Brightstar Technology Group Co., Ltd — Interim / Quarterly Report 2019

Apr 9, 2019

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.

==> picture [56 x 35] intentionally omitted <==

IN TECHNICAL PRODUCTIONS HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8446)

ANNOUNCEMENT OF THIRD QUARTER RESULTS FOR THE NINE MONTHS ENDED 28 FEBRUARY 2019

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 nine months ended 28 February 2019 (the ‘‘Period’’). This announcement, containing the full text of the third quarterly report of the Company for the Period, complies with the relevant requirements of the Rules (the ‘‘GEM Listing Rules’’) Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange’’) in relation to information to accompany preliminary announcement of third quarter results for the Period. Printed version of the Company’s third quarterly report for the Period will be despatched to the shareholders of the Company and available for viewing on the GEM websites at www.hkgem.com and the Company’s website at www.intechproductions.com on or before 14 April 2019.

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

Hong Kong, 9 April 2019

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.

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).

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

GEM has been positioned as a market designed to accommodate small and mid-sized 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.

Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.

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.

This report, for which the directors (the “ Directors ”) of In Technical Productions Holdings Limited (the “ Company ”) collectively and individually accept full responsibilities, 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 (together 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.

香港聯合交易所有限公 司（「聯交所」）GEM 之特 色

GEM 乃為較於聯交所上市的其他公司 帶有更高投資風險的中小型公司提供 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。

由於在 GEM 上市之公司一般為中小型 公司，在 GEM 買賣的證券可能會較於 主板買賣的證券承受較大的市場波動 風險，同時亦無法保證在 GEM 買賣的 證券會有高流通量之市場。

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。

本報告載有遵照聯交所GEM證券上 市規則（「 GEM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。

01

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

FINANCIAL HIGHLIGHTS

財務概要

		Nine months ended 28 February	Nine months ended 28 February	Nine months ended 28 February
		截至二月二十八日止九個月
		2019	2018	Change
		二零一九年	二零一八年	變動
		HK$’000	HK$’000
		千港元	千港元
		(unaudited)	(unaudited)
		（未經審核）（未經審核）
Revenue	收入	74,231	59,692	24.4%
Gross profit	毛利	37,178	30,579	21.6%
Profit for the period	期內溢利	18,320	13,170	39.1%
Earnings per share (HK Cents)	每股盈利（港仙）	2.28	1.74	31.0%

• The Group recorded an unaudited revenue of approximately HK$74.2 million for the nine months ended 28 February 2019, representing an increase of approximately 24.4% as compared with that for the corresponding period in 2018.

• 截至二零一九年二月二十八日 止九個月，本集團錄得未經審 核收益約74.2百萬港元，較二零 一八年同期增加約24.4%。

• The Group’s unaudited profit for the nine months ended 28 February 2019 was approximately HK$18.3 million, representing an increase of approximately HK$5.2 million or approximately 39.1% as compared with that for the corresponding period in 2018. The increase in profit for the nine months ended 28 February 2019 was primarily attributable to (i) the increase in gross profit as a result of the increase in revenue coupled with a stable gross profit margin; (ii) the decrease in bank borrowing interest which was in line with the decrease in average bank borrowings during the nine months ended 28 February 2019 and (iii) the decrease in imputed interest on payable for equipment as such related payables have been fully settled in the financial year ended 31 May 2018.

• 截至二零一九年二月二十八日 止九個月，本集團未經審核溢 利約為 18.3 百萬港元，較二零 一八年同期增加約 5.2 百萬港元 或約 39.1 %。截至二零一九年 二月二十八日止九個月之溢利 增加主要是由於 (i) 收益增加及 毛利率穩定致使毛利增加；(ii) 因截至二零一九年二月二十八 日止九個月之平均銀行借款減 少，銀行借款利息減少及 (iii) 因 相關應付設備款項於截至二零 一八年五月三十一日止財政年 度已悉數償還，故相關應付款 項之估算利息減少。

• The Board does not recommend the payment of dividend for the nine months ended 28 February 2019.

• 董事會不建議派付截至二零一 九年二月二十八日止九個月之 股息。

02

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

UNAUDITED CONDENSED CONSOLIDATED THIRD QUARTER RESULTS FOR THE NINE MONTHS ENDED 28 February 2019

截至二零一九年二月二 十八日止九個月之未經 審核簡明綜合第三季度 業績

The board of Directors (the “ Board ”) of the Company is pleased to announce the unaudited condensed consolidated third quarter results of the Company and its subsidiaries (collectively referred to as the “ Group ”) for the three months and nine months ended 28 February 2019 together with the comparative unaudited figures of the corresponding periods in 2018, as follows:

本公司董事會（「 董事會 」）欣然宣佈截 至二零一九年二月二十八日止三個月 及九個月之本公司及其附屬公司（統 稱「 本集團 」）未經審核簡明綜合第三季 度業績及二零一八年同期之未經審核 比較數字如下：

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

未經審核簡明綜合損益及 其他全面收益表

		Three months ended Nine months ended	Three months ended Nine months ended
		28 February 28 February
		截至二月二十八日止 截至二月二十八日止
		三個月 九個月
		2019 2018 2019	2018
		二零一九年 二零一八年 二零一九年	二零一八年
		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 22,005 23,854 74,231	59,692
Cost of services	服務成本	(12,508) (10,753) (37,053)	(29,113)
Gross profit	毛利	9,497 13,101 37,178	30,579
Other income	其他收入	— — 9	126
Other gains and losses, net	其他收益及虧損淨額	(36) (16) (88)	293
Administrative expenses	行政開支	(4,701) (4,433) (15,096)	(12,649)
Operating profit	經營溢利	4,760 8,652 22,003	18,349
Finance income	財務收入	145 135 472	256
Finance costs	財務成本	(132) (846) (429)	(2,010)
Finance income/(costs), net	財務收入╱（成本）淨額	13 (711) 43	(1,754)

