Financial Performance - The company reported a loss for the period amounting to HK$136,633,000 for the six months ended December 31, 2022[6]. - The company incurred a loss before taxation of HK$136,742,000 for the period[40]. - The loss for the period was HK$3,430,000, an improvement from a loss of HK$4,099,000 in the prior year, indicating a reduction in losses by approximately 16.3%[135]. - The loss attributable to the owners of the Company for the six months ended 31 December 2022 was HK$6,407,000 compared to a loss of HK$136,633,000 for the same period in 2021[70]. - The diluted loss per share for the six months ended 31 December 2022 was HK$0.47[58]. Revenue and Income - For the six months ended 31 December 2022, the consolidated revenue was HK$27,635,000, with hotel operations generating HK$11,960,000 and gaming operations generating HK$15,675,000[40]. - For the six months ended 31 December 2022, the Group reported interest income of HK$4,690,000, an increase from HK$1,908,000 in the same period of 2021, representing a growth of 146.5%[23]. - The Group's other income totaled HK$5,311,000 for the six months ended 31 December 2022, compared to HK$2,369,000 in the previous year, indicating a year-on-year increase of 123.1%[23]. - Revenue from the Philippines market was HK$94,050,000, with hotel operations contributing HK$34,692,000 and gaming operations contributing HK$59,358,000[42]. - Room revenue accounted for HK$23,126,000, while food and beverage revenue was HK$10,770,000 during the same period[42]. Taxation and Legal Matters - The company did not make any provision for taxation in Hong Kong as there were no assessable profits during the period[50]. - 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[69]. - The disputed tax assessments with the Bureau of Internal Revenue in the Philippines amount to approximately Peso3,676,000,000 (approximately HK$515,802,000) for the years 2008, 2012, 2014, and 2015[69]. - MSPI received a formal letter of demand for alleged deficiency taxes for the year 2018 amounting to approximately Peso767,663,000 (approximately HK$107,700,000) inclusive of penalties and interest[69]. - The company believes it has valid legal arguments to defend against the tax dispute and has the right to request a refund of the garnished amounts[161]. Segment Information - The Group's reportable segments include "Hotel Operation," "Gaming Operation," and "Live Events," with no live poker events held during the period due to the COVID-19 pandemic[5]. - The "Gaming Operation" segment involves leasing investment properties equipped with entertainment equipment to PAGCOR and participation in gaming operations[5]. - The "Hotel Operation" segment represents the operation of hotel business in the Philippines, contributing to the Group's overall revenue[5]. - The Group's operating segments are determined based on internal management reporting information reviewed by executive Directors to allocate resources and assess performance[5]. Assets and Liabilities - The Group's net assets attributable to owners of the equity were HK$65,058,000 as of December 31, 2022, down from HK$69,718,000 as of June 30, 2022, a decline of 6.7%[135]. - Trade receivables increased to HK$16,810,000 as of December 31, 2022, compared to HK$13,475,000 as of June 30, 2022, reflecting a growth of 24.3%[145]. - The provision for expected credit losses on trade receivables was HK$492,000 as of December 31, 2022, slightly down from HK$494,000 as of June 30, 2022[145]. - The total accounts payable increased by 36% from HK$2,088,000 as of June 30, 2022, to HK$2,837,000 as of December 31, 2022[173]. Financial Instruments and Debt - The convertible bond financial liability at amortized cost increased to HK$44,273,000 as of December 31, 2022, from HK$42,663,000 at the beginning of the period[180]. - Amortized interest for the convertible bond during the period was HK$1,610,000, reflecting ongoing financing costs[180]. - The Group issued a 5-year zero coupon convertible bond with a principal amount of HK$53,000,000 on July 5, 2019, allowing conversion into ordinary shares at a price of HK$1.01[182]. - The host debt component of the bond is recognized as "financial liabilities at amortized cost," while the conversion derivatives are recognized as "financial liabilities at fair value through profit and loss"[182]. - The Group's financial liabilities include both the host debt and the conversion derivatives, which did not meet the "fixed for fixed" test under HKAS 32[182]. Corporate Governance and Management - The company’s head office is located in Hong Kong, with its registered office in the Cayman Islands[13]. - The Group has not early adopted any new and revised HKFRSs that have been issued but not yet effective in the current accounting period[14]. - The company recognized unallocated other income of HK$192,000 during the period[40]. - Short-term employee benefits for key management personnel increased to HK$2,227,000 for the six months ended 31 December 2022, up from HK$1,524,000 in the previous year[83]. Sustainability and Reporting - The interim financial statements were authorized for issue on February 28, 2023, and prepared in accordance with HKAS 34[11]. - The Group's financial statements for the six months ended 31 December 2022 are unaudited, reflecting interim performance[16]. - The interim report is printed on environmentally friendly paper, reflecting the Group's commitment to sustainability[194].
国际娱乐(一万)(01009) - 2023 - 中期财报