Galaxy Entertainment Group Limited : 27 2010
2 3 4 7 11 13 23 29 31 38 39 42 53 55 56 57 59 60 62 63
GBS MBE LLD DSSc DBA BBS Martin Clarke LLD BBS LLD BBS LLD BBS 10 183 # # * * The Bank of New York Mellon BNY Mellon Shareowner Services PO Box 358516 Pittsburgh, PA 15252-8516, USA : shrrelations@bnymellon.com : 1-201-680-6825 1-888-BNY-ADRS http://www.galaxyentertainment.com 27 27 HK 0027.HK GXYEY (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com 2
100% TM TM 3
192.62 57% EBITDA22.31 92% 90 13.8 165.46 72% EBITDA20.37 5,148.84 61% 107% 79% EBITDA3.48 38% 4
% 10,988 18,020 64% 1,245 1,242 12,233 19,262 57% EBITDA % 1,001 1,975 97% 253 348 38% (93) (92) 1% 1,161 2,231 92% % * 1,149 898 (22%) 29.2 22.8 (22%) 18,963 25,186 33% (%) 15 24 3.21 8.80 174% * 413 5
% 9,642 16,546 72% EBITDA 983 2,037 107% EBITDA 10% 12% EBITDA 17% 21% 30% 61% 515,000 14,900 2.9% 6,600 1,153 16.8% 2,837 207 7.3% 288,000 8,300 2.9% 6,000 940 15.4% 2,019 139 6.9% 6
GBS MBELLD DSSc DBA EBITDA 22.31 61% EBITDA 7
90 13.8 58%1,830 15% 2,500 2,200 10% Guido Paolo GamucciPermira Holdings Limited Gamucci Permira Holdings Limited 8
TM 2,200 20% 2010 2010 2,000 9
615,000 9 3D 1,0001,000 1.6512.87 100% 1.73 GBS MBELLD DSSc DBA 10
11
Hong Kong Business Magazine High-Flyers 2010 2011 2011 2011 2010 12
EBITDA 22.3 92% EBITDA6.25 EBITDA 76% EBITDA EBITDA 5.85 1,470 * 61% 8% 5% 90 13.8 * EBITDA 192.6257% EBITDA22.31 11.61 92%EBITDA EBITDA 6.25 76% 13
8.98 11.49 413 18,020 1,242 19,262 EBITDA 1,975 348 (92) 2,231 10,988 1,245 12,233 EBITDA 1,001 253 (93) 1,161 EBITDA 625 99 53 134 180 54 50 156 243 46 46 204 275 287 64 38 215 64 41 218 356 417 79 32 346 68 30 369 573 95 41 515 616 69 43 568 116 44 585-4 -84-80 -53-42 -36-101 -50-78 -64-120 14
58% 1,830 2,500 15% EBITDA 20.4 107% EBITDA EBITDA5.85 69% 165.4 72% 61%* * EBITDA 15
EBITDA EBITDA 568 585 515 346 369 204 215 218 112 134 156 5,150 79% 62% 1,470 288 102 129 137 147 515 8.3 2.9 3.6 4.3 4.1 14.9 2.9% 2.9% 2.8% 3.1% 2.8% 2.9% 16
11.5 23% 15.4% 16.8% 6,000 1,500 1,500 1,800 1,800 6,600 940 287 236 310 320 1,153 15.4% 18.2% 14.8% 17.2% 17.0% 16.8% 2.07 49% 7.3%6.9% 20.19 28.37 2,019 606 601 761 869 2,837 139 46 45 50 66 207 6.9% 7.7% 7.5% 6.5% 7.6% 7.3% 2.982.84 97% 99% 79% EBITDA 1.58 17
EBITDA 3.48 2.5338% 18
550,000 250 10 5001,500 600 1,500 50 149 52,000 150 350 4,000 1.5 90 8% 300 5% 90 19
4.625% 13.8 13 9.875% 1.059 100%2.812 104.938% 6 15,000 9 3D 1,0001,000 1.65 12.87 1.73 20% 20
91.9781.69 13%251.86 189.63 44.28 35.1694.26 58.43 24%15% 114.97 1,500 29.61 2.09 2.45 5,900 5,400 100.01 8.5552.78 2.50 900 900 900 900 7,700 13 21
1. 2. 3. A. B. C. D. TM TM 22
39 41 www.galaxyentertainment.com Martin Clarke 23
43 3.13 24
25
(4) (2) (1) 4/4 4/4 1/1 4/4 4/4 4/4 Martin Clarke 3/4 4/4 4/4 2/2 4/4 2/2 1/1 4/4 2/2 1/1 26
53 54 8 418,000 27
www.galaxyentertainment.com Barrons 4,000 A.4.2 E.1.2 A.4.2 A.4.2 E.1.2 28
Michael Mecca Planet HollywoodStation Casinos Inc. Mandalay Resorts Group Crown Limited Caesars World, Inc. Robert Drake Harrah s Entertainment Inc. 13Caesars Palace Paris Flamingo Heinz Roelz Stanford Hotels International 47 Baschar Hraki Gabriel Hunterton 13 Treasure Island Hotel Casino Mirage Hotel Casino Bellagio Hotel Casino John Au 17 Raymond Yap 24 Theme Park and First World Plaza Dennis Andreaci TM 26 Osmach Resort Casino Subic Bay Casino 29
Gillian Murphy TM 29 Harrah s Entertainment Inc. AmeristarFoxwoodsMashantucket Foxwoods Resort Casino Andrew Duggan Harrah s Entertainment Inc. 25 Caesars Palace 30
31
2010 LED 5,0003,000 2,600,000 38,000 290,000 24,000 4,000 LED T5 32
2010 2010 33
2010 2010 34
2010 13 18 2010 2010 31 35
