Results Announcement for the Six Months
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Genting Hong Kong Limited (Continued into Bermuda with limited liability) (Stock Code: 678) ANNOUNCEMENT RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 The Directors of Genting Hong Kong Limited (the “Company”) announce the unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2013, together with the comparative figures for the previous period as follows: CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June 2013 2012 Note US$’000 US$’000 unaudited unaudited Continuing operations Turnover 3 256,629 208,883 Operating expenses Operating expenses excluding depreciation and amortisation (186,721) (139,323) Depreciation and amortisation (34,462) (25,933) (221,183) (165,256) Selling, general and administrative expenses Selling, general and administrative expenses excluding depreciation and amortisation (46,041) (41,224) Depreciation and amortisation (4,351) (3,231) (50,392) (44,455) (271,575) (209,711) (14,946) (828) Share of profit of jointly controlled entities 32,174 38,874 Share of (loss) / profit of associates (43,988) 220 Other income / (expenses), net 4 77,961 (2,449) Finance income 6,181 5,001 Finance costs (24,757) (18,376) 47,571 23,270 Profit before taxation 32,625 22,442 Taxation (expense) / credit 5 (9,565) 696 Profit for the period from continuing operations 23,060 23,138 1 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) Six months ended 30 June 2013 2012 Note US$’000 US$’000 unaudited unaudited Discontinued operations Profit for the period from discontinued operations 6 - 14,672 23,060 37,810 Other comprehensive (loss) / income: Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences (46,956) 8,705 Fair value loss on derivative financial instruments (613) (465) Fair value loss on available-for-sale investments (13,946) (3,043) Realised loss of derivative financial instruments transferred to profit or loss (103) (1,887) Share of other comprehensive loss of a jointly controlled entity - (19,359) Share of other comprehensive loss of an associate (14,639) - Other comprehensive loss for the period (76,257) (16,049) Total comprehensive (loss) / income for the period (53,197) 21,761 Profit attributable to: Equity owners of the Company 23,436 38,036 Non-controlling interests (376) (226) 23,060 37,810 Profit attributable to equity owners of the Company arises from: Continuing operations 23,436 23,364 Discontinued operations - 14,672 23,436 38,036 Total comprehensive (loss) / income attributable to: Equity owners of the Company (52,821) 21,987 Non-controlling interests (376) (226) (53,197) 21,761 Total comprehensive (loss) / income attributable to equity owners of the Company arises from: Continuing operations (52,821) 7,315 Discontinued operations - 14,672 (52,821) 21,987 Earnings per share from continuing and discontinued operations attributable to equity owners of the Company 7 - Basic (US cents) Continuing operations 0.30 0.30 Discontinued operations - 0.19 0.30 0.49 - Diluted (US cents) Continuing operations 0.30 0.30 Discontinued operations - 0.19 0.30 0.49 2 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 31 December 2013 2012 Note US$’000 US$’000 unaudited audited ASSETS NON-CURRENT ASSETS Deferred tax assets 53 135 Property, plant and equipment 1,039,640 1,015,775 Land use right 1,280 1,281 Interests in jointly controlled entities 388,042 1,367,312 Interests in associates 956,052 115 Available-for-sale investments 195,152 206,218 Other assets 92,223 107,068 2,672,442 2,697,904 CURRENT ASSETS Consumable inventories 18,152 12,001 Trade receivables 8 122,193 92,260 Prepaid expenses and other receivables 91,803 171,850 Available-for-sale investments - 16,041 Amounts due from related companies 7,834 3,817 Restricted cash 5,861 5,461 Cash and cash equivalents 423,120 450,683 668,963 752,113 TOTAL ASSETS 3,341,405 3,450,017 3 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June 31 December 2013 2012 Note US$’000 US$’000 unaudited audited EQUITY Capital and reserves attributable to the Company's equity owners Share capital 779,320 777,249 Reserves: Share premium 2,692 13 Contributed surplus 936,823 936,823 Additional paid-in capital 104,367 105,174 Convertible bonds - equity component 5,929 5,929 Foreign currency translation adjustments (17,731) 29,225 Available-for-sale investments reserve (54,090) (40,144) Cash flow hedge reserve (19,917) (5,896) Retained earnings 539,815 516,379 2,277,208 2,324,752 Non-controlling interests 46,970 47,346 TOTAL EQUITY 2,324,178 2,372,098 LIABILITIES NON-CURRENT LIABILITIES Loans and borrowings 524,974 712,022 Deferred tax liabilities 1,449 36 526,423 712,058 CURRENT LIABILITIES Trade creditors 9 52,178 42,705 Current income tax liabilities 8,403 1,606 Provisions, accruals and other liabilities 121,357 175,280 Current portion of loans and borrowings 283,213 130,402 Derivative financial instruments 997 246 Amounts due to related companies 4,193 764 Advance ticket sales 20,463 14,858 490,804 365,861 TOTAL LIABILITIES 1,017,227 1,077,919 TOTAL EQUITY AND LIABILITIES 3,341,405 3,450,017 NET CURRENT ASSETS 178,159 386,252 TOTAL ASSETS LESS CURRENT LIABILITIES 2,850,601 3,084,156 4 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 1. General Information Genting Hong Kong Limited (the “Company”) is an exempted company continued into Bermuda with limited liability and the shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and traded on the GlobalQuote of the Singapore Exchange Securities Trading Limited. The registered office of the Company is situated at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. The principal activity of the Company is investment holding. The Company’s subsidiaries are principally engaged in the business of cruise and cruise related operations and leisure, entertainment and hospitality activities. These unaudited condensed consolidated interim financial information has been approved for issue by the Board of Directors on 20 August 2013. 2. Principal Accounting Policies and Basis of Presentation The unaudited condensed consolidated interim financial information of the Group have been prepared in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants and Appendix 16 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). The preparation of the unaudited condensed consolidated interim financial information requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The unaudited condensed consolidated interim financial information are prepared under the historical cost convention, as modified by the revaluations of certain financial assets and financial liabilities (including derivative instruments) which are carried at fair value. In preparing these unaudited condensed consolidated interim financial information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements of the Group for the year ended 31 December 2012. The Group’s operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire financial year. This announcement should be read where relevant, in conjunction with the annual report of the Group for the year ended 31 December 2012 which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”). The accounting policies and methods of computation used in the preparation of these unaudited condensed consolidated interim financial information are consistent with those used in the annual report for the year ended 31 December 2012, except that the Group has adopted the following revised HKAS: (i) HKAS 1 (Amendment), ‘Presentation of financial statements’ (effective from 1 July 2012). The main change resulting from these amendments is a requirement for entities to group items presented in ‘other comprehensive income’ (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). The amendments do not address which items are presented in OCI. This amendment does not have a material impact on the Group’s consolidated financial information. (ii) HKFRS 10, ‘Consolidated financial statements’ (effective from 1 January 2013). The objective of HKFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entity (an entity that controls one or more other entities) to present consolidated financial statements. The standard defines the principle of control, and establishes controls as the basis for consolidation, and set out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee. It also sets out the accounting requirements for the preparation of consolidated financial statements. The amendments do not have a material impact on the Group’s financial information. 5 2. Principal Accounting Policies and Basis of Presentation (Continued) (iii) HKAS 27 (revised 2011), ‘Separate financial statements’ (effective from 1 January 2013).