JINJIANG, China, Sept. 29,
2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Capital Market: CCCL) ("China Ceramics" 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, 2020.
First Half 2020 Summary
- Revenue was RMB 39.8 million
(US$ 5.6 million) as compared to
RMB 177.4 million (US$ 26.2 million) for the same period of
2019.
- Gross profit was RMB 0.9 million
(US$ 0.1 million) as compared to a
gross profit of RMB 15.3 million
(US$ 2.3 million) for the same period
of 2019.
- Operating results were affected by bad debt expense of
RMB 101.8 million (US$ 14.4 million) for the six months ended
June 30, 2020, as compared to bad
debt expense of RMB 193.9 million
(US$ 28.6 million) for the same
period of 2019.
- Net loss was RMB 111.5 million
(US$ 15.8 million) for the six months
ended June 30, 2020, as compared to a
net loss of RMB 193.2 million
(US$ 28.5 million) for the same
period of 2019.
- Loss per share both on a basic and fully diluted basis were
RMB 40.82 (US$
5.77) for the six months ended June
30, 2020, as compared to loss per share on a basic and fully
diluted basis of RMB 96.69
(US$ 14.25) for the six months ended
June 30, 2019, with these figures
retroactively presented for the 3:1 reverse stock split effective
on September 3, 2020.
Ms. Meishuang Huang, Chief Executive Officer of China Ceramics,
commented, "For the first half of 2020, the impact of the COVID-19
pandemic outbreak had a material adverse impact on the demand for
our products as our production was temporarily halted and our
logistics functions were not fully operational in certain regions
as these regions remained closed through April. The COVID-19
pandemic resulted in a high number of purchase order cancellations
and severely reduced our sales as our customers held back purchases
awaiting the resumption of normal economic activity."
"Due to the COVID-19 pandemic, for the six months ended
June 30, 2020 we utilized production
facilities capable of producing just 2.6 million square meters of
ceramic tiles per year out of an effective total annual production
capacity of 51.6 million square meters of ceramic tiles. This is
consistent with our practices in past quarters as we maintain an
appropriate level of plant production capacity based on market
conditions."
"We remain focused upon diversifying our operational
capabilities to fuel our growth. While we are committed to our core
business, we formed two new subsidiaries in the high technology
sector. Chengdu Future provides business management and consulting
and has already contributed revenue in the first half of 2020.
Antelope Holdings (Chengdu), Co.,
Ltd., provides fintech solutions such as the development of
blockchain software, and subsequent to the end of the current
six-month period, has signed three contracts which we expect will
contribute to revenue in the second half of 2020."
"In the long-term, we believe that our building materials sector
will continue to benefit from growth in the real estate sector due
to sustained urbanization, the consolidation of larger property
developers and the upgrading of existing housing stock. For the
remainder of 2020, we believe that the PRC central government will
take steps to bolster economic growth and that pent-up consumer
demand for residential properties resulting from the downturn that
occurred during China's COVID-19
lockdown period will ultimately benefit our building materials
sector," concluded Ms. Huang.
Fiscal Six Months Results Ended June
30, 2020
Revenue for the six months ended June 30, 2020 was RMB 39.8
million (US$ 5.6 million), a
77.6% decrease from RMB 177.4 million
(US$ 26.2 million) for the same
period of 2019. The year-over-year decrease in revenue was due to
(i) the 73.4% decrease in our sales volume to 1.8 million square
meters of ceramic tiles for the six months of 2020 compared to 6.6
million square meters of ceramic tiles for the same period of 2019,
with the decrease attributable to reduced sales orders of our
products due to the COVID-19 pandemic. Our average selling price
decreased 15.8% to RMB 22.6
(US$ 3.19) for the six months of 2020
from RMB 26.8 (US$ 3.95) for the same period of 2019, as a
result of difficult market conditions and the continuance of the
15% price deduction instituted in October
2019.
Gross profit for the six months ended June 30, 2020 was RMB 0.9
million (US$ 0.1 million), as
compared to gross profit of RMB 15.3
million (US$ 2.3 million) for
the same period of 2019. The gross profit margin was 2.4%
as compared to 8.6% for the same period of 2019. The decrease in
gross profit margin for the six months ending June 30, 2020 was due to the 73.4% decrease in
sales volume and 15.8% decrease in average selling price.
