Galaxy Entertainment Group Limited Stock Code 27 INTERIM REPORT 2012
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 29 30 31 32 34 35 36 52
02 GBM MBE LLD DSSc DBA BBS LLD BBS GBM MBE LLD DSSc DBA BBS LLD BBS LLD BBS LLD BBS BBS # # * * The Bank of New York Mellon PO Box 358516 Pittsburgh, PA 15252-8516, USA 1-201-680-6825 1-888-BNY-ADRS shrrelations@bnymellon.com 27 27 HK 0027.HK GXYEY 86002 (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com http://www.galaxyentertainment.com
100% 3,600 100,000200 100 3,000 03
283 EBITDA47159% EBITDA 34 04 11019 16014% EBITDA 2930% EBITDA 6337% EBITDA 11313% EBITDA1830% 98% 9.445% EBITDA 2.2828% EBITDA 8,2001.06
% 05 13,020 27,382 110% 647 940 45% 13,667 28,322 107% EBITDA % 1,685 4,551 170% 178 228 28% (45) (67) -49% 1,818 4,712 159% % 378 3,446 812% 9.3 82.5 787% 31,902 39,577 24% 6,009 11,026 83% 25% 7%
TM 06 ^ % 2,388 15,989 570% EBITDA 376 2,869 663% EBITDA 16% 18% EBITDA 22% 26% ** 37% / 357,800 11,400 3.2% 11,900 3,300 27.8% 8,700 569 6.5% ^ / 50,000 1,800 3.5% 2,400 400 17.5% 1,800 114 6.3% ^ ** EBITDA
% 07 9,960 11,311 13% EBITDA 1,349 1,758 30% EBITDA 13% 16% EBITDA 23% 26% * 74% 98% / 339,100 9,900 2.9% 4,760 1,109 22.9% 1,770 122 6.9% / 309,000 8,900 2.9% 4,000 728 17.7% 2,070 119 5.8% * EBITDA
08 GBM MBE LLD DSSc DBA 280 EBITDA159% 47 EBITDA
09 1,440 20% 1,360 33 52%11
10 EBITDA 3,600 100,000 200 100 3,000 PermiraPermira
11
FinanceAsia 12 TTG 2012 2012 2012 Hong Kong Business
3 + 13
14
283 EBITDA159%47 EBITDA EBITDA 29 EBITDA30% EBITDA 52% 98% 20% 1,440 720 1,360 2.5% 15% 1,020885 36% 267 362 4.4%64 54 283 EBITDA159%47 EBITDA13718 EBITDA182% 86 34 15
36% 33 52%11 77110 19 14 16 27,382 940 28,322 EBITDA 4,551 228 (67) 4,712 13,020 647 13,667 EBITDA 1,685 178 (45) 1,818 EBITDA 16029 EBITDA 6337% 3,580 114 9% 1,86023% 63 EBITDA20% 16 EBITDA12.5% 16%18% EBITDA22% 26% 33 36% 8% 7% 5.69
^ % ^ % 50,000 186,400 273% 50,000 357,800 616% 1,800 6,300 250% 1,800 11,400 533% 3.5% 3.4% 3.5% 3.2% ^ % ^ % 2,400 6,000 150% 2,400 11,900 396% 400 1,700 325% 400 3,300 725% 17.5% 28.4% 17.5% 27.8% ^ % ^ % 1,800 4,400 144% 1,800 8,700 383% 17 114 271 138% 114 569 399% 6.3% 6.2% 6.3% 6.5% ^
18 6 6.95 94% 55 3D Laura Fygi TTG
1,300JW 3,600 200 3,000 5001,000 45100 EBITDA 13% 113 EBITDA30% 18 16% 26% 98% 3,390 10%3,090 9989 19 % 151,000 158,000 309,000 176,100 163,000 339,100 10% 4,400 4,500 8,900 4,800 5,100 9,900 11% 2.9% 2.9% 2.9% 2.7% 3.1% 2.9%
