Notice of Annual General Meeting 1. Board of Directors & Corporate Information 2. Chairman s Statement 3. Report of the Directors 4

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2 C O N T E N T S Notice of Annual General Meeting 1 Board of Directors & Corporate Information 2 Chairman s Statement 3 Report of the Directors 4 Consolidated Profit and Loss Account 6 Balance Sheets 7 Statements of Changes in Equity 8 Consolidated Cash Flow Statement 9 Notes to the Accounts 11 Auditors Report 21 Form of Proxy

3 NOTICE OF Annual General Meeting NOTICE IS HEREBY GIVEN THAT the Fifteenth Annual General Meeting of the Company will be held at Suite 1503, Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong SAR on Wednesday, 28 June 2000 at 9.00 a.m. BUSINESS 1. To receive and adopt the Accounts for the financial year ended 31 December 1999 and the Directors and Auditors Reports thereon. 2. To approve Directors fees of US$36,000 for the financial year ended 31 December To re-elect Dato Lim Kok Thay as a Director of the Company. 4. To re-appoint Auditors and to authorise the Directors to fix their remuneration. (Resolution 1) (Resolution 2) (Resolution 3) (Resolution 4) 5. To transact any other business of which due notice shall have been given. By Order of the Board Raymond E. Befroy, F.C.C.A., F.C.I.S. Secretary 5 June 2000 Registered Office : International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles. NOTES 1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy or proxies to attend and vote instead of him. A proxy need not be a member of the Company. 2. The form of proxy in the case of an individual shall be signed by the appointor or his attorney, and in the case of a corporation, either under its common seal or under the hand of an officer or attorney duly authorised. 3. If the form of proxy is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain as he thinks fit. 4. If no name is inserted in the space for the name of your proxy on the form of proxy, the Chairman of the Meeting will act as your proxy. 5. The form of proxy or other instruments of appointment shall not be treated as valid unless deposited at the Registered Office, International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles, not less than 48 hours before the time appointed for holding the meeting and at any adjournment thereof. GENTING INTERNATIONAL P.L.C. 1 ANNUAL REPORT 1999

4 BOARD OF DIRECTORS & Corporate Information SECRETARY Raymond E. Befroy, F.C.C.A., F.C.I.S. ASSISTANT SECRETARY Tan Wooi Meng Dato Lim Kok Thay Chairman Colin Au Fook Yew Managing Director Justin Tan Wah Joo Quah Chek Tin (Alternate to Dato Lim Kok Thay) Ong Moh Pheng (Alternate to Colin Au Fook Yew) Ng Ko Seng (Alternate to Justin Tan Wah Joo) REGISTERED OFFICE International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles HEAD OFFICE Suite 1503, Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong SAR REGISTRARS AND TRANSFER OFFICE IFG International (Registrars) Limited International House, Castle Hill, Victoria Road, Douglas, Isle Of Man, IM2 4RB, British Isles PAYING, LISTING AND SUB-TRANSFER AGENT Banque Generale du Luxembourg S.A. 50 Avenue J.F. Kennedy, L-2951 Luxembourg TRANSFER AGENT M & C Services Private Limited 16 Raffles Quay, #23-01 Hong Leong Building, Singapore AUDITORS PricewaterhouseCoopers, Certified Public Accountants, 22nd Floor, Prince s Building, Hong Kong SAR GENTING INTERNATIONAL P.L.C. 2 ANNUAL REPORT 1999