Other income for the six months ended June 30, 2020 was RMB 9.8
million ($1.4 million),
compared to the RMB 7.1 million
($1.1 million) for the comparable
period of 2019. Other income primarily consists of rental income
that the Company received by leasing out one of its production
lines from its Hengdali facility pursuant to an eight-year lease
contract. In addition, we realized RMB 2.4
million (US$ 0.3 million) in
technology consulting income from our newly incorporated
subsidiary, Chengdu Future Talented Management and Consulting Co,
Ltd., during the six months ended June 30,
2020.
Selling and distribution expenses for the six months
ended June 30, 2020 were RMB 5.2 million (US$ 0.7
million), a decrease from RMB 5.7
million (US$ 0.8 million) for
the comparable period of 2019. The decrease was mainly due to a
decrease in payroll expenses of RMB 0.1
million and a decrease in advertising expenses of
RMB 0.2 million.
Administrative expenses for the six months ended
June 30, 2020 were RMB 14.7 million (US$ 2.1
million), as compared to RMB 15.9
million (US$ 2.3 million), for
the same period of 2019. The decrease was mainly due to a decrease
in research and development expenses of RMB
6.4 million, which was partly offset by the following: an
increase in administrative expenses attributable to the Company's
new subsidiaries of RMB 3.5 million,
an increase in audit-related fees of RMB 0.2
million, an increase in consulting fees of RMB 0.8 million, an increase in legal fees of
RMB 0.5 million and an increase in
other miscellaneous expenses of RMB 0.2
million.
Bad debt expense for the six months ended
June 30, 2020 was RMB 101.8 million (US$
14.4 million), as compared to bad debt expense of
RMB 193.9 million (US$ 28.6 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. 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, 2020 were RMB nil (US$ nil), as compared
to RMB 9,000 (US$ 1,330) for the same period of 2019. The
decrease in other expenses was mainly due to a decrease in the
exchange rate loss for the six months ended June 30, 2020.
Net loss for the six months ended June 30, 2020 was RMB
111.5 million (US$ 15.8
million), as compared to a net loss of RMB 193.2 million (US$
28.5 million) for the same period of 2019. The decrease in
net loss was mainly due to the decrease in bad debt expense, which
was partially offset by a decrease in gross profit for the six
months ended June 30, 2020.
Loss per basic share and fully diluted share for the six
months ended June 30, 2020 were
RMB 40.82 (US$
5.77), as compared to loss per basic and fully diluted share
of RMB 96.69 (US$ 14.25) for the same period of 2019, with
these 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, 2020
- Cash and bank balances were RMB 13.5
million (US$ 1.9 million) as
of June 30, 2020, compared with
RMB 8.2 million (US$ 1.2 million) as of December 31, 2019.
- Inventory turnover was 824 days as of June 30, 2020, as compared to 217 days as of
December 31, 2019. The increase in
inventory turnover days was primarily due to the 73.4% decrease in
our sales volume for six months ended June
30, 2020 as compared to the same period of 2019 due to the
COVID-19 pandemic. We believe that the value of our current
inventories is realizable.
- Trade receivables turnover, net of value added tax, was 422
days as of June 30, 2020, as compared
with 194 days as of December 31,
2019. 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 69 days as
of June 30, 2020 as compared with 30
days as of December 31, 2019. As a
result of slow collection of trade receivables from our customers,
we also encountered tight cash flow due to the COVID-19 pandemic
and delayed certain payments to our vendors.
Liquidity and Capital Resources
Cash flow generated from operating activities was
RMB 1.3 million (US$ 0.2 million) for the six months ended
June 30, 2020, as compared to cash
generated from operating activities of RMB
9.8 million (US$ 1.4 million)
in the same period of 2019. The decrease in cash inflow was mainly
due to decrease in operating cash flows before working capital
changes by RMB 7.1 million and a
decrease of cash inflow on accrued liabilities and other payables
of RMB 1.4 million.
Cash flow generated from investing activities was
RMB 2.8 million (US$ 0.4 million) for the six months ended
June 30, 2020, as compared to cash
flow generated from investing activities of RMB 1.7 million (US$ 0.3
million) for the same period of 2019. The increase of cash
inflow was mainly due to the decrease in restricted
cash.
