國際娛樂定期财报：國際娛樂：年報2018/19

Contents目錄CorporateInformation公司資料2Chairman’sStatement主席報告書4ManagementDiscussionandAnalysis管理層討論及分析7BoardofDirectorsandSeniorManagement董事會及高級管理人員21ReportoftheDirectors董事會報告書25CorporateGovernanceReport企業管治報告36Environmental,SocialandGovernanceReport環境、社會及管治報告51IndependentAuditor’sReport獨立核數師報告書67ConsolidatedStatementofComprehensiveIncome綜合全面收益表73ConsolidatedStatementofFinancialPosition綜合財務狀況表75ConsolidatedStatementofChangesInEquity綜合權益變動表77ConsolidatedStatementofCashFlows綜合現金流量表79NotestotheConsolidatedFinancialStatements綜合財務報表附註82FinancialSummary財務摘要219ParticularsofPrincipalProperties主要物業詳情220TheEnglishtextofthisannualreportshallprevailovertheChinesetextincaseofinconsistenciesordiscrepancies.本年報之中英文本如有任何歧義或差異，概以英文文本為準。

Thisannualreportisprintedonenvironmentallyfriendlypaper.本年報以環保紙印製。

InternationalEntertainmentCorporation國際娛樂有限公司AnnualReport年報2018/1902CorporateInformation公司資料EXECUTIVEDIRECTORSDr.CHOIChiuFaiStanley(Chairman)Mr.CHANChunYiuThomas(ChiefExecutiveOfficer)INDEPENDENTNON-EXECUTIVEDIRECTORSMs.LUGloriaYiMr.SUNJiongMr.HAKeeChoyEugeneEXECUTIVECOMMITTEEDr.CHOIChiuFaiStanley(CommitteeChairman)Mr.CHANChunYiuThomasAUDITCOMMITTEEMr.HAKeeChoyEugene(CommitteeChairman)Ms.LUGloriaYiMr.SUNJiongNOMINATIONCOMMITTEEMs.LUGloriaYi(CommitteeChairman)Mr.HAKeeChoyEugeneMr.CHANChunYiuThomasREMUNERATIONCOMMITTEEMr.SUNJiong(CommitteeChairman)Ms.LUGloriaYiMr.HAKeeChoyEugeneCOMPANYSECRETARYMr.WONGChunKitAUTHORISEDREPRESENTATIVESDr.CHOIChiuFaiStanleyMr.WONGChunKitCOMPANYWEBSITE執行董事蔡朝暉博士（主席）陳浚曜先生（行政總裁）獨立非執行董事陸奕女士孫炯先生夏其才先生執行委員會蔡朝暉博士（委員會主席）陳浚曜先生審核委員會夏其才先生（委員會主席）陸奕女士孫炯先生提名委員會陸奕女士（委員會主席）夏其才先生陳浚曜先生薪酬委員會孫炯先生（委員會主席）陸奕女士夏其才先生公司秘書王震傑先生授權代表蔡朝暉博士王震傑先生公司網址03AnnualReport年報2018/19InternationalEntertainmentCorporation國際娛樂有限公司CorporateInformation公司資料REGISTEREDOFFICECricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslandsHEADOFFICEANDPRINCIPALPLACEOFBUSINESSINHONGKONGUnits2109–1021stFloorWingOnHouseNo.71DesVoeuxRoadCentralHongKongPRINCIPALSHAREREGISTRARANDTRANSFEROFFICESMPPartners(Cayman)LimitedRoyalBankHouse–3rdFloor24SheddenRoadP.O.Box1586GrandCayman,KY1-1110CaymanIslandsHONGKONGBRANCHSHAREREGISTRARANDTRANSFEROFFICEComputershareHongKongInvestorServicesLimitedShops1712–171617thFloor,HopewellCentre183Queen’sRoadEast,WanChaiHongKongPRINCIPALBANKERSBDOUnibank,Inc.ChongHingBankLimitedHangSengBankLimitedMaybankPhilippinesInc.AUDITORBDOLimitedCertifiedPublicAccountants25thFloor,WingOnCentre111ConnaughtRoadCentralHongKongSTOCKCODE01009註冊辦事處CricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslands香港總辦事處及主要營業地點香港德輔道中71號永安集團大廈21樓2109–10室股份過戶登記總處SMPPartners(Cayman)LimitedRoyalBankHouse–3rdFloor24SheddenRoadP.O.Box1586GrandCayman,KY1-1110CaymanIslands香港股份過戶登記分處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712–1716號舖主要往來銀行BDOUnibank,Inc.