Brightstar Technology Group Co., Ltd — Interim / Quarterly Report 2021

Jan 12, 2021

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 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2020

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 2020 (the ‘‘Period’’). This announcement, containing the full text of the interim 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 interim results for the Period. Printed version of the Company’s interim 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 January 2021.

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

Hong Kong, 12 January 2021

As at the date of this announcement, the Board comprises two executive Directors, namely, Mr. Yeung Ho Ting Dennis and Mr. Tam Chun Yu; 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。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

01

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors

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

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

Windward 3, Regatta Office Park, 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

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 GEM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

Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands

02

In Technical Productions Holdings Limited Interim Report 2020/2021

HEADQUARTERS 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 REGISTER

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

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands

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

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands

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 二零二零年╱二零二一年中期報告

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

		2020	2019	Change
		二零二零年	二零一九年	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	3,378	33,472	(89.9)%
Gross (loss)/profit	毛（損）╱利	(12,474)	10,738	(216.2)%
Loss for the period	期內虧損	(18,687)	(5,684)	(228.8)%
Loss per share (HK Cents)	每股虧損（港仙）	(2.34)	(0.71)	(229.6)%

• The Group recorded an unaudited revenue of approximately HK$3.4 million for the six months ended 30 November 2020, representing a decrease of approximately 89.9% as compared with that for the corresponding period in 2019.

• 截至二零二零年十一月三十日止六個 月，本集團錄得未經審核收益約 3.4 百萬港元，較二零一九年同期減少約 89.9%。

• The Group’s unaudited loss was approximately HK$18.7 million for the six months ended 30 November 2020, representing an increase of losses of approximately HK$13 million or approximately 228.8% as compared with that for the corresponding period in 2019. The increase in loss for the six months ended 30 November 2020 was primarily attributable to (i) the cancellation, postponement or reschedule of shows and events resulting from the closure of venue and related epidemic prevention measures; and (ii) the decrease of gross profit which was mainly due to the depreciation of equipment and direct labour cost.

• 截至二零二零年十一月三十日止六個 月，本集團未經審核虧損約為 18.7 百 萬港元，較二零一九年同期增加虧損 約 13 百萬港元或約 228.8%。截至二零 二零年十一月三十日止六個月之虧損 增加主要是由於 (i) 場館關閉及相關防 疫措施導致演出及活動被取消、延期 或改期；及 (ii) 主要因設備折舊及直接 勞工成本導致的毛利減少。

• The Board does not recommend the payment of dividend for the six months ended 30 November 2020.

• 董事會不建議派付截至二零二零年 十一月三十日止六個月之股息。

04 In Technical Productions Holdings Limited Interim Report 2020/2021

UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2020

截至二零二零年十一月 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 Company and its subsidiaries (collectively as the “ Group ”) for the three months and six months ended 30 November 2020 together with the unaudited comparative figures for the corresponding periods in 2019, as follows:

本公司董事會（「 董事會 」）欣然宣佈截至二 零二零年十一月三十日止三個月及六個月 之本公司及其附屬公司（統稱「 本集團 」）未 經審核簡明綜合中期業績，連同二零一九 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 面收入表

			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
			2020 2019 2020	2019
			二零二零年 二零一九年 二零二零年 二零一九年
		Notes	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	收益	4	2,252 15,002 3,378	33,472
Cost of services	服務成本	5	(8,120) (10,949) (15,852)	(22,734)
Gross (loss)/profit	毛（損）╱利		(5,868) 4,053 (12,474)	10,738
Other income	其他收入		10 105 10	194
Other gains and losses, net	其他收益及虧損
	淨額		73 30 81	90
Administrative expenses	行政開支	5	(3,745) (7,544) (6,022)	(16,605)
Operating loss	經營虧損		(9,530) (3,356) (18,405)	(5,583)
Finance income	財務收入		— 132 1	199
Finance costs	財務成本		(168) (133) (283)	(283)
Finance (costs)/income, net	財務（成本）╱收入
	淨額	7	(168) (1) (282)	(84)
Loss before income tax	除所得稅前虧損		(9,698) (3,357) (18,687)	(5,667)
Income tax expense	所得稅開支		— 90 —	(17)
Loss for the period	期內虧損	10	(9,698) (3,267) (18,687)	(5,684)

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

05

			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
			2020 2019 2020	2019
			二零二零年 二零一九年 二零二零年 二零一九年
		Notes	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		(9,735) (3,271) (18,713)	(5,686)
— Non-controlling interests	—非控股權益		37 4 26	2
			(9,698) (3,267) (18,687)	(5,684)
Other comprehensive income:	其他全面收入：
Item that may be subsequently	其後可能重新分類
reclassified to profit or loss	至損益的項目
— Exchange difference on	—換算海外業務
translation of foreign	之匯兌差額
operations			— — —	—
Total comprehensive income/	期間全面收入╱
(loss) for the period	（虧損）總額		(9,698) (3,267) (18,687)	(5,684)
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人		(9,735) (3,271) (18,713)	(5,686)
— Non-controlling interests	—非控股權益		37 4 26	2
			(9,698) (3,267) (18,687)	(5,684)
Loss per share attributable	本公司擁有人應佔
to the owners of the	每股虧損
Company
Basic and diluted (HK cents)	基本及攤薄（港仙）		(1.22) (0.41) (2.34)	(0.71)

06 In Technical Productions Holdings Limited Interim Report 2020/2021

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 November 2020

未經審核簡明綜合財務狀況表

於二零二零年十一月三十日

		Notes	30 November 2020 31 May 2020 二零二零年 十一月三十日 二零二零年 五月三十一日 HK$ HK$
		附註	港元 港元 (Unaudited) (Audited) （未經審核） （經審核）
Assets	資產
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備	11	75,579,943 84,972,105
Deposits	按金	13	11,911,229 10,396,660
Right-of-use assets	使用權資產	12	6,698,396 3,453,938
			94,189,568 98,822,703
Current assets	流動資產
Trade receivables	貿易應收款項	13	8,897,340 12,650,561
Prepayments, deposits and other receivables	預付款項、按金及其他應收
	款項	13	15,724,483 11,047,124
Pledged short-term bank deposits	已抵押短期銀行存款		— 3,000,001
Cash and bank balances	現金及銀行結餘		2,595,861 4,547,631
			27,217,684 31,245,317
Total assets	資產總值		121,407,252 130,068,020
Equity	權益
Capital and reserves attributable to	本公司擁有人應佔股本及
the owners of the Company	儲備
Share capital	股本	16	8,000,000 8,000,000
Share premium	股份溢價	16	56,496,624 56,496,624
Other reserves	其他儲備		1,304,854 1,304,854
Retained earnings	保留盈利		21,079,731 39,793,150
Non-controlling interests	非控股權益		86,881,209 105,594,628 (267,628) (293,992)
Total equity	權益總額		86,613,581 105,300,636