03

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

		Three months ended Nine months	ended
		28 February 28 February
		截至二月二十八日止 截至二月二十八日止
		三個月 九個月
		2019 2018 2019	2018
		二零一九年 二零一八年 二零一九年	二零一八年
		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）
Profit before income tax	所得稅前溢利	4,773 7,941 22,046	16,595
Income tax expense	所得稅開支	5 (820) (1,415) (3,726)	(3,425)
Profit for the period	期內溢利	3,953 6,526 18,320	13,170
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	3,928 6,740 18,266	13,716
— Non-controlling interests	—非控股權益	25 (214) 54	(546)
		3,953 6,526 18,320	13,170
Other comprehensive income:	其他全面收入：
Item that may be subsequently	其後可能重新分類至
reclassified to profit or loss	損益的項目
— Exchange difference on	—換算海外業務之
translation of foreign	匯兌差額
operations		— 7 3	51
Total comprehensive income	期間全面收入總額
for the period		3,953 6,533 18,323	13,221
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	3,929 6,747 18,272	13,765
— Non-controlling interests	—非控股權益	24 (214) 51	(544)
		3,953 6,533 18,323	13,221
Earnings per share attributable	本公司擁有人應佔
to the owners of	每股盈利
the Company
Basic and diluted (HK cents)	基本及攤薄（港仙）	7 0.49 0.84 2.28	1.74

04

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the nine months ended 28 February 2019

未經審核簡明綜合權益變 動表

截至二零一九年二月二十八日止九個月

	Attributable to owners of the Company 本公司擁有人應佔 Share capital Share premium Capital reserve Exchange reserve Retained earnings Total Non- controlling interests Total 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 2017 於二零一七年六月 一日的結餘 Profit/(loss) for the period 期內溢利╱（虧損） Other comprehensive income: 其他全面收入： — Exchange difference on translation of foreign operations —換算海外業務 的匯兌差額	— — 744 164 23,979 24,917 (304) 24,613 — — — — 13,716 13,716 (546) 13,170 — — — 42 — 42 2 44
Total comprehensive income/ (expense) 全面收入╱（開支） 總額	— — — 42 13,716 13,758 (544) 13,214
Transaction with owners: 與擁有人的交易： — Capitalisation issue (Note 1) —資本化發行 （附註1） — Issue of shares upon share offer (Note 2) —股份發售後發 行股份 （附註2）	6,000 6,000 — — — 12,000 — 12,000 2,000 50,497 — — — 52,497 — 52,497
Balance at 28 February 2018 於二零一八年二月 二十八日的結餘	8,000 56,497 774 206 37,695 103,172 (848) 102,324
Balance at 1 June 2018 於二零一八年 六月一日的結餘 Profit for the period 期內溢利 Other comprehensive income/(expense): 其他全面 收入╱（開支）： — Exchange difference on translation of foreign operations —換算海外業務 的匯兌差額	8,000 56,497 774 269 41,898 107,438 (291) 107,147 — — — — 18,266 18,266 54 18,320 — — — 6 — 6 (3) 3
Total comprehensive income 全面收入總額	— — — 6 18,266 18,272 51 18,323
Balance at 28 February 2019 於二零一九年二月 二十八日的結餘	8,000 56,497 774 275 60,164 125,710 (240) 125,470

05

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

Note 1: On 14 June 2017, the Group capitalised the shareholder’s loan with an amount of HK$12,000,000 owed by In Technical Productions Limited (“ ITP (HK) ”) a subsidiary of the Company, to Next Vision Management Limited (“ Next Vision ”) by issuing 599,999,999 new shares of the Company, credited as fully paid, to Next Vision (the “ Capitalisation Issue ”).

Note 2: On 14 June 2017, the Company’s shares were listed on GEM of The Stock Exchange of Hong Kong Limited. The Company issued a total of 200,000,000 shares at a price of HK$0.30 per share during the new share offer for a total proceeds (before related fees and expenses) of HK$60,000,000.

• 附註 1：於二零一七年六月十四日，本集團 透過向Next Vision Management Limited

• （「 Next Vision 」）發行599,999,999股 入賬列為繳足之本公司新股份， 將本公司一間附屬公司In Technical Productions Limited（「 ITP (HK) 」） 結欠Next Vision之12,000,000港元 之股東貸款撥充資本（「 資本化 發行 」）。

• 附註 2：於二零一七年六月十四日， 本公司股份於香港聯合交易 所有限公司 GEM 上市。本公 司於新股份發售期間發行合 共 200,000,000 股股份，每股 價格 0.30 港元，所得款項總額

• （扣除相關費用及開支前）為 60,000,000 港元。

06

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended 28 February 2019

1. GENERAL INFORMATION

In Technical Productions Holdings Limited (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, KY1-1008 Cayman Islands.

The Company is an investment holding company. The Company and its subsidiaries (together the “ Group ”) are principally engaged in the provision of visual display solution services for concerts and events primarily in Hong Kong, Macau, and the People’s Republic of China (the “ PRC ”) (the “ Business ”).

The Company’s shares (the “ Shares ”) were listed on GEM of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) (the “ Listing ”) on 14 June 2017 (the “ Listing Date ”).

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

截至二零一九年二月二十八日止九個月 1. 一般資料

In Technical Productions Holdings Limited（「 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, KY1-1008 Cayman Islands。

本公司為一間投資控股公司。 本公司及其附屬公司（統稱「 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象顯示解 決方案服務（「 業務 」）。

本公司股份（「 股份 」）於二零一 七年六月十四日（「 上市日期 」） 於香港聯合交易所有限公司 （「 聯交所 」）GEM上市（「 上市 」）。

除特別註明外，未經審核簡明 綜合財務報表以港元（「 港元 」） 列示。

07

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

2. BASIS OF PREPARATION

The unaudited condensed consolidated financial information of the Group for the nine months ended 28 February 2019 has been prepared in accordance with accounting policies conform with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) applicable to interim periods and the applicable disclosure provisions of the GEM Listing Rules. However, the unaudited condensed consolidated financial information does not contain sufficient information to constitute an interim financial report as defined in HKFRSs. The unaudited condensed consolidated financial information should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 May 2018 included in the annual report of the Company dated 22 August 2018, which have been prepared in accordance with HKFRSs issued by the HKICPA.

