Press Release: OneConnect Announces Third Quarter and Nine Months Ended September 30, 2024 Unaudited Financial Results

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 
 
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      Nine Months Ended 
                                     September 30             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    Nine Months Ended 
                                        September 30          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 % 
 

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SOURCE OneConnect Financial Technology Co., Ltd.

(END) Dow Jones Newswires

November 14, 2024 06:00 ET (11:00 GMT)