Financial Performance - For the six months ended December 31, 2022, the total revenue was HK$77,775,000, with segment revenues of HK$2,855,000 from film and TV series production, HK$35,012,000 from film exhibition, and HK$39,908,000 from pan entertainment services[26]. - The group reported a loss of HK$4,332,000 for the same period, with specific losses of HK$1,625,000 from film and TV series production, HK$1,344,000 from film exhibition, and a profit of HK$14,180,000 from pan entertainment[27]. - The Group reported total staff costs of HK$17,794,000 for the period, a decrease of 23% from HK$23,138,000 in the previous year[37]. - Directors' emoluments decreased to HK$1,907,000 from HK$2,048,000, reflecting a reduction of approximately 7%[37]. - Gross profit for the Group was approximately HK$36.1 million, a decrease of approximately HK$56.1 million or approximately 60.8% year-on-year, with a gross profit margin of approximately 46.5%, an increase of approximately 30.8 percentage points from 15.7% in the previous year[200]. - Film exhibition revenue increased by approximately 84.0% year-on-year to approximately HK$35.0 million, accounting for approximately 45.0% of the total revenue, benefiting from the relaxation of cinema shutdown measures by the Hong Kong Government[188]. - Revenue from the pan entertainment and other segments was approximately HK$39.9 million, a decrease of approximately 39.5% compared to HK$65.9 million in the same period last year[192]. - The Group's revenue for the six months ended 31 December 2022 was approximately HK$77.8 million, representing a decrease of approximately HK$509.4 million or approximately 86.8% compared to the same period last year[199]. Assets and Liabilities - The company has not presented the analysis of segment assets and liabilities as they are not regularly provided to the Chief Operating Decision Maker (CODM)[29]. - The geographical breakdown of non-current assets (excluding financial assets) has not been detailed in the report[30]. - As of 31 December 2022, trade receivables included HK$44,129,000 that were past due, a decrease from HK$71,500,000 as of 30 June 2022[48]. - The company reported trade receivables overdue by more than 90 days amounting to HK$40,575,000 as of December 31, 2022, compared to HK$22,635,000 as of June 30, 2022[72]. - The company has no collateral held against overdue receivables, indicating a potential risk in collection[72]. - The Group's bank and other borrowings amounted to HK$106,220,000 as of 31 December 2022, an increase from HK$84,228,000 as of 30 June 2022, indicating a growth of approximately 26%[79]. - As of 31 December 2022, the Group's trade and other payables stood at HK$130,424,000, up from HK$109,101,000 as of 30 June 2022, reflecting an increase of about 19.5%[100]. Taxation - The company is not required to pay any income tax in the Cayman Islands for the reporting periods[34]. - For the six months ended December 31, 2022, the income tax expense was HK$81,000, a significant decrease from HK$2,399,000 in the same period of 2021[56]. - The Group's subsidiary obtained EIT exemption from 1 January 2020 to 31 December 2024, enhancing its tax efficiency[40]. Expenses and Costs - The cost of services provided for film exhibition increased to HK$15,980,000 from HK$10,295,000, representing a rise of approximately 55%[37]. - The amortization of intangible assets was HK$8,938,000, slightly up from HK$8,778,000 in the previous year[37]. - The total depreciation of right-of-use assets increased significantly to HK$27,595,000 from HK$17,074,000, indicating a rise of approximately 62%[37]. - Interest expenses for loans from related party Guangzhou Puji amounted to HK$1,351,000 for the six months ended December 31, 2022, compared to HK$983,000 for the same period in 2021, reflecting a year-on-year increase of approximately 37.5%[138]. - The remuneration for directors and key management personnel totaled HK$4,753,000 for the six months ended 31 December 2022, a decrease from HK$5,680,000 in the same period of 2021, representing a decline of approximately 16.3%[108]. Investments and Financial Assets - The Group's financial assets at fair value through profit or loss (FVTPL) were valued at HK$2,824,000 as of 31 December 2022, an increase from HK$2,410,000 as of 30 June 2022, showing a growth of about 17.2%[112]. - The fair value of derivative financial assets, specifically purchased call options, was reported at HK$2,097,000 as of December 31, 2022, down from HK$3,576,000 as of June 30, 2022[129]. - The company’s financial assets and liabilities are categorized into a fair value hierarchy, with the fair value measurements classified into levels 1 to 3 based on the observability of inputs used[125]. - The fair value change in profit or loss for investments in film and TV series producers was a decrease of HK$1,344 for the six months ended 31 December 2022[163]. - The total fair value of financial assets and liabilities as of 31 December 2022 was assessed using level 3 valuation techniques, primarily based on discounted cash flow methods[146]. Projects and Productions - The Group is currently producing several projects, including the urban mystery TV series "Frozen Surface" and the costume romantic mystery drama "Holding my Koi Husband"[195]. - The Group plans to develop and produce films and TV series based on popular copyrighted works, including "The Ideal City 2" and "Love Destiny"[195]. - The Group's artistes participated in various TV series and movies, enhancing their market influence during the review period[189]. Share Capital and Bonds - For the six months ended 31 December 2022, the company reported a total issued and fully paid share capital of HK$6,489,000 from 2,595,613,733 shares[117]. - The Group's bonds payable included a principal amount of HK$1,500,000 due in February 2023, down from HK$14,500,000 as of 30 June 2022[103]. - The company issued perpetual bonds totaling RMB78,520,000 (approximately HK$94,224,000) and RMB58,990,000 (approximately HK$70,788,000) to related parties for the purpose of repaying outstanding loan balances[123]. Miscellaneous - The company has established a management agreement for cinema operations expected to generate income from May 26, 2021, to May 25, 2024[58]. - The company completed the disposal of subsidiaries for a cash consideration of HK$84,000 on 31 December 2022, which included entities primarily engaged in movie investment and distribution[147]. - The gain on disposal of subsidiaries amounted to HK$14,180, after accounting for net liabilities disposed of totaling HK$13,266[155].
传递娱乐(01326) - 2023 - 中期财报