Galaxy Entertainment Group Limited Stock Code Interim Report 2013
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 31 32 33 34 36 37 38 56
02 GBM MBE LLD DSSc DBA BBS LLD BBS GBM MBE LLD DSSc DBA BBS LLD BBS LLD BBS LLD BBS BBS # # * * 27 86002 27 HK 0027.HK GXYEY BNY Mellon Depositary Receipts PO Box 43006 Providence, RI 02940-3006, USA 1-201-680-6825 1-888-BNY-ADRS shrrelations@bnymellon.com (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com http://www.galaxyentertainment.com 2013
03 2013 30 100% 3,600 200 100 3,000 500 6005,500 10,000 50,000 5,000
04 308.13 283.2224.91 9% EBITDA 57.88 47.1210.76 23% EBITDA 30 46.46 34.4612.00 35% 181 35 103.35 35% 68.35 32.5 21.51 13% 181.40 EBITDA 11.50 40% 40.19 * 45% 37% 115.662.55 2% EBITDA 17.46 17.58 *90% 92% * EBITDA 2013
05 % 27,382 29,800 9% 940 1,013 8% 28,322 30,813 9% EBITDA % 4,551 5,677 25% 228 191 (16%) (67) (80) (19%) 4,712 5,788 23% % 3,446 4,646 35% 82.5 110.4 34% 39,577 48,632 23% 11,026 18,109 64% (%) 7% 19.16 38 98% 80,249 159,998 99% 2013
06 % 15,989 18,140 13% EBITDA 2,869 4,019 40% EBITDA 18% 22% EBITDA 26% 31% 37% 45% / 346,210 11,875 3.4% 13,539 4,799 35.4% 13,968 742 5.3% / 357,835 11,407 3.2% 11,912 3,310 27.8% 8,731 569 6.5% 2013
07 % 11,311 11,566 2% EBITDA 1,758 1,746 (1%) EBITDA 16% 15% EBITDA 26% 25% 98% 92% / 311,353 9,612 3.1% 5,327 1,658 30.9% 1,675 112 6.7% / 339,088 9,869 2.9% 4,766 1,109 22.9% 1,762 122 6.9% 2013
08 GBM MBE LLD DSSc DBA EBITDA 30 46 2013
09 9% 308EBITDA 23% 58 EBITDA40% 40 8.85 15% 1,665 16% 837 4% 1,410 10% 63% 2013
10 EBITDA40% 40 EBITDA 15.634% 20.9 45% 48 45% 97% 50% 92% 99% (MICE) 2013
11 3510368 35% GBM MBE LLD DSSc DBA 2013
12 FinanceAsia FinanceAsia FinanceAsia FinanceAsia FinanceAsia FinanceAsia 2013
13 Travel WeeklyEvents 3 + / 2013
15 2013 9% 308EBITDA23% 58 EBITDA 40% 40 32.5 EBITDA 17 8.85
16 15% 1,66516% 837 1,410 4% 10%63% 60% 68% 10% 1,125 30% 471 28% 308 EBITDA 58 9% 23% EBITDA26% 109 46 35% EBITDA40% 33 48 45% 11 50%17 181 156 22 4%7% 69 2013
17 29,800 1,013 30,813 EBITDA 5,677 191 (80) 5,788 27,382 940 28,322 EBITDA 4,551 228 (67) 4,712 13% 181 EBITDA 40% 40.2EBITDA 2134% 45% 37% EBITDA 18%22% EBITDA 26%31% 3,460 119 114 6% % % 186,442 178,196 (4%) 357,835 346,210 (3%) 6,287 5,965 (5%) 11,407 11,875 4% 3.4% 3.3% 3.2% 3.4% 2013
18 48 45% 48% 12% % % 6,041 6,845 13% 11,912 13,539 14% 1,717 2,538 48% 3,310 4,799 45% 28.4% 37.1% 27.8% 35.4% 7.4230% 41% 7% % % 4,385 7,781 77% 8,731 13,968 60% 271 383 41% 569 742 30% 6.2% 4.9% 6.5% 5.3% 4% 7.2 3D 97% 2013
19 500 600 95% 10,000 50,0005,000 5,500 2.552% 116 EBITDA 17 EBITDA 14% 17% 8.85 92% 32.5 2013
20 3,1108%3,39096 99 % % 162,971 161,913 (1%) 339,088 311,353 (8%) 5,115 4,807 (6%) 9,869 9,612 (3%) 3.1% 2.9% 2.9% 3.1% 50% 1753 7% % % 2,374 2,663 12% 4,766 5,327 12% 545 856 57% 1,109 1,658 50% 22.5% 32.2% 22.9% 30.9% 1.124,800 25% % % 835 777 (7%) 1,762 1,675 (5%) 60 48 (20%) 122 112 (8%) 7.2% 6.1% 6.9% 6.7% 2013
21 1.81 2.0799% EBITDA9,400 15% 8% 10.13 EBITDA 1.91 3,70016% 2013
