中期報告 2015
1. 3 1.1 3 2. 5 2.1 5 2.2 11 2.3 12 2.4 13 2.5 13 2.6 13 2.7 14 2.8 14 2.9 15 2.10 15 3. 17 3.1 17 3.2 17 3.3 19 3.4 19 3.5 19 3.6 13.51B(1) 21 3.7 21 3.8 21 3.9 23 3.10 23 3.11 23 3.12 26 4. 27 4.1 27 4.2 28 4.3 34 5. 57 6. 58 7. 59
2
1. 1.1 EBITDA 1,096,200,0008,498,100,000 1,737,400,00013,467,100,00036.9% 3,516,600,00027,261,700,000 5,075,300,00039,340,200,00030.7% 734,500,000 5,694,100,000 1,370,400,00010,622,400,00046.4% 1.007.75231.007.7513
金沙中國有限公司 二零一五年中期報告 迎合各種口味的盛宴 4
2. 2.1 2,998.7 4,571.5 (34.4)% 181.3 147.9 22.6% 154.0 164.9 (6.6)% 74.3 84.1 (11.7)% 108.3 106.9 1.3% 3,516.6 5,075.3 (30.7)% 3,516,600,000 5,075,300,000 1,558,700,000 30.7% 2,998,700,000 4,571,500,000 1,572,800,000 34.4% 688,200,000482,800,000 5
1,297.0 1,985.2 (34.7)% 3,545.0 4,645.1 (23.7)% 25.5% 25.9% (0.4) 16,150.9 27,645.2 (41.6)% 2.95% 3.47% (0.52) 2,035.7 2,798.3 (27.3)% 4.9% 5.0% (0.1) 963.0 1,445.8 (33.4)% 3,107.7 3,682.3 (15.6)% 21.5% 22.2% (0.7) 10,909.5 27,909.7 (60.9)% 3.05% 2.89% 0.16 3,144.4 3,788.1 (17.0)% 3.4% 3.6% (0.2) 290.5 534.9 (45.7)% 505.7 718.6 (29.6)% 22.4% 25.1% (2.7) 8,143.3 14,841.6 (45.1)% 3.20% 3.42% (0.22) 260.8 460.2 (43.3)% 5.4% 5.1% 0.3 448.2 605.7 (26.0)% 1,559.0 2,173.2 (28.3)% 19.5% 17.7% 1.8 4,854.4 10,032.1 (51.6)% 3.36% 2.87% 0.49 1,365.7 1,635.6 (16.5)% 3.6% 3.8% (0.2) 181,300,000 147,900,000 33,400,000 22.6% 6
2. 154,000,000 164,900,000 10,900,000 6.6% 110.6 126.6 (12.6)% 84.0% 91.7% (7.7) 255 265 (3.8)% 214 243 (11.9)% 135.2 152.7 (11.5)% 80.1% 86.9% (6.8) 164 173 (5.2)% 132 150 (12.0)% 21.6 24.7 (12.6)% 80.2% 86.4% (6.2) 395 419 (5.7)% 317 363 (12.7)% 11.3 12.8 (11.7)% 99.0% 97.6% 1.4 222 254 (12.6)% 220 248 (11.3)% 74,300,000 84,100,000 9,800,000 11.7% 108,300,000 106,900,000 1,400,000 1.3% 7
1,892.8 2,793.0 (32.2)% 17.9 19.8 (9.6)% 36.1 36.5 (1.1)% 64.5 69.0 (6.5)% 91.6 105.7 (13.3)% 29.6 24.5 20.8% 298.4 300.0 (0.5)% 37.9 29.3 29.4% 19.3 20.3 (4.9)% 268.5 257.3 4.4% (1.1) (1.2) (8.3)% 15.5 1.4 1,007.1% 2,771.0 3,655.4 (24.2)% 2,771,000,000 3,655,400,000 884,400,000 24.2% 1,892,800,000 2,793,000,000 900,200,000 32.2% 17,900,000 19,800,000 1,900,000 9.6% 36,100,000 36,500,000 400,000 1.1% 64,500,000 69,000,000 4,500,000 6.5% 8
2. 91,600,000 105,700,000 14,100,000 13.3% 29,600,000 24,500,000 5,100,000 20.8% 298,400,000 300,000,000 1,600,000 0.5% 37,900,000 29,300,000 8,600,000 29.4% 19,300,000 20,300,000 1,000,000 4.9%St. Regis 268,500,000 257,300,000 11,200,000 4.4% 15,500,000 1,400,000 9
