国际娱乐(01009) - 2025 - 年度业绩

Company Overview and Financial Highlights This section presents the company's financial performance for the year, highlighting revenue growth and increased losses Financial Highlights FY2025 highlights show significant revenue growth, substantial loss increase, and no final dividend Financial Highlights Comparison: FY2025 vs FY2024 | Metric | Year Ended June 30, 2025 (HK$ thousand) | Year Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Loss Before Tax | (272,965) | (162,246) | | Loss for the Year Attributable to Owners of the Company | (282,145) | (131,964) | | Loss Per Share — Basic (HK cents) | (20.61) | (9.64) | - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025[2] Consolidated Financial Statements This section provides a detailed overview of the company's financial position and performance through its comprehensive income and financial position statements Consolidated Statement of Comprehensive Income FY2025 revenue grew, but increased expenses led to a wider loss before tax and attributable to owners Key Data from Consolidated Statement of Comprehensive Income (2025 vs 2024) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Gaming taxes and levies | (180,731) | (17,792) | | Cost of sales | (112,183) | (79,564) | | Gross profit | 273,245 | 132,430 | | Other income | 44,250 | 17,895 | | Net other losses | (82,638) | (15,506) | | Fair value change of investment properties | (23,315) | (14,145) | | Selling and marketing expenses | (74,494) | (4,220) | | General and administrative expenses | (326,550) | (204,639) | | Finance costs | (91,824) | (70,633) | | Loss before tax | (272,965) | (162,246) | | Income tax (expense)/credit | (9,180) | 30,282 | | Loss for the year attributable to Owners of the Company | (282,145) | (131,964) | | Basic loss per share (HK cents) | (20.61) | (9.64) | - Gross profit margin decreased from 57.6% in 2024 to 48.3% in 2025, primarily due to increased gaming taxes and levies after taking over casino operations[3][73] - Share of results of associates turned from a loss of HK$4,090 thousand in 2024 to a gain of HK$5,686 thousand in 2025[3] Consolidated Statement of Financial Position As of June 30, 2025, total assets increased, but net assets and equity decreased, with non-current liabilities up Key Data from Consolidated Statement of Financial Position (2025 vs 2024) | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Assets | | | | Property, plant and equipment | 793,127 | 1,069,582 | | Investment properties | 336,000 | – | | Loans receivable | 99,992 | 57,602 | | Total assets | 2,536,098 | 2,324,298 | | Liabilities | | | | Total current liabilities | 238,279 | 600,621 | | Total non-current liabilities | 1,524,723 | 706,888 | | Total liabilities | 1,763,002 | 1,307,509 | | Equity | | | | Net assets | 773,096 | 1,016,789 | | Total equity | 773,096 | 1,016,789 | - Net current assets significantly increased from HK$16,151 thousand in 2024 to HK$524,609 thousand in 2025[5] - Promissory notes were reclassified from HK$441,291 thousand in current liabilities in 2024 to HK$467,986 thousand in non-current liabilities in 2025, significantly impacting the current liability structure[5][6][62] - Bank borrowings substantially increased, with non-current bank borrowings rising from HK$578,360 thousand in 2024 to HK$930,134 thousand in 2025[6][67] Notes to the Financial Statements This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements Basis of Preparation This section outlines financial statement preparation, covering company nature, business, standards, and currencies - The company is an investment holding company primarily engaged in hotel operations, gaming operations (under a provisional license), and live poker events[8] - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance, adhering to the disclosure requirements of the Listing Rules of the Stock Exchange[9] - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars for the convenience of Hong Kong-listed companies and shareholders[11] Adoption of New and Revised Hong Kong Financial Reporting Standards This section details new and revised HKFRS adopted, focusing on liability classification and future presentation impacts - This year marked the first application of amendments to HKAS 1 (Revised) and HK Interpretation 5, clarifying guidance on classifying liabilities as current or non-current and assessing non-current liabilities with covenants[13][14][15] - These amendments had no significant impact on the Group's financial position or performance for the current and prior years[12][16] - HKFRS 18 'Presentation and Disclosure in Financial Statements', issued but not yet effective, is expected to change how the company presents results in the statement of comprehensive income and discloses information in the notes, but will only affect presentation, not financial position or performance[18] Segment Reporting The Group's business is divided into hotel, gaming, and live events segments, with gaming dominating revenue and assets - The Group has three reportable segments: hotel operations (Philippine hotel business), gaming operations (operating gaming business under a provisional license and leasing gaming venues), and live events (live poker activities)[21] Segment Revenue and Results for FY2025 | Segment | Revenue (HK$ thousand) | Proportion | Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hotel Operations | 56,211 | 9.9% | (19,613) | | Gaming Operations | 509,948 | 90.1% | (234,889) | | Live Events | – | 0% | (147) | | Consolidated | 566,159 | 100% | (254,649) | Segment Assets and Liabilities for FY2025 | Segment | Segment Assets (HK$ thousand) | Segment Liabilities (HK$ thousand) | | :--- | :--- | :--- | | Hotel Operations | 113,058 | 36,722 | | Gaming Operations | 2,133,087 | 1,184,004 | | Live Events | 1,473 | 2,520 | | Consolidated | 2,247,618 | 1,223,246 | - Gaming operations revenue surged by 200.0% from HK$169,954 thousand in 2024 to HK$509,948 thousand in 2025, primarily due to the Group taking over casino operations and recognizing gross gaming revenue[25][29][30][72] - Hotel operations revenue slightly decreased by 6.0% from HK$59,832 thousand in 2024 to HK$56,211 thousand in 2025, mainly due to hotel rooms being closed for renovation[25][29][30][72] - Revenue from the largest customer decreased from 53% of total revenue in 2024 to 12% in 2025, indicating reduced customer concentration[33] Other Income Other income significantly increased this year, driven by higher interest and miscellaneous income from short-term leases Composition of Other Income (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 32,023 | 15,546 | | Miscellaneous income | 12,227 | 2,349 | | Total | 44,250 | 17,895 | - Miscellaneous income primarily includes rental income from short-term leases of idle hotel units as offices to external parties, increasing from HK$747 thousand in 2024 to HK$8,942 thousand in 2025[35] Loss Before Tax Loss before tax widened significantly this year, mainly due to increased staff costs, depreciation, and gaming taxes Key Components of Loss Before Tax (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' emoluments | 5,488 | 5,223 | | Total staff costs | 158,025 | 87,474 | | Total depreciation | 97,264 | 43,237 | | Amortisation of intangible assets | 3,744 | 3,586 | | Fair value change of investment properties | 23,315 | 14,145 | | Auditors' remuneration (audit services) | 3,100 | 3,510 | | Cost of inventories recognised as expense | 8,845 | 5,544 | | Provision for expected credit losses — trade receivables | 4,757 | (2,294) | | Gaming taxes and levies | 180,731 | 17,792 | - Total staff costs increased significantly by 77.6%, mainly due to the recruitment of additional staff for casino operations and management[36][77] - Gaming taxes and levies surged from HK$17,792 thousand in 2024 to HK$180,731 thousand in 2025, a primary factor contributing to the decline in gross profit margin and widening loss[36][73] Income Tax (Expense)/Credit The company recorded an income tax expense this year, facing significant tax disputes in the Philippines, with no provision Income Tax (Expense)/Credit (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax | (17,818) | – | | Deferred tax credit | 8,638 | 30,282 | | Income tax (expense)/credit | (9,180) | 30,282 | - Group entities engaged in gaming operations in the Philippines are exempt from corporate income tax but are subject to a 5% gaming tax on gross gaming revenue[38] - The company faces tax disputes in the Philippines totaling approximately HK$695,003 thousand, spanning multiple financial years, but the Board, based on independent advice, believes the company has valid legal arguments for defense and no additional tax liability, thus no provision has been made[40][41][42] Dividends The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[43] Loss Per Share Basic and diluted loss per share widened this year, reflecting an increase in the company's overall loss Loss Per Share (2025 vs 2024) | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (20.61) | (9.64) | | Diluted loss per share | (20.61) | (9.64) | - The conversion of convertible bonds was not assumed in calculating diluted loss per share, as their exercise would have an anti-dilutive effect[44] Investment Properties Fair value loss on investment properties increased, with reclassified properties measured at fair value by valuers Fair Value Changes of Investment Properties (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fair value loss | (23,315) | (14,145) | | Revaluation gain on transfer from owner-occupied properties to investment properties | 19,178 | – | | Fair value as at June 30 | 336,000 | – | - On May 9, 2024, all investment properties (previously casino and office floors leased to PAGCOR) were reclassified to 'Property, plant and equipment'; this year, certain areas of the hotel and casino complex, with a carrying amount of HK$334,822 thousand, were leased to independent tenants and reclassified from 'Property, plant and equipment' to investment properties[47] - Fair value is determined using the income approach, with key assumptions including a long-term revenue growth rate of 3.5%, a discount rate of 12%, and a capitalization rate of 7.5%[48] Loans Receivable The Group provided three partially secured loans to associates, with sufficient collateral and no significant credit losses - Two loans were granted to associate HVPHI: one with a principal of HK$46,892 thousand (2024: HK$45,285 thousand) at an annual interest rate of 3.5%, secured by land; and another with a principal of HK$12,798 thousand (2024: HK$12,317 thousand) at an annual interest rate of 3.5%, unsecured and repayable on demand[50][51] - This