FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國際娛樂有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01009 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 200,000,000,000 | HKD | | 0.01 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | | | 本月底結存 | | 200,000,000,000 | HKD | | 0.01 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： ...

开胜启宏平台的主体运营机构——开胜国际娱乐有限公司，就近期服务期内出现的状况发布了正式公告。该公司以高度负责的态度，积极制定并执行处理措 施，旨在全力维护用户的切身利益。 公告显示，公司已成立专项工作组，由高层管理人员亲自挂帅，全面负责用户事项的后续处理。工作组将确保与每位用户建立畅通的沟通渠道，并依照既定 方案，稳妥推进各项工作。目前，工作组组织架构清晰，职责分工明确，相关基础性工作也在有序进行。开胜国际娱乐有限公司在公告中多次向用户表达感 谢与理解，并诚挚地希望获得用户的耐心配合。公司承诺将调动一切必要资源，确保处理工作的公开、透明、有序进行。 此次公告的发布，为用户提供了了解处理进度的官方渠道。公司建议用户仅通过官方公告获取最新信息，避免被不实传闻误导。开胜启宏平台的这一举动， 展现了其勇于担当的企业形象，赢得了社会各界的广泛期待。我们期待开胜启宏平台后续能够顺利落实各项工作，圆满解决所有服务后续事宜，为用户提供 更加优质、稳定的服务。 3 - 19 a 1 重要通知 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國際娛樂有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01009 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 200,000,000,000 | HKD | | 0.01 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | | | 本月底結存 | | 200,000,000,000 | HKD | | 0.01 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： ...

5月19日，截至港股收盘，恒生指数下跌0.05%，报23332.72点。国际娱乐（01009.HK）收报1.38港元/ 股，上涨7.81%，成交量29万股，成交额39.97万港元，振幅5.47%。 行业估值方面，旅游及消闲设施行业市盈率（TTM）平均值为41.45倍，行业中值-0.66倍。国际娱乐市 盈率-9.18倍，行业排名第79位；其他易站绿色科技（08475.HK）为0.39倍、LET GROUP（01383.HK） 为0.7倍、嘀嗒出行（02559.HK）为1倍、OKURA HOLDINGS（01655.HK）为1.13倍、陆庆娱乐 （08052.HK）为1.34倍。 资料显示，国际娱乐有限公司是一家投资控股公司。该公司的业务包括酒店运营以及出租用於博彩及相 关休闲娱乐活动的物业。该公司通过两大部门运营:酒店部门及租赁部门。酒店部门包括酒店业务的经 营。租赁部门出租配备有娱乐设施的投资物业。该公司的子公司包括Lucky Genius Limited、Fortune Growth Overseas Limited、Maxprofit International Limited和CTF Hotel and ...

Group 1 - The core viewpoint of the news highlights the recent performance of International Entertainment (01009.HK), which saw a significant increase in stock price by 12.75% to HKD 1.15 per share, despite a cumulative decline of 42.37% over the past month [1] - Financial data indicates that for the year ending December 31, 2024, International Entertainment achieved total revenue of HKD 248 million, representing a year-on-year growth of 154.55%, while the net profit attributable to shareholders was a loss of HKD 87.996 million, a decrease of 163% [1] - The company's gross margin stands at 33.98%, with a debt-to-asset ratio of 64.69% [1] Group 2 - The company operates as an investment holding entity, focusing on hotel operations and leasing properties for gaming and related leisure activities, divided into hotel and leasing departments [2] - The hotel department encompasses the management of hotel businesses, while the leasing department is responsible for renting out investment properties equipped with entertainment facilities [2] - Subsidiaries of the company include Lucky Genius Limited, Fortune Growth Overseas Limited, Maxprofit International Limited, and CTF Hotel and Entertainment, Inc. [2] Group 3 - The tourism and leisure facilities industry has an average price-to-earnings (P/E) ratio of 36.19 times, with a median of -0.66 times, while International Entertainment's P/E ratio is -7.32 times, ranking 78th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Easy Station Green Technology (08475.HK) at 0.3 times, LET GROUP (01383.HK) at 0.7 times, OKURA HOLDINGS (01655.HK) at 0.95 times, Dida Chuxing (02559.HK) at 0.96 times, and Luqing Entertainment (08052.HK) at 1.34 times [1]

Revenue and Profitability - Revenue for the six months ended December 31, 2024, was HK$267,622,000, a significant increase from HK$105,134,000 for the same period in 2023, representing a growth of 154%[9] - Gross profit for the same period was HK$90,946,000, compared to HK$67,001,000 in the previous year, indicating a growth of 36%[9] - The company reported a loss before taxation of HK$88,371,000, which is an increase from a loss of HK$36,805,000 in the prior year[9] - Total comprehensive loss for the period was HK$94,750,000, compared to HK$42,237,000 in the same period last year, reflecting an increase in losses of 124%[9] - The diluted loss per share attributable to owners was HK$6.94, compared to HK$2.64 in the previous year, indicating a worsening of financial performance[9] - The company reported a net loss of HK$95,024,000 for the six months ended December 31, 2024, compared to a loss of HK$36,131,000 for the same period in the previous year[13] Expenses and Costs - General and administrative expenses rose to HK$150,567,000 from HK$80,449,000, marking an increase of 87%[9] - Finance costs increased to HK$45,672,000 from HK$27,252,000, representing a rise of 68%[9] - Total staff costs for the six months ended December 31, 2024, were HK$76,842,000, significantly higher than HK$32,958,000 for the same