JINJIANG, China, April 28,
2021 /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, today announced its financial
results for the second half and fiscal year ended December 31, 2020.
Second Half 2020 Summary
- Revenue was RMB 143.2 million
(US$ 21.1 million) as compared to
RMB 150.2 million (US$ 21.4 million) for the same period of
2019.
- Net loss was RMB 81.6 million
(US$ 12.1 million) as compared to a
net profit of RMB 183.7 million
(US$ 26.1 million) for the same
period of 2019.
- Loss per share were RMB 24.85
(US$ 3.67) as compared to income per
share of RMB 92.01 (US$ 13.08) for the same period of 2019.
Operating Results for Second Half 2020 were Affected by the
Following Significant Items:
- A provision for the reversal of inventory impairment of
RMB 2.3 million (US$ 0.3 million) as compared to a reversal of
inventory impairment of RMB 56.8
million (US$ 8.1 million) for
the same period of 2019.
- A provision for bad debt of RMB 48.5
million (US$ 7.2 million) as
compared to a provision for a reversal of bad debt of RMB 125.2 million (US$
17.8 million) for the same period of 2019.
Ms. Meishuang Huang, Chief Executive Officer of Antelope
Enterprise, commented, "During fiscal year 2020, we
experienced challenging market conditions as the impact of
the COVID-19 pandemic outbreak had a material adverse impact on the
demand for our products with customers both having canceled and
delayed their purchases awaiting the normalization of business
activity. We instituted a 15% price decrease in late 2019 in order
to sustain our sales volume as well as to retain customers for
future business. Our average selling price subsequently decreased
for the second half of 2020 as compared to the same period of 2019,
where the price decrease was in effect for only two months, but
this mitigated what we believe would have been a greater decline in
sales as compared to the modest decrease in sales volume that
occurred in the second half of the year as business conditions due
to the COVID-19 pandemic began to normalize."
"For fiscal year 2020, we utilized production facilities capable
of producing 4.2 million square meters of ceramic tiles per year
out of the Company's effective total annual production capacity of
51.6 million square meters of ceramic tiles. Consistent with our
practice in past periods, we maintained a reduced utilization of
existing plant capacity based on the current market environment to
keep our operating costs low. We intend to bring additional
capacity online as the business environment improves."
"We remain focused on diversifying our operations to fuel our
growth. While we remain committed to our core business, our two
subsidiaries, Chengdu Future, which provides computer consulting,
and Antelope Chengdu, which develops fintech software, generated
RMB 7.2 million or US$ 1.1 million in income in 2020."
"China's real estate market has
been resilient in the wake of the COVID-19 pandemic, and in the
long-term, we believe that the building materials sector will grow
due to urbanization, innovative property development and the
upgrading of neglected housing stock. Further, we plan upon
securing customers in the larger Southeast Asia market outside of China to capitalize upon new building
construction that is happening in this region's urban areas,"
concluded Ms. Huang.
Six Months Results Ended December 31,
2020
Revenue for the six months ended December 31, 2020 was RMB
143.2 million (US$ 21.1
million), a 4.6% decrease from RMB
150.2 million (US$ 21.4
million) for the same period of 2019. The decrease in
revenue was due to the 9.1% decrease in average selling price to
RMB 21.8 (US$
3.34) for the second half of 2020 from RMB 24.0 (US$ 3.41)
for the same period of 2019, which was partially offset by the 4.8%
increase in our sales volume to 6.6 million square meters of
ceramic tiles for the second half of 2020 compared to 6.3 million
square meters of ceramic tiles for the same period of 2019. We
instituted a 15% price decrease in late 2019 in order to sustain
our sales volume as well as to retain customers for future
business. Our average selling price decreased for the second half
of 2020 as compared to the same period of 2019 since the 15% price
decrease was in effect for only two months in the latter period.
Our sales volume grew sequentially
from 1.8 million square meters of ceramic tiles in the first half
of 2020 to 6.6 million square meters of ceramic tiles in the second
half of 2020 as business conditions in China began to normalize.
