Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,498.55 -3.10 -0.02%
S&P 500 1,878.75 3.36 0.18%
NASDAQ 4,147.85 20.88 0.51%
Ticker Volume Price Price Delta
STOXX 50 3,189.81 13.84 0.44%
FTSE 100 6,703.00 28.26 0.42%
DAX 9,548.68 4.49 0.05%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

Bitauto Announces Fourth Quarter and Fiscal Year 2012 Results



        Bitauto Announces Fourth Quarter and Fiscal Year 2012 Results

PR Newswire

BEIJING, March 7, 2013

BEIJING, March 7, 2013 /PRNewswire-FirstCall/ -- 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, 2012[1].

Fourth Quarter and Fiscal Year 2012 Highlights

  o Revenue in the fourth quarter of 2012 was RMB354.9 million (US$57.0
    million), a 55.8% increase from the corresponding period in 2011. Revenue
    in fiscal year 2012 was RMB1.06 billion (US$169.6 million), a 57.8%
    increase from 2011.
  o Gross profit in the fourth quarter of 2012 was RMB249.7 million (US$40.1
    million), a 60.4% increase from the corresponding period in 2011. Gross
    profit in fiscal year 2012 was RMB764.8 million (US$122.8 million), a
    67.6% increase from 2011.
  o Operating profit in the fourth quarter of 2012 was RMB68.4 million
    (US$11.0 million), a 171.3% increase from the corresponding period in
    2011. Operating profit in fiscal year 2012 was RMB153.6 million (US$24.7
    million), a 113.9% increase from 2011.
  o IFRS profit in the fourth quarter of 2012 was RMB60.6 million (US$9.7
    million), an 87.0% increase from the corresponding period in 2011. IFRS
    profit in fiscal year 2012 was RMB135.2 million (US$21.7 million), a 55.1%
    increase from 2011.
  o Non-GAAP profit in the fourth quarter of 2012 was RMB65.2 million (US$10.5
    million), a 75.0% increase from the corresponding period in 2011. Non-GAAP
    profit in fiscal year 2012 was RMB148.4 million (US$23.8 million), a 40.2%
    increase from 2011.
  o In 2012, the Company had 9,900 subscribers of EP (known as Easypass prior
    to August 31, 2012), its online marketing platform for new cars, and 3,084
    used car dealer customers.

Mr. William Li, chief executive officer of Bitauto commented, "I am pleased to
say we experienced another strong quarter as revenue grew by 55.8%
year-on-year in the fourth quarter, and both revenue and net profit exceeded
guidance. Our full-year revenue was RMB1.06 billion representing year-on-year
growth of 57.8%. In particular, full-year revenue for our core bitauto.com
business grew by 81.4% year-on-year.

"Our revenue growth during the year benefited from two key factors," continued
Mr. Li. "Intensified market competition encouraged automakers and dealers to
increasingly invest in online marketing. In addition, our continued focus on
enhancing our EP platform, growing brand awareness and actively expanding our
sales and services network has increased our brand recognition among auto
buyers, auto makers and dealers.

"In 2013 we will maintain focus on three core growth drivers. Firstly, we will
continue to enhance the utilization of advanced products and services
available on the EP platform by dealers, in addition to growing the dealer
subscriber base. Secondly, we will continue to grow awareness of
the bitauto.com brand. Thirdly, we will continue to invest in taoche.com. We
are confident that this strategic approach will provide a solid foundation for
our long-term growth."

Andy Zhang, chief financial officer of Bitauto, commented, "The strong growth
of our operating profit reflects the inherent scalability of Bitauto's
business as well as our continuing efforts to enhance operating efficiencies.
In 2013, we expect our enhanced product offerings and growing brand awareness
to drive steady top line growth. We also expect continuing margin improvements
as we drive efficiencies throughout the business."

Mr. Zhang added, "Starting in 2013, based on the way management oversees and
monitors the Company, there are now four business reporting segments,
including bitauto.com advertising business, the EP platform business,
taoche.com business and digital marketing solutions business. Also starting in
the first quarter, we will report revenue, gross margin and in addition,
operating profit, for these four business reporting segments. We will also
begin reporting on a quarterly basis the total number of
paid subscription months for the period, in addition to the peak number of
fee-paying EP platform subscribers already provided each quarter. We believe
this additional information will better reflect and help improve understanding
of developments in our business."

