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 ...

JMMIT 凱 升 控 股 有 限 公 司 ● Holdings Limited 凱升控股有限公司 (於百慕迪赴冊成立之有限公司) 股票代號: 102 Hotel & Resort 2022 中 期 報 告 目 錄 摘 要 2 管理層討論與分析 3 簡明綜合財務報表審閱報告 21 簡明綜合損益及其他全面收益表 22 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 42 公司資料 50 1 凱升控股有限公司 二零二二中期報告 摘 要 • 本集團於二零二二年上半年之總收益為港幣177,900,000元，較 二 零 二 一 年 上 半 年 港 幣129,500,000元上升37%，主要是由於強勁的俄羅斯聯邦本地市場帶動所致。 • 本集團於二零二二年上半年錄得經調整EBITDA港 幣60,000,000元，而二零二一年上半 年則錄得港幣17,200,000元。 • 二零二二年上半年本集團錄得溢利港幣123,800,000元，而 二 零 二 一 年 上 半 年 則 錄 得 虧損港幣8,100,000元。二 零 二 二 年 上 半 年 本 公 司 擁 有 ...

Financial Performance - The total revenue for the group in 2021 was HKD 265,500,000, an increase of 26% compared to HKD 211,200,000 in 2020, primarily driven by local customers[5]. - The group recorded a positive adjusted EBITDA of HKD 40,900,000 in 2021, compared to a negative adjusted EBITDA of HKD 14,700,000 in 2020[5]. - The company reported a loss attributable to shareholders of HKD 230,000,000 in 2021, compared to a profit of HKD 10,000,000 in 2020, mainly due to a fair value loss of approximately HKD 149,100,000 from derivative financial instruments and impairment losses of approximately HKD 136,900,000 on properties, operating rights, and equipment[5]. - The group confirmed a net loss of HKD 149,100,000 from derivative financial instruments for the year ended December 31, 2021, compared to a net gain of HKD 86,000,000 in 2020, primarily due to holdings in Suntrust Home Developer, Inc.[19]. - The company reported a total loss attributable to owners of the company of HKD 229,988,000 for the year ended December 31, 2021, compared to a profit of HKD 10,018,000 in 2020[62]. - The company recorded an adjusted EBITDA turnaround from negative to positive in 2021, driven entirely by local contributions from the gaming and slot machine business[51]. - The net revenue from gaming operations reached HKD 248,355,000 in 2021, compared to HKD 202,924,000 in 2020, reflecting a growth of approximately 22.4%[60]. - Total gaming revenue for 2021 was HKD 286,101,000, up from HKD 249,736,000 in 2020[67]. - The net gaming revenue from the mass market increased by 38% to HKD 113,000,000 in 2021, compared to HKD 82,000,000 in 2020[74]. - Slot machine gaming revenue rose by 31% to HKD 135,000,000 in 2021, up from HKD 103,000,000 in 2020[79]. - Hotel business revenue increased to HKD 17,164,000 in 2021 from HKD 8,314,000 in 2020, marking a growth of 106.5%[60]. COVID-19 Impact - Due to the ongoing negative impact of COVID-19, particularly on international travel restrictions and economic uncertainty, the company has decided to postpone the development of Phase II of the Tigre de Cristal project, with the current target for opening no earlier than 2025[6]. - The ongoing COVID-19 pandemic continues to negatively impact the group's business, operational performance, and financial condition, despite progress in vaccine development[11]. - The company is currently unable to determine when travel restrictions will be lifted, affecting visitor traffic to the Tigre de Cristal[13]. - The group has initiated a large-scale vaccination program for its employees starting from early February 2021[13]. - The company’s operations have been impacted by COVID-19, particularly in Manila, leading to restrictions that hindered financing discussions for the development of the main hotel entertainment venue[29]. - The company continues to advance the development of the second phase of the Crystal Palace despite ongoing negative impacts from COVID-19[46]. Strategic Initiatives - The group aims to explore business expansion opportunities under potential new restrictions, including further capital investments in the second phase of the project[16]. - The group is focused on diversifying and expanding its market presence through strategic investments and partnerships, particularly in the Philippine entertainment sector[21]. - The company aims to strategically transform into a pan-Asian gaming operator, leveraging the issuance of convertible bonds in 2020 and 2021 for flexibility and immediate interest income[53]. - The company has a strong opportunity to become part of the local integrated resort market in the Philippines, which has shown double-digit growth in gaming revenue over the past decade[53]. - The