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澳 門 博 彩 控 股 有 限 公 司 SJM Holdings Limited

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澳 門 博 彩 控 股 有 限 公 司 SJM Holdings Limited 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. 澳門博彩控股有限公司 SJM Holdings Limited (incorporated in Hong Kong with limited liability under the Companies Ordinance) Stock Code: 880 ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 The board of directors (the “Board”) of SJM Holdings Limited (the “Company”) is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2008 as follows. GROUP RESULTS The Group’s audited profi t attributable to equity holders of the Company for the year ended 31 December 2008 amounted to HK$796.1 million, a decrease of approximately 48.1% from 2007 profi t of HK$1,533.5 million. Basic earnings per share were HK18.4 cents (2007: HK40.9 cents). DIVIDEND A fi nal dividend of HK6.0 cents (2007: not applicable) per share has been proposed by the Board and is subject to approval by the shareholders of the Company in the coming annual general meeting. 1 CONSOLIDATED INCOME STATEMENT For the year ended 31 December 2008 2008 2007 NOTES HK$ HK$ (in millions) (in millions) Gaming revenue 5 27,992.4 32,146.6 Special gaming tax, special levy and gaming premium (10,915.0) (12,497.6) 17,077.4 19,649.0 Hotel, catering and related services income 172.6 80.5 Cost of sales and services (133.7) (45.0) Other income 131.2 105.9 Marketing and promotional expenses (10,115.0) (12,433.3) Operating and administrative expenses (6,307.2) (5,864.0) Finance costs 6 (158.2) (7.1) Share of results of an associate (1.5) 0.4 Share of profi ts of a jointly controlled entity 6.6 7.0 Profi t before taxation 7 672.2 1,493.4 Taxation 8 (16.7) (0.2) Profi t for the year 655.5 1,493.2 Attributable to — equity holders of the Company 796.1 1,533.5 — minority interests (140.6) (40.3) 655.5 1,493.2 Dividends 9 3,800.0 — Earnings per share — Basic 10 18.4 cents 40.9 cents 2 CONSOLIDATED BALANCE SHEET At 31 December 2008 2008 2007 NOTES HK$ HK$ (in millions) (in millions) Non-current assets Property, plant and equipment 9,535.9 8,411.8 Land use rights 886.5 815.0 Intangible assets 52.1 64.7 Art work and diamonds 281.7 278.9 Interest in an associate 64.6 60.6 Interest in a jointly controlled entity 62.3 55.7 Available-for-sale investments in equity securities 5.5 — Deposits made on acquisitions 219.0 221.6 Amount due from a fellow subsidiary 365.4 164.5 Pledged bank deposits 145.6 145.6 11,618.6 10,218.4 Current assets Inventories 43.4 21.0 Trade and other receivables 11 930.0 799.6 Amount due from ultimate holding company 4.6 — Amounts due from fellow subsidiaries — 190.9 Amount due from an associate 20.0 20.0 Amount due from a jointly controlled entity 14.3 14.3 Amount due from an investee company 160.7 180.2 Investment in trading securities 13.1 57.2 Pledged bank deposits 268.8 0.3 Bank balances and cash 5,847.1 6,537.5 7,302.0 7,821.0 Current liabilities Trade and other payables 12 4,582.8 5,661.8 Amount due to ultimate holding company — 114.9 Amounts due to fellow subsidiaries — 201.7 Financial guarantee obligations 14.5 14.5 Obligations under fi nance leases 16.0 7.0 Taxation 38.1 21.6 Current portion of long-term bank loans 1,020.0 100.0 Bank overdrafts — 26.6 5,671.4 6,148.1 Net current assets 1,630.6 1,672.9 Total assets less current liabilities 13,249.2 11,891.3 3 2008 2007 NOTES HK$ HK$ (in millions) (in millions) Non-current liabilities Financial guarantee obligations 13.3 27.8 Obligations under fi nance leases 365.4 164.5 Long-term bank loans 4,824.0 4,808.0 Amount due to a minority shareholder of a subsidiary 610.2 330.9 5,812.9 5,331.2 Net assets 7,436.3 6,560.1 Capital and reserves Share capital 5,000.0 291.3 Reserves 2,287.1 6,073.7 Equity attributable to equity holders of the Company 7,287.1 6,365.0 Minority interests 149.2 195.1 Total equity 7,436.3 6,560.1 4 NOTES TO FINANCIAL STATEMENTS 1. GENERAL AND BASIS OF PREPARATION OF FINANCIAL STATEMENTS The Company is a public limited company incorporated in Hong Kong and acts as an investment holding company. Its ultimate holding company is Sociedade de Turismo e Diversões de Macau, S.A. (“STDM”), a company established in Macau Special Administrative Region, the People’s Republic of China (“MSAR”). Through a group reoganisation to rationalize the structure of the Company and its subsidiaries (hereinafter collectively referred to as the “Group”) in preparation for the listing of the Company’s shares (the “Group Reorganisation”), the Company became the holding company of the Group on 17 January 2008. Details of the Group Reorganisation are more fully explained in the paragraph headed “Reorganisation” in the section headed “History and Reorganisation” of the prospectus of the Company dated 