5 CHAIRMAN S STATEMENT On behalf of the Board of Directors, I am pleased to present the Annual Report of the Genting International P.L.C. of Companies ( ) for the year ended 31 December REVIEW OF RESULTS For the year under review, the recorded an increase in operating revenue from US$5.6 million in 1998 to US$5.9 million for The s operating profit before exceptional items was US$3.6 million as compared to US$3.9 million for the corresponding year. The decrease in operating profit before exceptional items was mainly due to lower contribution from the investments related activities. The exceptional items are the exchange losses incurred on dissolution/liquidation of subsidiaries denominated in book currencies other than US$ and the exchange losses incurred on purchase of short-term investments. These exchange losses amounted to US$2.8 million and US$1.1 million respectively. DIVIDEND No dividend is recommended in respect of the year under review. REVIEW OF OPERATIONS The Regent Theatre Site Development is a A$250 million development and it will be one of Sydney s most exciting Central Business District mixed use development. It combines a unique retail/entertainment complex with two towers that will provide the very best accommodation and excitement of city living. The development site is approximately 3,943m 2 and is located opposite Sydney s historic Town Hall and St. Andrews Cathedral. The development will redefine the gateway to George Street entertainment precinct. The development will be the catalyst for restoring the precinct as a renowned and vibrant place to visit and it will fast become Sydney s Times Square. The development will also act as a link between the famous Queen Victoria Building with its specialty retail together with that of the new Citibank Building and the recently refurbished neighbours including Town Hall Arcade, HKSB Building (formerly C&L Building) and the Hoyts cinema complex. The development comprises a 6-level 15,000m 2 retail/entertainment podium, a 42-storey residential apartment tower and a 25-storey all-suite hotel/serviced apartments, plus an 8-level basement car park for over 650 vehicles. Australia s economy has weathered well against world economic changes with Sydney still recording high construction activity in a lead-up to the Olympics and the introduction of the goods and services tax. It is expected that the construction industry will see a slow down in During the year, the acquired shares in NCL Holding ASA, a company listed on the Oslo Stock Exchange and whose shares are traded on the New York Stock Exchange in the form of American Depository Receipts. YEAR 2000 (Y2K) I am pleased to announce that, after having taken remedial action on all hardware, software and communications systems to provide for Year 2000 readiness, the had a smooth rollover to the year 2000 and has not encountered any material adverse effects on the s operations. APPRECIATION On behalf of the Board of Directors, I wish to extend my sincere thanks to the management and staff for their continuous support, dedication and commitment during the year under review. Mr Robert David Eavestaff Bakewell who has served on the Board for many years has decided to step down as a member of the Board on 30 April I would like to take this opportunity to thank him for his many years of service in the Australian Division and his valuable contributions to the. I would like to wish him every success and good health in the years to come. My gratitude and appreciation is also extended to our shareholders, customers and business associates for their continuing support and assistance. DATO LIM KOK THAY Chairman 1 May 2000 GENTING INTERNATIONAL P.L.C. 3 ANNUAL REPORT 1999

6 Report Of The Directors The Directors take pleasure in submitting their report on the activities and accounts of the and of the Company for the financial year ended 31 December 1999 which have been prepared in accordance with the provisions of the Companies Acts, 1931 to PRINCIPAL ACTIVITIES The Company s principal activity is that of an investment holding company. The principal activities of the subsidiaries during the financial year included investment holding, property development and provision of sales and marketing services to resort related businesses. There were no material changes in the nature of the Company s or subsidiaries principal activities during the financial year. SUBSIDIARIES On 12 August 1999, the Company applied for the striking off of Genting International Information Services Pte Ltd, a whollyowned subsidiary of the Company with the Registrar of Companies and Business, Singapore. On 11 October 1999, the Company acquired the entire issued and paid-up share capital of Genting Newsprint Sdn Bhd from Lance Limited, a wholly-owned subsidiary of the Company. On 12 October 1999, the following wholly-owned subsidiaries of the Company incorporated in the Isle of Man were dissolved pursuant to Section 273A of the Isle of Man Companies Act, 1931: 1. Lance Limited 2. Kazzon Limited 3. Powerstock Limited 4. Genting Investments Limited 5. Genting Star (Bahamas) Limited On 12 November 1999, the following wholly-owned subsidiaries of the Company incorporated in Hong Kong SAR were placed under Member s Voluntary Liquidation pursuant to a Special Resolution passed at the respective Extraordinary General Meeting held on that date: 1. Woodbery Limited 2. Genting International Resort Limited 3. Genting International Manufacturing and Industries Limited On 13 December 1999, the following wholly-owned subsidiaries of the Company incorporated in Australia were placed under Members Voluntary Liquidation pursuant to a Special Resolution passed at the respective Extraordinary General Meeting held on that date: 1. Genting (Western Australia) Pty Ltd 2. Genting (South Australia) Pty Ltd 3. Genting Management (Western Australia) Pty Ltd GENTING INTERNATIONAL P.L.C. 4 ANNUAL REPORT 1999