22 2013 35 267.25 218.53 22% 486.32 443.89 181.09 156.09 104.13 112.57 35 26
23 2013 148.12 153.77 25.61 25.84 2.98 3 19.35 18.92 69.70 75.52 67.72 73.14 1.12 900 7,700 900 15,000 21.43
24 2013
25 2013/2014 2013 2013 180 LED 2,000 50 400 35 5LED 73,000 30% 30% 2013
26 370 75% 6,400 65% 50 60.5 2013
27 120 50 90 20 200 130 120 2013
28 65 2013
29 79% 30% 70% 900 50 2012 16 2013 2013 2002013 2013
30 20132013 2013 2013
31 32 55 34 34 2410 34 2013
32 5 30,812,921 28,321,661 7(a) 177,774 131,817 (11,319,621) (10,375,564) (9,530,592) (9,438,335) (473,182) (383,779) (938,112) (905,698) (2,195,747) (2,065,522) (1,716,828) (1,551,356) 8 (199,152) (303,768) 46,836 49,292 641 1,074 7(b) 4,664,938 3,479,822 9 (18,047) (25,598) 4,646,891 3,454,224 4,645,939 3,446,507 952 7,717 4,646,891 3,454,224 11 110.4 82.5 108.7 81.1 2013
33 4,646,891 3,454,224 (419) (1,872) 29,280 (21,281) 23,672 (22,791) 52,533 (45,944) 4,699,424 3,408,280 4,693,416 3,402,899 6,008 5,381 4,699,424 3,408,280 2013
34 18,971,105 18,263,567 82,000 82,000 4,365,354 4,391,311 1,035,214 1,103,508 1,359,353 1,351,161 1,272 631 368,767 373,340 26,183,065 25,565,518 141,013 138,611 13 2,053,804 1,971,183 414,188 399,219 1,043 6,146 6,338 8,149 1,724,293 691,136 18,108,755 15,608,604 22,449,434 18,823,048 48,632,499 44,388,566 2013
35 14 421,046 419,958 26,304,239 21,433,430 26,725,285 21,853,388 451,337 440,992 27,176,622 22,294,380 15 5,760,371 6,291,171 273,194 279,059 57,039 80,711 66,473 78,787 87,046 30,510 6,244,123 6,760,238 16 10,505,660 10,326,519 24,836 21,259 15 4,652,902 4,966,279 28,356 19,891 15,211,754 15,333,948 21,455,877 22,094,186 48,632,499 44,388,566 7,237,680 3,489,100 33,420,745 29,054,618 2013
36 6,182,358 4,639,387 (3,782,179) (3,963,136) (869,188) (251,019) 1,530,991 425,232 8,907,342 6,793,088 5,434 (626) 10,443,767 7,217,694 18,108,755 9,333,620 (9,389,281) (3,229,386) 1,724,293 1,113,460 10,443,767 7,217,694 2013
37 419,958 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 27,176,622 417,421 13,804,605 14,222,026 421,201 14,643,227 3,446,507 3,446,507 7,717 3,454,224 (1,872) (1,872) (1,872) (18,945) (18,945) (2,336) (21,281) (22,791) (22,791) (22,791) (43,608) (43,608) (2,336) (45,944) 3,402,899 3,402,899 5,381 3,408,280 24,650 24,650 (1,024) (1,024) (4,643) (4,643) 1,413 49,075 50,488 50,488 70,167 70,167 70,167 418,834 17,326,746 17,745,580 445,565 18,191,145 2013
38 1. 2. 34 (a) 1 16 19 32 34 1 7 10 11 12 13 20 113 2013
39 2. (b) 32 36 1012 27 21 7 9 9 3. 4. 2013
40 4. 4.1 6,338 6,338 14 117,233 117,247 6,352 117,233 123,585 57,039 57,039 57,039 57,039 8,149 8,149 27 117,033 117,060 8,176 117,033 125,209 80,711 80,711 80,711 80,711 2013
41 4. 4.1 117,033 (406) 2,000 (1,394) 117,233 2013
42 5. 28,797,637 26,386,631 87,594 75,745 7,099 11,026 901,571 902,327 6,144 6,147 1,012,876 939,785 30,812,921 28,321,661 87,594,000 75,745,000 2013
43 6. EBITDA EBITDA EBITDA 2013
44 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 2013
