Financial Performance - For the year ended March 31, 2023, the Group's revenue was approximately HK$422.5 million, a decrease of 4.2% compared to HK$441.1 million in the previous year[39]. - Profit attributable to owners of the Company was approximately HK$183.7 million, up from HK$60.2 million in 2022, primarily due to a decrease in impairment losses on accounts receivable and loans[30]. - The overall revenue for the Group was approximately HK$422.5 million, a decrease of 4.2% from approximately HK$441.1 million in the previous financial year[68]. - Basic earnings per share for the year were HK1.90 cents, an increase from HK0.62 cents in 2022, reflecting the rise in profit during the year[66]. Investment Portfolio - The total fair values of the investment portfolio decreased to approximately HK$388.0 million as of March 31, 2023, down from HK$439.7 million in 2022[8]. - The Group's investment portfolio mainly consists of listed equity securities, debt securities, convertible notes, and unlisted equity securities[8]. - As of March 31, 2023, the total fair value of the investment portfolio held by the group was approximately HKD 388 million, a decrease from HKD 439.7 million in 2022[107]. - The decrease in the investment portfolio's fair value was primarily due to the acquisition of a non-listed redeemable note with a principal of HKD 70 million during the year[107]. - The fair value of unlisted equity securities dropped to approximately HK$77.1 million as of 31 March 2023, down from HK$126.5 million in 2022[104]. - The group held listed debt securities valued at approximately HKD 87.3 million as of March 31, 2023, down from HKD 120.4 million in 2022[107]. Margin Financing and Loans - Securities margin financing interest income decreased by 8.3% to approximately HK$263.4 million for the year, down from HK$287.1 million in 2022[1]. - The total receivable margin customer accounts amounted to approximately HK$2,460.1 million as of March 31, 2023, compared to HK$3,113.5 million a year earlier[1]. - The net impairment loss on loans and advances was approximately HK$1.2 million for the year, a significant decrease from HK$29.6 million in 2022[4]. - The Group recorded a net impairment loss provision of approximately HK$92.1 million for accounts receivable from margin clients, down from HK$130.1 million in the previous year[30]. - The Group will continue to maintain a cautious approach to credit control in its margin financing business, balancing yield relative to risk[83]. Property Investments - The Group acquired two investment properties in Hong Kong and two in London for a total consideration of HK$330.7 million during the year[9]. - The total fair value of the Group's investment properties was approximately HK$1,128.7 million as of March 31, 2023, compared to HK$836.4 million in 2022[9]. - The company incurred a purchase of investment properties totaling HK$337,863,000, a significant increase from HK$9,156,000 in 2022[143]. - Rental income for the investments division increased to approximately HK$26.1 million in 2023, up from HK$18.3 million in 2022[104]. - The investments division reported a loss of approximately HK$46.5 million for the year, compared to a profit of HK$6.4 million in 2022, mainly due to fair value losses on investment properties of approximately HK$47.1 million[104]. Corporate Finance and Advisory - The corporate finance business completed four financial advisory projects during the year, maintaining the same number as in 2022[10]. - The corporate finance business completed 4 financial advisory transactions in the year ended 31 March 2023, reporting a segment profit of approximately HK$1.3 million, down from HK$2.4 million in 2022[90]. Market Conditions - The average daily turnover on the Main Board and GEM was approximately HK$120.5 billion, a decrease of 18% from approximately HK$147.0 billion in the previous financial period[46]. - The Hang Seng Index closed at 20,400 points at the end of March 2023, down from 21,996 points a year earlier[46]. - The local stock market experienced significant volatility in 2022, with the Hang Seng Index reaching a low of 14,687 on October 31, 2022, the lowest since April 2009[44]. - The residential property market in Hong Kong showed signs of recovery in the first quarter of 2023 after significant adjustments in 2022, with improved trading activity[50]. - The residential property market in Hong Kong saw flat prices fall over 15% by the end of 2022, but began to recover in the first quarter of 2023 following the reopening of the China-Hong Kong border[77]. - The UK property market saw a slowdown in annual house price growth by the end of 2022, influenced by rising mortgage costs and inflation concerns[49]. Cash Flow and Financing Activities - For the year ended March 31, 2023, the net cash used in investing activities was HK$89,280,000, a significant decrease from HK$172,142,000 in 2022[143]. - The net cash used in financing activities amounted to HK$146,065,000, compared to HK$45,387,000 in the previous year[143]. - The company reported a net increase in cash and cash equivalents of HK$763,309,000, down from HK$1,177,749,000 in 2022[143]. - Cash and cash equivalents at the end of the reporting period were HK$2,598,349,000, an increase from HK$1,835,241,000 at the beginning of the period[143]. - The company received a deposit of HK$126,000,000 for the disposal of a subsidiary in the previous year, which was not repeated in 2023[143]. - Proceeds from the disposal of financial assets at fair value through profit or loss were HK$37,135,000, down from HK$80,000,000 in 2022[143]. - The company reported a capital distribution received from financial assets at fair value through profit or loss of HK$33,976,000, compared to HK$134,719,000 in the previous year[143]. Employee and Governance - The total employee compensation cost for the year was approximately HKD 27.4 million, down from HKD 29.8 million in the previous year[200]. - The company has a total of 89 full-time employees as of March 31, 2023, compared to 96 in 2022[200]. - The company is actively seeking suitable candidates to fill the vacancy of an independent non-executive director to comply with listing rules[187]. - The company acknowledges its responsibility for presenting balanced and comprehensive information regarding its performance and prospects[189]. - The financial statements were prepared in accordance with HKFRSs, conforming to International Reporting Standards in all material respects[191]. Future Outlook - Management plans to continue seeking quality investment properties in Asia and Europe to enhance the investment portfolio and provide steady rental income[13]. - The Group plans to focus on high-net-worth clients and implement cautious credit policies to enhance its money lending business[93]. - The overall economic recovery in Hong Kong post-COVID-19 may present new opportunities for market expansion and investment strategies[110].
结好控股(00064) - 2023 - 年度财报