52% 1148 40 1.22 20 % 1,900 2,100 4,000 2,390 2,370 4,760 19% 362 366 728 564 545 1,109 52% 18.1% 17.3% 17.7% 23.2% 22.5% 22.9% % 1,050 1,020 2,070 930 840 1,770 14% 70 49 119 62 60 122 3% 6.7% 4.8% 5.8% 6.6% 7.2% 6.9%
34% 2.07 1.5498% 2012 8,200 1.06 9.445% EBITDA2.2828% 21
EBITDA 7% 177.46 142.22 25% 395.77 357.64 93.34 60.13 114.75 116.72 7% 19% 22
157.74 163.4927.94 28.28 2.95 2.35 18.23 18.02 79.71 100.57 76.03 75.43 900 900 900 900 15,000 20.26 23
24 2012 2012 2012
25
26 20 110 2011 2012 35,000
2012 27
28
30 51 34 34 2410 29 34
30 5 28,321,661 13,666,494 7(a) 131,817 71,962 (10,375,564) (5,009,678) (9,438,335) (5,122,960) (383,779) (275,623) (905,698) (348,708) (2,065,522) (1,396,917) (1,551,356) (999,813) 8 (303,768) (91,573) (164,718) 49,292 79,324 1,074 7(b) 3,479,822 407,790 9 (25,598) (18,045) 3,454,224 389,745 3,446,507 378,309 7,717 11,436 3,454,224 389,745 11 82.5 9.3 81.1 9.1
3,454,224 389,745 (1,872) 447 (21,281) 29,709 (22,791) (31,121) 31 (45,944) (965) 3,408,280 388,780 3,402,899 371,405 5,381 17,375 3,408,280 388,780
32 17,460,097 17,469,329 77,000 77,000 4,417,727 4,444,253 1,209,767 1,270,424 1,309,512 1,169,155 1,532 458 1,692,846 1,702,230 303,149 348,179 26,471,630 26,481,028 156,717 138,471 13 2,115,084 1,578,636 375,073 298,194 5,321 8,379 6,248 8,330 1,113,460 1,238,562 9,333,620 6,012,706 13,105,523 9,283,278 39,577,153 35,764,306
14 418,834 417,421 17,326,746 13,804,605 17,745,580 14,222,026 445,565 421,201 33 18,191,145 14,643,227 15 10,101,286 10,530,722 279,087 276,220 86,266 63,475 90,973 101,234 174,308 155,984 10,731,920 11,127,635 16 9,242,348 8,829,439 14,985 14,875 15 1,373,630 1,141,862 23,125 7,268 10,654,088 9,993,444 21,386,008 21,121,079 39,577,153 35,764,306 2,451,435 (710,166) 28,923,065 25,770,862
4,639,387 1,736,429 (3,963,136) (4,592,754) (251,019) 3,453,347 34 425,232 597,022 6,793,088 4,369,255 (626) 4,378 7,217,694 4,970,655 9,333,620 4,349,743 (3,229,386) (79,529) 1,113,460 700,441 7,217,694 4,970,655
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) 35 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 18,191,145 395,440 8,801,497 9,196,937 377,614 9,574,551 378,309 378,309 11,436 389,745 447 447 447 23,770 23,770 5,939 29,709 (31,121) (31,121) (31,121) 371,405 371,405 17,375 388,780 21,747 21,747 (8,387) (8,387) 1,342 43,102 44,444 44,444 17,298 1,728,296 1,745,594 1,745,594 36,915 36,915 36,915 414,080 10,981,215 11,395,295 408,349 11,803,644
1. 36 2. 34 (a) 7 12
2. (b) 1 19 27 28 10 11 12 13 7 20 32 7 9 9 37 3.
