Las Vegas Sands Corp.、合并损益表结构（季度数据）
|
截至 3 个月 |
2023年9月30日 |
|
2023年6月30日 |
|
2023年3月31日 |
|
2022年12月31日 |
|
2022年9月30日 |
|
2022年6月30日 |
|
2022年3月31日 |
|
2021年12月31日 |
|
2021年9月30日 |
|
2021年6月30日 |
|
2021年3月31日 |
|
2020年12月31日 |
|
2020年9月30日 |
|
2020年6月30日 |
|
2020年3月31日 |
|
2019年12月31日 |
|
2019年9月30日 |
|
2019年6月30日 |
|
2019年3月31日 |
|
2018年12月31日 |
|
2018年9月30日 |
|
2018年6月30日 |
|
2018年3月31日 |
|
|
|
赌场 |
71.84% | |
73.25% | |
72.69% | |
58.55% | |
63.38% | |
67.85% | |
66.49% | |
64.58% | |
62.19% | |
71.87% | |
72.32% | |
64.66% | |
58.02% | |
10.20% | |
66.05% | |
70.82% | |
71.42% | |
70.82% | |
72.98% | |
70.82% | |
71.56% | |
71.03% | |
72.62% | |
|
|
房间 |
12.24% | |
11.64% | |
11.46% | |
13.79% | |
12.24% | |
9.28% | |
10.07% | |
10.32% | |
11.67% | |
9.80% | |
8.03% | |
12.22% | |
12.97% | |
14.29% | |
15.04% | |
12.37% | |
13.51% | |
12.87% | |
12.34% | |
12.52% | |
12.90% | |
12.66% | |
12.43% | |
|
|
食品和饮料 |
5.58% | |
5.63% | |
5.85% | |
9.22% | |
8.16% | |
6.03% | |
5.62% | |
5.06% | |
4.90% | |
4.26% | |
4.68% | |
6.81% | |
9.22% | |
12.24% | |
7.80% | |
6.90% | |
6.12% | |
6.72% | |
6.36% | |
6.42% | |
5.78% | |
6.63% | |
6.37% | |
|
|
商场 |
7.19% | |
6.77% | |
7.64% | |
14.68% | |
11.84% | |
14.16% | |
15.80% | |
17.86% | |
19.25% | |
12.62% | |
13.04% | |
13.35% | |
14.16% | |
42.86% | |
5.78% | |
6.13% | |
5.38% | |
4.98% | |
4.39% | |
5.76% | |
5.04% | |
4.97% | |
4.36% | |
|
|
会议、零售和其他 |
3.15% | |
2.71% | |
2.36% | |
3.76% | |
4.38% | |
2.68% | |
2.01% | |
2.18% | |
1.98% | |
1.45% | |
1.92% | |
2.97% | |
5.63% | |
20.41% | |
5.33% | |
3.79% | |
3.57% | |
4.62% | |
3.92% | |
4.49% | |
4.72% | |
4.72% | |
4.22% | |
|
|
净收入 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
|
|
赌场 |
-39.46% | |
-40.68% | |
-41.23% | |
-41.99% | |
-40.80% | |
-42.58% | |
-49.63% | |
-46.13% | |
-52.63% | |
-48.93% | |
-48.33% | |
-45.38% | |
-53.41% | |
-222.45% | |
-39.67% | |
-37.50% | |
-38.15% | |
-39.26% | |
-39.47% | |
-40.35% | |
-39.86% | |
-40.30% | |
-38.31% | |
|
|
房间 |
-2.86% | |
-2.79% | |
-2.64% | |
-4.30% | |
-4.08% | |
-3.92% | |
-4.56% | |
-3.97% | |
-4.67% | |
-3.58% | |
-3.51% | |
-5.93% | |
-10.41% | |
-51.02% | |
-5.16% | |
-3.19% | |
-3.35% | |
-3.39% | |
-3.02% | |
-3.11% | |
-3.23% | |
-3.36% | |
-3.07% | |
|
|
食品和饮料 |
-4.58% | |
-4.60% | |
-4.91% | |
-8.77% | |
-8.26% | |
-6.99% | |
-6.89% | |
-5.75% | |
-6.42% | |
-5.12% | |
-5.94% | |
-7.33% | |
-13.99% | |
-67.35% | |
-7.80% | |
-5.36% | |
-4.98% | |
-5.22% | |
-4.88% | |
-5.01% | |
-4.72% | |
-5.09% | |
