New Frontier Corp

CIK:0001737422|SEC Filings

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) - CNY (¥) ¥ in Thousands		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 18, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS)
Revenue	¥ 80,035	¥ 2,260,505
Operating expenses
Salaries, wages and benefits	(79,215)	(1,186,715)
Supplies and purchased medical services	(18,241)
Depreciation and amortization	(14,931)
Lease and rental expenses	(739)
Impairment of trade receivables	(528)
Other operating expenses	(165,776)
Loss from operations	(199,395)
Other income and expenses
Finance income	779
Finance costs	(29,503)	(263,810)
Foreign exchange losses	(2,641)
Change in fair value of warrant liabilities	(7,592)
Other (loss)/income, net	(5,798)
Loss before income tax	(244,150)
Income tax (expense)/benefit	6,261	(27,708)	¥ (68,424)	¥ (59,749)
Loss for the period	(237,889)	(531,854)
Attributable to:
Owners of the parent	(236,497)
Non-controlling interests	(1,392)
Loss for the period	¥ (237,889)	(531,854)
Loss per share attributed to ordinary equity holders of the parent
Basic	¥ (1.80)
Diluted	¥ (1.80)
Loss for the period	¥ (237,889)	(531,854)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods, net of tax:
Exchange differences on translation of foreign operations	2,811	61,914
Other comprehensive income/(loss) for the period, net of tax	2,811
Total comprehensive income/(loss) for the year	(235,078)	(469,940)
Attributable to:
Owners of the parent	(233,686)
Non-controlling interests	(1,392)
Total comprehensive income/(loss) for the year	(235,078)	(469,940)
Successor
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS)
Revenue	80,035	2,260,505
Operating expenses
Salaries, wages and benefits	(79,215)	(1,186,715)
Supplies and purchased medical services	(18,241)	(420,393)
Depreciation and amortization	(14,931)	(425,160)
Lease and rental expenses	(739)	(2,508)
Impairment of trade receivables	(528)	(7,378)
Other operating expenses	(165,776)	(296,757)
Loss from operations	(199,395)	(78,406)
Other income and expenses
Finance income	779	2,727
Finance costs	(29,503)	(263,810)
Foreign exchange losses	(2,641)	(49,389)
Gain on disposal of subsidiaries		3,558
Change in fair value of warrant liabilities	(7,592)	(112,729)	(7,592)
Other (loss)/income, net	(5,798)	(6,097)
Loss before income tax	(244,150)	(504,146)
Income tax (expense)/benefit	6,261	(27,708)
Loss for the period	(237,889)	(531,854)
Attributable to:
Owners of the parent	(236,497)	(505,570)
Non-controlling interests	(1,392)	(26,284)
Loss for the period	¥ (237,889)	¥ (531,854)
Loss per share attributed to ordinary equity holders of the parent
Basic	¥ (1.80)	¥ (3.85)
Diluted	¥ (1.80)	¥ (3.85)
Loss for the period	¥ (237,889)	¥ (531,854)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods, net of tax:
Exchange differences on translation of foreign operations	2,811	61,914
Other comprehensive income/(loss) for the period, net of tax	2,811	61,914
Total comprehensive income/(loss) for the year	(235,078)	(469,940)
Attributable to:
Owners of the parent	(233,686)	(443,656)
Non-controlling interests	(1,392)	(26,284)
Total comprehensive income/(loss) for the year	(235,078)	¥ (469,940)
Predecessor
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS)
Revenue	¥ 80,035		2,369,167	2,058,779
Operating expenses
Salaries, wages and benefits			(1,346,478)	(1,187,738)
Supplies and purchased medical services			(381,954)	(303,579)
Depreciation and amortization			(329,453)	(138,639)
Lease and rental expenses			(13,167)	(201,670)
Impairment of trade receivables			(6,512)	(16,329)
Other operating expenses			(308,005)	(287,128)
Loss from operations			(16,402)	(76,304)
Other income and expenses
Finance income			2,127	2,543
Finance costs			(132,730)	(19,420)
Foreign exchange losses			(13,120)	(34,190)
Liquidation of a foreign operation				26,429
Other (loss)/income, net			171	6,645
Loss before income tax			(159,954)	(94,297)
Income tax (expense)/benefit			(68,424)	(59,749)
Loss for the period			(228,378)	(154,046)
Attributable to:
Owners of the parent			(200,441)	(129,998)
Non-controlling interests			(27,937)	(24,048)
Loss for the period			(228,378)	(154,046)
