Silverman Announces 2016 Interim Results

HONG KONG, Aug. 24, 2016 /PRNewswire/ -- Silverman Holdings Limited (''Silverman'' or "the Company", Stock Code: 1616.HK) announced its unaudited consolidated interim financial results for the first half of 2016. Revenue was RMB347.2 million, representing an increase of 9.1% year-on-year. Gross profit was approximately RMB64.7 million, representing an increase of 31.2% year-on-year. Profit attributable to the equity shareholders of the Company was approximately RMB5.3 million.

Due to the losses incurred by the textile segment, Silverman reported a year-on-year decrease in profit before taxation in the first half of 2016. The television drama series segment contributed profit before taxation of approximately RMB12.9 million while the textile business incurred loss before taxation of RMB4.1 million. In comparison, in the same period of last year, Silverman recorded RMB7.85 million of profit solely from the textile segment. Despite this setback, Silverman's entry into the television industry has proven to be a successful and lucrative venture, with profit from the media segment outperforming the original textile segment. Since the Company strategically entered into this segment approximately half a year ago, the television business has already outperformed the textile business. Silverman's television business recorded a superior sales performance thanks to the Company's excellent production and distribution capacities, which generated a number of popular television series and strong contributions to segment revenues and profit in the first half of 2016. "Eastern Battlefield" , a 66-episode historical war of resistance series produced by Mr. Meng Fanyao with an RMB200 million investment, was premiered on Jiangsu and Hubei Satellite TV as well as on Tencent Video starting from June 2016. "Eastern Battlefield" , a 66-episode historical war of resistance series produced by Mr. Meng Fanyao with an RMB200 million investment, has completed broadcasting on Jiangsu and Hubei Satellite TV as well as on Tencent Video. It has earned critical acclaim and generated lucrative sales for the Company. Currently, the sales of ''The Last Gateway Of The Nation''  is on schedule while ''Adoption'' , an urban emotional drama, is likely to be aired within the year after distribution is complete. The Company's historical drama, ''Qiao's Grand Courtyard 2''  has entered into post-production, while "March in River City", a comedy,  is scheduled to complete shooting on 28 August 2016, and "The New Big Head Son and The Little Head Father" , a sitcom, is currently in production.

In 2015, Silverman completed the acquisition of Beijing Huasheng Taitong Media Investment Company Limited, a well-established domestic film and television production company led by Mr. Meng Fanyao, a National Top Ten TV Producer. Beijing Huasheng Taitong Media owns a production scale of over one hundred episodes per annum and has gained industry-leading production capacity, with premium television series including "Qiao's Grand Courtyard" , "Mazu"  and "The Wild Duck" .

In addition to traditional areas in production and distribution of television drama series, there are growing business opportunities in China's film, television and media industry including film co-production, internet dramas, and embedded advertisements. In light of the excellent results generated by the Company's television business, Silverman intends to continuously direct more resources in the future to the film and television and related business to strengthen its operational capability, while considering appropriate business opportunities as they arise. Silverman will also continue to streamline the Group's business to enhance profitability and sustainable development in order to maximize value for shareholders and investors.

About Silverman

Silverman Holdings Limited (1616.HK), listed on the Hong Kong Stock Exchange in 2012, operates business in film, television and media industry in pursuit of new growth driver and aims to be the biggest film and television production company in China. In 2015, Silverman completed the acquisition of Beijing Huasheng Taitong Media Investment Company Limited, a domestic film and television production company led by Mr. Meng Fanyao, a National Top Ten TV Producer. Beijing Huasheng Taitong Media owns a production scale of over one hundred episodes per annum and has gained excellent production capacity, with premium television series including Qiao's Grand Courtyard, Mazu and The Wild Duck. Its latest TV series ''Eastern Battlefield," a 66-espisode history drama on Chinese People's War of Resistance against Japanese Aggression, has attracted RMB200 million investment and is currently being broadcasted on Jiangsu and Hubei Satellite TV as well as at Tencent Video. The acquisition of Huasheng Media marked Silverman's first move into the film, television and media industry and will further implement the new business strategy so as to capture favorable development opportunities in the industry, enhance revenue and profitability and provide better return for its shareholders.

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