period in 2023, indicating an increase of approximately 133%[77] - Utilities expenses increased by approximately 157.6% to approximately HK$8.4 million compared to approximately HK$3.3 million in the Previous Period[185] Assets and Liabilities - As of December 31, 2024, total assets increased to HK$2,611,579,000 from HK$2,324,298,000 as of June 30, 2024, representing an increase of approximately 12.3%[10] - Current liabilities rose to HK$969,022,000 as of December 31, 2024, compared to HK$600,621,000 as of June 30, 2024, indicating a significant increase of approximately 61.2%[10] - Non-current liabilities totaled HK$720,518,000 as of December 31, 2024, up from HK$706,888,000 as of June 30, 2024, reflecting a slight increase of about 1.8%[11] - The company's net assets decreased to HK$922,039,000 as of December 31, 2024, down from HK$1,016,789,000 as of June 30, 2024, a decline of approximately 9.3%[11] Cash Flow - For the six months ended December 31, 2024, the net cash used in operating activities was HK$46,515,000, a significant decrease compared to the net cash generated of HK$18,335,000 for the same period in 2023[18] - The net cash generated from investing activities was HK$6,112,000, a recovery from a net cash used of HK$53,268,000 in the previous year[20] - The net cash generated from financing activities was HK$304,488,000, down from HK$601,726,000 in the prior period, indicating a decrease of approximately 49.5%[20] - The total cash and cash equivalents at the end of the period stood at HK$682,686,000, down from HK$1,051,678,000 at the end of December 2023[20] Taxation and Disputes - The company has ongoing tax disputes in the Philippines with the Bureau of Internal Revenue (BIR) amounting to approximately Php5,009,650,000 for the years 2008, 2012, 2014, 2015, 2018, and 2019[83] - The Court of Tax Appeal (CTA) ruled in favor of the company regarding the 2015 tax assessment, ordering the BIR to refund Php426,000,000 previously collected[84] - The company has not made any provisions for the tax disputes in its financial statements for the six months ended 31 December 2024 and 2023, despite the potential obligations[91] Segment Performance - The Group's revenue from gaming operations increased significantly from approximately HK$71.0 million for the six months ended 31 December 2023 to approximately HK$240.0 million for the current period[178] - Revenue from hotel operations for the six months ended December 31, 2023, was HK$34,111,000, while gaming operations generated HK$71,023,000[53] - The Group's hotel operation revenue for the period was approximately HK$27.6 million, down from approximately HK$34.1 million in the previous period due to renovations[179] Financial Position and Equity - The equity attributable to owners of the company decreased to HK$922,039,000 as of December 31, 2024, from HK$1,016,789,000 as of June 30, 2024, a decrease of approximately 9.3%[11] - The company’s retained profits decreased to HK$1,196,193,000 as of December 31, 2024, down from HK$1,291,217,000 as of July 1, 2024, a decline of approximately 7.4%[13] - The Group did not propose any interim dividend for the six months ended 31 December 2024, consistent with the previous year[102] Other Financial Metrics - The Group recorded a net foreign exchange gain of approximately HK$3.5 million, compared to a net loss of approximately HK$12.0 million in the previous period[181] - The Group recognized a fair value gain of HK$17,000 for the six months ended December 31, 2024, compared to a fair value loss of HK$225,000 in the same period of 2023[120] - The Group recognized a gain on redemption of convertible bonds on maturity amounting to HK$3,208,000 for the six months ended December 31, 2024[74]

Revenue and Profitability - Revenue for the six months ended December 31, 2024, was HKD 267,622,000, a significant increase from HKD 105,134,000 for the same period in 2023, representing a growth of approximately 154%[2] - Gross profit for the same period was HKD 90,946,000, compared to HKD 67,001,000 in the previous year, indicating a year-over-year increase of about 36%[2] - Other income increased to HKD 11,356,000 from HKD 6,697,000, marking a growth of approximately 69%[2] - The company reported a significant increase in selling and marketing expenses, which rose to HKD 179,000 from zero in the previous period, indicating a strategic push in market expansion[2] - The group reported a total revenue of HKD 267,622,000 for the six months ending December 31, 2024, with a significant contribution from the hotel operations segment[20] - Total revenue for the six months ended December 31, 2023, was HKD 105,134,000, with hotel operations contributing HKD 34,111,000 and