-4.81% | |
|
|
商场 |
-0.82% | |
-0.83% | |
-0.99% | |
-1.79% | |
-1.59% | |
-1.82% | |
-1.91% | |
-1.69% | |
-1.98% | |
-1.36% | |
-1.25% | |
-1.57% | |
-2.22% | |
-11.22% | |
-0.95% | |
-0.68% | |
-0.58% | |
-0.54% | |
-0.47% | |
-0.72% | |
-0.56% | |
-0.54% | |
-0.47% | |
|
|
会议、零售和其他 |
-1.86% | |
-1.97% | |
-1.84% | |
-2.69% | |
-2.69% | |
-2.30% | |
-2.33% | |
-2.28% | |
-2.45% | |
-1.62% | |
-1.84% | |
-2.79% | |
-5.80% | |
-27.55% | |
-3.14% | |
-2.19% | |
-2.22% | |
-2.25% | |
-2.19% | |
-2.39% | |
-2.70% | |
-2.36% | |
-2.35% | |
|
|
收入成本 |
-49.59% |
|
-50.87% |
|
-51.60% |
|
-59.53% |
|
-57.41% |
|
-57.61% |
|
-65.32% |
|
-59.82% |
|
-68.14% |
|
-60.61% |
|
-60.87% |
|
-63.00% |
|
-85.84% |
|
-379.59% |
|
-56.73% |
|
-48.93% |
|
-49.29% |
|
-50.66% |
|
-50.03% |
|
-51.57% |
|
-51.07% |
|
-51.65% |
|
-49.01% |
|
|
|
毛利（亏损） |
50.41% |
|
49.13% |
|
48.40% |
|
40.47% |
|
42.59% |
|
42.39% |
|
34.68% |
|
40.18% |
|
31.86% |
|
39.39% |
|
39.13% |
|
37.00% |
|
14.16% |
|
-279.59% |
|
43.27% |
|
51.07% |
|
50.71% |
|
49.34% |
|
49.97% |
|
48.43% |
|
48.93% |
|
48.35% |
|
50.99% |
|
|
|
（准备金）收回信贷损失 |
-0.11% | |
-0.20% | |
0.28% | |
-0.09% | |
-0.80% | |
-0.19% | |
-0.42% | |
0.60% | |
-0.35% | |
-0.17% | |
-0.33% | |
-3.40% | |
-4.27% | |
-17.35% | |
-1.01% | |
-0.43% | |
-0.12% | |
-0.21% | |
-0.11% | |
-0.26% | |
-0.15% | |
-0.21% | |
0.45% | |
|
|
一般和行政 |
-10.38% | |
-10.98% | |
-11.84% | |
-21.67% | |
-23.68% | |
-22.78% | |
-23.12% | |
-16.27% | |
-26.02% | |
-18.67% | |
-18.81% | |
-21.73% | |
-44.88% | |
-267.35% | |
-17.90% | |
-11.20% | |
-11.20% | |
-11.28% | |
-10.12% | |
-11.63% | |
-10.85% | |
-11.14% | |
-9.64% | |
|
|
企业 |
-1.75% | |
-2.36% | |
-2.69% | |
-6.09% | |
-5.27% | |
-5.26% | |
-6.26% | |
-4.17% | |
-7.47% | |
-4.77% | |
-4.10% | |
-2.01% | |
-5.63% | |
-54.08% | |
-3.31% | |
-1.45% | |
-1.82% | |
-1.53% | |
-4.17% | |
-1.67% | |
-1.63% | |
-1.00% | |
-1.56% | |
|
|
开业前 |
-0.11% | |
-0.31% | |
-0.09% | |
-0.18% | |
-0.40% | |
-0.29% | |
-0.42% | |
-0.40% | |
-0.70% | |
-0.34% | |
-0.42% | |
-0.44% | |
-0.85% | |
-4.08% | |
-0.28% | |
-0.31% | |
-0.28% | |
-0.30% | |
-0.11% | |
-0.03% | |
-0.06% | |
-0.06% | |
-0.03% | |
|
|
发展 |
-1.57% | |
-2.12% | |
-1.98% | |
-3.13% | |
-2.59% | |
-2.11% | |
-6.36% | |
-4.96% | |
-1.52% | |
-3.15% | |
-0.75% | |
0.00% | |
-0.51% | |
-9.18% | |
-0.34% | |
-0.31% | |
-0.12% | |
-0.12% | |
-0.14% | |
-0.09% | |
-0.12% | |
-0.06% | |
-0.08% | |
|
|
折旧和摊销 |
-11.20% | |
-11.33% | |
-12.92% | |
-22.92% | |
-25.87% | |
-24.50% | |
