Income Statement Activation Group Holdings Limited

Stocks

9919

KYG0081C1087

Leisure & Recreation

Market Closed - Hong Kong S.E. Other stock markets 04:08:36 2026-07-10 EDT			5-day change	1st Jan Change
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05-21	Activation Group Holdings Limited Declares Final Special Dividend for the Year Ended December 31, 2025	CI
05-21	Activation Group Holdings Limited Declares Final Dividend for the Year Ended December 31, 2025	CI

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Published financial data: ACTIVATION GROUP HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	904M	695M	967M	848M	707M
Total Revenues	904M	695M	967M	848M	707M
Cost of Goods Sold, Total	637M	493M	669M	593M	500M
Gross Profit	267M	202M	298M	254M	208M
Selling General & Admin Expenses, Total	128M	152M	145M	146M	122M
Stock-Based Compensation (IS)	-	-	-	-	-
Other Operating Expenses	2.38M	10.15M	2.14M	5.45M	3.42M
Other Operating Expenses, Total	131M	162M	147M	152M	126M
Operating Income	136M	39.97M	151M	103M	81.84M
Interest Expense, Total	-613K	-526K	-410K	-418K	-371K
Interest And Investment Income	1.68M	1.7M	1.33M	1.95M	2.1M
Net Interest Expenses	1.06M	1.17M	919K	1.53M	1.73M
Income (Loss) On Equity Invest.	-3.82M	321K	4.2M	4.41M	3.48M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	10.07M	14.57M	12.53M	11.68M	13.57M
EBT, Excl. Unusual Items	144M	56.03M	169M	120M	101M
Gain (Loss) On Sale Of Investments	216K	-329K	-3.81M	-169K	7.43M
Gain (Loss) On Sale Of Assets	704K	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	145M	55.7M	165M	120M	108M
Income Tax Expense	42.07M	27.45M	46.37M	32.75M	26.96M
Earnings From Continuing Operations	103M	28.24M	118M	87.38M	81.09M
Net Income to Company	103M	28.24M	118M	87.38M	81.09M
Minority Interest	-10.07M	-4.61M	-10.43M	-8.14M	-5.09M
Net Income - (IS)	92.49M	23.63M	108M	79.24M	76M
Net Income to Common Incl Extra Items	92.49M	23.63M	108M	79.24M	76M
Net Income to Common Excl. Extra Items	92.49M	23.63M	108M	79.24M	76M
Per Share Items
Net EPS - Basic	0.13	0.03	0.15	0.11	0.1
Basic EPS - Continuing Operations	0.13	0.03	0.15	0.11	0.1
Basic Weighted Average Shares Outstanding	740M	735M	730M	728M	744M
Net EPS - Diluted	0.13	0.03	0.15	0.11	0.1
Diluted EPS - Continuing Operations	0.13	0.03	0.15	0.11	0.1
Diluted Weighted Average Shares Outstanding	740M	735M	740M	744M	744M
Normalized Basic EPS	0.11	0.04	0.13	0.09	0.08
Normalized Diluted EPS	0.11	0.04	0.13	0.09	0.08
Dividend Per Share	0.02	0.01	0.07	0.05	0.05
Payout Ratio	6.98	58.84	20.05	107.32	83.08
Supplemental Items
EBITDA	137M	42.03M	153M	105M	83.88M
EBITA	136M	39.97M	151M	103M	81.84M
EBIT	136M	39.97M	151M	103M	81.84M
EBITDAR	138M	45.33M	157M	108M	87.36M
Effective Tax Rate - (Ratio)	29.09	49.29	28.14	27.26	24.95
Current Domestic Taxes	42.63M	-	-	-	-
Total Current Taxes	42.63M	23.48M	46.65M	34.12M	29.01M
Total Deferred Taxes	-555K	3.97M	-281K	-1.37M	-2.05M
Normalized Net Income	79.75M	30.4M	94.94M	67.05M	57.8M
Interest on Long-Term Debt	613K	526K	410K	418K	371K
Supplemental Operating Expense Items
Selling and Marketing Expenses	85.87M	86.42M	86.49M	84.54M	78.05M