Loss per share attributed to ordinary equity holders of the parent
Loss for the period			(228,378)	(154,046)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods, net of tax:
Exchange differences on translation of foreign operations			7,934	24,270
Liquidation of a foreign operation				(26,429)
Other comprehensive income/(loss) for the period, net of tax			7,934	(2,159)
Total comprehensive income/(loss) for the year			(220,444)	(156,205)
Attributable to:
Owners of the parent			(192,507)	(132,157)
Non-controlling interests			(27,937)	(24,048)
Total comprehensive income/(loss) for the year			¥ (220,444)	¥ (156,205)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands		12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 18, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Cash flows from operating activities
Loss before tax	¥ (244,150)
Adjustments for:
Depreciation and amortization	14,931
Loss on disposal of property and equipment and intangible assets	1,675
COVID-19 related rent concessions from lessors		¥ (6,846)
Impairment of trade receivables	528
Share-based compensation	10,514
Foreign exchange losses	2,641
Finance income	(779)
Finance costs	29,503
Change in fair value of warrant liabilities	7,592
Changes in working capital:
(Increase)/decrease in inventories	1,318
(Increase)/decrease in trade receivables, prepayments and other current assets	190,197
Decrease/(increase) in amounts due from related parties	(66,780)
(Decrease)/increase in trade payables, contract liabilities, accrued expenses and other current liabilities	(30,357)
Increase/(decrease) in amounts due to related parties	1,852
Changes in other non-current assets and liabilities	(128)
Interest received	1,011
Net cash flows from/(used in) operating activities	(80,432)
Cash flows from investing activities
Purchases of property and equipment	(43,188)
Purchases of intangible assets	(2,483)
Net cash flows used in investing activities	(45,671)
Cash flows from financing activities
Repayments of interest-bearing bank borrowings		(414,712)
Repayments of loans provided by a related party		(28,900)
Proceeds from subscription of shares		29,557
Lease payments	(9,702)	(217,179)
Net cash flows (used in)/from financing activities	(9,702)	(631,234)
Net decrease in cash and cash equivalents	(135,805)	(685,708)
Effect of foreign exchange rate changes, net	(4,895)	(27,163)
Cash and cash equivalents at beginning of period	1,494,000	1,353,300
Cash and cash equivalents at end of period	1,353,300	640,429	¥ 1,353,300	¥ 1,494,000
Successor
Cash flows from operating activities
Loss before tax	(244,150)	(504,146)
Adjustments for:
Depreciation and amortization	14,931	425,160
Loss on disposal of property and equipment and intangible assets	1,675	3,030
COVID-19 related rent concessions from lessors		(6,846)
Gain on modification of leases		(1,816)
Impairment of trade receivables	528	7,378
Share-based compensation	10,514	692
Foreign exchange losses	2,641	49,389
Gain on disposal of subsidiaries		(3,558)
Finance income	(779)	(2,727)
Finance costs	29,503	263,810
Change in fair value of warrant liabilities	7,592	112,729		7,592
Changes in working capital:
(Increase)/decrease in inventories	1,318	(35,781)
(Increase)/decrease in trade receivables, prepayments and other current assets	190,197	(34,201)
Decrease in restricted cash		382,294
Decrease/(increase) in amounts due from related parties	(66,780)	56,794
(Decrease)/increase in trade payables, contract liabilities, accrued expenses and other current liabilities	(30,357)	(230,314)
Increase/(decrease) in amounts due to related parties	1,852	(967)
Changes in other non-current assets and liabilities	(128)	4,227
Interest received	1,011	1,308
Interest paid		(176,723)
Income tax paid		(44,517)
Net cash flows from/(used in) operating activities	(80,432)	265,215
Cash flows from investing activities
Purchases of property and equipment	(43,188)	(309,458)
Purchases of intangible assets	(2,483)	(3,532)
Proceeds from disposal of subsidiaries, net of transaction costs		3,637
Acquisition of a subsidiary, net of cash received		(10,336)
Net cash flows used in investing activities	(45,671)	¥ (319,689)
