Corporate Presentation 29 November 2018
Agenda Page Section 1. Company Overview 3 Section 2. Segment Performance Review 7 Section 3. Financial Review 24 Section 4. Appendix 33 Emperor Group Centre Beijing A Grade-A office tower with multistorey retail podium was launched in 2017 Credit Research Contact Equity Research Contact Investor Relations Contacts Keith Chan, HSBC Direct line: 852-2822 4522 keithkfchan@hsbc.com.hk Stanley Chan, Emperor Securities Direct line: 852-2836 2763 esl.research@emperorgroup.com Anna Luk, Group IR Director Direct line: 852-2835 6783 annaluk@emperorgroup.com Winnie Kwong, Group IR Manager Direct line: 852-2835 6791 winniekwong@emperorgroup.com 2
1 Company Overview 3
Business Overview 74.7% (163.HK) Property Investment - Attain long-term value appreciation through active asset management e.g. transformation, tenant remix programs - Diversify its rental income streams by enhancing the mix between office and retail; Hong Kong, Mainland China and overseas Property Development - Experienced property developer in Hong Kong, targeting residential composite buildings and luxury houses and apartments - Capable on value creation from redevelopment projects Hotel Operations in Hong Kong - The Emperor Hotel - Inn Hotel Hong Kong - MORI MORI Serviced Apartments - The Unit Serviced Apartments Hospitality (Emperor Hotels Group) - Comprising hotels and serviced apartments across Hong Kong and Macau - Precise market positioning with quality services to attract diverse visitors 66.3% (296.HK) Hotel Operations in Macau - Grand Emperor Hotel - Inn Hotel Macau 4
Our Property Portfolio Long-term Strategy: To be a Key Property Player in Greater China Segment As of 30 Sep 2018 Book Value (HK$ 000) GFA (ft 2 ) Property Investment Property Development Currently For Lease 45,277,000 A 3,102,700 Under Development 4,657,000 A 1,416,000 Sub-total 49,934,000 4,518,700 Available for Sale 357,000 B 19,500 D Pending To Be Launched 4,884,000 B 201,000 Sub-total 5,241,000 220,500 GFA Distribution by Segment Property Investment 77.9% Hospitality 18.3% Property Development 3.8% Hospitality Currently Under Operation 4,230,000 C 1,058,000 Total 59,405,000 5,797,200 Notes: A. Carried on balance sheet at fair value B. Carried on balance sheet at costs C. Carried on balance sheet as fixed assets (i.e. net book value) D. In terms of saleable floor area 5
Key Highlights Quality and sizeable investment properties portfolio in iconic locations (@30 Sep 2018: nearly 90% occupancy rate with solid tenants demand) Proven track record of attaining long-term value appreciation through value creation exercises Positioned as a unique property player for pursuing growth opportunities by selectively sourcing good potential projects (either low-rise houses or luxury residential tower) or asset transformations Experienced management team with sound strategic and execution strengths, a resilient portfolio is built to withstand market volatility A key Hong Kong-based property player with a diversified business portfolio, quality assets, strong recurring income and opportune expansion strategies 6
2 Segment Performance Review a) Property Investment for Rental Income b) Property Development for Sale c) Hospitality 7
Growing Recurrent Cashflow Total GFA Under for Lease (ft 2 ) ~ 3,017,530 ~ 2,936,000 ~ 4,518,300 857 1,155 Future growth drivers Rental Income (HK$ million) 591 1 2 3 Completion of investment property pipeline Expand by new acquisitions Organic rental increments FY2016/17 FY2017/18 1H2018/19 afterwards Ampersand Building Emperor Nam Van Emperor Commercial Centre Emperor Group Centre Beijing Retail Spaces of Fairview Height Nos. 25-27 Oxford Redevelopment Street, London Project at No. 75-85 Lockhart Rd, Wan Chai 8
