Brightstar Technology Group Co., Ltd — Interim / Quarterly Report 2018

Jan 9, 2018

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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IN TECHNICAL PRODUCTIONS HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8446)

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2017

The board (the ‘‘Board’’) of directors (the ‘‘Directors’’) of In Technical Productions Holdings Limited (the ‘‘Company’’) is pleased to announce the unaudited results of the Company and its subsidiaries for the six months ended 30 November 2017. This announcement, containing the full text of the 2017/2018 interim report of the Company, complies with the relevant requirements of the Rules (the ‘‘GEM Listing Rules’’) Governing the Listing of Securities on The Growth Enterprise Market (‘‘GEM’’) of The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange’’) in relation to information to accompany preliminary announcement of interim results. Printed version of the Company’s 2017/2018 interim report will be despatched to the shareholders of the Company and available for viewing on the websites of the Stock Exchange at www.hkexnews.hk and of the Company at www.intechproductions.com on or before 14 January 2018.

By order of the Board In Technical Productions Holdings Limited Yeung Ho Ting Dennis Chairman

Hong Kong, 9 January 2018

As at the date of this announcement, the Board comprises two executive Directors, namely, Mr. Yeung Ho Ting Dennis and Mr. Tam Chun Yu; one non-executive Director, namely, Mr. Law Wang Chak Waltery; and three independent non-executive Directors, namely, Mr. Li Kai Sing, Mr. Ma Tsz Chun and Ms. Loh Lai Ping Phillis.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

– 1 –

This announcement will remain on the ‘‘Latest Company Announcements’’ page of the GEM website (www.hkgem.com) for at least seven days from the date of its posting and on the Company’s website (www.intechproductions.com).

– 2 –

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET (“GEM”) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

香港聯合交易所有限 公司（「聯交所」）創業板 （「創業板」）之特色

GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.

創業板乃為較於聯交所上市的其他公司帶 有更高投資風險的公司提供上市的市場。 潛在投資者應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出 投資決定。創業板的較高風險及其他特色 表明創業板較適合專業及其他經驗豐富的 投資者。

Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

由於創業板上市公司的新興性質使然，在 創業板買賣的證券可能會承受較於聯交所 主板買賣的證券為高的市場波動風險，同 時亦無法保證在創業板買賣的證券會有高 流通量之市場。

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

香港交易及結算所有限公司及聯交所對本 報告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就 因本報告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何 責任。

This report, for which the directors (the “ Directors ”) of In Technical Productions Holdings Limited (the “ Company ”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the “ GEM Listing Rules ”) for the purpose of giving information with regard to the Company and its subsidiaries (collectively, the “ Group ”). The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

本報告載有遵照聯交所創業板證券上市規則 （「 創業板上市規則 」）而提供有關In Technical Productions Holdings Limited（「 本公司 」）及其附 屬公司（統稱「 本集團 」）的資料；本公司董事 （「 董事 」）就本報告共同及個別承擔全部責 任。董事在作出一切合理查詢後確認，就彼 等所深知及確信，本報告所載資料在各重 大方面均屬準確及完整，並無誤導或欺詐 成分，且並無遺漏任何其他事宜，致使當中 任何陳述或本報告產生誤導。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

01

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors

Mr. Yeung Ho Ting Dennis (Chairman) Mr. Tam Chun Yu

Non-executive Director

Mr. Law Wang Chak Waltery

Independent non-executive Directors

Mr. Li Kai Sing Mr. Ma Tsz Chun Ms. Loh Lai Ping Phillis

AUDIT COMMITTEE

Mr. Li Kai Sing (Chairman) Mr. Ma Tsz Chun Ms. Loh Lai Ping Phillis

REMUNERATION COMMITTEE

Mr. Ma Tsz Chun (Chairman) Mr. Li Kai Sing Ms. Loh Lai Ping Phillis

NOMINATION COMMITTEE

Mr. Yeung Ho Ting Dennis (Chairman) Mr. Li Kai Sing Mr. Ma Tsz Chun

AUTHORISED REPRESENTATIVES (FOR THE PURPOSES OF THE GEM LISTING RULES)

Mr. Yeung Ho Ting Dennis Ms. Leung Yin Fai (HKICPA, ACCA, CPA Australia)

COMPLIANCE OFFICER

Mr. Yeung Ho Ting Dennis

COMPANY SECRETARY

Ms. Leung Yin Fai (HKICPA, ACCA, CPA Australia)

REGISTERED OFFICE IN CAYMAN ISLANDS

Estera Trust (Cayman) Limited Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands

公司資料

董事會

執行董事

楊浩廷先生（主席） 譚震宇先生

非執行董事

羅宏澤先生

獨立非執行董事

李啟承先生 馬時俊先生 羅麗萍女士

審核委員會

李啟承先生（主席） 馬時俊先生 羅麗萍女士

薪酬委員會

馬時俊先生（主席） 李啟承先生 羅麗萍女士

提名委員會

楊浩廷先生（主席） 李啟承先生 馬時俊先生

授權代表（就創業板上市規則 而言）

楊浩廷先生 梁燕輝女士（HKICPA、ACCA、CPA（澳洲））

合規主任

楊浩廷先生

公司秘書

梁燕輝女士（HKICPA、ACCA、CPA（澳洲））

開曼群島註冊辦事處

Estera Trust (Cayman) Limited Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands

In Technical Productions Holdings Limited Interim Report 2017/2018

02

HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit D2, 5/F, Hoi Bun Industrial Building, 6 Wing Yip Street, Kwun Tong, Kowloon, Hong Kong

HONG KONG BRANCH SHARE REGISTRAR

Tricor Investor Services Limited Level 22, Hopewell Centre, 183 Queen’s Road East, Hong Kong

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT

Estera Trust (Cayman) Limited Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands

COMPLIANCE ADVISER

Shenwan Hongyuan Capital (H.K.) Limited Level 19, 28 Hennessy Road, Hong Kong

AUDITOR

PricewaterhouseCoopers Certified Public Accountants 22/F, Prince’s Building, Hong Kong

LEGAL ADVISER

Sidley Austin 39/F, Two International Finance Centre, Central, Hong Kong

PRINCIPAL BANKER

The Hongkong and Shanghai Banking Corporation Limited 1 Queen’s Road Central, Hong Kong

COMPANY WEBSITE

www.intechproductions.com

STOCK CODE

8446

總部辦事處及香港主要營業地點

香港九龍 觀塘榮業街6 號 海濱工業大廈5 樓D2 室

香港股份過戶登記分處

卓佳證券登記有限公司 香港皇后大道東183 號 合和中心22 樓

開曼群島股份過戶登記總處

Estera Trust (Cayman) Limited Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands

合規顧問

申萬宏源融資（香港）有限公司 香港軒尼詩道28 號19樓

核數師

羅兵咸永道會計師事務所 執業會計師 香港太子大廈22 樓

法律顧問

盛德律師事務所 香港中環 國際金融中心二期39 樓

主要往來銀行

香港上海滙豐銀行有限公司 香港皇后大道中1 號

公司網址

www.intechproductions.com

股份代號

8446

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

03

FINANCIAL HIGHLIGHTS

財務概要

HIGHLIGHTS

概要

Six months ended 30 November

截至十一月三十日止六個月

		2017	2016	Change
		二零一七年	二零一六年	變動
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
Revenue	收益	35,838	26,551	35.0%
Gross profit	毛利	17,478	12,781	36.7%
Profit/(loss) for the period	期內溢利╱（虧損）	6,644	(2,555)	—
Earnings/(loss) per share (HK Cents)	每股盈利╱（虧損） （港仙）	0.89	(0.42)	—

• The Group recorded an unaudited revenue of approximately HK$35.8 million for the six months ended 30 November 2017, representing an increase of approximately 35.0% as compared with that for the corresponding period in 2016.

• 截至二零一七年十一月三十日止六個 月，本集團錄得未經審核收益約 35.8 百萬港元，較二零一六年同期增加了 約35.0%。

• The Group’s unaudited profit was approximately HK$6.6 million for the six months ended 30 November 2017, representing an increase of approximately HK$9.2 million as compared with a loss of approximately HK$2.6 million for the corresponding period in 2016. The increase was mainly due to (i) the increase of gross profit for the six months ended 30 November 2017 as compared with the gross profit for the six months ended 30 November 2016; and (ii) the recognition of the Listing expenses of approximately HK$8.1 million for the six months ended 30 November 2016 (six months ended 30 November 2017: Nil). Taking no account of the one-off Listing expenses, the Group’s adjusted profit for the six months ended 30 November 2016 would have been approximately HK$5.6 million and the Group’s profit for the six months ended 30 November 2017 would have increased by approximately HK$1.0 million or approximately 17.9% as compared with the adjusted profit for the six months ended 30 November 2016.

• 截至二零一七年十一月三十日止六個 月，本集團未經審核溢利約為 6.6 百萬 港元，較二零一六年同期之虧損約 2.6 百萬港元增加約 9.2 百萬港元。該增 加主要是由於 (i) 截至二零一七年十一 月三十日止六個月的毛利較截至二零 一六年十一月三十日止六個月的毛 利有所增加；及 (ii) 於截至二零一六年 十一月三十日止六個月確認上市開支 約 8.1 百萬港元（截至二零一七年十一 月三十日止六個月：零）。撇除一次 性上市開支，截至二零一六年十一月 三十日止六個月，本集團經調整溢利 約為 5.6 百萬港元，而本集團截至二零 一七年十一月三十日止六個月的溢利 將較截至二零一六年十一月三十日止 六個月的經調整溢利增加約1.0 百萬港 元或約17.9%。

• The Board does not recommend the payment of dividend for the six months ended 30 November 2017.

• 董事會不建議派付截至二零一七年 十一月三十日止六個月之股息。

04 In Technical Productions Holdings Limited Interim Report 2017/2018

UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2017

截至二零一七年十一月 三十日止六個月之未經 審核簡明綜合中期業績

The board of Directors (the “ Board ”) of the Company is pleased to announce the unaudited condensed consolidated interim results of the Group for the three months and six months ended 30 November 2017 together with the comparative unaudited figures of the corresponding periods in 2016, as follows:

本公司董事會（「 董事會 」）欣然宣佈截至二 零一七年十一月三十日止三個月及六個月 之本集團未經審核簡明綜合中期業績及二 零一六年同期之比較未經審核數字如下：

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

未經審核簡明綜合全面收入表

		Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended
		30 November 30 November
		截至十一月三十日止 截至十一月三十日止
		三個月 六個月
		2017 2016 2017			2016
		二零一七年 二零一六年 二零一七年	二零一六年
		Note HK$’000 HK$’000 HK$’000		HK$’000
		附註 千港元 千港元 千港元			千港元
		(Unaudited) (Unaudited) (Unaudited)	(Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）
Revenue	收入	4 18,689 15,364 35,838			26,551
Cost of services	服務成本	5 (9,583 ) (7,347) (18,360 )		(13,770)
Gross profit	毛利	9,106 8,017 17,478			12,781
Other income	其他收入	— (1) 126			53
Other gains, net	其他收益淨額	148 224 309			276
Administrative expenses	行政開支	5
— Professional service fees in	—有關上市
respect of listing	籌備的專業
preparation	服務費	— (4,170) —			(8,133)
— Others	—其他	(4,001 ) (2,959) (8,216 )			(5,575)
Operating profit/(loss)	經營溢利╱（虧損）	5,253 1,111 9,697			(598)
Finance income	財務收入	7 75 — 121			—
Finance costs	財務成本	7 (382 ) (205) (1,164 )			(423)
Finance costs, net	財務成本淨額	7 (307 ) (205) (1,043 )			(423)
**Profit/(loss) before income tax **	所得稅前溢利╱
	（虧損）	4,946 906 8,654			(1,021)
Income tax expense	所得稅開支	8 (1,131 ) (1,140) (2,010 )			(1,534)
Profit/(loss) for the period	期間溢利╱（虧損）	3,815 (234) 6,644			(2,555)

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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		Three months ended	Six months ended	Six months ended	Six months ended	Six months ended
		30 November	30 November
		截至十一月三十日止	截至十一月三十日止
		三個月	六個月
		2017 2016 2017				2016
		二零一七年 二零一六年 二零一七年		二零一六年
		Note HK$’000 HK$’000 HK$’000			HK$’000
		附註 千港元 千港元 千港元				千港元
		(Unaudited) (Unaudited) (Unaudited)		(Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	3,988 (232) 6,976				(2,527)
— Non-controlling interests	—非控股權益	(173 )	(2) (332 )			(28)
		3,815 (234) 6,644				(2,555)
Other comprehensive income/	其他全面收入╱
(expense):	（開支）：
Item that may be subsequently	其後可能重新分
reclassified to profit or loss	類至損益的項目
— Exchange gains/(losses) on	—換算海外業務
translation of foreign	之匯兌收益
operations	╱（虧損）	— 180 44				69
Total comprehensive income/	期間全面收入╱
(expense) for the period	（開支）總額	3,815	(54) 6,688			(2,486)
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	3,988	(61) 7,018			(2,462)
— Non-controlling interests	—非控股權益	(173 )	7 (330 )			(24)
		3,815	(54) 6,688			(2,486)
Earnings/(loss) per share	本公司擁有人
attributable to the owners	應佔每股盈利╱
of the Company	（虧損）
Basic and diluted (HK cents)	基本及攤薄（港仙） 10 0.50 (0.04 ) 0.89					(0.42 )

