Full-year revenue from transaction services increased 133.6%
year-over-year to RMB1.55 billion in
2016
BEIJING, March 1, 2017 /PRNewswire/ -- Bitauto Holdings
Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading
provider of internet content and marketing services for
China's fast-growing automotive
industry, today announced its unaudited financial results for the
fourth quarter and fiscal year ended December 31, 2016[1].
Fourth Quarter and Fiscal Year 2016
Highlights[2]
- Revenue in the fourth quarter of 2016 was RMB1.75 billion (US$251.9
million), a 31.9% increase from the corresponding period in
2015. Revenue in fiscal year 2016 was RMB5.77 billion (US$831.5
million), a 35.7% increase from 2015.
- Gross profit in the fourth quarter of 2016 was
RMB1.11 billion (US$159.7 million), a 22.8% increase from the
corresponding period in 2015. Gross profit in fiscal year 2016 was
RMB3.69 billion (US$532.2million), a 31.8% increase from
2015.
- Operating loss in the fourth quarter of 2016 was
RMB20.6 million (US$3.0 million), compared to an operating loss of
RMB346.7 million (US$49.9 million) in the corresponding period in
2015. Operating loss in fiscal year 2016 was RMB89.2 million (US$12.9
million), compared to an operating loss of RMB462.1 million (US$66.6
million) in 2015.
- Non-GAAP operating profit in the fourth quarter of 2016
was RMB160.9 million (US$23.2 million), a 27.5% increase from the
corresponding period in 2015. Non-GAAP operating profit in fiscal
year 2016 was RMB611.9 million
(US$88.1 million), a 43.1% increase
from 2015.
- Net loss in the fourth quarter of 2016 was RMB105.1 million (US$15.1
million), compared to a net loss of RMB312.8 million (US$45.1
million) in the corresponding period in 2015. Net
loss in fiscal year 2016 was RMB291.4
million (US$42.0 million),
compared to a net loss of RMB385.3
million (US$55.5 million) in
2015.
- Non-GAAP net profit in the fourth quarter of 2016 was
RMB98.5 million (US$14.2 million), compared to a net profit of
RMB111.2 million (US$16.0 million) in the corresponding period in
2015. Non-GAAP net profit in fiscal year 2016 was RMB439.2 million (US$63.3
million), a 19.6% increase from 2015.
- Basic and diluted net loss per ADS in the fourth quarter
of 2016 was RMB2.70 (US$0.39) and RMB2.70 (US$0.39),
respectively. Basic and diluted net loss per ADS in fiscal
year 2016 was RMB7.70 (US$1.11) and RMB7.70 (US$1.11),
respectively.
- Non-GAAP basic and diluted net profit per ADS in the
fourth quarter of 2016 was RMB0.19
(US$0.03) and RMB0.19 (US$0.03),
respectively. Non-GAAP basic and diluted net profit per ADS in
fiscal year 2016 was RMB3.35
(US$0.48) and RMB3.28 (US$0.47),
respectively.
Mr. William Li, chief executive
officer and chairman of Bitauto said, "We are pleased to end 2016
with solid progress both in building out our platform for serving
the entire auto purchase value chain in China and in driving synergies between our
transaction services and media businesses. As a result, total
revenue in 2016 grew 35.7% year-over-year with a 133.6% annual
increase in transaction services for new and used cars. Combining
Bitauto's clear leadership in transaction services with our robust
media business, we aim to become the preferred platform for auto
consumption in China."
"To achieve this goal, in 2017 we will focus on further
enhancing our traffic, leads-to-transaction conversion rate, and
monetization capabilities in both our media and transaction
businesses. With regard to traffic, we will make efforts in
branding and content to enhance user experience and stickiness,
with a strong focus on the mobile end. To increase our conversion
rate, we will roll out big data-driven marketing tools that are
based on dynamic user behavior to help our customers target auto
buyers more effectively, which will improve both user experience
and our ability to earn media revenue. Lastly, in our transaction
business, we will increase monetization by driving more
multi-purpose transactions covering financing, insurance and
trade-ins."
