裕承科金年报 2022/23

BOARD OF DIRECTORS Executive DirectorsMr. Lau Fu Wing, Eddie(Chief Executive Officer)Ms. Li Chuchu, Tracy(Deputy Chief Financial Officer^)Ms. Yeung Shuet Fan Pamela(Chief Financial Officer#) ^# Non-executive DirectorsDr. Cheng Chi-Kong, AdrianSBS,JP(Chairman)Mr. Han Kam Leung, Michael SBS,JP Independent Non-executive DirectorsMs. Ling Kit Sum ImmaMr. Lo Chun Yu TobyDr. Tam Lai Fan Gloria AUDIT COMMITTEE Mr. Han Kam Leung, MichaelMs. Ling Kit Sum Imma*Dr. Tam Lai Fan Gloria * * REMUNERATION COMMITTEE Mr. Lau Fu Wing, EddieMr. Lo Chun Yu TobyDr. Tam Lai Fan Gloria* NOMINATION COMMITTEE * Ms. Ling Kit Sum Imma*Dr. Tam Lai Fan GloriaMs. Yeung Shuet Fan Pamela COMPANY SECRETARYMs. Chau Yuen Ching Ruby *#^ *Chairman of the relevant Board Committee#Appointed as the Chief Financial Officerwith effect from 30 November 2022^Appointed as the Deputy Chief Financial Officerwith effect from 1 April 2023 AUDITOR 779 Crowe (HK) CPA Limited9/F Leighton Centre77 Leighton RoadCauseway Bay, Hong Kong LEGAL COUNSELS Hong KongReed Smith Richards Butler17th Floor, One Island EastTaikoo Place18 Westlands RoadQuarry Bay, Hong Kong 1817 Cayman IslandsConyers Dill & Pearman29th Floor, One Exchange Square8 Connaught PlaceCentral, Hong Kong Conyers Dill & Pearman829 PRINCIPAL BANKERThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICECricket Square, Hutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands 728K11 ATELIER King's Road91-2 PRINCIPAL PLACE OF BUSINESS Units 1-2, Level 9K11 ATELIER King’s Road728 King’s RoadQuarry Bay, Hong Kong BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 1617 Tricor Secretaries Limited17/F., Far East Finance Centre16 Harcourt RoadHong Kong https://www.artatechfin.com WEBSITEhttps://www.artatechfin.com 279 TRADING OF SHARESThe Stock Exchange of Hong Kong Limited(Stock Code: 279) BUSINESS AND FINANCIAL REVIEW Liquidity, financial resources and capital structure As at 31 March 2023, the Group had total assets, net current assetsand net assets of approximately HK$117 million (2022: HK$133million), HK$30 million (2022: HK$36 million) and HK$34 million(2022: HK$65 million) respectively, and cash and bank balancesof HK$65 million (2022: HK$68 million). The current ratio (currentassets/current liabilities) was 1.63 (2022: 1.57). The Group hadan unsecured bank borrowing of HK$30 million (2022: Nil) and anunsecured borrowing from an immediate holding company of HK$34million (2022: HK$40 million). Gearing ratio, calculated on the basisof the Group’s borrowings divided by the equity attributable to theshareholders of the Company (the “Shareholders”) was 190.4% as at31 March 2023 (2022: 61.8%). 117,000,000133,000,00030,000,00036,000,00034,000,00065,000,00065,000,00068,000,0001.631.5730,000,00034,000,00040,000,000190.4%61.8% 3,000,0004,000,000381,000,00098.9% The borrowings of the Group carried floating interest rates calculated byreference to the lender’s costs of funds were made in Hong Kong dollar.Borrowing cost of HK$3 million included in finance cost of HK$4 millionfor the year ended 31 March 2023 was incurred on a new externalbank borrowing obtained during the year and a borrowing from animmediate holding company. Total finance costs for the year reduced by98.9% as compared to the corresponding period in 2022 of HK$381million. The Group’s funding and treasury policy is designed to maintaina diversified and balanced debt profile and financing structure. TheGroup is exposed to foreign exchange risk arising from various currencyexposures, primarily with respect to Hong Kong dollar and US dollar.As Hong Kong dollar is pegged to US dollar, the foreign exchange riskexposures are considered limited. The Group did not have any financialinstruments used for hedging purpose. Financial Performance Consolidated turnoverOperating expenses (note)Consolidated net (loss)/profit 3,218,000,00013,000,000 Note: Excluded one-off gain on restructuring of HK$3,218 million and restructuringcost of HK$13 million recorded for the year ended 31 March 2022. For the year ended 31 March 2023, the Group’s consolidated revenuedecreased to HK$13 million as a result of a fall in business volumecaused by the decline in primary and secondary capital marketsactivities. 13,000,000 Management Discussion and Analysis BUSINESS AND FINANCIAL REVIEW(Continued) Financial Performance(Continued) 94,000,00092,000,00055,000,00050,000,00012,000,00015,000,000 Operating expenses, amounted to HK$94 million, remained stablefor the corresponding year in 2022 of HK$92 million (excluded theone-off restructuring gain and cost recorded in 2022). Total employeebenefit expenses (including directors’ remuneration) amounted toHK$55 million for the year (2022: HK$50 million). Consultancy, legaland professional fees amounted to HK$12 million (2022: HK$15million) were incurred for the year mainly for hiring of lega