gaming operations contributing HKD 71,023,000[21] Losses and Financial Position - The company reported a loss attributable to owners of the company of HKD 95,024,000 for the six months ended December 31, 2024, compared to a loss of HKD 36,131,000 in the prior period, reflecting a deterioration in performance[3] - The total comprehensive loss for the period was HKD 94,750,000, compared to HKD 42,237,000 in the previous year, indicating a significant increase in losses[3] - The basic loss per share was HKD 6.94, compared to HKD 2.64 in the same period last year, reflecting a worsening of the company's financial position[3] - The group’s total pre-tax loss for the period was HKD 88,371,000[20] - The company reported a loss of HKD 36,805,000 before tax for the same period, reflecting significant operational challenges[21] - The group recorded a loss of approximately HKD 95,000,000, compared to a loss of approximately HKD 36,100,000 in the previous period[67] Assets and Liabilities - Total assets increased to HKD 2,611,579,000 from HKD 2,324,298,000, representing an increase of approximately 12.3% year-over-year[5] - Current liabilities rose to HKD 969,022,000 from HKD 600,621,000, indicating a significant increase of approximately 61.1%[5] - Total liabilities increased to HKD 1,756,577,000 from HKD 1,707,526,000, a rise of approximately 2.9%[5] - The company’s total equity increased to HKD 855,002,000 from HKD 616,772,000, representing a growth of approximately 38.7%[5] - The company’s current assets totaled HKD 855,002,000, up from HKD 616,772,000, reflecting an increase of about 38.7%[5] - The company’s bank borrowings decreased from HKD 392,387,000 to HKD 0, indicating a reduction of 100%[5] Market Operations and Strategy - The company operates primarily in hotel operations and gaming businesses, with a focus on the Philippines and Macau markets[9] - The company plans to continue its focus on expanding its market presence and enhancing its product offerings in the upcoming periods[2] - Future outlook includes potential growth in revenue driven by increased gaming operations and hotel occupancy rates in key markets[9] - The company aims to enhance its market presence through strategic expansions in the gaming and hospitality sectors[9] - The company plans to enhance its market expansion strategies, particularly in the gaming sector, to drive future growth[21] Financial Management and Reporting - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The financial results are unaudited but have been reviewed by the company's audit committee, which consists of independent non-executive directors[14] - The company has not adopted any new accounting standards that have been issued but not yet effective during the current reporting period[12] - The group has not reported any significant impact from the new accounting standards on prior periods[16] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and compliance[112] Taxation and Legal Matters - The company has an estimated contingent liability of approximately PHP 5,009,650,000 related to disputed tax assessments for the years 2008, 2012, 2014, 2015, 2018, and 2019[36] - A tax dispute involving approximately PHP 5,009,650,000 exists between the company's Philippine subsidiary and the Bureau of Internal Revenue for several years[33] - The company has not made any provisions for tax disputes in its condensed consolidated interim financial statements as of December 31, 2024, and June 30, 2023[36] - The company is currently awaiting a decision from the Court of Tax Appeals regarding tax assessments and penalties for the year 2015, which includes a refund of PHP 426,000,000[34] - The company submitted a motion for reconsideration regarding the 2015 tax decision, which is still under review as of the announcement date[34] Future Investments and Developments - The company plans to allocate approximately HKD 150 million from the proceeds of a share placement for hotel renovations, HKD 100 million for developing nearby land, and HKD 70 million for potential land acquisitions in the Philippines[85] - The total investment commitment for upgrading and renovation projects is expected to be between USD 1 billion and USD 1.2 billion, with approximately HKD 117.4 million of unutilized proceeds allocated for contract payments related to construction contracts[86] - The company has utilized HKD 150 million for hotel renovations and HKD 52.6 million for the development of new hotel sites, leaving a balance of HKD 117.4 million for future use[88] - The company has obtained bank loans amounting to HKD 392.4 million to establish and operate a casino and develop an integrated resort, with an annual interest rate of 