06 In Technical Productions Holdings Limited Interim Report 2017/2018

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

未經審核簡明綜合財務狀況表

As at 30 November 2017		於二零一七年十一月三十日	於二零一七年十一月三十日
			30 November	31 May
			2017	2017
			二零一七年	二零一七年
			十一月三十日	五月三十一日
		Note	HK$’000	HK$’000
		附註	千港元	千港元
			(Unaudited)	(Audited)
			（未經審核）	（經審核）
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備	11	79,023	64,708
Deposits	按金	12	168	233
			79,191	64,941
Current assets	流動資產
Trade receivables	貿易應收款項	12	6,581	5,791
Prepayments, deposits and other receivables	預付款項、按金及
	其他應收款項	12	4,077	12,004
Amount due from the immediate holding	應收直接控股公司款項
company		17	51	45
Pledged short-term bank deposits	已抵押短期銀行存款		2,999	2,995
Cash and bank balances	現金及銀行結餘		47,380	17,008
			61,089	37,843
Total assets	資產總值		140,279	102,784
Equity	權益
Capital and reserves attributable to	本公司擁有人應佔
the owners of the Company	股本及儲備
Share capital	股本	16	8,000	—
Reserves	儲備		88,432	24,917
			96,432	24,917
Non-controlling interests	非控股權益		(634)	(304)
Total equity	權益總額		95,798	24,613

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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			30 November	31 May
			2017	2017
			二零一七年	二零一七年
			十一月三十日	五月三十一日
		Note	HK$’000	HK$’000
		附註	千港元	千港元
			(Unaudited)	(Audited)
			（未經審核）	（經審核）
Liabilities	負債
Non-current liabilities	非流動負債
Deferred tax liabilities	遞延稅項負債		6,232	6,232
Obligations under finance leases	融資租賃承擔		—	290
Other payables	其他應付款項	13	—	8,220
Shareholder’s loan	股東貸款	14	—	14,268
			6,232	29,010
Current liabilities	流動負債
Other payables and accrued liabilities	其他應付款項及應計負債	13	23,304	27,975
Bank borrowings	銀行借款	15	12,723	18,887
Obligations under finance leases	融資租賃承擔		149	240
Taxation payable	應付稅項		2,073	2,059
			38,249	49,161
Total liabilities	負債總額		44,481	78,171
Total equity and liabilities	權益及負債總額		140,279	102,784

08 In Technical Productions Holdings Limited Interim Report 2017/2018

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 November 2017

未經審核簡明綜合權益變動表

截至二零一七年十一月三十日止六個月

								Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company
												本公司擁有人應佔
																												Non-
				Share				Share				Capital				Exchange				Retained								controlling				Total
				capital				premium				reserve				reserve				earnings				Total				interests				equity
				股本				股份溢價				資本儲備				匯兌儲備				保留盈利				總計非控股權益								權益總額
				HK$’000				HK$’000				HK$’000				HK$’000				HK$’000				HK$’000				HK$’000				HK$’000
				千港元				千港元				千港元				千港元				千港元				千港元				千港元				千港元
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）
Balance at 1 June 2016	於二零一六年六月一日
		的結餘		—				—				10				71				24,422				24,503				(80)				24,423
Loss for the period	期內虧損			—				—				—				—				(2,527)				(2,527)				(28)				(2,555)
Other comprehensive loss:	其他全面虧損：
— Exchange difference on		—換算海外業務
translation of foreign		的匯兌差額
operations				—				—				—				65				—				65				4				69
Total comprehensive (loss)/income	全面（虧損）╱收入總額			—				—				—				65				(2,527)				(2,462)				(24)				(2,486)
Transaction with owners:	與擁有人的交易：
— Difference between		—股東貸款的公平
the fair value of		值與已收款項之
the shareholder’s loan and		間的差額
the amount received				—				—				764				—				—				764				—				764
Balance at 30 November 2016	於二零一六年十一月
		三十日的結餘		—				—				774				136				21,895				22,805				(104)				22,701
Balance at 1 June 2017	於二零一七年六月一日
		的結餘		—				—				774				164				23,979				24,917				(304)				24,613
Profit for the period	期內溢利			—				—				—				—				6,976				6,976				(332)				6,644
Other comprehensive income:	其他全面收入：
— Exchange gains on		—換算海外業務
translation of foreign		的匯兌收益
operations				—				—				—				42				—				42				2				44
Total comprehensive income/(expense)	全面收入╱（開支）總額			—				—				—				42				6,976				7,018				(330)				6,688
Transactions with owners:	與擁有人的交易﹕
— Capitalisation issue		—資本化發行
(Note 1)		（附註1）		6,000				6,000				—				—				—				12,000				—				12,000
— Issue of shares upon		—股份發售後發行
share offer (Note 2)		股份（附註2）		2,000				50,497				—				—				—				52,497				—				52,497
Balance at 30 November 2017	於二零一七年十一月
		三十日的結餘		8,000				56,497				774				206				30,955				96,432				(634)				95,798

Note 1: On 14 June 2017, the Company capitalised an amount of approximately HK$12,000,000 owed by In Technical Productions Limited to Next Vision Management Limited by issuing additional 599,999,999 shares, credited as fully paid, to the then existing shareholder of the Company.

Note 2: On 14 June 2017, the Company issued a total 200,000,000 shares at a price of HK$0.30 per share.

附註 1： 於二零一七年六月十四日，本公司已透過向本 公司當時現有股東發行 599,999,999 股入賬列 為繳足之額外股份，將 In Technical Productions Limited 結欠 Next Vision Management Limited 的約 12,000,000港元款項撥充資本。

附註 2： 於二零一七年六月十四日，本公司以每股 0.30 港元的價格發行合共 200,000,000股股份。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 November 2017

未經審核簡明綜合現金流量表

截至二零一七年十一月三十日止六個月

		Six months ended 30 November	Six months ended 30 November
		截至十一月三十日止六個月
		2017	2016
		二零一七年	二零一六年
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
Net cash generated from operating activities	經營活動所得現金流量	27,665	11,507
Net cash used in investing activities	投資活動所用現金流量	(27,006)	(20,278)
Net cash generated from financing activities	融資活動所得現金流量	29,705	21,450
Net increase in cash and cash equivalents	現金及現金等價物增加淨額	30,364	12,679
Effect of foreign exchange rate changes	外匯匯率變動的影響	8	(11)
Cash and cash equivalents at beginning of	期初現金及現金等價物
the period		17,008	2,585
Cash and cash equivalents at end of the period	期末現金及現金等價物	47,380	15,253
**Analysis of balances of cash and cash equivalents **	現金及現金等價物結餘分析
Cash at banks and on hand	銀行及手頭現金	47,380	15,253

10 In Technical Productions Holdings Limited Interim Report 2017/2018

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 November 2017

1. GENERAL INFORMATION

1.1 Corporate information

The Company was incorporated in the Cayman Islands on 4 November 2016 as an exempted company with limited liability under the Companies Law (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time. The address of its registered office is Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands.

The shares of the Company (“ Shares ”) were listed on the GEM of the Stock Exchange on 14 June 2017 (the “ Listing ”).

The Company is an investment holding company. The Group is principally engaged in the provision of visual display solution services for concerts and events in Hong Kong, Macau and the People’s Republic of China (the “ PRC ”) (the “ Business ”). Prior to the incorporation of the Company, the Business was conducted by In Technical Productions Limited (“ ITP (HK) ”) and its subsidiaries. ITP (HK) was owned by Mr. Yeung Ho Ting Dennis (“ Mr. Yeung ”), Mr. Chang Yu-shu (“ Mr. Chang ”) and UCP Co., Ltd. (“ UCP ”) as to 75%, 15% and 10%, respectively.

The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (“ HK$ ”), unless otherwise stated.

未經審核簡明綜合財務 報表附註

截至二零一七年十一月三十日止六個月

1. 一般資料

1.1 公司資料

本公司於二零一六年十一月四 日根據開曼群島公司法（經修訂） （經不時修訂、補充或以其他方 式修改）在開曼群島註冊成立為 獲豁免有限公司。其註冊辦事處 地址為Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY11108, Cayman Islands。

本公司股份（「 股份 」）於二零一七 年六月十四日於聯交所創業板上 市（「 上市 」）。

本公司為一間投資控股公司。本 集團主要從事為香港、澳門及中 華人民共和國（「 中國 」）的演唱會 及活動提供視像顯示解決方案服 務（「 業務 」）。於本公司註冊成立 前，業務由In Technical Productions Limited（「 ITP (HK) 」）及其附屬公司 進行。ITP (HK) 由楊浩廷先生（「 楊 先生 」）、張育書先生（「 張先生 」） 及 UCP Co., Ltd.（「 UCP 」）分別擁有 75%、15% 及10%權益 。

除非另有所指，否則未經審核簡 明綜合財務報表按港元（「 港元 」） 呈列。

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1.2 Reorganisation

In preparation for the initial public offering (“ IPO ”) and the Listing, the Company underwent a reorganisation (the “ Reorganisation ”) of the corporate structure of the companies now comprising the Group. The major steps undertaken to effect the Reorganisation are as follows:

• (a) On 4 November 2016, the Company was incorporated in the Cayman Islands as the holding company of the Group. Upon incorporation, one Share of HK$0.01, representing the entire issued share capital of the Company, was allotted and issued to Next Vision Management Limited (“ Next Vision ”), a company owned by Mr. Yeung, Mr. Chang and UCP as to 75%, 15% and 10%, respectively.

• (b) In Technical Productions (B.V.I.) Limited (“ ITP (BVI) ”) was incorporated in the British Virgin Islands (“ BVI ”) on 9 November 2016 as the intermediate holding company of ITP (HK) and its subsidiaries. Upon incorporation, one share of US$1.00, representing the entire issued share capital of ITP (BVI), was allotted and issued to the Company.

• (c) On 24 November 2016, ITP (BVI) acquired 75%, 15% and 10% of the issued share capital of ITP (HK) from Mr. Yeung, Mr. Chang and UCP at a consideration of HK$24,531,855.38, HK$4,906,371.08 and HK$3,270,914.05, respectively. Such consideration was satisfied by allotting and issuing 74 shares, 15 shares and 10 shares in ITP (BVI) to the Company, as directed by Mr. Yeung, Mr. Chang and UCP, respectively, on 24 November 2016. Upon completion of the acquisition, ITP (HK) became a wholly-owned subsidiary of ITP (BVI).

Upon the completion of the Reorganisation, the Company became the holding company of other companies now comprising the Group.

1.2 重組

為籌備首次公開發售（「 首次公開 發售 」）及上市，本公司曾對現時 組成本集團的公司的公司架構進 行重組（「 重組 」）。為落實重組而 採取的主要步驟如下：

• (a) 於二零一六年十一月四日， 本公司於開曼群島註冊成立 為本集團的控股公司。於註 冊成立後，一股面值 0.01 港 元的股份（即本公司的全部 已發行股本）獲配發及發行 予 Next Vision Management Limited (「 Next Vision 」)， 該公司由楊先生、張先生及 UCP 分別擁有 75%、15% 及 10%權益。

• (b) In Technical Productions (B.V.I.) Limited（「 ITP (BVI) 」）於 二 零一六年十一月九日在英 屬處女群島（「 英屬處女群 島 」）註冊成立為 ITP (HK) 及 其附屬公司的中間控股公 司。於註冊成立後，一股 面值 1.00 美元的股份（即 ITP (BVI) 的全部已發行股本）獲 配發及發行予本公司。

• (c) 於二零一六年十一月二十四 日，ITP (BVI)分別向楊先生、張 先生及UCP收購ITP (HK)已發 行股本的75%、15%及10%， 代價分別為 24,531,855.38 港元、4,906,371.08 港元及 3,270,914.05港元。該代價通 過按楊先生、張先生及UCP 的指示於二零一六年十一月 二十四日分別向本公司配發 及發行74股、15股及10股ITP (BVI)股份結算。於收購完成 後，ITP (HK) 成為ITP (BVI)的全 資附屬公司。

於重組完成後，本公司成為現時 組成本集團的其他公司的控股公 司。

12 In Technical Productions Holdings Limited Interim Report 2017/2018

2. BASIS OF PRESENTATION

Immediately prior to and after the Reorganisation, the Business had been and continues to be conducted through companies managed and controlled by Mr. Yeung. The Company has not been involved in any business prior to the Reorganisation. The Reorganisation is merely a reorganisation of the Business with no change in management and the controlling shareholders. The Group established resulting from the Reorganisation is regarded as a continuation of the Business and under common control of Mr. Yeung before and after the Reorganisation.

Accordingly, the unaudited condensed consolidated financial statements of the Company is prepared in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) 10, “Consolidated Financial Statements”, issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”), by using the carrying values of the Business for all periods presented, or since the respective dates of incorporation of the subsidiaries within the Group, whichever is the later.

Intercompany transactions, balances and unrealised profits or losses on transactions between group companies are eliminated on consolidation.

The condensed consolidated financial statements have not been audited by the Company’s auditors, but have been reviewed by the audit committee of the Company.

2. 呈列基準

緊接及緊隨重組前後，業務已經並繼 續透過楊先生管理及控制的公司進 行。本公司於重組前並無涉及任何業 務。重組僅為業務重組，而管理層及 控股股東並無變動。因重組而成立的 本集團被視為業務的延續且於重組前 後由楊先生共同控制。

因此，本公司未經審核簡明綜合財務 報表乃透過採用於所有呈列期間業務 的賬面值或自本集團內附屬公司各自 註冊成立日期起（以較後者為準）根據 香港會計師公會（「 香港會計師公會 」） 頒佈的香港財務報告準則（「 香港財務 報告準則 」）第 10 號「綜合財務報表」編 製。

集團內公司間交易、結餘及集團公司 間交易的未變現溢利或虧損均於綜合 入賬時予以抵銷。

簡明綜合財務報表尚未經本公司核數 師審核，惟已經本公司審核委員會審 閱。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The unaudited condensed consolidated financial statements of the Group have been prepared in accordance with HKFRSs and the disclosure requirements of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). The unaudited condensed consolidated financial statements have been prepared under the historical cost convention, except that investment in an insurance contract is stated at its cash surrender value.

