JINJIANG, China, April 29, 2022 /PRNewswire/ -- Antelope
Enterprise Holdings Limited (NASDAQ Capital Market: AEHL)
("Antelope Enterprise" or the "Company"), a leading Chinese
manufacturer of ceramic tiles used for exterior siding and for
interior flooring and design in residential and commercial
buildings, and which also engages in business management,
information system consulting, and online social commerce and live
streaming, today announced its financial results for the second
half and fiscal year ended December 31,
2021.
Second Half 2021 Summary
- Revenue was RMB 166.2 million
(US$ 25.8 million), a 16.0% increase
from RMB 143.2 million (US$ 21.1 million) for the same period of 2020.
The increase in revenue was due to the generation of RMB 63.6 million (US$ 9.9
million) in business management, information system
consulting, and online social commerce and live streaming, new
operating segments for the Company, which accounted for 38.3% of
the Company's total revenue for the six-month period.
- Gross profit was RMB 73.8 million
(US$ 11.5 million) as compared to
gross loss of RMB 26.9 million
(US$ 4.0 million) for the same period
of 2020.
- Operating results were affected by bad debt expense of
RMB 75.7 million (US$ 11.8 million) for the second half of 2021, as
compared to bad debt expense of RMB 48.5
million (US$ 7.2 million) for
the same period of 2020.
- Net loss was RMB 19.3 million
(US$ 3.0 million) for the second half
of 2021, as compared to a net loss of RMB
81.6 million (US$ 12.0
million) for the same period of 2020.
Ms. Meishuang Huang, Chief Executive Officer of Antelope
Enterprise, commented, "During fiscal year 2021, we continued
to experience challenging market conditions for our ceramic tile
business segment due to the slowdown of the real estate sector in
China which was being impacted by
the continued effects of the COVID-19 pandemic. To mitigate these
challenging conditions, in 2021, we continued to execute our
strategic plan to diversify our business and fuel our
growth by incorporating several new technology sector
subsidiaries."
"These new subsidiaries are engaged in selected markets in
China which we believe have strong
growth potential. These include business management, information
system consulting, and social media, online social commerce and
live streaming in China. We are
pleased that these new sectors contributed 38% of revenue to our
financial performance for the second half of 2021 and 33% for the
full year 2021, which shows that our strategic plan 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 entire Hengdali facility
with the same lessee that had been leasing out just a portion of
the plant. This decision is consistent with our resolve to pivot
towards technology growth sectors. However, we are secure in having
ample unused production capacity for ceramic tiles at our Hengda
facility for when the real estate market turns around."
"We are committed to diversifying the Company into growth
technology sectors and are encouraged by the strong contribution
from our new technology subsidiaries to date. In particular, we
believe that social media, online social commerce and live
streaming in China will experience
sustained growth in the years to come," concluded Ms. Huang.
Six Months Results Ended December 31,
2021
Revenue for the six months ended December 31, 2021 was RMB
166.2 million (US$ 25.8
million), a 16.0% increase from RMB
143.2 million (US$ 21.1
million) for the same period of 2020. The increase in
revenue was due to the generation of RMB
63.6 million (US$ 9.9 million)
in business management, information system consulting, and online
social commerce and live streaming operations revenue from Chengdu
Future, Antelope Chengdu and Hainan Kylin
Cloud Services, new
operating businesses of the Company, which accounted for 38.3% of
the Company's total revenue in the current period. However, this
contribution was partly offset by an RMB
40.6 million (US$ 6.3 million)
decrease in ceramic tile sales. The decrease in ceramic tile sales
was due to a 22.1% decrease in ceramic tile sales volume to 5.1
million square meters of ceramic tiles compared to 6.6 million
square meters of ceramic tiles for the same period of 2020, and an
8.0% decrease in average selling price to RMB 20.1 (US$ 3.13)
compared to RMB 21.8 (US$ 3.34) for the same period of 2020.
Gross profit for the six months ended December 31, 2021 was RMB
73.8 million (US$ 11.5
million), as compared to gross loss of RMB 26.9 million (US$ 4.0
million) for the same period of 2020.
