Galaxy Entertainment Group Limited Stock Code INTERIM REPORT 2014
OUR VISION Galaxy s vision is to be: Globally recognized as Asia s leading gaming and entertainment corporation. This vision will be achieved through adhering to our proven business philosophy. GALAXY S BUSINESS PHILOSOPHY Local Market Insights Leveraging Chinese heritage and deep understanding of Asian and Chinese customer preferences Proven Expertise Focus on ROI (return on investment) with prudent CAPEX (capital expenditure) plan, proven construction and hotel expertise, and controlled development Well Positioned Position Galaxy as a leading operator of integrated gaming, leisure and entertainment facilities Demand Driven Strategy Monitor the market s developments and expand prudently in a timely manner
2 3 4 8 12 15 24 34 35 36 37 39 40 41 59
02 GBMMBELLDDSScDBA BBS LLD BBS GBMMBELLDDSScDBA BBS LLD BBS LLD BBS LLD BBS BBS # # * * 27 27 HK 0027.HK GXYEY BNY Mellon Shareowner Services PO Box 30170 College Station, TX 77842-3170, USA : 1-888-BNY-ADRS : shrrelations@cpushareownerservices.com : (852) 3150 1111 : (852) 3150 1100 : ir@galaxyentertainment.com http://www.galaxyentertainment.com 2014
03 50 Travel Weekly 100% 3,600200 1003,000 500600 2.7 2014
04 384.07308.1375.9425% EBITDA72.8857.8815.0026% 59.7146.4613.2529% 144141 2.7 249.55181.4068.1538% EBITDA54.2940.1914.1035% *59%45% 123.41115.667.757% EBITDA19.0917.461.639% *109%92% * EBITDA 2014
05 % 29,800 37,388 25% 1,013 1,019 1% 30,813 38,407 25% EBITDA % 5,677 7,191 27% 191 187 (2%) (80) (90) (13%) 5,788 7,288 26% % 4,646 5,971 29% 110.4 141.0 28% 48,632 52,534 8% 18,109 14,427 (20%) (%) 38.00 62.00 63% 159,998 263,023 64% 2014
06 % 18,140 24,955 38% EBITDA 4,019 5,429 35% EBITDA 22% 22% EBITDA 31% 31% 45% 59% 517,174 17,061 3.3% 14,311 6,351 44.4% 17,741 796 4.5% 346,210 11,875 3.4% 13,539 4,799 35.4% 13,968 742 5.3% 2014
07 % 11,566 12,341 7% EBITDA 1,746 1,909 9% EBITDA 15% 15% EBITDA 25% 25% 92% 109% 348,673 9,816 2.8% 5,808 2,241 38.1% 1,724 100 5.8% 311,353 9,612 3.1% 5,327 1,658 30.9% 1,675 112 6.7% 2014
08 GBMMBE LLDDSScDBA 384 25%EBITDA7326%60 29% 2014
09 13 3 10 13%1,875 36%3% 8%1,530 67% EBITDA 38%35%44%32% 59% 35% EBITDA8.227% 99% 109% 2014
10 EBITDA1.87 2.7100 16,000 144 0.70 0.45 2014
11 GBMMBELLDDSScDBA 2014
12 Travel WeeklyEvents Agoda Agoda.com 2014
13 Travel WeeklyEvents 10 3+ 2014
15 25%384EBITDA26%7329%60 EBITDA5435%250 38% 1 59% 500600 2.7 100 EBITDA123197%9% 35% 1 EBITDA 2014
16 13%1,875 6%8%1,530 15%67%63%) 1,1623%6% 62% 36%63934% 32% 7%734% 25%384EBITDA26%73 29%60 EBITDA 35%54EBITDA19 9% EBITDA1.879,200 48 6432%35%22 44%17012% 2% 144141 3.48 0.70 2014
17 0.45 37,388 1,019 38,407 EBITDA 7,191 187 (90) 7,288 29,800 1,013 30,813 EBITDA 5,677 191 (80) 5,788 38%250 181EBITDA5435% EBITDA5%2659% 45% EBITDA22%31% 5,17017144% 2,6438440% % % % 178,196 252,834 264,340 5% 48% 346,210 517,174 49% 5,965 8,697 8,364 (4%) 40% 11,875 17,061 44% 3.3% 3.4% 3.2% 3.4% 3.3% 2014
18 6432%3019% % % % 6,845 7,368 6,943 (6%) 1% 13,539 14,311 6% 2,538 3,331 3,020 (9%) 19% 4,799 6,351 32% 37.1% 45.2% 43.5% 35.4% 44.4% 7.967% % % % 7,781 8,918 8,823 (1%) 13% 13,968 17,741 27% 383 412 384 (7%) 0.3% 742 796 7% 4.9% 4.6% 4.4% 5.3% 4.5% 3%7.44 98% 2014