Predecessor
Cash flows from operating activities
Loss before tax				(159,954)	¥ (94,297)
Adjustments for:
Depreciation and amortization				329,453	138,639
Loss on disposal of property and equipment and intangible assets				723	355
Gain on modification of leases				(89)
Impairment of trade receivables				6,512	16,329
Share-based compensation				34,403	18,418
Foreign exchange losses				13,120	34,190
Liquidation of a foreign operation					(26,429)
Finance income				(2,127)	(2,543)
Finance costs				132,730	19,420
Changes in working capital:
(Increase)/decrease in inventories				(600)	(17,489)
(Increase)/decrease in trade receivables, prepayments and other current assets				(174,485)	(7,529)
Decrease in restricted cash				26,272	1,717
Decrease/(increase) in amounts due from related parties				32,527	(3,742)
(Decrease)/increase in trade payables, contract liabilities, accrued expenses and other current liabilities				181,214	137,433
Increase/(decrease) in amounts due to related parties				(348)	1,841
Changes in other non-current assets and liabilities				1,915	(1,019)
Interest received				1,979	2,506
Interest paid				(30,462)	(21,589)
Income tax paid				(76,144)	(65,231)
Net cash flows from/(used in) operating activities				316,639	130,980
Cash flows from investing activities
Purchases of property and equipment				(337,289)	(517,924)
Purchases of intangible assets				(4,482)	(12,693)
Acquisition of a subsidiary, net of cash received					(4,331)
Net cash flows used in investing activities				(341,771)	(534,948)
Cash flows from financing activities
Proceeds from interest-bearing bank borrowings					126,386
Repayments of interest-bearing bank borrowings				(22,097)	(22,751)
Lease payments				(167,864)
Net cash flows (used in)/from financing activities				(189,961)	103,635
Net decrease in cash and cash equivalents				(215,093)	(300,333)
Effect of foreign exchange rate changes, net				5,642	5,034
Cash and cash equivalents at beginning of period	¥ 387,162		¥ 596,613	596,613	891,912
Cash and cash equivalents at end of period				¥ 387,162	¥ 596,613

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 19, 2019	Dec. 18, 2019	Dec. 31, 2018
NON-CURRENTS ASSETS
Property and equipment	¥ 2,014,904	¥ 1,962,781
Goodwill	6,085,650	6,056,253
Intangible assets	2,526,777	2,584,893
Investment in an associate	1,000
Right-of-use assets	1,651,748	1,773,007			¥ 1,776,102
Deferred tax assets	46,785	59,001
Restricted cash	350	350
Other non-current assets	73,021	106,121
Total non-current assets	12,400,235	12,542,406
CURRENT ASSETS
Inventories	92,268	56,592
Trade receivables	218,971	215,376
Amounts due from related parties	10,129	66,923
Prepayments and other current assets	53,509	38,323
Restricted cash		376,715
Cash and cash equivalents	640,429	1,353,300		¥ 1,494,000
Total current assets	1,015,306	2,107,229
TOTAL ASSETS	13,415,541	14,649,635
CURRENT LIABILITIES
Trade payables	89,056	99,082
Contract liabilities	350,146	270,196
Accrued expenses and other current liabilities	425,940	882,158
Amounts due to related parties	3,283	4,045
Tax payable	1,260	15,278
Lease liabilities	89,181	90,521
Interest-bearing bank borrowings	6,027	400,325
Total current liabilities	964,893	1,761,605
Net current assets/(liabilities)	50,413	345,624
TOTAL ASSETS LESS CURRENT LIABILITIES	12,450,648	12,888,030
NON-CURRENT LIABILITIES
Interest-bearing bank borrowings	2,054,649	2,060,933
Contract liabilities	68,577	67,873
Deferred tax liabilities	665,962	681,715
Lease liabilities	1,595,570	1,661,182
Warrant liabilities	385,486	298,192
Other non-current liabilities	9,016	9,358
Total non-current liabilities	4,779,260	4,779,253
Net assets	7,671,388	8,108,777
Equity attributable to equity holders of the parent
Successor shares	91	91
Capital surplus	8,284,694	8,252,143
Foreign currency translation reserves	58,294	(3,620)
Accumulated deficit	(881,196)	(375,626)
Equity attributable to equity holders of the parent	7,461,883	7,872,988
Non-controlling interests	209,505	235,789
Total equity	7,671,388	8,108,777	¥ 8,333,341	¥ 8,333,341
Ordinary shares
Equity attributable to equity holders of the parent
Successor shares	¥ 91	¥ 91