Cash flow generated from financing activities was
RMB 1.3 million (US$ 0.2 million) for the six months ended
June 30, 2020, as compared to cash
flow used in financing activities of RMB
11.0 million (US$ 1.6 million)
in the same period of 2019. 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 2.6 million
square meters of ceramic tiles for the six months ended
June 30, 2020 as compared with the
six months ended June 30, 2019, when
we utilized production facilities capable of producing 6.0 million
square meters. Our reduced production utilization during the
current period was attributable to factors associated with 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 1.3
million square meters of ceramic tiles for the six months ended
June 30, 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 1.3 million square meters of ceramic tiles for the six
months ended June 30, 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 the remainder of 2020
other than those associated with minimal upgrades, small repairs
and the maintenance of equipment.
Business Outlook
As detailed in the above discussion, the Company's operating
results were severely impacted by the COVID-19 pandemic. Our
decrease in revenue for the six months ended June 30, 2020 was due to the outbreak of the
COVID-19 pandemic which caused a country-wide economic slowdown,
especially in the manufacturing and real estate sectors. The
pandemic disrupted supply chains and affected production and sales
across a range of industries in China as a result of quarantines, facility
closures, travel and logistics restrictions and related public
health orders. Our production was halted for most of the month of
February and our logistics functions were not fully operational in
certain regions as these regions remained closed through April. The
COVID-19 pandemic resulted in a high number of purchase order
cancellations as our customers held back purchases awaiting the
resumption of normal economic activity; our sales only began to
slowly ramp near the end of the six-month period ended June 30, 2020.
Looking forward, while China's
real estate market has remained resilient over time, certain
factors such as a slowing domestic economy, a relatively high
amount of mortgage debt, a drop in rental prices in certain cities
and possible government regulations to cool rising property prices
post-pandemic could potentially limit new project development.
There has also been some overdevelopment which has caused high
housing inventory in certain third and fourth tier cities which
needs to work itself through sales channels. Therefore, the current
conditions for the construction and building materials sectors
continue to be challenging.
However, we believe that in the long-term, the real estate and
construction sectors will continue to grow and that their
underlying fundamentals, which include sustained urbanization, the
consolidation of larger property developers and the upgrading of
existing housing stock, remain key demand drivers. In addition to
marketing our products domestically, we plan to continue our
efforts to expand outside of China
and enter the ceramic tile markets in Southeast Asia to capitalize upon its new
building construction.
We remain focused upon diversifying our operational capabilities
to fuel our growth. While we are committed to our core business, we
formed two new subsidiaries in the high technology sector. Chengdu
Future Talented Management and Consulting Co, Ltd. provides
computer server consulting, online problem-solving to maintain
computer systems and internet connectivity and overall technical
support. While this subsidiary has contributed modest revenue in
2020 so far, we believe that business management and consulting
represent a substantial growth sector. In addition, we formed
Antelope Holdings (Chengdu), Co.,
Ltd., which provides fintech solutions such as the development of
blockchain software. Subsequent to the end of the current six-month
period, this entity signed three contracts, which have all been
publicly announced, and which we expect will contribute to revenue
in the second half of 2020.
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.
Subsequent Event
On September 3, 2020, the Company effected a one-for-three
reverse stock split to regain compliance with the minimum bid price
requirement of $1.00 per share for continued listing on
the Nasdaq Stock Market. Since the closing bid of the Company's
common stock has been $1.00 per share or more for 10
consecutive business days, from September 3,
2020 to September 18, 2020, the Listing Qualifications
Department of the Nasdaq Stock Market notified the Company that it
regained compliance with Nasdaq Listing Rule 5550(a)(2).
Conference Call Information
We will host a conference call at 8:00 am ET on September
29, 2020. Listeners may access the call by dialing +1
(877) 275-8968 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1 (706)
643-1666. The conference participant pass code is 5293751. A replay
of the conference call will be available for 14 days starting from
11:00 am ET on September 29, 2020. To access the replay, dial +1
(855) 859-2056. International callers should dial +1 (404)
537-3406. The pass code is 5293751 for the replay.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdali" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers. Its
newly formed subsidiary, Chengdu Future Talented Management and
Consulting Co, Ltd., provides business management and
consulting. An additional newly formed subsidiary, Antelope
Holdings (Chengdu), Co., Ltd.,
provides fintech solutions which includes the development of
blockchain software. For more information, please visit
http://www.cceramics.com.