EBITDA (1) 526.5 872.9 (39.7)% 319.6 513.0 (37.7)% 118.8 180.8 (34.3)% 123.2 173.0 (28.8)% 8.0 (2.4) N.M. EBITDA 1,096.2 1,737.4 (36.9)% EBITDA 1,096,200,000 1,737,400,000 641,200,000 36.9% EBITDA (1) EBITDA EBITDA EBITDA EBITDA N.M. 40.5 41.9 (3.3)% (10.1) (3.7) 173.0% 30.5 38.2 (20.2)% 10
2. 30,500,000 38,200,000 6,400,000 734,500,000 1,370,400,000 635,900,000 46.4% 2.2 VML 1,000,000,000VML VML 820,200,000 VML2,000,000,000 1,960,000,000 901.2 1,671.0 (589.0) (418.4) (893.3) (2,690.2) (581.1) (1,437.5) 2,535.3 2,943.4 1.2 1.9 1,955.4 1,507.8 11
901,200,000 1,671,000,000 769,800,000 46.1% 589,000,000 599,600,000 533,100,000 66,500,000 893,300,000 1,030,200,000VML 820,200,000 VML 999,300,000 2.3 43.4 44.2 219.1 156.5 8.2 21.9 13.5 14.8 1.4 1.1 314.0 189.6 599.6 428.0 St. Regis St. Regis 380,000,000 12
2. 3,000 2,700,000,000 1,180,000,000 2.4 1,397.4 1,884.5 1,019.5 1,161.3 2,416.9 3,045.8 2.5 0.99 0.128 7,990,000,000 1,030,000,000 1.00 0.129 8,070,000,000 1,040,000,000 2.6 7,070,000,000 7,060,000,000 13
2.7 1,180,000,000 4,780,000,000 2.8 15 3,294.5 3,115.4 (1,955.4) (2,535.3) (7.1) (6.5) 1,331.9 573.6 5,106.4 6,429.3 6,438.3 7,002.9 20.7% 8.2% 14
2. 1,030,000,000 2.9 2.10 636 1,2241,796 2,067370,000 350,000331,000St. Regis St. Regis 380,000,000 3,000 2,700,000,000 1,180,000,000 15
16
3. 3.1 24,849 39 47% 53% 54 2,134 24,849 26,983 3.2 58 360Las Vegas Sands Corp. http://www.sands.com/sands-eco-360/our-vision.html 17
18
3. 3.3 A.2.1 Edward Matthew Tracy Sheldon Gary Adelson Adelson A.2.1Adelson Adelson 3.4 3.5 Edward Matthew Tracy Sheldon Gary Adelson Robert Glen Goldstein 19
(David Alec Andrew Fleming) Michael Alan Leven Sheldon Gary Adelson Robert Glen Goldstein Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser Sheldon Gary Adelson Robert Glen Goldstein (1) Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser (1) 20
3. 3.6 13.51B(1) 432 3.7 Victor Patrick Hoog AntinkIain Ferguson Bruce 3.8 XV352 XV Sheldon Gary Adelson 5,657,814,885(L) 70.12% 981,200(L) (4) 0.01% Sheldon Gary Adelson LVS 66,201,340(L) (1) 8.30% 328,729,775(L) (2) 41.23% Robert Glen Goldstein LVS 2,867,508(L) (3) 0.36% LVS 60,000(L) (4) 0.01% Michael Alan Leven LVS 777,036(L) (5) 0.10% Charles Daniel Forman LVS 216,301(L) (6) 0.03% L 21
(1) (a) 65,910,537 LVS7(b) 44,287 LVS(c) 246,516 LVS 246,516 13,793Adelson LVS LVS (2) (a) Miriam Adelson93,779,145 LVS (b) Adelson 1,772,576 LVS Adelson (c) Adelson 2,709,026 LVS Adelson(d) Adelson217,902,318 LVS Adelson (e) Adfam Investment Company LLC12,566,710 LVS Adelson Adelson (3) (a) 169,111 LVS7(b) 225,000 LVS(c) 2,473,397 LVS 2,473,397 223,397 (4) (a) 538,000(b) 443,200 (c) 60,000 LVS 60,000 (5) (a) 767,036 LVS7 407,565 Leven (b) 10,000 LVS 10,000 (6) (a) 206,301 LVS7(b) 10,000 LVS 10,000 (7) LVSLVS LVSLVS LVS XV XV78 XV 352 18 XV 22
