SHENZHEN, China, Jan. 27, 2020 /PRNewswire/ -- Nam Tai
Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today
announced its unaudited results for the fourth quarter ended
December 31, 2019.
KEY HIGHLIGHTS
(In thousands of US dollars, except per share data,
percentages and as otherwise stated)
|
|
Quarterly
Results
|
|
Twelve
Months Results
|
|
|
|
Q4
2019
|
|
Q4 2018
|
|
YoY(%)(a)
|
|
|
12M
2019
|
|
12M
2018
|
|
YoY(%)(a)
|
Operating
income
|
|
$
|
839
|
|
$
|
486
|
|
|
72.6%
|
|
|
$
|
2,965
|
|
$
|
493
|
|
|
501.4%
|
Net operating
income
|
|
$
|
367
|
|
$
|
413
|
|
|
(11.1)%
|
|
|
$
|
1,609
|
|
$
|
420
|
|
|
283.1%
|
Operating
loss
|
|
$
|
(4,596)
|
|
$
|
(3,550)
|
|
|
—
|
|
|
$
|
(17,235)
|
|
$
|
(20,795)
|
|
|
—
|
% of operating
income
|
|
|
(547.8)%
|
|
|
(730.5)%
|
|
|
|
|
|
|
(581.3)%
|
|
|
(4218.0)%
|
|
|
|
per share
(diluted)
|
|
$
|
(0.12)
|
|
$
|
(0.09)
|
|
|
—
|
|
|
$
|
(0.45)
|
|
$
|
(0.55)
|
|
|
—
|
Net
loss
|
|
$
|
(2,093)
|
|
$
|
(6,280)
|
|
|
—
|
|
|
$
|
(13,566)
|
|
$
|
(13,254)
|
|
|
—
|
% of operating
income
|
|
|
(249.5)%
|
|
|
(1292.2)%
|
|
|
|
|
|
|
(457.5)%
|
|
|
(2688.4)%
|
|
|
|
Basic loss per
share
|
|
$
|
(0.05)
|
|
$
|
(0.16)
|
|
|
—
|
|
|
$
|
(0.35)
|
|
$
|
(0.35)
|
|
|
—
|
Diluted loss per
share
|
|
$
|
(0.05)
|
|
$
|
(0.16)
|
|
|
—
|
|
|
$
|
(0.35)
|
|
$
|
(0.35)
|
|
|
—
|
Weighted average
number of shares ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,585
|
|
|
38,643
|
|
|
|
|
|
|
38,331
|
|
|
37,826
|
|
|
|
Diluted
|
|
|
38,585
|
|
|
38,643
|
|
|
|
|
|
|
38,331
|
|
|
37,826
|
|
|
|
|
Notes:
|
(a)
Percentage change is not applicable if either of the two periods
contains a loss or no amount.
|
|
|
|
|
|
As of December
31,
|
|
|
As of December
31,
|
|
|
|
2019
|
|
|
2018
|
|
Cash and cash
equivalents(a)
|
|
$
|
130,218
|
|
|
$
|
62,919
|
|
Short term
investments(b)
|
|
$
|
—
|
|
|
$
|
46,952
|
|
Real estate
properties under development, net
|
|
$
|
251,896
|
|
|
$
|
171,610
|
|
Property, plant and
equipment, net
|
|
$
|
26,758
|
|
|
$
|
27,442
|
|
Right of use
assets
|
|
$
|
4,078
|
|
|
$
|
—
|
|
Deferred income tax
assets
|
|
$
|
1,703
|
|
|
$
|
—
|
|
Total
assets
|
|
$
|
426,173
|
|
|
$
|
318,107
|
|
Accounts
payable
|
|
$
|
36,676
|
|
|
$
|
87,214
|
|
Advance from
customers
|
|
$
|
68,639
|
|
|
$
|
255
|
|
Short term bank
loan
|
|
$
|
1,433
|
|
|
$
|
—
|
|
Current portion of
lease liabilities
|
|
$
|
529
|
|
|
$
|
—
|
|
Noncurrent portion of
lease liabilities
|
|
$
|
3,642
|
|
|
$
|
—
|
|
Current portion of
long term bank loans
|
|
$
|
2,234
|
|
|
$
|
—
|
|
Long term bank
loans
|
|
$
|
94,119
|
|
|
$
|
—
|
|
Total shareholders'
equity
|
|
$
|
215,176
|
|
|
$
|
227,891
|
|
Total number of
common shares issued
|
|
|
38,632
|
|
|
|
38,187
|
|
|
Notes:
|
(a)
Cash and cash equivalents include all cash balances and
certificates of deposit having a maturity date of three months or
less upon acquisition.
|
(b)
Short term investments include all highly liquid investments
with original maturities of greater than three months and less than
12 months. Investments that are expected to be realized in cash
during the next 12 months are also included in short term
investments.
|
SUPPLEMENTARY INFORMATION (UNAUDITED) IN
THE FOURTH QUARTER OF
2019
Key Highlights of Financial Position
|
|
As
at December 31,
|
|
As
at December 31,
|
|
|
2019
|
|
2018
|
Ratio of
cash(a) to current liabilities
|
|
1.16
|
|
1.22
|
Current
ratio(b)
|
|
1.24
|
|
1.29
|
Ratio of total assets
to total liabilities
|
|
2.02
|
|
3.53
|
Return on
equity
|
|
|
(6.1)%
|
|
|
(5.6)%
|
Ratio of total
liabilities to total equity
|
|
0.98
|
|
0.40
|
|
|
|
|
|
|
|
Notes:
|
(a)
Cash in this financial ratio include cash, cash equivalents and
short term investments.
|
(b)
Current ratio means all current assets, including prepaid
expenses and other receivables, divided by all current
liabilities.
|
FINANCIAL RESULTS
Net Operating Income
Net operating income for the fourth quarter of 2019 was
$0.4 million compared to $0.4 million in the fourth quarter of 2018.
Operating income for the fourth quarter of 2019 mainly consisted of
rental income of $0.7 million from
the existing factory buildings located on the sites of Inno Valley
and Wuxi.