company remains cautiously optimistic about future expansion in the Russian Far East region, assessing the impact of geopolitical tensions[52]. Operational Adjustments - The group has been adjusting its operations in response to the economic sanctions imposed on Russia due to the conflict with Ukraine[15]. - The group has not engaged in any bank borrowings and is maintaining operations independently in the Russian Far East region[16]. - The group is committed to ensuring operational efficiency despite rising costs due to inflation and supply chain disruptions[16]. - The company has implemented prudent cost control measures since the COVID-19 outbreak, leading to stable general and administrative expenses[58]. - The group maintained strict cost control measures throughout the year to mitigate the impact of COVID-19 on its business[83]. Governance and Management - The board of directors consists of six members, including three executive directors and three independent non-executive directors[136]. - All independent non-executive directors are independent of the group's management and possess extensive experience in accounting, banking, financial management, and business[137]. - The company has adhered to the corporate governance code, except for a specific deviation regarding communication with shareholders[135]. - The company provides comprehensive onboarding information to new directors to ensure they understand the company's operations and responsibilities[140]. - Continuous professional development for directors is emphasized, with training sessions provided to keep them informed of regulatory changes[140]. - The company has established a procedure for directors to seek independent professional advice, with no requests made in 2021[148]. - The company has implemented a securities trading policy for directors and employees, ensuring compliance with listing rules[149]. - The company conducts annual reviews of its insurance arrangements for directors and officers against potential legal actions[150]. Risk Management - The company has established a risk management framework to oversee the effectiveness of risk management and internal control systems, which includes a clear governance structure and reporting mechanisms[189]. - The board is responsible for monitoring the design and implementation of the risk management and internal control systems to achieve the company's strategic objectives[189]. - The group has established a risk management policy to identify, assess, and manage significant risks, with a dedicated risk management team conducting annual reviews[190]. - Risk management and internal control assessment reports are submitted to the audit committee at least once a year, ensuring the effectiveness of the group's risk management systems[191]. Financial Position - The company maintains a strong balance sheet with all financing sourced from equity, without any bank borrowings[52]. - The company maintained a debt-to-asset ratio of 0% as of December 31, 2021, consistent with the previous year[95]. - The net cash flow from operating activities for 2021 was HKD 20,061,000, compared to a negative cash flow of HKD 35,075,000 in 2020[99]. - Cash and cash equivalents as of December 31, 2021, amounted to HKD 606,600,000, a significant decrease from HKD 1,562,300,000 in 2020[98]. - The company had no outstanding bank borrowings as of December 31, 2021[95]. - The group has unutilized tax losses of approximately HKD 589,500,000 as of December 31, 2021, compared to HKD 559,600,000 in 2020[92]. Employee and Community Engagement - The total number of employees in the group was 994, a decrease from 1,081 in 2020, with over 97% being Russian citizens[108]. - The company continues to provide employee compensation benefits and training programs in line with current market practices[108].

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） 有 關 截至二零二零年十二月三十一日止年度之年報之 補充公告 茲 提 述 凱 升 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司「本集團」）於 二 零 二 一 年 四 月 二 十 二 日 所 刊 發 截 至 二 零 二 零 年 十 二 月 三 十 一 日 止 年 度 的 年 報（「二零二零 年年報」）。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 詞 彙 與 二 零 二 零 年 年 報 所 界 定 者具有相同涵義。 除 二 零 二 零 年 年 報 所 提 供 的 資 料 外，本 公 司 董 事 會（「董事會」）謹 此 提 供 以 下 額 外資料，內容有關(i)所得款項用途；及(ii)購股權計劃。 所得款項用途 (1) 根 據 一 般 授 權 配 售 新 ...