3. 3.9 XV336 Sheldon Gary Adelson 5,657,814,885(L) 70.12% Las Vegas Sands Corp. 5,657,814,885(L) 70.12% Las Vegas Sands, LLC 5,657,814,885(L) 70.12% Venetian Casino Resort, LLC 5,657,814,885(L) 70.12% LVS (Nevada) International 5,657,814,885(L) 70.12% Holdings, Inc. LVS Dutch Finance CV 5,657,814,885(L) 70.12% LVS Dutch Holding BV 5,657,814,885(L) 70.12% Sands IP Asset Management BV 5,657,814,885(L) 70.12% Venetian Venture Development Intermediate II 5,657,814,885(L) 70.12% L 3.10 XV336 3.11 62,878,991 21,055,661 18,191,459 23
(David Alec Andrew Fleming) 130,000 23.28 24.20 16,876,100 11.63 12.10 2,672,500 13.23 14.32 2,746,300 18.57 19.14 2,530,591 21.73 21.40 1,584,400 22.48 22.80 2,671,000 20.23 20.95 1,434,500 28.23 29.25 1,787,100 28.14 28.90 1,538,100 26.82 27.50 845,000 28.43 28.50 585,100 31.48 31.65 312,000 33.28 34.05 1,486,800 36.73 36.50 1,241,900 40.26 40.45 1,058,500 46.78 47.65 749,600 53.95 54.70 2,602,300 59.35 58.90 3,238,800 62.94 62.25 2,723,800 57.75 57.40 1,071,400 53.64 53.10 552,500 54.20 54.60 1,063,100 52.33 51.35 195,000 43.27 41.30 213,600 38.90 38.50 648,400 35.90 35.30 795,600 33.15 32.80 1,300,000 32.35 32.05 32,500 32,500 1,518,075 401,800 1,116,275 33.56 497,950 201,000 296,950 32.55 329,525 327,450 324,425 5,100 37.35 707,996 389,148 141,725 566,271 32.19 422,725 422,725 876,225 150,250 725,975 34.83 481,600 200,175 481,600 1,139,400 381,775 1,139,400 1,366,100 1,366,100 260,000 260,000 585,100 585,100 312,000 312,000 1,340,200 371,700 1,340,200 591,900 99,225 146,250 445,650 623,000 174,750 448,250 504,900 504,900 2,602,300 650,575 2,602,300 3,238,800 809,700 149,025 3,089,775 2,723,800 629,525 205,700 2,518,100 1,071,400 199,900 271,800 799,600 552,500 138,125 552,500 1,063,100 195,100 868,000 195,000 195,000 213,600 213,600 648,400 648,400 795,600 795,600 1,300,000 1,300,000 24
3. 1. (a) (b)(c) 2. 3 3. (David Alec Andrew Fleming)130,000 0.95 25
44.8% 4.0 0.7% 6.0% 3,090,000 1,432,000 700,095 3.12 26
4.1 28 56 34 3434 2410 34 27
4.2 5 3,516,594 5,075,255 (1,382,490) (2,169,447) (568,459) (529,555) (268,457) (257,250) (81,948) (183,949) (40,196) (49,932) 6 (429,488) (465,309) 745,556 1,419,813 8,736 9,489 7 (30,459) (38,193) 15 (17,964) 723,833 1,373,145 8 10,660 (2,729) 734,493 1,370,416 9 9.10 16.99 9 9.10 16.98 34 56 28
4.2 734,493 1,370,416 3,352 3,823 737,845 1,374,239 34 56 29
