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Plastec Technologies Reports Fiscal 2022 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 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

�

-

�

-

�

-

�

�

�

�

�

�

�

�

Contacts

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:
The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

[email protected]

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