創興銀行有限公司恒生銀行有限公司MaybankPhilippinesInc.核數師香港立信德豪會計師事務所有限公司執業會計師香港干諾道中111號永安中心25樓股份代號01009InternationalEntertainmentCorporation國際娛樂有限公司AnnualReport年報2018/1904Chairman’sStatement主席報告書DearFellowShareholders,IampleasedtotakethisopportunitytopresenttheannualreportofInternationalEntertainmentCorporation(the“Company”)anditssubsidiaries(collectivelythe“Group”)forthefifteenmonthsended30June2019(the“Period”).TheprincipalactivitiesoftheGrouparehoteloperations,leasingofpropertiesequippedwithentertainmentequipment,footballcluboperations,andlivepokereventsoperations.In2019,theCompanychangeditsfinancialyearenddatefrom31Marchto30Juneandthereforetherewerefifteenmonthsforthisfinancialperiod.TheGroup’srevenueforthefifteenmonthsended30June2019wasapproximatelyHK$456.9million,representinganincreaseofapproximately54.1%,ascomparedwithapproximatelyHK$296.4millionintheyearended31March2018.BoththerevenuefromtheleasingofpropertiesandthehoteloperationsforthePeriodincreasedascomparedwiththeyearended31March2018.TheGrouprecordedalossofapproximatelyHK$93.3millionforthefifteenmonthsended30June2019ascomparedwithalossofapproximatelyHK$67.3millionfortheyearended31March2018,whichrepresentedanincreaseofapproximately38.6%.TheincreaseinlosswasmainlyattributabletothechangeinthefairvalueoffinancialassetsatfairvaluethroughprofitorlossofapproximatelyHK$51.8million,andtheoperationlossforthenewsegments—FootballClubandLiveEvents.Losspershareforthefifteenmonthsended30June2019amountedtoapproximately5.66HKcents,ascomparedwithlosspershareofapproximately5.15HKcentsfortheyearended31March2018.NetcashgeneratedfromoperatingactivitiesoftheGroupforthePeriodunderreviewwasapproximatelyHK$37.1million,representingadecreaseofapproximately58.6%,ascomparedwithapproximatelyHK$89.6millionfortheyearended31March2018.NetassetsattributabletotheownersoftheCompanyasat30June2019amountedtoapproximatelyHK$2,023.3million,representingadecreaseofapproximately2.8%,ascomparedwithapproximatelyHK$2,082.4millionasat31March2018.Asalways,theGroupiscommittedtomaintainingahighstandardofcorporategovernancepracticesandwillcontinuetoenhancetheriskmanagementandinternalcontrolsystemstocomplywiththestatutoryandregulatoryrequirementstomaximisethevaluesoftheshareholdersoftheCompany(the“Shareholders”).TheGroupwillcontinuetofocusonitsexistingbusinessoperationsandinvestmentsinthePhilippinesridingonbusinessenvironmenttostriveforexploringpotentialbusinessopportunities.TheCompanyisrenovatingitsinvestmentpropertiesaswellasfacilities,thereinsoastoretaintheexistingcustomersaswellastoexpandthecustomerbase.致各位股東：本人藉此機會欣然提呈國際娛樂有限公司（「本公司」）及其附屬公司（統稱「本集團」）截至二零一九年六月三十日止十五個月期間（「期內」）之年報。

