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SCHEDULE 1
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
SCHEDULE 1

SCHEDULE 1

NAM TAI PROPERTY INC.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands of U.S. dollars)

 

 

 

Year ended December 31,

 

 

 

2017

 

 

2018

 

 

2019

 

General and administrative expenses*

 

$

(2,714

)

 

$

(4,817

)

 

$

(2,948

)

Other income (expenses), net

 

 

7,296

 

 

 

5,470

 

 

 

(556

)

Interest income

 

 

6,998

 

 

 

2,552

 

 

 

962

 

Income (loss) before income tax

 

 

11,580

 

 

 

3,205

 

 

 

(2,542

)

Income tax expenses

 

 

—

 

 

 

—

 

 

 

—

 

Income (loss) before share of net profits of subsidiaries, net of income tax

 

 

11,580

 

 

 

3,205

 

 

 

(2,542

)

Share of net losses subsidiaries, net of income tax

 

 

(7,636

)

 

 

(16,459

)

 

 

(10,649

)

Net income (loss)

 

$

3,944

 

 

$

(13,254

)

 

$

(13,191

)

   Foreign currency translation adjustment

 

 

6,311

 

 

 

(10,437

)

 

 

(3,136

)

Other comprehensive income (loss)

 

 

6,311

 

 

 

(10,437

)

 

 

(3,136

)

Comprehensive income (loss)

 

$

10,255

 

 

$

(23,691

)

 

$

(16,327

)

* Amount of share-based compensation expense included in general and

   administrative expenses

 

$

1,424

 

 

$

3,320

 

 

$

539

 

 

SCHEDULE 1

NAM TAI PROPERTY INC.

BALANCE SHEETS

(In thousands of U.S. dollars)

 

 

 

December 31,

 

 

 

2018

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,512

 

 

$

35,071

 

Prepaid expenses and other receivables

 

 

2,313

 

 

 

2,328

 

Total current assets

 

 

37,825

 

 

 

37,399

 

Investments in subsidiaries

 

 

206,446

 

 

 

192,661

 

Total assets

 

$

244,271

 

 

$

230,060

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accrued expenses and other payables

 

$

230

 

 

$

1,374

 

Amounts due to subsidiaries

 

 

16,150

 

 

 

13,948

 

Total liabilities

 

$

16,380

 

 

$

15,322

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common shares ($0.01 par value—authorized 200,000,000 shares, issued

   and outstanding 38,186,991 and 38,631,991 shares as at December 31, 2018

   and 2019, respectively)

 

 

382

 

 

 

386

 

Additional paid-in capital

 

 

257,125

 

 

 

260,295

 

Accumulated deficit

 

 

(13,329

)

 

 

(26,520

)

Accumulated other comprehensive loss

 

 

(16,287

)

 

 

(19,423

)

Total shareholders’ equity

 

 

227,891

 

 

 

214,738

 

Total liabilities and shareholders’ equity

 

$

244,271

 

 

$

230,060

 

 

SCHEDULE 1

NAM TAI PROPERTY INC.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands of U.S. dollars, except share and per share data)

 

 

 

Common

Shares

Outstanding

 

 

Common

Shares

Amount

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

(Accumulated Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

Shareholders’

Equity

 

Balance at January 1, 2017

 

 

36,446,691

 

 

$

364

 

 

$

241,536

 

 

$

6,607

 

 

$

(12,161

)

 

$

236,346

 

Shares issued on exercise of options

 

 

1,104,500

 

 

 

12

 

 

 

6,896

 

 

 

—

 

 

 

—

 

 

 

6,908

 

Stock-based compensation expenses

 

 

—

 

 

 

 

 

 

 

1,424

 

 

 

—

 

 

 

—

 

 

 

1,424

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,944

 

 

 

—

 

 

 

3,944

 

Cash dividends declared ($0.28 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,514

)

 

 

—

 

 

 

(10,514

)

Cash dividends paid

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(61

)

 

 

—

 

 

 

(61

)

Foreign currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,311

 

 

 

6,311

 

Balance at December 31, 2017

 

 

37,551,191

 

 

$

376

 

 

$

249,856

 

 

$

(24

)

 

$

(5,850

)

 

$

244,358

 