27 207 20072008 2010 2010 36
95% 9 37
4,669,495 13,035,439 10,520,120 12,232,679 19,262,133 ) (1,531,546) (466,200) (11,390,368) 1,149,113 898,455 ) (46.5) (13.8) (289.3) 29.2 22.8 ) 5,566,921 6,374,464 8,085,812 11,589,392 16,801,790 15,520,486 14,520,665 1,488,039 1,391,322 1,320,129 387,250 506,923 833,359 1,003,918 1,042,147 951,697 600,757 291,733 352,660 486,307 2,608,958 5,340,858 3,251,497 (939,749) (2,471,963) 25,035,312 27,343,667 13,950,440 13,397,543 17,178,410 329,612 393,564 393,817 394,159 395,440 13,303,187 18,013,088 6,617,467 7,774,378 8,801,497 13,632,799 18,406,652 7,011,284 8,168,537 9,196,937 490,700 531,791 262,616 266,597 377,614 8,439,965 6,010,571 6,275,958 4,459,703 7,143,507 2,351,697 2,259,031 285,029 372,928 345,202 120,151 135,622 115,553 129,778 115,150 25,035,312 27,343,667 13,950,440 13,397,543 17,178,410 4.14 4.68 1.78 2.07 2.33 38
GBS MBELLD DSSc DBA DHL Macau Tatler BBS 39
University of Leeds Martin Clarke Permira PermiraGala Coral Group New Look Principal Hayley Group Telepizza PermiraPrudential plc.ppm Capital CIN Industrial Investments Cinven Permira Permira Goldman Sachs Head of General Industrials Group Lenovo IBMTemasek Harvard UniversityHarvard Law School University of Waikato Churngold Construction Holdings Limited MJ Gleeson Group PLC LLD Concordia University 40
BBS 13.21 Galaxy Entertainment Finance (Galaxy Macau) Limited90 35% 100% 41
44 55 29 12,808,883 0.10 Galaxy Entertainment Finance Company Limited 9.875%32 Galaxy Entertainment Finance Company Limited 100% 1.0598.26 2.812 21.93 32 1.65 7.44 172,983,862 13.8 16.2 4.625% 86002 42
31 15 Martin Clarke Guido Paolo Gamucci 39 41 (A) 170,000 150,000 120,000 100,000 60,000 50,000 43
(a) 27,537,632 2,181,518 305,401 (1) 2,967,732,948 (2) 2,997,757,499 75.81 37,906,896 407,558,099 (3) 2,552,292,504 (2) 2,997,757,499 75.81 3,745,000 3,745,000 0.09 14,939,722 2,982,817,777 (2) 2,997,757,499 75.81 250,000 250,000 0.01 250,000 250,000 0.01 2,800,000 2,800,000 0.07 Martin Clarke (1) 305,401 (2) 1,708,944,231 XV 1,258,788,717 843,348,2731,273,873,546 (3) Recurrent Profits Limited114,504,039Top Notch Opportunities LimitedTop Notch 171,916,021 Kentlake International Investments LimitedKentlake60,000,00061,138,039 Top Notch Kentlake Top Notch Kentlake 44
(b) XV City Lion Profits Corp. 2,997,757,499 (1) 75.81 CWL Assets (PTC) Limited 1,708,944,231 (2) 43.22 ENB Topco 2 S.àr.l 2,975,899,499 (1)(3) 75.26 2,997,757,499 (1) 75.81 HSBC International Trustee Limited 1,708,944,231 (2) 43.22 Mark Liaison Limited 2,997,757,499 (1) 75.81 Permira Holdings Limited 2,975,899,499 (1)(4) 75.26 Premium Capital Profits Limited 2,997,757,499 (1) 75.81 Recurrent Profits Limited 2,997,757,499 (1) 75.81 Super Focus Company Limited 2,997,757,499 (1) 75.81 (1) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV 1,683,870,2932,333,180,916 2,997,757,4992,988,096,6442,177,515,4992,984,449,3202,883,253,4602,728,557,345 (2) HSBC International Trustee Limited 1,708,944,231 (3) ENB Topco 2 S.àr.l ENB Lux 2 S.àr.l (4) Permira Holdings Limited 45
(i) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,708,944,231 (ii) City Lion Profits Corp. CWL Assets (PTC) Limited 1,313,887,206 (iii) Recurrent Profits Limited 114,504,039 (iv) Permira Holdings Limited ENB Topco 2 S.àr.l 642,718,583 (v) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV (1) (2) (i) (ii) (iii) (iv) (v) (vi) 46
(vii) (a)(b)(c)(d) (e) (f) (g) (h) (3) 10%329,464,936 30% 208,731,382 5.05% (4) 1% (5) (6) (7) 1.00 47
