MGM China Bloomberg
March 16, 2023 | Author: Anonymous | Category: N/A
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MGM China Holdings Ltd (2282 HK) - Adj Highlights In Millions of HKD
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
12 Months Ending
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
53,276.0
125,780.0
74,936.0
36,860.0
61,104.0
- Cash & Equivalents
7,381.4
7,884.8
4,232.2
5,421.1
3,547.1
+ Preferred & Other + Total Debt
0.0 3,983.0
0.0 4,049.2
0.0 4,118.2
0.0 11,732.0
0.0 14,708.6
Enterprise Value
49,877.7
121,944.4
74,822.0
43,170.9
72,265.5
Revenue, Adj
21,773.6
25,727.5
25,454.3
17,170.5
14,907.5
Growth %, YoY
7.3
18.2
-1.1
-32.5
Gross Profit, Adj
—
—
—
—
—
Margin %
—
—
—
—
—
5,243.2
6,314.3
6,579.9
4,171.8
4,034.7
24.1
24.5
25.8
24.3
27.1
4,546.6
5,336.2
5,717.1
3,201.0
3,180.7
Margin %
20.9
20.7
22.5
18.6
21.3
EPS, Adj
1.20
1.40
1.50
0.84
0.84
Growth %, YoY
32.7
17.1
7.3
-43.9
-0.6
Cash from Operations
5,973.1
7,331.6
5,033.0
2,956.0
2,392.8
Capital Expenditures
-1,039.2
-1,935.9
-2,753.8
-4,504.1
-6,186.9
4,933.9
5,395.7
2,279.2
-1,548.1
-3,794.0
Market Capitalization
EBITDA, Adj Margin % Net Income, Adj
Free Cash Flow Source: Bloomberg
-13.2
FY 2017
FY 2018
Current
FY 2019 Est
FY 2020 Est
12/31/2017
12/31/2018
01/24/2020
12/31/2019
12/31/2020
89,870.0
49,932.0
46,740.0
5,283.4
3,992.1
3,415.7
0.0 17,839.2
0.0 18,873.2
0.0 17,134.9
102,425.8
64,813.1
60,459.1
14,480.5
19,200.7
22,845.7
24,425.5
-2.9
32.6
19.0
6.9
—
—
11,990.1
13,093.8
—
—
52.5
53.6
4,093.2
4,276.5
5,879.1
6,404.1
28.3
22.3
25.7
26.2
2,909.7
1,682.0
2,254.3
2,928.9
20.1
8.8
9.9
12.0
0.76
0.44
0.60
0.78
-8.8
-42.3
35.8
30.7
6,646.3
1,441.2
-6,794.3
-2,861.7
-1,583.1
-1,191.6
-148.0
-1,420.5
3,568.0
4,470.5
21.5
MGM China Holdings Ltd (2282 HK) - Enterprise Value In Millions of HKD except Per Share
FY 2012
FY 2013
FY 2014
FY 2015
12/31/2012
12/31/2013
12/31/2014
12/31/2015
Market Ca Capitalization
53,276.0
125,780.0
74,936.0
36,860.0
- Cash & Equivalents Equivalents
7,381.4
7,884.8
4,232.2
5,421.1
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
3,983.0
4,049.2
4,118.2
11,732.0
49,877.7
121,944.4
74,822.0
43,170.9
9,894.3
10,552.7
10,459.7
16,647.0
40.26
38.37
39.37
70.47
Total Debt/EV
0.08
0.03
0.06
0.27
EV/Sales
2.29
4.74
2.94
2.51
EV/EBITDA
9.55
19.32
11.39
10.57
11.25
22.00
12.97
13.16
EV/Cash Flow to Firm
—
16.18
14.78
14.02
EV/Free Cash Flow to Firm
—
21.77
32.39
—
Diluted Market Cap
53,276.0
125,927.1
75,053.4
36,860.1
Diluted Enterprise Value
49,877.7
122,091.5
74,939.4
43,171.0
13.13
32.09
19.69
11.36
No
No
No
No
21,773.6
25,727.5
25,454.3
17,170.5
EBITDA
5,225.3
6,311.3
6,568.3
4,086.2
EBIT
4,431.8
5,543.6
5,768.7
3,280.5
Cash Flow To Firm
—
7,538.6
5,063.9
3,079.1
Free Cash Flow To Firm
—
5,602.7
2,310.1
-1,425.0
12 Months Ending
+ Preferred Preferred Equity Minority Interest + Minority Total Debt + Total Enterprise Value Total Capital Total Debt/Total Capital
EV/EBIT
EV per Share Reference Items Trailing 12 Month Values for Ratios IFRS 16/ASC 842 Adoption Sales
Source: Bloomberg
FY 2016
FY 2017
FY 2018
Current
FY 2019 Est
FY 2020 Est
12/31/2016
12/31/2017
12/31/2018
01/24/2020
12/31/2019
12/31/2020
61,104.0
89,870.0
49,932.0
46,740.0
3,547.1
5,283.4
3,992.1
3,415.7
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
14,708.6
17,839.2
18,873.2
17,134.9
72,265.5
102,425.8
64,813.1
60,459.1
21,925.3
26,351.6
27,819.0
67.09
67.70
67.84
0.20
0.17
0.29
0.28
4.85
7.07
3.38
2.82
2.65
2.48
18.67
29.92
18.08
12.99
10.28
9.44
23.32
39.03
45.17
27.03
19.42
16.15
29.63
15.41
—
31.90
-19.28
-691.95
—
204.51
61,105.0
90,083.1
50,079.2
46,800.9
72,266.5
102,638.9
64,960.3
60,520.1
19.02
26.95
17.06
No
No
No
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
3,870.8
3,423.2
3,585.3
5,879.1
6,404.1
3,099.1
2,624.2
1,435.0
3,113.3
3,742.4
2,439.1
6,646.3
—
-3,747.8
-148.0
—
No
MGM China Holdings Ltd (2282 HK) - Multiples In Millions of HKD except Per Share
FY 2012
FY 2013
FY 2014
FY 2015
12/31/2012
12/31/2013
12/31/2014
12/31/2015
P/E
11.78
23.64
13.15
11.83
Average
14.86
18.32
19.05
9.47
High Low
16.99 11.70
27.31 12.05
25.57 13.15
13.01 5.98
9.01
19.34
11.82
7.50
Average
11.04
14.02
15.59
8.50
High
12.62
20.89
20.92
11.70
Low
8.69
9.22
10.95
5.38
P/Tangible Book
10.67
22.03
13.20
8.42
Average
14.47
16.60
17.75
9.49
High
16.55
24.74
23.82
13.07
Low
10.67
10.92
12.47
6.01
P/Sales
2.45
4.89
2.94
2.15
Average
2.40
3.80
3.94
2.12
High
2.76
5.81
5.34
2.96
Low
1.88
2.46
2.72
1.30
P/Cash Flow
8.92
17.16
14.89
12.47
Average
7.90
13.86
13.85
10.72
High
9.03
20.68
18.56
14.74
Low
6.22
9.12
9.71
6.77
10.80
23.31
32.88
—
8.32
16.79
18.87
23.65
High
10.80
25.03
32.88
32.55
Low
6.54
11.04
13.20
14.96
EV/Sales
2.29
4.74
2.94
2.51
Average
2.33
3.65
3.79
2.11
High
2.67
5.52
5.14
2.91
Low
1.82
2.35
2.62
1.33
EV/EBITDA
9.55
19.32
11.39
10.57
Average
10.03
15.20
15.46
8.20
High
11.51
22.98
20.95
11.28
Low
7.83
9.78
10.68
5.17
EV/EBIT
11.25
22.00
12.97
13.16
Average
11.92
17.92
17.60
9.34
12 Months Ending
P/Book
P/Free Cash Flow Average
High
13.67
27.10
23.85
13.16
Low
9.31
11.53
12.15
5.89
Price/Share
14.02
33.10
19.72
9.70
High
14.76
33.30
36.15
19.80
Low
10.04
14.08
18.44
8.73
Enterprise Value
49,877.7
121,944.4
74,822.0
43,170.9
Average High
47,324.0 54,253.7
79,498.0 121,944.4
97,560.8 132,204.4
53,748.3 74,062.0
Low
36,925.7
51,093.7
67,376.4
33,972.0
Source: Bloomberg
FY 2016
FY 2017
FY 2018
Current
FY 2019 Est
FY 2020 Est
12/31/2016
12/31/2017
12/31/2018
01/24/2020
12/31/2019
12/31/2020
20.10
38.71
46.76
33.72
20.53
15.71
14.25
21.38
29.51
21.17 9.56
38.71 17.00
46.76 18.00
8.47
10.56
5.58
4.73
4.40
3.80
9.01
8.98
8.02
13.42
12.82
11.20
6.06
7.16
4.91
8.98
10.92
5.68
10.12
9.53
8.30
15.08
13.60
11.59
6.81
7.59
5.08
4.10
6.21
2.60
2.18
2.05
1.91
2.59
4.35
4.71
4.10
6.33
6.69
1.73
3.46
2.55
25.54
13.52
34.65
43.53
7.50
7.59
15.04
27.02
10.38
25.54
38.67
34.65
10.08
13.52
6.29
—
—
—
—
—
—
—
—
—
—
—
—
4.85
7.07
3.38
2.82
2.65
2.48
2.96
5.10
5.58
4.85
7.07
7.45
2.10
4.22
3.38
18.67
29.92
18.08
12.99
10.28
9.44
12.42
19.66
23.61
18.67
29.92
31.53
8.84
16.23
15.88
23.32
39.03
45.17
27.03
19.42
16.15
15.47
24.57
30.89
4.89
23.32
39.03
45.17
11.01
20.28
20.71
16.08
23.65
13.14
12.30
17.62
24.85
25.50
12.40
7.83
13.58
10.78
11.94
72,265.5
102,425.8
64,813.1
60,459.1
50,716.6
76,054.5
80,836.4
72,278.9
103,701.0
107,935.8
36,102.9
62,841.5
54,355.8
MGM China Holdings Ltd (2282 HK) - Per Share In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
Basic Shares Outstanding
3,800.0
3,800.0
3,800.0
3,800.0
Diluted Weighted Avg Shares
3,800.0
3,800.0
3,804.4
3,806.0
Basic Weighted Avg Shares
3,800.0
3,800.0
3,800.1
3,800.1
Revenue
5.34
5.73
6.77
6.70
EBITDA
1.24
1.38
1.66
1.73
Operating Income
1.04
1.17
1.46
1.52
Net Income to Common - Basic
0.86
1.19
1.40
1.50
Net Income before XO - Basic
0.86
1.19
1.40
1.50
Normalized Net Income - Basic
0.90
1.20
1.40
1.50
Net Income to Common - Diluted
0.86
1.19
1.40
1.50
Net Income before XO - Diluted
0.86
1.19
1.40
1.50
Normalized Net Income - Diluted
0.90
1.20
1.40
1.50
Dividends
0.00
0.00
0.49
0.53
Cash Flow
1.62
1.57
1.93
1.32
Free Cash Flow
1.54
1.30
1.42
0.60
Cash & Equivalents
1.47
1.94
2.07
1.11
Book Value
1.16
1.56
1.71
1.67
Tangible Book Value
0.89
1.31
1.50
1.49
12 Months Ending
Per Share Data Items
Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
3,800.1
3,809.0
3,811.2
3,800.0
3,800.0
3,800.2
3,800.2
4.52
3.92
3.81
5.05
1.08
1.02
0.90
0.94
0.86
0.82
0.69
0.38
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.77
0.44
0.60
0.78
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.76
0.44
0.60
0.78
0.25
0.28
0.21
0.10
0.25
0.33
0.78
0.63
1.75
0.38
1.64
1.62
-0.41
-1.00
-0.04
-0.37
1.43
0.93
1.39
1.05
1.29
1.90
2.24
2.35
2.80
3.23
1.15
1.79
2.17
2.31
MGM China Holdings Ltd (2282 HK) - Stock Value In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
10.16
14.02
33.10
19.72
—
37.99
136.09
15.34 18.20
10.26 14.76
14.08 33.30
33.15 36.15
8.05
10.04
14.08
18.44
Market Ca Capitalization
38,608.0
53,276.0
125,780.0
74,936.0
Current Shares Outstanding
3,800.00
3,800.00
3,800.00
3,800.00
778.43
819.34
819.34
819.34
12 Months Ending Last Price Period-over-Period % Change Open Price High Price Low Price
Equity Float Source: Bloomberg
-40.42
FY 2015
FY 2016
FY 2017
FY 2018
Current
12/31/2015
12/31/2016
12/31/2017
12/31/2018
01/24/2020
9.70
16.08
23.65
13.14
12.30
-50.81
65.77
47.08
-44.44
19.80 19.80
9.66 17.62
15.70 24.85
23.05 25.50
12.28 12.40
8.73
7.83
13.58
10.78
11.94
36,860.0
61,104.0
89,870.0
49,932.0
46,740.0
3,800.00
3,800.00
3,800.00
3,800.00
3,800.00
819.34
819.34
819.34
819.34
819.34
MGM China Holdings Ltd (2282 HK) - GAAP In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
Revenue
20,293.6
21,773.6
25,727.5
25,454.3
+ Sales & Services Revenue
20,293.6
21,773.6
25,727.5
25,454.3
— 0.0
— 0.0
— 0.0
— 0.0
16,326.2
17,341.8
20,183.9
19,685.6
0.0
0.0
0.0
0.0
+ Depreciation & Amortization
746.6
793.5
767.7
799.6
+ Prov For Doubtful Accts
115.2
52.9
-55.4
98.2
15,464.4
16,495.4
19,471.6
18,787.7
3,967.4
4,431.8
5,543.6
5,768.7
- Non-Operating Non-Operating (Income) Loss
229.6
310.9
195.2
46.0
+ Interest Expense, Net
172.1
145.9
183.0
18.3
+ Interest Expense
184.1
183.8
207.6
31.0
11.9
38.0
24.5
12.6
+ Foreign Exch (Gain) Loss
1.2
-7.1
5.8
20.7
+ (Income) Loss from Affiliates
0.0
0.0
0.0
0.0
+ Other Non-Op (Income) Loss
56.3
172.2
6.3
6.9
3,737.9
4,120.9
5,348.5
5,722.7
458.8
-410.0
15.0
15.8
0.0
48.8
15.0
15.8
458.8
-458.8
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
- Net Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
+ Discontinued Operations
0.0
0.0
0.0
0.0
+ XO & Accounting Changes
0.0
0.0
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
0.0
0.0
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
- Preferred Dividends
0.0
0.0
0.0
0.0
- Other Adjustments
0.0
0.0
0.0
0.0
Net Income Avail to Common, GAAP
3,279.1
4,530.8
5,333.5
5,706.9
Net Income Avail to Common, Adj
3,427.3
4,546.6
5,336.2
5,717.1
148.2
15.8
2.7
10.2
0.0
0.0
0.0
0.0
3,800.0
3,800.0
3,800.1
3,800.1
Basic EPS, GAAP
0.86
1.19
1.40
1.50
Basic EPS from Cont Ops
0.86
1.19
1.40
1.50
Basic EPS from Cont Ops, Adjusted
0.90
1.20
1.40
1.50
3,800.0
3,800.0
3,804.4
3,806.0
12 Months Ending
Gross Profit + Other Operating Income Income - Operating Expenses + Research & Development
+ Other Operating Expense Operating Income (Loss)
- Interest Income
Pretax Income - Income Tax Expense (Benefit) + Current Income Tax + Deferred Income Tax Income (Loss) from Cont Ops
Income (Loss) Incl. MI - Minority Interest Net Income, GAAP
Net Abnormal Abnormal Losses (Gains) Net Extraordinary Extraordinary Losses (Gains) Basic Weighted Avg Shares
Diluted Weighted Avg Shares
Diluted EPS, GAAP
0.86
1.19
1.40
1.50
Diluted EPS from Cont Ops
0.86
1.19
1.40
1.50
Diluted EPS from Cont Ops, Adjusted
0.90
1.20
1.40
1.50
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
4,714.0
5,225.3
6,311.3
6,568.3
23.23
24.00
24.53
25.80
EBITA
4,094.3
4,559.0
5,670.5
5,895.6
EBIT
3,967.4
4,431.8
5,543.6
5,768.7
Operating Margin
19.55
20.35
21.55
22.66
Profit Margin
16.16
20.81
20.73
22.42
Current Profit
—
—
—
—
Reference Items Accounting Standard EBITDA EBITDA Margin (T12M)
Sales per Employee Dividends per Share Total Cash Common Dividends Capitalized Interest Expense Personnel Expenses Depreciation Expense Rental Expense Source: Bloomberg
3,49 3,498, 8,90 901. 1.21 21 3,84 3,840, 0,13 139. 9.68 68 4,24 4,244, 4,06 063. 3.51 51 4,17 4,172, 2,15 151. 1.45 45 0.00
0.00
0.49
0.53
3,100.0
3,873.8
5,735.8
5,095.8
—
—
82.1
230.4
1,385.4
1,483.7
1,666.2
1,904.6
619.7
666.3
640.8
672.7
25.1
28.8
30.6
30.9
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
17,170.5
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
17,170.5
14,907.5
14,480.5
19,200.7
— 0.0
— 0.0
— 0.0
— 0.0
11,990.1
13,093.8
13,889.9
11,808.4
11,856.3
17,765.7
0.0
0.0
0.0
0.0
805.7
771.7
799.0
2,150.3
186.3
-47.4
-42.1
51.3
12,898.0
11,084.0
11,099.4
15,564.2
3,280.5
3,099.1
2,624.2
1,435.0
3,113.3
3,742.4
151.4
47.5
-14.3
662.1
111.7
40.0
-5.0
642.2
123.8
46.5
0.0
654.3
12.1
6.5
5.0
12.1
18.0
0.7
-16.5
6.3
0.0
0.0
0.0
0.0
21.7
6.8
7.3
13.5
3,129.1
3,051.6
2,638.5
772.9
2,308.0
2,976.1
16.6
15.1
318.3
-295.6
16.6
15.1
1.1
21.5
0.0
0.0
317.1
-317.1
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
3,201.0
3,180.7
2,909.7
1,682.0
2,254.3
2,928.9
88.5
144.2
589.5
613.5
0.0
0.0
0.0
0.0
3,800.0
3,800.0
3,800.2
3,800.2
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.77
0.44
0.60
0.78
3,800.0
3,800.1
3,809.0
3,811.2
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.76
0.44
0.60
0.78
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
4,086.2
3,870.8
3,423.2
3,585.3
5,879.1
6,404.1
23.80
25.97
23.64
18.67
25.73
26.22
3,407.4
3,226.4
2,751.1
1,561.9
3,280.5
3,099.1
2,624.2
1,435.0
3,113.3
3,742.4
19.11
20.79
18.12
7.47
13.63
15.32
18.13
20.37
16.02
5.56
9.87
11.99
—
—
—
—
2,015.4
2,447.5
0.25
0.33
2, 2,89 892, 2,10 109. 9.31 31 2,50 2,501, 1,25 253. 3.02 02 1,56 1,562, 2,75 759. 9.77 77 1,78 1,788, 8,60 609. 9.32 32 0.25
0.28
0.21
0.10
946.2
1,060.2
809.4
372.4
310.9
491.7
688.9
178.8
1,924.7
1,911.7
2,273.5
3,450.0
678.8
644.5
672.1
2,023.4
36.3
41.4
—
—
MGM China Holdings Ltd (2282 HK) - As Reported In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Casino/Gaming Revenues Other Sales Revenue
7,455.9 271.2
12,126.8 307.9
19,974.6 319.1
21,454.5 319.1
Total Revenue
7,727.1
12,434.7
20,293.6
21,773.6
1,147.4
1,188.4
1,414.7
1,518.1
793.1
777.8
746.6
793.5
1,393.7
1,967.7
3,348.2
3,481.3
364.2
2,020.6
3,967.4
4,431.8
—
—
—
—
4,028.7
6,480.3
10,816.7
11,548.9
—
—
—
—
-0.7 -0.3
5.0 -1.3
1.2 -11.9
-7.1 -38.0
0.7
0.3
458.8
-410.0
-166.5
1,566.3
3,737.9
4,120.9
531.7
450.5
240.4
356.0
—
—
—
—
Basic EPS
—
—
—
—
Diluted EPS
—
—
—
—
Basic & Diluted EPS
—
—
86.30
1.19
-167.1
1,566.0
3,279.1
4,530.8
n/a
n/a
n/a
n/a
—
—
—
—
-167.1
1,566.0
3,279.1
4,530.8
—
—
—
—
—
—
—
—
Depreciation Expense
647.3
631.3
600.4
647.0
Provision For Doubtful Accounts
110.7
81.3
155.9
146.9
Depreciation and Amortization
—
—
—
—
Other Operating Expenses
—
—
—
—
354.3
326.6
184.1
183.8
—
31.4
93.8
17.9
4.8 19.8
31.4 0.0
168.5 —
17.9 —
—
—
—
—
12 Months Ending Income Statement Revenues
Operating Expenses Salaries Wages and Employee Benefits Depreciation and Amortization Other Operating Expenses Operating Income Changes In Finished And Unfinished Good Taxes- Other Than Income Taxes-SGA Total Operating Expenses Non-Operating Expenses Foreign Exchange Interest Income Income Tax Expense (Benefit) Income Before Income Taxes Total Financial Costs Profit After Taxation Before Minority Earnings
Net Income Others Partial Record Indicator Comprehensive Income Foreign Currency Translation Adjustmen Total Comprehensive Income Total Comprehensive Inc Including Mino Reference Items Salaries Wages and Employee Benefits
Interest Expense (Gain)/Loss On Sale of Assets Other One-Time Charges Capitalized Interest Basic EPS
Weighted Avg. Shares - Basic
—
—
—
—
Diluted EPS
—
—
—
—
Weighted Avg. Shares - Diluted
—
—
—
—
Stock Based Compensation Expense
—
—
50.2
67.2
Basic & Diluted EPS
—
—
86.30
1.19
Weighted Avg. Shares - Basic & Diluted
—
—
3,800.0
3,800.0
7,727.1
12,434.7
20,293.6
21,773.6
GL On Early Ext of Debt -Non-Op
—
—
—
—
Service Revenue
—
206.7
232.9
254.0
Current Income Tax Expense (Benefit)
0.7
0.3
0.0
48.8
Deferred Income Tax Expense (Benefit)
—
—
458.8
-458.8
Effective Tax Rate - %
—
12.00
12.00
12.00
146.9
173.9
—
235.7
Final Dividend Per Share
—
—
—
—
Total Financial Costs
—
—
—
—
Interim Dividend Per Share
—
—
—
—
Other Employee Costs
—
—
—
—
Wages And Salaries
—
—
—
—
0.0
0.0
29.3
34.4
—
—
—
—
4.1 —
1.8 —
7.4 —
6.5 —
—
—
—
—
23.0
24.1
25.1
28.8
197.2
123.9
56.3
172.2
—
—
—
—
12.5
—
40.7
94.1
—
—
—
—
1,147.4
1,188.4
1,414.7
1,518.1
19.2
19.2
19.2
19.3
—
—
3,100.0
3,873.8
Other Sales Revenue
30.9
35.6
43.9
46.2
Hotel Room Revenues Utility Expense
102.2 110.7
101.2 110.0
86.2 119.3
65.1 121.6
Special Dividend Per Share
—
—
81.60
1.02
Net Foreign Exch (Gain)Loss-Ordinary Acts
—
5.0
1.2
-7.1
82.9
95.9
101.0
107.3
Statutory Tax Rate - %
12.00
12.00
12.00
12.00
Advertising Expenses
199.3
335.3
502.5
588.4
—
—
-0.1
0.0
6,295.6
3,964.0
—
—
ARDR Revenue Grow Growth th
—
—
—
—
Baseline for Comparable EBITDA
—
—
—
—
Other Effects for Comparable EBITDA
—
—
—
—
Comparable e EBIT ARDR Comparabl Based ased Compensation CF Pre ARDR Stock B
— —
— 0.0
— 50.2
— 67.2
1,179.3
2,830.8
4,933.0
5,310.4
Total Revenue
Costs osts ARDR Food and Beverage C
Directors Remuneration Amortization Of Issuance Issuance Cost Of Debt Total Fees Paid To Audit Firms Weighted Avg NumberPotential Dilutive Shr Interim Dividend Paid Rental Expense Other Financial Losses Proposed Final Dividend Provision For Doubtful Debts Written Back Retirement Pension And Other Benefits Staff Costs - Including Dir Emoluments Right ight Amortization Of Land R Special Cash Dividend Paid