Gross loss for the six months ended December 31, 2020 was RMB
26.9 million (US$ 4.0
million), as compared to gross profit of RMB 66.0 million (US$ 9.4
million) for the same period of 2019.
The gross loss margin was 18.8% as compared to a 44.0%
gross profit margin for the same period of 2019. The gross loss
margin for the six months ending December
31, 2020 was mainly due to the 9.0% decrease in average
selling price and the 102.2% increase in cost of goods sold. The
second half of 2020 cost of goods sold includes a reversal of
inventory impairment of RMB 2.3
million (US$ 0.3 million);
without this reversal of inventory impairment the gross loss for
the six months ended December 31,
2020 would have been 20.4%. The second half of 2019 cost of
goods sold includes a reversal of inventory impairment of
RMB 56.8 million (US$ 8.1 million); without this reversal of
inventory impairment the gross profit margin for the six months
ended December 31, 2019 would have
been 6.2%.
Other income for the six months ended December 31, 2020 was RMB
12.2 million ($1.8 million),
an increase of RMB 4.7 million
(US$ 0.7 million) from the
RMB 7.5 million ($1.1 million) for the comparable period of 2019.
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 and
RMB 7.2 million ($1.1 million) from our newly incorporated
subsidiaries, Chengdu Future and Antelope Chengdu, who engage in
computer consulting and software development, respectively.
Selling and distribution expenses for the six months
ended December 31, 2020 were
RMB 4.2 million (US$ 0.6 million), a decrease of RMB 1.4 million (US$ 0.2
million) from RMB 5.6 million
(US$ 0.8 million) for the comparable
period of 2019. The decrease was mainly due to a decrease in
advertising expenses of RMB 0.9
million and a decrease in payroll expenses of RMB 0.5 million.
Administrative expenses for the six months ended
December 31, 2020 were RMB 11.9 million (US$ 1.8
million), an increase of RMB 2.7
million (US$ 0.4 million) from
RMB 9.2 million (US$ 1.3 million), for the same period of 2019.
The increase in administrative expenses was primarily due to
increased start-up expenses for our newly incorporated entities and
an increase in consulting expenses.
Bad debt expense for the six months ended
December 31, 2020 entailed bad debt
of RMB 48.5 million (US$ 7.2 million), as compared to a reversal of
bad debt expense of RMB 125.2 million
(US$ 17.8 million) for the same
period of 2019. 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,
first effective for year 2018. 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.
Net loss for the six months ended December 31, 2020 was RMB
81.6 million (US$ 12.0
million), as compared to a net profit of RMB 183.7 million (US$
26.1 million) for the same period of 2019. The net loss was
primarily due to the gross loss for the second half of 2020 and the
bad debt expense incurred in the second half of 2020.
Loss per basic share and fully diluted share for the six
months ended December 31, 2020 was
RMB 24.85 (US$
3.67) per share, as compared to profit per basic and fully
diluted share of RMB 92.01
(US$ 13.08) for the same period of
2019.
Full Year 2020 Financial Results
Revenue for the year ended December 31,
2020 was RMB 183.0 million
(US$ 26.5 million), as compared to
RMB 327.6 million (US$ 47.4 million) for the year ended December 31, 2019. Gross loss was RMB 26.0 million (US$ 3.8
million), as compared to gross profit of RMB 81.3 million (US$ 11.8
million) for the same period of 2019. The gross loss margin
was 14.2%, as compared to a 24.8% gross profit margin for the same
period of 2019. Other income was RMB 21.9
million (US$ 3.2 million), as
compared to RMB 14.6 million
(US$ 2.1 million) for the same period
of 2019. Selling expenses were RMB 9.4
million (US$ 1.4 million), as
compared to RMB 11.3 million
(US$ 1.6 million) for the same period
of 2019. Administrative expenses were RMB
26.6 million (US$ 3.9
million), as compared to RMB 25.1
million (US$ 3.6 million) for
the same period of 2019. Bad debt expense was RMB 150.3 million (US$
21.8 million), as compared to RMB
68.7 million ($9.9 million)
for the same period of 2019. Net loss for the year ended
December 31, 2020 was RMB 193.1 million (US$
28.0 million), as compared to a net loss of RMB 9.5 million (US$ 1.4
million) for the same period of 2019. Loss per share on a
basic and fully diluted basis were RMB
65.67 (US$ 9.51) for the year
ended December 31, 2020, as compared
to basic and fully diluted loss per share of RMB 4.68 (US$
0.69), for the same period of 2019.
