Was ist das eigentlich? Cyberrisiken verständlich erklärt

Es wird viel über Cyberrisiken gesprochen. Oftmals fehlt aber das grundsätzliche Verständnis, was Cyberrisiken überhaupt sind. Ohne diese zu verstehen, lässt sich aber auch kein Versicherungsschutz gestalten.

Beinahe alle Aktivitäten des täglichen Lebens können heute über das Internet abgewickelt werden. Online-Shopping und Online-Banking sind im Alltag angekommen. Diese Entwicklung trifft längst nicht nur auf Privatleute, sondern auch auf Firmen zu. Das Schlagwort Industrie 4.0 verheißt bereits eine zunehmende Vernetzung diverser geschäftlicher Vorgänge über das Internet.

Anbieter von Cyberversicherungen für kleinere und mittelständische Unternehmen (KMU) haben Versicherungen die Erfahrung gemacht, dass trotz dieser eindeutigen Entwicklung Cyberrisiken immer noch unterschätzt werden, da sie als etwas Abstraktes wahrgenommen werden. Für KMU kann dies ein gefährlicher Trugschluss sein, da gerade hier Cyberattacken existenzbedrohende Ausmaße annehmen können. So wird noch häufig gefragt, was Cyberrisiken eigentlich sind. Diese Frage ist mehr als verständlich, denn ohne (Cyber-)Risiken bestünde auch kein Bedarf für eine (Cyber-)Versicherung.

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Financial CGFM : Certified Government Financial Manager (CGFM) ACTUAL EXAM QUESTIONS

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Exam Number : CGFM
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CGFM test Format | CGFM Course Contents | CGFM Course Outline | CGFM test Syllabus | CGFM test Objectives


Exam ID : CGFM

Exam Name : Certified Government Financial Manager(R)

Questions : 115 questions

Duration : 2 hrs 15 min.



I: Organization, Structure and Authority of Government (15%)



A. Demonstrate an understanding of the levels of government, including:

- The three levels of government: federal, state and local.

- The interrelationships among the three levels of government: federal, state and local.



B. Demonstrate an understanding of the branches of government – legislative, executive, judicial – including:

- The roles of the three branches.

- The interrelationships among the three branches.

- The checks and balances through separation of powers among the three branches.



C. Demonstrate an understanding of the components of federal, state and local governments (e.g., central management and accountability agencies, departments, agencies, bureaus, commissions, divisions).



D. Demonstrate an understanding of the authorities and responsibilities of the government (e.g., government-wide and departmental), including:



The federal government, its hierarchy and constraints (e.g., U.S. Constitution, federal laws, executive orders, rules and regulations).

The state governments, their hierarchies and constraints (e.g., U.S. Constitution, state constitutions, state laws, executive orders, rules and regulations).

The local governments, their hierarchies and constraints (e.g., state constitutions, state laws, local charters, local ordinances, executive orders, rules and regulations).

Tribal government sovereignty.

E. Demonstrate an understanding of the authorities and responsibilities of the different types of governments, including:



The differentiation among general-purpose governments, special-purpose governments and quasi-governmental entities (e.g., federal, states, cities, counties, territories, authorities, school districts, government corporations, government-sponsored enterprises).

The interrelationships among general-purpose governments, special-purpose governments and quasi-governmental entities.

The role of jointly-governed organizations (e.g., transit agencies).



II: Legally-Based Implications of the Government Financial Environment (15%)


A. Demonstrate an understanding of the implications of sovereignty in the levels of government, including:

- The meaning, application and limitations of sovereign authority.

- The power of governments to tax and borrow.

- The power of the federal government to establish monetary policy.



B. Demonstrate an understanding of the budget, including:

- The role and significance of the budget in government.

- The objectives of the budget (e.g., policy document, operations guide, financial plan, communications device).

- The objectives of the budget process (e.g., define priorities, debate policy, allocate resources, identify revenue sources).

- The legal aspects of the government budget (e.g., control levels, spending limits, fund types, balanced budgeting).

- The principles of legislative control over governmental finance (e.g., appropriating funds, establishing spending levels, establishing spending conditions).

- How the executive branch controls spending (e.g., monitoring budget execution, planning for allocation of resources over time and among programs).

- How judicial decisions affect government spending.

- The role of other budget control devices (e.g., apportionments, allotments, encumbrances/obligations, funds, function, department, activity, object).



C. Demonstrate an understanding of how establishing special funds or dedicated revenues helps fulfill legal requirements.

D. Demonstrate an understanding of legislative “earmarking.”



III: Demonstrate an Understanding of the Government Management System (Cycle), Including: (16%)

A. The elements of the government management system, including strategic planning, programming, budgeting, operations, accounting, reporting and auditing.



B. The interrelationships among the elements of the government management system.

C. The importance of data in the government management system (cycle).


IV: Governmental Financing Process (24%)

A. Demonstrate an understanding of the role of taxation, including:

- The elements of tax policy (e.g., what to tax, who to tax, how much to tax, why to tax).

- The various types of taxes for each level of government and the roles and advantages of each type (e.g., income, wealth, consumption).

- The nature and role of tax expenditures.

- Tax limitations and exclusions.



B. Demonstrate an understanding of intergovernmental revenues, including:

- The differences among contracts, shared revenues and grants.

- The differences among the types of grants (e.g., formula grants, discretionary grants, block grants).

- The requirements and expectations of the grantor and grantee throughout the grant lifecycle, including the role of the Uniform Guidance.



C. Demonstrate an understanding of other forms of financing, including:

Other forms of government revenues (e.g., investment income, user fees, licenses, lotteries, donations).

The rationales for establishing user fees (e.g., recover costs, expand service capacity, encourage or limit use of services).
The use of public-private partnerships.



D. Demonstrate an understanding of the role of debt, including:

- Purposes of entering into debt.

- Factors that should be considered before entering into debt (e.g., ability to pay, purpose, interest rate, tax base).

- The types of debt limitations (e.g., statutory, bond covenants).

- Factors that should be included in debt policies (e.g., available tax base, debt maturities).

- The various types of financing options (e.g., notes, bonds, lease-purchase, certificates of participation).

- The sources and methods of repaying debt (e.g., dedicated taxes, user fees, general revenues).

- The role of credit rating agencies in the debt issuance process.

- The role of insurance and guarantees in the debt issuance process.



V: Identify the Concepts, Definitions and Notions of Public Accountability, Including: (12%)



A. The meaning and purpose of accountability in the government environment (e.g., the Chief Financial Officers (CFO) Act of 1990).



B. The role and key attributes of accountability (e.g., disclosure, organization structure, reporting),
and their interrelationships.



C. Elements for which a government should be accountable (e.g., performance, financial, compliance, efficiency and effectiveness, stewardship of assets).



D. The primary stakeholders in accountability (e.g., legislators, taxpayers, other governments, investors, creditors, underwriters, future generations).



E. The groups that help to establish and maintain accountability (e.g., legislative bodies, media, management, analysts, employees, taxpayers).



F. The methods used to demonstrate and assess accountability and transparency (e.g., audit reports, performance reports, oversight hearings, program evaluations, service efforts and accomplishment (SEA) reports, electronic reports).



G. The techniques used to assess fiscal sustainability and solvency.



H. Concepts of open government, data transparency and citizen-centric reporting (e.g., Digital Accountability and Transparency Act of 2014 (DATA Act), open checkbooks, open book, sunshine laws).



VI: Demonstrate an Understanding of Ethics as Applied to the Government Environment, Including: (10%)

A. The key concepts related to ethical responsibility to the public, professional conduct (e.g., actual or perceived conflicts of interest, independence, objectivity, due care) and the sources of guidance (e.g., the AGA Code of Ethics).



B. The steps a government financial manager needs to take to avoid a conflict of interest and to ensure objectivity and independence.



C. The concept of due care in the performance of professional duties.



D. Activities or situations that are inconsistent with the responsibilities of public officials and employees.



E. The appropriate course of action to avoid the reality or the perception of improper use of one's office for personal gain.