7 FINANCIAL RESULTS US$ 000 Operating profit before exceptional items 3,565 Exceptional items (3,890) Operating loss (325) Share of profits of associate 233 Finance costs (2) Loss before taxation (94) Taxation Loss after taxation (54) - ISSUE OF SHARES There were no issue of shares during the financial year. DIVIDENDS No dividends were paid by the Company since the end of the previous financial year. The Directors do not recommend the payment of any dividend in respect of the financial year ended 31 December RESERVES There were no material transfer to or from reserves during the financial year other than as disclosed in the Statements Of Changes In Equity. DIRECTORS The following persons have served on the Board as Directors of the Company since the beginning of the financial year: Dato Lim Kok Thay Mr Colin Au Fook Yew Mr Robert David Eavestaff Bakewell (resigned on 30 April 2000) Mr Justin Tan Wah Joo Mr Quah Chek Tin (appointed as alternate director to Dato Lim Kok Thay on 1 September 1999) Mr Ong Moh Pheng (alternate to Mr Colin Au Fook Yew) Mr Ng Ko Seng (alternate to Mr Justin Tan Wah Joo) Dato Lim Kok Thay is due to retire by rotation under Article 102 of the Company s Articles of Association and he, being eligible, has offered himself for re-election. AUDITORS Our auditors, PricewaterhouseCoopers, Certified Public Accountants, 22nd Floor, Prince s Building, Hong Kong SAR have offered themselves for re-appointment as auditors of the Company in accordance with Section 12 of the Companies Act, On behalf of the Board DATO LIM KOK THAY Chairman 1 May 2000 GENTING INTERNATIONAL P.L.C. 5 ANNUAL REPORT 1999

8 Consolidated Profit And Loss Account FOR THE YEAR ENDED 31 DECEMBER 1999 (In United States Dollars) Note(s) $ 000 $ 000 OPERATING REVENUE 3 5,905 5,580 OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS 3 & 4 3,565 3,862 EXCEPTIONAL ITEMS 5 (3,890) - OPERATING (LOSS)/PROFIT (325) 3,862 SHARE OF PROFITS OF ASSOCIATE FINANCE COSTS (2) - (LOSS)/PROFIT BEFORE TAXATION (94) 4,089 TAXATION 6 40 (46) (LOSS)/PROFIT AFTER TAXATION (54) 4,043 (LOSSES)/EARNINGS PER SHARE 19 (0.0) cent 0.3 cent EARNINGS PER SHARE (ADJUSTED TO EXCLUDE EXCEPTIONAL ITEMS) cent 0.3 cent The notes set out on pages 11 to 20 form an integral part of these accounts. GENTING INTERNATIONAL P.L.C. 6 ANNUAL REPORT 1999

