Crown集团2011财务报表
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1. Represents results for the Aspinall’s Club post acquisition on 6 May 2011
30.7 (26.8) 3.9 (0.3) 3.6 12.8% 1.7 1.9 0.08%
6
Crown Melbourne and Burswood
1. Normalised results see Appendix 4E for further explanation
2
Crown Limited Group Result
F11 Normalised $m Crown Melbourne EBITDA Burswood EBITDA Aspinall’s Club EBITDA Corporate Costs EBITDA Depreciation and Amortisation EBIT Net Interest Income Tax Equity Accounted - Melco Crown - Betfair Net Profit / (Loss) 505.7 195.2 3.9 (39.9) 664.9 (195.6) 469.3 (66.6) (79.1) 19.2 (2.5) 340.3
8
Capital Expenditure F07 to F14
$ million 600
Crown Melbourne (Actuals) Crown Melbourne (Forecast)
Burswood (Actuals) Burswood (Forecast)
500
400
65
294 66 140
3
Crown Melbourne and Burswood Results
Normalised revenue growth: Crown Melbourne 9.9%; Burswood (4.5)%; combined 5.3% Main floor gaming revenue growth: Crown Melbourne 6.1%; Burswood 4.4%; combined 5.6% Non-gaming revenue growth: Crown Melbourne 14.4%; Burswood 3.3%; combined 10.6% VIP program play turnover growth: Crown Melbourne 15.1%; Burswood (32.3%); combined (0.2)% Crown Melbourne VIP win rate of 1.37%; Burswood VIP win rate of 1.10%; combined win rate of 1.31% (compared to theoretical VIP win rate of 1.35%) Overall operating margin decreased from 30.0% to 29.0% due to refurbishment disruption, business mix changes and VIP costs Normalised EBITDA growth: Crown Melbourne 6.5%; Burswood (8.6)%; combined 1.8%
Australian Casinos Trading Update – 1 July to 18 Aug 2011 (compared to the same period last year) Cautious outlook given evidence in certain parts of our business of a softening in consumer sentiment Main floor gaming revenue grew 3.8% Non-gaming revenue grew 7.4% VIP program play volumes have been encouraging although the impact of the two new integrated resorts in Singapore continues to be felt, particularly at Burswood
Capital Expenditure Projects Announced F11
May 2011 Capital Expenditure Announcement Extension and refurbishment of the Mahogany Room and Club 23 (additional $11m) Development of Crown Melbourne “West End” to accommodate increase in table games (additional $25m) Additional minor capital projects at Crown Melbourne (additional $30m) Acquisition of Holiday Inn Hotel and restructure of relationship with Intercontinental Hotel Group (“IHG”) ($79m) Expansion of the Burswood main gaming floor to accommodate the new gaming product (additional $39m) New Infinity Suite on Level 9 of InterContinental Hotel ($7m) Additional minor capital projects at Burswood (additional $35m) Other Capital Expenditure Additional base capital expenditure F12 to F13 ($25m) Capital expenditure previously expected in F14 brought forward to F13 ($45m)
Australian Casinos 1,344.5 535.0 534.9 2,414.4 (660.4) (1,053.1) 700.9 (192.7) 508.2 29.0% 2,399.2 39.6 1.31%
Variance F/(U) 5.6% (0.2%) 10.6% 5.3% (3.7%) (8.9%) 1.8% (20.1%) (3.8%) 2.5% (0Results1
Normalised F11
$m Total Revenue (Normalised) Total Expenses EBITDA Depreciation & amortisation EBIT EBITDA / Revenue % Total Revenue (Actual) VIP Turnover (billion) VIP Win Rate
Burswood 413.8 116.8 169.7 700.3 (157.0) (348.1) 195.2 (37.5) 157.7 27.9% 678.4 8.6 1.10%
Variance F/(U) 4.4% (32.3%) 3.3% (4.5%) 20.5% (8.2%) (8.6%) (7.7%) (11.8%) (2.9%) (32.3%)
– Impact of the two new integrated resorts in Singapore continues to be felt, particularly in Burswood.