The gross profit margin was 44.4% as compared to a gross
loss margin 18.8% for the same period of 2020. The increase in
gross profit margin for the six months ending December 31, 2021 was due to RMB 0.9 million in gross profit contributed by
the Company's new subsidiaries that engage in business management,
information system consulting, and online social commerce and live
streaming operations, and a reversal of an inventory impairment
provision of RMB 99.2 million as
compared to a reversal of an inventory impairment provision of
RMB 2.3 million for the same period
of 2020. Without the reversal of the inventory impairment
provisions, the gross loss margin for the current period was 15.3%
as compared to a gross loss margin of 20.4% for the same period of
2020.
Other income for the six months ended December 31, 2021 was RMB
2.3 million (US$ 0.4 million),
as compared to the RMB 12.2 million
($1.8 million) for the comparable
period of 2020. Other income primarily consists of rental income
that the Company received by leasing out one of its production
lines from its Hengdali facility pursuant to an eight-year lease
contract. In addition, we realized RMB 7.2
million (US$ 0.3 million) from
our newly incorporated subsidiaries, Chengdu Future and Antelope
Chengdu, which engage in computer consulting and software
development, respectively, during the comparable period of 2020.
Since these new businesses had just launched and their income was
fairly modest, it was included in this reporting line item for the
year-ago period.
Selling and distribution expenses for the six months
ended December 31, 2021 were
RMB 3.1 million (US$ 0.5 million), as compared to RMB 4.2 million (US$ 0.6
million) for the comparable period of 2020. The decrease in
selling and distribution expenses was primarily due to a decrease
in advertising expenses of RMB 0.7
million and a decrease in payroll expenses of RMB 0.4 million.
Administrative expenses for the six months ended
December 31, 2021 were RMB 15.2 million (US$ 2.4
million), as compared to RMB 11.9
million (US$ 1.8 million) for
the same period of 2020. The increase in administrative expenses
was mainly due to an increase in consulting fees of RMB 1.3 million and an increase in professional
fees of RMB 1.9 million.
Bad debt expense for the six months ended
December 31, 2021 was RMB 75.7 million (US$ 11.8
million), as compared to bad debt expense of RMB 48.5 million (US$ 7.2
million) for the same period of 2020. We recognize 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 December 31, 2021 were RMB
47,000 (US$ 7,000), as
compared to RMB nil (US$ nil) for the same period of 2020. The
increase in other expenses was mainly due to an exchange rate loss
and an expense related to a non-refundable rent deposit
attributable to our subsidiary Antelope Chengdu due to the early
termination of a lease.
Net loss for the six months ended December 31, 2021 was RMB
19.3 million (US$ 3.0
million), as compared to a net loss of RMB 81.6 million (US$ 12.0
million) for the same period of 2020. The decrease in net
loss was mainly due to an increase in gross profit, a decrease in
bad debt expense and the substantial increase in the reversal of
the inventory impairment provision in the current period as
compared to the same period for 2020.
Loss per basic share and fully diluted share for the six
months ended December 31, 2021 were
RMB 3.75 (US$
0.58), as compared to loss per basic and fully diluted share
of RMB 24.85 (US$ 3.67) for the same period of 2020, with the
latter figures retroactively presented for the 3:1 reverse stock
split effective on September 3,
2020.
Full Year 2021 Financial Results
Revenue for the year ended December 31,
2021 was RMB 216.3 million
(US$ 33.5 million), as compared to
RMB 183.0 million (US$ 26.5 million) for the year ended December 31, 2020. Gross profit was RMB 67.3 million (US$ 10.4
million), as compared to gross loss of RMB 26.0 million (US$ 3.8
million) for the same period of 2020. The gross profit
margin was 31.1%, as compared to a 14.2% gross loss margin for the
same period of 2020. Other income was RMB
9.4 million (US$ 1.5 million),
as compared to RMB 21.9 million
(US$ 3.2 million) for the same period
of 2020. Selling expenses were RMB 6.3
million (US$ 1.0 million), as
compared to RMB 9.4 million
(US$ 1.5 million) for the same period
of 2020. Administrative expenses were RMB
32.4 million (US$ 5.0
million), as compared to RMB 26.6
million (US$ 3.9 million) for
the same period of 2020. Bad debt expense was RMB 125.6 million (US$
19.5 million), as compared to RMB
150.3 million (US$ 21.8
million) for the same period of 2020. Net loss for the year
ended December 31, 2021 was
RMB 90.0 million (US$ 14.0 million), as compared to a net loss of
RMB 193.1 million (US$ 28.0 million) for the same period of 2020.