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

07

		Notes	30 November 2020 31 May 2020 二零二零年 十一月三十日 二零二零年 五月三十一日 HK$ HK$
		附註	港元 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		5,367,504 5,367,504
Lease liabilities	租賃負債	12	4,036,630 1,332,232
			9,404,134 6,699,736
Current liabilities	流動負債
Other payables and accrued liabilities	其他應付款項及應計負債	14	11,569,606 10,033,337
Bank borrowings	銀行借款	15	8,878,443 3,592,488
Taxation payable	應付稅項		2,036,864 2,164,864
Lease liabilities	租賃負債	12	2,904,624 2,276,959
			25,389,537 18,067,648
Total liabilities	負債總額		34,793,671 24,767,384
Total equity and liabilities	權益及負債總額		121,407,252 130,068,020

08 In Technical Productions Holdings Limited Interim Report 2020/2021

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 November 2020

未經審核簡明綜合權益變動表

截至二零二零年十一月三十日止六個月

Attributable to owners of the Company 本公司擁有人應佔

																												Non-	Non-
				Share				Share				Capital			Exchange				Statutory			Retained						controlling				Total
				capital				premium				reserve				reserve			reserve			earnings			Total			interests				equity
				股本股份溢價資本儲備匯兌儲備															法定儲備保留盈利						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				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				千港元
Balance at 1 June 2019	於二零一九年六月一日
		的結餘		8,000				56,497				774				252			332			64,050			129,905			(242)				129,663
(Loss)/profit for the period	期內（虧損）╱溢利			—				—				—				—			—			(5,686)			(5,686)			2				(5,684)
Total comprehensive (loss)/income	全面（虧損）╱收入總額			—				—				—				—			—			(5,686)			(5,686)			2				(5,684)
Balance at 30 November 2019	於二零一九年十一月
		三十日的結餘		8,000				56,497				774				252			332			58,364			124,219			(240)				123,979
Balance at 1 June 2020	於二零二零年六月一日
		的結餘		8,000				56,497				774				199			332			39,793			105,595			(294)				105,301
(Loss)/profit for the period	期內（虧損）╱溢利			—				—				—				—			—			(18,713)			(18,713)			26				(18,687)
Total comprehensive (loss)/income	全面（虧損）╱收入總額			—				—				—				—			—			(18,713)			(18,713)			26				(18,687)
Balance at 30 November 2020	於二零二零年十一月
		三十日的結餘		8,000				56,497				774				199			332			21,080			86,882			(268)				86,614

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

09

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 November 2020

未經審核簡明綜合現金流量表

截至二零二零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
		2020	2019
		二零二零年	二零一九年
		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	經營活動所得現金淨額	(6,369)	15,452
Net cash (used in)/generated from investing	投資活動（所用）╱所得現金淨額
activities		(6,917)	(15,558)
Net cash generated from/(used-in) financing	融資活動所得╱（所用）現金淨額
activities		11,334	(3,213)
Net (decrease)/increase in cash and cash	現金及現金等價物（減少）╱增加
equivalents	淨額	(1,952)	(3,319)
Cash and cash equivalents at beginning of	期初現金及現金等價物
the period		4,548	28,839
Cash and cash equivalents at end of	期末現金及現金等價物
the period		2,596	25,520
Analysis of balances of cash and cash	現金及現金等價物結餘分析
equivalents
Cash at banks and on hand	銀行及手頭現金	2,596	25,520

10 In Technical Productions Holdings Limited Interim Report 2020/2021

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 November 2020

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 Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, 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.

2. BASIS OF PREPARATION

The unaudited condensed consolidated financial information of the Group for the six months ended 30 November 2020 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 2020 included in the annual report of the Company dated 27 August 2020, 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.

未經審核簡明綜合財務 報表附註

截至二零二零年十一月三十日止六個月

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Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, 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。

2. 編製基準

本集團截至二零二零年十一月三十日 止六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 」）所頒佈適用於中期期間 的香港財務報告準則（「 香港財務報告 準則 」）的會計政策及 GEM 上市規則的 適用披露條文編製。然而，未經審核 簡明綜合財務資料並無載有足夠資料 以構成香港財務報告準則界定的中期 財務報告。未經審核簡明綜合財務資 料須與本公司日期為二零二零年八月 二十七日之年報所載本集團截至二零 二零年五月三十一日止年度之綜合財 務報表一併閱讀，該綜合財務報表乃 根據香港會計師公會頒佈的香港財務 報告準則而編製。

未經審核簡明綜合財務報表根據歷史 成本基準編製。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

11

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 2020.

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 2020:

3.1 Adoption of new or revised HKFRSs and HKASs

New standards, amendments and interpretations to existing standards are adopted by the Group. The HKICPA has issued the following new and amended standards and interpretations that become first effective for the current accounting period and relevant to the Group:

Amendment to HKFRS 16 COVID-19-related Rent Concessions

The impact of adoption of Amendment to HKFRS 16 is disclosed in Note 3.2 below.

3.2 Changes in accounting policies upon adoption of new HKFRS

Amendments to HKFRS 16 — COVID-19-Related Rent Concessions

The amendments allow, as a practical expedient, a lessee elect not to assess whether a rent concession that meets the conditions below is a lease modification.

A lessee that makes this election shall account for any change in lease payments resulting from the rent concession the same way it would account for the change applying HKFRS 16 if the change were not a lease modification.

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 所採納之重大會計政策與下列編製本 集團截至二零二零年五月三十一日止 年度之綜合財務報表所用者一致。

本集團已採納並應用以下已頒佈並於 二零二零年六月一日開始之會計期間 生效的新準則、準則修訂本及詮釋：

• 3.1 採納新訂或經修訂香港財 務報告準則及香港會計準 則

本集團採納的新準則以及現有準 則的修訂及詮釋。香港會計師公 會已頒佈下列於本會計期間首次 生效且與本集團相關的新訂以及 經修訂準則及詮釋：

香港財務報告準則第 16 號（修訂 本）與COVID-19有關的租金優惠 採納香港財務報告準則第 16 號 （修訂本）的影響於下文附註 3.2 披露。

• 3.2 採納新香港財務報告準則 後的會計政策變動

香港財務報告準則第 16 號（修訂 本）[—] 與 COVID-19 有關的租金優 惠

此修訂本容許，作為可行權宜方 法，承租人選擇不評估符合以下 條件的租金優惠是否屬於租賃修 訂。

承租人作出此選擇後，應對租金 優惠產生的租賃付款的任何變動 入賬，方法與如該變動並非租賃 修改而對應用香港財務報告準則 第16號的變動的入賬方法相同。

12 In Technical Productions Holdings Limited Interim Report 2020/2021

The practical expedient applies only to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met: (i) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (ii) any reduction in lease payments affects only payments originally due on or before 30 June 2021 (for example, a rent concession would meet this condition if it results in reduced lease payments on or before 30 June 2021 and increased lease payments that extend beyond 30 June 2021); and (iii) there is no substantive change to other terms and conditions of the lease.