4. 5. 38 26,386,631 12,722,795 75,745 45,563 11,026 5,533 902,327 241,729 6,147 4,040 939,785 646,834 28,321,661 13,666,494
5. 75,745,00045,563,000 6. EBITDA EBITDA EBITDA 39
6. 40 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
6. 14,313,450 646,834 14,960,284 41 5 (1,340,681) (1,340,681) 45,563 45,563 1,328 1,328 13,019,660 646,834 13,666,494 EBITDA 1,684,691 177,778 (44,937) 1,817,532 27,649 (348,708) (91,573) (164,718) (18,045) (9,346) (766,760) (6,700) (36,915) (30,209) 17,538 389,745
6. 42 32,780,882 4,140,567 2,655,704 39,577,153 22,122 1,287,390 1,309,512 1,532 1,532 16,458,135 1,645,867 3,282,006 21,386,008 29,892,938 3,754,280 2,117,088 35,764,306 12,391 1,156,764 1,169,155 458 458 16,108,124 1,540,599 3,472,356 21,121,079 707,542 122,756 26 830,324 4,195,400 87,962 175 4,283,537
6. 27,481,948 13,065,914 610,675 382,445 229,038 218,135 43 28,321,661 13,666,494 22,335,370 22,499,814 457,188 463,998 1,986,226 1,814,986 24,778,784 24,778,798
7. (a) 44 4,376 3,123 46,396 23,150 6,362 2,558 702 572 181 28,000 636 1,369 17,538 45,924 18,582 132,396 67,073 (2,082) (6,700) 602 162 (24,901) 9,209 11,427 16,593 (579) 4,889 131,817 71,962 (b) 790,411 253,663 53,023 52,732 23,981 7,584 7,756 7,756 4,010 4,010 158 158 26,359 22,805
8. 12,766 47,735 44,793 231,775 194,266 28,806 24,766 1,646 803 45 309,962 277,394 (6,194) (185,821) 303,768 91,573 9. 17,303 9,845 6,325 6,700 235 (889) 1 2,859 1,264 25,598 18,045 16.5%16.5% 12% 25%12% 25% 10.
11. 46 3,446,507 378,309 4,179,839,646 4,089,356,225 68,540,235 90,572,838 4,248,379,881 4,179,929,063 12. 814,000,000 4,205,000,00016,000,00078,000,000
13. 617,232 594,833 1,364,049 901,611 103,958 50,438 16,788 17,420 13,057 14,334 2,115,084 1,578,636 30603060 120210120210 47 217,491 240,364 206,000 211,222 60,440 98,280 133,301 44,967 617,232 594,833
14. 0.10 48 9,000,000,000 900,000 3,954,398,244 395,440 13,417,960 1,342 172,983,862 17,298 4,140,800,066 414,080 33,408,656 3,341 4,174,208,722 417,421 14,128,972 1,413 4,188,337,694 418,834 26,889,0009,767,00014,128,97213,417,960 311,66859,333 106,223,081 129,535,711
15. 8,632,333 8,638,117 375,634 369,320 49 9,007,967 9,007,437 a 1,667,227 1,667,990 10,675,194 10,675,427 b 799,722 997,157 11,474,916 11,672,584 (1,227,176) (851,599) (146,454) (290,263) (1,373,630) (1,141,862) 10,101,286 10,530,722 (a) 1,380,000,000 4.625% (b) 625,000,000606,000,000
16. 50 1,254,083 943,626 4,318,899 4,408,892 2,205,816 2,042,824 59,706 68,216 1,382,659 1,304,342 21,185 61,539 9,242,348 8,829,439 1,088,096 724,053 77,662 99,550 31,434 35,457 56,891 84,566 1,254,083 943,626
17. 77,868 365,489 463,536 890,694 51 160 18. (a) 6,362,0002,558,000 (b) 2,419,0001,718,000 (c) 792,0001,054,000 (d) 39,000,00030,000,000
