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].
国际娱乐(一万)(01009) - 2024 - 年度财报