Hong Kong IPO disclosure precedents · 37 companies, 37 items
Presentation of EBITDA and adjusted EBITDA (including pre-IFRS 16 lease adjustments) with adjustments such as share-based payments, disposals or lease expenses.
We define adjusted net loss (non-IFRS measure) as net loss for the year adjusted by adding back changes in carrying amount of financial instruments issued to investors, share-based payment and listing expenses.
Financial Information · p. 298
The use of such non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for equity-settled share-based payments and listing expenses.
Summary · p. 13
We define adjusted EBITDA (non-IFRS measure) as adjusted net loss (non-IFRS measure) adjusted by adding back (i) finance costs, (ii) income tax, (iii) depreciation of property, plant and equipment, and (iv) depreciation of right-of-use assets, and deducting interest income from bank deposits.
Summary · p. 13
However, our presentation of the adjusted net loss (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
In order to supplement our consolidated statement of profit or loss and other comprehensive income, which is presented in accordance with HKFRS Accounting Standards, we use adjusted net profit for the year/period (non-HKFRS measure), EBITDA (non-HKFRS measure) and adjusted EBITDA (non-HKFRS measure) as additional financial measures, which are not required by, or presented in accordance with HKFRS Accounting Standards to evaluate our operating performance.
Summary · p. 22
We define adjusted net profit for the year/period (non-HKFRS measure) as (loss)/profit for the year/period adjusted for (i) listing expenses, (ii) equity-settled share-based payment expenses, and (iii) interest on redeemable Preferred Shares.
Summary · p. 22
However, adjusted net profit for the year/period (non-HKFRS measure), EBITDA (non-HKFRS measure) and adjusted EBITDA (non-HKFRS measure) have material limitations as analytical tools.
We define adjusted net profit (non-IFRS measure) for the year, as profit for the year adjusted by adding back (i) fair value loss on financial liabilities at FVTPL comprises fair value loss on convertible bonds and redemption liabilities, of which the redemption liabilities will convert to equity upon the Listing, (ii) share-based payment compensation, which are non-cash in nature, and (iii) listing expenses.
Summary · p. 10
The use of these non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, as a substitute for, analysis of, or superior to, our results of operations or financial condition as reported under IFRS.
We define adjusted (loss)/profit as loss for the year (non-HKFRS measure) adjusted by adding back fair value changes in financial instruments issued to investors, share-based payment expenses (non-cash item), and listing expenses.
Summary · p. 13
The use of these non-HKFRS measures have limitations as an analytical tool, and you should not consider them in isolation from, or as a substitute for analysis of, our results of operations or financial conditions as reported under HKFRSs.
We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure) as adjusted by share-based payment expenses (which is non-cash in nature) and listing expenses.
Financial Information · p. 411
The use of the non-IFRS measure has limitations as an analytical tool, and you should not consider them in isolation from, as a substitute for, analysis of, or superior to, our results of operations or financial condition as reported under IFRS.
We define adjusted net profit (non-IFRS measure) as net profit for the year/period adjusted by adding (i) equity-settled share-based payment expenses, (ii) changes in fair value of the convertible bonds and derivative financial instruments, (iii) changes in carrying amount of the redemption liability and (iv) listing expenses.
Summary · p. 18
However, our presentation of adjusted net profit (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
The nature of each adjustment is as follows: (i) equity-settled share-based payment expenses mainly represent the expenses of restricted shares schemes, which is a non-cash item; and (ii) listing expenses primarily represent the listing expenses incurred in relation to the Global Offering.
Summary · p. 15
The use of these non-IFRS measure has limitations as an analytical tool, and should not be considered in isolation from, or as a substitute for analysis of, our results of operations as reported under IFRS.
Summary · p. 15
Adjusted net loss (non-IFRS measure) | (75,249) | (96,218) | (67,016) | (44,218) | (64,761)
There are two components to the adjusted EBITDA (non-IFRS measure) metric: (1) EBITDA (non-IFRS measure), which we define as profit/loss before income tax plus finance costs, depreciation of property, plant and equipment, depreciation of right-of-use assets and amortization of intangible assets, less finance income; and (2) adjustments to EBITDA (non-IFRS measure), which include items of share-based payments expenses and listing expenses.
