2023 年 報 SUMMIT ASCENT HOLDINGS LIMITED 凱升控股有限公司 ANNUAL REPORT 2023 年報 2023 Annual Report 目 錄 | 摘 要 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 董事及高級管理層履歷詳情 | 26 | | 企業管治報告 | 30 | | 環境、社會及管治報告 | 44 | | 董事會報告 | 79 | | 獨立核數師報告 | 95 | | 綜合損益及其他全面收益表 | 100 | | 綜合財務狀況表 | 102 | | 綜合權益變動表 | 104 | | 綜合現金流量表 | 105 | | 綜合財務報表附註 | 107 | | 五年概要 | 177 | | 公司資料 | 178 | 1 凱升控股有限公司 | 二零二三年年報 摘 要 二零二三年年報 | 凱升控股有限公司 2 • 本集團於二零二三年的二零二三年總收益為港幣369,100,000元，較二零二二年的港幣372,300,000元減少1%。 • 本集團於二零二三年錄得正經調整EBITDA港 幣131,500,000元，而二零二二年則錄得港幣 ...

中 期 2024 報 告 INTERIM 2024 REPORT 2024 中期報告 SUMMIT ASCENT HOLDINGS LIMITED 凱升控股有限公司 目 錄 INTERIM REPORT | 摘 要 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 簡明綜合損益及其他全面收益表 | 21 | | 簡明綜合財務狀況表 | 23 | | 簡明綜合權益變動表 | 25 | | 簡明綜合現金流量表 | 26 | | 簡明綜合財務報表附註 | 27 | | 其他資料 | 43 | | 公司資料 | 52 | 凱升控股有限公司 二零二四中期報告 1 摘 要 凱升控股有限公司 二零二四中期報告 2 • 本集團於二零二四年上半年之總收益為港幣189,900,000元，較 二 零 二 三 年 上 半 年 港 幣182,000,000元上升4.3%，主要是由於強勁的俄羅斯聯邦本地市場帶動所致。 • 本集團於二零二四年上半年錄得經調整EBITDA港 幣65,300,000元，而二零二三年上半 年則錄得港幣57,000,000元。 • 二零二四年上半年本集團錄得本公司擁有人應佔溢利為港幣1 ...

（於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二四年六月三十日止六個月期間 中期業績公告 及 凱升控股有限公司 Holdings Limited 凱升控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 繼續停牌 – 3 – 凱 升 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統稱「本集團」）截至二零二四年六月三十日止六個月期間之未經審核中期業績， 連同二零二三年同期之比較數字如下： 摘 要 – 1 – • 本集團於二零二四年上半年之總收益為港幣189,900,000元，較 二 零 二 三 年上半年港幣182,000,000元上升4.3%，主要是由於強勁的俄羅斯聯邦本 地市場帶動所致。 • 本集團於二零二四年上半年錄得經調整EBITDA港 幣65,300,000元，而 二 零二三年上半年則錄得港幣57,000,000元。 • 二零二四年上半年本集團錄得本公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二四年十二月三十一日止年度之 綜合損益及其他全面收益表 截至二零二四年十二月三十一日止年度 | 二零二四年 二零二三年 | | | | | | --- | --- | --- | --- | --- | | 附 註 港幣千元 港幣千元 | | | | | | 博彩及酒店業務之收益 5 414,505 369,127 | | | | | | 其他收入 6 144,286 125,681 | | | | | | 其他收益及虧損 7 (124,557) (818,453) | | | | | | (7,049) (5,913) | | | | 博彩稅 | | 已消耗之存貨 (19,923) (17,079) | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二三年十二月三十一日止年度之 全年業績公告 及 繼續停牌 凱 升 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統稱「本集團」）截至二零二三年十二月三十一日止年度之經審核綜合全年業績， 連同二零二二年同期之比較數字如下： 摘 要 – 1 – • 本集團於二零二三年的二零二三年總收益為港幣369,100,000元，較 二 零 二二年的港幣372,300,000元減少1%。 • 本集團於二零二三年錄得正經調整EBITDA港 幣131,500,000元，而 二 零 二 二年則錄得港幣105,100,000元。 • 於二零二三年，本公司擁有人應佔虧損為港幣7 ...

凯升控股公告，公司直接全资附属公司SA Investments认购Suntrust之新可换股债券，票息率为零，本金 总额最多为135.11亿菲律宾比索。SA Investments与Suntrust于2025年4月30日订立新可换股债券认购协议 之第二份补充协议，将最后截止日期由2025年4月30日下午五时正延期至2025年8月31日下午五时正。新 可换股债券认购协议的其他条款及条件均维持不变。Suntrust已向证券交易委员会作出申请，取得证券 交易委员会之确认将需时额外约4个月。公司股份自2024年2月14日起暂停买卖，将继续暂停买卖直至符 合所有复牌指引。 ...