3.75%[90] Risks and Challenges - The company continues to face significant risks and uncertainties from intense market competition in its casino and hotel operations[101] - The business is highly sensitive to economic uncertainties and regulatory risks, particularly in relation to potential changes in laws and regulations affecting gaming operations[103] - The company is exposed to foreign exchange risks due to its operations primarily in Hong Kong dollars, US dollars, and other currencies, without implementing any foreign exchange hedging policies[104] - The company is sensitive to economic downturns and political and social conditions, which may impact its operations[103] Corporate Governance - The board of directors does not recommend the payment of any interim dividend for the six months ended December 31, 2024, consistent with no dividend declared for the same period in 2023[40] - The chairman and CEO roles are held by the same individual, which the board believes strengthens leadership and decision-making[109] - The board is considering various financing methods, including bank loans and debt financing, to support business expansion and maintain liquidity[78]

Financial Performance - The Group's revenue for the year ended June 30, 2024, was approximately HK$229.8 million, representing an increase of approximately 10.9% compared to HK$207.2 million in the previous year[8]. - The Group reported a gross profit of approximately HK$132.4 million for the year, a decrease of approximately 3.1% from HK$136.6 million in the previous year[8]. - The Group's gaming revenue for the year increased from approximately HK$133.5 million to approximately HK$170.0 million, reflecting a growth of about 27.4%[6]. - Total revenue for the year rose to approximately HK$229.8 million, representing an increase of approximately 10.9% from the previous year's revenue of about HK$207.2 million[6]. - Other income for the year was approximately HK$17.9 million, an increase of approximately 49.9% compared to HK$11.9 million in the previous year[17]. - The Group recorded a loss of approximately HK$132.0 million for the Year, compared to a profit of approximately HK$18.3 million in the Previous Year, resulting in a loss per share of approximately 9.64 HK cents[24]. - Revenue from hotel operations decreased to approximately HK$59.8 million, a decline of approximately 18.8% from approximately HK$73.7 million in the Previous Year, primarily due to room renovations[28]. - The Group received an income tax credit of approximately HK$30.3 million for the Year, compared to an income tax expense of approximately HK$2.8 million in the Previous Year[23]. Operational Developments - The Group commenced limited operations in the entire casino operation of an integrated resort in Manila, Philippines, following the granting of a provisional license by PAGCOR on September 27, 2023[13]. - The grant of the provisional license is expected to enhance the Group's future earning capability and potential, marking a milestone in its ability to operate and manage casino business independently[13]. - The Group's expertise in casino operation and management will be leveraged following the commencement of operations under the Provisional License, enhancing future earning potential[36]. - The Group plans to utilize approximately HK$150.0 million for hotel renovations, HK$100.0 million for the development of adjacent land, and HK$70.0 million for potential acquisitions in the Philippines[41]. - The Group has committed to invest between US$1.0 billion (approximately HK$7.82 billion) and US$1.2 billion (approximately HK$9.38 billion) for the integrated resort project under the Provisional License[64]. Market and Economic Context - The Philippine gaming market is undergoing significant transformation, with government initiatives aimed at positioning the country as a premier gaming and entertainment destination in Asia and globally[13]. - The Philippine economy is one of Southeast Asia's fastest-growing economies, supported by favorable government policies and a strong tourism growth rate in 2023[10]. - The Philippine gaming industry's gross gaming revenues (GGR) reached a record PHP285.3 billion in 2023, surpassing pre-pandemic levels[6]. - Visitor expenditure in the Philippines from January to July 2024 reached approximately PHP323.7 billion, a 13.2% increase from PHP286.0 billion during the same period in 2023[6]. - The Philippine Department of Tourism aims for 7.7 million international tourist arrivals in 2024, with 1.2 million arrivals recorded from January to March 2024[32]. - The Directors believe that the influx of tourists will boost the economy and benefit the gaming and entertainment industry in the