(8) (i) (ii) (iii) (9) 2,000,000 2,000,000 0.514 2,700,000 2,700,000 4.590 590,000 590,000 4.590 862,500 862,500 6.972 862,500 862,500 6.972 1,725,000 1,725,000 6.972 1,150,000 1,150,000 2.160 1,150,000 1,150,000 2.160 1,150,000 1,150,000 2.160 1,150,000 1,150,000 6.810 1,150,000 1,150,000 6.810 1,150,000 1,150,000 6.810 1,870,000 1,870,000 0.514 6,000,000 6,000,000 4.590 580,000 580,000 4.590 1,250,000 1,250,000 6.972 1,250,000 1,250,000 6.972 2,500,000 2,500,000 6.972 1,666,666 1,666,666 2.160 1,666,666 1,666,666 2.160 1,666,668 1,666,668 2.160 1,666,666 1,666,666 6.810 1,666,666 1,666,666 6.810 1,666,668 1,666,668 6.810 270,000 270,000 4.590 383,000 383,000 3.320 642,000 642,000 3.600 48
3,000,000 3,000,000 4.590 400,000 400,000 4.590 500,000 500,000 6.972 500,000 500,000 6.972 1,000,000 1,000,000 6.972 666,666 666,666 2.160 666,666 666,666 2.160 666,668 666,668 2.160 666,666 666,666 6.810 666,666 666,666 6.810 666,668 666,668 6.810 250,000 250,000 4.590 250,000 250,000 4.590 2,500,000 2,500,000 4.590 Martin Clarke 110,000 110,000 0.514 1,330,000 541,000 (a) 42,000 747,000 4.590 625,000 625,000 6.972 625,000 625,000 6.972 1,250,000 1,250,000 6.972 4,718,000 3,415,000 (b) 271,000 1,032,000 3.320 13,712,986 5,515,661 (c) 166,666 8,030,659 2.160 13,712,986 28,222 (d) 1,185,109 568,000 (f) 11,931,655 2.160 13,713,028 1,213,338 568,000 (f) 11,931,690 2.160 6,210,000 3,309,000 (e) 289,000 2,612,000 3.600 2,583,663 933,333 1,650,330 2.910 2,583,663 933,333 1,650,330 2.910 2,583,674 933,334 1,650,340 2.910 10,326,325 333,333 9,992,992 4.670 10,326,325 333,333 9,992,992 4.670 10,326,350 333,334 9,993,016 4.670 666,666 666,666 6.810 666,666 666,666 6.810 666,668 666,668 6.810 3,500,000 3,500,000 4.590 568,000 (f) 568,000 2.160 568,000 (f) 568,000 2.160 49
a. 6.91 b. 6.85 c. 5.03 d. 4.30 e. 7.39 f. 1,136,000 1.00 Black-Scholes 4,951,000 1.29 2.91 2.91 65% 3 5 2% 1.3% 1.8% 29,979,000 1.95 4.67 4.67 60% 65% 3 5 2% 0.9% 1.2% 12,450,000 2.90 6.81 6.81 60% 65% 3 5 2% 0.8% 1.1% 50
2.84 4.73 6.51 80,000,000 91,200,00011,300,000 12,882,000 57,400,000 65,436,000 51% 38 5% 51
20,854,000 10,750,000 52
() 55 140 141 53
54
6 19,262,133 12,232,679 8(a) 25,456 221,036 (6,966,527) (4,215,981) (7,594,026) (4,426,441) (601,691) (587,563) (510,519) (541,097) (1,342,296) (1,188,709) (975,903) (926,334) 32(b) (133,175) 623,838 32(c) 191,267 10 (59,142) (138,993) (286,058) (96,295) 20(a) 141,866 85,845 21(a) (857) 127 8(b) 959,261 1,233,379 11 (44,725) (75,726) 914,536 1,157,653 31 898,455 1,149,113 16,081 8,540 914,536 1,157,653 13 22.8 29.2 22.6 29.1 55
914,536 1,157,653 11,528 7,744 31,629 (7,544) (3,173) 5,890 49,047 (2,973) 963,583 1,154,680 941,143 1,145,920 22,440 8,760 963,583 1,154,680 56
15 12,394,439 7,175,464 16 77,000 66,700 17 4,330,351 4,347,228 18 1,320,129 1,391,322 20 1,042,147 1,003,061 21 857 23 486,307 352,660 19,650,373 14,337,292 24 87,113 84,820 25 852,634 894,862 26 143,059 91,556 22 2,475 382 1,562 2,479 27 20,463 35,132 28 4,428,495 3,516,490 5,535,801 4,625,721 25,186,174 18,963,013 57
29 395,440 394,159 31 8,801,497 7,774,378 9,196,937 8,168,537 377,614 266,597 9,574,551 8,435,134 32 7,143,507 4,459,703 33 277,555 271,884 22 101,044 34 115,150 129,778 67,647 7,603,859 4,962,409 35 5,243,615 4,115,549 26 23,763 4,157 32 2,282,725 1,383,488 22 387,242 508 70,419 61,768 8,007,764 5,565,470 15,611,623 10,527,879 25,186,174 18,963,013 2 (2,471,963) (939,749) 17,178,410 13,397,543 58
19 3,830,001 3,830,001 19 5,365,053 4,753,428 9,195,054 8,583,429 25 1,009 587 22 2,475 339 28 1,612,107 41,267 1,615,591 42,193 10,810,645 8,625,622 29 395,440 394,159 31 6,672,029 7,039,065 7,067,469 7,433,224 32 1,573,794 1,077,224 22 101,044 1,573,794 1,178,268 35 36,271 14,130 32 1,745,869 22 387,242 2,169,382 14,130 3,743,176 1,192,398 10,810,645 8,625,622 (553,791) 28,063 8,641,263 8,611,492 59