26 June 2008 (the “Prospectus”). The Group resulting from the Group Reorganisation is regarded as a continuing entity. Accordingly, the consolidated fi nancial statements have been prepared using the principles of merger accounting. The consolidated income statement, the consolidated statement of changes in equity and the consolidated cash fl ow statement for the year ended 31 December 2007 and 31 December 2008 have been prepared on the basis as if the current group structure had been in existence throughout the periods. The consolidated balance sheet of the Group as at 31 December 2007 have been prepared to present the assets and liabilities of the companies now comprising the Group as if the current group structure had been in existence as at those dates. The Company’s shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 16 July 2008. 2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) In the current year, the Group has applied the following amendments and interpretations (“new HKFRSs”) issued by the Hong Kong Institute of Certifi ed Public Accountants (“HKICPA”) which are or have become effective. HKAS 39 & HKFRS 7 (Amendments) Reclassifi cation of fi nancial assets HK(IFRIC) — INT 11 HKFRS 2: Group and treasury share transactions HK(IFRIC) — INT 12 Service concession arrangements HK(IFRIC) — INT 14 HKAS 19 — The limit on a defi ned benefi t asset, minimum funding requirements and their interaction The adoption of the new HKFRSs had no material effect on how the results and fi nancial position for the current or prior accounting periods have been prepared and presented. Accordingly, no prior period adjustment has been required. HKICPA has issued a number of new and revised standards, amendments or interpretations that have been issued but are not yet effective. The Group has not early adopted these new and revised HKFRSs. 3. SIGNIFICANT ACCOUNTING POLICIES The consolidated fi nancial statements have been prepared under the historical cost basis except for an amount due to a minority shareholder of a subsidiary which is adjusted to its fair value at initial recognition and for certain fi nancial instruments which are measured at fair values. The consolidated fi nancial statements have also been prepared in accordance with HKFRSs issued by the HKICPA. In addition, the consolidated fi nancial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) and the disclosure requirements of the Hong Kong Companies Ordinance. The principal accounting policies adopted are consistent with those followed in the preparation of the Group’s fi nancial statements for the year ended 31 December 2007. 5 4. BUSINESS AND GEOGRAPHICAL SEGMENTS Business segments For management purpose, the Group is currently organised into two divisions — gaming operations and hotel and catering operations. These divisions are the basis on which the Group reports its primary segment information. Principal activities are as follows: Gaming operations — operation of casinos and related facilities in MSAR Hotel and catering operations — operation of hotel, catering and related services in MSAR Segment information about these businesses is presented below. 2008 Hotel Gaming and catering operations operations Eliminations Total HK$ HK$ HK$ HK$ (in millions) (in millions) (in millions) (in millions) REVENUE From external 27,992.4 172.6 — 28,165.0 Inter-segment sales — 58.0 (58.0) — Total 27,992.4 230.6 (58.0) 28,165.0 • RESULTS Segment results 1,148.0 (273.8) — 874.2 Unallocated corporate expenses (4.8) Loss on fair value changes on investment in trading securities (44.1) Share of results of an associate (1.5) Share of profi ts of a jointly controlled entity 6.6 Finance costs (158.2) Profi t before taxation 672.2 Taxation (16.7) Profi t for the year 655.5 6 Hotel Gaming and catering operations operations Total HK$ HK$ HK$ (in millions) (in millions) (in millions) ASSETS Segment assets 9,533.8 7,615.6 17,149.4 Interest in an associate 64.6 Interest in a jointly controlled entity 62.3 Unallocated corporate assets 1,644.3 Total assets 18,920.6 LIABILITIES Segment liabilities 4,067.5 520.4 4,587.9 Bank loans 2,641.2 3,202.8 5,844.0 Other unallocated corporate liabilities 1,052.4 Total liabilities 11,484.3 Hotel Gaming and catering operations operations Unallocated Total HK$ HK$ HK$ HK$ (in millions) (in millions) (in millions) (in millions) Capital additions 260.6 1,763.7 0.5 2,024.8 Depreciation and amortization 622.1 163.0 1.6 786.7 Loss on disposal of property, plant and equipment 15.0 — — 15.0 Intangible assets written off — 6.2 — 6.2 Loss on fair value changes on investment in trading securities — — 44.1 44.1 In 2007, the Group’s operation was regarded as a single segment, being the gaming operations.
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