Macau Legend Development : Announcements and Notices -

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2018

RESULTS

The Board announces the audited consolidated annual results of the Group for the year ended 31 December 2018 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2018

			2018	2017
		Notes	HK$'000		HK$'000
REVENUE		3	1,865,383	1,836,057
Cost of sales and services			(1,346,618)		(1,341,174)
			518,765	494,883
Other income, gains and losses		5	133,011	(65,442)
Gain on disposal of a subsidiary		6	3,430,078		-
Impairment losses on financial assets			(108,573)		-
Impairment loss on goodwill			(681,986)		-
Impairment losses on other intangible assets			(97,377)		-
Marketing and promotional expenses			(194,000)	(183,791)
Operating, administrative and other expenses			(439,393)	(576,138)
Finance costs		7	(109,344)		(103,751)
PROFIT (LOSS) BEFORE TAXATION		8	2,451,181	(434,239)
Income tax expenses		9	(485,075)		(73,102)
PROFIT (LOSS) FOR THE YEAR			1,966,106	(507,341)
*	for identification purposes only

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)

For the year ended 31 December 2018

	2018	2017
Notes	HK$'000	HK$'000

Other comprehensive (expense) income:

Item that may be reclassified subsequently to profit

or loss:

Exchange differences on translation of

	foreign operations		(9,063)	51,222
TOTAL COMPREHENSIVE INCOME (EXPENSE)
	FOR THE YEAR		1,957,043	(456,119)
Earnings (loss) per share
- Basic (HK cents)		11	31.4	(8.1)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2018

		At		At
		31 December		31 December
		2018	2017
	Notes	HK$'000		HK$'000
NON-CURRENT ASSETS
Investment properties		328,870	340,133
Property and equipment		6,454,850	6,428,651
Prepaid lease payments		1,256,559	1,299,223
Goodwill		-	681,986
Other intangible assets		156,387	288,412
Deposits paid		751,112	750,360
Financial assets at fair value through profit or loss		200,000		-
		9,147,778	9,788,765
CURRENT ASSETS
Inventories		30,680	39,959
Prepaid lease payments		42,728	42,723
Trade and other receivables	12	317,528	402,554
Pledged bank deposits		6,525	8,086
Short-term bank deposits		2,077		-
Bank balances and cash		1,445,855		235,625
		1,845,393		728,947
Assets classified as held for sale		-		1,159,112
		1,845,393	1,888,059
CURRENT LIABILITIES
Trade and other payables	13	673,028	1,308,058
Taxation payable		415,925	1,650
Bank and other borrowings - due within one year		231,542		1,447,447
		1,320,495		2,757,155
Liabilities associated with assets classified as held for sale		-		727,230
		1,320,495		3,484,385
NET CURRENT ASSETS (LIABILITIES)		524,898		(1,596,326)
TOTAL ASSETS LESS CURRENT LIABILITIES		9,672,676		8,192,439

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

At 31 December 2018

	At		At
	31 December		31 December
	2018	2017
	HK$'000		HK$'000
NON-CURRENT LIABILITIES
Bank borrowings - due after one year	1,822,170	1,019,830
Loans from a shareholder	-	771,234
Deferred tax liabilities	158,564		165,070
	1,980,734		1,956,134
NET ASSETS	7,691,942	6,236,305
CAPITAL AND RESERVES
Share capital	626,758	626,758
Reserves	7,065,184		5,609,547
TOTAL EQUITY	7,691,942	6,236,305

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.BASIS OF PREPARATION

The consolidated financial statements have been prepared in accordance with HKFRSs issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Listing Rules and by the Hong Kong Companies Ordinance.

The consolidated financial statements have been prepared on the historical cost basis at the end of each reporting period.

The consolidated financial statements are presented in HK$, which is also the functional currency of the Company.

2.APPLICATION OF NEW AND AMENDMENTS TO HKFRSs

New and amendments to HKFRSs that are mandatorily effective for the current year

The Group has applied the following new and amendments to HKFRSs issued by the HKICPA for the first time in the current year:

HKFRS 9	Financial Instruments
HKFRS 15	Revenue from Contracts with Customers and the related
		Amendments
HK(IFRIC) - Int 22	Foreign Currency Transactions and Advance Consideration
Amendments to HKFRS 2	Classification and Measurement of Share-based Payment
		Transactions
Amendments to HKFRS 4	Applying HKFRS 9 Financial Instruments with HKFRS 4
		Insurance Contracts
Amendments to HKAS 28	As part of the Annual Improvements to HKFRSs 2014-2016
		Cycle
Amendments to HKAS 40	Transfers of Investment Property

Except as described below, the application of the amendments to HKFRSs in the current year has had no material impact on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

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