36 2,384,953 1,890,585 (17,382) (16,961) (12,104) (3,557) (257,433) (322,979) 7,590 17,891 2,105,624 1,564,979 (4,521,269) (1,113,412) (23,504) (1,245,728) (47,608) (23,250) 4,161 4,201 46,428 (127,967) (51,503) 107,810 (348) (129) (5,745) 1,405 18,183 39,965 4,784 77 (214,376) 8,621 17,485 (5,661) (689) 86,680 42,787 1,143 (4,747,585) (2,249,874) 60
37,708 1,840 5,398,043 7,024 (116,160) (543,160) 1,595,523 (270,307) (3,105,475) (987,224) (404,311) (4,389) (1,556) (40,502) (8,968) (262) 97,545 (4,517) 3,492,349 (1,841,497) 850,388 (2,526,392) 3,516,490 6,042,300 2,377 582 4,369,255 3,516,490 61
393,817 6,617,467 7,011,284 262,616 7,273,900 1,149,113 1,149,113 8,540 1,157,653 7,744 7,744 7,744 (7,764) (7,764) 220 (7,544) (3,173) (3,173) (3,173) 1,145,920 1,145,920 8,760 1,154,680 (4,517) (4,517) 342 1,408 1,750 1,750 31,243 31,243 31,243 (21,660) (21,660) (21,660) (262) (262) 394,159 7,774,378 8,168,537 266,597 8,435,134 898,455 898,455 16,081 914,536 11,528 11,528 11,528 25,270 25,270 6,359 31,629 5,890 5,890 5,890 941,143 941,143 22,440 963,583 97,545 97,545 1,281 34,553 35,834 35,834 51,423 51,423 51,423 (8,968) (8,968) 395,440 8,801,497 9,196,937 377,614 9,574,551 62
1. 10 16 1606 2. 24.72 5.54 15.68 47 TM 5 (a) 2 3 5 27 39 17 5 63
2. (a) 5 8 1 7 36 38 27 3 273 27 3 (b) 19 12 9 3 27 1 34 7 64
3. 3.1 3.2 65
3. 3.2 3.3 27 27 28 31 2(a) 66
3. 3.4 3.5 20% 50% 67
3. 3.6 3.7 20 50 3 20 3 5 2 10 68
3. 3.8 3.9 17 3.10 3.11 69
3. 3.12 3.13 (a) (b) (c) 70
3. 3.13 3.14 71
3. 3.15 3.16 3.17 3.18 3.19 72
3. 3.20 (a) (b) (a) 3.21 73
3. 3.21 3.22 3.23 3.24 74
3. 3.24 3.25 35% 4% 3.26 3.27 75
3. 3.28 (a) (b) 3.29 3.30 76
3. 3.30 (a) 3.27 (b) (c) (d) (e) (f) (g) 3.31 77
3. 3.31 (i) (ii) (iii) 3.32 3.33 4. 78
4. 4.1 (a) (i) (ii) 27 23(a) 32(c) 79
4. 4.1 (a) (ii) 10% 5% 10% 5% 123,600 9,900 10% 5% 110,000 9,700 (iii) 0.5% 6,520,000 1,053,000 0.5% 15,550,000 13,000,000 80
4. 4.1 (b) 24% 31% 41% 63% 25 (c) 81
4. 4.1 (c) 47 1,015,975 737,255 3,092,079 2,595,412 7,440,721 1,284,063 1,284,063 75,007 75,007 1,696,783 1,846,797 451,105 451,105 451,106 1,353,316 34,655 34,345 55,868 29,394 154,262 5,243,615 67,647 5,311,262 23,763 23,763 158,385 2,606 7,494 10,547 179,032 1,081,416 215,308 2,395,643 3,692,367 1,279,526 1,279,526 451,105 451,105 902,211 1,804,421 508 508 34,957 34,655 57,854 42,885 170,351 4,115,549 4,115,549 4,157 4,157 82
4. 4.1 (c) 565,433 565,433 1,284,063 1,284,063 75,007 75,007 1,696,783 1,846,797 36,271 36,271 1,279,526 1,279,526 14,130 14,130 4.2 83
4. 4.2 32 (9,426,232) (5,843,191) 28 4,428,495 3,516,490 (4,997,737) (2,326,701) 20,757,679 15,446,523 24% 15% TM 4.3 84
4. 4.3 20,463 20,463 56 50,128 50,184 2,475 2,475 20,519 2,475 50,128 73,122 387,242 387,242 387,242 387,242 35,132 35,132 84 43,356 43,440 382 382 35,216 382 43,356 78,954 508 101,044 101,552 508 101,044 101,552 85
4. 4.3 86
4. 4.3 43,356 (101,044) (286,198) 11,556 (4,784) 50,128 (387,242) (286,198) 38,626 (16,283) (2,930) (81,588) 7,660 (3,173) 43,356 (101,044) (2,930) (94,224) 5. (a) 87
5. (b) 3.6 18 (c) (d) (e) (f) (g) (h) 88
5. (i) 76,984,000 109,371,000 6. 1,241,715 1,245,297 17,622,855 10,578,436 79,709 101,543 11,639 10,343 297,740 284,426 8,475 12,634 19,262,133 12,232,679 79,709,000 101,543,000 89
7. EBITDA 90
7. 20,356,032 1,241,715 21,597,747 6 (2,416,991) (2,416,991) 79,709 79,709 1,668 1,668 18,020,418 1,241,715 19,262,133 EBITDA 1,974,657 348,014 (91,698) 2,230,973 14,659 (510,519) (59,142) (286,058) (44,725) (14,169) (133,175) TM (161,528) (14,669) (51,423) (20,854) (5,890) (26,553) (2,391) 914,536 91