Our Rental Income Portfolio More balanced contribution from various geographical segments Rental Income by Geographical Segments FY2016/17 (Rental Income: HK$857m) Macau 4.7% London 2.0% Mainland China 0.7% FY2017/18 (Rental Income: HK$1,155m) Macau 3.9% London 6.5% Mainland China 19.5% Macau 4.6% 1H2018/19 (Rental Income: HK$591m) London 8.1% Mainland China 18.4% Hong Kong 92.6% Hong Kong 70.1% Hong Kong 68.9% 9
Recent Project - Emperor Group Centre Beijing A 28-storey (excluding 3-storey car park basement) Grade-A office tower and premier shopping mall with superb cinema Becoming a landmark building along the prominent street of the capital city Gross floor area: 1,062,000 ft 2 Named as 6-Star Super A- level Building by Beijing Central Business District Administration Committee in Nov 2018 Key tenants from retail & financial sectors 10
Recent Project Emperor Nam Van Centre, Macau A 5-storey premium shopping complex at the corner site on Peninsula, which is signified as a prime city-centre shopping spot in the town Gross floor area: 30,000 ft 2 11
Project Under Development Lockhart Rd, HK Two adjacent buildings were disassembled, which will be redeveloped into a prime office building with a GFA of 96,000 ft 2 Situated at the junction of Lockhart Road and Luard Road, Wan Chai, a core commercial district on Hong Kong Island Fully capitalize the huge potential of the commencement of Shatin to Central Link in 2021 Redevelopment is expected to be completed in 2020 In 2016 In 2020 No. 75-79 No. 81-85 No. 75-85 GFA: 26,200 ft 2 GFA: 53,400 ft 2 GFA: 96,000 ft 2 (Increasing by 20% in aggregate size) Lockhart Road Luard Road Lockhart Road Luard Road Tentative Building Rendering 12
Project Under Development No. 25-27 Oxford Street, London It will be redeveloped into a composite retail/ office building with a GFA of approximately 20,000 ft 2 Located at the prominent shopping hub in London, which is a popular tourist spot for international visitors Redevelopment is expected to be completed in 2019 Tottenham Court Road Station Soho Square Gardens Tentative Building Rendering 13
2 Segment Performance Review a) Property Investment for Rental Income b) Property Development for Sale c) Hospitality 14
Property Development for Sale Available for Sale/Pre-sale A development project of 14 low-rise detached / semi-detached houses in Siu Lam The completed units were launched to the market in 3Q 2018 @30 Sep 2018, sales contracts of 7 houses were committed An urban redevelopment project of 26-storey composite residential/retail tower Pre-sale has been launched since 3Q2017 and the sales contracts of all the units were committed @30 Sep 2018 Expect to be handed over to owners in late-2018 As of 30 Sep 2018 Address (All in Hong Kong) Peak Castle - Kwun Fat 1 Street, Siu Lam, Tuen Mun, New Territories The Amused - Fuk Wing 2 Street, Sham Shui Po, Kowloon Total SFA (ft 2 ) 43,000 40,300 Land & Construction Cost (HK$ 000) 786,000 ($18,300/ft 2 ) 495,000 ($12,300/ft 2 ) Amount Realised On Sold Units (HK$ 000) 770,000 ($32,800/ft 2 ) 696,000 ($17,300/ft 2 ) Unsold Units Total Saleable Size of Unsold Units (ft 2 ) Book Value* of Unsold Units (HK$ 000) 7/14 19,500 357,000 0/136 - - Total 83,300 1,281,000 1,466,000 7 19,500 357,000 * Carried on balance sheet at costs 15
