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Stock Quote & Chart | IMAX China Holding Inc 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. IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1970) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2020, FINAL DIVIDEND ANNOUNCEMENT AND INSIDE INFORMATION OUR CONTROLLING SHAREHOLDER IMAX CORPORATION RELEASED ITS FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 ANNUAL RESULTS ANNOUNCEMENT The Board of Directors of IMAX China Holding, Inc. (the “Company” or “IMAX China”) is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2020 as follows. FINAL DIVIDEND ANNOUNCEMENT The Board of Directors of the Company is pleased to announce its recommendation of a final dividend of US$0.02 per share (equivalent to approximately HK$0.155 per share) to the shareholders. Subject to the approval of the shareholders at the forthcoming Annual General Meeting and subject to further announcement(s) in respect to the book closure date, record date and payment date, the proposed 2020 final dividend is expected to be distributed to shareholders on or around 1 June 2021. There will be no scrip dividend option for the 2020 final dividend. 1 INSIDE INFORMATION This is an announcement made pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Our controlling shareholder, IMAX Corporation has, on 4 March 2021 (New York time), announced its fourth quarter and year ended 31 December 2020 financial results and on 4 March 2021 (New York time), released its annual report and results for the year ended 31 December 2020. 2 FINANCIAL HIGHLIGHTS 2020 2019 Change Total revenue (US$’000) 52,331 124,294 (57.9)% Gross profit (US$’000) 19,347 76,647 (74.8)% Gross profit % 37.0% 61.7% (2,470 bps) (Loss) profit for the year (US$’000) (26,739) 42,893 (162.3)% (Loss) profit for the year % (51.1)% 34.5% (8,560 bps) (Loss) profit per share (US$) (0.08) 0.12 (163.0)% Adjusted (loss) profit (US$’000) (4,612) 44,570 (110.3)% Adjusted (loss) profit % (8.8)% 35.9% (4,470 bps) Selling, general and administrative expenses (14,381) (16,465) (12.7)% Adjusted EBITDA (US$’000) 7,782 68,829 (88.7)% Adjusted EBITDA % 14.9% 55.4% (4,050 bps) Total theater system signings 38 64 (26) Sales and sales-type lease arrangements 20 20 — Revenue sharing arrangements 1 43 (42) IMAX with Laser upgrades 17 1 16 Total theater system installations 42 95 (53) Sales and sales-type lease arrangements 15 27 (12) Revenue sharing arrangements 24 56 (32) IMAX with Laser upgrades 3 12 (9) Gross box office (US$’000) 99,249 365,807 (72.9)% Box office per screen (US$’000) 145 573 (74.7)% 3 LETTER TO SHAREHOLDERS Dear Shareholders, China has emerged as a beacon of hope for the global theatrical industry proving audiences are eager to return to the cinema where the pandemic has been successfully brought under control. With the recent record breaking Chinese New Year, the impressive rebound in Chinese box office continues to exceed even our most optimistic expectations and demonstrates the strong pent-up demand for moviegoing. Despite capacity limitations that were only raised to 75% in late September and the lack of major Hollywood tentpole releases, China generated over RMB20 billion box office in 2020 and for the first time, surpassed North America as the world’s largest market by box office. In the early months of 2021, China box office has already surpassed RMB15 billion - not only continuing to recover, but breaking records. Most notably, the Chinese New Year holiday box office of RMB7.8 billion increased 32% compared to its last holiday period in 2019 with the highest three-day opening weekend of all time, Detective Chinatown 3, shot entirely with IMAX Cameras. Not only are consumers returning to cinemas with enthusiasm in a safe environment, but they are also turning to IMAX in large numbers. Our positioning as the premium and preferred choice to view both local and Hollywood tentpole movies has only strengthened post-pandemic. As China’s largest premium blockbuster entertainment platform, IMAX China has led the industry recovery in many ways. We achieved: • Approximately US$92 million in box office for the second-half of 2020, representing a 3.6% market share, up from 2.8% in the same prior year period, with average daily admission and box office recovering to approximately 80% of what it was in the back half of 2019, ahead of both the industry and other branded offerings; • Average box office market share of 2.7% on local titles, up 70 basis points vs. 2019, highlighted by our growth in indexing with local language blockbusters to levels approaching that of Hollywood tentpoles, including The Eight Hundred, Legend of Deification and Shockwave 2; • Record breaking Chinese New Year opening weekend box office up approximately 45% from 2019; • Further network expansion to 745 screens across over 200 cities, representing 1.2% penetration, up 20 basis points year-over-year; and, • Continued momentum in theatre signings with 38 for the year, highlighted by a 20-theatre agreement with Wanda and 12-theatre deal with Jinyi. We continue to see the benefit of our strategic focus on blockbusters, as well as our effort to increase our offering of local Chinese filmmaking. 