Recent Updates

As of December 31, 2012, the Company had a total of 41,640,890 ordinary
shares, with 22,362,527 ADSs issued and outstanding. Each ADS represents one
ordinary share of the Company. Basic and diluted per ADS figures for the
fourth quarter of 2012 were calculated using a weighted average of 39,432,710
and 40,465,840 ADSs, respectively. Basic and diluted ADS figures for fiscal
year 2012 were calculated using a weighted average of 39,757,311 and
40,571,361 ADSs, respectively.

Fourth quarter 2012 Results

Revenue by Business Segment
RMB000s (unaudited)   Three months ended
                      December 31, % of Total December 31, % of Total % Change
                      2011         Revenue    2012         Revenue
bitauto.com business  161,574      71.0%      290,420      81.8%      79.7%
taoche.com (formerly  7,788        3.4%       4,641        1.3%       (40.4%)
ucar.cn) business
Digital Marketing     58,362       25.6%      59,816       16.9%      2.5%
Solutions
Total revenue         227,724      100.0%     354,877      100.0%     55.8%
Cost of Revenue by Business Segment
RMB000s (unaudited)   Three months ended
                                   % of Total              % of Total
                      December 31,            December 31,            % Change
                      2011         Cost of    2012         Cost of
                                   Revenue                 Revenue
bitauto.com business  36,431       50.5%      62,693       59.6%      72.1%
taoche.com (formerly  8,991        12.5%      11,266       10.7%      25.3%
ucar.cn) business
Digital Marketing     26,682       37.0%      31,241       29.7%      17.1%
Solutions
Total cost of revenue 72,104       100.0%     105,200      100.0%     45.9%
Gross profit margin   68.3%                   70.4%

Bitauto reported revenue of RMB354.9 million (US$57.0 million) for the fourth
quarter of 2012, representing a 55.8% increase from the corresponding period
in 2011. The increase in revenue was primarily attributable to the growth of
the bitauto.com business.

Cost of revenue for the fourth quarter of 2012 was RMB105.2 million (US$16.9
million), representing a year-over-year increase of 45.9% from RMB72.1 million
(US$11.6 million). Cost of revenue as a percentage of revenue in the fourth
quarter of 2012 was 29.6%, compared to 31.7% in the corresponding period in
2011.

Gross profit for the fourth quarter of 2012 was RMB249.7 million (US$40.1
million), representing a 60.4% increase from the corresponding period in 2011.

Revenue from the bitauto.com business for the fourth quarter of 2012 was
RMB290.4 million (US$46.6 million), representing a 79.7% increase from the
corresponding period in 2011. The increase was attributable to an increase in
dealer subscription revenue, as well as an increase in advertising revenue
resulting from better brand recognition of the bitauto.com website.

Cost of revenue for the bitauto.com business for the fourth quarter of 2012
was RMB62.7 million (US$10.1 million), representing a year-over-year increase
of 72.1% from RMB36.4 million (US$5.8 million). This increase was mainly due
to the purchase of handheld devices, which support our digital point-of-sales
system, on behalf of our auto dealer customers of Bitcar, as well as an
increase in personnel-related expenses of employees involved in
revenue-generating activities, and the depreciation and amortization of
equipment and intangible assets. Cost of revenue as a percentage of revenue in
the fourth quarter of 2012 was 21.6%.

Gross profit from the bitauto.com business for the fourth quarter of 2012 was
RMB227.7 million (US$36.6 million), representing an 82.0% increase from the
corresponding period in 2011. The increase was mainly due to enhanced sales
efficiency and scalability of the bitauto.com business.

Revenue from the taoche.com business for the fourth quarter of 2012 was RMB4.6
million (US$0.7 million), representing a 40.4% decrease from the corresponding
period in 2011. This decrease was the result of our annual sales policy
adjustments which led to a reduction in fee-paying dealer customers.

Cost of revenue for the taoche.com business for the fourth quarter of 2012 was
RMB11.3 million (US$1.8 million), representing a year-over-year increase of
25.3% from RMB9.0 million (US$1.4 million). This was mainly due to an increase
in fees paid to our partner websites to distribute dealer customers' used
automobile listing information, as well as an increase in personnel-related
expenses and bandwidth leasing costs.