The Group has applied the practical expedient to all rent concessions that meet the conditions specified in the Amendments. During the period ended 30 November 2020, the Group recognised HK$36,576 as negative variable lease payments in the consolidated statement of profit or loss for the COVID-19-related rent concessions provided by lessors.

此可行權宜方法僅在滿足以下所 有條件的情況下，才能應用於由 於 COVID-19 疫情的直接影響而 產生的租金優惠：(i) 租賃付款的 變動導致租賃的代價修訂，與緊 接變動前的租賃代價大致相同或 低於該代價；(ii) 租賃付款的任何 減少僅影響原於二零二一年六 月三十日或之前到期的付款（例 如，倘租金優惠導致二零二一年 六月三十日或之前的租賃付款減 少及二零二一年六月三十日之後 的租賃付款增加則其滿足該條 件）；及 (iii) 租賃的其他條款及條 件並無實質性變動。

本集團已對所有符合修訂所列明 條件的租金優惠應用可行權宜 方法。於截至二零二零年十一月 三十日止期間，本集團於綜合損 益表中就出租人提供與 COVID-19 有關的租金優惠確認 36,576 港元 的負可變租賃付款。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

13

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，而設 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	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
		2020 2019 2020		2019
		二零二零年 二零一九年 二零二零年		二零一九年
		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	視像顯示解決方案
display solution services	服務收益	2,236 14,962 3,362		33,322
Equipment rental income	設備租賃收入	16 40 16		150
		2,252 15,002 3,378		33,472

(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。

During the six months ended 30 November 2020 and 2019, all of the Group’s revenue from the contracts with customers are recognised over time.

截至二零二零年及二零一九年 十一月三十日止六個月，本集團 所有來自客戶合約的收益均隨時 間確認。

14 In Technical Productions Holdings Limited Interim Report 2020/2021

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	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
		2020 2019 2020		2019
		二零二零年 二零一九年 二零二零年		二零一九年
		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	1,478 5,334 1,872		13,606
PRC	中國	647 4,337 1,359		12,082
Macau	澳門	127 4,981 147		7,434
Others	其他	— 350 —		350
		2,252 15,002 3,378		33,472

The Group’s total non-current assets were located in the following regions based on the countries/place of domicile of the companies comprising the Group:

本集團非流動資產總額根據本集 團旗下公司所在國家╱位置位於 下列地區：

		As at 30 November 2020 As at 31 May 2020 於二零二零年 十一月三十日 於二零二零年 五月三十一日 HK$ HK$ 港元 港元
Assets:	資產：
Hong Kong	香港	104,603,423 114,450,756
PRC	中國	12,547,662 9,226,734
Macau	澳門	4,256,167 6,390,530
		121,407,252 130,068,020
Non-current assets:	非流動資產：
Hong Kong	香港	83,097,616 89,879,021
PRC	中國	9,742,432 7,165,591
Macau	澳門	1,349,520 1,778,091
		94,189,568 98,822,703

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

15

5. EXPENSES BY NATURE

5. 按性質劃分的開支

		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三個月		截至十一月三十日止六個月
		2020	2019 2020			2019
		二零二零年 二零一九年 二零二零年			二零一九年
		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）
Auditors remuneration	核數師薪酬	220	312 440			625
Consultancy and technician	諮詢及技術費
fees		27	— 33			—
Cost of equipment and	設備及配件成本
spare parts		17	147 46			350
Depreciation of property,	物業、廠房及設備
plant and equipment	折舊	4,796	5,020 9,770			9,957
Depreciation of right-of-use	使用權資產折舊
assets		879	739 1,731			1,427
Rental expenses of	有關租賃物業及設備
short-term leases in	短期租賃的租金
respect of rental premises	開支
and equipment		714	774 1,270			1,518
Employee benefit expenses	僱員福利開支	3,485	4,914 6,902			10,037
Freight and logistics	運費及物流費
expenses		250	832 299			2,149
Legal and professional	法律及專業費用
expenses		128	425 474			782
Provision for impairment	貿易應收款項減值
of trade receivables	撥備（附註13(a)）
(Note 13(a))		838	— 1,981			—
Provision for impairment	貿易應收款項
of trade receivables	減值撥備撥回
written back (Note 13(a))	（附註13(a)）	(25)	— (1,619)			—
Sub-contracting charges	分包費	128	833 128			1,825
Travelling expenses	差旅費	152	866 174			1,047
Others	其他	256	1,043 245			2,455
Professional services fee in	有關籌備轉板上市的
respect of transfer listing	專業服務費
preparation		—	2,588 —			7,167
		11,865	18,493 21,874			39,339

16 In Technical Productions Holdings Limited Interim Report 2020/2021

6. EMPLOYEE BENEFIT EXPENSES

6. 僱員福利開支

	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三個月		截至十一月三十日止六個月
	2020	2019 2020			2019
	二零二零年 二零一九年 二零二零年			二零一九年
	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）
Wages, salaries and	工資、薪金及津貼
allowances, excluding	（不包括董事酬金）
directors’ emoluments	2,673	3,858 5,303			7,908
Directors’ emoluments	董事酬金 596	603 1,168			1,204
Pension costs —	退休金費用 — 向界定
contributions to defined	供款計劃供款
contribution plans	216	453 431			925
	3,485	4,914 6,902			10,037

7. FINANCE INCOME/(COSTS), NET

7. 財務收入╱（成本）淨額

		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
		2020 2019 2020		2019
		二零二零年 二零一九年 二零二零年		二零一九年
		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）
Bank interest income	銀行利息收入	— 132 1		199
Interest on bank borrowings	銀行借款利息	(73) (83) (138)		(177)
Imputed Interest on payables	使用權資產應付款項
for Right-of-use asset	之估算利息	(95) (50) (145)		(106)
Finance costs	財務成本	(168) (133) (283)		(283)
Finance costs, net	財務成本淨額	(168) (1) (282)		(84)

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

17

8. INCOME TAX EXPENSE

8. 所得稅開支

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 six months ended 30 November 2020 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 six months ended 30 November 2019.

根據稅務局（「 稅務局 」）自二零一八╱ 一九課稅年度起頒佈的兩級制利得稅 稅率，本集團截至二零二零年十一月 三十日止六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%。截至二零一九年十一月 三十日止六個月的估計應課稅溢利按 香港利得稅稅率16.5% 計提撥備。

All PRC subsidiaries of the Company are subject to the PRC Enterprise Income Tax at the rate of 25.0% for the six months ended 30 November 2020 and 2019.

