BEIJING, Nov. 26, 2019
/PRNewswire/ -- Bitauto Holdings Limited ("Bitauto" or the
"Company") (NYSE: BITA), a leading provider of internet content
& marketing services, and transaction services for China's fast-growing automotive industry,
today announced its unaudited financial results for the third
quarter ended September 30,
2019[1].
Bitauto Third Quarter 2019 Highlights
- Revenue in the third quarter of 2019 was RMB2.54 billion (US$355.5
million), compared to RMB2.72
billion (US$381.2 million) in
the corresponding period in 2018.
- Gross profit in the third quarter of 2019 was
RMB1.58 billion (US$220.5 million), compared to RMB1.67 billion (US$233.8
million) in the corresponding period in 2018.
- Net loss in the third quarter of 2019 was RMB161.5 million (US$22.6
million), compared to net loss of RMB20.1 million (US$2.8
million) in the corresponding period in 2018.
Non-GAAP net income in the third quarter of 2019 was
RMB109.4 million (US$15.3 million), compared to Non-GAAP net income
of RMB345.0 million (US$48.3 million) in the corresponding period in
2018.
- Net loss attributable to Bitauto in the third quarter of
2019 was RMB164.7 million
(US$23.0 million), compared to net
loss attributable to Bitauto of RMB26.7
million (US$3.7 million) in
the corresponding period in 2018.
Non-GAAP net income attributable to Bitauto in the third
quarter of 2019 was RMB51.9 million
(US$7.3 million), compared to
Non-GAAP net income attributable to Bitauto of RMB265.8 million (US$37.2
million) in the corresponding period in 2018.
Mr. Andy Zhang, chief executive
officer of Bitauto, said, "As new passenger vehicle sales in
China have decreased over the past
fifteen months, automakers and dealers have become more cautious in
their marketing spending. Amid this unfavorable environment,
Bitauto's total revenue was RMB2.54
billion for the third quarter of 2019. Our transaction
services business, however, continued to gain market share with
revenue increasing by 3.9% year-over-year to RMB1.42 billion."
"Since rolling out our upgraded Bitauto media app in the fourth
quarter of last year, we have been pleased to see continuous
improvements in our mobile traffic and the quality and quantity of
our sales leads. According to QuestMobile, in October 2019 daily active users (DAU) of the
Bitauto media app increased by 255% over the same period in 2018.
Also, the combined DAU of both the Bitauto media app and our Auto
Pricing app increased by 55% over the same period in 2018. Our
number of sales leads grew by 6% year-over-year in the third
quarter despite declining new car sales, with a significant
increase in the proportion of organic sales leads to over 60% of
our total sales leads. Meanwhile, conversion rates as measured by
store visits and number of transactions continue to rise,
indicating the improved quality of our sales leads."
"We also made steady progress in expanding our new business
areas. We have received positive feedback from automakers on our
AI-based marketing solution which we launched earlier this year and
we continued to grow our network of independent dealers to over
33,000 during the third quarter with more than 4,400 paying
customers as of the end of October."
"We have recently stepped up our strategic marketing spending to
strengthen the Bitauto brand and improve our brand recognition
among automobile consumers. We view this as an investment to
broaden our user base and better help our automaker and dealer
customers. As more car buyers and owners view us as the app of
choice for car-related information and services, our customer acquisition costs will also decline
in the long run."
"In our transaction services business, Yixin further expanded
its loan facilitation services business, which grew 213%
year-over-year and contributed approximately 73% of total financed
transactions. During the quarter, Yixin also further tightened its
risk control standards to better adjust to China's slower economic growth and changing
regulatory environment."
"Looking forward, we will remain focused on our core business
strategies. First, we will help drive higher ROI for our automaker
and dealer customers by bringing them more high-quality sales
leads. Second, we will work towards rolling out our AI-based
marketing solution, which provides automakers with tailor-made and
result-driven marketing tools, to all mainstream automakers by the
end of this year. Third, we will further improve the revenue mix of
our subscription business by migrating more dealer customers to
premium and deluxe premium packages and expanding our network of 4S
and independent dealers. Fourth, Yixin will continue to grow its
loan facilitation services, enhance risk management, and improve
its product offerings."