4 The top-five grossing titles in 2020, all of which were available in IMAX, accounted for close to half of the industry box office in mainland China, up from 31% in 2019. This includes The Eight Hundred, the first local language title shot entirely with IMAX cameras, which earned more than RMB3.1 billion at the box office, with IMAX accounting for approximately 6% of its opening weekend box office. Despite the lack of major Hollywood films which historically accounted for 70% of IMAX China’s box office, we managed to grow our market share and set all-time records in key screening windows. Our National Holiday box office increased 23% year-over-year and our record-high New Year Day holiday box office more than tripled over the prior year, driven by Shockwave 2, a local title in which IMAX generated approximately 12% of its box office — an indexing level comparable to Hollywood content. It is clear that gravitation of local content towards high production value genres presents us with a proven opportunity to gain market share. Our local language share increased to 2.7% in 2020 but remains substantially below the 7% we capture on Hollywood films. Increasing IMAX’s indexing on local-language films remains an opportunity we can address by working with filmmakers to inject IMAX DNA in these films. For example, Detective Chinatown 3, shot entirely with IMAX cameras, set the stage for an unprecedented new year, shattering presale, opening day and opening weekend records overall and in IMAX. For decades, IMAX has played an instrumental role in the development of Hollywood blockbuster franchises. We see the same opportunity in China as local filmmakers are starting to build their brands in the same way as their western counterparts. In 2021, we look forward to the return of Hollywood blockbusters with several highly anticipated releases, many of which are “filmed-in-IMAX”. The slate at this time includes Black Widow, the Eternals, and Shang-Chi from Marvel; and, the latest installments to blockbuster franchises Bond: No Time to Die, Fast & Furious 9, and Mission Impossible. The fact that studios remain committed to releasing their key blockbuster franchises in theatres underscores the irreplaceable cultural and commercial value of the theatrical window, especially in China. Our network footprint is heavily concentrated in top-performing multiplexes and our top exhibition partners have been growing their market share since theatres reopened. Despite a challenging environment in 2020, we closed a total of 38 theatre signings with leading exhibitors, involving both Laser upgrades of their top-performing IMAX theatres and the addition of new IMAX locations across the country. This illustrates the value of the IMAX brand and our highly productive screens to our exhibition partners. With 745 theatres in operation and 251 systems in the backlog as of 31 December 2020, IMAX China is on track to reach a 1,000 plus-theatre network covering over 200 cities in China. In short, our competitive position built upon our brand, technology and network scale has further strengthened post-pandemic. As theatrical entertainment becomes more and more blockbuster- driven and the content pipeline increasingly caters towards IMAX DNA, we feel well-positioned to capitalize on China’s premiumization trend and deliver continued market share gain. 5 Benefitting from our asset-light business model and disciplined cost management, we have navigated through the pandemic with demonstrable financial resilience and delivered profitability turnaround upon theatre reopening. Our strong balance sheet with approximately US$88 million in cash built upon a highly cash-flow generative model gives us the confidence and flexibility to manage our business for long-term growth while continuing to deliver value to our shareholders. Based on the above and despite the impact of the pandemic on 2020 earnings, on behalf of the Board, IMAX China announces a proposed final dividend of US$0.02 per share, consistent with prior years in absolute terms.
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