Supplies Expenses
Income Tax Exp - Change in Valuation Allo Net Debt Cash
EBITDA Adjusted (One Time Items)
Interest Expense - Borrowings Non-Operating Profit/Loss Disp Fix Asset Source: Bloomberg
354.3
—
—
—
—
—
—
—
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
25,412.4 315.1
25,137.9 316.4
16,841.6 328.9
14,606.1 301.4
13,557.4 923.1
17,176.1 2,024.7
25,727.5
25,454.3
17,170.5
14,907.5
14,480.5
19,200.7
1,695.8
1,943.9
1,965.6
1,949.2
2,324.2
3,505.8
767.7
799.6
805.7
771.7
799.0
2,150.3
3,706.4
3,552.5
2,488.9
1,815.8
1,216.3
2,257.4
5,543.6
5,768.7
3,280.5
3,099.1
2,624.2
1,435.0
359.9
386.7
324.0
273.1
302.7
653.8
13,654.1
13,002.9
8,305.8
6,998.6
7,214.1
9,198.4
—
—
—
—
—
—
5.8 -24.5
20.7 -12.6
18.0 -12.1
0.7 -6.5
-16.5 -5.0
6.3 -12.1
15.0
15.8
16.6
15.1
318.3
-295.6
5,348.5
5,722.7
3,129.1
3,051.6
2,638.5
772.9
213.9
37.9
145.5
53.3
7.3
667.9
—
—
—
—
2,320.2
1,068.5
—
—
—
—
61.10
28.10
—
—
—
—
60.90
28.00
1.40
1.50
0.82
0.80
—
—
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
n/a
n/a
n/a
n/a
n/a
n/a
—
—
—
-1.9
2.6
-3.5
5,333.5
5,706.9
3,112.5
3,034.7
2,322.7
1,065.0
—
—
—
3,034.7
2,322.7
1,065.0
—
—
—
1,949.2
2,324.2
3,505.8
621.5
653.5
659.5
625.2
652.9
1,960.0
34.2
117.8
243.2
—
—
—
—
799.6
805.7
771.7
799.0
2,150.3
—
—
—
—
234.7
297.0
223.5
192.4
272.0
375.8
519.8
695.5
—
—
—
—
—
—
3.0
11.6
85.6
163.9
669.9
691.2
82.1
230.4
310.9
491.7
688.9
178.8
—
—
—
—
61.10
28.10
3,800.1
3,800.1
3,800.0
3,800.0
3,800.2
3,800.2
—
—
—
—
60.90
28.00
3,804.4
3,806.0
3,800.0
3,800.1
3,809.0
3,811.2
34.5
69.7
85.5
56.3
61.0
58.4
1.40
1.50
0.82
0.80
—
—
—
—
—
—
—
—
25,727.5
25,454.3
17,170.5
14,907.5
14,480.5
19,200.7
—
—
14.9
—
—
5.9
—
—
—
—
—
—
15.0
15.8
16.6
15.1
1.1
21.5
0.0
—
—
—
317.1
-317.1
—
—
12.00
—
—
—
—
—
—
—
—
—
0.26
0.25
0.09
0.16
0.10
0.03
—
—
—
53.3
7.3
667.9
0.23
0.28
0.16
0.12
0.12
0.06
—
—
—
—
50.7
55.8
—
—
—
—
2,150.5
3,314.4
29.6
39.3
40.9
37.4
50.7
55.8
66.2
69.0
162.7
162.4
169.1
137.6
8.6 4.3
9.5 5.9
9.8 0.0
10.0 0.0
— 8.8
— 11.0
874.0
1,064.0
592.8
452.2
440.8
243.2
30.6
30.9
36.3
41.4
—
—
6.3
6.9
21.7
6.8
7.3
7.6
988.0
931.0
353.4
608.0
368.6
129.2
89.6
19.6
56.9
47.4
42.1
-51.3
—
—
—
—
61.9
77.2
1,695.8
1,943.9
1,965.6
—
—
—
19.2
19.2
19.2
19.3
19.2
63.4
3,873.8
3,100.8
—
—
—
—
49.6
46.7
50.2
55.3
81.2
167.8
45.4 120.9
42.1 111.4
71.2 107.8
79.0 98.2
441.8 96.7
956.4 242.8
1.02
0.82
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
12.00
12.00
12.00
12.00
—
12.00
775.5
783.7
521.3
416.6
349.0
625.1
—
—
—
—
—
—
—
—
6,310.9
11,161.5
25,111.7
29,762.2
—
—
—
-13.20
—
32.60
—
—
—
—
—
1,435.0
—
—
—
—
—
2,150.3
— 34.5
— 69.7
— 85.5
— 73.0
— 79.9
1,435.0 76.6
6,365.6
6,662.9
4,669.0
4,491.8
4,587.4
4,837.2
—
—
—
—
—
—
—
—
—
—
—
—
MGM China Holdings Ltd (2282 HK) - GAAP % In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
20,293.6
21,773.6
25,727.5
25,454.3
100.0
100.0
100.0
100.0
— 0.0
— 0.0
— 0.0
— 0.0
80.4
79.6
78.5
77.3
+ Research & Development
0.0
0.0
0.0
0.0
+ Depreciation & Amortization
3.7
3.6
3.0
3.1
+ Prov For Doubtful Accts
0.6
0.2
-0.2
0.4
+ Other Operating Expense
76.2
75.8
75.7
73.8
Operating Income (Loss)
19.6
20.4
21.5
22.7
- Non-Operating Non-Operating (Income) Loss
1.1
1.4
0.8
0.2
+ Interest Expense, Net
0.8
0.7
0.7
0.1
+ Interest Expense
0.9
0.8
0.8
0.1
- Interest Income
0.1
0.2
0.1
0.0
+ Foreign Exch (Gain) Loss + (Income) Loss from Affiliates
0.0 0.0
0.0 0.0
0.0 0.0
0.1 0.0
+ Other Non-Op (Income) Loss
0.3
0.8
0.0
0.0
18.4
18.9
20.8
22.5
- Income Tax Expense (Benefit)
2.3
-1.9
0.1
0.1
+ Current Income Tax
0.0
0.2
0.1
0.1
+ Deferred Income Tax
2.3
-2.1
0.0
0.0
16.2
20.8
20.7
22.4
- Net Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
+ Discontinued Operations
0.0
0.0
0.0
0.0
+ XO & Accounting Changes
0.0
0.0
0.0
0.0
16.2
20.8
20.7
22.4
- Minority Interest
0.0
0.0
0.0
0.0
Net Income, GAAP
16.2
20.8
20.7
22.4
- Preferred Dividends
0.0
0.0
0.0
0.0
- Other Adjustments
0.0
0.0
0.0
0.0
16.2
20.8
20.7
22.4
Net Abnormal Abnormal Losses (Gains)
0.7
0.1
0.0
0.0
Net Extraordinary Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
18.7
17.5
14.8
14.9
Basic EPS, GAAP
0.0
0.0
0.0
0.0
Basic EPS from Cont Ops
0.0
0.0
0.0
0.0
Basic EPS from Cont Ops, Adjusted
0.0
0.0
0.0
0.0
18.7
17.5
14.8
15.0
0.0
0.0
0.0
0.0
12 Months Ending Revenue + Sales & Services Revenue Gross Profit + Other Operating Income Income - Operating Expenses
Pretax Income
Income (Loss) from Cont Ops
Income (Loss) Incl. MI
Net Income Avail to Common, GAAP
Basic Weighted Avg Shares
Diluted Weighted Avg Shares Diluted EPS, GAAP
Diluted EPS from Cont Ops
0.0
0.0
0.0
0.0
Diluted EPS from Cont Ops, Adjusted
0.0
0.0
0.0
0.0
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
23.2
24.0
24.5
25.8
0.1
0.1
0.1
0.1
EBITA
20.2
20.9
22.0
23.2
EBIT
19.6
20.4
21.5
22.7
Operating Margin
0.1
0.1
0.1
0.1
Profit Margin
0.1
0.1
0.1
0.1
Current Profit
—
—
—
—
Sales per Employee
17,241.4
17,636.7
16,496.2
16,390.8
Dividends per Share
0.0
0.0
0.0
0.0
15.3
17.8
22.3
20.0
—
—
0.3
0.9
Personnel Expenses
6.8
6.8
6.5
7.5
Depreciation Expense
3.1
3.1
2.5
2.6
Rental Expense
0.1
0.1
0.1
0.1
Reference Items Accounting Standard EBITDA EBITDA Margin (T12M)
Total Cash Common Dividends Capitalized Interest Expense
Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
17,170.5
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
100.0
100.0
100.0
100.0
— 0.0
— 0.0
— 0.0
— 0.0
52.5
53.6
80.9
79.2
81.9
92.5
0.0
0.0
0.0
0.0
4.7
5.2
5.5
11.2
1.1
-0.3
-0.3
0.3
75.1
74.4
76.7
81.1
19.1
20.8
18.1
7.5
13.6
15.3
0.9
0.3
-0.1
3.4
0.7
0.3
0.0
3.3
0.7
0.3
0.0
3.4
0.1
0.0
0.0
0.1
0.1 0.0
0.0 0.0
-0.1 0.0
0.0 0.0
0.1
0.0
0.1
0.1
18.2
20.5
18.2
4.0
10.1
12.2
0.1
0.1
2.2
-1.5
0.1
0.1
0.0
0.1
0.0
0.0
2.2
-1.7
18.1
20.4
16.0
5.6
9.8
11.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
9.8
11.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
9.8
11.8
0.5
1.0
4.1
3.2
0.0
0.0
0.0
0.0
22.1
25.5
26.2
19.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
22.1
25.5
26.3
19.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
23.8
26.0
23.6
18.7
25.7
26.2
0.1
0.2
0.2
0.1
0.1
0.1
19.8
21.6
19.0
8.1
19.1
20.8
18.1
7.5
13.6
15.3
0.1
0.1
0.1
0.0
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
—
—
—
—
8.8
10.0
16,843.5
16,778.5
10,792.1
9,315.3
0.0
0.0
0.0
0.0
0.0
0.0
5.5
7.1
5.6
1.9
1.8
3.3
4.8
0.9
11.2
12.8
15.7
18.0
4.0
4.3
4.6
10.5
0.2
0.3
—
—
MGM China Holdings Ltd (2282 HK) - Standardized In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
+ Cash, Cash Equivalents & STI
1,975.7
1,922.7
5,590.4
7,381.4
+ Cash & Cash Equivalents + ST Investments
1,975.7 0.0
1,922.7 0.0
5,590.4 0.0
7,381.4 0.0
+ Accounts & Notes Receiv
840.7
1,137.4
549.4
479.0
+ Accounts Receivable, Net
840.7
1,137.4
549.4
479.0
0.0
0.0
0.0
0.0
44.2
63.8
79.1
85.9
+ Raw Materials
0.0
0.0
0.0
0.0
+ Work In Process
0.0
0.0
0.0
0.0
+ Finished Goods
0.6
1.4
4.0
2.1
+ Other Inventory
43.7
62.5
75.1
83.8
+ Other ST Assets Assets
95.0
169.0
65.6
57.4
+ Prepaid Expenses
75.2
60.1
19.3
19.2
+ Derivative & Hedging Assets + Misc ST Assets
0.0 19.9
0.0 108.9
0.0 46.3
0.0 38.1
Total Current Assets
2,955.7
3,293.0
6,284.6
8,003.7
+ Property, Plant & Equip, Net
6,210.7
5,757.1
5,355.3
5,409.1
+ Property, Plant & Equip
7,484.4
7,576.0
7,736.1
8,399.8
- Accumulated Depreciation
1,273.7
1,818.9
2,380.9
2,990.7
0.0
0.0
0.0
0.0
+ Other LT Assets Assets
1,301.3
1,174.0
1,049.3
1,367.9
+ Total Intangible Assets
1,301.3
1,174.0
1,047.1
919.9
0.0
0.0
0.0
0.0
1,301.3
1,174.0
1,047.1
919.9
+ Derivative & Hedging Assets
0.0
0.0
0.0
0.0
+ Investments in Affiliates
0.0
0.0
0.0
0.0
+ Misc LT Assets
0.0
0.0
2.1
448.0
7,512.0
6,931.1
6,404.5
6,776.9
10,467.7
10,224.2
12,689.1
14,780.6
1,945.0
2,856.6
3,680.1
4,886.2
24.2
48.9
70.9
94.6
315.0
866.0
907.7
1,238.2
+ Other Payables & Accruals
1,605.7
1,941.7
2,701.5
3,553.5
+ ST ST Debt
1,062.7
0.0
206.8
0.0
+ ST Borrowings
1,062.7
0.0
206.8
0.0
+ ST Lease Liabilities
—
—
—
—
+ ST Finance Leases
0.0
0.0
0.0
0.0
+ Other ST Liabilities Liabilities
0.0
0.0
0.0
0.0
+ Deferred Revenue
0.0
0.0
0.0
0.0
12 Months Ending Total Assets
+ Notes Receivable, Net + Inventories
+ LT Investments & Receivables
+ Goodwill + Other Intangible Assets
Total Noncurrent Assets Total Assets
Liabilities & Shareholders' Equity + Payables & Accruals Accruals + Accounts Payable + Accrued Taxes
+ Derivatives & Hedging
0.0
0.0
0.0
0.0
+ Misc ST Liabilities
0.0
0.0
0.0
0.0
Total Current Liabilities
3,007.7
2,856.6
3,886.9
4,886.2
+ LT Debt
7,208.6
5,886.7
3,929.3
3,983.0
+ LT Borrowings
7,208.6
5,886.7
3,929.3
3,983.0
+ LT Lease Liabilities
—
—
—
—
+ LT Finance Leases
0.0
0.0
0.0
0.0
+ Other LT Liabilities Liabilities
0.0
0.0
458.8
0.0
+ Accrued Liabilities
0.0
0.0
0.0
0.0
+ Pension Liabilities
—
—
—
—
+ Pensions
—
—
—
—
+ Other Post-Ret Benefits
—
—
—
—
0.0
0.0
0.0
0.0
+ Deferred Tax Liabilities
—
0.0
458.8
0.0
+ Derivatives & Hedging
0.0
0.0
0.0
0.0
+ Misc LT Liabilities
0.0
0.0
0.0
0.0
7,208.6
5,886.7
4,388.1
3,983.0
10,216.3
8,743.3
8,275.0
8,869.3
0.0
0.0
0.0
0.0
+ Share Capital Capital & APIC
972.7
972.7
14,234.2
14,234.2
+ Common Stock
194.2
194.2
3,800.0
3,800.0
+ Additional Paid in Capital
778.5
778.5
10,434.2
10,434.2
—
—
0.0
0.0
-1,351.6
214.5
2,969.3
4,399.3
+ Other Other Equity
630.3
293.7
-12,789.4
-12,722.2
Equity Before Minority Interest
251.3
1,480.8
4,414.0
5,911.3
0.0
0.0
0.0
0.0
251.3
1,480.8
4,414.0
5,911.3
10,467.7
10,224.2
12,689.1
14,780.6
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
— —
— —
3,800.0 0.0
3,800.0 0.0
0.0
0.0
0.0
0.0
100.7
86.5
95.7
95.6
Capital Leases - Total
0.0
0.0
0.0
0.0
Options Granted During Period
0.0
—
19.3
1.0
Options Outstanding at Period End
0.0
—
19.3
19.2
6,295.6
3,964.0
-1,454.3
-3,398.3
2,504.77
267.68
-32.95
-57.49
-11.45
3.39
28.92
36.01
0.98
1.15
1.62
1.64
5,539.00
—
5,800.00
5,670.00
+ Deferred Revenue
Total Noncurrent Liabilities Total Liabilities Equity and Hybrid Capital + Preferred Equity
- Treasury Stock + Retained Retained Earnings
+ Minority/Non Minority/Non Controlling Controlling Interest Total Equity Total Liabilities & Equity Reference Items Accounting Standard Shares Outstanding Number of Treasury Shares Pension Obligations Future Minimum Operating Lease Obligatio
Net Debt Net Debt to Equity Tangible Common Equity Ratio Current Ratio Number of Employees Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
7,884.8
4,232.2
5,421.1
3,547.1
5,283.4
3,992.1
7,884.8 0.0
4,232.2 0.0
5,421.1 0.0
3,547.1 0.0
5,283.4 0.0
3,992.1 0.0
577.2
427.6
242.5
224.7
179.8
322.6
577.2
427.6
242.5
224.7
179.8
322.6
0.0
0.0
0.0
0.0
0.0
0.0
98.6
110.4
108.0
92.2
135.8
159.7
0.0
0.0
0.0
—
—
—
0.0
0.0
0.0
—
—
—
2.6
1.5
1.1
—
—
—
96.0
108.9
106.9
—
—
—
139.0
137.8
169.6
178.0
212.1
183.5
69.4
69.4
100.0
115.6
69.4
69.4
0.0 69.5
0.0 68.4
0.0 69.5
0.0 62.4
0.0 142.7
0.0 114.1
8,699.6
4,908.0
5,941.2
4,042.0
5,811.1
4,658.0
8,195.2
10,949.6
15,189.4
22,470.3
30,311.3
30,125.0
11,771.5
14,979.4
19,789.8
27,483.8
35,841.0
37,489.7
3,576.4
4,029.9
4,600.4
5,013.5
5,529.7
7,364.8
0.0
0.0
0.0
0.0
0.0
0.0
1,192.7
970.3
824.2
567.9
484.2
349.6
793.0
666.1
539.2
412.0
285.1
158.2
0.0
0.0
0.0
0.0
0.0
0.0
793.0
666.1
539.2
412.0
285.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
—
0.0
0.0
399.7
304.2
285.0
155.9
199.1
191.5
9,387.9
11,919.9
16,013.6
23,038.2
30,795.4
30,474.6
18,087.5
16,827.8
21,954.8
27,080.2
36,606.5
35,132.6
6,973.4
5,856.9
4,850.4
4,082.3
8,036.6
5,670.3
84.7
90.5
60.4
32.1
15.6
31.4
1,331.4
16.1
15.0
15.0
1.0
11.2
5,557.4
5,750.4
4,775.1
4,035.3
8,020.0
5,627.7
0.0
0.0
0.0
604.5
6,045.0
780.0
0.0
0.0
0.0
604.5
6,045.0
780.0
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
805.4
1,614.3
1,607.7
0.0
0.0
0.0
805.4
1,614.3
1,607.7
158.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6,973.4
5,856.9
4,850.4
5,492.2
15,695.9
8,058.0
4,049.2
4,118.2
11,732.0
14,104.1
11,794.2
18,093.2
4,049.2
4,118.2
11,732.0
14,104.1
11,794.2
18,093.2
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
561.4
511.2
457.3
267.2
604.0
35.6
0.0
0.0
0.0
0.0
0.0
0.0
—
—
—
—
0.0
0.0
—
—
—
—
0.0
0.0
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
—
—
—
—
317.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
561.4
511.2
457.3
267.2
286.9
35.6
4,610.6
4,629.4
12,189.3
14,371.3
12,398.2
18,128.8
11,584.0
10,486.3
17,039.7
19,863.5
28,094.1
26,186.8
0.0
0.0
0.0
0.0
0.0
0.0
14,232.9
14,232.8
14,233.1
14,235.4
14,209.5
14,203.4
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
10,432.9
10,432.8
10,433.1
10,435.4
10,409.5
10,403.4
0.0
0.0
0.0
0.0
0.0
0.0
4,981.6
4,759.8
3,264.0
5,512.0
6,784.6
7,164.4
-12,711.0
-12,651.1
-12,582.0
-12,530.7
-12,481.8
-12,422.0
6,503.5
6,341.5
4,915.1
7,216.7
8,512.4
8,945.8
0.0
0.0
0.0
0.0
0.0
0.0
6,503.5
6,341.5
4,915.1
7,216.7
8,512.4
8,945.8
18,087.5
16,827.8
21,954.8
27,080.2
36,606.5
35,132.6
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
3,800.0 0.0
3,800.0 0.0
3,800.0 0.0
3,800.0 0.0
3,800.0 0.0
3,800.0 0.0
0.0
0.0
0.0
0.0
0.0
0.0
211.6
193.5
195.1
105.3
239.2
263.9
0.0
0.0
0.0
0.0
0.0
0.0
1.1
19.9
16.5
30.2
13.8
10.3
16.9
35.1
49.2
73.6
77.1
82.7
-3,835.6
-114.0
6,310.9
11,161.5
12,555.8
14,881.1
-58.98
-1.80
128.40
154.66
147.50
166.35
33.02
35.12
20.43
25.52
22.65
25.13
1.25
0.84
1.22
0.74
0.37
0.58
6,062.00
6,101.00
5,937.00
5,960.00
9,266.00
10,735.00
MGM China Holdings Ltd (2282 HK) - As Reported In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
— —
— 0.0
— 2.1
— 448.0
7,512.0
6,931.1
6,404.5
6,776.9
Deposit Payment
—
—
2.1
—
Total Assets
—
—
—
—
840.7
1,137.4
549.4
479.0
Inventories
44.2
63.8
79.1
85.9
Prepaid Expenses and Other
75.7
77.3
46.0
37.8
0.1
72.5
0.3
0.3
1,975.7
1,922.7
5,590.4
7,381.4
19.2
19.2
19.3
19.2
Total Current Assets Current Liabilities
2,955.7
3,293.0
6,284.6
8,003.7
Accounts Payable and Accrued Expenses
1,734.9
2,706.1
—
—
Short-Term Borrowings
1,062.7
0.0
206.8
0.0
Other Current Liabilities
—
3.4
4.7
21.1
0.3
0.2
0.5
15.2
—
135.1
200.4
367.3
8.3
3.4
4.7
21.1
-52.0
436.4
2,397.6
3,117.4
—
2,706.1
3,466.3
4,475.3
0.2
11.7
8.2
7.3
Other Liabilities - Current
—
3.4
4.7
21.1
Overdrafts And Bank Loans (Short Term)
—
—
206.8
—
7,459.9
7,367.6
8,802.1
9,894.3
201.3
135.1
200.4
367.3
3,007.7
2,856.6
3,886.9
4,886.2
7,208.6
5,886.7
4,388.1
3,983.0
Long Term Debt
—
5,886.7
3,929.3
3,983.0
Deferred Income Taxes (Liabilities)
—
0.0
458.8
0.0
5,658.5
5,886.7
3,929.3
3,983.0
251.3
1,480.8
4,414.0
5,911.3
0.0
0.0
—
0.0
1,550.1
0.0
—
—
—
—
—
—
—
—
—
—
778.5
778.5
—
—
12 Months Ending Balance Sheet Noncurrent Assets Other Noncurrent Assets Prepaid Expenses And Other Total Non-Current Assets
Current Assets Accounts Receivable - Trade Trade
Amounts Due From Related Related Companies Cash At Bank Land Rights/Prepaid Lease Payment-Curre
Income Taxes Accrued/Payable Customer Deposits/Advances (Short-Term) Other Payables Net Current Assets Trade Payables And Others Companies ompanies Amounts Due To Related C
Total Assets Less Than Current Liability Short Term Deposits Payable Total Current Liabilities Non Current Current Liabilities Liabilities Total Noncurrent Liabilities
Bank Loans - Noncurrent Net Assets Other Creditors / Other Payables (Long-Ter Interest Bearing Liabilities (Noncurrent) Accounts Payable Other Total Liabilities Stockholder Equity Additional Paid In Capital Capital
Retained Earnings (Accumulated Deficit)
-1,351.6
214.5
—
—
Other Equity
630.3
293.7
—
—
Total Shareholders Equity
251.3
1,480.8
4,414.0
5,911.3
—
—
614.0
2,111.3
194.2
194.2
3,800.0
3,800.0
—
—
—
—
5,820.5
5,386.1
4,972.3
4,757.3
—
—
31.3
319.4
390.2
371.0
351.7
332.4
840.7
1,137.4
549.4
479.0
Inventories
44.2
63.8
79.1
85.9
Prepaid Expenses (ST)
55.9
40.9
21.2
16.1
Buildings
4,737.4
4,795.7
4,775.2
5,035.3
Leasehold Improvements
1,294.4
1,338.1
1,433.6
1,481.4
Construction In Progress
21.1
28.8
31.3
319.4
680.4
721.4
787.2
849.5
Property Plant & Equipment - Gross
7,094.2
7,205.0
7,384.5
8,067.4
Accumulated Depreciation
1,273.7
1,818.9
2,380.9
2,990.7
Property Plant & Equipment - Net
5,820.5
5,386.1
5,003.6
5,076.7
24.2
48.9
70.9
94.6
—
—
—
—
Accrued Expenses
116.2
158.7
448.5
1,201.6
Additional Paid In Capital Capital
778.5
778.5
10,434.2
10,434.2
-1,351.6
214.5
2,969.3
4,399.3
630.3
293.7
-12,839.6
-12,839.6
Shares Outstanding
—
—
3,800.0
3,800.0
Par Value
—
—
1.00
1.00
197.5
143.8
151.4
164.6
Supplies and Materials
10.7
20.1
24.3
25.1
Other Inventory
32.9
42.4
50.8
58.7
— —
— —
— 3,120.0
— 11,310.0
100.7
86.5
95.7
95.6
Rental Expense - Year 1
25.0
22.0
27.8
28.7
Rental Expense - Beyond Year 5
46.3
43.4
40.6
37.7
Allowance For Doubtful Doubtful Accounts
151.3
232.4
161.3
107.1
Total Shareholders Equity
251.3
1,480.8
4,414.0
5,911.3
Unsecured Debt
1,550.1
—
—
—
Secured Debt
6,721.2
5,886.7
4,136.1
3,983.0
—
—
—
—
4.0
7.6
7.8
8.8
1,140.6
1,452.0
