英皇文化产业(00491) - 2023 - 年度财报

Financial Performance - The Group recorded a 48.7% increase in revenue, reaching HK$456.2 million for the year ended June 30, 2023, compared to HK$306.7 million in 2022[13]. - The net loss for the year amounted to HK$317.0 million, an increase from HK$218.4 million in 2022, with a basic loss per share of HK$0.10[13]. - Revenue from cinema operations increased by 48.7$456.2 million, with box office takings contributing HK$389.1 million, accounting for 85.3$295.8 million, representing 64.8% of cinema operation revenue[15]. - Emperor Culture Group Limited reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year 2022/2023, representing a growth of 15% compared to the previous year[37]. - The company reported a net profit margin of 12% for the fiscal year, reflecting improved operational efficiency and cost management strategies[37]. Market and Industry Trends - Annual box office sales in mainland China reached RMB20 billion in May 2023, breaking the previous record set in 2022[12]. - The recovery of the film industry in Hong Kong significantly contributed to the revenue increase, as cinemas resumed normal operations[11]. - Consumer spending in mainland China showed a concrete revival only in the last quarter of the year after pandemic containment measures were lifted[12]. - The Group's performance was positively impacted by a strong consumer desire for leisure spending and cinema visits in Hong Kong[11]. - The Group is optimistic about the film exhibition market due to increasing disposable income and a supportive five-year plan from the China Film Administration[20]. Operational Developments - The Group opened four new cinemas in mainland China during the year, bringing the total to 22 cinemas across various regions[16]. - An Emperor Cinemas Plus+ was opened in Tai Wai, Hong Kong, and another Emperor Cinemas in Chongqing, mainland China, with plans for further openings in 2024[19]. - The cinemas are positioned as high-end premium venues equipped with advanced technologies such as IMAX® and Dolby Atmos[17]. - The Group faced increased operating expenses due to the opening of new cinemas and recognized an impairment allowance related to right-of-use assets and fixed assets[13]. Financial Position and Resources - As of June 30, 2023, the Group's cash and cash equivalents amounted to HK$82.0 million, down from HK$117.4 million in 2022[22]. - As of June 30, 2023, the Group's total borrowings increased to HK$685.9 million, up from HK$542.7 million in 2022, with a gearing ratio of 48.9% compared to 30.0% in the previous year[23]. - The Group has sufficient financial resources to meet future working capital and financing requirements, as confirmed by the Board[24]. Corporate Governance and Compliance - The Company has not recommended any final dividend for the year, consistent with the previous year[32]. - The Company has adopted a share option scheme to incentivize staff, details of which will be provided in the annual report[31]. - The Company fully complied with all code provisions of the Corporate Governance Code during the year[111]. - The Board is committed to high standards of corporate governance ensuring accountability, responsibility, and transparency[110]. - The Company emphasizes performance-based remuneration for Directors and employees[105]. Strategic Initiatives and Future Outlook - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by new film releases and enhanced digital services[37]. - The company is investing in new technologies, with a budget allocation of HKD 50 million for digital transformation initiatives aimed at improving customer experience[37]. - Market expansion plans include the opening of three new cinema locations in key urban areas, expected to be operational by Q3 2024[37]. - The company is exploring potential acquisitions in the entertainment sector to diversify its portfolio and enhance market presence[37]. - The company has launched a new loyalty program, aiming to increase customer retention by 25% over the next year[37]. Risk Management and Internal Controls - The Group aims to manage significant risks, including ESG risks, to achieve its strategic objectives and formulate risk management strategies[183]. - The Audit Committee is responsible for reviewing the effectiveness of ESG-related risk management and internal control systems[185]. - The Group's internal control measures and procedures have been reviewed, covering all material controls including financial, operational, and compliance controls[178]. - The Group conducts annual discussions with management regarding the adequacy of resources and training programs related to internal control and ESG performance[191]. Shareholder and Director Interests - As of June 30, 2023, Mr. Alex Yeung holds 2,371,313,094 shares, representing 73.80% of the issued shares of the Company[71]. - The Company has a total of 321,334,089 share options available for grant, which is 10% of the shares in issue as of the date of the annual report[76]. - The interests of Directors and Chief Executives are recorded in compliance with the Securities and Futures Ordinance[69]. - The Company has no other Directors or Chief Executives with interests or short positions in shares or debentures as of June 30, 2023[75].