General and Administrative Expenses	41.81M	65.7M	58.65M	58.14M	40.78M
Net Rental Expense, Total	819K	3.3M	3.68M	3.46M	3.48M
Imputed Operating Lease Interest Expense	357K	1.51M	1.49M	1.61M	1.29M
Imputed Operating Lease Depreciation	462K	1.78M	2.19M	1.85M	2.19M
Stock-Based Comp., G&A Exp. (Total)	-	18.5M	9.75M	16.58M	325K
Stock-Based Comp., Other (Total)	-	117K	-	-	-
Total Stock-Based Compensation	-	18.62M	9.75M	16.58M	325K

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	406M	300M	307M	379M	298M
Short Term Investments	2.85M	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	409M	300M	307M	379M	298M
Accounts Receivable, Total	232M	309M	398M	265M	264M
Other Receivables	1.11M	-	-	-	-
Total Receivables	233M	309M	398M	265M	264M
Other Current Assets, Total	29.22M	16.24M	17.94M	28.81M	22.11M
Total Current Assets	671M	625M	723M	673M	584M
Gross Property Plant And Equipment	20.34M	23.28M	21.21M	23.68M	24.73M
Accumulated Depreciation	-6.52M	-8.61M	-10.79M	-12.23M	-14.26M
Net Property Plant And Equipment	13.82M	14.67M	10.42M	11.45M	10.47M
Long-term Investments	20M	59.61M	49.98M	48.33M	49.9M
Goodwill	10.23M	10.23M	10.23M	10.23M	10.23M
Other Intangibles, Total	426K	309K	861K	700K	463K
Deferred Tax Assets Long-Term	1.08M	358K	554K	1.88M	3.76M
Other Long-Term Assets, Total	-	701K	701K	391K	701K
Total Assets	716M	711M	795M	746M	659M
Liabilities
Accounts Payable, Total	222M	290M	339M	295M	246M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	1.46M	3.12M	3.29M	1.91M	2.68M
Current Income Taxes Payable	21.76M	13.38M	23.86M	15.22M	8.73M
Unearned Revenue Current, Total	2.03M	2.81M	8.41M	24.08M	8.32M
Other Current Liabilities	32.35M	38.82M	53.81M	39.64M	24.79M
Total Current Liabilities	279M	348M	429M	376M	291M
Long-Term Leases	7.27M	6.48M	3.29M	5.89M	5.56M
Deferred Tax Liability Non Current	203K	3.45M	3.36M	3.32M	3.16M
Total Liabilities	287M	358M	435M	385M	299M
Common Stock, Total	667K	659K	659K	659K	659K
Additional Paid In Capital	252M	183M	112M	112M	109M
Retained Earnings	185M	191M	288M	283M	296M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-31.76M	-38.37M	-61.16M	-54.55M	-63.12M
Total Common Equity	406M	336M	340M	341M	343M
Minority Interest	23.1M	17.28M	20.21M	19.78M	17.22M
Total Equity	429M	354M	360M	361M	360M
Total Liabilities And Equity	716M	711M	795M	746M	659M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	754M	745M	745M	745M	745M
ECS Total Common Shares Outstanding	754M	745M	745M	745M	745M
Book Value / Share	0.54	0.45	0.46	0.46	0.46
Tangible Book Value	396M	326M	329M	330M	332M
Tangible Book Value Per Share	0.52	0.44	0.44	0.44	0.45
Total Debt	8.74M	9.6M	6.58M	7.8M	8.24M
Net Debt	-400M	-291M	-300M	-371M	-290M
Debt Equivalent Oper. Leases	6.55M	26.38M	29.45M	27.66M	27.85M
Minority Interest, Total (Incl. Fin. Div)	23.1M	17.28M	20.21M	19.78M	17.22M
Equity Method Investments, Total	-	908K	5.11M	12.52M	15.99M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	7.07M	8.14M	8.54M	8.74M	9.39M
Full Time Employees	285	261	243	221	208