19 7%123EBITDA 9%19 EBITDA15%25% 109% 92% EBITDA7%8.22 3,48712%9896 % % % 161,913 180,213 168,460 (7%) 4% 311,353 348,673 12% 4,807 5,556 4,260 (23%) (11%) 9,612 9,816 2% 2.9% 3.1% 2.5% 3.1% 2.8% 35%225828%11 % % % 2,663 2,934 2,874 (2%) 8% 5,327 5,808 9% 856 1,147 1,094 (5%) 28% 1,658 2,241 35% 32.2% 38.6% 37.6% 30.9% 38.1% 2014
20 111% % % % 777 997 727 (27%) (6%) 1,675 1,724 3% 48 52 48 (8%) 0% 112 100 (11%) 6.1% 5.2% 6.6% 6.7% 5.8% 1.81 99% EBITDA9,2009,400 10EBITDA1.87 700 400 2014
21 200 2.72.5 100 16,000 13 3 10 0.700.45 2014
22 357.48324.4110% 525.34462.57 144.27 103.605.416.43 2014
23 2.872.392,300 2,4003005,100 2.592.62 1.493.698,900 1.78 2.912.58 2.521.86 16,000 24.51 2014
24 3 10 2014
25 2014
26 2014/2015 2014 36015,500 LED 2014
27 2,000405LED15,360 200700140 1,500 2014
28 78.46.50.512,800 64 LED 2014
29 2014
30 Junior Masters Golf Championship 2014
31 40201411 2014 2014
32 25 300 16,000 15 20015 2014 2014
33 2014 201420141314 OK 1314 2014 2014
34 3558 34 34 2410 34 2014
35 5 38,406,510 30,812,921 7(a) 97,501 177,774 (14,277,598) (11,319,621) (12,142,786) (9,530,592) (527,529) (473,182) (969,582) (938,112) (2,524,014) (2,195,747) (2,008,625) (1,716,828) 8 (16,610) (199,152) 77,997 46,836 518 641 7(b) 6,115,782 4,664,938 9 (143,971) (18,047) 5,971,811 4,646,891 5,970,520 4,645,939 1,291 952 5,971,811 4,646,891 11 141.0 110.4 139.4 108.7 10 2014
36 5,971,811 4,646,891 (10) (419) (30,095) 29,280 23,672 (30,105) 52,533 5,941,706 4,699,424 5,945,057 4,693,416 (3,351) 6,008 5,941,706 4,699,424 2014
37 26,066,930 23,226,216 88,500 88,500 5,071,771 5,106,987 1,605,472 1,715,360 1,480,397 1,373,021 1,379 861 506,487 515,823 34,820,936 32,026,768 141,316 133,596 13 1,735,902 1,975,443 323,210 350,500 9,186 10,534 6,248 8,149 1,070,384 1,391,640 14,427,001 10,360,208 17,713,247 14,230,070 52,534,183 46,256,838 2014
38 14 19,725,638 421,971 16,022,124 32,019,490 35,747,762 32,441,461 606,540 612,827 36,354,302 33,054,288 15 191,480 236,973 248,293 245,165 41,141 40,982 267,838 155,007 650,000 748,752 1,328,127 16 11,914,222 11,412,055 41,208 36,769 15 349,811 406,004 10 2,969,566 156,322 19,595 15,431,129 11,874,423 16,179,881 13,202,550 52,534,183 46,256,838 2,282,118 2,355,647 37,103,054 34,382,415 2014
39 7,475,214 6,182,358 (4,246,394) (3,782,179) 108,906 (869,188) 3,337,726 1,530,991 9,028,320 8,907,342 (1,352) 5,434 12,364,694 10,443,767 14,427,001 18,108,755 (3,132,691) (9,389,281) 1,070,384 1,724,293 12,364,694 10,443,767 2014
40 421,971 32,019,490 32,441,461 612,827 33,054,288 5,970,520 5,970,520 1,291 5,971,811 (10) (10) (10) (25,453) (25,453) (4,642) (30,095) (25,463) (25,463) (4,642) (30,105) 5,945,057 5,945,057 (3,351) 5,941,706 246 246 (3,182) (3,182) 164,841 56,505 221,346 221,346 109,464 109,464 109,464 14 19,138,826 (19,138,826) 10 (2,969,566) (2,969,566) (2,969,566) 19,725,638 16,022,124 35,747,762 606,540 36,354,302 419,958 21,433,430 21,853,388 440,992 22,294,380 4,645,939 4,645,939 952 4,646,891 (419) (419) (419) 24,224 24,224 5,056 29,280 23,672 23,672 23,672 47,477 47,477 5,056 52,533 4,693,416 4,693,416 6,008 4,699,424 20,473 20,473 (2) (2) (16,134) (16,134) 1,088 78,000 79,088 79,088 99,393 99,393 99,393 421,046 26,304,239 26,725,285 451,337 27,176,622 2014
