Nippon Paint : Notification of Parent Company’s Financial Results

Investor Relations2021.06.01 Notification of Parent Company's Financial Results

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June 1, 2021
Name of company:Nippon Paint Holdings Co., Ltd.Representative:Yuichiro Wakatsuki
Representative Executive Officer & Co-President
Wee Siew Kim
Representative Executive Officer & Co-President
(Securities Code: 4612, TSE 1st Section)Contact:Ryosuke Tanaka,
General Manager of Investor Relations
(TEL[phone])

Notification of Parent Company's Financial Results

Nippon Paint Holdings Co., Ltd. ('NPHD') announces the FY 2020 financial results of NPHD's Parent Company, NIPSEA International Limited. As of today, NIPSEA International Limited fall under parent company of NPHD, as announced in the press release dated January 25, 2021, titled 'Notice of Completion of Acquisition of Additional Equity Interests in the Company's Joint Ventures with the Wuthelam Group in the Asia Region and Acquisition of an Equity Interest in the Indonesia Business (Conversion to Subsidiary), Completion of Pay-In Procedures for Issuance of New Shares Through a Third-Party Allotment, and Change in Parent Company.'

1. Corporate Overview

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

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

(As of December 31, 2020)

Classification	Shares	Number of fractional shares (shares)
Governments / 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, 2020)

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)

Responsibilities	Name	Date of birth	Biography	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)	-
Director	Goh Hup Jin	Apr. 6, 1953	Jun. 1984Managing Director, Wuthelam Holdings Limited (present) Sept. 1987Director, NIPSEA Holdings International Limited (present) Dec. 1993Managing Director, NIPSEA Pte. Limited (present) Oct. 2009Director, NIPSEA Management Company Pte. 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 Mar. 2019Director of the Board Apr. 2021Chairman (present)	-
Director	Cheung Man Cheo	Jan. 23, 1934	Oct. 2002Director, Wuthelam Holdings Limited (present) Sept. 2007Director, NIPSEA Holdings International Limited (present) Nov. 2016Director, NIPSEA International Limited (present)	-
Managing 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)	-

4. Financial Statements (1) Balance Sheet

(Unit: one thousand HKD)

	FY2020	FY2019
Non-current assets Plant and equipment Investment in an associate Investment in a subsidiary Long-term investment	93 107,968,580 76,613 1,461	141 51,346,039 76,613 1,461
108,046,748	51,424,255
Current assets Deposits, prepayments and other receivables Amount due from a subsidiary Pledged bank deposit Cash and cash equivalents	128 17,544 250 249,334	521 14,645 - 90,609
267,256	105,776
Current liabilities Accrued expenses Amount due to immediate parent Amount due to intermediate holding company	4,551 570,725 12,480,087	454 571,027 12,708,236
13,055,363	13,279,719
Net current liabilities	(12,788,106)	(13,173,942)
Net Assets	95,258,641	38,250,312
Capital and reserve Share capital Accumulated profits	1,450,000 93,808,641	1,450,000 36,800,312
Total Equity	95,258,641	38,250,312

Note: Amounts are rounded down.

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

(Unit: one thousand HKD)

	FY2020	FY2019
Revenue	415,512	409,178
Other income	2,918	2,663
Administrative expenses	(4,064)	(2,222)
Other operating expenses	(7,803)	(5,383)
Fair value gain on investment in an associate	56,622,541	17,276,198
Profit before taxation	57,029,104	17,680,434
Income tax	(20,775)	(20,458)
Profit and other comprehensive income for the year	57,008,328	17,659,975

Note: Amounts are rounded down.

(3) Statement of cash flows

(Unit: one thousand HKD)

	FY2020	FY2019
Operating Activities Profit before taxation Bank interest income Depreciation Exchange difference on investment Fair value gain on investment in an associate Fair value gain on short-term investments	57,029,104 (2,517) 48 - (56,622,541) -	17,680,434 (812) 47 (54) (17,276,198) (121)
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 (Decrease)/increase in amount due to immediate parent Decrease in amount due to intermediate holding company	404,093 393 (2,899) 4,096 (302) (228,149)	403,294 (383) (3,303) (257) 8,219 (349,342)
Cash generated from operations	177,232	58,226
Withholding tax paid	(20,775)	(20,458)
Net cash generated from operating activities	156,456	37,767
Investing activities Interest received Increase in pledged bank deposit Proceeds from disposal of short-term investment Purchases of plant and equipment	2,517 (250) - -	812 - 23,823 (27)
Net cash generated from investing activities	2,267	24,607
Net increase in cash and cash equivalents	158,724	62,375
Cash and cash equivalents at January 1	90,609	28,234
Cash and cash equivalents at December 31	249,334	90,609
Analysis of the balance of cash and cash equivalents
Time deposit with banks with maturity within 3 months	221,883	76,909
Cash and bank balances	27,450	13,700
Cash and cash equivalents at December 31	249,334	90,609

Note: Amounts are rounded down.

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