JINJIANG, China, Sept. 30, 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 six months
ended June 30, 2021.
First Half 2021 Summary
- Revenue was RMB 50.1 million
(US$ 7.7 million) as compared to
RMB 39.8 million (US$ 5.6 million) for the same period of
2020.
- Gross loss was RMB 6.5 million
(US$ 1.0 million) as compared to
gross profit of RMB 0.9 million
(US$ 0.1 million) for the same period
of 2020.
- Operating results were affected by bad debt expense of
RMB 49.8 million (US$ 7.7 million) for the six months ended
June 30, 2021, as compared to bad
debt expense of RMB 101.8 million
(US$ 14.4 million) for the same
period of 2020.
- Net loss was RMB 70.8 million
(US$ 10.9 million) for the six months
ended June 30, 2021, as compared to a
net loss of RMB 111.5 million
(US$ 15.8 million) for the same
period of 2020.
- Loss per share both on a basic and fully diluted basis was
RMB 16.24 (US$
2.51) for the six months ended June
30, 2021, as compared to a loss per share on a basic and
fully diluted basis of RMB 40.82
(US$ 5.77) for the six months ended
June 30, 2020, with the latter
figures retroactively presented for the 3:1 reverse stock split
effective September 3, 2020.
Ms. Meishuang Huang, Chief Executive Officer of Antelope
Enterprise, commented, "For the first half of 2021, we experienced
challenging market conditions due to the slowdown of the real
estate sector in China which was
still being impacted by the continued effects of the COVID-19
pandemic. Our sustained marketing efforts during this period
enabled us to realize an 11% increase in sales volume in the first
half of fiscal 2021 as compared to the same period of 2020. We made
a strategic decision to sell products already in inventory at
available market prices that fell below our costs of production
which hindered our profitability for the first half of 2021.
However, this will help us to shift the momentum of the company
towards future growth."
"For the first half of 2021, we utilized production facilities
capable of producing 1.1 million square meters of ceramic tiles per
year out of effective annual production capacity of 51.6 million
square meters of ceramic tiles. We took production offline at our
Hengdali facility for the first half of 2021, exempting what we
lease to a third party, since we determined that we had ample
inventory available to work through our sales channels."
"While we are committed to our core business, we are also
focused upon diversifying our business lines to fuel our growth. We
are encouraged that Antelope Chengdu, one of our new subsidiaries
in the financial technology sector, contributed a significant level
of revenues to our financial performance for the first half of
2021."
"We believe that our building materials sector will continue to
benefit from the importance of the real estate sector to the
Chinese economy. We believe that the Chinese government's renewed
efforts to promote affordable housing, projected growth in lower
Tier cities and the upgrading of existing housing stock are
potential catalysts that could benefit our business," concluded Ms.
Huang.
Fiscal Six Months Results Ended June
30, 2021
Revenue for the six months ended June 30, 2021 was RMB 50.1
million (US$ 7.7 million), a
25.9% increase from RMB 39.8 million
(US$ 5.6 million) for the same period
of 2020. The increase in revenue was due to (1) a 6.0% increase in
the sale of ceramic tiles to $42.2
million (US$ 6.5 million) for
the six months of 2021 as compared to RMB
39.8 million (US$ 5.6 million)
for the same period of 2020, and (2)
RMB 7.9 million (US$ 1.2
million) in software rights revenue from Antelope Chengdu.
The increase in the sales of ceramic tiles was due to an 11.1%
increase in our sales volume to 2.0 million square meters of
ceramic tiles for the six months ended June
30, 2021 compared to 1.8 million square meters of ceramic
tiles for the same period of 2020, which was partially offset by an
8.6% decrease in our average selling price to RMB 20.6 (US$ 3.20)
from RMB 22.6 (US$ 3.19) for the same period of 2020.
Gross loss for the six months ended June 30, 2021 was RMB 6.5
million (US$ 1.0 million), as
compared to gross profit of RMB 0.9
million (US$ 0.1 million) for
the same period of 2020. The gross loss margin was 13.0%
as compared to a gross profit margin 2.4% for the same period of
2020. The decrease in gross profit margin was due to a gross loss margin
from our porcelain ceramic tiles, which comprised 85.4% of
our total ceramic tile revenue for
the six months ended June 30,
2021.