Statements of Selected Financial Position Items for the
Fiscal Year Ended 2020
- Cash and bank balances were RMB 12.3
million (US$ 1.9 million) as
of December 31, 2020, compared to
RMB 8.2 million (US$ 1.2 million) as of December 31, 2019.
- Inventory turnover was 190 days as of December 31, 2020, as compared to 217 days as of
December 31, 2019. The decrease in
inventory turnover days was primarily due to the decrease of
inventory on hand resulting from a decrease in raw material
purchases for fiscal year 2020 as compared to the fiscal 2019. We
recorded a reversal of an inventory impairment provision of
RMB 2.3 million (US$ 0.3 million) in fiscal 2020 as compared to a
reversal of an inventory impairment provision of RMB 56.8 million (US$ 8.2
million) in fiscal 2019.
- Trade receivables turnover, net of value added tax, was 242
days as of December 31, 2020, as
compared to 194 days as of December 31,
2019. The increase in trade receivables turnover was
primarily due to the slow collection of our trade receivables
resulting from the overall economic downturn in China attributable to the impact of the
COVID-19 pandemic.
- Trade payables turnover, net of value added tax, was 22 days as
of December 31, 2020 as compared to
30 days as of December 31, 2019. The
average turnover days was within the normal credit period of one to
four months granted by our suppliers.
Liquidity and Capital Resources
Cash flow used in operating activities was
RMB 1.6 million (US$ 0.2 million) for the six months ended
December 31, 2020, as compared to
cash used in operating activities of RMB 3.5
million (US$ 0.5 million) in
the same period of 2019. The decrease in cash outflow was mainly
due to decreased raw material purchase, which was partly offset by
decreased cash inflow on trade receivables.
Cash flow used in investing activities was
RMB 46,000 (US$ 7,000) for the six months ended December 31, 2020, as compared to cash flow used
in investing activities of RMB 2.8
million (US$ 0.4 million) for
the same period of 2019. The decrease of cash outflow was mainly
due to the decrease in restricted cash.
Cash flow generated from financing activities was
RMB 71,000 (US$ 10,000) for the six months ended
December 31, 2020, as compared to
cash flow generated from financing activities of RMB 5.1 million (US$ 0.8
million) in the same period of 2019. The decrease in cash
inflow of financing activities is due to the repayment to a related
party's advance in the six months ended December 31, 2020 as compared to the same period
of 2019.
Plant Capacity and Capital Expenditures Update
We utilized plant capacity capable of producing 1.5 million
square meters of ceramic tiles for the six months ended
December 31, 2020 and 4.2 million
square meters of ceramic tiles for fiscal 2020 out of a total
annual production capacity of 51.6 million square meters.
Our Hengda facility has an annual production capacity of 22.8
million square meters of ceramic tiles as a result of two old
furnaces having been put out of use at the facility. The Company
utilized production capacity at our Hengda facility capable of
producing 0.8 million square meters of ceramic tiles for the six
months ended December 31, 2020.
Our Hengdali facility has an annual production capacity of
28.8 million square meters (which excludes our leasing out 10
million square meters of production capacity to a third party). We
utilized production capacity at our Hengdali facility capable of
producing 0.7 million square meters of ceramic tiles for the six
months ended December 31, 2020.
We intend to bring our unused production capacity
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 2021 other than those
associated with minimal upgrades, small repairs and the maintenance
of equipment.
