Financial Performance - For the fiscal year ending March 31, 2023, the company reported revenue of approximately HKD 128.9 million, an increase of about 0.9% from HKD 127.7 million in the previous year[10]. - The gross profit for the same period was approximately HKD 63.5 million, a decrease of about 1.1% from HKD 64.2 million year-on-year[10]. - The net profit after tax increased by approximately 70.0% to about HKD 20.0 million, up from approximately HKD 11.8 million in the previous year, primarily due to an increase in other income[10]. - The net profit margin improved to approximately 15.5%, compared to about 9.2% in the previous year[10]. - Revenue from the performance announcement and financial report segment was approximately HKD 69.2 million, a 9.9% increase from HKD 63.0 million in the previous year, accounting for about 53.7% of total revenue[20]. - Revenue from the company announcements and shareholder circulars segment was approximately HKD 40.1 million, a 10.6% increase from HKD 36.3 million in the previous year, representing about 31.1% of total revenue[21]. - The revenue from the debt issuance and IPO prospectus segment decreased by approximately 61.2% to about HKD 8.4 million, down from approximately HKD 21.7 million last year, primarily due to a reduction in the number of IPO projects[22]. - The revenue from the fund document segment increased by approximately 156.9% to about HKD 4 million, up from approximately HKD 1.6 million last year[25]. - Other income for the year ended March 31, 2023, was approximately HKD 10.6 million, an increase of about HKD 7.8 million compared to approximately HKD 2.8 million for the previous year[31]. - The group's service costs increased from approximately HKD 63.6 million for the year ended March 31, 2022, to approximately HKD 65.5 million for the year ended March 31, 2023, representing an increase of about 3.0%[28]. Dividend Policy - The company has not recommended a final dividend for the fiscal year ending March 31, 2023, maintaining the interim dividend at HKD 0.025 per share[15]. - The board has established a robust dividend policy to balance shareholder returns with the need for sustainable long-term development[16]. - The total reserves available for distribution to shareholders as of March 31, 2023, are approximately HKD 60.7 million, down from HKD 72.7 million in 2022[85]. - The company declared an interim dividend of HKD 0.025 per share for the six months ended September 30, 2022, consistent with the previous year[79]. - The board does not recommend a second interim dividend for the year ended March 31, 2023, compared to HKD 0.055 per share in 2022[80]. Market Challenges and Opportunities - The company plans to leverage its competitive advantages to expand its customer base and enhance professional services despite challenges in the market[11]. - The company anticipates ongoing challenges in the financial printing industry due to market uncertainties, but is prepared to capture new opportunities in hardware and services[11]. Employee and Operational Insights - The average number of employees decreased from 91 for the year ended March 31, 2022, to 85 for the year ended March 31, 2023, with total employee costs amounting to approximately HKD 48.8 million[43]. - The sales and distribution expenses increased by approximately 14.0% to about HKD 17.4 million for the year ended March 31, 2023, primarily due to increased marketing and hospitality expenses[32]. - The company maintained good relationships with employees, with no labor disputes or recruitment difficulties affecting operations as of March 31, 2023[47]. Financial Position and Risk Management - The capital debt ratio decreased to 1.7% as of March 31, 2023, down from 5.6% in the previous year, due to a reduction in lease liabilities[39]. - The company faces low credit risk due to a diversified customer base and high credit ratings of counterparties, with expected credit loss rates on bank balances assessed as close to zero[51][53]. - Interest rate risk is minimal as bank balances are the only interest-bearing assets, with ongoing monitoring of this risk[54]. - The company has low liquidity risk, with most financial assets and liabilities maturing within one year, supported by existing shareholder funds and internal cash flows[55]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and complied with all provisions during the year ended March 31, 2023[122]. - The board of directors is responsible for the overall management of the company and has delegated daily operations and management responsibilities to executive directors and senior management[123]. - The audit committee reviewed the audited consolidated financial statements for the year ended March 31, 2023[117]. - The company has engaged external professional firms to perform internal audit functions, ensuring independence from daily operations and evaluating the risk management and internal control systems annually[175]. - The company has established a formal and transparent procedure for the appointment and succession planning of directors[131]. - The board has established three committees: audit, remuneration, and nomination, to oversee specific aspects of the group's affairs[136]. Shareholder Relations - The company has maintained an open and effective investor relations policy, providing timely updates to investors through various communication channels[180]. - The company has established a shareholder communication policy to ensure timely and clear information is provided to shareholders and investors[188]. - The board chairman is responsible for promoting effective communication between the board and shareholders, ensuring that shareholder opinions are conveyed to all board members[159]. Financial Reporting and Compliance - The financial statements reflect a true and fair view of the group's financial position as of March 31, 2023, in accordance with applicable accounting standards[190]. - The external auditor's report confirms that the financial statements have been properly prepared according to the Hong Kong Financial Reporting Standards[190]. - The company has complied with regulatory requirements regarding the distribution of meeting notices and annual reports to shareholders[184]. Goodwill and Revenue Recognition - As of March 31, 2023, the group's goodwill amounted to approximately HKD 11,423,000, which is significant relative to the group's net assets[198]. - The assessment of goodwill impairment involves judgment and requires estimates of future cash flows and the discount rate applied[198]. - Revenue recognition for financial printing services is based on the progress of fulfilling performance obligations, measured by efforts relative to total expected inputs[195]. - The total expected inputs for revenue recognition are primarily based on past experiences with similar projects[195].
优越集团控股(01841) - 2023 - 年度财报