year, a loan facility of PHP500,000,000 (approximately HK$69,366 thousand) was granted to associate PBBI at an annual interest rate of 6%, secured by apartment properties, with HK$40,302 thousand already drawn down[51] Financial Assets at Fair Value Through Profit or Loss The Group's unlisted fund investments are measured at fair value through profit or loss, recording a fair value loss Financial Assets at Fair Value Through Profit or Loss (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unlisted fund investments | 4,423 | 4,481 | - Unlisted fund investments refer to approximately 48% equity interest in Foresight Fund III Limited Partnership, over which the Group has no control or significant influence[52][53] - A fair value loss of HK$533 thousand (2024: HK$723 thousand) was recorded this year, with fair value determined using the sum-of-the-net-assets method and market approach[54] Trade Receivables Trade receivables significantly increased this year, with a corresponding rise in provision for expected credit losses Trade Receivables and Provisions (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 42,818 | 1,972 | | Less: Provision for expected credit losses | (5,213) | (574) | | Net | 37,605 | 1,398 | Ageing Analysis of Trade Receivables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 22,211 | 1,025 | | 31 to 60 days | 7,160 | – | | 61 to 90 days | 5,713 | 23 | | Over 90 days | 2,521 | 350 | | Total | 37,605 | 1,398 | - The Group generally grants credit terms of 0 to 90 days to customers and holds no collateral as security[57] Other Receivables, Deposits and Prepayments Total other receivables, deposits, and prepayments slightly increased, mainly due to other recoverable taxes and prepayments Other Receivables, Deposits and Prepayments (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deposits | 16,144 | 3,773 | | Other recoverable taxes | – | 44,422 | | Other receivables | 889 | 26,720 | | Prepayments — acquisition of property, plant and equipment | 81,099 | 58,111 | | Prepayments — others | 40,000 | 3,258 | | Interest receivable | 13,540 | 1,661 | | Total | 139,301 | 150,316 | | Non-current portion | 104,092 | 71,615 | | Current portion | 35,209 | 78,701 | Trade Payables, Other Payables and Accruals Total trade payables and other payables increased, driven by significant growth in unredeemed chips and gaming tax provisions Trade Payables, Other Payables and Accruals (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 1,209 | 4,133 | | Unredeemed chips | 12,727 | 1,967 | | Interest payable | 17,411 | 17,156 | | Provision for gaming taxes | 25,706 | 9,815 | | Jackpot accruals | 19,014 | 12,796 | | Professional service fees | 9,783 | 6,397 | | Others | 53,202 | 47,333 | | Total | 137,843 | 95,464 | - Unredeemed chips significantly increased from HK$1,967 thousand in 2024 to HK$12,727 thousand in 2025, a net increase of HK$10,760 thousand, reflecting a rise in chips held by customers and gaming promoters[59] Ageing Analysis of Trade Payables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 614 | 2,472 | | 31 to 60 days | 230 | 1,565 | | 61 to 90 days | 200 | 96 | | Over 90 days | 165 | – | | Total | 1,209 | 4,133 | Promissory Notes The company issued new promissory notes to replace maturing ones, increasing the total, and all are classified as non-current - On March 31, 2025, the company issued new promissory notes totaling approximately HK$467,986 thousand to replace maturing debts from 2024 promissory notes, at an annual interest rate of 6%[62] - The 2025 promissory notes mature on March 31, 2027, and the company has the right to defer repayment for at least twelve months after the reporting period, thus all are classified as non-current liabilities[62] Bank Borrowings Bank borrowings significantly increased this year for casino operations and resort development, secured by assets, with covenants Bank Borrowings (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank borrowings — secured | 990,067 | 578,360 | - Two bank facilities were obtained this year: one for PHP4,320,000,000 (fully drawn), bearing floating interest at the higher of one-year PHP BVAL Reference Rate +2% or 7.5% per annum; and another for US$50,000,000 (approximately HK$392,387 thousand, fully drawn), bearing interest at 3.75% per annum[65] - Bank borrowings are secured by property, plant and equipment, investment properties, bank balances, land use rights of associates, and apartment units, with financial guarantees provided by associates[66] - The company must comply with financial covenants requiring a debt-to-equity ratio of no more than 2.33 times and a debt service coverage ratio of at least 1.10 times[67] Management Discussion and Analysis This section reviews the company's financial and business performance, outlook, liquidity, risks, and future plans for the year Financial Review FY2025 financial performance saw significant revenue growth from gaming, but increased expenses led to a wider loss - The Philippine casino gaming market is projected to grow at a compound annual growth rate of 9.2% between 2023 and 2033, driven by enhanced local spending power and tourism development[70][71] - Total revenue significantly increased from approximately HK$229,800 thousand in 2024 to approximately HK$566,200 thousand in 2025, primarily driven by a 200.0% surge in gaming