Business Outlook
For fiscal year 2020, the Company's operating results were
severely impacted by the COVID-19 pandemic. Due to the pandemic,
there was a nationwide slowdown in production as a result of
facilities closures and the disruption in supply chains as well as
travel restrictions and related public health orders. This caused
China's GDP growth in 2020 to fall
to 2.2%, the slowest rate in four decades. The COVID-19 pandemic
resulted in a high number of our customers' cancelling or delaying
their purchases awaiting the resumption of normal economic
activity. However, our sales volume grew sequentially from 1.8
million square meters of ceramic tiles in the first half of 2020 to
6.6 million square meters of ceramic tiles in the second half of
2020 as business conditions in China began to normalize.
Looking forward, China's real
estate market has been resilient in the wake of the COVID-19
pandemic. The sector continues to be important to China's economic growth as the sector and its
impact on other business activities is estimated to comprise 25% of
China's GDP. As the macroeconomic
environment began to normalize in China, the central government appears intent
upon reducing debt in the highly leveraged property developer
sector which could reduce land purchases and real estate
development. Also, a new land policy authorized by the central
government and enacted by some municipalities which is intended to
improve transparency and prevent real estate speculation could
result in lower new land sales. In addition, the central government
could impose measures to cool speculative behavior as it has in the
past. These include lending curbs, constraints on mortgage lending,
and restrictions on the number of homes that families can buy. We
anticipate that these trends could potentially limit new project
development which could make the business conditions for the
construction and building materials sectors challenging.
We believe that the real estate and construction sectors will
continue to grow in the long-term which is of key importance to the
building materials sector, and that urbanization continues to be a
key driver for such growth. The upgrading of neglected housing
stock, innovative property development and the renovation of
existing homes are all factors that could lead to higher demand for
building materials.
We plan upon expanding our footprint domestically while also
increasing our efforts to secure customers in the larger
Southeast Asia market outside of
China to capitalize upon new
building construction occurring in many of this region's urban
areas. We also remain focused on diversifying our operations to
fuel our growth as we formed two subsidiaries in the computer
consulting and fintech software development sectors. While these
new businesses contributed modestly to earnings in 2020, we
anticipate further growth from these new ventures in the years
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 April
28, 2021. 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 (918)
398-8123. The conference participant pass code is 7058158. A replay
of the conference call will be available for 14 days starting from
11:00 am ET on April 28, 2021. To access the replay, dial +1
(855) 859-2056. International callers should dial +1 (404)
537-3406. The pass code is 7058158 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",
"Hengdali" or "HDL", the "TOERTO" and "WULIQIAO" brands, and the
"Pottery Capital of Tang Dynasty" brands, 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. 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