Property Development for Sale Future Project Pipeline As of 30 Sep 2018 Address (All in Hong Kong) GFA (ft 2 ) Costs (HK$ 000) Target Completion Target Market Position 1 2 Tuen Mun Town Lot No. 490, Tai Lam, New Territories Rural Building Lot No. 1198, Junction of Shouson Hill Road West and Wong Chuk Hang Path, Shouson Hill* 29,000 372,000 2019 Luxury 88,000 3,195,000* 2019 Luxury 3 Nos. 8-10A Mosque Street, Mid-Levels 34,000 506,000 2020 Luxury 4 Nos. 20-26 Old Bailey Street & No.11 Chancery Lane, Mid-Levels 29,700 543,000 2022 Luxury 5 Nos. 24-26A Davis Street, Kennedy Town 20,300 268,000 2022 Luxury Total 201,000 4,884,000 N/A N/A *Jointly run by Emperor International and 2 other partners, in which Emperor International takes 40% stake 16
Future Residential Projects Low-rise Houses in Unique Spots 8 low-rise detached/semi-detached houses at Tuen Mun Town Lot No. 490, Tai Lam, N.T. Well served by a superb transportation network of Hong Kong Shenzhen Western Corridor and Hong Kong Zhuhai Macau Bridge as well as the future Tuen Mun Chek Lap Kok Link Close to Harrow International School Hong Kong, the Hong Kong branch of the prestigious, UK-based Harrow School 15 low-density luxury houses with comprehensive auxiliary facilities at Rural Building Lot No. 1198, Shouson Hill, Hong Kong Acquired in May 2014 by government bid at a consideration of HK$2,708,080,000, in collaboration with 2 partners Located at the junction of Shouson Hill Road West and Wong Chuk Hang Path Tentative Rendering Tentative Rendering 17
Future Residential Projects Luxury Residential Tower in Upscale Urban Areas A 28-storey with 99 units luxury residential tower at Nos. 8-10A Mosque St., Mid-levels, Hong Kong Adjacent to Soho area and Lan Kwai Fong, it is in close proximity to Central-Mid-Levels Escalator with convenient access to Central commercial district area Redevelopment project at Nos. 24-26A Davis Street, Kennedy Town, Hong Kong With the successful extension of MTR to Kennedy Town, it becomes a popular urban area in Hong Kong Island Redevelopment project at Nos. 20-26 Old Bailey Street & No.11 Chancery Lane, Mid- Levels, Hong Kong Adjacent to Soho area and Lan Kwai Fong, it is in close proximity to Central-Mid-Levels Escalator with convenient access to Central commercial district area Tentative Building Rendering 18
2 Segment Performance Review a) Property Investment for Rental Income b) Property Development for Sale c) Hospitality 19
Hospitality Existing Portfolio As of 30 Sep 2018 Currently Under Operation Name of Hotels GFA (ft 2 ) Site Area (ft 2 ) Net Book Value* (HK$ 000) Storey Height (incl. basement) Guest Rooms (rooms) Hong Kong 1 The Emperor Hotel, Wan Chai 115,000 8,000 1,544,000 29 300 2 Inn Hotel Hong Kong, Kowloon West 48,000 4,000 349,000 30 200 3 MORI MORI Serviced Apartments, Wan Chai 14,000 3,000 328,000 12 18 4 The Unit Serviced Apartments, Happy Valley 17,000 2,000 330,000 21 68 Macau 5 Grand Emperor Hotel, The Peninsula 655,000 48,000 1,133,000 26 311 6 Inn Hotel Macau, Taipa 209,000 24,000 546,000 17 287 Total 1,058,000 89,000 4,230,000 N/A 1,184 * Carried on balance sheet as fixed assets (i.e. net book value) Hotel Operations in Hong Kong Hotel Operations in Macau The Emperor Hotel Inn Hotel Hong Kong MORI MORI The Unit Grand Emperor Hotel Inn Hotel Macau 20
Recent Hotel Project The Emperor Hotel The Emperor Hotel, a 4-stars hotel located at No. 373, Queen s Road. East, Wan Chai, Hong Kong GFA: ~115,000 ft 2 A 29-storey hotel offering 300 guest rooms as well as leisure, dining and parking facilities, which will be a signature hotel under Emperor Hotels Group Commenced in December 2017 Typical guestroom External facade Lobby Floor 21
Recent Hotel Project The Emperor Hotel Reception of Golden Valley Golden Valley, a Cantonese & Sichuan cuisine in The Emperor Hotel (previously located in Emperor (Happy Valley) Hotel), was labelled as Michelin 1-star restaurant in the 7th consecutive year, since 2011 Garden terrace Function Room 22