7. 13,777,050 1,245,297 15,022,347 6 (2,898,329) (2,898,329) 101,543 101,543 7,118 7,118 10,987,382 1,245,297 12,232,679 EBITDA 1,001,395 252,740 (93,249) 1,160,886 27,565 (541,097) (138,993) (96,295) (75,726) (7,473) 623,838 191,267 21,225 TM (33,365) 19,558 (30,809) (10,750) 148,385 (22,757) (6,895) (70,911) 1,157,653 92
7. 20,413,296 3,151,052 1,621,826 25,186,174 13,325 1,028,822 1,042,147 10,456,163 1,398,626 3,756,834 15,611,623 16,311,283 2,596,784 54,946 18,963,013 8,210 994,851 1,003,061 857 857 8,530,191 792,754 1,204,934 10,527,879 18,092,665 11,031,432 782,276 679,557 387,192 521,690 19,262,133 12,232,679 93
7. 17,619,030 12,613,974 599,800 655,034 1,431,543 1,068,284 19,650,373 14,337,292 8. (a) 5,911 5,549 3,708 12,069 26a 5,055 5,041 23c 1,188 792 600 543 4,708 9,663 11,917 9,588 26,807 15,516 68,882 49,773 (14,669) 19,558 148,385 10,300 2,200 (20,576) (5,723) (588) (11,770) (6,711) 7,431 (43,426) 171,263 25,456 221,036 94
8. (b) 326,306 347,584 106,337 106,337 12,464 13,042 16,216 16,216 8,385 8,385 316 564 40,495 48,969 25,483 39,339 6,899 5,045 1,342,296 1,188,709 522 460 7,152 6,379 1,637 698 418 754 (194) 23 108,923,000 63,650,000 51,423,000 9,584,000 95
9. (a) d 150 7,200 4,000 360 4,026 15,736 7,974 190 10,187 6,332 509 5,836 23,054 16,224 33 130 3,132 871 277 684 5,094 4,086 130 1,494 75 2,334 4,033 2,047 600 22,013 11,203 1,221 12,880 47,917 30,364 111 108 108 180 250 250 187 233 233 140 130 130 100 Martin Clarke Guido Paolo Gamucci 280 280 81 1,001 1,001 799 1,601 22,013 11,203 1,221 12,880 48,918 1,302 17,953 295 1,011 10,602 31,163 (i) (ii) (iii) Guido Paolo Gamucci 96
9. (b) (a) 14,579 15,535 6,504 4,061 388 148 d 8,745 2,453 30,216 22,197 6,500,001 7,000,000 2 7,500,001 8,000,000 1 8,500,001 9,000,000 1 10,000,001 10,500,000 1 12,000,001 12,500,000 1 3 3 97
9. (c) 5% 10% 22% 39,997,000 27,162,000 5,500,000 17,370,000 27,000 1,784,000 (d) 98
10. 92,756 316,596 99,665 102,456 3,931 98,627 32,538 12,453 51,502 439 (25,643) 1,795 11,392 380,814 417,693 (321,672) (278,700) 59,142 138,993 11. 19,371 11,511 9,356 7,239 485 75 a 9,842 52,241 33 5,671 4,660 44,725 75,726 16.5% 16.5% 12% 25% 12% 25% 99
11. 959,261 1,233,379 (141,866) (85,845) 857 (127) 818,252 1,147,407 82,201 122,670 (711) (108,585) b (212,512) (108,919) 101,749 60,501 (6,108) (4,580) 53,406 52,760 9,842 52,267 16,858 9,612 44,725 75,726 a 15,000,000 b 249/2004 326/2008 100
12. 452,820,000 34,076,000 13. 898,455 1,149,113 3,945,153,249 3,938,463,224 36,774,541 5,670,154 3,981,927,790 3,944,133,378 14. 101
15. 1,582,023 105,286 1,335,554 1,040,676 4,664,022 8,727,561 941 108 5,852 5,763 12,664 46 234 65,717 32,094 5,501,530 5,599,621 (1,044) (4,784) (58,244) (15,101) (79,173) 1,581,966 100,844 1,348,879 1,063,432 10,165,552 14,260,673 116,323 60,873 719,450 655,451 1,552,097 321 87 3,581 4,768 8,757 35,288 20,751 118,465 151,802 326,306 (105) (4,714) (15,548) (12,329) (32,696) 3,631 8,139 11,770 151,827 76,997 829,579 807,831 1,866,234 1,430,139 23,847 519,300 255,601 10,165,552 12,394,439 1,582,702 80,809 1,394,341 1,039,250 3,685,424 7,782,526 44 4 267 286 601 925 35,863 5,099 32,927 978,598 1,053,412 (1,648) (1,648) (11,390) (64,153) (31,787) (107,330) 1,582,023 105,286 1,335,554 1,040,676 4,664,022 8,727,561 81,821 50,566 662,871 506,485 1,301,743 14 3 151 228 396 34,708 20,852 120,513 171,511 347,584 (220) (220) (10,548) (64,085) (22,773) (97,406) 116,323 60,873 719,450 655,451 1,552,097 1,465,700 44,413 616,104 385,225 4,664,022 7,175,464 102
15. (a) (b) 321,672,000 278,700,000 8.54% 8.41% (c) 108,923,000 63,650,000 16. 66,700 64,500 10,300 2,200 77,000 66,700 103
