| SCHEDULE 1 |
SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expenses* |
|
$ |
(2,948 |
) |
|
$ |
(7,416 |
) |
|
$ |
(10,842 |
) |
|
$ |
(23,291 |
) |
|
$ |
(37,989 |
) |
|
$ |
(21,692 |
) |
| Other income (expenses), net |
|
|
(556 |
) |
|
|
(4 |
) |
|
|
(416 |
) |
|
|
(2,018 |
) |
|
|
(1,304 |
) |
|
|
71,798 |
|
| Interest income |
|
|
962 |
|
|
|
344 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before income tax |
|
|
(2,542 |
) |
|
|
(7,076 |
) |
|
|
(11,258 |
) |
|
|
(25,308 |
) |
|
|
(39,292 |
) |
|
|
50,107 |
|
| Income tax expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before share of net profits of subsidiaries, net of income tax |
|
|
(2,542 |
) |
|
|
(7,076 |
) |
|
|
(11,258 |
) |
|
|
(25,308 |
) |
|
|
(39,292 |
) |
|
|
50,107 |
|
| Share of net (losses) profits of subsidiaries, net of income tax |
|
|
(10,649 |
) |
|
|
22,769 |
|
|
|
(42,175 |
) |
|
|
(27,556 |
) |
|
|
(11,156 |
) |
|
|
(20,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(13,191 |
) |
|
$ |
15,693 |
|
|
$ |
(53,433 |
) |
|
$ |
(52,864 |
) |
|
$ |
(50,448 |
) |
|
$ |
29,146 |
|
| Foreign currency translation adjustment |
|
|
(3,136 |
) |
|
|
13,597 |
|
|
|
5,484 |
|
|
|
(20,397 |
) |
|
|
(3,049 |
) |
|
|
13,550 |
|
| Other comprehensive (loss) income |
|
|
(3,136 |
) |
|
|
13,597 |
|
|
|
5,484 |
|
|
|
(20,397 |
) |
|
|
(3,049 |
) |
|
|
13,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive (loss) income |
|
$ |
(16,327 |
) |
|
$ |
29,290 |
|
|
$ |
(47,949 |
) |
|
$ |
(73,261 |
) |
|
$ |
(53,497 |
) |
|
$ |
42,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Amount of share-based compensation expense included in general and administrative expenses |
|
$ |
539 |
|
|
$ |
1,002 |
|
|
$ |
433 |
|
|
$ |
5,375 |
|
|
$ |
21,517 |
|
|
$ |
6,241 |
| (In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
12,517 |
|
|
$ |
90 |
|
|
$ |
4,131 |
|
|
$ |
1,339 |
|
|
$ |
1,766 |
|
| Prepaid expenses and other receivables |
|
|
2,380 |
|
|
|
2,326 |
|
|
|
4,181 |
|
|
|
3,763 |
|
|
|
2,926 |
|
| Amounts due from subsidiaries |
|
|
177,140 |
|
|
|
180,593 |
|
|
|
180,043 |
|
|
|
186,568 |
|
|
|
71,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
192,037 |
|
|
|
183,009 |
|
|
|
188,355 |
|
|
|
191,670 |
|
|
|
76,327 |
|
| Investments in subsidiaries |
|
|
229,032 |
|
|
|
192,341 |
|
|
|
144,388 |
|
|
|
130,183 |
|
|
|
122,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
421,069 |
|
|
$ |
375,350 |
|
|
$ |
332,743 |
|
|
$ |
321,853 |
|
|
$ |
199,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrued expenses and other payables |
|
$ |
25,372 |
|
|
$ |
25,757 |
|
|
$ |
31,086 |
|
|
$ |
181,552 |
|
|
$ |
8,930 |
|
| Amounts due to a shareholder |
|
|
146,869 |
|
|
|
146,869 |
|
|
|
146,869 |
|
|
|
— |
|
|
|
— |
|
| Amounts due to subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
172,241 |
|
|
|
172,626 |
|
|
|
177,955 |
|
|
|
181,552 |
|
|
|
8,930 |
|
| Amounts due to shareholders |
|
|
— |
|
|
|
— |
|
|
|
19,950 |
|
|
|
16,159 |
|
|
|
17,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
$ |
172,241 |
|
|
$ |
172,626 |
|
|
$ |
197,905 |
|
|
$ |
197,711 |
|
|
$ |
26,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 39,197,991, 39,347,991, 40,547,379, 58,334,115 and 60,203,214 shares as at December 31, 2020, 2021, 2022, 2023 and 2024, respectively) |
