Plastec Technologies Reports Fiscal 2023 Financial Results

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04/15/2024 - 08:30 AM

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the 鈥淐ompany鈥�) today reported audited financial results for the fiscal 2023 year ended December 31, 2023. 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

$11.1 million in working capital at December 31, 2023, compared to $11.1 million at December 31, 2022.
Book value per share was $0.86 at December 31, 2023, compared to $0.86 at December 31, 2022.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, 鈥淒uring 2023, we maintained lean operations, which enabled the Company to sustain its cash position. We continue to explore potential business opportunities.鈥�

Forward Looking Statements

This press release contains 鈥渇orward-looking statements.鈥� 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 鈥渆xpect,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥渂udget,鈥� 鈥渇orecast,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渂elieves,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� and similar expressions are intended to identify such forward-looking statements.

									听
PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
									听
听	听	听	听 Year ended December 31,		听	听 Year ended December 31,		听	听 Year ended December 31,
听	听	听	2021		听	2022		听	2023
听	听	听	HK$		听	HK$		听	HK$
听	听	听	听		听	听		听	听
Revenues	听	听	-	听	听	-	听	听	-	听
听	听	听	听		听	听		听	听
Operating expenses, net	听	听	听		听	听		听	听
Selling, general and administrative expenses	听	听	(2,273	)	听	(3,326	)	听	(3,084	)
Other income	听	听	-	听	听	91	听	听	-	听
Total operating expenses, net	听	听	(2,273	)	听	(3,235	)	听	(3,084	)
听	听	听	听		听	听		听	听
Loss from operations	听	听	(2,273	)	听	(3,235	)	听	(3,084	)
听	听	听	听		听	听		听	听
Interest income	听	听	112	听	听	917	听	听	4,065	听
(Loss)/profit before income tax expense	听	听	(2,161	)	听	(2,318	)	听	981	听
听	听	听	听		听	听		听	听
Income tax expense	听	听	(840	)	听	(907	)	听	(1,047	)
Net loss attributable to the Company鈥檚 shareholders	听	听	(3,001	)	听	(3,225	)	听	(66	)
Comprehensive loss attributable to the Company鈥檚 shareholders	听	听	(3,001	)	听	(3,225	)	听	(66	)

Net loss per share:	听	听	听		听	听		听	听
听	听	听	听		听	听		听	听
Weighted average number of ordinary shares	听	听	12,938,128		听	12,938,128		听	12,938,128
听	听	听	听		听	听		听	听
Weighted average number of diluted ordinary shares	听	听	12,938,128		听	12,938,128		听	12,938,128
听	听	听	听		听	听		听	听
Basic net loss per share	听	听	HK$(0.23	)	听	HK$(0.25	)	听	HK$(0.005	)
听	听	听	听		听	听		听	听
Diluted net loss per share	听	听	HK$(0.23	)	听	HK$(0.25	)	听	HK$(0.005	)

								听
PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
								听
					December 31,		December 31,
					2022		2023
					HK$		HK$
								听
ASSETS
								听
Current assets	听	听	听	听	听	听	听
Cash and cash equivalents	听	听	听	听	95,646	听	96,303
Deposits, prepayment and other receivables	听	听	听	听	3,554	听	4,269
Total current assets	听	听	听	听	99,200	听	100,572
听	听	听	听	听	听	听	听
Property, plant and equipment, net	听	听	听	听	-	听	7
Intangible assets	听	听	听	听	438	听	438
Total assets	听	听	听	听	99,638	听	101,017

								听
LIABILITIES AND SHAREHOLDERS鈥� EQUITY
								听
Current liabilities	听	听	听	听	听		听	听
Other payables and accruals	听	听	听	听	775	听	听	1,173	听
Tax payable	听	听	听	听	11,933	听	听	12,980	听
Total current liabilities	听	听	听	听	12,708	听	听	14,153	听
听	听	听	听	听	听		听	听
Total liabilities	听	听	听	听	12,708	听	听	14,153	听
听	听	听	听	听	听		听	听
Commitments and contingencies	听	听	听	听	-	听	听	-	听
听	听	听	听	听	听		听	听
Shareholders鈥� equity	听	听	听	听	听		听	听
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 2022 and 2023, respectively)	听	听	听	听	101	听	听	101	听
Additional paid-in capital	听	听	听	听	26,049	听	听	26,049	听
Accumulated other comprehensive income	听	听	听	听	(30	)	听	(30	)
Retained earnings	听	听	听	听	60,810	听	听	60,744	听
Total shareholders鈥� equity	听	听	听	听	86,930	听	听	86,864	听
听	听	听	听	听	听		听	听
Total liabilities and shareholders鈥� equity	听	听	听	听	99,638	听	听	101,017	听

								听
PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED STATEMENTS OF CASH FLOWS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
								听
听	听	听 Year ended December 31,		听	听 Year ended December 31,		听	听 Year ended December 31,
听	听	2021		听	2022		听	2023
听	听	HK$		听	HK$		听	HK$
听	听	听		听	听		听	听
Operating activities	听	听		听	听		听	听
Net loss	听	(3,001	)	听	(3,225	)	听	(66	)
Adjustments to reconcile net loss to net cash used in operating activities:	听	听		听	听		听	听
Amortisation	听	60	听	听	-	听	听	-	听
Changes in operating assets and liabilities:	听	听		听	听		听	听
Deposits, prepayment and other receivables	听	(681	)	听	(423	)	听	(715	)
Other payables and accruals	听	(449	)	听	(345	)	听	398	听
Tax payables	听	840	听	听	907	听	听	1,047	听
Net cash (used in)/generated from operating activities	听	(3,231	)	听	(3,086	)	听	664	听
听	听	听		听	听		听	听
Investing activity	听	听		听	听		听	听
Purchase of plant and machinery	听	-	听	听	-	听	听	(7	)
Net cash used in investing activity	听	-	听	听	-	听	听	(7	)
听	听	听		听	听		听	听
Financing activity	听	听		听	听		听	听
Dividends paid	听	(80,734	)	听	-	听	听	-	听
Net cash used in financing activity	听	(80,734	)	听	-	听	听	-	听
听	听	听		听	听		听	听
Net (decrease)/increase in cash and cash equivalents	听	(83,965	)	听	(3,086	)	听	657	听
听	听	听		听	听		听	听
Cash and cash equivalents, beginning of year	听	182,697	听	听	98,732	听	听	95,646	听
Cash and cash equivalents, end of year	听	98,732	听	听	95,646	听	听	96,303	听
听	听	听		听	听		听	听
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	听	听		听	听		听	听
Interest income	听	112	听	听	917	听	听	4,065	听
Income taxes paid	听	-	听	听	-	听	听	-	听
听	听	听		听	听		听	听

听

View source version on businesswire.com:

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

[email protected]

Source: Plastec Technologies, Ltd.

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