Plastec Technologies Reports Fiscal 2022 Financial Results

Rhea-AI Summary

Plastec Technologies, Ltd. (OTC-PINK: PLTYF) reported its audited financial results for the fiscal year ending December 31, 2022. The company announced a working capital of $11.1 million, down from $11.5 million in 2021. The book value per share declined to $0.86 from $0.89. Mr. Kin Sun Sze-To, Chairman, expressed confidence in maintaining public listing status and being well-positioned for future opportunities. However, the company faced a net loss of (3,507) in 2022, compared to a loss of (3,001) in 2021. Despite maintaining a lean operational structure, uncertainties remain regarding future performance.

Positive

• Maintained public listing status.
• Lean operational infrastructure.

Negative

• Working capital decreased from $11.5 million in 2021 to $11.1 million in 2022.
• Book value per share fell from $0.89 to $0.86.
• Net loss increased from (3,001) in 2021 to (3,507) in 2022.

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2022 year ended December 31, 2022. 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, 2022, compared to $11.5 million at December 31, 2021.
• Book value per share was $0.86 at December 31, 2022, compared to $0.89 at December 31, 2021.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “We maintained the Company’s public listing status and lean operational infrastructure in 2022. We remain well positioned to take advantage of business opportunities that may make sense for our Company in the near term.”

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,
			2020		2021		2022
			HK$		HK$		HK$
Revenues			-		-		-
Operating expenses, net
Gain on disposal of a subsidiary			29		-		-
Selling, general and administrative expenses			(3,882)		(2,273)		(3,326)
Other income			7		-		91
Total operating expenses, net			(3,846)		(2,273)		(3,235)
Loss from operations			(3,846)		(2,273)		(3,235)
Interest income			1,118		112		917
Loss before income tax expense			(2,728)		(2,161)		(2,318)
Income tax expense			(779)		(840)		(907)
Net loss attributable to the Company’s shareholders			(3,507)		(3,001)		(3,225)
Comprehensive loss attributable to the Company’s shareholders			(3,507)		(3,001)		(3,225)

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,
			2020		2021		2022
			HK$		HK$		HK$
Net loss per share:
Weighted average number of ordinary shares			12,938,128		12,938,128		12,938,128
Weighted average number of diluted ordinary shares			12,938,128		12,938,128		12,938,128
Basic net loss per share			HK$(0.27)		HK$(0.23)		HK$(0.25)
Diluted net loss per share			HK$(0.27)		HK$(0.23)		HK$(0.25)

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,
					2021		2022
					HK$		HK$
				ASSETS
Current assets
Cash and cash equivalents					98,732		95,646
Deposits, prepayment and other receivables					3,131		3,554
Total current assets					101,863		99,200
Property, plant and equipment, net					-		-
Intangible assets					438		438
Total assets					102,301		99,638
				LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals					1,120		775
Tax payable					11,026		11,933
Total current liabilities					12,146		12,708
Total liabilities					12,146		12,708
Commitments and contingencies					-		-
Shareholders’ equity
Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized,					101		101
12,938,128 and 12,938,128 shares issued and outstanding as of
December 31 2021 and 2022, respectively)
Additional paid-in capital					26,049		26,049
Accumulated other comprehensive income					(30)		(30)
Retained earnings					64,035		60,810
Total shareholders’ equity					90,155		86,930
Total liabilities and shareholders’ equity					102,301		99,638

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,
		2020		2021		2022
		HK$		HK$		HK$
Operating activities
Net loss		(3,507)		(3,001)		(3,225)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization		363		60		-
Gain on disposal of a subsidiary		(29)		-		-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables		(696)		(681)		(423)
Other payables and accruals		228		(449)		(345)
Tax payables		779		840		907
Net cash used in operating activities		(2,862)		(3,231)		(3,086)
Investing activity
Net cash inflow from disposals of subsidiaries (net of cash disposed of HK$27 for the year 2020)		29		-		-
Net cash provided by investing activity		29		-		-
Financing activity
Dividends paid		-		(80,734)		-
Net cash used in financing activity		-		(80,734)		-
Net decrease in cash and cash equivalents		(2,833)		(83,965)		(3,086)
Cash and cash equivalents, beginning of year		185,530		182,697		98,732
Cash and cash equivalents, end of year		182,697		98,732		95,646
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest income		1,118		112		917
Income taxes paid		-		-		-

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230412005575/en/

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

ning@plastec.com.hk



INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

azhang@equityny.com

Source: Plastec Technologies, Ltd.

FAQ

What financial results did Plastec Technologies report for fiscal year 2022?

Plastec Technologies reported a net loss of (3,507) for 2022, a decrease in working capital to $11.1 million, and a book value per share of $0.86.

How does Plastec Technologies' 2022 net loss compare to 2021?

The net loss for 2022 was (3,507), which is an increase from the net loss of (3,001) in 2021.

What is the current working capital of Plastec Technologies?

As of December 31, 2022, Plastec Technologies has a working capital of $11.1 million.

What is the book value per share for Plastec Technologies as of December 31, 2022?

The book value per share is $0.86 as of December 31, 2022.