F. Personal responsibility as it relates to organizational codes of conduct (e.g., whistle blower,
nepotism).



VII: Demonstrate an Understanding of Providing Government Services and Information Electronically, Including: (8%)
A. Delivery of government services and e-government (e.g., drivers license renewal, online bill and tax payment).



B. Stakeholder real-time access to information, including electronic financial reporting.



C. The use of various media and devices for communications and providing services (e.g., social networking, apps, mobile devices).



D. Security and privacy considerations (e.g., the requirements of the National Institute of Standards
and Technology, encryption, cybersecurity).



I: Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (40%)

A. Demonstrate an understanding of the influences, objectives and role of standards, including:



The unique financial aspects of the governmental environment that differ from the private sector (e.g., profit versus service, importance of budget).

The concept of interperiod equity.

The objectives of governmental financial reporting (e.g., financial accountability, budgetary accountability, program accountability).

The major uses of governmental financial reporting (e.g., budgetary compliance, compliance with laws and regulations, assessing financial position, assessing results of operations, assessing sustainability).

The characteristics of information in governmental financial reporting (e.g., understandability, reliability, relevance, timeliness, consistency, comparability).

The roles of the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB) and Federal Accounting Standards Advisory Board (FASAB).

The role of the International Public Sector Accounting Standards Board (IPSASB).

Due process in the setting of accounting standards (e.g., discussion memorandum, invitation to comment, preliminary views, exposure draft, public hearing, task forces).

The purpose of the hierarchy of generally accepted accounting principles for state/local and federal accounting and financial reporting.

The basic concepts and requirements of Open Government financial reporting.



B. Demonstrate an understanding of the concepts of managerial cost accounting and fee establishment, including:

The purposes for accumulating and reporting cost information.

The concept of full cost of outputs, incorporating inter-entity costs.

The requirements of FASAB Statement of Federal Financial Accounting Standards (SFFAS) 4, as amended: Managerial Cost Accounting Concepts and Standards.

Determining the costs under an intergovernmental cost-reimbursement contract or grant (as outlined in the Uniform Guidance).

Identification of the methods for assigning and allocating costs in a given situation (e.g., direct, indirect).

Computation of the fee to be charged to a user.

Various cost recovery objectives (e.g., total direct costs, operating costs, full costs, replacement costs, incremental costs).



C. Demonstrate an understanding of the concepts of budgeting, including:

The key elements of the budget process, from provision of initial guidance through preparation, review, adoption, execution and accounting.

The structure of the budget (e.g., organizational unit, program, function, category, character, fund, line item, object).

The features of various budgetary approaches (e.g., baseline, line item, program, zero-base, performance).

The various means for financing capital projects, including the role of a capital budget.

The methods of forecasting revenues and expenditures.

The various means of budgetary control (e.g., revenue monitoring, encumbrance/obligation control, vacancy controls, allotment, apportionment).



D. Demonstrate an understanding of the general principles of governmental financial accounting, including:

Basic accounting processes (e.g., debits, credits, ledger accounts, stock and flow statements, accounting period).

The differences among the various measurement focuses and bases of accounting (e.g., economic resources, current financial resources, cash, accrual, modified accrual).

The effect of applying the various measurement focuses and bases of accounting to specific transactions.

Exchange and exchange-like versus non-exchange transactions.

How to adjust the allowance for doubtful accounts under alternative methods (e.g., percentage of sales or percentage of accounts receivable).

The differences among various methods of valuing inventory (e.g., First-in, First-out (FIFO), Last-in, First-out (LIFO), average cost).

Situations that require recording depreciation and calculation of the same.

Recording contingencies (e.g., judgments, claims).



II: Demonstrate an Understanding of State and Local Financial Accounting and Reporting, Including: (30%)

A. The application of the GASB standards for determining the reporting entity, including component units.

B. The purpose of each fund type within each fund category, and its related basis of accounting.

C. The form and content of the Comprehensive Annual Financial Report (CAFR).

D. The purpose of popular reporting.

E. The form and content of the basic financial statements, including:



Government-wide financial statements.

Fund-level financial statements.

Notes.

F. The reporting of fund balance in governmental funds.

G. The form and purpose of required supplementary information (RSI).

H. How to measure, record and report the purchase of capital assets, including assets acquired through a capital lease.

I. How to measure, record and report the incurrence and repayment of general long-term obligations in a governmental fund.

J. How to measure, record and report common, fundamental current assets and liabilities, revenue, expenditures, and other financing sources and uses when using modified accrual basis of accounting (e.g., property tax, grants, shared revenues, capital outlays, bond proceeds, debt service, payroll, accounts receivable).



K. How to measure, record and report common, fundamental assets, liabilities, revenue and expense transactions when using accrual basis of accounting (e.g., taxes, grants, shared revenues, capital assets, long-term debt, operating expenses, pensions, payroll, accounts receivable).

L. The types of interfund transactions, and how they are accounted for.

M. How to consolidate or eliminate transactions between the fund level and the government-wide level for governmental activities.

N. The required disclosures for cash deposits with financial institutions and investments, including repurchase agreements.

O. The option and criteria for using the modified approach for infrastructure.

P. The entries for recording the budget, modifying the budget and recording encumbrances and expenditures.

Q. How to reconcile the budgetary information to the generally accepted accounting principles (GAAP) information.

R. How to reconcile the fund financial statements to the government-wide financial statements.

S. Government combinations (e.g., mergers and acquisitions, transfers of operations).



III: Demonstrate an Understanding of Federal Financial Accounting and Reporting, Including: (30%)

A. The role of FASAB and the relationships among the Office of Management and Budget (OMB), U.S. Department of the Treasury and the Government Accountability Office (GAO) in federal financial accounting and reporting.

B. Key budgetary terms (e.g., appropriations, budget authority, budgetary resources, object class, outlays, receipts, offsetting collections, deficit).

C. The components of the budgetary equation.

D. The relationship and differences between budgetary and proprietary accounting.

E. Types of funds (e.g., general, trust, revolving).

F. The components and use of the U.S. Standard General Ledger.

G. How to record common, fundamental budgetary transactions (e.g., appropriation, apportionment, allotment, commitment, obligation, expenditure).

H. How to record common, fundamental proprietary transactions (e.g., warrants, accounts payable, payroll, accounts receivable, pensions, investments, depreciation).

I. Determining the reporting entity.

J. The form and content of an agency financial report (AFR) and a performance and accountability
report (PAR).

K. The purposes, form and content of the basic financial statements.

L. The concepts of consolidation and intragovernmental transactions.

M. The purposes and form of the notes to the financial statements.

N. The purposes and form of required supplementary information (RSI).

O. The concept of Fund Balance with Treasury.

P. The concepts of accounting for loans and loan guarantees (Credit Reform Act).

Q. The basic requirements for the U.S. Consolidated Financial Report.



I: Financial Management Functions (25%)

A. Demonstrate an understanding of cash management, including:



Legislation that affects governmental cash management.

Controls appropriate for governmental cash management.

Considerations in establishing banking relationships (e.g., competition, servicing, compensating balance).

Techniques for accelerating collections (e.g., electronic fund transfer (EFT), centralized collections, lockboxes, e-Collections).

Techniques for timely payment (e.g., warehousing payments, EFT, credit cards, electronic invoicing).

The role and control of electronic payments (e.g., smart cards, benefit cards, EFT).

The existence of and the need to identify, prevent and recover improper payments.

B. Demonstrate an understanding of investment management, including:



Concepts and relationships among risk, liquidity and yield, and the associated tradeoffs.

Types of investments for operating funds and pensions.

The concept of fiduciary responsibility, including the duty of loyalty and duties to care, act in a prudent manner and diversify plan assets.

The components of an investment policy, including standards of care, objectives, conflicts of interest and authorization.

Investment management considerations (e.g., selection of money managers, role of prudent experts, understanding of markets, monitoring and evaluating performance, risk exam/avoidance, internal controls).

C. Demonstrate an understanding of loan and loan ensure programs and debt collection, including:

The components of loan and loan ensure programs (e.g., rationale, credit extension, account servicing, debt write-off, performance measurement).

The components of delinquent debt collection (e.g., salary and refund offsets, collection agencies, delinquency rates, aging, reporting requirements).

