LET Group Holdings Limited Reports Interim Results For 1H 2023

Updates On Venture Developments And Outlook

HONG KONG SAR – Media OutReach – 29 August 2023 – LET Group Holdings Restricted (“LET”, the “Group” or “Firm”) (Hong Kong Inventory Alternate code: 1383) at present reported monetary knowledge for the primary half of the 12 months ending 30 June 2023. All quantities are expressed in Hong Kong {dollars} except in any other case said, aside from the monetary efficiency of Hoiana which is reported in US {dollars}.

1H 2023 RESULTS HIGHLIGHTS

Group 1H 2023: Focus Growth on Westside Metropolis Venture

• 1H 2023 Group Complete Income of HK$190.9 million, up 0.3% YoY
• 1H 2023 Group Consolidated Adjusted EBITDA from persevering with operations of HK$21.0 million, down 58% YoY
• 1H 2023 Revenue Attributable to Fairness Holders of the Firm of HK$584.7 million, versus a Loss Attributable to Fairness Holders of the Firm of HK$(253.0) million in 1H 2022
• By way of the Group’s subsidiary Suntrust, the Group will give attention to the event Westside Metropolis Venture as prime precedence

Group & Segmental Outcomes

• 1H 2023 Operations of built-in resort within the Russian Federation contributed income of roughly HK$182.0 million, up 2% YoY
• 1H 2023 Administration and operation of malls phase income of roughly HK$8.9 million, down 29% YoY
• No income has been recorded within the operation of built-in resort within the Philippines as Westside Metropolis Venture remains to be development in progress

Hoiana, Vietnam: Important Development in GGR and Adjusted EBITDA; First Reporting Interval With out Journey Restrictions

• 1H 2023 Internet Gaming Income of US$29.3 million, up 546% in comparison with 1H 2022
• 1H 2023 Complete Gross Gaming Income (“GGR”) of US$113.8 million, up 687% in contrast 1H 2022
• 1H 2023 Adjusted EBITDA of US$10.1 million, versus detrimental US$(25.8) million in 1H 2022

Tigre de Cristal, Russia: Native Mass and Slots Volumes Regular

• 1H 2023 Internet Income from Gaming Operations of HK$167.3 million, down 0.2% YoY
• 1H 2023 Complete GGR of HK$197.0 million, down 0.6% in comparison with 1H 2022
• 1H 2023 Adjusted EBITDA of Tigre de Cristal was HK$57.0 million, down 5% YoY
• Common Resort Occupancy was 63% throughout weekends and 30% throughout weekdays in 1H 2023

Steadiness Sheet

• Financial institution Balances & Money of HK$873.5 million as of 30 June 2023
• Complete Different Borrowings of roughly HK$150 million as of 30 June 2023
• Gearing ratio was roughly 7.6% as of 30 June 2023 (31 Dec 2022: 29.3%)

A Letter FROM THE CHAIRMAN

Expensive valued Shareholders and Stakeholders,

I prolong my warmest greetings to every one in all you. Because the Chairman of LET Group Holdings Restricted, it’s with nice pleasure that I give you an replace on our organisation’s present flagship venture, Westside Metropolis Venture, within the Philippines. Likewise, I want to emphasise our unwavering dedication to delivering unparalleled Asian hospitality experiences to our esteemed company when Westside Metropolis Venture tender opens in late 2024.

Since assuming the function of Chairman in August 2022, I’m delighted to report that LET Group has achieved vital milestones. By way of meticulous efforts, we efficiently rebranded our listed firm, restructured our stability sheet to cut back debt, and secured a considerable mortgage from a outstanding native monetary establishment. These decisive actions have empowered us to persevere within the face of prevailing market sentiment adversities throughout the gaming sector hindered by journey restrictions beforehand.

I’m happy to tell you that our subsidiary Suntrust, the operator of Westside Metropolis Venture, has made strides in securing its future monetary stability. The profitable drawdown of the mortgage signifies not solely the arrogance bestowed upon the Group’s managerial prowess and operational capabilities, but in addition serves as a convincing vote of confidence from monetary establishments conversant in the native enterprise atmosphere. This improvement stands as a big milestone, bolstering our shareholders’ confidence in LET Group’s means to execute the supply of an distinctive built-in resort with superior profitability. Moreover, the monetary backing obtained serves as a testomony that the venture stays on observe, each by way of well timed completion and adherence to the funds.

As Chairman of LET Group, I take immense delight in main an distinctive group that’s wholeheartedly dedicated to the creation and supply of a very extraordinary built-in resort leisure advanced. Our newly created model LETX Life-style is characterised by its youthful dynamism and distinguished by the supply of bespoke care and distinctive product choices, accompanied by genuine providers. Enable me to claim that each endeavour undertaken by us is aimed toward surpassing the realms of typical excellence.

Our core values of Leisure, Leisure, and Style function the guiding ideas in our pursuit of making a transcendent expertise that seamlessly merges modern and conventional luxurious. Westside Metropolis Venture is poised to emerge as the enduring vacation spot for each native residents and Asian vacationers searching for respite and leisure, significantly these from Japan and South Korea. To cater to their discerning tastes, we provide an array of remarkable meals and beverage choices. I’ve additionally searched globally for the best whiskeys and cigars to inventory Asia’s best cigar and whiskey bar. As a member of the quickly rising financial system within the growing nation, the center class within the Philippines is more and more pursuing a better high quality of life with growing sophistication. Our model epitomises a way of life incubator, the place bespoke care, genuine providers, and distinctive product choices converge, creating an oasis of tranquillity amidst the ceaseless clamour of our dynamic world.

In the meantime, in Vietnam, Hoiana is experiencing a surge in demand from each home and worldwide guests. It’s noteworthy that, for the primary time in our monetary reporting historical past, Hoiana’s Adjusted EBITDA has surpassed that of Tigre de Cristal’s within the first half of 2023, a real testomony of the standard of Hoiana as an built-in resort when journey restrictions is now not in pressure. Encouraging arrival knowledge alerts the return of vacationers to Vietnam, and our devoted group stays steadfast in offering our esteemed company with superlative providers and genuine experiences. In Russia, the persisting political instability has been a supply of disappointment; nonetheless, native enterprise contribution has been secure whereas we stay resolute in our pursuit of exploring new alternatives to diversify our operations to areas that yield the best and most beneficial returns.

At LET Group, we take delight in our unwavering dedication to delivering distinctive product choices and bespoke care that transcend the extraordinary. Our valued company, companions, and stakeholders have performed a pivotal function in our success. Together with your unwavering assist, we harbour utmost confidence that our flagship resort, Westside Metropolis Venture, will flourish within the years forward.

Thanks to your belief and confidence in LET Group.

Heat regards,
Mr. Lo Kai Bong (Andrew)
Chairman
LET Group Holdings Restricted