Mr. Andy Zhang, president of
Bitauto, said, "As we execute our strategies for enhancing traffic,
conversion and monetization, we will gain two significant
competitive advantages. First is a platform effect that applies to
both our media and transactions services businesses. On the media
front, user stickiness will increase across our mobile, PC and
partnering properties. In transaction services, our rapidly growing
user base and value-added services will allow us to generate more
revenue from third-party products, leading to more platform-derived
revenue. The second competitive advantage will come from
the application of big data , as we
leverage China's most
comprehensive, focused, and dynamic auto consumer information
across our media and financial services businesses."
Ms. Cynthia He, chief financial
officer of Bitauto, said, "Bitauto delivered solid results for the
fourth quarter and full year of 2016. Looking ahead, we expect to
see sustained strong revenue contribution from our transaction
services business, as we benefit from our investments made in
recent years in creating a financial
services platform for new and used cars. With major
investments in these areas behind us, in
2017 we will allocate more resources towards enhancing our
user traffic and big data capabilities to drive further growth in
both our advertising and subscription business and our transaction
services business."
Fourth Quarter 2016 Results
Bitauto reported revenue of RMB1.75 billion (US$251.9
million) for the fourth quarter of 2016, representing a
31.9% increase from the corresponding period in 2015. The increase
in revenue was primarily attributable to the growth of the
Company's transaction services business and digital marketing
solutions business.
- Revenue from the advertising and subscription business
for the fourth quarter of 2016 was RMB929.8
million (US$133.9 million),
representing a 2.2% increase from RMB909.6
million (US$131.0 million) in
the corresponding period in 2015.
- Revenue from the transaction services business for the
fourth quarter of 2016 was RMB589.2
million (US$84.9 million),
representing a 161.2% increase from RMB225.6
million (US$32.5 million) in
the corresponding period in 2015. The increase was attributable to
a higher volume of transaction services.
- Revenue from the digital marketing solutions business
for the fourth quarter of 2016 was RMB230.0
million (US$33.1 million),
representing a 20.8% increase from RMB190.4
million (US$27.4 million) in
the corresponding period in 2015, which was primarily due to an
increase in the number of advertising customers as well as
increased spending from some customers.
Cost of revenue for the fourth quarter of 2016 was
RMB640.3 million (US$92.2 million), representing a year-over-year
increase of 51.5% from the corresponding period in 2015. Cost of
revenue as a percentage of revenue in the fourth quarter of 2016
was 36.6%, compared to 31.9% in the corresponding period in 2015.
The increase was primarily due to increased cost related to
transaction services.
Gross profit for the fourth quarter of 2016 was
RMB1.11 billion (US$159.7 million), representing a 22.8% increase
from the corresponding period in 2015.
Selling and administrative expenses were RMB1.00 billion (US$144.7
million) for the fourth quarter of 2016, compared to
RMB1.17 billion (US$168.8 million) in the corresponding period in
2015.
Product development expenses were RMB149.5 million (US$21.5
million) for the fourth quarter of 2016, representing a
68.4% increase from the corresponding period in 2015. The increase
was primarily due to an increase in product development headcount
and related expenses.
Share-based payment expenses, which were allocated to
related operating expense line items, were RMB19.9 million (US$2.9
million) in the fourth quarter of 2016, compared to
RMB27.6 million (US$4.0 million) in the corresponding period in
2015.
Operating loss in the fourth quarter of 2016 was
RMB20.6 million (US$3.0 million), compared to an operating loss of
RMB346.7 million (US$49.9 million) in the corresponding period in
2015.
Non-GAAP operating profit in the fourth quarter of 2016
was RMB160.9 million (US$23.2 million), representing a 27.5% increase
from the corresponding period in 2015.
Income tax expense in the fourth quarter of 2016 was
RMB59.1 million (US$8.5 million), compared to an income tax
expense of RMB7.3 million
(US$1.1 million) in the corresponding
period in 2015. The increase was mainly due to the impact of
increased operating profit as well as certain one-off
non-deductible expenses for some of the Company's subsidiaries.