-28.00% | |
-26.39% | |
-30.57% | |
-21.99% | |
-21.32% | |
-25.57% | |
-49.83% | |
-290.82% | |
-16.27% | |
-8.29% | |
-8.74% | |
-8.67% | |
-8.26% | |
-8.32% | |
-8.42% | |
-8.30% | |
-7.38% | |
|
|
土地租赁权益的摊销 |
-0.54% | |
-0.55% | |
-0.66% | |
-1.16% | |
-1.39% | |
-1.34% | |
-1.48% | |
-1.39% | |
-1.63% | |
-1.19% | |
-1.17% | |
-1.22% | |
-2.39% | |
-13.27% | |
-0.79% | |
-0.40% | |
-0.43% | |
-0.42% | |
-0.25% | |
-0.26% | |
-0.24% | |
-0.27% | |
-0.25% | |
|
|
资产处置损失或减值 |
-0.14% | |
-0.16% | |
-0.66% | |
-0.09% | |
-0.20% | |
0.00% | |
-0.64% | |
-0.89% | |
-0.47% | |
-0.94% | |
-0.25% | |
-1.05% | |
-9.90% | |
-5.10% | |
-0.28% | |
-2.05% | |
-0.34% | |
0.00% | |
-0.19% | |
-1.04% | |
-0.12% | |
-3.18% | |
-0.14% | |
|
|
营业收入（亏损） |
24.62% |
|
21.13% |
|
17.83% |
|
-14.86% |
|
-17.61% |
|
-14.07% |
|
-32.03% |
|
-13.69% |
|
-36.87% |
|
-11.85% |
|
-8.03% |
|
-18.41% |
|
-104.10% |
|
-940.82% |
|
3.09% |
|
26.62% |
|
27.66% |
|
26.81% |
|
26.63% |
|
25.15% |
|
27.34% |
|
24.13% |
|
32.36% |
|
|
|
利息收入 |
2.83% | |
2.99% | |
3.30% | |
5.37% | |
3.78% | |
1.34% | |
0.42% | |
0.10% | |
0.12% | |
0.09% | |
0.08% | |
0.09% | |
0.51% | |
4.08% | |
0.73% | |
0.48% | |
0.62% | |
0.51% | |
0.55% | |
0.66% | |
0.65% | |
0.27% | |
0.14% | |
|
|
利息支出，扣除资本化金额 |
-7.16% | |
-8.26% | |
-10.28% | |
-17.99% | |
-18.21% | |
-15.50% | |
-16.54% | |
-15.08% | |
-18.32% | |
-13.47% | |
-12.88% | |
-13.09% | |
-23.38% | |
-120.41% | |
-7.35% | |
-3.82% | |
-4.22% | |
-4.29% | |
-3.87% | |
-3.97% | |
-3.74% | |
-2.82% | |
-2.49% | |
|
|
其他收入（支出） |
0.14% | |
0.55% | |
-1.65% | |
1.79% | |
0.20% | |
-0.86% | |
-2.33% | |
-1.19% | |
-1.40% | |
0.85% | |
-1.42% | |
-0.70% | |
-0.68% | |
-3.06% | |
2.08% | |
0.88% | |
-0.22% | |
0.60% | |
-0.58% | |
-0.23% | |
0.47% | |
1.33% | |
-0.73% | |
|
|
出售金沙伯利恒的收益 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
16.68% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
修改或提前偿还债务的损失 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
-15.99% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
-0.74% | |
0.00% | |
0.00% | |
-0.26% | |
-1.54% | |
0.00% | |
-0.08% | |
|
|
持续经营业务所得税前收入（亏损） |
20.43% |
|
16.40% |
|
9.20% |
|
-25.69% |
|
-31.84% |
|
-29.09% |
|
-50.48% |
|
-29.86% |
|
-72.46% |
|
-24.38% |
|
-22.24% |
|
-32.11% |
|
-127.65% |
|
-1,060.20% |
|
-1.46% |
|
24.17% |
|
23.11% |
|
40.31% |
|
22.74% |
|
21.35% |
|
23.19% |
|
22.92% |
|
29.20% |
|
|
|
所得税（费用）福利 |
-4.36% | |
-1.93% | |
-2.36% | |
1.61% | |
-5.97% | |
-10.53% | |
-0.21% | |
-1.39% | |