Recent Hotel Project The Unit The Unit - A serviced apartments located at No. 17-19, Yik Yam Street, Happy Valley, Hong Kong GFA: ~17,000 ft 2 A 21-storey serviced apartments with 68 guest rooms, including 2-storey of retail/commercial complex The area is vibrant, conveniently located near Hong Kong s commercial districts and affording easy access to the Hong Kong Jockey Club and Hong Kong Stadium for international sports events, and Hong Kong Sanatorium & Hospital for medical check-ups, helping to ensure solid short-term leasing demand Has been operational since 1Q 2018 23
3 Financial Review a) Emperor International (163.HK) b) Emperor Entertainment Hotel (296.HK) 24
Financial Summary (HK$ 000) FY2016/17 FY2017/18 1H2017/18 1H2018/19 Changes Revenue 4,068,467 3,148,894 1,465,986 1,536,451 + 4.8% Gross Profit 2,844,405 2,302,452 1,061,583 1,094,803 + 3.1% Revaluation Gain / (Loss) on Properties 3,228,003 2,868,417 1,430,148 1,677,650 + 17.3% Profit / (Loss) Attributable to the Owners of the Company - Underlying* 914,836 617,737 246,468 942,281 + 282.3% - Reported 3,483,150 3,371,517 1,596,732 2,504,915 + 56.9% Basic Earnings / (Loss) Per Share - Underlying* HK$0.25 HK$0.17 HK$0.07 HK$0.26 + 271.4% - Reported HK$0.95 HK$0.92 HK$0.43 HK$0.68 + 58.1% *Excluding the effect of any fair value changes and write-downs net of deferred taxation Emperor International declared the payment of an interim dividend of HK$0.047 (1H2017/18: HK$0.047) per share. 25
Segmental Performance Segmental Revenue (HK$ 000) FY2016/17 FY2017/18 1H2017/18 1H2018/19 Amount Amount Amount Amount % of total Changes Property Investment 857,427 1,154,572 539,493 590,521 38.4% + 9.5% Property Development 1,515,745 395,180 186,700 208,900 13.6% + 11.9% Hospitality 1,695,295 1,599,142 739,793 737,030 48.0% -0.4% Total 4,068,467 3,148,894 1,465,986 1,536,451 100.0% + 4.8% Segmental Profit Excluding Fair Value Changes (HK$ 000) FY2016/17 FY2017/18 1H2017/18 1H2018/19 Changes Rental Income 753,139 1,009,637 469,023 491,721 + 4.8% Property Sale 928,101 275,559 130,771 128,994-1.4% Hospitality 402,030 301,577 149,678 136,979-8.5% Total 2,083,270 1,586,773 749,472 757,694 + 1.1% 26
Key Financial Indicators (HK$ 000) As at 31 Mar As at 30 Sep 2017 2018 2018 Total Assets 55,760,118 64,253,834 65,456,685 - Assets under Investment Properties 40,808,858 49,154,763 49,933,578 - Cash, Bank Balance & Bank Deposits 6,623,140 3,850,400 3,774,849 Net Debt (Total Debt Cash & Bank Balance) 16,809,341 22,928,626 22,674,686 Net Asset Value 25,546,530 29,455,373 30,906,776 Net Asset Value Per Share HK$6.95 HK$8.01 HK$8.40 27
Key Credit Metrics (HK$ 000) As at 31 Mar As at 30 Sep 2017 2018 2018 Total Debt 23,432,481 26,779,026 26,449,535 - Short-term Debt 5,777,931 5,875,590 6,193,786 - Long-term Debt 17,654,550 20,903,436 20,255,749 Bank Borrowings 12,555,008 17,191,112 17,511,059 - Due after 1 Year 9,009,674 12,685,429 12,732,273 - Due within 1 Year 3,545,334 4,505,683 4,778,786 Unsecured Notes 8,768,040 6,776,088 6,765,805 Net Gearing Ratio (Net Debt/Total Assets) 30.2% 35.7% 34.6% 28
3 Financial Review a) Emperor International (163.HK) b) Emperor Entertainment Hotel (296.HK) 29
Financial Summary (HK$ 000) FY2016/17 FY2017/18 1H2017/18 1H2018/19 Changes Total Revenue 1,613,180 1,498,351 702,122 665,588-5.2% Gaming Revenue 1,362,044 1,253,317 586,580 546,677-6.8% Hotel Revenue 251,136 245,034 115,542 118,911 + 2.9% Gross Profit 1,053,894 958,923 429,781 400,165-6.9% Gross Profit Margin 65.3% 64.0% 61.2% 60.1% - 1.1pp EBITDA* 452,191 414,720 176,377 163,174-7.5% EBITDA* Margin 28.0% 27.7% 25.1% 24.5% - 0.6pp Profit Attributable to the Owners of the Company 346,490 393,574 118,609 128,942 + 8.7% Basic Earnings Per Share HK$0.27 HK$0.30 HK$0.09 HK$0.10 + 11.1% * Such EBITDA representing after M.I. and excluding exchange loss, loss on redemption of bond investments and noncash items (such as fair value changes of investment properties) Emperor Entertainment Hotel declared the payment of an interim dividend of HK$0.028 (1H2017/18: HK$0.026) per share. 30
