Hong Kong, April 15, 2024–(Business Wire)–Plastec Technologies Co., Ltd. (OTCBB: PLTYF) (hereinafter referred to as the “Company”) Today, we reported our audited financial results for the 2023 fiscal year ending December 31, 2023. Please refer to the financial statements in Hong Kong Dollars (HKD) at the end of this release. All other amounts mentioned in this press release are expressed in United States dollars (USD) at a conversion rate of US$1.0: HK$7.8.
Current balance sheet highlights
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Working capital at December 31, 2022 was $11.1 million compared to $11.1 million at December 31, 2023.
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Book value per share was $0.86 as of December 31, 2022 and $0.86 as of December 31, 2023.
Management comment
Mr. Kin Sun Sze-To, Chairman of the Company, said: “During 2023, we maintained lean operations, which enabled us to maintain our cash position. We are continuing to explore.”
Forward-looking statements
This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from anticipated results. These forward-looking statements should not be relied upon as predictions of future events, as actual results may differ from expectations, estimates and projections. “expect”, “estimate”, “plan”, “budget”, “predict”, “anticipate”, “intend”, “project”, “may”, “will” Words such as “could,” “should,” “believes,” “anticipates,” “could,” “continue” and similar expressions refer to forward-looking statements. The purpose is to identify statements about
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Plastic Technologies Co., Ltd. Consolidated statements of operations and comprehensive income (Excluding data in thousands of Hong Kong dollars, number of shares, per share, unless otherwise stated) |
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|
year ended |
year ended |
year ended |
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|
2021 |
2022 |
2023 |
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|
hong kong dollar |
hong kong dollar |
hong kong dollar |
||||||||
|
revenue |
– |
– |
– |
|||||||
|
Operating expenses (net) |
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|
Selling, general and administrative expenses |
(2,273 |
) |
(3,326 |
) |
(3,084 |
) |
||||
|
Other income/income |
– |
91 |
– |
|||||||
|
Total operating expenses (net) |
(2,273 |
) |
(3,235 |
) |
(3,084 |
) |
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|
operating loss |
(2,273 |
) |
(3,235 |
) |
(3,084 |
) |
||||
|
interest income |
112 |
917 |
4,065 |
|||||||
|
(Loss)/Profit before tax |
(2,161 |
) |
(2,318 |
) |
981 |
|||||
|
income tax expense |
(840 |
) |
(907 |
) |
(1,047 |
) |
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|
Net loss attributable to shareholders of the Company |
(3,001 |
) |
(3,225 |
) |
(66 |
) |
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|
Comprehensive loss attributable to shareholders of the Company |
(3,001 |
) |
(3,225 |
) |
(66 |
) |
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Net loss per share: |
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|
Weighted average number of common shares |
12,938,128 |
12,938,128 |
12,938,128 |
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|
Weighted average number of diluted common shares |
12,938,128 |
12,938,128 |
12,938,128 |
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|
Basic net loss per share |
Hong Kong dollar (0.23 |
) |
Hong Kong dollar (0.25 |
) |
Hong Kong dollar (0.005 |
) |
||||
|
Diluted net loss per share |
Hong Kong dollar (0.23 |
) |
Hong Kong dollar (0.25 |
) |
Hong Kong dollar (0.005 |
) |
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Plastic Technologies Co., Ltd. Consolidated balance sheet (Excluding data in thousands of Hong Kong dollars, number of shares, per share, unless otherwise stated) |
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December 31 |
December 31 |
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|
2022 |
2023 |
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|
hong kong dollar |
hong kong dollar |
||||||||
|
assets |
|||||||||
|
current assets |
|||||||||
|
cash and cash equivalents |
95,646 |
96,303 |
|||||||
|
Deposit, advance payment and other receivables |
3,554 |
4,269 |
|||||||
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Total current assets |
99,200 |
100,572 |
|||||||
|
Net tangible fixed assets |
– |
7 |
|||||||
|
intangible assets |
438 |
438 |
|||||||
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Total assets |
99,638 |
101,017 |
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Debt and equity |
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Current Liabilities |
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Other accounts payable and payable |
775 |
1,173 |
|||||||
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Taxes payable |
11,933 |
12,980 |
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Total current liabilities |
12,708 |
14,153 |
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|
Total debt |
12,708 |
14,153 |
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|
promises and contingencies |
– |
– |
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|
Shareholders' equity |
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Common stock (par value $0.001, as of December 31, 2022, as of December 31, 2023, number of authorized shares: 100,000,000 shares, number of issued shares: 12,938,128 shares, number of issued shares: 12,938,128 shares) |
101 |
101 |
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|
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 debt and stockholders' equity |
99,638 |
101,017 |
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Plastic Technologies Co., Ltd. Consolidated cash flow statement (Excluding data in thousands of Hong Kong dollars, number of shares, per share, unless otherwise stated) |
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Years ended December 31st |
Years ended December 31st |
Years ended December 31st |
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|
2021 |
2022 |
2023 |
|||||||
|
hong kong dollar |
hong kong dollar |
hong kong dollar |
|||||||
|
work activities |
|||||||||
|
net loss |
(3,001 |
) |
(3,225 |
) |
(66 |
) |
|||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
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|
Amortization |
60 |
– |
– |
||||||
|
Changes in operating assets and liabilities: |
|||||||||
|
Deposit, advance payment and other receivables |
(681 |
) |
(423 |
) |
(715 |
) |
|||
|
Other accounts payable and payable |
(449 |
) |
(345 |
) |
398 |
||||
|
unpaid tax |
840 |
907 |
1,047 |
||||||
|
Net cash (used)/generated amount from operating activities |
(3,231 |
) |
(3,086 |
) |
664 |
||||
|
investment activities |
|||||||||
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Purchase of plant and machinery |
– |
– |
(7 |
) |
|||||
|
Net cash used in investing activities |
– |
– |
(7 |
) |
|||||
|
Fundraising activities |
|||||||||
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Dividend payment amount |
(80,734 |
) |
– |
– |
|||||
|
Net cash used in financing activities |
(80,734 |
) |
– |
– |
|||||
|
Net (decrease)/increase in cash and cash equivalents |
(83,965 |
) |
(3,086 |
) |
657 |
||||
|
Cash and cash equivalents, year-to-date |
182,697 |
98,732 |
95,646 |
||||||
|
Cash and cash equivalents, year-end |
98,732 |
95,646 |
96,303 |
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Supplemental disclosure of cash flow information: |
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|
interest income |
112 |
917 |
4,065 |
||||||
|
income tax paid |
– |
– |
– |
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View source version on businesswire.com. https://www.businesswire.com/news/home/20240415291978/en/
contact address
Plastec Technologies Co., Ltd.
HL Ning, Chief Financial Officer
ning@plastec.com.hk
Public relations activities for investors:
The Equity Group Co., Ltd.
Alice Chan, Associate
(212) 836-9610
azhang@equityny.com
