Financial Performance - Total revenue increased by 17.2% to HKD 212,200,000 for the six months ended December 31, 2022, compared to HKD 181,000,000 in 2021[7] - Gross profit rose to HKD 124,600,000, up from HKD 107,804,000 in the previous year[4] - Net loss for the period was HKD 145,230,000, compared to a loss of HKD 99,940,000 in 2021, with a loss per share of HKD 0.04[4][7] - Total revenue for the six months ended December 31, 2022, was HKD 212,231,000, an increase of 17.2% compared to HKD 180,984,000 in 2021[23] - Gross profit for the same period was HKD 124,600,000, up 15.5% from HKD 107,804,000 in 2021[23] - The company reported a loss before tax of HKD 145,230,000, compared to a loss of HKD 99,940,000 in the previous year, representing a 45% increase in losses[23] - The total comprehensive loss for the period was HKD 150,204,000, compared to HKD 95,206,000 in 2021, indicating a 57.8% increase in comprehensive losses[23] - The company reported a net loss attributable to equity holders of HKD 141,848,000 for the period, compared to a loss of HKD 95,399,000 in 2021, highlighting ongoing financial challenges[33] - The total loss attributable to equity holders of the parent for the six months ended December 31, 2022, was HKD 141,848,000, compared to HKD 95,399,000 in 2021, marking an increase of 48.6%[61] Revenue Sources - Box office revenue accounted for 86.9% of cinema operations income, totaling HKD 184,400,000, compared to HKD 160,000,000 in 2021[9] - Revenue from the Hong Kong market increased to HKD 147,100,000, while revenue from mainland China decreased to HKD 53,800,000[9] - The revenue from the Hong Kong market for the six months ended December 31, 2022, was HKD 147,119,000, a significant increase from HKD 101,123,000 in 2021, reflecting a growth of 45.5%[48] - The company reported a decrease in screen advertising service revenue to HKD 2,252,000 from HKD 4,554,000 in the previous year, a decline of 50.5%[48] Operational Changes - The group plans to expand its cinema network in mainland China with new openings in Changsha, Chengdu, and Shenzhen in 2023[12] - The group terminated operations of Emperor UA Cinemas in mainland China during the period[9] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2022, were HKD 80,300,000, down from HKD 117,400,000 as of June 30, 2022[13] - The net cash generated from operating activities for the six months ended December 31, 2022, was HKD 30,482,000, compared to HKD 13,298,000 in the same period of 2021, representing an increase of approximately 129%[30] - The net cash used in investing activities decreased significantly to HKD (15,751,000) from HKD (47,133,000), indicating improved investment efficiency[30] - The net cash used in financing activities was HKD (50,239,000), a notable decrease from HKD 112,311,000 in the previous year, reflecting a shift in financing strategy[30] - The total cash and cash equivalents at the end of the reporting period were HKD 80,347,000, down from HKD 135,794,000 at the end of the previous year, indicating a reduction in liquidity[30] Debt and Liabilities - Total borrowings increased to HKD 578,000,000, compared to HKD 542,700,000 as of June 30, 2022[13] - The asset-liability ratio was 38.6% as of December 31, 2022, up from 30.0% as of June 30, 2022[13] - The net current liabilities increased to HKD 307,620,000 as of December 31, 2022, from HKD 258,740,000 as of June 30, 2022, indicating a deterioration in short-term financial health[33] - Current liabilities increased to HKD 438,121,000 from HKD 437,087,000, indicating a slight rise of 0.2%[26] - The total liabilities, including trade payables and other payables, increased to HKD 154,571,000 as of December 31, 2022, compared to HKD 117,160,000 as of June 30, 2022[69] Employee and Operational Costs - Employee costs totaled HKD 58,500,000 for the period, significantly higher than HKD 37,100,000 in 2021, reflecting a 57.5% increase[20] - The number of employees decreased to 598 as of December 31, 2022, down from 745 as of June 30, 2022[20] - The financial costs for the six months ended December 31, 2022, increased to HKD 39,024,000 from HKD 29,909,000 in 2021, reflecting a rise of 30.4%[58] - Non-cash expenses included in the net loss totaled HKD 105,111,000, compared to HKD 96,044,000 in the previous year, suggesting rising operational costs[33] Asset Management - Non-current assets decreased to HKD 1,367,709,000 from HKD 1,630,856,000 as of June 30, 2022, a decline of 16.1%[26] - As of December 31, 2022, the carrying value of property, plant, and equipment decreased to HKD 467,487,000 from HKD 555,973,000 as of July 1, 2022, reflecting a depreciation provision of HKD 49,931,000 and an impairment loss of HKD 28,737,000[63] - The company's depreciation expenses for property, plant, and equipment increased to HKD 49,931,000 in 2022 from HKD 39,964,000 in 2021, representing a rise of 24.6%[56] Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules during the reporting period[86] - The board of directors includes independent non-executive directors, ensuring governance and oversight[94] - The interim financial statements have not been reviewed or audited by the company's auditor but were reviewed by the audit committee[89] Shareholder Information - The company did not declare any interim dividend for the period, consistent with the previous year[21] - The company did not declare any interim dividend for the year ending June 30, 2023, consistent with the previous year[60] - As of December 31, 2022, Mr. Yang holds 2,371,313,094 shares, representing 73.80% of the issued shares of the company[78] - Mr. Yang also has significant holdings in associated companies, including 2,747,611,223 shares (74.71%) in Emperor International and 4,298,630,000 shares (63.41%) in Emperor Watch and Jewellery[80] - The company has not granted any share options under its share option scheme since its adoption on December 2, 2021[85] Related Party Transactions - The group incurred related party transactions totaling HKD 140,000 for company secretary fees and HKD 143,000 for film rental expenses during the period[73]