Loss per share on a basic and fully diluted basis were RMB 17.24 (US$
2.67) for the year ended December 31,
2021, as compared to basic and fully diluted loss per share
of RMB 65.67 (US$ 9.51) for the same period of 2020.
Statements of Selected Financial Position Items for the
Fiscal Year Ended 2021
- Cash and bank balances were RMB 27.9
million (US$ 4.4 million) as
of December 31, 2021, compared with
RMB 12.3 million (US$ 1.9 million) as of December 31, 2020.
- Inventory turnover was 183 days as of December 31, 2021, as compared to 190 days as of
December 31, 2020. The decrease in
inventory turnover days was primarily due to the cessation of
production at our Hengdali facility during fiscal year 2021 due to
our plan to primarily utilize current inventory in stock. We
believe that the value of our current inventories is
realizable.
- Trade receivables turnover of sales of ceramic tile products,
net of value added tax, was 168 days as of December 31, 2021, as compared with 242 days as
of December 31, 2020. The decrease in
trade receivables turnover was primarily due to the increase in the
general doubtful debt provision calculated according to the
expected credit loss stipulations in IFRS 9. Trade receivables
turnover of our business management, information system consulting,
and online social commerce and live streaming operations was 11
days as of December 31, 2021.
- Trade payables turnover of sales of ceramic tile products, net
of value added tax, was 20 days as of December 31, 2021 as compared with 22 days as of
December 31, 2020. 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, information system consulting, and online
social commerce and live streaming operations was 7 days as of
December 31, 2021.
Liquidity and Capital Resources
Cash flow used in operating activities was
RMB 4.4 million (US$ 0.7 million) for the six months ended
December 31, 2021, as compared to
RMB 1.6 million (US$ 0.2 million) in the same period of 2020. The
increase of cash outflow was mainly due to an increase of cash
outflow on other receivables and prepayments of RMB 19.7 million, a decrease in cash inflow in
inventories of RMB 41.5 million, and
a decrease in cash inflow on taxes payable of RMB 4.4 million and an increase in operating cash
outflow before working capital changes of RMB 5.1 million, which was partly offset by a
decrease in cash outflow of trade receivables of RMB 46.3 million, an increase in cash inflow of
unearned revenue of RMB 15.8 million,
a decrease in cash outflow in accrued liability and other payable
of RMB 0.3 million, and an increase
in cash inflow of trade payables of RMB 5.4
million.
Cash flow used in investing activities was
RMB 1.15 million (US$ 0.2 million) for the six months ended
December 31, 2021, as compared to
cash flow used in investing activities of RMB 46,000 (US$
7,000) for the same period of 2020. The increase in cash
outflow during the six months ended December
31, 2021 was mainly due to the purchase of fixed assets of
1.1 million.
Cash flow used in financing activities was
RMB 1.0 million (US$ 0.2 million) for the six months ended
December 31, 2021, as compared to
cash flow used in financing activities of RMB 71,000 (US$
10,000) in the same period of 2020. For the six months ended
December 31, 2021, we generated cash
inflow from the issuance of share capital of RMB 0.4 million (US$
61,000), proceeds resulting from warrants exercised of
RMB 136,000 (US$ 21,000), and the payment of lease
liabilities of RMB 0.5 million
(US$ 75,000). For the six months
ended December 31, 2020, we generated
cash inflow from the issuance of share capital of RMB 8.0 million (US$1.2
million), which was partially offset by repayment a loan
advance from related parties of RMB 7.6
million (US$ 1.1 million) and
the payment of lease liabilities of RMB 0.2
million (US$ 35,000).
Plant Capacity and Capital Expenditures Update
We utilized plant capacity that produced 1.2 million square
meters of ceramic tiles for the six months ended December 31, 2021, as compared to 1.5 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
that has the capacity to produce ten million square meters of
annual production capacity. The new lease is for Hengdali in its
entirety which includes building, plant and facilities, and which
contains 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, a reduction from its annual production capacity of 27.7
million square meters of ceramic tiles, resulting from the Company
having retired two old furnaces at Hengdali in fiscal 2021. For the
current period, there was no production capacity utilized at
Hengdali due to our having utilized current inventory in stock to
fill customer orders as well as our having executed a new lease
agreement for the entire facility including all of its production
lines.