6.5250 for balance sheet accounts at the balance sheet date,
US$1.00 = RMB
6.9042 for the P&L accounts for the year ended
December 31, 2020, and US$1.00 = RMB
6.7741 for the P&L accounts for the six months ended
December 31, 2020. The exchange rate
refers to the historical rate as set forth in the H.10 statistical
release published by www.federalreserve.gov on December 31, 2020. Such translations should not
be construed as representations that RMB amounts could have
been, or could be, converted realized or settled
into US$ at that rate on December 31, 2020 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 and construction
sectors continuing to exhibit sound long-term fundamentals, our
ability to bring additional capacity online going forward as our
business improves, our 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. 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, 2020 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 LIMITED AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
|
|
|
|
|
|
|
As of December 31,
2020
|
|
As of December 31,
2019
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
ASSETS AND
LIABILITIES
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
Property
and equipment, net
|
11
|
68
|
|
35
|
Investment property, net
|
-
|
-
|
|
-
|
Land use
rights, net
|
-
|
-
|
|
-
|
Right-of-use assets, net
|
8,959
|
58,458
|
|
-
|
Deferred
tax assets
|
-
|
-
|
|
-
|
Total noncurrent
assets
|
8,970
|
58,526
|
|
35
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Right-of-use assets, net
|
-
|
-
|
|
5,078
|
Inventories, net
|
8,000
|
52,201
|
|
165,296
|
Trade
receivables, net
|
15,550
|
101,470
|
|
177,023
|
Other
receivables and prepayments
|
130
|
845
|
|
2,036
|
VAT
recoverable
|
-
|
-
|
|
1,818
|
Restricted Cash
|
-
|
-
|
|
2,785
|
Cash and
bank balances
|
1,892
|
12,344
|
|
8,212
|
Total current
assets
|
25,572
|
166,860
|
|
362,248
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
payables
|
1,034
|
6,750
|
|
22,577
|
Unearned
revenue
|
-
|
-
|
|
619
|
Accrued
liabilities and other payables
|
3,501
|
22,846
|
|
23,342
|
Amounts
owed to related parties
|
5,571
|
36,348
|
|
36,217
|
Lease
liabilities
|
2,058
|
13,431
|
|
5,793
|
Taxes
payable
|
297
|
1,934
|
|
842
|
Total current
liabilities
|
12,461
|
81,309
|
|
89,390
|
|
|
|
|
|
NET CURRENT
ASSETS
|
13,111
|
85,551
|
|
272,858
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
Lease
liabilities
|
7,161
|
46,728
|
|
-
|
Total noncurrent
liabilities
|
7,161
|
46,728
|
|
-
|
|
|
|
|
|
NET ASSETS
|
14,920
|
97,349
|
|
272,893
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
91
|
591
|
|
397
|
Reserves
|
14,829
|
96,758
|
|
272,496
|
Total stockholders' equity
|
14,920
|
97,349
|
|
272,893
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
|
Six Months ended
December 31,
|
|
|
2020
|
|
2019
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
Net sales
|
21,140
|
143,202
|
|
150,150
|
|
|
|
|
|
Cost of goods
sold
|
25,117
|
170,143
|
|
84,136
|
|
|
|
|
|
Gross profit
(loss)
|
(3,977)
|
(26,941)
|
|
66,014
|
|
|
|
|
|
Other
income
|
1,796
|
12,164
|
|
7,524
|
Selling and
distribution expenses
|
(614)
|
(4,153)
|
|
(5,649)
|
Administrative
expenses
|
(1,758)
|
(11,911)
|
|
(9,226)
|
Bad debt
expense
|
(7,155)
|
(48,468)
|
|
125,199
|
Finance
costs
|
(344)
|
(2,330)
|
|
(158)
|
Other
expenses
|
-
|
-
|
|
-
|
|
|
|
|
|
Loss before
taxation
|
(12,052)
|
(81,639)
|
|
183,704
|
|
|
|
|
|
Income tax
expense
|
(8)
|
(52)
|
|
29
|
|
|
|
|
|
Loss attributable to
shareholders
|
(12,044)
|
(81,587)
|
|
183,675
|
|
|
|
|
|
