UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2023

 

Commission File Number: 001-39147

 

ONECONNECT FINANCIAL TECHNOLOGY CO., LTD.

(Registrant’s Name)

 

10-14F, Block A, Platinum Towers
No.1 Tairan 7th Road, Futian District
Shenzhen, Guangdong, 518000
People’s Republic of China
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit Number   Description
     
Exhibit 99.1   OneConnect Announces Third Quarter and Nine Months Ended September 30, 2023 Unaudited Financial Results

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  OneConnect Financial Technology Co., Ltd.
   
  By:

/s/ Chongfeng Shen

  Name: Chongfeng Shen
  Title: Chairman of the Board and Chief Executive Officer

Date: November 14, 2023

    

 

 

 

 

 

Exhibit 99.1

 

OneConnect Announces Third Quarter and Nine Months Ended

September 30, 2023 Unaudited Financial Results

Net Margin to Shareholders Improved to -10.8% for Third Quarter 2023

 

SHENZHEN, China, Nov. 13, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2023.

 

Third Quarter 2023 Financial Highlights

 

·Revenue was RMB844 million as compared to RMB1,069 million for the same period of the prior year.

 

·Gross margin decreased slightly to 35.0% as compared to 35.1% for the same period of the prior year; non-IFRS gross margin increased 1.0 percentage point to 39.4% as compared to 38.4% for the same period of the prior year.

 

·Net loss attributable to shareholders was RMB91 million, as compared to RMB133 million for the same period of the prior year. Net margin to shareholders improved by 1.6 percentage points to -10.8% as compared to -12.4% for the same period of the prior year.

 

·Net loss per ADS, basic and diluted, was RMB-2.50 as compared to RMB-3.66 for the same period of the prior year.

 

In RMB’000, except percentages  Three Months Ended       Nine Months Ended     
and per ADS amounts  September 30   YoY   September 30   YoY 
   2023   2022       2023   2022     
Revenue                        
Revenue from Ping An Group   475,866    599,408    -20.6%   1,593,515    1,830,690    -13.0%
Revenue from Lufax   60,970    118,429    -48.5%   205,469    354,892    -42.1%
Revenue from third-party customers1   306,761    351,028    -12.6%   943,959    1,035,986    -8.9%
Total   843,597    1,068,865    -21.1%   2,742,943    3,221,568    -14.9%
Gross profit   295,106    374,663         991,339    1,133,946      
Gross margin   35.0%   35.1%        36.1%   35.2%     
Non-IFRS gross margin   39.4%   38.4%        39.7%   39.1%     
Operating loss   (95,854)   (154,878)        (288,793)   (787,391)     
Operating margin   -11.4%   -14.5%        -10.5%   -24.4%     
Net loss attributable to shareholders   (90,901)   (132,563)        (281,366)   (694,937)     
Net margin to shareholders   -10.8%   -12.4%        -10.3%   -21.6%     
Net loss per ADS2, basic and diluted   (2.50)   (3.66)        (7.75)   (19.00)     

 

1Third-party customers refer to each customer with revenue contribution of less than 5% of our total revenue in the relevant period. These customers are a key focus of the Company’s diversification strategy.

 

2In RMB yuan. Each ADS represents thirty ordinary shares. In December 2022, the Company effected an ADS ratio change to adjust its ordinary share to ADS ratio from one (1) ADS representing three (3) ordinary shares to one (1) ADS representing thirty (30) ordinary shares, or the Ratio Change. Except otherwise stated, the Ratio Change has been retrospectively applied for all periods presented in this press release.

 

1

 

 

Chairman, CEO and CFO Comments

 

“During the reporting period, we faced headwinds that resulted in a decline in our revenue.” Said Mr. Shen Chongfeng, Chairman of the Board and Chief Executive Officer. “Several factors contributed to this decrease, including our proactive adjustment to the product mix, competitive pressures, and changing market conditions. However, it is crucial to note that our management actively implemented strategic measures to optimize cost structures and improve operational efficiency, which reduced the impact of the headwinds on our financial results.”

 

Mr. Shen Chongfeng further commented, “We will embrace challenges and opportunities that lie ahead. Our continued investment in technological innovation and organizational capability remains unchanged. We will continue to engage with third-party financial and strategic partners, enhance sales and marketing efficiency and expand our business opportunities. In the third quarter of 2023, OneConnect was named one of the “IDC China FinTech Top 50” by International Data Corporation for the fourth consecutive year. We will speed up the development of high-value product and continue to focus on improving gross margin and profitability.”

