Genting Singapore

Consolidated Income Statements

Continuing operations
Revenue
Cost of Sales
Gross profit
Other operating income
Fair value gain/(loss) on derivative financial instruments
Fair value loss on financial assets at fair value through profit or loss
Loss on discontinuance of cash flow hedge accounting
Administrative expenses
Selling and distribution expenses
Other operating expenses
Operating profit/(loss)
Finance costs
Share of results of jointly controlled entities and associate
Profit/(loss) from ordinary activitieis before taxation
Taxation
Net profit/(loss) from continuing operations
Discontinued operations
Net profit/(loss) from discontinued operations
Net profit/(loss) for the financial year

Old numbers

Revenue
Cost of Sales
Gross Profit
Fair value gain on derivative financial instruments
Other operating income
Total other income
Administrative expenses
Selling and distribution expenses
Fair value loss on derivative financial instruments
Fair value loss on financial assets at fair value through profit or loss
Impairment loss on intangible assets
Other operating expenses
Total other expenses
Finance Costs

2009
S$'000
49,463.00
(25,126.00)
24,337.00
6,138.00
(113,977.00)
(2,332.00)
(130,053.00)
(12,534.00)
(1,258.00)
(229,679.00)
(39,154.00)
(8,947.00)
(277,780.00)
(4,461.00)
(282,241.00)

4,677.00
(277,564.00)

Share of results of jointly controlled entities

Loss from ordinary activities before taxation
Taxation
Net loss for the financial year
Other comprehensive income/(loss)
Actuarial loss on retirement benefit liability
Equity share of fair value loss on cash flow hedge
Fair value loss on interest rate swap
Fair value gain/(loss)
Other comprehensive income/(loss) for the financial year, net of tax
Total comprehensive loss for the financial year

2010
S$'000

2011
S$'000

2012
S$'000

2013
S$'000

Net Profit Margin

2009
=B24/B5

2,753,341.00
3,223,088.00
2,948,075.00
2,847,314.00
(1,374,330.00) (1,672,069.00) (1,734,585.00) (1,844,915.00)
1,379,011.00
1,551,019.00
1,213,490.00
1,002,399.00
6,640.00
59,158.00
116,958.00
114,619.00
25,448.00 71,272.00
104,882.00
(719.00)
(1,143.00) (61,571.00) (191,089.00)
(179,497.00)
(227,482.00)
(273,661.00)
(55,622.00)
(50,474.00)
(75,696.00)
(64,914.00)
(35,518.00)
(50,141.00)
(170,851.00)
(20,344.00)
1,066,580.00
1,328,922.00
927,691.00
862,981.00
(270,913.00)
(95,624.00)
(67,241.00)
(54,033.00)
(332.00)
(1,486.00)
4,296.00
36,560.00
858,335.00
1,231,812.00
864,746.00
845,508.00
(201,131.00)
(220,691.00)
(187,062.00)
(137,760.00)
657,204.00
1,011,121.00
677,684.00
707,748.00

(619,445.00)
37,759.00

8,789.00 1,019,910.00

Total Operating expenses

2,009.00
(168,971.00)

677,684.00

2,008.00
2,009.00
2,010.00
S$'000
S$'000
S$'000
S$'000
630,672.00
491,219.00
(594,188.00)
(424,426.00)
36,484.00
66,793.00
37,154.00 25,674.00
7,913.00
62,828.00
7,913.00
(46,315.00)
(135,974.00)
(2,311.00)
(108,258.00)
(3,960.00)
(2,332.00)
(100,753.00) (29,344.00)
(16,140.00)
(134,057.00)
(126,730.00)
(83,371.00)
(200,532.00)
(64,168.00)
(56,248.00)

707748

2011

2012
2013
S$'000
S$'000

(931.00)
(148,470.00)
23,667.00
124,803.00

(8,947.00)
(265,727.00)
(11,837.00)
(277,564.00)

(7,025.00)
(4,893.00)
(75,564.00)
(28,183.00)
(425,288.00)
(540,953.00)
(665,756.00)

(3,889.00)
(255.00)
(8,701.00)
15,751.00
93,848.00
96,754.00
(180,810.00)

Profit Margin
2010
0.013713884

al Operating expenses
2,010.00
(1,656,559.00)

2011
0.316438769

2012
0.229873392

2013
0.248566895

2,011.00
(1,952,181.00)
1952181

2,012.00
(2,208,614.00)
2208614

2,013.00
(2,203,834.00)
2203834

Consolidated Statements of Financial Position

2009
S$'000
Non-current assets
Property, plant and equipment
Intangible assets
Interests in associate and jointly controlled entities
Interests in subsidiaries
Deferred tax assets
Financial assets at fair value through profit or loss
Available-for-sale financial assets
Other receivables

