UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-39147
ONECONNECT FINANCIAL TECHNOLOGY CO., LTD.
(Registrant’s Name)
21/24F, Ping An Finance Center
No. 5033 Yitian Road, Futian District
Shenzhen, Guangdong, 518000
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
OneConnect Financial Technology Co., Ltd. |
| |
|
| |
By: |
/s/ Chongfeng Shen |
| |
Name: |
Chongfeng Shen |
| |
Title: |
Chairman of the Board and Chief Executive Officer |
| |
|
| Date: November 14, 2024 |
|
Exhibit
99.1
OneConnect
Announces Third Quarter and Nine Months Ended
September 30, 2024 Unaudited Financial Results
Revenue
from third-party overseas customers increased by 23.4% YoY
in first three quarters of 2024
SHENZHEN,
China — (PRNewswire) —
OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT and HKEX: 6638),
a leading technology-as-a- service provider for the financial services industry in China, today announced its unaudited financial results
for the third quarter and nine months ended September 30, 2024.
Third
Quarter 2024 Financial Highlights
| · | Revenue
from continuing operations1 was RMB417 million, compared to RMB807 million during
the same period last year. |
| · | Gross
margin of continuing operations was 32.7%, compared to 36.6% during the same period last
year; non-IFRS gross margin of continuing operations was 35.6%, compared to 40.7% during
the same period last year. |
| · | Net
loss from continuing operations attributable to shareholders was RMB30 million, compared
to RMB51 million during the same period last year. Net margin of continuing operations to
shareholders was -7.1%, compared to -6.3% during the same period last year. |
| · | Net
loss from continuing operations per basic and diluted ADS was RMB-0.81, compared to RMB-1.40
during the same period last year. |
| 1 | As previously
reported, the Company completed the disposal of its virtual bank business (the “discontinued
operations”) to Lufax Holding Ltd (“Lufax”) for a consideration of HK$933
million in cash on April 2, 2024. As a result of the disposal, the historical financial
results of the Virtual Banking Business segment are now reflected as “discontinued
operations” in the Company’s condensed consolidated financial information, and
the historical financial results of the remaining business of the Company are now reflected
as “continuing operations” in the Company’s condensed consolidated financial
information for the nine months ended September 30, 2024 and for the comparative period
in 2023. |
In RMB’000, except percentages
and per ADS amounts |
|
Three Months Ended
September 30 |
|
|
YoY |
|
|
Nine Months Ended
September 30 |
|
|
YoY |
|
| |
|
2024 |
|
2023 |
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
| Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue from Ping An Group and Lufax1 |
|
180,643 |
|
|
536,836 |
|
|
-66.4 |
% |
|
1,116,242 |
|
|
1,798,984 |
|
|
-38.0 |
% |
| Revenue from third-party customers2 |
|
236,464 |
|
|
269,871 |
|
|
-12.4 |
% |
|
716,634 |
|
|
840,708 |
|
|
-14.8 |
% |
| Total |
|
417,107 |
|
|
806,707 |
|
|
-48.3 |
% |
|
1,832,876 |
|
|
2,639,692 |
|
|
-30.6 |
% |
| Gross profit |
|
136,562 |
|
|
295,249 |
|
|
|
|
|
662,344 |
|
|
982,291 |
|
|
|
|
| Gross margin |
|
32.7 |
% |
|
36.6 |
% |
|
|
|
|
36.1 |
% |
|
37.2 |
% |
|
|
|
| Non-IFRS gross margin |
|
35.6 |
% |
|
40.7 |
% |
|
|
|
|
38.5 |
% |
|
40.3 |
% |
|
|
|
| Operating loss |
|
(50,290 |
) |
|
(55,854 |
) |
|
|
|
|
(155,792 |
) |
|
(172,222 |
) |
|
|
|
| Operating margin |
|
-12.1 |
% |
|
-6.9 |
% |
|
|
|
|
-8.5 |
% |
|
-6.5 |
% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss from continuing operations attributable to shareholders |
|
(29,510 |
) |
|
(50,794 |
) |
|
|
|
|
(99,995 |
) |
|
(164,443 |
) |
