Nippon Paint : Notification of Parent Company’s Financial Results

Investor Relations (IR)2022.06.21 Notification of Parent Company's Financial Results

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June 21, 2022
Company:Nippon Paint Holdings Co., Ltd.Representative:Yuichiro Wakatsuki
Director, Representative Executive Officer & Co-President
Wee Siew Kim
Director, Representative Executive Officer & Co-President
(Code No.: 4612; TSE Prime)Contact:Ryosuke Tanaka
General Manager, Investor Relations and Sustainability
(TEL [phone])

Notification of Parent Company's Financial Results

Nippon Paint Holdings Co., Ltd. (the "Company") announces the FY2021 financial results of its Parent Company, Nipsea International Limited.

1. Corporate Overview

(1) Company Name	Nipsea International Limited
(2) Address	Suites 3203 and 3204, 32nd Floor, Tower 2, Nina Tower, No.8 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong
(3) Representative	Director, Leung Ho Foon
(4) Main business	Investment Business
(5) Capital	HK $1,450 million

2. Status of Shares of Nipsea International Limited (1) Status, by Type of Holder

(As of December 31, 2021)

Classification	Shares	Number of fractional shares (shares)
Govern- ments / Local Governments	Financial institutions	Financial instruments operators	Other corporations	Foreign corporations, etc.	Individuals & Others	Total
Excl. individuals	Individuals
Number of shareholders (persons)	-	-	-	-	1	-	-	1	-
Number of shares held (shares)	-	-	-	-	1,450,000,000	-	-	1,450,000,000	-
Percentage of shares held (%)	-	-	-	-	100.00	-	-	100.00	-

(2) Major Shareholders

(As of December 31, 2021)

Name or trade name	Address	Number of shares held (shares)	Percentage to total number of shares issued (%)
Nipsea Holdings International Limited	Suites 3203 and 3204, 32nd Floor, Tower 2, Nina Tower, No.8 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong	1,450 million	100.00
Total	－	1,450 million	100.00

3. Board of Directors

(As of filing date)

Responsi-bilities	Name	Date of birth	Brief profile	Number of shares held (shares)
Director	Leung Ho Foon	Oct. 9, 1949	Nov. 2016Director, Nipsea International Limited (present) Nov. 2020Director, Wuthelam Holdings Limited (present) Nov. 2020Director, Nipsea Holdings International Limited (present) Mar. 2021Director, Rainbow Light Limited (present)	－
Director	Goh Hup Jin	Apr. 6, 1953	Jun. 1984Managing Director, Wuthelam Holdings Limited (present) Sep. 1987Director, Nipsea Holdings International Limited (present) Dec. 1993Managing Director, Nippon Paint Holdings SG Pte. Ltd. (present) Jan. 2011Director, Epimetheus Limited (present) Aug. 2012Director, Nipsea International Limited (present) Dec. 2013Director, Rainbow Light Limited (present) Dec. 2014Director of the Board, the Company Mar. 2018Chairman of the Board, the Company Mar. 2019Director of the Board, the Company Apr. 2021Chairman, the Company (present)	－
Director	Lavoo Martin Yuen An	Feb. 12, 1987	Nov. 2016Director, Nipsea International Limited (present)	－
Director	Sim Gaik Heok	Aug. 22, 1967	Mar. 2019Director, Nipsea International Limited (present)	－
Director	Ng Kwok Kam Cecilia	Feb. 25, 1967	Mar. 2021Director, Wuthelam Holdings Limited (present) Mar. 2021Director, Nipsea International Limited (present) Mar. 2021Director, Rainbow Light Limited (present)	－

4. Financial Statements (1) Balance Sheet

(Unit: one thousand HKD)

Line item	FY2021	FY2020
Non-current assets Plant and equipment Investment in an associate Investment in subsidiaries Long-term investment	133 - 109,929,516 1,461	93 107,968,580 76,613 1,461
109,931,111	108,046,748
Current assets Deposits, prepayments and other receivables Amount due from a subsidiary Pledged bank deposit Cash and cash equivalents	128 18,328 250 470,469	128 17,544 250 249,334
489,175	267,256
Current liabilities Accrued expenses Amount due to immediate parent Amount due to intermediate holding company	446 14,323,569 76,764,275	4,551 570,725 12,480,087
91,088,290	13,055,363
Net current liabilities	(90,599,115)	(12,788,106)
Net Assets	19,331,996	95,258,641
Capital and reserve Share capital Accumulated profits	1,450,000 17,881,996	1,450,000 93,808,641
Total Equity	19,331,996	95,258,641

Note: Amounts are rounded down.

(2) Statement of profit or loss and other comprehensive income

(Unit: one thousand HKD)

	FY2021	FY2020
Revenue	657,271	415,512
Other income	236	2,918
Administrative expenses	(4,031)	(4,064)
Other operating expenses	(17,709)	(7,803)
Fair value (loss)/gain on investment in an associate	(19,330,095)	56,622,541
Impairment loss on investment in a subsidiary	(57,199,454)	-
(Loss)/profit before taxation	(75,893,781)	57,029,104
Income tax	(32,863)	(20,775)
(Loss)/profit and other comprehensive (loss)/income for the year	(75,926,645)	57,008,328

Note: Amounts are rounded down.

(3) Statement of cash flows

(Unit: one thousand HKD)

	FY2021	FY2020
Operating Activities (Loss)/profit before taxation Bank interest income Depreciation Fair value loss/(gain) on investment in an associate Impairment loss on investment in a subsidiary	(75,893,781) (230) 50 19,330,095 57,199,454	57,029,104 (2,517) 48 (56,622,541) -
Operating profit before changes in working capital Decrease/(increase) in deposits, prepayments and other receivables Increase in amount due from a subsidiary Increase/(decrease) in accrued expenses Increase/(decrease) in amount due to immediate parent Increase/(decrease) in amount due to intermediate holding company	635,587 - (783) (4,104) 13,752,843 64,284,187	404,093 393 (2,899) 4,096 (302) (228,149)
Cash generated from operations	78,667,730	177,232
Withholding tax paid	(32,863)	(20,775)
Net cash generated from operating activities	78,634,867	156,456
Investing activities Interest received Increase in pledged bank deposit Purchases of plant and equipment Acquisition of a subsidiary	230 0 (90) (78,413,872)	2,517 (250) - -
Net cash (used in)/generated from investing activities	(78,413,731)	2,267
Net increase in cash and cash equivalents	221,135	158,724
Cash and cash equivalents at January 1	249,334	90,609
Cash and cash equivalents at December 31	470,469	249,334
Analysis of the balance of cash and cash equivalents
Time deposit with banks with maturity within 3 months	40,852	221,883
Cash and bank balances	429,616	27,450
Cash and cash equivalents at December 31	470,469	249,334

Note: Amounts are rounded down.