9 Balance Sheets AS AT 31 DECEMBER 1999 (In United States Dollars) Company Note $ 000 $ 000 $ 000 $ 000 EMPLOYMENT OF CAPITAL FIXED ASSETS DEVELOPMENT PROPERTY 8 31,574 29, SUBSIDIARIES ,651 91,748 ASSOCIATE 10-1, INVESTMENTS 11 1, CURRENT ASSETS Debtors 12 2,362 12,832 75,088 14,224 Short-term investments 13 69, Bank balances and deposits 14 6,973 60,663 2,910 58,711 78,600 73,834 77,998 72,935 LESS: CURRENT LIABILITIES Creditors 15 1,395 1, ,378 Bank overdrafts Taxation ,634 1, ,378 NET CURRENT ASSETS 76,966 72,789 77,331 70, , , , ,321 CAPITAL EMPLOYED SHARE CAPITAL , , , ,945 (ACCUMULATED LOSSES)/RETAINED EARNINGS (28,026) (27,972) 26,886 20,215 RESERVE ON EXCHANGE DIFFERENCES (6,595) (11,410) SHAREHOLDERS FUNDS 107, , , ,321 DEFERRED TAXATION 18 2,340 2, , , , ,321 NET TANGIBLE ASSETS PER ORDINARY SHARE 7.6 cents 7.2 cents Approved by the Board of Directors on 1 May DATO LIM KOK THAY Chairman COLIN AU FOOK YEW Managing Director The notes set out on pages 11 to 20 form an integral part of these accounts. GENTING INTERNATIONAL P.L.C. 7 ANNUAL REPORT 1999

10 Statements Of Changes In Equity FOR THE YEAR ENDED 31 DECEMBER 1999 (In United States Dollars) (Accumulated Losses)/ Reserve on Share Capital Retained Earnings Exchange Differences Total $ 000 $ 000 $ 000 $ Beginning of the year 141,945 (32,015) (9,406) 100,524 Profit for the year - 4,043-4,043 Exchange differences - - (2,004) (2,004) End of the year 141,945 (27,972) (11,410) 102, Beginning of the year 141,945 (27,972) (11,410) 102,563 Loss for the year - (54) - (54) Exchange differences - - 4,815 4, End of the year 141,945 (28,026) (6,595) 107, Company 1998 Beginning of the year 141,945 15, ,530 Profit for the year - 4,791-4,791 Exchange differences End of the year 141,945 20, , Beginning of the year 141,945 20, ,321 Profit for the year - 6,671-6,671 Exchange differences End of the year 141,945 26, , The notes set out on pages 11 to 20 form an integral part of these accounts. GENTING INTERNATIONAL P.L.C. 8 ANNUAL REPORT 1999

11 Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 1999 (In United States Dollars) Note $ 000 $ 000 NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES A (55,659) 30,269 INVESTING ACTIVITIES Distribution received from associate 2,273 1,203 Purchase of fixed assets (11) (39) (Advances to)/repayments from fellow subsidiaries (57) 20,287 Expenditure on development property (587) (2,812) Proceeds from disposal of fixed assets - 1 Net cash inflow from investing activities 1,618 18,640 FINANCING ACTIVITIES Advances from immediate holding company Repayments to ultimate holding company - (58) Net cash inflow/(outflow) from financing activities 97 (29) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS B (53,944) 48,880 The notes set out on pages 11 to 20 form an integral part of these accounts. GENTING INTERNATIONAL P.L.C. 9 ANNUAL REPORT 1999

12 Consolidated Cash Flow Statement (Cont d) FOR THE YEAR ENDED 31 DECEMBER 1999 (In United States Dollars) A. NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES $ 000 $ 000 Operating profit before exceptional items 3,565 3,862 Adjustments for: Provision for diminution in value of short-term investments Depreciation of fixed assets Loss/(gain) on disposal of fixed assets 1 (1) Interest income (3,274) (3,285) (2,551) (2,986) 1, Decrease/(increase) in debtors 10,761 (578) (Increase)/decrease in short-term investments (70,722) 27,847 Increase/(decrease) in creditors 3 (689) (59,958) 26,580 Cash (absorbed by)/ generated from operations (58,944) 27,456 Interest received 3,330 3,242 Tax refund 6 - Interest paid - (55) Tax paid (51) (374) Net cash (outflow)/inflow from operating activities (55,659) 30,269 B. ANALYSIS OF CASH AND CASH EQUIVALENTS At beginning of the year 60,638 11,948 Exchange differences on opening balances 105 (217) Net (outflow)/inflow before adjustments for the effect of exchange rate changes (53,944) 48,880 Effect of currency translation 2 27 At end of the year 6,801 60,638 Bank balances and deposits 6,973 60,663 Bank overdrafts (172) (25) 6,801 60,638 The notes set out on pages 11 to 20 form an integral part of these accounts. GENTING INTERNATIONAL P.L.C. 10 ANNUAL REPORT 1999