Accumulated Allowance for Doubtful Accounts (Supple)	2.5M	9.49M	2.22M	7.5M	10.08M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	92.49M	23.63M	108M	79.24M	76M
Depreciation & Amortization - CF	6.07M	5M	4.99M	4.84M	4.72M
Depreciation & Amortization, Total	6.07M	5M	4.99M	4.84M	4.72M
Amortization of Deferred Charges, Total - (CF)	130K	123K	201K	262K	237K
(Gain) Loss From Sale Of Asset	-704K	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-216K	663K	3.81M	169K	-7.43M
Asset Writedown & Restructuring Costs	-	90K	-	-	-
(Income) Loss On Equity Investments - (CF)	3.82M	-321K	-4.2M	-4.41M	-3.48M
Stock-Based Compensation (CF)	-	18.62M	9.75M	16.58M	325K
Provision and Write-off of Bad Debts	1.42M	8.96M	1.03M	5.28M	3.05M
Other Operating Activities, Total	16.85M	-959K	19.69M	-3.4M	-5.18M
Change In Accounts Receivable	-10.41M	-86.13M	-89.81M	127M	-1.86M
Change In Accounts Payable	78.3M	67.84M	49.81M	-44.7M	-48.47M
Change in Other Net Operating Assets	-12.38M	23.48M	11.85M	-11.68M	-24.76M
Cash from Operations	175M	61M	115M	170M	-6.84M
Capital Expenditure	-4.25M	-3.18M	-656K	-1.86M	-654K
Sale of Property, Plant, and Equipment	22K	1K	29K	26K	-
Cash Acquisitions	-	-	-	-	-
Divestitures	704K	-	198K	87K	-
Sale (Purchase) of Intangible assets	-205K	-96K	-753K	-101K	-
Investment in Marketable and Equity Securities, Total	2.4M	-37.12M	-	-3M	-
Other Investing Activities, Total	1.68M	1.7M	678K	4.57M	2.63M
Cash from Investing	347K	-38.71M	-504K	-278K	1.98M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	878K
Total Debt Issued	-	-	-	-	878K
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.53M	-1.8M	-3.13M	-2.82M	-2.64M
Total Debt Repaid	-5.53M	-1.8M	-3.13M	-2.82M	-2.64M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-5.84M	-23.87M	-18.69M	-781K	-
Common Dividends Paid	-6.46M	-13.9M	-21.65M	-85.04M	-63.14M
Common & Preferred Stock Dividends Paid	-6.46M	-13.9M	-21.65M	-85.04M	-63.14M
Special Dividend Paid	-43.43M	-76.9M	-60.08M	-	-
Other Financing Activities, Total	-7.65M	-10.96M	-410K	-9.06M	-8.06M
Cash from Financing	-68.91M	-127M	-104M	-97.71M	-72.96M
Foreign Exchange Rate Adjustments	-3.92M	-407K	-3.84M	490K	-3.32M
Net Change in Cash	103M	-106M	6.81M	72.11M	-81.15M
Supplemental Items
Cash Interest Paid	613K	526K	410K	418K	371K
Cash Income Tax Paid (Refund)	33.93M	31.86M	36.17M	42.76M	35.5M
Levered Free Cash Flow	153M	48.75M	98.03M	154M	-22.15M
Unlevered Free Cash Flow	153M	49.08M	98.28M	154M	-21.91M
Change In Net Working Capital	-65.94M	-3.64M	9.6M	-70M	77.69M
Net Debt Issued / Repaid	-5.53M	-1.8M	-3.13M	-2.82M	-1.76M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	13.07	3.5	12.52	8.33	7.28
Return on Total Capital	20.67	6.23	25.86	17.45	13.88
Return On Equity %	25.57	7.21	33.19	24.23	22.49
Return on Common Equity	24.14	6.36	31.95	23.27	22.22
Margin Analysis
Gross Profit Margin %	29.56	29.11	30.83	29.99	29.34
SG&A Margin	14.21	21.89	15.01	17.24	17.29
EBITDA Margin %	15.18	6.05	15.83	12.37	11.86
EBITA Margin %	15.09	5.75	15.61	12.11	11.57
EBIT Margin %	15.09	5.75	15.61	12.11	11.57
Income From Continuing Operations Margin %	11.34	4.06	12.24	10.31	11.46
Net Income Margin %	10.23	3.4	11.16	9.35	10.74