operations revenue to approximately HK$509,900 thousand[72] - Gross profit margin decreased from 57.6% in 2024 to 48.3% in 2025, mainly due to increased gaming taxes and levies after taking over casino operations[73] - Selling and marketing expenses increased by 1,665.3% to approximately HK$74,500 thousand, primarily for marketing activities related to casino operations[76] - General and administrative expenses increased by 56.8% to approximately HK$326,600 thousand, mainly due to the recruitment of additional staff and higher utility costs from casino business expansion[77] - Finance costs increased by 30.0% to approximately HK$91,800 thousand, primarily due to new bank borrowings[78] - A loss of approximately HK$282,100 thousand and a loss per share of approximately HK$20.61 cents were recorded this year, significantly wider than last year's loss of HK$132,000 thousand and loss per share of HK$9.64 cents[78][79] Business Review The Group's principal businesses include gaming, hotel, and live events, with gaming operations showing strong growth - Gaming operations revenue significantly increased by 200.0% to approximately HK$509,900 thousand, accounting for 90.1% of the Group's total revenue, primarily benefiting from taking over casino operations[81] - Hotel operations revenue slightly decreased by 6.0% to approximately HK$56,200 thousand, mainly due to hotel room renovations and upgrades[82] - The live events segment did not host any live poker events this year, resulting in no revenue[83] Outlook The company is cautiously optimistic about the Philippine gaming industry, planning renovations and diversified financing - The Philippine gaming industry has immense growth potential, benefiting from diversified gaming facilities and government tourism support policies, with international visitor numbers continuously increasing[84][85] - The Group has been granted a provisional license by PAGCOR, committing to a total investment of US$1,000,000,000 to US$1,200,000,000 for establishing and operating a casino and hotel[86] - The company plans hotel renovations to upgrade facilities and enhance customer experience, and will create additional gaming space in the casino basement, increasing the maximum number of gaming tables to over 110 and slot machines to over 920[87] - The Board will consider various financing methods, including bank borrowings, debt financing, and/or equity financing, to support the further development of the integrated resort and maintain liquidity levels[88] Liquidity, Financial Resources and Capital Structure Net current assets improved, but net assets decreased, with reallocated placement proceeds supporting renovation - Net current assets increased from HK$16,200 thousand in 2024 to HK$524,600 thousand in 2025[89] - Net assets attributable to owners of the company decreased by 24.0% from HK$1,016,800 thousand in 2024 to HK$773,100 thousand in 2025[91] - The 2025 promissory notes (totaling approximately HK$468,000 thousand) have been classified as non-current liabilities, while convertible bonds (totaling approximately HK$53,000 thousand) were fully repaid during the year[90] - The gearing ratio increased from 64.7% in 2024 to 114.0% in 2025[96] Use and Application of Placement Proceeds (as at June 30, 2025) | Intended Use (HK$ million) | Revised Allocation (HK$ million) | Utilized (HK$ million) | Unutilized (HK$ million) | | :--- | :--- | :--- | :--- | | Hotel renovation | 150.0 | 150.0 | – | | Development and financing of new hotel plot | 52.6 | 52.6 | – | | Potential land acquisition | – | – | – | | General working capital | 38.5 | 38.5 | – | | Contract price payment for construction service agreements | 117.4 | 103.4 | 14.0 | | Total | 358.5 | 344.5 | 14.0 | - The company has reallocated the entire unutilized net proceeds from the placement, approximately HK$117,400 thousand, as contract price payments for construction contracts, expected to be fully utilized by the end of 2025[93] Risks and Uncertainties The company faces market competition, economic uncertainties, regulatory risks, and tax disputes, with pledged assets - The Group's casinos and hotels face intense market competition and significant risks from new entrants potentially intensifying competition[99] - The company's business is highly sensitive to economic downturns, political and social conditions, and changes in relevant laws and regulations in its operating locations[100] - Certain of the company's subsidiaries operating in the Philippines are involved in tax disputes with the Philippine Bureau of Internal Revenue (BIR), creating uncertainties[100] - Bank borrowings and bank facilities are secured by the Group's properties, bank balances, land use rights of associates, and apartment units[102] Significant Acquisitions and Disposals and Material Investments This year, the company entered construction service agreements for hotel renovation and obtained a provisional casino license - On May 30, 2025, the company entered into a second phase construction service agreement with a total contract price of approximately HK$136,910 thousand for hotel renovation and construction works[103] - On February 14, 2025, the company entered into a first phase construction service agreement with a total contract price of approximately HK$191,320 thousand for hotel renovation and construction works[104] - The