Revenue Performance - Total revenue increased by 25.9% to HKD 267,186,000 for the six months ended December 31, 2023, compared to HKD 212,231,000 in 2022[5] - Box office revenue rose by 19.3% to HKD 219,964,000, accounting for 82.3% of total revenue[7] - Revenue from the mainland China market surged to HKD 117,300,000, representing 43.9% of cinema operation revenue, up from 25.4% in 2022[7] - Revenue increased by 25.9% to HKD 267,186,000, driven by a 117.9% increase in revenue from operations in mainland China, which reached HKD 117,298,000[28] - The group's revenue from cinema operations for the six months ended December 31, 2023, was HKD 267,186,000, an increase of 25.9% compared to HKD 212,231,000 for the same period in 2022[38] - Revenue from the mainland China market was HKD 117,298,000, significantly up from HKD 53,827,000 in the previous year, reflecting strong growth in this region[39] Financial Losses - Net loss narrowed to HKD 143,218,000 from HKD 145,230,000 in the previous year[5] - The company reported a net loss attributable to shareholders of HKD 143,218,000 for the six months ended December 31, 2023, compared to a loss of HKD 141,848,000 in the same period of 2022, reflecting a slight increase in losses[27] - Total comprehensive loss attributable to shareholders was HKD 142,245,000 for the period, down from HKD 148,348,000 in the previous year[27] - The group's adjusted loss before tax for the six months ended December 31, 2023, was HKD 143,218,000, compared to a loss of HKD 145,230,000 for the same period in 2022, indicating a slight improvement[36] - The cinema operations segment recorded a loss of HKD 118,489,000 for the six months ended December 31, 2023, compared to a loss of HKD 131,760,000 for the same period in 2022[36] - The group reported a basic loss attributable to ordinary shareholders of HKD 143,218,000 for the period, compared to HKD 141,848,000 in the previous year[49] Operational Developments - The group opened a new Emperor Cinemas Plus+ in Hong Kong and a new Emperor Movie City in Chongqing, increasing its total number of cinemas to 23[8] - The group plans to continue cautious expansion in mainland China and Hong Kong while closely monitoring market conditions[11] Financial Position - As of December 31, 2023, total borrowings increased to HKD 798,400,000 from HKD 685,900,000 as of June 30, 2023[12] - The asset-liability ratio rose to 60.2% from 48.9% in the previous period[12] - Current liabilities net amount was HKD 277,583,000, compared to HKD 263,868,000 as of June 30, 2023, indicating an increase in short-term obligations[27] - Non-current liabilities increased to HKD 1,637,849,000 as of December 31, 2023, from HKD 1,570,638,000 as of June 30, 2023[24] - The company maintained a long-term loan financing from a related party amounting to HKD 1,200,000,000, with a book value of HKD 708,083,000 as of December 31, 2023[29] - The company has a revolving loan financing from a bank amounting to HKD 20,000,000, with a book value of HKD 20,028,000 as of December 31, 2023[29] - The company's cash and cash equivalents totaled HKD 64,942,000 as of December 31, 2023, down from HKD 81,986,000 as of June 30, 2023[27] Cost Management - Employee costs totaled HKD 63,200,000, an increase from HKD 58,500,000 in 2022[16] - The group incurred depreciation expenses of HKD 41,543,000 for property, plant, and equipment, down from HKD 49,931,000 in the previous year, indicating cost management efforts[44] - The group has implemented cost reduction and improvement measures to control operating expenses and cash outflows for the current and future years[28] - The group's financial costs for the six months ended December 31, 2023, amounted to HKD 50,255,000, an increase from HKD 39,024,000 in the previous year[46] Dividend and Taxation - No interim dividend was declared for the period, consistent with the previous year[17] - The group did not declare any interim dividend for the year ending June 30, 2024, consistent with the previous year[48] - The group has not made any provisions for income tax in Hong Kong, Bermuda, or the British Virgin Islands due to no taxable profits generated during the period[8] Receivables and Payables - Trade receivables increased to HKD 27,373,000 as of December 31, 2023, from HKD 25,956,000 as of June 30, 2023[51] - Trade payables decreased to HKD 44,540,000 as of December 31, 2023, down from HKD 60,857,000 as of June 30, 2023[54] - Trade receivables aged analysis shows that receivables within one month increased to HKD 15,110,000 from HKD 11,733,000[53] - The group has maintained strict control over overdue receivables, with management regularly reviewing outstanding amounts[52] Other Financial Information - The group reported a total of HKD 3,095,000 in other income for the six months ended December 31, 2023, a significant decrease from HKD 8,425,000 in the same period of 2022, primarily due to a drop in government subsidies[43] - The group received government subsidies totaling HKD 443,000 during the six months ended December 31, 2023, a sharp decline from HKD 6,628,000 in the same period of 2022[43] - The group's total sales to external customers for the cinema operations segment were HKD 267,186,000, with no revenue reported from film investments during the period[36] - The group’s total liabilities, including trade payables and other payables, amounted to HKD 123,155,000 as of December 31, 2023[54] - The interim financial statements have not been reviewed by the company's auditor but were reviewed by the audit committee[55] Going Concern - The company continues to adopt a going concern basis in preparing its financial statements, supported by its assessment of available financial resources[31] - The group has not repurchased, sold, or redeemed any of its listed securities during the period[58]
英皇文化产业(00491) - 2024 - 中期业绩