|
|
|
| Net margin of continuing operations to shareholders |
|
-7.1 |
% |
|
-6.3 |
% |
|
|
|
|
-5.5 |
% |
|
-6.2 |
% |
|
|
|
| Net loss from continuing operations per ADS3, basic and diluted |
|
(0.81 |
) |
|
(1.40 |
) |
|
|
|
|
(2.75 |
) |
|
(4.53 |
) |
|
|
|
| Net profit/(loss) from continuing and discontinued operations attributable to shareholders |
|
(29,510 |
) |
|
(90,901 |
) |
|
|
|
|
109,504 |
|
|
(281,366 |
) |
|
|
|
| Net margin of continuing and discontinued operations to shareholders |
|
-7.1 |
% |
|
-11.3 |
% |
|
|
|
|
6.0 |
% |
|
-10.7 |
% |
|
|
|
| Earnings/(loss) from continuing and discontinued operations per ADS3, basic and diluted |
|
(0.81 |
) |
|
(2.50 |
) |
|
|
|
|
3.02 |
|
|
(7.75 |
) |
|
|
|
| 1 | Reference is made to
the announcement made by Ping An Group on October 21, 2024. Lufax became a subsidiary of
Ping An Group on July 30, 2024. Therefore, the Company’s revenue from Ping An
Group shown in this table included revenue from Lufax since July 30, 2024. Revenue from
Lufax for the three months ended September 30, 2024 prior to its consolidation into
Ping An Group was approximately RMB3 million and revenue from Lufax for the nine months ended
September 30, 2024 prior to its consolidation into Ping An Group was approximately RMB116
million. |
| 2 | Third-party customers refer to each customer with revenue contribution
of less than 5% of the Company’s total revenue in the relevant period. These customers are a key
focus of the Company’s diversification strategy. |
| | |
| 3 | In RMB. Each ADS represents 30 ordinary shares. |
Chairman,
CEO and CFO Comments
Mr. Chongfeng
Shen, Chairman of the Board and Chief Executive Officer, commented, “In a challenging macroeconomic environment, our topline experienced
a year-over-year decline during the third quarter, largely due to a decrease in revenue from cloud services platform as we strategically
phase out that segment. Nonetheless, we are encouraged by the sustained growth momentum in overseas markets reflected in the 23.4% year-over-year
increase in revenue from third-party overseas customers during the first three quarters of the year. This achievement demonstrates the
growing recognition our products and services are receiving from international customers. This is the result of our efforts to upgrade
and integrate products, deepen customer engagement, develop innovative and collaborative business models, and expand overseas. Additionally,
we achieved further year-over-year loss reduction through effective expense control measures. Looking forward, we remain steadfast in
our commitment to strengthening our product competence leveraging AI technologies, capitalizing on overseas market opportunities, and
enhancing operational efficiency as we pursue our mid-term profitability goal.”
Mr. Rubo
Lin, Chief Financial Officer, commented, “In the third quarter of 2024, our net loss from continuing operations attributable to
shareholders narrowed by 41.9% year-over-year. This improvement benefited from our continued financial discipline, which drove a 47.8%
year-over-year decrease in operating expenses from continuing operations. Our IFRS gross margin and non-IFRS gross margin of continuing
operations stood at 32.7% and 35.6% for the quarter, respectively. Going forward, we will focus on delivering more high-value products
and enhancing our product standardization rate to expand our gross margin. Meanwhile, we will continue to optimize our cost structure
while strategically investing in overseas expansion, and deepening partnerships with strategic and premium-plus customers. We are confident
that these strategic initiatives will drive our future growth, creating additional value for our customers and shareholders.”