Less: Current liabilities

Trade and other payables
Short term bank borrowings
Finance leases
Income tax liabilities
Derivative financial instruments
Total Current Liabilities
Net current assets
Total assets less current liabilities
Equity and non-current liabilities
Share capital
Perpetual capital securities
Other reserves
Retained Earnings/ Accumulated losses
Attributable to equity holders of the company
Minority interest in equity

Non-current liabilities
Long term borrowings
Derivative financial instruments
Deferred tax liabilities
Finance Leases
Retirement benefit liabilities
Provision for retirement gratuities
Other long term liabilities

S$'000

4,538,192.00
1,400,683.00
46,264.00
-

5,333,250.00
132,845.00
53,206.00
-

260.00
2,054.00
5,909.00
5,993,362.00

Current assets
Inventories
Trade and other receivables
Tax recoverable
Financial assets at fair value through profit or loss
Available-for-sale financial assets
Restricted cash
Depostis, cash and bank balances

2010

733.00
1,227.00
4,736.00
14,621.00
5,540,618.00

13,483.00
52,572.00
126,762.00
593,983.00
387.00
269.00
1,791.00 81,020.00
111,817.00
73,019.00
65,500.00
2,767,737.00 3,621,129.00
3,064,199.00 4,446,957.00

539,749.00 1,144,499.00
96,693.00
271,351.00
68.00
2,262.00
4,349.00
7,701.00
169,995.00 810,854.00 1,425,813.00
2,253,345.00 3,021,144.00
8,246,707.00 8,561,762.00

5,207,514.00
(375,815.00)
(697,548.00)
4,134,151.00
6.00
4,134,157.00

5727361
0
40000
-659791
5107570
8
5,107,578.00

3,654,084.00
27,924.00
341,802.00

3,238,551.00
191,245.00

11,713.00
1,509.00
75,518.00

2,518.00
21,870.00

4,112,550.00
8,246,707.00

3,454,184.00
8,561,762.00

2011
S$'000

2012
S$'000

6,229,883.00
118,583.00
67,454.00
-

S$'000

6,198,318.00
103,989.00
69,251.00
-

177.00
-

2013

6,094,622.00
139,357.00
36,832.00
-

1,126.00
-

346,305.00
11,447.00
6,730,436.00

595,695.00
8,839.00
6,875,433.00

45,591.00
722,012.00

53,532.00
959,494.00

56,097.00
1,115,947.00

127,423.00
3,293,629.00
4,188,655.00

700,446.00
128,129.00
4,383,555.00
6,225,156.00

1,265,240.00
131,202.00
3,630,151.00
6,198,637.00

895,603.00
442,207.00
3,537.00
56,960.00
2,495.00
1,400,802.00
2,787,853.00
9,219,897.00

758,976.00
478,858.00
4,813.00
192,985.00
16,023.00
1,451,655.00
4,773,501.00
11,503,937.00

758,367.00
515,870.00
6,534.00
155,106.00
10,899.00
1,446,776.00
4,751,861.00
11,627,294.00

5,727,981.00
40,998.00
364,295.00
6,133,274.00
2,311.00
6,135,585.00

5,729,309.00
2,308,330.00
59,700.00
839,895.00
8,937,234.00
63.00
8,937,297.00

5,730,852.00
2,308,330.00
302,143.00
1,305,858.00
9,647,183.00
9.00
9,647,192.00

2,706,794.00
212.00
354,662.00

2,218,293.00
1,702,367.00
1,226.00 333,083.00
265,226.00
5,916.00
487.00
1,132.00
1,444.00
6,990.00
10,578.00

1,064.00
21,580.00

Debt/Equity Ratio
2009
2010
1.19 #DIV/0!

2011
0.79

88.00

3,499.00
12,448.00
6,432,044.00

Current Ratio
2009
2010
2011
3.7789775 3.118892 2.990183

Return on Assets
(0.0306)
0.0038

0.0960

Return on Equity
='Income Statements
#DIV/0! 2009-2013'!B24/'Balance
0.166229
Sheets 20

3,084,312.00
9,219,897.00

347,121.00
11,503,937.00

1,980,102.00
11,627,294.00

2012
2013
4.288316 4.284448

2012
0.20

0.0523

2013
0.36

0.0541

0.075827 0.073363

Genting Singapore PLC

Discounted Cash Flow Analysis
[in SGD Millions]
Historical Period

Total Revenue
Total Operating Expenses
Interest Expense
Other Non-operating Income

2,011.00
3,282,246.00

2,012.00
3,065,033.00

2,013.00
2,961,933.00

(1,952,181.00)

(2,208,614.00)

(2,203,834.00)

(68,949.00)

(50,470.00)

(40,156.00)

1,465.00

167.00

1,262,581.00

806,116.00

717,757.00

(187,062.00)

(137,760.00)