13 Notes To The Accounts FOR THE YEAR ENDED 31 DECEMBER 1999 (In United States Dollars) 1. PRINCIPAL ACTIVITIES The Company s principal activity is that of an investment holding company. The principal activities of the subsidiaries during the financial year included investment holding, property development and provision of sales and marketing services to resort related businesses. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accounts are prepared under the historical cost convention and comply with International Accounting Standards. Basis of Consolidation The consolidated accounts include the audited accounts of the Company and all its subsidiaries made up to 31 December Subsidiaries are consolidated from the date on which effective control is transferred to the and are no longer consolidated from the date of disposal. All intercompany transactions, balances and unrealised surpluses and deficits on transactions between group companies have been eliminated. Where necessary, accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the. Goodwill On the acquisition of a subsidiary, fair values are attributed to the s share of the net assets acquired. Consolidation goodwill arises where the consideration paid exceeds the values attributable to such assets acquired. Such goodwill is recognised in the balance sheet as an intangible asset and is amortised using the straight-line method over its estimated useful life. Goodwill arising on major strategic acquisitions of the is amortised over a maximum period of 20 years. For all other acquisitions, goodwill is amortised over a shorter period not exceeding 5 years. Associate An associate is an enterprise in which the has a long term interest of between 20% and 50% and where the is in a position to exercise significant influence. The s share of the results of the associate is included in the consolidated profit and loss account and the s interest in the associate is stated at cost plus adjustments to reflect changes in the s share of the net assets of the associate. Fixed Assets and Depreciation Fixed assets are stated at cost and are depreciated over their estimated useful lives using the straight-line method. The annual rates of depreciation used for plant, equipment and vehicles are from 5% to 50%. Development Property Development property is stated at cost. Cost includes land cost and development expenditure. GENTING INTERNATIONAL P.L.C. 11 ANNUAL REPORT 1999

14 Investments Investments in subsidiaries and other long-term investments are stated at cost. Such investments are only written down when the Directors consider that there is a permanent diminution in the value of the investments. Short-term investments are stated at the lower of cost and market value, determined on a portfolio basis by comparing aggregate cost against aggregate market value. Deferred Taxation Deferred tax accounting using the liability method is adopted by the. Deferred taxation provides for the tax effects of all temporary differences arising between the tax bases of assets and liabilities and their carrying value for financial reporting purposes. Foreign Currencies The accounts are stated in United States Dollars ( US$ ). Transactions in other currencies during the year have been translated into US$ at the rates ruling on the dates of the transactions or, if covered by forward foreign exchange contracts, at contracted rates. Monetary assets and liabilities in other currencies at the year end have been translated into US$ at approximately the rates ruling on that date or, if covered by forward exchange contracts, at contracted rates. Gains and losses arising from translation are included in the profit and loss account. Profit and loss accounts of subsidiaries and associate in other reporting currencies are translated into US$ at average rates for the year and the balance sheets are translated at rates approximate to those ruling at the year end. Exchange differences arising from the translation of profit and loss accounts at average rates and balance sheets at year end rates, and the restatement at year end rates of the opening net investments in such subsidiaries and associate are taken to reserves. Cash and Cash Equivalents Cash and cash equivalents include cash and bank balances (net of bank overdrafts), deposits and other short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Revenue Recognition Sales are recognised on performance of services and after eliminating sales within the. Sales of short-term investments are accounted for when the contracts are executed. Other revenues earned by the are recognised on the following bases: Interest income - on an accrual basis. Dividend income - when the s right to receive payment is established. GENTING INTERNATIONAL P.L.C. 12 ANNUAL REPORT 1999