Financial Performance - The total revenue for the first half of 2023 was HKD 182,000,000, an increase of 2.3% compared to HKD 177,900,000 in the first half of 2022, primarily driven by a strong local market in the Russian Federation [4]. - Adjusted EBITDA for the first half of 2023 was HKD 57,000,000, down from HKD 60,000,000 in the same period of 2022 [4]. - The company recorded a loss attributable to owners of HKD 16,100,000 in the first half of 2023, compared to a profit of HKD 85,200,000 in the first half of 2022, with the loss mainly due to foreign exchange losses of HKD 35,200,000 from fluctuations in the Russian Ruble [4]. - The adjusted EBITDA for Crystal Tiger Palace in the first half of 2023 was HKD 57 million, a decrease from HKD 60 million in the same period of 2022, primarily due to increased gaming taxes and employee benefits expenses [39]. - The group reported a loss attributable to owners of the company of HKD 16.1 million for the first half of 2023, compared to a profit of HKD 85.2 million in the same period of 2022 [42]. - The company reported a loss before tax of HKD 21,001,000, compared to a profit of HKD 122,542,000 in the same period last year, indicating a significant decline [88]. - Total comprehensive loss for the period was HKD 21,099,000, compared to a total comprehensive income of HKD 123,809,000 in the previous year [88]. - Basic and diluted loss per share for the six months ended June 30, 2023, was HKD (0.356), compared to earnings of HKD 1.889 per share in the same period of 2022 [88]. Strategic Focus and Investments - The company has adjusted its business focus and optimized its strategies to concentrate on the local Russian market, including changes in supply chain and logistics to meet local demand [8]. - The company has temporarily suspended large capital expenditures, particularly the development of Phase II of the Tigre de Cristal project, until conditions improve [8]. - The company entered into agreements to acquire 100% equity of two companies for a total consideration of HKD 280,000,000, which includes land in Japan with a total area of approximately 108,799 square meters [9]. - The acquired land in Japan is intended to be developed into a luxury hotel with beachfront villas [10]. - The company plans to utilize approximately HKD 479.3 million from the net proceeds for the acquisition of Daqian and Joyful Award, future development planning, and general working capital [13]. - The company is focused on expanding its market presence through strategic acquisitions and financing arrangements [156][158]. Financing and Debt Management - A loan agreement was established for a maximum principal amount of PHP 25 billion (approximately HKD 3.6 billion) to finance a five-star hotel and entertainment complex in the Philippines [14]. - The company has agreed to terminate a revolving loan agreement, which was originally intended for the development of the Crystal Tiger Palace Phase II, with a total of HKD 479.3 million being redirected for interest income [15]. - The company issued convertible bonds with a total principal amount of PHP 5.6 billion and PHP 6.4 billion in 2020 and 2022, respectively, with initial conversion prices set at PHP 1.80 and PHP 1.65 per share [16]. - Suntrust issued convertible bonds with an annual interest rate of 6.0%, with total principal amount of PHP 336,000,000 due on December 30, 2022, and PHP 382,900,000 due on June 10, 2023 [17]. - SA Investments agreed to subscribe to new convertible bonds with a maximum principal amount of PHP 13,500,000,000 at an initial conversion price of PHP 1.10 per share, with a term of eight years [18]. - The overdue interest for the 2020 and 2022 convertible bonds is 8.0%, but SA Investments agreed to calculate accrued interest at 6.0%, waiving the additional 2.0% until the completion of the new convertible bond subscription [21]. - Suntrust must maintain a credit balance of at least USD 20,000,000 in a construction reserve account, as per the loan agreement with SA Investments [23]. - SA Investments will provide financing of up to USD 20,000,000 to Suntrust at an interest rate of 6.0%, effective for ten years, specifically for fulfilling CRA reserve requirements [23]. - The company has not made interest payments on the 2020 and 2022 convertible bonds due to financial conditions and cash flow needs, but has reached an agreement to restructure these payment obligations [17]. Operational Performance - The Crystal Tiger Palace remains the primary revenue source for the group, showing excellent performance in domestic operations during the first half of 2023 [34]. - Due to geopolitical tensions, the number of inbound travelers to the Russian Federation has seen an unprecedented decline, prompting the company to take measures to mitigate impacts [34]. - The company is exploring local strategic partnerships that could add value to the operations of the integrated resort during challenging times [34]. - The company is currently not pursuing further