Net loss in the fourth quarter of 2016 was RMB105.1 million (US$15.1
million), compared to a net loss of RMB312.8 million (US$45.1
million) in the corresponding period in 2015. Basic and
diluted net loss per ADS, each representing one ordinary share, in
the fourth quarter of 2016 amounted to RMB2.70 (US$0.39)
and RMB2.70 (US$0.39), respectively, taking in consideration
the accretion of mezzanine equity amounting to RMB80.2 million (US$11.5
million).
Non-GAAP net profit in the fourth quarter of 2016 was
RMB98.5 million (US$14.2 million), compared to a net profit of
RMB111.2 million (US$16.0 million) in the corresponding period in
2015. Non-GAAP basic and diluted net profit per ADS in the fourth
quarter of 2016 amounted to RMB0.19
(US$0.03) and RMB0.19 (US$0.03),
respectively, taking in consideration the accretion of mezzanine
equity amounting to RMB80.2 million
(US$11.5 million).
Cash from operating activities, cash used in investing
activities, and cash from financing activities in the fourth
quarter of 2016 were RMB407.8 million
(US$58.7 million), RMB6.54 billion (US$942.5
million), and RMB6.32 billion
(US$910.5 million), respectively.
Given the expansion of the Company's financial services platform
business, in the fourth quarter of 2016 cash flows resulting from
finance receivables were reclassified from cash flows from
operating activities to cash flows from investing activities, in
line with comparable companies
Fiscal Year 2016 Results
Revenue in 2016 was RMB5.77
billion (US$831.5 million),
representing a 35.7% increase from 2015. The increase in revenue
was primarily attributable to the growth of the Company's
transaction services business and digital marketing solutions
business.
- Revenue from the advertising and subscription business
in 2016 was RMB3.43 billion
(US$494.5 million), representing a
10.5% increase from RMB3.11 billion
(US$447.4 million) in 2015.
- Revenue from the transaction services business in 2016
was RMB1.55 billion (US$223.5 million), representing a 133.6% increase
from RMB664.2 million (US$95.7 million) in 2015. The increase was
attributable to a higher volume of transaction services.
- Revenue from the digital marketing solutions business in
2016 was RMB788.3 million
(US$113.5 million), representing a
62.9% increase from RMB483.9 million
(US$69.7 million) in 2015, which was
primarily due to an increase in the number of advertising customers
as well as increased spending from some customers.
Cost of revenue in 2016 was RMB2.08 billion (US$299.3
million), representing a year-over-year increase of 43.2%
from 2015. Cost of revenue as a percentage of revenue in 2016 was
36.0%, compared to 34.1% in 2015. The increase was primarily due to
increased cost related to transaction services.
Gross profit in 2016 was RMB3.69
billion (US$532.2 million),
representing a 31.8% increase from 2015.
Selling and administrative expenses were RMB3.40 billion (US$489.4
million) in 2016, representing an increase of 12.7% from
2015. This increase was primarily attributable to the increase in
headcount and related expenses.
Product development expenses were RMB457.4 million (US$65.9
million) in 2016, representing a 46.5% increase from 2015.
The increase was primarily due to an increase in product
development headcount and related expenses.
Share-based payment expenses, which were allocated to
related operating expense line items, were RMB77.0 million (US$11.1
million) in 2016, compared to RMB120.0 million (US$17.3
million) in 2015.
Operating loss in 2016 was RMB89.2
million (US$12.9 million),
compared to an operating loss of RMB462.1
million (US$66.6 million) in
2015.
Non-GAAP operating profit in 2016 was RMB611.9 million (US$88.1
million), representing a 43.1% increase from 2015.
Income tax expense in 2016 was RMB147.6 million (US$21.3
million), compared to an income tax expense of RMB64.5 million (US$9.3
million) in 2015. The increase was mainly due to the impact
of increased operating profit as well as certain one-off
non-deductible expenses for some of the Company's subsidiaries.
Net loss in 2016 was RMB291.4
million (US$42.0 million),
compared to a net loss of RMB385.3
million (US$55.5 million) in
2015. Basic and diluted net loss per ADS, each representing one
ordinary share, in 2016 amounted to RMB7.70 (US$1.11)
and RMB7.70 (US$1.11), respectively, taking in consideration
the accretion of mezzanine equity amounting to RMB205.3 million (US$29.6
million).