Income (loss) per
share
|
|
|
|
|
Basic
(RMB)
|
(3.67)
|
(24.85)
|
|
92.01
|
Diluted
(RMB)
|
(3.67)
|
(24.85)
|
|
92.01
|
|
|
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES
|
SALES VOLUME
AND AVERAGE SELLING PRICE
|
|
|
|
|
|
Six months ended
December 31,
|
|
|
2020
|
2019
|
|
Sales volume
(square meters)
|
6,568,295
|
6,264,778
|
|
Average Selling
Price (in RMB/square meter)
|
21.80
|
23.97
|
|
|
|
|
|
|
|
|
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
Years ended December
31,
|
|
2020
|
|
2019
|
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
Net sales
|
26,504
|
182,989
|
|
327,581
|
|
|
|
|
|
|
|
Cost of goods
sold
|
30,270
|
208,991
|
|
246,255
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
(3,766)
|
(26,002)
|
|
81,326
|
|
|
|
|
|
|
|
Other
income
|
3,176
|
21,931
|
|
14,636
|
|
Selling and
distribution expenses
|
(1,355)
|
(9,356)
|
|
(11,321)
|
|
Administrative
expenses
|
(3,855)
|
(26,619)
|
|
(25,111)
|
|
Bad debt
expense
|
(21,765)
|
(150,268)
|
|
(68,660)
|
|
Finance
costs
|
(398)
|
(2,748)
|
|
(315)
|
|
Other
expenses
|
-
|
-
|
|
-
|
|
|
|
|
|
|
|
Loss before
taxation
|
(27,963)
|
(193,062)
|
|
(9,445)
|
|
|
|
|
|
|
|
Income tax
expense
|
5
|
33
|
|
56
|
|
|
|
|
|
|
|
Loss attributable to
shareholders
|
(27,968)
|
(193,095)
|
|
(9,501)
|
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
Exchange differences
on translation of
financial statements
of foreign operations
|
54
|
371
|
|
(118)
|
|
|
|
|
|
|
|
Total comprehensive
loss for the year
|
(27,914)
|
(192,724)
|
|
(9,619)
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
Basic
(RMB)
|
(9.51)
|
(65.67)
|
|
(4.68)
|
|
Diluted
(RMB)
|
(9.51)
|
(65.67)
|
|
(4.68)
|
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES
|
|
SALES VOLUME AND
AVERAGE SELLING PRICE
|
|
|
|
|
Years ended
December 31,
|
|
2020
|
|
2019
|
|
|
|
|
Sales volume
(square meters)
|
8,330,760
|
|
12,888,598
|
Average Selling
Price (in RMB/square meter)
|
21.79
|
|
25.42
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Six Months Ended
December 31,
|
|
2020
|
|
2019
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Loss before taxation
|
(12,052)
|
(81,639)
|
|
183,704
|
Adjustments for
|
|
|
|
|
Operating lease
charge
|
1,004
|
6,803
|
|
6,093
|
Depreciation of
property, plant and equipment
|
1
|
6
|
|
6
|
Amortization of
prepaid expenses
|
(413)
|
(2,800)
|
|
2,677
|
Write down of
inventories (reversal of
inventory
provision)
|
(340)
|
(2,301)
|
|
(56,766)
|
Bad debt provision of
trade receivables
|
7,155
|
48,468
|
|
(125,198)
|
Share based
compensation
|
121
|
817
|
|
318
|
Interest expense on
lease liability
|
345
|
2,336
|
|
158
|
Operating cash flows before working capital changes
|
(4,179)
|
(28,310)
|
|
10,992
|
Decrease in inventories
|
20,154
|
136,524
|
|
(17,009)
|
Increase in trade receivables
|
(16,931)
|
(114,690)
|
|
26,976
|
Decrease (Increase) in
other receivables
and
prepayments
|
984
|
6,664
|
|
1,621
|
Decrease in trade payables
|
(682)
|
(4,620)
|
|
(19,126)
|
Decrease in unearned revenue
|
(33)
|
(223)
|
|
619
|
Increase (decrease) in taxes payable
|
583
|
3,950
|
|
(3,154)
|
Decrease in accrued
liabilities, other
payables, and amounts
owed to related parties
|
(131)
|
(890)
|
|
(4,388)
|
Cash generated from (used in) operations
|
(235)
|
(1,595)
|
|
(3,469)
|
Interest
paid
|
-
|
-
|
|
-
|
Income tax
paid
|
(4)
|
(30)
|
|
-
|
|
|
|
|
|
Net
cash generated from (used in) operating activities
|
(239)
|
(1,625)
|
|
(3,469)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Acquisition of fixed assets
|
(7)
|
(46)
|
|
-
|