本集團之主要業務為經營酒店、出租設有娛樂設備之物業、經營足球俱樂部及經營現場撲克活動。

於二零一九年，本公司將其財政年度結算日由三月三十一日改為六月三十日，故本財政期間涵蓋十五個月。

截至二零一九年六月三十日止十五個月期間，本集團之收入約為456,900,000港元，較截至二零一八年三月三十一日止年度約296,400,000港元增加約54.1%。

期內，來自出租物業及經營酒店之收入較截至二零一八年三月三十一日止年度有所增加。

截至二零一九年六月三十日止十五個月期間，本集團錄得虧損約93,300,000港元，而截至二零一八年三月三十一日止年度則錄得虧損約67,300,000港元，即增加約38.6%。

虧損增加主要由於按公平值計入損益之金融資產公平值變動約51,800,000港元及新分部—足球俱樂部及現場活動之經營虧損。

截至二零一九年六月三十日止十五個月期間之每股虧損約為5.66港仙，而截至二零一八年三月三十一日止年度之每股虧損則約為5.15港仙。

本集團於回顧期內經營活動產生之現金淨額約為37,100,000港元，較截至二零一八年三月三十一日止年度約89,600,000港元減少約58.6%。

於二零一九年六月三十日，本公司擁有人應佔資產淨值約為2,023,300,000港元，較二零一八年三月三十一日之約2,082,400,000港元減少約2.8%。

一如以往，本集團致力維持高水平之企業管治常規，並將繼續加強風險管理及內部監控制度，以符合法定及監管規定，務求為本公司股東（「股東」）帶來最大價值。

本集團將繼續專注於其現時位於菲律賓之業務營運及投資，在目前之營商環境下致力開拓潛在商機。

本公司正翻新其投資物業及內建設施，藉以留住現有客戶及擴大客戶群。

05AnnualReport年報2018/19InternationalEntertainmentCorporation國際娛樂有限公司Chairman’sStatement主席報告書TheGroupwillalsoactivelydiversifyitsbusinessportfolioandalreadycompletedtwoacquisitionsduringthePeriod.ConsideringthepokergamesarethrivinginAsia,theGroupsignedthecooperationagreementwiththeworld’slargestpokergroup,TheStarsGroup,inMay2018andtheeventinSouthKoreawascompletedinDecember2018andJune2019.TheGroupwillcontinuetooperatemorepokereventsincertainAsiancountriesinthecomingyear.Besides,theGrouphasacquiredWiganAthleticHoldingsLimited,whichoperatesWiganAthleticFootballClubbasedinWigan,GreaterManchester,England.TheGroupwillfirstlyinvestanddevelopthefootballperformanceoperationatacademyandfirstteamlevel,andwilllooktodevelopfurtherthefootballperformancemodelaroundeliteperformanceandacademydevelopmenttosupportthe1stteamcluboperation.Onthefootballbusinessside,theGroupwillimplementabusinessplanaroundincreasingmatchdayandnon-matchdayrevenuesthroughdevelopmentofsponsorship,hospitality,retail,ticketingandfanengagementstrategiestoincreaseoverallturnover.TheGroupbelievesthatthedeploymentofexpandingtheaboveentertainmentandsportsrelatedbusinesseswillbroadenitssourceofincomeandcreatesynergiesamongtheGroup’sbusinesses.ThetourismindustryinthePhilippineshasexperiencedsteadygrowth,withhigherdisposableincomes,increasinglydiscerningmarketdemographicandotherpositivefactorshavedriventheboomingdevelopmentofPhilippines.On30April2019,theGrouphadenteredintothesaleandpurchaseagreementwiththevendorsfora100%equityinterestofaBritishVirginIslandscompany,whichholds40%equityinterestoftwocompaniesinPhilippines.TwocompaniesinPhilippinesmainlyholdpiecesoflandinPhilippines.TheacquisitionwillallowtheGrouptoinvestandgainexposureinlandandpropertiesinapremiumlocationinPhilippinesandstrengthentheGroup’spropertyinvestmentportfolio.Giventhepromisinglong-termeconomicandhospitabilityprospectsofManilaandthePhilippines,thereispotentialforattractivecapitalappreciationforthisinvestmentoverthelongterm.Inaddition,currentlypiecesoflandareleasedtotheGroup.Theboard(the“Board”)ofdirectors(the“Directors”)oftheCompanybelievesthattheGroupcanbolsterthecontinuityandsustainabilityofitsoperationinPhilippinesbymitigatingtheriskofearlyterminationornon-renewalofleasesandalleviatingitsrentalexpensesburden.本集團亦將積極將其業務組合多元化，並已於期內完成兩項收購。