Shares issued on exercise of options

 

 

635,800

 

 

 

6

 

 

 

3,949

 

 

 

—

 

 

 

—

 

 

 

3,955

 

Stock-based compensation expenses

 

 

—

 

 

 

—

 

 

 

3,320

 

 

 

—

 

 

 

—

 

 

 

3,320

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,254

)

 

 

—

 

 

 

(13,254

)

Cash dividends paid

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(51

)

 

 

—

 

 

 

(51

)

Foreign currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,437

)

 

 

(10,437

)

Balance at December 31, 2018

 

 

38,186,991

 

 

$

382

 

 

$

257,125

 

 

$

(13,329

)

 

$

(16,287

)

 

$

227,891

 

Shares issued on exercise of options

 

 

445,000

 

 

 

4

 

 

 

2,631

 

 

 

—

 

 

 

—

 

 

 

2,635

 

Stock-based compensation expenses

 

 

—

 

 

 

—

 

 

 

539

 

 

 

—

 

 

 

—

 

 

 

539

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,191

)

 

 

—

 

 

 

(13,191

)

Foreign currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,136

)

 

 

(3,136

)

Balance at December 31, 2019

 

 

38,631,991

 

 

$

386

 

 

$

260,295

 

 

$

(26,520

)

 

$

(19,423

)

 

$

214,738

 

 

SCHEDULE 1

NAM TAI PROPERTY INC.

STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

 

 

 

Year ended December 31,

 

 

 

2017

 

 

2018

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,944

 

 

$

(13,254

)

 

$

(13,191

)

Adjustments to reconcile net income (loss) to net cash (used in)

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Share of net profits of subsidiaries, net of taxes

 

 

7,636

 

 

 

16,459

 

 

 

10,649

 

Depreciation

 

 

227

 

 

 

57

 

 

 

—

 

Share-based compensation expenses

 

 

1,424

 

 

 

3,320

 

 

 

539

 

Loss on waiving amount due from a subsidiary

 

 

1,324

 

 

 

—

 

 

 

—

 

Gain on disposal of property, plant and equipment

 

 

—

 

 

 

(6,763

)

 

 

—

 

Changes in current assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in prepaid expenses and other receivables

 

 

668

 

 

 

532

 

 

 

(15

)

Increase in accrued expenses and other payables

 

 

69

 

 

 

71

 

 

 

1,144

 

Net cash provided by (used in) operating activities

 

$

15,292

 

 

$

422

 

 

$

(874

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds of property, plant and equipment

 

 

—

 

 

 

9,706

 

 

 

—

 

Decrease in short term investment

 

 

88,399

 

 

 

—

 

 

 

—

 

Decrease (increase) in amounts due from subsidiaries

 

 

1,455

 

 

 

(7,281

)

 

 

(2,202

)

Net cash provided by (used in) investing activities

 

$

89,854

 

 

$

2,425

 

 

$

(2,202

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Repayment a long term loan to a subsidiary

 

 

(39,334

)

 

 

(74,974

)

 

 

—

 

Dividend paid

 

 

(10,266

)

 

 

(10,565

)

 

 

—

 

Proceeds from options exercise

 

 

6,908

 

 

 

3,955

 

 

 

2,635

 

Net cash (used in) provided by financing activities

 

$

(42,692

)

 

$

(81,584

)

 

$

2,635

 

Net increase (decrease) in cash and cash equivalents

 

 

62,454

 

 

 

(78,737

)

 

 

(441

)

Cash and cash equivalents at beginning of year

 

 

51,795

 

 

 

114,249

 

 

 

35,512

 

Cash and cash equivalents at end of year

 

$

114,249

 

 

$

35,512

 

 

$

35,071

 

 

SCHEDULE 1

NAM TAI PROPERTY INC.

NOTE TO SCHEDULE 1

(In thousands of U.S. dollars)

Schedule 1 has been provided pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, changes in financial position and results and operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2019, $376,449 of the restricted capital and reserves are not available for distribution, and as such, the condensed financial information of the Company has been presented for the years ended December 31, 2017, 2018 and 2019.

During the years ended December 31, 2017, 2018 and 2019, no cash dividend was declared and paid by subsidiaries to the Company.