Philippines[33]. Financial Position and Liabilities - As of June 30, 2024, the Group's net current assets were approximately HK$16.2 million, a decrease from HK$132.4 million as of June 30, 2023, representing a decline of approximately 87.8%[38]. - Current assets amounted to approximately HK$616.8 million as of June 30, 2024, compared to HK$602.5 million as of June 30, 2023, indicating a slight increase of approximately 2.1%[40]. - The Group's current liabilities were approximately HK$600.6 million as of June 30, 2024, up from HK$470.1 million as of June 30, 2023, reflecting an increase of approximately 27.8%[40]. - Net cash used in operating activities for the year was approximately HK$30.5 million, compared to net cash generated of approximately HK$6.7 million in the previous year[40]. - Net assets attributable to the owners of the Company decreased to approximately HK$1,016.8 million as of June 30, 2024, down approximately 15.8% from HK$1,207.0 million as of June 30, 2023[40]. Governance and Management - The Board does not recommend the payment of any dividend for the Year[62]. - The Company acts as an investment holding company with its principal place of business located in Hong Kong[84]. - The Company has received confirmations of independence from all independent non-executive directors as per the Listing Rules[107]. - The Company’s Articles of Association stipulate that certain directors will retire by rotation at the upcoming annual general meeting[106]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[164]. - The Company has adopted a code of conduct for Directors that meets or exceeds the Model Code standards, with all Directors confirming compliance during the Year[164]. - The Company will engage with recruitment agencies to identify potential successors for the Board to enhance gender diversity if necessary[199]. Risks and Challenges - The Group continues to face significant risks from market competition and economic uncertainties[62]. - The Group remains cautiously optimistic about the tourism and gaming industry outlook in the Philippines despite geopolitical tensions impacting global economic recovery[37]. - The group has not implemented any foreign currency hedging policy but will monitor foreign currency exposure and consider appropriate hedging in the future[68]. Employee and Operational Costs - The total number of employees as of June 30, 2024, was 1,001, with staff costs for the year amounting to approximately HK$87.5 million, a significant increase from HK$33.8 million in the previous year[68]. - General and administrative expenses increased by approximately 110.9% to approximately HK$204.6 million, with staff costs accounting for about 42.1% of these expenses[21]. - Finance costs for the year were approximately HK$70.6 million, representing an increase of approximately 166.8% compared to HK$26.5 million in the previous year[22].

Financial Performance - Total revenue for the year ended June 30, 2024, was HKD 229,786,000, an increase of 10.8% from HKD 207,219,000 for the previous year[1] - The company reported a loss before tax of HKD 162,246,000 compared to a profit of HKD 21,101,000 in the previous year[2] - Loss attributable to shareholders for the year was HKD 131,964,000, a significant decline from a profit of HKD 18,282,000 in the prior year[2] - Basic loss per share was HKD 9.64, compared to earnings of HKD 1.34 per share in the previous year[3] - Gross profit decreased to HKD 132,430,000 from HKD 136,626,000, reflecting a decline in gross margin[2] - Other income increased to HKD 17,895,000 from HKD 11,938,000, indicating growth in non-operating revenue sources[2] - Total operating expenses rose significantly to HKD 204,639,000 from HKD 97,024,000, highlighting increased costs[2] - The company incurred financial expenses of HKD 70,633,000, up from HKD 26,474,000 in the previous year, indicating higher borrowing costs[2] - The company did not recommend a dividend for the year ended June 30, 2024, reflecting its financial challenges[1] Assets and Liabilities - As of June 30, 2024, total assets amounted to HKD 2,324,298,000, an increase of 22.5% from HKD 1,898,227,000 in the previous year[4] - Non-current assets include property, plant, and equipment valued at HKD 1,069,582,000, significantly up from HKD 141,409,000 year-over-year[4] - Current assets include inventories of HKD 4,716,000, a substantial increase from HKD 1,152,000 in the previous year[4] - Total liabilities increased to HKD 600,621,000 from HKD 470,092,000, reflecting a rise of 27.7%[5] - The company's equity as of June 30, 2024, was HKD 1,016,789,000, down from HKD 1,206,959,000, indicating a decrease of 15.7%[5] - The group’s total liabilities