1,819.5
1,720.6
Cumulative Translation Adjustment Bank Loans - Noncurrent
— —
— —
— 3,929.3
— 3,983.0
Capital Redemption Reserve
—
—
—
—
Total Reserve Total Share Capital Total Liabilities and Shareholders Equity Fixed Assets Property Plant & Equipment - Net Construction In Progress-Net Prepaid Lease Payments Reference Items Accounts Receivable - Trade Trade
Furniture/Machinery/Equipment
Accounts Payable - Trade Accounts Payable and Accrued Expenses
Retained Earnings (Accumulated Deficit) Other Equity
Other Gross Fixed Assets
Total Line of Credit Total Available Line of Credit Future Minimum Operating Lease Obligatio
Customer Deposits/Advances (ST) Other Receivables (ST) Other Payables
Total Contingent Payable
494.0
300.0
300.0
300.1
0.6
1.4
4.0
2.1
Options Granted During Period
—
—
19.3
1.0
Options Outstanding End Period
—
—
19.3
19.2
992.0
1,369.8
710.7
586.1
Amounts Due To Contract Work
—
—
—
—
Authorized Common Stocks (Number)
—
—
10,000.0
10,000.0
Authorized Common Capit Capital al (Amount)
—
—
10,000.0
10,000.0
Capital Commit Contracted Not Provided Fo
21.9
30.9
29.2
1,276.4
Other Commitments
29.0
29.0
29.0
29.0
Operating Leases Expiring Within 2 & 5 Yrs
29.4
21.0
27.3
29.1
840.7
1,137.4
549.4
479.0
7.9
8.0
8.0
9.3
Other Tax Payable
314.8
865.8
907.3
1,223.0
Total Share Capital
194.2
194.2
3,800.0
3,800.0
2,719.4
5,672.2
3,308.9
3,983.0
Options Exercised During the Period
—
—
—
—
Overdrafts And Bank Loans (Short Term)
—
—
206.8
0.0
155.5
169.2
197.7
208.0
21.9
30.9
29.2
1,276.4
—
—
50.2
117.4
Debt Schedule In Yr 1
1,062.7
0.0
206.8
0.0
Debt Schedule In Yr 2
2,939.1
214.5
620.4
0.0
Debt Schedule - Total Debt
6,721.2
5,886.7
4,136.1
3,983.0
Number of Common Shares Repurchased
—
—
—
—
Value of Common Shares Repurchased
—
—
—
—
ARDR Options C Cancelled ancelled or Forfeited
—
—
—
1.0
Price e (Options Outstanding) Avg Exercise Pric
—
—
15.52
15.43
Options Exercisable End of Period
—
—
—
4.6
Options at Beginning of Period
—
—
—
19.3
Common Stock
—
—
—
—
Other Non-Depreciable Fixed Assets - Gros
—
—
—
—
Sundry Creditors And Accruals Debt Schedule - Total Long Term Debt
— —
— —
— —
— —
Inventory - Merchandise
Trade Receivables-Gross
Trade Debtors 0-1 Year - Net Transportation Equipment - Gross
Debt Maturing - Year 2 To Year 5
Computers - Gross Purchase Obligations Equity Compensation Reserve
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
— 399.7
— 304.2
— 285.0
46.2 109.8
167.3 31.8
128.7 62.8
9,387.9
11,919.9
16,013.6
23,038.2
30,795.4
30,474.6
—
—
—
—
—
—
—
—
—
27,080.2
36,606.5
35,132.6
577.2
427.6
242.5
224.7
179.8
322.6
98.6
110.4
108.0
92.2
135.8
159.7
68.6
67.3
42.3
107.9
142.2
112.1
1.0
1.1
57.6
0.7
0.4
2.1
7,884.8
4,232.2
5,421.1
3,547.1
5,283.4
3,992.1
69.4
69.4
69.6
69.4
69.4
69.4
8,699.6
4,908.0
5,941.2
4,042.0
5,811.1
4,658.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
15.2
16.1
15.0
15.0
1.0
11.2
—
—
—
—
—
—
224.1
244.2
224.1
377.2
301.5
387.8
1,726.2
-948.9
1,090.7
—
—
—
6,365.6
5,579.2
4,586.3
4,469.2
9,319.5
6,856.5
12.9
17.4
25.1
26.3
28.9
22.5
—
—
—
—
—
—
—
—
—
604.5
6,045.0
780.0
11,114.1
10,970.9
17,104.3
—
—
—
355.6
—
—
—
—
—
6,973.4
5,856.9
4,850.4
5,492.2
15,695.9
8,058.0
4,610.6
4,629.4
12,189.3
14,371.3
12,398.2
18,128.8
—
—
11,732.0
—
—
—
—
—
—
—
317.1
0.0
4,049.2
4,118.2
—
14,104.1
11,794.2
18,093.2
6,503.5
6,341.5
4,915.1
—
—
—
561.4
511.2
457.3
267.2
286.9
35.6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
19,863.5
28,094.1
26,186.8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,416.7
—
—
6,503.5
6,341.5
4,915.1
7,216.7
8,512.4
8,945.8
2,703.5
2,541.5
1,115.1
10,433.1
4,712.4
5,145.8
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
—
—
—
27,080.2
36,606.5
35,132.6
4,393.4
4,062.6
3,733.1
3,294.7
3,027.3
27,221.9
2,333.0
5,487.6
10,126.5
17,915.3
26,093.1
1,781.5
1,468.8
1,399.4
1,329.8
1,260.4
1,190.9
1,121.5
577.2
427.6
242.5
224.7
179.8
322.6
98.6
110.4
108.0
—
—
—
—
—
30.4
46.1
—
—
5,050.5
5,048.4
4,993.3
4,987.9
5,001.3
28,050.2
1,567.9
1,722.5
1,923.3
2,077.7
2,181.3
2,155.1
2,333.0
5,487.6
10,126.5
17,915.3
26,093.1
1,781.5
892.2
880.8
940.5
893.8
988.7
3,334.8
10,302.8
13,580.1
18,460.0
26,223.4
34,650.0
36,368.2
3,576.4
4,029.9
4,600.4
5,013.5
5,529.7
7,364.8
6,726.4
9,550.2
13,859.6
38,775.8
53,513.4
52,009.3
84.7
90.5
60.4
32.1
15.6
31.4
—
—
—
4,469.2
9,319.5
6,856.5
552.0
—
—
806.6
2,629.4
2,176.6
10,432.9
10,432.8
10,433.1
10,435.4
10,409.5
10,403.4
4,981.6
4,759.8
3,264.0
5,512.0
6,784.6
7,164.4
-12,839.6
-12,839.6
-12,839.6
-12,839.6
-12,839.6
-12,839.6
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
1.00
1.00
1.00
1.00
1.00
1.00
177.6
193.2
196.2
47.6
48.4
182.3
34.6
42.5
45.1
—
—
—
61.4
66.4
61.8
—
—
—
— 11,310.0
— 11,310.0
— 11,310.0
— 8,410.0
23,400.0 4,810.0
11,310.0 4,290.0
211.6
193.5
195.1
105.3
239.2
263.9
31.8
29.7
29.5
25.9
47.7
71.2
135.6
127.4
119.3
4.8
103.0
94.9
33.7
104.8
69.3
63.6
58.8
96.4
6,503.5
6,341.5
4,915.1
7,216.7
8,512.4
8,945.8
—
—
—
—
—
—
4,049.2
4,118.2
11,732.0
14,708.6
17,839.2
18,873.2
—
—
—
805.4
1,614.3
1,607.7
—
—
—
—
—
—
4,076.2
1,743.0
273.3
292.8
5,079.7
3,058.2
— 4,049.2
— 4,118.2
— —
-1.9 14,104.1
0.7 11,794.2
-2.8 18,093.2
2.7
3.7
3.7
4.2
11.2
13.9
300.1
300.1
300.1
302.9
302.6
299.1
2.6
1.5
1.1
—
—
—
1.1
19.9
16.5
30.2
13.8
10.3
16.9
35.1
49.2
73.6
77.1
82.7
611.0
532.3
311.8
288.4
238.6
419.1
—
—
—
0.0
—
—
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
10,000.0
9,626.8
8,814.9
6,164.8
4,224.3
642.6
144.4
29.1
29.1
29.1
—
—
—
44.2
36.3
46.2
74.7
88.5
97.8
577.2
427.6
—
224.7
179.8
322.6
12.8
10.8
11.4
11.4
11.4
44.6
1,316.1
—
—
—
—
—
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
3,800.0
4,049.2
3,217.5
11,485.5
8,340.5
0.0
12,820.0
2.7
1.0
0.0
0.5
—
2.7
0.0
—
—
604.5
6,045.0
780.0
268.8
236.8
268.9
289.8
325.9
819.7
9,626.8
8,814.9
6,164.8
4,224.3
642.6
144.4
125.9
184.8
253.9
306.6
345.9
406.5
0.0
0.0
—
604.5
6,045.0
780.0
0.0
1,072.5
604.5
6,045.0
11,940.5
3,120.0
4,049.2
4,118.2
11,732.0
14,104.1
17,839.2
18,873.2
2.7
1.0
20.0
465.6
7.0
7.0
67.8
25.6
236.9
7.0
147.9
57.8
0.7
0.8
2.4
5.3
3.2
2.0
16.01
16.01
—
—
—
—
6.5
10.2
18.0
24.5
77.1
82.7
19.2
16.9
35.1
49.2
73.6
77.1
—
—
—
—
—
—
—
—
—
—
—
—
— —
— —
— —
— —
— —
— —
MGM China Holdings Ltd (2282 HK) - Common Size In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
10,467.7
10,224.2
12,689.1
14,780.6
18.9 18.9
18.8 18.8
44.1 44.1
49.9 49.9
+ ST Investments
0.0
0.0
0.0
0.0
+ Accounts & Notes Receiv
8.0
11.1
4.3
3.2
+ Accounts Receivable, Net
8.0
11.1
4.3
3.2
+ Notes Receivable, Net
0.0
0.0
0.0
0.0
+ Inventories
0.4
0.6
0.6
0.6
+ Raw Materials
0.0
0.0
0.0
0.0
+ Work In Process
0.0
0.0
0.0
0.0
+ Finished Goods
0.0
0.0
0.0
0.0
+ Other Inventory
0.4
0.6
0.6
0.6
+ Other ST Assets Assets
0.9
1.7
0.5
0.4
+ Prepaid Expenses + Derivative & Hedging Assets
0.7 0.0
0.6 0.0
0.2 0.0
0.1 0.0
+ Misc ST Assets
0.2
1.1
0.4
0.3
Total Current Assets
28.2
32.2
49.5
54.1
+ Property, Plant & Equip, Net
59.3
56.3
42.2
36.6
+ Property, Plant & Equip
71.5
74.1
61.0
56.8
- Accumulated Depreciation
12.2
17.8
18.8
20.2
0.0
0.0
0.0
0.0
+ Other LT Assets Assets
12.4
11.5
8.3
9.3
+ Total Intangible Assets
12.4
11.5
8.3
6.2
0.0
0.0
0.0
0.0
12.4
11.5
8.3
6.2
+ Derivative & Hedging Assets + Investments in Affiliates
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
+ Misc LT Assets
0.0
0.0
0.0
3.0
71.8
67.8
50.5
45.9
100.0
100.0
100.0
100.0
18.6
27.9
29.0
33.1
+ Accounts Payable
0.2
0.5
0.6
0.6
+ Accrued Taxes
3.0
8.5
7.2
8.4
+ Other Payables & Accruals
15.3
19.0
21.3
24.0
+ ST ST Debt
10.2
0.0
1.6
0.0
+ ST Borrowings
10.2
0.0
1.6
0.0
+ ST Lease Liabilities
—
—
—
—
+ ST Finance Leases
0.0
0.0
0.0
0.0
+ Other ST Liabilities Liabilities
0.0
0.0
0.0
0.0
12 Months Ending Total Assets Total Assets + Cash, Cash Equivalents & STI + Cash & Cash Equivalents
+ LT Investments & Receivables
+ Goodwill + Other Intangible Assets
Total Noncurrent Assets Total Assets Liabilities & Shareholders' Equity + Payables & Accruals Accruals
+ Deferred Revenue
0.0
0.0
0.0
0.0
+ Derivatives & Hedging
0.0
0.0
0.0
0.0
+ Misc ST Liabilities
0.0
0.0
0.0
0.0
Total Current Liabilities
28.7
27.9
30.6
33.1
+ LT Debt
68.9
57.6
31.0
26.9
+ LT Borrowings
68.9
57.6
31.0
26.9
+ LT Lease Liabilities
—
—
—
—
+ LT Finance Leases
0.0
0.0
0.0
0.0
Liabilities + Other LT Liabilities
0.0
0.0
3.6
0.0
+ Accrued Liabilities
0.0
0.0
0.0
0.0
+ Pension Liabilities
—
—
—
—
+ Pensions
—
—
—
—
+ Other Post-Ret Benefits
—
—
—
—
0.0
0.0
0.0
0.0
+ Deferred Tax Liabilities
—
0.0
3.6
0.0
+ Derivatives & Hedging
0.0
0.0
0.0
0.0
+ Misc LT Liabilities
0.0
0.0
0.0
0.0
Total Noncurrent Liabilities
68.9
57.6
34.6
26.9
Total Liabilities
97.6
85.5
65.2
60.0
+ Preferred Equity Equity and Hybrid Capital
0.0
0.0
0.0
0.0
Capital & APIC + Share Capital
9.3
9.5
112.2
96.3
+ Common Stock
1.9
1.9
29.9
25.7
+ Additional Paid in Capital
7.4
7.6
82.2
70.6
—
—
0.0
0.0
-12.9
2.1
23.4
29.8
Other Equity + Other
6.0
2.9
-100.8
-86.1
Equity Before Minority Interest
2.4
14.5
34.8
40.0
+ Minority/Non Minority/Non Controlling Controlling Interest
0.0
0.0
0.0
0.0
Total Equity
2.4
14.5
34.8
40.0
100.0
100.0
100.0
100.0
IAS/IFRS —
IAS/IFRS —
IAS/IFRS 29.9
IAS/IFRS 25.7
—
—
0.0
0.0
Pension Obligations
0.0
0.0
0.0
0.0
Future Minimum Operating Lease Obligatio
1.0
0.8
0.8
0.6
Capital Leases - Total
0.0
0.0
0.0
0.0
Options Granted During Period
0.0
—
0.2
0.0
Options Outstanding at Period End
0.0
—
0.2
0.1
Net Debt
60.1
38.8
-11.5
-23.0
Net Debt to Equity
23.9
2.6
-0.3
-0.4
Tangible Common Equity Ratio
-0.1
0.0
0.2
0.2
0.0
0.0
0.0
0.0
5,539.0
—
5,800.0
5,670.0
+ Deferred Revenue
- Treasury Stock + Retained Retained Earnings
Total Liabilities & Equity Reference Items Accounting Standard Shares Outstanding Number of Treasury Shares
Current Ratio Number of Employees Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
18,087.5
16,827.8
21,954.8
27,080.2
36,606.5
35,132.6
43.6 43.6
25.1 25.1
24.7 24.7
13.1 13.1
14.4 14.4
11.4 11.4
0.0
0.0
0.0
0.0
0.0
0.0
3.2
2.5
1.1
0.8
0.5
0.9
3.2
2.5
1.1
0.8
0.5
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.7
0.5
0.3
0.4
0.5
0.0
0.0
0.0
—
—
—
0.0
0.0
0.0
—
—
—
0.0
0.0
0.0
—
—
—
0.5
0.6
0.5
—
—
—
0.8
0.8
0.8
0.7
0.6
0.5
0.4 0.0
0.4 0.0
0.5 0.0
0.4 0.0
0.2 0.0
0.2 0.0
0.4
0.4
0.3
0.2
0.4
0.3
48.1
29.2
27.1
14.9
15.9
13.3
45.3
65.1
69.2
83.0
82.8
85.7
65.1
89.0
90.1
101.5
97.9
106.7
19.8
23.9
21.0
18.5
15.1
21.0
0.0
0.0
0.0
0.0
0.0
0.0
6.6
5.8
3.8
2.1
1.3
1.0
4.4
4.0
2.5
1.5
0.8
0.5
0.0
0.0
0.0
0.0
0.0
0.0
4.4
4.0
2.5
1.5
0.8
0.5
0.0 0.0
0.0 0.0
0.0 0.0
0.0 —
0.0 0.0
0.0 0.0
2.2
1.8
1.3
0.6
0.5
0.5
51.9
70.8
72.9
85.1
84.1
86.7
100.0
100.0
100.0
100.0
100.0
100.0
38.6
34.8
22.1
15.1
22.0
16.1
0.5
0.5
0.3
0.1
0.0
0.1
7.4
0.1
0.1
0.1
0.0
0.0
30.7
34.2
21.7
14.9
21.9
16.0
0.0
0.0
0.0
2.2
16.5
2.2
0.0
0.0
0.0
2.2
16.5
2.2
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.0
4.4
4.6
0.0
0.0
0.0
3.0
4.4
4.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
38.6
34.8
22.1
20.3
42.9
22.9
22.4
24.5
53.4
52.1
32.2
51.5
22.4
24.5
53.4
52.1
32.2
51.5
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.1
3.0
2.1
1.0
1.7
0.1
0.0
0.0
0.0
0.0
0.0
0.0
—
—
—
—
0.0
0.0
—
—
—
—
0.0
0.0
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
—
—
—
—
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.1
3.0
2.1
1.0
0.8
0.1
25.5
27.5
55.5
53.1
33.9
51.6
64.0
62.3
77.6
73.4
76.7
74.5
0.0
0.0
0.0
0.0
0.0
0.0
78.7
84.6
64.8
52.6
38.8
40.4
21.0
22.6
17.3
14.0
10.4
10.8
57.7
62.0
47.5
38.5
28.4
29.6
0.0
0.0
0.0
0.0
0.0
0.0
27.5
28.3
14.9
20.4
18.5
20.4
-70.3
-75.2
-57.3
-46.3
-34.1
-35.4
36.0
37.7
22.4
26.6
23.3
25.5
0.0
0.0
0.0
0.0
0.0
0.0
36.0
37.7
22.4
26.6
23.3
25.5
100.0
100.0
100.0
100.0
100.0
100.0
IAS/IFRS 21.0
IAS/IFRS 22.6
IAS/IFRS 17.3
IAS/IFRS 14.0
IAS/IFRS 10.4
IAS/IFRS 10.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.2
1.1
0.9
0.4
0.7
0.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.0
0.0
0.1
0.2
0.2
0.3
0.2
0.2
-21.2
-0.7
28.7
41.2
34.3
42.4
-0.3
0.0
0.6
0.6
0.4
0.5
0.2
0.2
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
6,062.0
6,101.0
5,937.0
5,960.0
9,266.0
10,735.0
MGM China Holdings Ltd (2282 HK) - Standardized In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
-167.1
1,566.0
3,279.1
4,530.8
793.1 171.3
777.8 263.0
746.6 718.7
793.5 -119.3
—
—
50.2
67.2
+ Other Non-Cash Adj
171.3
263.0
668.5
-186.6
+ Chg in in Non-Cash Work Cap
-50.7
555.9
1,428.3
768.1
-581.1
-378.1
472.8
17.6
-2.3
-19.6
-15.3
-6.8
532.7
953.6
970.7
757.4
0.0
0.0
0.0
0.0
746.6
3,162.7
6,172.6
5,973.1
-218.6 0.2
-251.0 2.6
-301.9 1.5
-1,037.0 2.2
+ Disp of Fixed Prod Assets
0.2
2.6
1.5
2.2
+ Disp of Intangible Assets
0.0
0.0
0.0
0.0
+ Acq of Fixed & Intang
-218.8
-253.6
-303.4
-1,039.2
+ Acq of Fixed Prod Assets
-218.8
-253.6
-303.4
-1,039.2
+ Acq of Intangible Assets
0.0
0.0
0.0
0.0
+ Net Change in LT Investment
0.0
0.0
0.0
0.0
+ Dec in LT Investment
0.0
0.0
0.0
0.0
+ Inc in LT Investment
0.0
0.0
0.0
0.0
+ Net Cash From Acq & Div
0.0
0.0
0.0
0.0
+ Cash from Divestitures
0.0
0.0
0.0
0.0
+ Cash for Acq of Subs + Cash for JVs
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
+ Other Investing Activities Activities
-24.5
-4.2
0.0
-44.3
+ Net Cash From Disc Ops
0.0
0.0
0.0
0.0
-243.1
-255.1
-301.9
-1,081.4
0.0
0.0
-475.7
-3,100.8
From (Repayment) (Repayment) Debt + Cash From
254.1
-2,666.9
-1,800.0
0.0
+ Cash From (Repay) ST Debt
—
—
—
0.0
+ Cash From LT Debt
—
—
—
0.0
+ Repayments of LT Debt
—
—
—
0.0
+ Cash (Repurchase) (Repurchase) of Equity
0.0
0.0
79.7
0.0
+ Increase in Capital Stock
0.0
0.0
79.7
0.0
+ Decrease in Capital Stock
0.0
0.0
0.0
0.0
-230.3
-293.7
-6.9
0.0
12 Months Ending Cash from Operating Activities Net Income + Net Depreciation on & Amortization + Depreciati + Non-Cash Non-Cash Items + Stock-Based Compensation
+ (Inc) Dec in Accts Receiv + (Inc) Dec in Inventories + Inc (Dec) in Other + Net Cash From Disc Ops Cash from Operating Activities Cash from Investing Activities + Change in Fixed & Intang + Disp in Fixed & Intang
Cash from Investing Activities Cash from Financing Activities + Dividends Dividends Paid
+ Other Financing Activities Activities
+ Net Cash From Disc Ops
0.0
0.0
0.0
0.0
23.8
-2,960.6
-2,203.0
-3,100.8
0.0
0.0
0.0
0.0
527.2
-53.0
3,667.7
1,791.0
0.4
0.3
-0.2
34.0
266.1
196.8
182.3
161.5
1,157.3
2,798.3
4,714.0
5,225.3
14.98
22.50
23.23
24.00
0.3
1.3
10.6
37.3
527.8
2,909.1
5,869.2
4,933.9
—
3,235.7
6,030.6
—
782.1
244.9
4,070.7
4,936.1
Free Cash Flow per Basic Share
—
—
1.54
1.30
Price to Free Cash Flow
—
—
6.58
10.80
Cash Flow to Net Income
—
2.02
1.88
1.32
Cash from Financing Activities Effect of Foreign Exchange Rates Net Changes in Cash Cash Paid for Taxes Cash Paid for Interest Reference Items EBITDA Trailing 12M EBITDA Margin Interest Received Free Cash Flow Free Cash Flow to Firm Free Cash Flow to Equity
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
767.7 -5.9
799.6 46.2
805.7 187.1
771.7 -298.6
799.0 -124.6
2,150.3 -42.2
34.5
69.7
85.5
73.0
79.9
76.6
-40.4
-23.5
101.6
-371.6
-204.5
-118.9
1,236.3
-1,519.7
-1,149.3
-1,116.8
3,651.6
-1,735.4
-42.9
51.4
-1.2
65.2
87.0
-194.1
-12.7
-11.8
2.4
15.8
-43.6
-23.9
1,291.8
-1,559.4
-1,150.5
-1,197.8
3,608.3
-1,517.4
0.0
0.0
0.0
0.0
0.0
0.0
7,331.6
5,033.0
2,956.0
2,392.8
6,646.3
1,441.2
-1,934.3 1.6
-2,748.5 5.4
-4,499.8 4.2
-6,182.7 4.2
-6,792.7 1.6
-2,861.6 0.1
1.6
5.4
4.2
4.2
1.6
0.1
0.0
0.0
0.0
0.0
0.0
0.0
-1,935.9
-2,753.8
-4,504.1
-6,186.9
-6,794.3
-2,861.7
-1,935.9
-2,753.8
-4,504.1
-6,186.9
-6,794.3
-2,861.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
-118.0
0.0
-81.4
-90.7
19.3
-53.5
0.0
0.0
0.0
0.0
0.0
0.0
-2,052.3
-2,748.5
-4,581.2
-6,273.3
-6,773.4
-2,915.1
-4,750.0
-5,928.2
-4,624.6
-805.6
-1,048.8
-611.8
0.0
0.0
7,438.6
2,814.3
2,961.5
815.0
0.0
0.0
0.0
—
—
—
—
0.0
7,800.0
2,900.0
—
—
—
0.0
-361.4
-85.7
—
—
-25.9
-9.0
0.1
-0.3
-52.1
-18.3
42.0
16.6
0.3
6.7
95.7
39.6
-67.8
-25.6
-0.2
-7.0
-147.9
-57.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4,775.9
-5,937.2
2,814.1
2,008.4
1,860.6
184.9
0.0
0.0
0.0
-1.9
2.8
-2.3
503.4
-3,652.6
1,188.9
-1,873.9
1,736.3
-1,291.3
15.0
15.0
17.7
15.1
13.7
11.4
196.5
166.0
253.9
369.5
511.6
717.8
6,311.3
6,568.3
4,086.2
3,870.8
3,423.2
3,585.3
24.53
25.80
23.80
25.97
23.64
18.67
25.5
13.5
11.7
7.0
4.3
12.3
5,395.7
2,279.2
-1,548.1
-3,794.0
-148.0
-1,420.5
5,602.7
2,310.1
-1,425.0
-3,747.8
-148.0
—
5,397.3
2,284.6
5,894.8
-975.5
2,815.1
-605.4
1.42
0.60
-0.41
-1.00
-0.04
-0.37
23.31
32.88
—
—
—
—
1.37
0.88
0.95
0.79
2.86
1.35
MGM China Holdings Ltd (2282 HK) - As Reported In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
793.1 98.3
777.8 81.3
746.6 115.2
793.5 52.9
Stock Based Compensation
—
—
50.2
67.2
Other Non-Cash Items
—
—
—
—
Change in Inventories
-2.3
-19.6
-15.3
-6.8
Change in Accounts Receivable
-581.1
-378.1
472.8
17.6
Change in Other Current Assets
-11.6
-35.1
30.5
9.3
-104.7
-4.9
—
