NaaS Technology Inc. Reports Adjusted Unaudited 2022 Second Quarter and Interim Financial Results
- update share-based compensation and equity-settled listing costs;
- update fair value change of convertible and redeemable preferred shares; and
- reclassify between expenses and between balance sheet line items.
The unaudited financial results for the quarter and six months ended
Second Quarter 2022 and First Half 2022 Financial Highlights:
- Net revenues grew by 564% year over year and reached
RMB22.0 million (US$3.3 million ) in the second quarter of 2022. Net revenues of the first half of 2022 wereRMB36.5 million (US$5.5 million ), increasing by 591% year over year1. - Total operating costs were
RMB2,171.5 million (US$324.2 million ) in the second quarter of 2022 andRMB2,280.8 million (US$340.5 million ) in the first half of the year, as compared withRMB85.9 million andRMB122.3 million for the same periods of 2021, respectively. - Net loss was
RMB5,302.2 million (US$791.6 million ) for the second quarter of 2022 andRMB5,401.5 million (US$806.4 million ) for the first half of 2022, as compared to net loss ofRMB85.4 million andRMB120.6 million for the same periods of 2021, respectively. - Non-IFRS net loss2 was
RMB96.0 million (US$14.3 million ) in the second quarter of 2022 andRMB145.8 million (US$21.8 million ) for the first half of 2022, representing a year over year increase of 12% and 21%, respectively.
1 In accordance with the IFRS rules, Dada Auto was considered for accounting purposes to be the successor company upon the consummation of the Merger Transactions (defined below) and consequently the Company reports the financial results of Dada Auto as the Company’s historical financial results for the three and six months ended
2 Non-IFRS net loss was arrived at after excluding equity-settled listing costs, share-based compensation expenses, fair value changes of convertible and redeemable preferred shares and fair value changes of financial assets at fair value through profit or loss. Please refer to the section titled "Unaudited reconciliations of IFRS and non-IFRS results" for details.
Second Quarter and First Half 2022 Financial Results:
Net Revenues
Net revenues reached
Net revenues from online EV charging solutions contributed
Offline EV charging net revenues increased significantly by 997% year over year to
Net revenue from innovative and other businesses increased by 112% year over year to
Operating costs
Total operating costs were
Cost of revenues in the first half year of 2022 was
Selling and marketing expenses in the first half of 2022 were
Administrative expenses increased to
Research and development expenses were
Finance costs
Finance costs were
Income tax expenses
Income tax expenses were
Net loss and non-IFRS net loss
Net loss for the first half of 2022 was
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit/loss for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes.
Non-IFRS net profit/loss for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit/loss for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit/loss for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.
Non-IFRS net profit/loss for the period represents profit/loss for the period excluding equity-settled listing costs, share-based compensation expenses, fair value changes of convertible and redeemable preferred shares, and fair value changes of financial assets at fair value through profit or loss.
Merger Transactions
On
About
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the