reached HKD 1,307,509,000, with HKD 721,653,000 attributed to the gaming operations segment and HKD 73,797,000 to hotel operations[20] Segment Performance - As of June 30, 2024, the total revenue from the hotel operations segment was HKD 59,832,000, while the gaming operations segment generated HKD 169,954,000, leading to a combined revenue of HKD 229,786,000[19] - The total loss before tax for the group was HKD 162,246,000, with segment losses of HKD 27,710,000 from hotel operations and HKD 59,136,000 from gaming operations[19] - The revenue from gaming operations was approximately HKD 170 million, an increase of about 27.3% from approximately HKD 133.5 million in the previous year, accounting for about 74.0% of total group revenue[68] - Revenue from hotel operations was approximately HKD 59.8 million, a decrease of about 18.8% from approximately HKD 73.7 million in the previous year, with room revenue accounting for about 70.5% of total hotel revenue[69] Strategic Initiatives - The company is focusing on strategic initiatives to improve performance and explore new market opportunities moving forward[1] - The company has made significant investments in new technologies and market expansion, focusing on the gaming and hospitality sectors in the Philippines and Macau[6] - The company plans to enhance its operational capabilities and expand its market presence through strategic partnerships and acquisitions[6] - The group plans to consider various financing methods to expand its business and maintain liquidity levels for further development of the integrated resort[73] Compliance and Standards - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[7] - The group has adopted the revised Hong Kong Accounting Standard No. 1, which replaces "significant accounting policies" with "significant accounting policy information" in financial statements[12] - The group does not expect the application of the revised standards to have a significant impact on its financial position and performance[12] - The consolidated financial statements for the year have been reviewed by the Audit Committee, confirming compliance with applicable accounting standards and listing rules[95] Tax and Legal Matters - The group’s subsidiary in the Philippines is involved in a tax dispute with the Bureau of Internal Revenue amounting to approximately PHP 5,009,650,000 (approximately HKD 670,691,000) for various assessment years[36] - The company has not made any provisions in the consolidated financial statements for the tax disputes as of June 30, 2024[38] - The group has received approval from the Court of Tax Appeals to cancel a tax seizure order, allowing for potential recovery of seized funds[61] Market Outlook - The group maintains a cautiously optimistic outlook on the prospects of the Philippine tourism and gaming industry despite potential challenges from geopolitical tensions[73] - The Philippine government is implementing regulatory reforms aimed at enhancing the country's position in Asia and globally, which is expected to benefit the gaming and tourism sectors[71] - The board believes that the influx of tourists will promote economic development in the Philippines and benefit the gaming and entertainment industry[71] Employee and Operational Costs - Total employee costs for the year 2024 amounted to HKD 87,474,000, significantly higher than HKD 33,829,000 in 2023, reflecting increased staffing and operational costs[33] - The total number of employees as of June 30, 2024, is 1,001, with employee costs amounting to approximately HKD 87.5 million, compared to HKD 33.8 million in the previous year[87]

Financial Performance - Total interest income for the six months ended 31 December 2023 was HK$6,051,000, an increase of 29.1% compared to HK$4,690,000 for the same period in 2022[15]. - Total finance costs increased significantly to HK$27,252,000 for the six months ended 31 December 2023, compared to HK$11,656,000 in the previous year, representing a rise of 133.5%[15]. - The net foreign exchange loss for the period was HK$12,020,000, indicating a significant impact on financial performance[10]. - The loss attributable to the owners of the Company for the six months ended 31 December 2023 was HK$36,131,000, compared to a loss of HK$6,407,000 for the same period in 2022, indicating a significant increase in losses[43]. - Basic and diluted loss per share for the six months ended 31 December 2023 was (2.64) HK cents, compared to (0.47) HK cents for the same period in 2022, reflecting a deterioration in financial performance[47]. - Revenue for the six months ended 31 December 2023 was HK$2,352,000, a decrease of 41.7% compared to HK$4,027,000 for the same period in 