Net operating income for the twelve months of 2019 was
$1.6 million compared to $0.4 million in the twelve months of 2018.
Operating income for the twelve months of 2019 mainly consisted of
rental income of $2.5 million from
the existing factory buildings located on the sites of Inno Valley
and Wuxi.
Operating Loss
Operating loss for the fourth quarter of 2019 was $4.6 million compared to an operating loss of
$3.6 million in the fourth quarter of
2018. Operating loss for the fourth quarter of 2019 mainly
consisted of general and administrative expenses of $3.9 million and selling and marketing expenses
of $1.1 million, which were offset in
part by our net operating income of $0.4
million for the period. Operating loss for the fourth
quarter of 2018 mainly consisted of general and administrative
expenses of $3.5 million and selling
and marketing expenses of $0.5
million, which were offset in part by our net operating
income of $0.4 million for the
period.
Operating loss for the twelve months of 2019 was $17.2 million compared to an operating loss of
$20.8 million in the twelve months of
2018. Operating loss for the twelve months of 2019 mainly consisted
of general and administrative expenses of $12.4 million and selling and marketing expenses
of $6.5 million, which were offset in
part by our net operating income of $1.6
million for the period. The expenses mainly included salary
and benefits of $8.6 million, and
accrued apartment rental commission of $3.9
million. Operating loss for the twelve months of 2018 mainly
consisted of general and administrative expenses of $20.4 million, including accrual of compensation
for loss of office of $3.7 million
for the retirement of a senior officer, stock option compensation
expenses of $2.9 million for certain
officers and employees, salary and benefits of $6.6 million, depreciation of $3.7 million and audit, legal and professional
fees of $1.4 million, which is offset
by the net operating income of $0.4
million.
Net Loss
Net loss for the fourth quarter of 2019 was $2.1 million compared to net loss of $6.3 million in the fourth quarter of 2018. Net
loss for the fourth quarter of 2019 mainly consisted of operating
loss of $4.6 million, which was offset in part by interest income of
$0.4 million earned from time
deposits, deferred income tax credit of $1.7 million
and other net income of $0.4 million.
Net loss for the fourth quarter of 2018 mainly consisted of a net
operating loss of $3.6 million and a
loss of $4.1 million related to the
disposal of certain fixed assets in our Wuxi factory, which were
offset in part by interest income of $1.0
million earned from time deposits.
Net loss for the twelve months of 2019 was $13.6 million compared to net loss of
$13.3 million in the twelve months of
2018. Net loss for the twelve months of 2019 mainly consisted of
operating loss of $17.2 million and
other net loss of $0.4 million, which
were offset in part by interest income of $2.4 million and deferred income tax credit of
$1.7 million. Net loss for the
twelve months of 2018 mainly consisted of a net operating loss of $20.8 million and a loss of $4.1 million related to the disposal of certain
fixed assets in our Wuxi factory;
which were offset in part by a gain of $6.8
million on the disposal of an office property in
Hong Kong, interest income of
$5.6 million earned from time
deposits and other net loss of
$0.7 million.
Cash, Cash Equivalents and Short-term Investment
Cash, cash equivalents and short-term investment increased by
$20.3 million in the twelve months of
2019 from $109.9 million as of
December 31, 2018 to $130.2 million as of December 31, 2019. This
increase was mainly due to the payment of $134.6 million for real estate properties under
development which was offset by $68.3
million advance from customers and $96.4 million long term bank loans obtained in
2019.
Real Estate Properties under Development, Net
Real estate properties under development increased by
$80.3 million in the twelve months of
2019 from $171.6 million as of
December 31, 2018 to $251.9 million as of December 31, 2019. This increase consisted of
$80.3 million for the construction of
both Nam Tai Inno Park and Nam Tai
Technology Center.
Right of use assets
Right of use assets increased by $4.1
million in 2019. The increase was
mainly due to the recognition of right of use assets for Nam Tai •
Tang Xi Technology Park and Hong
Kong office, which were $3.6
million and $0.5 million
respectively, in accordance with Accounting Standards Codification
("ASC") 842 Leases which became effective January 1, 2019.
Deferred income tax assets
Deferred income tax assets increased by $1.7 million in 2019. No deferred income tax
assets existed at the beginning of 2019. The increase was mainly due to the accumulated loss
of $6.8 million incurred during the
construction of Nam Tai Technology Center, which is expected to be
utilized in the next five years.
Accounts Payable
Accounts payable decreased by $50.5
million in the twelve months of 2019 from $87.2 million as of December 31, 2018 to $36.7
million as of December 31,
2019. This decrease mainly consisted of accrued payables for
the completed construction of both Nam Tai
Inno Park and Nam Tai Technology Center.
Advance from Customers
Advance from customers increased by $68.3
million in the twelve months of 2019 from $0.3 million as of December 31, 2018 to $68.6
million as of December 31,
2019. This increase was mainly
attributed to $68.3 million in
prepaid rent received from customers of Nam Tai Inno
Park.
Lease liabilities
Lease liabilities increased by $4.2
million in 2019. The increase was mainly due to the
recognition of lease liabilities for Nam Tai • Tang Xi Technology
Park and the Hong Kong office,
which were $3.7 million and
$0.5 million respectively, according
to ASC842 Leases.
Short term bank loan
Short term bank loan increased by $1.4
million in the twelve months of 2019. No short term bank
loan existed at the beginning of 2019. The increase was mainly due to the
$1.4 million loan from China
Everbright Bank for Nam Tai Technology Center.
Long term bank loans
Long term bank loan increased by $96.4 million in the twelve months of 2019.
No long term bank loan existed at the beginning of 2019. The increase was mainly due to the
$73 million loan from Bank of
China for Nam Tai Inno Park, $7.2
million loan from Bank of Beijing, $12
million loan from Shenzhen Rural Commercial Bank for Nam Tai
Technology Center and $4.2 million
loan from Industrial Bank for Nam Tai Inno Valley.
Liquidity and Capital Resources
As of December 31, 2019, we had a
total cash balance of $130.2 million.
According to our project development plan, project investment for
the first quarter of 2020 is estimated to be $22.2 million. The total project investment for
2020 is estimated to be $93.6
million.
