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Annual Report Annual Annual Report 2014 www.sandschinaltd.com 2014 ANNUAL REPORT This annual report is printed on recycled paper using soy ink FROM LUXURY DUTY FREE SHOPPING, EXCITING ENTERTAINMENT AND FABULOUS DINING TO WORLD-CLASS HOTEL SUITES AND MICE, COME AND DISCOVER EVERYTHING AT SANDS CHINA CONTENTS 1. Overview 4 1.1 Financial Highlights 4 1.2 Highlights of 2014 5 1.3 Chairman’s Statement 12 1.4 Directors and Senior Management 14 1.5 Business Overview 20 1.6 Our Properties 24 Management 2. Discussion and 31 Analysis Stakeholder 3. Information 45 3.1 Our Shareholders 45 3.2 Our Lenders 46 3.3 Our Customers 48 3.4 Our Employees 49 3.5 Our Commitment to the Community 50 3.6 Preserving the Environment 53 Corporate 4. Governance Report 59 4.1 Chairman’s Introduction 59 4.2 Good Governance 60 4.3 The Board 60 4.4 Key Roles 65 4.5 Activity 67 4.6 The Committees 68 4.7 Risk and Internal Control 72 4.8 Shareholders 73 4.9 Compliance Disclosures and 75 Other Matters 4.10 Directors’ Report 77 5. Financial Statements 97 5.1 Independent Auditor’s Report 97 5.2 Financial Statements 99 5.3 Notes to the Consolidated Financial 106 Statements 5.4 Financial Summary 188 6. Corporate Information 189 7. Contact Us 190 8. Glossary 191 In case of any inconsistency between the English version and the Chinese version of this annual report, the English version shall prevail. OUR LUXURIOUS HOTEL ROOMS AND SUITES AWAIT YOU. 002 SANDS CHINA LTD. Annual Report 2014 INTRODUCTION Sands China operates the largest collection of integrated resorts in Macao. As at December 31, 2014, we had 9,277 hotel rooms and suites, 125 restaurants, 1.5 million square feet of retail, 1.5 million square feet of meeting space, permanent theaters, a 15,000-seat arena and some of the world’s largest casinos. 003 1. OVERVIEW 1.1 FINANCIAL HIGHLIGHTS • Net revenues were US$9,505.2 million (HK$73,743.2 million) for the year ended December 31, 2014, an increase of US$597.3 million (HK$4,663.3 million), or 6.7%, compared to US$8,907.9 million (HK$69,079.9 million) for the year ended December 31, 2013. • Operating expenses were US$6,881.0 million (HK$53,384.2 million) for the year ended December 31, 2014, an increase of US$263.3 million (HK$2,064.6 million), or 4.0%, compared to US$6,617.7 million (HK$51,319.6 million) for the year ended December 31, 2013. • Adjusted EBITDA for the year ended December 31, 2014 was US$3,261.0 million (HK$25,299.5 million), an increase of US$360.5 million (HK$2,806.4 million), or 12.4%, compared to US$2,900.5 million (HK$22,493.1 million) for the year ended December 31, 2013. • Profit for the year ended December 31, 2014 was US$2,547.7 million (HK$19,765.6 million), an increase of US$332.8 million (HK$2,589.3 million), or 15.0%, compared to US$2,214.9 million (HK$17,176.3 million) for the year ended December 31, 2013. Note: The translation of US$ amounts into HK$ amounts has been made at the rate of US$1.00 to HK$7.7582 (2013: US$1.00 to HK$7.7549) for the purposes of illustration only. 004 SANDS CHINA LTD. Annual Report 2014 1.2 HIGHLIGHTS OF 2014 Business Net Revenues Adjusted EBITDA Profit (US$Million) (US$Million) (US$Million) 6.7% 12.4% 15.0% 34.3% 26.8% 32.5% 24.9% $9,505 $3,261 $8,908 $2,900 $2,548 $2,215 2013 2014 2013 2014 2013 2014 Adjusted EBITDA Profit as a % of as a % of Net Revenues Net Revenues • We participated in tradeshows and launched roadshow product seminars to educate the Travel Trade and Meetings sectors about Sands Resorts Cotai Strip Macao and new developments, visiting nine cities across Asia including Shanghai, Beijing, Guangzhou, Hong Kong, Tokyo, Osaka, Seoul, Taipei and Mumbai. These seminars introduced the new brand positioning of Sands Resorts Cotai Strip Macao, our integrated product offerings of The Venetian Macao, Sands Cotai Central and The Plaza Macao, highlighting the retail and entertainment offering of our integrated resorts. A strong emphasis continued in 2014 with the positioning of luxury retail shopping, live entertainment and the extensive meeting space available at Sands Resorts Cotai Strip Macao. • Destination events continued to drive increased visitation with some 600,000 visitors experiencing the diversified events across the integrated resorts. These events included Chinese New Year celebrations, Carnevale, Macau Wine & Dine Festival, Transformers 30th Anniversary Expo, Ice World Exhibition, Cotai Jazz & Blues Festival, DreamWorks Experience, Character Dining and the return of Winter in Venice Celebrations for the third year. • Sands China continued to leverage the DreamWorks Experience and hosted numerous film premieres including Mr. Peabody and Sherman, How to Train Your Dragon 2, The Crossing and The Expendables 3. 