Box Office Performance - IMAX China achieved a record box office of RMB 231 million during the Spring Festival, a year-on-year increase of 54%[3] - As of February 19, 2023, IMAX has generated over RMB 86 million in box office revenue in mainland China, surpassing half of the total box office for the entire year of 2022[3] - The average box office share for IMAX films during their opening weekend in 2022 was 17%, an increase from 14% in the previous year[3] - IMAX China's total box office in 2022 decreased by 32% to $163 million due to pandemic-related cinema closures and a decline in film releases[6] - The box office contribution from Hollywood films in China reached 17% in 2022, up from 14% in 2021[6] - IMAX's box office for the film "Avatar: The Way of Water" exceeded $52 million in China, marking the second highest in IMAX history[6] - The number of IMAX theaters in Greater China reached 794, with 204 systems under contract as of December 31, 2022[8] - IMAX票房占比在中国市场上升至6%，其中《长津湖》成为中国影史票房最高影片，总票房达人民币57.8亿元[19] - 《阿凡达：水之道》在中国市场的IMAX票房占比达到22%，创下好莱坞影片在中国首映的纪录[19] - IMAX的本地语言影片《流浪地球2》票房为人民币39.4亿元，IMAX票房占比为9%[19] Financial Performance - IMAX's net profit recommendation for the year is approximately USD 5.1 million, with a dividend payout ratio of 50%[4] - The adjusted net profit for 2022 was $12.4 million, despite a 35% decline in revenue to $73.3 million[16] - IMAX's total revenue for the fiscal year 2022 was $73.33 million, a decrease from $112.80 million in 2021[67] - Total revenue decreased from $112.8 million in fiscal year 2021 to $73.3 million in fiscal year 2022, a decline of 35.0%[79] - The company reported a significant increase in user data metrics, indicating a growing audience for its offerings[141] - The total comprehensive income attributable to the company's owners for fiscal year 2022 was a loss of $8.7 million, compared to a profit of $47.0 million in fiscal year 2021[76] - The company recorded a net loss of $8.7 million in comprehensive income for FY2022, compared to a comprehensive income of $47.0 million in FY2021[110] - The income tax expense for 2022 was $4.5 million, a decrease from $12.3 million in 2021[75] Revenue Streams - Revenue is primarily generated from two segments: IMAX technology network and IMAX technology sales and maintenance[64] - IMAX technology network revenue includes income from IMAX DMR films and revenue-sharing arrangements with exhibitors[65] - IMAX technology sales and maintenance revenue includes fixed income from sales and leasing arrangements, maintenance services, and aftermarket sales[66] - IMAX's technology sales and maintenance revenue is not directly tied to box office results, indicating a diversified revenue stream[42] - The revenue from IMAX DMR films was $14.91 million in 2022, accounting for 20.3% of total revenue, compared to $21.75 million and 19.3% in 2021[67] - IMAX technology network revenue fell from $39.4 million in fiscal year 2021 to $25.3 million in fiscal year 2022, a decrease of 35.8%[80] - Revenue share arrangements decreased from $17.6 million in fiscal year 2021 to $10.4 million in fiscal year 2022, a reduction of 40.9%[83] - IMAX technology sales and maintenance revenue declined from $73.0 million in fiscal year 2021 to $47.9 million in fiscal year 2022, a decrease of 34.4%[84] Market Expansion and Strategy - IMAX plans to release a more diverse slate of films in 2023, including "The King of the Sky" and "The Legend of the Gods" series[4] - IMAX China is positioned to benefit from the resurgence of Hollywood films in the Chinese market, with several major titles scheduled for release in 2023[3] - The company plans to expand its IMAX theater network in mainland China, including the rollout of IMAX laser technology and additional laser cinema system products[46] - The company aims to increase the number of Chinese-language films screened annually and the percentage of total box office revenue derived from these films[45] - The company has established partnerships with over 80 exhibitors, including major players like Wanda Film and Alibaba Pictures, to enhance its market presence[44] - The company plans to promote revenue-sharing arrangements to high-quality exhibitors with a successful track record and significant box office potential[57] - The company has identified about 1,400 IMAX regions in Greater China, where typically only one IMAX theater will be installed per region[55] Management and Governance - Richard Gelfond has been the non-executive chairman since May 27, 2015, and is the CEO of IMAX Corporation, providing strategic guidance[136] - The board includes independent directors such as Jin Yu Xi and John Marshal Davison, contributing to corporate governance and oversight[136] - The leadership team has extensive experience in the entertainment and finance sectors, enhancing the company's strategic direction[138] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[142] - The board's diverse expertise supports the company's long-term growth and adaptation to market changes[136] Challenges and Risks - The overall economic and market conditions in mainland China may reduce revenue from existing IMAX systems and demand for new IMAX systems, impacting future income and cash flow[58] - A decline in consumer discretionary income due to geopolitical tensions, inflation, or other factors could negatively affect consumer demand for IMAX movie viewings[59] - The ability to maintain pricing and profit margins is crucial, as fixed costs related to IMAX technology may lead to adverse impacts on profitability if revenue decreases significantly[60] - The company acknowledges that economic downturns may increase the risk of customers not accepting the delivery of IMAX theater systems[55] Technology and Innovation - The IMAX laser network currently covers 104 theaters, enhancing the viewing experience with higher resolution and better picture quality[43] - The company emphasizes digital transformation and innovation in its cinema offerings, aligning with industry trends[138] - IMAX's focus on developing new products and technologies to enhance the cinematic experience is a key part of its future outlook[143] Dividends and Shareholder Returns - The company plans to pay a final dividend of $0.015 per share, reflecting a payout ratio of 50%[16] - The company declared a final dividend of $0.015 per share for the fiscal year 2022, expected to be paid on or around June 23, 2023, subject to shareholder approval[156] - The interim dividend for the first half of fiscal year 2022 was $0.001 per share, equivalent to $0.008 HKD[156] - The final dividend for the fiscal year 2021 was $0.027 per share, equivalent to $0.210 HKD[156]
IMAX CHINA(01970) - 2022 - 年度财报