AEHL Executes on Strategic Transformation as New Technology
Segments Comprise 88% of First Half Revenue
JINJIANG, China, Sept. 29,
2022 /PRNewswire/ -- Antelope Enterprise Holdings
Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the
"Company"), a Chinese manufacturer of ceramic tiles used for
exterior siding and for interior flooring and design in residential
and commercial buildings, and which engages in business management,
information systems consulting, and online social commerce and live
streaming, today announced its financial results for the six months
ended June 30, 2022.
First Half 2022 Summary
- Revenue was RMB 135.0 million
(US$ 20.8 million), a 169.3% increase
from RMB 50.1 million (US$ 7.7 million) for the same period of 2021. The
increase in revenue was due to the generation of RMB 118.2 million (US$
18.3 million) in business management and consulting revenue,
a relatively new operating segment for the Company, which accounted
for 87.6% of the Company's total revenue for the six-month
period.
- Operating results were affected by bad debt expense of
RMB 13.5 million (US$ 2.1 million) for the six months ended
June 30, 2022, as compared to bad
debt expense of RMB 49.8 million
(US$ 7.7 million) for the same period
of 2021.
- Net loss was RMB 25.7 million
(US$ 4.0 million) for the six months
ended June 30, 2022, as compared to a
net loss of RMB 70.8 million
(US$ 10.9 million) for the same
period of 2021.
- Loss per share both on a basic and fully diluted basis was
RMB 4.88 (US$
0.75) for the six months ended June
30, 2022, as compared to a loss per share on a basic and
fully diluted basis of RMB 16.24
(US$ 2.51) for the six months ended
June 30, 2021.
Ms. Meishuang Huang, Chief Executive Officer of Antelope
Enterprise, commented, "For the first half of fiscal 2022, we
continued to execute upon our strategic plan to diversify our
business into new technology sectors. Our technology businesses
comprised 88% of total revenue for the first six months of the year
which followed its comprising 38% of revenue for the second six
months of fiscal 2021. We are pleased with this sequential growth
since it confirms our entry into new technology sectors and largely
offsets the operating results from our legacy ceramic tile business
which has suffered due to the continued slowdown of the real estate
sector in China."
"Our new technology subsidiaries are engaged in selected markets
in China which we believe have
strong growth potential. These include business management,
information system consulting, online social commerce and media,
and live broadcast streaming in China. We are encouraged by the market
opportunities as represented by these new sectors and are
optimistic that the strategic transformation of the Company is on
course."
"Due to the challenging conditions for real estate and building
materials in China, in
November 2021 we entered into a
five-year lease agreement to lease out the Hengdali facility with
the same lessee that had been leasing out just a portion of the
plant. This decision was consistent with our resolve to pivot
towards the new technology growth sectors."
"We are committed to our strategic plan to transform the Company
to operate in selected growth technology sectors, and are
encouraged by the strong contribution from our new businesses to
date. In particular, we believe that online social commerce and
live streaming in China will
experience sustained growth in the years to come," concluded Ms.
Huang.
Six Months Results Ended June 30,
2022
Revenue for the six months ended June 30, 2022 was RMB
135.0 million (US$ 20.9
million), a 169.3% increase from RMB
50.1 million (US$ 7.7 million)
for the same period of 2021. The increase in revenue was due to the
generation of RMB 118.2 million
(US$ 18.3 million) in our business
management and consulting segment which includes business
management, information system consulting, and online social
commerce and live streaming operations revenue (via its
subsidiaries Chengdu Future, Antelope Chengdu and Hainan Kylin
Cloud Services), and which accounted for 87.6% of the Company's
total revenue in the current period. The Company's revenue from its
business management and consulting segment has increased 15 times
from RMB 7.9 million (US$ 1.2 million) in 1H 2021, and 1.9 times on a
sequential basis from the second half of 2021 when we generated
RMB 63.6 million (US$ 9.9 million) in revenue.
