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Annual Report 2017 1 CONTENTS Key Performance Indicators 14 Corporate Profile 16 Corporate Structure 17 Chairman & CEO’s Statement 18 Management Discussion and Analysis 20 Management Profile 34 Environmental, Social and Governance Report 38 Corporate Governance Report 54 Report of the Directors 63 Independent Auditor’s Report 93 Consolidated Statement of Profit or Loss and Other Comprehensive Income 98 Consolidated Statement of Financial Position 100 Consolidated Statement of Changes in Equity 102 Consolidated Statement of Cash Flows 105 Notes to Consolidated Financial Statements 107 Five Years Financial Summary 207 Corporate Information 208 Melco International Development Limited | Annual Report 2017 1 A TRUE LANDMARK FOR ALL OF MACAU Constantly upping its ante in the Macau integrated resort scene, our flagship property City of Dreams is heralding the start of a new era of hospitality sophistication in Macau. With the launch of the Forbes 5-Star hotel Nüwa, the rebranding and redevelopment of The Countdown, and the eagerly awaited opening of Morpheus, the cornerstone of the final phase of development for City of Dreams, the property sets a new benchmark for luxury and entertainment in Macau. A SPARKLING ENTERTAINMENT WONDERLAND Combining electrifying entertainment with Forbes 5-Star hotel, Michelin-starred dining and designer brand shopping, the cinematically-themed resort Studio City takes thrilling entertainment to a whole new level in Asia. Studio City is further embarking on a series of property upgrades to refine the entertainment offerings and improve accessibility into the resort, striving for bringing the biggest, boldest and most exciting attractions to Macau. THE WINNING HAND IN THE PHILIPPINE ENTERTAINMENT SCENE Featuring 3 luxurious hotel brands, various premium dining outlets and one-of-a-kind entertainment, the dynamic and innovative resort City of Dreams Manila is playing a key role in strengthening the depth and diversity of the Philippines’ leisure, business and tourism offerings. Despite new supply within Entertainment City, through delivering an unparalleled entertainment and hospitality experience to the Philippines, City of Dreams Manila continued to enjoy robust year-on- year growth and be a key revenue driver of the Group. VISION FOR JAPAN Heritage inspires the future. In collaboration with international contemporary artists, the Group hosted the KIMONO ROBOTO exhibition to celebrate the heritage of the traditional kimono artistry. A world-first collection of museum-quality kimonos created by Japanese Living National Treasures and Imperial Family-appointed artisans using weaving techniques unseen in over a century were showcased in the event. Japan continues to be a core focus of the Group. With its high quality assets, dedication to world-class entertainment offerings, market-leading social safeguard and compliance culture, and commitment to being an ideal partner to local governments and communities alike, the Group is in a strong position to realize its vision for integrated resort development in the country with a unique Japanese touch. GIVING BACK TO THE COMMUNITY IT SERVES The Group has devoted its greatest efforts in contributing to the society through a proactive and innovative approach, with the development of one-of-its kind Corporate Social Responsibility (CSR) programs. Its vision in CSR is about making a difference in the lives of the people in the communities in which it operates. Beyond philanthropy, it is about creating long-term programs which create solutions and opportunities for the society. 12 Melco International Development Limited | Annual Report 2017 ENTERTAINING POSSIBILITIES ACHIEVING GROWTH VISION To contribute to the growth and future of the communities we serve, inspiring hope and happiness in people all over the world. MISSION To be a dynamic company that leads the field in leisure and entertainment, we continually explore new opportunities for growth and development that create value for all stakeholders. Melco International Development Limited | Annual Report 2017 13 KEY PERFORMANCE INDICATORS Key Financial Performance Indicators Melco International Development Limited (“Melco International” or the “Company”, together with its subsidiaries collectively referred to as the “Group”) has once again achieved strong financial results with net revenue increasing by over 70% to HK$41.2 billion and Adjusted EBITDA increasing by approximately 85% to HK$9.81 billion. The increase was due to stronger results in 2017. Additionally, the prior year results reflected approximately 8 months of consolidated results of Melco Resorts & Entertainment Limited (“Melco Resorts”) (formerly known as Melco Crown Entertainment Limited) compared to a full year of consolidated results in 2017. Profit