Net Avail. For Common Margin %	10.23	3.4	11.16	9.35	10.74
Normalized Net Income Margin	8.82	4.38	9.82	7.91	8.17
Levered Free Cash Flow Margin	16.87	7.02	10.13	18.12	-3.13
Unlevered Free Cash Flow Margin	16.92	7.06	10.16	18.15	-3.1
Asset Turnover
Asset Turnover	1.39	0.97	1.28	1.1	1.01
Fixed Assets Turnover	63.12	48.79	77.1	77.5	64.54
Receivables Turnover (Average Receivables)	3.98	2.57	2.74	2.56	2.68
Short Term Liquidity
Current Ratio	2.4	1.8	1.69	1.79	2.01
Quick Ratio	2.3	1.75	1.64	1.72	1.93
Operating Cash Flow to Current Liabilities	0.63	0.18	0.27	0.45	-0.02
Days Sales Outstanding (Average Receivables)	91.73	141.98	133.3	143.03	136.39
Average Days Payable Outstanding	104.67	189.46	171.59	195.53	197.51
Long Term Solvency
Total Debt/Equity	2.03	2.71	1.83	2.16	2.29
Total Debt / Total Capital	1.99	2.64	1.8	2.11	2.24
LT Debt/Equity	1.69	1.83	0.91	1.63	1.54
Long-Term Debt / Total Capital	1.66	1.78	0.9	1.6	1.51
Total Liabilities / Total Assets	40.05	50.29	54.74	51.58	45.41
EBIT / Interest Expense	222.51	75.99	368.16	245.64	220.6
EBITDA / Interest Expense	232.41	85.49	380.33	257.23	233.31
(EBITDA - Capex) / Interest Expense	225.47	79.44	378.73	252.78	231.55
Total Debt / EBITDA	0.06	0.21	0.04	0.07	0.1
Net Debt / EBITDA	-2.81	-6.46	-1.93	-3.45	-3.35
Total Debt / (EBITDA - Capex)	0.06	0.23	0.04	0.07	0.1
Net Debt / (EBITDA - Capex)	-2.89	-6.96	-1.94	-3.51	-3.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	97.39	-23.15	39.21	-12.35	-16.56
Gross Profit, 1 Yr. Growth %	103.02	-24.33	47.46	-14.74	-18.36
EBITDA, 1 Yr. Growth %	362.53	-69.37	264.33	-31.5	-20.03
EBITA, 1 Yr. Growth %	373.03	-70.7	277.66	-31.98	-20.29
EBIT, 1 Yr. Growth %	373.03	-70.7	277.66	-31.98	-20.29
Earnings From Cont. Operations, 1 Yr. Growth %	306.48	-72.46	319.27	-26.21	-7.19
Net Income, 1 Yr. Growth %	294.86	-74.45	356.97	-26.62	-4.09
Normalized Net Income, 1 Yr. Growth %	254.55	-61.88	212.26	-29.38	-13.8
Diluted EPS Before Extra, 1 Yr. Growth %	310.48	-74.3	354.84	-27.05	-4.13
Accounts Receivable, 1 Yr. Growth %	4.04	33.31	28.74	-33.37	-0.45
Net Property, Plant and Equip., 1 Yr. Growth %	-6.82	6.15	-28.94	9.89	-8.63
Total Assets, 1 Yr. Growth %	21.69	-0.7	11.83	-6.22	-11.6
Tangible Book Value, 1 Yr. Growth %	13.26	-17.66	0.89	0.53	0.49
Common Equity, 1 Yr. Growth %	12.89	-17.23	1.03	0.47	0.4
Cash From Operations, 1 Yr. Growth %	-703.43	-65.21	88.72	47.33	-104.03
Capital Expenditures, 1 Yr. Growth %	372.97	-25.12	-79.4	183.54	-64.84
Levered Free Cash Flow, 1 Yr. Growth %	-570.53	-68.04	101.09	56.73	-114.41
Unlevered Free Cash Flow, 1 Yr. Growth %	-595.75	-67.91	100.26	56.59	-114.24
Dividend Per Share, 1 Yr. Growth %	-	-52.7	534.37	-27.68	-7.73
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.88	23.17	3.43	10.46	-14.48
Gross Profit, 2 Yr. CAGR %	16.15	23.94	5.63	12.13	-16.57
EBITDA, 2 Yr. CAGR %	61.21	19.03	5.64	57.98	-25.99
EBITA, 2 Yr. CAGR %	62.06	17.73	5.2	60.28	-26.37
EBIT, 2 Yr. CAGR %	62.06	17.73	5.2	60.28	-26.37
Earnings From Cont. Operations, 2 Yr. CAGR %	58.4	5.8	7.46	75.89	-17.25
Net Income, 2 Yr. CAGR %	75.67	0.45	8.06	83.12	-16.11