Decrease (increase) in restricted cash
|
-
|
-
|
|
(2,785)
|
Interest received
|
-
|
-
|
|
-
|
|
|
|
|
|
Net cash generated from (used in) investing activities
|
(7)
|
(46)
|
|
(2,785)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payment for lease liabilities
|
(35)
|
(236)
|
|
-
|
Insurance of share capital for equity financing
|
1,174
|
7,956
|
|
5,033
|
Warrants exercised
|
-
|
-
|
|
41
|
Advance from related parties
|
(1,129)
|
(7,649)
|
|
14
|
|
|
|
|
|
Net cash
generated from (used in) financing activities
|
10
|
71
|
|
5,088
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH & EQUIVALENTS
|
(236)
|
(1,600)
|
|
(1,166)
|
CASH &
EQUIVALENTS, BEGINNING OF YEAR
|
1,180
|
13,482
|
|
9,445
|
EFFECT OF FOREIGN
EXCHANGE RATE DIFFERENCES
|
964
|
462
|
|
(67)
|
|
|
|
|
|
CASH &
EQUIVALENTS, END OF YEAR
|
1,908
|
12,344
|
|
8,212
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
Years ended December
31,
|
|
2020
|
|
2019
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Loss before taxation
|
(27,963)
|
(193,062)
|
|
(9,445)
|
Adjustments for
|
|
|
|
|
Operating lease charge
|
1,895
|
13,082
|
|
12,187
|
Depreciation of property, plant and equipment
|
2
|
12
|
|
12
|
Amortization of prepaid expenses
|
-
|
-
|
|
2,677
|
Write down of inventories (reversal of inventory
provision)
|
(333)
|
(2,301)
|
|
(56,766)
|
Bad debt provision of trade receivables
|
21,765
|
150,268
|
|
68,661
|
Loss from assets devaluation
|
-
|
-
|
|
-
|
Share based compensation
|
164
|
1,135
|
|
627
|
Interest expense on lease liability
|
398
|
2,746
|
|
315
|
Operating cash flows before working capital changes
|
(4,072)
|
(28,120)
|
|
18,268
|
Decrease in inventories
|
16,714
|
115,395
|
|
18,817
|
Increase in trade receivables
|
(10,822)
|
(74,714)
|
|
(21,570)
|
Decrease (Increase) in other receivables and prepayments
|
173
|
1,191
|
|
(40)
|
Decrease in trade payables
|
(2,292)
|
(15,826)
|
|
(1,753)
|
Decrease in unearned revenue
|
(90)
|
(619)
|
|
619
|
Increase (decrease) in taxes payable
|
423
|
2,922
|
|
(5,502)
|
Decrease in accrued liabilities, other payables, and amounts owed
to related parties
|
(72)
|
(497)
|
|
(2,552)
|
Cash generated from (used in) operations
|
(38)
|
(268)
|
|
6,287
|
Interest paid
|
-
|
-
|
|
-
|
Income tax paid
|
(7)
|
(45)
|
|
-
|
|
|
|
|
|
Net
cash generated from (used in) operating activities
|
(45)
|
(313)
|
|
6,287
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Acquisition of fixed assets
|
(7)
|
(46)
|
|
-
|
Decrease (increase) in restricted cash
|
404
|
2,785
|
|
(1,066)
|
Interest received
|
-
|
-
|
|
-
|
|
|
|
|
|
Net cash generated from (used in) investing activities
|
397
|
2,739
|
|
(1,066)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payment for lease liabilities
|
(2,150)
|
(14,841)
|
|
(13,902)
|
Insurance of share capital for equity financing
|
2,324
|
16,045
|
|
5,033
|
Warrants exercised
|
-
|
-
|
|
2,948
|
Repayment of short-term loans
|
-
|
-
|
|
-
|
Advance from related parties
|
19
|
131
|
|
14
|
|
|
|
|
|
Net cash
generated from (used in) financing activities
|
193
|
1,335
|
|
(5,907)
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH & EQUIVALENTS
|
545
|
3,761
|
|
(686)
|
CASH &
EQUIVALENTS, BEGINNING OF YEAR
|
1,180
|
8,212
|
|
9,016
|
EFFECT OF FOREIGN
EXCHANGE RATE DIFFERENCES
|
167
|
371
|
|
(118)
|
|
|
|
|
|
CASH &
EQUIVALENTS, END OF YEAR
|
1,892
|
12,344
|
|
8,212
|
View original
content:http://www.prnewswire.com/news-releases/antelope-enterprise-announces-second-half-and-full-year-financial-results-for-fiscal-2020-301278160.html
SOURCE Antelope Enterprise Holdings Limited