Other income for the six months ended June 30, 2021 was RMB 7.2
million ($1.1 million),
compared to the RMB 9.8 million
($1.4 million) for the comparable
period of 2020. Other income primarily consists of rental income
that the Company received by leasing out one of its production
lines from its Hengdali facility pursuant to an eight-year lease
contract. In addition, we realized RMB 2.4
million (US$ 0.3 million) in
technology consulting income from our newly incorporated
subsidiary, Chengdu Future, during the six months ended
June 30, 2020. Since our technology
consulting businesses had just launched and its income was fairly
modest for this year-ago period, it was included in this reporting
line item for the year-ago period.
Selling and distribution expenses for the six months
ended June 30, 2021 were RMB 3.2 million (US$ 0.5
million), a decrease from RMB 5.2
million (US$ 0.7 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 1.3
million, a decrease in payroll expense of RMB 0.6 million and a decrease in travel expenses
of RMB 0.01 million.
Administrative expenses for the six months ended
June 30, 2021 were RMB 17.2 million (US$ 2.7
million), as compared to RMB 14.7
million (US$ 2.1 million), for
the same period of 2020. The increase in administrative expenses
was mainly due to an increase in consulting fees of RMB 4.8 million, which was partially offset by
the following: a decrease in payroll expense of RMB 0.6 million, a decrease in directors and
shareholders meeting expenses of RMB 0.6
million, a decrease in printing expenses of RMB 0.2 million, a decrease in valuation fees of
RMB 0.2 million, a decrease in audit
fees of RMB 0.1 million and a
decrease in other administrative expenses of RMB 0.6 million.
Bad debt expense for the six months ended
June 30, 2021 was RMB 49.8 million (US$ 7.7
million), as compared to bad debt expense of RMB 101.8 million (US$
14.4 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 June 30, 2021 were RMB
77,000 (US$ 12,000), 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 Antelope Chengdu due to the early termination of a
lease.
Net loss for the six months ended June 30, 2021 was RMB 70.8
million (US$ 10.9 million), as
compared to a net loss of RMB 111.5
million (US$ 15.8 million) for
the same period of 2020. The decrease in net loss was mainly due to
the decrease in bad debt expense, which was partially offset by an
increase in gross loss and an increase in administrative
expenses.
Loss per basic share and fully diluted share for the six
months ended June 30, 2021 were
RMB 16.24 (US$
2.51), as compared to loss per basic and fully diluted share
of RMB 40.82 (US$ 5.77) for the same period of 2020, with the
latter figures retroactively presented for the 3:1 reverse stock
split effective on September 3,
2020.
Statements of Selected Financial Position Items for the Six
Months Ended June 30, 2021
- Cash and bank balances were RMB 34.0
million (US$ 5.3 million) as
of June 30, 2021, compared with
RMB 12.3 million (US$ 1.9 million) as of December 31, 2020.
- Inventory turnover was 128 days as of June 30, 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 the six months ended
June 30, 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, net of value added tax, was 253
days as of June 30, 2021, as compared
with 242 days as of December 31,
2020. The increase in trade receivables turnover was
primarily due to the slow collection of our trade receivables as a
result of tight cash flow as reported by our customers due to the
COVID-19 pandemic.
- Trade payables turnover, net of value added tax, was 17 days as
of June 30, 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.
Liquidity and Capital Resources
Cash flow used in operating activities was
RMB 3.7 million (US$ 0.6 million) for the six months ended
June 30, 2021, as compared to cash
generated from operating activities of RMB
1.3 million (US$ 0.2 million)
in the same period of 2020. The increase of cash outflow was mainly
due to a decrease in operating cash inflow before working capital
changes of RMB 12.1 million, a
decrease in cash inflow of trade receivables of RMB 47.1 million and an increase in cash outflow
of other receivables and prepayments of RMB
1.5 million, which was partly offset by a decrease in cash
outflow of trade payables of RMB 10.0
million and an increase in cash inflow from inventories of
RMB 46.0 million.