Financial Performance - For the year ended June 30, 2022, the Group's total revenue increased by 59.0% to HK$306.7 million, compared to HK$192.9 million in 2021[12] - Gross profit for the year was HK$179.0 million, reflecting a 61.0% increase from HK$111.2 million in the previous year[9] - The net loss for the year was HK$218.4 million, a slight improvement from the loss of HK$228.1 million in 2021[12] - Loss per share decreased to HK$0.06 from HK$0.07 in the previous year[9] - Revenue from the cinema operation segment increased by 59.0% to HK$306.7 million, with box office takings amounting to HK$270.1 million, accounting for 88.1% of the cinema operation revenue[18] - The cinema operation segment's revenue from box office takings increased from HK$164.1 million in 2021 to HK$270.1 million in 2022[18] - The Group's revenue from cinema operations in Hong Kong increased significantly from HK$59.5 million in 2021 to HK$162.8 million in 2022[18] - The Group's cash and cash equivalents amounted to HK$117.4 million, an increase of 106.5% from HK$56.9 million in 2021[33] - Total borrowings as of June 30, 2022, were HK$542.7 million, up 63.0% from HK$333.0 million in 2021, with a gearing ratio of 30.0% compared to 19.3% in the previous year[34] Market Conditions - The resurgence of Covid-19 in mainland China and Hong Kong during the second half of the year disrupted cinema operations[12] - The easing of social distancing measures in the first half of the year led to a temporary revival in public entertainment and leisure activities[13] - The continued expansion of China's middle-income group contributed to an increase in cinema patrons[13] - China maintained its position as the world's largest movie market for the second consecutive year, surpassing the United States in annual box office revenue[13] - The popularity of China-produced movies increased domestically, becoming a major contributor to box office revenue[13] Expansion and Development - The Group completed the acquisition of a cinema operation company for an aggregate consideration of HK$4.0, expanding its presence in the market[20] - As of June 30, 2022, the Group operated a total of 24 cinemas, including 17 Emperor Cinemas and 7 Emperor UA Cinemas, offering approximately 25,700 seats[21] - A new Emperor Cinemas was opened in Times Square, Hong Kong, featuring advanced technologies and premium services, including wireless charging mobile phone mounts[24] - The first MCL Cinemas Plus+ opened in July 2022 in Plaza Hollywood, Diamond Hill, which is the largest capacity cinema in East Kowloon[30] - The Group plans to open its first Emperor Cinemas Plus+ in 2023, continuing its expansion strategy[30] - The Group has opened its first Emperor Cinemas in Macau in November 2021, featuring Macau's first IMAX® theatre and a VIP House[26] Employee and Management - As of June 30, 2022, the Group's number of employees increased to 745 from 436 in 2021, with total staff costs amounting to HK$85.3 million, up from HK$58.9 million in 2021[43] - The Company has adopted a share option scheme to provide incentives or rewards to the staff, enhancing employee retention and motivation[43] - The Executive Director, Vanessa Fan, has over 33 years of corporate management experience, focusing on strategic planning and business growth within the Group[45] - The Executive Director, Alexander Yeung, is actively integrating digital technologies with premium services to target high-end markets in the cultural industry[46] - The management emphasizes competitive remuneration based on individual responsibilities, competence, and market pay levels, ensuring alignment with industry standards[43] Corporate Governance - The Company fully complied with all code provisions of the Corporate Governance Code during the year[133] - The Board is committed to maintaining high standards of corporate governance to ensure accountability, responsibility, and transparency towards shareholders and stakeholders[132] - The Company has arranged appropriate insurance cover for legal actions against the Directors[147] - The Company emphasizes good corporate governance practices among its Directors[146] - The Audit Committee consists of three Independent Non-Executive Directors (INEDs) and is chaired by Mr. Ho Tat Kuen[163] Connected Transactions - The Group had continuing connected transactions under a Master Furniture Agreement for purchasing furniture products and consultancy services[94] - The Company reported a significant transaction involving the acquisition of the entire equity interest in Tale Success Limited, valued at $5 million[114] - The auditor issued an unqualified letter regarding the Group's non-exempt continuing connected transactions[121] - The independent non-executive Directors confirmed that the connected transactions were conducted in the ordinary course of business and on normal commercial terms[122] Future Outlook - The Group anticipates a positive outlook for the film industry in China, driven by rising disposable income and improvements in living standards[31] - The Company has set a future revenue guidance of $180 million for the next fiscal year, indicating a projected growth of 20%[181] - Future outlook includes plans to expand into new markets, targeting a 20% increase in market share over the next fiscal year[200] - The management expressed confidence in achieving a revenue growth target of 18% for the upcoming fiscal year, supported by ongoing strategic initiatives[200]

Financial Performance - Total revenue increased by 151.0% to HKD 180,984,000 (2020: HKD 72,099,000) due to the easing of social distancing measures and more blockbuster films being released[4] - Gross profit rose by 171.9% to HKD 107,804,000 (2020: HKD 39,642,000) reflecting improved business performance[4] - Net loss narrowed to HKD 99,940,000 (2020: HKD 128,131,000), with basic loss per share at HKD 0.03 (2020: HKD 0.04)[4] - Revenue for the six months ended December 31, 2021, was HKD 180.98 million, compared to HKD 72.1 million in the same period of 2020, representing a growth of 150.5%[27] - Gross profit for the same period was HKD 107.8 million, significantly higher than HKD 39.6 million in 2020[27] - The group reported a pre-tax loss of HKD 99.94 million for the six months ended December 31, 2021, an improvement from a loss of HKD 128.13 million in the previous year[27] - The group reported a loss before tax of HKD 99,940,000 for the six months ended December 31, 2021, compared to a loss of HKD 128,131,000 for the same period in 2020, indicating an improvement of 22%[119] - The group reported a significant increase in other borrowing interest expenses, which rose to HKD 3,121,000 from HKD 2,357,000 year-on-year, indicating higher financing costs[169] Box Office and Cinema Operations - Box office revenue accounted for HKD 160,000,000, representing 88.4% of cinema operation revenue, with significant improvement in the Hong Kong market[9] - The number of cinemas increased to 16 (2021-06-30: 14), providing a total of 130 screening rooms and approximately 17,400 seats[9] - The company opened a new cinema in Hong Kong's Times Square in December 2021, featuring advanced technologies including Dolby Atmos and IMAX[14] - Box office revenue contributed HKD 159,997,000, up from HKD 63,503,000, reflecting