|
|
392 |
|
|
|
393 |
|
|
|
405 |
|
|
|
583 |
|
|
|
602 |
|
Additional paid-in capital |
|
|
265,084 |
|
|
|
266,928 |
|
|
|
272,291 |
|
|
|
314,914 |
|
|
|
320,390 |
|
| Accumulated deficit |
|
|
(10,822 |
) |
|
|
(64,255 |
) |
|
|
(117,119 |
) |
|
|
(167,567 |
) |
|
|
(138,421 |
) |
| Accumulated other comprehensive loss |
|
|
(5,826 |
) |
|
|
(342 |
) |
|
|
(20,739 |
) |
|
|
(23,788 |
) |
|
|
(10,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
248,828 |
|
|
|
202,724 |
|
|
|
134,838 |
|
|
|
124,142 |
|
|
|
172,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
$ |
421,069 |
|
|
$ |
375,350 |
|
|
$ |
332,743 |
|
|
$ |
321,853 |
|
|
$ |
199,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
Additional Paid-in Capital |
|
|
|
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Total
Shareholders’
Equity |
|
Balance at January 1, 2019 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on exercise of options |
|
|
566,000 |
|
|
|
6 |
|
|
|
3,787 |
|
|
|
— |
|
|
|
— |
|
|
|
3,793 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
1,002 |
|
|
|
— |
|
|
|
— |
|
|
|
1,002 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,693 |
|
|
|
— |
|
|
|
15,693 |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,597 |
|
|
|
13,597 |
|
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
|
|
39,197,991 |
|
|
$ |
392 |
|
|
$ |
265,084 |
|
|
$ |
(10,822 |
) |
|
$ |
(5,826 |
) |
|
$ |
248,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on exercise of options |
|
|
150,000 |
|
|
|
1 |
|
|
|
1,411 |
|
|
|
— |
|
|
|
— |
|
|
|
1,412 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
433 |
|
|
|
— |
|
|
|
— |
|
|
|
433 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(53,433 |
) |
|
|
— |
|
|
|
(53,433 |
) |
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,484 |
|
|
|
5,484 |
|
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
|
39,347,991 |
|
|
$ |
393 |
|
|
$ |
266,928 |
|
|
$ |
(64,255 |
) |
|
$ |
(342 |
) |
|
$ |
202,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on equity awards |
|
|
1,199,388 |
|
|
|
12 |
|
|
|
5,150 |
|
|
|
— |
|
|
|
— |
|
|
|
5,162 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
213 |
|
|
|
— |
|
|
|
— |
|
|
|
213 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(52,864 |
) |
|
|
— |
|
|
|
(52,864 |
) |
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,397 |
) |
|
|
(20,397 |
) |
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
|
|
40,547,379 |
|
|
$ |
405 |
|
|
$ |
272,291 |
|
|
$ |
(117,119 |
) |
|
|
(20,739 |
) |
|
$ |
134,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on private placement and equity awards |
|
|
17,786,736 |
|
|
|
178 |
|
|
|
42,522 |
|
|
|
— |
|
|
|
— |
|
|
|
42,700 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
101 |
|
|
|
— |
|
|
|
— |
|
|
|
101 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,448 |
) |
|
|
— |
|
|
|
(50,448 |
) |
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,049 |
) |
|
|
(3,049 |
) |
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
58,334,115 |
|
|
$ |
583 |
|
|
$ |
314,914 |
|
|
$ |
(167,567 |
) |
|
|
(23,788 |
) |
|
$ |
124,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on equity awards |