D. Demonstrate an understanding of procurement management, including:

The elements in the public procurement process (e.g., authorized procurement officials, compiling a bidders list, public advertising, preparing and issuing an invitation to bid (ITB) or a request for proposal (RFP), evaluating proposals, awarding the contract, writing the contract).

Techniques for assuring full and fair competition (e.g., advertising, direct contact to likely vendors, registries).

Contract efficiencies (e.g., purchase cards, bulk purchasing, inter-agency procurements).

Evaluation selection criteria (e.g., past performance, delivery time, price).

The monitoring and acceptance process to ensure that contract specifications are met.

E. Demonstrate an understanding of property management, including:

The elements of a property management system (e.g., record keeping, safeguarding, maintenance, reporting).

The procedures for property disposal (e.g., identifying surplus, disposition methods).

F. Demonstrate an understanding of operating materials and supplies/inventory management, including:

The elements of an operating materials and supplies/inventory management system (e.g., policies, classifications, controls, reorder decisions).

Ways to safeguard operating materials and supplies/inventory (e.g., physical control, tagging, periodic inventory, stewardship, radio-frequency identification (RFID).

G. Demonstrate an understanding of financial management systems, including:

The concept of an integrated financial management system.

User needs for real-time access to data across the enterprise (e.g., use of dashboards, data visualization).

Business process re-engineering in the development and implementation of information systems.

The concept of enterprise resource planning (ERP) systems.

The various approaches to meeting system needs (e.g., off-the-shelf, cross-servicing, outsourcing, custom design, shared services).

The elements of a disciplined development process (e.g., requirements management, testing, data conversion, systems interfaces, configuration management, risk management, project management, quality assurance).

Techniques for project management (e.g., defining interrelationships and tasks; resource management; cost, schedule and performance monitoring; independent verification and validation; change management).

Methods for assuring the reliability and completeness of data.

The concept of the continuity of operations plan (COOP).

The use of cloud computing.

H. Demonstrate an understanding of shared services, including:

The service offerings, planning, transition steps and costs of shared support services.

Importance, advantages and disadvantages of shared services.

II: Demonstrate an Understanding of Financial and Managerial Analysis Techniques, Including: (15%)

A. The conduct of the following types of analyses: present value, future value, cash flow, pay-back, trend, ratio analysis, strategic sourcing, regression analysis, earned value management and flowcharting.



B. Identification of the sources of information used and reliability of the data for financial and managerial analysis (e.g., accounting records, performance records, financial statements, census data).

C. The use of forensic techniques, such as data mining.

D. The use of advanced data analytics.



III: Internal Control (25%)

A. Demonstrate an understanding of internal control, including:

The objectives of internal control.

The concepts of cost-benefit and reasonable assurance.

The components and principles of internal control, as specified by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Framework: control environment, risk exam, control activities, information and communication, and monitoring.

Cyber security (e.g., general and application controls).

Identification and correction of internal control deficiencies.

Involvement of shared service providers.

B. Demonstrate an understanding of the application of internal control to:

Programs and operations, including information technology.

Financial reporting.

Compliance.

Fraud, waste and abuse prevention and detection.

C. Demonstrate an understanding of internal control responsibilities, including:

Management's responsibility to establish, monitor, remediate and report on internal control.

Management's responsibility for detecting and reporting fraud, waste and abuse.

The independent auditor's responsibility regarding internal control.

The roles of the internal auditor in the internal control process.

D. Demonstrate an understanding of the internal control evaluation process, including:



The process for documenting and assessing internal control.

The roles of management and the auditor in the evaluations of internal control including the risk of fraud, waste and abuse.

E. Demonstrate an understanding of the internal control reporting process, including:



How management reports on internal control, including the use of various types of assertions.

The auditor's reporting on internal control.

F. Demonstrate an understanding of Enterprise Risk Management (ERM), including:



Relationship to internal control.

Application of ERM.



IV: Demonstrate an Understanding of Performance Measurement/Metrics/Service Efforts and Accomplishments (SEA), Including: (15%)
A. The objectives of financial and non-financial performance measures.

B. How performance measures relate to organizational goals and objectives.

C. How financial and non-financial performance measures are linked.

D. How financial and non-financial performance measures are integrated with the strategic plan and budget.

E. The uses of performance measurement and reporting to demonstrate public accountability and transparency.

F. The uses of performance measurement and reporting to Strengthen allocation of resources and oversight of performance.

G. The uses of performance measurement and reporting to Strengthen effectiveness and efficiency.

H. The types of performance measures: inputs, outputs, outcomes and efficiency measures.

I. The characteristics of performance measurement data (e.g., relevant, understandable, comparable, reliable, timely, verifiable, actionable, cost-beneficial).

J. Baselines and benchmarks.

K. The role of stakeholder input in the performance process.

L. The legal requirement and guidance for performance measurement.

V: Auditing (20%)

A. Demonstrate an understanding of auditing, including:

Types of auditors (e.g., external, internal).

Objectives of financial audits.

Objectives of attestation engagements.

Objectives of performance audits.

Uses of audit reports.

The concept of materiality.

B. Demonstrate an understanding of standards, including:

The sources of auditing standards for audits of government organizations.

The interrelationships among various audit standards-setting organizations (e.g., the Government Accountability Office (GAO), American Institute of Certified Public Accountants (AICPA) Auditing Standards Board and the Public Company Accounting Oversight Board (PCAOB)).

The concept of general standards (e.g., independence, professional judgement, competence, quality control and assurance).

The concept of auditor independence and the impact of non-audit professional services on independence.

Standards for financial audits.

Standards for attestation engagements.

The responsibilities of the auditor in an audit follow-up program.

Fieldwork and reporting standards for performance audits.

The types of activities that are considered sensitive in a government audit (e.g., taxpayer information, payments to informants, the Health Insurance Portability and Accountability Act (HIPAA) data, personally identifiable information (PII)).

C. Demonstrate an understanding of the responsibilities of the auditee, including tasks related to:

Preparing for and procuring audit services.

Supporting the audit process.

Preparation of the management representation letter.

Audit follow-up and corrective action plan based on audit findings.

The role of an audit or audit advisory committee.

D. Demonstrate an understanding of the components of the Single Audit Act and the role of the Office of Management and Budget (OMB), including:

The scope and purpose.

The required reports.



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Financial Certified testing

 

New diagnostic centres to boost NHS testing capacity in England

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The NHS in England will be given the capacity to perform almost 750,000 more tests and checks a year through a number of new “one-stop shop” community diagnostic centres, more than half of them funded by private-sector capital.

The government on Friday announced 13 new centres, to which patients will be referred by doctors for scans and other investigations, as it taps new sources of funding to tackle record waiting lists amid tight public-sector spending constraints.

Eight of the centres will be run by the private sector, as the Financial Times first reported on Wednesday, part of a plan backed by an elective recovery task force set up last year by prime minister Rishi Sunak.

Staff in the privately run CDCs will be employed by the independent sector, which will also own the buildings, keeping them off the Treasury balance sheet.

Five of them will be in the south-west and operated by InHealth, a specialist provider of diagnostic tests that has worked with the NHS for more than 30 years. They will be fully open in 2024. The other three — in Southend, Northampton and south Birmingham — will be operational by the end of this year.

Together with five more NHS-run centres across the country, backed by £2.3bn, the new centres will be able to deliver 742,000 more tests a year.

Sunak has made cutting waiting lists one of his five “people’s priorities” ahead of the general election expected next year. But he acknowledged on Wednesday that about 7.9mn people are awaiting non-urgent hospital treatment, the highest since records began.

More diagnostic equipment is badly needed in the NHS, which has fewer scanners and other facilities than many comparable OECD countries. At present, just four CDCs are being run fully by the independent sector.

David Hare, chief executive of the Independent Health Providers Network and a member of the task force, said the government’s announcement marked “a real, significant step forward to unlocking more of the capital, capacity and capability of the independent sector”.

Saffron Cordery, deputy chief executive of NHS Providers, said hospital trusts would welcome the extra support but insisted that the NHS be given the capital funding it needed “now and in the longer term to expand its own diagnostics capacity amid a backdrop of growing patient demand”.