a growth of 151.1% year-on-year[129] - The revenue from the Greater China market was HKD 72,641,000, while revenue from Hong Kong reached HKD 101,123,000, indicating strong regional performance[129] Financial Position and Cash Flow - As of December 31, 2021, the group's cash and cash equivalents amounted to HKD 135.8 million, a significant increase from HKD 56.9 million as of June 30, 2021[20] - Total borrowings increased to HKD 481.1 million as of December 31, 2021, compared to HKD 333 million as of June 30, 2021, with loans from a related party accounting for HKD 417.5 million[20] - The group's debt-to-asset ratio was 26.8% as of December 31, 2021, up from 19.3% as of June 30, 2021[20] - The net cash generated from operating activities increased significantly to HKD 13,298,000 in the six months ended December 31, 2021, compared to HKD 1,212,000 in the previous year[96] - The total cash and cash equivalents at the end of the reporting period reached HKD 135,794,000, up from HKD 44,540,000 at the end of the previous year, indicating a substantial increase of 204.5%[96] Cost Management and Operational Efficiency - The company is actively implementing cost reduction and financial resource improvement measures to enhance operational efficiency and manage cash outflows[102] - Employee costs totaled HKD 37.1 million for the period, up from HKD 27.6 million in 2020, with a total workforce of 498 employees as of December 31, 2021[24] - The group's total administrative expenses increased to HKD 6,970,000 for the six months ended December 31, 2021, compared to HKD 4,304,000 in the previous year, reflecting increased operational expenditures[169] Investments and Acquisitions - A proposed acquisition of a target company involved in cinema operations in Hong Kong and mainland China for a total consideration of HKD 4.0 million has been announced[18] - The company has secured long-term loan financing of HKD 1,200,000,000, with HKD 407,000,000 drawn down as of December 31, 2021[102] - The group has capital commitments of HKD 18,489,000 for property, plant, and equipment as of December 31, 2021[161] - The group has entered into an agreement to acquire Tale Success Limited for a total consideration of HKD 4.0 million, which operates one cinema in Hong Kong and eight in mainland China, pending shareholder approval[178] Shareholder and Governance Information - The company has not granted any stock options under the stock option plan since its adoption on December 2, 2021[191] - The company has complied with all provisions of the Corporate Governance Code during the reporting period[191] - The board has resolved not to declare any interim dividend for the year ending June 30, 2022, consistent with the previous year[146] - The interim financial statements have not been audited or reviewed by the company's auditor, Ernst & Young[191] - The company encourages shareholders to opt for electronic versions of the interim report to support environmental protection[194]

a 1 - 1 - BE IP 英皇文化產業集團有限公司 Emperor Culture Group Limited Incorporated in Bermuda with Iimited Iiability (Stock Code:491) 於 百慕 建 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 4 9 1 ) | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|----------------|-------|-----------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | CINEMAS EMPE | | | | | | | 戏 元 | 英皇戲院 H L L | 13-4 | EMPEROR CINEMAS | | | 2020/2021 | | | | | | | | ANNUAL REPORT 年報 | | | | | | | CONTENTS 目 錄 | --- | - ...

[Performance](index=3&type=section&id=Performance) The company experienced a significant decline in total revenue and an increase in net loss, primarily due to the impact of the COVID-19 pandemic on its cinema operations, despite implementing various mitigation measures | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Total Revenue | 72,100 | 96,100 | | Net Loss | 128,100 | 99,000 | | Basic Loss Per Share | **HKD 0.04** | **HKD 0.03** | - Total revenue decreased by **24.9%**, primarily due to the temporary closure of cinemas affected by the COVID-19 pandemic, leading to reduced film exhibition revenue[14](index=14&type=chunk) - Net loss increased due to a decline in film exhibition revenue and higher operating expenses from the opening of **3 new cinemas** and maintaining existing ones[14](index=14&type=chunk) - The Group implemented various measures to mitigate adverse impacts, including negotiating rent reductions with landlords, staff cost savings, and promotional campaigns[14](index=14&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) The Group primarily engages in entertainment, media, and cultural development, encompassing cinema operations and investments in films and various cultural activities[17](index=17&type=chunk) [Business Review](index=4&type=section&id=Business%20Review) The Group's business review primarily focuses on the severe impact of the COVID-19 pandemic on film exhibition, leading to a substantial revenue decline, while simultaneously expanding its network through new cinema openings, with film and cultural event investments showing a slight fair value increase [Film Exhibition](index=4&type=section&id=Film%20Exhibition) - Film exhibition segment revenue decreased by **24.9%** to **HKD 72,100,000**, mainly due to cinema closures ranging from **23 to 74 days** caused by the COVID-19 pandemic, along with seating capacity and F&B restrictions[18](index=18&type=chunk) - As of December 31, 2020, the Group operated **14 cinemas** (2019: 11 cinemas), offering **116 screens** (2019: 95 screens) and approximately **15,300 seats** (2019: 12,400 seats)[20](index=20&type=chunk) - During the period, **3 new cinemas** opened, including **2 in mainland China** and **1 in Hong Kong**, with the Emperor Cinemas at Lohas Park, Tseung Kwan O, Hong Kong, being the largest in the district[20](index=20&type=chunk)[22](index=22&type=chunk) - Cinemas are positioned as high-end and premium, equipped with advanced technologies such as IMAX®, ScreenX, 4DX/MX4D, D-Box, and Dolby Atmos, and feature VIP houses[22](index=22&type=chunk) [Film and Cultural Event Investments](index=6&type=section&id=Film%20and%20Cultural%20Event%20Investments) | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Fair Value of Film Production Investments | 6,300 | 6,200 | [Outlook](index=7&type=section&id=Outlook) Despite the significant post-pandemic recovery of the Chinese film market, becoming the world's largest, the Group anticipates a challenging operating environment in the short term (at least the first half of 2021), committing to prudent strategies, continuous cost structure review, operational efficiency improvements, and leveraging social media for brand promotion and customer loyalty