Revenue
from Continuing Operations Breakdown
| | |
Three
Months Ended | | |
| | |
Nine
Months Ended | | |
| |
| In
RMB’000, except percentages | |
September
30 | | |
YoY | | |
September
30 | | |
YoY | |
| | |
2024 | | |
2023 | | |
| | |
2024 | | |
2023 | | |
| |
| Implementation | |
167,050 | | |
175,240 | | |
-4.7 | % | |
493,136 | | |
618,263 | | |
-20.2 | % |
| Transaction-based and support revenue | |
| | |
| | |
| | |
| | |
| | |
| |
| Business origination
services | |
5,986 | | |
27,262 | | |
-78.0 | % | |
28,761 | | |
108,389 | | |
-73.5 | % |
| Risk management
services | |
60,409 | | |
77,211 | | |
-21.8 | % | |
186,923 | | |
227,528 | | |
-17.8 | % |
| Operation support
services | |
138,964 | | |
195,282 | | |
-28.8 | % | |
404,355 | | |
666,867 | | |
-39.4 | % |
| Cloud services
platform | |
5,621 | | |
297,256 | | |
-98.1 | % | |
613,037 | | |
911,876 | | |
-32.8 | % |
| Post-implementation
support services | |
20,156 | | |
13,524 | | |
49.0 | % | |
49,504 | | |
39,173 | | |
26.4 | % |
| Others | |
18,921 | | |
20,932 | | |
-9.6 | % | |
57,160 | | |
67,596 | | |
-15.4 | % |
| Sub-total
for transaction-based and support revenue | |
250,057 | | |
631,467 | | |
-60.4 | % | |
1,339,740 | | |
2,021,429 | | |
-33.7 | % |
| Total
Revenue from Continuing Operations | |
417,107 | | |
806,707 | | |
-48.3 | % | |
1,832,876 | | |
2,639,692 | | |
-30.6 | % |
Revenue
from continuing operations was RMB417 million in the third quarter of 2024, a decrease of 48.3% from RMB807 million during the same period
last year, primarily due to a decrease of RMB292 million in revenue from cloud services platform. Implementation revenue was RMB167 million
in the third quarter of 2024, a decrease of 4.7% from RMB175 million during the same period last year, mainly due to a decrease in demand
for implementation of financial services systems in China. Revenue from business origination services was RMB6 million in the third quarter
of 2024, a decrease of 78.0% from RMB27 million during the same period last year, primarily due to a decrease in transaction volumes
from loan origination systems under digital credit management solutions. Revenue from risk management services was RMB60 million in the
third quarter of 2024, a decrease of 21.8% from RMB77 million during the same period last year, mainly due to a decrease in transaction
volumes from banking related risk analytic solutions. Revenue from operation support services was RMB139 million in the third quarter
of 2024, a decrease of 28.8% from RMB195 million during the same period last year, primarily due to a shift in business model for a number
of auto ecosystem service providers where the Company transitioned from acting as a contractor to a distributor, which impacted revenue
recognition. Revenue from cloud services platform was RMB6 million in the third quarter of 2024, a decrease of 98.1% from RMB297 million
during the same period last year, primarily due to the strategic phasing out of the cloud services since July 2024, details of which
were previously disclosed in our announcement dated July 11, 2024 regarding an update on our business operations. Revenue from post-implementation
support services was RMB20 million in the third quarter of 2024, an increase of 49.0% from RMB14 million during the same period last
year, primarily due to increased demand for our post-implementation support services from our overseas customers.
| | |
Three
Months Ended | | |
| | |
Nine
Months Ended | | |
| |
| In
RMB’000, except percentages | |
September
30 | | |
YoY | | |
September
30 | | |
YoY | |
| | |
2024 |
|
|
2023 | | |
| | |
2024 | | |
2023 | | |
| |
| Digital Banking segment | |
105,513 |
|
|
201,290 | | |
-47.6 | % | |
367,345 | | |
695,359 | | |
-47.2 | % |
| Digital Insurance segment | |
142,511 |
|
|
148,659 | | |
-4.1 | % | |
401,488 | | |
515,903 | | |
-22.2 | % |
| Gamma Platform segment | |
169,083 |
|
|
456,758 | | |
-63.0 | % | |
1,064,043 | | |
1,428,430 | | |
-25.5 | % |
| Total Revenue from
Continuing Operations | |
417,107 |
|
|
806,707 | | |
-48.3 | % | |
1,832,876 | | |
2,639,692 | | |
-30.6 | % |
Revenue
from Gamma Platform segment was RMB169 million in the third quarter of 2024, a decrease of 63.0% from RMB457 million during the same
period last year, primarily due to the strategic phasing out of cloud services. Revenue from Digital Banking segment was RMB106 million
in the third quarter of 2024, a decrease of 47.6% from RMB201 million during the same period last year, mainly due to a decrease in transaction
volumes from business origination and risk management services. Revenue from Digital Insurance segment was RMB143 million in the third
quarter of 2024, a decrease of 4.1% from RMB149 million during the same period last year, primarily due to a shift in business model
for a number of auto ecosystem service providers where the Company transitioned from acting as a contractor to a distributor, which impacted
revenue recognition.