 

Mr. Luo Yongtao, Chief Financial Officer, commented, “In the third quarter of 2023, our non-IFRS gross margin increased year-over-year from 38.4% to 39.4%. And our net loss ratio to shareholders improved from -12.4% to -10.8% compared with the same period of last year. This achievement represents a substantial decrease in losses and reflects our commitment to enhancing our financial health. Furthermore, we have been diligent in identifying and improving underperforming areas of our business, and focused on enhancing revenue structure. The improvement in our net loss ratio to shareholders is an encouraging sign of progress and demonstrates the effectiveness of our measures on our journey towards profitability.”

 

Revenue Breakdown

 

   Three Months Ended       Nine Months Ended     
In RMB’000, except percentages  September 30   YoY   September 30   YoY 
   2023   2022       2023   2022     
Technology Solution Segment3                              
Implementation   175,240    202,265    -13.4%   618,263    544,876    13.5%
Transaction-based and support revenue                              
Business origination services   27,262    93,714    -70.9%   108,389    313,208    -65.4%
Risk management services   77,211    104,801    -26.3%   227,528    303,298    -25.0%
Operation support services   195,282    293,777    -33.5%   666,867    865,882    -23.0%
Cloud services platform   297,256    296,600    0.2%   911,876    961,807    -5.2%
Post-implementation support services   13,524    13,739    -1.6%   39,173    40,533    -3.4%
Others   20,932    35,686    -41.3%   67,596    117,981    -42.7%
Sub-total for transaction-based and support revenue                              
    631,467    838,317    -24.7%   2,021,429    2,602,709    -22.3%
Sub-total   806,707    1,040,582    -22.5%   2,639,692    3,147,585    -16.1%
Virtual Bank Business Segment                              
Interest and commission   36,890    28,283    30.4%   103,251    73,983    39.6%
Total   843,597    1,068,865    -21.1%   2,742,943    3,221,568    -14.9%

 

3Intersegment eliminations and adjustments are included under technology solution segment.

 

2

 

 

Revenue in the third quarter of 2023 decreased by 21.1% to RMB844 million from RMB1,069 million compared with the same period in the prior year, primarily due to a decline in transaction- based and support revenue. Implementation revenue also decreased by 13.4% on a year-over-year basis to RMB175 million, mainly due to the sluggish demands from new customers recovering from the pandemic impact.

 

In terms of transaction-based and support revenue, revenue from business origination services decreased by 70.9% on a year-over-year basis to RMB27 million, primarily due to declined transaction volumes and our proactive actions of phasing out of lower value products in the Digital Banking segment. Revenue from risk management services decreased by 26.3% on a year-over- year basis to RMB77 million, mainly due to reduced transaction volume in banking loan solutions because of slower-than-expected recovery of banking activities. Revenue from operation support services decreased by 33.5% on a year-over-year basis to RMB195 million, which was primarily caused by reduced demand from auto insurance and banking customers in the third quarter due to reduced demand. Revenue from cloud services platform was RMB297 million, increased by 0.2% on a year-over-year basis.

 

Revenue from Ping An OneConnect Bank, Virtual Banking business in Hong Kong, increased by 30.4% to RMB37 million as compared to the third quarter last year.

 

   Three Months Ended       Nine Months Ended     
In RMB’000, except percentages  September 30   YoY   September 30   YoY 
   2023   2022       2023   2022     
Digital Banking segment   201,290    343,311    -41.4%   695,359    1,086,320    -36.0%
Digital Insurance segment   148,659    229,298    -35.2%   515,903    617,057    -16.4%
Gamma Platform segment   456,758    467,973    -2.4%   1,428,430    1,444,208    -1.1%
Virtual Bank Business segment   36,890    28,283    30.4%   103,251    73,983    39.6%
Total   843,597    1,068,865    -21.1%   2,742,943    3,221,568    -14.9%

 

Revenue from Gamma Platform segment, decreased by 2.4% to RMB457 million on a year-over- year basis, contributing 54.1% of the total revenue, mainly caused by reduced transaction volume of our open platform products. Revenue from Digital Banking segment decreased by 41.4% to RMB201 million in the third quarter of 2023 from RMB343 million for the same period last year, mainly caused by reduction in transaction volume of our business origination services and risk management services. This revenue decline reflects our initiative to phase out low value products and the impacts from the unfavorable macro environment. Revenue from Digital Insurance segment decreased by 35.2% to RMB149 million in the third quarter of 2023 from RMB229 million for the same period in the prior year, primarily due to reduced demand in auto ecosystem services. In addition, revenue from Virtual Banking Business segment increased by 30.4% to RMB37 million from RMB28 million for the same period last year.