With respect to the financing of Nam Tai Technology Center, Nam
Tai Investment (Shenzhen) Co.,
Ltd. ("Nam Tai Investment"), a wholly-owned subsidiary of the
Company, entered into a credit agreement with Baoan Branch of Shenzhen Rural Commercial Bank
("Shenzhen Rural Commercial Bank") in October 2019 for a credit facility of
RMB1 billion with a period of five
years for the construction of Nam Tai Technology Center. The credit
facility was secured by the land of Nam Tai Technology Center and
100% equity of Nam Tai Investment. Zastron Electronic (Shenzhen) Co., Ltd. ("Zastron Electronic "),
our wholly-owned subsidiary, also provided a guarantee. As of December 31, 2019, we had withdrawn RMB84 million from Shenzhen Rural Commercial
Bank. The credit facility with Shenzhen Rural Commercial Bank was a
key step in ensuring the construction progress of Nam Tai
Technology Center.
With respect to the financing of Nam Tai Inno Park, after
entering into the financing package with Bank of China in September
2019, we had drawn down RMB509.9
million for the construction of Nam Tai Inno Park.
With respect to other financing activities, Zastron Electronic
entered into a project loan agreement with Zhuhai Branch of Xiamen
International Bank ("Xiamen International Bank") in January 2020 for a loan facility of RMB110 million with a period of two years. This
loan was secured by the buildings and the related land use right
(land parcel number: A116-0018) which is located in the Namtai
Road, Gushu Community, Xixiang Township, Baoan District,
Shenzhen City and Nam Tai
Investment provided jointly liability guarantee. In addition, we
also entered into two other loan agreements with two separate
financial institutions in the second half of 2019 for loan
facilities of RMB30 million and
RMB10 million, respectively, to be
used as general working capital. The two loans were guaranteed by a
third-party guarantee company, secured by our office properties in
Qianhai, Shenzhen, and guaranteed
by several of our subsidiaries. These loans have increased the
Company's liquidity and expanded its sources of financing.
Please see the Company's Condensed Consolidated Statements of
Comprehensive Income for further details. The information contained
herein has also been published on the Company's website at
https://www.namtai.com/quarterly/index.html.
RECENT DEVELOPMENTS
The development of our projects in Guangming and Gushu,
Shenzhen, continue to proceed as
planned.
For Nam Tai Inno Park
("Inno Park"), construction
continued smoothly in the fourth quarter of 2019. In December 2019, the Company received the
Construction Acceptance Reports of Inno Park, which demonstrated
the capabilities of the Company in developing large-scale
technology parks. In the fourth quarter, we held various industrial
events in Inno Park, strengthening our brand image as a technology
park operator, establishing contacts with potential technology
enterprise tenants, and deepening the relationships with our
partners. These industrial activities included the "Nam Tai
Sub-Forum of 2019 Greater Bay Area Conference on Robotics and
Artificial Intelligence" held in November
2019 and the "Private Advisory Board of Shenzhen Big Data
and Artificial Intelligence Industry Alliance" held in December 2019. In addition, Nam Tai Inno Park won the "Technology Park Award
of Guangdong High-tech Enterprise Kunpeng Award" from the Guangdong
High-tech Industry Chamber of Commerce, affirming the quality of
our technology park. As of December 31,
2019, we had leased approximately 34,848 square meters of
Inno Park to tenants.
Nam Tai Inno Park was highly
recognized by high-tech corporate tenants. In January 2020, we signed lease contracts with
Taihang Automobile Company Limited, a new energy automobile
company, for the lease of our office and commercial units. Taihang
Automobile plans to set up its
Shenzhen headquarter in Inno Park.
The signing of the contracts and the introduction of a new economy
enterprise reflected the market's high recognition of our project
and operating capabilities, and also strengthened our brand image
as a leading technology park operator.
Nam Tai Sub-Forum of 2019 Greater Bay Area Conference on
Robotics and Artificial Intelligence
In November 2019, Nam Tai
(Shenzhen) Industrial Operation
Management Co., Ltd. ("Nam Tai Industrial Operation"), a
wholly-owned subsidiary of the Company, co-hosted the sub-forum of
"AI + Big Data Special Field - Development Trend and Application"
in Shenzhen, together with China
International Conference Center for Science and Technology,
Shenzhen Association for Science and Technology as well as Shenzhen
Industry-University-Research Institute Collaboration Association.
Hosted by Professor Wang Zhidong from Chiba University of Technology in Japan, this forum was well-attended by
prominent participants, including Huawei Altas Ecological
Development Department, iFLYTEK Co., Ltd., Beijing Shenxing
Technology Co., Ltd., Orbbec, Autox and the School of Computer
Science and Technology of Harbin Institute of Technology
(Shenzhen). At this sub forum, the
"Shenzhen Big Data and Artificial Intelligence Industry Alliance",
jointly hosted by enterprises and organizations including Nam Tai
Industrial Operation, Harbin Institute of Technology Shenzhen and
Shenzhen Industry-University-Research Institute Collaboration
Association, was proposed to established.
Private Advisory Board of Shenzhen Big Data and Artificial
Intelligence Industry Alliance
In December 2019, the Private
Advisory Board of Shenzhen Big Data and Artificial Intelligence
Industry Alliance was successfully held in Nam Tai Inno Park by Nam
Tai Industrial Operation, in conjunction with Shenzhen
Industry-University-Research Institute Collaboration Association,
Southern University of Science and
Technology. During the forum, Professor Ren Rongwei from School of
Management in Sun Yat-sen University
shared his research on the cutting-edge trends of AI in
the United States. Other
participants included scholars from Harbin Institute of Technology
Shenzhen and management from over 20 technology companies in
Shenzhen and Shanghai.
Progress on Nam Tai Technology Center
We continued to advance the
construction of the main structure
of Nam Tai Technology Center in the fourth quarter of 2019. At present, the garden
landscape, exhibition hall and lobby in the exhibition area are
under construction. In addition, the Company obtained "Payment
Certificate of Land Price" and "Property Ownership Certificate" in
September and November 2019,
respectively, after paying the additional land premium of Nam Tai
Technology Center. These key documents were essential for obtaining
bank credit facilities.