41 1. 2. 34 (a) 32 36 39 2 337 39 1012 27 21 2014
42 2. (b) 1638 19 9 11 14 15 20102012 24 8 16 38 20112013 40 3 13 3. 2014
43 4. 4.1 6,248 6,248 37 194,548 194,585 6,285 194,548 200,833 8,149 8,149 40 194,555 194,595 8,189 194,555 202,744 2014
44 4. 4.1 194,595 117,033 (10) (406) 2,000 (1,394) 194,585 117,233 2014
45 5. 36,365,205 28,797,637 87,185 87,594 6,009 7,099 924,564 901,571 4,944 6,144 1,018,603 1,012,876 38,406,510 30,812,921 87,185,00087,594,000 2014
46 6. EBITDA EBITDA EBITDA 2014
47 6. 39,152,067 1,018,603 40,170,670 5 (1,856,289) (1,856,289) 87,185 87,185 4,944 4,944 37,387,907 1,018,603 38,406,510 EBITDA 7,191,164 186,808 (89,763) 7,288,209 85,372 (969,582) (16,610) (143,971) (21,797) (43,283) (18,131) (1,901) (109,464) (23,823) (50,989) 41,237 (43,456) 5,971,811 2014
48 6. 31,652,062 1,012,876 32,664,938 5 (1,945,755) (1,945,755) 87,594 87,594 6,144 6,144 29,800,045 1,012,876 30,812,921 EBITDA 5,677,053 191,029 (79,632) 5,788,450 116,921 (938,112) (199,152) (18,047) (12,475) (8,738) (1,811) (99,393) (6,181) 25,429 4,646,891 2014
49 6. 43,486,426 5,004,614 4,043,143 52,534,183 83,291 1,397,106 1,480,397 1,379 1,379 12,064,130 1,085,469 3,030,282 16,179,881 38,212,082 4,979,395 3,065,361 46,256,838 51,722 1,321,299 1,373,021 861 861 11,871,368 1,250,582 80,600 13,202,550 3,800,121 176,335 3,976,456 1,526,824 48,139 974 1,575,937 2014
50 6. 37,556,203 30,072,144 678,608 564,506 171,699 176,271 38,406,510 30,812,921 31,926,515 29,333,957 583,424 515,620 2,310,997 2,177,191 34,820,936 32,026,768 2014
51 7. (a) 3,090 2,850 79,036 109,428 5,473 6,236 728 804 18,000 22,380 135 453 41,237 (1,901) (1,811) (52,871) (14,471) (23,467) 26,680 28,041 25,225 97,501 177,774 (b) 812,403 820,792 52,732 52,732 25,028 26,137 3,860 7,756 1,002 4,010 49 191 35,173 26,494 39,335 2014
52 8. 48,259 11,407 168,591 4,859 29,166 12,268 1,199 1,788 17,465 260,072 (855) (60,920) 16,610 199,152 9. 10,212 10,985 3,040 10,528 2,504 2,400 125,087 3,128 (5,866) 143,971 18,047 16.5%16.5% 12%25% 12%25%12%12% 2014
53 10. 0.70 2,969,566,000 19 11. 5,970,520 4,645,939 4,233,418,547 4,206,829,880 48,953,872 65,839,185 4,282,372,419 4,272,669,065 12. 3,969,000,0001,565,000,000 7,000,00011,000,000 2014
54 13. 459,842 642,012 1,134,006 1,234,583 129,103 81,745 3,240 11,293 9,711 5,810 1,735,902 1,975,443 3060 (3060)120210 (120210) 270,630 249,290 107,704 238,784 7,284 67,488 74,224 86,450 459,842 642,012 2014
55 14. 0.10 b a 9,000,000,000 900,000 b 4,199,584,690 419,958 10,880,057 1,088 4,210,464,747 421,046 9,241,783 925 4,219,706,530 421,971 c 22,607,983 164,841 d 19,138,826 4,242,314,513 19,725,638 (a) 622 (b) 622135 (c) 7,193,00016,608,00022,607,98310,880,057 13,377,696976,33562,684,01198,800,691 (d) 6221137 2014
56 15. 347,653 359,791 90,649 347,653 450,440 a 193,638 192,537 541,291 642,977 (102,943) (137,316) (246,868) (268,688) (349,811) (406,004) 191,480 236,973 (a) (b) 347,653 450,440 347,653 450,440 193,638 192,537 225,118 224,081 541,291 642,977 572,771 674,521 2014