Therefore, 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
In terms of our ceramic tile business, for fiscal year 2021, the
Company's operating results continued to be impacted by the
slowdown of China's real estate
sector due to the continued effects of the COVID-19
pandemic. After a rise in property prices month-over-month for
the first six months of 2021, average new home prices in
China's 70 major cities fell
month-over-month for the second six months of 2021, and early 2022
data shows the weakest rise in new home prices since November 2015. Due to challenging market
conditions, we enacted a plan to work ceramic tile products already
in inventory through our sales channels although we continued to
engage in marketing for our products for when the real estate
market turns around.
In 2021, China's central
government reined in real estate developers with stricter financial
rules for property development resulting in a cooling of its
property market. Consequently, investment in China's property sector resulted in 4.4%
annual growth in 2021 down from 7.0% growth rate recorded in 2020.
In addition, although the number of new construction projects was
reasonably sound in the first half of 2021, it decreased 11.4%
year-over-year by the end of the year due to constraints
attributable to regulatory measures that affected property
developers.
Looking forward, China's
central government indicated that it would invigorate the economy,
as it has in the past, which would include helping to support
China's real estate sector. In
early 2022, the People's Bank of China cut its reserve requirement ratio which
freed up more loan capital for home buyers. Due to weakened market
demand, banks have lowered mortgage rates by an average of 20 to 60
basis points and some provinces have loosened some of their polices
which include removing restrictions on home purchases for those
without full local residency status. In addition, some banks in
China have issued infrastructure
bonds to fund their lending to property developers. Real estate
continues to be a vital component of China's economic growth as real estate and its
related business activities is estimated to comprise 25% of
China's GDP.
We believe that the demand for our ceramic tile products will
mostly come from Tier 3 and lower-tier cities as well as coastal
cities over the next few years. However, we will also market our
products to Tier 1 and Tier 2 cities as opportunities arise, and we
will be increasing our efforts to secure customers in the larger
Southeast Asia market.
In terms of our technology business development activities,
during fiscal 2021, we continued to execute on our strategic plan
to diversify our operations with new technology sector operations
as we generated of RMB 71.5 million
(US$ 11.1 million) in revenue from
our new subsidiaries in business management, information system
consulting which includes the sales of software use rights for
digital data deposit platforms and asset management systems, and an
online social media platform including live streaming and
e-commence platform development and consulting. These new business
segments accounted for 33.1% of the Company's revenue in fiscal
2021 and enabled us to realize an 18.2% increase in total revenue
for the year as compared to fiscal 2020.
The Social E-commerce Branch of the China Association for Trade
in Services released the "2021 Social E-commerce Innovation and
Development Report", indicating that the scale of China's social e-commerce market is expected
to reach RMB 5.8 trillion by the end
of 2021, a 45% year-over-year increase. We expect rapid growth to
continue in the live e-commence and broadcast industry in
China over the next few years, and
we plan to gradually focus our business towards these sectors in
the periods ahead.
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 May
2, 2022. Listeners may access the call by dialing +1
(877) 275-8968 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1 (509)
844-0154. The conference participant pass code is 3697077. A replay
of the conference call will be available for 14 days starting from
11:00 am ET on May 2, 2022. To access the replay, dial +1 (855)
859-2056. International callers should dial +1 (404)
537-3406. The pass code is 3697077 for the replay.