17. 4,347,228 1,540,529 114 5 23,504 2,862,972 (40,495) (56,278) 4,330,351 4,347,228 4,653,133 4,629,486 (322,782) (282,258) 4,330,351 4,347,228 4,087,804 4,122,278 215,705 221,637 4,303,509 4,343,915 26,842 3,313 4,330,351 4,347,228 2,847,000,000 2,847,000,000 1,446,000,000 1,446,000,000 1,401,000,000 1,401,000,000 104
18. a b 33,014 16,887,329 34,644 16,954,987 23,250 23,250 (594) (594) 33,014 16,887,329 57,300 16,977,643 47,608 47,608 33,014 16,887,329 104,908 17,025,251 15,452,503 14,445 15,466,948 106,337 13,042 119,379 (6) (6) 15,558,840 27,481 15,586,321 106,337 12,464 118,801 15,665,177 39,945 15,705,122 33,014 1,222,152 64,963 1,320,129 33,014 1,328,489 29,819 1,391,322 (a) 28,524,000 28,524,000 4,490,000 4,490,000 (b) 105
19. 1 1 3,830,000 3,830,000 3,830,001 3,830,001 15,877,126 15,265,501 (10,512,073) (10,512,073) 5,365,053 4,753,428 9,195,054 8,583,429 44(a) 106
20. 1,042,147 1,003,061 (a) 1,090,333 968,523 531,707 453,504 (403,164) (330,157) (176,729) (88,809) 1,042,147 1,003,061 1,091,955 664,175 (950,089) (578,330) 141,866 85,845 (b) 44(b) 107
21. 857 (a) 20,881 9,103 11,277 16,946 (11,375) (6,868) (20,783) (18,324) 857 26,015 23,830 (26,872) (23,703) (857) 127 (b) 44(c) 108
22. a 2,475 382 2,475 32c (101,044) (101,044) 32c (387,242) (387,242) a (508) (387,242) (101,552) (387,242) (101,044) (a) 165,000,000 314,000,000 23. a 50,184 43,440 b 30,729 44,957 20,316 28,353 1,107 1,423 56,679 72,973 c 112,916 107,935 214,376 d 53,579 486,307 352,660 109
23. (a) 50,128 43,356 56 84 23,010 23,010 (23,010) (23,010) 50,184 43,440 (b) 62,081 86,660 (3,193) (9,589) 58,888 77,071 25 (28,159) (32,114) 30,729 44,957 110
23. (b) 28,159 32,114 30,355 37,644 30,729 44,957 31,726 49,016 58,888 77,071 62,081 86,660 (c) 106,416,000 105,916,000 6,500,000 2,019,000 (d) 54,000,000 291,000,00090 111
24. 27,299 32,017 7,431 7,291 9,787 6,223 12,939 14,695 10,613 9,909 68,069 70,135 9,370 6,602 3,393 2,646 6,281 5,437 19,044 14,685 87,113 84,820 25. a 363,324 415,506 b 413,626 414,048 834 3 35,112 25,243 175 584 c 12,413 7,951 23(b) 28,159 32,114 852,634 894,862 1,009 587 112
25. (a) 3060 120180 142,565 125,774 113,507 129,995 65,799 92,749 41,453 66,988 363,324 415,506 196,578 250,967 133,677 131,991 29,532 32,548 3,537 363,324 415,506 113
25. (a) 247,404,000 257,058,000 115,920,000 158,448,000 51,916 48,572 35,225 46,262 18,795 37,472 9,984 26,142 115,920 158,448 39,367,000 58,754,000 3.15 58,754 60,716 2,262 (21,189) (4,326) 1,802 102 39,367 58,754 114
25. (b) 37,617,000 50,617,000 (c) 26. a 143,059 91,556 b (23,763) (4,157) (a) 89,031,000 68,056,000 54,028,000 23,500,000 (b) 27. 20,463 35,132 115
28. 1,555,463 1,263,525 13,697 657 2,813,792 2,252,965 1,598,410 40,610 4,369,255 3,516,490 1,612,107 41,267 59,240 4,428,495 3,516,490 1,612,107 41,267 2,570,982 2,658,262 13,693 38,730 15,061 706,447 3 10 89,492 80,124 1,752,076 69,130 1,597,527 884 2,527 884 2,527 4,428,495 3,516,490 1,612,107 41,267 116
28. AA- AA+ 530,919 822,115 A- A+ 2,232,335 371,869 BBB+ 631,855 1,345,360 BBB 206,025 234,842 827,361 742,304 4,428,495 3,516,490 29. 0.10 9,000,000,000 900,000 3,938,169,361 393,817 3,420,000 342 3,941,589,361 394,159 12,808,883 1,281 3,954,398,244 395,440 117
30. 1.00 3.37 101,842,000 5.16 97,284,000 4.92 51,180,000 2.32 62,248,000 2.94 (12,808,883) 0.54 (3,420,000) 2.94 (6,967,113) 5.56 (54,270,000) 4.03 133,246,004 3.37 101,842,000 3.65 44,187,491 3.84 30,451,000 6.18 3.33 0.514 6.972 0.514 6.972 4.044.35 118