to achieve stable long-term growth - The Chinese film market surpassed North America to become the world's largest in **2020** and maintained strong growth in early **2021**, indicating positive signs of market recovery[25](index=25&type=chunk) - The operating environment for the film industry is expected to remain challenging in the first half of **2021** due to the ongoing global pandemic, the time required for vaccine rollout, and potential intermittent cinema closures and film postponements[25](index=25&type=chunk) - The Group will adhere to a prudent strategy, continuously review its cost structure to enhance operational efficiency, and utilize social media to promote its brand, drive sales, and boost customer loyalty[25](index=25&type=chunk) - Leveraging its strategic cinema network, the long-established "Emperor" brand, and synergies with Emperor Entertainment Group artists, the Group aims to strengthen its position in the film industry and maintain stable business growth[26](index=26&type=chunk) [Other Financial Information](index=8&type=section&id=Other%20Financial%20Information) This section details the Group's liquidity, financial resources, exchange rate risk management, and the decision to terminate a potential acquisition, noting a slight increase in cash and cash equivalents, a significant rise in total borrowings, and a substantial increase in the gearing ratio, alongside the termination of acquisition discussions for Starry Asia Culture due to difficulties in obtaining due diligence information [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 44,500 | 40,600 | | Total Borrowings | 270,300 | 191,900 | | Gearing Ratio | **142.5%** | **65.3%** | - The increase in total borrowings primarily includes a loan of **HKD 224,700,000** from a related party (June 30, 2020: HKD 146,300,000), as well as bank loans and amounts payable to non-controlling interests[29](index=29&type=chunk) - The gearing ratio increased mainly due to higher total borrowings from cinema expansion and a reduction in net assets impacted by the COVID-19 pandemic[29](index=29&type=chunk) - The Board believes that, considering existing improvement measures and available credit facilities from related parties and banks, the Group will have sufficient financial resources to fund future working capital[30](index=30&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedging](index=9&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging) - The Group's cash and bank balances, income, and expenses are primarily denominated in Hong Kong Dollars, Renminbi, and Malaysian Ringgit[32](index=32&type=chunk) - As most assets, liabilities, and transactions are conducted in the functional currencies of overseas operations, the Group was not significantly affected by major fluctuations in foreign exchange rates during the period[32](index=32&type=chunk) [Termination of Possible Acquisition of Shares in Starry Asia Culture Tourism Group Holdings Limited ("Starry Asia Culture" or "Target Company") and Possible Voluntary Offer](index=9&type=section&id=Termination%20of%20Possible%20Acquisition%20of%20Shares%20in%20Starry%20Asia%20Culture%20Tourism%20Group%20Holdings%20Limited%20%28%22Starry%20Asia%20Culture%22%20or%20%22Target%20Company%22%29%20and%20Possible%20Voluntary%20Offer) - The Company terminated discussions on December 30, 2020, regarding the possible acquisition of shares in Starry Asia Culture Tourism Group Holdings Limited (representing approximately **52.51%** of its issued share capital)[35](index=35&type=chunk) - The termination was due to difficulties in obtaining necessary financial information and due diligence documents from the target group, making it challenging to assess the value of the target company's shares[35](index=35&type=chunk) - No formal or legally binding agreement was entered into between the potential purchaser and the receivers regarding the possible transaction[35](index=35&type=chunk) [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of December 31, 2020, the Group's total number of employees slightly decreased, with total staff costs amounting to HKD 27.6 million; the Group's remuneration policy is based on individual responsibilities, capabilities, experience, and market levels, offering comprehensive employee benefits including a share option scheme | Metric | December 31, 2020 | | :--- | :--- | | Number of Employees | **478** | | Total Staff Costs | **HKD 27,600,000** | - Employee remuneration is determined based on individual responsibilities, capabilities, skills, experience, performance, and market remuneration levels[37](index=37&type=chunk) - Employee benefits include medical and life insurance, provident funds, and other competitive benefits, with a share option scheme adopted to incentivize and reward employees[37](index=37&type=chunk) [Interim Dividend](index=11&type=section&id=Interim%20Dividend) The Board has resolved not to declare any interim dividend for the current period, consistent with the prior corresponding period - The Board has resolved not to declare any interim dividend for the current period (2019: nil)[37](index=37&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 72,099 | 96,062 | | Gross Profit | 39,642 | 57,247 | | Other Income and Gains | 11,323 | 3,113 | | Selling, Distribution and Other Cinema Operating Expenses | (126,371) | (103,138) | | Finance Costs | (31,009) | (22,553) | | Loss Before Tax | (128,131) | (98,974) | | Loss for the Period | (128,131) | (98,974) | | Total Comprehensive Loss for the Period | (108,143) | (103,163) | - Loss for the period attributable to owners of the parent was **HKD 123,430,000** (2019: HKD 94,807,000)[42](index=42&type=chunk) - Basic and diluted loss per share was **HKD 0.04** (2019: HKD 0.03)[42](index=42&type=chunk) - Exchange differences on translation of overseas operations turned from a loss of **HKD 4,189 thousand** in 2019 to a gain of **HKD 19,988 thousand** in 2020[39](index=39&type=chunk) [Condensed Consolidated Statement of Financial Position](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 1,684,320 | 1,625,189 | | Total Current Assets | 101,404 | 91,155 | | Total Current Liabilities | 188,049 | 120,323 | | Net Current Liabilities | (86,645) | (29,168) | | Total Non-current Liabilities | 1,448,271 | 1,338,474 | | Net Assets | 149,404 | 257,547 | | Total Equity | 149,404 | 257,547 | - Property, plant and equipment increased to **HKD 581,504 thousand** (June 30, 2020: HKD 524,524 thousand)[45](index=45&type=chunk) - Trade receivables increased to **HKD 6,467 thousand** (June 30, 2020: HKD 2,532 thousand)[45](index=45&type=chunk) - Interest-bearing bank and other borrowings (non-current) increased to **HKD 224,670 