Third
Quarter 2024 Financial Results
Revenue
from Continuing Operations
Revenue
from continuing operations was RMB417 million in the third quarter of 2024, a decrease of 48.3% from RMB807 million during the same period
last year, primarily due to a decrease in revenue from cloud services platform.
Cost of Revenue
from Continuing Operations
Cost
of revenue from continuing operations was RMB281 million in the third quarter of 2024, a decrease of 45.1% from RMB511 million during
the same period last year, which is in line with the decrease in revenue.
Gross Profit
from Continuing Operations
Gross
profit from continuing operations was RMB137 million in the third quarter of 2024, compared to RMB295 million during the same period
last year. Gross margin of continuing operations was 32.7%, compared to 36.6% in the prior year. The decrease in gross margin of continuing
operations was mainly due to reduction in economies of scale caused by the decrease in revenue. Non-IFRS gross margin of continuing operations
was 35.6%, compared to 40.7% in the prior year. For a reconciliation of the Company’s IFRS and non-IFRS gross margin, please refer
to “Reconciliation of IFRS and Non-IFRS Results for continuing operations (Unaudited).”
Operating Loss
and Expenses from Continuing Operations
Total
operating expenses from continuing operations were RMB190 million in the third quarter of 2024, compared to RMB364 million during the
same period last year. As a percentage of revenue, total operating expenses from continuing operations slightly increased by 0.5ppt to
45.6% from 45.1% during the same period last year.
| · | Research
and Development expenses from continuing operations were RMB70 million in the third quarter
of 2024, compared to RMB230 million during the same period last year. The decline was mainly
due to the Company’s proactive adjustment of its business structure and its return
on investment driven approach to manage research and development projects. As a percentage
of revenue, research and development expenses from continuing operations decreased to 16.7%
from 28.5% in the prior year. |
| · | Sales
and Marketing expenses from continuing operations were RMB46 million in the third quarter
of 2024, compared to RMB66 million during the same period last year. The decline was mainly
due to a decrease in personnel costs associated with the enhancement of sales efficiency
and capabilities. As a percentage of revenue, sales and marketing expenses from continuing
operations slightly increased to 10.9% from 8.2% in the prior year. |
| · | General
and Administrative expenses from continuing operations were RMB75 million in the third
quarter of 2024, compared to RMB68 million during the same period last year. As a percentage
of revenue, general and administrative expenses from continuing operations increased to 17.9%
from 8.4% during the same period last year. |
Operating
loss from continuing operations was RMB50 million in the third quarter of 2024, compared to RMB56 million during the same period last
year. Operating margin of continuing operations was -12.1%, compared to -6.9% in the prior year.
Net Loss from
Continuing Operations Attributable to Shareholders
Net
loss from continuing operations attributable to OneConnect’s shareholders was RMB30 million in the third quarter of 2024, a decrease
of 41.9% from RMB51 million during the same period last year. Net loss from continuing operations attributable to OneConnect’s
shareholders per basic and diluted ADS was RMB-0.81, compared to RMB-1.40 during the same period last year. Weighted average number of
ordinary shares in the third quarter of 2024 was 1,089,589,125.
Cash Flow
For
the third quarter of 2024, net cash used in operating activities was RMB34 million, net cash generated from investing activities was
RMB365 million, and net cash used in financing activities was RMB106 million.
Conference Call
Information
| Date/Time | Thursday,
November 14, 2024 at 7:00 a.m., U.S. Eastern time
Thursday, November 14, 2024 at 8:00 p.m., Hong Kong time |
| Online registration |
https://www.netroadshow.com/events/login?show=44204564&confId=73180 |
The
financial results and an archived transcript will be available at OneConnect’s investor relations website at ir.ocft.com.