Cash flow used in investing activities was
RMB 129,000 (US$ 20,000) for the six months ended
June 30, 2021, as compared to cash
flow generated from investing activities of RMB 2.8 million (US$ 0.4
million) for the same period of 2020. The decrease in cash
inflow during the six months ended June 30,
2021 was mainly due to the release of restricted cash of
RMB 2.8 million during the six months
ended June 30, 2020.
Cash flow generated from financing activities was
RMB 25.4 million (US$ 3.9 million) for the six months ended
June 30, 2021, as compared to cash
flow used in financing activities of RMB 1.3
million (US$ 0.2 million) in
the same period of 2020. For the six months ended June 30, 2021, we generated cash inflow from the
issuance of share capital of RMB 30.0
million (US$ 4.6 million) and
warrants exercised of RMB 10.4
million (US$ 1.6 million),
which was partially offset by the payment of lease liabilities of
RMB 15.0 million (US$ 2.3 million). For the six months ended
June 30, 2020, we generated cash
inflow from the issuance of share capital of RMB 8.1 million and received an advance from
related parties of RMB 7.8 million,
which was partially offset by the payment of lease liabilities of
RMB 14.6 million.
Plant Capacity and Capital Expenditures Update
We utilized plant capacity capable of producing 1.1 million
square meters of ceramic tiles for the six months ended
June 30, 2021 as compared to the six
months ended June 30, 2020, when we
utilized production facilities capable of producing 2.6 million
square meters. As of June 30, 2021,
we had twelve production lines available for production, only one
of which was in use as of June 30,
2021. Our reduced production 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 effects of the Covid-19
pandemic.
Our Hengda facility has an annual production capacity of 22.8
million square meters of ceramic tiles. The Company utilized
production capacity at our Hengda facility capable of producing 1.1
million square meters of ceramic tiles for the six months ended
June 30, 2021.
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 no production capacity at our Hengdali facility for the
six months ended June 30, 2021 due to
our having utilized current inventory in stock.
Our total annual production capacity is 51.6 million square
meters of ceramic tiles and 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 the remainder of 2021
other than those associated with minimal upgrades, small repairs
and the maintenance of equipment.
Business Outlook
For the first half of 2021, the Company's operating results were
impacted by the continued slowdown of China's real estate sector which was still
being impacted by the continued effects of the COVID-19
pandemic. Although we realized
a 6.0% period-over-period increase in revenue from sales of ceramic
tiles, we made a strategic decision to sell products already in
inventory at available market prices that fell below our costs of
production which resulted in a gross loss. However, the generation
of RMB 7.9 million (US$ 1.2 million) in revenue from one of our new
subsidiaries in the financial technology sector enabled us to
realize a 26.9% increase in total revenue for the six months ended
June 30, 2021 as compared to the same
period of 2020.
Looking forward, China's real
estate sector continues to be a vital component of China's economic growth as the sector and its
impact on other business activities is estimated to comprise 25% of
China's GDP. However, certain
factors could potentially limit the growth of the real estate
sector. For example, in order to stem real estate speculation and
tighten credit, the Chinese government has outlined measures
placing a ceiling on debt relative to property developers' cash
flows, assets and capital levels. The effect of such credit
tightening measures on the property developer sector could reduce
land purchases and real estate development.
In addition, as it has in the past, the central government could
impose lending curbs such as constraints on mortgage lending and
restrictions on the number of homes that families can buy. Further,
certain municipalities have halted land auctions in order to cool
what have been excessive price bidding at land auctions. 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 construction activity. In addition, the Chinese
government has announced that it intends to promote the
construction of one million affordable housing units in 2021. This,
along with the upgrading of neglected housing stock and the
renovation of existing homes, could lead to a higher demand for
building materials.
We believe that the demand for our 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. We remain
focused on diversifying our operations to fuel our growth as
a new subsidiary in the financial technology
sector contributed a significant level of revenue to our financial
performance in the first half of 2021.
This business outlook reflects the Company's current and
preliminary views and is based on the information currently
available to us, which are subject to change, and is subject to
risks and uncertainties, as well as risks and uncertainties
identified in the Company's public filings.