However, the contribution from our business management and
consulting segment was partly offset by a RMB 25.5 million (US$ 3.9
million) decrease in ceramic tile sales which were
RMB 16.7 million (US$ 2.6 million) for the six months ended
June 30, 2022, a 60.4% decrease from
RMB 42.2 million (US$ 6.5 million) for the same period in 2021. We
produced and sold only porcelain tiles for the six month period
ended June 30, 2022 to position our
sales efforts on as realistic a basis as possible to address the
difficult business conditions attributable to uncertainties in
China's
real estate market which include the continued effects of
the Covid-19 pandemic. The decrease
in ceramic tile sales was due to a 65.7% decrease in ceramic tile
sales volume to 0.70 million square meters of ceramic tiles
compared to 2.05 million square meters of ceramic tiles for the
same period of 2021, which was partly offset by a 15.4% increase in
average selling price to RMB 23.8
(US$ 3.67) compared to RMB 20.6 (US$ 3.20)
for the same period of 2021.
Gross loss for the six months ended June 30, 2022 was RMB
404,000 (US$ 62,000), as
compared to a gross loss of RMB 6.5
million (US$ 1.0 million) for
the same period of 2021. The blended gross loss margin was
0.3% as compared to a gross loss margin of 13.0% for the same
period of 2021, which mostly consisted of the ceramic tile segment.
During the first half of 2022, we had a gross loss margin of 13.8%
for the ceramic tile segment, and a gross profit margin of 1.6% for
the business management and consulting segment. We had a gross loss
margin of 27.5% for the ceramic tile segment in the same period of
2021, and the decrease in the gross loss margin for the ceramic
tile segment in the current period was due to the sale of only
porcelain ceramic tiles which has historically had a higher profit
margin than our other ceramic tile products.
Other income for the six months ended June 30, 2022 was RMB 10.4
million (US$ 1.6 million), as
compared to the RMB 7.2 million
($1.1 million) for the comparable
period of 2021. Other income primarily consists of rental income
that the Company received by leasing out its Hengdali facility in
its entirety which includes building, plant and all of its
production lines. In addition, we received RMB 632,000 in a government grant from a local
authority for attracting outside-the-region enterprises to invest
to help develop the local economy, and RMB 887,000 in a tax subsidy due to the impact of
Covid-19 which occurred via our Hainan Kylin subsidiary.
Selling and distribution expenses for the six months
ended June 30, 2022 were RMB 4.9 million (US$ 0.7
million), as compared to RMB 3.2
million (US$ 0.5 million) for
the comparable period of 2021. The increase in selling and
distribution expenses was primarily due to an increase in
commission expenses of RMB 1.9
million, which was partly offset by a decrease in salary
expense by RMB 0.2 million and a
decrease in travel expenses of RMB
6,600.
Administrative expenses for the six months ended
June 30, 2022 were RMB 16.5 million (US$ 2.5
million), as compared to RMB 17.2
million (US$ 2.7 million) for
the same period of 2021. The decrease in administrative expenses
was mainly due to a decrease in consultant fees of RMB 4.7 million which was partly offset by (i) an
RMB 1.1 million increase in an assets
assessment fee, (ii) an RMB 0.4
million increase in professional fees, and (iii) an
RMB 0.8 million increase in audit
fees, (iv) an RMB 0.5 million
increase in investor relations fees, (v) an RMB 0.9 million increase in insurance expense,
and (vi) an RMB 0.3 million increase
in payroll expense.
Bad debt expense for the six months ended
June 30, 2022 was RMB 13.5 million (US$ 2.1
million), as compared to bad debt expense of RMB 49.8 million (US$ 7.7
million) for the same period of 2021. We recognized a loss
allowance for expected credit loss on our financial assets,
primarily on trade receivables, which are subject to impairment
under IFRS 9, Financial Instruments. We believe that we have
undertaken appropriate measures to resolve our bad debt
expense. We will continue to review each of our customers for
credit quality as well as assiduously test their accounts
receivables balances in each upcoming fiscal period.