Mr. Ming Xu, chief financial
officer of Bitauto, said, "In the third quarter we continued to
devote resources to enhancing content and user engagement, as well
as improving the quantity and quality of our sales leads. We also
introduced new marketing initiatives to strengthen Bitauto's brand
image among automobile consumers. While these investments will lead
to higher operating expenses in the near term, we expect them to
help reduce customer acquisition costs and enhance the
competitiveness of our product offerings over the long run. We are
confident that Bitauto is well-positioned to weather the automobile
industry downturn by bringing exceptional value to our increasingly
ROI-focused automaker and dealer customers."
Bitauto Third Quarter 2019 Results
Bitauto reported revenue of RMB2.54 billion (US$355.5
million) for the third quarter of 2019, compared to
RMB2.72 billion (US$381.2 million) in the corresponding period in
2018.
- Revenue from the advertising and subscription business
for the third quarter of 2019 was RMB923.6
million (US$129.2 million),
compared to RMB1.06 billion
(US$147.8 million) in the
corresponding period in 2018, mainly due to the decrease in
marketing spending by automakers and dealers caused by the
continued decline in new car sales.
- Revenue from the transaction services business for the
third quarter of 2019 was RMB1.42
billion (US$198.1 million),
representing a 3.9% increase from RMB1.36
billion (US$190.8 million) in
the corresponding period in 2018, mainly attributable to the growth
of the Company's loan facilitation services.
- Revenue from the digital marketing solutions business
for the third quarter of 2019 was RMB201.0
million (US$28.1 million),
compared to RMB305.0 million
(US$42.7 million) in the
corresponding period in 2018, mainly due to the decrease in
marketing spending by automakers caused by the continued decline in
new car sales.
Cost of revenue for the third quarter of 2019 was
RMB965.0 million (US$135.0 million), compared to RMB1.05 billion (US$147.4
million) in the corresponding period in 2018. Cost of
revenue as a percentage of revenue in the third quarter of 2019 was
38.0%, compared to 38.7% in the corresponding period in 2018.
Gross profit for the third quarter of 2019 was
RMB1.58 billion (US$220.5 million), compared to RMB1.67 billion (US$233.8
million) in the corresponding period in 2018.
Selling and administrative expenses were RMB1.63 billion (US$228.4
million) for the third quarter of 2019, representing a 7.4%
increase from the corresponding period in 2018. This increase was
primarily due to the increase in marketing expenses associated with
the Company's mobile APPs and the increase in provision for credit
losses of finance receivables, partially offset by the decrease in
share-based compensation.
Product development expenses were RMB149.6 million (US$20.9
million) for the third quarter of 2019, compared to
RMB154.6 million (US$21.6 million) in the corresponding period in
2018.
Share-based compensation, which was allocated to the
related line items of operating expenses, was RMB101.0 million (US$14.1
million) in the third quarter of 2019, compared to
RMB173.1 million (US$24.2 million) in the corresponding period in
2018.
Loss from operations in the third quarter of 2019 was
RMB146.0 million (US$20.4 million), compared to income from
operations of RMB66.0 million
(US$9.2 million) in the corresponding
period in 2018.
Non-GAAP income from operations in the third quarter of
2019 was RMB119.3 million
(US$16.7 million), compared to
Non-GAAP income from operations of RMB408.3
million (US$57.1 million) in
the corresponding period in 2018.
Income tax expense in the third quarter of 2019 was
RMB21.6 million (US$3.0 million), compared to income tax expense
of RMB69.2 million (US$9.7 million) in the corresponding period in
2018.
Net loss in the third quarter of 2019 was RMB161.5 million (US$22.6
million), compared to net loss of RMB20.1 million (US$2.8
million) in the corresponding period in 2018.
Non-GAAP net income in the third quarter of 2019 was
RMB109.4 million (US$15.3 million), compared to Non-GAAP net income
of RMB345.0 million (US$48.3 million) in the corresponding period in
2018.
Net loss attributable to Bitauto in the third quarter of
2019 was RMB164.7 million
(US$23.0 million), compared to net
loss attributable to Bitauto of RMB26.7
million (US$3.7 million) in
the corresponding period in 2018.