Non-GAAP net profit in 2016 was RMB439.2 million (US$63.3
million), a 19.6% increase from 2015. Non-GAAP basic and
diluted net profit per ADS in 2016 amounted to RMB3.35 (US$0.48)
and RMB3.28 (US$0.47), respectively, taking in consideration
the accretion of mezzanine equity amounting to RMB205.3 million (US$29.6
million).
As of December 31, 2016, the
Company had cash and cash equivalents, time deposit and
restricted cash of RMB7.65
billion (US$1.10 billion).
Cash from operating activities, cash used in investing
activities, and cash from financing activities in 2016 were
RMB527.4 million (US$76.0 million), RMB16.97 billion
(US$2.44 billion) , and
RMB15.42 billion (US$2.22 billion), respectively.
Trade receivables was RMB2.07
billion (US$297.9 million) as
of December 31, 2016, compared to
RMB1.90 billion (US$273.6 million) as of December 31, 2015. This increase was in line with
revenue growth.
As of December 31, 2016, the
Company's transaction services business had cash and cash
equivalents and restricted cash of RMB3.72
billion (US$535.9 million),
finance receivables of RMB13.98
billion (US$2.01 billion) and
interest-bearing borrowings of RMB11.32
billion (US$1.63 billion).
The number of employees totaled 7,620 as of December 31, 2016, including employees of the
entities in which Bitauto acquired and holds controlling interests.
This represented a 44.3% increase from December 31, 2015, which was primarily due to
additional headcount from a recently acquired subsidiary named
Kankanche which specializes in used car sales and financial
services.
As of December 31, 2016, the
Company had a total of 70,726,025 ordinary shares, with 34,475,744
ADSs issued and outstanding. Each ADS represents one ordinary share
of the Company. Non-GAAP basic and diluted per ADS figures for the
fourth quarter of 2016 were calculated using a weighted average of
69,169,016 and 70,293,906 ADSs, respectively. Non-GAAP basic and
diluted per ADS figures for fiscal year 2016 were calculated using
a weighted average of 65,160,205 and 69,190,856 ADSs,
respectively.
Recent Updates - Changes of Directors and Management
Bitauto announced the appointment of Mr. Andy Zhang, Bitauto's president, to the
Company's board of directors, effective on March 1, 2017. Mr. Jingning Shao, vice chairman of the board of
directors, has resigned from his position effective on
March 1, 2017 for personal
reasons.
The Company recently appointed Mr. Lei Zhu as its chief
technology officer. Prior to this, Mr. Zhu served as vice president
and general manager of the Commercial Business Division of Didi
Chuxing, responsible for commercialization strategy and product
development related to automobiles, advertising, big data analytics
as well as strategic alliances. Before joining Didi Chuxing, Mr.
Zhu worked at Baidu from 2007 to 2012, in charge of various
business functions including vertical search technology, cloud
computing, and big data analytics. At Bitauto, Mr. Zhu will drive
the application of big data in the Company's media and transaction
services businesses. Mr. Zhu holds an MBA from Tsinghua University
and a bachelor's degree in Science from Shanghai Jiao Tong
University.
In addition, Mr. Xiaoke Liu was
appointed as Bitauto's senior vice president in charge of its media
related businesses. Immediately prior to joining Bitauto, Mr. Liu
served as general manager of the Auto Business Division of SINA
since 2014. Previously, he held various senior positions in the
online automobile industry, including at iFeng and Sohu. In his
current role, Mr. Liu is responsible for Bitauto's brand, traffic,
content and integration between the Company's media and transaction
services businesses. Mr. Liu holds a bachelor's degree in Business
Administration from the University of Luton in
England.
First Quarter 2017 Outlook
Bitauto currently expects to generate revenue in the range of
RMB1.48 billion (US$213.2 million) to RMB1.53 billion
(US$220.4 million) in the first
quarter of 2017.
This forecast takes into consideration seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects management's current and preliminary view,
which is subject to change.