Non-gaming revenue grew 10.6%
– Benefited from Crown Metropol’s first full year of operation
Melco Crown results were pleasing and continue to improve Aspinall’s Club normalised EBITDA of $3.9 million post acquisition On market share buy-back announced Final dividend 19 cps announced, total full year dividend of 37 cps
300
200
63
54
324
290 231
249
76 35 97 61
0
100
140 142
0 F07 F08 F09 F10 F11
0
0
F12
F13
F14
9
Capital Expenditure only includes actual and forecast expenditure for Australian operations
F10 Normalised $m 474.9 213.6 (31.3) 657.2 (163.1) 494.1 (73.0) (84.3) (42.7) (5.7) 288.4
Variance F/(U) 6.5% (8.6%) N/A (27.5%) 1.2% (19.9%) (5.0%) 8.8% 6.2% N/A 56.1% 18.0%
4
Crown Melbourne and Burswood Results
Normalised F11 ($m)
$m Main floor gaming VIP program play Non-gaming Total Revenue (Normalised) Gaming taxes, levies and commissions Operating expenses EBITDA Depreciation & amortisation EBIT EBITDA / Revenue % Total Revenue (Actual) VIP Turnover $ billion VIP Win Rate (1.35% theoretical)
30.7 (26.8) 3.9 (0.3) 3.6 12.8% 1.7 1.9 0.08%
6
Crown Melbourne and Burswood
1. Normalised results see Appendix 4E for further explanation
2
Crown Limited Group Result
F11 Normalised $m Crown Melbourne EBITDA Burswood EBITDA Aspinall’s Club EBITDA Corporate Costs EBITDA Depreciation and Amortisation EBIT Net Interest Income Tax Equity Accounted - Melco Crown - Betfair Net Profit / (Loss) 505.7 195.2 3.9 (39.9) 664.9 (195.6) 469.3 (66.6) (79.1) 19.2 (2.5) 340.3
8
Capital Expenditure F07 to F14
$ million 600
Crown Melbourne (Actuals) Crown Melbourne (Forecast)
Burswood (Actuals) Burswood (Forecast)
500
400
65
294 66 140
3
Crown Melbourne and Burswood Results
Normalised revenue growth: Crown Melbourne 9.9%; Burswood (4.5)%; combined 5.3% Main floor gaming revenue growth: Crown Melbourne 6.1%; Burswood 4.4%; combined 5.6% Non-gaming revenue growth: Crown Melbourne 14.4%; Burswood 3.3%; combined 10.6% VIP program play turnover growth: Crown Melbourne 15.1%; Burswood (32.3%); combined (0.2)% Crown Melbourne VIP win rate of 1.37%; Burswood VIP win rate of 1.10%; combined win rate of 1.31% (compared to theoretical VIP win rate of 1.35%) Overall operating margin decreased from 30.0% to 29.0% due to refurbishment disruption, business mix changes and VIP costs Normalised EBITDA growth: Crown Melbourne 6.5%; Burswood (8.6)%; combined 1.8%
Australian Casinos Trading Update – 1 July to 18 Aug 2011 (compared to the same period last year) Cautious outlook given evidence in certain parts of our business of a softening in consumer sentiment Main floor gaming revenue grew 3.8% Non-gaming revenue grew 7.4% VIP program play volumes have been encouraging although the impact of the two new integrated resorts in Singapore continues to be felt, particularly at Burswood
Capital Expenditure Projects Announced F11
May 2011 Capital Expenditure Announcement Extension and refurbishment of the Mahogany Room and Club 23 (additional $11m) Development of Crown Melbourne “West End” to accommodate increase in table games (additional $25m) Additional minor capital projects at Crown Melbourne (additional $30m) Acquisition of Holiday Inn Hotel and restructure of relationship with Intercontinental Hotel Group (“IHG”) ($79m) Expansion of the Burswood main gaming floor to accommodate the new gaming product (additional $39m) New Infinity Suite on Level 9 of InterContinental Hotel ($7m) Additional minor capital projects at Burswood (additional $35m) Other Capital Expenditure Additional base capital expenditure F12 to F13 ($25m) Capital expenditure previously expected in F14 brought forward to F13 ($45m)
Australian Casinos 1,344.5 535.0 534.9 2,414.4 (660.4) (1,053.1) 700.9 (192.7) 508.2 29.0% 2,399.2 39.6 1.31%
Variance F/(U) 5.6% (0.2%) 10.6% 5.3% (3.7%) (8.9%) 1.8% (20.1%) (3.8%) 2.5% (0Results1
Normalised F11
$m Total Revenue (Normalised) Total Expenses EBITDA Depreciation & amortisation EBIT EBITDA / Revenue % Total Revenue (Actual) VIP Turnover (billion) VIP Win Rate
Burswood 413.8 116.8 169.7 700.3 (157.0) (348.1) 195.2 (37.5) 157.7 27.9% 678.4 8.6 1.10%
Variance F/(U) 4.4% (32.3%) 3.3% (4.5%) 20.5% (8.2%) (8.6%) (7.7%) (11.8%) (2.9%) (32.3%)
– Impact of the two new integrated resorts in Singapore continues to be felt, particularly in Burswood.
Non-gaming revenue grew 10.6%
– Benefited from Crown Metropol’s first full year of operation
Melco Crown results were pleasing and continue to improve Aspinall’s Club normalised EBITDA of $3.9 million post acquisition On market share buy-back announced Final dividend 19 cps announced, total full year dividend of 37 cps
300
200
63
54
324
290 231
249
76 35 97 61
0
100
140 142
0 F07 F08 F09 F10 F11
0
0
F12
F13
F14
9
Capital Expenditure only includes actual and forecast expenditure for Australian operations
F10 Normalised $m 474.9 213.6 (31.3) 657.2 (163.1) 494.1 (73.0) (84.3) (42.7) (5.7) 288.4
Variance F/(U) 6.5% (8.6%) N/A (27.5%) 1.2% (19.9%) (5.0%) 8.8% 6.2% N/A 56.1% 18.0%
4
Crown Melbourne and Burswood Results
Normalised F11 ($m)
$m Main floor gaming VIP program play Non-gaming Total Revenue (Normalised) Gaming taxes, levies and commissions Operating expenses EBITDA Depreciation & amortisation EBIT EBITDA / Revenue % Total Revenue (Actual) VIP Turnover $ billion VIP Win Rate (1.35% theoretical)