The unaudited condensed consolidated financial statements have been prepared on the historical cost basis.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies that have been used in the preparation of these unaudited condensed consolidated financial information are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 May 2018.

2. 編製基準

本集團截至二零一九年二月二 十八日止九個月的未經審核簡 明綜合財務資料乃根據符合香 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 」）的會計 政策編製。適用於中期及 GEM 上市規則的披露規定。然而， 未經審核簡明綜合財務資料並 無載有足夠資料構成香港財務 報告準則所界定之中期財務報 告。未經審核簡明綜合財務資 料應與本集團截至二零一八年 五月三十一日止年度的綜合財 務報表一併閱讀，該年度財務 報表已載列於本公司日期為二 零一八年八月二十二日的年度 報告內，該報告乃根據香港會 計師公會頒佈的香港財務報告 準則編製。

未經審核簡明綜合財務報表乃 按歷史成本基準編製。

3. 主要會計政策概要

編製該等未經審核簡明綜合財 務資料所採用的主要會計政策 與編製本集團截至二零一八年 五月三十一日止年度的綜合財 務報表所採用的一致。

08

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

The Group has adopted and applied the following new standards, amendments to standards and interpretations that have been issued and effective for the accounting periods beginning on 1 June 2018. The adoption of these new standards and amendments to standards has no material impact on the Group’s results and financial position.

HKFRS 1 and HKAS 28 Annual Improvements (Amendments) 2014–2016 Cycle HKFRS 2 (Amendments) Classification and Measurement of Share-based Payment Transactions HKFRS 4 (Amendments) Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts

HKFRS 9 Financial Instruments HKFRS 15 Revenue from Contracts with Customers HKFRS 15 (Amendments) Clarifications to HKFRS 15 HKAS 28 (Amendments) Investments in Associates and Joint Ventures HKAS 40 (Amendments) Transfer of Investment Property

The Group has not early adopted those new standards, amendments to standards and interpretations which have been issued by the HKICPA but are not yet effective. The Group is in the process of assessing their impact on the Group’s results and financial position.

本集團已採納及應用於二零一 八年六月一日開始的會計期間 已頒佈及生效的下列新準則、 標準及詮釋修訂。採納該等新 準則及標準修訂對本集團業績 及財務狀況並無重大影響。

香港財務報告 2014年至2016 準則第1號及 年週期的年 香港會計準 度改進 則28號（修訂 本） 香港財務報告 以股份為基礎 準則2號（修 付款交易的 訂本） 分類及計量 香港財務報告 與香港財務報 準則4號（修 告準則第4號 訂本） 「保險合約」 一併應用的 香港財務報 告準則第9號 「金融工具」 香港財務報告 金融工具 準則第9號 香港財務報告 來自客戶合約 準則第15號 的收益 香港財務報告 澄清香港財務 準則第15號 報告準則第 （修訂本） 15號 香港會計準則 於聯營公司及 第28號（修訂 合營公司之 本） 投資 香港會計準則 轉讓投資物業 第40號（修訂 本）

本集團尚未提前採納香港會計 師公會已頒佈但尚未生效的新 準則、標準及詮釋修訂。本集團 現正評估其對本集團業績及財 務狀況的影響。

09

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

4. REVENUE

4. 收益

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 straightline basis over the term of the lease.

收益於以下情況下得到確認， 即經濟利益可能將流入本集團 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 Nine months ended	Three months ended Nine months ended
		28 February 28 February
		截至二月二十八日止 截至二月二十八日止
		三個月 九個月
		2019 2018 2019	2018
		二零一九年 二零一八年 二零一九年	二零一八年
		HK$’000 HK$’000 HK$’000	HK$’000
		千港元 千港元 千港元	千港元
Revenue from visual display	視像顯示解決方
solution services	案服務收益	21,761 23,508 73,950	59,338
Equipment rental income	設備租賃收入	244 346 281	354
		22,005 23,854 74,231	59,692

10

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

5. INCOME TAX EXPENSE

Pursuant to the enactment of two-tiered profit tax rates issued by the Inland Revenue Department (“ IRD ”) from the year of assessment 2018/19 onwards, the Group’s first HK$2 million of assessable profits under Hong Kong profits tax for the nine months ended 28 February 2019 is subject to a tax rate of 8.25%, while the remaining assessable profits are subject to a tax rate of 16.5%. Hong Kong profits tax has been provided for at the rate of 16.5% on the estimated assessable profits for the nine months ended 28 February 2018.

All PRC subsidiaries of the Company are subject to the PRC Enterprise Income Tax at the rate of 25.0% for the nine months ended 28 February 2019 and 2018.

The Macau subsidiary of the Company was subject to Macau complementary tax at the rate of 12.0% on the estimated assessable income exceeding MOP600,000 for the nine months ended 28 February 2019.

5. 所得稅開支

根據稅務局（「 稅務局 」）自二零 一八╱一九課稅年度起發出的 兩級制利得稅稅率，本集團截 至二零一九年二月二十八日止 九個月按香港利得稅制制定的 首個 2 百萬港元應課稅溢利，應 以稅率 8.25% 計算，而剩餘應課 稅溢利稅率為 16.5%。截至二零 一八年二月二十八日止九個月 的估計應課稅溢利按香港利得 稅率16.5%計提撥備。

截至二零一九年及二零一八 年二月二十八日止九個月，本 公司所有中國附屬公司須按 25.0% 稅率繳納中國企業所得 稅。

截至二零一九年九月二十八日 止九個月本公司之澳門附屬公 司須按估計應課稅溢利超過澳 門幣 600,000 元的部分按 12.0% 稅率繳納澳門利得稅。

11

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

The amounts of taxation charged/(credited) to profit and loss represent:

自損益扣除╱（計入）的稅項金 額指：

		Three months	ended Nine months	ended Nine months	ended
		28 February 28 February
		截至二月二十八日止 截至二月二十八日止
		三個月	九個月
		2019	2018 2019		2018
		二零一九年 二零一八年 二零一九年		二零一八年
		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）
Current income tax:	即期所得稅：
Hong Kong profits tax	香港利得稅	787	1,415 3,098		3,425
PRC enterprise income tax	中國企業所得稅	(49)	— 546		—
Macau complementary tax	澳門利得稅	82	— 82		—
		820	1,415 3,726		3,425

6. DIVIDENDS 6. 股息

The Directors do not recommend the payment of dividend for the nine months ended 28 February 2019 (nine months ended 28 February 2018: Nil).