2022[88]. - The company reported a loss of HK$316,000 for the period, compared to a profit of HK$3,311,000 in the previous year[88]. - Total comprehensive loss for the period was HK$316,000, compared to a comprehensive profit of HK$3,311,000 in the previous year[88]. Taxation and Legal Matters - The income tax credit for the six months ended 31 December 2023 was HK$674,000, compared to HK$255,000 for the same period in 2022, showing an increase of 164.7%[24]. - The company's operations in the Philippines had no assessable profits, resulting in no provision for taxation in the financial statements for the current period[31]. - The Group's subsidiary in Macau is subject to a profits tax rate of 12%, but no provision for taxation was made as there were no assessable profits during the current period[37]. - A tax dispute involving Marina Square Properties, Inc. and the Bureau of Internal Revenue in the Philippines pertains to alleged deficiency taxes amounting to approximately Php3,676,000,000 (approximately HK$518,181,000) for the years 2008, 2012, 2014, and 2015[37]. - On 4 May 2022, MSPI received a formal letter of demand for 2018, claiming a tax deficiency of approximately Php767,633,000 (approximately HK$108,196,000)[37]. - MSPI filed an administrative protest with the BIR for the 2018 tax demand on 3 June 2022, and the case is ongoing[37]. - On 13 June 2023, MSPI received a preliminary assessment notice for alleged deficiency taxes for 2019 amounting to approximately Php537,118,000 (approximately HK$75,706,000)[38]. - MSPI submitted supporting documents for reinvestigation of the 2019 tax demand on 10 November 2023, with a 180-day period for resolution[38]. - The estimated contingent liabilities for alleged deficiency taxes for 2018 and 2019 total approximately Php1,304,800,000 (approximately HK$183,902,000) as of 31 December 2023[38]. Assets and Liabilities - The total depreciation expense for the period was HK$30,813,000, which includes depreciation of property, plant, and equipment[21]. - The Group acquired property, plant, and equipment amounting to approximately HK$56,059,000 during the six months ended 31 December 2023, a substantial increase from HK$2,591,000 in the same period of 2022[55]. - The fair value of the Group's investment properties as of 31 December 2023 was approximately HK$991,000,000, up from HK$989,000,000 as of 30 June 2023, indicating stability in property valuations[67]. - Properties valued at approximately HK$106,000,000 are pledged to a bank to secure loans and general banking facilities granted to the Group[56]. - The Group's loan receivables as of December 31, 2023, include a principal loan of Php338,000,000 (equivalent to HK$47,676,000) to Harbor View Properties and Holdings, Inc., with an interest rate of 3.5% per annum[80]. - The Group's interest in associates decreased from HK$42,479,000 as of June 30, 2023, to HK$41,132,000 as of December 31, 2023[82]. - The Group holds a 40% stake in Harbor View Properties and Holdings, Inc., which operates as a property developer in the Philippines[84]. - The fair value measurement of investment properties is classified as Level 3 in the fair value hierarchy, indicating significant unobservable inputs[75]. - The Group's average credit period for customers ranges from 0 to 90 days, with no collateral held as security[115]. - Trade receivables increased to HK$18,369,000 as of December 31, 2023, up from HK$17,293,000 as of June 30, 2023[113]. - The provision for expected credit losses remained relatively stable at HK$2,963,000 as of December 31, 2023, compared to HK$2,953,000 as of June 30, 2023[113]. - The net trade receivables after provision stood at HK$15,406,000 as of December 31, 2023, compared to HK$14,340,000 as of June 30, 2023[113]. - Non-current assets decreased slightly to HK$87,404,000 from HK$88,161,000, a decline of 0.9%[88]. - Net assets attributable to owners of the equity decreased to HK$38,214,000 from HK$38,737,000 as of 30 June 2023, reflecting a decline of 1.4%[88]. - The group's share of the net assets of the associate was HK$15,286,000, down from HK$15,495,000, indicating a decrease of 1.4%[88]. Financial Management and Strategy - The Group did not propose an interim dividend for the six months ended 31 December 2023, consistent with the previous year[48]. - The revenue growth rate for the period was reported at 3.5%, reflecting modest growth in the Group's operations[61]. - No impairment loss was recognized for the Hotel Operation CGU for the six months ended 31 December 2023, similar to the previous year, indicating stable asset performance[58]. - The company completed a capital reduction on August 11, 2023, reducing the par value of each issued share