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Public company info - Orange Sky Golden Harvest Entertainment (Holdings) Ltd. , 01132.HK
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Orange Sky Golden Harvest Entertainment (Holdings) Ltd., 01132.HK - Company Profile
Chairman Wu Kebo
Share Issued (share) 2,800,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Movies & Entertainment
Corporate Profile Business Summary: The principal activities of the Group consist of worldwide film and video distribution, film exhibition and the provision of advertising and consultancy services in Hong Kong, Taiwan and Singapore and film and television programmes production in Hong Kong and Mainland China. In addition, the Group has recently expanded into the arenas of live show performances, club house business and entertainment centre business. Performance for the year: During the year, the Group’s revenue increased by 0.9% to HK$1,060.8 million. The Group’s gross profit increased by 2.3% to HK$668.6 million and gross profit margin improved slightly by 0.8 percentage point to 63.0%. Loss attributable to equity holders was HK$35.1 million, as compared to profit attributable to equity holders of HK$52.5 million in last year. Business Review Film Exhibition During the year ended 31 December 2019, the Group opened a cinema with 5 screens and closed a cinema with 5 screens in Hong Kong, opened a cinema with 7 screens in Singapore, and opened 2 cinemas with 17 screens in Taiwan. At 31 December 2019, the Group operated 37 cinemas with 300 screens in total across Hong Kong, Taiwan and Singapore. the Group's cinemas served approximately 25.5 million guests as compared to 26.6 million guests in last year. The major Hollywood blockbusters released in this year were Alita: Battle Angel (銃夢：戰鬥天使), Captain Marvel (Marvel隊長), Avengers: Endgame (復仇者聯盟4：終局之戰), Aladdin (阿拉丁), Spider-Man: Far From Home (蜘蛛俠：決戰千里), POKÉMON Detective Pikachu (POKÉMON 神探 Pikachu), Toy Story 4 (反斗奇兵4), Fast & Furious: Hobbs & Shaw (狂野時速：雙雄聯盟), Joker (小丑), Frozen II (魔雪奇緣2) and Star Wars: The Rise of Skywalker (星球大戰：天行者崛起). The major Chinese language blockbusters for the year were Integrity (廉政風雲煙幕), The New King Of Comedy (新喜劇之王), P Storm (P風暴), The White Storm 2 Drug Lords (掃毒2天地對決) and Ip Man 4: The Finale (葉問4：完結篇) from Hong Kong; Killer Not Stupid (殺手不笨) from Singapore; Mayday LiFE (五月天人生無限公司) and Detention (返校) from Taiwan. The Group is dedicated to provide high quality and versatile video and audio experience for its audiences. All screens of the Group have been equipped with advanced digital equipment. There were 8 IMAX® screens in total for the Group in Taiwan as at 31 December 2019. The Group has also been enhancing the experience for the Group's audiences by equipping 3D systems, 4DXTM, D-Box Motion Chairs, Advanced Panorama Dolby Atoms and DTSX sound systems in the Group's cinemas in different regions. Hong Kong During the year under review, the Hong Kong market as a whole recorded box office receipts of HK$1,931.9 million, a decrease of 1.8% from HK$1,966.9 million in last year. The Group’s cinemas in Hong Kong recorded box office receipts of HK$174.0 million in this year (2018: HK$166.9 million), representing an increase of 4.2%. The increase was primarily attributable to the 2 new cinemas opened during the second half of 2018. Net average ticket price of the Group slightly decreased to HK$81 during the year in Hong Kong since the newly opened cinemas are having a lower ticket price in order to attract more audiences. To enable the Group's cinemas becoming entertainment hubs of greater scope, the Group showed 86 alternative contents in 2019. It was encouraging that the Group developed a competent team in organising the alternative contents and a strong base of alternative content fans. It was proven by the Group's successful alternative content shows such as the Live Broadcast of “LOVELIVE!” and “iDOLM@STER”, which respectively, reached a remarkable 64% and 56% fill rates and the two broadcasts recorded an average ticket price of HK$330. Apart from this, the Live Broadcast of “2019 Wanna One Concert [Therefore] Live Viewing” and “BTS World Tour ‘Love Yourself: Speak Yourself’ [The Final]” were extremely successful with a fill rate of 99.8% and 100%. Screen Advertising was also a profit driver to the Group's Hong Kong region as the Group has already contracted with 28 cinemas as at 31 December 2019, and the Group expects steady growth in revenue and profit in coming years. Singapore During the year, the Singapore market net box office receipts dropped by 3.5% to S$192.4 million (2018: S$199.4 million). Golden Village cinemas reported net box office receipts of S$87.6 million (2018: S$93.8 million), representing a decrease in net box office receipts of 6.6% compared to last year. Nevertheless, the Group continued to be the market leader with a market share of 45.6% (47.1% in 2018). Golden Village cinemas’ automated ticketing machines and auto-gates give patrons an easy, fast and efficient cinematic experience like none of the other competitors in Singapore. Hollywood blockbusters are always popular in Singapore and bring a stable profit contribution to the Group. Hollywood blockbusters released during the year included Alita: Battle Angel (銃夢：戰鬥天使), Captain Marvel (Marvel隊長), Avengers: Endgame (復仇者聯盟4：終局之戰), Aladdin (阿拉丁), Spider-Man: Far From Home (蜘蛛俠：決戰千里), POKÉMON Detective Pikachu (POKÉMON 神探 Pikachu), Toy Story 4 (反斗奇兵4), Fast & Furious: Hobbs & Shaw (狂野時速：雙雄聯盟), Joker (小丑), Frozen II (魔雪奇緣2) and Star Wars: The Rise of Skywalker (星球大戰：天行者崛起). The major Chinese language blockbuster from Singapore was Killer Not Stupid (殺手不笨). Taiwan During the year, Taiwan’s market gross box office receipts amounted to NTD10.2 billion, registering a decrease of 5.5% from NTD10.8 billion in last year. The Group’s 35.71% owned Vie Show cinema circuit (“Vie Show”) recorded total net box office receipts of NTD3,616.6 million (2018: NTD3,732.3 million), representing a decrease of 3.1% from last year as a result of the weaker exhibition market. However, it still outperformed the overall Taiwan market. The share of reportable segment profit from Vie Show