thousand** (June 30, 2020: HKD 146,313 thousand)[48](index=48&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) | Metric | July 1, 2020 (Audited) (HKD thousands) | December 31, 2020 (Unaudited) (HKD thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent | 293,673 | 189,702 | | Non-controlling Interests | (36,126) | (40,298) | | Total Equity | 257,547 | 149,404 | - Loss for the period resulted in a decrease of **HKD 123,430 thousand** in equity attributable to owners of the parent[51](index=51&type=chunk) - Exchange differences on overseas operations generated a gain of **HKD 19,459 thousand**, partially offsetting the loss[51](index=51&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 1,212 | 141,626 | | Net Cash Used in Investing Activities | (61,315) | (243,734) | | Net Cash From / (Used in) Financing Activities | 62,460 | (20,138) | | Net Increase / (Decrease) in Cash and Cash Equivalents | 2,357 | (122,246) | | Cash and Cash Equivalents at End of Period | 44,540 | 42,908 | - Net cash from operating activities significantly decreased from **HKD 141,626 thousand** in 2019 to **HKD 1,212 thousand** in 2020[54](index=54&type=chunk) - Net cash from financing activities shifted from a net outflow in 2019 to a net inflow of **HKD 62,460 thousand** in 2020[54](index=54&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering the basis of preparation, changes in accounting policies, operating segments, revenue, other income and gains, loss before tax, finance costs, income tax, dividends, loss per share, changes in property and equipment, receivables, payables, capital commitments, related party transactions, and fair value measurement of financial instruments[57](index=57&type=chunk) [1. Basis of Preparation](index=18&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements for the period are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, using the historical cost convention; the COVID-19 pandemic negatively impacted the Group's performance, leading to increased net loss and net current liabilities, yet the Board, considering cost-saving measures and available long-term loan facilities, believes the Group will continue on a going concern basis - Net loss attributable to owners of the parent for the period was **HKD 123,430,000** (2019: HKD 94,807,000)[58](index=58&type=chunk) - As of December 31, 2020, net current liabilities were **HKD 86,645,000** (June 30, 2020: HKD 29,168,000), and net assets were **HKD 149,404,000** (June 30, 2020: HKD 257,547,000)[58](index=58&type=chunk) - The Group has secured a long-term loan facility of **HKD 1,200,000,000**, of which **HKD 220,000,000** has been drawn, and a bank revolving loan facility of **HKD 20,000,000**, of which **HKD 2,000,000** has been drawn[60](index=60&type=chunk) - The Board believes that, considering improvement measures and available loan facilities, the Group will have sufficient financial resources to continue on a going concern basis[61](index=61&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=20&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group first applied the revised Hong Kong Financial Reporting Standards effective July 1, 2020, during this period, with the amendment to HKFRS 16 regarding COVID-19-related rent concessions having a significant impact, allowing the Group to recognize **HKD 10,060,000** in rent reductions in profit or loss, while other amendments had no material effect on financial position and performance [Application of Amendments to Hong Kong Financial Reporting Standards](index=20&type=section&id=Application%20of%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards) - The Group has first applied the amendments to the Conceptual Framework for Financial Reporting and HKFRS 3, 9, 39, 7, 16, 1, and 8[64](index=64&type=chunk) [Nature and Impact of Amended Hong Kong Financial Reporting Standards](index=21&type=section&id=Nature%20and%20Impact%20of%20Amended%20Hong%20Kong%20Financial%20Reporting%20Standards) - The amendment to HKFRS 16 allows lessees to elect not to apply lease modification accounting, resulting in the Group recognizing **HKD 10,060,000** in COVID-19-related rent concessions in profit or loss for the period[66](index=66&type=chunk) - Amendments to HKAS 1 and HKAS 8 clarified the definition of "material" but had no impact on the Group's condensed consolidated financial statements[66](index=66&type=chunk) [3. Operating Segment Information](index=22&type=section&id=3.%20Operating%20Segment%20Information) The Group's business is divided into two reportable operating segments: cinema operations and film and cultural event investments, with management assessing segment performance based on adjusted profit/loss before tax; for the period, cinema operations generated **HKD 72,099 thousand** in revenue and a loss of **HKD 123,825 thousand**, while film and cultural event investments generated a gain of **HKD 69 thousand** - The Group's two reportable operating segments are: (a) cinema operations; and (b) film and cultural event investments[68](index=68&type=chunk) - Segment performance is assessed based on reportable segment profit/loss, which is a measure of adjusted profit/loss before tax[68](index=68&type=chunk) [Segment Revenue and Results](index=23&type=section&id=Segment%20Revenue%20and%20Results) | Segment | For the Six Months Ended December 31, 2020 (HKD thousands) | | :--- | :--- | | Cinema Operations Revenue | 72,099 | | Cinema Operations Segment Results | (123,825) | | Film and Cultural Event Investments Segment Results | 69 | | Loss Before Tax | (128,131) | | Segment | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | | Cinema Operations Revenue | 96,062 | | Cinema Operations Segment Results | (91,241) | | Film and Cultural Event Investments Segment Results | (332) | | Loss Before Tax | (98,974) | [4. Revenue](index=25&type=section&id=4.