Additional Updates on the Results for the First Three
Quarters of 2016
In the fourth quarter of 2016, the Company improved the
operation system of its financial services
platform. Benefitting from the improvement, the relevant revenue is recorded on a daily
rather than monthly basis. As a result, the Company has recently
determined that additional revenue of RMB11.8 million (US$1.7
million), RMB12.0
million (US$1.7 million) and RMB25.3 million (US$3.6
million) shall be recorded for the first, second and
third quarter of 2016, respectively. In addition, after further
review of relevant supporting documents obtained in the fourth
quarter of 2016, the Company has recently determined that
additional marketing expense of RMB23.0
million (US$3.3 million) shall be recorded for the
third quarter of 2016. As a result, for the first, second and third
quarter of 2016, net loss decreased and Non-GAAP net profit
increased by RMB8.4 million (US$1.2
million), RMB8.5
million (US$1.2 million) and RMB0.7 million (US$0.1
million), respectively, compared to the previously
disclosed amounts.
Conference Call Information
Bitauto's management will hold an earnings conference call at
7:00 AM on March 1, 2017 U.S. Eastern Time (8:00 PM on March 1,
2017 Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-845-675-0437 or
+1-866-519-4004
|
Hong Kong:
|
+852-3018-6771 or
800-906-601
|
China:
|
800-8190-121 or
400-6208-038
|
International:
|
+65-6713-5090
|
|
|
Conference
ID:
|
51279350
|
A replay of the conference call may be accessed by phone at the
following number until March 8,
2017:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
51279350
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.bitauto.com.
[1] This
announcement contains translations of certain amounts in Renminbi
into U.S. dollars at specified rates solely for the convenience of
the readers. Unless otherwise noted, all translations from Renminbi
to U.S. dollars are made at a rate of RMB6.9430 to US$1.00, the
effective noon buying rate as of December 30, 2016 in The City of
New York for cable transfers of Renminbi as certified for customs
purposes by the Federal Reserve Bank of New York.
|
[2] The
unaudited condensed consolidated financial information for the year
and for each of the quarters in the year ended December 31, 2015
have been revised after giving effect to the Company's change in
accounting standards from International Financial Reporting
Standards (IFRS) to accounting principles generally accepted in the
United States of America (U.S. GAAP). The major impacts on
unaudited condensed consolidated statements of operations were
related to revenue, cost of revenue and non-operating
income/expenses. In addition, the accretion of mezzanine equity was
considered when calculating basic and diluted net profit/loss per
ADS.
|
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content and marketing services for China's fast-growing automotive industry.
Bitauto manages its businesses in three segments: its
advertising and subscription business, transaction services
business and digital marketing solutions business.
Bitauto's advertising and subscription business offers
advertising and digital marketing solutions to automakers and
automobile customers in China.
Bitauto provides a variety of advertising services mainly to
automakers through its bitauto.com and taoche.com websites, which
provide consumers with up-to-date new and used automobile pricing
and promotional information, specifications, reviews and consumer
feedback. Bitauto also offers subscription services via its EP
platform which provides web-based and mobile-based integrated
digital marketing solutions to automobile customers in China. The platform enables dealer subscribers
to create their own online showrooms, list pricing and promotional
information, provide dealer contact information, place
advertisements and manage customer relationships to help them reach
a broad set of purchase-minded customers and effectively market
their automobiles to consumers online. In 2014, Bitauto began
providing automobile customers with transaction services on its EP
platform, including automobile transaction, CRM and online
automotive financial platform services, which are intended to
optimize the automobile purchase experience and facilitate
completion of transactions. Bitauto's digital marketing solutions
business provides automakers with one-stop digital marketing
solutions, including website creation and maintenance, online
public relations, online marketing campaigns and advertising.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook of the Company and the
quotations from management in this announcement, as well as
Bitauto's strategic and operational plans, contain forward-looking
statements. Bitauto may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Bitauto'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 the following: our goals
and strategies; our future business development, financial
condition and results of operations; the expected growth of the
automobile industry and the internet marketing industry in
China; our expectations regarding
demand for and market acceptance of our services and service
delivery model; our expectations regarding enhancing our brand
recognition; our expectations regarding keeping and strengthening
our relationships with major customers, partner websites and media
vendors; relevant government policies and regulations relating to
our businesses, automobile purchases and ownership in China; our ability to attract and retain
quality employees; our ability to stay abreast of market trends and
technological advances; competition in our industry in China and internationally; general economic
and business conditions in China;
and our ability to effectively protect our intellectual property
rights and not infringe on the intellectual property rights of
others. Further information regarding these and other risks is
included in Bitauto's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F. Bitauto does
not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law. All information
provided in this press release and in the attachments is as of the
date of this press release, and Bitauto undertakes no duty to
update such information, except as required under applicable
law.