董事不建議派付截至二零一九 年二月二十八日止九個月的股 息（截至二零一八年二月二十八 日止九個月：零）。

12

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

7. EARNINGS PER SHARE

7. 每股盈利

For the three months and nine months ended 28 February 2019 and the same corresponding periods in 2018, 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 Shares issued during the period.

截至二零一九年二月二十八日 止三個月及九個月及二零一八 年同期，每股基本盈利乃按 (i) 本 公司擁有人應佔溢利及 (ii) 期內 已發行股份之加權平均數計算。

		Three months	ended	Nine months	Nine months	ended	ended
		28 February		28 February
		截至二月二十八日止		截至二月二十八日止
		三個月		九個月
		2019	2018 2019				2018
		二零一九年 二零一八年 二零一九年			二零一八年
		(Unaudited)	(Unaudited) (Unaudited)			(Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）
Profit attributable to owners 本公司擁有人應
of the Company (HK$’000)	佔溢利
	（千港元）	3,928	6,740 18,266				13,716
Weighted average number of 已發行普通股之
ordinary Shares in issue	加權平均數
(thousand Shares)	（千股）	800,000	800,000 800,000				790,476
Earnings per Share (HK cents) 每股盈利（港仙） 0.49			0.84 2.28				1.74

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

每股攤薄盈利與每股基本盈利 相同，因為於本報告期內並無 存在潛在的攤薄股份。

13

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

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

During the nine months ended 28 February 2019, the Group was engaged in 323 pop concert shows for Hong Kong and non-Hong Kong artists/bands (nine months ended 28 February 2018: 283). The Group derived approximately 80.0% of its total revenue during the nine months ended 28 February 2019 from pop concerts (nine months ended 28 February 2018: approximately 88.9%), 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.

FINANCIAL REVIEW

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.

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。

截至二零一九年二月二十八日止九 個月，本集團為香港及非香港藝術 家╱樂隊舉辦了 323 場流行音樂會演 出（截至二零一八年二月二十八日止 九個月：283 場）。截至二零一九年二 月二十八日止九個月，本集團來自流 行音樂會佔總收益約 80.0%（截至二 零一八年二月二十八日止九個月：約 88.9%），其中大部分來自香港、中國 及澳門。本集團餘下的收益來自其他 現場活動，包括企業活動、展覽、體 育及休閒活動以及其他現場表演，及 設備租賃。

財務回顧

收益

本集團透過 (i) 為流行音樂會及多種其 他現場活動的相關客戶提供視像顯示 解決方案；及 (ii) 提供設備租賃產生收 益。

14

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

The following table sets out a breakdown of the Group’s revenue by source of income during the nine months ended 28 February 2019 with the comparative figures for the nine months ended 28 February 2018:

下表按收入來源載列本集團截至二零 一九年二月二十八日止九個月之收益 明細及截至二零一八年二月二十八日 止九個月之比較數字：

		Nine months ended	Nine months ended	Nine months ended
		28 February 2019	28 February 2018
		截至二零一九年二月	截至二零一八年
		二十八日止九個月 二月二十八日止九個月
		% 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	73,950 99.6	59,338	99.4
Equipment rental	設備租賃	281 0.4	354	0.6
Total	總計	74,231 100.0	59,692	100.0

During the nine months ended 28 February 2019, the Group principally derived its revenue from the provision of visual display solutions. The Group’s revenue increased by approximately 24.4% from approximately HK$59.7 million for the nine months ended 28 February 2018 to approximately HK$74.2 million for the nine months ended 28 February 2019.

截至二零一九年二月二十八日止九個 月，本集團收益主要來自提供視像顯 示解決方案。本集團收益由截至二零 一八年二月二十八日止九個月的約 59.7 百萬港元增長約 24.4% 至截至二 零一九年二月二十八日止九個月的約 74.2百萬港元。

15

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

Visual display solutions

The following table sets out a breakdown of the Group’s revenue from visual display solutions during the nine months ended 28 February 2019 with the comparative figures for the nine months ended 28 February 2018. 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

下表載列截至二零一九年二月二十八 日止九個月本集團來自視像解決方案 之收益明細及截至二零一八年二月二 十八日止九個月之比較數字。就呈列 收益明細而言，其他現場活動包括企 業活動、展覽、體育及娛樂活動及其 他現場表演。

		Nine months ended 28 February 2019	Nine	months ended 28 February 2018	months ended 28 February 2018	months ended 28 February 2018
		截至二零一九年二月二十八日止九個月	截至二零一八年二月二十八日止九個月
		% 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 視像顯示	shows	Revenue	solutions 視像顯示	per show
		解決方案佔 每場			解決方案佔	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	流行音樂會	323 59,356 80.3 184	283	53,077	89.4	188
Other live events	其他現場活動	581 14,594 19.7 25	233	6,261	10.6	27
Total revenue from	視像顯示解決方
visual display	案收益總額
solutions		904 73,950 100.0 82	516	59,338	100.0	115

The increase in revenue from pop concerts was mainly attributable to the increase in the number of pop concert shows undertaken by the Group from 283 for the nine months ended 28 February 2018 to 323 for the nine months ended 28 February 2019. The average revenue per show for pop concerts was slightly decreased from approximately HK$188,000 for the nine months ended 28 February 2018 to approximately HK$184,000 for the nine months ended 28 February 2019.