%20Revenue) The Group's revenue, entirely from cinema operations, totaled **HKD 72,099 thousand**, a decrease from the prior period, with disaggregated revenue showing declines in box office, concession sales, and screen advertising services across all major regional markets (mainland China, Hong Kong, and other Asia Pacific regions) | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Cinema Operations Revenue | 72,099 | 96,062 | [Disaggregation of Revenue from Contracts with Customers](index=25&type=section&id=Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) | Category of Goods or Services | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Box Office Revenue | 63,503 | 76,130 | | Concession Sales | 4,611 | 9,116 | | Screen Advertising Services | 1,913 | 6,144 | | Others | 2,072 | 4,672 | | **Total** | **72,099** | **96,062** | | Geographical Market | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Mainland China | 52,804 | 60,776 | | Hong Kong | 19,162 | 31,997 | | Other Asia Pacific | 133 | 3,289 | | **Total** | **72,099** | **96,062** | [Performance Obligations](index=26&type=section&id=Performance%20Obligations) - Performance obligations for box office revenue are satisfied when customers watch a film, typically requiring upfront payment[78](index=78&type=chunk) - Performance obligations for concession sales are satisfied at the point when customers purchase goods and payment is received[79](index=79&type=chunk) - Performance obligations for screen advertising services are satisfied over time as screening services are provided during the agreed period, usually requiring certain upfront payments[80](index=80&type=chunk) [5. Other Income and Gains](index=27&type=section&id=5.%20Other%20Income%20and%20Gains) Other income and gains significantly increased to **HKD 11,323 thousand** during the period, primarily driven by a substantial rise in government subsidies and foreign exchange gains, partially offsetting a decrease in bank interest income | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Bank Deposit Interest Income | 33 | 281 | | Interest Income on Deposits Paid | 703 | 439 | | Fair Value Gain on Financial Assets at FVTPL | 345 | – | | Net Foreign Exchange Gain | 2,950 | 30 | | Government Subsidies | 6,982 | 2,347 | | Others | 310 | 16 | | **Total** | **11,323** | **3,113** | - Government subsidies primarily originated from the Hong Kong Special Administrative Region Government and local Chinese government agencies as incentives to support business development and alleviate operating pressures from the COVID-19 pandemic[83](index=83&type=chunk) [6. Loss Before Tax](index=28&type=section&id=6.%20Loss%20Before%20Tax) The Group's loss before tax increased to **HKD 128,131 thousand**, mainly due to higher depreciation expenses for property, plant and equipment and right-of-use assets; notably, the Group received **HKD 10,060 thousand** in COVID-19-related rent concessions, effectively mitigating some of the loss | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 37,565 | 20,471 | | Depreciation of Right-of-Use Assets | 56,180 | 41,395 | | Fair Value Loss on Financial Assets at FVTPL | – | 4,724 | | Rent Concessions | (10,060) | – | - Depreciation of property, plant and equipment of **HKD 37,390 thousand** and depreciation of right-of-use assets of **HKD 54,354 thousand** are included in "Selling, distribution and other cinema operating expenses"[86](index=86&type=chunk) [7. Finance Costs](index=29&type=section&id=7.%20Finance%20Costs) Finance costs for the period increased to **HKD 31,009 thousand**, primarily due to higher interest expenses on lease liabilities and the emergence of interest expenses on bank and other borrowings | Metric | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 2,383 | – | | Interest Expense on Lease Liabilities | 28,626 | 22,553 | | **Total** | **31,009** | **22,553** | [8. Income Tax](index=29&type=section&id=8.%20Income%20Tax) The Group made no provision for Hong Kong profits tax, PRC enterprise income tax, Macau complementary income tax, or Malaysian corporate income tax for the period, as no assessable profits were generated in these jurisdictions; additionally, the Group is exempt from income tax in Bermuda and the British Virgin Islands - The Group made no provision for Hong Kong profits tax, PRC enterprise income tax, Macau complementary income tax, and Malaysian corporate income tax, as no assessable profits were generated[89](index=89&type=chunk)[90](index=90&type=chunk) - In accordance with the rules and regulations of Bermuda and the British Virgin Islands, the Group is not subject to any income tax[90](index=90&type=chunk) [9. Dividends](index=29&type=section&id=9.%20Dividends) The Board has resolved not to declare any interim dividend for the current period, consistent with the prior corresponding period - The Board has resolved not to declare any interim dividend for the current period (2019: nil)[90](index=90&type=chunk) [10. Loss Per Share Attributable to Owners of the Parent](index=30&type=section&id=10.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic loss per share attributable to owners of the parent for the period was **HKD 0.04**, calculated based on a loss of **HKD 123,430,000** and a weighted average of approximately **3,213,341,000** ordinary shares; no adjustment was made for diluted loss per share as there were no potentially dilutive ordinary shares outstanding [Basic](index=30&type=section&id=Basic) - Basic loss per share was **HKD 0.04** (2019: HKD 0.03), calculated based on the loss for the period attributable to owners of the parent of **HKD 123,430,000** and the weighted average of approximately **3,213,341,000** ordinary shares in issue[92](index=92&type=chunk) [Diluted](index=30&type=section&id=Diluted) - As there were no potentially dilutive ordinary shares in issue for both periods, no adjustment was made to the basic loss per share amounts presented for those periods[93](index=93&type=chunk) [11. Changes in Property, Plant and Equipment](index=30&type=section&id=11.%20Changes%20in%20Property%2C%20Plant%20and%20Equipment) As of December 31, 2020, the carrying amount of property, plant and equipment increased to **HKD 581,504 thousand**, primarily due to new additions and exchange adjustments, partially offset by depreciation expenses | Metric | HKD thousands | | :--- | :--- | | At July 1, 2020 (Audited) | 524,524 | | Additions | 70,941 | | Depreciation Expense | (37,565) | | Exchange Adjustments | 23,604 | | At December 31, 2020 (Unaudited) | 581,504 | [12. Trade Receivables](index=31&type=section&id=12.%20Trade%20Receivables) As of December 31, 2020, net trade receivables increased to **HKD 6,467 thousand**, with most receivables aged within one month, but a significant portion exceeding three months; the Group's trade terms typically require immediate or upfront payment, while other customers are granted a one-month credit period | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Trade Receivables (Net of Impairment) | 6,467 | 2,532 | | Ageing | December 31, 2020 (HKD thousands) | | :--- | :--- | | Within 1 Month | 4,430 | | 1 to 3 Months | – | | Over 3 Months | 2,037 | | **Total** | **6,467** | - Box office revenue, concession sales, and other product sales are typically settled immediately or in advance, while other customers are generally granted a credit period of **1 month**[97](index=97&type=chunk) [13. Trade Payables, Other Payables and Accrued Charges](index=32&type=section&id=13.