from HK$1.00 to HK$0.01, resulting in a transfer of HK$1,355,465,000 from share capital to accumulated losses[134]. - The number of issued and fully paid shares remained at 1,369,157,235 as of December 31, 2023, following the capital reduction[134]. - The authorized share capital was adjusted to 200,000,000,000 shares after the share subdivision[134]. - The interim report for the six months ended December 31, 2023, indicates ongoing efforts in financial restructuring and capital management[138]. - The company is focusing on improving its financial health by addressing accumulated losses through capital adjustments[134]. - Future strategies may include enhancing collection processes to reduce overdue receivables and improve cash flow[129]. - The company is exploring market expansion opportunities as part of its growth strategy[138]. Debt and Financing - On 30 March 2023, Fortune Growth issued 6 new promissory notes (the "2023 PNs") with a principal amount of HK$69,385,381 each, totaling HK$416,312,285, representing the principal and accrued interest of the 2022 PNs[143]. - The 2023 PNs carry interest at a fixed rate of 6% per annum, accruing on the outstanding principal amount from the issue date until full repayment[143]. - As of 31 December 2023, a banking facility of Php4,320,000,000 (approximately HK$608,896,000) has been utilized, with interest charged at PHP BVAL Reference Rate +2% per annum[146][147]. - The bank loan and facility are secured by the Group's properties, including approximately HK$106,000,000 in properties, plant and equipment, and HK$991,000,000 in investment properties[148]. - The total non-current bank borrowings as of 31 December 2023 amount to HK$608,896,000[146]. - The 2023 PNs are due and payable on the business day immediately preceding the first anniversary of their issue date[143]. - Fortune Growth has not defaulted on the repayment of the 2022 PNs prior to the exchange for the 2023 PNs[143]. - The promissory notes are denominated in HK$, which is the foreign currency of the relevant group entity[144]. - The total amount of the 2023 PNs includes both principal and accrued interest from the previous notes[143]. - As of December 31, 2023, total non-current bank loans scheduled for repayment include approximately HK$106,000,000 for properties, HK$991,000,000 for investment properties, and HK$39,000,000 for certain bank balances[154]. Investments and Fair Value - The fair value of the convertible bond's conversion derivatives as of December 31, 2023 is determined using a binomial option pricing model, with an expected volatility of 69.47% and a risk-free rate of 4.46%[160]. - The total capital expenditure contracted but not yet accounted for at the end of the reporting period is HK$138,806,000, a significant increase from HK$41,984,000 as of June 30, 2023[167]. - Interest income from associates for the six months ended December 31, 2023, was HK$1,109,000, compared to HK$1,073,000 for the same period in 2022[170]. - Lease payments to associates amounted to HK$(2,329,000) for the six months ended December 31, 2023, down from HK$(2,846,000) in the previous year[170]. - The amortized interest for the convertible bond during the period was HK$2,430,000, reflecting an increase from the previous balance[164]. - The total financial liability at amortized cost for the convertible bond as of December 31, 2023, is HK$49,485,000, while the financial liability at fair value through profit and loss is HK$1,463,000[164]. - The fair value adjustments for the convertible bond during the period resulted in a decrease of HK$3,130,000[164]. - Financial assets at fair value through profit or loss decreased from HK$5,302,000 to HK$5,129,000, a decline of approximately 3.26%[182]. - Financial assets at amortised costs increased significantly from HK$584,121,000 to HK$1,135,224,000, representing a growth of approximately 94.3%[182]. - Financial liabilities at fair value through profit or loss decreased from HK$4,593,000 to HK$1,463,000, a reduction of approximately 68.3%[182]. - Financial liabilities at amortised cost rose from HK$539,314,000 to HK$1,155,989,000, an increase of approximately 114.4%[182]. - Total financial assets increased from HK$589,423,000 to HK$1,140,353,000, reflecting a growth of approximately 93.4%[182]. - Total financial liabilities increased from HK$543,907,000 to HK$1,157,452,000, indicating a rise of approximately 112.5%[182]. - The fair value measurement hierarchy includes Level 1, Level 2, and Level 3 inputs for financial instruments[185]. - The company continues to engage in significant transactions with associates, including lease payments related to land and employee accommodations in the Philippines[179].