3.15% | |
0.51% | |
-1.17% | |
-0.70% | |
2.90% | |
55.10% | |
-1.40% | |
-1.85% | |
-2.52% | |
-7.08% | |
-2.33% | |
-22.50% | |
-2.46% | |
-2.45% | |
15.95% | |
|
|
来自持续经营业务的净收入（亏损） |
16.06% |
|
14.48% |
|
6.84% |
|
-24.08% |
|
-37.81% |
|
-39.62% |
|
-50.69% |
|
-31.25% |
|
-69.31% |
|
-23.87% |
|
-23.41% |
|
-32.81% |
|
-124.74% |
|
-1,005.10% |
|
-2.86% |
|
22.31% |
|
20.58% |
|
33.23% |
|
20.41% |
|
-1.15% |
|
20.73% |
|
20.47% |
|
45.15% |
|
|
|
非持续经营业务的收益（亏损），扣除税项 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
4.88% | |
11.71% | |
11.55% | |
3.24% | |
-5.18% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
出售已终止经营业务的收益（不含税） |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
303.39% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
处置已终止经营业务收益的调整（不含税） |
0.00% | |
0.00% | |
0.00% | |
-0.45% | |
-0.10% | |
-0.29% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
来自已终止经营业务的收益（亏损），扣除税项 |
0.00% |
|
0.00% |
|
0.00% |
|
-0.45% |
|
-0.10% |
|
-0.29% |
|
308.27% |
|
11.71% |
|
11.55% |
|
3.24% |
|
-5.18% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
|
|
净利润（亏损） |
16.06% |
|
14.48% |
|
6.84% |
|
-24.53% |
|
-37.91% |
|
-39.90% |
|
257.58% |
|
-19.54% |
|
-57.76% |
|
-20.63% |
|
-28.60% |
|
-32.81% |
|
-124.74% |
|
-1,005.10% |
|
-2.86% |
|
22.31% |
|
20.58% |
|
33.23% |
|
20.41% |
|
-1.15% |
|
20.73% |
|
20.47% |
|
45.15% |
|
|
|
持续经营业务非控制性权益应占净（收入）亏损 |
-2.47% | |
-2.20% | |
0.09% | |
9.40% | |
14.13% | |
12.15% | |
10.71% | |
7.34% | |
14.82% | |
4.26% | |
5.35% | |
6.72% | |
28.33% | |
168.37% | |
2.81% | |
-4.39% | |
-4.18% | |
-4.62% | |
-4.44% | |
-3.74% | |
-3.80% | |
-3.63% | |
-4.47% | |
|
|
归属于拉斯维加斯金沙集团的净收益（亏损） |
13.60% |
|
12.27% |
|
6.93% |
|
-15.13% |
|
-23.78% |
|
-27.75% |
|
268.29% |
|
-12.20% |
|
-42.94% |
|
-16.37% |
|
-23.24% |
|
-26.09% |
|
-96.42% |
|
-836.73% |
|
-0.06% |
|
17.93% |
|
16.40% |
|
28.61% |
|
15.96% |
|
-4.89% |
|
16.93% |
|
16.83% |
|
40.68% |
|
根据报告：
10-Q (报告日期： 2023-09-30), 10-Q (报告日期： 2023-06-30), 10-Q (报告日期： 2023-03-31), 10-K (报告日期： 2022-12-31), 10-Q (报告日期： 2022-09-30), 10-Q (报告日期： 2022-06-30), 10-Q (报告日期： 2022-03-31), 10-K (报告日期： 2021-12-31), 10-Q (报告日期： 2021-09-30), 10-Q (报告日期： 2021-06-30), 10-Q (报告日期： 2021-03-31), 10-K (报告日期： 2020-12-31), 10-Q (报告日期： 2020-09-30), 10-Q (报告日期： 2020-06-30), 10-Q (报告日期： 2020-03-31), 10-K (报告日期： 2019-12-31), 10-Q (报告日期： 2019-09-30), 10-Q (报告日期： 2019-06-30), 10-Q (报告日期： 2019-03-31), 10-K (报告日期： 2018-12-31), 10-Q (报告日期： 2018-09-30), 10-Q (报告日期： 2018-06-30), 10-Q (报告日期： 2018-03-31).