—
—
-4.9
—
—
1,012.7
3,359.5
6,354.9
6,134.7
104.6
-66.2
65.3
166.9
0.3
1.3
10.6
37.3
— -0.4
— 20.5
— —
— —
1,260.7
2,926.6
4,972.1
5,363.3
Gain (Loss) From The Sale Of Fixed Assets
4.8
31.4
93.8
17.9
Change In Trade Payables & Other Current
359.0
996.7
749.9
582.2
Interest Expense
334.5
326.6
184.1
348.9
Interest Income - CF
-0.3
-1.3
-11.9
-38.0
Increase/Decrease In Amts Due From Relat
-0.1
-72.4
72.2
-0.1
Increase/Decrease In Amts Due To Related
-11.8
11.5
-3.5
-0.9
Profit Before Taxation And Minority Interest
-166.5
1,566.3
3,737.9
4,120.9
-0.4
-0.3
0.0
-34.0
—
—
0.2
0.0
197.2 —
123.9 —
56.3 —
— —
—
—
—
—
0.2
2.6
1.5
2.2
-115.2
-86.3
-156.2
-214.7
-24.5
-4.2
0.0
-44.3
Payments For Noncurrent Assets
—
-8.9
—
—
Payment Of Land Rights
—
—
0.0
-436.9
-243.1
-255.1
-301.9
-1,081.4
Dividends Paid
—
—
-475.7
-3,100.8
Long -Term Borrowings Increase In Long-Term
—
—
—
—
Decrease In Long-Term Borrowings
—
—
—
—
Issuance of Common Stock
—
—
132.0
0.0
Repurchase of Common Stock
—
—
—
0.0
12 Months Ending Cash Flow Activities Cash From Operating Activities Depreciation And Amortization - CF Provision For Doubtful Accounts - CF
Change in Other Current Liabilities Change In Other Liabilites Total Cash Flows From Operations Change in Deposits Interest Received Gain/(Loss) On Early Extinguishment of De Foreign Exchange Gains/Losses Total Cashflow From Ops Before Working
Tax Paid Tax Refund Other Financial Items - CF Change in Accounts Payable & Accrued Ex Interest Paid Cash From Investing Activities Activities Disposal of Fixed Assets Capital Expenditures Other Investing Activities
Total Cash Flows From Investing Cash from Financing Activities Activities
Effect of Exchange Rates On Cash
—
—
—
—
Other Financing Activities
-230.3
-293.7
-6.9
—
Exercise of Stock Options
—
—
—
—
527.2
-53.0
3,667.7
1,791.0
Cash and Cash Equivalents (End of Period)
1,975.7
1,922.7
5,590.4
7,381.4
Cash and Cash Equivalents (Beg of Period)
1,448.5
1,975.7
1,922.7
5,590.4
—
—
-52.3
0.0
-1,518.6 1,772.7
-10,092.8 7,425.9
-1,800.0 0.0
-738.5 738.5
Interest Paid (Financing Activities)
-266.1
-196.8
-182.3
-161.5
Total Cash Flows From Financing
-242.4
-3,157.4
-2,385.3
-3,262.3
1,012.8
3,358.6
6,344.0
6,131.4
Net Change In Cash
Stock Issuance Costs Decrease In Borrowings Increase In Borrowings
Direct Method Net Cash From Operating Activities Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
767.7 -55.4
799.6 98.2
805.7 186.3
771.7 -47.4
799.0 -42.1
2,150.3 51.3
34.5
69.7
85.5
73.0
79.9
76.6
—
—
14.9
—
—
—
-12.7
-11.8
2.4
15.8
-43.6
-23.9
-42.9
51.4
-1.2
65.2
87.0
-194.1
-44.4
4.3
21.9
44.5
-49.7
9.0
—
—
—
—
—
—
—
—
—
—
—
—
7,528.1
5,199.0
3,209.9
2,762.4
7,157.9
2,159.0
-11.7
—
—
—
—
—
25.5
13.5
11.7
7.0
4.3
12.3
— —
— —
— —
— —
0.0 —
5.9 —
6,281.3
6,720.2
4,365.3
3,887.3
3,515.6
3,893.5
3.0
11.6
32.1
-1.7
45.3
194.3
1,342.9
-1,568.1
-1,123.4
-1,300.5
3,655.1
-1,518.3
207.6
31.0
123.8
46.5
0.0
654.3
-24.5
-12.6
-12.1
-6.5
-5.0
-12.1
-0.6
-0.1
-56.5
57.0
0.2
-1.6
5.6
4.5
7.7
1.3
2.6
-6.4
5,348.5
5,722.7
3,129.1
3,051.6
2,638.5
772.9
-15.0
-15.0
-17.7
-15.1
-15.1
-11.4
—
—
—
—
1.4
0.0
— —
— —
— —
— —
— —
— —
—
—
—
—
—
—
1.6
5.4
4.2
4.2
1.6
0.1
-139.1
-223.9
-171.0
-121.7
-120.7
-75.5
-118.0
0.0
-81.4
-90.7
19.3
-53.5
—
—
—
—
—
—
-115.2
-227.8
-227.8
-227.8
-113.9
0.0
-2,052.3
-2,748.5
-4,581.2
-6,273.3
-6,773.4
-2,915.1
-4,750.0
-5,928.2
-4,624.6
-805.6
-1,048.8
-611.8
—
—
7,800.0
2,900.0
—
—
—
—
-361.4
-85.7
—
—
—
—
—
—
—
—
-67.8
-25.6
-0.2
-7.0
-147.9
-57.8
—
—
—
-1.9
2.8
-2.3
—
—
—
—
—
—
42.0
16.6
0.3
6.7
95.7
39.6
503.4
-3,652.6
1,188.9
-1,872.1
1,733.4
-1,289.0
7,884.8
4,232.2
5,421.1
3,547.1
5,283.4
3,992.1
7,381.4
7,884.8
4,232.2
5,421.1
3,547.1
5,283.4
—
—
—
—
—
—
0.0 0.0
— —
— —
— —
-1,438.5 4,400.0
-4,085.0 4,900.0
-196.5
-166.0
-253.9
-369.5
-511.6
-717.8
-4,972.3
-6,103.2
2,560.2
1,638.9
1,349.0
-532.9
7,517.6
5,200.5
3,216.0
2,770.5
7,167.3
2,158.1
MGM China Holdings Ltd (2282 HK) - Profitability In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
-49.90
180.82
111.25
87.76
-1.63 1.51
15.14 23.82
28.62 43.23
32.99 50.88
4.67
25.83
42.88
50.63
14.98
22.50
23.23
24.00
4.71
16.25
19.55
20.35
Incremental Operating Margin
30.52
35.18
24.77
31.37
Pretax Margin
-2.15
12.60
18.42
18.93
Income before XO Margin
-2.16
12.59
16.16
20.81
Net Income Margin
-2.16
12.59
16.16
20.81
Net Income to Common Margin
-2.16
12.59
16.16
20.81
Effective Tax Rate
—
0.02
12.27
—
Dvd Payout Ratio
—
0.00
94.54
85.50
Sustainable Growth Rate
—
180.82
6.08
12.73
12 Months Ending Returns Return on Common Equity Return on Assets Return on Capital Return on Invested Capital Margins EBITDA Margin Operating Margin
Additional
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
85.92
88.86
55.30
50.06
29.50
12.24
32.45 54.19
32.69 54.61
16.05 23.87
12.39 15.98
7.29 9.61
2.98 6.07
53.09
55.24
25.26
15.68
9.30
6.23
24.53
25.80
23.80
25.97
23.64
18.67
21.55
22.66
19.11
20.79
18.12
7.47
28.12
—
-30.04
-8.02
-111.24
—
20.79
22.48
18.22
20.47
18.22
4.03
20.73
22.42
18.13
20.37
16.02
5.56
20.73
22.42
18.13
20.37
16.02
5.56
20.73
22.42
18.13
20.37
16.02
5.56
0.28
0.28
0.53
0.49
12.06
—
107.54
89.29
30.40
34.92
34.89
34.85
-6.48
9.52
38.49
32.58
19.21
7.97
MGM China Holdings Ltd (2282 HK) - Growth In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
11.72
60.92
63.20
7.29
33.97 211.70
141.80 454.75
68.46 96.35
10.85 11.70
43.66
—
109.39
38.17
EPS Diluted
—
—
—
37.89
EPS Diluted before XO
—
—
—
37.89
EPS Diluted before Abnormal
—
—
—
32.66
Dividend per Share
—
—
—
—
134.95
35.30
-51.70
-12.82
7.95
44.32
23.89
8.65
Fixed Assets
-6.24
-7.30
-6.98
1.00
Total Assets
4.49
-2.33
24.11
16.48
267.65 75.03
33.89 —
-51.61 449.36
-15.65 30.02
—
—
—
-2.24
Accounts Payable
-85.30
101.82
45.08
33.36
Short-Term Debt
164.98
—
—
—
4.83
-28.83
-29.74
-3.70
-39.94
489.17
198.08
33.92
2.58
-13.55
16.05
15.72
Book Value per Share
—
—
—
33.92
Cash From Operations
—
323.64
95.17
-3.23
Capital Expenditures
-44.56
15.93
19.64
242.50
Net Change In Cash Free Cash Flow
196.61 —
— 451.20
— 101.75
-51.17 -15.94
Cash Flow to Firm
—
—
81.53
—
Free Cash Flow to Firm
—
—
86.38
—
Revenue
—
—
—
—
EBITDA
—
—
—
—
Operating Income
—
—
—
—
Net Income to Common
—
—
—
—
EPS Diluted
—
—
—
—
EPS Diluted before XO
—
—
—
—
EPS Diluted before Abnormal
—
—
—
—
Dividend per Share
—
—
—
—
Accounts Receivable
—
—
—
—
12 Months Ending 1 Year Growth Revenue EBITDA Operating Income Net Income to Common
Accounts Receivable Inventory
Modified Working Capital Working Capital Employees
Total Debt Total Equity Capital
5 Year Growth
Inventory
—
—
—
—
Fixed Assets
—
—
—
—
Total Assets
—
—
—
—
Modified Working Capital
—
—
—
—
Working Capital
—
—
—
—
Employees
—
—
—
—
Accounts Payable
—
—
—
—
Short-Term Debt Total Debt
— —
— —
— —
— —
Total Equity
—
—
—
—
Total Capital 5 Year Growth
—
—
—
—
Book Value per Share
—
—
—
—
Cash From Operations
—
—
—
—
Net Change In Cash
—
—
—
—
Free Cash Flow
—
—
—
—
Revenue
11.72
60.92
63.20
7.29
EBITDA
33.97
141.80
68.46
10.85
211.70
454.75
96.35
11.70
Net Income to Common
—
—
109.39
38.17
EPS Diluted
—
—
—
37.89
EPS Diluted before XO
—
—
—
37.89
EPS Diluted before Abnormal
—
—
—
32.66
Dividend per Share
—
—
—
—
134.95
35.30
-51.70
-12.82
7.95
44.32
23.89
8.65
Fixed Assets
-6.24
-7.30
-6.98
1.00
Total Assets
4.49
-2.33
24.11
16.48
267.65
33.89
-51.61
-15.65
Working Capital
—
—
449.36
30.02
Employees
—
—
—
-2.24
Accounts Payable
-85.30
101.82
45.08
33.36
Short-Term Debt
164.98
-100.00
—
-100.00
4.83
-28.83
-29.74
-3.70
-39.94
489.17
198.08
33.92
2.58
-13.55
16.05
15.72
Book Value per Share
—
—
—
33.92
Cash From Operations
—
323.64
95.17
-3.23
Capital Expenditures
-44.56
15.93
19.64
242.50
Net Change In Cash
196.61
-110.05
—
-51.17
Free Cash Flow Cash Flow to Firm
— —
451.20 —
101.75 81.53
-15.94 —
Free Cash Flow to Firm
—
—
86.38
—
Sequential Growth
Operating Income
Accounts Receivable Inventory
Modified Working Capital
Total Debt Total Equity Capital
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
18.16
-1.06
-32.54
-13.18
-2.86
32.60
20.78 25.09
4.07 4.06
-37.79 -43.13
-5.27 -5.53
-11.56 -15.32
4.73 -45.32
17.72
7.00
-45.46
-2.44
-23.59
-53.95
17.65
7.14
-45.33
-2.44
-23.88
-54.02
17.65
7.14
-45.33
-2.44
-23.88
-54.02
17.07
7.28
-43.94
-0.63
-8.75
-42.27
—
7.14
-52.57
12.05
-23.66
-53.99
20.51
-25.93
-43.28
-7.34
-19.98
79.42
14.74
11.96
-2.17
-14.67
47.33
17.62
51.51
33.61
38.72
47.93
34.89
-0.61
22.37
-6.96
30.47
23.35
35.18
-4.03
25.69 -44.63
-24.31 —
-35.15 —
-1.84 —
5.32 -581.63
50.31 65.60
6.91
0.64
-2.69
0.39
55.47
15.85
-10.47
6.88
-33.29
-46.90
-51.30
101.18
—
—
—
—
900.00
-87.10
1.66
1.70
184.88
25.37
21.28
5.80
10.02
-2.49
-22.49
46.83
17.95
5.09
6.65
-0.88
59.15
31.71
20.19
5.57
10.02
-2.49
-22.49
46.83
17.95
5.09
22.74
-31.35
-41.27
-19.05
177.76
-78.32
86.28
42.25
63.56
37.36
9.82
-57.88
-71.89 9.36
— -57.76
— —
— -145.08
— 96.10
— -859.60
—
-32.83
-39.20
-20.79
172.49
—
—
-58.77
—
-163.01
96.05
—
30.05
26.93
6.67
-5.98
-7.83
-5.68
48.85
41.51
7.87
-3.86
-8.11
-10.69
116.39
73.76
10.18
-4.82
-9.95
-23.68
—
—
14.73
-1.53
-12.53
-27.50
—
—
—
-1.50
-12.54
-27.52
—
—
—
-1.50
-12.54
-27.52
—
—
—
-1.48
-8.59
-20.64
—
—
—
—
—
-27.52
10.04
-12.65
-26.59
-16.37
-17.79
-10.98
19.20
20.07
11.09
3.10
9.58
10.12
4.35
12.01
21.41
33.22
41.15
29.74
12.54
9.96
16.51
16.37
19.89
14.20
20.35
-12.26
-24.10
-12.57
-8.60
-5.27
—
—
20.10
—
—
—
—
—
—
0.55
10.32
12.11
-12.46
30.17
4.31
-14.68
-30.25
-17.99
-100.00 -12.49
-100.00 -13.02
— 14.79
23.93 28.88
— 34.97
— 36.05
73.10
90.71
27.12
10.33
7.57
6.58
4.90
4.18
17.71
20.72
21.64
21.39
—
—
—
10.33
7.57
6.58
—
46.47
-1.34
-17.26
2.16
-27.77
23.15
—
—
—
—
—
—
33.99
—
—
—
—
18.16
-1.06
-32.54
-13.18
-2.86
32.60
20.78
4.07
-37.79
-5.27
-11.56
4.73
25.09
4.06
-43.13
-5.53
-15.32
-45.32
17.72
7.00
-45.46
-2.44
-23.59
-53.95
17.65
7.14
-45.33
-2.44
-23.88
-54.02
17.65
7.14
-45.33
-2.44
-23.88
-54.02
17.07
7.28
-43.94
-0.63
-8.75
-42.27
—
7.14
-52.57
12.05
-23.66
-53.99
20.51
-25.93
-43.28
-7.34
-19.98
79.42
14.74
11.96
-2.17
-14.67
47.33
17.62
51.51
33.61
38.72
47.93
34.89
-0.61
22.37
-6.96
30.47
23.35
35.18
-4.03
25.69
-24.31
-35.15
-1.84
5.32
50.31
-44.63
-154.97
—
-232.95
—
—
6.91
0.64
-2.69
0.39
55.47
15.85
-10.47
6.88
-33.29
-46.90
-51.30
101.18
—
—
—
—
900.00
-87.10
1.66
1.70
184.88
25.37
21.28
5.80
10.02
-2.49
-22.49
46.83
17.95
5.09
6.65
-0.88
59.15
31.71
20.19
5.57
10.02
-2.49
-22.49
46.83
17.95
5.09
22.74
-31.35
-41.27
-19.05
177.76
-78.32
86.28
42.25
63.56
37.36
9.82
-57.88
-71.89
-825.53
—
-257.62
—
-174.37
9.36 —
-57.76 -32.83
-167.92 -39.20
— -20.79
— 172.49
— —
—
-58.77
-161.68
—
—
—
MGM China Holdings Ltd (2282 HK) - Credit In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
No
No
No
No
Total Debt Short-Term Debt
8,271.3 1,062.7
5,886.7 0.0
4,136.1 206.8
3,983.0 0.0
Long Term Term Debt
7,208.6
5,886.7
3,929.3
3,983.0
Total Debt/T12M EBITDA
7.15
2.10
0.88
0.76
Net Debt/EBITDA
5.44
1.42
-0.31
-0.65
Total Debt/EBIT
22.71
2.91
1.04
0.90
Net Debt/EBIT
17.28
1.96
-0.37
-0.77
EBITDA to Interest Expense
3.46
8.57
25.61
28.42
EBITDA-CapEx/Interest Expense EBITDA-CapEx/Interest
2.65
7.79
23.96
22.77
EBIT to Interest Expense
1.09
6.19
21.56
24.11
EBITDA/Cash Interest Paid
4.35
14.22
25.86
32.35
EBITDA-CapEx/Cash EBITDA-CapEx/Cash Interest Paid
3.53
12.93
24.20
25.91
EBIT/Cash Interest Paid
1.37
10.27
21.77
27.44
Cash Interest Paid
266.1
196.8
182.3
161.5
Interest Expense
334.5
326.6
184.1
183.8
2.40
14.48
34.79
39.99
2,868.00
397.52
89.02
67.38
Long-Term Debt/Capital
84.58
79.90
45.96
40.26
Long-Term Debt/Total Assets
68.87
57.58
30.97
26.95
3,290.82
397.52
93.70
67.38
Total Debt/Capital
97.05
79.90
48.37
40.26
Total Debt/Total Assets
79.02
57.58
32.60
26.95
2,504.77
267.68
-32.95
-57.49
96.16
72.80
-49.14
-135.23
1,157.3
2,798.3
4,714.0
5,225.3
EBITDA-CapEx
938.5
2,544.7
4,410.6
4,186.1
EBIT
364.2
2,020.6
3,967.4
4,431.8
12 Months Ending IFRS 16/ASC 842 Adoption
Common Equity/Total Assets Long-Term Debt/Equity
Total Debt/Equity
Net Debt/Equity Net Debt/Capital EBITDA
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
No
No
No
No
No
No
4,049.2 0.0
4,118.2 0.0
11,732.0 0.0
14,708.6 604.5
17,839.2 6,045.0
18,873.2 780.0
4,049.2
4,118.2
11,732.0
14,104.1
11,794.2
18,093.2
0.64
0.63
2.87
3.80
5.21
5.26
-0.61
-0.02
1.54
2.88
3.67
4.15
0.73
0.71
3.58
4.75
6.80
13.15
-0.69
-0.02
1.92
3.60
4.78
10.37
30.40
212.02
33.01
83.28
—
5.48
15.11
14.59
-0.96
-4.30
-4.89
0.87
26.71
186.21
26.50
66.67
—
2.19
32.12
39.57
16.09
10.48
6.69
4.99
22.27
22.98
-1.65
-6.27
-6.59
1.01
28.21
34.75
12.92
8.39
5.13
2.00
196.5
166.0
253.9
369.5
511.6
717.8
207.6
31.0
123.8
46.5
0.0
654.3
35.96
37.68
22.39
26.65
23.25
25.46
62.26
64.94
238.69
195.44
138.55
202.25
38.37
39.37
70.47
64.33
44.76
65.04
22.39
24.47
53.44
52.08
32.22
51.50
62.26
64.94
238.69
203.81
209.57
210.97
38.37
39.37
70.47
67.09
67.70
67.84
22.39
24.47
53.44
54.32
48.73
53.72
-58.98
-1.80
128.40
154.66
147.50
166.35
-143.77
-1.83
56.22
60.73
59.60
62.46
6,311.3
6,568.3
4,086.2
3,870.8
3,423.2
3,585.3
4,375.4
3,814.5
-417.9
-2,316.1
-3,371.1
723.6
5,543.6
5,768.7
3,280.5
3,099.1
2,624.2
1,435.0
MGM China Holdings Ltd (2282 HK) - Liquidity In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Cash Ratio
0.66
0.67
1.44
1.51
Current Ratio
0.98
1.15
1.62
1.64
Quick Ratio CFO/Avg Current Liab
0.94 0.29
1.07 1.08
1.58 1.83
1.61 1.36
Common Equity/Total Assets
2.40
14.48
34.79
39.99
2,868.00
397.52
89.02
67.38
Long-Term Debt/Capital
84.58
79.90
45.96
40.26
Long-Term Debt/Total Assets
68.87
57.58
30.97
26.95
3,290.82
397.52
93.70
67.38
Total Debt/Capital
97.05
79.90
48.37
40.26
Total Debt/Total Assets
79.02
57.58
32.60
26.95
7.31 3.41
36.17 12.47
74.59 20.34
67.35 5.75
Altman's Z-Score
—
—
6.27
6.94
Total Line of Credit
—
—
—
—
Total Available Available Line Of Of Credit
—
—
3,120.0
11,310.0
Total Credit Credit Lines Drawn
—
—
—
—
Total Commercial Paper Outstanding
—
—
—
—
12 Months Ending
Long-Term Debt/Equity
Total Debt/Equity
CFO/Total Liabilities CFO/CapEx
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
1.13
0.72
1.12
0.65
0.34
0.50
1.25
0.84
1.22
0.74
0.37
0.58
1.21 1.24
0.80 0.78
1.17 0.55
0.69 0.46
0.35 0.63
0.54 0.12
35.96
37.68
22.39
26.65
23.25
25.46
62.26
64.94
238.69
195.44
138.55
202.25
38.37
39.37
70.47
64.33
44.76
65.04
22.39
24.47
53.44
52.08
32.22
51.50
62.26
64.94
238.69
203.81
209.57
210.97
38.37
39.37
70.47
67.09
67.70
67.84
22.39
24.47
53.44
54.32
48.73
53.72
63.29 3.79
48.00 1.83
17.35 0.66
12.05 0.39
23.66 0.98
5.50 0.50
9.58
7.38
2.88
3.01
2.49
2.00
—
—
—
—
23,400.0
11,310.0
11,310.0
11,310.0
11,310.0
8,410.0
4,810.0
4,290.0
—
—
—
—
18,590.0
7,020.0
—
—
—
—
—
—
MGM China Holdings Ltd (2282 HK) - Working Capital In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Accounts Receivable Turnover
12.89
12.57
24.06
42.34
Days Sales Outstanding
28.31
29.03
15.17
8.64
44.2
63.8
79.1
85.9
Inventory Raw Raw Materials Materials
0.0
0.0
0.0
0.0
Inventory In Progress
0.0
0.0
0.0
0.0
Inventory Finished Goods
0.6
1.4
4.0
2.1
43.7
62.5
75.1
83.8
12 Months Ending
Total Inventory
Other Inventory Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
48.72
50.66
51.25
63.81
71.59
76.43
7.49
7.20
7.12
5.74
5.10
4.78
98.6
110.4
108.0
92.2
135.8
159.7
0.0
0.0
0.0
—
—
—
0.0
0.0
0.0
—
—
—
2.6
1.5
1.1
—
—
—
96.0
108.9
106.9
—
—
—
MGM China Holdings Ltd (2282 HK) - Yield Analysis In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
+ Cash From Operations
6,172.6
5,973.1
7,331.6
5,033.0
+ Capital Expenditures Free Cash Flow
-303.4 5,869.2
-1,039.2 4,933.9
-1,935.9 5,395.7
-2,753.8 2,279.2
38,608.0
53,276.0
125,780.0
15.20
9.26
4.29
3.04
-475.7
-3,100.8
-4,750.0
-5,928.2
79.7
0.0
-25.9
-9.0
Net ST Debt Repayments
—
0.0
0.0
0.0
Net LT Debt Repayments
-1,800.0
—
0.0
0.0
Other Financing Activities
-6.9
0.0
0.0
0.0
T12 Cash to Suppliers of Capital
-2,203.0
-3,100.8
-4,775.9
-5,937.2
Market Capitalization
38,608.0
53,276.0
125,780.0
5.71
5.82
3.80
7.92
-475.7
-3,100.8
-4,750.0
-5,928.2
79.7
0.0
-25.9
-9.0
396.0
3,100.8
4,775.9
5,937.2
38,608.0
53,276.0
125,780.0
1.03
5.82
3.80
7.92
6,172.6
5,973.1
7,331.6
5,033.0
-303.4
-1,039.2
-1,935.9
-2,753.8
161.5
—
207.0
30.9
6,030.6 37,153.7
— 49,877.7
5,602.7 121,944.4
T12 FCFF Yield
16.23
—
4.59
3.09
- Dividends Paid
-475.7
-3,100.8
-4,750.0
-5,928.2
79.7
0.0
-25.9
-9.0
- Net ST Debt Repayments
—
0.0
0.0
0.0
- Net LT Debt Repayments
-1,800.0
—
0.0
0.0
- Other Financing Activities
-6.9
0.0
0.0
0.0
T12 Cash to Suppliers of Capital
-2,203.0
-3,100.8
-4,775.9
-5,937.2
Periodic Enterprise Value
37,153.7
49,877.7
121,944.4
5.93
6.22
3.92
12 Months Ending T12 Cash Flows to Equity
Market Capitalization Free Cash Flow Yield Dividends Paid Net Share Repurchases
T12 Shareholder Yield - Dividends Paid - Net Share Repurchases T12 Cash to Shareholders Market Capitalization T12 Shareholder Yield, Ex Debt
74,936.0
74,936.0
74,936.0