Other expenses for the six months ended June 30, 2022 were RMB
4,000 (US$ 1,000), as compared
to RMB 77,000 (US$ 12,000) for the same period of 2021. For the
six months ended June 30, 2022, other
expenses mainly consisted of a currency exchange loss. For the six
months ended June 30, 2021, other
expenses mainly consisted of the early termination of a
non-refundable rent deposit.
Net loss for the six months ended June 30, 2022 was RMB 25.7
million (US$ 4.0 million), as
compared to a net loss of RMB 70.8
million (US$ 10.9 million) for
the same period of 2021. The decrease in net loss was mainly
due to the decrease in bad debt
expense, the decrease in gross loss and the increase in other
income as compared to the same period for 2021.
Loss per basic share and fully diluted share for the six
months ended June 30, 2022 were
RMB 4.88 (US$
0.75), as compared to loss per basic and fully diluted share
of RMB 16.24 (US$ 2.51) for the same period of 2021.
Statements of Selected Financial Position Items for the Six
Months Ended June 30, 2022
- Cash and bank balances were RMB 15.0
million (US$ 2.2 million) as
of June 30, 2022, compared with
RMB 27.9 million (US$ 4.4 million) as of December 31, 2021.
- Inventory turnover was 327 days as of June 30, 2022, as compared to 183 days as of
December 31, 2021. The increase in
inventory turnover days was primarily due to the continued slowdown
of real estate and the building
materials sector in
China during the six months ended
June 30, 2022. We believe that the
value of our current inventories is realizable.
- Trade receivables turnover of our ceramic tile segment, net of
value added tax, was 329 days as of June 30,
2022, as compared to 168 days as of December 31, 2021. The increase in trade
receivables turnover was primarily due to the slow collection of
our trade receivables as a result of tight cash flow as reported by
our customers due to the Covid-19
pandemic. Trade receivables turnover of our business management and
consulting segment was 0.3 days of June 30,
2022, as compared with 11 days as of December 31, 2021. The decrease in trade
receivables turnover from our business management and consulting
segment was primarily due to the timely collection of outstanding
accounts receivable including payments received in advance from our
clients.
- Trade payables turnover of our ceramic tile segment, net of
value added tax, was 32 days as of June 30,
2022 as compared with 20 days as of December 31, 2021. The average turnover days was
within the normal credit period of one to four months granted by
our suppliers. Trade payables turnover of our business management
and consulting segment was five days as of June 30, 2022 as compared with seven days as of
December 31, 2021.
Liquidity and Capital Resources
Cash flow provided by operating activities was
RMB 7.6 million (US$ 1.2 million) for the six months ended
June 30, 2022, as compared to
RMB 3.7 million (US$ 0.6 million) in cash used in operations for
the same period of 2021. The increase in cash inflow was mainly due
to an increase in operating cash inflow before working capital
changes of RMB 8.3 million, an
increase in cash inflow on trade receivables of RMB 26.1 million, a decrease in cash outflow on
other receivables and prepayments of RMB
12.7 million and increased cash inflow on trade payables of
RMB 5.2 million, which was partly
offset by a decrease in cash inflow from inventories of
RMB 30.3 million, an increase in cash
outflow on unearned revenue of RMB 8.4
million and an increase in cash outflow from accrued
liabilities and other payables of RMB 2.4
million.
Cash flow used in investing activities was
RMB 8.6 million (US$ 1.3 million) for the six months ended
June 30, 2022, as compared to cash
flow used in investing activities of RMB
129,000 (US$ 20,000) for the
same period of 2021. The increase in cash outflow during the six
months ended June 30, 2022 was mainly
due to the increase in restricted cash of RMB 8.6 million, which was partly offset by a
decrease in cash outflow due to the purchase of fixed assets and
intangible assets of RMB
112,000.