15 3. SEGMENT INFORMATION Business Segments Investments Resorts Properties $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Operating Revenue - Interest income 3,274 3, ,274 3,285 - Revenue from services ,630 2, ,630 2,294 - Dividend income ,275 3,349 2,630 2, ,905 5, Results Operating profit/(loss) before exceptional items 1,983 2,674 1,976 1,579 (394) (391) 3,565 3,862 Exceptional items (3,890) (3,890) Operating (loss)/profit (1,907) 2,674 1,976 1,579 (394) (391) (325) 3,862 Share of profits of associate Finance costs (2) (Loss)/profit before taxation (94) 4,089 Taxation 40 (46) (Loss)/profit after taxation (54) 4, Other Information Segment assets 75,031 71,216 4,693 2,398 31,574 30, , ,024 Associate ,916-1, Consolidated total assets 111, , Segment liabilities ,567 1,034 Income tax liabilities 2,407 2, Consolidated total liabilities 3,974 3, Depreciation Capital expenditure , ,851 Capital expenditure comprises additions to fixed assets and development property. GENTING INTERNATIONAL P.L.C. 13 ANNUAL REPORT 1999

16 3. SEGMENT INFORMATION (Cont d) Geographical Segments Operating Revenue Total Assets Capital Expenditure $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Asia Pacific 5,905 5,580 42, , ,851 North America , ,905 5, , , , OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS Operating profit before exceptional items is stated after the following: $ 000 $ 000 Operating expenses 1,679 1,263 Marketing, selling and administrative expenses Depreciation of fixed assets Exchange losses/(gains) 141 (218) 2,340 1,718 Included in the operating profit before exceptional items are the following charges and credits: $ 000 $ 000 Charges: Provision for diminution in value of short-term investments Directors remuneration: - fees other emoluments Staff costs - salaries and related costs pension costs (defined contribution plans) Rental of office premises Auditors remuneration Loss on disposal of fixed assets 1 - Credits: Interest income 3,274 3,285 Dividends from short-term investments 1 1 Gain on disposal of fixed assets - 1 The has 17 (1998: 19) employees at the end of the financial year. The staff costs for 14 (1998: 15) employees are not charged to the profit and loss accounts as the costs are fully reimbursable in accordance to the sales and marketing agreements with Resorts World Bhd, a fellow subsidiary. GENTING INTERNATIONAL P.L.C. 14 ANNUAL REPORT 1999

17 5. EXCEPTIONAL ITEMS $ 000 $ 000 Exchange losses incurred on dissolution/liquidation of subsidiaries denominated in book currencies other than US$ 2,771 - Exchange losses incurred on purchase of short-term investments 1,119-3, TAXATION $ 000 $ 000 Foreign taxation Current taxation (101) (71) Deferred taxation (46) All the s profits are in respect of activities undertaken outside the Isle of Man and are not subject to taxation in the Isle of Man. 7. FIXED ASSETS Company $ 000 $ 000 $ 000 $ 000 Plant, equipment and vehicles Cost Beginning of the year Exchange differences 18 (17) - - Additions Disposals (1) (37) - (11) End of the year Less: Accumulated depreciation Beginning of the year Exchange differences 16 (12) - - Charge for the year Disposals (1) (37) - (11) End of the year Net book value at end of the year GENTING INTERNATIONAL P.L.C. 15 ANNUAL REPORT 1999

18 8. DEVELOPMENT PROPERTY $ 000 $ 000 Freehold land - at cost 19,240 19,240 Development expenditure 12,334 9,856 31,574 29, SUBSIDIARIES Company $ 000 $ 000 Unquoted - at cost 91,651 91,748 The principal subsidiaries are listed in Note 23 to the accounts. 10. ASSOCIATE $ 000 $ 000 Interest in associate - at cost - 2,160 Exchange differences - (244) - 1, INVESTMENTS $ 000 $ 000 Units in unquoted overseas trust - at cost 1, GENTING INTERNATIONAL P.L.C. 16 ANNUAL REPORT 1999