(b) New and amended standards adopted by the Group

The following amendments to standards have been adopted by the Group for the first time for the financial year beginning on or after 1 June 2017:

Amendments to HKAS 7 Disclosure initiative

Amendments to HKAS 12 Recognitions of deferred tax assets for unrealised losses Amendments to HKFRS 12 As part of the annual improvements to HKFRSs 2014–2016 cycle

The adoption of these amendments did not have any impact on the financial statements for the current period.

3. 重要會計政策摘要

(a) 編製基準

本集團之未經審核簡明綜合財務 報表乃按照香港財務報告準則及 香港法例第 622 章公司條例的披 露要求而編製。該未經審核簡明 綜合財務報表根據歷史成本慣例 編製，惟保險合約的投資以保單 退保金額列示。

(b) 本集團採納的新訂及經修 訂準則

以下準則的修訂本已由本集團於 二零一七年六月一日或之後開始 的財政年度首次採納：

香港會計準則 披露計劃 第7號之修訂 香港會計準則 就未變現虧損確認 第12號之修訂 遞延稅項資產 香港財務報告準則 作為香港財務 第12號之修訂 報告準則於 二零一四年 至二零一六年 週期之年度 改進之一部分

採納該等修訂對本期間的財務報 表並無任何影響。

14 In Technical Productions Holdings Limited Interim Report 2017/2018

• (c) New standards, amendments to existing standards and interpretations that have been issued but are not effective and have not been early adopted.

(c) 已頒佈但尚未生效且尚未 提早採納的新訂準則、現 有準則修訂本及詮釋。

been early adopted.
					Effective for annual
					periods beginning
					on or after
					於下列日期或
					之後開始的
					年度期間生效
Amendments to HKAS 28	As part of the annual improvements to HKASs				1 January 2018
		2014–2016 cycle
香港會計準則第28號之修訂	作為香港會計準則於二零一四年至				二零一八年一月一日
		二零一六年週期之年度改進之一部分
Amendment to HKFRS 1	As part of the annual improvements to HKFRSs				1 January 2018
		2014–2016 cycle
香港財務報告準則第1號之修訂	作為香港財務報告準則於二零一四年至				二零一八年一月一日
		二零一六年週期之年度改進之一部分
Amendments to HKFRS 2	Classification and measurement of share-based				1 January 2018
		payment transactions
香港財務報告準則第2號之修訂	以股份為基礎付款的交易的分類及計量				二零一八年一月一日
HKFRS 4	Insurance contracts				1 January 2018
香港財務報告準則第4號	保險合約				二零一八年一月一日
HKFRS 9	Financial instruments				1 January 2018
香港財務報告準則第9號	金融工具				二零一八年一月一日
HKFRS 15	Revenue from contracts with customers				1 January 2018
香港財務報告準則第15號	來自客戶合約的收益				二零一八年一月一日
HKFRS 16	Leases				1 January 2019
香港財務報告準則第16號	租賃				二零一九年一月一日
HK (IFRIC) - Int 22	Foreign currency transactions and advance				1 January 2018
		consideration
香港（國際財務報告詮釋委員會）	外幣交易及預付代價				二零一八年一月一日
—詮釋第22號
HK (IFRIC) - Int 23	Uncertainty over income tax treatment				1 January 2019
香港（國際財務報告詮釋委員會）	所得稅處理的不確定性				二零一九年一月一日
—詮釋第23號
Amendments to HKFRS 10 and	Sale or contribution of assets between an				To be determined
HKAS 28		investor and its associate or joint venture
香港財務報告準則第10號及	投資者與其聯營公司或合營企業之間				待釐定
香港會計準則第28號之修訂		的資產出售或注資

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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4. REVENUE AND SEGMENT INFORMATION

4. 收益及分部資料

(a) Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Revenue from visual display solution services is recognised after each show or event of a project is performed, while revenue from equipment rental is recognised on a straight-line basis over the term of the lease.

(a) 收益

收益於以下情況下得到確認，即 經濟利益將流入本集團及能夠可 靠地計量收益金額。視像顯示解 決方案服務收益於每個項目的演 出或活動執行之後被確認，及設 備租賃收益於租約期內以直線法 確認。

An analysis of the Group’s revenue for the reporting period is as follows:

於報告期內本集團收益情況分析 如下：

	Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended
	30 November 30 November
	截至十一月三十日止 截至十一月三十日止
	三個月	六個月
	2017	2016 2017	2016
	二零一七年	二零一六年 二零一七年 二零一六年
	HK$’000	HK$’000 HK$’000	HK$’000
	千港元	千港元 千港元	千港元
	(Unaudited)	(Unaudited) (Unaudited)	(Unaudited)
	（未經審核） （未經審核） （未經審核） （未經審核）
Revenue from visual display	視像顯示解決
solution services	方案服務收益 18,689	15,289 35,830	26,438
Equipment rental income	設備租賃收入 —	75 8	113
	18,689	15,364 35,838	26,551

(b) Segment information

Management has determined the operating segments based on the reports reviewed by the chief operating decision-maker that are used to make strategic decisions. These reports are prepared on the same basis as these unaudited condensed consolidated financial statements.

(b) 分部資料

管理層已根據主要經營決策者審 議並用於制訂策略性決策的報告 釐定經營分部。有關報告根據與 該等未經審核簡明綜合財務報表 相同的基準編製。

The chief operating decision-maker is identified as the executive directors of the Company. The executive directors review the Group’s consolidated financial statements mainly from a single business perspective as the Group is mainly engaged in the provision of visual display solution services.

本公司執行董事已確定為主要經 營決策者。由於本集團主要從事 提供視像顯示解決方案服務，故 執行董事主要從單一業務角度審 閱本集團的綜合財務報表。

16 In Technical Productions Holdings Limited Interim Report 2017/2018

The Group’s revenue is attributable to the following geographical markets:

本集團的收益來自以下地區市 場：

	Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended
	30 November 30 November
	截至十一月三十日止 截至十一月三十日止
	三個月	六個月
	2017	2016 2017		2016
	二零一七年	二零一六年 二零一七年	二零一六年
	HK$’000	HK$’000 HK$’000		HK$’000
	千港元	千港元 千港元		千港元
	(Unaudited)	(Unaudited) (Unaudited)		(Unaudited)
	（未經審核） （未經審核） （未經審核）		（未經審核）
Hong Kong	香港 6,017	4,356 10,988		11,540
PRC Macau	中國 10,861 澳門 1,811	10,848 20,588 160 4,102		14,021 510
Taiwan	台灣 —	— —		330
Others	其他 —	— 160		150
	18,689	15,364 35,838		26,551

Geographically, total assets and capital expenditure are allocated based on where the assets are located. The locations of the Group’s total assets and non-current assets are as follows:

就地區而言，資產及資本開支總額均 按資產所在位置分配。本集團總資產 及非流動資產的位置如下：

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited)	(Audited)
		（未經審核）	（經審核）
Assets:	資產：
Hong Kong	香港	133,067	93,175
PRC	中國	7,212	9,609
		140,279	102,784
Non-current assets:	非流動資產：
Hong Kong	香港	76,906	63,292
PRC	中國	2,285	1,649
		79,191	64,941

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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5. EXPENSES BY NATURE

5. 按性質劃分的開支

	Three months ended	Six months ended	Six months ended
	30 November	30 November
	截至十一月三十日止三個月	截至十一月三十日止六個月
	2017 2016	2017	2016
	二零一七年 二零一六年	二零一七年	二零一六年
	HK$’000 HK$’000	HK$’000	HK$’000
	千港元 千港元	千港元	千港元
	(Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核）		(Unaudited) （未經審核）
Auditor’s remuneration	核數師薪酬 325 250	650	500
Consultancy and technician	諮詢及技術費
fees	3 45	223	364
Cost of equipment and	設備及配件成本
spare parts	518 (214) 685		509
Depreciation of property,	物業、廠房及設備
plant and equipment	折舊 3,818 2,837	7,194	4,880
Employee benefit expenses	員工福利開支 4,197 3,127	8,424	5,016
Equipment rental charges	設備租賃費 211 153	746	212
Freight and logistics	運費及物流費
expenses	657 687	1,151	1,514
Legal and professional	法律及專業費用
expenses	291 121	836	121
Sub-contracting charges	分包費 1,375 1,722	2,546	3,325
Travelling expenses	差旅費 161 161	452	310
Operating lease rentals in	租賃物業的經營租賃
respect of rental premises	租金 518 394	988	912
Professional service fees in	有關籌備上市的專業
respect of listing	服務費 — 4,170	—	8,133
Others	其他 1,510 1,023	2,681	1,682
Total cost of services and	服務成本及行政開支
administrative expenses	總額 13,584 14,476	26,576	27,478

18 In Technical Productions Holdings Limited Interim Report 2017/2018

6. EMPLOYEE BENEFIT EXPENSES

6. 僱員福利開支

		Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended
		30 November 30 November
		截至十一月三十日止 截至十一月三十日止
		三個月	六個月
		2017	2016 2017		2016
		二零一七年	二零一六年 二零一七年	二零一六年
		HK$’000	HK$’000 HK$’000		HK$’000
		千港元	千港元 千港元		千港元
		(Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核）		(Unaudited) （未經審核）
Wages, salaries and	工資、薪金及津貼
allowances, excluding	（不包括董事酬金）
directors’ emoluments		3,140	2,329 6,318		3,709
Directors’ emoluments	董事酬金	675	302 1,326		552
Pension costs —	退休金費用 —
contributions to defined	向界定供款計劃
contribution plans	供款	382	496 780		755
		4,197	3,127 8,424		5,016

7. FINANCE COSTS, NET

7. 財務成本淨額

	Three months ended	Three months ended	Six months ended	Six months ended	Six months ended
	30 November		30 November
	截至十一月三十日止		截至十一月三十日止
	三個月		六個月
	2017	2016 2017			2016
	二零一七年	二零一六年 二零一七年		二零一六年
	HK$’000	HK$’000 HK$’000			HK$’000
	千港元	千港元 千港元			千港元
	(Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核）			(Unaudited) （未經審核）
Bank interest income	銀行利息收入 75		— 121		—
Interest on bank borrowings	銀行借款利息 (188)		(199) (412)		(411)
Finance charges on	融資租賃承擔的
obligations under finance	融資費用
leases	(39)		6 (45)		(12)
Imputed interest on	應付設備之估算利息
payables for equipment	(155)		— (325)		—
Imputed interest on	股東貸款之估算利息
shareholder’s loan	—		— (382)		—
Finance costs	財務成本 (382)		(205) (1,164)		(423)
Finance costs, net	財務成本淨額 (307)		(205) (1,043)		(423)

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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8. INCOME TAX EXPENSE

8. 所得稅開支

Hong Kong profits tax has been provided for at the rate of 16.5% on the estimated assessable profits for the six months ended 30 November 2017 and 2016. The companies in the Group established in the PRC are subject to the PRC enterprise income tax at the rate of 25% for the six months ended 30 November 2017 and 2016.

香港利得稅按截至二零一七年及二零 一六年十一月三十日止六個月的估計 應課稅溢利以稅率 16.5% 計提撥備。 在中國設立之本集團公司於截至二零 一七年及二零一六年十一月三十日止 六個月按 25% 中國企業所得稅稅率繳 稅。

Taxes on profits assessable elsewhere have been calculated at the applicable rates of tax prevailing in the jurisdictions in which the Group operates, based on existing legislation, interpretations and practices in respect thereof.

其他地方應課稅溢利的稅項乃按本集 團經營所在司法權區現行的適用稅 率，根據其現有法律、詮釋及慣例計 算。

The amounts of taxation charged to profit and loss represent:

自損益扣除的稅項金額指：

		Three months ended Six months ended	Three months ended Six months ended	Three months ended Six months ended
		30 November 30 November
		截至十一月三十日止 截至十一月三十日止
		三個月 六個月
		2017 2016 2017		2016
		二零一七年 二零一六年 二零一七年	二零一六年
		HK$’000 HK$’000 HK$’000		HK$’000
		千港元 千港元 千港元		千港元
		(Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核）	(Unaudited) （未經審核）
Current income tax:	即期所得稅：
Hong Kong profits tax	香港利得稅	1,131 1,140 2,010		—
Deferred income tax relating	產生及撥回暫時差額
to origination and reversal	相關的遞延所得稅
of temporary differences		— — —		1,534
		1,131 1,140 2,010		1,534

9. DIVIDENDS

9. 股息

The Directors do not recommend the payment of dividend for the six months ended 30 November 2017 (six months ended 30 November 2016: Nil).

董事不建議派付截至二零一七年十一 月三十日止六個月的股息（截至二零 一六年十一月三十日止六個月：零）。

20 In Technical Productions Holdings Limited Interim Report 2017/2018

10. EARNINGS/(LOSS) PER SHARE

10. 每股盈利╱（虧損）

For the six months ended 30 November 2017, the basic earnings per Share is calculated based on (i) the profit attributable to owners of the Company and (ii) the weighted average number of ordinary Shares issued during the period.