Health secretary Steve Barclay said it was important to “use every available resource to deliver life-saving checks to ease pressure on the NHS”. The task force had identified “additional diagnostic capacity that is available in the independent sector, which they will now use more widely to enable patients to access the care they need quicker,” he added.

Separately, the health department on Friday highlighted a new procurement system, the Provider Selection Regime. Its aim is to give bodies buying healthcare for the NHS more flexibility when selecting providers, in a push to cut unnecessary competitive tendering.

However, Labour sought to underline the government’s failure to make greater use of the private sector, saying that its spare capacity could have enabled treatment for a further 331,000 NHS patients since January 2022.


EHang Reports Second Quarter 2023 Unaudited Financial Results

- All Planned Tests for EH216-S Type Certification Completed 100%

- Strategic UAM Operational Partnership with Shenzhen Bao’an District

- US$23 Million Strategic PIPE Investment to Strengthen Liquidity

GUANGZHOU, China, Aug. 17, 2023 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (“AAV”) technology platform company, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Financial and Operational Highlights for the Second Quarter 2023

  • Total revenues were RMB10.0 million (US$1.4 million), compared with RMB22.2 million in the first quarter of 2023, as some deliveries have been extended to be post type certification (“TC”) of EH216-S per customers’ requests in light that the TC process is approaching the end.
  • Gross margin was 60.2%, representing a continued high gross margin level with a slight decrease of 3.7 percentage points compared to 63.9% in the first quarter of 2023, mainly due to the changes in revenue mix.
  • Operating loss was RMB75.3 million (US$10.4 million), compared with RMB75.7 million in the first quarter of 2023.
  • Adjusted operating loss1 (non-GAAP) was RMB51.3 million (US$7.1 million), compared with RMB34.3 million in the first quarter of 2023.
  • Net loss was RMB75.7 million (US$10.4 million), compared with RMB87.0 million in the first quarter of 2023.
  • Adjusted net loss2 (non-GAAP) was RMB51.8 million (US$7.1 million), compared with RMB33.6 million in the first quarter of 2023.
  • Cash, cash equivalents and restricted short-term deposits balances were RMB160.7 million (US$22.2 million) as of June 30, 2023, and increased to RMB320.6 million (US$44.9 million) as of July 31, 2023 after the closing of the US$23 million strategic PIPE investment.
  • Sales and deliveries of EH216 series AAVs3 were 5 units, compared with 11 units in the first quarter of 2023.
  • Business Highlights for the Second Quarter 2023 and exact Developments

  • All Planned Tests for EH216-S Type Certification Completed 100%
  • The Company has achieved a significant milestone for EH216-S TC by successfully completing all of the planned tests and flights in the last phase of demonstration and verification of compliance, and also completed the definitive TC Flight Test by the Civil Aviation Administration of China (“CAAC”), with unwavering endeavors throughout past 31 months since the CAAC officially accepted the Company’s TC application in January 2021. After finishing the remaining procedures, the Company expects to obtain the type certificate of EH216-S Unmanned Aerial Vehicle (“UAV”) System from the CAAC soon.

  • Delivered 5 Units of EH216-S AAVs to Joint Venture withShenzhen-listed Xiyu Tourism
  • In the second quarter of 2023, EHang established a joint venture with Xiyu Tourism (300859.SZ), a Shenzhen-listed leading tourism company in China and delivered 5 units of EH216-S AAVs to the joint venture. The customer aims to develop low-altitude tourism and sightseeing projects with EHang AAVs in the Heavenly Lake of Tianshan, a national 5A-class tourist attraction, and other scenic areas in Northwestern China. The partnership consists of plans to operate a minimum of 120 units of EH216-S or EHang’s comparable passenger-carrying AAVs within the next five years.

  • Strategic UAM Operational Partnership with Shenzhen Bao’an District
  • In July 2023, EHang reached a Memorandum of Understanding (“MOU”) with the Bao’an District Government of Shenzhen municipality on a strategic partnership for urban air mobility (“UAM”) operations after the certification of EH216-S. Both parties will jointly develop UAM use cases, systems, and routes to build Shenzhen as a national low-altitude economy development demonstration city. EHang plans to establish a UAM Operation Demonstration Center at the OH Bay in Shenzhen and launch aerial tourism and sightseeing experience services with EH216-S AAVs.

  • Continued Trial Operations of EH216-S in China
  • Under the CAAC’s guidance and the Company’s 100 Air Mobility Route Initiative, EHang, along with its customers and partners, have developed a total of 20 trial operation sites across 18 cities in China during the two years prior to the end of July 2023. More than 9,300 safety-ensured operational trial flights for low-altitude tourism and aerial sightseeing have been conducted by EH216-S at these sites, which paves the way for future commercial operations following the certification.

  • Extended Flight Footprints in Asia and Europe
  • In April 2023, EHang was inducted as a member of Japan’s Public-Private Committee for Advanced Air Mobility. In June 2023, EHang extended its flight footprints to Okinawa with EH216-S, making the 7th Japanese city that it has flown. It also demonstrated Japan’s first island-hopping flights by an unmanned electric vertical take-off and landing aircraft (“eVTOL”).

    As part of the Israel National Drone Initiative and supported by Dronery and Cando Drones, test flights were conducted for EH216-S and EH216-L in Caesarea and Tel Aviv, Israel in June and August 2023 successively.

    In July 2023, test flights to transport blood bags in Belgium using EH216-S were conducted with the supports of Helicus, DronePort and Blood Services of the Belgian Red Cross. This marked the Europe’s first unmanned flight for medical transportation by an unmanned large-payload eVTOL.

    As of the end of July 2023, the flight footprints of EH216 series AAVs have extended to 14 countries across Asia, Europe and Americas, with a total of more than 39,000 demo and trial flights.

  • US$23 Million Strategic PIPE Investment to Strengthen Liquidity
  • In July 2023, EHang secured a new round of US$23 million of equity investment through a private placement from several strategic investors led by Mr. Lee Soo Man (“Mr. Lee”), a renowned K-Pop music mogul. Additionally, EHang and Mr. Lee will collaborate to drive the development of UAM business in Asian Pacific regions by leveraging each other’s complementary strengths. The gross proceeds from the placement will be allocated by EHang for working capital and general corporate purposes, enabling acceleration of strategic plans for technology advancement, business development, and post-certification commercial operations.

    CEO Remarks

    Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented, “We’ve made remarkable progress in their pursuit of long-term growth. Notably, they are thrilled to announce that they have successfully completed all the planned tests for EH216-S type certification. This achievement marks a significant unprecedented milestone in the global emerging eVTOL industry, underscoring their unwavering dedication and pioneering advantages. Additionally, this sets the stage for us to secure the type certificate soon and proceed with their endeavors to initiate commercial operations.”

    “We’ve also witnessed positive policy developments for the industry recently. Specifically in June, China issued regulations governing UAVs, the first of this kind in the nation, which could propel growth of the sector and provide a clear guidance for UAV flight operations in China, including for their passenger-carrying eVTOL. Furthermore, their global initiatives to expand orders and collaborations have continued to gain traction. This includes conducting additional demonstration and tests flights and exploring various business opportunities at home and abroad. Their strategic partnership with Shenzhen Bao’an Government will stand out as a pivotal step after they obtain the type certificate. For their execution of the post-certification commercial plans, they have further strengthened their liquidity position with a new round of US$23 million investments from long-term strategic investors in July 2023. As a trailblazer in the sector, they are committed to continuously enhancing their products and technologies to offer a secure, efficient, and sustainable aerial experience for their customers and partners. In doing so, they are well-positioned to seize the abundant market opportunities that lie ahead.”

    Financial Results for the Second Quarter 2023

    Revenues

    Total revenues were RMB10.0 million (US$1.4 million), compared with RMB22.2 million in the first quarter of 2023, as some deliveries have been extended to be post TC of EH216-S per customers’ requests in light that the TC process is approaching the end.

    Costs of revenues

    Costs of revenues were RMB4.0 million (US$0.6 million), compared with RMB8.0 million in the first quarter of 2023.