4.2 1,200,042 1,143,222 11 7,204,694 6,912,974 23,117 20,705 37,700 23,910 29,529 30,506 23,946 21,328 8,519,028 8,152,645 11,976 13,913 12 534,036 639,180 7,120 6,538 1,955,421 2,535,315 2,508,553 3,194,946 11,027,581 11,347,591 34 56 30
4.2 13 80,689 80,677 5,025,669 6,348,670 5,106,358 6,429,347 14 80,330 77,566 15 3,368,866 3,194,369 26,807 26,504 3,476,003 3,298,439 14 1,395,361 1,608,344 10 1,041,180 2,910 5,644 15 5,769 5,817 2,445,220 1,619,805 5,921,223 4,918,244 11,027,581 11,347,591 63,333 1,575,141 8,582,361 9,727,786 Sheldon Gary Adelson 34 56 31
4.2 80,632 87,435 2,180,495 6,317 52,731 7,804 4,034,468 6,449,882 1,370,416 1,370,416 3,823 3,823 3,823 1,370,416 1,374,239 27 6,636 6,663 3,866 (3,866) 11,635 11,635 LVS 390 390 10 (800,563) (1,800,000) (2,600,563) 80,659 87,435 1,390,434 6,317 60,890 11,627 3,604,884 5,242,246 80,677 87,435 1,397,002 6,317 71,062 4,682 4,782,172 6,429,347 734,493 734,493 3,352 3,352 3,352 734,493 737,845 12 2,499 2,511 (5,472) (5,472) 1,662 (1,662) 13,642 13,642 LVS 141 141 10 (2,071,656) (2,071,656) 80,689 87,435 1,401,163 6,317 77,711 8,034 3,445,009 5,106,358 34 56 32
4.2 901,172 1,670,976 (576) (588) (520,933) (389,530) (72,930) (33,930) (5,755) (4,529) 33 67 11,199 10,158 (588,962) (418,352) 2,511 6,663 999,277 819,725 (820,188) (819,679) (1,030,161) (2,600,916) (4,350) (4,864) (11,664) (61,751) (28,699) (29,338) (893,274) (2,690,160) (581,064) (1,437,536) 2,535,315 2,943,424 1,170 1,897 1,955,421 1,507,785 495,170 581,542 1,460,251 926,243 1,955,421 1,507,785 34 56 33
4.3 1. Venetian Venture Development Intermediate IIVVDI (II)Las Vegas Sands Corp.LVS 22 3 Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands 18354 2. 34 16 34
4.3 3. 4. St. Regis 35
4. 1,521,865 2,208,157 1,114,730 1,598,818 364,226 596,369 461,305 619,913 68,980 66,026 (14,512) (14,028) 3,516,594 5,075,255 EBITDA 526,477 872,850 319,628 513,026 118,828 180,844 123,247 172,984 7,982 (2,354) 1,096,162 1,737,350 EBITDA EBITDA EBITDA EBITDA 36
4.3 4. 78,921 75,027 143,942 137,572 19,986 20,383 18,769 17,339 6,839 6,929 268,457 257,250 EBITDA EBITDA 1,096,162 1,737,350 (i) (12,303) (10,754) (36,893) (29,292) (18,551) (20,077) (268,457) (257,250) 1,142 1,237 (15,544) (1,386) (15) 745,556 1,419,813 8,736 9,489 (30,459) (38,193) (17,964) 723,833 1,373,145 10,660 (2,729) 734,493 1,370,416 (i) 1,054,000749,000 214,000 37
4. 43,387 44,150 219,090 156,546 8,179 21,850 13,542 14,788 1,385 1,092 314,035 189,563 599,618 427,989 3,325,443 3,854,834 4,758,198 4,830,193 1,113,909 1,181,298 396,632 416,562 247,972 229,253 1,185,427 835,451 11,027,581 11,347,591 8,314,696 7,956,622 166,632 172,113 37,700 23,910 8,519,028 8,152,645 38