截至二零一七年十一月三十日止六個 月，每股基本盈利乃按 (i) 本公司擁有 人應佔溢利及 (ii) 期內已發行普通股之 加權平均數計算。

For the six months ended 30 November 2016, the basic loss per Share is calculated based on the loss attributable to owners of the Company and 600,000,000 Shares, which have been adjusted retrospectively as if the Reorganisation and the allotment and issue of 599,999,999 Shares to Next Vision by way of capitalisation of an amount of approximately HK$12,000,000 owed by ITP (HK) to Next Vision had been effective on 1 June 2016.

截至二零一六年十一月三十日止六個 月，每股基本虧損乃按本公司擁有人 應佔虧損及 600,000,000 股股份計算， 這計算已進行追溯調整，猶如重組及 ITP (HK) 結欠 Next Vision 的約 12,000,000 港元款項通過資本化方式配發及發行 599,999,999 股股份予 Next Vision 於二 零一六年六月一日已生效。

		Three months ended	Six months	ended	ended
		30 November	30 November
		截至十一月三十日止	截至十一月三十日止
		三個月	六個月
		2017 2016 2017			2016
		二零一七年 二零一六年 二零一七年		二零一六年
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核）
Profit/(loss) attributable to	本公司擁有人應佔
owners of the Company	溢利╱（虧損）
(HK$’000)	（千港元）	3,988 (232) 6,976			(2,527)
Weighted average number	已發行普通股之
of ordinary Shares in issue	加權平均數
(thousand Shares)	（千股）	800,000 600,000 785,792			600,000
Earnings/(loss) per Share	每股盈利╱（虧損）
HK cents)	（港仙）	0.50 (0.04) 0.89			(0.42)

Diluted earnings/(loss) per Share were same as the basic earnings/(loss) per Share as there were no potential dilutive Shares in existence during the reporting period.

每股攤薄盈利╱（虧損）與每股基本盈 利╱（虧損）相同，因為於報告期內並 無存在潛在的攤薄股份。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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11. PROPERTY, PLANT AND EQUIPMENT

11. 物業、廠房及設備

The net book value of property, plant and equipment is analysed as follows:

物業、廠房及設備賬面淨值分析如下：

				HK$’000
				千港元
At 1 June 2017 (audited)	於二零一七年六月一日（經審核）			64,708
Additions	添置			21,473
Disposals	出售			—
Depreciation charge	折舊開支			(7,194)
Currency translation differences	貨幣換算差額			36
At 30 November 2017 (unaudited)	於二零一七年十一月三十日（未經審核）			79,023

12. TRADE AND OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS

12. 貿易及其他應收款項、預付 款項及按金

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
Trade receivables	貿易應收款項	6,581	5,791
Deferred listing expenses	遞延上市開支	—	4,906
Deposits for purchase of equipment	購買設備按金	168	233
Other receivables, deposits and prepayments	其他應收款項、按金及
	預付款項	4,077	7,098
		10,826	18,028
Less: non-current portion	減：非即期部分	(168)	(233)
Current portion	即期部分	10,658	17,795

Other receivables, deposits and prepayments mainly include rental and utility deposits, advances to staff and deposits for equipment rental.

其他應收款項、按金及預付款項主要 包括租金及公用服務按金、向員工墊 款及設備出租按金。

The deferred listing expenses are incurred in connection with the Listing and will be deducted from equity upon Listing.

遞延上市費用與上市相關並將於上市 後從股權中扣除。

22 In Technical Productions Holdings Limited Interim Report 2017/2018

The maximum exposure to credit risk at the period end date is the carrying amount of each class of receivables and deposits mentioned above.

於期間結束日期的最大信貸風險為上 述各類應收款項及按金的賬面值。

The Group does not hold any collateral as security. The Group’s trade receivables are settled by cash on delivery or credit period of around 30 to 90 days after provision of services. As at 30 November 2017 and 31 May 2017, an ageing analysis of the trade receivables based on invoice date is as follows:

本集團並無持有任何抵押品作抵押。 本集團的貿易應收款項在交貨時或提 供服務後約 30 至 90 天的信用期內以 現金結算。於二零一七年十一月三十 日及二零一七年五月三十一日，基於 發票日期的貿易應收款項賬齡分析如 下：

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
0–30 days	0至30天	3,289	1,903
31–60 days	31至60天	2,121	1,789
61–90 days	61至90天	500	1,357
Over 90 days	超過90天	671	742
		6,581	5,791

As at 30 November 2017 and 31 May 2017 trade receivables of approximately HK$671,000 and HK$741,500, respectively, were past due but not impaired. These relates to a number of independent customers for whom there is no recent history of default.

The credit quality of trade and other receivables and deposits that are neither past due nor impaired has been assessed by reference to historical information about counterparty default rates. The existing counterparties do not have significant defaults in the past.

The carrying amounts of trade and other receivables approximate their fair values due to their short maturities.

於二零一七年十一月三十日及二 零一七年五月三十一日，分別約為 671,000 港元及 741,500 港元的貿易應 收款項已逾期但並無減值。這與眾多 近期並無拖欠付款記錄的獨立客戶有 關。

既未逾期亦無減值的貿易及其他應收 款項及按金的信貸質素參考過往交 易對方的拖欠付款比率而進行評估。 現有的交易對方過往並無嚴重拖欠付 款。

貿易及其他應收款項的賬面值由於期 限短而與其公平值相若。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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13. OTHER PAYABLES AND ACCRUED LIABILITIES

13. 其他應付款項及應計負債

OTHER PAYABLES AND ACCRUE	13. D LIABILITIES	其他應付款項及應	計負債
		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
Payables for equipment	設備應付款項	11,633	17,534
Receipts in advance	預收款項	8,268	1,391
Payables for professional service fees in respect	上市籌備之專業服務費
of listing preparation	應付款項	—	12,018
Other accruals and payables	其他應計費用及應付款項	3,403	5,252
		23,304	36,195
Less: non-current portion	減：非即期部分	—	(8,220)
Current portion	即期部分	23,304	27,975
As at 30 November 2017 and 31 May 2017,	the Group’s ageing	於二零一七年十一月三十日及二零
analysis of the payables for equipment based	on invoice date is as	一七年五月三十一日，本集團基於發
follows:		票日期的設備應付款項賬齡分析如
		下：

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
0–30 days	0至30天	1,977	60
31–60 days	31至60天	3,104	62
61–90 days	61至90天	1,170	232
Over 90 days	超過90天	5,382	17,180
		11,633	17,534

The carrying amounts of all short-term payables and accrued liabilities approximate their fair values.

所有短期應付款項及應計負債的賬面 值與其公平值相若。

24 In Technical Productions Holdings Limited Interim Report 2017/2018

14. SHAREHOLDER’S LOAN

14. 股東貸款

SHAREHOLDER’S LOAN	14.股東貸款
	As at	As at
	30 November	31 May
	2017	2017
	於二零一七年	於二零一七年
	十一月三十日	五月三十一日
	HK$’000	HK$’000
	千港元	千港元
	(Unaudited) （未經審核）	(Audited) （經審核）
Loan from a shareholder	來自一名股東的貸款 —	14,268

On 14 June 2017, the Company capitalised an amount of approximately HK$12,000,000 owed by ITP (HK) to Next Vision by issuing additional 599,999,999 Shares, credited as fully paid, to the then existing shareholder of the Company. The remaining balance of approximately HK$2.7 million was repaid.

於二零一七年六月十四日，本公司 透過向其當時現有股東額外發行 599,999,999 股入賬列為繳足股份，將 ITP (HK)結欠Next Vision的款項約12,000,000 港元撥充資本。餘額約 2.7 百萬港元已 獲償還。

15. BANK BORROWINGS

15. 銀行借款

As at 30 November 2017 and 31 May 2017, bank borrowings are repayable as follows:

於二零一七年十一月三十日及二零 一七年五月三十一日，須償還的銀行 借款如下：

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
Bank loans, secured:	銀行貸款，有抵押：
Balances repayable within one year classified	須於一年內償還款項，
as current liabilities	分類為流動負債的結餘	3,500	6,598
Balances repayable after one year, with	須於一年後償還款項，
clause of repayable on demand classified	包含按要求償還條款，
as current liabilities	分類為流動負債的結餘	9,223	12,289
		12,723	18,887

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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The above bank loans bear interest ranging from 4.0% to 6.0% per annum for the six months ended 30 November 2017, 4.0% to 7.0% per annum for the six months ended 30 November 2016.

截至二零一七年十一月三十日止六個 月，以上銀行貸款之年利息介乎4.0% 至 6.0%，截至二零一六年十一月三十 日止六個月介乎4.0% 至7.0%。

As at 30 November 2017 and 31 May 2017, the fair value of current bank borrowings equals their carrying amount as the impact of discounting is not significant.

於二零一七年十一月三十日及二零 一七年五月三十一日，由於貼現的影 響不大，當期銀行借款的公平值與其 賬面值相若。

As at 30 November 2017 and 31 May 2017, the Group’s bank borrowings based on the scheduled repayment dates as set out in the loan agreements and without taking into account the effect of any repayment on demand clause are repayable as follows:

於二零一七年十一月三十日及二零 一七年五月三十一日，本集團銀行借 款須於以下期限償還（根據貸款協議 所載計劃還款日期，並不計及任何按 要求還款條款的影響）：

		As at	As at
		30 November	31 May
		2017	2017
		於二零一七年	於二零一七年
		十一月三十日	五月三十一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited) （未經審核）	(Audited) （經審核）
Within 1 year	1年內	3,500	6,598
Between 1 and 2 years	1至2年	3,702	4,607
Between 2 and 5 years	2至5年	5,521	7,682
		12,723	18,887

The bank borrowings are denominated in HK$.

銀行借款以港元計值。

26 In Technical Productions Holdings Limited Interim Report 2017/2018

16. SHARE CAPITAL

16. 股本

				Number of	Number of
				ordinary
				shares			HK’000
				普通股數目			千港元
Authorised:	法定：
Ordinary Shares of HK$0.01 each as at		於二零一七年五月三十一日（經審
31 May 2017 (Audited) and 30		核）及二零一七年十一月三十日
November 2017 (Un audited)		（未經審核）每股面值0.01港元
		的普通股		3,000,000,000			30,000
Issued and fully paid:	已發行及繳足：
Ordinary Share of HK$0.01 on the date		於註冊成立日期及於二零一七年
of incorporation and as at 31 May		五月三十一日（經審核）每股面
2017 (Audited)		值0.01港元的普通股		1			—
Capitalisation issue (Note 1)		資本化發行（附註1）		599,999,999			6,000
Issue of Shares upon Share Offer (Note 2)		股份發售後發行股份（附註2）		200,000,000			2,000
At 30 November 2017 (Un audited)		於二零一七年十一月三十日
		（未經審核）		800,000,000			8,000
Note 1: On 14 June 2017, the Company capitalised	an amount of approximately		附註1：	於二零一七年六月十四日，本公司透過
HK$12,000,000 owed by ITP (HK) to Next		Vision by issuing additional		向其當時現有股東額外發行599,999,999
599,999,999 Shares, credited as fully paid, to the then existing shareholder of				股入賬列為繳足股份，將ITP (HK)結欠
the Company.				Next Vision的款項約12,000,000港元撥充
				資本。

• Note 2: On 14 June 2017, the Company issued a total 200,000,000 Shares at a price of HK$0.30 per Share.

• 附註 2： 於二零一七年六月十四日，本公司按價 格每股 0.30 港元發行合共 200,000,000 股 股份。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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17. COMMITMENTS

17 承擔

(a) 資本承擔

(a) Capital commitments

Capital expenditure contracted for but not yet incurred as at 30 November 2017 and 31 May 2017 are as follows:

於二零一七年十一月三十日及二 零一七年五月三十一日已訂約但 尚未產生的資本開支如下：

			As at	As at
			30 November	31 May
			2017	2017
			於二零一七年	於二零一七年
			十一月三十日	五月三十一日
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited) （未經審核）	(Audited) （經審核）
	Property, plant and equipment	物業、廠房及設備	1,485	256
	Operating lease commitments —	the Group	(b)經營租賃承擔 — 本集團為
	as lessee		承租人
	As at 30 November 2017 and 31 May 2017, the Group had		於二零一七年十一月三十日及二
	total future aggregate minimum lease payments under non-		零一七年五月三十一日，本集團
	cancellable operating leases in respect of office premises as		合共具有如下與辦公物業有關的
	follows:		不可撤銷經營租賃項下未來最低
			租賃付款總額：
			As at	As at
			30 November	31 May
			2017	2017
			於二零一七年	於二零一七年
			十一月三十日	五月三十一日
			HK$’000	HK$’000
			千港元	千港元
			(Unaudited) （未經審核）	(Audited) （經審核）
	No later than one year	不遲於一年	1,909	1,803
	Later than one year and no later than	一年後及不遲於五年
	five years		2,166	1,312
			4,075	3,115

(b) Operating lease commitments — the Group as lessee

28 In Technical Productions Holdings Limited Interim Report 2017/2018

18. MATERIAL RELATED PARTY TRANSACTIONS

18. 重大關聯方交易

(a) Balances with related parties

(a) 與關聯方的結餘

Balances with rela		ed parties				(a)與	(a)與		聯方的結
				Maximum		Maximum
				amount		amount
				outstanding		outstanding
				during the six		during the six
				months ended		months ended			As at				As at
				30 November		30 November			30 November				31 May
				2017		2016			2017				2017
				於截至		於截至
				二零一七年		二零一六年
				十一月三十日		十一月三十日
			止六個月的最大			止六個月的最大			於二零一七年				於二零一七年
				尚未償還款項		尚未償還款項			十一月三十日				五月三十一日
				HK$’000		HK$’000			HK$’000				HK$’000
				千港元		千港元			千港元				千港元
				(Unaudited)		(Unaudited)			(Unaudited)				(Audited)
				（未經審核）		（未經審核）			（未經審核）				（經審核）
Amount due from	應收直接控股公司
the immediate holding		款項
company				51		—			51				45

The amount due from the immediate holding company was unsecured, interest-free, repayable on demand and denominated in HK$.

