UBA Investments : ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2022

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

UBA INVESTMENTS LIMITED

開明投資有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 768)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 MARCH 2022

RESULTS

The Board of directors (the "Board") of UBA Investments Limited (the "Company") is pleased to announce that the consolidated financial results of the Company and its subsidiaries (the "Group") for the year ended 31 March 2022 together with the comparative audited figures for the previous financial year are as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2022

		2022	2021
	Notes	HK$'000		HK$'000
Gross proceeds from disposal of trading securities		10,396		2,581
Revenue	4	4,449	3,695
Gain/(loss) from changes in fair value of financial assets
at fair value through profit or loss	5	185	(8,215)
(Loss)/gain from changes in fair value of other
investment		(30)	444
Other revenue and other income	6	283	350
Administrative and other operating expenses		(5,016)		(5,163)
Loss before taxation	7	(129)	(8,889)
Income tax credit	8	-		191
Loss and total comprehensive expenses for the year		(129)	(8,698)
Loss per share
Basic (HK cents)	9	(0.01)	(0.68)
Diluted (HK cents)	9	N/A		N/A
Dividend		Nil		Nil

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

	Notes	2022	2021
		HK$'000		HK$'000
NON-CURRENT ASSET
Plant and equipment		-		-
		-	-
CURRENT ASSETS
Amounts due from investee companies		-		-
Amounts due from related companies		315		810
Deposits		66		66
Financial assets at fair value through
profit or loss	10	100,544		101,302
Other investment		-		1,083
Cash and bank balances		3,950		1,772
		104,875		105,033
CURRENT LIABILITY
Accruals		(318)		(347)
NET CURRENT ASSETS		104,557		104,686
TOTAL ASSETS LESS CURRENT LIABILITY		104,557	104,686
NON-CURRENT LIABILITY
Deferred tax liabilities		-		-
NET ASSETS		104,557	104,686
CAPITALAND RESERVES
Share capital		12,717	12,717
Reserves		91,840		91,969
TOTAL EQUITY		104,557		104,686
NET ASSET VALUE PER SHARE (HK$)	11	0.08		0.08

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NOTES ON THE CONSOLIDATED FINANCIAL STATAEMENTS

1. GENERAL
   UBA Investments Limited (the "Company") is a public limited company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The address of its registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The principal place of business of the Company is Flat B, 16th Floor, Wah Kit Commercial Centre, 300 Des Voeux Road Central, Hong Kong.
   The Company and its subsidiaries (collectively referred to as the "Group") are engaged in investment holding and trading of securities.
   The consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is the same as the functional currency of the Company and all values (including comparative information) are rounded to the nearest thousand (HK$'000) except when otherwise indicated.
2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")
   Amendments to HKFRSs that are mandatorily effective for the current year
   In the current year, the Group has applied the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time, which are mandatorily effective for the annual periods beginning on or after 1 April 2021 for the preparation of the consolidated financial statements:

Amendment to HKFRS 16 Amendment to HKFRS 16 Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16

Covid-19-Related Rent Concessions Covid-19-Related Rent Concessions beyond 30 June 2021 Interest Rate Benchmark Reform - Phase 2

The application of the amendments to HKFRSs in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

New and amendments to HKFRSs in issue but not yet effective

The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:

HKFRS 17

Amendments to HKFRS 3 Amendments to HKFRS 10 and HKAS 28 Amendments to HKAS 1

Amendments to HKAS 1 and HKFRS Practice Statement 2 Amendments to HKAS 8 Amendments to HKAS 12

Amendments to HKAS 16 Amendments to HKAS 37 Amendments to HKFRSs

Insurance Contracts and related Amendments1 Reference to the Conceptual Framework 2

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture3

Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020)1 Disclosure of Accounting Policies1

Definition of Accounting Estimates1

Deferred Tax related to Assets and Liabilities arising from a Single Transaction1

Property, Plant and Equipment - Proceeds before Intended Use2 Onerous Contracts - Cost of Fulfilling a Contract2

Annual Improvements to HKFRSs 2018-20202

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2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

1

2

3

Effective for annual periods beginning on or after 1 January 2023. Effective for annual periods beginning on or after 1 January 2022. Effective for annual periods beginning on or after a date to be determined.

Except for the new and amendments to HKFRSs mentioned in the consolidated financial statements, the directors of the Company (the "Directors") anticipate that the application of all other new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

1. BASIS OF PREPARATION
   The consolidated financial statements have been prepared in accordance with HKFRSs which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the HKICPA, accounting principles generally accepted in Hong Kong. These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange ("Listing Rules") and the disclosure requirements of the Hong Kong Companies Ordinance. The consolidated financial statements have been prepared under the historical cost convention, except the financial assets at fair value through profit or loss and other investment are stated at fair value, and on the basis that the Group is a going concern.
2. REVENUE AND SEGMENT REPORTING

2022 2021

HK$'000 HK$'000

Dividend income from listed equity investment	4,449	3,695

No analysis of the Group's revenue and contribution to operating profit for the current and prior years set out by principal activities and geographical markets is provided as the Group has only one single business segment, investment holding and all the consolidated revenue and the consolidated results of the Group are attributable to performance of the markets in Hong Kong.

No information about major customers has been disclosed as a substantial portion of the Group's income is derived from the Group's investment and the disclosure of information regarding customers would not be meaningful.

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5. GAIN/(LOSS) FROM CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS ("FVTPL")

The following is the analysis of the gain/(loss) from changes in fair value of financial assets at FVTPL of the Group for the years ended 31 March 2022 and 2021. The realised gain/(loss) represents the fair value change of financial assets at FVTPL being disposed during the reporting period, while the unrealised gain/(loss) represents the changes in fair value of financial assets at FVTPL held by the Group as at the end of reporting period:

	2022		2021
			HK$'000			HK$'000
- Listed equity investment
- Realised gain	718		4
- Unrealised loss	(2,382)			(848)
	(1,664)		(844)
- Unlisted equity investment
- Realised loss	-		(5,291)
- Unrealised gain/(loss)	1,849			(2,080)
	1,849			(7,371)
	185		(8,215)
6. OTHER REVENUE AND OTHER INCOME
	2022		2021
			HK$'000			HK$'000
Other Revenue
Government grant	-		35
Other Income
Reversal of expected credit loss on amounts due from
investee companies	-		315
Others		283			-
	283		315
		283			350

7. LOSS BEFORE TAXATION

Loss before taxation has been arrived at after charging/(crediting):

	2022	2021
	HK$'000		HK$'000
Auditors' remuneration	210	252
Investment management fee paid to a related company	1,569	1,621
Short-term lease expenses	264	264
Staff costs (including directors' remuneration)
- Salaries, bonuses and other benefits	1,047	1,000
- Contributions to retirement benefits scheme	26		24
Total staff cost	1,073	1,024

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