45 6. 29,187,734 939,785 30,127,519 5 (1,883,199) (1,883,199) 75,745 75,745 1,596 1,596 27,381,876 939,785 28,321,661 EBITDA 4,551,472 228,139 (67,181) 4,712,430 54,096 (905,698) (303,768) (25,598) (13,628) (7,115) (2,082) (70,167) (14,884) (14,849) 45,487 3,454,224 2013
46 6. 39,624,792 4,590,038 4,417,669 48,632,499 43,911 1,315,442 1,359,353 1,272 1,272 16,881,172 1,229,039 3,345,666 21,455,877 37,141,474 4,456,697 2,790,395 44,388,566 31,116 1,320,045 1,351,161 631 631 17,049,263 1,542,133 3,502,790 22,094,186 1,526,824 48,139 974 1,575,937 707,542 122,756 26 830,324 2013
47 6. 30,072,144 27,481,948 564,506 610,675 176,271 229,038 30,812,921 28,321,661 23,673,064 23,044,941 470,159 480,537 2,039,842 2,040,040 26,183,065 25,565,518 2013
48 7. (a) 2,850 4,376 109,428 46,396 6,236 6,362 804 702 22,380 28,000 453 636 (1,811) (2,082) (14,471) 602 (24,901) 26,680 9,209 16,593 25,225 45,924 177,774 131,817 (b) 820,792 790,411 52,732 53,023 26,137 23,981 7,756 7,756 4,010 4,010 191 158 26,494 26,359 2013
49 8. 48,259 47,735 168,591 231,775 29,166 28,806 12,268 1,788 1,646 260,072 309,962 (60,920) (6,194) 199,152 303,768 9. 10,985 17,303 10,528 6,325 2,400 (889) (5,866) 2,859 18,047 25,598 16.5%16.5% 12% 25% 12% 25% 12%12% 10. 2013
50 11. 4,645,939 3,446,507 4,206,829,880 4,179,839,646 65,839,185 68,540,235 4,272,669,065 4,248,379,881 12. 1,565,000,000 814,000,000 11,000,000 16,000,000 2013
51 13. 633,533 628,983 1,296,201 1,253,587 101,168 63,596 10,355 12,174 12,547 12,843 2,053,804 1,971,183 3060 ( 3060 )120210 ( 120210 ) 238,484 229,972 215,712 206,051 42,881 97,227 136,456 95,733 633,533 628,983 2013
52 14. 0.10 9,000,000,000 900,000 4,174,208,722 417,421 14,128,972 1,413 4,188,337,694 418,834 11,246,996 1,124 4,199,584,690 419,958 10,880,057 1,088 4,210,464,747 421,046 16,608,00026,889,00010,880,05714,128,972 976,335311,668 98,800,691 106,223,081 2013
53 15. 8,215,933 8,392,808 80,000 583,811 8,295,933 8,976,619 a 1,724,087 1,684,767 10,020,020 10,661,386 b 393,253 596,064 10,413,273 11,257,450 (4,450,835) (4,572,098) (202,067) (394,181) (4,652,902) (4,966,279) 5,760,371 6,291,171 (a) 1,380,000,000 4.625% (b) 208,000,000202,000,000 2013
54 15. (c) 8,295,933 8,976,619 8,295,933 8,976,619 1,724,087 1,684,767 1,731,218 1,712,869 393,253 596,064 413,441 631,017 10,413,273 11,257,450 10,440,592 11,320,505 16. 1,485,013 1,499,732 4,651,933 5,041,421 2,919,994 2,300,394 68,356 75,638 1,355,389 1,390,923 24,975 18,411 10,505,660 10,326,519 1,276,134 1,122,119 84,699 256,401 50,607 64,974 73,573 56,238 1,485,013 1,499,732 2013
55 17. 10,639,440 11,971,291 6,426,320 6,096,906 18. (a) 6,236,000 6,362,000 (b) 4,584,000 2,419,000 (c) 654,000 792,000 14A.33(3) (d) 53,000,000 39,000,000 19. (a) 3,250,000,000 (b) 3,500,000,000 2013