T12 Cash Flows to the Firm + Cash From Operations + Capital Expenditures + After-Tax Interest Expense Trailing 12M Free Cash Flow To Firm Periodic Enterprise Value
- Net Share Repurchases
T12 Capital Yield Source: Bloomberg
2,310.1 74,822.0
74,822.0 7.94
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
2,956.0
2,392.8
6,646.3
1,441.2
6,232.3
6,156.3
-4,504.1 -1,548.1
-6,186.9 -3,794.0
-6,794.3 -148.0
-2,861.7 -1,420.5
4,649.3
4,964.8
36,860.0
61,104.0
89,870.0
49,932.0
-4.20
-6.21
-0.16
-2.84
-4,624.6
-805.6
-1,048.8
-611.8
0.1
-0.3
-52.1
-18.3
0.0
—
—
—
7,438.6
2,814.3
2,961.5
815.0
0.0
-1.9
2.8
-2.3
2,814.1
2,006.6
1,863.4
182.6
36,860.0
61,104.0
89,870.0
-7.63
-3.28
-2.07
-0.37
-4,624.6
-805.6
-1,048.8
-611.8
0.1
-0.3
-52.1
-18.3
4,624.5
805.9
1,101.0
630.1
36,860.0
61,104.0
89,870.0
12.55
1.32
1.23
1.26
2,956.0
2,392.8
6,646.3
1,441.2
6,232.3
6,156.3
-4,504.1
-6,186.9
-6,794.3
-2,861.7
123.1
46.3
0.0
—
-1,425.0 43,170.9
-3,747.8 72,265.5
-148.0 102,425.8
— 64,813.1
-3.30
-5.19
-0.14
—
-4,624.6
-805.6
-1,048.8
-611.8
0.1
-0.3
-52.1
-18.3
0.0
—
—
—
7,438.6
2,814.3
2,961.5
815.0
0.0
-1.9
2.8
-2.3
2,814.1
2,006.6
1,863.4
182.6
43,170.9
72,265.5
102,425.8
64,813.1
-6.52
-2.78
-1.82
-0.28
49,932.0
49,932.0
MGM China Holdings Ltd (2282 HK) - DuPont Analysis In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
100.40
99.98
87.73
109.95
—
1.02
1.05
1.00
-99.10
82.74
95.31
95.73
2.17
15.22
19.33
19.77
0.75
1.20
1.77
1.59
30.58
11.95
3.89
2.66
-48.64
184.00
116.28
88.07
5 Year Average Adj ROE
—
—
—
—
Payout Ratio
—
0.00
94.54
85.50
Sustainable Growth Rate
—
180.82
6.08
12.73
12 Months Ending Tax Burden Profit % Net Inc to Comn/Pre-Tax Profit Adjustment Factor Normlzd Net Inc/Net Inc to Cmn Interest Burden Pre-Tax Profit/EBIT % Operating Margin EBIT/Revenue % Asset Turnover Revenue/Avg Assets Leverage Ratio Avg Assets/Avg Equity Adjusted Return on Equity
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
99.72
99.72
99.47
99.51
87.94
138.25
1.00
1.00
1.03
1.05
1.25
1.57
96.26
99.46
96.20
98.50
100.00
54.15
21.60
22.60
18.94
20.78
18.22
7.43
1.57
1.46
0.89
0.61
0.45
0.54
2.65
2.72
3.45
4.04
4.05
4.11
85.97
89.02
56.87
52.44
37.00
19.27
85.14
112.67
87.24
74.47
64.26
50.92
107.54
89.29
30.40
34.92
34.89
34.85
-6.48
9.52
38.49
32.58
19.21
7.97
MGM China Holdings Ltd (2282 HK) - By Measure In Millions of HKD except Per Share 12 Months Ending
FY 2009
FY 2010
FY 2011
12/31/2009
12/31/2010
12/31/2011
Revenue
7,727.1 10 100.0%
12,434.7 1 10 00.0%
20,293.6 10 100.0%
Casino Revenue
7,455.9
96.5%
12,126.8
97.5%
19,974.6
98.4%
Mass Market Table Gaming Operations
2,433.3
31.5%
3,459.6
27.8%
4,574.9
22.5%
VIP Gaming Operations
4,342.2
56.2%
7,681.2
61.8%
13,815.4
68.1%
680.3
8.8%
986.0
7.9%
1,584.2
7.8%
Slot Machine Operations Commissions, Complimentaries and Oth
—
—
—
Rooms
102.2
1.3%
101.2
0.8%
86.2
0.4%
Food and Beverages
138.1
1.8%
171.1
1.4%
189.0
0.9%
30.9
0.4%
35.6
0.3%
43.9
0.2%
Retail and Other Services Revenue - Supplementary Breakdown
—
—
—
MGM Macau
—
—
—
MGM Cotai
—
—
—
Adjusted EBITDA
1,179.3 1 10 00.0%
2,830.8 1 10 00.0%
4,933.0 10 1 00.0%
MGM Macau
1,179.3 100.0%
2,830.8 100.0%
4,933.0 100.0%
MGM Cotai Depreciation and Amortization
— 793.1 100.0%
— 777.8 100.0%
— 746.6 100.0%
MGM Macau
793.1 100.0%
777.8 100.0%
746.6 100.0%
Total Square Feet/Meter
—
29.0 100.0%
31.1 100.0%
MGM Macau Casino Floor Area
—
29.0 100.0%
29.5
94.9%
MGM Macau Macau Convention Space
—
—
1.6
5.1%
Number of Hotel Rooms
—
587.00
582.00
###
MGM Cotai
—
—
—
MGM Macau
—
—
—
Total Number of Hotel Rooms
—
587.00
MGM Macau - Standard Rooms
—
468.00 79 79.73%
468.00 80 80.41%
MGM Macau - Luxury Suites
—
99.00 16.87%
99.00 17.01%
MGM Macau- Private Luxury Villas Average Occupancy
— —
20.00 —
15.00 —
87.50
93.70
96.50
MGM Cotai
—
—
—
Average Daily Rate
—
—
—
1,426.00
1,658.00
—
—
—
—
1,373.00
1,709.00
2,149.00
—
—
—
MGM Macau
MGM Macau Revenue per Available Room MGM Macau MGM Cotai
###
###
3.41%
582.00
###
2.58%
Casinos Revenue
7,455.9 100.0%
12,126.8 100.0%
19,974.6 100.0%
MGM Macau
7,455.9 100.0%
12,126.8 100.0%
19,974.6 100.0%
VIP Gaming Operations
4,342.2
58.2%
7,681.2
63.3%
13,815.4
69.2%
Main Floor Gaming Operations Slot Machine Gaming Operations
2,433.3 680.3
32.6% 9.1%
3,459.6 986.0
28.5% 8.1%
4,574.9 1,584.2
22.9% 7.9%
Casinos Number of Tables
411.00
###
402.00
###
420.00
###
Total Number Number of Tables
411.00
###
402.00
###
420.00
###
MGM Macau
—
—
—
MGM Cotai
—
—
—
MGM Macau - Main Floor
263.00 63.99%
230.00 57.21%
220.00 52.38%
MGM Macau - VIP
148.00 36.01%
172.00 42.79%
200.00 47.62%
Casinos Table Win
9,370.5 100.0%
15,307.5 100.0%
25,810.3 100.0%
Macau - VIP MGM Macau
6,927.2
73.9%
11,863.6
77.5%
21,244.1
82.3%
MGM Macau - Main Floor
2,443.3
26.1%
3,443.8
22.5%
4,566.2
17.7%
MGM Cotai - Main Floor MGM Cotai - VIP
— —
— —
— —
Casinos Table Win %
—
—
—
MGM Cotai - Main Floor
—
—
—
20.70
23.60
26.70
—
—
—
2.50
2.90
3.00
—
—
—
274,451.0
407,610.7
701,305.4
11,787.3
14,617.4
17,095.5
MGM Cotai - VIP
—
—
—
MGM Cotai - Main Floor
—
—
—
MGM Macau - Main Floor MGM Cotai - VIP MGM Macau Macau - VIP Casinos Table Drop MGM Macau Macau - VIP MGM Macau - Main Floor
Casinos Number of Slot Machines MGM Cotai
896.00 —
###
1,006.00 —
###
1,184.00 —
###
MGM Macau
896.00
###
1,006.00
###
1,184.00
###
Casinos Slot Machine Win
682.6 100.0%
992.3 100.0%
1,589.6 100.0%
MGM Macau
682.6 100.0%
992.3 100.0%
1,589.6 100.0%
MGM Cotai
—
—
—
Casinos Slot Machine Win %
—
—
—
6.10
5.60
5.60
—
—
—
MGM Macau MGM Cotai Casinos Slot Machine Handle
11,260.2 100.0%
17,735.5 100.0%
28,353.7 100.0%
MGM Macau
11,260.2 100.0%
17,735.5 100.0%
28,353.7 100.0%
MGM Cotai
—
—
—
Room Revenue
102.2 100.0%
101.2 100.0%
86.2 100.0%
MGM Macau
102.2 100.0%
101.2 100.0%
86.2 100.0%
Win per Unit per Day MGM Macau Macau - VIP MGM Cotai - VIP MGM Macau - Main Floor MGM Cotai - Main Floor MGM Macau - Slot Machine MGM Cotai - Slot Machine Source: Bloomberg
—
—
—
127,900.00
188,600.00
291,500.00
—
—
—
25,400.00
41,100.00
56,800.00
—
—
—
2,100.00
2,700.00
3,700.00
—
—
—
FY 2012
FY 2013
FY 2014
FY 2015
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/20
21,773.6 100.0%
25,727.5 100.0%
25,454.3 100.0%
17,170.5 100.0%
14,907.5
21,454.5
98.5%
25,412.4
98.8%
25,137.9
98.8%
16,841.6
98.1%
14,606.1
5,688.8
26.1%
7,162.7
27.8%
9,596.7
37.7%
7,644.6
44.5%
7,758.6
13,672.9
62.8%
15,995.6
62.2%
13,509.7
53.1%
7,575.9
44.1%
5,593.1
2,092.8
9.6%
2,254.0
8.8%
2,031.6
8.0%
1,621.1
9.4%
1,254.4
—
—
—
FY 201
—
—
65.1
0.3%
45.4
0.2%
42.1
0.2%
71.2
0.4%
79.0
207.8
1.0%
220.2
0.9%
227.5
0.9%
207.4
1.2%
167.1
46.2
0.2%
49.6
0.2%
46.7
0.2%
50.2
0.3%
55.3
21,773.6 100.0%
25,727.5 100.0%
25,137.9 100.0%
17,170.5 100.0%
14,907.5
21,773.6 100.0%
25,727.5 100.0%
25,137.9 100.0%
17,170.5 100.0%
14,907.5
—
—
—
—
—
5,310.4 100.0%
6,365.6 100.0%
6,662.9 100.0%
4,669.0 100.0%
4,491.8
5,310.4 100.0%
6,365.6 100.0%
6,662.9 100.0%
4,669.0 100.0%
4,491.8
— 793.5 100.0%
— 767.7 100.0%
— 799.6 100.0%
— 805.7 100.0%
— 771.7
793.5 100.0%
767.7 100.0%
799.6 100.0%
805.7 100.0%
771.7
27.1 10 100.0%
27.3 1 10 00.0%
27.1 1 10 00.0%
27.1 10 100.0%
31.7
25.5
94.1%
25.7
94.1%
25.5
94.1%
25.5
94.1%
30.1
1.6
5.9%
1.6
5.9%
1.6
5.9%
1.6
5.9%
1.6
582.00
###
582.00
###
582.00
###
579.00
###
582.00
—
—
—
—
—
—
—
—
—
—
582.00
###
582.00
###
582.00
###
579.00
###
582.00
468.00 80.41%
468.00 80.41%
468.00 80.41%
468.00 80.83%
468.00
99.00 17.01%
99.00 17.01%
99.00 17.01%
99.00 17.10%
99.00
15.00 —
15.00 —
15.00 —
12.00 —
15.00 —
2.58%
2.58%
2.58%
2.07%
97.80
98.30
98.70
97.70
95.40
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2,097.00
2,078.00
2,302.00
2,330.00
2,161.00
—
—
—
—
—
21,454.5 100.0%
25,412.4 100.0%
25,137.9 100.0%
16,841.6 100.0%
14,606.1
21,454.5 100.0%
25,412.4 100.0%
25,137.9 100.0%
16,841.6 100.0%
14,606.1
13,672.9
63.7%
15,995.6
62.9%
13,509.7
53.7%
7,575.9
45.0%
5,593.1
5,688.8 2,092.8
26.5% 9.8%
7,162.7 2,254.0
28.2% 8.9%
9,596.7 2,031.6
38.2% 8.1%
7,644.6 1,621.1
45.4% 9.6%
7,758.6 1,254.4
419.00
###
422.00
###
423.00
###
421.00
###
416.00
419.00
###
422.00
###
423.00
###
421.00
###
416.00
—
—
—
—
—
—
—
—
—
—
201.00 47.97%
189.00 44.79%
207.00 48.94%
245.00 58.19%
254.00
218.00 52.03%
233.00 55.21%
216.00 51.06%
176.00 41.81%
162.00
27,158.1 100.0%
32,362.5 100.0%
30,900.8 100.0%
19,294.5 100.0%
16,319.9
21,491.7
79.1%
25,243.8
78.0%
21,372.6
69.2%
11,737.1
60.8%
8,631.1
5,666.4
20.9%
7,118.7
22.0%
9,528.2
30.8%
7,557.4
39.2%
7,688.8
— —
— —
— —
— —
— —
—
—
—
—
—
—
—
—
—
—
29.90
34.20
26.30
—
18.80
—
—
—
—
—
3.10
2.80
2.80
3.30
3.20
—
—
—
—
—
701,917.5
894,592.7
771,690.4
354,321.2
268,684.7
18,944.5
20,847.4
36,188.8
—
40,799.6
—
—
—
—
—
—
—
—
—
—
1,272.00 —
###
1,368.00 —
###
1,197.00 —
###
1,174.00 —
###
1,060.00 —
1,272.00
###
1,368.00
###
1,197.00
###
1,174.00
###
1,060.00
2,098.9 100.0%
2,262.9 100.0%
2,032.5 100.0%
1,611.7 100.0%
1,257.3
2,098.9 100.0%
2,262.9 100.0%
2,032.5 100.0%
1,611.7 100.0%
1,257.3
—
—
—
—
—
—
—
—
—
—
5.50
5.10
4.40
4.60
4.40
—
—
—
—
—
38,222.5 100.0%
44,410.0 100.0%
45,885.2 100.0%
35,259.5 100.0%
28,814.9
38,222.5 100.0%
44,410.0 100.0%
45,885.2 100.0%
35,259.5 100.0%
28,814.9
—
—
—
—
—
65.1 10 100.0%
45.4 1 10 00.0%
42.1 1 10 00.0%
71.2 10 100.0%
79.0
65.1 10 100.0%
45.4 1 10 00.0%
42.1 1 10 00.0%
71.2 10 100.0%
79.0
—
—
—
—
—
269,000.00
296,800.00
271,300.00
182,200.00
145,600.00
—
—
—
—
—
77,000.00
103,300.00
126,400.00
84,500.00
82,800.00
—
—
—
—
—
4,500.00
4,500.00
4,700.00
3,800.00
3,200.00
—
—
—
—
—
FY 2017
FY 2018
12/31/2017
12/31/2018
14,480.5 100.0%
19,200.7 100.0%
98.0%
13,557.4
93.6%
17,176.1
89.5%
52.0%
8,138.8
56.2%
10,905.5
56.8%
37.5%
8,566.6
59.2%
9,682.3
50.4%
8.4%
1,406.6
9.7%
2,233.0
11.6%
16 100.0%
-4,554.5 -31.5%
-5,644.9 -29.4%
0.5%
441.8
3.1%
956.4
5.0%
1.1%
400.1
2.8%
900.5
4.7%
0.4%
81.2
0.6%
167.8
0.9%
100.0%
14,480.5 100.0%
19,200.7 100.0%
100.0%
14,480.5 100.0%
13,488.7
70.3%
5,712.0
29.7%
— 100.0%
4,587.4 100.0%
4,837.2 100.0%
100.0%
4,587.4 100.0%
3,983.2
100.0%
— 799.0 100.0%
854.0 17.7% 2,150.3 100.0%
100.0%
799.0 100.0%
2,150.3 100.0%
100.0%
33.7 100.0%
36.0 1 10 00.0%
94.9%
32.1
95.3%
34.4
95.6%
5.1%
1.6
4.7%
1.6
4.4%
###
582.00
###
1,947.00
###
###
—
1,362.00 6 69 9.95%
—
585.00 30.05% ###
—
80.41%
468.00 8 80 0.41%
—
17.01%
99.00 17.01%
—
15.00 —
— —
2.58%
82.3%
582.00
2.58%
96.00
96.80
—
90.40
—
—
—
—
—
—
2,052.00
1,941.00
—
1,290.00
100.0%
18,112.0 100.0%
16,924.8 100.0%
100.0%
18,112.0 100.0%
16,924.8 100.0%
38.3%
8,566.6
47.3%
8,415.5
49.7%
53.1% 8.6%
8,138.8 1,406.6
44.9% 7.8%
7,004.5 1,504.8
41.4% 8.9%
###
427.00
###
527.00
###
###
427.00
###
527.00
###
427.00
###
—
291.00 55.22% 236.00 44.78%
61.06%
—
—
38.94%
—
—
100.0%
16,705.4 100.0%
20,587.9 100.0%
52.9%
8,566.6
51.3%
8,415.5
40.9%
47.1%
8,138.8
48.7%
7,004.5
34.0%
— —
3,901.0 1,266.8
18.9% 6.2%
—
—
—
19.50
20.20
17.80
—
3.35
3.18
3.00
—
—
269,103.0
280,359.0
40,200.3
39,303.7
—
37,836.4
—
19,997.1
###
923.00 —
###
2,024.00 ### 1,218.00 6 60 0.18%
###
923.00
###
806.00 3 39 9.82%
100.0%
1,406.6 100.0%
2,233.0 100.0%
100.0%
1,406.6 100.0%
1,504.8
67.4%
—
728.3
32.6%
—
—
4.50
4.40
—
3.10
100.0%
31,025.8 100.0%
58,329.6 100.0%
100.0%
31,025.8 100.0%
34,555.3
59.2%
23,774.3
40.8%
— 100.0%
75.2 100.0%
956.4 100.0%
100.0%
75.2 100.0%
956.4 100.0%
—
—
162,100.00
210,500.00
—
173,600.00
82,500.00
83,700.00
—
72,700.00
3,800.00
4,000.00
—
1,900.00
MGM China Holdings Ltd (2282 HK) - By Geography In Millions of HKD except Per Share 12 Months Ending
FY 2009
FY 2010
FY 2011
12/31/2009
12/31/2010
12/31/2011
Revenue
7,727.1 10 100.0%
12,434.7 1 10 00.0%
20,293.6 10 100.0%
Macau
7,727.1 100.0%
12,434.7 100.0%
20,293.6 100.0%
Assets
2,955.7 100.0%
3,293.0 100.0%
6,284.6 100.0%
Macau
2,955.7 100.0%
3,293.0 100.0%
6,284.6 100.0%
Long-Term Assets
7,512.0 1 10 00.0%
6,931.1 100.0%
6,404.5 100.0%
Macau
7,512.0 100.0%
6,931.1 100.0%
6,404.5 100.0%
Source: Bloomberg
FY 2012
FY 2013
FY 2014
FY 2015
FY 201
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/20
21,773.6 100.0%
25,727.5 100.0%
25,454.3 100.0%
17,170.5 100.0%
14,907.5
21,773.6 100.0%
25,727.5 100.0%
25,454.3 100.0%
17,170.5 100.0%
14,907.5
14,780.6 100.0%
18,087.5 100.0%
16,827.8 100.0%
21,954.8 100.0%
27,080.2
14,780.6 100.0%
18,087.5 100.0%
16,827.8 100.0%
21,954.8 100.0%
27,080.2
6,776.9 100.0%
9,387.9 100.0%
11,919.9 100.0%
16,013.6 100.0%
23,038.2
6,776.9 100.0%
9,387.9 100.0%
11,919.9 100.0%
16,013.6 100.0%
23,038.2
FY 2017
FY 2018
12/31/2017
12/31/2018
100.0%
14,480.5 100.0%
19,200.7 100.0%
100.0%
14,480.5 100.0%
19,200.7 100.0%
100.0%
36,606.5 100.0%
35,132.6 100.0%
100.0%
36,606.5 100.0%
35,132.6 100.0%
100.0%
30,795.4 100.0%
30,474.6 100.0%
100.0%
30,795.4 100.0%
30,474.6 100.0%
16
MGM China Holdings Ltd (2282 HK) - By Segment In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
7,455.9
12,126.8
19,974.6
21,454.5
793.1
777.8
746.6
793.5
Revenue - Supplementary Breakdown Breakdown
—
—
—
21,773.6
Total Square Feet/Meter
—
29.0
29.5
25.5
87.50
93.70
96.50
97.80
1,373.00
1,709.00
2,149.00
2,097.00
Casinos Revenue
7,455.9
12,126.8
19,974.6
21,454.5
Number of Tables Casinos Number
411.00
402.00
420.00
419.00
Casinos Table Win
6,927.2
11,863.6
21,244.1
21,491.7
2.50
2.90
3.00
3.10
274,451.0
407,610.7
701,305.4
701,917.5
896.00
1,006.00
1,184.00
1,272.00
682.6
992.3
1,589.6
2,098.9
6.10 11,260.2
5.60 17,735.5
5.60 28,353.7
5.50 38,222.5
1,179.3
2,830.8
4,933.0
5,310.4
127,900.00
188,600.00
291,500.00
269,000.00
102.2
101.2
86.2
65.1
—
587.00
582.00
582.00
1,426.00
1,658.00
—
—
138.1
171.1
189.0
207.8
30.9
35.6
43.9
46.2
102.2
101.2
86.2
65.1
Revenue - Supplementary Breakdown Breakdown
—
—
—
—
Number of Hotel Rooms
—
—
—
—
Average Occupancy
—
—
—
—
Revenue per Available Room
—
—
—
—
Casinos Table Win
—
—
—
—
Casinos Table Table Win %
—
—
—
—
Casinos Table Drop
—
—
—
—
Casinos Number of Slot Machines
—
—
—
—
Casinos Slot Slot Machine Win
—
—
—
—
Casinos Slot Machine Win %
—
—
—
—
Casinos Slot Slot Machine Handle Adjusted EBITDA
— —
— —
— —
— —
Win per Unit per Day
—
—
—
—
12 Months Ending Casino Revenue Revenue Depreciation and Amortization Amortization
Average Occupancy Revenue per Available Room
Table Win % Casinos Table Casinos Table Drop Casinos Number of Slot Machines Casinos Slot Slot Machine Win Casinos Slot Machine Win % Casinos Slot Slot Machine Handle Adjusted EBITDA Win per Unit per Day Room Revenue Number of Hotel Rooms Average Daily Rate Food and Beverages Revenue Retail and Other Services Revenue Rooms Revenue MGM Cotai
MGM Macau Convention Space
Total Square Feet/Meter
—
—
1.6
1.6
2,443.3
3,443.8
4,566.2
5,666.4
20.70
23.60
26.70
29.90
Casinos Table Drop
11,787.3
14,617.4
17,095.5
18,944.5
Win per Unit per Day
25,400.00
41,100.00
56,800.00
77,000.00
Number of Hotel Rooms
—
—
—
—
Casinos Table Win Casinos Table Table Win %
— —
— —
— —
— —
Casinos Table Drop
—
—
—
—
Win per Unit per Day
—
—
—
—
2,100.00
2,700.00
3,700.00
4,500.00
—
—
—
—
Casinos Table Win Casinos Table Table Win %
MGM Macau
MGM Macau - Slot Machine Win per Unit per Day MGM Cotai - Slot Machine Win per Unit per Day Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
25,412.4
25,137.9
16,841.6
14,606.1
13,557.4
17,176.1
767.7
799.6
805.7
771.7
799.0
2,150.3
25,727.5
25,137.9
17,170.5
14,907.5
14,480.5
13,488.7
25.7
25.5
25.5
30.1
32.1
34.4
98.30
98.70
97.70
95.40
96.00
96.80
2,078.00
2,302.00
2,330.00
2,161.00
2,052.00
1,941.00
25,412.4
25,137.9
16,841.6
14,606.1
18,112.0
16,924.8
422.00
423.00
421.00
416.00
427.00
527.00
25,243.8
21,372.6
11,737.1
8,631.1
8,566.6
8,415.5
2.80
2.80
3.30
3.20
3.18
3.00
894,592.7
771,690.4
354,321.2
268,684.7
269,103.0
280,359.0
1,368.00
1,197.00
1,174.00
1,060.00
923.00
806.00
2,262.9
2,032.5
1,611.7
1,257.3
1,406.6
1,504.8
5.10 44,410.0
4.40 45,885.2
4.60 35,259.5
4.40 28,814.9
4.50 31,025.8
4.40 34,555.3
6,365.6
6,662.9
4,669.0
4,491.8
4,587.4
3,983.2
296,800.00
271,300.00
182,200.00
145,600.00
162,100.00
210,500.00
45.4
42.1
71.2
79.0
75.2
956.4
582.00
582.00
579.00
582.00
582.00
—
—
—
—
—
—
—
220.2
227.5
207.4
167.1
400.1
900.5
49.6
46.7
50.2
55.3
81.2
167.8
45.4
42.1
71.2
79.0
441.8
956.4
—
—
—
—
—
5,712.0
—
—
—
—
—
1,362.00
—
—
—
—
—
90.40
—
—
—
—
—
1,290.00
—
—
—
—
—
1,266.8
—
—
—
—
—
3.35
—
—
—
—
—
37,836.4
—
—
—
—
—
1,218.00
—
—
—
—
—
728.3
—
—
—
—
—
3.10
— —
— —
— —
— —
— —
23,774.3 854.0
—
—
—
—
—
173,600.00
1.6
1.6
1.6
1.6
1.6
1.6
7,118.7
9,528.2
7,557.4
7,688.8
8,138.8
7,004.5
34.20
26.30
—
18.80
20.20
17.80
20,847.4
36,188.8
—
40,799.6
40,200.3
39,303.7
103,300.00
126,400.00
84,500.00
82,800.00
82,500.00
83,700.00
—
—
—
—
—
585.00
— —
— —
— —
— —
— —
3,901.0 19.50
—
—
—
—
—
19,997.1
—
—
—
—
—
72,700.00
4,500.00
4,700.00
3,800.00
3,200.00
3,800.00
4,000.00
—
—
—
—
—
1,900.00