investment in the second phase of the Crystal Tiger Palace due to the ongoing geopolitical uncertainties and sanctions affecting financial flows [34]. - The company’s hotel business revenue increased to HKD 14.7 million in the first half of 2023, up from HKD 10.3 million in the same period of 2022 [40]. - The group’s total gaming and hotel revenue for the first half of 2023 was HKD 182 million, compared to HKD 177.9 million in the first half of 2022 [40]. - The Philippine gaming industry saw a 35.6% increase in total fees and tax revenue to PHP 36.2 billion (approximately HKD 5.1 billion) in the first half of 2023, with overall gaming revenue growing by 48.7% to PHP 136.4 billion (approximately HKD 19.4 billion) [37]. Cash Flow and Assets - The net cash generated from operating activities for the first half of 2023 was HKD 35.1 million, up from HKD 27.2 million in the same period of 2022, indicating positive cash flow from operations [70]. - The net cash used in investing activities for the first half of 2023 was HKD 0.6 million, a significant decrease from HKD 137 million in the first half of 2022, primarily due to reduced interest income from convertible bonds [71]. - The net cash used in financing activities for the first half of 2023 was HKD 62.6 million, mainly representing the repayment of loans amounting to approximately HKD 58.8 million and lease liabilities of HKD 3.7 million [71]. - As of June 30, 2023, cash and cash equivalents totaled HKD 762.3 million, down from HKD 831.9 million at the end of 2022, reflecting a net decrease of HKD 26.9 million during the period [70]. - The group has no pledged assets or encumbrances as of June 30, 2023, and December 31, 2022, indicating a strong asset position [74]. - The group’s net current assets amounted to HKD 906.2 million, an increase from HKD 901.7 million as of December 31, 2022, with a current ratio of 21.3 compared to 17.3 previously [69]. Shareholder and Corporate Governance - The company has granted share options to directors, with details provided in the report [166]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ending June 30, 2023 [180]. - The audit committee consists of three independent non-executive directors and has reviewed the interim report for the six months ending June 30, 2023, confirming compliance with applicable accounting standards [186]. - The company has established several board committees, including the audit committee, remuneration committee, nomination committee, and corporate governance committee [183]. - The remuneration for Mr. Lu includes a monthly director's fee of HKD 300,000 and a housing allowance of up to HKD 250,000, effective April 1, 2023 [185].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二三年六月三十日止六個月期間 中期業績公告 凱 升 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（合稱「本集團」）截至二零二三年六月三十日止六個月期間之未經審核中期業績， 連同二零二二年同期之比較數字如下： 摘 要 • 本集團於二零二三年上半年之總收益為港幣182,000,000元，較 二 零 二 二 年上半年港幣177,900,000 元上升2.3%，主要是由於強勁的俄羅斯聯邦本 地市場帶動所致。 • 本集團於二零二三年上半年錄得經調整EBITDA港 幣57,000,000 元，而 二 零二二年上半年則錄得港幣60,000,000 元。 • 二零二三年上半年本集團錄得本公司擁有人應佔虧損為港幣16,10 ...

Financial Performance - The total revenue for the group in 2022 was HKD 372,300,000, an increase of 40% compared to HKD 265,500,000 in 2021, primarily driven by the local gaming and slot machine business in Russia [4]. - The group recorded a positive adjusted EBITDA of HKD 105,100,000 in 2022, compared to HKD 40,900,000 in 2021 [4]. - The company reported a profit attributable to shareholders of HKD 11,800,000 in 2022, a significant turnaround from a loss of HKD 230,000,000 in 2021, mainly due to increased revenue and the absence of impairment losses recorded in 2021 [4]. - The adjusted EBITDA for the Crystal Tiger Palace in 2022 was HKD 105,100,000, a significant increase from HKD 40,900,000 in 2021, representing a growth of 157% [33]. - Total revenue from the gaming operations increased by 40% year-on-year, reaching HKD 401,907,000 in 2022 compared to HKD 286,101,000 in 2021 [39]. - The company recorded a net profit attributable to shareholders of HKD 11,847,000 in 2022, a recovery from a loss of HKD 229,988,000 in 2021 [36]. - The total operating expenses increased to HKD 268,200,000 in 2022 from HKD 226,877,000 in 2021, reflecting a rise in employee benefits and other operational costs [34]. - Operating expenses for the group rose by 18% to HKD 268.2 million in 2022, up from HKD 226.9 million in 2021 [49]. - The company reported no impairment losses related to properties, operating rights, and equipment in 2022, compared to HKD 136,900,000 in 2021 [33]. - The group maintained a strong financial position with total equity attributable to owners of HKD 3,180,400,000 as of December 31, 2022, compared to HKD 3,168,400,000 in 2021 [72]. Operational Developments - The gaming and hotel project spans approximately 36,000 square meters and operates year-round, offering a diverse range of gaming options to customers [8]. - The group operates the highest-rated luxury five-star hotel in the Russian Far East, featuring 