Update on Nam Tai Inno Valley
As at December 31, 2019, the
percentage of leased space at the Nam Tai Inno Valley
("Inno Valley") had maintained at
approximately 89.2%, equivalent to
approximately 33,033 square meters. In the fourth quarter of 2019,
we continued to improve the operational level of Inno Valley and
provide industrial support services for our enterprise tenants in
the park. In this quarter, we held three industrial events in Inno
Valley, including the "Nam Tai Inno Valley Smart Nam Tai App
Promotion Conference" in October
2019, the "Unknown Convenience for Corporate Bank Financing"
in November 2019, and the "Senior
Economist Training" in December
2019.
As for our Wuxi facilities, we leased out the facilities and
delivered them to a third party in February
2019.
Other Project Expansion
As for Nam Tai • Tang Xi Technology Park, we started the
optimization and renovation in September
2019, and opened it for
leasing in the fourth quarter of 2019. As of December 31,
2019, the leased space at Nam Tai • Tang Xi Technology Park had
reached 1,737 square meters.
In addition, the Company continued to add asset-light operation
projects and expand our business in the Yangtze River Delta
Economic Zone. In December 2019, we
entered into a leasing agreement with a third party and rented a
number of units located in Lanqiao International Building, Century
Avenue, Pudong, Shanghai, with a
total leased floor area of approximately 3,981 square meters for a
period of nine years. The project has been re-named as "Nam Tai •
U-Creative Space (Lujiazui)", with a focus on attracting enterprise
tenants in finance, design, consulting, advertising, technology
innovation, among other industries.
Policy Update
In terms of policy development, the Commission of Shenzhen
Municipality and General Office of Shenzhen Municipal People's
Government issued the "Action Plan to Build Shenzhen Pilot
Demonstration Area of Socialism with Chinese Characteristics
(2019-2025)" (the "Action Plan") in December
2019. The Action Plan proposes a new round of
innovation-driven development strategies, including the
comprehensive promotion of the Science City in Guangming District.
In addition, it also aims to develop a new generation IT industry
with a focus on 5G-related technologies. We will pay close
attention to the positive impacts of the Action Plan in Guangming
District and to the potential development opportunities in the
region.
The Ministry of Housing and Urban-Rural Development, National
Development and Reform Commission, Ministry of Public Security,
China Quality Certification Center, the China Banking and Insurance
Regulatory Commission and Cyberspace Administration of China also issued the "Opinions on Rectifying
and Regulating the Order of the Housing Rental Market" (the
"Opinions") in December 2019.
According to the Opinions, the relevant ministries should formulate
policies for transforming idle commercial office buildings,
industrial plants and other non-residential buildings into rental
housing in accordance with laws and regulations. The buildings,
which are renovated for rental purpose, should meet the
requirements of construction, fire control and other relevant
regulations. We will continue to monitor on the policy changes and
evaluate the opportunities that may arise.
OUTLOOK
Looking back on the economic environment and policies of
China in 2019, the national
economy was generally stable, with a year-on-year growth of 6.2% in
the first three quarters of 2019, a year-on-year growth of 5.6% in
the industrial sector
adding value above designated scale nationwide and a
year-on-year growth of 7.1% in the sales of commercial housing. The
GDP of Shenzhen in the first three
quarters increased by 6.6% year on year. Earlier in 2019, the
Central People's Government of China and the State Council issued the
"Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" in
February 2019 and "Opinions on
Supporting Shenzhen to Build a Pilot Demonstration Area of
Socialism with Chinese Characteristics" in August 2019, which outlined the direction for
future development of the Greater Bay Area. A stable economic
environment and favorable policies will help us to explore
long-term opportunities in China.
The Company will actively seek out development opportunities in
the Greater Bay Area, and China's
first-tier and second-tier cities. In addition to the existing
technology park development and operation businesses, we will also
actively explore business opportunities for the development of
residential and commercial properties. We believe that our
commercial and financial status will be more balanced by combining
the development and sales of asset-heavy projects with the
operation and leasing of asset-light projects.
In 2020, we will continue to promote the leasing of Nam Tai Inno
Park, strengthen our operating system, and proceed with the
construction of our project according to the plan. The construction
of Nam Tai Technology Center will be advanced. As for Inno Valley, the urban renewal application
process is planned to be filed.
In terms of financing, based on the secured financing
facilities, we will withdraw credit prudently in 2020 to support
the construction of our projects, and continue to strengthen our
liquidity management capabilities to ensure the sustainability and
health of the operations and cashflow of the Company.
OPERATING RESULTS
|
|
As of
December 31,
|
|
|
|
2019
|
|
|
|
(in square
meter)
|
|
Project Under
Development
|
|
526,427
|
|
Project For Future
Development
|
|
170,200
|
|
Total
|
|
696,627
|
|
Project Portfolio - As of December 31, 2019
Projects
|
|
Inno
Park
|
Nam Tai Technology
Center
|
|
Inno
Valley
|
Location
|
|
Shenzhen
|
Shenzhen
|
Shenzhen
|
Type(a)
|
|
Office and
Dormitory
|
Office and
Dormitory
|
Office and
Dormitory
|
Site Area
(sq.m.)
|
|
103,739
|
22,364
|
22,367
|
Total GFA
(sq.m.)
|
|
331,832
|
194,595
|
170,200(b)
|
Total GFA
|
Under Development
(sq.m.)
|
|
331,832
|
194,595
|
—
|
Under Operation (sq.
m.)
|
|
—
|
—
|
—
|
Future Development
(sq. m.)
|
|
—
|
—
|
170,200
|
Interest Attributable
To Us
|
|
100%
|
100%
|
100%
|
Address
|
|
Fenghuang Community,
Guangming District, Shenzhen
|
Namtai Road, Baoan
District, Shenzhen
|
Notes:
|
(a)
The types of our projects are based on our planning or
certificates issued by the relevant authority and may
be changed subject to the relevant authority's final
approval.
|
(b)
The gross floor area and type assume
that we will receive M-0 zoning approval for the entire
Inno Valley site prior to its
redevelopment. If we do not receive the M-0 zoning
approval, we will be required to develop Inno Valley
under the M-1 zoning requirement. In
that case, appropriate adjustments to our plan will have
to be made. The existing gross floor area of Inno Valley is 41,927
square meters.
|
(c)
The above figures are subject to adjustment upon the final
approval of the relevant authorities in China.
|
Properties Under Development
The table below sets forth certain information of our property
projects or project phases under development as of December 31, 2019, comprising properties for
which the land use right certificate and construction permits have
been obtained, construction is in progress but before construction
acceptance certificates are obtained.