About OneConnect
OneConnect
Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive
financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business
services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital
insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company’s
solutions enable its customers’ digital transformations, which help them improve efficiency, enhance service quality, and reduce
costs and risks.
The
Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation.
The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial
services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.
For more information,
please visit ir.ocft.com.
Safe
Harbor Statement
This
press release contains forward- looking statements. These statements constitute “forward-looking” statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions
and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and
many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited
to the following: the Company’s limited operating history in the technology-as-a-service for financial institutions industry; its
ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the
Company’s ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its
ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and
enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship and engagement with Ping An Group
and its related parties, which are its strategic partner, most important customer and largest supplier; its ability to compete effectively
to serve China’s financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology
infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain
or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability
to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional
capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial
markets and business and economic conditions; the Company’s ability to pursue and achieve optimal results from acquisition or expansion
opportunities; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is
included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release
and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking
statement, except as required under applicable law.
Use of Unaudited
Non-IFRS Financial Measures
The
unaudited consolidated financial information is prepared in accordance with IFRS Accounting Standards (“IFRS”) issued
by the International Accounting Standards Board (“IASB”). Non-IFRS measures are used in gross profit and gross margin,
adjusted to exclude non-cash items, which consist of amortization of intangible assets recognized in cost of revenue, depreciation of
property and equipment recognized in cost of revenue, and share-based compensation expenses recognized in cost of revenue. OneConnect’s
management regularly review non-IFRS gross profit and non-IFRS gross margin to assess the performance of our business. By excluding non-cash
items, these financial metrics allow OneConnect’s management to evaluate the cash conversion of one dollar revenue on gross profit.
OneConnect uses these non-IFRS financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes.
OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency
and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in
comparisons with other companies, many of which use similar financial information. OneConnect also believes that presentation of the
non-IFRS financial measures provides useful information to its investors regarding its results of operations because it allows investors
greater transparency to the information used by OneConnect’s management in its financial and operational decision making so that
investors can see through the eyes of the OneConnect’s management regarding important financial metrics that the management uses
to run the business as well as allowing investors to better understand OneConnect’s performance. However, non-IFRS financial information
is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented
in accordance with IFRS, and may be different from similarly-titled non-IFRS measures used by other companies. In light of the foregoing
limitations, you should not consider non-IFRS financial measure in isolation from or as an alternative to the financial measure prepared
in accordance with IFRS. Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable
financial measure stated in accordance with IFRS. You are encouraged to review the related IFRS financial measures and the reconciliation
of these non-IFRS financial measures to their most directly comparable IFRS financial measures. For more information on non-IFRS financial
measures, please see the table captioned “Reconciliation of IFRS and non-IFRS results (Unaudited)” set forth at the end of
this press release.
Contacts
Investor Relations:
OCFT IR Team
OCFT_IR@ocft.com
Media Relations:
OCFT
PR Team
pub_jryztppxcb@pingan.com.cn
ONECONNECT
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| |
Three
Months Ended
September 30 | | |
Nine
Months Ended September
30 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
RMB’000 | | |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
| Continuing operations | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
| 417,107 | | |
| 806,707 | | |
| 1,832,876 | | |
| 2,639,692 | |
| Cost of revenue | |
| (280,545 | ) | |
| (511,458 | ) | |
| (1,170,532 | ) | |
| (1,657,401 | ) |
| Gross profit | |
| 136,562 | | |
| 295,249 | | |
| 662,344 | | |
| 982,291 | |
| Research and development expenses | |
| (69,795 | ) | |
| (230,189 | ) | |
| (469,435 | ) | |
| (758,228 | ) |
| Selling and marketing expenses | |
| (45,665 | ) | |
| (66,290 | ) | |
| (138,233 | ) | |
| (182,320 | ) |
| General and administrative expenses | |
| (74,695 | ) | |
| (67,728 | ) | |
| (220,722 | ) | |
| (240,845 | ) |
| Net impairment losses on financial and contract
assets | |
| (4,592 | ) | |
| (451 | ) | |
| (27,825 | ) | |
| (33,255 | ) |
| Other income, gains or loss – net | |
| 7,895 | | |
| 13,555 | | |
| 38,079 | | |
| 60,135 | |
| Operating loss | |
| (50,290 | ) | |
| (55,854 | ) | |
| (155,792 | ) | |
| (172,222 | ) |
| Finance income | |
| 18,138 | | |
| 8,063 | | |
| 47,824 | | |
| 19,579 | |
| Finance costs | |
| (3,959 | ) | |
| (2,466 | ) | |
| (11,947 | ) | |
| (13,919 | ) |
| Finance income – net | |
| 14,179 | | |
| 5,597 | | |
| 35,877 | | |
| 5,660 | |
| Share of gain/(loss) of associate and joint
venture – net | |
| – | | |
| (2,550 | ) | |
| – | | |
| 4,607 | |
| Impairment charges on associate | |
| – | | |
| – | | |
| – | | |
| (7,157 | ) |
| Loss before income tax | |
| (36,111 | ) | |
| (52,807 | ) | |
| (119,915 | ) | |
| (169,112 | ) |
| Income tax benefit/(expense) | |
| 190 | | |
| (1,341 | ) | |
| 2,536 | | |
| (6,743 | ) |
| Loss from continuing operations | |
| (35,921 | ) | |
| (54,148 | ) | |
| (117,379 | ) | |
| (175,855 | ) |
| Profit/(loss) from discontinued operations | |
| – | | |
| (40,107 | ) | |
| 209,499 | | |
| (116,923 | ) |
| Profit/(loss) for the period | |
| (35,921 | ) | |
| (94,255 | ) | |
| 92,120 | | |
| (292,778 | ) |
| | |
Three Months Ended
September 30 | | |
Nine Months Ended
September 30 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | |
| Profit/(loss) attributable to: | |
| | | |
| | | |
| | | |
| | |
| – Owners of the Company | |
| (29,510 | ) | |
| (90,901 | ) | |
| 109,504 | | |
| (281,366 | ) |
| – Non-controlling interests | |
| (6,411 | ) | |
| (3,354 | ) | |
| (17,384 | ) | |
| (11,412 | ) |
| | |
| (35,921 | ) | |
| (94,255 | ) | |
| 92,120 | | |
| (292,778 | ) |
| Other comprehensive income/(loss), net of tax: | |
| | | |
| | | |
| | | |
| | |
| Items that may be subsequently reclassified to
profit or loss | |
| | | |
| | | |
| | | |
| | |
| – Foreign currency translation differences | |
| (2,282 | ) | |
| (693 | ) | |
| (4,927 | ) | |
| (5,556 | ) |
| – Exchange differences on translation of discontinued operations | |
| – | | |
| (3,195 | ) | |
| 177 | | |
| 19,038 | |
| – Changes in the fair value of debt instruments measured at fair
