Exhibit 99.2
KUKE MUSIC HOLDING LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands)
As of December 31, 2022 | As of June 30, 2023 | As of June 30, 2023 | ||||||||||
RMB | RMB | USD | ||||||||||
NON-CURRENT ASSETS | ||||||||||||
Property, plant and equipment | 9,110 | 7,814 | 1,078 | |||||||||
Intangible assets | 66,212 | 163,849 | 22,596 | |||||||||
Right-of-use assets | 7,149 | 5,221 | 720 | |||||||||
Goodwill | 764 | 764 | 105 | |||||||||
Prepayments, other receivables and other assets | 110,236 | 5,255 | 725 | |||||||||
Deferred tax assets | - | - | - | |||||||||
Equity investment at fair value through profit or loss | - | - | - | |||||||||
Total non-current assets | 193,471 | 182,903 | 25,224 | |||||||||
CURRENT ASSETS | ||||||||||||
Inventories | 778 | 3,959 | 546 | |||||||||
Trade receivables | 9,279 | 31,797 | 4,385 | |||||||||
Prepayments, other receivables and other assets | 35,311 | 38,148 | 5,261 | |||||||||
Net investments in subleases | - | - | - | |||||||||
Due from related parties | 2,377 | 2,454 | 338 | |||||||||
Due from shareholders | 99 | - | - | |||||||||
Cash and cash equivalents | 5,425 | 2,989 | 412 | |||||||||
Total current assets | 53,269 | 79,347 | 10,942 | |||||||||
Total assets | 246,740 | 262,250 | 36,166 | |||||||||
EQUITY | ||||||||||||
Issued capital | 194 | 194 | 27 | |||||||||
Reserves | 58,266 | 69,669 | 9,608 | |||||||||
Equity attributable to equity holders of the parent | 58,460 | 69,863 | 9,635 | |||||||||
Non-controlling interests | 2,328 | 3,743 | 516 | |||||||||
Total equity | 60,788 | 73,606 | 10,151 | |||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Interest-bearing loans and borrowings | - | - | - | |||||||||
Contract liabilities | 415 | 272 | 38 | |||||||||
Deferred tax liabilities | - | - | - | |||||||||
Lease liabilities | 4,650 | 3,491 | 481 | |||||||||
Total non-current liabilities | 5,065 | 3,763 | 519 | |||||||||
CURRENT LIABILITIES | ||||||||||||
Trade payables | 35,012 | 36,356 | 5,014 | |||||||||
Other payables and accruals | 50,651 | 84,685 | 11,677 | |||||||||
Contract liabilities | 20,688 | 12,259 | 1,691 | |||||||||
Due to a shareholder | 325 | 325 | 45 | |||||||||
Interest-bearing loans and borrowings | 69,045 | 48,614 | 6,704 | |||||||||
Leased liabilities | 4,123 | 1,579 | 218 | |||||||||
Income tax payable | 1,043 | 1,063 | 147 | |||||||||
Total current liabilities | 180,887 | 184,881 | 25,496 | |||||||||
Total liabilities | 185,952 | 188,644 | 26,015 | |||||||||
Total equity and liabilities | 246,740 | 262,250 | 36,166 |
1
KUKE MUSIC HOLDING LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
UNAUDITED OTHER COMPREHENSIVE INCOME
(In thousands, except for per share data)
For the six months ended June 30 | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
RMB | RMB | USD | ||||||||||
Revenue | 80,514 | 62,131 | 8,568 | |||||||||
Subscription and licensing | 38,394 | 41,280 | 5,693 | |||||||||
Licensing | 30,111 | 33,473 | 4,616 | |||||||||
Subscription | 8,283 | 7,807 | 1,077 | |||||||||
Smart music learning solutions | 15,903 | 17,504 | 2,413 | |||||||||
Smart music learning solutions sales | 5,256 | 17,241 | 2,377 | |||||||||
Smart music learning solutions subscription | 10,647 | 263 | 36 | |||||||||
Live music events | 25,709 | 3,347 | 462 | |||||||||
One-time disposal of obsolete inventory | 508 | - | - | |||||||||
Cost of Goods Sold | (51,418 | ) | (20,103 | ) | (2,772 | ) | ||||||
Gross profit | 29,096 | 42,028 | 5,796 | |||||||||
Other income, net | 6,537 | 2,923 | 403 | |||||||||
Selling and distribution expenses | (14,325 | ) | (13,909 | ) | (1,918 | ) | ||||||
Administrative expenses | (44,029 | ) | (17,510 | ) | (2,415 | ) | ||||||
Impairment losses on financial assets, net | (8,836 | ) | (1,806 | ) | (249 | ) | ||||||
Other operating expenses | (679 | ) | (100 | ) | (14 | ) | ||||||
Operating (loss)/profit | (32,236 | ) | 11,626 | 1,603 | ||||||||
Share of losses of a joint venture | - | - | - | |||||||||
Finance costs | (2,295 | ) | (2,666 | ) | (368 | ) | ||||||
Finance income | 20 | 6 | 1 | |||||||||