30. 0.514 3,870,000 3,870,000 4.590 14,200,000 14,200,000 4.590 2,340,000 2,340,000 6.972 2,612,500 2,612,500 6.972 2,612,500 2,612,500 6.972 5,225,000 5,225,000 3.320 383,000 383,000 2.160 3,483,332 3,483,332 2.160 3,483,332 3,483,332 2.160 3,483,336 3,483,336 3.600 642,000 642,000 6.810 3,483,332 6.810 3,483,332 6.810 3,483,336 0.514 110,000 110,000 4.590 3,500,000 3,500,000 4.590 747,000 1,330,000 3.320 1,032,000 4,718,000 6.972 625,000 625,000 6.972 625,000 625,000 6.972 1,250,000 1,250,000 2.160 8,030,659 13,712,986 2.160 12,499,655 13,712,986 2.160 12,499,690 13,713,028 3.600 2,612,000 6,210,000 2.910 1,650,330 2.910 1,650,330 2.910 1,650,340 4.670 9,992,992 4.670 9,992,992 4.670 9,993,016 6.810 666,666 6.810 666,666 6.810 666,668 133,246,004 101,842,000 1.29 1.95 2.9 2.91 4.67 6.812.91 4.67 6.81 60% 65% 2% 0.8% 1.8% 119
31. a 16,671,841 4,395 70 (5,890) 45,631 19,192 62,873 135,062 (9,158,796) 7,774,378 898,455 898,455 11,528 11,528 25,270 25,270 5,890 5,890 5,890 11,528 25,270 42,688 47,567 (13,014) 34,553 51,423 51,423 (295) 295 77,391 (77,391) 16,719,408 4,395 70 123,022 30,720 100,987 160,332 (8,337,437) 8,801,497 16,670,415 4,395 70 (2,717) 45,631 11,448 59,952 142,826 (10,314,553) 6,617,467 1,149,113 1,149,113 7,744 7,744 (7,764) (7,764) (3,173) (3,173) (3,173) 7,744 (7,764) (3,193) 1,426 (18) 1,408 31,243 31,243 (28,304) 6,644 (21,660) 16,671,841 4,395 70 (5,890) 45,631 19,192 62,873 135,062 (9,158,796) 7,774,378 (a) 43210% 25%108,022,000 77,391,000 120
31. 16,671,841 235,239 70 62,873 (9,930,958) 7,039,065 (452,820) (452,820) 47,567 (13,014) 34,553 51,423 51,423 (295) 103 (192) 16,719,408 235,239 70 100,987 (10,383,675) 6,672,029 16,670,415 235,239 70 59,952 (9,903,526) 7,062,150 (34,076) (34,076) 1,426 (18) 1,408 31,243 31,243 (28,304) 6,644 (21,660) 16,671,841 235,239 70 62,873 (9,930,958) 7,039,065 121
7,143,507 4,459,703 1,573,794 1,077,224 7,143,507 4,459,703 1,573,794 1,077,224 7,143,507 4,459,703 1,573,794 1,077,224 7,143,507 4,459,703 1,573,794 1,077,224 7,143,507 4,459,703 1,573,794 1,077,224 32. a 4,615,411 20,980 843,225 155,443 565,000 5,458,636 176,423 565,000 b 2,972,300 c 1,180,869 1,077,224 1,180,869 1,077,224 d 1,573,794 1,573,794 8,213,299 4,225,947 3,319,663 1,077,224 e 1,212,933 1,617,244 9,426,232 5,843,191 3,319,663 1,077,224 (1,587,340) (1,342,045) (1,180,869) (695,385) (41,443) (565,000) (2,282,725) (1,383,488) (1,745,869) 7,143,507 4,459,703 1,573,794 1,077,224 (a) 4,615,000,000 21,000,000 (i) 11,497,000,000 15,000,000 (ii) 2,961,000,000 209,000,000 (iii) 245,000,000 (iv) 59,000,000 54,000,000 (v) 44(a) 1,438,000,000 TM 122
32. (b) Galaxy Entertainment Finance Company Limited 600,000,000350,000,000 9.875250,000,000 5 127,000,000 144,000,000 69,000,000624,000,000 401,000,000 106,000,000281,000,000133,000,000 (c) 240,000,000 1,872,000,000 9.36 7.44 100% 100% 75,000,000 35,000,000 191,000,000 1,077,224 1,433,585 (459,442) 3,980 625 99,665 102,456 1,180,869 1,077,224 123
32. (c) 9.23% 9.23% 101,044 6,820 (2,131) 286,058 96,295 140 60 22 387,242 101,044 (i) (ii) 43% 82% (iii) (iv) 0.1% 0.1% (d) 13.8 4.625% 124
7,143,507 4,459,703 1,573,794 1,077,224 32. (e) 1,213,000,000 1,617,000,000 451,105 451,105 404,311 404,311 451,105 451,105 404,311 404,311 451,106 902,211 404,311 808,622 1,353,316 1,804,421 1,212,933 1,617,244 (f) 697,545 157,603 1,180,869 821,574 415,138 2,160 1,077,224 2,094,424 6,480 2,150,726 1,573,794 2,251,529 10,180 5,458,636 176,423 1,180,869 1,077,224 2,972,300 1,573,794 125
32. (f) 565,000 1,180,869 1,077,224 1,573,794 565,000 1,180,869 1,077,224 1,573,794 (g) 4.6% 5.7% 2.6% 5.5% 9.8% 9.2% 9.2% 5.7% 5% 5% (h) 5,399,395 997,997 565,000 126