19 12. DEBTORS Company $ 000 $ 000 $ 000 $ 000 Trade debtors Non-trade debtors Amounts due from subsidiaries ,773 1,909 Amounts due from fellow subsidiaries 1,749 12,256 1,241 12,165 2,362 12,832 75,088 14,224 The amounts due from subsidiaries and fellow subsidiaries are interest-free, unsecured and have no fixed repayment terms. 13. SHORT-TERM INVESTMENTS $ 000 $ 000 Shares in quoted overseas corporations - at cost 69, Market value of quoted investments 69, BANK BALANCES AND DEPOSITS Company $ 000 $ 000 $ 000 $ 000 Deposits with banks - maturing within 3 months 3,455 59,568 2,254 57,983 Cash and bank balances 3,518 1, ,973 60,663 2,910 58,711 GENTING INTERNATIONAL P.L.C. 17 ANNUAL REPORT 1999

20 15. CREDITORS Company $ 000 $ 000 $ 000 $ 000 Trade creditors Non-trade creditors and accruals Amounts due to subsidiaries ,801 Amounts due to fellow subsidiaries Amount due to immediate holding company ,395 1, ,378 The amounts due to subsidiaries, fellow subsidiaries and immediate holding company are interest-free, unsecured and have no fixed repayment terms. 16. BANK OVERDRAFTS - UNSECURED $ 000 $ 000 Bank overdrafts The bank overdrafts bear interest at approximately 9% (1998: 8.25%) per annum. 17. SHARE CAPITAL $ 000 $ 000 Authorised: 2,000,000,000 ordinary shares of US$0.10 each 200, ,000 Issued and fully paid: 1,419,447,243 ordinary shares of US$0.10 each 141, ,945 GENTING INTERNATIONAL P.L.C. 18 ANNUAL REPORT 1999

21 18. DEFERRED TAXATION 31 Charged/(credited) 31 December to profit & loss Exchange December 1998 account differences 1999 $ 000 $ 000 $ 000 $ 000 Deferred tax liabilities Interest expenses capitalised in subsidiary deducted when paid 2,342 (137) 150 2,355 Share of associate s profits taxable only upon receipt 18 (9) ,360 (146) 151 2,365 Deferred tax assets Provisions (28) 5 (2) (25) Net deferred tax liabilities 2,332 (141) 149 2, (LOSSES)/EARNINGS PER SHARE (Losses)/earnings per share is calculated based on the s (loss)/profit attributable to shareholders of US$(54,000) (1998: US$4,043,000) and the weighted average number of ordinary shares in issue during the year of 1,419,447,243 shares (1998: 1,419,447,243 shares). The adjusted earnings per share of 0.3 cent (1998: 0.3 cent) excludes exceptional items. It is calculated based on the earnings for the year before exceptional items but after charging taxation of US$3,836,000 (1998: US$4,043,000) and on the weighted average number of ordinary shares in issue during the year. 20. FINANCIAL INSTRUMENTS Credit risk Financial assets which potentially subject the to concentrations of credit risk consist principally of debtors, bank balances and deposits. The s cash equivalents and short-term deposits are placed with high creditworthy financial institutions. Debtors are presented net of the allowance for doubtful receivables. Credit risk with respect to trade debtors is limited as the does not have any significant exposure to any individual customer or counterparty. Interest rate risk The s short-term deposits are placed at prevailing interest rates. Fair values At 31 December 1999, the carrying amounts of debtors, short-term investments, bank balances and deposits, creditors and bank overdrafts approximated their fair values due to the short term maturities of these assets and liabilities. GENTING INTERNATIONAL P.L.C. 19 ANNUAL REPORT 1999