Non-GAAP net income attributable to Bitauto in the third
quarter of 2019 was RMB51.9 million
(US$7.3 million), compared to
Non-GAAP net income attributable to Bitauto of RMB265.8 million (US$37.2
million) in the corresponding period in 2018.
Basic and diluted net loss per ADS, each representing one
ordinary share, in the third quarter of 2019 amounted to
RMB2.28 (US$0.32) and RMB2.29 (US$0.32),
respectively.
Non-GAAP basic and diluted net income per ADS in the
third quarter of 2019 amounted to RMB0.76 (US$0.11)
and RMB0.74 (US$0.10), respectively.
As of September 30, 2019, the
Company had cash and cash equivalents, time deposit and
restricted cash of RMB9.30
billion (US$1.30 billion).
Cash provided by operating activities, cash provided by
investing activities, and cash used in financing activities in
the third quarter of 2019 were RMB256.3
million (US$35.9 million),
RMB2.43 billion (US$339.9 million), and RMB1.23 billion (US$171.8
million), respectively.
The number of employees totaled 8,061 as of September 30, 2019, including employees of
entities in which Bitauto has acquired and holds controlling
interests as of such date. This represented a 4.2% year-over-year
increase.
As of September 30, 2019, the
Company had a total of 73,761,089 ordinary shares. Non-GAAP basic
and diluted per ADS figures for the third quarter of 2019 were
calculated using a weighted average of 71,276,919 and 72,349,488
ADSs, respectively. Each ADS represents one ordinary share of the
Company.
Yixin Third Quarter 2019 Highlights
Bitauto's controlled subsidiary Yixin, the primary operator of
the Company's transaction services business, continued to develop
its loan facilitation services and further tightened its risk
control standards to better adjust to China's general weak economic condition and
changing regulatory environment.
In the third quarter of 2019, Yixin facilitated approximately
128,000 financed transactions, representing a year-over-year
increase of approximately 4%, while China's total sales for new and used passenger
vehicle decreased by 2% year-on-year, according to the data from
China Association of Automobile Manufacturers ("CAAM") and China
Automobile Dealers Association ("CADA"). The total aggregate
financing amount facilitated through Yixin's loan facilitation
services and self-operated financing business was approximately
RMB9.70 billion (US$1.36 billion).
In the quarter, Yixin continued to develop its loan facilitation
services and further strengthened its partnership by working with
12 banks and financial institutions including an auto finance
company. For the three months ended September 30, 2019, Yixin facilitated
approximately 94,000 financed transactions, representing a
year-over-year increase of 213% and approximately 73% of Yixin's
total financed transactions.
In the third quarter of 2019, under U.S. GAAP, Yixin's total
revenues reached RMB1.42 billion
(US$198.9 million), representing a
year-over-year increase of 3.1%; new core services revenues, which
include revenues from loan facilitation transactions and new
self-operated financing lease transactions Yixin facilitated during
the period, reached RMB751.5 million
(US$105.1 million), representing a
year-over-year increase of 15.6%.
As of September 30, 2019, 90+ days
(including 180+ days) past due ratio and 180+ days past due ratio
for all financed transactions (including the third-party loan
facilitations) were 1.29% and 0.66%, respectively.
Recent Updates
The Company entered into a voting proxy agreement with
Tencent Holdings Limited (SEHK:
00700; "Tencent") on November 15, 2019, pursuant to which Tencent granted Bitauto, among others, the right
to vote certain shares of Yixin Group Limited (SEHK: 2858; "Yixin")
held by Tencent on the terms and
subject to the conditions set out in the voting proxy agreement. As
a result of the voting proxy agreement, the financial results of
Yixin will remain consolidated with Bitauto's financial statements.
The voting proxy agreement will be effective from November 16, 2019 to November 16, 2020 and will be automatically
extended for one year on November 16,
2020, unless jointly terminated by Tencent and Bitauto in writing.
Fourth Quarter 2019 Outlook
Bitauto currently expects to generate revenue in the range of
RMB2.45
billion (US$342.8
million) to RMB 2.55 billion (US$356.8 million) in the fourth quarter of
2019.
This forecast takes into consideration of seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects the management's current and preliminary
view, which is subject to change.