121 rooms and suites, recognized as "Russia's Best Casino Hotel 2021" by the World Casino Awards [8]. - The development of the Crystal Tiger Palace Phase II was initially planned to nearly double the existing accommodation capacity and non-gaming facilities to serve potential high-stakes customers, particularly non-Russian tourists in the coastal entertainment area [12]. - The second phase of the Crystal Tiger Palace project has been suspended due to the ongoing conflict between Russia and Ukraine, significantly impacting the project's outlook [23]. - The company has shifted its focus to local markets, particularly in Russia, due to the impact of COVID-19 and travel restrictions, resulting in no revenue from VIP gaming operations in 2022 [40]. - The company has established a strong position in the local market while exploring potential expansion into other markets in the future [30]. Market Conditions and Challenges - The ongoing conflict between Russia and Ukraine has introduced significant uncertainty, impacting international tourist access to Russia and consequently affecting the customer base of the group's operations [10]. - The group continues to monitor the market situation and the effects of the Russia-Ukraine conflict on its financial condition and operations [11]. - The ongoing impact of COVID-19 has created significant uncertainty in the tourism and gaming industries, with expectations that recovery will be gradual and challenging [60]. - The reliance on the tourism sector has made businesses vulnerable to the adverse effects of COVID-19, with the travel industry likely to be one of the last to recover [61]. - Travel restrictions and quarantine measures have significantly reduced foreign visitor numbers to the group's properties, particularly from China, which has strict travel policies [62]. - The company has adjusted its marketing strategies and pricing in response to ongoing challenges from sanctions and travel warnings affecting operations in Russia [28]. Financial Management and Investments - A short-term loan of $120,000,000 was provided to Suntrust Resort Holdings Inc. at an annual interest rate of 6%, with a repayment period starting three months from the loan date [13]. - The company plans to allocate up to HKD 500 million from the proceeds of the 2019 placement for a revolving loan to LET [23]. - The net cash generated from operating activities for 2022 was HKD 85,825,000, significantly higher than HKD 20,061,000 in 2021 [75]. - The net cash used in investing activities for 2022 was HKD 106,575,000, a recovery from a net cash outflow of HKD 972,863,000 in 2021 [75]. - The group has sufficient cash and cash equivalents to support its operational and capital expenditure needs [78]. - The group has no assets pledged or encumbered as of December 31, 2022 [79]. Governance and Management - The company has a strong management team with members holding significant experience in various sectors, including finance and operations [105]. - The board includes independent non-executive directors with diverse backgrounds in finance and corporate governance, ensuring robust oversight [100]. - The company has established a strong governance framework with various committees to oversee financial and operational performance [102]. - The company has complied with the corporate governance code, except for a deviation in rule F.2.2, which is explained in the section on communication with shareholders [112]. - The company has established a risk management organizational framework, which includes the board, audit committee, and risk management task force [164]. - The board is responsible for risk management and internal control systems, ensuring they are effective and aligned with the group's strategic objectives [164]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the environmental, social, and governance (ESG) policies and performance data for the fiscal year ending December 31, 2022 [187]. - The company emphasizes its commitment to creating long-term value for stakeholders while integrating sustainable development principles into its business operations [186]. - The company has established a governance framework to address environmental, social, and governance (ESG) operational matters [197]. - A dedicated ESG working group has been formed, led by the group's audit manager, to collaborate with G1 Entertainment Limited in Russia [194]. - The board of directors is responsible for overseeing the management of ESG strategies and policies [195]. - Stakeholder engagement is prioritized to gather insights for developing sustainable strategies [199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二二年十二月三十一日止年度之 全年業績公告 凱 升 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（合稱「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合全年業績， 連同二零二一年同期之比較數字如下： 摘 要 • 本集團於二零二二年的總收益為港幣372,300,000元，較 二 零 二 一 年 的 港 幣265,500,000元增加40%，主要由於俄羅斯當地中場及角子機業務所致。 • 本集團於二零二二年錄得正經調整EBITDA港 幣105,100,000元，而 二 零 二 一年則錄得港幣40,900,000元。 • 於二零二二年，本公司擁有人應 ...