考慮到撲克遊戲熱潮席捲亞洲，本集團於二零一八年五月與全球最大撲克集團TheStarsGroup签订合作協議，並於二零一八年十二月及二零一九年六月完成南韓之活動。

本集團將於來年繼續於若干亞洲國家經營更多撲克活動。

此外，本集團已收購WiganAthleticHoldingsLimited（其經營位於英格蘭大曼徹斯特郡威根之WiganAthleticFootballClub）。

本集團將首先投資及發展在足球學校及一線隊層面之足球賽事業務，並尋求在爭取佳績及培養新人補充一線球隊實力之策略下進一步發展足球賽事模式。

在足球業務方面，本集團將通過發展贊助、酒店、零售、售票及球迷參與活動之策略，實施增加比賽日及非比賽日收益之業務計劃，從而提升整體營業額。

本集團相信，部署擴大上述娛樂及體育相關業務將擴大其收入來源，為本集團業務締造協同效益。

菲律賓旅遊業穩健增長，可動用收入增加，日益追求生活品味之市場人口增長，以及其他正面因素推動菲律賓蓬勃發展。

於二零一九年四月三十日，本集團就一間持有兩間菲律賓公司40%股權之英屬處女群島公司之全部股權與賣方訂立買賣協議。

該兩間菲律賓公司主要持有多幅位於菲律賓之土地。

是項收購將可讓本集團投資及獲得位於菲律賓黃金地段之土地及物業，並加強本集團之物業投資組合。

鑒於馬尼拉及菲律賓之長遠經濟及酒店業前景亮麗，長遠而言，是項投資具備十分吸引之資本增值潛力。

此外，該等土地目前出租予本集團。

本公司董事（「董事」）會（「董事會」）相信，本集團可透過盡量降低租約遭提早終止或不獲續租之風險以及減輕租金開支負擔提高其於菲律賓營運之延續性及可持續性。

InternationalEntertainmentCorporation國際娛樂有限公司AnnualReport年報2018/1906Chairman’sStatement主席報告書於二零一九年六月二十八日，本公司間接全資附屬公司NewCoastHotel,Inc.與NWHManagementPhilippines,Incorporated及NewWorldHotelManagementLimited訂立終止協議，以終止酒店管理協議及銷售及市場推廣協議，自二零一九年十二月三十一日起生效。

董事認為，(i)本公司之酒店營運團隊已於期內學習及積累酒店管理及酒店市場推廣方面之相關知識及技能，使團隊積累足夠經驗以承擔該等協議項下之工作範圍（如必要）；(ii)酒店之業務營運已穩定；及(iii)終止該等協議可降低酒店之營運成本。