MGM China Holdings Ltd (2282 HK) - Benchmark In Millions of HKD except Per Share 12 Months Ending Return on Common Equity Hong Kong Hang Seng Index Return on Capital Hong Kong Hang Seng Index Operating Margin Hong Kong Hang Seng Index Price/EPS Hong Kong Hang Seng Index Price/Book Hong Kong Hang Seng Index Periodic EV to Trailing 12M EBITDA Hong Kong Hang Seng Index Net Debt/EBITDA Hong Kong Hang Seng Index Source: Bloomberg
CY 2010
CY 2011
CY 2012
CY 2013
12/31/2010
12/30/2011
12/31/2012
12/31/2013
—
—
87.76
85.92
14.86
14.67
13.53
13.57
—
—
50.88
54.19
6.01
6.27
5.95
6.30
—
—
20.35
21.55
22.80
21.49
23.06
18.16
—
—
11.78
23.64
12.84
9.08
11.16
11.00
—
—
9.01
19.34
1.80
1.32
1.48
1.43
—
—
9.55
19.32
8.78
7.43
8.67
9.48
—
—
-0.65
-0.61
1.17
0.07
-0.10
-0.69
CY 2014
CY 2015
CY 2016
CY 2017
CY 2018
CY 2019
12/31/2014
12/31/2015
12/30/2016
12/29/2017
12/31/2018
12/31/2019
88.86
55.30
50.06
29.50
12.24
—
14.52
11.70
9.63
11.24
12.03
11.45
54.61
23.87
15.98
9.61
6.07
—
6.38
5.61
4.57
5.10
5.73
5.14
22.66
19.11
20.79
18.12
7.47
—
19.42
20.18
18.93
21.05
22.18
22.07
13.15
11.83
20.10
38.71
46.76
45.27
9.89
10.66
12.24
12.39
10.12
11.03
11.82
7.50
8.47
10.56
5.58
5.40
1.32
1.17
1.15
1.37
1.20
1.23
11.39
10.57
18.67
29.92
18.08
—
8.10
8.46
8.71
9.32
7.68
9.18
-0.02
1.54
2.88
3.67
4.15
—
-0.30
0.02
-0.21
-0.19
-0.01
0.36
MGM China Holdings Ltd (2282 HK) - Contractual Obligation In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Debt Schedule In Yr 1
1,062.7
0.0
206.8
0.0
Debt Schedule In Yr 2
2,939.1
214.5
620.4
0.0
Debt Schedule - Years 2 - 3
2,939.1
214.5
620.4
0.0
Debt Schedule - Years 2 - 5
2,719.4
5,672.2
3,308.9
3,983.0
Debt Schedule - Total Debt
6,721.2
5,886.7
4,136.1
3,983.0
Net Debt
6,295.6
3,964.0
-1,454.3
-3,398.3
Total Future Value of Capital Leases
0.0
0.0
0.0
0.0
Present Value of ST Capital Leases
0.0
0.0
0.0
0.0
Present Value of LT Capital Leases
0.0
0.0
0.0
0.0
Total Present Value of Capital Leases
0.0
0.0
0.0
0.0
Operating Leases (Rental Expense) Schedule Rental Expense - Year 1
25.0
22.0
27.8
28.7
Rental Expense - Years 2 - 5
29.4
21.0
27.3
29.1
Rental Expense Beyond Year 5
46.3
43.4
40.6
37.7
100.7
86.5
95.7
95.6
21.9
30.9
29.2
1,276.4
Total Line of Credit Credit
—
—
—
—
Line Of Credit Utilized Utilized Total Available Line of Credit
— —
— —
— 3,120.0
— 11,310.0
—
—
—
—
645.6
446.4
453.9
1,701.0
12 Months Ending Debt Schedule
Capital Leases Schedule
Future Min Oper Lease Obligations Contractual Obligations Schedule Purchase Obligations Lines of Credit
Commercial Paper Total Commercial Commercial Paper Issued Contingent Liabilities Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
0.0
0.0
0.0
604.5
6,045.0
780.0
0.0
1,072.5
604.5
6,045.0
11,940.5
3,120.0
0.0
1,072.5
604.5
6,045.0
11,940.5
3,120.0
4,049.2
3,217.5
11,485.5
8,340.5
0.0
12,820.0
4,049.2
4,118.2
11,732.0
14,104.1
17,839.2
18,873.2
-3,835.6
-114.0
6,310.9
11,161.5
12,555.8
14,881.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
31.8
29.7
29.5
25.9
47.7
71.2
44.2
36.3
46.2
74.7
88.5
97.8
135.6
127.4
119.3
4.8
103.0
94.9
211.6
193.5
195.1
105.3
239.2
263.9
9,626.8
8,814.9
6,164.8
4,224.3
642.6
144.4
—
—
—
—
23,400.0
11,310.0
— 11,310.0
— 11,310.0
— 11,310.0
— 8,410.0
18,590.0 4,810.0
7,020.0 4,290.0
—
—
—
—
—
—
10,167.5
9,337.6
6,689.1
4,632.5
1,184.4
707.5
MGM China Holdings Ltd (2282 HK) - Options In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
0.0
—
19.3
1.0
Options Exercised
—
—
—
0.0
Options Cancelled Forfeited or Expired
—
—
—
1.0
Options Cancelled/Forfeited
—
—
—
1.0
Options Expired
—
—
—
0.0
Options Adjustment
—
—
—
0.0
Options Outstanding End Of Period
0.0
—
19.3
19.2
Options Exercisable End of Period
—
—
0.0
4.6
—
—
1.00
1.00
0.0
0.0
50.2
67.2
—
—
—
—
12 Months Ending Options Activity Options Granted During Period
Price Stock Option Valuation Model Assumptions Stock Expense Expense For Stock-Based Compensation Stock Option Expense (After Tax) Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
1.1
19.9
16.5
30.2
13.8
10.3
2.7
1.0
0.0
0.5
—
2.7
0.7
0.8
2.4
5.3
3.2
2.0
0.7
0.8
2.4
5.3
3.2
2.0
0.0
0.0
0.0
0.0
—
—
0.0
0.0
0.0
0.0
—
—
16.9
35.1
49.2
73.6
77.1
82.7
6.5
10.2
18.0
24.5
77.1
82.7
1.00
1.00
1.00
1.00
1.00
1.00
34.5
69.7
85.5
73.0
79.9
76.6
—
—
—
—
—
—
MGM China Holdings Ltd (2282 HK) - Employee Data In Millions of HKD except Per Share 12 Months Ending Number of Employees Employees - 1 Yr Growth Sales per Employee Actual Net Income per Employee Employee Actual Assets per Em Employee ployee Actual Cash Flow per Employee Source: Bloomberg
FY 2009
FY 2011
FY 2012
FY 2013
12/31/2009
12/31/2011
12/31/2012
12/31/2013
5,539.00
5,800.00
5,670.00
6,062.00
—
—
-2.24
6.91
1,39 1,395, 5,03 032. 2.68 68 3,49 3,498, 8,90 901. 1.21 21 3,84 3,840, 0,13 139. 9.68 68 4,24 4,244, 4,06 063. 3.51 51 -30,173.50
565,355.17
799,088.01
879,829.76
1,88 1,889, 9,80 808. 8.81 81 2,18 2,187, 7,76 768. 8.10 10 2,60 2,606, 6,80 803. 3.70 70 2,98 2,983, 3,74 749. 9.26 26 13 134, 4,78 781. 1.19 19 1,06 1,064, 4,23 238. 8.28 28 1,05 1,053, 3,46 464. 4.02 02 1,20 1,209, 9,43 434. 4.68 68
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
6,101.00
5,937.00
5,960.00
9,266.00
10,735.00
0.64
-2.69
0.39
55.47
15.85
4, 4,17 172, 2,15 151. 1.45 45 2,89 2,892, 2,10 109. 9.31 31 2,50 2,501, 1,25 253. 3.02 02 1,56 1,562, 2,75 759. 9.77 77 1,78 1,788, 8,60 609. 9.32 32 935,411.08
524,257.20
509,481.21
250,397.69
99,534.14
2, 2,75 758, 8,21 210. 0.95 95 3,69 3,697, 7,95 957. 7.89 89 4,54 4,543, 3,65 659. 9.40 40 3,95 3,950, 0,62 626. 6.16 16 3,27 3,272, 2,71 713. 3.09 09 824,952.14
497,892.20
401,484.40
717,276.93
134,252.45
MGM China Holdings Ltd (2282 HK) - Fixed Charge In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
EBIT/Interest Expense
1.09
6.19
21.56
24.11
EBIT/Total Interest Expense
1.03
6.19
21.56
24.11
12.23
1.19
1.05
1.04
EBITDA less CAPEX /Interest Exp
2.65
7.79
23.96
22.77
EBITDA/Total Interest Expense EBITDA/Total
3.27
8.57
25.61
28.42
T12M CFO/Total Debt
0.09
0.54
1.49
1.50
T12M FCF/Total Debt
0.06
0.49
1.42
1.24
Operating Income/Total Debt
0.04
0.34
0.96
1.11
Total Debt/T12M EBITDA
7.15
2.10
0.88
0.76
Net Debt to T12M EBITDA
5.44
1.42
-0.31
-0.65
12 Months Ending
Degree of Financial Leverage
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
26.71
186.21
26.50
66.67
—
2.19
19.14
22.07
7.55
5.76
3.81
1.72
1.04
1.01
1.04
1.02
1.00
1.84
15.11
14.59
-0.96
-4.30
-4.89
0.87
21.79
25.13
9.40
7.19
4.97
4.30
1.81
1.22
0.25
0.16
0.37
0.08
1.33
0.55
-0.13
-0.26
-0.01
-0.08
1.37
1.40
0.28
0.21
0.15
0.08
0.64
0.63
2.87
3.80
5.21
5.26
-0.61
-0.02
1.54
2.88
3.67
4.15
MGM China Holdings Ltd (2282 HK) - CAPEX & Depreciation In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
666.5
650.5
619.7
666.3
Depr Exp / Net Sales
8.63
5.23
3.05
3.06
Depr Exp / Net Fixed Assets
0.10
0.11
0.11
0.12
Accum Depr / Total Assets
12.17
17.79
18.76
20.23
Accum Depr / Gross Fixed Assets
17.02
24.01
30.78
35.60
19.8
0.0
—
—
—
0.00
—
—
-218.8
-253.6
-303.4
-1,039.2
CAPEX/Sales
2.83
2.04
1.50
4.77
CAPEX/Total Assets
2.14
2.45
2.65
7.57
Capital Expend / Depr Exp
0.33
0.39
0.49
1.56
—
—
—
0.70
-44.56
15.93
19.64
242.50
1.91
2.80
3.84
4.49
12 Months Ending Depreciation Expenses
Capitalized Int Exp Cap Interest/Pretax Income Capital Expenditures
CAPEX to Depreciation Expense 5 Year Av Total Capital Expenditures - 1 Yr Growth Average Age of Assets in Years Years Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
640.8
672.7
678.8
644.5
672.1
2,023.4
2.49
2.64
3.95
4.32
4.64
10.54
0.09
0.07
0.05
0.03
0.03
0.07
19.77
23.95
20.95
18.51
15.11
20.96
30.38
26.90
23.25
18.24
15.43
19.64
82.1
230.4
310.9
491.7
688.9
178.8
1.53
4.03
9.94
16.11
26.11
23.13
-1,935.9
-2,753.8
-4,504.1
-6,186.9
-6,794.3
-2,861.7
7.52
10.82
26.23
41.50
46.92
14.90
11.78
15.77
23.23
25.23
21.34
7.98
3.02
4.09
6.64
9.60
10.11
1.41
1.16
1.91
3.16
4.98
6.69
6.37
86.28
42.25
63.56
37.36
9.82
-57.88
5.58
5.99
6.78
7.78
8.23
3.64
MGM China Holdings Ltd (2282 HK) - Overview In Millions of HKD except Per Share
FY 2012
FY 2013
FY 2014
FY 2015
12/31/2012
12/31/2013
12/31/2014
12/31/2015
Accounting Standard
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
Number of Employees
5,670.00
6,062.00
6,101.00
5,937.00
14.02
33.10
19.72
9.70
3,800.0
3,800.0
3,800.0
3,800.0
Market Capitalization
53,276.0
125,780.0
74,936.0
36,860.0
Revenue
21,773.6
25,727.5
25,454.3
17,170.5
5,225.3
6,311.3
6,568.3
4,086.2
24.00
24.53
25.80
23.80
4,530.8
5,333.5
5,706.9
3,112.5
Trailing 12M Earnings per Share
1.19
1.40
1.50
0.82
Price/T12M Earnings per Share
11.78
23.64
13.15
11.83
0.00
0.49
0.53
0.25
85.50
107.54
89.29
30.40
5.82
3.78
7.91
12.55
5,409.1
8,195.2
10,949.6
15,189.4
14,780.6
18,087.5
16,827.8
21,954.8
Total Liabilities
8,869.3
11,584.0
10,486.3
17,039.7
Total Equity
5,911.3
6,503.5
6,341.5
4,915.1
Book Value per Share
1.56
1.71
1.67
1.29
Price/Book Value per Share
9.01
19.34
11.82
7.50
Net Tangible Assets per Share
1.31
1.50
1.49
1.15
Altman's Z-Score
6.94
9.58
7.38
2.88
5,973.1
7,331.6
5,033.0
2,956.0
1.57
1.93
1.32
0.78
4,933.9
5,395.7
2,279.2
-1,548.1
1.30
1.42
0.60
-0.41
1,791.0
503.4
-3,652.6
1,188.9
12 Months Ending
Last Price Shares Outstanding
EBITDA Trailing 12M EBITDA Margin Net Income (Losses)
Dividends per Share Dividend Payout Ratio Dividend Yield Net Fixed Assets Total Assets
Cash From Operations Cash Flow per Share Free Cash Flow Free Cash Flow per Basic Share Net Changes in Cash Source: Bloomberg
FY 2016
FY 2017
FY 2018
Current
FY 2019 Est
FY 2020 Est
12/31/2016
12/31/2017
12/31/2018
01/24/2020
12/31/2019
12/31/2020
IAS/IFRS
IAS/IFRS
IAS/IFRS
5,960.00
9,266.00
10,735.00
16.08
23.65
13.14
3,800.0
3,800.0
3,800.0
61,104.0
89,870.0
49,932.0
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
3,870.8
3,423.2
3,585.3
5,879.1
6,404.1
25.97
23.64
18.67
25.73
26.22
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
0.80
0.61
0.28
0.60
0.78
20.10
38.71
46.76
20.53
15.71
0.28
0.21
0.10
0.25
0.33
34.92
34.89
34.85
40.90
42.53
1.32
1.17
1.23
22,470.3
30,311.3
30,125.0
27,080.2
36,606.5
35,132.6
19,863.5
28,094.1
26,186.8
7,216.7
8,512.4
8,945.8
1.90
2.24
2.35
2.80
3.23
8.47
10.56
5.58
4.40
3.80
1.79
2.17
2.31
3.01
2.49
2.00
2,392.8
6,646.3
1,441.2
0.63
1.75
0.38
1.64
1.62
-3,794.0
-148.0
-1,420.5
3,568.0
4,470.5
-1.00
-0.04
-0.37
-1,873.9
1,736.3
-1,291.3
12.30 46,740.0
33.72
1.04
4.73 2.34
MGM China Holdings Ltd (2282 HK) - As Reported Summary In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Total Revenue
7,727.1
12,434.7
20,293.6
21,773.6
Interest Income
-0.3
-1.3
-11.9
-38.0
—
—
—
—
364.2
2,020.6
3,967.4
4,431.8
-167.1
1,566.0
3,279.1
4,530.8
2,955.7
3,293.0
6,284.6
8,003.7
—
—
—
—
3,007.7
2,856.6
3,886.9
4,886.2
—
—
—
—
251.3
1,480.8
4,414.0
5,911.3
—
—
—
—
1,012.7
3,359.5
6,354.9
6,134.7
Total Cash Flows From Investing
-243.1
-255.1
-301.9
-1,081.4
Cash from Financing Activities Activities Total Cash Flows From Financing
-242.4
-3,157.4
-2,385.3
-3,262.3
527.2
-53.0
3,667.7
1,791.0
12 Months Ending Income Statement Revenues
Expenses Total Operating Expenses Earnings Operating Income Net Income Balance Sheet Assets Total Current Assets Total Assets Liabilities Total Current Liabilities Total Liabilities Stockholder Equity Total Shareholders Equity Total Liabilities and Shareholders Equity Cash Flows Cash From Operating Activities Activities Total Cash Flows From Operations Cash From Investing Activities Activities
Net Change In Cash Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
25,727.5
25,454.3
17,170.5
14,907.5
14,480.5
19,200.7
-24.5
-12.6
-12.1
-6.5
-5.0
-12.1
—
—
—
—
—
—
5,543.6
5,768.7
3,280.5
3,099.1
2,624.2
1,435.0
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
8,699.6
4,908.0
5,941.2
4,042.0
5,811.1
4,658.0
—
—
—
27,080.2
36,606.5
35,132.6
6,973.4
5,856.9
4,850.4
5,492.2
15,695.9
8,058.0
—
—
—
19,863.5
28,094.1
26,186.8
6,503.5
6,341.5
4,915.1
7,216.7
8,512.4
8,945.8
—
—
—
27,080.2
36,606.5
35,132.6
7,528.1
5,199.0
3,209.9
2,762.4
7,157.9
2,159.0
-2,052.3
-2,748.5
-4,581.2
-6,273.3
-6,773.4
-2,915.1
-4,972.3
-6,103.2
2,560.2
1,638.9
1,349.0
-532.9
503.4
-3,652.6
1,188.9
-1,872.1
1,733.4
-1,289.0
MGM China Holdings Ltd (2282 HK) - Dividend Summary In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
0.00
0.00
0.49
0.53
Dividends per Share - 5 Yr Geo Growth
—
—
—
—
Dividend Yield
—
5.82
3.78
7.91
94.54
85.50
107.54
89.29
1.06
1.17
0.93
1.12
-475.7
-3,100.8
-4,750.0
-5,928.2
Total Cash Preferred Dividends
0.0
0.0
0.0
0.0
Total Cash Common Dividends
3,100.0
3,873.8
5,735.8
5,095.8
Trailing 12M Preferred Dividends
0.0
0.0
0.0
0.0
Trailing 12M Common Dividends
3,100.0
3,873.8
5,735.8
5,095.8
0.00
0.00
0.49
0.53
12 Months Ending Dividends per Share
Dividend Payout Ratio Cash Dividend Coverage Dividends Paid
Trailing 12M Dividends Per Share Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
0.25
0.28
0.21
0.10
0.25
0.33
—
—
—
-27.52
12.55
1.32
1.17
1.23
30.40
34.92
34.89
34.85
40.90
42.53
3.29
2.86
2.87
2.87
-4,624.6
-805.6
-1,048.8
-611.8
0.0
0.0
0.0
0.0
946.2
1,060.2
809.4
372.4
0.0
0.0
0.0
0.0
946.2
1,060.2
809.4
372.4
0.25
0.28
0.21
0.10
MGM China Holdings Ltd (2282 HK) - Sources of Capital In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Net Change Short Short Term Debt
661.7
-1,062.7
206.8
-206.8
Net Change Long Term Debt
-280.4
-1,321.9
-1,957.4
53.7
Net Change in in Other Liabilities
235.4
911.6
1,282.3
747.3
Net Change in Liabilities
616.7
-1,473.0
-468.3
594.3
Net Change in Liabilities % of Total
137.18
604.96
-19.00
28.41
Reinvested Earnings
-167.1
1,566.0
179.1
657.0
0.0
-336.5
2,754.1
840.2
Net Change in Total Equity
-167.1
1,229.5
2,933.2
1,497.3
Increase In Equity % of Total
-37.18
-504.96
119.00
71.59
Total Lines of Credit
—
—
—
—
Available Lines Of Of Credit Total Available
—
—
3,120.0
11,310.0
6,158.6
6,193.5
7,752.9
8,526.5
12 Months Ending
External Equity Financing
Capital Employed Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
0.0
0.0
0.0
604.5
5,440.5
-5,265.0
66.2
69.0
7,613.8
2,372.2
-2,309.9
6,299.0
2,648.6
-1,166.7
-1,060.4
-152.9
5,100.0
-2,941.3
2,714.8
-1,097.7
6,553.4
2,823.8
8,230.6
-1,907.4
82.09
87.14
127.82
55.09
86.40
129.41
-402.3
611.1
2,166.3
1,976.3
1,510.8
696.1
994.4
-773.1
-3,592.8
325.3
-215.1
-262.7
592.1
-161.9
-1,426.5
2,301.6
1,295.7
433.4
17.91
12.86
-27.82
44.91
13.60
-29.41
—
—
—
—
23,400.0
11,310.0
11,310.0
11,310.0
11,310.0
8,410.0
4,810.0
4,290.0
9,921.4
10,000.6
16,280.1
21,020.1
20,426.4
26,724.9
MGM China Holdings Ltd (2282 HK) - Comprehensive Incom In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
-167.1
1,566.0
3,279.1
4,530.8
Transl Adj - Other Compre + Foreign Curr Transl
0.0
0.0
0.0
0.0
+ Unrealized Unrealized Gain (Loss)
0.0
0.0
0.0
0.0
Related Adjust Other Compreh Compreh + Pension Related
0.0
0.0
0.0
0.0
+ Oth Adj-Oth Adj-Oth Comp Comp Inc
0.0
0.0
0.0
0.0
+ Inc Tax Tax Exp-Oth Comp Inc
0.0
0.0
0.0
0.0
-167.1
1,566.0
3,279.1
4,530.8
0.00
—
0.86
1.19
Basic EPS
—
—
0.86
1.19
Basic Weighted Avg Avg Shares
—
—
3,800.0
3,800.0
12 Months Ending Net Income
Comprehensive Income Basic Comprehensive EPS
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
0.0
0.0
0.0
-1.9
2.6
-3.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5,333.5
5,706.9
3,112.5
3,034.7
2,322.7
1,065.0
1.40
1.50
0.82
0.80
0.61
0.28
1.40
1.50
0.82
0.80
0.61
0.28
3,800.1
3,800.1
3,800.0
3,800.0
3,800.2
3,800.2
MGM China Holdings Ltd (2282 HK) - Overview In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
11.16
11.16
22.31
30.58
Environmental Disclosure Score
—
—
9.30
22.48
Total GHG Emissions
—
—
—
—
Total Energy Consumption
—
—
—
—
Total Water Use
—
—
729.9
737.2
Hazardous Waste
—
—
—
—
Total Waste
—
—
4.4
5.0
Social Disclosure Score
—
—
22.81
28.07
Number of Employees
—
—
6,062.00
6,101.00
% Women in Workforce
—
—
—
—
Fatalities - Contractors
—
—
—
—
Fatalities - Employees
—
—
—
—
Fatalities - Total
—
—
—
—
Community Spending
—
—
11.2
8.9
Governance Disclosure Score
48.21
48.21
51.79
51.79
Size of the Board
11.00
12.00
12.00
12.00
3.00
4.00
4.00
4.00
27.27 3.00
33.33 3.00
33.33 3.00
33.33 3.00
2.00
6.00
6.00
6.00
95.45
92.42
84.72
94.44
12 Months Ending ESG Disclosure Score Environmental
Social
Governance
Indep Directors % Indep Directors Board Duration (Years) # Board Meetings Board Mtg Attendance Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2015
12/31/2016
12/31/2017
12/31/2018
35.54
42.98
42.98
42.98
29.46
41.09
41.09
38.76
74.5
69.9
69.3
157.9
—
86.6
89.2
215.7
694.5
649.7
662.9
—
—
0.0
0.0
0.0
4.6
4.2
3.6
8.1
33.33
33.33
33.33
38.60
5,937.00
5,960.00
9,266.00
10,000.00
48.00
48.00
48.00
47.00
—
0.00
0.00
—
—
0.00
0.00
—
—
0.00
0.00
—
44.8
25.8
45.5
13.8
51.79
57.14
57.14
57.14
12.00
12.00
12.00
12.00
4.00
4.00
4.00
4.00
33.33 3.00
33.33 3.00
33.33 3.00
33.33 3.00
6.00
6.00
5.00
5.00
91.67
84.72
93.33
91.52
MGM China Holdings Ltd (2282 HK) - Environmental In Millions of HKD except Per Share
FY 2013
FY 2014
FY 2015
FY 2016
12/31/2013
12/31/2014
12/31/2015
12/31/2016
9.30
22.48
29.46
41.09
—
—
—
—
Reporting Basis Consistent?
