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Plastec Technologies Reports Fiscal 2020 Financial Results

HONG KONG--(BUSINESS WIRE)--Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2020 year ended December 31, 2020. 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

  • $22.2 million in workingcapital at December 31, 2020, compared to $22.6million at December 31, 2019.
  • Book value per share was $1.72 at December 31, 2020, compared to $1.76 at December 31, 2019.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “Throughout the year, the Company has continued to maintain its public company listing status in order to evaluate potential investments in the future. We have maintained a low expense infrastructure while retaining the financial flexibility to take advantages of 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 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,

 

 

2018

 

2019

 

2020

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

Revenues

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

Operating income/(expenses), net

 

 

 

 

 

 

Gain on disposal of a subsidiary

 

-

 

 

-

 

 

29

 

Selling, general and administrative expenses

 

(4,554

)

 

(15,083

)

 

(3,882

)

Other income

 

9,954

 

 

-

 

 

7

 

Total operating income/ (expenses), net

 

5,400

 

 

(15,083

)

 

(3,846

)

 

 

 

 

 

 

 

Income/(loss) from operations

 

5,400

 

 

(15,083

)

 

(3,846

)

 

 

 

 

 

 

 

Interest income

 

3,082

 

 

3,297

 

 

1,118

 

Income/(loss) before income tax expense

 

8,482

 

 

(11,786

)

 

(2,728

)

 

 

 

 

 

 

 

Income tax expense from continuing operations

 

(2,435

)

 

(729

)

 

(779

)

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

 

6,047

 

 

(12,515

)

 

(3,507

)

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

Net income from discontinued operations (including gain of 2020: HK$Nil, 2019: HK$47,845, 2018: HK$171,809) upon disposals)

 

171,927

 

 

53,364

 

 

-

 

Income tax expenses from discontinued operations

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

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

 

171,927

 

 

53,364

 

 

-

 

 

 

 

 

 

 

 

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

 

177,974

 

 

40,849

 

 

(3,507

)

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Continuing operations

 

-

 

 

-

 

 

-

 

Discontinued operations

 

6,674

 

 

-

 

 

-

 

 

 

6,674

 

 

-

 

 

-

 

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

 

184,648

 

 

40,849

 

 

(3,507

)

 

Net income/(loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

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$0.47

 

HK$(0.97)

 

HK$(0.27)

Discontinued operations

 

HK$13.29

 

HK$4.13

 

-

 

 

 

 

 

 

 

 

Diluted net income/(loss) per share attributable from

 

 

 

 

 

 

Continuing operations

 

HK$0.47

 

HK$(0.97)

 

HK$(0.27)

Discontinued operations

 

HK$13.29

 

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,

 

2019

2020

 

HK$

HK$

ASSETS

Current assets

 

 

Cash and cash equivalents

185,530

 

182,697

 

Deposits, prepayment and other receivables

1,754

 

2,450

 

Total current assets

187,284

 

185,147

 

 

 

 

Property, plant and equipment, net

423

 

60

 

Intangible assets

438

 

438

 

Total assets

188,145

 

185,645

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

 

 

Other payables and accruals

1,341

 

1,569

 

Tax payable

9,407

 

10,186

 

Total current liabilities

10,748

 

11,755

 

 

 

 

Total liabilities

10,748

 

11,755

 

 

 

 

Commitments and contingencies

-

 

 

 

 

 

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 2019 and 2020, respectively)

101

 

101

 

Additional paid-in capital

26,049

 

26,049

 

Accumulated other comprehensive income

(30

)

(30

)

Retained earnings

151,277

 

147,770

 

Total shareholders’ equity

177,397

 

173,890

 

 

 

 

Total liabilities and shareholders’ equity

188,145

 

185,645

 

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,

 

 

2018

 

2019

 

2020

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net income / (loss)

 

177,974

 

 

40,849

 

 

(3,507

)

Less: Net income from discontinued operations

 

(171,927

)

 

(53,364

)

 

-

 

Net income/(loss) from continuing operations

 

6,047

 

 

(12,515

)

 

(3,507

)

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

 

 

 

 

 

 

Amortization

 

363

 

 

363

 

 

363

 

Gain on disposal of a subsidiary

 

-

 

 

-

 

 

(29

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

(310

)

 

(70

)

 

(696

)

Other payables and accruals

 

(221

)

 

565

 

 

228

 

Tax payables

 

2,435

 

 

729

 

 

779

 

Net cash provided by/(used in) continuing operations

 

8,314

 

 

(10,928

)

 

(2,862

)

Net cash provided by discontinued operations

 

17,168

 

 

11,987

 

 

-

 

Net cash provided by/(used in) operating activities

 

25,482

 

 

1,059

 

 

(2,862

)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Net cash inflow from disposals of subsidiaries (net of cash disposed of HK$27 for the year 2020, HK$93 for the year 2019 and HK$49,666 for the year 2018)

 

350,655

 

 

325,413

 

 

29

 

Net cash provided by continuing operations

 

350,655

 

 

325,413

 

 

29

 

Net cash used in discontinued operations

 

(101,410

)

 

-

 

 

-

 

Net cash provided by investing activities

 

249,245

 

 

325,413

 

 

29

 

 

 

 

 

 

 

 

Financing activity

 

 

 

 

 

 

Dividends paid

 

(403,669

)

 

(413,761

)

 

-

 

Net cash used in continuing operations

 

(403,669

)

 

(413,761

)

 

-

 

Net cash used in financing activity

 

(403,669

)

 

(413,761

)

 

-

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(128,942

)

 

(87,289

)

 

(2,833

)

 

 

 

 

 

 

 

Effect of exchange rate changes

 

6,674

 

 

-

 

 

-

 

Cash and cash equivalents, beginning of year

 

395,087

 

 

272,819

 

 

185,530

 

Cash and cash equivalents, end of year

 

272,819

 

 

185,530

 

 

182,697

 

Less: cash and cash equivalents from discontinued operations

 

(69

)

 

-

 

 

-

 

Cash and cash equivalents, end of year from continuing operations

 

272,750

 

 

185,530

 

 

182,697

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Interest income

 

3,082

 

 

3,297

 

 

1,118

 

Income taxes paid

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:

 

 

 

 

 

 

Consideration receivable

 

165,506

 

 

-

 

 

-

 

 

Contacts

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:
The Equity Group Inc.

Adam Prior, Senior Vice President

(212) 836-9606

[email protected]

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