Balance Sheet Position (HK$ 000) As at 31 Mar As at 30 Sep 2017 2018 2018 Non-current Assets 2,548,214 2,795,715 2,943,438 Current Assets 4,279,117 4,073,845 3,825,139 Current Liabilities (817,602) (881,744) (743,824) Non-current Liabilities (531,154) (111,012) (111,624) Net Asset Value 3,705,339 3,989,968 4,006,128 Gearing Ratio (Total Borrowings/Total Equity) 10.8% 1.8% 1.7% The management intends to maintain a strong cash position for potential M&A opportunities. 31
Key Performance Indicators (HK$) FY2016/17 FY2017/18 1H2017/18 1H2018/19 Changes Gaming Concourse GEH GEH GEH GEH GEH Gross Win 1,391,800,000 1,293,100,000 626,500,000 552,300,000-11.8% Average Win Per Table Per Day 57,000 53,000 51,000 45,000-11.8% VIP Hall GEH GEH GEH GEH GEH Rolling Amount 24,657,000,000 22,361,800,000 10,355,300,000 9,721,800,000-6.1% Gross Win 962,900,000 865,100,000 384,100,000 383,000,000-0.3% Average Win Per Table Per Day 263,000 237,000 210,000 209,000-0.5% Guest Rooms GEH IHM GEH IHM GEH IHM GEH IHM GEH IHM Occupancy Rate 91% 95% 93% 94% 91% 94% 93% 93% + 2pp - 1pp Average Room Rate Per Day Legend: GEH = Grand Emperor Hotel IHM = Inn Hotel Macau 820 412 872 476 833 441 884 499 + 6.1% + 13.2% 32
4 Appendix 33
Key Investment Properties Currently for Lease Address I. Currently for lease Occupancy Rate: Nearly 90% Hong Kong Street-level Retail Spaces Retail rents in Russell Street was ranked as highest in the world, according to Main Street Across the World 2018 by Cushman & Wakefield As of 30 Sep 2018 GFA(ft 2 ) Fair Value (HK$ 000) Type C: Commercial I: Industrial O: Office R: Residential No. 8 (G/F - 3/F), 20 (G/F & 2/F), 22-24 (G/F-3/F), 50-52 (G/F - 3/F), 54-56 Russell Street, CWB 48,500 4,635,000 C/O No. 76 (G/F) Percival Street, Causeway Bay ( CWB ) 600 279,000 C No. 474-476 (G/F & 1/F), 478-484 (G/F), 507 (G/F), 523 (G/F & 1/F), Lockhart Road, CWB 7,500 740,000 C No. 4-8, Canton Road, Tsim Sha Tsui 6,600 1,800,000 C Shop C, No. 35-37 (G/F) Haiphong Road, Tsim Sha Tsui 800 182,000 C Shop B, No. 25-29 (G/F) Hankow Road, Tsim Sha Tsui 800 69,000 C No. 81 (G/F), 83 (G/F & M/F), Nathan Road, Tsim Sha Tsui 4,800 357,000 C Complexes Emperor Group Centre, No. 288 Hennessy Road, Wan Chai 231,300 3,213,000 C/O China Huarong Tower, No. 60 Gloucester Road, Wan Chai 110,500 2,865,000 O Emperor Commercial Centre, No. 39-41 Des Voeux Road, Central 39,400 1,887,000 C/O New Media Tower, No. 82 Hung To Road, Kwun Tong 89,500 513,000 C/O No. 45-51 Kwok Shui Road, Kwai Chung 129,100 518,000 I The Pulse, Repulse Bay 167,200 1,217,000 C Fitfort Shopping Arcade, No. 560 King s Road, North Point 134,400 2,959,000 C Level 3, New Town Mansion Shopping Arcade, Tuen Mun 39,000 436,000 C Sui Wo Court Commercial & Carpark Complexes, No. 5-19 & No. 6-12 Sui Wo Road, Shatin 95,900 845,000 C Ulferts Centre, No. 4 Kin Fat Lane, Tuen Mun 178,800 460,000 I Others Other retail spaces, commercial and residential units 485,000 8,681,000 C/R Macau Leased-out Units of Grand Emperor Hotel and Inn Hotel Macau, Macau Peninsula 74,300 693,000 C Emperor Nam Van Centre, Macau Peninsula 30,000 1,635,000 C Mainland China Emperor Group Centre, Chang an Avenue East, Beijing 1,062,000 7,968,000 C/O Shops and Carparks, Emperor Lakeside Metropolis, Hubin Bei Rd, Xiamen 63,000 101,000 C United Kingdom Ampersand Building, No. 111-125 Oxford Street, London, W1F8ZZ 91,000 2,857,000 C/O No. 181-183 Oxford Street, London, W1D 2JT 12,700 367,000 C/O Sub total Currently for lease 3,102,700 45,277,000 34
