Mm2 Asia : FY2023 Annual Report

MM2 ASIA LTD.

ANNUAL REPORT 2023

CO N T E N T & M E D I A

FOR ASIA

CONTENTS

STRATEGIC REPORT		CORPORATE GOVERNANCE
Corporate Profile	01	REPORT
Financial Highlights	02	Corporate Governance Report	21
Our Business	04
Corporate Milestones	06	FINANCIAL REPORT
Financial & Operations Review	07
Order Book	12	Financial Statements	51
Group Structure	13
Chairman's Statement	14	Statistics of Shareholdings	161
CEO's Statement	15	Notice of Annual General Meeting	163
Board Of Directors	16	Proxy Form
Our Team	18
Corporate Information	20

CORPORATE PROFILE

Headquartered in Singapore, mm2 Asia Ltd. ("mm2 Asia", or together with its subsidiaries, the "Group") champions "Content and Media for Asia", with integrated businesses across the content, entertainment, cinema, event and concert industries in Singapore, Malaysia, Hong Kong, Taiwan, China and the United States of America. Since our listing on the Catalist Board of SGX-ST in December 2014, and the successful transfer to the Mainboard of SGX-ST in August 2017, mm2 Asia has strengthened its competitive advantage through its acquisitions of a majority stake in an award winning virtual reality, visual effects and computer-generated imagery studio, Vividthree Holdings Ltd. (SGX Stock Code: OMK), and an event production and concert promotion company, UnUsUaL Limited (SGX Stock Code: 1D1). With the establishment of mmCineplexes and the acquisition of Cathay Cineplexes Pte. Ltd., mm2 Asia is currently one of the key cinema operators in Malaysia and Singapore.

THE GROUP'S PRIMARY BUSINESS ACTIVITIES:

Core

Digital and Live

Business

Production Business

Cinema	Concert and
Business	Event Business

ANNUAL REPORT 2023

MM2 ASIA LTD.

01

FINANCIAL HIGHLIGHTS

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182.0

REVENUE

($ million)

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50.9

GROSS PROFIT

($ million)

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35.010

EBITDA(3)

($ million)

FY23

FY22

FY21

FY23

FY22

FY21

FY23

FY22

FY21

182.0

113.0

75.2

50.9

17.8

6.0

35.0

26.5

16.1

Note: Amounts presented in Financial Highlights are the combination of continuing operations(1) and discontinued operations(2)

1. Continuing operations comprised of Core Business, Digital & Live Production, Concert & Event and Other segments
2. Discontinued operations comprised of Cinema Business
3. EBITDA defines as earnings before interest, tax, depreciation, amortisation, impairment and fair value losses/gains. The EBITDA presented after excluding the gain on deconsolidation of a subsidiary (mm Connect Group) of $31.8 million for FY2023.

02

MM2 ASIA LTD.

ANNUAL REPORT 2023

FINANCIAL HIGHLIGHTS

REVENUE BREAKDOWN BY GEOGRAPHICAL LOCATION(4)

($ million)

1.0%	8.3%	1.3%	1.7%
16.4%			13.0%
41.2%	27.5%		40.9%
			41.5%

	FY23		FY22			FY21
22.5%
						29.5%
8.2%	10.7%		12.9%	9.1%			4.7%	9.6%
	Singapore	Malaysia	Hong Kong	Taiwan	China	Others
REVENUE BREAKDOWN BY BUSINESS SEGMENTS(4)
($ million)
FY23		FY22				FY21
182.0	113.0			75.2

										4.1													4.4															3.7
										29.0												3.6															1.3
										47.7												29.4															15.7
										2.5												2.8															2.0
										98.7												72.8															52.5
		Core Business			Digital and Live			Cinema Business		Concert &					Other
												Production Business											Event Business					Segments

1. Revenue after segments elimination

ANNUAL REPORT 2023

MM2 ASIA LTD.

03