1,041,890.00

619,054.00

579,997.00

82,059.00
20,731.00
68,949.00

390,191.00
143,040.00
50,470.00

422,346.00
184,912.00
40,156.00

Operating Cash Flow

1,213,629.00

1,202,755.00

1,227,411.00

Less: Change in NWC

Capex
Free Cashflow

347,000.00
1,327,000.00
(460,371.00)

386,000.00
656,000.00
160,755.00

262,000.00
449,000.00
516,411.00

Net Income Before Taxes

Less: Income Taxes
Net Income After Taxes
Add back: Depreciation and Amortization
Add back: Impairment Loss
Add back: Interest Expense

(220,691.00)

Terminal Value
WACC
Discount Period
Discount Factor
Present Value of FCF
Present Value of Terminal Value
Fair Value of Genting as at 2014
Less: Total Liabilities
Fair Value of Equity
Total number of shares outstanding
Fair Value of Each Share Outstanding

0.091034641

11,227,782.49
3,391,298.00
7,836,484.49
12,228,693,847
0.640827597

(186.00)

Projected Revenue
Current

Historical average

Projected

CAGR (20112013)
-0.03364944

2014
3110029.65

2015
3265531.133

2016
3428807.689

2017
3600248.074

2018
3780260.477

0.04124501

-2314025.7

-2429726.985

-2551213.334

-2551213.334

-2551213.334

-0.1648955

-40156

-40156

-40156

-40156

-40156

-1.50260303

482

482

482

482

482

-0.17160132

756,329.95

796,130.15

837,920.35

-0.1453673

(128,576.09)

(135,342.13)

(142,446.46)

(171,591.33)

(202,193.43)

-0.17737616

627,753.86

660,788.02

695,473.89

837,769.41

987,179.71

0.72655621
1.07387041

422346
184912
40156

422346
184912
40156

422346
184912
40156

1,009,360.74

422346
184912
40156

1,189,373.14

422346
184912
40156

1,275,167.86

1,308,202.02

1,342,887.89

1,485,183.41

1,634,593.71

262,000.00
449,000.00
564,167.86

262,000.00
449,000.00
597,202.02

262,000.00
449,000.00
631,887.89

262,000.00
449,000.00
774,183.41

262,000.00
449,000.00
923,593.71
13262058.78

1
0.916561182
517,094.36

2
0.8400844
501,700.10

3
0.769988751
486,546.57

4
0.705741799
546,373.60

5
0.646855538
597,431.70
8578636.161

CAGR (2014-2016)
0.05
0.05

Current Ratio
2009
3.78

2010
3.12

2011
2.99

2012
4.29

2013
4.28

Debt/Equity Ratio
2009
1.19

2010
0.28

2011
0.79

2012
0.20

2013
0.36

Return on Assets
(0.0306)
0.0038

0.0960

0.0523

0.0541

Return on Equity
-0.067139202 0.007393 0.166229 0.075827 0.073363
Net Profit Margin
2009
2010
2011
2012
2013
-5.611548026 0.013714 0.316439 0.229873 0.248567
Debt to Total Capitalization
2009
2010
0.54
0.49

2011
0.46

2012
0.14

2013
0.26

Equity to Total Capitalization

2009
2010
0.46
0.51

2011
0.54

2012
0.69

2013
0.74

Long-term-debt to total capitalization

2009
2010
2011
0.41
0.36
0.32

2012
0.24

2013
0.20

Equity to total capitalization

2009
2010
0.59
0.64

2012
0.76

2013
0.80

2011
0.68

LVS
Genting

Net Profit Margin

2010
0.06
0.01

LVS
Genting

Current Ratio
2009
3.06
3.78

LVS
Genting

Debt/Equity Ratio
2010
1.59
0.0038

LVS
Genting

Return on Assets
2010
2011
2012
2013
0.0194
0.0572
0.0688
0.1015
#DIV/0! 0.166229 0.075827 0.073363

2011
0.13
0.32

2012
0.14
0.23

2013
0.17
0.25

0.35
0.3

2010
1.56
3.12

2011
2.15
2.99

2012
1.71
4.29

2013
1.76
4.28

0.2
0.15
0.1

2011
1.36
0.0960

2012
1.56
0.0523

2013
1.39
0.0541

Return on Equity
LVS
Genting

0.25

2010
2011
2012
2013
0.051375 0.134494 0.176025 0.242723
0.013714 0.316439 0.229873 0.248567

0.05
0

1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0

0.35
0.3
0.25
0.2
0.15
0.1
0.05
0

Net Profit Margin

5
4.5
4
3.5

LVS

Genting

2.5
2
1.5
2010

2011

2012

2013

0.5
0
2009

Debt/Equity Ratio

LVS
Genting

2010

2011

2012

2013

Return on Equity

LVS
Genting

2010

2011
Return on Equity

2012

2013

0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0

Current Ratio

LVS
Genting

2010

2011

2012

2013

Return on Assets

2010

2011

2012

Return on Assets
LVS

Genting

2013