Conference Call Information
We will host a conference call at 8:00 am ET on September
30, 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 7174574. A replay
of the conference call will be available for 14 days starting from
11:00 am ET on September 29, 2021. To access the replay, dial +1
(855) 859-2056. International callers should dial +1 (404)
537-3406. The pass code is 7174574 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
6.4566 for balance sheet accounts at the balance sheet date,
US$1.00 = RMB
6.4702 for the P&L accounts for the six months ended
June 30, 2021. The exchange rate
refers to the historical rate as set forth in the H.10 statistical
release published by www.federalreserve.gov on June 30, 2021. Such translations should not be
construed as representations that RMB amounts could have been,
or could be, converted realized or settled
into US$ at that rate on June
30, 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 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., LTD AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
|
As of June 30,
2021
|
|
As of
December 31,
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
ASSETS AND
LIABILITIES
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
Property
and equipment, net
|
28
|
178
|
|
68
|
Right-of-use assets, net
|
7,949
|
51,326
|
|
58,458
|
Total noncurrent
assets
|
7,977
|
51,504
|
|
58,526
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Inventories, net
|
4,238
|
27,364
|
|
52,201
|
Trade
receivables, net
|
9,105
|
58,782
|
|
101,470
|
Other
receivables and prepayments
|
1,205
|
7,780
|
|
845
|
Cash and
bank balances
|
5,270
|
34,029
|
|
12,344
|
Total current
assets
|
19,818
|
127,955
|
|
166,860
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
payables
|
851
|
5,494
|
|
6,750
|
Accrued
liabilities and other payables
|
3,550
|
22,927
|
|
22,846
|
Amounts
owed to related parties
|
5,630
|
36,348
|
|
36,348
|
Lease
liabilities
|
2,389
|
15,423
|
|
13,431
|
Taxes
payable
|
96
|
620
|
|
1,934
|
Total current
liabilities
|
12,516
|
80,812
|
|
81,309
|
|
|
|
|
|
NET CURRENT
ASSETS
|
7,302
|
47,143
|
|
85,551
|
|
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
|
|
Lease
liabilities
|
4,769
|
30,789
|
|
46,728
|
Total noncurrent
liabilities
|
4,769
|
30,789
|
|
46,728
|
|
|
|
|
|
NET ASSETS
|
10,510
|
67,858
|
|
97,349
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
145
|
937
|
|
591
|
Reserves
|
10,365
|
66,921
|
|
96,758
|
Total stockholders' equity
|
10,510
|
67,858
|
|
97,349
|
|
|
|
|
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
Six Months ended
June 30,
|
|
2021
|
|
2020
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
Net sales
|
7,744
|
50,107
|
|
39,787
|
|
|
|
|
|
Cost of goods
sold
|
8,749
|
56,610
|
|
38,848
|
|
|
|
|
|
Gross profit
(loss)
|
(1,005)
|
(6,503)
|
|
939
|
|
|
|
|
|
Other
income
|
1,106
|
7,154
|
|
9,767
|
Selling and
distribution expenses
|
(498)
|
(3,219)
|
|
(5,203)
|
Administrative
expenses
|
(2,658)
|
(17,196)
|
|
(14,708)
|
Bad debt
expense
|
(7,701)
|
(49,827)
|
|
(101,800)
|
Finance
costs
|
(169)
|
(1,094)
|
|
(418)
|
Other
expenses
|
(12)
|
(77)
|
|
-
|
Loss before
taxation
|
(10,937)
|
(70,762)
|
|
(111,423)
|
|
|
|
|
|
Income tax
expense
|
1
|
7
|
|
85
|
|
|
|
|
|
Loss attributable to
shareholders
|
(10,938 )
|