來自流行音樂會的收益增加主要是由 於本集團所承接流行音樂會的數目由 截至二零一八年二月二十八日止九個 月的 283 場增至截至二零一九年二月 二十八日止九個月的323場。每場流行 音樂會演出平均收益由截至二零一八 年二月二十八日止九個月的約 188,000 港元輕微減少至截至二零一九年二月 二十八日止九個月的約184,000港元。

16

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

The increase in revenue from other live events was mainly attributable to the increase in the number of other live events undertaken by the Group from 233 for the nine months ended 28 February 2018 to 581 for the nine months ended 28 February 2019 because the Group undertook more corporate events in the PRC and Macau for the nine months ended 28 February 2019. The average revenue per show for other live events was slightly decreased from approximately HK$27,000 for the nine months ended 28 February 2018 to approximately HK$25,000 for the nine months ended 28 February 2019.

來自其他現場活動收益增加主要是由 於受到本集團截至二零一九年二月二 十八日止九個月於中國及澳門承接更 多企業活動的影響，導致本集團承辦 之其他現場活動數目由截至二零一八 年二月二十八日止九個月的 233 場增 加至截至二零一九年二月二十八日止 九個月的581場。其他現場活動每場演 出平均收益由截至二零一八年二月二 十八日止九個月之約 27,000 港元輕微 減少至截至二零一九年二月二十八日 止九個月約25,000港元。

Revenue analysis by geographical location

按地理位置劃分的收益分析

The following table sets out a breakdown of the revenue of the Group from pop concerts by geographical location during the nine months ended 28 February 2019 with comparative figures for the nine months ended 28 February 2018:

下表載列截至二零一九年二月二十八 日止九個月本集團按地理位置劃分的 流行音樂會的收益明細及截至二零一 八年二月二十八日止九個月之比較數 字：

		Nine months ended 28 February 2019	Nine	months ended 28 February 2018	months ended 28 February 2018	months ended 28 February 2018
		截至二零一九年二月二十八日止九個月	截至二零一八年二月二十八日止九個月
		% of total			% of total
		revenue Average			revenue	Average
		No. of from pop revenue	No. of		from pop	revenue
		shows Revenue concerts per show 流行音樂會	shows	Revenue	concerts 流行音樂會	per show
		佔總收益的 每場演出的			佔總收益的	每場演出的
		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	流行音樂會
Hong Kong	香港	170 14,058 23.7 83	138	12,539	23.6	91
PRC	中國	96 32,138 54.1 335	94	28,129	53.0	299
Macau	澳門	32 6,948 11.7 217	22	4,502	8.5	205
Taiwan	台灣	13 3,265 5.5 251	14	2,530	4.8	181
Others	其他	12 2,947 5.0 246	15	5,377	10.1	358
Total revenue from	流行音樂會之總
pop concerts	收入	323 59,356 100.0 184	283	53,077	100.0	188

17

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

During the nine months ended 28 February 2019, the Group continued to provide services for (i) a well-known Hong Kong artist for 41 shows (nine months ended 28 February 2018: 43 shows) of concert tour in the PRC and 5 shows (nine months ended 28 February 2018: 6 shows) in Macau; and (ii) a Taiwanese band for 18 shows (nine months ended 28 February 2018: 18 shows) in the PRC and 10 shows (nine months ended 28 February 2018: 14 shows) in Taiwan.

截至二零一九年二月二十八日止九個 月，本集團繼續為 (i) 一位香港知名藝 人於中國舉行 41 場巡迴演唱會演出 （截至二零一八年二月二十八日止九 個月：43場）及於澳門舉辦5場演出（截 至二零一八年二月二十八日止九個 月：6 場）；及為 (ii) 一台灣樂隊在中國 舉辦 18 場演出（截至二零一八年二月 二十八日止九個月：18場）及在台灣舉 辦 10 場演出（截至二零一八年二月二 十八日止九個月：14場）。

The following table sets out a breakdown of the revenue of the Group from other live events by geographical location during the nine months ended 28 February 2019 with comparative figures for the nine months ended 28 February 2018:

下表載列截至二零一九年二月二十八 日止九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 一八年二月二十八日止九個月之比較 數字：

		Nine months ended 28 February 2019	Nine	months ended 28 February 2018	months ended 28 February 2018	months ended 28 February 2018
		截至二零一九年二月二十八日止九個月	截至二零一八年二月二十八日止九個月
		% of total			% of total
		revenue Average			revenue	Average
		No. of from other revenue	No. of		from other	revenue
		shows Revenue live events per show 其他	shows	Revenue	live events 其他	per show
		現場活動			現場活動
		佔總收益的 每場演出的			佔總收益的	每場演出的
		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	349 6,149 42.1 18	219	5,076	81.1	23
PRC	中國	4 52 0.4 13	—	—	—	—
Macau	澳門	228 8,393 57.5 37	14	1,185	18.9	85
Total revenue from	自其他現場活動
other live events	之總收入	581 14,594 100.0 25	233	6,261	100.0	27

18 In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

The Group has set up a wholly owned subsidiary in Macau (the “ Macau Subsidiary ”) in November 2017. After commencement of the operation of the Macau Subsidiary, the Group has been able to increase its revenue from both pop concerts and other live events in Macau. The Group has reallocated part of the Net Proceeds (as mentioned in the section “Use of Proceeds and Comparison of Business Objectives with Actual Business Progress”) to recruit more staff for the business expansions in Macau. During the nine months ended 28 February 2019, the Group’s number of pop concerts and other live have been increased, especially the number of other live events was substantially increased to 228 (nine months ended 28 February 2018: 14).

Gross profit and gross profit margin

The gross profit of the Group for the nine months ended 28 February 2019 amounted to approximately HK$37.2 million (nine months ended 28 February 2018: approximately HK$30.6 million), representing a gross profit margin of approximately 50.1% (nine months ended 28 February 2018: approximately 51.2%).