For investor and media inquiries, please contact: |
Investor Relations |
Email: ir@enaas.com |
Media inquiries: |
E-mail: pr@enaas.com |
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands, except for share and per share data) | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||
Net Revenues from Online EV Charging Solutions | 2,324 | 11,850 | 1,769 | 3,576 | 19,716 | 2,944 | ||||||||||||||||
Net Revenues from Offline EV Charging Solutions | 930 | 9,783 | 1,461 | 1,487 | 16,316 | 2,436 | ||||||||||||||||
Net Revenues from Innovative and Other businesses | 59 | 377 | 56 | 216 | 457 | 68 | ||||||||||||||||
Net Revenues | 3,313 | 22,010 | 3,286 | 5,279 | 36,489 | 5,448 | ||||||||||||||||
Other gain, net | 17 | 1,927 | 288 | 88 | 2,608 | 389 | ||||||||||||||||
Operating costs | ||||||||||||||||||||||
Cost of revenues | (3,297 | ) | (23,315 | ) | (3,481 | ) | (6,223 | ) | (39,144 | ) | (5,844 | ) | ||||||||||
Selling and marketing expenses | (68,215 | ) | (58,228 | ) | (8,693 | ) | (90,793 | ) | (102,441 | ) | (15,294 | ) | ||||||||||
Administrative expenses | (6,509 | ) | (2,082,854 | ) | (310,962 | ) | (11,188 | ) | (2,124,160 | ) | (317,129 | ) | ||||||||||
Research and development expenses | (7,852 | ) | (7,119 | ) | (1,063 | ) | (14,118 | ) | (15,105 | ) | (2,255 | ) | ||||||||||
Total operating costs | (85,873 | ) | (2,171,516 | ) | (324,199 | ) | (122,322 | ) | (2,280,850 | ) | (340,522 | ) | ||||||||||
Operating loss | (82,543 | ) | (2,147,579 | ) | (320,625 | ) | (116,955 | ) | (2,241,753 | ) | (334,685 | ) | ||||||||||
Finance costs | (163 | ) | (36 | ) | (5 | ) | (331 | ) | (262 | ) | (39 | ) | ||||||||||
Fair value changes of convertible and redeemable preferred shares | — | (3,155,006 | ) | (471,030 | ) | — | (3,158,498 | ) | (471,551 | ) | ||||||||||||
Fair value changes of Financial asset at fair value through profit or loss | — | 1,753 | 262 | — | 1,753 | 262 | ||||||||||||||||
Net loss before income tax | (82,706 | ) | (5,300,868 | ) | (791,398 | ) | (117,286 | ) | (5,398,760 | ) | (806,013 | ) | ||||||||||
Income tax expenses | (2,670 | ) | (1,284 | ) | (192 | ) | (3,346 | ) | (2,697 | ) | (403 | ) | ||||||||||
Net loss for the year | (85,376 | ) | (5,302,152 | ) | (791,590 | ) | (120,632 | ) | (5,401,457 | ) | (806,416 | ) | ||||||||||
Net loss attributable to: | ||||||||||||||||||||||
Equity holders of the Company | (85,376 | ) | (5,302,152 | ) | (791,590 | ) | (120,632 | ) | (5,401,457 | ) | (806,416 | ) | ||||||||||
Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company (Expressed in RMB per share) | ||||||||||||||||||||||
Basic | (518.20 | ) | (2.91 | ) | (0.43 | ) | (732.19 | ) | (3.10 | ) | (0.46 | ) | ||||||||||
Diluted | (518.20 | ) | (2.91 | ) | (0.43 | ) | (732.19 | ) | (3.10 | ) | (0.46 | ) | ||||||||||
Basic and diluted loss per ADS for loss attributable to the ordinary shareholders of the Company (Expressed in RMB per ADS) | ||||||||||||||||||||||
Basic | (5,182.00 | ) | (29.13 | ) | (4.35 | ) | (7,321.86 | ) | (31.02 | ) | (4.63 | ) | ||||||||||
Diluted | (5,182.00 | ) | (29.13 | ) | (4.35 | ) | (7,321.86 | ) | (31.02 | ) | (4.63 | ) | ||||||||||
Weighted average number of ordinary shares outstanding-basic | 164,755 | 1,819,927,626 | 1,819,927,626 | 164,755 | 1,741,385,264 | 1,741,385,264 | ||||||||||||||||
Weighted average number of ordinary shares outstanding-diluted | 164,755 | 1,819,927,626 | 1,819,927,626 | 164,755 | 1,741,385,264 | 1,741,385,264 | ||||||||||||||||
AAS TECHNOLOGY INC.
