Revenue Performance - The reported total revenue for the six months ended June 30, 2023, was HKD 246.7 million, an increase of 36.2% compared to HKD 181.1 million for the same period in 2022[18]. - The increase in total revenue was primarily due to the rise in income from providing casino management services in Macau as travel restrictions were eased[18]. - Revenue from the management of the gaming tables at the Casino Grand Lisboa was HKD 240,000,000, an increase of 55.8% compared to HKD 154,000,000 for the same period in 2022[27]. - The total gaming revenue for the group reached HKD 439.5 million for the six months ended June 30, 2023, up from HKD 283.1 million in the same period of 2022, indicating an overall increase of approximately 55.2%[49]. - The group reported segment revenue of HKD 240,052,000 from casino management services for the six months ended June 30, 2023, compared to HKD 154,041,000 for the same period in 2022, representing a growth of 55.8%[136]. - The company recorded a total of HKD 243,733,000 in revenue from Macau for the six months ended June 30, 2023, up from HKD 158,838,000 in the same period of 2022[174]. Profitability and Loss - The company reported a loss of HKD 3.0 million for the six months ended June 30, 2023, a significant improvement from a loss of HKD 96.7 million in the same period of 2022[7]. - For the six months ended June 30, 2023, the group reported a loss of HKD 3,000,000, significantly reduced from a loss of HKD 96,700,000 for the same period in 2022[21]. - The group incurred a pre-tax loss of HKD 2,978,000 for the six months ended June 30, 2023, compared to a pre-tax loss of HKD 96,494,000 for the same period in 2022, indicating a significant improvement[136]. - The company reported a loss before tax of HKD 2,978,000, a substantial reduction from a loss of HKD 96,494,000 in the prior year[103]. - For the six months ended June 30, 2023, the company reported a profit attributable to shareholders of HKD 680,000, compared to a loss of HKD 87,930,000 for the same period in 2022[165]. Cost Management - Adjusted EBITDA for the gaming segment in Macau was HKD 55.8 million for the six months ended June 30, 2023, compared to a loss of HKD 23.3 million for the same period in 2022, indicating a significant turnaround[8]. - Adjusted EBITDA for the six months ended June 30, 2023, was HKD 31,000,000, compared to a negative HKD 64,400,000 for the same period in 2022[20]. - The adjusted EBITDA for the electronic entertainment equipment and systems segment was a loss of HKD 17.5 million for the six months ended June 30, 2023, compared to a loss of HKD 30.4 million for the same period in 2022, reflecting a significant reduction in losses due to effective cost-saving strategies implemented in response to the COVID-19 pandemic[47]. - Operating and administrative expenses decreased to HKD 67,321,000 from HKD 88,164,000 year-on-year, reflecting improved cost management[103]. - Research and development expenses for the six months ended June 30, 2023, were HKD 15,070,000, down from HKD 28,783,000 for the same period in 2022, reflecting a reduction of 47.6%[144]. Financial Position - As of June 30, 2023, the group had bank deposits of HKD 47,300,000, including HKD 46,500,000 in fixed deposits[30]. - The company’s net assets as of June 30, 2023, were HKD 153,647,000, a decrease from HKD 157,690,000 as of December 31, 2022[81]. - Cash and cash equivalents amounted to HKD 56,145,000, with net current liabilities of HKD 28,091,000 as of June 30, 2023[85]. - The total assets less current liabilities amounted to HKD 335,304,000 as of June 30, 2023, compared to HKD 297,637,000 as of December 31, 2022, representing an increase of approximately 12.7%[106]. - Cash and cash equivalents increased to HKD 56,145,000 as of June 30, 2023, from HKD 20,179,000 as of December 31, 2022, marking a significant increase of approximately 178.5%[109]. Employee and Operational Metrics - The group has approximately 700 employees, including about 440 gaming business employees managed by a subsidiary[37]. - The group managed 40 gaming tables as of June 30, 2023, down from 47 tables as of December 31, 2022, with all 40 tables operational[22]. - The average number of traditional gaming tables increased to 104.8 in 2023 from 65.8 in 2022, while live mixed gaming tables rose to 124.6 from 81.9[11]. - The average number of traditional gaming tables decreased to 32 for the six months ended June 30, 2023, down from 46 in the same period of 2022, reflecting a strategic adjustment in operations[49]. Governance and Compliance - The company has maintained compliance with the corporate governance code, with a review of its governance structure planned for the future[72]. - The company continues to ensure a balanced distribution of power and authority within its governance structure, with experienced independent non-executive directors overseeing key decisions[72]. - The company has adopted a cash flow forecast based on expected revenues and expenses for at least the next twelve months, considering market conditions and growth rates[85]. Market and Strategic Developments - The company plans to continue expanding its entertainment management services in Macau, focusing on enhancing operational efficiency and customer engagement[151]. - The group has renewed its service agreement with 澳娛綜合 for casino management services, effective from January 1, 2023, to December 31, 2025[127]. - The group has a new gaming license contract granted by the Macau government, effective from January 1, 2023, to December 31, 2032, for a duration of ten years[127].
汇彩控股(01180) - 2023 - 中期财报