4.3 5. 2,998,667 4,571,491 155,789 126,057 25,558 21,812 154,036 164,911 74,271 84,061 108,273 106,923 3,516,594 5,075,255 6. 86,522 107,519 67,867 78,875 58,657 59,630 30,475 30,957 30,061 26,985 29,649 24,491 22,076 26,888 15,544 1,386 13,790 14,304 991 884 (1,142) (1,237) (1) 7,545 15 58,725 63,363 16,273 23,704 429,488 465,309 (1) 39
7. 23,311 25,220 9,961 10,874 2,900 3,072 4,364 2,718 40,536 41,884 (10,077) (3,691) 30,459 38,193 8. (2,655) (2,653) (339) (74) (2) 166 132 13,488 (132) 10,660 (2,729) 16.5% 12% 25% 40
4.3 8. 250/2004VML 167/2008VML 320/2013VML 12% VMLVML VML 9. 41
9. 734,493 1,370,416 8,068,344 8,064,183 2,574 8,462 8,070,918 8,072,645 9.10 16.99 (i) 70.55 131.69 9.10 16.98 (i) 70.55 131.62 (i) 1.007.75231.007.7513 42
4.3 10. 0.99 0.128 1,030,396 1.00 0.129 1,041,260 0.87 0.112 905,118 0.77 0.099 801,082 0.86 0.111 894,363 2,071,656 2,600,563 0.99 0.128 7,990,000,000 1,030,000,000 1.00 0.129 8,070,000,000 1,040,000,000 11. 6,912,974 6,722,586 550,388 755,839 (1,820) (20,436) (15,599) (3,305) (57,376) (246,087) (481,722) 4,838 (2,612) 7,204,694 6,912,974 43
12. 0 30 390,767 515,852 31 60 32,306 35,199 61 90 10,125 10,651 90 21,205 15,935 454,403 577,637 7 15 408,200,000 456,700,000 63.2%55.9% 44
4.3 13. 0.01 8,063,193,845 80,632 2,659,500 27 8,065,853,345 80,659 8,067,701,545 80,677 1,219,200 12 8,068,920,745 80,689 14. 28,066 35,771 466,991 606,592 250,385 290,231 218,164 196,930 212,990 250,935 129,345 134,546 39,356 37,601 17(b) 11,915 4,383 118,479 128,921 1,475,691 1,685,910 (80,330) (77,566) 1,395,361 1,608,344 45
14. 0 30 20,276 22,556 31 60 4,327 9,214 61 90 1,262 2,070 90 2,201 1,931 28,066 35,771 15. 3,389,093 3,208,268 72,010 75,500 2,367 3,422 3,463,470 3,287,190 (94,604) (92,821) 3,368,866 3,194,369 3,485 3,545 2,284 2,272 5,769 5,817 3,374,635 3,200,186 46
4.3 15. 1,287,931 1,351,187 1,531,199 1,241,871 555,505 607,128 3,374,635 3,200,186 3,270,000,000 3,090,000,000 59,732 2,749,475 1,576,241 579,886 1,632,027 3,389,093 3,208,268 3,208,268 3,208,869 999,277 819,725 (820,188) (819,679) 1,736 (647) 3,389,093 3,208,268 47
15. VML VML 2,390,000,000VML VML2,000,000,000 VML819,700,000 VML 18,000,000 VML 1,000,000,000VML VML 820,200,000 VML 0.25% 1.125% 1.25% 2.125% 0.25% 1.25% VML VML2.5% VML5.0% VML 12.0% VML VML2,000,000,000 48
4.3 15. 79,045 82,186 (1,318) (730) 1,060 (3,292) (2,411) 75,495 79,045 16. (a) 1,397,421 1,884,478 1,019,442 1,161,299 2,416,863 3,045,777 (b) (i) 3,363 3,726 9 36 3,372 3,762 49
16. (b) (ii) 291,981 282,183 712,439 712,372 260,218 269,385 1,264,638 1,263,940 (c) (d) 1,180,000,000 4,780,000,000 50