 

Third Quarter 2023 Financial Results

 

Revenue

 

Revenue in the third quarter of 2023 decreased by 21.1% to RMB844 million from RMB1,069 million for the same period in the prior year, primarily driven by a decline in transaction-based and support revenue.

 

3

 

 

Cost of Revenue

 

Cost of revenue in the third quarter of 2023 decreased by 21.0% to RMB548 million from RMB694 million for the same period in the prior year, generally in line with the decrease in revenue.

 

Gross Profit

 

Gross profit in the third quarter of 2023 decreased to RMB295 million from RMB375 million for the same period in the prior year. Gross margin decreased slightly by 0.1 percentage point from 35.1% in the third quarter of 2022 to 35.0% in the third quarter of 2023. Non-IFRS gross margin increased to 39.4% from 38.4% for the same period in the prior year. For a reconciliation of the Company’s IFRS and non-IFRS gross margin, please refer to “Reconciliation of IFRS and Non- IFRS Results (Unaudited)”.

 

Operating Loss and Expenses

 

Total operating expenses for the third quarter of 2023 decreased to RMB401 million, compared with RMB548 million for the same period in the prior year, primarily driven by decreased labor cost in employee benefits expenses to further improve profitability. As a percentage of revenue, total operating expenses decreased by 3.8 percentage points to 47.5% from 51.3%.

 

·Research and Development expenses for the third quarter of 2023 decreased to RMB230 million from RMB287 million, mainly due to decreased labor cost and our initiative to invest in research and development at a reasonable pace and selectively invest in profitable projects. As a percentage of revenue, research and development expenses increased to 27.3%, compared with 26.9% in the prior year.

 

·Sales and Marketing expenses for the third quarter of 2023 decreased to RMB77 million, compared with RMB94 million in the prior year, mainly due to a decrease in labor cost in employee benefits expenses. As a percentage of revenue, sales and marketing expenses increased to 9.1% from 8.8%.

 

·General and Administrative expenses for the third quarter of 2023 decreased to RMB94 million from RMB167 million in the prior year, primarily due to stringent cost control measures and our continued efforts to optimize our business processes. As a percentage of revenue, general and administrative expenses decreased to 11.1% from 15.7%.

 

Operating loss for the third quarter of 2023 narrowed notably to RMB96 million, compared with RMB155 million for the same period in the prior year. Operating margin improved to -11.4% from -14.5% in the prior year.

 

Net Loss Attributable to Shareholders

 

Net loss attributable to OneConnect’s shareholders totaled RMB91 million for the third quarter of 2023, versus RMB133 million for the same period in the prior year. Net loss attributable to OneConnect’s shareholders per basic and diluted ADS decreased to RMB-2.50, versus RMB-3.66 for the same period in the prior year. Weighted average number of ADSs for the third quarter was 36,319,638.

 

4

 

 

Cash Flow

 

For the third quarter of 2023, net cash used in operating activities was RMB190 million. Net cash generated from investing activities was RMB218 million. Net cash used in financing activities was RMB92 million.

 

Conference Call Information

 

Date/TimeMonday, November 13, 2023 at 7:00 p.m., U.S. Eastern Time
Tuesday, November 14, 2023 at 8:00 a.m., Hong Kong Time

 

Online registration https://www.netroadshow.com/events/login?show=b14db843&confId=56908

 

The financial results and an archived transcript will be available at OneConnect’s investor relations website at ir.ocft.com.

 

About OneConnect

 

OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company’s solutions enable its customers’ digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks.

 

The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco- system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.

 

For more information, please visit ir.ocft.com.

 

5

 

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward- looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s limited operating history in the technology-as-a-service for financial institutions industry; its ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the Company’s ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship with Ping An Group, which is its strategic partner, most important customer and largest supplier; its ability to compete effectively to serve China’s financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial markets and business and economic conditions; the Company’s ability to pursue and achieve optimal results from acquisition or expansion opportunities; the duration of the COVID-19 outbreak, lagging effect of businesses’ recovery and its potential impact on the Company’s business and financial performance; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward- looking statement, except as required under applicable law.

