Financial Performance - The company reported a total comprehensive loss of HKD 326,833,000 for the year ended December 31, 2022, compared to a loss of HKD 201,096,000 in the previous year, representing an increase of 62.5%[4] - The company's revenue from film investments and other income was HKD 13,630,000, a decrease from HKD 158,353,000 in the previous year, indicating a significant decline in revenue[3] - The company experienced a net loss attributable to owners of HKD 221,812,000 for the year, slightly improved from a loss of HKD 235,557,000 in the prior year, showing a decrease of 5.5%[4] - The company's revenue for 2022 was HKD 16,360,000, a decrease of 80.3% compared to HKD 82,767,000 in 2021[31] - The net loss attributable to shareholders for 2022 was HKD 221,812,000, compared to a loss of HKD 235,557,000 in 2021, indicating a slight improvement[45] - The company reported a basic and diluted loss per share of HKD 0.06, compared to HKD 0.07 in the previous year, indicating a slight improvement in loss per share[4] - The net loss for the year was HKD 221,812,000, a slight improvement from HKD 235,557,000 in the previous year[87] - The company reported a basic loss per share of HKD (0.06) for 2022, compared to HKD (0.07) in 2021[45] Assets and Liabilities - Total assets decreased to HKD 2,210,335,000 from HKD 2,261,696,000, a decline of about 2.3% year-over-year[5] - The company's cash and cash equivalents dropped to HKD 53,634,000 from HKD 115,369,000, a decrease of approximately 53.5%[5] - The total liabilities increased to HKD 881,899,000 from HKD 606,427,000, representing an increase of 45.2%[23] - The company's non-current assets, including property, plant, and equipment, decreased to HKD 786,000 from HKD 1,341,000, a decline of 41.3%[5] - As of December 31, 2022, accounts receivable (net of impairment) amounted to HKD 301,252,000, down from HKD 445,560,000 in 2021[78] - The company's total liabilities included unsecured borrowings of HKD 33,833,000 and secured borrowings of HKD 74,434,000 as of December 31, 2022[83] - The company's gross loss provision increased to HKD 10,128,000 in 2022 from HKD 6,990,000 in 2021[76] - The company's prepaid expenses related to film and television projects amounted to HKD 113,636,000, down from HKD 139,547,000 in the previous year[76] Revenue and Expenses - The total cost of revenue, selling and distribution expenses, and administrative expenses amounted to HKD 235,141,000 in 2022, down from HKD 384,594,000 in 2021, a decrease of approximately 39%[67] - The financial expenses for 2022 were HKD (2,061,000), a decrease from financial income of HKD 2,388,000 in 2021[37] - The company recognized impairment losses of approximately HKD 2,112,000 for completed film and television rights in 2022, compared to zero in 2021[73] Government Support - The company received government subsidies of approximately HKD 576,000 in 2022, compared to zero in 2021[33] - Government grants increased from HKD 286,000 in 2021 to HKD 576,000 in 2022, showing a growth of 101%[60] Film Production and Investments - The company’s investment in film production showed a significant decline, with net income from film investments dropping to HKD (2,730,000) in 2022 from HKD 75,586,000 in 2021[31] - The company reported a net loss of approximately HKD 2,730,000 from film investments in 2022, compared to a net income of HKD 75,586,000 in 2021[74] - The value of completed film and television rights decreased from HKD 43,145,000 in 2021 to HKD 37,725,000 in 2022, a decline of about 12%[73] - The company has engaged in joint ventures to produce and release three films in 2022, down from four films in 2021[75] - The total amount of film and television rights prepayments was HKD 813,690,000 in 2022, slightly down from HKD 883,170,000 in 2021[71] - The company has completed post-production for several major films, which are scheduled for release in 2023, aiming to improve overall performance[117] Future Outlook - The company plans to continue expanding its media and entertainment business, focusing on online video platforms and film investments[30] - The company is preparing for a recovery in the film market, with the film "Full River Red" expected to be a successful release in 2023[89] - The company plans to release several major films in 2023, including "Learning Dad," "Mr. Red Carpet," and "Solo on Stage," which are expected to contribute significantly to revenue[122] - The company anticipates that the pandemic situation will ease, allowing for a richer content reserve and improved performance in 2023[122] - The company continues to enhance its online video platform by introducing more outstanding films and web series to attract a broader user base[118] Employee and Corporate Governance - As of December 31, 2022, the company employed 87 full-time employees and 4 part-time employees, a decrease from 101 and 5 respectively in 2021[99] - The board of directors includes executive directors Mr. Dong Ping (Chairman) and Mr. Xiang Shaokun (CEO) as well as non-executive directors Mr. Ning Hao, Mr. Xu Zheng, and Ms. Li Ni, along with independent non-executive directors Mr. Huang Dequan, Mr. Li Xiaolong, and Mr. Wang Hong[152] Dividends - The company did not declare or recommend any dividends for the year, consistent with the previous year[67] - The group has not declared or proposed any dividends for the year ended December 31, 2022[141]
欢喜传媒(01003) - 2022 - 年度业绩