Annual Report 2011/12 - International Entertainment Corporation

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Chairman’s StatementInternational Entertainment CorporationDr. Cheng Kar Shun ChairmanDear Fellow Shareholders,I am pleased to report on the financial performance of the International Entertainment Corporation (the “Company”) and itssubsidiaries (together, the “Group”) for the year ended 31 March 2012.Since the acquisition of the hotel and leasing businesses in the Philippines in October 2007, the Group continues togenerate profits for the past five financial years. Although the global economy remains uncertain, the Group’s revenue for theyear improved as compared to last year, thanks largely to an increase in room occupancy and average room rate and theimprovement of gaming revenue of the casino operated by Philippine Amusement and Gaming Corporation. The revenue ofthe Group for the year was approximately HK$432.5 million, representing an increase of approximately 5.6%, as comparedto last year’s profit of approximately HK$409.7 million.The hotel operations contributed approximately 32.7% of the Group’s revenue during the period under review, while theleasing of properties contributed approximately 67.3% of the Group’s revenue this year. Last year, the hotel operations andleasing of properties contributed approximately 32.8% and 67.2% respectively of the total revenue of the Group.As the hotel and leasing operations are located in the Philippines, the economic turbulence in the United States of Americaand Europe might not directly affect the Group’s operations. However, the inflation in the Philippines would result in theGroup implementing cost-saving measures, improving the hardware of the properties and boosting sales and marketing tomeet the challenge. During the year, the Group purchased new slot machines for the leasing of properties for casino andancillary leisure and entertainment operations and redecorated some hotel rooms.The financial position of the Group remained strong. The net assets attributable to the shareholders of the Company (the“Shareholders”) as at 31 March 2012 was approximately HK$1,790.4 million. The bank balances and cash of the Group asat 31 March 2012 was approximately HK$1,300.2 million.International Entertainment Corporation - Annual Report 2011/12 3
Chairman’s StatementIn addition to the deposits placed at banks, the Group has caught the investment opportunities in the market, which weremainly short to medium-term investments, aiming for better return to the Shareholders. During the year, the Group hadparticipated in the provision of credit facility in the principal amount of US$30 million (equivalent to approximately HK$234.0million), which carries interest at 35% per annum and is repayable within twelve months from the date of drawdown.Hyatt Hotel and Casino Manila, located in Metro Manila, the Philippines, comprises over 370 guest rooms, a casino andentertainment areas. The Group will continue to focus on its existing hotel operations in Metro Manila, the Philippines, andthe leasing of properties for casino and ancillary leisure and entertainment operations there, and will continue to do so aswell as exploring other business opportunities to strive for better return to the Shareholders. The management team willcontinue to review the Group’s financial structure and the composition of assets and liabilities periodically. We consider thatthe existing hotel operations and leasing of properties in the Philippines will continue to contribute significantly towards theGroup’s revenue and results.The management team believes that in the near or medium term, the Group should concentrate on its core business byadopting a prudent approach to containing overheads as well as seeking other investment opportunities for better return tothe Shareholders.I would like to thank the management team and the employees of the Group for their commitment, energy and hard work,and express my sincere gratitude to our customers, shareholders and suppliers for their support.Dr. Cheng Kar ShunChairmanHong Kong, 21 June 20124International Entertainment Corporation - Annual Report 2011/12
Page 1 and 2: Annual Report2011/12(Incorporated i
Page 3: Corporate InformationEXECUTIVE DIRE
Page 7 and 8: Management Discussion and AnalysisB
Page 9 and 10: Board of Directors and Senior Manag
Page 15 and 16: Report of the DirectorsRESERVESDeta
Page 17 and 18: Report of the DirectorsINTERESTS AN
Page 19 and 20: Report of the DirectorsARRANGEMENTS
Page 21 and 22: Report of the DirectorsPURCHASE, SA
Page 23 and 24: Corporate Governance ReportBOARD OF
Page 25 and 26: Corporate Governance ReportAUDIT CO
Page 27 and 28: Independent Auditor’s ReportTO TH
Page 29 and 30: Consolidated Income StatementFor th
Page 31 and 32: Consolidated Statement of Financial
Page 33 and 34: Consolidated Statement of Changes i
Page 35 and 36: Consolidated Statement of Cash Flow
Page 37 and 38: Notes to the Consolidated Financial
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Notes to the Consolidated Financial
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Particulars of Principal Properties
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Annual Report 2011/12 - International Entertainment Corporation

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