Use of Non-GAAP Financial Measures
To supplement Bitauto's consolidated financial results presented
in accordance with U.S. GAAP, Bitauto uses Non-GAAP operating
profit, Non-GAAP net profit and Non-GAAP basic and diluted net
profit per ADS as non-GAAP financial measures. Non-GAAP operating
profit is defined as operating profit excluding (i) share-based
payments; (ii) amortization of intangible assets resulting from
asset and business acquisitions and (iii) assets write-down.
Non-GAAP net profit is defined as net profit excluding (i)
share-based payments; (ii) amortization of intangible assets
resulting from asset and business acquisitions; (iii) assets
write-down; (iv) fair value adjustment of contingent
considerations; (v) share of amortization of equity investments'
intangible assets not on their books; (vi) investment income
associated with non-cash investment matters; and (vii) amortization
of the BCF discount on the convertible notes. Non-GAAP basic and
diluted net profit per ADS is defined as Non-GAAP net profit
attributable to ordinary shareholders of the parent company divided
by basic and diluted weighted average number of ADS. These non-GAAP
financial measures provide Bitauto's management with the ability to
assess its operating results by excluding certain items that may
not be indicative of the performance of its business such as
non-cash and non-recurring items. Bitauto believes these non-GAAP
financial measures are useful to investors by understanding
supplemental information used by management in its assessment of
operating results.
The use of non-GAAP financial measures has certain limitations.
These non-GAAP measures exclude certain items that have been and
will continue to be incurred in the future and are not reflected in
the presentation of the non-GAAP financial measures. These non-GAAP
financial measures should be considered in addition to results
prepared in accordance with U.S. GAAP, and should not be considered
a substitute for or superior to U.S. GAAP results. In addition,
these non-GAAP financial measures may not be comparable to
similarly titled measures utilized by other companies since such
other companies may not calculate such measures in the same manner
as Bitauto does.
Reconciliation of these non-GAAP financial measures to the most
directly comparable U.S. GAAP financial measure is set forth at the
end of this release.
For investor and media inquiries, please contact:
China
IR
Department
Bitauto Holdings Limited
Tel: +86-10-6849-2145
ir@bitauto.com
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2015
|
|
December 31,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,325,551,042
|
|
1,749,002,813
|
Cost of
revenue
|
|
(422,783,566)
|
|
(640,313,163)
|
Gross
profit
|
|
902,767,476
|
|
1,108,689,650
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(1,172,192,361)
|
|
(1,004,869,472)
|
Product development
expenses
|
|
(88,793,642)
|
|
(149,502,455)
|
Other gains,
net
|
|
11,506,790
|
|
25,129,619
|
Operating
loss
|
|
(346,711,737)
|
|
(20,552,658)
|
|
|
|
|
|
Interest
income
|
|
5,217,774
|
|
21,818,641
|
Interest
expense
|
|
(2,980,760)
|
|
(22,215,613)
|
Share of losses of
associates and joint ventures
|
|
(10,830,979)
|
|
(3,901,258)
|
Investment
income/(loss)
|
|
49,758,106
|
|
(21,170,932)
|
Loss before
tax
|
|
(305,547,596)
|
|
(46,021,820)
|
|
|
|
|
|
Income tax
expense
|
|
(7,290,036)
|
|
(59,060,764)
|
Net
loss
|
|
(312,837,632)
|
|
(105,082,584)
|
Total
comprehensive (loss)/income
|
|
(195,886,678)
|
|
188,169,929
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to non-controlling interests