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 system consulting, 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
6.3726 for balance sheet accounts at the balance sheet date,
US$1.00 = RMB
6.4508 for the P&L accounts for the year ended
December 31, 2021, and US$1.00 = RMB
6.4316 for the P&L accounts for the six months ended
December 31, 2021. The exchange rate
refers to the historical rate as set forth in the H.10 statistical
release published by www.federalreserve.gov on December 31, 2021. Such translations should not
be construed as representations that RMB amounts could have
been, or could be, converted realized or settled
into US$ at that rate on December 31, 2021 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 December 31,
2021
|
|
As of
December 31,
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
ASSETS AND
LIABILITIES
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
Property
and equipment, net
|
196
|
1,250
|
|
68
|
Right-of-use assets, net
|
6,950
|
44,288
|
|
58,458
|
Total noncurrent
assets
|
7,146
|
45,538
|
|
58,526
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Inventories, net
|
4,957
|
31,589
|
|
52,201
|
Trade
receivables, net
|
8,068
|
51,416
|
|
101,470
|
Other
receivables and prepayments
|
3,261
|
20,781
|
|
845
|
VAT
receivable
|
104
|
663
|
|
-
|
Cash and
bank balances
|
4,375
|
27,880
|
|
12,344
|
Total current
assets
|
20,765
|
132,329
|
|
166,860
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
payables
|
987
|
6,290
|
|
6,750
|
Unearned
revenue
|
2,439
|
15,545
|
|
-
|
Accrued
liabilities and other payables
|
3,512
|
22,381
|
|
22,846
|
Amounts
owed to related parties
|
5,704
|
36,348
|
|
36,348
|
Lease
liabilities
|
2,103
|
13,404
|
|
13,431
|
Taxes
payable
|
160
|
1,018
|
|
1,934
|
Total current
liabilities
|
14,905
|
94,986
|
|
81,309
|
|
|
|
|
|
NET CURRENT
ASSETS
|
5,860
|
37,343
|
|
85,551
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
Lease
liabilities
|
5,229
|
33,325
|
|
46,728
|
Total noncurrent
liabilities
|
5,229
|
33,325
|
|
46,728
|
|
|
|
|
|
NET ASSETS
|
7,776
|
49,556
|
|
97,349
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
148
|
943
|
|
591
|
Reserves
|
7,833
|
49,919
|
|
96,758
|
Noncontrolling interest
|
(205)
|
(1,306)
|
|
-
|
Total stockholders' equity
|
7,776
|
49,556
|
|
97,349
|
|
|
|
|
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
Six Months ended
December 31,
|
|
|
|
2021
|
|
2020
|
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
Net sales
|
25,835
|
166,163
|
|
143,202
|
|
|
|
|
|
|
|
Cost of goods
sold
|
14,354
|
92,319
|
|
170,143
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
11,481
|
73,844
|
|
(26,941)
|
|
|
|
|
|
|
|
Other income
|
352
|
2,266
|
|
12,164
|
|
Selling and
distribution expenses
|
(482)
|
(3,103)
|
|
(4,153)
|
|
Administrative
expenses
|
(2,370)
|
(15,240)
|
|
(11,911)
|
|
Bad debt
expense
|
(11,774)
|
(75,727)
|
|
(48,468)
|
|
Finance
costs
|
(167)
|
(1,072)
|
|
(2,330)
|
|
Other
expenses
|
(6)
|
(47)
|
|
-
|
|
|
|
|
|
|
|
Loss before
taxation
|
(2,966)
|
(19,079)
|
|
(81,639)
|
|
|
|
|
|
|
|
Income tax (expense)
credit
|
(33)
|
(210)
|
|
52
|
|
|
|
|
|
|
|
Net loss
|
(2,999)
|
(19,289)
|
|
(81,587)
|
|
|
|
|
|
|
|
Net loss attributable
to:
|
|
|
|
|
|
Equity Holders of the
Company
|
(2,796)
|
(17,983)
|
|
(81,587)
|
|
Non-controlling
interest
|
(203)
|
(1,306)
|
|
-
|
|
Net
loss
|
(2,999)
|
(19,289)
|
|
(81,587)
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
Basic (RMB)
|
(0.58)
|
(3.75)
|
|
(24.85)
|
|
Diluted
(RMB)
|