22 21. CONTINGENT LIABILITIES As at the end of the year, a subsidiary has given guarantees of US$1,193,000 (1998: US$1,120,000) in relation to its property development project. These guarantees are secured by a charge over the subsidiary s bank deposits of a similar amount. The Directors do not expect any loss to arise in respect of these guarantees. 22. SIGNIFICANT RELATED PARTY DISCLOSURES (a) (b) The immediate holding company is Genting Overseas Holdings Limited, a company incorporated in the Isle of Man. The ultimate holding company is Genting Berhad, a company incorporated in Malaysia whose shares are listed on the Kuala Lumpur Stock Exchange. Sales commission and marketing fees amounting to US$2,478,000 (1998: US$2,066,000) are received from Resorts World Bhd, a fellow subsidiary in which two of the directors are also Directors of the Company. As at the year end, an amount of US$554,000 (1998: US$543,000) is outstanding. 23. PRINCIPAL SUBSIDIARIES Effective Country Class of Percentage of Principal of Incorporation Shares Held Ownership Activities DIRECT SUBSIDIARIES Genting International Properties Limited Isle of Man Ordinary Investment holding Genting International Management Limited Isle of Man Ordinary Investment holding Palomino Limited Isle of Man Ordinary Investment INDIRECT SUBSIDIARIES Genting Australia Pty Ltd Australia Ordinary Management services Genting Australia Investments Australia Ordinary Property Holding Pty Ltd development GENTING INTERNATIONAL P.L.C. 20 ANNUAL REPORT 1999

23 Report Of The Auditors To The Members Of GENTING INTERNATIONAL P.L.C. (Incorporated in the Isle of Man with limited liability No ) We have audited the accounts set out on pages 6 to 20 which have been prepared in accordance with International Accounting Standards. These accounts are the responsibility of the Company s Directors. Our responsibility is to express an opinion on these accounts based on our audit. Our audit was conducted in accordance with International Standards on Auditing. Those Standards require that the audit is planned and performed to obtain reasonable assurance that the accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall accounts presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounts give a true and fair view of the financial position of the Company and the as at 31 December 1999 and of the results and cash flows of the for the year then ended in accordance with International Accounting Standards and the Isle of Man Companies Acts, 1931 to PRICEWATERHOUSECOOPERS Certified Public Accountants Hong Kong SAR 1 May 2000 GENTING INTERNATIONAL P.L.C. 21 ANNUAL REPORT 1999

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25 GENTING INTERNATIONAL (No ) P.L.C. FORM OF PROXY (Before completing the form please refer to notes overleaf) I/We (FULL NAME IN BLOCK CAPITALS) of (ADDRESS) being a member/members of GENTING INTERNATIONAL P.L.C hereby appoint *the CHAIRMAN OF THE MEETING or (FULL NAME) of (ADDRESS) or failing him (FULL NAME) of (ADDRESS) as my/our *first proxy to attend and vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on Wednesday, 28 June 2000 at 9.00 a.m. and at any adjournment thereof. Where it is desired to appoint more than one proxy, application should be made to the registered office or to IFG International (Registrars) Limited, International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles for additional Proxy Forms. In this case, each Proxy Form must state the percentage of the total shareholding which each proxy is entitled to represent. My/our proxies shall vote as follows: ORDINARY RESOLUTION To receive and adopt the Audited Accounts Resolution 1 To approve Directors fees of US$36,000 Resolution 2 To re-elect Dato Lim Kok Thay as a Director Resolution 3 To re-appoint Auditors Resolution 4 For FIRST PROXY Against (Please indicate with an X in the spaces provided as to how you wish your votes to be cast. If you do not do so, the proxy/proxies will vote or abstain from voting at his/their discretion.) Signed this day of 2000 No. of Shares held * Delete if inapplicable... Signature of Member(s) NOTES 1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy or proxies to attend and vote instead of him. A proxy need not be a member of the Company. 2. The form of proxy in the case of an individual shall be signed by the appointor or his attorney, and in the case of a corporation, either under its common seal or under the hand of an officer or attorney duly authorised. 3. If the form of proxy is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain as he thinks fit. 4. If no name is inserted in the space for the name of your proxy on the form of proxy, the Chairman of the Meeting will act as your proxy. 5. The form of proxy or other instruments of appointment shall not be treated as valid unless deposited at the Registered Office, International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles, not less than 48 hours before the time appointed for holding the meeting and at any adjournment thereof.