Revenue Growth - Revenue for the six months ended June 30, 2023, was $45,342 million, representing a 38.6% increase from $32,713 million in the same period of 2022[3]. - For the six months ended June 30, 2023, total revenue from reportable segments was $45.074 million, up from $32.631 million in the same period of 2022, representing an increase of approximately 38%[20]. - Total revenue for the first half of 2023 reached $184.925 million, compared to $134.004 million in the same period of 2022, marking a 38.2% increase[120]. - Total revenue for the six months ended June 30, 2023, was $59.3 million, up from $47.1 million in 2022, representing a 25.0% increase[173]. Profitability - Gross profit for the same period was $28,718 million, up 54.3% from $18,625 million year-over-year[4]. - Operating profit surged to $16,429 million, compared to $2,124 million in the prior year, marking a significant increase of 675.5%[5]. - Profit attributable to owners of the company reached $13,876 million, a substantial rise from $766 million in the previous year[6]. - The company reported a net profit for the first half of fiscal 2023 of $13.9 million, compared to a profit of $0.8 million in the first half of fiscal 2022[83]. Earnings Per Share - Basic and diluted earnings per share were both $0.04, compared to $0.00 for the same period last year[6]. - The company reported a basic and diluted earnings per share of $0.15 for Q2 2023, compared to a loss of $0.05 per share in Q2 2022[121]. Financial Position - Total assets as of June 30, 2023, were $319,350 million, a decrease from $326,403 million at the end of 2022[8]. - Total liabilities decreased to $83,950 million from $93,331 million at the end of 2022, indicating improved financial health[12]. - The company reported cash and cash equivalents of $73,559 million, slightly down from $74,972 million at the end of 2022[9]. - As of June 30, 2023, the company had total equity of $42.7 million, with no interim dividend declared for the six months ended June 30, 2023[104][105]. Segment Performance - The content solutions segment generated revenue of $14.178 million for the six months ended June 30, 2023, compared to $6.519 million in 2022, reflecting a growth of about 117%[20]. - The technology products and services segment reported revenue of $30.896 million for the six months ended June 30, 2023, compared to $26.112 million in 2022, indicating an increase of approximately 18%[20]. - The content solutions segment generated $14.178 million, accounting for 31.3% of total revenue, compared to $6.519 million and 19.9% in the previous year[46]. - The technology products and services segment contributed $30.896 million, representing 68.1% of total revenue, up from $26.112 million and 79.8% in the prior year[46]. Cash Flow and Investments - In the first half of the 2023 fiscal year, the company reported a net cash inflow from operating activities of approximately $12.0 million, compared to a net cash outflow of $4.2 million in the same period of 2022[91][92]. - Cash used in investing activities for the first half of 2023 was approximately $1.8 million, primarily related to the installation of IMAX cinema equipment[93]. - Cash used in financing activities for the first half of 2023 amounted to approximately $9.7 million, mainly due to dividend payments of $5.1 million and loan repayments of $3.9 million[95]. Taxation - The total income tax expense for the six months ended June 30, 2023, was 2,997 million, compared to 2,038 million for the same period in 2022, indicating an increase of approximately 47.2%[27]. - The company recorded a tax expense of $8.3 million for the six months ended June 30, 2023, compared to $5.7 million in 2022, reflecting a 45.6% increase[178]. Challenges and Market Conditions - The company faced challenges in revenue collection due to financial difficulties experienced by some exhibitor partners as a result of the COVID-19 pandemic[45]. - The impact of the COVID-19 pandemic on the company's business and financial performance remains uncertain, depending on various unpredictable factors[44]. - Management is optimistic about the recovery of the cinema industry in China, with a strong lineup of films scheduled for the remainder of 2023[44]. Shareholder Actions - The company declared a dividend of $5,087 million for the year-end dividend of 2022, which is $0.015 per share, while no dividend was proposed for the six months ending June 30, 2023[38]. - IMAX Corporation announced a proposal to acquire all outstanding shares of IMAX China at approximately HKD 10 per share, representing a premium of about 49% over the average closing price for the last 30 trading days[99]. Accounting and Reporting - The company has not adopted several new accounting standards that are effective from January 1, 2024, which are not expected to have a significant impact on future reporting periods[18]. - The company revised its internal segment reporting to include two reportable segments: content solutions and technology products and services, reflecting a strategic shift in its operational focus[40].
IMAX CHINA(01970) - 2023 - 中期业绩