(a) 52 30,237,632 2,181,518 305,401 (1) 2,701,662,948 (2) 2,734,387,499 65.28 41,806,896 407,558,099 (3) 2,285,022,504 (2) 2,734,387,499 65.28 3,387,000 3,387,000 0.08 14,969,722 2,719,417,777 (2) 2,734,387,499 65.28 250,000 250,000 0.00 250,000 250,000 0.00 2,800,000 2,800,000 0.06 (1) 305,401 (2) 1,708,944,231 XV 992,718,717576,078,2731,010,473,546 (3) Recurrent Profits Limited114,504,039Top Notch Opportunities LimitedTop Notch 171,916,021Kentlake International Investments LimitedKentlake60,000,000 61,138,039 Top Notch Kentlake Top Notch Kentlake
(b) XV City Lion Profits Corp. 2,734,387,499 (1) 65.28 CWL Assets (PTC) Limited 1,708,944,231 40.80 ENB Topco 2 S.àr.l 2,727,057,499 (1)(3) 65.11 2,734,387,499 (1) 65.28 HSBC International Trustee Limited 1,709,062,231 (2) 40.80 Mark Liaison Limited 2,734,387,499 (1) 65.28 Permira Holdings Limited 2,727,057,499 (1)(4) 65.11 Premium Capital Profits Limited 2,734,387,499 (1) 65.28 Recurrent Profits Limited 2,734,387,499 (1) 65.28 Super Focus Company Limited 2,734,387,499 (1) 65.28 53 (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 1,420,500,293 2,301,695,4982,734,387,4992,724,726,6442,198,673,4992,721,079,3202,619,883,4602,465,187,345 (2) 1,709,062,231HSBC International Trustee Limited 1,708,944,231 (3) ENB Topco 2 S.àr.lENB Lux 2 S.àr.l (4) Permira Holdings Limited
(i) (ii) (iii) (iv) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,708,944,231 City Lion Profits Corp. CWL Assets (PTC) Limited1,313,887,206 Recurrent Profits Limited114,504,039 ENB Topco 2 S.àr.l Permira Holdings Limited425,362,001 54 (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 2,000,000 2,000,000 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
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 20.100 642,000 642,000 3.600 642,000 642,000 13.820 500,000 500,000 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 55
56 110,000 110,000 0.514 625,000 625,000 6.972 625,000 625,000 6.972 1,250,000 1,250,000 6.972 452,000 189,000 (a) 263,000 3.320 3,109,331 2,091,999 (b) 1,017,332 2.160 4,357,326 2,313,667 (c) 2,043,659 2.160 11,931,690 4,597,678 (d) 7,334,012 2.160 777,000 282,000 (e) 495,000 3.600 227,032 227,032 (f) 2.910 1,650,330 1,520,264 (g) 130,066 2.910 1,650,340 166,668 1,483,672 2.910 6,241,664 1,740,999 (h) 4,500,665 4.670 9,259,660 9,259,660 4.670 9,259,680 9,259,680 4.670 666,666 666,666 6.810 666,666 666,666 6.810 666,668 666,668 6.810 5,297,995 1,166,333 (i) 4,131,662 13.820 1,540,995 1,540,995 13.820 1,541,010 1,541,010 13.820 5,008,646 48,333 4,960,313 14.220 5,008,646 48,333 4,960,313 14.220 5,008,708 48,334 4,960,374 14.220 1,510,998 1,510,998 20.100 1,510,998 1,510,998 20.100 1,511,004 1,511,004 20.100 568,000 568,000 2.160
(a) 23.53 (b) 18.93 (c) 21.27 (d) 21.75 (e) 22.79 (f) 20.47 57 (g) 19.34 (h) 19.99 (i) 22.83 1.00
(Black-Scholes) 58 6.37 14.08 14.22 65% 70% 3.5 4.5 2% 0.741% 0.852% 14,881,000 11,863,000 8.47 20.10 20.10 60% 65% 3.5 4.5 2% 0.390% 0.648% 13.8618.86 2410
13.21 Galaxy Entertainment Finance (Galaxy Macau) Limited90 35% 100% A.4.2 A.6.7 E.1.2 A.4.2 59 A.6.7 E.1.2
13.51B (1) GBM MBE LLD DSSc DBA 60
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