(0.58)
|
(3.75)
|
|
(24.85)
|
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND ITS SUBSIDIARIES
|
SALES VOLUME
AND AVERAGE SELLING PRICE
|
|
Six months ended
December 31,
|
|
|
2021
|
2020
|
|
Sales volume
(square meters)
|
5,115,731
|
6,568,295
|
|
Average Selling
Price (in RMB/square meter)
|
20.05
|
21.80
|
|
|
|
|
|
|
|
|
|
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
Years ended December
31,
|
|
2021
|
|
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
Net sales
|
33,526
|
216,270
|
|
182,989
|
|
|
|
|
|
Cost of goods
sold
|
23,087
|
148,929
|
|
208,991
|
|
|
|
|
|
Gross profit
(loss)
|
10,439
|
67,341
|
|
(26,002)
|
|
|
|
|
|
Other income
|
1,460
|
9,420
|
|
21,931
|
Selling and
distribution
|
|
|
|
|
expenses
|
(980)
|
(6,322)
|
|
(9,356)
|
Administrative
expenses
|
(5,028)
|
(32,436)
|
|
(26,619)
|
Bad debt
expense
|
(19,463)
|
(125,554)
|
|
(150,268)
|
Finance
costs
|
(336)
|
(2,166)
|
|
(2,748)
|
Other
expenses
|
(19)
|
(124)
|
|
-
|
|
|
|
|
|
Loss before
taxation
|
(13,927)
|
(89,841)
|
|
(193,062)
|
|
|
|
|
|
Income tax
expense
|
(34)
|
(217)
|
|
(33)
|
|
|
|
|
|
Net loss
|
(13,961)
|
(90,058)
|
|
(193,095)
|
|
|
|
|
|
Net loss attributable
to :
|
|
|
|
|
Equity holders of
the
|
|
|
|
|
Company
|
(13,759)
|
(88,752)
|
|
(193,095)
|
Non-controlling
interest
|
(202)
|
(1,306)
|
|
-
|
Net
loss
|
(13,961)
|
(90,058)
|
|
(193,095)
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
Exchange differences
on
|
|
|
|
|
translation of
financial
|
|
|
|
|
statements of
foreign
|
|
|
|
|
operations
|
91
|
585
|
|
371
|
|
|
|
|
|
Total comprehensive
loss for
|
|
|
|
|
the year
|
(13,870)
|
(89,473)
|
|
(192,724)
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
Basic (RMB)
|
(2.67)
|
(17.24)
|
|
(65.67)
|
Diluted
(RMB)
|
(2.67)
|
(17.24)
|
|
(65.67)
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Six Months Ended
December 31,
|
|
2021
|
|
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Loss before taxation
|
(2,966)
|
(19,079)
|
|
(81,639)
|
Adjustments for
|
|
|
|
|
Operating lease charge
|
1,093
|
7,032
|
|
6,803
|
Depreciation of property, plant and equipment
|
12
|
77
|
|
6
|
Amortization of prepaid expenses
|
-
|
-
|
|
(2,800)
|
Write down of inventories (reversal of
|
(15,430)
|
(99,237)
|
|
(2,301)
|
inventory provision)
|
|
|
|
|
Bad debt provision of trade receivables
|
11,774
|
75,727
|
|
48,468
|
Share based compensation
|
156
|
1,003
|
|
817
|
Interest expense on lease liability
|
167
|
1,072
|
|
2,336
|
Operating cash flows before working capital changes
|
(5,194)
|
(33,405)
|
|
(28,310)
|
Decrease in inventories
|
14,773
|
95,013
|
|
136,524
|
Increase in trade receivables
|
(10,629)
|
(68,360)
|
|
(114,690)
|
Decrease (Increase) in other receivables and
|
|
|
|
|
prepayments
|
(2,022)
|
(13,002)
|
|
6,664
|
Decrease in trade payables
|
123
|
794
|
|
(4,620)
|
Decrease in unearned revenue
|
2,416
|
15,545
|
|
(223)
|
Increase (decrease) in taxes payable
|
(69)
|
(441)
|
|
3,950
|
Decrease in accrued liabilities, other payables,
|
|
|
|
|
and amounts owed to
related parties
|
(85)
|
(547)
|
|
(890)
|
Cash generated from (used in) operations
|
(685)
|
(4,403)
|
|
(1,595)
|
Interest paid
|
-
|
-
|
|
-
|
Income tax paid
|
(5)
|
(34)
|
|
(30)
|
|
|
|
|
|
Net
cash generated from (used in) operating activities
|
(690)
|
(4,437)
|
|
(1,625)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Acquisition of fixed assets
|
(179)
|
(1,150)
|
|
(46)
|
Decrease (increase) in restricted cash
|
-
|
-
|
|
-
|
Interest received
|
-
|
-
|
|
-
|