Group has been granted a provisional license by PAGCOR to establish and operate a casino and develop an integrated resort in the Philippines, with a total investment commitment of no less than US$1,000,000,000 and no more than US$1,200,000,000[105] Future Plans for Material Investments or Capital Assets The Group will explore market opportunities, including property renovations, to enhance profitability and returns - The Group will continue to explore the market and identify business opportunities with growth and development potential, including renovation plans to improve the Group's owned and leased properties to enhance profitability[107] Exchange Rate Fluctuation Risk and Any Related Hedging The company faces currency risk from multi-currency denominations of assets, liabilities, income, and expenses, with no current hedging - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars[108] - The Group's assets, liabilities, income, and expenses are primarily denominated in Hong Kong Dollars, US Dollars, Philippine Pesos, and Euros, thus exposing it to currency risk[109] - The Group currently does not have any foreign exchange hedging policy in place, but management will monitor foreign exchange risk and consider appropriate hedging policies as needed in the future[109] Final Dividend The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of any dividend for the current year (prior year: nil)[110] Employees and Remuneration Policy Total employees and staff costs increased due to casino expansion, with remuneration based on performance, experience, and market Number of Employees and Staff Costs (2025 vs 2024) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 1,312 | 1,001 | | Total staff costs | 158,000 HK$ thousand | 87,500 HK$ thousand | - The increase in staff costs was primarily due to the recruitment of additional staff for casino operations and management[77][111] - The remuneration policy, recommended by the Remuneration Committee, is determined based on individual performance, experience, Group performance, industry remuneration benchmarks, and market conditions, and includes medical, insurance, and retirement benefits[111] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities this year - During the current year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[112] Sufficiency of Public Float As of the announcement date, the company maintained a sufficient public float as required by the Listing Rules - As of the date of this annual results announcement, the company maintained a sufficient public float as required by the Listing Rules throughout the year[113] Corporate Governance and Other Information This section details the company's adherence to corporate governance standards, auditor's scope, and other relevant disclosures Compliance with Corporate Governance Code The company complied with the Corporate Governance Code, though combined Chairman and CEO roles deviate but enhance efficiency - The company has complied with the applicable provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the current year[114] - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Ho Wong Meng, which deviates from Code Provision C.2.1, but the Board believes this arrangement contributes to strong leadership and efficient business decision-making[115] Standard Securities Dealing Code for Directors The company adopted the Standard Code for directors' securities transactions, with all directors confirming compliance for the year - The company has adopted the Standard Code as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[116] - All directors have confirmed that they have complied with the Standard Code throughout the current year and up to the date of this annual results announcement[116] Scope of Work of the Auditor The auditor agreed financial data is consistent with audited statements, but their work is not an assurance engagement - The Group's auditor, BDO Limited, has agreed that the financial data contained in this annual results announcement is consistent with the amounts set out in the Group's audited consolidated financial statements for the current year[117] - The work performed by the auditor in this respect does not constitute an assurance engagement and consequently no assurance has been expressed on this annual results announcement[117] Review by Audit Committee The Audit Committee reviewed audited consolidated financial statements, deeming them prepared according to standards and Listing Rules - The Audit Committee has reviewed the Group's audited consolidated financial statements for the current year and is of the opinion that such statements were prepared in accordance with applicable accounting standards and the Listing Rules[118] - The Audit Committee comprises three independent non-executive directors, with changes in membership after the announcement date[118] Publication of Annual Results and Annual Report This annual results announcement is published online, and the full annual report will be dispatched to shareholders and published - This annual results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the company's website (www.ientcorp.com)[119](index=119&type=chunk) - The company's annual report for the current year, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the websites of the Stock Exchange and the company in due course[119]