|
|
1,869,099 |
|
|
|
19 |
|
|
|
5,476 |
|
|
|
— |
|
|
|
— |
|
|
|
5,495 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,146 |
|
|
|
— |
|
|
|
29,146 |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,550 |
|
|
|
13,550 |
|
Others |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
|
60,203,214 |
|
|
$ |
602 |
|
|
$ |
320,390 |
|
|
$ |
(138,421 |
) |
|
$ |
(10,238 |
) |
|
$ |
172,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE 1 NAM TAI PROPERTY INC. STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(13,191 |
) |
|
$ |
15,693 |
|
|
$ |
(53,433 |
) |
|
$ |
(52,864 |
) |
|
$ |
(50,448 |
) |
|
$ |
29,146 |
|
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net loss (profits) of subsidiaries, net of taxes |
|
|
10,649 |
|
|
|
(22,769 |
) |
|
|
42,175 |
|
|
|
27,556 |
|
|
|
11,156 |
|
|
|
20,961 |
|
Share-based compensation expenses |
|
|
539 |
|
|
|
1,002 |
|
|
|
433 |
|
|
|
5,375 |
|
|
|
21,517 |
|
|
|
6,241 |
|
Gain on disposal of property, plant and equipment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in prepaid expenses and other receivables |
|
|
(15 |
) |
|
|
(52 |
) |
|
|
54 |
|
|
|
(1,856 |
) |
|
|
417 |
|
|
|
837 |
|
Increase (decrease) in accrued expenses and other payables |
|
|
1,144 |
|
|
|
177 |
|
|
|
600 |
|
|
|
5,329 |
|
|
|
9,445 |
|
|
|
(173,368 |
) |
Increase (decrease) in amount due to shareholders and other related companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,200 |
|
|
|
(3,791 |
) |
|
|
1,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(874 |
) |
|
$ |
(5,949 |
) |
|
$ |
(10,171 |
) |
|
$ |
(15,260 |
) |
|
$ |
(11,704 |
) |
|
$ |
(114,506 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in amount due from subsidiaries |
|
|
(2,202 |
) |
|
|
(191,088 |
) |
|
|
(3,453 |
) |
|
|
551 |
|
|
|
(6,525 |
) |
|
|
114,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
(2,202 |
) |
|
$ |
(191,088 |
) |
|
$ |
(3,453 |
) |
|
$ |
551 |
|
|
$ |
(6,525 |
) |
|
$ |
114,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,437 |
|
|
|
— |
|
Proceeds from shareholder loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,750 |
|
|
|
— |
|
|
|
— |
|
Proceeds from options exercise |
|
|
2,635 |
|
|
|
3,793 |
|
|
|
1,197 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amounts due to a shareholder and an investor |
|
|
— |
|
|
|
170,690 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
|
$ |
2,635 |
|
|
$ |
174,483 |
|
|
$ |
1,197 |
|
|
$ |
18,750 |
|
|
$ |
15,437 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(441 |
) |
|
|
(22,554 |
) |
|
|
(12,427 |
) |
|
|
4,041 |
|
|
|
(2,792 |
) |
|
|
427 |
|
Cash and cash equivalents at beginning of year |
|
|
35,512 |
|
|
|
35,071 |
|
|
|
12,517 |
|
|
|
90 |
|
|
|
4,131 |
|
|
|
1,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
$ |
35,071 |
|
|
$ |
12,517 |
|
|
$ |
90 |
|
|
$ |
4,131 |
|
|
$ |
1,339 |
|
|
$ |
1,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 of 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, 2024, $408,536 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, 2019, 2020, 2021, 2022, 2023 and 2024. During the years ended December 31, 2019, 2020, 2021, 2022, 2023 and 2024, no cash dividend was declared and paid by subsidiaries to the Company.
|