%20Trade%20Payables%2C%20Other%20Payables%20and%20Accrued%20Charges) As of December 31, 2020, total trade payables, other payables, and accrued charges significantly increased to **HKD 77,862 thousand**, with notable growth in both trade payables and accrued charges, and most trade payables aged within three months | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Trade Payables | 13,156 | 4,847 | | Accrued Charges | 14,769 | 8,257 | | Other Payables | 49,937 | 35,835 | | **Total** | **77,862** | **48,939** | | Ageing | December 31, 2020 (HKD thousands) | | :--- | :--- | | Within 3 Months | 12,702 | | Over 3 Months | 454 | | **Total** | **13,156** | [14. Capital Commitments](index=32&type=section&id=14.%20Capital%20Commitments) As of December 31, 2020, the Group's contracted but unprovided capital commitments for property, plant and equipment amounted to **HKD 19,219 thousand**, a decrease from June 30, 2020 | Metric | December 31, 2020 (HKD thousands) | June 30, 2020 (HKD thousands) | | :--- | :--- | :--- | | Capital Commitments for Property, Plant and Equipment | 19,219 | 39,884 | [15. Related Party Transactions](index=33&type=section&id=15.%20Related%20Party%20Transactions) The Group engaged in several significant related party transactions, including company secretarial fees, consulting fees, financial advisory fees, interest on other borrowings, rental expenses, furniture purchases, reimbursement of administrative expenses, and sales of goods; notably, a **HKD 224,670 thousand** borrowing from a related party is unsecured, interest-bearing, and the lender has agreed not to demand repayment until January 20, 2022 | Transaction Type | For the Six Months Ended December 31, 2020 (HKD thousands) | For the Six Months Ended December 31, 2019 (HKD thousands) | | :--- | :--- | :--- | | Company Secretarial Fees | 100 | 100 | | Consulting Fees | 1 | 691 | | Financial Advisory Fees | 240 | 240 | | Interest on Other Borrowings | 2,357 | – | | Rental Expenses | 9,748 | 9,634 | | Purchase of Furniture | 666 | 4,057 | | Reimbursement of Administrative Expenses | 4,304 | 6,170 | | Sale of Goods | 105 | 393 | - Other borrowings from a family member of a deemed substantial shareholder and a director of the Company had a carrying amount of **HKD 224,670,000**, were unsecured, bore interest at HIBOR plus **2%** per annum, had fixed repayment terms, and the lender agreed not to demand repayment until January 20, 2022[106](index=106&type=chunk) - Amounts due to related companies are unsecured, interest-free, and repayable on demand; amounts due to non-controlling interests are unsecured, interest-free, and not repayable within one year from the end of the reporting period[107](index=107&type=chunk) [16. Fair Value Measurement of Financial Instruments](index=35&type=section&id=16.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's fair value measurements for financial instruments primarily include film production investments (Level 3) and investments in listed equity securities (Level 1); film production investments have a fair value of **HKD 6,300 thousand**, estimated using the income approach (discounted cash flow method) with a discount rate of **6.50%**, while listed equity securities investments have a fair value of **HKD 1,175 thousand** based on market quotations | Financial Instrument | Carrying Amount (HKD thousands) | Fair Value (HKD thousands) | Fair Value Level | Valuation Techniques and Key Inputs | Significant Unobservable Inputs | | :--- | :--- | :--- | :--- | :--- | :--- | | Film Production Investments | 6,300 | 6,300 | Level 3 | Income approach, discounted cash flow method | Discount Rate (**6.50%**) | | Investments in Listed Equity Securities | 1,175 | 1,175 | Level 1 | Market quotation | Not Applicable | - Sensitivity analysis for film production investments' fair value indicates that a **5%** increase/decrease in the discount rate would result in a **HKD 13,000** decrease/increase in fair value[112](index=112&type=chunk) - The Group held no financial liabilities measured at fair value as of December 31, 2020, and June 30, 2020[115](index=115&type=chunk) - During the period, there were no transfers between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3 for financial assets and liabilities[116](index=116&type=chunk) [Directors' and Chief Executive's Interests in Securities](index=37&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Securities) This section discloses the long and short positions held by directors and the chief executive in the Company's shares, underlying shares, and debentures as of December 31, 2020[118](index=118&type=chunk) [Long Position in the Company](index=37&type=section&id=Long%20Position%20in%20the%20Company) As of December 31, 2020, Mr. Yang Zheng Long, as a qualified beneficiary of a private discretionary trust, was deemed to have a long position in **2,371,313,094 shares** of the Company, representing **73.80%** of the issued voting shares | Name of Director | Capacity / Nature of Interest | Number of Shares Held | Percentage of Issued Voting Shares | | :--- | :--- | :--- | :--- | | Mr. Yang | Qualified Beneficiary of a Private Discretionary Trust | 2,371,313,094 | **73.80%** | - These shares are held by Emperor Culture Group Holdings Limited, a wholly-owned subsidiary of Emperor Entertainment Holdings Limited, and held in trust by Alto Trust Limited for a private discretionary trust[119](index=119&type=chunk) [Long Position in Associated Corporations of the Company](index=38&type=section&id=Long%20Position%20in%20Associated%20Corporations%20of%20the%20Company) Directors hold long positions in several associated corporations; Ms. Fan Man Ching beneficially owns **0.29%** of Emperor Group (International) Limited shares, while Mr. Yang Zheng Long, through a private discretionary trust, is deemed to own majority stakes in Emperor Group (International) Limited, Emperor Entertainment Hotel Limited, Emperor Watch & Jewellery Limited, and Ulferts International Limited; Mr. Wong Chi Fai holds **HKD 2,000,000** in debentures of Emperor Group (International) Limited | Name of Director | Name of Associated Corporation | Capacity / Nature of Interest | Number of Shares Held | Percentage of Issued Voting Shares | | :--- | :--- | :--- | :--- | | Ms. Fan Man Ching | Emperor Group (International) Limited | Beneficial Owner | 10,500,000 | **0.29%** | | Mr. Yang | Emperor Group (International) Limited | Qualified Beneficiary of a Private Discretionary Trust | 2,747,610,489 | **74.71%** | | Mr. Yang | Emperor Entertainment Hotel Limited | Qualified Beneficiary of a Private Discretionary Trust | 851,352,845 | **70.07%** | | Mr. Yang | Emperor Watch & Jewellery Limited | Qualified Beneficiary of a Private Discretionary