Financial Performance - For the year ended March 31, 2023, Upbest Group Limited reported a profit of HK$100,236,000, an increase from HK$86,993,000 in the previous year, representing a growth of approximately 15.7%[7] - Revenue for the year ended March 31, 2023, was HK$114,961,000, a decrease of 9.1% from HK$127,011,000 in 2022[28] - Profit for the year increased to HK$100,236,000, up 15.1% from HK$86,993,000 in the previous year[29] - Total comprehensive income for the year was HK$95,935,000, compared to HK$89,531,000 in 2022, marking a 7.4% increase[31] - Basic earnings per share rose to HK3.7 cents, compared to HK3.2 cents in 2022, reflecting a 15.6% increase[29] Shareholder Information - Proposed final dividend remains unchanged at HK$53,646,000, with a dividend per share of HK2.0 cents[28] - As of the announcement date, CCAA Group Limited holds 1,992,721,496 shares of Upbest Group, accounting for approximately 74.29% of the issued share capital, unchanged from the previous year[11] Financial Position - Net assets as of March 31, 2023, totaled HK$2,761,140,000, an increase from HK$2,718,501,000 in 2022[32] - Cash and cash equivalents decreased to HK$459,327,000 from HK$568,386,000, a decline of 19.2%[32] - Total trade receivables decreased to HK$50,173,000 from HK$73,372,000, while interest-bearing loan receivables fell to HK$640,176,000 from HK$822,271,000[100] - Total cash and cash equivalents decreased to HK$405,444,000 in 2023 from HK$464,551,000 in 2022, a decline of 12.7%[131] - The Group has total borrowings of approximately HKD 139.3 million as of March 31, 2023, down from HKD 234.6 million in 2022[200] Revenue Breakdown - Total revenue from contracts with customers decreased to HK$8,117,000 in 2023 from HK$13,679,000 in 2022, representing a decline of approximately 40.5%[60] - Brokerage income from securities decreased to HK$4,392,000 in 2023 from HK$6,522,000 in 2022, a decrease of about 32.6%[60] - Corporate finance revenue significantly dropped to HK$152,000 in 2023 from HK$3,176,000 in 2022, indicating a decline of approximately 95.2%[62] - Revenue from asset management, including precious metal trading, was HK$1,584,000 in 2023, down from HK$1,735,000 in 2022, a decrease of approximately 8.7%[62] - Revenue from leases increased to HK$30,969,000 in 2023 from HK$28,757,000 in 2022, marking an increase of about 7.6%[62] Expenses and Costs - Administrative and other operating expenses significantly increased to HK$74,900,000 from HK$21,000,000, indicating a rise of 256.2%[29] - The total staff cost for 2023 was HK$15,042,000, a slight decrease from HK$15,471,000 in 2022[90] - The Group's administrative and operating expenses for the fiscal year were approximately HK$25.8 million, a decrease of about HK$0.6 million from the previous year, with administrative expenses accounting for approximately 22.5% of revenue[192] Taxation - The Group's effective tax rate remained stable at 16.5% for both 2023 and 2022, with current year Hong Kong profits tax recorded at HK$6,711,000 in 2023, down from HK$11,154,000 in 2022[69] - The company operates under a two-tiered profits tax regime in Hong Kong, with the first HK$2 million taxed at 8.25%[92] Investment Properties - The company has investment properties held for rental purposes, situated in Macau under medium-term leases[97] - Fair value of investment properties increased to HK$1,697,000,000, with a net increase of HK$74,900,000 recognized in the consolidated income statement[96] - As of 31 March 2023, the fair value of the Group's investment properties was approximately HK$1,697.0 million, with a net fair value increase of approximately HK$74.9 million recorded during the year[186] Economic Outlook - The economic outlook remains uncertain due to potential U.S. recession and geopolitical tensions, which may impact financial performance in the second half of 2023[162] - Real GDP in Hong Kong is expected to grow by 3.5% to 5.5% in the latter half of 2023, following a 3.5% decline in 2022[150] - The Hong Kong economy is expected to rebound significantly in the second half of 2023, with real GDP growth projected between 3.5% to 5.5%[181] Compliance and Reporting - The consolidated financial statements are prepared in accordance with HKFRSs, and all values are rounded to the nearest thousand (HK$'000)[12] - The Group's financial reporting adheres to the standards issued by the HKICPA, ensuring compliance and accuracy in financial disclosures[24] - The Group continues to adopt the going concern basis in preparing the consolidated financial statements, expecting sufficient resources for the foreseeable future[26] Risk Management - The Group maintained a cautious approach in evaluating loan recoverability, ensuring competitiveness while managing risks[183] - The Group implemented a more prudent treasury control approach due to the downturn in the Hong Kong economy[144]
美建集团(00335) - 2023 - 年度业绩