Cash flow used in financing activities was
RMB 12.0 million (US$ 1.9 million) for the six months ended
June 30, 2022, as compared to cash
flow provided by financing activities of RMB
25.4 million (US$ 3.9 million)
in the same period of 2021. For the six months ended June 30, 2022, we generated cash inflow from a
capital contribution of RMB 2.5
million, but this was offset by the payment of lease
liabilities of RMB 14.5 million. For
the six months ended June 30, 2021,
we generated cash inflow from the issuance of share capital of
RMB 30.0 million and warrants
exercised of RMB 10.4 million, which
was partially offset by the payment of lease liabilities of
RMB 15.0 million.
Plant Capacity and Capital Expenditures Update
We utilized plant capacity that produced 0.7 million square
meters of ceramic tiles for the six months ended June 30, 2022, as compared to 2.0 million square
meters of ceramic tiles for the same period of 2021, with all of
the current period's production attributable to our Hengda
facility. Our reduced utilization during the current period
was primarily attributable to the continued slowdown of the real
estate industry in China which was
still being impacted by the continued effects of the Covid-19
pandemic.
Effective November 1, 2021, we
entered into a new lease agreement with the same lessee that had
been leasing one of the production lines at the Hengdali
facility. The new lease is for Hengdali in its entirety which
includes building, plant and all of its machinery, equipment and
production lines. The new lease has a term of five years, from
November 1, 2021 through October 31, 2026, for an annual rent of
RMB 18.0 million. The leased Hengdali
facility has an annual production capacity of 22.4 million
square meters of ceramic tiles.
As a consequence of the new lease agreement, the Company's total
annual production capacity is 22.8 million square meters of ceramic
tiles which is solely attributable to its Hengda facility. We
intend to bring unused production capacity at Hengda online as
customer demand dictates and when there are signs of improvement in
China's real estate and
construction sectors.
We review the level of capital expenditures throughout the
year and make adjustments subject to market conditions. Although
business conditions are subject to change, we anticipate a
modest level of capital expenditures for 2022 other than those
associated with minimal upgrades, small repairs and the maintenance
of equipment.
Business Outlook
During the first six months 2022, we continued to execute on our
strategic plan to transform our business to diversify our
operations due to the difficulties of our legacy ceramic tile
business which has suffered due to the continued slowdown of the
real estate sector in China.
Therefore, beginning in the first half of fiscal year 2020, we
entered into new technology sectors and continued to tactically
ramp up our efforts over the last two years. For the first six
months of fiscal 2022, we generated RMB
118.2 million (US$ 18.3
million) in revenue from our new subsidiaries in business
management, information system consulting which includes the sales
of software use rights for digital data storage platforms and asset
management systems, and an online social media platform including
short video, live broadcast and e-commence platform development and
consulting. These new businesses accounted for 87.6% of the
Company's revenue in first six months of 2022 and enabled us to
realize a 169.3% increase in total revenue for the first six months
of 2022 as compared to the same period 2021.
In particular, we expect rapid growth to continue in the social
e-commence and broadcast industry in China over the next few years which is the
largest in the world, and that we
believe have strong growth potential. Such markets include new
formats such as live broadcasting, short videos, social e-commerce,
enterprise management, and new streaming media where we believe our
SaaS and PaaS system platforms can capitalize upon these new modalities. We are
optimistic as to the market opportunities represented by these new
sectors and are encouraged by the strong contribution to revenue of
our new technology businesses to date.
In terms of our ceramic tile segment, for the six months ended
June 30, 2022, its operating results
continued to be impacted by the slowdown of China's real estate sector. This is
attributable to several factors including the continued effects of
the Covid-19 pandemic, China's
central government reining in real estate developers with stricter
financial rules due to the sector's overleveraging, homebuyer
mortgage boycotts on unfinished homes, a contraction in new
homebuilding starts, overbuilding in some lower tier cities and a
continued drop in home prices.