應收直接控股公司款項為無抵 押、免息、按要求償還及以港元 計值。

(b) Transaction with a related party

(b) 與一名關聯方之交易

Transaction with a r	elated party	(b)與一名關聯方之交易	(b)與一名關聯方之交易
		Three months ended Six months ended
		30 November 30 November
		截至十一月三十日止 截至十一月三十日止
		三個月 六個月
		2017 2016 2017	2016
		二零一七年 二零一六年 二零一七年	二零一六年
		HK$’000 HK$’000 HK$’000	HK$’000
		千港元 千港元 千港元	千港元
		(Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核）	(Unaudited) （未經審核）
Purchases of a fixed asset	購買固定資產
— a director	— 一名董事	— — 972	—

The transaction was carried out in the normal course of the 交易乃於本集團之一般業務過 Group’s business and on terms as agreed between the 程中按與交易方所協定之條款 transacting parties. 進行。

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(c) Personal guarantee provided by key management personnel

The obligations under bank borrowings and bank overdrafts of the Group as at 31 May 2017 were secured by personal guarantee by Mr. Yeung and a property owned by Mr. Yeung. On 14 June 2017, upon Listing and after the partial repayment of the outstanding borrowings, all securities and guarantees provided by Mr. Yeung, Mr. Chang, UCP and Next Vision and their close associates on the Group’s remaining borrowings were released and replaced by corporate guarantees of the Company.

(c) 主要管理層成員提供的個 人擔保

本集團於二零一七年五月三十一 日的銀行借款及銀行透支項下的 責任乃由楊先生的個人擔保及楊 先生所擁有的物業作抵押。於二 零一七年六月十四日，於上市後 及償還部分尚未償還款項後，楊 先生、張先生、UCP 及 Next Vision 以及彼等之緊密聯繫人就本集團 的餘下借款提供的所有抵押及擔 保已獲解除，並由本公司提供的 公司擔保代替。

(d) Compensation of key management personnel

Key management includes directors and other key management of the companies in the Group. The compensation paid or payable to key management for employee services is shown as below:

(d) 主要管理人員薪酬

主要管理人員包括本集團旗下成 員公司的董事及其他主要管理人 員。就僱員服務而已付或應付主 要管理人員的薪酬列示如下：

		Three months ended Six months ended	Three months ended Six months ended
		30 November 30 November
		截至十一月三十日止 截至十一月三十日止
		三個月 六個月
		2017 2016 2017	2016
		二零一七年 二零一六年 二零一七年 二零一六年
		HK$’000 HK$’000 HK$’000	HK$’000
		千港元 千港元 千港元	千港元
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核）
Salary, bonus and	薪金、花紅及
benefit in kind	實物福利	2,523 1,695 5,054	3,007
Retirement benefit	退休福利計劃供款
scheme contribution		170 132 348	184
		2,693 1,827 5,402	3,191

30 In Technical Productions Holdings Limited Interim Report 2017/2018

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

The Group is principally engaged in the provision of visual display solution services.

During the six months ended 30 November 2017, the Group was engaged in 181 pop concert shows and 158 other live events (six months ended 30 November 2016: 150 pop concert shows and 132 other live events).

The Group derived approximately 89.6% of its total revenue during the six months ended 30 November 2017 from pop concerts (six months ended 30 November 2016: approximately 74.5%), the majority of which took place in Hong Kong, the PRC and Macau. The remainder of the Group’s revenue was attributable to other live events, including corporate events, exhibitions, sports and recreational events and other live performances, as well as equipment rental.

The Shares have been listed on the GEM of the Stock Exchange by way of the offer of 200,000,000 new Shares (the “ Share Offer ”) since 14 June 2017 (the “ Listing Date ”). The proceeds from the Share Offer have strengthened the Group’s cash flow position and enabled the Group to implement its future plans and business strategies as set out in the section headed “Statement of Business Objectives and Use of Proceeds” in the prospectus of the Company dated 31 May 2017 in relation to the Share Offer (the “ Prospectus ”).

管理層討論及分析

業務回顧

本集團主要從事提供視像顯示解決方案服 務。

截至二零一七年十一月三十日止六個月， 本集團舉行了 181 場流行音樂演唱會及 158 場其他現場活動（截至二零一六年十一月 三十日止六個月：150 場流行音樂演唱會及 132場其他現場活動）。

截至二零一七年十一月三十日止六個月， 本集團收益總額的約 89.6% 來自流行音樂 演唱會（截至二零一六年十一月三十日止六 個月：約 74.5%），大部分流行音樂演唱會 分別在香港、中國及澳門進行。本集團餘下 的收益則來自企業活動、展覽、體育及休閒 活動以及其他現場表演等其他現場活動以 及設備租賃。

股份自二零一七年六月十四日（「 上市日 期 」）通過發售 200,000,000 股新股份（「 股份 發售 」）方式於聯交所之創業板上市。股份 發售收到的所得款項加強了本集團現金流 量狀況，本集團能夠實施日期為二零一七 年五月三十一日之與股份發售有關之本公 司招股章程（「 招股章程 」）「業務目標聲明及 所得款項用途」一節所述之未來計劃及業務 戰略。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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FINANCIAL REVIEW

財務回顧

Revenue

The Group generates revenue from providing (i) visual display solutions to its customers in relation to pop concert shows and various other live events; and (ii) equipment rental.

收益

本公司從 (i) 為於流行音樂演唱會及多種其 他現場活動相關之客戶提供視像顯示解決 方案；及(ii)設備租賃產生收益。

The following table sets out a breakdown of the Group’s revenue by source of income during the six months ended 30 November 2017 with the comparative figures for the six months ended 30 November 2016:

下表載列按於截至二零一七年十一月三十 日止六個月本集團的收入來源之收益明細 及截至二零一六年十一月三十日止六個月 之比較數字：

		Six months ended Six months ended	Six months ended Six months ended	Six months ended Six months ended
		30 November 2017 30 November 2016
		截至二零一七年 截至二零一六年
		十一月三十日止六個月 十一月三十日止六個月
		% of total		% of total
		HK$’000 revenue HK$’000		revenue
		佔收益		佔收益
		總額的		總額的
		千港元 百分比 千港元		百分比
Visual display solutions	視像顯示解決方案	35,830 100.0 26,438		99.6
Equipment rental	設備租賃	8 — 113		0.4
Total	總計	35,838 100.0 26,551		100.0

During the six months ended 30 November 2017, the Group principally derived its revenue from the provision of visual display solutions, which accounted for nearly 100.0% of the Group’s total revenue (six months ended 30 November 2016: approximately 99.6%). The Group’s revenue increased by approximately 35.0% from approximately HK$26.6 million for the six months ended 30 November 2016 to approximately HK$35.8 million for the six months ended 30 November 2017.

截至二零一七年十一月三十日止六個月， 本集團收益主要來自其提供視像顯示解決 方案，其佔本集團收益總額的近 100.0% （截至二零一六年十一月三十日止六個月： 約 99.6%）。本集團收益由截至二零一六年 十一月三十日止六個月的約 26.6 百萬港元 增長約35.0%至截至二零一七年十一月三十 日止六個月約35.8 百萬港元。

32 In Technical Productions Holdings Limited Interim Report 2017/2018

Visual display solutions

The following table sets out a breakdown of the Group’s revenue from visual display solutions during the six months ended 30 November 2017 with the comparative figures for the six months ended 30 November 2016. For the purpose of revenue breakdown presentation, other live events include corporate events, sports and recreation events, exhibitions and other live performances.

視像顯示解決方案

下表載列按於截至二零一七年十一月三十 日止六個月本集團來自視像解決方案之收 益明細及截至二零一六年十一月三十日 止六個月之比較數字。就呈列收益明細而 言，其他現場活動包括企業活動、體育及休 閒活動、展覧及其他現場表演。

		Six months ended 30 November 2017 Six months ended	Six months ended 30 November 2017 Six months ended	30 November 2016	30 November 2016
		截至二零一七年十一月三十日止六個月 截至二零一六年十一月三十日止六個月
		% of total			% of total
		revenue			revenue
		from visual Average		from visual Average
		No. of display revenue No. of			display revenue
		shows Revenue solutions per show shows 佔	Revenue		solutions per show 佔
		視像顯示			視像顯示
		解決方案 每場			解決方案 每場
		總收益的 演出的			總收益的 演出的
		演出數目 收益 百分比 平均收益 演出數目	收益		百分比 平均收益
		(HK$’000) (HK$’000)	(HK$’000)		(HK$’000)
		（千港元） （千港元）	（千港元）		（千港元）
Pop concerts	流行音樂演唱會	181 32,098 89.6 177 150	19,771		74.8 132
Other live events	其他現場活動	158 3,732 10.4 24 132	6,667		25.2 51
Total revenue from visual display	視像顯示解決
solutions	方案收益總額	339 35,830 100.0 106 282	26,438		100.0 94

The increase in revenue from pop concerts was mainly attributable to (i) the increase in the number of pop concert shows undertaken by the Group from 150 for the six months ended 30 November 2016 to 181 for the six months ended 30 November 2017; and (ii) the increase in the average revenue per show for pop concerts from approximately HK$132,000 for the six months ended 30 November 2016 to approximately HK$177,000 for the six months ended 30 November 2017 as a result of increase in the demand for a larger amount of higher quality and more complex visual display effect by the Group’s customers.

來自流行音樂演唱會的收益增加主要是由 於 (i) 本集團所承接流行音樂演唱會的數目 由截至二零一六年十一月三十日止六個月 的 150 場增至截至二零一七年十一月三十 日止六個月的 181 場；及 (ii) 由於本集團的客 戶對更大量優質且更複雜效果的視像顯示 解決方案需求增加，使流行音樂演唱會的 每場演出平均收益由截至二零一六年十一 月三十日止六個月的約 132,000 港元增至截 至二零一七年十一月三十日止六個月的約 177,000港元。

The decrease in revenue from other live events was mainly attributable to the decrease in the average revenue per show for other live events from approximately HK$51,000 for the six months ended 30 November 2016 to approximately HK$24,000 for the six months ended 30 November 2017 because the Group undertook fewer large-scale corporate events for the six months ended 30 November 2017.

來自其他現場活動的收益減少主要是由於 截至二零一七年十一月三十日止六個月， 本集團承接較少大型企業活動，使其他現 場活動的每場演出平均收益由截至二零 一六年十一月三十日止六個月的約 51,000 港元減少至截至二零一七年十一月三十日 止六個月的約24,000 港元。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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Revenue analysis by geographical location

Pop concerts

The following table sets out a breakdown of the revenue of the Group from pop concerts by geographical location during the six months ended 30 November 2017 with comparative figures for the six months ended 30 November 2016:

按地理位置劃分的收益分析

流行音樂演唱會

下表載列截至二零一七年十一月三十日止 六個月本集團按地理位置劃分的流行音樂 演唱會的收益明細及截至二零一六年十一 月三十日止六個月之比較數字：

		Six months ended 30 November 2017	Six months ended	Six months ended	30 November 2016	30 November 2016
		截至二零一七年十一月三十日止六個月	截至二零一六年十一月三十日止六個月
		% of total				% of total
		revenue Average				revenue Average
		No. of from pop revenue	No. of			from pop revenue
		shows Revenue concerts per show 佔流行	shows	Revenue		concerts per show 佔流行
		音樂				音樂
		演唱會 每場				演唱會 每場
		總收益的 演出的				總收益的 演出的
		演出數目 收益 百分比 平均收益	演出數目	收益		百分比 平均收益
		(HK$’000) (HK$’000)		(HK$’000)		(HK$’000)
		（千港元） （千港元）		（千港元）		（千港元）
Pop concerts	流行音樂演唱會
Hong Kong	香港	99 8,183 25.5 83	63	5,734		29.0 91
PRC	中國	67 20,588 64.1 307	77	13,297		67.2 173
Macau	澳門	13 3,167 9.9 244	4	260		1.3 65
Taiwan	台灣	— — — —	5	330		1.7 66
Others	其他	2 160 0.5 80	1	150		0.8 150
Total revenue from	來自流行音樂
pop concerts	演唱會的總收益	181 32,098 100.0 177	150	19,771		100.0 132

During the six months ended 30 November 2017, the Group provided services for a well-known Hong Kong artist for 31 shows (six months ended 30 November 2016: 18) of concert tour in the PRC and six shows (six months ended 30 November 2016: Nil) in Macau. Due to the significant amount of equipment (including some custom-made LED panels) used in that concert tour, the Group charged that customer with relatively higher service charges for each show in the PRC and Macau. Therefore, the Group had a higher average revenue per show in the PRC and Macau for the six months ended 30 November 2017 as compared with the six months ended 30 November 2016.