Trust | 4,290,850,000 | **63.29%** | | Mr. Yang | Ulferts International Limited | Qualified Beneficiary of a Private Discretionary Trust | 600,000,000 | **75.00%** | | Name of Director | Name of Associated Corporation | Capacity / Nature of Interest | Amount of Debentures Held | | :--- | :--- | :--- | :--- | | Mr. Wong Chi Fai | Emperor Group (International) Limited | Interest in Controlled Corporation | **HKD 2,000,000** | [Interests of Other Persons in Shares and Underlying Shares](index=39&type=section&id=Interests%20of%20Other%20Persons%20in%20Shares%20and%20Underlying%20Shares) This section discloses the long and short positions held by persons or corporations other than directors and the chief executive in the shares or underlying shares as of December 31, 2020[124](index=124&type=chunk) [Long Position in Shares](index=39&type=section&id=Long%20Position%20in%20Shares) As of December 31, 2020, Emperor Entertainment Holdings Limited, Alto Trust Limited, Dr. Albert Yeung Sau Shing, and Ms. Luk Siu Man (Dr. Yeung's spouse) were all deemed to have a long position in **2,371,313,094 shares** of the Company, representing **73.80%** of the issued voting shares, identical to the interest deemed held by Mr. Yang Zheng Long | Name / Company Name | Capacity / Nature of Interest | Number of Shares Held | Percentage of Issued Voting Shares | | :--- | :--- | :--- | :--- | | Emperor Entertainment Holdings | Interest in Controlled Corporation | 2,371,313,094 | **73.80%** | | Alto Trust Limited | Trustee of a Private Discretionary Trust | 2,371,313,094 | **73.80%** | | Dr. Yeung | Settlor of a Private Discretionary Trust | 2,371,313,094 | **73.80%** | | Ms. Luk | Spouse's Interest | 2,371,313,094 | **73.80%** | - These shares are the same as those in which Mr. Yang is deemed to have an interest, as set out in section (A) of "Directors' and Chief Executive's Interests in Securities" above; Ms. Luk is the spouse of Dr. Yeung[124](index=124&type=chunk) [Corporate Governance and Other Information](index=40&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the Company's corporate governance practices, including its share option scheme, compliance with the Corporate Governance Code and Model Code for Securities Transactions, and the review of the interim report[128](index=128&type=chunk) [Share Options](index=40&type=section&id=Share%20Options) The Company adopted a share option scheme on November 8, 2011, to incentivize employees and directors; however, no share options have been granted under the scheme since its adoption during the period - The Company adopted a share option scheme on November 8, 2011, but no share options have been granted under the scheme since its adoption[128](index=128&type=chunk) [Corporate Governance Code](index=40&type=section&id=Corporate%20Governance%20Code) The Company confirms its continuous compliance with all code provisions of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules throughout the period - During the period, the Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules[128](index=128&type=chunk) [Model Code for Securities Transactions](index=40&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions as set out in Appendix 10 to the Listing Rules for its directors, and all directors have confirmed compliance during the period; relevant employees who may possess unpublished price-sensitive information of the Group also adhere to internal written guidelines consistent with the Model Code - The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as its code of conduct for directors' securities transactions, and all directors have confirmed compliance[128](index=128&type=chunk) - Relevant employees who may possess unpublished price-sensitive information of the Group are also required to comply with the Company's written guidelines, which are consistent with the Model Code[128](index=128&type=chunk) [Review of Interim Report](index=40&type=section&id=Review%20of%20Interim%20Report) The Group's condensed consolidated financial statements for the period have not been audited or reviewed by the Company's auditor, Ernst & Young, but have been reviewed by the Company's Audit Committee, comprising three independent non-executive directors - The Group's condensed consolidated financial statements for the period have not been audited or reviewed by the Company's auditor, Ernst & Young[128](index=128&type=chunk) - This report has been reviewed by the Company's Audit Committee, comprising three independent non-executive directors of the Company[128](index=128&type=chunk) [Changes in Directors' Information](index=40&type=section&id=Changes%20in%20Directors%27%20Information) The Company is unaware of any changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules since the date of the 2019/2020 annual report - The Company is unaware of any changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules since the date of the 2019/2020 annual report[128](index=128&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[130](index=130&type=chunk)

英皇文化產業集團有限公司 Emperor Culture Group Limited Incorporated in Bermuda with limited liability (Stock Code:491) 於 百 慕 達 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 4 9 1 ) ANNUAL REPORT 年報 EMPEROR CINEMAS CONTENTS 目 錄 | --- | --- | --- | |------------------------------------------------|--------------------------|-------| | | | | | Corporate Information and Key Dates | 公司資料及重要日期 | | | Results | 業績 | | | Management Discussion and Analysis | 管理層討論與分析 | | | Biographies of Directors and Senior Management | 董事及高級管理人員之履歷 | 14 | | R ...

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英皇文化產業集團有限公司 Emperor Culture Group Limited Incorporated in Bermuda with limited liability (Stock Code:491) 於 百 慕 娃 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 4 9 1 ) ANNUAL REPORT 年 報 2018/2019 Corporate Information and Key Dates 公司資料及重要日期 2 Management Discussion and Analysis 管理層討論與分析 4 Biographies of Directors and Senior Management 董事及高級管理人員之履歷 13 Report of the Directors 董事會報告 16 Corporate Governance Report 企業管治報告 29 Independent Auditors' Report 獨立核數師報告 53 Consolidated Statement of Profit or Loss and Other Comprehensiv ...

(最新 材料) 英皇文化產業集團有限公司 Emperor Culture Group Limited 於 百 慕 達 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 4 9 1 ) ２０１８/２０１９ 中 期 報 告 目錄 管理層討論及分析 2 簡明綜合損益及其他全面收益表 7 簡明綜合財務狀況表 9 簡明綜合權益變動表 11 簡明綜合現金流量表 12 簡明綜合財務報表附註 13 董事及主要行政人員之證券權益及淡倉 42 其他人士之證券權益及淡倉 43 企業管治及其他資料 44 管理層討論及分析 \\ 英皇文化產業集團有限公司（「本公司」）及其附屬公司（統稱「本集團」）主要從 事娛樂、媒體及文化發展業務（尤其在大中華地區），其中包括(i)戲院發展及營 運；(ii)投資及製作電影、電視節目及其他傳播相關項目；(iii)投資音樂會、現場 演出及劇場表演等各類文化活動；及(iv)證券投資。 市場回顧 在戲院網絡持續擴張的支持下，中國作為世界第二大電影市場，其票房收入於 2018年再度錄得增長。根據國家電影局，2018年中國電影票房收入增長9%至人 民幣610億元。具領導地位的中國娛樂行業研究中心北京藝恩 ...