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 nine months ended 28 February 2019 and 2018, all PRC subsidiaries of the Company were subject to the PRC Enterprise Income Tax at the 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 nine months ended 28 February 2018. Pursuant to the enactment of two-tiered profit tax rates issued by the Inland Revenue Department (“ IRD ”) from the year of assessment 2018/19 onwards, the Group’s first HK$2 million of assessable profits under Hong Kong profits tax for the nine months ended 28 February 2019 is subject to a tax rate of 8.25%, while the remaining assessable profits are subject to a tax rate of 16.5%.

本集團於二零一七年在澳門成立全資 附屬公司（「 澳門附屬公司 」）。於澳門 附屬公司開始營運後，本集團可增加 其於澳門來自流行音樂會及其他現場 活動的收益。本集團重新分配所得款 項淨額（如「所得款項用途及業務目標 與實際業務流程的比較」一節所述）以 招聘更多員工從而拓展於澳門的業 務。截至二零一九年二月二十八日止 九個月，本集團流行音樂會及其他現 場活動增加，特別是其他現場活動大 幅增加至 228 場（截至二零一八年二月 二十八日止九個月：14場）。

毛利及毛利率

截至二零一九年二月二十八日止九個 月，本集團的毛利約為 37.2 百萬港元 （截至二零一八年二月二十八日止九 個月：約 30.6 百萬港元），毛利率約為 50.1%（截至二零一八年二月二十八日 止九個月：約51.2%）。

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。

於截至二零一九年及二零一八年二月 二十八日止九個月，本集團的所有中 國附屬公司按 25.0% 稅率繳納中國企 業所得稅。

於截至二零一八年二月二十八日止 九個月，本公司之香港附屬公司按 16.5% 的稅率就估計應課稅溢利繳納 香港利得稅。根據稅務局（「 稅務局 」） 自二零一八╱一九課稅年度起發出的 兩級制利得稅稅率，本集團截至二零 一九年二月二十八日止九個月按香港 利得稅制制定的首個 2 百萬港元應課 稅溢利，應以稅率8.25%計算，而剩餘 應課稅溢利稅率為16.5%。

19

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

The Macau subsidiary of the Company was subject to Macau complementary tax at the rate of 12.0% on the estimated assessable income exceeding MOP600,000 during the nine months ended 28 February 2019.

The effective income tax rate of the Group was approximately 16.9% for the nine months ended 28 February 2019 (nine months ended 28 February 2018: approximately 20.6%).

Profit for the period

As a result of the foregoing, the Group’s profit was approximately HK$18.3 million for the nine months ended 28 February 2019, representing an increase of approximately HK$5.2 million or approximately 39.1% as compared with that for the corresponding period in 2018. The increase in profit for the nine months ended 28 February 2019 was primarily attributable to (i) the increase in gross profit as a result of the increase in revenue coupled with a stable gross profit margin; (ii) the decrease in bank borrowing interest which was in line with the decrease in average bank borrowings during the nine months period ended 28 February 2019 and (iii) the decrease in imputed interest on payable for equipment as such related payables have been fully settled in the financial year ended 31 May 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, overdrafts and finance leases. The Group recorded net current assets of approximately HK$55.7 million as at 28 February 2019 (28 February 2018: approximately HK$30.6 million).

於截至二零一九年二月二十八日止九 個月，本公司之澳門附屬公司須就估 計應課稅收入超過 600,000澳門元的部 分按12.0%稅率繳納澳門所得補充稅。

截至二零一九年二月二十八日止九 個月，本集團的實際所得稅稅率約為 16.9%（截至二零一八年二月二十八日 止九個月：約20.6%）。

期內溢利

由於上文所述，截至二零一九年二月 二十八日止九個月，本集團的溢利約 為 18.3 百萬港元，較二零一八年同期 增加約 5.2 百萬港元或約 39.1%。截至 二零一九年二月二十八日止九個月的 溢利增長主要是由於 (i) 收益增加及毛 利率穩定致使毛利增加；(ii) 銀行借貸 利息減少，並與截至二零一九年二月 二十八日止九個月平均銀行借款減少 方向一致；及 (iii) 截至二零一八年五月 三十一日止財政年度因有關應付款項 已悉數結清，設備應付款項產生之估 算利息減少。

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、透支及融資租賃為 其經營提供資金。本集團於二零一九 年二月二十八日錄得流動資產淨額約 為 55.7 百萬港元（二零一八年二月二十 八日：約30.6百萬港元）。

20

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

As at 28 February 2019, the Group’s current ratio was approximately 3.3 (28 February 2018: approximately 1.9) 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 6.7% (28 February 2018: approximately 11.7%). The decrease of the Group’s gearing ratio in the nine months ended 28 February 2019 was mainly due to decrease in bank borrowings.

As at 28 February 2019, the maximum limit of the banking facilities available to the Group amounted to HK$9.1 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$8.3 million was granted by a bank upon and subject to the conditions that (i) Mr. Yeung Ho Ting Dennis (“ 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$0.8 million was granted by another bank upon and subject to the condition that Mr. Yeung, Mr. Chang Yu-shu and UCP Co., Ltd 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 5.6% to 5.9% per annum (28 February 2018: 4.0% to 6.0% per annum).

As at 28 February 2019, the capital structure of the Group consisted of equity attributable to owners of the Company of approximately HK$125.5 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.