Due to these challenging conditions, for the six-month period
ending June 30, 2022 we developed a
plan to produce and sell only our porcelain ceramic tiles, which is
our best-selling and highest margin ceramic tiles, in order to
address the market on as realistic a basis as possible. However,
the enactment of this plan was not able to surmount the difficult
market conditions of the first six months of 2022. The sales of
porcelain ceramic tiles, and therefore our entire ceramic tile
segment, declined 60.4% as compared to the year-ago
period. Looking forward, we will continue to evaluate any
improvement in the market conditions of China's real estate sector and develop further
strategies as needed.
This business outlook reflects the Company's current and
preliminary views and is based on the information currently
available to us, which are subject to change, and is subject to
risks and uncertainties, as well as risks and uncertainties
identified in the Company's public filings.
Conference Call Information
We will host a conference call at 8:00 am ET on September 29,
2022. Listeners may access the call by dialing 1-877-270-2148
five to ten minutes prior to the scheduled conference call time,
and international callers should dial 1-412-902-6510; all callers
should ask to join the Antelope Enterprise Holdings Ltd.
earnings conference call. A replay of the conference call will be
available for 14 days starting from 11:00 am
ET on September 29, 2022. To
access the replay, dial 1-877-344-7529 and international
callers should dial 1-412-317-0088. The replay access code is
5922301.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited is a leading manufacturer
of ceramic tiles in China. The
Company's ceramic tiles are used for exterior siding, interior
flooring, and design in residential and commercial buildings.
Antelope Enterprise's products, sold under the "Hengda" or "HD",
are available in over 2,000 style, color and size combinations and
are distributed through a network of exclusive distributors as well
as directly to large property developers. The Company also engages
in business management, information systems consulting, SaaS
(software as a service) and PaaS (platform as a service) systems
platforms, and online social commerce and live streaming in
China. For more information,
please visit http://www.aehltd.com.
Currency Convenience Translation
The Company's financial information is stated in Renminbi
("RMB"). Translations of amounts from RMB into
United States dollars ("US$")
in this earnings release are solely for the
convenience of the readers and were calculated at the rate of
US$1.00 = RMB
6.6981 for balance sheet accounts at the balance sheet date,
US$1.00 = RMB
6.4791 for the P&L accounts for the six months ended
June 30, 2022. The exchange rate
refers to the historical rate as set forth in the H.10 statistical
release published by www.federalreserve.gov on June 30, 2022. Such translations should not be
construed as representations that RMB amounts could have been,
or could be, converted realized or settled
into US$ at that rate on June
30, 2022 or any other rate.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, the continued stable macroeconomic
environment in the PRC, the PRC real estate, construction and
technology sectors continuing to exhibit sound long-term
fundamentals, our ability to bring additional ceramic tile
production capacity online going forward as our business improves,
our ceramic tile customers continuing to adjust to our product
price increases, our ability to sustain our average selling price
increases and to continue to build volume in the quarters ahead,
and whether our enhanced marketing efforts will help to produce
wider customer acceptance of the new price points; and our ability
to continue to grow our business management, information system
consulting, and online social commerce and live streaming business.
