Plastec Technologies Reports Fiscal 2021 Financial Results


HONG KONG–()–Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2021 year ended December 31, 2021. See financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

Current Balance Sheet Highlights

  • $11.5 million in working capital at December 31, 2021, compared to $22.2 million at December 31, 2020.
  • Book value per share was $0.89 at December 31, 2021, compared to $1.72 at December 31, 2020.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “During 2021, the Company has maintained its public company status and low expense infrastructure to enable our ongoing exploration of potential investments while retaining the financial flexibility to seize possible opportunities that may occur.”

Forward Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

 

2019

 

2020

 

2021

 

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses, net

 

 

 

 

 

 

 

Gain on disposal of a subsidiary

 

 

 

 

29

 

 

 

Selling, general and administrative expenses

 

 

(15,083

)

 

(3,882

)

 

(2,273

)

Other income

 

 

 

 

7

 

 

 

Total operating expenses, net

 

 

(15,083

)

 

(3,846

)

 

(2,273

)

 

 

 

 

 

 

 

 

Loss from operations

 

 

(15,083

)

 

(3,846

)

 

(2,273

)

 

 

 

 

 

 

 

 

Interest income

 

 

3,297

 

 

1,118

 

 

112

 

Loss before income tax expense

 

 

(11,786

)

 

(2,728

)

 

(2,161

)

 

 

 

 

 

 

 

 

Income tax expense from continuing operations (note 7)

 

 

(729

)

 

(779

)

 

(840

)

Net loss from continuing operations attributable to the Company’s shareholders

 

 

(12,515

)

 

(3,507

)

 

(3,001

)

 

 

 

 

 

 

 

 

Discontinued operations (note 3):

 

 

 

 

 

 

 

Net income from discontinued operations (including gain of 2020: HK$Nil and 2019: HK$47,845 upon disposals)

 

 

53,364

 

 

 

 

 

Income tax expenses from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from discontinued operations attributable to the Company’s shareholders

 

 

53,364

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to the Company’s shareholders

 

 

40,849

 

 

(3,507

)

 

(3,001

)

Comprehensive income/(loss) attributable to the Company’s shareholders

 

 

40,849

 

 

(3,507

)

 

(3,001

)

 

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (CONTINUED)

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

 

2019

 

2020

 

2021

 

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

 

Net income/(loss) per share (note 8):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares

 

 

 

 

 

 

 

Continuing operations

 

 

12,938,128

 

12,938,128

 

12,938,128

Discontinued operations

 

 

12,938,128

 

12,938,128

 

12,938,128

 

 

 

 

 

 

 

 

Weighted average number of diluted ordinary shares

 

 

 

 

 

 

 

Continuing operations

 

 

12,938,128

 

12,938,128

 

12,938,128

Discontinued operations

 

 

12,938,128

 

12,938,128

 

12,938,128

 

 

 

 

 

 

 

 

Basic net income/(loss) per share attributable from

 

 

 

 

 

 

 

Continuing operations

 

 

HK$(0.97)

 

HK$(0.27)

 

HK$(0.23)

Discontinued operations

 

 

HK$4.13

 

 

 

 

 

 

 

 

 

 

Diluted net income/(loss) per share attributable from

 

 

 

 

 

 

 

Continuing operations

 

 

HK$(0.97)

 

HK$(0.27)

 

HK$(0.23)

Discontinued operations

 

 

HK$4.13

 

 

 
PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED BALANCE SHEETS

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

December 31,

December 31,

2020

2021

 
   

HK$

 

HK$

         

ASSETS

 

Current assets

 

 

 

 

Cash and cash equivalents

 

182,697

 

98,732

Deposits, prepayment and other receivables (note 4)

 

2,450

 

3,131

Total current assets

 

185,147

 

101,863

 

 

 

 

 

Property, plant and equipment, net (note 5)

 

60

 

Intangible assets

 

438

 

438

Total assets

 

185,645

 

102,301

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Current liabilities

 

 

 

 

Other payables and accruals (note 6)

 

1,569

 

1,120

Tax payable

 

10,186

 

11,026

Total current liabilities

 

11,755

 

12,146

 

 

 

 

 

Total liabilities

 

11,755

 

12,146

 

 

 

 

 

Commitments and contingencies (note 9)

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized, 12,938,128 and 12,938,128 shares issued and outstanding as of December 31 2020 and 2021, respectively)

 

101

 

101

Additional paid-in capital

 

26,049

 

26,049

Accumulated other comprehensive income

 

(30)

 

(30)

Retained earnings

 

147,770

 

64,035

Total shareholders’ equity

 

173,890

 

90,155

 

 

 

 

 

Total liabilities and shareholders’ equity

 

185,645

 

102,301

 

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

2019

 

2020

 

2021

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net income / (loss)

 

40,849

 

 

(3,507

)

 

(3,001

)

Less: Net income from discontinued operations

 

(53,364

)

 

 

 

 

Net loss from continuing operations

 

(12,515

)

 

(3,507

)

 

(3,001

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Amortisation

 

363

 

 

363

 

 

60

 

Gain on disposal of a subsidiary

 

 

 

(29

)

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

(70

)

 

(696

)

 

(681

)

Other payables and accruals

 

565

 

 

228

 

 

(449

)

Tax payables

 

729

 

 

779

 

 

840

 

Net cash used in continuing operations

 

(10,928

)

 

(2,862

)

 

(3,231

)

Net cash provided by discontinued operations

 

11,987

 

 

 

 

 

Net cash provided by/(used in) operating activities

 

1,059

 

 

(2,862

)

 

(3,231

)

 

 

 

 

 

 

 

Investing activity

 

 

 

 

 

 

Net cash inflow from disposals of subsidiaries (net of cash disposed of HK$27 for the year 2020 and HK$93 for the year 2019)

 

325,413

 

 

29

 

 

 

Net cash provided by investing activity from continuing operations

 

325,413

 

 

29

 

 

 

 

 

 

 

 

 

 

Financing activity

 

 

 

 

 

 

Dividends paid

 

(413,761

)

 

 

 

(80,734

)

Net cash used in financing activity from continuing operations

 

(413,761

)

 

 

 

(80,734

)

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(87,289

)

 

(2,833

)

 

(83,965

)

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year from continuing operations

 

272,819

 

 

185,530

 

 

182,697

 

Cash and cash equivalents, end of year from continuing operations

 

185,530

 

 

182,697

 

 

98,732

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Interest income

 

3,297

 

 

1,118

 

 

112

 

Income taxes paid

 

 

 

 

 

 

 



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