(Loss)/profit before tax | 34,511 | 8,966 | 1,236 | |||||||||
Income tax expense | (2,899 | ) | - | - | ||||||||
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year | (31,612 | ) | 8,966 | 1,236 | ||||||||
Attributable to: | ||||||||||||
Equity holders of the parent | (31,021 | ) | 7,551 | 1,041 | ||||||||
Non-controlling interests | 591 | (1,415 | ) | (195 | ) | |||||||
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent | ||||||||||||
Basic | (1.05 | ) | 0.25 | 0.04 | ||||||||
Diluted | (1.05 | ) | 0.25 | 0.04 |
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KUKE MUSIC HOLDING LIMITED
RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES
(In thousands)
For the six months ended June 30 | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
RMB | RMB | USD | ||||||||||
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year | (31,612 | ) | 8,966 | 1,236 | ||||||||
Adjustments: | ||||||||||||
Amortization and Depreciation | 18,101 | 9,568 | 1,319 | |||||||||
Share-based compensation | 7,265 | 2,196 | 303 | |||||||||
Impairment losses on financial assets, net | 8,836 | 1,806 | 249 | |||||||||
Income tax effects | (2,828 | ) | (1,410 | ) | (194 | ) | ||||||
Non-IFRS Profit/(loss) | (238 | ) | 21,126 | 2,913 |
3
KUKE MUSIC HOLDING LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
UNAUDITED OTHER COMPREHENSIVE INCOME
(In thousands, except for per share data)
For the three months ended June 30 | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
RMB | RMB | USD | ||||||||||
Revenue | 54,441 | 52,204 | 7,199 | |||||||||
Subscription and licensing | 33,943 | 36,199 | 4,992 | |||||||||
Licensing | 29,070 | 32,141 | 4,432 | |||||||||
Subscription | 4,873 | 4,058 | 560 | |||||||||
Smart music learning solutions | 8,471 | 16,005 | 2,207 | |||||||||
Smart music learning solutions sales | 4,115 | 15,904 | 2,193 | |||||||||
Smart music learning solutions subscription | 4,356 | 101 | 14 | |||||||||
Live music events | 11,921 | - | - | |||||||||
One-time disposal of obsolete inventory | 106 | - | - | |||||||||
Cost of goods sold | (25,540 | ) | (10,371 | ) | (1,430 | ) | ||||||
Gross profit | 28,901 | 41,833 | 5,769 | |||||||||
Other income, net | 3,315 | 1,196 | 165 | |||||||||
Selling and distribution expenses | (5,988 | ) | (7,601 | ) | (1,048 | ) | ||||||
Administrative expenses | (19,346 | ) | (10,310 | ) | (1,422 | ) | ||||||
Impairment losses on financial assets, net | (2,203 | ) | (1,391 | ) | (192 | ) | ||||||
Other operating expenses | (300 | ) | (32 | ) | (4 | ) | ||||||
Operating (loss)/profit | (4,379 | ) | 23,695 | (3,268 | ) | |||||||
Share of losses of a joint venture | - | - | - | |||||||||
Finance costs | (1,216 | ) | (1,345 | ) | (185 | ) | ||||||
Finance income | 8 | 4 | 1 | |||||||||
(Loss)/profit before tax | 3,171 | 22,354 | 3,084 | |||||||||
Income tax expense | (195 | ) | - | - | ||||||||
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year | 3,366 | 22,354 | 3,084 | |||||||||
Attributable to: | ||||||||||||
Equity holders of the parent | 3,757 | 20,307 | 2,800 | |||||||||
Non-controlling interests | (391 | ) | 2,046 | 282 | ||||||||
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent | ||||||||||||
Basic | 0.13 | 0.69 | 0.09 | |||||||||
Diluted | 0.13 | 0.69 | 0.09 |
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KUKE MUSIC HOLDING LIMITED
RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES
(In thousands)
For the three months ended June 30, | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
RMB | RMB | USD | ||||||||||
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year | 3,366 | 22,353 | 3,083 | |||||||||
Adjustments: | ||||||||||||
Amortization and Depreciation | 9,058 | 4,850 | 669 | |||||||||
Share-based compensation | 3,652 | 1,104 | 152 | |||||||||
Impairment losses on financial assets, net | 2,203 | 1,391 | 192 | |||||||||
Income tax effects | (1,412 | ) | (715 | ) | (99 | ) | ||||||
Non-IFRS Profit/(loss) | 16,867 | 28,983 | 3,997 |
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