展望將來，我們致力發掘更多具龐大潛力之商機，藉以締造業務間之協同效益及支持本集團長遠增長。

最後，本人謹此由衷感激本集團之董事會仝人、管理層團隊及全體僱員於期內全力投入、努力不懈及創意求新。

本人亦藉此機會感謝本集團之股東、客戶及業務夥伴對我們長期支持。

主席蔡朝暉博士香港，二零一九年九月二十五日On28June2019,NewCoastHotel,Inc.,anindirectwholly-ownedsubsidiaryoftheCompany,enteredintoaterminationagreementwithNWHManagementPhilippines,IncorporatedandNewWorldHotelManagementLimitedtoterminatethehotelmanagementagreementandthesalesandmarketingagreementwitheffectfrom31December2019.TheDirectorsareoftheviewthat(i)thehoteloperationsteamoftheCompanyhadlearntandaccumulatedrelevantknowledgeandskillsinhotelmanagementandhotelmarketingduringtheperiodsuchthattheteamhasbuiltupsufficientexperiencetoundertakethescopeofworkundertheagreements,ifnecessary;(ii)thebusinessoperationsofthehotelhasstabilized;and(iii)theterminationoftheagreementscouldreducetheoperatingcostsofthehotel.Lookingforward,westrivetoexploremoreopportunitiesofhighpotentialtocreatesynergiesamongbusinessesandsupportthelong-termgrowthoftheGroup.Inconclusion,IwouldliketoexpressmysincerestgratitudetomyfellowDirectors,themanagementteamandtheemployeesoftheGroupfortheirrelentlesscommitment,effortsandcreativeideasduringthePeriod.IwouldalsoliketotakethisopportunitytothankourShareholders,customersandbusinesspartnersfortheircontinuedsupport.Dr.ChoiChiuFaiStanleyChairmanHongKong,25September201907AnnualReport年報2018/19InternationalEntertainmentCorporation國際娛樂有限公司ManagementDiscussionandAnalysis管理層討論及分析FINANCIALREVIEWIn2019,theCompanychangeditsfinancialyearenddatefrom31Marchto30Juneandthereforetherewerefifteenmonthsforthisfinancialperiod.TheGroup’srevenueforthefifteenmonthsended30June2019wasapproximatelyHK$456.9million,representinganincreaseofapproximately54.1%,ascomparedwithapproximatelyHK$296.4millionintheyearended31March2018.BoththerevenuefromtheleasingofpropertiesandthehoteloperationsforthePeriodincreasedascomparedwiththeyearended31March2018.TheGroupreportedagrossprofitofapproximatelyHK$220.6millionforthePeriodunderreview,representingadecreaseofapproximately2.0%,ascomparedwithapproximatelyHK$225.2millionintheyearended31March2018.Grossprofitmarginforthefifteenmonthsended30June2019wasapproximately48.3%,representingadecreaseofapproximately27.7%,ascomparedtogrossprofitmarginofapproximately76.0%fortheyearended31March2018.ThedecreaseingrossprofitmarginforthePeriodwasmainlyduetothelowerprofitmarginfortwonewbusinesssegments—footballclubandliveevents.OtherincomeoftheGroupforthefifteenmonthsended30June2019wasapproximatelyHK$27.4million,representinganincreaseofapproximately119.2%,ascomparedwithapproximatelyHK$12.5millionintheyearended31March2018.TheGrouprecordedalossofapproximatelyHK$51.8milliononchangeinfairvalueoffinancialassetsatfairvaluethroughprofitorlossforthefifteenmonthsended30June2019,whileaslightlossonchangeinfairvalueoffinancialassetsatfairvaluethroughprofitorlossofapproximatelyHK$0.001millionwasrecognisedfortheyearended31March2018.OtherlossesoftheGroupmainlyrepresentedthenetforeignexchangegainorloss.TheGrouprecordedanetforeignexchangelossofapproximatelyHK$9.5millionforthefifteenmonthsended30June2019,whileanetforeignexchangelossofapproximatelyHK$1.4millionwasrecordedintheyearended31March2018.Forthefifteenmonthsended30June2019,theotherlossesalsoincludedthewritten-offofproperty,plantandequipmentofapproximatelyHK$2.2millionandimpairmentlossofplayersofapproximatelyHK$4.0million.Inaddition,theotherlossesalsonetoffwiththegainondisposalofplayers,amortizationofcontingentliabilitiesandwaiveofotherpayableapproximatelyHK$8.8million,HK$3.2millionandHK$1.3millionrespectively.財務回顧於二零一九年，本公司將其財政年度結算日由三月三十一日改為六月三十日，故本財政期間涵蓋十五個月。

截至二零一九年六月三十日止十五個月期間，本集團之收入約為456,900,000港元，較截至二零一八年三月三十一日止年度約296,400,000港元增加約54.1%。