    Gross profit and gross margin

    Gross profit was RMB6.0 million (US$0.8 million), compared with RMB14.2 million in the first quarter of 2023.

    Gross margin was 60.2%, down 3.7 percentage points from 63.9% in the first quarter of 2023. The decrease in gross margin was mainly due to changes in revenue mix.

    Operating expenses

    Total operating expenses were RMB82.0 million (US$11.3 million), representing a decrease of 10.4% compared with RMB91.5 million in the first quarter of 2023.

  • Sales and marketing expenses were RMB13.5 million (US$1.9 million), compared with RMB12.4 million in the first quarter of 2023. The increase was mainly due to increased marketing and promotion activities to enhance brand awareness and higher employee compensation.
  • General and administrative expenses were RMB31.1 million (US$4.3 million), compared with RMB25.0 million in the first quarter of 2023. The increase was mainly attributed to additional provisions for several long-aging accounts receivable on certain customers in the second quarter of 2023.
  • Research and development expenses were RMB37.4 million (US$5.1 million), compared with RMB54.1 million in the first quarter of 2023. The decrease was mainly due to lower share-based compensation expenses for a certain portion of share-based awards vested in the first quarter of 2023, partially offset by the continued focus on EH216-S type certification and increased expenditures on the conforming aircraft and compliance tests in the final demonstration and verification phase of the type certification.
  • Adjusted operating expenses4 (non-GAAP)

    Adjusted operating expenses were RMB58.1 million (US$8.0 million), compared with RMB50.1 million in the first quarter of 2023. Adjusted sales and marketing expenses, adjusted general and administration expenses, and adjusted research and development expenses were RMB8.9 million (US$1.2 million), RMB20.4 million (US$2.8 million) and RMB28.8 million (US$4.0 million) in the second quarter of 2023, respectively. The changes in adjusted operating expenses were primarily due to the same reasons discussed under the heading “Operating expenses” above.

    Operating loss

    Operating loss was RMB75.3 million (US$10.4 million), compared with RMB75.7 million in the first quarter of 2023.

    Adjusted operating loss (non-GAAP)5

    Adjusted operating loss was RMB51.3 million (US$7.1 million), compared with RMB34.3 million in the first quarter of 2023.

    Other income

    Other income was RMB1.2 million (US$0.2 million), compared with RMB11.2 million of other expenses in the first quarter of 2023. This was primarily due to the non-cash expenses of amortization of debt discounts incurred in the first quarter of 2023, which relates to the interim funding recognized as short-term debt provided by an investor in the private placement entered in December 2022. The Company accounted for a significant portion of the funds as short-term debt and the remaining portion as warrants under additional paid-in capital. In addition, the Company has repaid the interim funding of short-term debt in full and, with the warrants exercised, the Company concurrently received US$10 million as purchase price of Class A ordinary shares.

    Net loss

    Net loss was RMB75.7 million (US$10.4 million), compared with RMB87.0 million in the first quarter of 2023.

    Adjusted net loss (non-GAAP)6

    Adjusted net loss was RMB51.8 million (US$7.1million), compared with RMB33.6 million in the first quarter of 2023.

    Adjusted net loss attributable to EHang’s ordinary shareholders was RMB51.6 million (US$7.1million), compared with RMB33.4 million in the first quarter of 2023.

    Loss per share and per ADS

    Basic and diluted net loss per ordinary share were both RMB0.63 (US$0.09). Adjusted basic and diluted net loss per ordinary share7 (non-GAAP) were both RMB0.43 (US$0.06).

    Basic and diluted net loss per ADS were both RMB1.26 (US$0.18). Adjusted basic and diluted net loss per ADS8 (non-GAAP) were both RMB0.86 (US$0.12).

    Balance Sheets

  • Cash, cash equivalents and restricted short-term deposits balances were RMB160.7 million (US$22.2 million) as of June 30, 2023. In July 2023, the Company completed and closed the private investment of US$23 million from long-term strategic investors to support the needs of working capital and general corporate purposes, enabling acceleration of strategic plans for technology advancement, business development, and post-certification commercial operations.
  • Liquidity

    The Company has been incurring losses from operations since inception. For the six months ended June 30, 2023, the Company had net loss of RMB162.8 million (US$22.4 million). As of December 31, 2022 and June 30, 2023, accumulated deficit amounted to RMB1,450.4 million and RMB1,615.2 million (US$222.7 million), respectively.

    The Company’s liquidity and continuous operation depend on its ability to enhance its operating cash flows and financial position, which is currently largely dependent on when the Company will obtain the type certificate of EH216-S to launch commercial sales of EH216-S AAVs, and the Company’s capability to raise additional funds through debt financings or equity offerings. The Company expects to obtain the type certificate soon as it has already completed all the planned tests in the final phase of Demonstration and Verification of Compliance for EH216-S type certification as of the date of this earnings release. In July 2023, the Company has also secured a round of US$23 million of equity investment through private placement from several strategic investors. The gross proceeds from the placement has strengthened the Company’s liquidity status. Therefore, they believe that their current cash and cash equivalents and their anticipated cash flows from operations will be sufficient to meet their anticipated working capital requirements and material cash requirements for at least the next 12 months. However, they may need additional cash resources in the future if they experience changes in business conditions or other developments, or if they pursue opportunities for investment, acquisition, capital expenditure or similar actions.

    Management Transition

    The Company also announced today that Mr. Richard Jian Liu tendered his resignation from his position as the Chief Financial Officer (“CFO”) of the Company for personal reasons, which resignation will become effective on August 31, 2023 and will serve as a senior advisor to the Company effective on September 1, 2023. In addition, the Board has appointed Mr. Conor Chia-hung Yang, currently a director of the Company, as the new Chief Financial Officer while keeping his directorship, effective on September 1, 2023. Mr. Liu’s resignation did not result from any dispute or disagreement with the Board or the Company.

    Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented, “On behalf of the Board and the management team, I would like to thank Richard for his wholehearted dedication and tremendous contributions to EHang’s growth during his 8-year tenure with the Company. As a founding member, his foresight and leadership have been instrumental in leading the Company in going public and navigating the capital markets as the pioneer in the global eVTOL/UAM industry. They would also like to warmly welcome Conor to join their management team, who has more than 30 years of professional experience in financial management, investor relations, capital markets and corporate governance at many listed companies, and served as a director in their Board for more than 3 years since their listing on Nasdaq, demonstrating his deep understanding and confidence in the Company. They look forward to continuing working with Conor in his new capacities to take EHang into a new stage with bright prospect.”

    Mr. Liu said, “I would like to sincerely thank the Board, Huazhi and the investment communities for all your trust and supports in the past 8 years. I have witnessed and experienced the Company’s development and every milestone from an innovative startup into an industry leading listed company and believe the Company has built a solid foundation for its sustainable long-term growth.”

    Mr. Yang said, “I feel privileged to join the management team of EHang, a trailblazer in global UAM industry, and take over CFO’s responsibilities at this pivotal and exhilarating stage. Leveraging my extensive finance experience and my enthusiasm for the UAM sector, I am dedicated to forging strong collaborations with their talented team to drive financial excellence and maximize value for the Company’s stakeholders.”

    Prior to this appointment as CFO, Mr. Yang has served as an independent director, the chair of Audit Committee, and a member of Compensation Committee of the Board of EHang since December 2019. From 2007 to 2023, Mr. Yang served in several chief financial officer positions, including Tuniu Corporation (Nasdaq: TOUR), E-Commerce China Dangdang Inc., and AirMedia Group Inc. Mr. Yang was the chief executive officer of Rock Mobile Corporation from 2004 to 2007, and the chief financial officer of the Asia Pacific region for CellStar Asia Corporation from 1999 to 2004. Prior to that, Mr. Yang was a senior banker at Goldman Sachs (Asia) L.L.C., Lehman Brothers Asia Limited and Morgan Stanley Asia Limited from 1992 to 1999. Mr. Yang currently also serves as an independent director of I-Mab, iQIYI, Inc., Tongcheng Travel Holdings Limited, UP Fintech Holding Ltd and Smart Share Global Limited. Mr. Yang received his master’s degree in business administration from the University of California, Los Angeles (UCLA).