Currency Convenience Translation
The Company's financial information is stated in Renminbi
("RMB"). Translations of amounts from RMB into
United States dollars ("US$")
in this earnings release are solely for the
convenience of the readers and were calculated at the rate of
US$1.00 = RMB
7.0651 for balance sheet accounts at the balance sheet date,
US$1.00 = RMB
7.0703 for the P&L accounts for the six months ended
June 30, 2020. The exchange rate
refers to the historical rate as set forth in the H.10 statistical
release published by www.federalreserve.gov on June 30, 2020. Such translations should not be
construed as representations that RMB amounts could have been,
or could be, converted realized or settled
into US$ at that rate on June
30, 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, 2019 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
CHINA CERAMICS
CO., LTD AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
|
|
As of June 30,
2020
|
|
As of December
31, 2019
|
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
NONCURRENT
ASSETS
|
|
|
|
|
|
|
Right-of-use assets,
net
|
|
9,110
|
|
64,361
|
|
-
|
Property and
equipment, net
|
|
4
|
|
29
|
|
35
|
Total noncurrent
assets
|
|
9,114
|
|
64,390
|
|
35
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Right-of-use assets,
net
|
|
-
|
|
-
|
|
5,078
|
Inventories,
net
|
|
26,387
|
|
186,425
|
|
165,296
|
Trade receivables,
net
|
|
4,989
|
|
35,248
|
|
177,023
|
Other receivables and
prepayments
|
|
666
|
|
4,707
|
|
2,036
|
VAT
recoverable
|
|
388
|
|
2,738
|
|
1,818
|
Restricted
Cash
|
|
-
|
|
-
|
|
2,785
|
Cash and bank
balances
|
|
1,908
|
|
13,482
|
|
8,212
|
Total current
assets
|
|
34,338
|
|
242,600
|
|
362,248
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
43,452
|
|
306,990
|
|
362,283
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
|
|
Lease
liabilities
|
|
6,489
|
|
45,843
|
|
-
|
Total noncurrent
liabilities
|
|
6,489
|
|
45,843
|
|
-
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
payables
|
|
1,609
|
|
11,371
|
|
22,577
|
Unearned
revenue
|
|
31
|
|
222
|
|
619
|
Accrued liabilities
and other payables
|
|
3,360
|
|
23,737
|
|
23,342
|
Amounts owed to
related parties
|
|
6,227
|
|
43,997
|
|
36,217
|
Lease
liabilities
|
|
1,602
|
|
11,316
|
|
5,793
|
Taxes
payable
|
|
114
|
|
804
|
|
842
|
Total current
liabilities
|
|
12,943
|
|
91,447
|
|
89,390
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
19,432
|
|
137,290
|
|
89,390
|
|
|
|
|
|
|
|
NET
ASSETS
|
|
24,020
|
|
169,700
|
|
272,893
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
71
|
|
501
|
|
397
|
Reserves
|
|
23,949
|
|
169,199
|
|
272,496
|
Total stockholders'
equity
|
|
24,020
|
|
169,700
|
|
272,893
|
CHINA CERAMICS
CO., LTD AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
(Unaudited)
|
|
|
|
Six months ended
June 30,
|
|
|
2020
|
|
2019
|
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
Net sales
|
|
5,627
|
|
39,787
|
|
177,431
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
5,494
|
|
38,848
|
|
162,119
|
|
|
|
|
|
|
|
Gross
profit
|
|
133
|
|
939
|
|
15,312
|
|
|
|
|
|
|
|
Other
income
|
|
1,381
|
|
9,767
|
|
7,121
|
Selling and
distribution expenses
|
(736)
|
|
(5,203)
|
|
(5,672)
|
Administrative
expenses
|
|
(2,080)
|
|
(14,708)
|
|
(15,885)
|
Bad debt
expense
|
|
(14,398)
|
|
(101,800)
|