Project
|
|
Inno
Park
|
|
Nam Tai Technology
Center
|
City
|
|
Shenzhen
|
|
Shenzhen
|
(Estimated) Total GFA
(sq. m.)
|
|
331,832
|
|
194,595
|
(Estimated) Leasable
GFA (sq. m.)
|
|
265,000
|
|
-
|
(Estimated) Saleable
GFA (sq. m.)
|
|
-
|
|
125,572
|
Commencement
Time
|
|
May 2017
|
|
July
2019
|
Status of Pre-sale
Permit
|
|
Not
eligible
|
|
No
|
Estimated Completion
Time
|
|
2020 Q4
|
|
2022 Q1
|
Interest Attributable
to Us
|
|
100%
|
|
100%
|
Properties for Future
Development
The table below sets forth certain information of our property
projects held for future development as of December 31, 2019, comprising properties for
which we have obtained the land use right certificate or we have
entered into land grant contracts although the land use right
certificate is not yet obtained, or the relevant lands and
resources authority has confirmed our successful bidding in a
public auction.
Project
|
|
Inno
Valley
|
Location
|
|
Shenzhen
|
Estimated Total
GFA(1) (sq. m.)
|
|
170,200
|
Estimated Completion
Time
|
|
2025
|
|
Note:
|
(1)
The estimated total GFA is based on our future planning and is
subject to the relevant authority's final
approval.
|
Projects for Operation and Management
The table below sets forth certain information of our projects
leased from third parties for operation and management as at
December 31, 2019.
|
Project
|
Location
|
Contracted Floor
Area
(sq.
m.)
|
Operation
Model
|
1
|
Nam Tai • Tang Xi
Technology Park
|
Shenzhen
|
7,500
|
Tenant Recruitment
and Operation
|
2
|
Nam Tai • U-Creative
Space (Lujiazui)
|
Shanghai
|
3,981
|
Tenant Recruitment
and Operation
|
Potential Risks in Our Business
In 2019, the total floor area and the vacancy rate of office
properties in Shenzhen and
Shanghai climbed while the rental
rate declined. The increasing number of competing properties in the
areas surroundings our projects
also intensified the competition for tenants and purchasers. We may
be forced to lower our rents or selling price and additional costs
may be incurred to make our properties more attractive. The large
number of competing projects may also result in increased costs of
raw materials, hiring and retaining high-quality talents, or
prolonged leasing periods, any of
which may adversely affect the business operations, financial
position and results of the Company.
Since the second half of 2019, we have been making new
investments in operation projects which are owned by third parties.
We may face challenges in attracting tenants and
catering to their needs, such
as building a more competitive operation system and enhancing the
efficiency of our sales and operation teams, and may also be
subject to additional compliance requirements. We may suffer a loss
in the new projects in their early operation.
In November 2019, the Housing and
Construction Bureau of Shenzhen Municipality issued the Notice on
Guidelines for Archival Filing of Premises Leasing Enterprises
(Trial) (the "Notice"). The Notice put forward filing requirements
for entities and institutions engaged in the business of properties
rental and industrial housing rental. In addition, the
abovementioned Opinions, issued in December
2019, also set out requirements for the management of lease
registration and the control of rent financing business. Regulatory
requirements for the business of housing rental financing became
more stringent. Rental loans are to
be made based on the leasing contract signed and filed
on the management network system, and the term of the loans shall
not exceed the term of the contract. Stricter control imposed in
the leasing industry may increase our costs to comply with the
requirements.
One of our major shareholders,
Kaisa Group ("Kaisa") owned approximately 24% of the issued common
shares of the Company as of August 6,
2019. On December 31, 2019,
Kaisa filed a Schedule 13D/A reporting all of its shares of Nam Tai
were pledged to an affiliate of Deutsche Bank as a part of a credit
facility, with Kaisa's voting rights currently unaffected. In the
event that Kaisa triggers any default provision in the pledge
arrangement, Deutsche Bank may have the right to appoint any person
to be a receiver of the shares, transfer any or all of the charged
securities or exercise the voting rights on the pledged shares
without any prior notice. Accordingly, there may be adverse impact
on the share price of Nam Tai.
The information contained in, or that can be accessed
through, the website mentioned in this announcement does not form
part of the announcement.
FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR
SHARE PRICE TO DECLINE
Certain statements included in this announcement, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "might", "can",
"could", "will", "would", "anticipate", "believe", "continue",
"estimate", "expect", "forecast", "intend", "plan", "seek", or
"timetable". These forward-looking statements, which are subject to
risks, uncertainties, and assumptions, may include projections of
our future financial performance based on our growth strategies and
anticipated trends in our business and the industry in which we
operate. These statements are only predictions based on our current
expectations about future events. There are several factors, many
beyond our control, which could cause results to differ materially
from our expectation. These risk factors are described in our
Annual Report on Form 20-F and in our Current Reports filed on Form
6-K from time to time and are incorporated herein by reference. Any
of these factors could, by itself, or together with one or more
other factors, adversely affect our business, results of operations
or financial condition. There may also be other factors currently
unknown to us, or have not been described by us, that could cause
our results to differ from our expectations. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. You should not rely upon
forward-looking statements as predictions of future events. These
forward-looking statements apply only as of the date of this
announcement; as such, they should not be unduly relied upon as
circumstances change. Except as required by law, we are not
obligated, and we undertake no obligation, to release publicly any
revisions to these forward-looking statements that might reflect
events or circumstance occurring after the date of this
announcement or those that might reflect the occurrence of
unanticipated events.