    Board Change

    The Company also announced today that it has appointed Mr. Wing Kee Lau (“Mr. Lau”) as a new independent director to the Board, effective on August 16, 2023. Mr. Lau was also concurrently appointed as the chair of Audit Committee, and a member of Compensation Committee, to succeed Mr. Yang’s prior roles in the Board. The Board has reviewed and determined that Mr. Lau meets all the “independence” requirements under Rule 10A-3 of the United States Exchange Act of 1934 and Listing Rule 5605 of the Nasdaq Stock Market Rules and qualifies as an audit committee financial expert as defined in the instructions to Item 16A of the Form 20-F.

    Following this appointment, the Board will be comprised of six members, including four independent non-executive directors and two executive directors.

    Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented, “On behalf of the Board and the management team, I would like to express their warm welcome to Mr. Lau to join us. I am confident that his extensive background of over 30 years in financial management and accounting will enrich us with a wealth of valuable experience and expertise, further fortifying their dedication to robust governance and strategic oversight.”

    Mr. Lau said, “I am honored to join the Company’s Board, Audit Committee and Compensation Committee. I look forward to collaborating closely with my fellow Board members and the management team to uphold the principles of sound financial stewardship and contribute to the Company’s continued success.”

    Mr. Lau has been serving as the chief financial officer of RoboSense Technology Co., Ltd. since August 2022. From 2000 to 2022, Mr. Lau served in several chief financial officer and senior financial positions at listed or industry-leading companies, including Perfect World Co., Ltd. (SHE: 002624), Ogilvy & Mather Advertising Ltd. Beijing Branch, Tarena International Inc. (Nasdaq: TEDU), Beijing Media Corporation Ltd. (HKEX: 01000), and Square Panda Inc. Prior to that, Mr. Lau was a senior manager at PricewaterhouseCoopers (“PwC”) Shanghai and Beijing from 1994 to 2000, and a senior accountant at PwC Hong Kong from 1990 to 1994. Mr. Lau currently also serves as an independent director at Genetron Holding Ltd. since June 2020. Mr. Lau received his bachelor’s degree in business administration (finance) from Hong Kong Baptist University in 1990, and an EMBA degree from Cheung Kong Graduate School of Business in 2011. Mr. Lau is a member of the Association of Chartered Certified Accountants, and a member of the Hong Kong Institution of Certified Public Accountants.

    Business Outlook

    The Company continues to receive increasing inquiries, demands, and orders from customers for AAV uses in aerial tourism, urban transportation, emergency rescue, and smart city management, which are driven by its first-mover advantages, favorable policies in the UAM sector, and expected upcoming commercialization. The Company’s EH216-S order pipeline in China has reached more than 100 units and continues growing. Most of these orders are conditional upon the Company’s completion of the type certification.

    The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations regarding its business situation and market conditions. The outlook is subject to changes, especially uncertainties and situations related to EH216-S certification, political and economic landscape, etc.

    Conference Call

    EHang’s management team will host an earnings conference call at 8:00 AM on Thursday, August 17, 2023, U.S. Eastern Time (8:00 PM on Thursday, August 17, 2023, Beijing/Hong Kong Time).

    To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

    Participant Online Registration:https://register.vevent.com/register/BId28c5673b2f747f68e3a7042f02cf7f1

    A live and archived webcast of the conference call will be available on the Company’s investors relations website at https://ir.ehang.com/.

    About EHang

    EHang (Nasdaq: EH) is the world’s leading autonomous aerial vehicle (“AAV”) technology platform company. EHang’s mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: urban air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (“UAM”) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit their life in smart cities. For more information, please visit www.ehang.com.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. 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 those relating to EH216-S type certification, their expectations regarding demand for, and market acceptance of, their AAV products and solutions and the commercialization of UAM services, their relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

    Non-GAAPFinancial Measures

    The Company uses adjusted gross profit, adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administration expenses, adjusted research and development expenses, adjusted operating loss, adjusted net loss, adjusted net loss attributable to ordinary shareholders, adjusted basic and diluted loss per ordinary share and adjusted basic and diluted loss per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands.

    The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of items of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings and amortization of debt discounts, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management members in their financial and operational decision-making.

    The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance.

    Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

    For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2513 to US$1.00, the noon buying rate in effect on June 30, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.

    Investor Contact: ir@ehang.com

    Media Contact: pr@ehang.com

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    1 Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.2 Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures” below.3 The EH216 series AAVs include EH216-S, the standard model for passenger transportation, EH216-F model for aerial firefighting, and EH216-L model for aerial logistics.4 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.5 Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.6 Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses and certain non-operational expenses, which include amortization of debt discounts. See “Non-GAAP Financial Measures” below.7 Adjusted basic and diluted net loss per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted loss per ordinary share excluding share-based compensation expenses and certain non-operational expenses, which include amortization of debt discounts. See “Non-GAAP Financial Measures” below.8 Adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is defined as basic and diluted loss per ADS excluding share-based compensation expenses and certain non-operational expenses, which include amortization of debt discounts. See “Non-GAAP Financial Measures” below.

      EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))     As of   As of   December 31, 2022   June 30, 2023   RMB   RMB   US$   (Unaudited)   (Unaudited)   (Unaudited) ASSETS           Current assets:           Cash and cash equivalents 249,310   127,067   17,523 Restricted short-term deposits -   33,617   4,636 Accounts receivable, net9 20,298   16,403   2,262 Inventories 72,364   70,528   9,726 Prepayments and other current assets9 45,183   48,175   6,644 Total current assets 387,155   295,790   40,791             Non-current assets:           Property and equipment, net 47,060   43,802   6,041 Operating lease right‑of‑use assets, net 73,482   73,525   10,140 Intangible assets, net 1,959   2,139   295 Long-term loans receivable 9,980   8,000   1,103 Long-term investments10 9,839   14,142   1,950 Other non-current assets 1,392   1,562   215 Total non-current assets 143,712   143,170   19,744             Total assets 530,867   438,960   60,535            

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    9 On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), using the modified retrospective method and have no material impact on the consolidated financial statements.10 The Company established a joint venture with Xiyu Tourism, a third party, in the second quarter of 2023 and accounted as an equity method investment.

      EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))     As of   As of   December 31, 2022   June 30, 2023   RMB   RMB   US$   (Unaudited)   (Unaudited)   (Unaudited) LIABILITIES AND SHAREHOLDERS’ EQUITY           Current liabilities           Short-term bank loans 49,794   59,338   8,183   Short-term debt11 57,838   -   -   Accounts payable 35,456   33,613   4,635   Contract liabilities 19,321   22,251   3,069   Current portion of long-term bank loans 13,154   1,538   212   Accrued expenses and other liabilities 97,763   93,931   12,953   Current portion of lease liabilities 5,520   6,596   910   Deferred income 1,495   1,551   214   Deferred government subsidies 1,993   2,270   313   Income taxes payable 7   2   -   Total current liabilities 282,341   221,090   30,489               Non-current liabilities:           Long-term bank loans 3,846   3,077   424   Mandatorily redeemable non-controlling interests 40,000   40,000   5,516   Deferred tax liabilities 292   292   40   Unrecognized tax benefit 5,480   5,480   756   Lease liabilities 69,913   70,864   9,773   Deferred income 2,928   2,269   313   Other non-current liabilities 1,389   1,973   272   Total non-current liabilities 123,848   123,955   17,094               Total liabilities 406,189   345,045   47,583                 Shareholders’ equity:             Ordinary shares   75     77     11   Additional paid-in capital12   1,558,356     1,687,880     232,769   Statutory reserves   1,191     1,191     164   Accumulated deficit913   (1,450,374 )   (1,615,182 )   (222,744 ) Accumulated other comprehensive income   15,010     19,256     2,656   Total EHang Holdings Limited shareholders’ equity   124,258     93,222     12,856   Non-controlling interests   420     693     96   Total shareholders’ equity   124,678     93,915     12,952   Total liabilities and shareholders’ equity   530,867     438,960     60,535  

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    11 In December 2022, the Company received interim funding from an investor who has subscribed for certain number of Class A ordinary shares of the Company in a private placement. The funds amounted to US$10 million in total and were made available for use by the Company pending the closing of the private placement. They accounted for a significant portion of the funds as short-term debt and the remaining portion as additional paid-in capital. The closing of the private placement has occurred by the end of first quarter of 2023. The Company has repaid the interim funding in full and concurrently received US$10 million as purchase price of 3,466,204 Class A ordinary shares.12 Additional paid-in capital reflected the impacts from transactions with non-controlling shareholder. Please refer to the annual report for more details.13 Accumulated deficit reflected the impacts from adoption of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) since January 1, 2023 and transactions with non-controlling shareholder. Please refer to the annual report for more details.

      EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)       Three Months Ended   Six Months Ended     June 30,2022   March 31,2023   June 30,2023   June 30,2022   June 30,2023     RMB   RMB   RMB US$   RMB   RMB US$     (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) Total revenues   14,618     22,201     10,006   1,380     20,408     32,207   4,442   Costs of revenues   (4,805 )   (8,007 )   (3,986 ) (550 )   (6,979 )   (11,993 ) (1,654 ) Gross profit   9,813     14,194     6,020   830     13,429     20,214   2,788                             Operating expenses:                         Sales and marketing expenses   (12,243 )   (12,474 )   (13,526 ) (1,865 )   (24,940 )   (26,000 ) (3,586 ) General and administrative expenses   (39,563 )   (24,996 )   (31,061 ) (4,284 )   (63,073 )   (56,057 ) (7,731 ) Research and development expenses   (34,727 )   (54,075 )   (37,414 ) (5,160 )   (66,728 )   (91,489 ) (12,617 ) Total operating expenses   (86,533 )   (91,545 )   (82,001 ) (11,309 )   (154,741 )   (173,546 ) (23,934 )                           Other operating income   2,424     1,605     676   93     3,202     2,281   315   Operating loss   (74,296 )   (75,746 )   (75,305 ) (10,386 )   (138,110 )   (151,051 ) (20,831 )                           Other income (expense):                         Interest and investment income   1,139     983     966   133     2,509     1,949   269   Interest expenses   (440 )   (714 )   (816 ) (113 )   (915 )   (1,530 ) (211 ) Amortization of debt discounts   -     (12,023 )   -   -     -     (12,023 ) (1,658 ) Foreign exchange loss   (1,018 )   (96 )   (1,028 ) (142 )   (1,441 )   (1,124 ) (155 ) Other non-operating income (expenses), net   721     651     2,075   286     (4,768 )   2,726   375   Total other income (expense)   402     (11,199 )   1,197   164     (4,615 )   (10,002 ) (1,380 )                           Loss before income tax and income (loss) from equity method investment   (73,894 )   (86,945 )   (74,108 ) (10,222 )   (142,725 )   (161,053 ) (22,211 ) Income tax (expenses) benefits   (1 )   (1 )   (13 ) (2 )   1     (14 ) (2 ) Loss before income (loss) from equity method investment   (73,895 )   (86,946 )   (74,121 ) (10,224 )   (142,724 )   (161,067 ) (22,213 ) Income (loss) from equity method investment   30     (90 )   (1,607 ) (222 )   43     (1,697 ) (234 ) Net loss   (73,865 )   (87,036 )   (75,728 ) (10,446 )   (142,681 )   (162,764 ) (22,447 )   EHANG HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)       Three Months Ended   Six Months Ended     June 30,2022   March 31,2023   June 30,2023   June 30,2022   June 30,2023     RMB   RMB   RMB US$   RMB   RMB US$     (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) Net loss   (73,865 )   (87,036 )   (75,728 ) (10,446 )   (142,681 )   (162,764 ) (22,447 ) Net loss attributable to non-controlling interests   312     211     165   23     467     376   52   Net loss attributable to ordinary shareholders   (73,553 )   (86,825 )   (75,563 ) (10,423 )   (142,214 )   (162,388 ) (22,395 ) Net loss per ordinary share:                         Basic and diluted   (0.64 )   (0.74 )   (0.63 ) (0.09 )   (1.24 )   (1.37 ) (0.19 ) Shares used in net loss per ordinary share computation (in thousands of shares):                         Basic and diluted   114,410     117,549     120,159   120,159     114,385     118,286   118,286   Loss per ADS (2 ordinary shares equal to 1 ADS)Basic and diluted   (1.28 )   (1.48 )   (1.26 ) (0.18 )   (2.48 )   (2.74 ) (0.38 )                           Other comprehensive income (loss)                         Foreign currency translation adjustments net of nil tax   12,444     (722 )   4,968   685     11,330     4,246   586   Total other comprehensive income (loss), net of tax   12,444     (722 )   4,968   685     11,330     4,246   586   Comprehensive loss   (61,421 )   (87,758 )   (70,760 ) (9,761 )   (131,351 )   (158,518 ) (21,861 ) Comprehensive loss attributable to non-controlling interests   312     211     165   23     467     376   52   Comprehensive loss attributable to ordinary shareholders   (61,109 )   (87,547 )   (70,595 ) (9,738 )   (130,884 )   (158,142 ) (21,809 )                             EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)       Three Months Ended   Six Months Ended     June 30,2022   March 31,2023   June 30,2023   June 30,2022   June 30,2023     RMB   RMB   RMB US$   RMB   RMB US$     (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) Gross profit   9,813     14,194     6,020   830     13,429     20,214   2,788   Plus: Share-based compensation   -     -     -   -     -     -   -   Adjusted gross profit   9,813     14,194     6,020   830     13,429     20,214   2,788                             Sales and marketing expenses   (12,243 )   (12,474 )   (13,526 ) (1,865 )   (24,940 )   (26,000 ) (3,586 ) Plus: Share-based compensation   4,545     4,951     4,656   642     8,897     9,607   1,325   Adjusted sales and marketing expenses   (7,698 )   (7,523 )   (8,870 ) (1,223 )   (16,043 )   (16,393 ) (2,261 )                           General and administrative expenses   (39,563 )   (24,996 )   (31,061 ) (4,284 )   (63,073 )   (56,057 ) (7,731 ) Plus: Share-based compensation   10,726     9,163     10,693   1,475     20,979     19,857   2,738   Adjusted general and administrative expenses   (28,837 )   (15,833 )   (20,368 ) (2,809 )   (42,094 )   (36,200 ) (4,993 )                           Research and development expenses   (34,727 )   (54,075 )   (37,414 ) (5,160 )   (66,728 )   (91,489 ) (12,617 ) Plus: Share-based compensation   7,834     27,325     8,607   1,187     15,373     35,931   4,955   Adjusted research and development expenses   (26,893 )   (26,750 )   (28,807 ) (3,973 )   (51,355 )   (55,558 ) (7,662 )                           Operating expenses   (86,533 )   (91,545 )   (82,001 ) (11,309 )   (154,741 )   (173,546 ) (23,934 ) Plus: Share-based compensation   23,105     41,439     23,956   3,304     45,249     65,395   9,018   Adjusted operating expenses   (63,428 )   (50,106 )   (58,045 ) (8,005 )   (109,492 )   (108,151 ) (14,916 )                           Operating loss   (74,296 )   (75,746 )   (75,305 ) (10,386 )   (138,110 )   (151,051 ) (20,831 ) Plus: Share-based compensation   23,105     41,439     23,956   3,304     45,249     65,395   9,018   Adjusted operating loss   (51,191 )   (34,307 )   (51,349 ) (7,082 )   (92,861 )   (85,656 ) (11,813 )   EHANG HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)       Three Months Ended   Six Months Ended     June 30,2022   March 31,2023   June 30,2023   June 30,2022   June 30,2023     RMB   RMB   RMB US$   RMB   RMB US$     (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) Net loss   (73,865 )   (87,036 )   (75,728 ) (10,446 )   (142,681 )   (162,764 ) (22,447 ) Plus: Share-based compensation   23,105     41,439     23,956   3,304     45,249     65,395   9,018   Plus: Amortization of debt discounts   -     12,023     -   -         12,023   1,658   Plus: Certain non-operational expenses   -     -     -   -     5,803     -   -   Adjusted net loss   (50,760 )   (33,574 )   (51,772 ) (7,142 )   (91,629 )   (85,346 ) (11,771 )                       Net loss attributable to ordinary shareholders   (73,553 )   (86,825 )   (75,563 ) (10,423 )   (142,214 )   (162,388 ) (22,395 ) Plus: Share-based compensation   23,105     41,439     23,956   3,304     45,249     65,395   9,018   Plus: Amortization of debt discounts   -     12,023     -   -     -     12,023   1,658   Plus: Certain non-operational expenses   -     -     -   -     5,803     -   -   Adjusted net loss attributable to ordinary shareholders   (50,448 )   (33,363 )   (51,607 ) (7,119 )   (91,162 )   (84,970 ) (11,719 )                           Adjusted basic and diluted net loss per ordinary share   (0.44 )   (0.28 )   (0.43 ) (0.06 )   (0.80 )   (0.72 ) (0.10 ) Adjusted basic and diluted net loss per ADS   (0.88 )   (0.56 )   (0.86 ) (0.12 )   (1.60 )   (1.44 ) (0.20 )

     

     


     




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    Warum sind Cyberrisiken so schwer greifbar?