於二零一九年二月二十八日，本集團 的流動比率約為 3.3（二零一八年二月 二十八日：約 1.9）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 6.7%（二零一八年二月 二十八日：約 11.7%）。本集團資產負 債比率於截至二零一九年二月二十八 日止九個月下跌主要是由於銀行借貸 減少所致。

於二零一九年二月二十八日，本集團 最大限額銀行融資為 9.1 百萬港元。 該等銀行融資乃由兩間銀行授予本公 司的一間全資附屬公司（作為借款人） 及本公司（作為擔保人）。在上述銀行 融資中，8.3 百萬港元已獲一間銀行按 及受限於下列條件下授出：(i) 楊浩延 先生（「 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 0.8 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、張育書先生及 UCP Co., Ltd.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5.6% 至 5.9% （二零一八年二月二十八日：年利率介 乎4.0%至6.0%）。

於二零一九年二月二十八日，本集團 資本架構包括本公司持有人應佔之權 益約 125.5 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 GEM 上市。 此後，本集團資本架構概無變動。

21

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

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 Macau Patacas (“ MOP ”) 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 nine months ended 28 February 2019.

TREASURY POLICIES

The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the nine months ended 28 February 2019. 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 nine months ended 28 February 2019, 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 」）及澳門幣（「 澳 門幣 」）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。於截至二零一九 年二月二十八日止九個月，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，截至二零一九年二 月二十八日止九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

於截至二零一九年二月二十八日止九 個月，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。

22

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

As at 28 February 2019, 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 nine months ended 28 February 2019.

PLEDGE OF ASSETS

As at 28 February 2019, the Group has pledged shortterm bank deposits in the amount of HK$3.0 million as security for the Group’s banking facilities (28 February 2018: approximately HK$3.0 million).

資本承擔及或有負債

於二零一九年二月二十八日，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

截至二零一九年二月二十八日止九個 月，董事會不建議派付股息。

資產抵押

於二零一九年二月二十八日，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（二 零一八年二月二十八日：約 3.0 百萬港 元）。

23

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

USE OF PROCEEDS AND COMPARISON OF BUSINESS OBJECTIVES WITH ACTUAL BUSINESS PROGRESS

所得款項用途及業務目標 與實際業務進程之比較

Net proceeds from the placing and public offer of the Company’s shares for the Listing were approximately HK$34.5 million (the “ Net Proceeds ”), after deducting the underwriting commissions and other listing expenses. The Company announced on 28 August 2018 for the change of proposed use of the Net Proceeds. For details, please refer to the announcement published on 28 August 2018. As at 28 February 2019, all the Net Proceeds have been utillised. Set out below are details of the original allocation of the Net Proceeds, the revised allocation of the Net Proceeds and the utilisation of the Net Proceeds as at 28 February 2019:

配售及公開發售本公司上市股份所得 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（「 所得款項 淨額 」）。本公司於二零一八年八月二 十八日宣佈更改所得款項淨額之擬定 用途。有關詳情請參閱於二零一八年 八月二十八日刊發之公告。於二零一 九年二月二十八日，所有所得款項淨 額已動用。下文載列所得款項淨額之 原有分配、所得款項淨額之經修訂分 配及於二零一九年二月二十八日所得 款項淨額之動用情況：

							Revised		Amount	Amount		Unutilised
						allocation as at			utilised as at			amount at
			Original				28 August		28 February			28 February
Utilization of the Net Proceeds			allocation				2018		2019			2019
												於二零一九年
							於二零一八年		於二零一九年			二月二十八日
							八月二十八日		二月二十八日			之尚未使用
所得款項淨額用途			原有分配				之經修訂分配		動用之金額			淨額
			(HK$’ million)				(HK$’ million)		(HK$’ million)			(HK$’ million)
			approximately				approximately		approximately			approximately
			（百萬港元）				（百萬港元）		（百萬港元）			（百萬港元）
			約為				約為		約為			約為
Repayment of bank loans	償還銀行貸款		9.9				9.9		9.9			—
Acquisition of visual display	收購視像顯示設備
equipment			11.6				11.6		11.6			—
Settlement of payables	結算應付款項		10.6				10.6		10.6			—
Recruitment of a creative director	招聘創作總監		1.7				—		—			—
Recruitment of staff for the Group’s	招聘員工以拓展澳門的
business expansions in Macau		業務	—				1.7		1.7			—
Working capital (after deducting	營運資金（經扣除相關開
the relevant expenses)		支後）	0.7				0.7		0.7			—
Total	總計		34.5				34.5		34.5			—

24

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

EMPLOYEES AND REMUNERATION POLICIES

As at 28 February 2019, the Group engaged a total of 98 employees (28 February 2018: 77) including the Directors. For the nine months ended 28 February 2019, total staff costs amounted to approximately HK$15.9 million (nine months ended 28 February 2018: approximately HK$13.5 million). Remuneration (including employees’ benefits) is maintained at an attractive level and reviewed on a periodic basis. Employees’ salary and relevant benefits are determined on the basis of performance, qualification, experience, positions and the Group’s business performance.

EVENTS AFTER THE REPORTING PERIOD

As from 28 February 2019 to the date of this report, save as disclosed in this report, the Board is not aware of any occurrence of significant events requiring disclosure.

INTERESTS OF THE COMPLIANCE ADVISER

As at 28 February 2019, 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

於二零一九年二月二十八日，本集團 共聘用 98 名僱員（二零一八年二月二 十八日：77 名），其中包括董事。截至 二零一九年二月二十八日止九個月， 員工成本總額約為15.9 百萬港元（截至 二零一八年二月二十八日止九個月： 約 13.5 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。僱員薪酬及相關福利乃根據表 現、資質、經驗、職位以及本集團業 務績效確定。

報告期後事項

由二零一九年二月二十八日起至本報 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

於二零一九年二月二十八日，根據 GEM 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）。

25

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

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 nonexecutive 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 nine months ended 28 February 2019 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 nine months ended 28 February 2019, there has been no purchase, sale or redemption of the Company’s listed securities.

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN COMPETING BUSINESS

During the nine months ended 28 February 2019, 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.

審核委員會

本公司已遵照 GEM 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 度財務報告及賬目草擬本，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 至二零一九年二月二十八日止九個月 之未經審核簡明綜合業績及內部控制 制度的有效性。

購買、出售或贖回本公司 上市證券

董事確認，自上市日期至二零一九年 二月二十八日期間，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

於截至二零一九年二月二十八日止九 個月，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 GEM 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。

26

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

DIRECTORS’ SECURITIES TRANSACTIONS

董事證券交易

The Company has adopted a code of conduct regarding Directors’ securities transactions on terms no less 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 nine months ended 28 February 2019.

