Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 25,569,000, a decrease of 42.0% compared to HKD 44,228,000 for the same period in 2023[2] - Gross profit for the period was HKD 25,569,000, significantly improved from HKD 11,579,000 in the previous year[2] - Loss before tax for continuing operations was HKD 11,286,000, a reduction of 55.7% from HKD 25,420,000 in the prior year[2] - The basic and diluted loss per share for the period was HKD 1.15, compared to HKD 3.07 in the same period last year[3] - Total comprehensive loss for the period was HKD 12,660,000, down from HKD 27,622,000 in the previous year[4] - The company recorded a net loss attributable to equity holders of approximately HKD 11.3 million for the six months ended June 30, 2024, compared to a net loss of approximately HKD 25.3 million for the same period in 2023[24] - The net loss attributable to the company's owners was approximately HKD 11.3 million for the six months ending June 30, 2024, a decrease from HKD 25.3 million for the same period in 2023, representing a reduction of about 55.3%[38] - The basic loss per share was approximately HKD 0.0115 for the six months ending June 30, 2024, compared to HKD 0.0307 for the same period in 2023, showing an improvement[39] Assets and Liabilities - Non-current assets totaled HKD 302,059,000 as of June 30, 2024, slightly decreased from HKD 303,633,000 at the end of 2023[6] - Current assets amounted to HKD 161,630,000, down from HKD 172,900,000 at the end of 2023[6] - Current liabilities were HKD 828,136,000, a decrease from HKD 854,335,000 in the previous period[7] - Total assets as of June 30, 2024, were HKD 463.7 million, with total liabilities of HKD (828.1) million[14] - The company's equity attributable to owners of the parent was HKD 363,941,000, compared to HKD 377,744,000 at the end of 2023[7] - The current ratio as of June 30, 2024, was approximately 0.20, based on current assets of about HKD 161.6 million and current liabilities of approximately HKD 828.1 million[45] Business Operations - The company continues to engage in media and cultural business activities, with no major shareholder identified as of June 30, 2024[8] - Revenue from media and cultural business for the six months ended June 30, 2024, was approximately HKD 25.6 million, a decrease of 42% compared to HKD 44.2 million for the same period in 2023[24] - The media and cultural business generated revenue of approximately HKD 25.6 million for the six months ending June 30, 2024, compared to HKD 44.2 million for the same period in 2023, reflecting a decline of about 42.5%[37] - The gross profit for the media and cultural business was approximately HKD 25.6 million for the six months ending June 30, 2024, compared to HKD 11.6 million for the same period in 2023, indicating a significant improvement[37] Investments and Projects - The company has developed 44 film projects, with 38 scripts completed, as part of its strategy to diversify and enhance its entertainment business[34] - The company’s film and television investment and related prepayments amounted to approximately HKD 291.1 million as of June 30, 2024[25] - The company experienced significant negative impacts on its financial performance due to delays in the release and revenue recognition of its television and film investments[24] Financing and Capital Management - The company completed a placement of up to 162,000,000 new ordinary shares at a price of HKD 0.165 per share, raising approximately HKD 26.7 million, with a net amount of approximately HKD 26.4 million after expenses[49] - Of the net proceeds from the placement, HKD 20.8 million was used for debt repayment and HKD 5.6 million for working capital as of June 30, 2024[50] - The company is exploring various financing channels, including international sales and digital collectibles, to recover costs and generate revenue from its projects[36] Corporate Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code during the period ending June 30, 2024[51] - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024, and found them to comply with applicable accounting standards[52] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ended June 30, 2024[53] Dividends and Shareholder Returns - The company did not declare or pay any interim dividends for the periods ended June 30, 2024, and June 30, 2023[21] - No interim dividend has been recommended for the six months ending June 30, 2024, consistent with the previous year[43] Employee and Operational Metrics - The group employed 13 employees as of June 30, 2024, maintaining the same number as of December 31, 2023[47] Strategic Initiatives - The company plans to leverage its Hollywood intellectual property resources to develop metaverse business and expand its digital product platform[40] - A strategic cooperation framework agreement was signed with Green Digital Technology Limited to enhance metaverse business development and expand cross-border e-commerce operations, expected to commence around 2024[41] Foreign Exchange and Risk Management - The company has not faced significant foreign exchange risks, as most assets and liabilities are denominated in HKD, RMB, and USD[46] Film Performance Highlights - The film "Midway" had a total investment budget of nearly 126,696,475[27] - "Scary Stories to Tell in the Dark" had a production cost of 104,545,505 globally[28] - "Malignant" received a 76% approval rating on Tomatometer and a score of 6.3/10 on IMDb[30] - "Malignant" was praised by Stephen King, generating significant interest among horror fans[29] - "Mother" was released on March 15, 2022, and received the ReFrame Stamp for its impact on the film industry[33] - "Midway" achieved over 21 million in its opening weekend in the U.S.[28] - "Mother" was recognized for its unique blend of horror elements and East Asian culture, attracting significant interest from major studios[33]
星光文化(01159) - 2024 - 中期业绩