value through other comprehensive income of discontinued operations | |
| – | | |
| 3,299 | | |
| 6,056 | | |
| 4,356 | |
| – Disposal of subsidiaries | |
| – | | |
| – | | |
| 18,237 | | |
| – | |
| Item that will not be reclassified subsequently
to profit or loss | |
| | | |
| | | |
| | | |
| | |
| – Foreign currency translation differences | |
| (32,452 | ) | |
| (7,314 | ) | |
| (18,644 | ) | |
| 36,877 | |
| Other comprehensive income for the period, net
of tax | |
| (34,734 | ) | |
| (7,903 | ) | |
| 899 | | |
| 54,715 | |
| Total comprehensive income/(loss)
for the period | |
| (70,655 | ) | |
| (102,158 | ) | |
| 93,019 | | |
| (238,063 | ) |
| Total comprehensive income/(loss) attributable to: | |
| | | |
| | | |
| | | |
| | |
| – Owners of the Company | |
| (64,244 | ) | |
| (98,804 | ) | |
| 110,403 | | |
| (226,651 | ) |
| – Non-controlling interests | |
| (6,411 | ) | |
| (3,354 | ) | |
| (17,384 | ) | |
| (11,412 | ) |
| | |
| (70,655 | ) | |
| (102,158 | ) | |
| 93,019 | | |
| (238,063 | ) |
| | |
Three Months Ended
September 30 | | |
Nine Months Ended
September 30 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | |
| Total
comprehensive income/(loss) attributable to owners of the Company arises from: | |
| | | |
| | | |
| | | |
| | |
| – Continuing operations | |
| (64,244 | ) | |
| (58,801 | ) | |
| (105,329 | ) | |
| (133,122 | ) |
| – Discontinued operations | |
| – | | |
| (40,003 | ) | |
| 215,732 | | |
| (93,529 | ) |
| | |
| (64,244 | ) | |
| (98,804 | ) | |
| 110,403 | | |
| (226,651 | ) |
| Loss
from continuing operations per share attributable to the owners of the Company (expressed in RMB per share) | |
| | | |
| | | |
| | | |
| | |
| – Basic and diluted | |
| (0.03 | ) | |
| (0.05 | ) | |
| (0.09 | ) | |
| (0.15 | ) |
| Loss
from continuing operations per ADS attributable to the owners of the Company (expressed in RMB per share) | |
| | | |
| | | |
| | | |
| | |
| – Basic and diluted | |
| (0.81 | ) | |
| (1.40 | ) | |
| (2.75 | ) | |
| (4.53 | ) |
| Earnings/(loss)
per share attributable to the owners of the Company (expressed in RMB per share) | |
| | | |
| | | |
| | | |
| | |
| – Basic and diluted | |
| (0.03 | ) | |
| (0.08 | ) | |
| 0.10 | | |
| (0.26 | ) |
| Earnings/(loss)
per ADS attributable to the owners of the Company (expressed in RMB per share) | |
| | | |
| | | |
| | | |
| | |
| – Basic and diluted | |
| (0.81 | ) | |
| (2.50 | ) | |
| 3.02 | | |
| (7.75 | ) |
ONECONNECT
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | |
September
30
2024 | | |
December
31
2023 | |
| | |
RMB’000 | | |
RMB’000 | |
| ASSETS | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Property and equipment | |
| 52,528 | | |
| 85,076 | |
| Intangible assets | |
| 333,537 | | |
| 471,371 | |
| Deferred tax assets | |
| 768,398 | | |
| 768,276 | |
| Financial assets measured at fair value through other comprehensive
income | |
| 3,204 | | |
| 1,372,685 | |
| Restricted cash and time deposits over three months | |
| – | | |
| 5,319 | |
| Prepayments and other receivables | |
| 7,193 | | |
| 6,663 | |
| Trade receivables – Non-current | |
| 7,007 | | |
| – | |
| Total non-current assets | |
| 1,171,867 | | |
| 2,709,390 | |
| | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Trade receivables | |
| 702,077 | | |
| 710,669 | |
| Contract assets | |
| 46,394 | | |
| 95,825 | |
| Prepayments and other receivables | |
| 394,376 | | |
| 905,691 | |
| Financial assets measured at amortized cost from virtual bank | |
| – | | |
| 3,081 | |
| Financial assets measured at fair value through other comprehensive
income | |
| – | | |
| 853,453 | |
| Financial assets measured at fair value through profit or loss | |
| 290,514 | | |
| 925,204 | |
| Derivative financial assets | |
| 29,518 | | |
| 38,008 | |
| Restricted cash and time deposits over three months | |
| 466,063 | | |
| 447,564 | |
| Cash and cash equivalents | |
| 1,643,654 | | |
| 1,379,473 | |
| Total current assets | |