(70,769)
|
|
(111,508)
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
Exchange differences
on translation of financial
statements of foreign operations
|
12
|
76
|
|
(91)
|
|
|
|
|
|
Total comprehensive
loss for the year
|
(10,950)
|
(70,693)
|
|
(111,599)
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
Basic
(RMB)
|
(2.51)
|
(16.24)
|
|
(40.82)
|
Diluted
(RMB)
|
(2.51)
|
(16.24)
|
|
(40.82)
|
|
|
|
|
|
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
Six Months ended
June
30,
|
|
2021
|
|
2020
|
|
|
USD'000
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Loss before taxation
|
(10,937)
|
(70,762)
|
|
(111,423)
|
|
Adjustments for
|
-
|
|
|
|
|
Operating lease charge
|
1,087
|
7,035
|
|
6,279
|
|
Depreciation of property, plant and
equipment
|
3
|
19
|
|
6
|
|
Amortization of prepaid expenses
|
-
|
-
|
|
2,800
|
|
Bad debt provision of trade receivables
|
7,701
|
49,827
|
|
101,800
|
|
Share based compensation
|
129
|
832
|
|
318
|
|
Interest expense on lease liability
|
169
|
1,094
|
|
410
|
|
Operating cash flows before working capital
changes
|
(1,848)
|
(11,955)
|
|
190
|
|
Decrease (increase) in
inventories
|
3,838
|
24,837
|
|
(21,129)
|
|
Decrease (Increase) in trade
receivables
|
(1,103)
|
(7,139)
|
|
39,976
|
|
Decrease (Increase) in other
receivables and prepayments
|
(1,072)
|
(6,934)
|
|
(5,473)
|
|
Decrease in trade payables
|
(194)
|
(1,255)
|
|
(11,206)
|
|
Decrease in unearned revenue
|
-
|
-
|
|
(396)
|
|
Increase (decrease) in taxes payable
|
(203)
|
(1,315)
|
|
(1,028)
|
|
Decrease in accrued liabilities, other
payables, and amounts owed to
related parties
|
13
|
82
|
|
393
|
|
Cash generated from (used in) operations
|
(569)
|
(3,679)
|
|
1,327
|
|
Interest paid
|
-
|
-
|
|
-
|
|
Income
tax paid
|
(1)
|
(7)
|
|
(15)
|
|
|
|
|
|
|
|
Net
cash generated from (used in) operating
activities
|
(570)
|
(3,686)
|
|
1,312
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Acquisition of fixed assets
|
(20)
|
(129)
|
|
-
|
|
Decrease in restricted cash
|
-
|
-
|
|
2,785
|
|
|
|
|
|
|
|
Net cash generated from (used in) investing
activities
|
(20)
|
(129)
|
|
2,785
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment for lease liabilities
|
(2,313)
|
(14,964)
|
|
(14,605)
|
|
Insurance of share capital for equity
financing
|
4,633
|
29,976
|
|
8,089
|
|
Warrants exercised
|
1,607
|
10,394
|
|
-
|
|
Advance from related parties
|
-
|
-
|
|
7,780
|
|
|
|
|
|
|
|
Net cash
generated from financing activities
|
3,927
|
25,406
|
|
1,264
|
|
|
|
|
|
|
|
NET INCREASE IN CASH
& EQUIVALENTS
|
3,337
|
21,591
|
|
5,361
|
|
CASH &
EQUIVALENTS, BEGINNING OF PERIOD
|
1,892
|
12,344
|
|
8,212
|
|
EFFECT OF FOREIGN
EXCHANGE RATE DIFFERENCES
|
41
|
94
|
|
(91)
|
|
|
|
|
|
|
|
CASH &
EQUIVALENTS, END OF PERIOD
|
5,270
|
34,029
|
|
13,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANTELOPE
ENTERPRISE HOLDINGS., LTD. AND ITS SUBSIDIARIES
|
|
SALES VOLUME AND
AVERAGE SELLING PRICE (UNAUDITED)
|
|
|
|
Six months ended
June 30
|
|
|
|
2021
|
2020
|
|
Sales volume (square
meters)
|
|
2,045,295
|
1,762,465
|
|
Average Selling Price
(in RMB / square meter)
|
20.63
|
22.57
|
|
View original
content:https://www.prnewswire.com/news-releases/antelope-enterprise-announces-first-half-2021-financial-results-301387821.html
SOURCE Antelope Enterprise Holdings Limited