SCHEDULE FOR RELEASE OF QUARTERLY
FINANCIAL RESULTS FOR 2020
To maintain the efficiency of delivering the Company's quarterly
financial results to the market, the Company's management expects
to release the quarterly financial results in accordance with the
following schedule for 2020.
Announcements of Financial Results
Quarter
|
|
Date of
release
|
Q1 2020
|
|
April 27, 2020
(Monday)
|
Q2 2020
|
|
July 27, 2020
(Monday)
|
Q3 2020
|
|
November 2, 2020
(Monday)
|
Q4 2020
|
|
February 1, 2021
(Monday)
|
ABOUT NAM TAI PROPERTY INC.
We are an owner, developer and operator of technology parks. We
hold several parcels of land located in Guangming and Gushu,
Shenzhen, China. We are converting
two parcels of land that formerly housed the manufacturing
facilities of our prior businesses into high-end technology parks,
Nam Tai Inno Park and Nam Tai
Technology Center. We expect our principal income in the future
will be derived from rental income from these technology parks. Nam Tai
Property Inc. is a corporation registered in the British Virgin Islands and listed on the New
York Stock Exchange (Symbol: "NTP"). Please refer to the Nam Tai
website (www.namtai.com) or the SEC website (www.sec.gov) for Nam
Tai press releases and financial statements.
NAM TAI PROPERTY
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
FOR THE PERIODS ENDED
DECEMBER 31, 2019 AND 2018
|
(In Thousands of US
dollars except share and per share data)
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months
ended December 31,
|
|
|
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
|
|
Audited
|
|
|
Unaudited
|
|
|
Audited
|
|
Operating income
(1)
|
|
$
|
839
|
|
|
$
|
486
|
|
|
$
|
2,965
|
|
|
$
|
493
|
|
Operating
expenses
|
|
|
472
|
|
|
|
73
|
|
|
|
1,356
|
|
|
|
73
|
|
Net operating
income
|
|
|
367
|
|
|
|
413
|
|
|
|
1,609
|
|
|
|
420
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
3,883
|
|
|
|
3,484
|
|
|
|
12,376
|
|
|
|
20,402
|
|
Selling and marketing
expenses
|
|
|
1,080
|
|
|
|
479
|
|
|
|
6,468
|
|
|
|
813
|
|
|
|
|
4,963
|
|
|
|
3,963
|
|
|
|
18,844
|
|
|
|
21,215
|
|
Operating
loss
|
|
|
(4,596)
|
|
|
|
(3,550)
|
|
|
|
(17,235)
|
|
|
|
(20,795)
|
|
Other income
(expenses), net (2)
|
|
|
404
|
|
|
|
301
|
|
|
|
(416)
|
|
|
|
(714)
|
|
Interest
income
|
|
|
371
|
|
|
|
1,043
|
|
|
|
2,357
|
|
|
|
5,601
|
|
Loss on demolished
building facilities
|
|
|
—
|
|
|
|
(4,074)
|
|
|
|
—
|
|
|
|
(4,074)
|
|
Gain on disposal of
property
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,763
|
|
Write-off of
demolished buildings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(35)
|
|
Loss before income
tax
|
|
|
(3,821)
|
|
|
|
(6,280)
|
|
|
|
(15,294)
|
|
|
|
(13,254)
|
|
Deferred income tax
credit
|
|
|
1,728
|
|
|
|
—
|
|
|
|
1,728
|
|
|
|
—
|
|
Consolidated net
loss
|
|
|
(2,093)
|
|
|
|
(6,280)
|
|
|
|
(13,566)
|
|
|
|
(13,254)
|
|
Other comprehensive
income (loss)(3)
|
|
|
1,925
|
|
|
|
709
|
|
|
|
(2,323)
|
|
|
|
(10,437)
|
|
Functional currency
translation adjustment
|
|
|
1,925
|
|
|
|
709
|
|
|
|
(2,323)
|
|
|
|
(10,437)
|
|
Consolidated
comprehensive loss
|
|
$
|
(168)
|
|
|
$
|
(5,571)
|
|
|
$
|
(15,889)
|
|
|
$
|
(23,691)
|
|
Loss Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.05)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.35)
|
|
Diluted
|
|
$
|
(0.05)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.35)
|
|
Weighted average
number of shares ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,585
|
|
|
|
38,643
|
|
|
|
38,331
|
|
|
|
37,826
|
|
Diluted
|
|
|
38,585
|
|
|
|
38,643
|
|
|
|
38,331
|
|
|
|
37,826
|
|
|
Notes:
|
(1)
The property of Inno Valley at Gushu has
been rented to several tenants since July 2018. The property at
Wuxi has been rented to a third party lessee with a term of
12 years ending in October 2030.
|
(2)
Other income (expenses), net, includes
an exchange gain of $0.5
million and $0.1 million for the
three months ended December 31, 2019 and
2018 respectively.
|
(3)
Other comprehensive loss due to foreign
exchange translation.