截至二零一七年十一月三十日止六個月， 本集團向一位香港知名藝人在中國舉行的 31 場巡迴演唱會（截至二零一六年十一月 三十日止六個月：18）及在澳門舉行的六場 巡迴演唱會（截至二零一六年十一月三十日 止六個月：零）提供服務。由於此次巡迴演 唱會所用設備（包括部分定製 LED 顯示屏） 數量繁多，本集團在中國及澳門就每場演 出向該客戶收取相對較高的服務費用。因 此，截至二零一七年十一月三十日止六個 月，我們在中國及澳門的每場演出平均收 益較截至二零一六年十一月三十日止六個 月為高。

34 In Technical Productions Holdings Limited Interim Report 2017/2018

Other live events

The following table sets out a breakdown of the revenue of the Group from other live events by geographical location during the six months ended 30 November 2017 with comparative figures for the six months ended 30 November 2016:

其他現場活動

下表載列截至二零一七年十一月三十日止 六個月本集團按地理位置劃分的其他現場 活動的收益明細及截至二零一六年十一月 三十日止六個月之比較數字：

	Six months ended 30 November 2017 Six months ended	Six months ended 30 November 2017 Six months ended	30 November 2016	30 November 2016
	截至二零一七年十一月三十日止六個月 截至二零一六年十一月三十日止六個月
	% of total			% of total
	revenue Average			revenue Average
	No. of from other revenue No. of			from other revenue
	shows Revenue live events per show shows 佔其他	Revenue		live events per show 佔其他
	現場活動 每場			現場活動 每場
	總收益的 演出的			總收益的 演出的
	演出數目 收益 百分比 平均收益 演出數目	收益		百分比 平均收益
	(HK$’000) (HK$’000)	(HK$’000)		(HK$’000)
	（千港元） （千港元）	（千港元） （千港元）
Other live events	其他現場活動
Hong Kong	香港 147 2,797 74.9 19 128	5,692		85.4 44
PRC	中國 — — — — 2	725		10.9 363
Macau	澳門 11 935 25.1 85 2	250		3.7 125
Total revenue from other	來自其他現場活動
live events	的總收益 158 3,732 100.0 24 132	6,667		100.0 51

Gross profit and gross profit margin

Gross profit of the Group for the six months ended 30 November 2017 amounted to approximately HK$17.5 million (six months ended 30 November 2016: approximately HK$12.8 million), representing gross profit margin of approximately 48.8% (six months ended 30 November 2016: approximately 48.1%). The increase of the gross profit margin was mainly attributable to the higher rate of utilisation of the visual display equipment of the Group.

毛利及毛利率

截至二零一七年十一月三十日止六個月， 本集團的毛利約為 17.5 百萬港元（截至二零 一六年十一月三十日止六個月：約12.8百萬 港元），毛利率約為 48.8%（截至二零一六年 十一月三十日止六個月：約 48.1%）。該毛 利率增長主要是由於本集團的視像顯示裝 置的使用率較高。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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Income tax expense

The Group is subject to income tax on an enterprise basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate. During the six months ended 30 November 2017 and 2016, all PRC subsidiaries of the Company were subject to an Enterprise Income Tax rate of 25.0%. The Hong Kong subsidiary of the Company was subject to Hong Kong profits tax at the rate of 16.5% on the estimated assessable profits during the six months ended 30 November 2017 and 2016, respectively.

The effective income tax rate of the Group was 23.2% for the six months ended 30 November 2017. For the six months ended 30 November 2016, if the effect of the one-off Listing expenses of HK$8.1 million was excluded, the effective income tax rate would have been 21.6% in this period.

Profit/(loss) for the period

As a result of the foregoing, the Group’s profit was approximately HK$6.6 million for the six months ended 30 November 2017, representing an increase of approximately HK$9.2 million as compared with a loss of approximately HK$2.6 million for the six months ended 30 November 2016. The increase was mainly due to (i) the increase of gross profit for the six months ended 30 November 2017 as compared with the gross profit for the six months ended 30 November 2016; and (ii) the recognition of the Listing expenses of approximately HK$8.1 million for the six months ended 30 November 2016 (six months ended 30 November 2017: Nil). Taking no account of the one-off Listing expenses, the Group’s adjusted profit for the six months ended 30 November 2016 would have been approximately HK$5.6 million and the Group’s profit for the six months ended 30 November 2017 would have increased by approximately HK$1.0 million or approximately 17.9% as compared with the adjusted profit for the six months ended 30 November 2016.

所得稅開支

本集團須就產生或源自本集團成員公司所 處及經營所在司法權區的溢利繳納企業 所得稅。於截至二零一七年及二零一六年 十一月三十日止六個月，本公司的所有中 國附屬公司按25.0%稅率繳納企業所得稅。 於截至二零一七年及二零一六年十一月 三十日止六個月，本公司之香港附屬公司 分別按 16.5% 的稅率就估計應課稅溢利繳 納香港利得稅。

截至二零一七年十一月三十日止六個月， 本集團的實際所得稅稅率為 23.2%。截至二 零一六年十一月三十一日止六個月，倘撇 除一次性上市開支 8.1 百萬港元的影響，本 期間的實際所得稅稅率則為21.6%。

期內溢利╱（虧損）

由於上文所述，本集團於截至二零一七年 十一月三十日止六個月的溢利約為 6.6 百萬 港元，較截至二零一六年十一月三十日止 六個月之虧損約 2.6 百萬港元增加約 9.2 百 萬港元。增加乃主要由於 (i) 截至二零一七年 十一月三十日止六個月的毛利較截至二零 一六年十一月三十日止六個月的毛利有所 增加；及 (ii) 於截至二零一六年十一月三十 日止六個月確認上市開支約 8.1 百萬港元 （截至二零一七年十一月三十日止六個月： 零）。撇除一次性上市開支，截至二零一六 年十一月三十日止六個月，本集團經調整 溢利將達到約 5.6 百萬港元，而本集團截至 二零一七年十一月三十日止六個月的溢利 將較截至二零一六年十一月三十日止六個 月的經調整溢利增加約 1.0 百萬港元或約 17.9%。

36 In Technical Productions Holdings Limited Interim Report 2017/2018

LIQUIDITY AND CAPITAL RESOURCES

Financial Resources, Liquidity and Capital Structure

The Group finances its operations primarily through cash generated from operating activities and interest-bearing bank borrowing and finance leases. The Group recorded net current assets of approximately HK$22.8 million as at 30 November 2017 (31 May 2017: net current liabilities of approximately HK$11.3 million).

As at 30 November 2017, the Group’s current ratio was approximately 1.6 (31 May 2017: approximately 0.8) and the Group’s gearing ratio calculated based on the total debt at the end of the period divided by total equity at the end of the period was approximately 13.4% (31 May 2017: approximately 136.9%). The decrease of the Group’s gearing ratio in the six months ended 30 November 2017 was mainly due to capitalisation of shareholder’s loan and the net proceeds received from the Listing of approximately HK$12.0 million and HK$34.5 million, respectively.

As at 30 November 2017, the maximum limit of the banking facilities available to the Group amounted to HK$14.1 million. The banking facilities were granted by two banks to a wholly- owned subsidiary of the Company, as borrower and the Company as guarantor. Of the aforesaid banking facilities, HK$11.9 million was granted by a bank upon and subject to the conditions that (i) Mr. Yeung shall maintain his directorship in the Company and (ii) Mr. Yeung shall remain the major shareholder of the Company with shareholding interest, directly or indirectly, of not less than 51%; and the remaining HK$2.2 million was granted by another bank upon and subject to the condition that Mr. Yeung, Mr. Chang and UCP shall together remain the major shareholders of the Company with shareholding interest, directly or indirectly, of not less than 51%. The bank borrowings were denominated in Hong Kong dollars, repayable within one year or on demand and interest-bearing at floating rates from 4.0% to 6.0% per annum (30 November 2016: 4.0% to 7.0% per annum).

As at 30 November 2017, the capital structure of the Group consisted of equity attributable to owners of the Company of approximately HK$96.4 million, comprising issued share capital and reserves.

The Shares were listed on the GEM of the Stock Exchange on the Listing Date. There has been no change in the capital structure of the Group since then.

流動資金及資本資源

財務資源、流動資金及資本架構

本集團主要通過經營活動產生的現金及計 息銀行借款及融資租賃為其經營提供資 金。本集團於二零一七年十一月三十日錄 得流動資產淨額約為 22.8 百萬港元（二零 一七年五月三十一日：流動負債淨額約11.3 百萬港元）。

於二零一七年十一月三十日，本集團的流 動比率約為1.6（二零一七年五月三十一日： 約 0.8）及本集團的資產負債比率以期末債 務總額除以期末權益總額計算約為 13.4% （二零一七年五月三十一日：約 136.9%）。 本集團資產負債比率於截至二零一七年 十一月三十日止六個月減少主要是由於股 東貸款資本化及自上市取得所得款項淨額 分別約為12.0 百萬港元及34.5百萬港元。

於二零一七年十一月三十日，本集團最大 限額銀行融資為14.1百萬港元。銀行融資已 獲兩間銀行授予本公司的全資附屬公司（作 為借款人）及本公司（作為擔保人）。在上述 銀行融資中，11.9百萬港元已獲一間銀行按 及受限於下列條件下授出：(i) 楊先生將繼續 擔任本公司董事職務，及 (ii) 楊先生將繼續 為本公司主要股東，而其直接或間接股權 不得少於 51%；而餘下的 2.2 百萬港元已獲 另一間銀行按及受限於下列條件下授出： 楊先生、張先生及 UCP 共同繼續為本公司 主要股東，而其直接或間接股權不得少於 51%。銀行借款以港元計值，須於一年內或 按要求償還，浮動年利率介乎 4.0% 至 6.0% （二零一六年十一月三十日：年利率介乎 4.0%至7.0%）。

於二零一七年十一月三十日，本集團資本 架構包括本公司擁有人應佔之權益約 96.4 百萬港元（包括已發行股本及儲備）。

股份於上市日期於聯交所創業板上市。此 後，本集團資本架構概無變動。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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FOREIGN CURRENCY EXPOSURE RISKS

The Group operates mainly in Hong Kong and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to certain purchases with United States dollars (“ US$ ”) and certain sales with Renminbi (“ RMB ”). Foreign exchange risk arises when future commercial transactions, recognised assets and liabilities are denominated in a currency that is not the group entities’ functional currency. The Group however did not engage in any derivatives agreements and did not commit to any financial instrument to hedge its foreign exchange exposure during the six months ended 30 November 2017.

TREASURY POLICIES

The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the six months ended 30 November 2017. The Group strives to reduce exposure to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers. To manage liquidity risk, the Board closely monitors the Group’s liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities and other commitments can meet its funding requirements from time to time.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

During the period from the Listing Date to 30 November 2017, the Group did not have any significant investments, material acquisitions nor disposals of subsidiaries and affiliated companies.

外匯風險

本集團主要在香港經營，並面臨各種貨幣 風險所引起的外匯風險，主要指若干以美 元（「 美元 」）購買及以人民幣（「 人民幣 」）出 售。當未來商業交易、確認資產及負債以不 是集團實體功能貨幣計值時，則會出現外 匯風險。然而，於截至二零一七年十一月 三十日止六個月，本集團並未涉及任何衍 生工具協議及並無訂立任何金融工具以對 沖外匯風險。

庫務政策

本集團對其庫務政策採取審慎的財務管理 方法，因此截至二零一七年十一月三十日 止六個月整段期間保持了健康的流動資金 狀況。本集團力求通過持續的信貸評估及 對其客戶財務狀況進行評估以降低信用風 險。為管理流動性風險，董事會密切監察本 集團的流動資金狀況，確保本集團資產、負 債及其他承諾的流動性結構不時滿足其資 金需求。

重大投資、重大收購及出售附屬 公司

於上市日期至二零一七年十一月三十日期 間，本集團並無任何重大投資、重大收購或 出售附屬公司及聯屬公司。

38 In Technical Productions Holdings Limited Interim Report 2017/2018

FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS

Except for those included in the section headed “Statement of Business Objectives and Use of Proceeds” in the Prospectus, the Group had no definite future plans for material investments and capital assets.

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

As at 30 November 2017, the Group did not have any material capital commitments or any material contingent liabilities.

DIVIDEND

The Board does not recommend the payment of a dividend for the six months ended 30 November 2017.

PLEDGE OF ASSETS

As at 30 November 2017, the Group has pledged short-term bank deposits in the amount of HK$3.0 million as security for the Group’s banking facilities.