期內，來自出租物業及經營酒店之收入較截至二零一八年三月三十一日止年度有所增加。

本集團於回顧期內錄得毛利約220,600,000港元，較截至二零一八年三月三十一日止年度約225,200,000港元減少約2.0%。

截至二零一九年六月三十日止十五個月期間之毛利率約為48.3%，較截至二零一八年三月三十一日止年度之毛利率約76.0%減少約27.7%。

期內毛利率減少主要由於兩個新業務分部─足球俱樂部及現場活動的利潤率較低。

截至二零一九年六月三十日止十五個月期間，本集團之其他收入約為27,400,000港元，較截至二零一八年三月三十一日止年度約12,500,000港元增加約119.2%。

截至二零一九年六月三十日止十五個月期間，本集團錄得按公平值計入損益之金融資產公平值變動之虧損約51,800,000港元，而截至二零一八年三月三十一日止年度則確認按公平值計入損益之金融資產公平值變動之輕微虧損約1,000港元。

本集團之其他虧損主要指匯兌收益或虧損淨額。

截至二零一九年六月三十日止十五個月期間，本集團錄得匯兌虧損淨額約9,500,000港元，而截至二零一八年三月三十一日止年度則錄得匯兌虧損淨額約1,400,000港元。

截至二零一九年六月三十日止十五個月期間，其他虧損亦包括撇銷物業、廠房及設備約2,200,000港元及球員減值虧損約4,000,000港元。

此外，其他虧損亦與出售球員之收益、或然負債攤銷及豁免其他應付款項分別約8,800,000港元、3,200,000港元及1,300,000港元進行對銷。

InternationalEntertainmentCorporation國際娛樂有限公司AnnualReport年報2018/1908ManagementDiscussionandAnalysis管理層討論及分析財務回顧（續）截至二零一九年六月三十日止十五個月期間，本集團之銷售及市場推廣開支以及一般及行政開支由截至二零一八年三月三十一日止年度約153,600,000港元增加約84.9%至約284,000,000港元。

截至二零一九年六月三十日止十五個月期間之開支其中約40.6%及9.6%分別為員工成本及公共事業費用。

截至二零一九年六月三十日止十五個月期間之員工成本約為115,300,000港元，較截至二零一八年三月三十一日止年度約63,700,000港元增加約81.0%。

截至二零一九年六月三十日止十五個月期間之公共事業費用約為27,300,000港元，較截至二零一八年三月三十一日止年度約21,600,000港元增加約26.4%。

截至二零一九年六月三十日止十五個月期間，本集團之財務費用約為21,900,000港元，主要為本公司一家附屬公司於二零一六年十月三日就收購本公司另一家附屬公司之49%股權而發行之承兌票據之利息開支，較截至二零一八年三月三十一日止年度約16,700,000港元增加約31.1%。

財務費用亦包括於截至二零一九年六月三十日止十五個月期間內來自銀行借貸之銀行貸款利息。

截至二零一九年六月三十日止十五個月期間，本集團之所得稅支出由截至二零一八年三月三十一日止年度約3,300,000港元增加約160.6%至約8,600,000港元。

期內所得稅支出增加主要由於未變現匯兌收益或虧損、投資物業公平值變動及出售及攤銷無形資產相關遞延稅項影響有所變動。

截至二零一九年六月三十日止十五個月期間，本集團錄得虧損約93,300,000港元，而截至二零一八年三月三十一日止年度則錄得虧損約67,300,000港元，即增加約38.6%。

