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HONG KONG, Aug. 11, 2020 /PRNewswire/ — China Abstract Limited (“China Literature” or “the Company”, banal code: 0772), a arch online abstract belvedere in China, today appear the unaudited circumscribed after-effects for the six months concluded June 30, 2020.



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Results Highlights (1)

Mr. Cheng Wu, Chief Executive Officer of China Abstract stated, “The aboriginal bisected of 2020 presented amazing challenges for China Literature. The abrupt beginning of the COVID-19 communicable and a circuitous and alteration macro-environment had a abrogating appulse on our business. The Aggregation recorded a accident for the aboriginal time in abounding years. The black after-effects fabricated us apprehend that the abridgement of action of our basal business archetypal and our structural issues that accept accumulated up over the contempo years. We will booty accomplishments to actively accord with these challenges and accept already bound responded to abode some of the best burning issues affecting the cornerstones of our business. Going forward, we will focus on advance our content, belvedere and ecosystem to alleviate the bulk ethics of the Aggregation and to accomplish a turnaround. In the connected run, we are able to accept a new ability and artistic account from a added cardinal and multi-dimensional perspective. We will additionally assignment with our cardinal ally including Tencent to advance the industry together, with a added accessible and absolute attitude, and advance in our approaching with greater adventuresomeness and patience.”



Financial Review (2)



Revenues increased 9.7% year-over-year to RMB3,260.2 actor (USD460.5 million).

Revenues from online business added 50.1% year-over-year to RMB2,495.4 million (USD352.5 million). Online business revenues from our self-owned belvedere articles added 101.9% year-over-year to RMB1,989.7 million (USD281.1 million), primarily apprenticed by the amplification of administration channels and users’ growing alertness to pay for our account agreeable during the aboriginal bisected of 2020. Online business revenues from our self-operated channels on Tencent articles decreased 24.8% year-over-year to RMB324.3 million (USD45.8 million), primarily due to the connected abatement in paid account revenues from our self-operated channels on assertive Tencent products. Online business revenues from third-party platforms decreased 26.2% year-over-year to RMB181.4 million (USD25.6 million), primarily due to the abatement in revenues from assertive third-party belvedere partners.

Revenues from bookish acreage (“IP”) operations and others decreased 41.5% year-over-year to RMB764.8 million (USD108.0 million). Revenues from IP operations decreased 40.8% year-over-year to RMB719.2 million (USD101.6 million), primarily due to the abatement in revenues from New Classics Media (“NCM”) during the aboriginal bisected of 2020. Revenues from others decreased 51.1% year-over-year to RMB45.7 actor (USD6.4 million), primarily due to the abatement in revenues from the sales of concrete books as impacted by the COVID-19 pandemic. In addition, we connected to acclimatize our concrete book business and administration channels in bike with our business development strategy.

Cost of revenues increased 13.3% year-over-year to RMB1,528.9 actor (USD216.0 million), mainly due to greater belvedere administration costs consistent from amplification of online account channels and our self-operated online game, which led to an admission in revenues. The admission in bulk of revenues was partially account by a abatement in the assembly costs of TV, web and activated alternation and films forth with a abatement in revenues.

Gross profit increased 6.8% year-over-year to RMB1,731.3 actor (USD244.6 million). Gross allowance was 53.1%, as compared to 54.6% in the above-mentioned agnate period.

Interest income decreased 27.5% to RMB62.0 actor (USD8.8 million), reflecting lower absorption assets from coffer deposits.

Other losses, net were RMB3,529.7 million (USD498.6 million), as compared to net added assets of RMB269.6 actor in the above-mentioned agnate period. The added losses in the aboriginal bisected of 2020 consisted mainly of i) the crime accouterment of amicableness and brand rights accompanying to the accretion of NCM of RMB4,405.7 actor (USD622.3 million), ii) a fair bulk accretion on application liabilities of RMB1,240.3 actor (USD175.2 million) due to an accepted extenuative of earn-out application beneath the earn-out apparatus set aloft the accretion of NCM, and iii) the crime accouterment of the Company’s abiding investments accompanying to assertive investee companies of RMB252.0 actor (USD35.6 million).

Selling and business costs added 30.1% year-over-year to RMB1,270.3 actor (USD179.4 million), primarily apprenticed by greater business costs to advance our online account agreeable during the aboriginal bisected of 2020. As a allotment of revenues, our affairs and business costs added to 39.0% in the aboriginal bisected of 2020 from 32.9% in the aboriginal bisected of 2019.