Key Investment Properties Future Projects As of 30 Sep 2018 Address GFA(ft 2 ) Fair Value (HK$ 000) Type Properties Under Development C: Commercial O: Office Hong Kong No. 75-85 Lockhart Road, Wan Chai, Hong Kong (2020) 96,000 2,462,000 C Mainland China Emperor Star City, Huang Pu District, Shanghai 1,300,000 1,909,000 C/O London No.25-27 Oxford Street, London, W1D 2DW (2019) 20,000 286,000 C/O Sub total Under development 1,416,000 4,657,000 35
Commercial/Office Complexes in Hong Kong ( ): Year of Acquisition Level 3, New Town Mansion Shopping Arcade (2013) Sui Wo Court Commercial and Carpark (2017) New Media Tower (2015) Fitfort Shopping Arcade (Pre 2013) No. 45 51 Kwok Shui Road (2015) Emperor Commercial Centre (2016) Emperor Group Centre (Pre 2013) China Huarong Tower (2013) Retail Spaces of Fairview Height (2017) The Pulse (Pre 2013) 75 79 Lockhart Road (2015) 81 85 Lockhart Road (2014) 36
Footprints in United Kingdom No. 111-125, Ampersand Building, Oxford Street (2017) A freehold 8-storey (including basement) composite building comprising retail spaces, office premises and leasehold apartments of about 91,000 ft 2 No. 25-27, Oxford Street (2015) It will be redeveloped into a retail and office complex with GFA of about 20,000 ft 2 for longterm investment purpose No. 181-183, Oxford Street (2014) A 7-storey (including basement) retail and office complex of about 12,700 ft 2 Tottenham Court Road Station Oxford Street 181-183 Oxford Street 111-125 Oxford Street 25-27 Soho Square Gardens Tentative Building Rendering London Palladium ( ): Year of Acquisition 37
Hospitality in Macau Commenced in 2006, it is an award-winning gaming hotel of 26 storeys (excluding basement) with a GFA of 655,000 ft 2 and 311 guest rooms Emperor Palace Casino occupies six floors with 77 gaming tables (67 mass tables & 10 VIP tables) and 170 slot machines Comprehensive non-gaming facilities with over 66,000 ft 2 covering sauna, night clubs and restaurants (Grand Emperor Court & Royal Kitchen), which are well received by customers Several retail spaces at G/F with a GFA of 5,500 ft 2 leasing to prominent watch and jewellery retailer It is owned 75% by Emperor Entertainment Hotel, 20% by SJM and 5% by Mr. Jackie Chan at project level Payback period covered 4.5 years only which ended in September 2010 Lobby laden with 78 bars of 999.9 fine pure gold bars, each weighing 1kg Acquired in March 2014, it is a 17-storey hotel with a GFA of 209,000 ft 2, offering 287 guest rooms, swimming pool, spa and retail spaces. Located at the heart of Taipa Island, it is adjacent to the popular tourist spots with guarantee traffic 38
Disclaimers This material is for information purposes only. This presentation may contain forwardlooking statements and estimates based on current assumptions and forecasts made by the management of both Emperor International Holdings Limited and Emperor Entertainment Hotel Limited. Various known and unknown risks, uncertainties and other factors could lead to substantial differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company accepts no obligation to continue to report or update these forward-looking statements or adjust them to future events or development. This material may not be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material without the prior written consent of Emperor International Holdings Limited and Emperor Entertainment Hotel Limited. For more information, please go to www.emperorint.com & www.emp296.com 39