 

6

 

 

Use of Unaudited Non-IFRS Financial Measures

 

The unaudited consolidated financial information is prepared in accordance with International Financial Reporting Standards (IFRS). Non-IFRS measures are used in gross profit and gross margin, adjusted to exclude non-cash items, which consist of amortization of intangible assets recognized in cost of revenue, depreciation of property and equipment recognized in cost of revenue, and share-based compensation expenses recognized in cost of revenue. OneConnect’s management regularly review non-IFRS gross profit and non-IFRS gross margin to assess the performance of our business. By excluding non-cash items, these financial metrics allow OneConnect’s management to evaluate the cash conversion of one dollar revenue on gross profit. OneConnect uses these non-IFRS financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes. OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar financial information. OneConnect also believes that presentation of the non-IFRS financial measures provides useful information to its investors regarding its results of operations because it allows investors greater transparency to the information used by OneConnect’s management in its financial and operational decision making so that investors can see through the eyes of the OneConnect’s management regarding important financial metrics that the management uses to run the business as well as allowing investors to better understand OneConnect’s performance. However, non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly-titled non-IFRS measures used by other companies. In light of the foregoing limitations, you should not consider non-IFRS financial measure in isolation from or as an alternative to the financial measure prepared in accordance with IFRS. Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with IFRS. You are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures. For more information on non-IFRS financial measures, please see the table captioned “Reconciliation of IFRS and non-IFRS results (Unaudited)” set forth at the end of this press release.

 

Contacts

 

Investor Relations:

 

OCFT IR Team 

OCFT_IR@ocft.com

 

Media Relations:

 

Frank Fu 

pub_jryztppxcb@pingan.com.cn

 

7

 

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30   September 30 
   2023   2022   2023   2022 
  

RMB’000

   RMB’000  

RMB’000

   RMB’000 
Revenue   843,597    1,068,865    2,742,943    3,221,568 
– Technology Solution   806,707    1,040,582    2,639,692    3,147,585 
– Virtual Bank Business   36,890    28,283    103,251    73,983 
Cost of revenue   (548,491)   (694,202)   (1,751,604)   (2,087,622)
Gross profit   295,106    374,663    991,339    1,133,946 
                     
Research and development expenses   (230,189)   (287,221)   (758,228)   (1,027,734)
Selling and marketing expenses   (76,627)   (93,800)   (205,879)   (312,142)
General and administrative expenses   (93,790)   (167,382)   (335,908)   (569,303)
Net impairment losses on financial and contract assets   (3,863)   (148)   (42,506)   (15,073)
Other income, gains or loss-net   13,509    19,010    62,389    2,915 
Operating loss   (95,854)   (154,878)   (288,793)   (787,391)
                     
Finance income   8,063    4,185    19,579    9,421 
Finance costs   (2,573)   (8,344)   (14,271)   (28,005)
Finance costs – net   5,490    (4,159)   5,308    (18,584)
Share of (losses)/gains of associate and joint venture – net   (2,550)   6,100    4,607    26,402 
Impairment charges on associates   –    –    (7,157)   – 
Loss before income tax   (92,914)   (152,937)   (286,035)   (779,573)
                     
Income tax (expense)/benefit   (1,341)   12,228    (6,743)   48,672 
                     
Loss for the period   (94,255)   (140,709)   (292,778)   (730,901)
                     
Loss attributable to:                    
– Owners of the Company   (90,901)   (132,563)   (281,366)   (694,937)
– Non-controlling interests   (3,354)   (8,146)   (11,412)   (35,964)
                     
Other comprehensive income, net of tax                    
Items that may be subsequently reclassified to profit or loss                    
– Foreign currency translation differences   (3,888)   47,405    13,482    76,345 
Changes in the fair value of debt instruments measured at fair value through other comprehensive income    3,299    (3,901)   4,356    (188)
Item that will not be reclassified subsequently to profit or loss                    
– Foreign currency translation differences   (7,314)   193,046    36,877    397,827 
Total comprehensive income/(loss) for the period   (102,158)   95,841    (238,063)   (256,917)
                     
Total comprehensive income/(loss) attributable to:                    
– Owners of the Company   (98,804)   103,987    (226,651)   (220,953)
– Non-controlling interests   (3,354)   (8,146)   (11,412)   (35,964)
                     
Loss per ADS attributable to owners of the Company (expressed in RMB per share)                    
– Basic and diluted   (2.50)   (3.66)   (7.75)   (19.00)