Normalized Net Income, 2 Yr. CAGR %	80.89	16.26	9.11	48.5	-21.98
Diluted EPS Before Extra, 2 Yr. CAGR %	58.23	2.71	8.05	82.15	-16.38
Accounts Receivable, 2 Yr. CAGR %	16.63	17.77	31	-7.38	-18.56
Net Property, Plant and Equip., 2 Yr. CAGR %	-13.44	-0.55	-13.15	-11.63	0.21
Total Assets, 2 Yr. CAGR %	41.11	9.93	5.38	2.41	-8.95
Tangible Book Value, 2 Yr. CAGR %	183.03	-3.43	-8.86	0.71	0.51
Common Equity, 2 Yr. CAGR %	160.46	-3.34	-8.55	0.75	0.43
Cash From Operations, 2 Yr. CAGR %	28.97	44.88	-18.98	66.75	-75.62
Capital Expenditures, 2 Yr. CAGR %	120.57	88.19	-60.72	-23.57	-0.15
Levered Free Cash Flow, 2 Yr. CAGR %	36.79	22.62	-19.84	77.53	-52.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	34.65	26.13	-19.83	77.08	-52.78
Dividend Per Share, 2 Yr. CAGR %	-	-	73.22	114.18	-18.31
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.73	1.64	28.3	-2.12	0.6
Gross Profit, 3 Yr. CAGR %	15.74	0.69	31.33	-1.65	0.87
EBITDA, 3 Yr. CAGR %	30.78	-7.32	72.83	-8.56	25.9
EBITA, 3 Yr. CAGR %	31.13	-8.36	73.63	-9.03	26.98
EBIT, 3 Yr. CAGR %	31.13	-8.36	73.63	-9.03	26.98
Earnings From Cont. Operations, 3 Yr. CAGR %	33.08	-11.59	67.43	-5.2	42.13
Net Income, 3 Yr. CAGR %	35.58	-7.61	66.44	-5.02	47.61
Normalized Net Income, 3 Yr. CAGR %	32.6	7.65	61.61	-5.62	23.88
Diluted EPS Before Extra, 3 Yr. CAGR %	26.45	-13.67	68.6	-5.21	47.07
Accounts Receivable, 3 Yr. CAGR %	-3.6	21.94	21.32	4.57	-5.13
Net Property, Plant and Equip., 3 Yr. CAGR %	5.04	-7.35	-11.09	-6.06	-10.64
Total Assets, 3 Yr. CAGR %	20.92	25.52	10.56	1.36	-2.49
Tangible Book Value, 3 Yr. CAGR %	52.91	87.54	-2.01	-5.83	0.64
Common Equity, 3 Yr. CAGR %	49.7	77.74	-1.9	-5.64	0.63
Cash From Operations, 3 Yr. CAGR %	44.27	-16.67	58.23	-1.11	-51.77
Capital Expenditures, 3 Yr. CAGR %	58.34	53.87	-9.97	-24.09	-41
Levered Free Cash Flow, 3 Yr. CAGR %	59.37	-15.75	44.6	0.24	-23.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	58.66	-16.52	47.15	0.21	-23.57
Dividend Per Share, 3 Yr. CAGR %	-	-	-	29.46	61.76
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	20.1	7.13	7.16	5.08	9.08
Gross Profit, 5 Yr. CAGR %	14.61	6.26	11.58	5.12	9.53
EBITDA, 5 Yr. CAGR %	24.04	-0.85	20.08	14.72	23.11
EBITA, 5 Yr. CAGR %	24.45	-1.4	20.07	14.61	23.2
EBIT, 5 Yr. CAGR %	24.45	-1.4	20.07	14.61	23.2
Earnings From Cont. Operations, 5 Yr. CAGR %	21.65	2.1	22.17	16.41	26.3
Net Income, 5 Yr. CAGR %	23.3	2.43	23.81	21.47	26.54
Normalized Net Income, 5 Yr. CAGR %	24.3	4.33	22.65	22.43	20.77
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	18.74	16.35	27.36
Accounts Receivable, 5 Yr. CAGR %	17.39	10.28	8.98	9.24	3.44
Net Property, Plant and Equip., 5 Yr. CAGR %	3.02	3.57	-2.65	-9.09	-6.73
Total Assets, 5 Yr. CAGR %	24.59	15.84	14.45	15.71	2.3
Tangible Book Value, 5 Yr. CAGR %	33.13	25.08	24.32	46.25	-1.01
Common Equity, 5 Yr. CAGR %	31.31	23.53	22.91	41.63	-0.97
Cash From Operations, 5 Yr. CAGR %	40.52	20.07	14.54	9.97	-25.12
Capital Expenditures, 5 Yr. CAGR %	24.76	41.62	-9.34	16.31	-6.17
Levered Free Cash Flow, 5 Yr. CAGR %	-	7.09	21.07	13.51	-7.34
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	6.97	20.75	12.78	-6.61