Conference Call Information
Bitauto's management will hold an earnings conference call at
7:00 AM on November 26, 2019 U.S. Eastern Time (8:00 PM on November 26,
2019 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
|
Mainland
China:
|
800-8190-121 or
400-6208-038
|
International:
|
+65-6713-5090
|
|
|
Conference
ID:
|
6399096
|
A replay of the conference call may be accessed by phone at the
following number until December 3,
2019:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
6399096
|
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 RMB7.1477 to US$1.00, the
effective noon buying rate as of September 30, 2019 in The City of
New York for cable transfers of Renminbi as certified for customs
purposes by the Federal Reserve Bank of New York.
|
|
|
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content & marketing services, and transaction services
for China's fast-growing
automotive industry. Bitauto's business consists of three segments:
advertising and subscription business, transaction services
business and digital marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services to automakers through the
bitauto.com website and corresponding mobile apps which provide
consumers with up-to-date automobile pricing and promotional
information, specifications, reviews and consumer feedback. Bitauto
also provides transaction-focused online advertisements and
services for promotional activities to its business partners,
including automakers, automobile dealers, auto finance partners and
insurance companies. Bitauto offers subscription services via its
SaaS platform, which provides web-based and mobile-based integrated
digital marketing solutions to new car automobile dealers in
China. The SaaS platform enables
automobile dealer subscribers to create their own online showrooms,
list pricing and promotional information, provide automobile 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.
Bitauto's transaction services business is primarily conducted
by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a
leading online automobile finance transaction platform in
China, which provides transaction
platform services as well as self-operated financing services.
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, advertising agent services, big data
applications and digital image creation.
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 income from
operations, Non-GAAP net income, Non-GAAP net income attributable
to Bitauto and Non-GAAP basic and diluted net income per ADS as
Non-GAAP financial measures. Non-GAAP income from operations is
defined as income/(loss) from operations excluding (i) share-based
compensation; (ii) amortization of intangible assets resulting from
asset and business acquisitions. Non-GAAP net income and Non-GAAP
net income attributable to Bitauto, respectively, are defined as
net loss and net loss attributable to Bitauto excluding (i)
share-based compensation; (ii) amortization of intangible assets
resulting from asset and business acquisitions; (iii) investment
loss associated with the share of equity method investments; (iv)
impairment on equity investees; (v) amortization of the BCF
discount on the convertible notes; and (vi) tax effect of Non-GAAP
line items. Non-GAAP basic and diluted net income per ADS is
defined as Non-GAAP net income 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
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com
Clarisse Pan
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
For the Three
Months Ended
|
|
|
September 30,
2018
|
|
September 30,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,724,593
|
|
2,540,704
|
Cost of
revenue
|
|
(1,053,303)
|
|
(964,972)
|
Gross
profit
|
|
1,671,290
|
|
1,575,732
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(1,519,880)
|
|
(1,632,793)
|
Product development
expenses
|
|
(154,643)
|
|
(149,646)
|
Other gains,
net
|
|
69,263
|
|
60,658
|
Income/(Loss) from
operations
|
|
66,030
|
|
(146,049)
|
|
|
|
|
|
Interest
income
|
|
38,202
|
|
31,108
|
Interest
expense
|
|
(24,819)
|
|
(4,619)
|
Share of results of
equity investees
|
|
(30,304)
|
|
(20,361)
|
Income/(Loss)
before tax
|
|
49,109
|
|
(139,921)
|
|
|
|
|
|
Income tax
expense
|
|
(69,230)
|
|
(21,564)
|
Net
loss
|
|
(20,121)
|
|
(161,485)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