|
|
|
|
|
Net cash generated from (used in) investing activities
|
(179)
|
(1,150)
|
|
(46)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payment for lease liabilities
|
(75)
|
(483)
|
|
(236)
|
Insurance of share capital for equity financing
|
(61)
|
(390)
|
|
7,956
|
Warrants exercised
|
(21)
|
(136)
|
|
-
|
Advance from related parties
|
-
|
-
|
|
(7,649)
|
|
|
|
|
|
Net cash
generated from (used in) financing activities
|
(157)
|
(1,009)
|
|
71
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN CASH &
|
|
|
|
|
EQUIVALENTS
|
(1,026)
|
(6,596)
|
|
(1,600)
|
CASH & EQUIVALENTS,
BEGINNING OF YEAR
|
5,270
|
34,029
|
|
13,482
|
EFFECT OF FOREIGN
EXCHANGE RATE
|
|
|
|
|
DIFFERENCES
|
131
|
447
|
|
462
|
|
|
|
|
|
CASH & EQUIVALENTS,
END OF YEAR
|
4,375
|
27,880
|
|
12,344
|
ANTELOPE ENTERPRISE
HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Years ended December
31,
|
|
2020
|
|
|
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Loss before taxation
|
(13,927)
|
(89,841)
|
|
(193,062)
|
Adjustments for
|
|
|
|
|
Operating lease charge
|
2,181
|
14,067
|
|
13,082
|
Depreciation of property, plant and equipment
|
15
|
96
|
|
12
|
Amortization of prepaid expenses
|
-
|
-
|
|
-
|
Write down of inventories (reversal of inventory
|
|
|
|
|
provision)
|
(15,384)
|
(99,237)
|
|
(2,301)
|
Bad debt provision of trade receivables
|
19,463
|
125,554
|
|
150,268
|
Share based compensation
|
284
|
1,835
|
|
1,135
|
Interest expense on lease liability
|
336
|
2,166
|
|
2,746
|
Operating cash flows before working capital changes
|
(7,032)
|
(45,360)
|
|
(28,120)
|
Decrease in inventories
|
18,579
|
119,850
|
|
115,395
|
Increase in trade receivables
|
(11,704)
|
(75,499)
|
|
(74,714)
|
Decrease (Increase) in other receivables and
|
|
|
|
|
prepayments
|
(3,090)
|
(19,936)
|
|
1,191
|
Decrease in trade payables
|
(71)
|
(461)
|
|
(15,826)
|
Decrease in unearned revenue
|
2,410
|
15,545
|
|
(619)
|
Increase (decrease) in taxes payable
|
(272)
|
(1,756)
|
|
2,922
|
Decrease in accrued liabilities, other payables, and
|
|
|
|
|
amounts owed to related
parties
|
(72)
|
(465)
|
|
(497)
|
Cash generated from (used in) operations
|
(1,253)
|
(8,082)
|
|
(268)
|
Interest paid
|
-
|
-
|
|
-
|
Income tax paid
|
(6)
|
(41)
|
|
(45)
|
|
|
|
|
|
Net
cash generated from (used in) operating activities
|
(1,259)
|
(8,123)
|
|
(313)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Acquisition of fixed assets
|
(198)
|
(1,279)
|
|
(46)
|
Decrease (increase) in restricted cash
|
-
|
-
|
|
2,785
|
Interest received
|
-
|
-
|
|
-
|
|
|
|
|
|
Net cash generated from (used in) investing activities
|
(198)
|
(1,279)
|
|
2,739
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payment for lease liabilities
|
(2,395)
|
(15,447)
|
|
(14,841)
|
Insurance of share capital for equity financing
|
4,586
|
29,586
|
|
16,045
|
Warrants exercised
|
1,590
|
10,258
|
|
-
|
Advance from related parties
|
-
|
-
|
|
131
|
|
|
|
|
|
Net cash
generated from (used in) financing activities
|
3,782
|
24,397
|
|
1,335
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN CASH & EQUIVALENTS
|
2,325
|
14,995
|
|
3,761
|
CASH & EQUIVALENTS,
BEGINNING OF YEAR
|
1,892
|
12,344
|
|
8,212
|
EFFECT OF FOREIGN
EXCHANGE RATE DIFFERENCES
|
158
|
541
|
|
371
|
|
|
|
|
|
CASH & EQUIVALENTS,
END OF YEAR
|
4,375
|
27,880
|
|
12,344
|
View original
content:https://www.prnewswire.com/news-releases/antelope-enterprise-announces-second-half-and-full-year-2021-financial-results-301536554.html
SOURCE Antelope Enterprise Holdings Limited