32. (i) 5,458,636 176,423 5,458,636 176,423 565,000 565,000 2,972,300 3,040,065 1,180,869 1,077,224 1,225,488 1,059,867 1,180,869 1,077,224 1,225,488 1,059,867 1,573,794 1,643,881 1,573,794 1,643,881 1,212,933 1,617,244 1,255,314 1,634,090 9,426,232 5,843,191 9,583,319 5,910,445 3,319,663 1,077,224 3,434,369 1,059,867 (j) 5,254,235 134,980 565,000 1,180,869 4,049,524 1,180,869 1,077,224 1,778,195 40,794 1,573,794 1,212,933 1,617,893 9,426,232 5,843,191 3,319,663 1,077,224 127
33. 271,884 267,224 5,671 4,660 277,555 271,884 26,449 (8,281) 249,056 267,224 (2,220) 10,356 (3,476) 4,660 24,229 2,075 245,580 271,884 627 8,520 (3,476) 5,671 24,856 10,595 242,104 277,555 1,161,624,000 1,097,779,000 153,695,000 138,625,000 49,516,000 86,280,000 128
34. 89,984 65,620 155,604 26,156 26,156 1,079 17,740 18,819 (14,044) (21,800) (35,844) 103,175 61,560 164,735 (78) (78) 1,238 17,740 18,978 (12,030) (21,800) (33,830) 92,305 57,500 149,805 34,655,000 34,957,000 35. a 1,050,050 1,246,633 2,195,880 842,945 1,268,935 1,008,662 b 49,119 50,675 666,478 958,904 36,271 14,130 13,153 7,730 5,243,615 4,115,549 36,271 14,130 129
35. (a) 611,223 841,830 91,645 77,764 51,000 41,586 296,182 285,453 1,050,050 1,246,633 59,006 98,984 167,932 162,635 706,932 962,425 116,180 22,589 1,050,050 1,246,633 (b) 12,286,000 12,231,000 130
36. 959,261 1,233,379 59,142 138,993 286,058 96,295 (141,009) (85,972) 510,519 541,097 (10,300) (2,200) 20,576 5,723 588 14,669 (19,558) (148,385) 133,175 (623,838) (191,267) 11,770 2,853 (9,951) (17,902) (4,708) (9,663) (1,143) 51,423 9,584 (9,588) 1,871,037 928,584 (2,293) 9,202 128,420 717,390 372,645 231,328 19,606 3,809 (4,462) 272 2,384,953 1,890,585 131
37. 2,126,830 937,194 2,573,747 3,947,994 32,036 113,150 38. 37,628 37,486 26,247 44,610 87,264 89,185 151,139 171,281 132
39. 28,613 17,564 102,081 36,990 49,484 8,047 180,178 62,601 40. (a) 5,055,000 5,041,000 26(a) (b) 6,413,000 3,506,000 (c) 2,037,000 1,992,000 (d) 26 25(c) (e) 600 503 22,013 17,953 11,203 295 1,221 1,011 12,880 10,602 47,917 30,364 133
41. 10,001,000,000 855,000,000 5,278,000,000 250,000,000 9,000,000 9,000,000 9,000,000 9,000,000 42. 165,000,000 1,287,000,000 32(c) 43. 134
44. (a) 10,000 1 100 1,000 10 100 1 1 100 10,000 1 80 1 1 100 1,100,000 10 100 2 1,000 100 100 2 2 10 100 2 1 100 2 1,000 100 100 28,080,002 1 100 200,002 100,000 100 100 9,000,000 1 63.5 2 2 1 100 2 1 100 2 1 100 2 1 100 1 1 100 1 1 100 10 1 100 10 1 100 135
44. (a) 10,000,000 100 1,560,000 100 350,000 100 20,000,000 100 2,420,000 100 2,100,000 100 1,500,000 100 2,800,000 100 17,400,000 60 10,000,000 100 22,600,000 27.5 111,900,000 55 92,190,000 41.25 4,000,000 60 136
44. (a) Canton Treasure Group Ltd. 10 1 100* Cheer Profit International Limited 10 1 100 Eternal Profits International Limited 10 1 100 10 1 100 10 1 80 Galaxy Entertainment Aviation 10 1 90 CL2010 Limited 100 Galaxy Entertainment Finance 10 1 90 Company Limited 100 Galaxy Entertainment Finance 10 # 1 90 (Galaxy Macau) Limited 100 GCSA Finance 2010 Company 10 1 90 Limited 100 GEG Finance 2010 Company 10 1 100 Limited High Regard Investments Limited 20 1 100 10 1 100* Profit Access Investments Limited 10 1 100 Prosperous Fields Limited 10 1 100 100 1 80 Taksin Profits Limited 17 1 100 * # 32(a) 137
44. (a) A 2 # 25,000 90 100 951,900 1,000 90 100 2 # 25,000 90 100 GM 2 # 25,000 90 100 3 30,000 100 1 100,000 100 2 # 25,000 90 100 2 # 100,000 90 100 # 32(a) 138
44. (b) AHK Concrete Limited 1,000,000 1 50 8,389,000 30 316,250,000 25.6 50,000,000 40 6,000,000 35 8,800,000 50 2,450,000 30 116,000,000 40 60,000,000 50 374,520,000 32 4,000,000 50 5,000,000 35 825,000,000 25.6 139
44. (c) 2,000,000 1 36.5 140