    Als mehr oder weniger neuartiges Phänomen stellen Cyberrisiken Unternehmen und Versicherer vor besondere Herausforderungen. Nicht nur die neuen Schadenszenarien sind abstrakter oder noch nicht bekannt. Häufig sind immaterielle Werte durch Cyberrisiken in Gefahr. Diese wertvollen Vermögensgegenstände sind schwer bewertbar.

    Obwohl die Gefahr durchaus wahrgenommen wird, unterschätzen viele Firmen ihr eigenes Risiko. Dies liegt unter anderem auch an den Veröffentlichungen zu Cyberrisiken. In der Presse finden sich unzählige Berichte von Cyberattacken auf namhafte und große Unternehmen. Den Weg in die Presse finden eben nur die spektakulären Fälle. Die dort genannten Schadenszenarien werden dann für das eigene Unternehmen als unrealistisch eingestuft. Die für die KMU nicht minder gefährlichen Cyber­attacken werden nur selten publiziert.

    Aufgrund der fehlenden öffentlichen Meldungen von Sicherheitsvorfällen an Sicherheitsbehörden und wegen der fehlenden Presseberichte fällt es schwer, Fakten und Zahlen zur Risikolage zu erheben. Aber ohne diese Grundlage fällt es schwer, in entsprechende Sicherheitsmaßnahmen zu investieren.

    Erklärungsleitfaden anhand eines Ursache-Wirkungs-Modells

    Häufig nähert man sich dem Thema Cyberrisiko anlass- oder eventbezogen, also wenn sich neue Schaden­szenarien wie die weltweite WannaCry-Attacke entwickeln. Häufig wird auch akteursgebunden beleuchtet, wer Angreifer oder Opfer sein kann. Dadurch begrenzt man sich bei dem Thema häufig zu sehr nur auf die Cyberkriminalität. Um dem Thema Cyberrisiko jedoch gerecht zu werden, müssen auch weitere Ursachen hinzugezogen werden.

    Mit einer Kategorisierung kann das Thema ganzheitlich und nachvollziehbar strukturiert werden. Ebenso hilft eine solche Kategorisierung dabei, eine Abgrenzung vorzunehmen, für welche Gefahren Versicherungsschutz über eine etwaige Cyberversicherung besteht und für welche nicht.

    Die Ursachen sind dabei die Risiken, während finanzielle bzw. nicht finanzielle Verluste die Wirkungen sind. Cyberrisiken werden demnach in zwei Hauptursachen eingeteilt. Auf der einen Seite sind die nicht kriminellen Ursachen und auf der anderen Seite die kriminellen Ursachen zu nennen. Beide Ursachen können dabei in drei Untergruppen unterteilt werden.

    Nicht kriminelle Ursachen

    Höhere Gewalt

    Häufig hat man bei dem Thema Cyberrisiko nur die kriminellen Ursachen vor Augen. Aber auch höhere Gewalt kann zu einem empfindlichen Datenverlust führen oder zumindest die Verfügbarkeit von Daten einschränken, indem Rechenzentren durch Naturkatastrophen wie beispielsweise Überschwemmungen oder Erdbeben zerstört werden. Ebenso sind Stromausfälle denkbar.

    Menschliches Versagen/Fehlverhalten

    Als Cyberrisiken sind auch unbeabsichtigtes und menschliches Fehlverhalten denkbar. Hierunter könnte das versehentliche Veröffentlichen von sensiblen Informationen fallen. Möglich sind eine falsche Adressierung, Wahl einer falschen Faxnummer oder das Hochladen sensibler Daten auf einen öffentlichen Bereich der Homepage.

    Technisches Versagen

    Auch Hardwaredefekte können zu einem herben Datenverlust führen. Neben einem Überhitzen von Rechnern sind Kurzschlüsse in Systemtechnik oder sogenannte Headcrashes von Festplatten denkbare Szenarien.

    Kriminelle Ursachen

    Hackerangriffe

    Hackerangriffe oder Cyberattacken sind in der Regel die Szenarien, die die Presse dominieren. Häufig wird von spektakulären Datendiebstählen auf große Firmen oder von weltweiten Angriffen mit sogenannten Kryptotrojanern berichtet. Opfer kann am Ende aber jeder werden. Ziele, Methoden und auch das Interesse sind vielfältig. Neben dem finanziellen Interesse können Hackerangriffe auch zur Spionage oder Sabotage eingesetzt werden. Mögliche Hackermethoden sind unter anderem: Social Engineering, Trojaner, DoS-Attacken oder Viren.

    Physischer Angriff

    Die Zielsetzung eines physischen Angriffs ist ähnlich dem eines Hacker­angriffs. Dabei wird nicht auf die Tools eines Hackerangriffs zurückgegriffen, sondern durch das physische Eindringen in Unternehmensgebäude das Ziel erreicht. Häufig sind es Mitarbeiter, die vertrauliche Informationen stehlen, da sie bereits den notwendigen Zugang zu den Daten besitzen.

    Erpressung

    Obwohl die Erpressung aufgrund der eingesetzten Methoden auch als Hacker­angriff gewertet werden könnte, ergibt eine Differenzierung Sinn. Erpressungsfälle durch Kryptotrojaner sind eines der häufigsten Schadenszenarien für kleinere und mittelständische Unternehmen. Außerdem sind auch Erpressungsfälle denkbar, bei denen sensible Daten gestohlen wurden und ein Lösegeld gefordert wird, damit sie nicht veröffentlicht oder weiterverkauft werden.

    Ihre Cyberversicherung sollte zumindet folgende Schäden abdecken:

    Cyber-Kosten:

    • Soforthilfe und Forensik-Kosten (Kosten der Ursachenermittlung, Benachrichtigungskosten und Callcenter-Leistung)
    • Krisenkommunikation / PR-Maßnahmen
    • Systemverbesserungen nach einer Cyber-Attacke
    • Aufwendungen vor Eintritt des Versicherungsfalls

    Cyber-Drittschäden (Haftpflicht):

    • Befriedigung oder Abwehr von Ansprüchen Dritter
    • Rechtswidrige elektronische Kommunikation
    • Ansprüche der E-Payment-Serviceprovider
    • Vertragsstrafe wegen der Verletzung von Geheimhaltungspflichten und Datenschutzvereinbarungen
    • Vertragliche Schadenersatzansprüche
    • Vertragliche Haftpflicht bei Datenverarbeitung durch Dritte
    • Rechtsverteidigungskosten

    Cyber-Eigenschäden:

    • Betriebsunterbrechung
    • Betriebsunterbrechung durch Ausfall von Dienstleister (optional)
    • Mehrkosten
    • Wiederherstellung von Daten (auch Entfernen der Schadsoftware)
    • Cyber-Diebstahl: elektronischer Zahlungsverkehr, fehlerhafter Versand von Waren, Telefon-Mehrkosten/erhöhte Nutzungsentgelte
    • Cyber-Erpressung
    • Entschädigung mit Strafcharakter/Bußgeld
    • Ersatz-IT-Hardware
    • Cyber-Betrug