All statements other than statements of historical fact are
statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should,"
"indicate," "would," "believe," "contemplate," "expect,"
"estimate," "continue," "plan," "point to," "project," "could,"
"intend," "target" and other similar words and expressions of the
future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2021 and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not undertake
to update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
FINANCIAL TABLES
ANTELOPE ENTERPRISE
HOLDINGS., LTD AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
As of June 30,
2022
|
|
As of
December 31,
2021
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
ASSETS AND
LIABILITIES
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
Property and
equipment, net
|
169
|
1,129
|
|
1,250
|
Intangible
asset, net
|
1
|
6
|
|
-
|
Right-of-use
assets, net
|
5,666
|
37,952
|
|
44,288
|
Total noncurrent
assets
|
5,836
|
39,087
|
|
45,538
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Inventories, net
|
5,530
|
37,040
|
|
31,589
|
Trade
receivables, net
|
2,821
|
18,893
|
|
51,416
|
Other
receivables and prepayments
|
2,239
|
14,994
|
|
20,781
|
VAT
recoverable
|
250
|
1,675
|
|
663
|
Restricted
Cash
|
1,276
|
8,550
|
|
-
|
Cash and
bank balances
|
2,240
|
15,003
|
|
27,880
|
Total current
assets
|
14,356
|
96,155
|
|
132,329
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
payables
|
1,526
|
10,222
|
|
6,290
|
Unearned
revenue
|
1,073
|
7,187
|
|
15,545
|
Accrued
liabilities and other payables
|
2,992
|
20,038
|
|
22,381
|
Amounts
owed to related parties
|
5,427
|
36,348
|
|
36,348
|
Lease
liabilities
|
2,052
|
13,745
|
|
13,404
|
Taxes
payable
|
124
|
835
|
|
1,018
|
Total current
liabilities
|
13,194
|
88,375
|
|
94,986
|
|
|
|
|
|
NET CURRENT
ASSETS
|
1,162
|
7,780
|
|
37,343
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
Lease
liabilities
|
2,906
|
19,468
|
|
33,325
|
Total noncurrent
liabilities
|
2,906
|
19,468
|
|
33,325
|
|
|
|
|
|
NET ASSETS
|
4,091
|
27,399
|
|
49,556
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
144
|
964
|
|
943
|
Reserves
|
3,240
|
21,702
|
|
49,919
|
Noncontrolling interest
|
707
|
4,733
|
|
(1,306)
|
Total stockholders' equity
|
4,091
|
27,399
|
|
49,556
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
Six Months ended
June 30,
|
|
2022
|
|
2021
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
Net sales
|
20,830
|
134,961
|
|
50,107
|
|
|
|
|
|
Cost of goods
sold
|
20,892
|
135,365
|
|
56,610
|
|
|
|
|
|
Gross profit
(loss)
|
(62)
|
(404)
|
|
(6,503)
|
|
|
|
|
|
Other income
|
1,605
|
10,399
|
|
7,154
|
Selling and
distribution expenses
|
(749)
|
(4,852)
|
|
(3,219)
|
Administrative
expenses
|
(2,549)
|
(16,513)
|
|
(17,196)
|
Bad debt
expense
|
(2,089)
|
(13,536)
|
|
(49,827)
|
Finance
costs
|
(116)
|
(753)
|
|
(1,094)
|
Other
expenses
|
(1)
|
(4)
|
|
(77)
|
|
|
|
|
|
Loss before
taxation
|
(3,961)
|
(25,663)
|
|
(70,762)
|
|
|
|
|
|
Income tax
expense
|
13
|
83
|
|
7
|
|
|
|
|
|
Net loss
|
(3,974)
|
(25,746)
|
|
(70,769)
|
|
|
|
|
|
Net income (loss)
attributable to:
|
|
|
|
|
Equity holders of the
Company
|
(4,528)
|
(29,335)
|
|
(70,769)
|
Non-controlling
interest
|
554
|
3,589
|
|
|
Net loss
|
(3,974)
|
(25,746)
|
|
(70,769)
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
Exchange differences on
translation of financial