本公司已採納有關董事進行證券交易 的行為守則，其條款不遜於 GEM 上市 規則第 5.48 條至第 5.67 條所載的規定 交易標準。本公司對所有董事作出具 體查詢後，確認所有董事均於截至二 零一九年二月二十八日止九個月遵守 規定的交易標準及有關董事進行證券 交易的行為守則。

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 28 February 2019, 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 (“ 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:

於二零一九年二月二十八日，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 GEM 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) Interests in the Company

(i) 於本公司之權益

	Capacity/	Capacity/			Number of	Number of		Percentage of
Name of Director	Nature of interest			Shares(Note 1)				shareholding
					股份數目
董事姓名	身份╱權益性質				（附註1）			股權百分比
Mr. Yeung Ho Ting Dennis	Interest in a controlled			600,000,000 (L)				75.0%
(“Mr. Yeung”)		corporation (Note 2)
楊浩廷先生（「楊先生」）	受控法團權益（附註2）			600,000,000 (L)				75.0%

27

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

Notes:

附註：

1. The letter “L” denotes the person’s long position in the Shares.

2. 字母「L」代表相關人士於股份中 的好倉。

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

4. 楊先生實益擁有 Next Vision 的 75% 權益。根據證券及期貨條 例，楊先生被視為於 Next Vision 持有的股份中擁有權益。

5. (ii) Interests in associated corporation of the Company

6. (ii) 於本公司相聯法團之權 益

										Number of
Name of	Name of									shares			Percentage of
Director	associated corporation				Capacity					(Note 1)			shareholding
										股份數目
董事姓名	相聯法團名稱				身份					（附註1）			股權百分比
Mr. Yeung	Next Vision (Note 2)				Beneficial owner					7,500 (L)			75%
楊先生	Next Vision（附註2）				實益擁有人					7,500 (L)			75%

Notes:

附註：

1. The letter “L” denotes the person’s long position in the Shares.

2. 字母「L」代表相關人士於股份中 的好倉。

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

4. 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 28 February 2019, 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 九年二月二十八日，概無董事 或本公司最高行政人員於本公 司或其相關法團（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 (i) 須記存 於根據證券及期貨條例第352 條 須存置的登記冊內的權益或淡 倉；或 (ii) 根據 GEM 上市規則第 5.46 條所述上市發行人董事進 行買賣之規定準則須另行知會 本公司及聯交所的權益或淡倉。

28

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

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

As at 28 February 2019, 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:

(i) Long positions in Shares

Capacity/ Name of shareholder Nature of interest

身份╱權益性質

股東名稱

Next Vision Beneficial owner (Note 2) Next Vision 實益擁有人（附註2）

Notes:

1. The letter “L” denotes the person’s long position in the Shares.

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

Save as disclosed above, as at 28 February 2019, 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, or which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO.

主要股東及其他人士於股 份及相關股份中的權益及 淡倉

於二零一九年二月二十八日，據董事 所知，下列人士（本公司董事或最高行 政人員除外）於股份或相關股份中擁 有或被視為擁有須記存於本公司根據 證券及期貨條例第 336 條須存置的登 記冊的權益或淡倉：

(i) 於股份之好倉

Number of Shares held/Interested Percentage of (Note 1) shareholding 持有╱擁有 權益股份數目 （附註1） 股權百分比

600,000,000 (L) 75.0% 600,000,000 (L) 75.0%

附註：

1. 字母「L」代表相關人士於股份中 的好倉。

2. 楊先生實益擁有 Next Vision 的 75% 權益。根據證券及期貨條 例，楊先生被視為於 Next Vision 持有的股份中擁有權益。

除上文披露者外，於二零一九 年二月二十八日，概無任何人 士知會董事彼於股份或相關股 份中擁有須記存於根據證券及 期貨條例第 336 條須存置的登記 冊內的權益或淡倉，或根據證 券及期貨條例第 XV 部第 2 及 3 分 部須予披露的權益或淡倉。

29

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

SHARE OPTION SCHEME

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 28 February 2019.

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 28 February 2019. 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.

購股權計劃

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 GEM 上市規則第 23 章 之條文。自採納該計劃以來概無授予 購股權及於二零一九年二月二十八日 概無未行使之購股權。

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二零一九年 二月二十八日期間，已遵守 GEM 上市 規則附錄十五所載企業管治守則（定 義如下）（「 企業管治守則 」）所載之守則 條文。企業管治守則第 A.2.1 條守則條 文規定主席與行政總裁的角色應有區 分，並不應由一人同時兼任。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 事會相信楊先生同時兼任兩個角色有 利於實現有效的管理及業務發展，符 合本集團的最佳利益。因此，董事認 為，在該情況下，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 及充分的制衡乃屬有效。

30

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019

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.

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.

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。我們秉持 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、 中期及年度報告向股東介紹最新業 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 GEM 上市規則的規定，本公 司定期發佈報告、公佈、通函及股東 大會通知。本公司的公司網站 (www. intechproductions.com) 會持續發佈最新 資訊，為公眾及股東提供了有效的溝 通平台。

展望

本集團將按照上市前制定的規劃，並 結合實際運營情況穩步推進業務發 展，以有效落實本公司的各項業務目 標並從中獲利。

董事會將積極探求潛在商機並探討將 本集團視像展示解決方案應用擴展至 其他非現場活動行業的可能性，以拓 闊本集團的收入來源及提升股東價 值。

31

In Technical Productions Holdings Limited 第三季度業績報告2018/2019

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 April 2019

未來，董事會相信，透過善用本集團 自身的優勢（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 將再創突破。

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

香港，二零一九年四月九日

32

In Technical Productions Holdings Limited Third Quarterly Report 2018/2019