Financial Performance - The total revenue for the first half of 2021 was HKD 129,500,000, a 35% increase from HKD 96,000,000 in the first half of 2020[7] - The adjusted EBITDA for the first half of 2021 was HKD 17,200,000, compared to a negative adjusted EBITDA of HKD 22,100,000 in the first half of 2020[7] - The loss attributable to owners of the company for the first half of 2021 was approximately HKD 131,000, significantly improved from HKD 47,000,000 in the same period of 2020[7] - The total revenue from the gaming and hotel business was HKD 129,452,000 in 2021, up from HKD 95,967,000 in 2020, representing an increase of approximately 35%[27] - The company recorded a net loss attributable to shareholders of HKD 131,000 for the first half of 2021, a significant improvement from a loss of HKD 46,975,000 in the same period of 2020[30] - The total loss for the period was HKD 8,064,000, a substantial improvement from a loss of HKD 89,157,000 in the previous year, representing a reduction of 91%[81] - Basic and diluted loss per share improved to HKD (0.003) from HKD (2.33) year-on-year[81] Cash and Liquidity - As of June 30, 2021, the company had cash and bank balances of HKD 635,300,000, with no bank borrowings[7] - Cash and cash equivalents decreased to HKD 635,300,000 as of June 30, 2021, down from HKD 1,562,300,000 on December 31, 2020, primarily due to loan disbursements[60] - The net cash generated from operating activities for the first half of 2021 was HKD 8,896,000, compared to a cash outflow of HKD 8,419,000 in the same period of 2020[61] - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 8,896,000, compared to HKD 8,419,000 for the same period in 2020, representing an increase of approximately 5.7%[94] - The total decrease in cash and cash equivalents was HKD 926,198,000, compared to a decrease of HKD 33,767,000 in the previous year, reflecting a substantial cash outflow[96] Operational Highlights - The company continues to focus on the local market in the Russian Federation, where it operates the Tigre de Cristal integrated resort[9] - The first phase of the Tigre de Cristal resort opened in Q4 2015 and features a gaming area of approximately 36,000 square meters[10] - The expansion plan for the Crystal Tiger Palace is progressing, with the number of rooms expected to triple and gaming equipment to double upon the opening of the second phase in 2023[20] - The new VIP lounge and hot pot restaurant at the Crystal Tiger Palace are now fully operational, ready to serve customers once borders reopen[21] - The company has been monitoring the potential impacts of COVID-19 on its business operations and assessing its working capital needs[14] Gaming and Hotel Performance - The net gaming revenue from the mass market segment increased by 62% to HKD 55,000,000 in the first half of 2021, up from HKD 34,000,000 in the same period of 2020[41] - The gaming turnover for the mass market segment rose significantly by 68% to HKD 237,000,000 in the first half of 2021, compared to HKD 141,000,000 in the first half of 2020[41] - The slot machine gaming turnover reached HKD 1,563,000,000 in the first half of 2021, a substantial increase of 93% from HKD 810,000,000 in the first half of 2020[46] - The net gaming revenue from the slot machine segment increased by 66% to HKD 68,000,000 in the first half of 2021, compared to HKD 41,000,000 in the same period of 2020[46] - Hotel business revenue increased by 82% to HKD 6,700,000 in the first half of 2021, compared to the same period in 2020[47] - The average hotel occupancy rate on weekends rose to 44% in the first half of 2021, up from 15% in the first half of 2020[47] Debt and Financing - The company has a strong balance sheet with no debt and sufficient cash reserves to navigate through the pandemic[20] - The company currently relies entirely on equity financing and has no bank borrowings, indicating a strong capital structure[99] - The company provided a short-term loan of USD 120,000,000 to its subsidiary Suntrust Home Developers, Inc., with an interest rate of 6%[15] - Financing costs decreased by 60% to HKD 5,900,000 in the first half of 2021, compared to HKD 14,800,000 in the same period of 2020[50] Shareholder Information - As of June 30, 2021, the total number of issued shares of the company was 4,509,444,590 shares[196] - Mr. Zhou Zhuohua holds a controlling interest of 69.66% in the company, representing 3,141,561,811 shares[177] - Major shareholder Tai Yang Cheng held 123,255,000 shares, representing 2.73% of the total issued shares[195] - Tai Yang Cheng, through its subsidiary Sheng Tian, owned 3,018,306,811 shares, accounting for 66.93% of the total issued shares[196] Corporate Governance - The company has complied with the corporate governance code as of June 30, 2021, except for the attendance of the chairman at the annual general meeting[200] - The board of directors has arranged for an executive director to represent the chairman at the annual general meeting due to scheduling conflicts[200]

JIMI F 司 Holdings Limited 凱 升 控 股 有 限 公 ● 凱 升 控 股 有 限 公 司 年 報 • 2020 | --- | --- | |--------------------------|-------| | | | | 目 錄 | | | 摘要 | 2 | | 主席報告 | 3 | | 管理層討論與分析 | 5 | | 董事及高級管理層履歷詳情 | 20 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 37 | | 董事會報告 | 60 | | 獨立核數師報告 | 70 | | 綜合損益及其他全面收益表 | 75 | | 綜合財務狀況表 | 76 | | 綜合權益變動表 | 78 | | 綜合現金流量表 | 79 | | 綜合財務報表附註 | 81 | | 五年概要 | 153 | | 公司資料 | 154 | 1 凱升控股有限公司 • 二零二零年年報 摘 要 • 本集團於二零二零年之總收益為港幣211,200,000元，較 二 零 一 九 年 的 港 幣532,800,000元下降60%，主 要 是 由 於COVID-19疫 情 的 不 利 影 響，特 ...

