Plastec Technologies Reports Fiscal 2023 Financial Results

Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) 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, “During 2023, we maintained lean operations, which enabled the Company to sustain its cash position. We continue to explore potential business opportunities.”

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,

 

 

 

2021

 

2022

 

2023

 

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

 

Revenues

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Operating expenses, net

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(2,273

)

 

(3,326

)

 

(3,084

)

Other income

 

 

-

 

 

91

 

 

-

 

Total operating expenses, net

 

 

(2,273

)

 

(3,235

)

 

(3,084

)

 

 

 

 

 

 

 

 

Loss from operations

 

 

(2,273

)

 

(3,235

)

 

(3,084

)

 

 

 

 

 

 

 

 

Interest income

 

 

112

 

 

917

 

 

4,065

 

(Loss)/profit before income tax expense

 

 

(2,161

)

 

(2,318

)

 

981

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(840

)

 

(907

)

 

(1,047

)

Net loss attributable to the Company’s shareholders

 

 

(3,001

)

 

(3,225

)

 

(66

)

Comprehensive loss attributable to the Company’s shareholders

 

 

(3,001

)

 

(3,225

)

 

(66

)

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$(0.23

)

 

HK$(0.25

)

 

HK$(0.005

)

 

 

 

 

 

 

 

 

Diluted net loss per share

 

 

HK$(0.23

)

 

HK$(0.25

)

 

HK$(0.005

)

 

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,

2022

2023

HK$

HK$

 

ASSETS

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

95,646

 

96,303

Deposits, prepayment and other receivables

 

 

 

 

3,554

 

4,269

Total current assets

 

 

 

 

99,200

 

100,572

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

 

 

-

 

7

Intangible assets

 

 

 

 

438

 

438

Total assets

 

 

 

 

99,638

 

101,017

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Current liabilities

 

 

 

 

 

 

 

Other payables and accruals

 

 

 

 

775

 

 

1,173

 

Tax payable

 

 

 

 

11,933

 

 

12,980

 

Total current liabilities

 

 

 

 

12,708

 

 

14,153

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

12,708

 

 

14,153

 

 

 

 

 

 

 

 

 

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 2022 and 2023, respectively)

 

 

 

 

101

 

 

101

 

Additional paid-in capital

 

 

 

 

26,049

 

 

26,049

 

Accumulated other comprehensive income

 

 

 

 

(30

)

 

(30

)

Retained earnings

 

 

 

 

60,810

 

 

60,744

 

Total shareholders’ equity

 

 

 

 

86,930

 

 

86,864

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

 

 

 

99,638

 

 

101,017

 

 

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,

 

 

2021

 

2022

 

2023

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net loss

 

(3,001

)

 

(3,225

)

 

(66

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Amortisation

 

60

 

 

-

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

(681

)

 

(423

)

 

(715

)

Other payables and accruals

 

(449

)

 

(345

)

 

398

 

Tax payables

 

840

 

 

907

 

 

1,047

 

Net cash (used in)/generated from operating activities

 

(3,231

)

 

(3,086

)

 

664

 

 

 

 

 

 

 

 

Investing activity

 

 

 

 

 

 

Purchase of plant and machinery

 

-

 

 

-

 

 

(7

)

Net cash used in investing activity

 

-

 

 

-

 

 

(7

)

 

 

 

 

 

 

 

Financing activity

 

 

 

 

 

 

Dividends paid

 

(80,734

)

 

-

 

 

-

 

Net cash used in financing activity

 

(80,734

)

 

-

 

 

-

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(83,965

)

 

(3,086

)

 

657

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

182,697

 

 

98,732

 

 

95,646

 

Cash and cash equivalents, end of year

 

98,732

 

 

95,646

 

 

96,303

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Interest income

 

112

 

 

917

 

 

4,065

 

Income taxes paid

 

-

 

 

-

 

 

-