有關重大投資及資本資產的未來 計劃

撇除招股章程「業務目標聲明及所得款項用 途」一節所包含者，本集團並無有關重大投 資及資本資產的明確未來計劃。

資本承擔及或有負債

於二零一七年十一月三十日，本集團並無 任何重大資本承擔事項或任何重大或有負 債。

股息

董事會不建議派付截至二零一七年十一月 三十日止六個月之股息。

資產抵押

於二零一七年十一月三十日，本集團的已 抵押短期銀行存款為 3.0 百萬港元，作為本 集團銀行融資之抵押。

In Technical Productions Holdings Limited 二零一七年╱二零一八年中期報告

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COMPARISON OF IMPLEMENTATION PLANS FOR BUSINESS STRATEGIES WITH ACTUAL IMPLEMENTATION PROGRESS

業務策略推行計劃與實際推行進 度的比較

The following is a comparison of the Group’s implementation plans for its business strategies up to 30 November 2017 as set out in the section headed “Statement of Business Objectives and Use of Proceeds” in the Prospectus with the Group’s actual implementation progress:

以下為本集團如招股章程「業務目標聲明及 所得款項用途」一節所載直至二零一七年 十一月三十日的業務策略推行計劃與本集 團實際推行進度的比較：

	Implementation plans up to	Implementation plans up to	Implementation plans up to			Actual implementation progress up to	Actual implementation progress up to	Actual implementation progress up to
Business strategies	30		November 2017 as stated on the Prospectus			30		November 2017
	招股章程所載直至二零一七年十一月三十日的					直至二零一七年十一月三十日的
業務策略	推行計劃					實際推行進度
Expand the Group’s	•		Seek quotations from various suppliers for the			•		The Group has received quotations from various
business in Shanghai			LED panels and video control units to be					suppliers for the LED panels and video control units
			purchased					to be purchased
	•		Commence the recruitment process for the new			•		The Group has commenced the recruitment process
			positions of visual technicians					for the new positions of visual technicians
	•		Acquire additional LED panels and video control			•		The Group has acquired additional LED panels and
			units					video control units. For details, please refer to note
								2 under the section headed “Use of Proceeds” in
								this report
	•		Relocate/recruit additional project manager and			•		The Group intends to relocate project manager and
			visual technicians					visual technicians for expanding the Group’s
								business in Shanghai
於上海擴展本集團的	•		為將購買的LED顯示屏及視像控制單元向各			•		本集團已自多名供應商接獲有關將予購買LED
業務			供應商詢價					顯示屏及視像控制單元之報價
	•		開始新的視像技術員職位的招聘程序			•		本集團已開始新的視像技術員職位的招聘程序
	•		收購額外LED顯示屏及視像控制單元			•		本集團已收購額外LED顯示屏及視像控制
								單元（詳情請參閱本報告「所得款項用途」
								一節附註2）
	•		調配╱招聘額外項目經理及視像技術員			•		本集團有意就其於上海的業務擴展調配項目經
								理及視像技術員
Enhance the Group’s	•		Identify potentially suitable calibre for the			•		For details, please refer to note 4 under the section
business presence for			positions of creative director					headed “Use of Proceeds” in this report
providing visual display	•		Recruit creative director			•		For details, please refer to note 4 under the section
solutions for corporate								headed “Use of Proceeds” in this report
events and exhibitions	•		Allocate or recruit additional visual technicians to			•		The Group intends to relocate technicians to
			support the business expansion in providing visual					support the business expansion in providing visual
			display solutions for corporate events and					display solutions for corporate events and
			exhibitions					exhibitions
增強本集團提供企業	•		為創作總監職位尋找潛在適當人才			•		詳情請參閱本報告「所得款項用途」一節附註4
活動及展覽視像顯示	•		招聘創作總監			•		詳情請參閱本報告「所得款項用途」一節附註4
解決方案的業務據點	•		分配或招聘額外視像技術員以支持提供企業			•		本集團有意調配視像技術員以支持提供企業活
			活動及展覽視像顯示解決方案的業務擴展					動及展覽視像顯示解決方案的業務擴展
Develop a tracking system	•		Discuss with third party software developer on			•		The Group has already started discussion with a
to enhance the Group’s			the design of the tracking system					third party software developer on
equipment management								the design of the tracking system
and utilisation	•		Development of the tracking system by the third			•		The third party software developer has already
			party software developer					started development of the tracking system
	•		Ongoing discussion with the software developer			•		Ongoing discussion with the software developer
			to carry out modifications for improvement of the					has been carried out for modifications for
			tracking system					improvement of the tracking system
開發追蹤系統以加強	•		與第三方軟件開發商就追蹤系統的設計進行			•		本集團已開始與第三方軟件開發商就追蹤系統
本集團的設備管理及			討論					的設計進行討論
利用	•		由第三方軟件開發商開發追蹤系統			•		第三方軟件開發商已開始開發追蹤系統
	•		為改善追蹤系統進行修訂與軟件開發商進行			•		為改善追蹤系統進行修訂與軟件開發商進行持
			持續討論					續討論

40

In Technical Productions Holdings Limited Interim Report 2017/2018

USE OF PROCEEDS

所得款項用途

As disclosed in the 2017 Annual Report of the Company, the actual net proceeds (the “ Net Proceeds ”) from the Share Offer (after deduction of the underwriting commission and Listing related expenses) were approximately HK$34.5 million, which was less than the estimated Net Proceeds of approximately HK$35.5 million as set out in the Prospectus and the allotment results announcement of the Company dated 13 June 2017, and the amount of Net Proceeds allocated for use as general working capital has been adjusted from HK$1.7 million to HK$0.7 million accordingly. Set out below is the actual use of the Net Proceeds up to 30 November 2017:

誠如本公司二零一七年年報所披露，股份 發售所得款項實際淨額（「 所得款項淨額 」） （扣除包銷佣金及上市相關開支後）約為 34.5百萬港元，少於招股章程及本公司日期 為二零一七年六月十三日之配發結果公告 所載之估計所得款項淨額約35.5百萬港元， 因此，分配用作一般營運資金之所得款項 淨額由 1.7 百萬港元調整至 0.7 百萬港元。下 文載列直至二零一七年十一月三十日之所 得款項淨額實際用途：

										Planned	Planned
										use of Net
										Proceeds
										up to			Actual use of		Unused total
							Approximate			30 November			Net Proceeds		Net proceeds
				Planned use			percentage of		2017 as stated				up to 30		up to 30
				of total Net			total Net			in the			November		November
Use of Net Proceeds	所得款項淨額用途			Proceeds			Proceeds			Prospectus			2017		2017
										招股章程
										所載直至			直至		直至
										二零一七年			二零一七年		二零一七年
							佔總所得			十一月三十日			十一月三十日		十一月三十日
				總所得款項淨			款項淨額概約			之所得款項			之所得款項		之尚未使用總
				額計劃用途			百分比			淨額計劃用途			淨額實際用途		所得款項淨額
				(HK$’000)			(HK$’000)			(HK$’000)			(HK$’000)		(HK$’000)
				（千港元）			（千港元）			（千港元）			（千港元）		（千港元）
Repayment of bank loans (Note 1)	償還銀行貸款（附註1）			9,847			28.6%			9,847			5,931		3,916
Acquisition of visual display equipment for	收購視像顯示設備以
our business expansion in Shanghai		擴展我們在上海的
(Note 2)		業務（附註2）		11,602			33.7%			6,445			6,445		5,157
Settlement of payables for new visual	結算巡迴演唱會A的
display equipment for Concert		新視像顯示設備
Tour A (Note 3)		應付款項（附註3）		10,656			30.9%			2,984			10,656		—
Recruitment of creative director for	為企業活動及展覽招聘創
corporate events and exhibitions		作總監（附註4）
(Note 4)				1,652			4.8%			195			—		1,652
Working capital	營運資金			693			2.0%			676			177		516
Total	總計			34,450			100.0%			20,147			23,209		11,241

Notes:

附註：

1. The repayment of bank loans has been executed according to the maturity dates as set out in the loan agreements agreed with banks.

2. 銀行貸款已根據與銀行協定的貸款協議所載之到 期日還款。

3. The procurement budget of additional LED panels and video control units is designed based on the progress of our business expansion in Shanghai.

4. 額外 LED 顯示屏及視像控制單元的採購預算乃根 據我們於上海的業務擴張進度設計。

5. The Group has fully settled the payables for new visual display equipment for Concert Tour A so as to strengthen its business relationship with the supplier.

6. 本集團已悉數結付巡迴演唱會 A 的新視像顯示設 備應付款項，以鞏固其與供應商的業務關係。

7. The Group has been actively involved in the recruitment and selection of suitable candidates for the post of creative director since August 2017 through various means including job advertisements in major newspapers.

8. 自二零一七年八月起，本集團已通過不同方法積 極招聘及甄選創作總監職位的合適人選，包括於 主要報章中刊登招聘廣告。

The unutilised Net Proceeds of approximately HK$11.2 million are deposited in licensed banks in Hong Kong.

• 尚未使用所得款項淨額約 11.2 百萬港元已 存入香港持牌銀行。

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Save as disclosed above, the allocation of Net Proceeds as set out in the section headed “Statement of Business Objectives and Use of Proceeds” in the Prospectus remains unchanged. The implantation plans for business strategies and use of Net Proceeds as stated in the Prospectus were based on the best estimation and assumption of future market conditions made by the Group at the time of preparing the Prospectus. The Group implemented its business strategies and applied the Net Proceeds based on the actual development of the Group’s business and industry, as well as market conditions.

除上文所披露者外，招股章程「業務目標聲 明及所得款項用途」一節所載所得款項淨額 之分配保持不變。招股章程所述業務策略 推行計劃及所得款項淨額用途乃基於本集 團於編製招股章程時所作未來市況的最佳 估計及假設。本集團乃依據本集團業務及 行業實際發展以及市況，推行其業務策略 及應用所得款項淨額。

PRINCIPAL RISKS AND UNCERTAINTIES

主要風險及不確定性

The business operations and results of the Group may be affected by various factors, some of which are external causes and some are inherent to the business. The principal risks and uncertainties are summarised as follows:

本集團之業務營運及業績受多項因素影 響，當中有部分為外部因素，有部分則為與 業務有關的固有因素。主要風險及不明朗 因素概述如下：

Principal risks and uncertainties facing the Group 本集團所面臨之主要風險及不明朗因素

Directors’ approach to addressing these risks and uncertainties 董事處理該等風險及不明朗因素的方法

• Failure to obtain new orders could materially affect the Group’s financial performance

• 無法取得新訂單或會對本集團之財務表現造成重 大影響

• The Group has constantly built up good relationships with key customers and actively solicited new customers

• 本集團一直與主要客戶建立良好關係，並積極與新客 戶接洽

• The Group relies on the performance of its project management staff

• 本集團依賴其項目管理員工的表現

• The Group has constantly provided training to project management staff to enhance their performance

• 本集團一直提供培訓予項目管理員工，以改善彼等的 表現

• The Group relies on its ability to successfully meet customers’ requirements by delivering its visual display solutions in a timely manner

• 本集團依賴其透過及時提供視像顯示解決方案以 成功滿足客戶要求的能力

• The Group has a dedicated project team to work closely with the customers for delivery of services in a timely manner

• 本集團具備專責項目團隊，與客戶緊密合作，以及時 提供服務

• The Group relies on its equipment suppliers to supply equipment for certain projects and is subject to risk arising from the late performance or poor performance by such suppliers

• 本集團依賴其設備供應商就若干項目供應設備， 並承受有關供應商延遲履約或表現欠佳的風險

• The Group has a dedicated technical team to closely monitor the development and manufacturing process of the relevant equipment in the production sites of the equipment suppliers to ensure the relevant equipment is produced with agreed standard in a timely manner

• 本集團具備專業技術團隊以密切監察設備供應商於生 產現場的相關設備之開發及製作過程，以確保相關設 備乃按協定標準及時生產

42 In Technical Productions Holdings Limited Interim Report 2017/2018

EMPLOYEES AND REMUNERATION POLICIES

As at 30 November 2017, the Group engaged a total of 79 employees (30 November 2016: 56) including the Directors. For the six months ended 30 November 2017, total staff costs amounted to approximately HK$8.4 million (six months ended 30 November 2016: approximately HK$5.0 million). Remuneration (including employees’ benefits) is maintained at an attractive level and reviewed on a periodic basis. Employees’ salary, relevant benefits and discretionary performance bonuses are determined on the basis of their performance, qualification, experience, positions and the Group’s business performance.

Given the highly technical requirements of project operations, the Group offers on-the-job training to its visual technicians who are responsible for on-site installation, operation and dismantling of its visual display equipment to keep them abreast of the recent development of visual display technologies and any changes in the operating procedures. There will also be training provided to visual technicians by certain of the Group’s suppliers on the operation and control of new models of visual display equipment. New employees are required to attend induction training to ensure that they are equipped with the necessary knowledge and expertise to perform their duties.

EVENTS AFTER THE REPORTING PERIOD

As from 30 November 2017 to the date of this report, save as disclosed in this report, the Board is not aware of any significant events requiring disclosure that have occurred.

INTERESTS OF THE COMPLIANCE ADVISER

As at 30 November 2017, neither Shenwan Hongyuan Capital (H.K.) Limited, the compliance adviser of the Company, nor any of its directors, employees or close associates had any interests in the securities of the Company or any other companies in the Group (including option or rights to subscribe for such securities) pursuant to Rule 6A.32 of the GEM Listing Rules.

僱員及薪酬政策

於二零一七年十一月三十日，本集團共聘 用 79 名僱員（二零一六年十一月三十日： 56 名），其中包括董事。截至二零一七年 十一月三十日止六個月，員工成本總額約 為 8.4 百萬港元（截至二零一六年十一月 三十日止六個月：約 5.0 百萬港元）。薪酬 （包括僱員福利）維持在有吸引力的水平， 並定期審查。僱員薪酬、相關福利及酌情表 現花紅乃根據彼等的表現、資質、經驗、職 位以及本集團業務績效確定。

鑒於項目營運的較高技術需求使然，本集 團提供在職培訓予其負責現場安裝、操作 及拆除其視像顯示裝置的視像技術人員， 以使彼等可緊貼視像顯示技術的近期發展 及在操作程序上的任何變動。本集團若干 供應商亦會為視像技術人員提供有關操作 及控制新型視像顯示裝置的培訓。新僱員 須參與入職培訓，以確保彼等具備履行其 職責所必需的知識及專業知識。

報告期後事項

由二零一七年十一月三十日起至本報告日 期，除本報告所披露者外，董事會並不知悉 有發生任何須予披露的重大事件。

合規顧問之權益

於二零一七年十一月三十日，根據創業板 上市規則第 6A.32 條，本公司合規顧問申萬 宏源融資（香港）有限公司及其任何董事、 僱員或緊密聯繫人均概無擁有本公司或本 集團任何其他公司證券的權益（包括認購該 等證券的期權或權利）。

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AUDIT COMMITTEE

The Company has established an audit committee on 19 May 2017 (the “ Audit Committee ”) with written terms of reference in compliance with Rules 5.28 to 5.29 of the GEM Listing Rules. The primary duties of the Audit Committee are to review the Company’s draft annual, interim and quarterly financial reports and accounts and to provide advice and comments thereon to the Board. The Audit Committee is also responsible for reviewing and supervising the financial reporting process and internal control procedures of the Group. The Audit Committee currently comprises three independent non-executive Directors, namely Mr. Li Kai Sing (Chairman), Mr. Ma Tsz Chun and Ms. Loh Lai Ping Phillis.