4.3 17. LVS (a) (i) LVS 762 471 187 238 1,638 1,088 2,587 1,797 LVS 5% (ii) LVS 7,281 9,458 95 12 6,880 7,725 14,256 17,195 LVS 5% 51
17. (a) (iii) 5,000,000 4,100,000 LVS 1,500,000400,000 (iv) Las Vegas Sands, LLC 27,300,000 24,400,000 (v) LVS18(d) (e) (b) 11 15 103 114 15 LVS 3,818 3,305 7,118 101 979 977 14 11,915 4,383 52
4.3 18. LVS 141 390 13,642 11,635 (1,197) (283) (1,271) 12,303 10,754 (a) 23,250 5.50 2,744 4.28 (1,219) 2.05 (1,143) 6.74 23,632 5.47 8,118 4.57 53
18. (a) 17,607 3.49 (113) 2.07 (245) 7.02 17,249 3.45 (i) 17,249 3.35 10,189 7.59 (2,547) 2.51 (331) 5.30 24,560 5.17 4,628 2.42 (i) 0.77 0.099 (b) (i) (ii) (ii) (i) 2,971 6.66 2,608 6.64 119 4.90 189 7.37 (1,432) 5.82 1,658 7.26 2,797 6.69 (i) (ii) 54
4.3 18. (c) 1,432 (700) 732 1,432,000700,095 (i) (ii) 5,500,000 2,900,000 55
18. (d) LVS LVS 497 70.39 671 65.23 (13) 13.83 (157) 48.86 (9) 79.06 (10) 85.55 475 71.82 504 69.92 475 71.82 504 69.92 (e) LVS LVS (i) (ii) (i) (ii) 13 56.30 15 53.91 1 54.99 1 76.18 (1) 76.18 (1) 57.35 13 54.69 15 55.07 (i) (ii) LVS LVS 56
5. Sheldon Gary Adelson Robert Glen Goldstein Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town, Grand Cayman KY1-9005 Cayman Islands L2 183 54 www.sandschinaltd.com * Victor Patrick Hoog Antink Iain Ferguson Bruce Steven Zygmunt Strasser (David Muir Turnbull) Iain Ferguson Bruce Victor Patrick Hoog Antink Steven Zygmunt Strasser Sheldon Gary Adelson Iain Ferguson Bruce (David Muir Turnbull) Michael Alan Leven Robert Glen Goldstein Victor Patrick Hoog Antink * L2 Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town, Grand Cayman KY1-9005 Cayman Islands 183 17 1712 1716 22 1928 * (David Alec Andrew Fleming)Michael Alan Leven 57
6. www.sandschinaltd.com 18317M sandschina.ecom@computershare.com.hk 18317 1712 1716 +852 2862 8628 +852 2865 0990 hkinfo@computershare.com.hk 18354 +853 8118 2888 +853 2888 3382 scl-enquiries@sands.com.mo 58
7. EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA LVSEBITDA 14 VML 59
LVS EBITDA 1.007.7523 1.007.9848 1.001.03 Four Seasons Hotels LimitedFS Macau Lda. Galaxy Casino Company Limited 60
7. 5/2004 6/2002 10.38 LVS Las Vegas Sands Corp. LVS LVS 61
MGM Grand Paradise Limited 10 290,562 23225 53,303 23223 61,681 23224 23288150,134 44,576 www.sandschinaltd.com 62
7. 636 1,224 1,796 2,067 St. Regis 571 0.01 VML VML 21 63
(i)(ii)vml(iii) (iv) 15,000 VML Venetian Macau Limited VOL VVDIL Venetian Venture Development Intermediate Limited VVDI (II) Venetian Venture Development Intermediate II LVS 64