56 (a) 31,387,632 2,181,518 23,121,401 (1) 1,697,536,231 (2) 1,754,226,782 41.66 43,456,896 396,150,099 (3) 1,697,536,231 (2) 2,137,143,226 50.75 2,268,000 2,268,000 0.05 15,369,722 1,697,536,231 (2) 1,712,905,953 40.68 250,000 250,000 0.00 250,000 250,000 0.00 2,800,000 2,800,000 0.06 (1) 305,401 22,816,000 (2) 1,697,536,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch 171,916,021 Kentlake International Investments LimitedKentlake 60,000,000 61,138,039 Top Notch Kentlake Top Notch Kentlake 2013
57 (b) XV City Lion Profits Corp. 1,313,887,206 31.20 CWL Assets (PTC) Limited 1,697,536,231 40.31 HSBC International Trustee Limited 1,709,062,231 (1) 40.59 Super Focus Company Limited 269,200,154 6.39 Waddell & Reed Financial, Inc. 312,289,000 7.41 (1) HSBC International Trustee Limited 1,697,536,231 (i) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,697,536,231 (ii) City Lion Profits Corp. CWL Assets (PTC) Limited1,313,887,206 2013
58 2,000,000 2,000,000 (a) 0.514 862,500 862,500 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 6.810 900,000 900,000 20.100 900,000 900,000 20.100 900,000 900,000 20.100 383,333 383,333 32.500 383,333 383,333 32.500 383,334 383,334 32.500 1,250,000 1,250,000 6.972 1,250,000 1,250,000 6.972 2,500,000 2,500,000 6.972 1,666,668 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 1,300,000 1,300,000 20.100 1,300,000 1,300,000 20.100 1,300,000 1,300,000 20.100 550,000 550,000 32.500 550,000 550,000 32.500 550,000 550,000 32.500 2013
59 642,000 642,000 3.600 642,000 642,000 13.820 60,000 60,000 32.500 60,000 60,000 32.500 60,000 60,000 32.500 500,000 500,000 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 6.810 243,333 243,333 20.100 243,333 243,333 20.100 243,334 243,334 20.100 133,333 133,333 32.500 133,333 133,333 32.500 133,334 133,334 32.500 2013
60 625,000 625,000 6.972 625,000 625,000 6.972 1,250,000 1,250,000 6.972 263,000 25,000 (b) 238,000 3.320 717,332 13,333 (b) 703,999 2.160 1,737,331 86,667 (b) 1,650,664 2.160 3,012,004 3,012,004 2.160 397,000 70,000 (b) 327,000 3.600 66 66 (b) 2.910 1,483,672 1,483,672 (b) 2.910 3,500,332 333,666 (b) 3,166,666 4.670 6,174,997 2,666,000 (b) 3,508,997 4.670 9,093,012 9,093,012 4.670 666,666 666,666 6.810 666,666 666,666 6.810 666,668 666,668 6.810 2,370,664 438,666 (b) 1,931,998 13.820 1,174,329 673,999 (b) 500,330 13.820 1,174,342 1,174,342 13.820 4,806,980 2,777,988 (b) 2,028,992 14.220 4,806,980 250,665 4,556,315 14.220 4,807,040 250,670 4,556,370 14.220 1,510,998 1,510,998 20.100 1,510,998 1,510,998 20.100 1,511,004 1,511,004 20.100 4,409,252 84,331 4,324,921 32.500 4,409,252 84,331 4,324,921 32.500 4,409,496 84,338 4,325,158 32.500 333,334 333,334 2.160 100,000 100,000 (c) 13.820 200,000 200,000 (c) 13.820 200,000 200,000 13.820 11,000 11,000 (c) 14.220 11,000 11,000 14.220 11,000 11,000 14.220 2013
61 (a) 30.00 (b) 33.95 (c) 34.78 1.00 (Black-Scholes) 16,355,000 $12.96 $32.50 $32.50 55% 65% 3.5 4.5 2% 0.208% 0.315% 32.15 2410 2013
62 13.21 Galaxy Entertainment Finance (Galaxy Macau) Limited 90 35% 100% A.4.2 A.4.2 13.51B (1) GBM MBE LLD DSSc DBA 2012 LLD 2013
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