从整体趋势来看，该公司在财务表现方面经历了显著的波动，尤其是在2020年和2021年期间。2020年，受到全球疫情的影响，收入和盈利能力大幅受挫，尤其在2020年第二季度，净利润出现了极端的负值，达到了-1005.1%的比例，显示出公司当季利润亏损的严重性。这一阶段内，运营成本（如收入成本和折旧摊销）也大幅增加，导致毛利率明显下降，反映出经营效率受到严重影响。
在2021年之后，尽管仍存在波动，但逐步出现改善。科技和市场调整措施带来了盈利改善的迹象，特别是在2022年和2023年，归属于母公司的净收益逐步恢复，甚至出现正向增长，反映出公司逐步走出疫情阴影，业务逐步恢复常态。
具体财务组成部分方面：
赌场收入占比整体偏高，但在2020年显著下降，尤其是在2020年第二季度出现极端负值，显示出其对整体业绩的敏感性和依赖性。同期，会议、零售及其他业务收入比重也大幅波动，反映出业务结构的调整和市场变化。食品和饮料部门的比例在疫情期间有所上升，但整体变动不大。
成本结构方面：
该公司的收入成本占比在疫情前保持较为稳定，但在2020年显著上升至极高水平（杠杆情况明显严重），导致毛利率大幅下滑。折旧和摊销成本及土地租赁权益的摊销比例在疫情期间也有所增加，表明资产价值的减记和租赁成本压力。此外，资产处置损失或减值的比例在某些时期显著上升，反映出资产减值的压力和重组调整。
盈利指标方面：
疫情前，公司净利润保持正向，毛利率稳定，受经营成本控制较好所支撑。但在2020年，尤其是第二季度，显示出极端亏损，经营性收入大减，亏损幅度极大。随着时间推移，盈利能力逐步恢复，特别是在2022年及之后，净利润和归属于母公司的净收益逐渐为正，表明公司逐步走出亏损状态，但是利润恢复仍存在一定的不确定性。
税费和非经营性项目方面：
税前利润在疫情前较为稳定，受到全球经济环境影响较小，但在疫情期间大幅波动，税收及非持续性业务收益的变化也反映出公司应对财务压力的调整。出售金沙伯利恒的收益在特定时期出现，说明公司资产出售策略的实施，可能是资产重组或非核心资产剥离的一部分。同期，债务偿还相关的亏损和修改债务的损失也对财务状况产生一定影响，但整体来看，疫情之后逐步改善。
总结
总体而言，Las Vegas Sands Corp.经历了由疫情引发的剧烈波动，2020年第二季度尤为突出，表现为亏损极端化和成本压力增大。随着疫情缓解和公司调整，财务指标逐渐改善，营收和盈利能力恢复，尤其是在2022年及2023年前后，表现出逐步复苏的态势。未来，公司的财务稳定性仍需关注成本控制、资产管理及市场需求变化，但恢复轨迹显示其逐步走出危机，逐步恢复盈利能力和财务健康。