UNAUDITED RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||
(In thousands, except for share and per share data) | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
Reconciliation of Adjusted net loss attributable to ordinary shareholders of the Company to Net loss attributable to ordinary shareholders of the Company | ||||||||||||||||||
Net loss attributable to ordinary shareholders of the Company | (85,376 | ) | (5,302,152 | ) | (791,590 | ) | (120,632 | ) | (5,401,457 | ) | (806,416 | ) | ||||||
Add: Equity-settled listing costs | — | 1,912,693 | 285,557 | — | 1,912,693 | 285,557 | ||||||||||||
Share-based compensation expenses | — | 140,172 | 20,927 | — | 186,260 | 27,808 | ||||||||||||
Fair value changes of convertible and redeemable preferred shares | — | 3,155,006 | 471,030 | — | 3,158,498 | 471,551 | ||||||||||||
Fair value changes of Financial asset at fair value through profit or loss | — | (1,753 | ) | (262 | ) | — | (1,753 | ) | (262 | ) | ||||||||
Adjusted net loss attributable to ordinary shareholders of the Company | (85,376 | ) | (96,034 | ) | (14,338 | ) | (120,632 | ) | (145,759 | ) | (21,762 | ) | ||||||
Adjusted net basic and diluted loss per share for loss attributable to the ordinary shareholders of the Company (Expressed in RMB per share) | ||||||||||||||||||
Basic | (518.20 | ) | (0.05 | ) | (0.01 | ) | (732.19 | ) | (0.08 | ) | (0.01 | ) | ||||||
Diluted | (518.20 | ) | (0.05 | ) | (0.01 | ) | (732.19 | ) | (0.08 | ) | (0.01 | ) | ||||||
Adjusted net basic and diluted loss per ADS for loss attributable to the ordinary shareholders of the Company (Expressed in RMB per ADS) | ||||||||||||||||||
Basic | (5,182.00 | ) | (0.53 | ) | (0.08 | ) | (7,321.86 | ) | (0.84 | ) | (0.12 | ) | ||||||
Diluted | (5,182.00 | ) | (0.53 | ) | (0.08 | ) | (7,321.86 | ) | (0.84 | ) | (0.12 | ) | ||||||
Weighted average number of ordinary shares outstanding-basic | 164,755 | 1,819,927,626 | 1,819,927,626 | 164,755 | 1,741,385,264 | 1,741,385,264 | ||||||||||||
Weighted average number of ordinary shares outstanding-diluted | 164,755 | 1,819,927,626 | 1,819,927,626 | 164,755 | 1,741,385,264 | 1,741,385,264 | ||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of | ||||||||||
(In thousands) | RMB | RMB | US$ | |||||||
ASSETS | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | 8,489 | 413,653 | 61,757 | |||||||
Trade receivables | 38,456 | 64,447 | 9,622 | |||||||
Prepayments, other receivables and other assets | 105,833 | 84,023 | 12,544 | |||||||
Total current assets | 152,778 | 562,123 | 83,923 | |||||||
Non-current assets | ||||||||||
Right-of-use assets | 19,766 | 21,820 | 3,258 | |||||||
Financial asset at fair value through profit or loss | 5,000 | 6,753 | 1,008 | |||||||
Financial asset at fair value through other comprehensive income | — | — | — | |||||||
Property, plant and equipment | 548 | 490 | 73 | |||||||
Other non-current assets | — | 59 | 9 | |||||||
Intangible asset | — | 933 | 139 | |||||||
Total non-current assets | 25,314 | 30,055 | 4,487 | |||||||
Total assets | 178,092 | 592,178 | 88,410 | |||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities | ||||||||||
Current lease liabilities | 7,067 | 9,524 | 1,422 | |||||||
Trade payables | 16,872 | 22,689 | 3,387 | |||||||
Other payables and accruals | 112,148 | 135,392 | 20,213 | |||||||
Total current liabilities | 136,087 | 167,605 | 25,022 | |||||||
Non-current liabilities | ||||||||||
Non-current lease liabilities | 12,566 | 11,093 | 1,656 | |||||||
Total non-current liabilities | 12,566 | 11,093 | 1,656 | |||||||
Total liabilities | 148,653 | 178,698 | 26,678 | |||||||
EQUITY | ||||||||||
Class A Common Shares | — | * | 32,131 | 4,797 | ||||||
Class B Common Shares | — | 16,674 | 2,489 | |||||||
Class |
— | 93,702 | 13,990 | |||||||
Additional paid in capital | 423,329 | 6,066,902 | 905,765 | |||||||
Accumulated losses | (393,890 | ) | (5,795,345 | ) | (865,222 | ) | ||||
Accumulated other comprehensive income | — | (584 | ) | (87 | ) | |||||
Total equity | 29,439 | 413,480 | 61,732 | |||||||
Total equity and liabilities | 178,092 | 592,178 | 88,410 | |||||||
Note:
* Representing amount less than
** In accordance with the IFRS rules

NaaS Technology Inc.