截至二零二零年及二零一九年十一月 三十日止六個月，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。

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 six months ended 30 November 2020.

截至二零二零年十一月三十日止六個 月，本公司之澳門附屬公司估計應課 稅收入超過 600,000澳門元之部分須按 12.0%稅率繳納澳門所得補充稅。

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	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
		2020 2019 2020		2019
		二零二零年 二零一九年 二零二零年		二零一九年
		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	— 14 —		—
PRC corporate income tax	中國企業所得稅	— 76 —		(17)
Macau complementary tax	澳門所得補充稅	— — —		—
		— 90 —		(17)

9. DIVIDENDS

9. 股息

The directors of the Company do not recommend the payment of dividend for the six months ended 30 November 2020 (six months ended 30 November 2019: Nil).

本公司董事不建議派付截至二零二零 年十一月三十日止六個月的股息（截 至二零一九年十一月三十日止六個 月：零）。

18 In Technical Productions Holdings Limited Interim Report 2020/2021

10. LOSS PER SHARE

10. 每股虧損

For the six months ended 30 November 2020 and 2019, 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.

截至二零二零年及二零一九年十一月 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 發行股份之加權平均數計算。

	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
	2020 2019 2020		2019
	二零二零年 二零一九年 二零二零年		二零一九年
	(Unaudited) (Unaudited) (Unaudited)		(Unaudited)
	（未經審核）（未經審核）（未經審核）（未經審核）
Loss attributable to owners	本公司擁有人應佔
of the Company (HK$’000)	虧損（千港元） (9,735) (3,271) (18,713)		(5,686)
Weighted average number	已發行普通股之加權
of ordinary Shares in issue	平均數（千股）
(thousand Shares)	800,000 800,000 800,000		800,000
Loss per Share (HK cents)	每股虧損（港仙） (1.22) (0.41) (2.34)		(0.71)

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

每股攤薄虧損與每股基本盈利相同， 因為於報告期內並無存在潛在的攤薄 股份。

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 2020 (audited)	於二零二零年六月一日（經審核）			84,972
Additions	添置			750
Disposals	出售			(421)
Depreciation charge	折舊開支			(9,721)
At 30 November 2020 (unaudited)	於二零二零年十一月三十日（未經審核）			75,580

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

19

12. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

12. 使用權資產及租賃負債

(a) Amounts recognised in the condensed consolidated statement of financial position

The condensed consolidated balance sheet shows the following amounts relating to leases:

• (a) 於簡明綜合財務狀況表確 認的款項

簡明綜合資產負債表列示以下租 賃相關款項：

30 November 2020 二零二零年 十一月三十日 HK$’000 千港元 (Unaudited) （未經審核）

Right-of-use assets (note) 使用權資產（附註） Premises 物業 Office equipment 辦公設備
	6,687
	11
	6,698

Note: Upon adoption of HKFRS 16, on 1 June 2020, the Group recognised right-of-use assets of approximately HK$3,453,938 regarding lease on premises. During the six months ended 30 November 2020, the Group entered into a new lease on premises and recognised right-of-use assets of approximately HK$4,852,792. As at 30 November 2020, the carrying amounts of right-of-use assets was HK$6,698,396 in respect of the lease on premises.

附註：於採納香港財務報告準則第 16 號後，本集 團於二零二零年六月一日確認有關物業租 賃的使用權資產約 3,453,938 港元。於截至 二零二零年十一月三十日止六個月，本集 團就物業訂立一份新租賃，並確認使用權 資產約 4,852,792 港元。於二零二零年十一 月三十日，有關物業租賃之使用權資產賬 面值為 6,698,396港元。

	30 November 2020 二零二零年 十一月三十日 HK$’000 千港元 (Unaudited) （未經審核）
Lease liabilities	租賃負債
Non-current portion	非流動部分 4,037
Current portion	流動部分 2,904
	6,941

20

In Technical Productions Holdings Limited Interim Report 2020/2021

(b) Amounts recognised in the condensed consolidated statement of profit or loss and other comprehensive income

The condensed consolidated statement of profit and loss and other comprehensive income shows the following amounts relating to leases:

• (b) 於簡明綜合損益及其他全 面收入表確認之金額

簡明綜合損益及其他全面收入表 列示以下租賃相關款項：

		Six months ended 30 November 2020 截至 二零二零年 十一月三十日 止六個月 HK$’000 千港元 (Unaudited) （未經審核）
Depreciation of right-of-use assets	使用權資產折舊
Premises	物業	1,724
Office equipment	辦公設備	8
		1,732
Interest on leases liabilities	租賃負債之利息	46
Rental expenses of short-term leases in respect	有關租用物業及設備之短期租賃之
of rental premises and equipment	租金開支	1,270

(c) Amounts recognised in the condensed (c) 於簡明綜合現金流量表確 consolidated statement of cash flows 認之金額 During the six months ended 30 November 2020, the total 截至二零二零年十一月三十日止 cash outflows for leases were analysed as below: 六個月，租賃的總現金流出的分 析如下：

• (c) Amounts recognised in the condensed consolidated statement of cash flows

		2020 二零二零年 HK$’000 千港元 (Unaudited) （未經審核）
**Cash flows from operating activities (Note) **	經營活動所得現金流量（附註）
Payments for short-term leases in respect of	有關租用物業及設備之短期租賃
rental premises and equipment	之付款	1,270
Cash flows from financing activities	融資活動所得現金流量
Payments of Interest element of lease liabilities	租賃負債利息部分之付款	146
Payment of principal element of lease liabilities	租賃負債本金部分之付款	1,552
The total cash outflow of leases	租賃的總現金流出	2,968

Note: Payments for short-term leases were not shown separately, but included in the line of “profit before income tax” in respect of the net cash generated from operations using the indirect method.

附註：短期租賃付款並無單獨列示，惟以 間接方式列入經營所得現金淨額中 「除所得稅前溢利」一項。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

21

13. TRADE AND OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS

13. 貿易及其他應收款項、預付 款項及按金

		As at As at
		30 November 31 May
		2020 2020
		於二零二零年 於二零二零年
		十一月三十日 五月三十一日
		HK$ HK$
		港元 港元
Trade receivables	貿易應收款項	12,081,102 15,471,911
Less: Provision for impairment of trade receivables	減：貿易應收款項減值撥備	(3,183,762) (2,821,350)
Trade receivables, net	貿易應收款項淨額	8,897,340 12,650,561
Deposits for purchase of equipment	購買設備按金	11,651,954 10,159,809
Deposits for equipment rental	設備出租按金	8,631,337 8,631,337
Prepayments, deposits and other receivables	預付款項、按金及其他應收
	款項	7,302,421 2,652,638
		36,483,052 34,094,345
Less: non-current portion	減：非即期部分	(11,911,229) (10,396,660)
Current portion	即期部分	24,571,823 23,697,685

The maximum exposure to credit risk at the period end date is the carrying amount of each class of receivables and deposits mentioned above. The Group does not hold any collateral as security.