|
(458)
|
|
(4,456)
|
Accretion to
redeemable noncontrolling interests
|
|
7,072
|
|
7,669
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(26,735)
|
|
(164,698)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Data
|
|
|
|
|
Non-GAAP net
income
|
|
344,973
|
|
109,410
|
Non-GAAP net income
attributable to noncontrolling interests
|
|
72,097
|
|
49,797
|
Accretion to
redeemable noncontrolling interests
|
|
7,072
|
|
7,669
|
Non-GAAP net
income attributable to Bitauto Holdings Limited
|
|
265,804
|
|
51,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
September 30,
2018
|
|
September 30,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
operations
|
|
66,030
|
|
(146,049)
|
Share-based
compensation
|
|
173,133
|
|
100,989
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
169,118
|
|
164,368
|
Non-GAAP income
from operations
|
|
408,281
|
|
119,308
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(20,121)
|
|
(161,485)
|
Share-based
compensation
|
|
173,133
|
|
100,989
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
169,118
|
|
164,368
|
Investment loss
associated with the share of equity method investments
|
|
-
|
|
7,200
|
Impairment on equity
investees
|
|
17,589
|
|
-
|
Amortization of the
BCF discount on the convertible notes
|
|
7,810
|
|
-
|
Tax effect of
Non-GAAP line items
|
|
(2,556)
|
|
(1,662)
|
Non-GAAP net
income
|
|
344,973
|
|
109,410
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
3.66
|
|
0.76
|
Diluted
|
|
3.36
|
|
0.74
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
December 31,
2018
|
|
September 30,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
|
4,576,820
|
|
6,048,424
|
Time
deposit
|
|
-
|
|
353,645
|
Restricted cash
|
|
4,344,291
|
|
2,781,321
|
Accounts
receivable, net
|
|
3,890,712
|
|
3,915,023
|
Uncollateralized finance receivables - current portion,
net
|
|
5,226,642
|
|
4,991,176
|
Collateralized finance receivables - current portion,
net
|
|
13,546,137
|
|
13,337,374
|
Other
current assets
|
|
2,590,245
|
|
2,386,671
|
|
|
34,174,847
|
|
33,813,634
|
Non-current
assets
|
|
|
|
|
Restricted cash
|
|
446,108
|
|
113,109
|
Investments in equity investees
|
|
1,907,171
|
|
2,035,445
|
Investment in convertible notes
|
|
1,789,470
|
|
1,879,510
|
Property, plant and equipment, net
|
|
449,387
|
|
197,949
|
Intangible assets, net
|
|
996,941
|
|
538,314
|
Goodwill
|
|
532,130
|
|
861,592
|
Uncollateralized finance receivables - non-current portion,
net
|
|
6,609,474
|
|
4,029,378
|
Collateralized finance receivables - non-current portion,
net
|
|
11,494,820
|
|
8,703,931
|
Other
non-current assets *
|
|
1,343,590
|
|
1,933,998
|
|
|
25,569,091
|
|
20,293,226
|
|
|
|
|
|
Total
assets
|
|
59,743,938
|
|
54,106,860
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short
term borrowings
|
|
12,274,038
|
|
12,334,010
|
Asset-backed securitization debt
|
|
10,021,333
|
|
8,779,410
|
Accounts
payable
|
|
2,909,051
|
|
2,377,932
|
Other
current liabilities *
|
|
3,433,227
|
|
3,033,781
|
|
|
28,637,649
|
|
26,525,133
|
Non-current
liabilities
|
|
|
|
|
Long
term borrowings
|
|
4,626,756
|
|
3,714,220
|
Asset-backed securitization debt
|
|
3,764,348
|
|
1,550,506
|
Other
non-current liabilities *
|
|
2,406,748
|
|
1,609,017
|
|
|
10,797,852
|
|
6,873,743
|
|
|
|
|
|
Total
liabilities
|
|
39,435,501
|
|
33,398,876
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
360,010
|
|
382,768
|
|
|
|
|
|
Total
equity
|
|
19,948,427
|
|
20,325,216
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests
and
equity
|
|
59,743,938
|
|
54,106,860
|
|
|
|
|
|
|
|
|
|
|
* The Company has
adopted ASU No. 2016-02, ''Leases" beginning January 1, 2019
applying a modified retrospective transition
approach with prior comparative periods not adjusted. The Company
has elected not to recognize right-of-use assets and lease
liabilities arising from short-term leases. As of September 30,
2019, the Company recognized a total of RMB104.6 million for
operating lease right-of-use assets, a total of RMB58.1 million for
current operating lease liabilities and a total of RMB35.2
million
for non-current operating lease liabilities on consolidated balance
sheets.
|
View original
content:http://www.prnewswire.com/news-releases/bitauto-announces-third-quarter-2019-results-300965277.html
SOURCE Bitauto Holdings Limited