Financial Performance - IMAX China reported total revenue of $86,982,000 for the year ended December 31, 2023, representing a 18.7% increase from $73,330,000 in 2022[5]. - The operating profit for the year was $32,227,000, up from $14,410,000 in the previous year, indicating a significant growth of 123.5%[5]. - Net profit attributable to the company's owners reached $27,501,000, compared to $10,758,000 in 2022, marking an increase of 155.5%[5]. - Basic and diluted earnings per share were both $0.08, up from $0.03 in the previous year[5]. - The total gross profit for the company was $54,533 million in 2023, up from $39,697 million in 2022, representing an increase of about 37.4%[19]. - The company reported a pre-tax profit of $33,673 million for the year ended December 31, 2023, compared to $15,281 million in 2022, reflecting a significant increase of approximately 120.7%[19]. - The net profit for the year ended December 31, 2023, was $27,501 million, up from $10,758 million in 2022, indicating an increase of 155%[31]. - The adjusted profit for the fiscal year 2023 was $29.8 million, compared to $12.4 million in 2022, reflecting a substantial increase[91]. - The operating profit margin improved to 37.1% in 2023 from 19.7% in 2022, indicating enhanced operational efficiency[89]. Revenue Segments - Revenue for the content solutions segment reached $25.522 million in 2023, up from $14.908 million in 2022, representing a growth of approximately 71.5%[18]. - Revenue for the technology products and services segment was $60.898 million in 2023, compared to $58.285 million in 2022, reflecting an increase of about 4.5%[18]. - Revenue from content solutions was $25.522 million, accounting for 29.4% of total revenue, up from $14.908 million (20.3%) in 2022[79]. - Revenue from technology products and services was $60.898 million, representing 70.0% of total revenue, compared to $58.285 million (79.5%) in 2022[79]. Expenses and Liabilities - Total expenses for the year ended December 31, 2023, amounted to $55,663 million, compared to $54,450 million in 2022, reflecting an increase of 2.2%[5]. - The total depreciation and amortization expenses for the year ended December 31, 2023, were $15.457 million, compared to $14.842 million in 2022, reflecting a rise of about 4.1%[25]. - Employee salaries and benefits increased to $11,443 million in 2023 from $9,478 million in 2022, representing a growth of 20.7%[5]. - Advertising and marketing expenses rose to $3,585 million in 2023, up from $2,954 million in 2022, reflecting an increase of 21.3%[5]. - Total liabilities decreased significantly to $63,905,000 from $93,331,000, a reduction of 31.6%[9][10]. Assets and Cash Flow - Total assets decreased to $318,276,000 as of December 31, 2023, from $326,403,000 in 2022, a decline of 2.9%[7][10]. - Cash and cash equivalents were reported at $62,711,000, down from $74,972,000 in 2022, a decrease of 16.3%[7]. - The net cash generated from operating activities for the fiscal year 2023 was approximately $12.5 million, a significant increase from $1.2 million in fiscal year 2022, reflecting a recovery in the IMAX cinema network post-pandemic[128][129]. - The net cash used in investing activities for fiscal year 2023 was approximately $3.8 million, primarily related to the installation of IMAX cinema equipment and acquisition of property, plant, and equipment[130]. - The net cash used in financing activities for fiscal year 2023 was approximately $19.7 million, mainly due to repayment of loans and dividend payments to shareholders[132]. Market Expansion and Strategy - The company plans to continue expanding its market presence in Greater China, focusing on digital cinema technology[11]. - IMAX China is actively pursuing new product development and technological advancements to enhance its cinema offerings[11]. - The company has expanded its IMAX cinema network to 807 locations in Greater China, with 206 additional cinemas under contract[50]. - The company plans to continue its strategy of collaborating with local filmmakers to produce "IMAX special shoots" in 2024 and beyond[52]. - The company aims to increase the number of Chinese films screened annually and the percentage of box office revenue generated from these films[58]. Risks and Challenges - The company faces risks from changes in the overall political, social, and economic conditions in Greater China, which could negatively impact future revenue and cash flow[71]. - Global inflationary pressures and supply chain disruptions could significantly increase the company's costs, affecting overall operational expenses[72]. - The company relies on commercial film exhibitors to purchase or lease IMAX systems, and any reduction in their business or unfavorable economic terms could negatively impact revenue growth[169]. - The company has exposure to foreign exchange rate fluctuations, with most revenues denominated in USD and expenses in CAD, which may affect profitability[175]. Corporate Governance and Shareholder Relations - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[148]. - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[152]. - IMAX Corporation, the company's controlling shareholder, owns 71.55% of the issued share capital as of the announcement date[153]. Film and Content Strategy - The company screened 95 new IMAX films globally in 2023, relying heavily on third-party producers for content[168]. - The number of local language films released in 2023 increased to 59, up from 36 in 2022, with a notable rise in Chinese films from 15 to 28[158]. - The company has signed agreements with international film studios to convert their films for IMAX format, but the selection of films may not guarantee box office success in specific markets[169]. - The company plans to release an additional 24 films in 2024, including major titles like "Dune 2" and "Kung Fu Panda 4," with several being shot specifically for IMAX[159].
IMAX CHINA(01970) - 2023 - 年度业绩