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。本 集團並無持有任何抵押品作抵押。

The carrying amounts of trade and other receivables approximate their fair value.

貿易及其他應收款項的賬面值與其公 平值相若。

(a) Trade receivables

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 2020 and 31 May 2020, an ageing analysis of the trade receivables based on invoice date is as follows:

(a) 貿易應收款項

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。於二零二零 年十一月三十日及二零二零年五 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
	2020	2020
	於二零二零年	於二零二零年
	十一月三十日	五月三十一日
	HK$	HK$
	港元	港元
0–30 days	0至30天 1,209,095	48,440
31–60 days	31至60天 477,105	21,565
61–90 days	61至90天 30,000	122,405
Over 90 days	超過90天 10,364,902	15,279,501
	12,081,102	15,471,911

22

In Technical Productions Holdings Limited Interim Report 2020/2021

As at 30 November 2020 and 31 May 2020, trade receivables of HK$10,364,902 and HK$15,279,501 were past due respectively. As at 30 November 2020 and 31 May 2020, trade receivables of HK$3,183,762 and HK$2,821,350 respectively are impaired and have been provided for.

於二零二零年十一月三十日及 二零二零年五月三十一日，分別 為 10,364,902 港元及 15,279,501 港元的貿易應收款項已逾期。於 二零二零年十一月三十日及二 零二零年五月三十一日，分別為 3,183,762 港元及 2,821,350 港元 的貿易應收款項已減值並計提撥 備。

Movement on the provision for impairment of trade receivables is as follows:

貿易應收款項減值撥備的變動如 下：

	As at	As at
	30 November	31 May
	2020	2020
	於二零二零年	於二零二零年
	十一月三十日	五月三十一日
	HK$	HK$
	港元	港元
At beginning of the period	期初 2,821,350	—
Provision for impairment written back	減值撥備撥回 (1,618,550)	—
Provision for impairment for the period	期內減值撥備（附註5）
(Note 5)	1,980,962	2,821,350
At end of the period	期末 3,183,762	2,821,350

(b) Other receivables, prepayments and deposits (b) 其他應收款項、預付款項 及按金 Other receivables, prepayments and deposits mainly represent 其他應收款項、預付款項及按金 rental and utility deposits and prepayments for professional 主要指租金及公用服務按金及專 service fees. 業服務費預付款項。

(b) Other receivables, prepayments and deposits

14. OTHER PAYABLES AND ACCRUED LIABILITIES

14. 其他應付款項及應計負債

	As at	As at
	30 November	31 May
	2020	2020
	於二零二零年	於二零二零年
	十一月三十日	五月三十一日
	HK$	HK$
	港元	港元
Payables for equipment	設備應付款項 4,628,524	4,628,524
Other accruals and payables	其他應計費用及應付款項 6,941,082	5,404,813
	11,569,606	10,033,337

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

23

As at 30 November 2020 and 31 May 2020, the Group’s ageing analysis of the payables for equipment based on invoice date is as follows:

於二零二零年十一月三十日及二零二 零年五月三十一日，本集團基於發票 日期的設備應付款項賬齡分析如下：

			As at 30 November 2020 As at 31 May 2020 於二零二零年 十一月三十日 於二零二零年 五月三十一日 HK$’000 HK$’000 千港元 千港元
Over	90	days	超過90天 4,629 4,629
			4,629 4,629

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

所有短期應付款項及應計負債的賬面 值由於其期限短而與其公平值相若。

15. BANK BORROWINGS

15. 銀行借款

As at 30 November 2020 and 31 May 2020, bank borrowings are repayable as follows:

於二零二零年十一月三十日及二零二 零年五月三十一日，須償還的銀行借 款如下：

	As at	As at
	30 November	31 May
	2020	2020
	於二零二零年	於二零二零年
	十一月三十日	五月三十一日
	HK$	HK$
	港元	港元
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，分類為
as current liabilities	流動負債的結餘 1,496,016	2,457,914
Balances repayable after one year, with	須於一年後償還款項，包含按
clause of repayable on demand classified	要求償還條款，分類為流動
as current liabilities	負債的結餘 7,382,427	1,134,574
	8,878,443	3,592,488

The above bank loans bear interest ranging from 2.8% to 3.8% per annum for the six months ended 30 November 2020, 5.6% to 5.9% per annum for the six months ended 30 November 2019.

截至二零二零年十一月三十日止六 個月，以上銀行貸款之年利息介乎 2.8% 至 3.8%，截至二零一九年十一月 三十日止六個月之年利息介乎 5.6% 至 5.9%。

24 In Technical Productions Holdings Limited Interim Report 2020/2021

As at 30 November 2020 and 31 May 2020, the fair value of current bank borrowings equals their carrying amount as the impact of discounting is not significant.

於二零二零年十一月三十日及二零二 零年五月三十一日，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 2020 and 31 May 2020, the Group’s bank borrowings based on the scheduled repayment dates as set out in the loan agreements and ignoring the effect of any repayment on demand clause are repayable as follows:

於二零二零年十一月三十日及二零二 零年五月三十一日，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
	2020	2020
	於二零二零年	於二零二零年
	十一月三十日	五月三十一日
	HK$	HK$
	港元	港元
Within 1 year	1年內 1,496,016	2,457,914
Between 1 and 2 years	1至2年 2,891,209	1,134,574
Between 2 and 5 years	2至5年 4,491,218	—
	8,878,443	3,592,488

The bank borrowings are denominated in HK$.

銀行借款以港元計值。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

25

16. SHARE CAPITAL

16. 股本

				Number of	Number of			Nominal value
				ordinary				of ordinary
				shares				shares
				普通股數目				普通股面值
								HK$’000
								千港元
Authorised:	法定：
Ordinary shares of HK$0.01 each as at		於二零二零年五月三十一日、
31 May 2020, 1 June 2020 and		二零二零年六月一日及
30 November 2020		二零二零年十一月三十日
		每股面值0.01港元的普通股		3,000,000,000				30,000

				Number of	Number of			Nominal value	Nominal value
				ordinary				of ordinary				Share
				shares				shares				premium
				普通股數目				普通股面值				股份溢價
								HK$’000				HK$’000
								千港元				千港元
Issued and fully paid:	已發行及繳足：
Ordinary share of HK$0.01 each at		於二零二零年
31 May 2020, 1 June 2020 and		五月三十一日、
30 November 2020		二零二零年六月
		一日及二零二零年
		十一月三十日
		每股面值0.01港元的
		普通股		800,000,000				8,000				56,497

17. COMMITMENTS

17. 承擔

Capital commitments

Capital expenditure contracted for but not yet incurred as at 30 November 2020 and 31 May 2020 are as follows:

資本承擔

於二零二零年十一月三十日及二零二 零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
			2020	2020
			於二零二零年	於二零二零年
			十一月三十日	五月三十一日
			HK$’000	HK$’000
			千港元	千港元
Property,	plant	and equipment	物業、廠房及設備 —	2,110

26

In Technical Productions Holdings Limited Interim Report 2020/2021

18. MATERIAL RELATED PARTY TRANSACTIONS

18. 重大關聯方交易

(a) Balances with the immediate holding company

(a) 與直接控股公司的結餘

Balances with the i company		mediate holdin	g	g		(a)與	(a)與			接控股公				的	結餘
			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
			2020			2019				2020					2020
			於截至			於截至
			二零二零年			二零一九年
			十一月三十日			十一月三十日
			止六個月的			止六個月的
			最大尚未償還			最大尚未償還				於二零二零年				於二零二零年
			款項			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
Amount due from the	應收直接控股公司
immediate holding		款項
company			50			—				50					—

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) 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:

(b) 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	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
		2020 2019 2020		2019
		二零二零年 二零一九年 二零二零年		二零一九年
		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 benefit	薪金、花紅及實物
in kind	福利	1,023 1,036 2,022		2,135
Retirement benefit	退休福利計劃供款
scheme contribution		35 53 69		107
		1,058 1,089 2,091		2,242

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

27

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析

BUSINESS REVIEW

業務回顧

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

本集團主要從事提供視像顯示解決方案服 務。

During the six months ended 30 November 2020, the Group was engaged in 29 pop concert shows for Hong Kong and non-Hong Kong artist/bands (six months ended 30 November 2019: 172). The Group derived approximately 25.6% of its total revenue during the six months ended 30 November 2020 from pop concerts (six months ended 30 November 2019: approximately 71.3%), the majority of which took place in Hong Kong and Macau. The reminder of the Group’s revenue was attributable to other live events, including corporate events, exhibitions, sports and recreational events and other live performance, as well as equipment rental.

截至二零二零年十一月三十日止六個月， 本集團為香港及非香港藝人╱樂隊舉行 了 29 場流行音樂演唱會（截至二零一九年 十一月三十日止六個月：172 場）。截至二 零二零年十一月三十日止六個月，本集團 總收益的約 25.6% 來自流行音樂演唱會（截 至二零一九年十一月三十日止六個月：約 71.3%），大部分在香港及澳門進行。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。

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.

The following table sets out a breakdown of the Group’s revenue by source of income during the six months ended 30 November 2020 with the comparative figures for the six months ended 30 November 2019:

收益

本集團從 (i) 為與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。

下表載列於截至二零二零年十一月三十日 止六個月本集團按收入來源劃分的收益明 細及截至二零一九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 2020 30 November 2019
	截至二零二零年 截至二零一九年
	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
	佔收益總額		佔收益總額
	千港元 的百分比 千港元		的百分比
Visual display solutions	視像顯示解決方案 3,362 99.5 33,322		99.6
Equipment rental	設備租賃 16 0.5 150		0.4
Total	總計 3,378 100.0 33,472		100.0

During the six months ended 30 November 2020, the Group principally derived its revenue from the provision of visual display solutions. The Group’s revenue decreased by approximately 89.9% from approximately HK$33.4 millions for the six months ended 30 November 2019 to approximately HK$3.4 million for the six months ended 30 November 2020.

截至二零二零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。本集團收益由截至二零一九年十一 月三十日止六個月的約 33.4 百萬港元減少 約 89.9% 至截至二零二零年十一月三十日 止六個月的約3.4 百萬港元。

In Technical Productions Holdings Limited Interim Report 2020/2021

28

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 2020 with the comparative figures for the six months ended 30 November 2019. For the purpose of revenue breakdown presentation, other live events include corporate events, exhibitions, sports and recreation events, and other live performances.

視像顯示解決方案

下表載列截至二零二零年十一月三十日止 六個月本集團來自視像顯示解決方案之收 益明細及截至二零一九年十一月三十日 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、展覧、體 育及休閒活動以及其他現場表演。

		Six months ended 30 November 2020 Six months ended	Six months ended 30 November 2020 Six months ended	30 November 2019	30 November 2019
		截至二零二零年十一月三十日止六個月 截至二零一九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	29 860 25.6 30 172	23,853		71.6 139
Other live events	其他現場活動	677 2,502 74.4 4 399	9,469		28.4 24
Total revenue from visual display	視像顯示解決方案
solutions	總收益	706 3,362 100.0 5 571	33,322		100.0 58

The decrease in revenue from pop concerts was mainly attributable to (i) the decrease in the number of pop concert shows undertaken by the Group from 172 for the six months ended 30 November 2019 to 29 for six months ended 30 November 2020 and (ii) the decrease in average revenue per show for pop concerts from approximately HK$139,000 for the six months ended 30 November 2019 to approximately HK$30,000 for the six months ended 30 November 2020.

流行音樂演唱會收益減少主要由於 (i) 本集 團所承接的流行音樂演唱會數量由截至二 零一九年十一月三十日止六個月的172 場減 少至截至二零二零年十一月三十日止六個 月的 29 場及 (ii) 流行音樂演唱會的每場演出 平均收益由截至二零一九年十一月三十日 止六個月的約 139,000 港元減少至截至二零 二零年十一月三十日止六個月的約 30,000 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$24,000 for the six months ended 30 November 2019 to HK$4,000 for the six months ended 30 November 2020. Although the number of shows increased from 571 show days for the six months ended 30 November 2019 to 677 show days for the six months ended 30 November 2020, the increment was mainly due to long rental period for 4 location displays provided in a shopping mall.

來自其他現場活動的收益減少主要是由於 其他現場活動的每場演出平均收益由截至 二零一九年十一月三十日止六個月的約 24,000 港元減少至截至二零二零年十一月 三十日止六個月的 4,000 港元。雖然演出數 目由截至二零一九年十一月三十日止六個 月的 571 場演出增加至截至二零二零年十一 月三十日止六個月的 677 場演出，增加乃主 要由於於一家購物中心提供的 4 項現場演示 的租賃期較長。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

29

Revenue analysis by geographical location

The following table sets out a breakdown of the revenue of the Group from pop concert shows by geographical location during the six months ended 30 November 2020 with comparative figures for the six months ended 30 November 2019:

按地理位置劃分的收益分析

下表載列截至二零二零年十一月三十日止 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二零一九年十一 月三十日止六個月之比較數字：

		Six months ended 30 November 2020	Six months ended	Six months ended	30 November 2019	30 November 2019
		截至二零二零年十一月三十日止六個月	截至二零一九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	26 750 87.2 29	77	8,414		35.3 109
PRC	中國	— — — —	67	11,428		47.9 171
Macau	澳門	3 110 12.8 37	26	3,661		15.3 141
Others	其他	— — — —	2	350		1.5 175
Total revenue from visual display	流行音樂演唱會的
solutions for pop concerts	視像顯示解決
	方案總收益	29 860 100.0 30	172	23,853		100.0 139