statements of foreign operations
|
17
|
114
|
|
76
|
|
|
|
|
|
Total comprehensive
loss for the year
|
(3,991)
|
(25,632)
|
|
(70,693)
|
|
|
|
|
|
Total comprehensive
loss attributable to:
|
|
|
|
|
Equity holders of the
Company
|
(4,510)
|
(29,221)
|
|
(70,693)
|
Non-controlling
interest
|
554
|
3,589
|
|
-
|
Total comprehensive
loss
|
(3,956)
|
(25,632)
|
|
(70,693)
|
|
|
|
|
|
Loss per share
attributable to the equity holders of the Company
|
|
|
|
Basic (RMB)
|
(0.75)
|
(4.88)
|
|
(16.24)
|
Diluted
(RMB)
|
(0.75)
|
(4.88)
|
|
(16.24)
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Six Months ended
June 30,
|
|
2022
|
|
2021
|
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Loss before taxation
|
(3,961)
|
(25,663)
|
|
(70,762)
|
|
Adjustments for
|
-
|
|
|
|
|
Operating lease charge
|
1,014
|
6,564
|
|
7,035
|
|
Depreciation of property, plant and
equipment
|
20
|
132
|
|
19
|
|
Bad debt provision of trade receivables
|
2,089
|
13,536
|
|
49,827
|
|
Share based compensation
|
158
|
1,025
|
|
832
|
|
Interest expense on lease liability
|
116
|
753
|
|
1,094
|
|
Operating cash flows before working capital
changes
|
(564)
|
(3,653)
|
|
(11,955)
|
|
Decrease (increase) in inventories
|
(841)
|
(5,451)
|
|
24,837
|
|
Decrease (Increase) in trade receivables
|
2,928
|
18,987
|
|
(7,139)
|
|
Decrease (Increase) in other receivables
and prepayments
|
893
|
5,787
|
|
(6,934)
|
|
Decrease in trade payables
|
607
|
3,932
|
|
(1,255)
|
|
Decrease in unearned revenue
|
(1,290)
|
(8,357)
|
|
-
|
|
Increase (decrease) in taxes payable
|
(193)
|
(1,253)
|
|
(1,315)
|
|
Decrease in accrued liabilities, other
payables, and amounts owed to related parties
|
(362)
|
(2,344)
|
|
82
|
|
Cash generated from (used in) operations
|
1,178
|
7,648
|
|
(3,679)
|
|
Interest paid
|
|
-
|
|
-
|
|
Income tax paid
|
(4)
|
(25)
|
|
(7)
|
|
|
|
|
|
|
|
Net
cash generated from (used in) operating
activities
|
1,174
|
7,623
|
|
(3,686)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Acquisition of fixed assets
|
(2)
|
(11)
|
|
(129)
|
|
Acquisition of intangible assets
|
(1)
|
(6)
|
|
-
|
|
Decrease (increase) in restricted cash
|
(1,319)
|
(8,550)
|
|
-
|
|
|
|
|
|
|
|
Net cash generated from (used in) investing
activities
|
(1,322)
|
(8,567)
|
|
(129)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment for lease liabilities
|
(2,235)
|
(14,480)
|
|
(14,964)
|
|
Insurance of share capital for equity
financing
|
378
|
2,450
|
|
29,976
|
|
Warrants exercised
|
-
|
-
|
|
10,394
|
|
|
|
|
|
|
|
Net cash
generated from (used in) financing
activities
|
(1,857)
|
(12,030)
|
|
25,406
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN CASH
& EQUIVALENTS
|
(2,005)
|
(12,974)
|
|
21,591
|
|
CASH & EQUIVALENTS,
BEGINNING OF
PERIOD
|
4,375
|
27,880
|
|
12,344
|
|
EFFECT OF FOREIGN
EXCHANGE RATE
DIFFERENCES
|
(130)
|
97
|
|
94
|
|
|
|
|
|
|
|
CASH & EQUIVALENTS,
END OF PERIOD
|
2,240
|
15,003
|
|
34,029
|
|
ANTELOPE ENTERPRISE
HOLDINGS., LTD. AND ITS SUBSIDIARIES
|
SALES VOLUME AND
AVERAGE SELLING PRICE (UNAUDITED)
|
|
|
|
|
Six months ended
June 30
|
|
|
2022
|
2021
|
Sales volume (square
meters)
|
|
702,056
|
2,045,295
|
Average Selling Price
(in RMB / square meter)
|
23.81
|
20.63
|
View original
content:https://www.prnewswire.com/news-releases/antelope-enterprise-announces-first-half-2022-financial-results-301636243.html
SOURCE Antelope Enterprise Holdings Ltd.