Financial Performance - The total revenue for the first half of 2020 was HKD 96,000,000, a decrease of 63% compared to the first half of 2019, primarily due to the COVID-19 pandemic and the suspension of operations at Tigre de Cristal from March 28, 2020, until July 16, 2020[15]. - The loss attributable to the owners of the company for the first half of 2020 was HKD 47,000,000, compared to a profit of HKD 42,800,000 in the first half of 2019[15]. - The group recorded a negative adjusted property EBITDA of HKD 22,100,000 for the first half of 2020, down from a positive adjusted property EBITDA of HKD 108,500,000 in the first half of 2019[15]. - The group reported a total loss attributable to owners of HKD 46,975,000 for the first half of 2020, compared to a profit of HKD 42,814,000 in the same period of 2019[57]. - The company reported a loss before tax of HKD 89,044,000 compared to a profit of HKD 55,445,000 in the previous year[114]. - Basic and diluted loss per share was HKD (2.60), compared to earnings of HKD 2.86 in the previous year[115]. - The company reported a total comprehensive loss of HKD 89,157,000 compared to a total comprehensive income of HKD 55,364,000 in the previous year[115]. Revenue Breakdown - Total revenue from gaming operations decreased to HKD 95,967,000 in the first half of 2020, down 62.7% from HKD 257,291,000 in the first half of 2019[54]. - The gaming revenue from Tigre de Cristal was HKD 92,300,000 in the first half of 2020, down from HKD 236,900,000 in the same period of 2019, representing a decline of 61%[62]. - The turnover from the remittance business was HKD 1,192,000,000 in the first half of 2020, an 86% decrease from HKD 8,360,000,000 in the first half of 2019[67]. - The net win from the remittance business fell 74% to HKD 18,000,000 in the first half of 2020, down from HKD 69,000,000 in the same period of 2019[67]. - The total betting amount for table games decreased by 60% to HKD 141,000,000 in the first half of 2020, compared to HKD 350,000,000 in the first half of 2019[70]. - The net win from table games was HKD 34,000,000 in the first half of 2020, a 56% decrease from HKD 77,000,000 in the same period of 2019[70]. - Revenue from gaming and hotel operations decreased to HKD 95,967,000, down 62.7% from HKD 257,291,000 in the previous year[114]. Operational Changes - The company suspended its gaming operations from March 28, 2020, until July 16, 2020, due to COVID-19, which adversely affected visitor numbers and revenue[131]. - The company has implemented standard operating procedures to prevent the spread of COVID-19, including temperature checks and mandatory mask-wearing[26]. - The company continues to support the Russian government's measures against COVID-19, prioritizing the health and safety of guests and employees[25]. - The group has focused on local market operations, particularly in table games and slot machines, due to ongoing border restrictions[43]. Future Developments - Future developments include a hotel expansion project with 34 new guest rooms, a new VIP gaming hall, and a new noodle shop[24]. - The second phase of the Tigre de Cristal project is expected to have a total development cost of approximately USD 200 million, with the company's estimated capital requirement being around USD 120 million (approximately HKD 930 million)[33]. - The second phase of the Tigre de Cristal project aims to double the number of gaming tables and slot machines, and increase accommodation capacity to at least double that of existing properties[33]. - The company plans to utilize the proceeds from the proposed rights issue to enhance its financial position and fund the development of the second phase of Tigre de Cristal[47]. Financial Position - As of June 30, 2020, the company maintained a healthy financial position with cash on hand of HKD 816,700,000 and no bank borrowings[15]. - The group maintained a liquidity ratio of 3.0 and a debt-to-equity ratio of zero as of June 30, 2020, showcasing strong financial resilience during the