n/a
n/a
n/a
n/a
GRI Criteria Compliance
No
No
No
Yes
Global Reporting Initiatives Checked
No
No
No
No
Verification Type
No
No
No
No
GHG Scope 1
—
—
3.7
4.0
GHG Scope 2
—
—
70.8
65.9
Total GHG Emissions
—
—
74.5
69.9
Total Energy Consumption
—
—
—
86.6
Electricity Used
—
—
—
70.2
Fuel Used - Oil/Diesel
—
—
—
0.1
729.9
737.2
694.5
649.7
—
—
694.5
649.7
4.4
5.0
4.6
4.2
—
—
—
0.0
12 Months Ending Environmental Disclosure Score Disclosure Scope of Disclosure
Emissions
Energy
Water Total Water Use Total Water Withdrawal
Waste Management Total Waste Hazardous Waste Material Spills Environmental Fines Investments/Costs Certified Sites
Operational Policy Renewable Electricity Target Policy
n/a
No
No
No
Yes
Yes
Yes
Yes
Emissions Reduction Initiatives
No
Yes
Yes
Yes
Environmental Supply Chain Management
No
Yes
Yes
Yes
Environmental Quality Management Policy
No
Yes
Yes
Yes
Green Building Policy
No
Yes
Yes
Yes
Sustainable Packaging Waste Reduction Policy
No Yes
No Yes
No Yes
No Yes
Water Policy
Yes
Yes
Yes
Yes
Biodiversity Policy
No
Yes
Yes
Yes
Climate Change Policy
No
Yes
Yes
Yes
New Products - Climate Change
No
No
No
No
Climate Change Opportunities Discussed
No
No
No
Yes
Risks of Climate Change Discussed
No
No
No
Yes
Energy Efficiency Policy
Source: Bloomberg
FY 2017
FY 2018
12//31 12 31//2017
12/31/2018
41.09
38.76
1.00
1.00
n/a
Yes
Yes
Yes
No
No
No
No
6.1
6.6
63.2
151.2
69.3
157.9
89.2
215.7
69.8
180.5
0.4
0.7
662.9
—
662.9
1,402.1
3.6
8.1
0.0
0.0
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No Yes
No Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
MGM China Holdings Ltd (2282 HK) - Social In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
—
—
22.81
28.07
—
—
6,062.00
6,101.00
% Women in Workforce
—
—
—
—
% Disabled in Workforce
—
—
—
—
n/a
n/a
n/a
No
—
—
—
—
Fatalities - Total
—
—
—
—
Fatalities - Employees
—
—
—
—
Fatalities - Contractors
—
—
—
—
Social Supply Chain Management
n/a
n/a
No
Yes
Sustain Sup Guidelines Encomp ESG Area
n/a
n/a
No
Yes
—
—
11.2
8.9
Anti-Bribery Ethics Ethics Policy
n/a
n/a
No
Yes
Business Ethics Policy
n/a
n/a
Yes
Yes
Employee CSR Training
n/a
n/a
No
No
Employee Protection / Whistle Blower Polic
n/a
n/a
Yes
Yes
Equal Opportunity Policy
n/a
n/a
Yes
Yes
Fair Remuneration Policy
n/a
n/a
No
No
Health and Safety Policy
n/a
n/a
Yes
Yes
Human Rights Policy
n/a
n/a
No
Yes
Training Policy
n/a
n/a
Yes
Yes
Policy Against Child Labor Consumer Data Protection Policy
n/a No
n/a No
No No
Yes No
12 Months Ending Social Disclosure Score Employees Number of Employees Employee Diversity
Gender Pay Gap Gender Pay Gap Breakout Employee Training Total Hours Spent by Firm - Employee Trai Safety
Supply Chain
Community & Customers Community Spending Policy
UN Global Compact Signatory
n/a
n/a
No
No
SDGs Target Policy
n/a
n/a
n/a
n/a
Bloomberg Gender-Equality Index
Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2015
12/31/2016
12/31/2017
12/31/2018
33.33
33.33
33.33
38.60
5,937.00
5,960.00
9,266.00
10,000.00
48.00
48.00
48.00
47.00
—
—
—
0.40
No
No
No
No
147,000.00
268,933.00
569,000.00
917,000.00
—
0.00
0.00
—
—
0.00
0.00
—
—
0.00
0.00
—
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
44.8
25.8
45.5
13.8
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes No
Yes No
Yes No
Yes Yes
No
No
No
No
n/a
Yes
Yes
No
MGM China Holdings Ltd (2282 HK) - Governance In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
48.21
48.21
51.79
51.79
11.00
12.00
12.00
12.00
Unitary or Two Tier Board System
1.00
1.00
1.00
1.00
# Employee Representatives on Board
0.00
0.00
0.00
0.00
Classified Board System
Yes
Yes
Yes
Yes
# Non Exec Dir on Board
6.00
7.00
7.00
7.00
% Non Exec Dir on Board
54.55
58.33
58.33
58.33
# Independent Directors
3.00
4.00
4.00
4.00
% Independent Directors
27.27
33.33
33.33
33.33
CEO Duality
No
No
No
No
Independent Chairperson
No
No
No
No
Independent Lead Director
No
No
No
No
Presiding Director
No
No
No
No
Former CEO or its Equivalent on Board
No
No
No
No
# Women on Board
3.00
3.00
3.00
2.00
% Women on Board
27.27
25.00
25.00
16.67
No
No
No
No
Female Chairperson or Equivalent
Yes
Yes
No
No
# Executives / Company Mgrs
8.00
8.00
13.00
11.00
CEO or Equivalent Appointed from Within
Yes
Yes
Yes
Yes
# Female Executives
1.00
1.00
2.00
2.00
% Female Executives
12.50
12.50
15.38
18.18
Age of the Youngest Director
43.00
44.00
45.00
46.00
Age of the Oldest Director Director
62.00
64.00
65.00
66.00
Board of Directors Age Range
19.00
20.00
20.00
20.00
Board Average Age
50.91
52.92
53.92
55.75
Board Duration (Years)
3.00
3.00
3.00
3.00
Executive Director Board Duration
3.00
3.00
3.00
3.00
2.00
6.00
6.00
6.00
95.45 83.33
92.42 94.44
84.72 62.50
94.44 87.50
12 Months Ending Governance Disclosure Score Board Structure Size of the Board
Board Independence
Board & Exec Diversity
Female Chief Executive Officer or Equivale
Board Meetings # Board Meetings Board Meeting Attendance % Independent Directors Board Meeting Atte
# Dir Attending Less than 75% of Mtgs
1.00
0.00
3.00
0.00
Size of Audit Committee
3.00
4.00
4.00
4.00
# Independent Dir on Audit Cmte
2.00
3.00
3.00
3.00
% Independent Dir on Audit Cmte
66.67
75.00
75.00
75.00
Independent Audit Committee Chairperson
Yes
Yes
Yes
Yes
# Non Exec Dir on Audit Cmte
2.00
4.00
4.00
4.00
Audit Committee Committee Meetings
2.00
5.00
6.00
6.00
100.00
100.00
70.83
95.83
Size of Compensation Committee
5.00
6.00
6.00
6.00
# Independent Dir on Comp Cmte
3.00
4.00
4.00
4.00
% Independent Dir on Comp Cmte
60.00
66.67
66.67
66.67
No
Yes
Yes
Yes
# Non Exec Dir on Comp Cmte
3.00
4.00
4.00
4.00
# Comp Committee Meetings
2.00
3.00
2.00
3.00
Compensation Committee Meeting Attenda
90.00
80.00
75.00
94.44
Outside Compensation Advisors Appointed
No
No
No
No
Nomination Committee Size of Nomination Committee
5.00
6.00
6.00
6.00
# Independent Dir on Nom Cmte
3.00
4.00
4.00
4.00
% of Ind Directors on Nomination Committe
60.00
66.67
66.67
66.67
Independent Nomination Committee Chairp
Yes
Yes
Yes
Yes
# Non Exec Dir on Nom Cmte
4.00
5.00
5.00
5.00
# Nom Cmte Meetings
0.00
2.00
1.00
3.00
Nomination Committee Meeting Attendance
—
100.00
75.00
94.11
CSR/Sustainability CSR/Sustainability Committee
No
No
No
No
Non-Executive Director with Responsibility Executive Director with Responsibility for C
No No
No No
No No
No No
Executive Compensation Linked to ESG
No
No
No
No
ESG Linked Compensation for Board
No
No
No
No
Clawback Provision for Executive Compens
No
No
No
No
Chg of Ctrl Benefits/Golden Parachute Agr
No
No
No
No
—
—
—
—
Poison Pill Plan
n/a
n/a
n/a
n/a
Shareholder Approved Poison Pill
n/a
n/a
n/a
n/a
Poison Pill TIDE Provision
n/a
n/a
n/a
n/a
Poison Pill Sunset Provision
n/a
n/a
n/a
n/a
Dual Class Unequal Voting Rights - Commo
n/a
No
No
No
Audit Committee
Audit Committee Committee Meeting Attendance Perce Compensation Committee
Independent Compensation Committee Cha
Board & Exec Activities
Shareholder Rights % Ownership Required for Special Meeting
AGM Voting Results Ratification Auditor Ratification
Yes
Yes
Yes
Yes
FOR Auditor Ratification Ratification Number of Votes - FOR
—
—
344.8
3,392.5
Auditor Ratificat Ratification ion Number of Votes - AGA AGA
—
—
8.7
11.6
Director Compensation Compensation Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2015
12/31/2016
12/31/2017
12/31/2018
51.79
57.14
57.14
57.14
12.00
12.00
12.00
12.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
Yes
Yes
Yes
Yes
7.00
7.00
7.00
7.00
58.33
58.33
58.33
58.33
4.00
4.00
4.00
4.00
33.33
33.33
33.33
33.33
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
2.00
2.00
2.00
2.00
16.67
16.67
16.67
16.67
No
No
No
No
No
No
No
No
13.00
19.00
14.00
14.00
Yes
Yes
Yes
Yes
3.00
4.00
3.00
3.00
23.08
21.05
21.43
21.43
47.00
48.00
49.00
48.00
67.00
68.00
69.00
70.00
20.00
20.00
20.00
22.00
56.75
57.75
58.75
58.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
6.00
6.00
5.00
5.00
91.67 83.33
84.72 87.50
93.33 85.00
91.52 90.00
1.00
4.00
1.00
0.00
4.00
4.00
4.00
5.00
3.00
3.00
3.00
3.00
75.00
75.00
75.00
60.00
Yes
Yes
Yes
Yes
4.00
4.00
4.00
5.00
6.00
6.00
5.00
5.00
79.17
83.33
95.00
90.90
6.00
6.00
6.00
6.00
4.00
4.00
4.00
4.00
66.67
66.67
66.67
66.67
Yes
Yes
Yes
Yes
4.00
4.00
4.00
4.00
3.00
4.00
3.00
2.00
83.33
91.66
88.88
100.00
No
No
No
No
6.00
6.00
6.00
6.00
4.00
4.00
4.00
4.00
66.67
66.67
66.67
66.67
Yes
Yes
Yes
Yes
5.00
5.00
5.00
5.00
1.00
1.00
1.00
1.00
83.33
100.00
66.67
100.00
No
No
No
No
No No
No No
No No
No No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
—
—
10.00
10.00
n/a
n/a
No
No
n/a
n/a
No
No
n/a
n/a
No
No
n/a
n/a
No
No
No
No
No
No
Yes
Yes
Yes
n/a
3,377.3
3,458.2
3,441.5
—
0.5
0.3
0.2
—
MGM China Holdings Ltd (2282 HK) - Exec & Dir Comp In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
27.8 17.3
32.9 20.5
27.6 20.1
37.2 22.9
Total Salaries Paid
8.9
10.2
10.6
11.7
Paid Total Bonuses Paid
8.4
10.3
9.5
11.2
10.5
12.5
7.5
14.3
Stock Awards Granted
9.7
11.5
6.4
13.2
Defined Pension Pension & Nonqual Defined
0.8
0.9
1.0
1.1
# of Exec Changes in Fiscal Year
0.00
0.00
0.00
0.00
# Execs Included in Compensation
5.00
5.00
5.00
5.00
No
No
No
No
Total Compensation Paid
27.8
32.9
27.6
37.2
Total Salaries and Bonuses Paid
17.3
20.5
20.1
22.9
Total Salaries Paid
8.9
10.2
10.6
11.7
Total Bonuses Paid Paid
8.4
10.3
9.5
11.2
10.5
12.5
7.5
14.3
Stock Awards Granted
9.7
11.5
6.4
13.2
Defined Pension Pension & Nonqual Defined
0.8
0.9
1.0
1.1
# of CEO and Equiv Changes in FY
0.00
0.00
0.00
0.00
# CEO and Equiv Included in Comp
1.00
1.00
1.00
1.00
CEO Tenure at Fiscal Year End
1.50
2.50
3.50
4.50
Total Compensation Paid
1.5
1.5
2.0
2.0
Fees Paid Paid in Cash
1.5
1.5
2.0
2.0
—
—
0.0
0.0
3.00
1.00
0.00
2.00
03/16/2011
12/01/2012
n/a
11/20/2014
6.00
8.00
7.00
8.00
12 Months Ending Executive Compensation Compensation Total Compensation Paid Total Salaries and Bonuses Paid
All Other Compensation Paid
CEO CEO Duality
All Other Compensation Paid
Other C-Suite Board Compensation
Stock Awards Granted # of Board Changes in Fiscal Year Date of Last Board Change # Directors Included in Comp Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2015
12/31/2016
12/31/2017
12/31/2018
38.4 23.6
35.0 27.9
47.7 30.5
52.7 37.1
12.2
13.9
13.8
15.8
11.4
14.0
16.6
21.2
14.8
7.1
17.2
15.6
13.7
5.9
16.0
14.3
1.2
1.2
1.3
1.4
0.00
0.00
0.00
0.00
1.00
1.00
1.00
5.00
No
No
No
No
38.4
35.0
47.7
52.7
23.6
27.9
30.5
37.1
12.2
13.9
13.8
15.8
11.4
14.0
16.6
21.2
14.8
7.1
17.2
15.6
13.7
5.9
16.0
14.3
1.2
1.2
1.3
1.4
0.00
0.00
0.00
0.00
1.00
1.00
1.00
1.00
5.50
6.50
7.50
8.50
2.5
2.5
2.5
3.1
2.5
2.5
2.5
3.1
0.0
—
0.0
0.0
0.00
0.00
0.00
3.00
n/a
n/a
n/a
05/24/2018
4.00
4.00
4.00
9.00
MGM China Holdings Ltd (2282 HK) - ESG Ratios In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
ESG Disclosure Score Environmental Disclosure Score
— —
— —
11.16 —
11.16 —
Social Disclosure Score
—
—
—
—
Governance Disclosure Score
—
—
48.21
48.21
GHG Intensity per Sales
—
—
—
—
GHG Scope 1 Intensity per Sales
—
—
—
—
GHG Scope 2 Intensity per Sales
—
—
—
—
GHG Intensity per EBITDA
—
—
—
—
GHG/CO2 Intensity / Gross Fixed Assets
—
—
—
—
GHG/CO2 Intensity / Net Fixed Assets
—
—
—
—
GHG Intensity per Energy
—
—
—
—
GHG Intensity per Employee
—
—
—
—
GHG Intensity per Assets
—
—
—
—
Energy Intensity per Sales
—
—
—
—
Energy Intensity per EBITDA
—
—
—
—
Energy Intensity per Employee
—
—
—
—
Energy Intensity per Assets
—
—
—
—
Water Intensity per Sales
—
—
—
—
Water Intensity per EBITDA
—
—
—
—
Water Intensity per Energy
—
—
—
—
Water Intensity per Employee
—
—
—
—
Water Intensity per Assets
—
—
—
—
Waste Intensity per Employee
—
—
—
—
Waste Generated per Assets
—
—
—
—
Waste Generated per Sales
—
—
—
—
12 Months Ending Disclosure Scores
Greenhouse Gases
Carbon Dioxide Energy
Water
Waste
Other Environmental Environmental Social
Community Spend % PTP
—
—
—
—
Community Spend%EBITDA
—
—
—
—
Community Spend%Equity
—
—
—
—
0.00
0.00
0.00
0.00
Actual Net Income per Employee Employee
-30,173.50
—
565,355.17
799,088.01
Actual Cash Flow per Employee
134,781.19
— 1,064,238.28 1,053,464.02
Actual Personnel Expenses per Employee Employee
207,146.42
—
238,855.17
261,678.66
Percentage of Non-Executive Directors on
—
—
54.55
58.33
% Independent Directors
—
—
27.27
33.33
% Women on Board
—
—
27.27
25.00
Percentage of Female Executives
—
—
12.50
12.50
Board of Directors Age Range
—
—
19.00
20.00
Board Average Age
—
—
50.91
52.92
Board Meeting Attendance %
—
—
95.45
92.42
Independent Directors Board Meeting Atte
—
—
83.33
94.44
Pct of Independent Directors on Audit Com
—
—
66.67
75.00
Audit Committ Committee ee Meeting Attendance Perce
—
—
100.00
100.00
% of Ind Directors on Compensation Commi
—
—
60.00
66.67
Compensation Committee Meeting Attenda
—
—
90.00
80.00
% of Ind Directors on Nomination Committe % Ownership Required for Special Meeting
— —
— —
60.00 —
66.67 —
R&D Expenditures per Cash Flow
Governance
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
22.31 9.30
30.58 22.48
35.54 29.46
42.98 41.09
42.98 41.09
42.98 38.76
22.81
28.07
33.33
33.33
33.33
38.60
51.79
51.79
51.79
57.14
57.14
57.14
—
—
4.34
4.69
4.78
8.22
—
—
0.21
0.27
0.42
0.34
—
—
4.12
4.42
4.36
7.88
—
—
18.22
18.05
20.24
44.03
—
—
3.76
2.54
1.93
4.21
—
—
4.90
3.11
2.29
5.24
— —
— —
— 12.54
806.53 11.72
777.13 7.48
731.95 15.79
—
—
3.39
2.58
1.89
4.49
—
—
—
5.81
6.16
11.23
—
—
—
22.38
26.04
60.15
—
—
—
14.54
9.62
21.57
—
—
—
3.20
2.44
6.14
28.37
28.96
40.45
43.58
45.78
—
115.65
112.23
169.97
167.84
193.65
—
—
—
—
7,498.37
7,436.04
—
120.40
120.83
116.98
109.01
71.54
—
40.35
43.81
31.63
23.99
18.11
—
0.72
0.82
0.78
0.71
0.39
0.81
0.24
0.30
0.21
0.16
0.10
0.23
0.17
0.20
0.27
0.28
0.25
0.42
0.21
0.16
1.43
0.85
1.72
1.79
0.18
0.14
1.10
0.67
1.33
0.38
0.17
0.14
0.91
0.36
0.53
0.15
0.00
0.00
0.00
0.00
0.00
0.00
879,829.76
935,411.08
524,257.20
509,481.21
250,397.69
99,534.14
1,209,434.68
824,952.14
497,892.20
401,484.40
717,276.93
134,252.45
274,866.05
312,183.41
324,189.32
320,761.74
245,356.25
321,379.13
58.33
58.33
58.33
58.33
58.33
58.33
33.33
33.33
33.33
33.33
33.33
33.33
25.00
16.67
16.67
16.67
16.67
16.67
15.38
18.18
23.08
21.05
21.43
21.43
20.00
20.00
20.00
20.00
20.00
22.00
53.92
55.75
56.75
57.75
58.75
58.00
84.72
94.44
91.67
84.72
93.33
91.52
62.50
87.50
83.33
87.50
85.00
90.00
75.00
75.00
75.00
75.00
75.00
60.00
70.83
95.83
79.17
83.33
95.00
90.90
66.67
66.67
66.67
66.67
66.67
66.67
75.00
94.44
83.33
91.66
88.88
100.00
66.67 —
66.67 —
66.67 —
66.67 —
66.67 10.00
66.67 10.00
MGM China Holdings Ltd (2282 HK) - CDP In Millions of HKD except Per Share 12 Months Ending
FY 2015 12/31/2015
Reporting Period Risks and Opportu Opportunities nities GHG Emissions CDP Estimation Scope 1 Emissions
0.0
CDP Estimation Scope 2 Emissions
0.1
Energy Use Trading
Targets and Initiatives Governance and Strategy Source: Bloomberg
MGM China Holdings Ltd (2282 HK) - GAAP Highlights In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
7,727.1
12,434.7
20,293.6
21,773.6
364.2 -167.1
2,020.6 1,566.0
3,967.4 3,279.1
4,431.8 4,530.8
Basic EPS, GAAP
—
—
0.86
1.19
Diluted EPS, GAAP
—
—
0.86
1.19
Basic Weighted Avg Avg Shares
—
—
3,800.0
3,800.0
Diluted Weighted Weighted Avg Shares
—
—
3,800.0
3,800.0
Cash and Equivalents
1,975.7
1,922.7
5,590.4
7,381.4
Total Current Assets
2,955.7
3,293.0
6,284.6
8,003.7
10,467.7
10,224.2
12,689.1
14,780.6
3,007.7
2,856.6
3,886.9
4,886.2
10,216.3
8,743.3
8,275.0
8,869.3
Total Equity Shares Out on Balance Sheet
251.3 —
1,480.8 —
4,414.0 3,800.0
5,911.3 3,800.0
Cash From Operations
746.6
3,162.7
6,172.6
5,973.1
-243.1
-255.1
-301.9
-1,081.4
23.8
-2,960.6
-2,203.0
-3,100.8
12 Months Ending Total Revenues Operating Income Net Income to Common
Total Assets Total Current Liabilities Total Liabilities
Cash From Investing Cash From Financing Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
25,727.5
25,454.3
17,170.5
14,907.5
14,480.5
19,200.7
5,543.6 5,333.5
5,768.7 5,706.9
3,280.5 3,112.5
3,099.1 3,036.5
2,624.2 2,320.2
1,435.0 1,068.5
1.40
1.50
0.82
0.80
0.61
0.28
1.40
1.50
0.82
0.80
0.61
0.28
3,800.1
3,800.1
3,800.0
3,800.0
3,800.2
3,800.2
3,804.4
3,806.0
3,800.0
3,800.1
3,809.0
3,811.2
7,884.8
4,232.2
5,421.1
3,547.1
5,283.4
3,992.1
8,699.6
4,908.0
5,941.2
4,042.0
5,811.1
4,658.0
18,087.5
16,827.8
21,954.8
27,080.2
36,606.5
35,132.6
6,973.4
5,856.9
4,850.4
5,492.2
15,695.9
8,058.0
11,584.0
10,486.3
17,039.7
19,863.5
28,094.1
26,186.8
6,503.5 3,800.0
6,341.5 3,800.0
4,915.1 3,800.0
7,216.7 3,800.0
8,512.4 3,800.0
8,945.8 3,800.0
7,331.6
5,033.0
2,956.0
2,392.8
6,646.3
1,441.2
-2,052.3
-2,748.5
-4,581.2
-6,273.3
-6,773.4
-2,915.1
-4,775.9
-5,937.2
2,814.1
2,006.6
1,863.4
182.6
MGM China Holdings Ltd (2282 HK) - Earnings In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
19,974.2 20,293.6
21,680.9 21,773.6
25,466.3 25,727.5
25,708.9 25,454.3
1.6
0.4
1.0
-1.0
GAAP Actual
20,293.6
21,773.6
25,727.5
25,454.3
Adjusted Actual
20,293.6
21,773.6
25,727.5
25,454.3
Consensus Estimate
1.00
1.22
1.38
1.50
Comparable Actual
0.86
1.19
1.40
1.50
-13.8
-2.3
1.4
-0.2
GAAP Actual
0.86
1.19
1.40
1.50
Adjusted Actual
0.90
1.20
1.40
1.50
Consensus Estimate
4,064.7
4,400.3
5,495.1
5,965.8
Comparable Actual
3,967.4
4,431.8
5,543.6
5,768.7
-2.4
0.7
0.9
-3.3
GAAP Actual
3,967.4
4,431.8
5,543.6
5,768.7
Adjusted Actual
4,135.9
4,449.7
5,546.7
5,780.3
Consensus Estimate
4,845.8
5,350.2
6,311.4
6,742.4
Comparable Actual
4,933.0
5,310.4
6,365.6
6,662.9
1.8
-0.7
0.9
-1.2
GAAP Actual
4,714.0
5,225.3
6,311.3
6,568.3
Adjusted Actual
4,882.5
5,243.2
6,314.3
6,579.9
42.40
63.80
50.50
48.25
Consensus Estimate
3,754.0
4,329.0
5,259.3
5,743.8
Comparable Actual
3,737.9
4,120.9
5,348.5
5,722.7
-0.4
-4.8
1.7
-0.4
GAAP Actual
3,737.9
4,120.9
5,348.5
5,722.7
Adjusted Actual
3,906.3
4,138.8
5,351.5
5,734.3
3,778.0
4,584.5
5,235.3
5,738.6
12 Months Ending Revenue Consensus Estimate Comparable Actual Revenue Surprise Surprise %
Earnings Per Share
EPS Surprise %
EBIT
EBIT Surprise %
EBITDA
EBITDA Surprise %
Gross Margin % Consensus Estimate Pretax Income (Loss)
Pretax Income (Loss) Surprise Surprise %
Net Income Consensus Estimate
Comparable Actual
3,279.1
4,530.8
5,333.5
5,706.9
-13.2
-1.2
1.9
-0.6
GAAP Actual
3,279.1
4,530.8
5,333.5
5,706.9
Adjusted Actual
3,427.3
4,546.6
5,336.2
5,717.1
Net Income Surprise %
Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
17,241.4 17,170.5
14,947.9 14,907.5
15,077.8 15,356.0
19,443.9 19,200.7
22,845.7
24,425.5
-0.4
-0.3
1.8
-1.3
17,170.5
14,907.5
14,480.5
19,200.7
17,170.5
14,907.5
14,480.5
19,200.7
0.81
0.73
0.62
0.37
0.59
0.77
0.82
0.80
0.61
0.28
0.9
9.0
-2.1
-23.2
0.82
0.80
0.61
0.28
0.84
0.84
0.76
0.44