005 1. OVERVIEW • Sands Resorts Cotai Strip Macao hosted 513 travel industry and meeting planner familiarization events in order to showcase the integrated resorts under a common destination umbrella. Such familiarization events were held with buyers from Asia, emphasizing China and India, Australia, Europe and North America, highlighting the increased demand for Macao as an ideal meetings and leisure tourism destination. • Cooperative marketing agreements with 21 travel agents across eight Asian counties generated promotional package in excess of 260,000 room nights. • Sales managed 2,959 group enquires in 2014 converting 30%, or 899, bookings resulting in a 3% conversion increase compared to 2013 as the appeal of Macao as an international meetings destination grows. • The Venetian Macao and Sands Cotai Central together hosted 805 events including exhibitions, tradeshows, conferences and social and government events, as well as incentive groups, attracting 1,685,000 visitors. • The Company hosted 92 live international entertainment events attracting more than 266,000 visitors. Major entertainment events held during the year included concerts by top stars such as the Rolling Stones, Eason Chan, Dayo Wong and Girls’ Generation, as well as The Voice of China, UFC and a World Championship boxing event featuring Manny Pacquiao and China’s double Gold Medal Olympic Champion, Zou Shiming. • CotaiJet ferry services carried 7.8 million passengers in 2014 (an average of 21,300 per day), providing an average of 44 daily round trip sailings in 2014. 006 SANDS CHINA LTD. Annual Report 2014 Attendance Sands China’s properties are among the most visited destinations in Macao, attracting families, business visitors and entertainment seekers from around the world. More than 30% of our hotel guests are families with children and business travelers attending corporate meetings, conventions and exhibitions. In 2014, all four of our properties, The Venetian Macao, Sands Cotai Central, The Plaza Macao and Sands Macao, attracted a combined total of 69.7 million (2013: 62.9 million) visitors or approximately 191,000 (2013: 172,400) visitors per day. Entertainment Entertainment is at the heart of our business. Since opening in 2007, our 15,000-seat Cotai Arena has established itself as one of the top live-entertainment venues in Southern China. It is the only venue in Asia ranked in Pollstar’s Top 100 Arena Venues worldwide, based on ticket sales. The live entertainment program at our properties, from concerts to sporting events to awards ceremonies, is a key traffic and revenue driver and has established the Company as the leader in the field of tourism and leisure activities. The diversity of entertainment offered by the Company sets it apart from other gaming destinations. Our entertainment offerings include lounge acts, dancers, singers, gondoliers and street performers, all of whom contribute to the overall customer experience at our properties. The Cotai Arena, The Venetian Theatre, Sands Theatre and The Venetian Macao and Sands Cotai Central ballrooms hosted a total of 92 different live entertainment events over 170 event days in 2014. Taken together, these events attracted more than 266,000 visitors. The Cotai Arena hosted major entertainment events during the year including concerts by top stars such as the Rolling Stones, Eason Chan, Dayo Wong and Girls’ Generation, as well as hosting The Voice of China, UFC and a World Championship boxing event featuring Manny Pacquiao and China’s double Gold Medal Olympic Champion, Zou Shiming. Meetings, Incentives, Conventions and Exhibitions As at December 31, 2014, Sands China’s properties boasted 1.5 million square feet of MICE space specifically designed to meet the needs of meeting planners and corporate events and trade show organizers from around the world. The CotaiExpo at The Venetian Macao is one of the largest exhibition centers in Asia and has hosted some of the region’s biggest exhibitions. Our experience and expertise in this industry continues to drive business and leisure tourism to Macao. With the full operation of Sands Cotai Central in 2013, our meeting and convention capabilities continued to expand and we were proud to provide the same guaranteed expertise and service in our new facilities that has made CotaiExpo the region’s MICE leader. With hotel brands Conrad, Holiday Inn and Sheraton, MICE organizers now have an expanded selection of accommodation choices to satisfy a wider demographic of event attendees. With the implementation of our “Green Meetings” initiative through the global ECO360° program, we will be pursuing our goal of having one of the most sustainable and environmentally-friendly conference centers in Asia. The Venetian Macao and Sands Cotai Central together attracted 1,685,000 visitors to Macao for MICE events throughout the year, compared to 1,717,000 visitors in 2013, with 1,499,000 visitors attending our 54 exhibitions and trade shows and 186,000 conference and corporate visitors attending 751 meeting and incentive events.
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