虧損增加主要由於按公平值計入損益之金融資產公平值變動約51,800,000港元及新分部—足球俱樂部及現場活動之經營虧損。

截至二零一九年六月三十日止十五個月期間之每股虧損約為5.66港仙，而截至二零一八年三月三十一日止年度之每股虧損則約為5.15港仙。

FINANCIALREVIEW(Continued)SellingandmarketingexpensesandgeneralandadministrativeexpensesoftheGroupincreasedbyapproximately84.9%toapproximatelyHK$284.0millionforthefifteenmonthsended30June2019fromapproximatelyHK$153.6millionintheyearended31March2018.Includedintheseexpensesforthefifteenmonthsended30June2019,approximately40.6%and9.6%werethestaffcostsandtheutilitiesexpensesrespectively.Thestaffcostsforthefifteenmonthsended30June2019wasapproximatelyHK$115.3million,representinganincreaseofapproximately81.0%,ascomparedwithapproximatelyHK$63.7millionintheyearended31March2018.Theutilitiesexpensesforthefifteenmonthsended30June2019wasapproximatelyHK$27.3million,representinganincreaseofapproximately26.4%,ascomparedwithapproximatelyHK$21.6millionintheyearended31March2018.FinancecostsoftheGroupforthefifteenmonthsended30June2019wasapproximatelyHK$21.9million,whichmainlyrepresentedtheinterestexpensesonpromissorynoteissuedbyasubsidiaryoftheCompanyinrelationtotheacquisitionof49%equityinterestinanothersubsidiaryoftheCompanyon3October2016,representinganincreaseofapproximately31.1%ascomparedwithapproximatelyHK$16.7millionintheyearended31March2018.Thefinancecostsalsoincludedthebankloaninterestfrombankborrowingsmadeduringthefifteenmonthsended30June2019.IncometaxexpensesoftheGroupincreasedbyapproximately160.6%toapproximatelyHK$8.6millionforthefifteenmonthsended30June2019fromapproximatelyHK$3.3millionintheyearended31March2018.TheincreaseinincometaxchargeforthePeriodwasmainlyduetothechangesofdeferredtaximpactsrelatingtounrealizedexchangegainorloss,fairvaluemovementoninvestmentproperties,anddisposalandamortizationoftheintangibleassets.TheGrouprecordedalossofapproximatelyHK$93.3millionforthefifteenmonthsended30June2019ascomparedwithalossofapproximatelyHK$67.3millionfortheyearended31March2018,whichrepresentedanincreaseofapproximately38.6%.TheincreaseinlosswasmainlyattributabletothechangeinthefairvalueoffinancialassetsatfairvaluethroughprofitorlossofapproximatelyHK$51.8million,andtheoperationlossforthenewsegments—FootballClubandLiveEvents.Losspershareforthefifteenmonthsended30June2019amountedtoapproximately5.66HKcents,ascomparedwithlosspershareofapproximately5.15HKcentsfortheyearended31March2018.09AnnualReport年報2018/19InternationalEntertainmentCorporation國際娛樂有限公司ManagementDiscussionandAnalysis管理層討論及分析業務回顧本集團之主要業務為經營酒店、出租設有娛樂設備之物業、經營足球俱樂部及經營現場撲克活動。

1.出租物業來自出租物業之收入乃出租本集團之物業予PhilippineAmusementandGamingCorporation（「PAGCOR」）之租金收入。

每月租金收入乃按PAGCOR（本集團物業承租人）所經營之當地博彩場地所得博彩收入淨額協定百分比或固定租金金額（以較高者為準）計算。

截至二零一九年六月三十日止十五個月期間，來自出租物業之收入約為229,500,000港元，較截至二零一八年三月三十一日止年度約188,000,000港元增加約22.1%。

按披索計之收入增加超過由披索兌港元之匯率貶值所抵銷者。

於回顧期內，上述收入佔本集團總收入約50.2%，而截至二零一八年三月三十一日止年度，上述收入佔本集團總收入約63.4%。

2.經營酒店來自經營酒店之收入主要包括房間收入、餐飲收入及其他酒店服務收入。

本集團之酒店位於馬尼拉市內，此處為旅遊景點，教堂及歷史遺址林立，並有多處可供旅客消遣之晚間景點，是菲律賓其中一個主要旅遊勝地。

截至二零一九年六月三十日止十五個月期間，來自經營酒店之收入約為141,300,000港元，較截至二零一八年三月三十一日止年度約108,300,000港元增加約30.5%。