|
|
6,652,851
|
|
1,377,556
|
Accretion to
redeemable non-controlling interests
|
|
33,533,048
|
|
80,184,960
|
Net loss attributable
to ordinary shareholders of the parent company
|
|
(353,023,531)
|
|
(186,645,100)
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income attributable to non-controlling interests
|
|
6,652,851
|
|
1,580,595
|
Accretion to
redeemable non-controlling interests
|
|
33,533,048
|
|
80,184,960
|
Total comprehensive
(loss)/income attributable to ordinary shareholders of the
parent
company
|
|
(236,072,577)
|
|
106,404,374
|
|
|
|
|
|
|
|
|
|
|
Other financial
data
|
|
|
|
|
Non-GAAP net
profit
|
|
111,171,118
|
|
98,489,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2015
|
|
December 31,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
Operating
loss
|
|
(346,711,737)
|
|
(20,552,658)
|
Share-based
payments
|
|
27,587,826
|
|
19,941,129
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
164,671,592
|
|
161,492,552
|
Assets
write-down
|
|
280,591,210
|
|
-
|
Non-GAAP operating
profit
|
|
126,138,891
|
|
160,881,023
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(312,837,632)
|
|
(105,082,584)
|
Share-based
payments
|
|
27,587,826
|
|
19,941,129
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
164,671,592
|
|
161,492,552
|
Assets
write-down
|
|
280,591,210
|
|
-
|
Fair value adjustment
of contingent considerations
|
|
888,622
|
|
-
|
Share of amortization
of equity investments' intangible assets not on their
books
|
|
27,606
|
|
626,089
|
Investment
(income)/loss associated with non-cash investment
matters
|
|
(49,758,106)
|
|
13,512,123
|
Amortization of the
BCF discount on the convertible notes
|
|
-
|
|
8,000,072
|
Non-GAAP net
profit
|
|
111,171,118
|
|
98,489,381
|
|
|
|
|
|
Non-GAAP net
profit per ADS
|
|
|
|
|
Basic
|
|
1.11
|
|
0.19
|
Diluted
|
|
1.11
|
|
0.19
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
For the Year
Ended
|
|
|
December 31,
2015
|
|
December 31,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
4,254,195,507
|
|
5,772,947,405
|
Cost of
revenue
|
|
(1,450,742,242)
|
|
(2,077,978,820)
|
Gross
profit
|
|
2,803,453,265
|
|
3,694,968,585
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(3,013,998,331)
|
|
(3,397,811,071)
|
Product development
expenses
|
|
(312,099,631)
|
|
(457,367,065)
|
Other gains,
net
|
|
60,507,790
|
|
70,980,729
|
Operating
loss
|
|
(462,136,907)
|
|
(89,228,822)
|
|
|
|
|
|
Interest
income
|
|
24,980,457
|
|
41,651,383
|
Interest
expense
|
|
(8,140,243)
|
|
(52,154,833)
|
Share of losses of
associates and joint ventures
|
|
(16,664,709)
|
|
(25,640,034)
|
Investment
income/(loss)
|
|
141,194,852
|
|
(18,424,588)
|
Loss before
tax
|
|
(320,766,550)
|
|
(143,796,894)
|
|
|
|
|
|
Income tax
expense
|
|
(64,517,403)
|
|
(147,569,404)
|
Net
loss
|
|
(385,283,953)
|
|
(291,366,298)
|
Total
comprehensive (loss)/income
|
|
(40,534,913)
|
|
169,240,881
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to non-controlling interests
|
|
7,898,344
|
|
4,771,688
|
Accretion to
redeemable non-controlling interests
|
|
113,810,488
|
|
205,286,532
|
Net loss attributable
to ordinary shareholders of the parent company
|
|
(506,992,785)
|
|
(501,424,518)
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income attributable to non-controlling interests
|
|
7,898,344
|
|
4,974,727
|
Accretion to
redeemable non-controlling interests
|
|
113,810,488
|
|
205,286,532
|
Total comprehensive loss
attributable to ordinary shareholders of the parent
company
|
|
(162,243,745)
|
|
(41,020,378)
|
|
|
|
|
|
|
|
|
|
|
Other financial
data
|
|
|
|
