UBA Investments : ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2021

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 31ST MARCH, 2021

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 31st March, 2021 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 31ST MARCH, 2021

		2021	2020
	Notes	HK$'000		HK$'000
Gross proceeds from disposal of trading securities		2,581		17,600
Revenue	5	3,695	3,889
Net loss on financial assets at fair value through profit
or loss	6	(8,215)	(42,456)
Net gain/(loss) on other investment at fair value
through profit or loss		444	(41)
Other revenue and other income	7	350	258
Administrative and other operating expenses		(5,163)	(6,252)
Finance costs	8	-		(402)
Loss before taxation	9	(8,889)	(45,004)
Income tax credit	10	191	489
Loss and total comprehensive loss for the year
attributable to owners of the Company		(8,698)	(44,515)
Loss per share
Basic and diluted	11	(0.68) HK cents		(3.50) HK cents
Dividend		Nil		Nil

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31ST MARCH, 2021

	Notes	2021	2020
		HK$'000		HK$'000
NON-CURRENT ASSET
Property, plant and equipment		-		-
		-	-
CURRENT ASSETS
Amounts due from investee companies		-		2,275
Amounts due from related companies		810		1,408
Deposits		66		66
Financial assets at fair value through
profit or loss	12	101,302		103,800
Other investment		1,083		639
Cash and bank balances		1,772		5,745
		105,033		113,933
CURRENT LIABILITY
Accruals		(347)		(358)
NET CURRENT ASSETS		104,686		113,575
TOTAL ASSETS LESS CURRENT LIABILITY		104,686	113,575
NON-CURRENT LIABILITY
Deferred tax liabilities		-		(191)
NET ASSETS		104,686	113,384
CAPITALAND RESERVES
Share capital		12,717	12,717
Reserves		91,969		100,667
TOTAL EQUITY		104,686	113,384
NET ASSET VALUE PER SHARE	13	HK$0.08		HK$0.09

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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. BASIS OF PREPARATION
   The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("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 ("FVTPL") and other investment are stated at fair value and on the basis that the Group is a going concern.
3. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")
   In the current year, the Group has applied the Amendments to References to the Conceptual Framework in HKFRS Standards and 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 current year for the preparation of the consolidated financial statements:

HKAS 1 and HKAS 8	Definition of Material
(Amendments)
HKFRS 3 (Amendments)	Definition of a Business
HKFRS 9, HKAS 39 and	Interest Rate Benchmark Reform
HKFRS 7(Amendments)

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

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4. NEW AND AMENDMENTS TO HKFRSs ON 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	Insurance Contracts and related Amendments1
HKFRS 16 (Amendments)	Covid-19 Related Rent Concessions4
HKFRS 16 (Amendments)	Covid-19 Related Rent Concessions beyond 30 June 20216
HKFRS 3 (Amendments)	Reference to the Conceptual Framework 2
HKFRS 9, HKAS 39 and	Interest Rate Benchmark Reform - Phase 25
HKFRS 7, HKFRS 4 and
HKFRS 16 (Amendments)
HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor and its
(Amendments)	Associate or Joint Venture3
HKFRSs (Amendments)	Annual Improvements to HKFRSs 2018-20202
HKAS 1 (Amendments)	Classification of Liabilities as Current or Non-current and
	related amendments to International Interpretation 5 (2020)1
HKAS 1 and HKFRS	Disclosure of Accounting Policies1
Practice Statement 2
(Amendments)	Definition of Accounting Estimates1
HKAS 8 (Amendments)
HKAS 12 (Amendments)	Deferred Tax related to Assets and Liabilities arising from a
	Single Transaction1
HKAS 16 (Amendments)	Property, Plant and Equipment - Proceeds before Intended Use2
HKAS 37 (Amendments)	Onerous Contracts - Cost of Fulfilling a Contract2
AG 5 (Amendments)	Merger Accounting for Common Control Combination2

1

2

3

4

5

6

Effective for annual periods beginning on or after 1st January, 2023. Effective for annual periods beginning on or after 1st January, 2022. Effective for annual periods beginning on or after a date to be determined. Effective for annual periods beginning on or after 1st June, 2020. Effective for annual periods beginning on or after 1st January, 2021. Effective for annual periods beginning on or after 1st April, 2021.

The directors of the Company anticipate that the application of the all new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

5. REVENUE
	2021	2020
	HK$'000		HK$'000
Dividend income from:
- Listed equity investment	3,695		3,889

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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6. NET LOSS ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The following is the analysis of net loss on investment of the Group for the years ended 31st March, 2021 and 2020. The amounts of realised gain/(loss) represent the fair value difference between the beginning of the year or purchase date in the year and the disposal date of financial instruments while the amounts of unrealised loss represent the change of the fair value during the year of financial instruments held by the Group as at the year end:

	2021		2020
		HK$'000			HK$'000
(Loss)/gain on financial assets at FVTPL
- Listed equity investment
- Realised	4		(556)
- Unrealised	(848)		(37,761)
- Unlisted equity investment
- Realised	(5,291)		-
- Unrealised	(2,080)		(4,139)
	(8,215)		(42,456)
7. OTHER REVENUE AND OTHER INCOME
	2021		2020
		HK$'000			HK$'000
Other Revenue
Bank interest income	-		258
Government grant (Note)		35			-
	35		258
Other Income
Reversal of ECL on amount due from investee companies		315			-

Note:

The Group recognised government grant of approximately HK$35,000 (2020: HK$ nil) which related to Employee Support Scheme provided by the Hong Kong Government for the year ended 31st March, 2021.

8. FINANCE COSTS
2021		2020
	HK$'000			HK$'000
Interest on other borrowings wholly repayable
within five years		-		402

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