有關增加主要由於房間收入及餐飲收入增加之合併影響。

於回顧期內，來自經營酒店之收入其中約63.8%為房間收入，而房間收入於截至二零一八年三月三十一日止年度則佔約63.3%。

截至二零一九年六月三十日止十五個月期間之房間收入約為90,100,000港元，較截至二零一八年三月三十一日止年度約68,500,000港元增加約31.5%。

有關增加主要由於房租費及入住率均有所增加。

BUSINESSREVIEWTheprincipalactivitiesoftheGrouparehoteloperations,leasingofpropertiesequippedwithentertainmentequipment,footballcluboperations,andlivepokereventsoperations.1.LeasingofpropertiesTherevenuederivedfromtheleasingofpropertiesrepresentstherentalincomefromthepremisesoftheGroupleasedtoPhilippineAmusementandGamingCorporation(“PAGCOR”).ThemonthlyrentalincomeisbasedonanagreedpercentageofnetgamingrevenuegeneratedfromthelocalgamingareaoperatedbyPAGCORaslesseeoftheGroup’spremisesorafixedrentalamount,whicheverishigher.Therevenuederivedfromtheleasingofpropertiesforthefifteenmonthsended30June2019wasapproximatelyHK$229.5million,representinganincreaseofapproximately22.1%,ascomparedwithapproximatelyHK$188.0millionintheyearended31March2018.TherewasanincreaseinrevenueinPesoterm,morethanoffsetbythedepreciationinexchangerateofPesoagainstHK$.Itcontributedapproximately50.2%oftheGroup’stotalrevenueduringthePeriodunderreviewwhileitcontributedapproximately63.4%oftheGroup’stotalrevenueintheyearended31March2018.2.HoteloperationsTherevenuederivedfromthehoteloperationsmainlyincludesroomrevenue,revenuefromfoodandbeveragesandotherhotelserviceincome.ThehoteloftheGroupislocatedinManilaCitywhichisatouristspotwithchurchesandhistoricalsitesaswellasvariousnightspotscateredfortouristsandisoneofthemajortouristdestinationsinthePhilippines.Therevenuederivedfromthehoteloperationsforthefifteenmonthsended30June2019wasapproximatelyHK$141.3million,representinganincreaseofapproximately30.5%,ascomparedwithapproximatelyHK$108.3millionintheyearended31March2018.Theincreasewasmainlyduetothecombinedoffsetofincreaseinroomandfoodandbeveragesrevenue.DuringthePeriodunderreview,includedintherevenuederivedfromthehoteloperations,approximately63.8%oftherevenuewascontributedbyroomrevenuewhileitwasapproximately63.3%intheyearended31March2018.Theroomrevenueforthefifteenmonthsended30June2019wasapproximatelyHK$90.1million,representinganincreaseofapproximately31.5%,ascomparedwithapproximatelyHK$68.5millionintheyearended31March2018.Theincreasewasmainlyduetoincreaseinbothroomrateandoccupancy.InternationalEntertainmentCorporation國際娛樂有限公司AnnualReport年報2018/1910ManagementDiscussionandAnalysis管理層討論及分析業務回顧（續）3.經營足球俱樂部來自經營足球俱樂部之收入為轉播收入、商業收入及比賽日收入。

轉播收入為來自英格蘭足球聯賽（「英格蘭足球聯賽」）之轉播收入之集中分派及來自英格蘭超級足球聯賽之補償付款。

商業收入為贊助及其他商業收入（例如餐飲銷售、體育場租賃收入及酒店銷售）。

比賽日收入為源自英格蘭冠軍足球聯賽賽事及其他盃賽賽事之門票收入。

截至二零一九年六月三十日止十五個月期間，來自經營足球俱樂部之收入約為80,900,000港元。

於回顧期內，上述收入佔本集團總收入約17.7%。

4.經營現場撲克活動來自經營現場撲克活動之收入為贊助及入場費所得現場活動收入。

截至二零一九年六月三十日止十五個月期間，來自經營現場撲克活動之收入約為5,200,000港元。

於回顧期內，上述收入佔本集團總收入約1.1%。

展望本集團將繼續專注於其現時位於菲律賓之業務營運及投資，在目前之營商環境下致力開拓潛在商機。

本公司正翻新其投資物業及內建設……