The Audit Committee has reviewed this report and the unaudited condensed consolidated results of the Group for the six months ended 30 November 2017 and the effectiveness of internal control system of the Group.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

The Directors confirm that during the period from the Listing Date to 30 November 2017, there has been no purchase, sale or redemption of the Company’s listed securities.

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN COMPETING BUSINESS

During the period from the Listing Date to the date of this report, the Directors are not aware of any business and interest of the Directors nor the controlling shareholders of the Company nor any of their respective close associates (as defined in the GEM Listing Rules) that compete or may compete with the business of the Group and any other conflict of interests which any such person has or may have with the Group from the Listing Date to the date of this report.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding directors’ securities transactions on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules. Having made specific enquiries of all Directors, the Company confirms that all of the Directors complied with such required standard of dealings and its code of conduct regarding directors’ securities transactions during the period from the Listing Date to 30 November 2017.

審核委員會

本公司已遵照創業板上市規則第 5.28 條至 第 5.29 條於二零一七年五月十九日成立審 核委員會（「 審核委員會 」），並訂有書面職權 範圍。審核委員會主要職責為審查本公司 的年度、中期及季度財務報告之草擬本及 賬目，並就此向董事會提供建議及意見。審 核委員會亦負責審查及監督財務申報程序 及本集團內部控制進展。審核委員會目前 由三名獨立非執行董事（即李啟承先生（主 席）、馬時俊先生及羅麗萍女士）組成。

審核委員會已審閱本報告及本集團截至二 零一七年十一月三十日止六個月之未經審 核簡明綜合業績及本集團內部控制制度的 有效性。

購買、出售或贖回本公司上市 證券

董事確認，自上市日期至二零一七年十一 月三十日期間，本公司概無購買、出售或贖 回上市證券。

董事及控股股東在競爭業務中的 權益

自上市日期起至本報告日期期間，董事並 不知悉董事或本公司控股股東或彼等各自 的任何緊密聯繫人（定義見創業板上市規 則）自上市日期至本報告日期擁有任何對本 集團業務構成或可能構成競爭的業務及權 益，亦不知悉任何有關人士與本集團存在 或可能存在任何其他利益衝突。

董事證券交易

本公司根據創業板上市規則第 5.48 條至第 5.67 條所載的董事證券交易且不超過規定 交易標準採取行為守則。本公司對所有董 事作出具體查詢後，確認所有董事均自上 市日期至二零一七年十一月三十日期間按 規定的交易標準及董事證券交易行為守則 履行。

44 In Technical Productions Holdings Limited Interim Report 2017/2018

INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS

董事及主要行政人員於本公司及 其相聯法團的股份、相關股份及 債權證中的權益及淡倉

As at 30 November 2017, the interests and short positions of the Directors and the chief executive of the Company in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “ SFO ”)) as (i) recorded in the register required to be kept under section 352 of the SFO, or (ii) otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuer as referred to in Rule 5.46 of the GEM Listing Rules, were as follows:

於二零一七年十一月三十日，董事及本公 司主要行政人員於本公司或其相聯法團（定 義見香港法例第 571 章證券及期貨條例（「 證 券及期貨條例 」）第 XV 部）的股份、相關股份 或債權證中，(i) 擁有記入根據證券及期貨 條例第352 條須備存的登記冊內的權益及淡 倉，或 (ii)根據創業板上市規則第 5.46條所述 的上市發行人董事進行交易的規定標準另 行知會本公司及聯交所的權益及淡倉如下：

(i) Long positions in Shares and underlying Shares

(i) 於股份及相關股份的好倉

Long positions in Shares	and underlying Shares (i) 於股			份及相關股份	份及相關股份			的好倉
	Capacity/			Number of				Percentage of
Name of Director	Nature of interest			Shares				shareholding
董事姓名	身份╱權益性質			股份數目				股權百分比
Mr. Yeung Ho Ting Dennis	Interest in a controlled corporation (Note 1)			600,000,000				75.0%
楊浩廷先生	受控法團權益（附註1）

Note:

附註：

1. Mr. Yeung Ho Ting Dennis beneficially owns 75% equity interest in Next Vision. By virtue of the SFO, Mr. Yeung Ho Ting Dennis was deemed to be interested in the Shares held by Next Vision.

2. 楊浩廷先生實益擁有 Next Vision 的 75% 股 權。根據證券及期貨條例，楊浩廷先生被 視為於Next Vision持有的股份中擁有權益。

(ii) Long positions in the shares and underlying shares in associated corporation of the Company

(ii) 於本公司相聯法團股份及相 關 股份的好倉

	Name of								Number of	Number of			Percentage of
Name of Director	associated corporation			Capacity					shares				shareholding
董事姓名	相聯法團名稱			身份					股份數目				股權百分比
Mr. Yeung Ho Ting Dennis	Next Vision (Note 1)			Beneficial owner					7,500				75%
楊浩廷先生	Next Vision（附註1）			實益擁有人

Note:

附註：

1. Next Vision held 75% of issued Shares and was therefore a holding company of the Company.

2. Next Vision 持有 75% 的已發行股份，故為 本公司的控股公司。

Save as disclosed above, as at 30 November 2017, none of the Directors or the chief executive of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were (i) recorded in the register required to be kept under section 352 of the SFO or (ii) otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuer as referred to in Rule 5.46.

除上文所披露者外，於二零一七年十一月 三十日，概無董事或本公司主要行政人員 於本公司或其相聯法團（定義見證券及期貨 條例第 XV 部）的股份、相關股份或債權證 中，擁有任何 (i) 記入根據證券及期貨條例第 352 條須備存的登記冊內的權益或淡倉，或 (ii) 根據第 5.46 條所述的上市發行人董事進 行交易的規定標準另行知會本公司及聯交 所的權益或淡倉。

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INTERESTS AND SHORT POSITIONS OF THE SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS IN SHARES AND UNDERLYING SHARES

主要股東及其他人士於股份及相 關股份中擁有的權益及淡倉

As at 30 November 2017, so far as it is known to the Directors, the following persons (not being a Director or chief executive of the Company) had or were deemed to have interests or short positions in Shares or underlying Shares which were recorded in the register required to be kept by the Company under section 336 of the SFO:

於二零一七年十一月三十日，就董事所 知，以下人士（並非董事或本公司主要行政 人員）於股份或相關股份中擁有或被視為擁 有根據證券及期貨條例第336 條須記錄於本 公司存置的登記冊的權益或淡倉：

(i) Long positions in Shares

(i) 於股份的好倉

					Number of	Number of
	Capacity/				Shares held/				Percentage of
Name of shareholder	Nature of interest				Interested				shareholding
					持有╱擁有
股東名稱	身份╱權益性質				權益股份數目				股權百分比
Next Vision (Note 1)	Beneficial owner				600,000,000				75.0%
Next Vision（附註1）	實益擁有人

Note:

附註：

1. Next Vision was beneficially owned by Mr. Yeung Ho Ting Dennis as to 75%. By virtue of the SFO, Mr. Yeung Ho Ting Dennis was deemed to be interested in Shares held by Next Vision.

2. 楊浩廷先生實益擁有 Next Vision 的 75% 權 益。根據證券及期貨條例，楊浩廷先生被 視為於Next Vision持有的股份中擁有權益。

Save as disclosed above, as at 30 November 2017, the Directors have not been notified by any person who had interests or short positions in the Shares or underlying Shares which were recorded in the register required to be kept under section 336 of the SFO.

除上文所披露者外，於二零一七年十一月 三十日，概無任何人士知會董事彼於股份 或相關股份中記入擁有根據證券及期貨條 例第336 條須備存登記冊內的權益或淡倉。

SHARE OPTION SCHEME

購股權計劃

The Company conditionally adopted a share option scheme (the “ Scheme ”) on 19 May 2017. The terms of the Scheme are in accordance with the provisions of Chapter 23 of the GEM Listing Rules. No share option has been granted since the adoption of the Scheme and there was no share option outstanding as at 30 November 2017.

本公司於二零一七年五月十九日有條件地 採納購股權計劃（「 該計劃 」）。該計劃之條 款符合創業板上市規則第 23 章之條文。自 採納該計劃以來概無授予購股權及於二零 一七年十一月三十日概無未行使之購股權。

46 In Technical Productions Holdings Limited Interim Report 2017/2018

CORPORATE GOVERNANCE

The Company is firmly committed to maintaining and ensuring a high level of corporate governance standards and will review and improve the corporate governance practices and standards constantly. Except for the deviation from code provision A.2.1 of the CG Code (as defined below), the Company has complied with the code provisions set out in the CG Code (as defined below) contained in Appendix 15 to the GEM Listing Rules (the “ CG Code ”) during the period from the Listing Date to 30 November 2017. Code provision A.2.1 of the CG Code stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Yeung is both the chairman of the Board and the chief executive officer of the Company. In view of Mr. Yeung’s role in day-to-day operations and management of the Group since April 2009, the Board believes that it is in the best interest of the Group to have Mr. Yeung taking up both roles for effective management and business development. Therefore, the Directors consider that the deviation from the code provision A.2.1 of the CG Code is appropriate in such circumstance and the Board is of the view that this management structure is effective for the Group’s operations and sufficient checks and balances are in place.

COMMUNICATION WITH SHAREHOLDERS

The Company believes that maintaining a high level of transparency is a key to enhancing investor relations. It is committed to a policy of open and timely disclosure of corporate information to its shareholders and investment public. The Company updates the shareholders on its latest business developments and financial performance through its quarterly, interim and annual reports and communicates with the shareholders through annual general meetings and extraordinary general meetings. In compliance with the requirements of the GEM Listing Rules, the Company issued regular reports, announcements, circulars and notice of general meetings. Always updated with the latest information, the corporate website of the Company (www.intechproductions.com) has provided an effective communication platform to the public and the shareholders.

企業管治

本公司堅定不移地維持及確保保持高水準 的企業管治，不斷審查及完善企業管治慣 例及標準。除偏離企業管治守則（定義如 下）第 A.2.1 條守則條文外，本公司自上市日 期至二零一七年十一月三十日期間，已遵 守創業板上市規則附錄 15 所載企業管治守 則（定義如下）（「 企業管治守則 」）所載守則 條文。企業管治守則第 A.2.1 條守則條文規 定主席及行政總裁的角色應分開，不得由 同一人執行。楊先生為本公司之董事會主 席兼行政總裁。鑒於楊先生自二零零九年 四月起於本集團日常營運及管理方面的角 色，董事會相信楊先生擔任有效管理及業 務開發的角色符合本集團的最佳利益。因 此，董事認為，在該等情況下，偏離企業管 治守則第 A.2.1 條守則條文乃屬適當，且董 事會認為，該管理架構對本集團的營運及 充分檢查及制衡乃屬有效。

股東通訊

本公司認為保持高水準的透明度是加強投 資者關係的關鍵。我們致力於向股東及公 眾投資者公開及時披露企業資訊的政策。 本公司通過季度、中期及年度報告更新股 東最新業務發展情況和財務業績，並通過 年度股東大會及特別股東大會與股東溝 通。按照創業板上市規則的規定，本公司定 期發佈報告、公告、通函及股東大會通知。 本公司的公司網站 (www.intechproductions. com) 始終以最新資訊更新，為公眾及股東 提供了有效的溝通平臺。

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OUTLOOK

The Group will make steady progress in accordance with the plans formulated before the Listing and its actual operational conditions, so as to facilitate effective implementation of the business objectives of the Company and bring benefits from it.

The Board will proactively seek potential business opportunities and explore the possibility to expand the application of the Group’s visual display solutions to industries other than live events industry that will broaden the sources of income of the Group and enhance value to the shareholders.

In the future, the Board believes that the Group will achieve another breakthrough in terms of its business performance by leveraging on its advantages, in particular with its wide variety of visual display equipment and innovative professional management with strong knowhow.

By order of the Board In Technical Productions Holdings Limited Yeung Ho Ting Dennis Chairman

Hong Kong, 9 January 2018

展望

本集團將根據上市前擬定之計劃及實際運 作情況穩步推進有利於本公司業務目標的 有效實施並為其帶來益處。

董事會將積極尋求潛在商機並探索將本集 團的視像顯示解決方案擴展應用於現場活 動行業以外行業以擴大本集團的收入來源 及為股東增值。

在未來，董事會相信，透過善用其優勢（尤 其是其視像顯示裝置種類眾多，且創新專 業的管理層擁有深厚的專業知識），本集團 的業務表現將達成另一個突破。

承董事會命 In Technical Productions Holdings Limited 主席 楊浩廷

香港，二零一八年一月九日

48 In Technical Productions Holdings Limited Interim Report 2017/2018