decreased from HK$36.5 million to HK$35.7 million compared to last year, representing a 2.0% decline. Vie Show continued to be the largest film exhibitor in Taiwan. Adhering to the Group’s comprehensive entertainment hub strategy, Vie Show continues to strengthen its operation in its popular “UNICORN” handmade popcorn business in its 15 cinemas and introduced the famous Japanese French Toast restaurant (Ivorish) into Taichung Mitsui Outlet Park in December 2018 which is the first store of the brand outside Japan. In addition, Vie Show has successfully launched SNOWTOWN (雪樂地) in Taichung Mitsui Outlet Park in June 2019 attracting overwhelming crowds of customers to visit with tremendous positive reviews from the market. Film & TV Programme Distribution and Production On an aggregated basis the Group’s film distribution and production business recorded revenue of HK$69.1 million (2018: HK$53.6 million), representing an increase of 28.9% compared to last year. The distribution revenue was mainly generated by distributing releases such as Chasing The Dragon II: Wild Wild Bunch (追龍II：賊王), The White Storm 2 Drug Lords (掃毒2天地對決), Little Q (小Q) and Guilt by Design (催眠．裁決). The famous releases outside Hong Kong were John Wick 3 (殺神 John Wick 3), Han Dan (寒單) and Ip Man 4: The Finale (葉問4：完結篇) in Taiwan and John Wick 3 (殺神 John Wick 3), Fall In Love At First Kiss (一吻定情), Angel Has Fallen (白宮淪陷3：天使淪陷) and Weathering With You (天氣之子) in Singapore. For the production sector, the Group will continue to invest independently and cooperatively with local and overseas studios to produce movies and TV programmes of high quality and carry out intellectual property redevelopment in the foreseeable future. The Group’s film library with perpetual distribution rights kept on bringing steady licensing income to the Group. Prospects: Local and regional economy is expected to enter into a negative economic growth cycle, which arises from the Sino-US trade disputes and the political unrest in Hong Kong since June 2019. In addition, with the outbreak of the COVID-19 in the world since early 2020, the Group expects that Hong Kong and regional economy will further deteriorate and worsen. The economic downturn, uncertainties towards future economic prospects have adversely affected the whole retails, hospitality and entertainment industry. Such negative impact is expected to persist in the near future and will affect the Group's results of operations in 2020. Although the overall operating environment becomes increasingly challenging, the Group will continue to strengthen its core competencies, focusing on capturing expansion opportunities in exhibition and distribution businesses. Meanwhile, the Group will also explore new business opportunities in media, entertainment, technology and lifestyle sectors that would create synergies to the Group and add values to the Shareholders. In the PRC, the Group has entered into live show performance business, introducing the unique advanced stage technology from Europe and the renowned creative talents from all over the world, dedicated to provide a stunning theatrical experience to local audience. In addition, the Group has also invested in club house business targeting creative minds from entertainment, creative and art industries. The Group intends to host movie-related events at club houses which will attract and gather talents from the movie and entertainment industry, enabling the Group to build connections with potential investors and film production talents within the industry. This is in line with the Group’s strategies to explore opportunities to produce and/or co-invest in an average target of one to two new mid-to-large scale films every year by remaking films from the Group’s film library, and/or engage in new film production from existing scripts and co-investing in PRC’s films. In Hong Kong, the Group has further invested into the film exhibition business by opening one new cinema “Golden Harvest V Walk” in Nam Cheong in July 2019. Riding on the success of alternative contents in previous years, the Group will cooperate with different business partners to offer a variety of events including live broadcasting of Japanese and Korean mini-concerts and fans gathering in the Group's cinemas. It is expected that the demand for alternative shows will continue to grow. At the same time, the Group is dedicated to look for investment opportunities in quality film and/or distribution projects in the territory. In Singapore, the Group will continue to grow by actively pursuing suitable cinema sites. The new 7-screen Funan site has just been opened around end of June 2019 with great attendance. The Group is dedicated to maintain high quality services in regular and gold class auditoriums and to introduce creative product offerings such as toys merchandise to its customers. In Taiwan, Vie Show will continue to expand its cinema network with a stable pipeline of potential sites to be opened in the coming years. A new 8-screen site in central Taipei has been opened in December 2019. Encouraging results of alternative contents and distribution businesses have also brought in additional revenues streams to the Group. Moreover, the Group has successfully introduced “SNOWTOWN” and “Ivorish” to Taichung Port SNOWTOWN is an indoor theme park that allows visitors to enjoy snow at a “feels like” temperature of 20°C. Ivorish is a famous French toast restaurant in Japan, with the name expressing French toast color (ivory) and cherish (cherish), meaning to bring delicious French toast and happiness to customers. Both properties have been proven to be successful, helping to diversify the business in the territory. Looking ahead, the Group will continue to actively seek investment opportunities in the regional media, entertainment, technology and lifestyle sectors that are related and/or creating synergies to the Group’s existing businesses. The Directors are confident that the Group will be able to achieve sustainable growth and deliver long term value to the shareholders, and at the same time diversify the business achieving better positioning of the Group.

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