57 16. 1,768,151 1,872,761 5,321,557 4,974,158 3,495,351 3,018,755 54,147 62,653 1,195,783 1,451,360 79,233 32,368 11,914,222 11,412,055 1,482,116 1,490,260 64,880 168,386 69,478 99,863 151,677 114,252 1,768,151 1,872,761 17. 9,260,643 10,935,570 5,645,101 6,855,777 2014
58 18. (a) 5,473,0006,236,000 (b) 2,962,0004,584,000 (c) 661,000654,000 14A.76(1) (d) 7,766,0001,733,000 (e) 116,617,000 58,332,000 (f) 73,000,00053,000,000 19. 19.4220.53 0.45 2014
59 0.70 0.45 571352 (a) 28,777,632 2,181,518 23,121,401 (1) 1,697,536,231 (2) 1,751,616,782 41.28 39,644,896 396,150,099 (3) 1,697,536,231 (2) 2,133,331,226 50.28 2,268,000 2,268,000 0.05 13,575,722 1,697,536,231 (2) 1,711,111,953 40.33 250,000 50,000 (4) 300,000 0.00 250,000 250,000 0.00 1,000,000 1,000,000 0.02 2014
60 (1) 305,40122,816,000 (2) 1,697,536,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch 171,916,021Kentlake International Investments LimitedKentlake60,000,000 61,138,039Top NotchKentlakeTop NotchKentlake (4) 50,000 (b) XV 336 City Lion Profits Corp. 1,313,887,206 30.97 CWL Assets (PTC) Limited 1,697,536,231 40.01 HSBC International Trustee Limited 1,709,062,231 (1) 40.28 Super Focus Company Limited 269,200,154 6.34 Waddell & Reed Financial, Inc. 295,450,000 6.96 (1) HSBC International Trustee Limited1,697,536,231 2014
61 (i) CWL Assets (PTC) LimitedHSBC International Trustee Limited1,697,536,231 (ii) City Lion Profits Corp.CWL Assets (PTC) Limited1,313,887,206 (iii) CWL Assets (PTC) LimitedSuper Focus Company Limited269,200,154 336 (a) 3,450,000 3,450,000 6.972 3,450,000 880,000 (b) 2,570,000 2.160 3,450,000 3,450,000 6.810 2,700,000 2,700,000 20.100 1,150,000 1,150,000 32.500 168,000 168,000 37.450 672,000 672,000 77.750 5,000,000 5,000,000 6.972 1,666,668 1,666,668 (c) 2.160 5,000,000 5,000,000 (c) 6.810 3,900,000 3,900,000 20.100 1,650,000 1,650,000 32.500 238,000 238,000 37.450 950,000 950,000 77.750 642,000 642,000 (d) 3.600 642,000 642,000 13.820 180,000 180,000 32.500 2,000,000 2,000,000 6.972 2,000,000 1,000,000 (e) 1,000,000 2.160 1,334,000 1,334,000 6.810 730,000 730,000 20.100 400,000 400,000 32.500 80,000 80,000 37.450 126,000 126,000 77.750 2014
62 (a) 2,500,000 2,500,000 6.972 238,000 178,000 (f) 60,000 3.320 3,300,000 800,000 (f) 2,500,000 2.160 304,000 239,000 (f) 65,000 3.600 11,062,003 2,068,334 (f) 8,993,669 4.670 2,338,006 1,270,670 (f) 1,067,336 13.820 10,463,679 4,017,462 (f) 121,523 373,336 5,951,358 14.220 4,533,000 500,000 (f) 4,033,000 20.100 12,624,000 2,012,515 (f) 214,288 362,668 10,034,529 32.500 1,790,000 160,000 1,630,000 37.450 5,445,000 91,885 252,000 5,101,115 77.750 333,334 333,334 (g) 2.160 2,000,000 2,000,000 (g) 6.810 373,336 373,336 14.220 362,668 362,668 32.500 160,000 160,000 320,000 37.450 252,000 252,000 7 7.750 (a) (b) 76.15 (c) 68.60 (d) 67.59 (e) 67.95 (f) 71.47 (g) 75.68 25%50% 1,165,000 100% 2014
63 1.00 (Black-Scholes) 7,101,115 26.65 77.75 77.75 50% 3.54.5 2% 0.942%1.266% 77.60 2410 2014
64 A.4.2 13.51B(1) GBMMBELLDDSScDBA 2014
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