|
(193,859)
|
Finance
costs
|
|
(59)
|
|
(418)
|
|
(157)
|
Other
expenses
|
|
-
|
|
-
|
|
(9)
|
|
|
|
|
|
|
|
Loss before
taxation
|
|
(15,759)
|
|
(111,423)
|
|
(193,149)
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(12)
|
|
(85)
|
|
(27)
|
|
|
|
|
|
|
|
Loss attributable to
shareholders
|
(15,771)
|
|
(111,508)
|
|
(193,176)
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
Basic
|
|
(5.77)
|
|
(40.82)
|
|
(96.69)
|
Diluted
|
|
(5.77)
|
|
(40.82)
|
|
(96.69)
|
CHINA CERAMICS
CO., LTD AND ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
|
|
Six months ended
June 30,
|
|
|
|
2020
|
|
2019
|
|
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Loss before
taxation
|
|
(15,759)
|
|
(111,423)
|
|
(193,149)
|
|
Adjustments
for
|
|
|
|
|
|
|
|
Depreciation of right-of-use assets
|
888
|
|
6,279
|
|
6,094
|
|
Depreciation of property, plant and equipment
|
1
|
|
6
|
|
6
|
|
Amortization of prepaid expenses
|
|
396
|
|
2,800
|
|
-
|
|
Bad debt provision of trade receivables
|
14,398
|
|
101,800
|
|
193,859
|
|
Share based compensation
|
|
45
|
|
318
|
|
309
|
|
Interest expense on lease liabilities
|
|
58
|
|
410
|
|
157
|
|
Operating cash flows before
working capital changes
|
27
|
|
190
|
|
7,276
|
|
(Increase) decrease in inventories
|
|
(2,988)
|
|
(21,129)
|
|
35,826
|
|
Decrease (increase) in trade receivables
|
5,654
|
|
39,976
|
|
(48,546)
|
|
Increase in other receivables and prepayments
|
(774)
|
|
(5,473)
|
|
(1,661)
|
|
(Decrease) increase in trade payables
|
(1,586)
|
|
(11,206)
|
|
17,373
|
|
Decrease in unearned revenue
|
|
(56)
|
|
(396)
|
|
-
|
|
Decrease in taxes payable
|
|
(145)
|
|
(1,028)
|
|
(2,348)
|
|
Increase in accrued liabilities and other payables
|
56
|
|
393
|
|
1,836
|
|
Cash generated from operations
|
|
188
|
|
1,327
|
|
9,756
|
|
Interest paid
|
|
-
|
|
-
|
|
-
|
|
Income tax paid
|
|
(2)
|
|
(15)
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities
|
186
|
|
1,312
|
|
9,756
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Decrease
in restricted cash
|
|
394
|
|
2,785
|
|
1,719
|
|
|
|
|
|
|
|
|
|
Net cash generated from investing activities
|
394
|
|
2,785
|
|
1,719
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment
for lease liabilities
|
|
(2,066)
|
|
(14,605)
|
|
(13,902)
|
|
Shares
issued for equity financing
|
|
1,144
|
|
8,089
|
|
-
|
|
Warrants
exercised
|
|
-
|
|
-
|
|
2,907
|
|
Advance
from related parties
|
|
1,100
|
|
7,780
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash generated from (used in) financing activities
|
178
|
|
1,264
|
|
(10,995)
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH
& EQUIVALENTS
|
|
758
|
|
5,361
|
|
480
|
|
CASH &
EQUIVALENTS, BEGINNING OF PERIOD
|
1,161
|
|
8,212
|
|
9,016
|
|
EFFECT OF FOREIGN
EXCHANGE RATE
DIFFERENCES
|
(11)
|
|
(91)
|
|
(51)
|
|
|
|
|
|
|
|
|
|
CASH &
EQUIVALENTS, END OF PERIOD
|
|
1,908
|
|
13,482
|
|
9,445
|
|
CHINA CERAMICS
CO., LTD. AND ITS SUBSIDIARIES
|
SALES VOLUME AND
AVERAGE SELLING PRICE (UNAUDITED)
|
|
|
Six months ended
June 30
|
|
|
2020
|
2019
|
Sales volume (square
meters)
|
|
1,762,465
|
6,623,820
|
Average Selling Price
(in RMB / square meter)
|
22.57
|
26.79
|
View original
content:http://www.prnewswire.com/news-releases/china-ceramics-announces-first-half-2020-financial-results-301139022.html
SOURCE China Ceramics Co., Ltd.