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Plastec Technologies Reports Fiscal 2021 Financial Results

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HONG KONG--(BUSINESS WIRE)--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

�

-

�

�

-

�

�

-

�

�

Contacts

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:
The Equity Group Inc.

Alice Zhang, Investor Relations Analyst

(212) 836-9610

[email protected]

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