General and authoritative costs decreased 25.9% year-over-year to RMB350.7 actor (USD49.5 million), primarily attributable to the changeabout of advantage costs of RMB116.7 actor (USD16.5 million) accompanying to the account bulk of assertive advisers and above owners of NCM as the Aggregation expects that the achievement of NCM in 2020 will be beneath expectation. As a allotment of revenues, accepted and authoritative costs decreased to 10.8% in the aboriginal bisected of 2020 from 15.9% in the aboriginal bisected of 2019.

Net accouterment for crime losses on banking assets reflected the accouterment for ambiguous receivables. In the aboriginal bisected of 2020, the accouterment for ambiguous receivables was RMB198.3 actor (USD28.0 million), mainly accompanying to TV and blur projects.

Operating accident was RMB3,555.6 actor (USD502.2 million), as compared to an operating accumulation of RMB527.7 actor in the above-mentioned agnate period.

Income tax account was RMB201.3 actor (USD28.4 million), as compared to an assets tax bulk of RMB123.5 actor for the aforementioned aeon aftermost year. In the aboriginal bisected of 2020, the acceptance of deferred assets tax assets and the changeabout of deferred assets tax liabilities from the accretion of asset crime losses exceeded the assets tax costs that incurred during the aboriginal bisected of 2020, consistent in a net accretion from assets taxes.

Loss attributable to disinterestedness holders of the Company was RMB3,295.9 actor (USD465.6 million), as compared to a accumulation attributable to disinterestedness holders of the Aggregation of RMB392.7 actor in the above-mentioned agnate period.

Key Operating Information

Other Key Information

(1) Figures declared in USD are based on USD1 to RMB7.0795.

(2) Assertive abstracts included in this columnist absolution accept been accountable to rounding adjustments. Accordingly, abstracts apparent as totals may not be an accession accession of the abstracts apparent in the breakdown items.

Business Review and Outlook

Overview

The year 2020 started with a all-around COVID-19 communicable unexpectedly. The communicable has acutely afflicted the apple over the accomplished few months and has abiding implications for the macro-economy and blur and TV industry in particular. Offline customer appeal shrank dramatically, streets were about abandoned and amphitheater chains were bound and closed. On the accumulation side, abundant projects, including TV and blur productions, were delayed. The absolution dates are still ambiguous for abounding projects.

The communicable calm with the aqueous and alteration macro-environment accept had a abrogating appulse on our business performance. The acquaintance has fabricated us apprehend that China Abstract has structural issues that accept accumulated up in contempo years, which accept gradually base the Company’s bazaar allotment and abortive its aggressive edge. These are the axiological affidavit for our black results.

Business Review

Our bulk online account business has been adverse challenges. The robustness of the China Abstract belvedere depends on our accomplished writers and their artistic drive. In the past, we bootless to booty abounding affliction of our writer’s animosity and abutment our writers abundantly through our allurement program, and some of our writers bidding affair about antecedent versions of the writer’s contract. Writers are the cornerstone of the China Abstract platform, and we charge to do added to enhance their trust. 

Meanwhile, the free-to-read business bootless to accommodated our expectations. Aftermost year, we launched our chargeless account App Feidu as a supplement to our paid account products. The free-to-read account artefact has able admission in assertive markets and over assertive user groups, but Feidu’s all-embracing achievement bootless to bout the arch position the Aggregation enjoys in China’s online abstract sector.

For IP business, alliance with New Classics Media bootless to aftermath abounding synergy. NCM is one of the best TV and blur assembly houses in China. After the NCM acquisition, we approved to systematically catechumen our arch IP into TV alternation and films. The after-effects were encouraging, as witnessed by the acceptance of Joy of Life but far from an all-embracing success, and our affiliation with NCM fell abaft schedule, abundantly because we lacked a accession with acceptable ability of both online abstract and ball assembly to drive progress.

In addition, we lacked a structure, a top-down architecture to actualize an IP-centric agreeable and operational strategy, which could aerate the life-time bulk of IP by announcement cross-media production. Our accomplished efforts had resulted in some success belief but the absolute affair is how to scale. We charge a detailed, analytical set of guidelines to about-face our admired IP into assorted ball agreeable such as comics, animations, TV series, blur and games. We charge to anxiously administer the bulk of anniversary IP over its activity cycle, and administer a accepted alignment to the absolute IP portfolio in adjustment to aerate portfolio returns.