30 In Technical Productions Holdings Limited Interim Report 2020/2021

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 2020 with comparative figures for the six months ended 30 November 2019:

下表載列截至二零二零年十一月三十日止 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二零一九年十一月 三十日止六個月之比較數字：

		Six months ended 30 November 2020	Six months ended	Six months ended	30 November 2019	30 November 2019
		截至二零二零年十一月三十日止六個月	截至二零一九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 佔其他	shows	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	664 1,122 44.8 2	328	5,043		53.3 15
PRC	中國	12 1,343 53.7 112	4	654		6.9 164
Macau	澳門	1 37 1.5 37	67	3,772		39.8 56
Total revenue from other live	來自其他現場活動
events	的總收益	677 2,502 100.0 4	399	9,469		100.0 24

Gross loss and gross loss margin

The gross loss of the Group for the six month ended 30 November 2020 amounted to approximately HK$12.5 million (gross profit for six months ended 30 November 2019: approximately HK$10.8 million), representing gross (loss)/profit margin of approximately (369)% (gross profit margin for six months ended 30 November 2019: approximately 32%). The decrease of the gross profit margin was mainly attributable to the significant decrease of revenue.

毛損及毛損率

截至二零二零年十一月三十日止六個月， 本集團的毛損約為 12.5 百萬港元（截至二零 一九年十一月三十日止六個月的毛利：約 10.8 百萬港元），毛（損）╱利率約為 (369)% （截至二零一九年十一月三十日止六個月的 毛利率：約 32%）。毛利率降低乃主要由於 收益大幅減少。

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.

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。

During the six months ended 30 November 2020 and 2019, all PRC subsidiaries of the Company were subject to the PRC Enterprise Income Tax at the rate of 25.0%.

於截至二零二零年及二零一九年十一月 三十日止六個月，本公司的所有中國附屬 公司須按25.0% 稅率繳納中國企業所得稅。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

31

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 2020. 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 six months ended 30 November 2020 is subject to a tax rate of 8.25%, while the remaining assessable profits are subject to a tax rate of 16.5%.

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 six months ended 30 November 2020.

The effective income tax rate of the Group was approximately 0% for the six months ended 30 November 2020 (six months ended 30 November 2019: approximately –0.3%).

Loss for the period

As a result of the foregoing, the Group’s loss was approximately HK$18.7 million for the six months ended 30 November 2020, as compared with a loss of approximately HK$5.7 million for the corresponding period in 2019. The loss was mainly due to the decrease of revenue for the six months ended 30 November 2020 as compared with that for the corresponding period in 2019.

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$1.8 million as at 30 November 2020 (31 May 2020: approximately HK$13.2 million).

As at 30 November 2020, the Group’s current ratio was approximately 1.1 (31 May 2020: approximately 1.7) 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 14.9% (31 May 2020: approximately 6.8%). The increase of the Group’s gearing ratio in the six months ended 30 November 2020 was mainly due to increase in bank borrowings.

於截至二零二零年十一月三十日止六個 月，本公司之香港附屬公司須就估計應課 稅溢利按 16.5% 稅率繳納香港利得稅。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 至二零二零年十一月三十日止六個月之首 批香港利得稅項下應課稅溢利 2 百萬港元須 按稅率 8.25% 計算，而剩餘應課稅溢利須按 稅率16.5%計算。

截至二零二零年十一月三十日止六個月， 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。

截至二零二零年十一月三十日止六個月， 本集團的實際所得稅稅率約為 0%（截 至二零一九年十一月三十日止六個月： 約–0.3%）。

期內虧損

由於以上因素，截至二零二零年十一月 三十日止六個月，本集團的虧損約為18.7百 萬港元，而二零一九年同期的虧損則約為 5.7 百萬港元。產生虧損乃主要由於截至二 零二零年十一月三十日止六個月的收益較 二零一九年同期有所減少。

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。本集團於二零二零年十一月三十 日錄得流動資產淨額約為 1.8 百萬港元（二 零二零年五月三十一日：約13.2百萬港元）。

於二零二零年十一月三十日，本集團的流 動比率約為1.1（二零二零年五月三十一日： 約 1.7）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 14.9% （二零二零年五月三十一日：約 6.8%）。本 集團資產負債比率於截至二零二零年十一 月三十日止六個月上升主要是由於銀行借 款有所增加。

32 In Technical Productions Holdings Limited Interim Report 2020/2021

As at 30 November 2020, the maximum limit of the banking facilities available to the Group amounted to HK$9.0 million. The banking facilities were by a bank to a wholly-owned subsidiary of the Company under SME Financing Guarantee Scheme, as borrower and subject to the conditions that: (i) Mr. Yeung Ho Ting Dennis provided personal guarantee on the full loan amount and (ii) HKMC Insurance Limited (“ HKMCI ”) provided 90% to 100% of the loan amount. The bank borrowings were denominated in Hong Kong dollar, repayable within one year or on demand and interest bearing at as floating rates from 2.8% to 3.8% per annum (30 November 2019: 5.6% to 5.9% per annum).

As at 30 November 2020, the capital structure of the Group consisted of equity attributable to owners of the Company of approximately HK$86.9 million, comprising issued share capital and reserves.

There has been no change in the capital structure of the Group since the Listing Date.

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$ ”), 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 six months ended 30 November 2020.

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 2020. 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.

於二零二零年十一月三十日，本集團可動 用的最大限額銀行融資為 9.0 百萬港元。 該等銀行融資乃由一間銀行根據中小企業 融資擔保計劃授予本公司的一間全資附屬 公司（作為借款人），並受限於下列條件： (i) 楊浩廷先生為全部貸款金額提供個人擔 保及 (ii) 香港按證保險有限公司（「 按證保險 公司 」）提供貸款金額的 90% 至 100%。銀行 借款以港元計值，須於一年內或按要求償 還，並按浮動年利率介乎 2.8% 至 3.8%（二 零一九年十一月三十日：年利率介乎 5.6% 至5.9%）計息。

於二零二零年十一月三十日，本集團資本 架構包括本公司擁有人應佔之權益約 86.9 百萬港元（包括已發行股本及儲備）。

自上市日期起，本集團資本架構概無變動。

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 」）、澳門元（「 澳門元 」）進行的購買 及若干以人民幣（「 人民幣 」）進行的出售。當 未來商業交易、確認資產及負債不是以集 團實體功能貨幣計值時，則會出現外匯風 險。然而，於截至二零二零年十一月三十日 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，因此截至二零二零年十一月三十日 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 債及其他承擔的流動性結構滿足其不時之 資金需求。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

33

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

During the six months ended 30 November 2020, the Group did not have any significant investments, material acquisitions nor disposals of subsidiaries and affiliated companies.