|
NAM TAI PROPERTY
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
AS AT DECEMBER 31,
2019 AND DECEMBER 31, 2018
|
(In Thousands of
US dollars)
|
|
|
|
Unaudited
December
31,
|
|
|
Audited
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents(1)
|
|
$
|
130,218
|
|
|
$
|
62,919
|
|
Short term
investments(1)
|
|
|
—
|
|
|
|
46,952
|
|
Accounts
receivable
|
|
|
1,032
|
|
|
|
226
|
|
Prepaid expenses and
other receivables
|
|
|
7,988
|
|
|
|
6,508
|
|
Total current
assets
|
|
$
|
139,238
|
|
|
$
|
116,605
|
|
Rental
deposits
|
|
|
243
|
|
|
|
155
|
|
Long term
investments
|
|
|
2,166
|
|
|
|
2,204
|
|
Real estate
properties under development, net(2)
|
|
|
251,896
|
|
|
|
171,610
|
|
Property, plant and
equipment, net
|
|
|
26,758
|
|
|
|
27,442
|
|
Right of use
assets
|
|
|
4,078
|
|
|
|
—
|
|
Deferred income tax
assets
|
|
|
1,703
|
|
|
|
—
|
|
Other
assets
|
|
|
91
|
|
|
|
91
|
|
Total
assets
|
|
$
|
426,173
|
|
|
$
|
318,107
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
36,676
|
|
|
$
|
87,214
|
|
Short-term bank
loan
|
|
|
1,433
|
|
|
|
—
|
|
Current portion of
long term bank loans
|
|
|
2,234
|
|
|
|
—
|
|
Accrued expenses and
other payables
|
|
|
3,191
|
|
|
|
2,738
|
|
Advance from
customers
|
|
|
68,639
|
|
|
|
255
|
|
Current portion of
lease liabilities
|
|
|
529
|
|
|
|
—
|
|
Total current
liabilities
|
|
$
|
112,702
|
|
|
$
|
90,207
|
|
Long term bank
loans
|
|
$
|
94,119
|
|
|
$
|
—
|
|
Long term rental
deposits
|
|
|
521
|
|
|
|
—
|
|
Financing lease
payable
|
|
|
13
|
|
|
|
9
|
|
Noncurrent portion of
lease liabilities
|
|
|
3,642
|
|
|
|
—
|
|
Total
liabilities
|
|
$
|
210,997
|
|
|
$
|
90,216
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Common
shares
|
|
$
|
386
|
|
|
$
|
382
|
|
Additional paid-in
capital
|
|
|
260,295
|
|
|
|
257,125
|
|
Accumulated
losses
|
|
|
(26,895)
|
|
|
|
(13,329)
|
|
Accumulated other
comprehensive loss(3)
|
|
|
(18,610)
|
|
|
|
(16,287)
|
|
Total shareholders'
equity
|
|
$
|
215,176
|
|
|
$
|
227,891
|
|
Total liabilities and
shareholders' equity
|
|
$
|
426,173
|
|
|
$
|
318,107
|
|
|
Notes:
|
(1)
According to the definition of "Balance Sheet" under the
Financial Accounting Standard Board ("FASB") Accounting Standards
Codification ("ASC") 210-10-20, cash equivalents are short-term,
highly liquid investments that are readily convertible to cash.
Only investments with original maturities of three months or less
when purchased qualify under that definition. Therefore, the fixed
deposits maturing over three months in the amount of $39.4
million as at December 31, 2018 are not classified
as cash and cash equivalents but are separately disclosed as
short-term investments in the balance sheet,
and we have no short-term investment as at December
31,2019.
|
(2)
Capitalization on project investment was $27.9
million for the fourth quarter of 2019 and
accumulated project investment was $251.9
million as
of December 31, 2019.
|
(3)
Accumulated other comprehensive loss represented
conversion differences in foreign currency
statements.
|
NAM TAI PROPERTY
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE PERIODS ENDED
DECEMBER 31, 2019 AND 2018
|
(In Thousands of
US dollars)
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months
ended December 31,
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
|
|
Audited
|
|
|
Unaudited
|
|
|
Audited
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net
loss
|
|
$
|
(2,093)
|
|
|
$
|
(6,280)
|
|
|
$
|
(13,566)
|
|
|
$
|
(13,254)
|
|
Adjustments to
reconcile consolidated net loss to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization of property, plant and
equipment, land use
rights and other assets
|
|
|
361
|
|
|
|
867
|
|
|
|
1,497
|
|
|
|
3,801
|
|
(Gain) loss on
disposal of property, plant and equipment
|
|
|
(115)
|
|
|
|
4,089
|
|
|
|
(130)
|
|
|
|
(2,867)
|
|
Unrealized gain of
marketable securities
|
|
|
—
|
|
|
|
(13)
|
|
|
|
—
|
|
|
|
(13)
|
|
Write-off of
demolished buildings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35
|
|
Share-based
compensation expenses
|
|
|
145
|
|
|
|
554
|
|
|
|
540
|
|
|
|
2,925
|
|
Unrealized exchange
(gain) loss
|
|
|
(476)
|
|
|
|
(69)
|
|
|
|
516
|
|
|
|
1,670
|
|
Deferred
income tax credit
|
|
|
(1,703)
|
|
|
|
—
|
|
|
|
(1,703)
|
|
|
|
—
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in accounts
receivable
|
|
|
(236)
|
|
|
|
—
|
|
|
|
(806)
|
|
|
|
—
|
|
Increase in prepaid
expenses and other receivables
|
|
|
(1,437)
|
|
|
|
(309)
|
|
|
|
(1,480)
|
|
|
|
(1,746)
|
|
Increase in rental
deposit
|
|
|
(88)
|
|
|
|
—
|
|
|
|
(88)
|
|
|
|
(155)
|
|
Increase in accrued
expenses and other payables
|
|
|
1,102
|
|
|
|
225
|
|
|
|
2,414
|
|
|
|
871
|
|
Increase in advance
from customers
|
|
|
13,091
|
|
|
|
—
|
|
|
|
68,384
|
|
|
|
—
|
|
Increase in long term
rental deposits
|
|
|
9
|
|
|
|
—
|
|
|
|
535
|
|
|
|
—
|
|
Total
adjustments
|
|
$
|
10,653
|
|
|
$
|
5,344
|
|
|
$
|
69,679
|
|
|
$
|
4,521
|
|
Net cash provided by
(used in) operating activities
|
|
$
|
8,560
|
|
|
$
|
(936)
|
|
|
$
|
56,113
|
|
|
$
|
(8,733)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for real
estate properties under development
|
|
$
|
(39,313)