pandemic[43]. - The company did not incur any external borrowings as of June 30, 2020, maintaining a debt-to-asset ratio of 0%[90]. - The group maintained a current ratio of 3.0 as of June 30, 2020, compared to 3.2 as of December 31, 2019[91]. - Cash and cash equivalents decreased to HKD 816.7 million as of June 30, 2020, from HKD 860.7 million as of December 31, 2019[91]. Rights Issue and Capital Management - The proposed rights issue aims to raise approximately HKD 1,623,400,000 before expenses, with a subscription price of HKD 0.6 per share[27]. - The estimated net proceeds from the rights issue are approximately HKD 1,618,420,000, with about 52.3% (HKD 847 million) allocated for the subscription of convertible bonds[37]. - The estimated costs related to the rights issue, including printing, registration, legal, accounting, and documentation fees, are approximately HKD 4,980,000[37]. - The company plans to hold a special general meeting on September 7, 2020, to consider and approve matters related to a rights issue, underwriting agreement, and subscription matters[16]. Employee and Management Information - The total number of employees as of June 30, 2020, was 1,164, an increase from 1,139 as of December 31, 2019, with over 97% being local Russian citizens[104]. - The total remuneration for directors and key management personnel for the six months ended June 30, 2020, was 4,185,000 HKD, compared to 3,285,000 HKD in the same period of 2019[191]. - The company continues to provide employee benefits and training programs, including a stock option plan for directors, employees, and consultants[104]. Currency and Taxation - The company has not hedged against currency translation risks, which may significantly impact the performance and financial position due to exchange rate fluctuations[99]. - The group had unused tax losses of approximately HKD 560 million under Russian corporate tax as of June 30, 2020, compared to HKD 522.3 million as of December 31, 2019[87]. - The estimated repayment amount of input VAT to the tax authority is calculated using an effective interest rate of 8.47%[180]. Miscellaneous - The company has agreed to subscribe to convertible bonds issued by Suntrust Home Developers, Inc. with a total principal amount of 5.6 billion Philippine Pesos (approximately HKD 847 million) and an interest rate of 6%[30]. - The company has entered into a conditional subscription agreement with Suntrust Home Developers, Inc. for convertible bonds that can be converted into shares, which will be measured at fair value according to HKFRS 9[196].

Expense Overview - The total other expenses for the year 2019 amounted to HKD 42,686,000, an increase from HKD 36,410,000 in 2018, representing a growth of approximately 7.4%[3] - Bank charges increased significantly to HKD 7,366,000 in 2019 from HKD 3,830,000 in 2018, reflecting an increase of about 92.5%[5] - Employee relationship costs rose to HKD 7,133,000 in 2019, compared to HKD 6,546,000 in 2018, marking an increase of approximately 9%[5] - The cost of non-recoverable VAT on gaming supplies was HKD 6,905,000 in 2019, up from HKD 4,994,000 in 2018, indicating a growth of around 38.2%[5] - Legal and professional fees were reported at HKD 2,912,000 in 2019, slightly up from HKD 2,708,000 in 2018, showing an increase of about 7.5%[5] - The total miscellaneous expenses decreased to HKD 7,784,000 in 2019 from HKD 9,316,000 in 2018, a decline of approximately 16.4%[5] Financial Reporting and Management - The company confirmed that the additional information provided does not affect the other data reported in the 2019 annual report[5] - The board of directors remains committed to transparency and accuracy in financial reporting, as evidenced by the detailed breakdown of expenses[6] - The company is focused on maintaining operational efficiency while managing costs effectively in the upcoming fiscal periods[6] - The financial data indicates a trend of increasing operational costs, which may impact future profitability if not managed properly[6]