composition - The company confirms compliance with all provisions of the Corporate Governance Code during the reporting period[75] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the period[78] - On August 8, 2025, Mr. Patrick Sydney Dumont was appointed as a non-executive Director of the company[77] Interim Dividend and Closure of Register of Members This section details the declaration of the interim dividend and the key dates for shareholder eligibility and payment - The Board of Directors has declared an interim dividend of HK$0.25 per share[80] - To determine eligibility for the dividend, the register of members will be closed on September 1, 2025, with the dividend expected to be paid on September 12, 2025[80]