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

As at 30 November 2020, 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 2020.

PLEDGE OF ASSETS

As at 30 November 2020, the Group has not pledged any short-term bank deposits as security for the Group’s banking facilities (31 May 2020: approximately HK$3.0 million).

重大投資、重大收購及出售附屬 公司

截至二零二零年十一月三十日止六個月， 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。

資本承擔及或有負債

於二零二零年十一月三十日，本集團並無 任何重大資本承擔或任何重大或有負債。

股息

董事會不建議派付截至二零二零年十一月 三十日止六個月之股息。

資產抵押

於二零二零年十一月三十日，本集團並無 任何已抵押短期銀行存款，作為本集團銀 行融資之抵押（二零二零年五月三十一日： 約3.0百萬港元）。

34 In Technical Productions Holdings Limited Interim Report 2020/2021

PRINCIPAL RISKS AND UNCERTAINTIES

主要風險及不明朗因素

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 summarized 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 relationship 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 its 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於設備供應商的生產現場 密切監察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

EMPLOYEES AND REMUNERATION POLICIES

僱員及薪酬政策

As at 30 November 2020, the Group had a total of 93 employees (30 November 2019: 96) including the Directors. For the six months ended 30 November 2020, total staff costs amount to approximately HK$6.9 million (six months ended 30 November 2019: HK$10.1 million). Remuneration (including employee’s benefits) is maintained at a competitive level and reviewed on a periodic basis. Employee’s salary and relevant benefits are determined on the basis of performance, qualification, experience, positions and the Group’s business performance.

於二零二零年十一月三十日，本集團共聘 用 93 名僱員（二零一九年十一月三十日：96 名），其中包括董事。截至二零二零年十一 月三十日止六個月，員工成本總額約為 6.9 百萬港元（截至二零一九年十一月三十日止 六個月：10.1 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彼等的表現、 資質、經驗、職位以及本集團業務表現確 定。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

35

EVENTS AFTER THE REPORTING PERIOD

As from 30 November 2020 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 2020, neither any of its directors, nor any 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.

AUDIT COMMITTEE

The Company has established an audit committee on 19 May 2017 (“ 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 2020 and the effectiveness of internal control system.

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

The Directors confirm that during the six months ended 30 November 2020, there has been no purchase, sale or redemption of the Company’s listed securities.

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN COMPETING BUSINESS

During the six months ended 30 November 2020, 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.

報告期後事項

自二零二零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

於二零二零年十一月三十日，根據 GEM 上 市規則第 6A.32 條，任何其任何董事、僱員 或緊密聯繫人概無於本公司或本集團任何 其他公司證券擁有任何權益（包括認購該等 證券的期權或權利）。

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過程 及本集團內部控制程序。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 零二零年十一月三十日止六個月之未經審 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，截至二零二零年十一月三十日 止六個月，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

截至二零二零年十一月三十日止六個月， 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）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。

36 In Technical Productions Holdings Limited Interim Report 2020/2021

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 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 six months ended 30 November 2020.

本公司已採納一套董事證券交易行為守 則，其條款不遜於 GEM上市規則第 5.48條至 第5.67條所載之規定交易標準。本公司對所 有董事作出具體查詢後，確認所有董事於 截至二零二零年十一月三十日止六個月均 遵守所規定的交易標準及董事證券交易行 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 30 November 2020, 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:

於二零二零年十一月三十日，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， 擁有 (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

Interests in the Compan		(i) 於本			公司之權益
					Number of
	Capacity/				Shares			Percentage of
Name of Director	Nature of interest				(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 corporation (Note 2)			600,000,000 (L)				75.0%
(“Mr. Yeung”)
楊浩廷先生（「楊先生」）	受控法團權益（附註2）

Notes:

附註：

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

2. 字母「L」指該人士於股份之好倉。

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。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

37

(ii) Interests in associated corporation of the Company

(ii) 於本公司的相聯法團之權益

Interests in associated Company		corporation of the				(ii)於本				司的相聯法	司的相聯法			團之權益
										Number of
	Name of									shares				Percentage of
Name of Director	associated corporation				Capacity					(Note 1)				shareholding
董事姓名										股份數目
	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

Notes:

附註：

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

2. 字母「L」指該人士於股份之好倉。

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 30 November 2020, 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，於二零二零年十一月 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。

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 2020, 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:

於二零二零年十一月三十日，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 有記入根據證券及期貨條例第336 條本公司 須備存的登記冊的權益或淡倉：

(i) Long positions in Shares

(i) 於股份的好倉

						Number of
						Shares held/
	Capacity/					Interested			Percentage of
Name of shareholder	Nature of interest					(Note 1)			shareholding
						持有╱擁有
						權益股份數目
股東名稱	身份╱權益性質					（附註1）			股權百分比
Next Vision	Beneficial owner (Note 2)				600,000,000 (L)				75.0%
Next Vision	實益擁有人（附註2）

38 In Technical Productions Holdings Limited Interim Report 2020/2021

附註：

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 30 November 2020, 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.

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 30 November 2020.

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 six months ended 30 November 2020. 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.

1. 字母「L」指該人士於股份之好倉。

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。

除上文所披露者外，於二零二零年十一月 三十日，概無任何人士知會董事彼於股份 或相關股份中擁有記入根據證券及期貨條 例第 336 條須備存的登記冊內，或根據證券 及期貨條例第 XV 部第 2 及 3 分部的條文須予 披露的權益或淡倉。

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二零二零 年十一月三十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 的企業管治標準，不斷檢討及完善企業管 治常規及標準。除偏離企業管治守則（定義 如下）第 A.2.1 條守則條文外，本公司於截 至二零二零年十一月三十日止六個月已遵 守 GEM 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 一人擔任。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 月起於本集團擔任日常營運及管理方面的 角色，董事會相信楊先生擔任負責有效管 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 運乃屬有效，並設有充分的制衡機制。

In Technical Productions Holdings Limited 二零二零年╱二零二一年中期報告

39

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.

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, 12 January 2021

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。本公司秉持向股東及公 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 更新最新業務發展情況和財務業績，並通 過股東週年大會及股東特別大會與股東溝 通。按照 GEM上市規則的規定，本公司定期 發佈報告、公告、通函及股東大會通告。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。

董事會將積極探索潛在商機，並探討將本 集團視像顯示解決方案應用擴展至其他非 現場活動行業的可能性，此將拓闊本集團 的收入來源及提升股東價值。

未來，董事會相信，透過善用本集團自身的 優勢（尤其是其視像顯示設備種類眾多，且 勇於創新的專業管理層擁有深厚的知識）， 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

香港，二零二一年一月十二日

40 In Technical Productions Holdings Limited Interim Report 2020/2021