 

8

 

 

ONECONNECT

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   September 30   December 31 
   2023   2022 
   RMB’000   RMB’000 
ASSETS          
Non-current assets          
Property and equipment   99,207    151,401 
Intangible assets   493,054    570,436 
Deferred tax assets   767,963    765,959 
Financial assets measured at amortized cost from virtual bank   148    – 
Investments accounted for using the equity method   –    199,200 
Financial assets measured at fair value through other comprehensive income   903,804    821,110 
Total non-current assets   2,264,176    2,508,106 
           
Current assets          
Trade receivables   1,161,064    940,989 
Contract assets   85,497    122,628 
Prepayments and other receivables   1,085,314    1,078,604 
Financial assets measured at amortized cost from virtual bank   3,354    44 
Financial assets measured at fair value through other comprehensive income   1,240,457    1,233,431 
Financial assets at fair value through profit or loss   686,540    690,627 
Derivative financial assets   45,556    56,363 
Restricted cash and time deposits with initial terms over three months   409,668    343,814 
Cash and cash equivalents   1,451,556    1,907,776 
Total current assets   6,169,006    6,374,276 
Total assets   8,433,182    8,882,382 
           
EQUITY AND LIABILITIES          
Equity          
Share capital   78    78 
Shares held for share incentive scheme   (149,544)   (149,544)
Other reserves   11,014,858    10,953,072 
Accumulated losses   (7,792,265)   (7,510,899)
Equity attributable to equity owners of the Company   3,073,127    3,292,707 
           
Non-controlling interests   (21,630)   (14,652)
           
Total equity   3,051,497   3,278,055 

 

9

 

 

   September 30   December 31 
   2023   2022 
    RMB’000    RMB’000 
LIABILITIES          
Non-current liabilities          
Trade and other payables   110,675    132,833 
Contract liabilities   17,855    19,977 
Deferred tax liabilities   2,858    5,196 
Total non-current liabilities   131,388    158,006 
           
Current liabilities          
Trade and other payables   2,324,032    2,531,273 
Payroll and welfare payables   362,852    431,258 
Contract liabilities   125,397    166,650 
Short-term borrowings   176,419    289,062 
Customer deposits   2,172,792    1,929,183 
Income tax payable   6,218    – 
Other financial liabilities from virtual bank   82,587    89,327 
Derivative financial liabilities   –    9,568 
Total current liabilities   5,250,297    5,446,321 
Total liabilities   5,381,685    5,604,327 
           
Total equity and liabilities   8,433,182    8,882,382 

 

10

 

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30   September 30 
   2023   2022   2023   2022 
    RMB’000    RMB’000    RMB’000    RMB’000 
Net cash used in operating activities   (189,646)   (128,004)   (822,560)   (921,060)
Net cash generated from investing activities   217,770    24,874    515,889    1,532,768 
Net cash (used in)/generated from financing activities   (92,331)   61,575    (181,232)   (630,700)
Net decrease in cash and cash equivalents   (64,207)   (41,555)   (487,903)   (18,992)
Cash and cash equivalents at the beginning of the period   1,519,513    1,445,058    1,907,776    1,399,370 
Effects of exchange rate changes on cash and cash equivalents   (3,750)   52,264    31,683    75,389 
Cash and cash equivalents at the end of period   1,451,556    1,455,767    1,451,556    1,455,767 

 

11

 

 

ONECONNECT 

RECONCILIATION OF IFRS AND NON-IFRS RESULTS 

(Unaudited)

 

   Three Months Ended
September 30		   Nine Months Ended
September 30		 
   2023   2022   2023   2022 
    RMB’000    RMB’000    RMB’000    RMB’000 
Gross profit   295,106    374,663    991,339    1,133,946 
Gross margin   35.0%   35.1%   36.1%   35.2%
Non-IFRS adjustment                    
Amortization of intangible assets recognized in cost of revenue   34,797    34,912    89,962    120,779 
Depreciation of property and equipment recognized in cost of revenue   1,149    597    4,514    2,157 
Share-based compensation expenses recognized in cost of revenue   1,188    517    2,524    1,939 
Non-IFRS Gross profit   332,240    410,689    1,088,339    1,258,821 
Non-IFRS Gross margin   39.4%   38.4%   39.7%   39.1%
                     
Source: OneConnect Financial Technology Co., Ltd.                    

 

12

 

 

 

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