|
Non-GAAP net
profit
|
|
367,223,862
|
|
439,194,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2015
|
|
December 31,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
Operating
loss
|
|
(462,136,907)
|
|
(89,228,822)
|
Share-based
payments
|
|
120,044,603
|
|
76,981,138
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
489,233,053
|
|
624,149,588
|
Assets
write-down
|
|
280,591,210
|
|
-
|
Non-GAAP operating
profit
|
|
427,731,959
|
|
611,901,904
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(385,283,953)
|
|
(291,366,298)
|
Share-based
payments
|
|
120,044,603
|
|
76,981,138
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
489,233,053
|
|
624,149,588
|
Assets
write-down
|
|
280,591,210
|
|
-
|
Fair value adjustment
of contingent considerations
|
|
3,554,503
|
|
-
|
Share of amortization
of equity investments' intangible assets not on their
books
|
|
279,298
|
|
2,505,235
|
Investment
(income)/loss associated with non-cash investment
matters
|
|
(141,194,852)
|
|
13,764,893
|
Amortization of the
BCF discount on the convertible notes
|
|
-
|
|
13,159,882
|
Non-GAAP net
profit
|
|
367,223,862
|
|
439,194,438
|
|
|
|
|
|
Non-GAAP net
profit per ADS
|
|
|
|
|
Basic
|
|
3.90
|
|
3.35
|
Diluted
|
|
3.76
|
|
3.28
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
December 31,
2015
|
|
December 31,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
2,940,874,390
|
|
2,021,988,662
|
Time
deposits
|
|
100,000,000
|
|
2,000,000
|
Restricted
cash
|
|
350,654,400
|
|
5,475,576,203
|
Trade
receivables
|
|
1,899,789,400
|
|
2,068,614,944
|
Bills
receivables
|
|
147,660,156
|
|
110,235,848
|
Other current
assets
|
|
2,446,069,562
|
|
6,816,542,841
|
Non-current
assets
|
|
5,185,965,139
|
|
13,487,561,741
|
Total
assets
|
|
13,071,013,047
|
|
29,982,520,239
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trade
payables
|
|
987,424,361
|
|
1,603,576,896
|
Other current
liabilities
|
|
1,673,076,585
|
|
10,350,338,292
|
Non-current
liabilities
|
|
88,222,874
|
|
4,219,128,785
|
Total
liabilities
|
|
2,748,723,820
|
|
16,173,043,973
|
Mezzanine
equity
|
|
1,697,717,536
|
|
3,939,646,353
|
Total
equity
|
|
8,624,571,691
|
|
9,869,829,913
|
Total liabilities,
mezzanine equity and equity
|
|
13,071,013,047
|
|
29,982,520,239
|
UPDATED
CONSOLIDATED FINANCIAL DATA FOR THE FIRST THREE
QUARTERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March 31,
2016
|
June 30,
2016
|
September 30,
2016
|
|
|
RMB
|
RMB
|
RMB
|
|
|
Unaudited
|
|
Change*
|
Unaudited
|
|
Change*
|
Unaudited
|
|
Change*
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,095,349,699
|
|
11,846,127
|
1,403,378,458
|
|
11,965,149
|
1,525,216,435
|
|
25,327,731
|
Gross
profit
|
|
742,174,468
|
|
11,174,324
|
861,744,683
|
|
11,267,189
|
982,359,784
|
|
23,873,261
|
Operating
(loss)/profit
|
|
(66,465,694)
|
|
11,174,324
|
10,893,755
|
|
11,267,189
|
(13,104,225)
|
|
873,261
|
Non-GAAP operating
profit
|
|
110,651,439
|
|
11,174,324
|
180,661,649
|
|
11,267,189
|
159,707,793
|
|
873,261
|
Net loss
|
|
(99,828,506)
|
|
8,380,743
|
(39,053,176)
|
|
8,450,392
|
(47,402,032)
|
|
654,945
|
Non-GAAP net
profit
|
|
77,576,854
|
|
8,380,743
|
133,213,674
|
|
8,450,392
|
129,914,529
|
|
654,945
|
|
|
|
|
|
|
|
|
|
|
|
* Increase for revenue, gross
profit, operating profit, Non-GAAP operating profit, Non-GAAP net
profit, and decrease for operating loss and
net loss, compared to the previously disclosed
amounts.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bitauto-announces-fourth-quarter-and-fiscal-year-2016-results-300415862.html
SOURCE Bitauto Holdings Limited