Summary · p. 14
The use of these non-IFRS measures has limitations as an analytical tool and, as such, they should not be considered in isolation from, or as substitute for analysis of, our consolidated statements of comprehensive income or financial condition as reported under IFRS.
We define adjusted EBITDA (Non-IFRS measure) as EBITDA (Non-IFRS measure) adjusted by adding back (i) listing expenses, which relate to the Global Offering, and (ii) share-based compensation expenses, which are non-cash in nature.
We define adjusted EBITDA (non-IFRS measure) as loss for the year adding back income tax expenses, financial cost, depreciation and amortization and share incentive expense, and deducting interest income.
Financial Information · p. 335
We managed to record positive adjusted EBITDA (non-IFRS measures) of RMB290.0 million in 2022.
We define adjusted EBITDA (non-HKFRS measure) as EBITDA (which is profit/(loss) for the year/period plus depreciation of property and equipment and right-of-use assets, amortization of intangible assets, income tax expenses and interest expenses on borrowings and lease liabilities) for the year/period adjusted by adding (i) share-based payment and (ii) listing expenses.
Summary · p. 13
We define adjusted net profit/(loss) (non-HKFRS measure) as profit/(loss) for the year/period adjusted for (i) share-based payment and (ii) listing expenses.
Summary · p. 13
However, our presentation of adjusted EBITDA and adjusted net profit or loss may not be comparable to similarly titled financial measures presented by other companies.
We define our adjusted loss for the year/period (a non-IFRS measure) as (loss)/profit for the year/period adjusted by adding back (i) share-based payments and expenses, (ii) fair value change of financial liabilities at fair value through profit or loss, and (iii) listing expenses.
Summary · p. 14
We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company by eliminating the potential impact of items, such as certain non-cash items, transactions and items associated with the Listing.
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use adjusted EBITDA (non-IFRS measure) and adjusted net profit/loss (non-IFRS measure), as additional financial measures, which are not required by, or presented in accordance with, IFRSs.
Summary · p. 13
Our adjusted net loss (non-IFRS measure) was RMB1.0 billion, RMB894.0 million, RMB1.3 billion, RMB551.9 million and RMB206.6 million in 2019, 2020, 2021 and 2022 and the three months ended 31 March 2022, respectively, and our adjusted net profit (non-IFRS measure) was RMB90.8 million in the three months ended 31 March 2023.
Financial Information · p. 393
Adjusted EBITDA (non-IFRS measure) and adjusted net profit/loss (non-IFRS measure) should not be considered in isolation or construed as an alternative to loss for the year/period or any other measure of performance.
We exclude share-based compensation expenses, listing expenses and fair value loss/(gain) on convertible redeemable preferred shares at FVTPL when presenting non-IFRS measures.
Financial Information · p. 274
Share-based compensation expenses are non-cash in nature and do not result in cash outflow, and the adjustment has been consistently made during the Track Record Period.
We define adjusted net profit/(loss) (non-IFRS measure) as net profit/(loss) for the year adjusted by adding (i) share-based payment expenses, which are non-cash expenses arising from granting share-based awards to employees; (ii) fair value changes of financial liabilities at FVTPL, representing non-cash expenses arising from granting preferred shares and convertible bonds to investors; and (iii) listing expenses, which are expenses relates to our Global Offering.
Summary · p. 15
In addition, after adjusting our net profit/loss for the year by adding back (i) share-based payment expenses, (ii) fair value changes of financial liabilities at FVTPL, and (iii) listing expenses, which are either non-operating or one-off expenses and are not considered to be indicative of our ongoing core operating performance, we achieved a positive adjusted net profit (non-IFRS measure) of RMB93.5 million and RMB135.2 million in 2021 and 2022, respectively.
We recorded adjusted net losses (non-IFRS measure) of RMB199.8 million, RMB143.3 million and RMB113.8 million in 2020, 2021 and 2022, respectively, and our adjusted EBITDA (non-IFRS measure) improved from losses of RMB17.6 million for 2020 to earnings of RMB62.7 million and RMB138.6 million in 2021 and 2022, respectively.
Summary · p. 3
Therefore, a negative adjusted EBITDA (non-IFRS measure) was observed in 2020.
Financial Information · p. 324
The use of such non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.