|
|
|
$
|
(29,619)
|
|
|
$
|
(134,570)
|
|
|
$
|
(39,575)
|
|
Purchase of property,
plant & equipment
|
|
|
(288)
|
|
|
|
(676)
|
|
|
|
(864)
|
|
|
|
(2,107)
|
|
Purchase of marketable
securities
|
|
|
—
|
|
|
|
(7,580)
|
|
|
|
—
|
|
|
|
(7,580)
|
|
Decrease in deposits
for real estate properties under
development
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
|
|
37
|
|
Increase in deposits
for purchase of property, plant and equipment
|
|
|
—
|
|
|
|
(71)
|
|
|
|
—
|
|
|
|
(82)
|
|
Proceeds from disposal
of property, plant and equipment
|
|
|
113
|
|
|
|
85
|
|
|
|
181
|
|
|
|
9,791
|
|
Proceeds from disposal
of demolished buildings
|
|
|
—
|
|
|
|
(17)
|
|
|
|
—
|
|
|
|
180
|
|
Proceeds from disposal
of other assets
|
|
|
—
|
|
|
|
(4)
|
|
|
|
—
|
|
|
|
46
|
|
Redemption of
marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
7,580
|
|
|
|
—
|
|
Increase in refundable
bank deposits
|
|
|
—
|
|
|
|
(91)
|
|
|
|
—
|
|
|
|
(91)
|
|
Decrease (increase) in
short term investments
|
|
|
—
|
|
|
|
54,391
|
|
|
|
39,372
|
|
|
|
(39,359)
|
|
Net cash (used in)
provided by investing activities
|
|
$
|
(39,488)
|
|
|
$
|
16,438
|
|
|
$
|
(88,301)
|
|
|
$
|
(78,740)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
paid
|
|
$
|
—
|
|
|
$
|
(2,647)
|
|
|
$
|
—
|
|
|
$
|
(10,566)
|
|
Interest
paid
|
|
|
(45)
|
|
|
|
—
|
|
|
|
(45)
|
|
|
|
—
|
|
Repayment for bank
loan
|
|
|
(193)
|
|
|
|
—
|
|
|
|
(193)
|
|
|
|
—
|
|
Proceeds
from bank loan
|
|
|
90,907
|
|
|
|
—
|
|
|
|
97,979
|
|
|
|
—
|
|
Proceeds from shares
issued for option exercise
|
|
|
1,182
|
|
|
|
2,411
|
|
|
|
2,635
|
|
|
|
3,955
|
|
Net cash provided by
(used in) financing activities
|
|
$
|
91,851
|
|
|
$
|
(236)
|
|
|
$
|
100,376
|
|
|
$
|
(6,611)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
$
|
60,923
|
|
|
$
|
15,266
|
|
|
$
|
68,188
|
|
|
$
|
(94,084)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
66,924
|
|
|
|
47,192
|
|
|
|
62,919
|
|
|
|
165,173
|
|
Effect of exchange
rate changes on cash and cash equivalents
and
short term investments
|
|
|
2,371
|
|
|
|
461
|
|
|
|
(889)
|
|
|
|
(8,170)
|
|
Cash and cash
equivalents at end of period
|
|
$
|
130,218
|
|
|
$
|
62,919
|
|
|
$
|
130,218
|
|
|
$
|
62,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAM TAI PROPERTY INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIODS ENDED DECEMBER 31,
2019 AND 2018
(In Thousands of US dollars)
- These financial statements, including the consolidated balance
sheet as of December 31, 2018, which
was derived from audited financial statements, do not include all
of the information and notes required by U.S. Generally Accepted
Accounting Principles for complete financial statements and should
be read in conjunction with the consolidated financial statements
and accompanying notes included in the Company's annual report on
Form 20-F for the fiscal year ended December
31, 2018.
- In the opinion of management, all adjustments (consisting of
normal, recurring adjustments) considered necessary for a fair
presentation have been included. Operating results for the interim
periods presented are not necessarily indicative of the results
that may be expected for the full year ended December 31, 2019.
- Accumulated other comprehensive loss represents foreign
currency translation adjustments. The consolidated comprehensive
loss was $0.2 million and
$5.6 million for the three months
ended December 31, 2019 and 2018, and
was $15.9 million and $23.7 million for the twelve months ended
December 31, 2019 and 2018.
- A summary of the operating income, other (expenses) income,
net, net loss and long-lived assets by geographical areas is as
follows:
|
|
Three months ended
December 31,
|
|
|
Twelve months
ended December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
OPERATING INCOME
WITHIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-PRC, excluding Hong
Kong
|
|
$
|
839
|
|
|
$
|
413
|
|
|
$
|
2,695
|
|
|
$
|
420
|
|
OTHER (EXPENSES)
INCOME, NET:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gain (loss) on
exchange difference
|
|
$
|
476
|
|
|
$
|
89
|
|
|
$
|
(516)
|
|
|
$
|
(1,297)
|
|
- Others
|
|
|
(72)
|
|
|
|
212
|
|
|
|
100
|
|
|
|
583
|
|
Total other
(expenses) income, net
|
|
$
|
404
|
|
|
$
|
301
|
|
|
$
|
(416)
|
|
|
$
|
(714)
|
|
NET LOSS FROM
OPERATIONS WITHIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- PRC, excluding Hong
Kong
|
|
$
|
(783)
|
|
|
$
|
(5,526)
|
|
|
$
|
(8,742)
|
|
|
$
|
(10,590)
|
|
- Hong Kong
|
|
|
(1,310)
|
|
|
|
(754)
|
|
|
|
(4,824)
|
|
|
|
(2,664)
|
|
Total net
loss
|
|
$
|
(2,093)
|
|
|
$
|
(6,280)
|
|
|
$
|
(13,566)
|
|
|
$
|
(13,254)
|
|
|
|
December 31,
2019
|
|
|
December 31, 2018
|
|
LONG-LIVED ASSETS
WITHIN:
|
|
|
|
|
|
|
|
|
- Real estate
properties under development in PRC, excluding Hong Kong
|
|
$
|
251,896
|
|
|
$
|
171,610
|
|
- Property, plant and
equipment in PRC, excluding Hong Kong
|
|
|
26,432
|
|
|
|
27,186
|
|
- Hong Kong
|
|
|
326
|
|
|
|
256
|
|
Total long-lived
assets
|
|
$
|
278,654
|
|
|
$
|
199,052
|
|
View original
content:http://www.prnewswire.com/news-releases/nam-tai-property-inc-reports-q4-2019-results-300993201.html
SOURCE Nam Tai Property Inc.