Furthermore, we accept abounding business ally that accept not yet auspiciously been adapted into participants in our ecosystem. With business partners, we accommodate deals by absorption on accord and take, a archetypal zero-sum bold mindset. With ecosystem participants, the axial catechism is how to actualize a long-term, win-win relationship.

Initial Action and Results

We will booty accomplishments to accord with these challenges. The Aggregation has already responded bound to some of the best burning concerns.

For example, apropos the complaints the writers accept about our antecedent contracts, we accomplished a aboveboard chat with biographer candidates to apprehend their apropos and promised to accouterment abiding issues in the industry. Within one month, we launched several new arrangement templates for writers to accept from, and stepped up our efforts to action piracy to bigger assure writers’ rights. These accomplishments helped us achieve the assurance of the biographer community, adequate our bulk business, and admiring favorable absorption from the market.

Outlook

Looking ahead, we will use the aforementioned analytical cerebration and acknowledging attitude as key accoutrement to abode issues in the Company’s added business lines. We will booty above accomplish to advance our content, belvedere and ecosystem. First, we will strengthen our bulk business through acceptable IP evolution capability, deepening fundamentals, and dispatch up cross-sector development to advance our IP development. Second, we will advance the amusing and association appearance of the belvedere and authorize a stronger affiliation amid China Literature’s articles and the Tencent portfolio. Finally, we will acquaint enhancements to our IP-centric ecosystem, leveraging our high-quality IP to body business partnerships and networks in agreeable segments including comics, animation, TV series, film, and games. We will abduction new opportunities arising from our avant-garde technology, articulation business models and affiliation networks.

About China Abstract Limited

China Abstract Limited is a avant-garde in the online abstract market and operates China’s arch online abstract platform. The Aggregation owns nine above branded products. Amid these, QQ Reading, a unified adaptable agreeable accession and administration platform, is the flagship product. Added branded articles focus on alone genres and their agnate fan bases. China Literature’s shareholder and cardinal partner, Tencent, provides the Aggregation with absolute agreeable administration admission via its apartment of arch adaptable and Internet products, including Adaptable QQ, QQ Browser, Tencent News, Weixin Reading and Tencent Video. The Aggregation additionally has administration above the Tencent platforms by pre-installing Apps on handsets ally such as OPPO, Huawei and VIVO, as able-bodied as licensing agreeable to third-party ally such as Baidu, Sogou, JD.com and Xiaomi Duokan. China Abstract monetizes its all-inclusive and proprietary agreeable library mainly through online paid account and agreeable adaptations for a array of ball formats. China Literature’s assorted and high-quality agreeable library is a cogent aggressive advantage that lies at the bulk of its business model. In 2018, China Abstract added broadcast its agreeable capabilities after by accepting New Classics Media, a acclaimed TV series, web alternation and blur assembly aggregation in China. For added information, amuse appointment http://ir.yuewen.com/.  

Contact

Non-IFRS Banking Measures 

To supplement the circumscribed banking statements of the Aggregation able in accordance with IFRS, assertive non-IFRS banking measures, namely non-IFRS operating (loss)/profit, non-IFRS operating margin, non-IFRS accumulation for the period, non-IFRS net margin, non-IFRS accumulation attributable to disinterestedness holders of the Company, non-IFRS basal EPS and non-IFRS adulterated EPS as added banking measures, accept been presented in this columnist absolution for the accessibility of readers. These unaudited non-IFRS banking measures should be advised in accession to, and not as a acting for, measures of the Company’s banking achievement able in accordance with IFRS. These non-IFRS banking measures may be authentic abnormally from agnate acceding acclimated by added companies. In addition, non-IFRS adjustments accommodate accordant non-IFRS adjustments for the Company’s actual assembly based on accessible appear financials of the accordant actual associates, or estimates fabricated by the Company’s administration based on accessible information, assertive expectations, assumptions and premises.

Our administration believes that the presentation of these non-IFRS banking measures, back apparent in affiliation with the agnate IFRS measures, provides advantageous advice to investors and administration apropos the banking and business trends apropos to the Company’s banking action and after-effects of operations. Our administration additionally believes that the non-IFRS banking measures are advantageous in evaluating the Company’s operating performances. From time to time, there may be added items that our Aggregation may accommodate or exclude in reviewing its banking results.

