Financial Performance - Revenue for the year ended March 31, 2023, was HK$312 million, a slight decrease of 1% from HK$315 million in 2022[6] - Gross profit for the same period was HK$141 million, down 13% from HK$162 million in 2022[6] - Loss before taxation was HK$213 million, significantly improved from a loss of HK$555 million in the previous year[6] - Total comprehensive loss for the year was HK$402 million, compared to HK$570 million in 2022, indicating a reduction of approximately 30%[8] - Loss per share for the year was HK$3.61, an improvement from HK$5.14 in the previous year[8] - Other comprehensive loss after tax was HK$194 million, compared to a gain of HK$26 million in 2022[8] - Fair value losses on investment properties and financial assets at fair value through profit or loss totaled HK$82 million, a significant decrease from HK$510 million in 2022[6] - The Group recorded a loss of approximately HK$208 million for the year, a significant decrease from the loss of approximately HK$596 million in 2022, primarily due to net fair value losses in financial assets[118] - Total revenue for the year was approximately HK$312 million, a decrease of about HK$3 million or 1% from the previous year, primarily due to reduced lending income[160] Assets and Liabilities - Total non-current assets increased to HK$4,004 million in 2023, up from HK$3,997 million in 2022, reflecting a growth of 0.2%[10] - Current liabilities rose to HK$2,855 million in 2023, compared to HK$2,451 million in 2022, marking an increase of 16.5%[12] - Net current liabilities worsened to (HK$558 million) in 2023 from (HK$185 million) in 2022, indicating a decline in liquidity[12] - Total assets increased slightly to HK$6,301 million in 2023 from HK$6,263 million in 2022, representing a growth of 0.6%[10] - Total equity decreased to HK$2,575 million in 2023 from HK$2,827 million in 2022, a decline of 8.9%[14] - Investment properties decreased to HK$1,518 million in 2023 from HK$1,625 million in 2022, a reduction of 6.6%[10] - Cash and cash equivalents decreased to HK$187 million in 2023 from HK$195 million in 2022, a decline of 4.1%[10] - Reserves decreased to HK$1,476 million in 2023 from HK$1,928 million in 2022, a decline of 23.4%[14] Financial Services - Revenue from the financial services business was approximately HK$10 million for the Year, a decrease from approximately HK$16 million in 2022, representing about 3% of the total revenue of the Group[57] - The segment profit for the financial services business was approximately HK$15 million, up from approximately HK$10 million in 2022[57] - The Group's financial services revenue decrease was mainly due to a reduction in the value and volume of transactions in securities brokerage[57] - The Group's financial services segment represented approximately 3% of total revenue, down from approximately 5% in the previous year[57] - The Group plans to continue expanding its financial services business in Hong Kong and Mainland China through organic growth or partnerships[51] Investment and Development - The Group has property development projects in Cambodia and Malaysia, with a special economic zone project in Cambodia covering 17,252,519 square meters, still in preliminary stages due to COVID-19 impacts[89] - The Malaysian property development project is a mixed-use residential and commercial project covering 267,500 square meters, also in preliminary stages due to COVID-19 impacts[89] - The Group's investment property in the UK, 55 Mark Lane, has steady rental income, with no significant fluctuations expected in 2023[49] - Rental income from 55 Mark Lane contributed approximately HK$55 million during the year, down from approximately HK$71 million in 2022, while the fair value loss on investment property was approximately HK$19 million compared to a fair value gain of approximately HK$85 million in 2022[90] Shareholder and Corporate Actions - The total amount paid for share repurchases during the year was HK$9 million, with an average buy-back price of HK$0.168 per share, compared to HK$5 million and HK$0.08 per share in 2022[100] - The Company cancelled 5,040,000 shares during the year, while no shares were cancelled in 2022[101] - The company expressed gratitude to shareholders for their support and aims to streamline existing businesses while exploring new opportunities[49] Risk Management - The company faced various financial risks, including market risk, credit risk, and liquidity risk, as outlined in their financial risk management policies[128] - The company has established a compliance management system to effectively monitor compliance risks associated with its financial services operations[127] - The risk management department monitors the loan portfolio daily, assessing the risk level and reporting to senior management, including the CEO and Financial Controller[70] Loans and Credit Management - The Group's loans receivable amounted to approximately HK$145 million, a decrease from HK$347 million in 2022[60] - The Group recorded interest income from loans receivable of approximately HK$14 million for the year, down from HK$41 million in 2022[60] - The Group granted two loans to independent third parties during the year, with carrying amounts of approximately HK$31 million[60] - The Company offers both secured and unsecured loans, aiming to diversify its loan portfolio to lower concentration risk[68] - The loan approval process involves a designated loan officer and a risk management department that reviews each loan proposal for thorough consideration[70] Administrative and Operational Efficiency - Administrative expenses were HK$123 million, a reduction from HK$146 million in the previous year[6] - The company reported a net cash used in investing activities of HK$120 million, a significant improvement from HK$441 million in the previous year[139] - The company's cash generated from operations was HK$222 million, compared to HK$319 million in the previous year[139] - The management team possesses over 10 years of experience in corporate financing, investments, and banking[74]
信铭生命科技(00474) - 2023 - 年度财报