3,326.4
3,190.6
3,008.8
1,932.1
3,113.3
3,742.4
3,280.5
3,099.1
2,624.2
1,435.0
-1.4
-2.9
-12.8
3,280.5
3,099.1
2,624.2
1,435.0
3,366.1
3,263.0
3,294.1
2,126.2
4,257.8
4,141.8
4,115.7
4,301.8
5,879.1
6,404.1
4,669.0
3,870.8
3,423.2
3,585.3
9.7
-6.5
-16.8
4,086.2
3,870.8
3,423.2
3,585.3
4,171.8
4,034.7
4,093.2
4,276.5
48.55
51.05
50.68
54.30
52.48
53.61
3,187.5
2,804.0
2,562.0
1,446.8
2,308.0
2,976.1
3,129.1
3,051.6
2,638.5
772.9
-1.8
8.8
3.0
-46.6
3,129.1
3,051.6
2,638.5
772.9
3,229.7
3,215.5
3,308.4
1,470.0
3,159.5
2,783.2
2,009.8
1,469.0
2,232.8
2,883.6
-25.7
-16.7
3,112.5
3,036.5
2,320.2
1,068.5
-1.5
9.1
15.4
-27.3
3,112.5
3,036.5
2,320.2
1,068.5
3,201.0
3,180.7
2,909.7
1,682.0
MGM China Holdings Ltd (2282 HK) - Adjusted In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
Revenue
20,293.6
21,773.6
25,727.5
25,454.3
+ Sales & Services Revenue Gross Profit
20,293.6 —
21,773.6 —
25,727.5 —
25,454.3 —
0.0
0.0
0.0
0.0
16,157.7
17,323.9
20,180.9
19,674.0
0.0
0.0
0.0
0.0
+ Depreciation & Amortization
746.6
793.5
767.7
799.6
+ Prov For Doubtful Accts
115.2
52.9
-55.4
98.2
15,295.9
16,477.5
19,468.6
18,776.2
4,135.9
4,449.7
5,546.7
5,780.3
- Non-Operating Non-Operating (Income) Loss
229.6
310.9
195.2
46.0
+ Interest Expense, Net
172.1
145.9
183.0
18.3
+ Interest Expense
184.1
183.8
207.6
31.0
11.9 1.2
38.0 -7.1
24.5 5.8
12.6 20.7
+ (Income) Loss from Affiliates
0.0
0.0
0.0
0.0
+ Other Non-Op (Income) Loss
56.3
172.2
6.3
6.9
Pretax Income (Loss), Adjusted
3,906.3
4,138.8
5,351.5
5,734.3
168.5
17.9
3.0
11.6
—
—
—
—
168.5
17.9
3.0
11.6
3,737.9
4,120.9
5,348.5
5,722.7
458.8
-410.0
15.0
15.8
0.0
48.8
15.0
15.8
458.8
-458.8
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
- Net Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
+ Discontinued Operations
0.0
0.0
0.0
0.0
+ XO & Accounting Changes
0.0
0.0
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
0.0
0.0
0.0
0.0
3,279.1
4,530.8
5,333.5
5,706.9
- Preferred Dividends
0.0
0.0
0.0
0.0
- Other Adjustments
0.0
0.0
0.0
0.0
Net Income Avail to Common, GAAP
3,279.1
4,530.8
5,333.5
5,706.9
Net Income Avail to Common, Adj
3,427.3
4,546.6
5,336.2
5,717.1
148.2
15.8
2.7
10.2
0.0
0.0
0.0
0.0
12 Months Ending
+ Other Operating Income Income - Operating Expenses + Research & Development
+ Other Operating Expense Operating Income (Loss)
- Interest Income + Foreign Exch (Gain) Loss
- Abnormal Losses (Gains) + Early Extinguishment of Debt + Other Abnormal Items Pretax Income (Loss), GAAP - Income Tax Expense (Benefit) + Current Income Tax + Deferred Income Tax Income (Loss) from Cont Ops
Income (Loss) Incl. MI - Minority Interest Net Income, GAAP
Abnormal Losses (Gains) Net Abnormal Net Extraordinary Extraordinary Losses (Gains)
Basic Weighted Avg Shares
3,800.0
3,800.0
3,800.1
3,800.1
Basic EPS, GAAP
0.86
1.19
1.40
1.50
Basic EPS from Cont Ops
0.86
1.19
1.40
1.50
Basic EPS from Cont Ops, Adjusted
0.90
1.20
1.40
1.50
3,800.0
3,800.0
3,804.4
3,806.0
Diluted EPS, GAAP
0.86
1.19
1.40
1.50
Diluted EPS from Cont Ops
0.86
1.19
1.40
1.50
Diluted EPS from Cont Ops, Adjusted
0.90
1.20
1.40
1.50
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
4,882.5
5,243.2
6,314.3
6,579.9
24.06
24.08
24.54
25.85
EBITA
4,262.8
4,576.9
5,673.6
5,907.2
EBIT
4,135.9
4,449.7
5,546.7
5,780.3
—
—
—
—
Operating Margin
20.38
20.44
21.56
22.71
Profit Margin
16.89
20.88
20.74
22.46
Current Profit
—
—
—
—
Diluted Weighted Avg Shares
Reference Items Accounting Standard EBITDA EBITDA Margin (T12M)
Gross Margin
Sales per Employee Dividends per Share Total Cash Common Dividends Capitalized Interest Expense Personnel Expenses Depreciation Expense Rental Expense Source: Bloomberg
3,49 3,498, 8,90 901. 1.21 21 3,84 3,840, 0,13 139. 9.68 68 4,24 4,244, 4,06 063. 3.51 51 4,17 4,172, 2,15 151. 1.45 45 0.00 3,100.0
0.00 3,873.8
0.49 5,735.8
0.53 5,095.8
—
—
82.1
230.4
1,385.4
1,483.7
1,666.2
1,904.6
619.7
666.3
640.8
672.7
25.1
28.8
30.6
30.9
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
17,170.5
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
17,170.5 —
14,907.5 —
14,480.5 —
19,200.7 —
11,990.1
13,093.8
0.0
0.0
0.0
0.0
13,804.3
11,644.5
11,186.4
17,074.5
0.0
0.0
0.0
0.0
805.7
771.7
799.0
2,150.3
186.3
-47.4
-42.1
51.3
12,812.4
10,920.2
10,429.4
14,873.0
3,366.1
3,263.0
3,294.1
2,126.2
3,113.3
3,742.4
136.5
47.5
-14.3
656.2
111.7
40.0
-5.0
642.2
123.8
46.5
0.0
654.3
12.1 18.0
6.5 0.7
5.0 -16.5
12.1 6.3
0.0
0.0
0.0
0.0
6.8
6.8
7.3
7.6
3,229.7
3,215.5
3,308.4
1,470.0
2,308.0
2,976.1
100.5
163.9
669.9
697.1
14.9
—
—
5.9
85.6
163.9
669.9
691.2
3,129.1
3,051.6
2,638.5
772.9
2,308.0
2,976.1
16.6
15.1
318.3
-295.6
16.6
15.1
1.1
21.5
0.0
0.0
317.1
-317.1
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3,112.5
3,036.5
2,320.2
1,068.5
2,232.8
2,883.6
3,201.0
3,180.7
2,909.7
1,682.0
2,254.3
2,928.9
88.5
144.2
589.5
613.5
0.0
0.0
0.0
0.0
3,800.0
3,800.0
3,800.2
3,800.2
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.77
0.44
0.60
0.78
3,800.0
3,800.1
3,809.0
3,811.2
0.82
0.80
0.61
0.28
0.59
0.77
0.82
0.80
0.61
0.28
0.59
0.77
0.84
0.84
0.76
0.44
0.60
0.78
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
4,171.8
4,034.7
4,093.2
4,276.5
5,879.1
6,404.1
24.30
27.06
28.27
22.27
25.73
26.22
3,493.0
3,390.2
3,421.0
2,253.1
3,366.1
3,263.0
3,294.1
2,126.2
3,113.3
3,742.4
—
—
—
—
52.48
53.61
19.60
21.89
22.75
11.07
13.63
15.32
18.64
21.34
20.09
8.76
9.87
11.99
—
—
—
—
2,015.4
2,447.5
0.25
0.33
2, 2,89 892, 2,10 109. 9.31 31 2,50 2,501, 1,25 253. 3.02 02 1,56 1,562, 2,75 759. 9.77 77 1,78 1,788, 8,60 609. 9.32 32 0.25
0.28
0.21
0.10
946.2
1,060.2
809.4
372.4
310.9
491.7
688.9
178.8
1,924.7
1,911.7
2,273.5
3,450.0
678.8
644.5
672.1
2,023.4
36.3
41.4
—
—
MGM China Holdings Ltd (2282 HK) - Reconciliation In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
364.2 0.0
2,020.6 0.0
3,967.4 0.0
4,431.8 0.0
+ Cost of Revenue Adjustments
0.0
0.0
0.0
0.0
+ Other Op Inc Adjustments Adjustments
0.0
0.0
0.0
0.0
+ SG&A SG&A Adjustments Adjustments
0.0
0.0
0.0
0.0
Adjustments + R&D Expense Adjustments
0.0
0.0
0.0
0.0
+ D&A D&A Adjustments
0.0
0.0
0.0
0.0
+ Prov for Doubtful Acct Adj
0.0
0.0
0.0
0.0
+ Other Op Exp Adjustments
4.8
31.4
168.5
17.9
EBIT, Adjusted
369.0
2,051.9
4,135.9
4,449.7
+ Depreciation Depreciation & Amortization
793.1
777.8
746.6
793.5
1,162.1
2,829.7
4,882.5
5,243.2
364.2
2,020.6
3,967.4
4,431.8
4.8
31.4
168.5
17.9
369.0
2,051.9
4,135.9
4,449.7
-166.5
1,566.3
3,737.9
4,120.9
—
—
—
—
4.8
31.4
168.5
17.9
-161.7
1,597.7
3,906.3
4,138.8
-167.1
1,566.0
3,279.1
4,530.8
Discontinued Operations + Discontinued
0.0
0.0
0.0
0.0
+ XO & Accounting Accounting Changes
0.0
0.0
0.0
0.0
Net Inc Avail to Common Cont
-167.1
1,566.0
3,279.1
4,530.8
+ Early Extinguishment of Debt
—
—
—
—
4.2
27.6
148.2
15.8
-162.9
1,593.6
3,427.3
4,546.6
Diluted EPS, GAAP
—
—
0.86
1.19
+ Discontinued Discontinued Operations
—
—
0.00
0.00
+ XO & Accounting Accounting Changes
—
—
0.00
0.00
Diluted EPS from Cont Ops
—
—
0.86
1.19
12 Months Ending EBITDA Reconciliation EBIT, GAAP + Revenue Revenue Adjustments Adjustments
EBITDA, Adjusted EBIT Reconciliation EBIT, GAAP + Other Abnormal Items Items EBIT, Adjusted Pretax Income Reconciliatio Reconciliation n Pretax Income (Loss), GAAP + Early Extinguishment of Debt + Other Abnormal Items Items Pretax Income (Loss), Adjusted Net Income Reconciliation Reconciliation Net Inc Avail to Common Sh, GAAP
+ Other Abnormal Items Items Net Income Avail to Common, Adj Earnings Per Share Reconciliation Reconciliation
+ Early Extinguishment of Debt
—
—
—
—
+ Other Abnormal Items Items
—
—
0.04
0.00
Diluted EPS from Cont Ops, Adjusted
—
—
0.90
1.20
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
5,543.6 0.0
5,768.7 0.0
3,280.5 0.0
3,099.1 0.0
2,624.2 0.0
1,435.0 0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.0
11.6
85.6
163.9
669.9
691.2
5,546.7
5,780.3
3,366.1
3,263.0
3,294.1
2,126.2
767.7
799.6
805.7
771.7
799.0
2,150.3
6,314.3
6,579.9
4,171.8
4,034.7
4,093.2
4,276.5
5,543.6
5,768.7
3,280.5
3,099.1
2,624.2
1,435.0
3.0
11.6
85.6
163.9
669.9
691.2
5,546.7
5,780.3
3,366.1
3,263.0
3,294.1
2,126.2
5,348.5
5,722.7
3,129.1
3,051.6
2,638.5
772.9
—
—
14.9
—
—
5.9
3.0
11.6
85.6
163.9
669.9
691.2
5,351.5
5,734.3
3,229.7
3,215.5
3,308.4
1,470.0
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5,333.5
5,706.9
3,112.5
3,036.5
2,320.2
1,068.5
—
—
13.1
—
—
5.2
2.7
10.2
75.3
144.2
589.5
608.3
5,336.2
5,717.1
3,201.0
3,180.7
2,909.7
1,682.0
1.40
1.50
0.82
0.80
0.61
0.28
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.40
1.50
0.82
0.80
0.61
0.28
—
—
0.00
—
—
0.00
0.00
0.00
0.02
0.04
0.15
0.16
1.40
1.50
0.84
0.84
0.76
0.44
MGM China Holdings Ltd (2282 HK) - SBC & Amort In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Basic EPS Ex-SBC, Adj Diluted EPS Ex-SBC, Adj
— —
— —
0.91 0.91
1.21 1.21
Basic EPS Ex-Amortization, Adj
—
—
0.93
—
Diluted EPS Ex-Amortization, Adj
—
—
0.93
—
Basic EPS Ex-SBC & Amort, Adj
—
—
0.94
—
Diluted EPS Ex-SBC & Amort, Adj
—
—
0.94
—
Pre-Tax
0.0
0.0
50.2
67.2
After-Tax
—
0.0
44.2
59.2
Per Basic Share
—
—
0.01
0.02
Per Diluted Share
—
—
0.01
0.02
Pre-Tax
126.6
127.2
126.9
127.2
After-Tax
111.4
112.0
111.7
112.0
Per Basic Share
—
—
0.03
—
Per Diluted Share
—
—
0.03
—
12 Months Ending Earnings Per Share Reconciliation
Stock Based Compensation
Amortization of Acqui Acquisition sition Related Intangibles
Amortization of Total Total Intangibles
Source: Bloomberg
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
1.41 1.41
1.52 1.52
0.86 0.86
0.85 0.85
0.78 0.78
0.46 0.46
—
—
—
0.87
0.80
0.47
—
—
—
0.87
0.79
0.47
—
—
—
0.88
0.81
0.49
—
—
—
0.88
0.81
0.49
34.5
69.7
85.5
73.0
79.9
76.6
30.3
61.3
75.3
64.2
70.3
67.4
0.01
0.02
0.02
0.02
0.02
0.02
0.01
0.02
0.02
0.02
0.02
0.02
126.9
126.9
126.9
127.2
126.9
126.9
111.7
111.7
111.7
112.0
111.7
111.7
—
—
—
0.03
0.03
0.03
—
—
—
0.03
0.03
0.03
MGM China Holdings Ltd (2282 HK) - Adj % In Millions of HKD except Per Share
FY 2011
FY 2012
FY 2013
FY 2014
12/31/2011
12/31/2012
12/31/2013
12/31/2014
20,293.6
21,773.6
25,727.5
25,454.3
100.0 —
100.0 —
100.0 —
100.0 —
0.0
0.0
0.0
0.0
79.6
79.6
78.4
77.3
+ Research & Development
0.0
0.0
0.0
0.0
+ Depreciation & Amortization
3.7
3.6
3.0
3.1
+ Prov For Doubtful Accts
0.6
0.2
-0.2
0.4
+ Other Operating Expense
75.4
75.7
75.7
73.8
Operating Income (Loss)
20.4
20.4
21.6
22.7
- Non-Operating Non-Operating (Income) Loss
1.1
1.4
0.8
0.2
+ Interest Expense, Net
0.8
0.7
0.7
0.1
+ Interest Expense
0.9
0.8
0.8
0.1
- Interest Income + Foreign Exch (Gain) Loss
0.1 0.0
0.2 0.0
0.1 0.0
0.0 0.1
+ (Income) Loss from Affiliates
0.0
0.0
0.0
0.0
+ Other Non-Op (Income) Loss
0.3
0.8
0.0
0.0
Pretax Income (Loss), Adjusted
19.2
19.0
20.8
22.5
0.8
0.1
0.0
0.0
—
—
—
—
0.8
0.1
0.0
0.0
18.4
18.9
20.8
22.5
- Income Tax Expense (Benefit)
2.3
-1.9
0.1
0.1
+ Current Income Tax
0.0
0.2
0.1
0.1
+ Deferred Income Tax
2.3
-2.1
0.0
0.0
16.2
20.8
20.7
22.4
- Net Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
+ Discontinued Operations
0.0
0.0
0.0
0.0
+ XO & Accounting Changes
0.0
0.0
0.0
0.0
16.2
20.8
20.7
22.4
- Minority Interest
0.0
0.0
0.0
0.0
Net Income, GAAP
16.2
20.8
20.7
22.4
- Preferred Dividends
0.0
0.0
0.0
0.0
- Other Adjustments
0.0
0.0
0.0
0.0
16.2
20.8
20.7
22.4
Net Abnormal Abnormal Losses (Gains)
0.7
0.1
0.0
0.0
Net Extraordinary Extraordinary Losses (Gains)
0.0
0.0
0.0
0.0
12 Months Ending Revenue + Sales & Services Revenue Gross Profit + Other Operating Income Income - Operating Expenses
- Abnormal Losses (Gains) + Early Extinguishment of Debt + Other Abnormal Items Pretax Income (Loss), GAAP
Income (Loss) from Cont Ops
Income (Loss) Incl. MI
Net Income Avail to Common, GAAP
Basic Weighted Avg Shares
18.7
17.5
14.8
14.9
Basic EPS, GAAP
0.0
0.0
0.0
0.0
Basic EPS from Cont Ops
0.0
0.0
0.0
0.0
Basic EPS from Cont Ops, Adjusted
0.0
0.0
0.0
0.0
18.7
17.5
14.8
15.0
Diluted EPS, GAAP
0.0
0.0
0.0
0.0
Diluted EPS from Cont Ops
0.0
0.0
0.0
0.0
Diluted EPS from Cont Ops, Adjusted
0.0
0.0
0.0
0.0
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
24.1
24.1
24.5
25.8
0.1
0.1
0.1
0.1
EBITA
21.0
21.0
22.1
23.2
EBIT
20.4
20.4
21.6
22.7
—
—
—
—
Operating Margin
0.1
0.1
0.1
0.1
Profit Margin
0.1
0.1
0.1
0.1
Current Profit
—
—
—
—
Sales per Employee
17,241.4
17,636.7
16,496.2
16,390.8
Dividends per Share
0.0
0.0
0.0
0.0
15.3
17.8
22.3
20.0
—
—
0.3
0.9
Personnel Expenses
6.8
6.8
6.5
7.5
Depreciation Expense
3.1
3.1
2.5
2.6
Rental Expense
0.1
0.1
0.1
0.1
Diluted Weighted Avg Shares
Reference Items Accounting Standard EBITDA EBITDA Margin (T12M)
Gross Margin
Total Cash Common Dividends Capitalized Interest Expense
Source: Bloomberg
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019 Est
FY 2020 Est
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
17,170.5
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
100.0 —
100.0 —
100.0 —
100.0 —
52.5
53.6
0.0
0.0
0.0
0.0
80.4
78.1
77.3
88.9
0.0
0.0
0.0
0.0
4.7
5.2
5.5
11.2
1.1
-0.3
-0.3
0.3
74.6
73.3
72.0
77.5
19.6
21.9
22.7
11.1
13.6
15.3
0.8
0.3
-0.1
3.4
0.7
0.3
0.0
3.3
0.7
0.3
0.0
3.4
0.1 0.1
0.0 0.0
0.0 -0.1
0.1 0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
18.8
21.6
22.8
7.7
10.1
12.2
0.6
1.1
4.6
3.6
0.1
—
—
0.0
0.5
1.1
4.6
3.6
18.2
20.5
18.2
4.0
10.1
12.2
0.1
0.1
2.2
-1.5
0.1
0.1
0.0
0.1
0.0
0.0
2.2
-1.7
18.1 0.0
20.4 0.0
16.0 0.0
5.6 0.0
9.8
11.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
9.8
11.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18.1
20.4
16.0
5.6
9.8
11.8
0.5
1.0
4.1
3.2
0.0
0.0
0.0
0.0
22.1
25.5
26.2
19.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
22.1
25.5
26.3
19.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
24.3
27.1
28.3
22.3
25.7
26.2
0.1
0.2
0.2
0.1
0.1
0.1
20.3
22.7
23.6
11.7
19.6
21.9
22.7
11.1
13.6
15.3
—
—
—
—
0.2
0.2
0.1
0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
—
—
—
—
8.8
10.0
16,843.5
16,778.5
10,792.1
9,315.3
0.0
0.0
0.0
0.0
0.0
0.0
5.5
7.1
5.6
1.9
1.8
3.3
4.8
0.9
11.2
12.8
15.7
18.0
4.0
4.3
4.6
10.5
0.2
0.3
—
—
MGM China Holdings Ltd (2282 HK) - EV Ex Operating Lease In Millions of HKD except Per Share
FY 2012
FY 2013
FY 2014
FY 2015
12/31/2012
12/31/2013
12/31/2014
12/31/2015
53,276.0
125,780.0
74,936.0
36,860.0
7,381.4 0.0
7,884.8 0.0
4,232.2 0.0
5,421.1 0.0
0.0
0.0
0.0
0.0
3,983.0
4,049.2
4,118.2
11,732.0
49,877.7
121,944.4
74,822.0
43,170.9
9,894.3
10,552.7
10,459.7
16,647.0
40.26
38.37
39.37
70.47
Total Debt/EV
0.08
0.03
0.06
0.27
EV/Sales
2.29
4.74
2.94
2.51
EV/EBITDA
9.55
19.32
11.39
10.57
11.25 —
22.00 16.18
12.97 14.78
13.16 14.02
—
21.77
32.39
—
53,276.0
125,927.1
75,053.4
36,860.1
—
—
—
—
13.13
32.09
19.69
11.36
No
No
No
No
21,773.6
25,727.5
25,454.3
17,170.5
5,225.3 4,431.8
6,311.3 5,543.6
6,568.3 5,768.7
4,086.2 3,280.5
Cash Flow To Firm
—
7,538.6
5,063.9
3,079.1
Free Cash Flow To Firm
—
5,602.7
2,310.1
-1,425.0
12 Months Ending Market Capitalization Equivalents - Cash & Equivalents + Preferred Preferred Equity Minority Interest + Minority + Total Total Debt Enterprise Value Total Capital Total Debt/Total Capital
EV/EBIT EV/Cash Flow to Firm EV/Free Cash Flow to Firm Diluted Market Cap Diluted Enterprise Value EV per Share Reference Items Trailing 12 Month Values for Ratios IFRS 16/ASC 842 Adoption Sales EBITDA EBIT
Source: Bloomberg
FY 2016
FY 2017
FY 2018
Current
FY 2019 Est
FY 2020 Est
12/31/2016
12/31/2017
12/31/2018
01/24/2020
12/31/2019
12/31/2020
61,104.0
89,870.0
49,932.0
46,740.0
3,547.1 0.0
5,283.4 0.0
3,992.1 0.0
3,415.7 0.0
0.0
0.0
0.0
0.0
14,708.6
17,839.2
18,873.2
16,920.7
72,265.5
102,425.8
64,813.1
60,245.0
21,925.3
26,351.6
27,819.0
67.09
67.70
67.84
0.20
0.17
0.29
0.28
4.85
7.07
3.38
2.81
2.64
2.47
18.67
29.92
18.08
13.09
10.25
9.41
23.32 29.63
39.03 15.41
45.17 —
27.01 31.90
19.35
16.10
—
—
—
203.78
61,105.0
90,083.1
50,079.2
46,800.9
72,266.5
102,638.9
64,960.3
19.02
26.95
17.06
15.85
No
No
No
No
14,907.5
14,480.5
19,200.7
22,845.7
24,425.5
3,870.8 3,099.1
3,423.2 2,624.2
3,585.3 1,435.0
5,879.1 3,113.3
6,404.1 3,742.4
2,439.1
6,646.3
—
-3,747.8
-148.0
—
MGM China Holdings Ltd (2282 HK) - Credit Ex Operating Le In Millions of HKD except Per Share
FY 2009
FY 2010
FY 2011
FY 2012
12/31/2009
12/31/2010
12/31/2011
12/31/2012
No
No
No
No
Total Debt Short-Term Debt
8,271.3 1,062.7
5,886.7 0.0
4,136.1 206.8
3,983.0 0.0
Term Debt Long Term
7,208.6
5,886.7
3,929.3
3,983.0
Total Debt/T12M EBITDA
7.15
2.10
0.88
0.76
Net Debt/EBITDA
5.44
1.42
-0.31
-0.65
Total Debt/EBIT
22.71
2.91
1.04
0.90
Net Debt/EBIT
17.28
1.96
-0.37
-0.77
EBITDA to Interest Expense
3.46
8.57
25.61
28.42
EBITDA-CapEx/Interest EBITDA-CapEx/Interest Expense
2.65
7.79
23.96
22.77
EBIT to Interest Expense
1.09
6.19
21.56
24.11
EBITDA/Cash Interest Paid
4.35
14.22
25.86
32.35
EBITDA-CapEx/Cash Interest Paid EBITDA-CapEx/Cash
3.53
12.93
24.20
25.91
EBIT/Cash Interest Paid
1.37
10.27
21.77
27.44
Cash Interest Paid
266.1
196.8
182.3
161.5
Interest Expense
334.5
326.6
184.1
183.8
—
—
—
—
2,868.00
397.52
89.02
67.38
84.58
79.90
45.96
40.26
—
—
—
—
3,290.82
397.52
93.70
67.38
97.05
79.90
48.37
40.26
—
—
—
—
2,504.77
267.68
-32.95
-57.49
96.16
72.80
-49.14
-135.23
1,157.3
2,798.3
4,714.0
5,225.3
EBITDA-CapEx
938.5
2,544.7
4,410.6
4,186.1
EBIT
364.2
2,020.6
3,967.4
4,431.8
12 Months Ending IFRS 16/ASC 842 Adoption
Common Equity/Total Assets Long-Term Debt/Equity Long-Term Debt/Capital Long-Term Debt/Total Assets Total Debt/Equity Total Debt/Capital Total Debt/Total Assets Net Debt/Equity Net Debt/Capital EBITDA
Source: Bloomberg
ses FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
No
No
No
No
No
No
4,049.2 0.0
4,118.2 0.0
11,732.0 0.0
14,708.6 604.5
17,839.2 6,045.0
18,873.2 780.0
4,049.2
4,118.2
11,732.0
14,104.1
11,794.2
18,093.2
0.64
0.63
2.87
3.80
5.21
5.26
-0.61
-0.02
1.54
2.88
3.67
4.15
0.73
0.71
3.58
4.75
6.80
13.15
-0.69
-0.02
1.92
3.60
4.78
10.37
30.40
212.02
33.01
83.28
—
5.48
15.11
14.59
-0.96
-4.30
-4.89
0.87
26.71
186.21
26.50
66.67
—
2.19
32.12
39.57
16.09
10.48
6.69
4.99
22.27
22.98
-1.65
-6.27
-6.59
1.01
28.21
34.75
12.92
8.39
5.13
2.00
196.5
166.0
253.9
369.5
511.6
717.8
207.6
31.0
123.8
46.5
0.0
654.3
—
—
—
26.65
23.25
25.46
62.26
64.94
238.69
195.44
138.55
202.25
38.37
39.37
70.47
64.33
44.76
65.04
—
—
—
52.08
32.22
51.50
62.26
64.94
238.69
203.81
209.57
210.97
38.37
39.37
70.47
67.09
67.70
67.84
—
—
—
54.32
48.73
53.72
-58.98
-1.80
128.40
154.66
147.50
166.35
-143.77
-1.83
56.22
60.73
59.60
62.46
6,311.3
6,568.3
4,086.2
3,870.8
3,423.2
3,585.3
4,375.4
3,814.5
-417.9
-2,316.1
-3,371.1
723.6
5,543.6
5,768.7
3,280.5
3,099.1
2,624.2
1,435.0
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