attributable to owners of the Company and basic earnings per share both decreased by 95.4% to HK$474.1 million and HK$0.31, respectively. The decreases were principally due to a one-off gain on deemed disposal of previously held interest in an associate amounting to approximately HK$10,385.5 million recognized in 2016, offset in part by the strong performance of the Group’s operating results. During the year, Melco International benefited from the recovery of its core market of Macau, rebounding to register consecutive monthly growth throughout 2017. Meanwhile, outside Macau, City of Dreams Manila has continued to deliver consistently strong performance across all gaming segments and capturing the fast-growing tourism market of the Philippines. Beyond Asia, the Group has increased its interest in the Cyprus casino resort licensing holding project company to 75%, thereby increasing the Company’s exposure to the high-growth integrated resort market opportunity in the country. REVENUE PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY HK$41,180.1 million (+72.6%) HK$474.1 million (-95.4%) (HK$ million) (HK$ million) $45,000.0 $12,000.0 $10,000.0 $35,000.0 $8,000.0 $25,000.0 $6,000.0 $15,000.0 $4,000.0 $5,000.0 $2,000.0 $0.0 $0.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 BASIC EARNINGS PER SHARE TOTAL DIVIDENDS FOR THE YEAR HK$0.31 (-95.4%) HK6.2 cents per share (+77.1%) (HK$) (HK$ cents) $8.00 25.0 20.0 $6.00 15.0 $4.00 10.0 $2.00 5.0 $0.00 0.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 14 Melco International Development Limited | Annual Report 2017 Non-Financial Key Performance Indicators The Group has disclosed details on various non-financial key performance indicators, including stakeholder engagement, environmental impact and other community development efforts in its 2017 Environmental, Social and Governance (“ESG”) Report. The Group’s non-financial key performance indicators for the year were robust and continued to reflect its steadfast commitment and significant contributions to the betterment of the society. COMMUNITY ENGAGEMENT ENVIRONMENTAL PROTECTION In 2017, the Group has continued to engage in a wide range of The Group closely examines how resources are used and is activities that benefit the communities it has deep roots in, aiming mindful of minimizing its carbon footprint at both the office and to make a difference in people’s lives. Its continuous commitment operational level. It has continued to examine ways to further in corporate social responsibilities has resulted in the following reduce carbon emissions. achievements: Assistance to 362,000+ children, young people and Greenhouse Gas (“GHG”) Emissions the physically challenged Total GHG Emissions (tCO2e): 406,714 Contribution of 136,800+ volunteer hours (2016:418,557) by employees * The above data were collected during the Jun 1 to May 31 2016 period. Melco International Development Limited | Annual Report 2017 15 CORPORATE PROFILE A LONG HISTORY AND A BRIGHT FUTURE BRILLIANT ACHIEVEMENTS Melco International was founded in 1910 and listed on the Hong The accolades that Melco International has received over the Kong Stock Exchange in 1927. Under the leadership of Chairman past several years proved that our achievements have been and Chief Executive Officer Mr. Lawrence Ho, Melco International widely recognized. The Group is the first entertainment company has found new energy and direction as a dynamic company to receive the “Hong Kong Corporate Governance Excellence that leads the field in the leisure and entertainment sector. Our Awards 2009” by the Chamber of Hong Kong Listed Companies group companies are responding to the changing dynamics and the Centre for Corporate Governance and Financial Policy, with vibrant, imaginative products and services that fulfill the Hong Kong Baptist University. In 2017, Melco International has demands and dreams of the increasingly affluent and ambitious been honored with the “Corporate Governance Asia Annual young generation. Recognition Awards” for 12 consecutive years since 2006, and the “Best Investor Relations Company in Hong Kong” for 6 CONFIDENCE LEADS TO GROWTH, GROWTH LEADS TO consecutive years by Corporate Governance Asia magazine. CONFIDENCE Its Chairman and Chief Executive Officer, Mr. Lawrence Ho was Characterizing all Melco International companies is confidence granted the “Leadership Gold Award” in the Business Awards of that stems from recent successes in repositioning businesses Macau in 2015, and was awarded “Asia’s Best CEO” at the Asian for long-term growth and the development of unique, proprietary Excellence Awards by Corporate Governance Asia magazine for products and services in attaining market leadership. the sixth time in 2017. In 2017, Melco International became the sole majority
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