| 3,572,596 | | |
| 5,358,968 | |
| | |
| | | |
| | |
| Total assets | |
| 4,744,463 | | |
| 8,068,358 | |
| | |
September 30 2024 | | |
December 31 2023 | |
| | |
RMB’000 | | |
RMB’000 | |
| EQUITY AND LIABILITIES | |
| | | |
| | |
| EQUITY | |
| | | |
| | |
| Share capital | |
| 78 | | |
| 78 | |
| Shares held for share option scheme | |
| (149,544 | ) | |
| (149,544 | ) |
| Other reserves | |
| 10,993,160 | | |
| 10,989,851 | |
| Accumulated losses | |
| (7,764,110 | ) | |
| (7,873,614 | ) |
| Equity attributable to equity
owners of the Company | |
| 3,079,584 | | |
| 2,966,771 | |
| Non-controlling interests | |
| (36,363 | ) | |
| (18,979 | ) |
| Total equity | |
| 3,043,221 | | |
| 2,947,792 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Trade and other payables | |
| 11,174 | | |
| 28,283 | |
| Contract liabilities | |
| 14,259 | | |
| 17,126 | |
| Deferred tax liabilities | |
| – | | |
| 2,079 | |
| Total non-current liabilities | |
| 25,433 | | |
| 47,488 | |
| | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Trade and other payables | |
| 1,216,818 | | |
| 1,981,288 | |
| Payroll and welfare payables | |
| 285,386 | | |
| 385,908 | |
| Contract liabilities | |
| 121,733 | | |
| 138,563 | |
| Short-term borrowings | |
| 48,430 | | |
| 251,732 | |
| Customer deposits | |
| – | | |
| 2,261,214 | |
| Other financial liabilities from virtual bank | |
| – | | |
| 54,373 | |
| Derivative financial liabilities | |
| 3,442 | | |
| – | |
| Total current liabilities | |
| 1,675,809 | | |
| 5,073,078 | |
| | |
| | | |
| | |
| Total liabilities | |
| 1,701,242 | | |
| 5,120,566 | |
| | |
| | | |
| | |
| Total equity and liabilities | |
| 4,744,463 | | |
| 8,068,358 | |
ONECONNECT
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | |
Three Months Ended
September 30 | | |
Nine Months Ended
September 30 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | |
| Net cash used in operating activities | |
| (34,081 | ) | |
| (189,646 | ) | |
| (332,074 | ) | |
| (822,560 | ) |
| Net cash generated from investing activities | |
| 365,495 | | |
| 217,770 | | |
| 845,793 | | |
| 515,889 | |
| Net cash used in financing activities | |
| (106,056 | ) | |
| (92,331 | ) | |
| (235,848 | ) | |
| (181,232 | ) |
| Net increase/(decrease) in cash and cash equivalents | |
| 225,358 | | |
| (64,207 | ) | |
| 277,871 | | |
| (487,903 | ) |
| Cash and cash equivalents at the beginning of the period | |
| 1,438,886 | | |
| 1,519,513 | | |
| 1,379,473 | | |
| 1,907,776 | |
| Effects of exchange rate changes on cash and cash equivalents | |
| (20,590 | ) | |
| (3,750 | ) | |
| (13,690 | ) | |
| 31,683 | |
| Cash and cash equivalents at the end of period | |
| 1,643,654 | | |
| 1,451,556 | | |
| 1,643,654 | | |
| 1,451,556 | |
ONECONNECT
RECONCILIATION OF IFRS AND NON-IFRS RESULTS
FOR CONTINUING OPERATIONS
(Unaudited)
| | |
Three Months Ended
September 30 | | |
Nine Months Ended
September 30 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | | |
| RMB’000 | |
| Gross profit from continuing operations | |
| 136,562 | | |
| 295,249 | | |
| 662,344 | | |
| 982,291 | |
| Gross margin of continuing operations | |
| 32.7 | % | |
| 36.60 | % | |
| 36.1 | % | |
| 37.20 | % |
| Non-IFRS adjustment | |
| | | |
| | | |
| | | |
| | |
| Amortization of intangible assets recognized in
cost of revenue | |
| 11,000 | | |
| 30,969 | | |
| 40,228 | | |
| 74,552 | |
| Depreciation of property and equipment recognized in cost of revenue | |
| 975 | | |
| 1,149 | | |
| 3,183 | | |
| 3,972 | |
| Share-based compensation expenses recognized in cost of revenue | |
| 31 | | |
| 1,125 | | |
| 593 | | |
| 2,455 | |
| Non-IFRS gross profit from continuing operations | |
| 148,568 | | |
| 328,492 | | |
| 706,348 | | |
| 1,063,270 | |
| Non-IFRS gross margin of continuing operations | |
| 35.6 | % | |
| 40.7 | % | |
| 38.5 | % | |
| 40.3 | % |
Source: OneConnect Financial Technology Co., Ltd.
OneConnect Financial Tec... (NYSE:OCFT)
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