Investment reports

Plastec Technologies announces its financial results for fiscal year 2021

HONG-KONG, April 22, 2022–(BUSINESS WIRE)–Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today announced audited financial results for the 2021 fiscal year ended December 31, 2021. See the financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in United States dollars (USD) using a conversion rate of US$1.0: HK$7.8.

Highlights of the current balance sheet

  • Working capital of $11.5 million as of December 31, 2021, compared to $22.2 million as of December 31, 2020.

  • Book value per share was $0.89 as of December 31, 2021, compared to $1.72 as of December 31, 2020.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the company, said: “In 2021, the company maintained its public company status and low-cost infrastructure to enable our continued exploration of potential investments while maintaining financial flexibility. to seize any opportunities that may arise.”

Forward-looking statements

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

Year ended
The 31st of December,

Year ended
The 31st of December,

Year ended
The 31st of December,

2019

2020

2021

HK$

HK$

HK$

Revenue

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

)

Operating loss

(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 shareholders of the Company

(12,515

)

(3,507

)

(3,001

)

Discontinued operations (note 3):

Net income from discontinued operations (including gain of 2020: HK$0 and 2019: HK$47,845 on disposals)

53,364

Income tax expense from discontinued operations

Net income from discontinued operations attributable to shareholders of the Company

53,364

Net income attributable to shareholders of the Company

40,849

(3,507

)

(3,001

)

Comprehensive income attributable to shareholders of the Company

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 indicated)

Year ended
The 31st of December,

Year ended
The 31st of December,

Year ended
The 31st of December,

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

Diluted 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

Basic net income/(loss) per share attributable to

Continuing operations

HK$(0.97)

HK$(0.27)

HK$(0.23)

Discontinued operations

HKD4.13

Diluted net earnings/(loss) per share attributable to

Continuing operations

HK$(0.97)

HK$(0.27)

HK$(0.23)

Discontinued operations

HKD4.13

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED RESULTS

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

The 31st of December,

The 31st of December,

2020

2021

HK$

HK$

ASSETS

Current assets

Cash and cash equivalents

182,697

98,732

Deposits, advances 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 EQUITY

Current liabilities

Other accounts payable and accrued liabilities (note 6)

1,569

1,120

Tax payable

10,186

11,026

Total current liabilities

11,755

12,146

Total responsibilities

11,755

12,146

Commitments and contingencies (note 9)

Equity

Common stock (par value $0.001; 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

Premium

26,049

26,049

Accumulated other comprehensive income

(30)

(30)

Retained earnings

147,770

64,035

Total equity

173,890

90 155

Total liabilities and 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
The 31st of December,

Year ended
The 31st of December,

Year ended
The 31st of December,

2019

2020

2021

HK$

HK$

HK$

Operational 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:

Amortization

363

363

60

Gain on disposal of a subsidiary

(29

)

Change in operating assets and liabilities:

Down payments, down payments and other receivables

(70

)

(696

)

(681

)

Other payables and accrued charges

565

228

(449

)

Taxes payable

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 27 HK$ for the year 2020 and 93 HK$ for the year 2019)

325 413

29

Net cash provided by investing activities from continuing operations

325 413

29

Fundraising activity

Dividends paid

(413,761

)

(80,734

)

Net cash used in financing activities of continuing operations

(413,761

)

(80,734

)

Net decrease in cash and cash equivalents

(87,289

)

(2,833

)

(83,965

)

Cash and cash equivalents at beginning of year from continuing operations

272,819

185,530

182,697

Cash and cash equivalents at the end of the year from continuing operations

185,530

182,697

98,732

ADDITIONAL DISCLOSURE OF CASH FLOW INFORMATION:

interest income

3,297

1,118

112

Income taxes paid

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220421006037/en/

contacts

Plastec Technologies, Ltd.
HL Ning, Chief Financial Officer
[email protected]

INVESTOR RELATIONS:
Equity Group Inc.
Alice Zhang, Investor Relations Analyst
(212) 836-9610
[email protected]