Forward-Looking Statements

This columnist absolution contains advanced statements apropos to the industry and business outlook, anticipation business affairs and advance strategies of the Company. These advanced statements are based on advice currently accessible to the Aggregation and are declared herein on the base of the angle at the time of this columnist release. They are based on assertive expectations, assumptions and premises, some of which are abstract or above our control. These advanced statements may prove to be incorrect and may not be accomplished in future. Basal the advanced statements is a ample cardinal of risks and uncertainties. Added advice apropos these risks and uncertainties is included in our added accessible acknowledgment abstracts on our accumulated website.

CHINA LITERATURE

CONSOLIDATED INCOME STATEMENT

Six months concluded June 30,

2020

2019

(RMB in million, unless specified)

Revenues

Online business(1)

2,495.4

1,662.5

Intellectual acreage operations and others(2)

764.8

1,308.5

3,260.2

2,971.0

Cost of revenues

(1,528.9)

(1,349.8)

Gross profit

1,731.3

1,621.2

Gross margin

53.1%

54.6%

Interest income

62.0

85.6

Other (losses)/gains, net

(3,529.7)

269.6

Selling and business expenses

(1,270.3)

(976.7)

General and authoritative expenses

(350.7)

(473.4)

Net (provision for)/reversal of crime losses on      banking assets

(198.3)

1.5

Operating (loss)/profit

(3,555.6)

527.7

Operating margin

(109.1%)

17.8%

Finance costs

(38.1)

(93.5)

Share of net accumulation of assembly and collective ventures

81.8

82.5

(Loss)/profit afore assets tax

(3,511.8)

516.7

Income tax benefit/(expense)

201.3

(123.5)

(Loss)/profit for the period

(3,310.5)

393.2

Net margin

(101.5%)

13.2%

(Loss)/profit attributable to:

Equity holders of the Company

(3,295.9)

392.7

Non-controlling interests

(14.7)

0.5

(3,310.5)

393.2

(Loss)/earnings per share

(in RMB per share)

– Basal (loss)/earnings per share

(3.30)

0.39

– Adulterated (loss)/earnings per share

(3.31)

0.39

Notes:

(1) Revenues from online business primarily reflect revenues from online paid reading, online announcement and administration of third-party online amateur on our platform.

(2) Revenues from bookish acreage operations and others primarily reflect revenues from assembly and administration of TV, web and activated series, films, licensing of IP rights for adaptation, operation of self-operated online amateur and sales of concrete books.

 

 

CHINA LITERATURE

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months concluded June 30,

2020

2019

(RMB in million)

(Loss)/profit for the period

(3,310.5)

393.2

Other absolute (loss)/income:

Items that may be after reclassified to accumulation    or loss

Share of added absolute accident of assembly    and collective ventures

(0.1)

(0.4)

Currency adaptation differences

77.6

(18.1)

Total absolute (loss)/income for the period

(3,233.0)

374.7

 

Total absolute (loss)/income attributable to:

Equity holders of the Company

(3,218.4)

374.2

Non-controlling interests

(14.7)

0.5

(3,233.0)

374.7

 

 

CHINA LITERATURE

SEGMENT INFORMATION

Six months concluded June 30,

2020

2019

(RMB in million, except percentages)

Revenues

Online business

2,495.4

1,662.5

Intellectual acreage operations and others

764.8

1,308.5

Total revenues

3,260.2

2,971.0

Cost of revenues

Online business

(1,146.2)

(703.3)

Intellectual acreage operations and others

(382.6)

(646.5)

Total bulk of revenues

(1,528.9)

(1,349.8)

Gross profit

Online business

1,349.2

959.2

Intellectual acreage operations and others

382.2

662.0

Total gross profit

1,731.3

1,621.2

Gross margin

Online business

54.1%

57.7%

Intellectual acreage operations and others

50.0%

50.6%

Total gross margin

53.1%

54.6%

 

 

CHINA LITERATURE

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of

June 30, 2020

December 31, 2019

(RMB in million)

ASSETS

Non-current assets

Property, bulb and equipment

36.1

41.5

Right-of-use assets

71.6

92.6

Intangible assets

7,655.5

12,168.8

Investments in assembly and collective ventures

796.0

963.6

Financial assets at fair bulk through accumulation or loss

451.1

457.2

Deferred assets tax assets

311.2

190.8

Prepayments, deposits and added assets 

109.0

145.0

9,430.5

14,059.5

Current assets

Inventories

551.1

606.0

Television alternation and blur rights

1,198.5

1,107.7

Financial assets at fair bulk through accumulation or loss

724.0

Trade and addendum receivables

2,362.0

3,366.1

Prepayments, deposits and added assets

799.8

668.4

Restricted coffer deposits

74.7

94.8

Term deposits

2,804.9

415.8

Cash and banknote equivalents

3,515.0

5,931.8

12,029.9

12,190.5

Total assets

21,460.4

26,250.0

EQUITY

Capital and affluence attributable to the equity      holders of the Company

Share capital

0.6

0.6

Shares captivated for RSU scheme

(0.0)

(0.0)

Share premium

16,364.5

16,161.8

Other reserves

1,265.0

1,135.4

(Accumulated losses)/retained earnings

(1,197.1)

2,098.7

16,433.1

19,396.6

Non-controlling interests

(0.4)

14.2

Total equity

16,432.7

19,410.8

 

 

As of

June 30, 2020

December 31, 2019

(RMB in million)

LIABILITIES

Non-current liabilities

Borrowings

624.8

Lease liabilities

29.8

34.4

Long-term payables

22.3

Deferred assets tax liabilities

194.6

322.6

Deferred revenue

32.5

33.5

Financial liabilities at fair bulk through accumulation or loss

535.1

904.0

925.5

Current liabilities

Borrowings

1,239.4

1,303.1

Lease liabilities

41.0

55.6

Trade payables

906.3

1,020.7

Other payables and accruals

927.7

1,489.7

Deferred revenue

829.3

717.7

Current assets tax liabilities

180.0

205.4

Financial liabilities at fair bulk through accumulation or loss

1,121.5

4,123.8

5,913.6

Total liabilities

5,027.8

6,839.2

Total disinterestedness and liabilities

21,460.4

26,250.0

 

 

CHINA LITERATURE

RECONCILIATION OF OPERATING (LOSS)/PROFIT TO EBITDA AND ADJUSTED EBITDA

Six months concluded June 30,

2020

2019

(RMB in million)

Reconciliation of operating (loss)/profit to EBITDA      and adapted EBITDA:

Operating (loss)/profit

(3,555.6)

527.7

Adjustments:

Interest income

(62.0)

(85.6)

Other losses/(gains), net

3,529.7

(269.6)

Depreciation of property, bulb and equipment

11.5

11.0

Depreciation of right-of-use assets

32.6

31.3

Amortization of abstract assets

103.4

83.3

EBITDA

59.6

298.2

Adjustments:

Share-based compensation

52.2

71.6

Expenditure accompanying to acquisition

(94.6)

89.4

Adjusted EBITDA

17.1

459.2

 

 

CHINA LITERATURE

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS

Six months concluded June 30, 2020

Adjustments

As reported

Share-based compensation

Net accident from investments and acquisition(1)

Amortization of abstract assets(2)

Tax effects

Non-IFRS

(RMB in million, unless specified)

Operating (loss)

(3,555.6)

52.2

3,401.0

45.8

(56.7)

(Loss)/profit for the period

(3,310.5)

52.2

3,394.3

45.8

(174.7)

7.0

(Loss)/profit attributable to disinterestedness holders of the Company

(3,295.9)

52.2

3,394.3

45.8

(174.7)

21.7

EPS (RMB per share)

  – basic

(3.30)

0.02

  – diluted

(3.31)

0.02

Operating margin

(109.1%)

(1.7%)

Net margin

(101.5%)

0.2%

Six months concluded June 30, 2019

Adjustments

As reported

Share-based compensation

Net (gain) from investments and acquisition(1)

Amortization of abstract assets(2)

Tax effects

Non-IFRS

(RMB in million, unless specified)

Operating profit

527.7

71.6

(146.0)

63.7

517.1

Profit for the period

393.2

71.6

(125.1)

63.7

(13.0)

390.5

Profit attributable to disinterestedness holders of the Company

392.7

71.6

(125.1)

63.7

(13.0)

390.0

EPS (RMB per share)

  – basic

0.39

0.39

  – diluted

0.39

0.39

Operating margin

17.8%

17.4%

Net margin

13.2%

13.1%

Notes:

(1) Including crime accouterment of goodwill, brand rights and abiding investments accompanying to assertive investee companies, fair bulk changes arising from investee companies, fair bulk assets on application liabilities accompanying to the accretion of NCM and the changeabout of advantage costs accompanying to the account bulk of assertive advisers and above owners of NCM.

(2) Represents acquittal of abstract assets and TV alternation and blur rights consistent from acquisitions.

 

Appearance aboriginal content:http://www.prnewswire.com/news-releases/china-literature-announces-2020-interim-results-301109785.html

SOURCE China Abstract Limited

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