Gross loss from the taoche.com business for the fourth quarter of 2012 was
RMB6.6 million (US$1.1 million), compared to a gross loss of RMB1.2 million
(US$0.2 million) in the corresponding period in 2011.

Revenue from the digital marketing solutions business for the fourth quarter
of 2012 was RMB59.8 million (US$9.6 million), representing a 2.5% increase
from the corresponding period in 2011.

Cost of revenue for the digital marketing solutions business for the fourth
quarter of 2012 was RMB31.2 million (US$5.0 million), representing a
year-over-year increase of 17.1% from RMB26.7 million (US$4.3 million) for the
corresponding period in 2011. This was mainly due to an increase in tax and
related surcharges, as well as higher-direct-cost services accounting for a
larger percentage of services provided to digital marketing solutions
customers and an increase in relevant service providing personnel-related
expenses.

Gross profit from the digital marketing solutions business for the fourth
quarter of 2012 was RMB28.6 million (US$4.6 million), representing a 9.8%
decrease from the corresponding period in 2011.

Selling and administrative expenses were RMB163.6 million (US$26.3 million)
for the fourth quarter of 2012, representing an increase of 39.4% from the
corresponding period in 2011. This increase was primarily attributable to an
increase in expenses relating to the Company's search engine and navigation
site marketing efforts, as well as an increase in selling and administrative
headcount and employee salaries and benefits.

Product development expenses were RMB17.7 million (US$2.8 million) for the
fourth quarter of 2012, a 35.8% increase from the corresponding period in
2011. The increase was primarily due to an increase in product development
headcount and an increase in personnel-related expenses.

Share-based payment expenses, which were allocated to related operating
expense line items, were RMB4.6 million (US$0.7 million) in the fourth quarter
of 2012, compared to RMB4.9 million (US$0.8 million) in the corresponding
period in 2011. The decrease was mainly due to the use of the accelerated
amortization method for allocating share-based payment expenses.

Operating profit in the fourth quarter of 2012 was RMB68.4 million (US$11.0
million), representing a 171.3% increase from the corresponding period in
2011. The increase was primarily due to business scalability and an increase
in operation efficiency.

Income tax expense in the fourth quarter of 2012 was RMB9.3 million (US$1.5
million), compared to an income tax benefit of RMB1.3 million (US$0.2 million)
in the corresponding period in 2011. The income tax expense was mainly
attributed to an increase in taxable profit.

IFRS profit in the fourth quarter of 2012 was RMB60.6 million (US$9.7
million), an 87.0% increase from the corresponding period in 2011. Basic and
diluted profit per ADS, each representing one ordinary share, in the fourth
quarter of 2012 amounted to RMB1.54 (US$0.25) and RMB1.50 (US$0.24),
respectively.

Non-GAAP profit in the fourth quarter of 2012 was RMB65.2 million (US$10.5
million), a 75.0% increase from the corresponding period in 2011. Non-GAAP
basic and diluted profit per ADS in the fourth quarter of 2012 amounted to
RMB1.65 (US$0.26) and RMB1.61 (US$0.26), respectively.

As of December 31, 2012, the Company had cash and cash equivalents of RMB600.4
million (US$96.4 million). Cash from operating activities, cash used in
investing activities such as capital expenditures, and cash used in financing
activities in the fourth quarter of 2012 were RMB113.7 million (US$18.2
million), RMB18.9 million (US$3.0 million), and RMB1.2 million (US$0.2
million), respectively.

Gross billings[2]  in the fourth quarter of 2012 was RMB484.7 million (US$77.8
million), compared to RMB363.6 million (US$58.4 million) in the corresponding
period in 2011.

Bills Receivables, representing short-term notes receivable issued by
financial institutions that entitle the Company to receive the full face
amount from the financial institutions at maturity, which generally range from
three to six months from the date of issuance, was RMB68.8 million (US$11.0
million) as of December 31, 2012, compared to RMB74.5 million (US$12.0
million) as of December 31, 2011.

Trade receivables was RMB472.1 million (US$75.8 million) as of December 31,
2012, compared to RMB433.8 million (US$69.6 million) as of December 31, 2011.
This increase was due to an increase in gross billings.

The number of employees totalled 1,980 as of December 31, 2012, representing a
14.0% increase from the same period in 2011. The increase in headcount was
primarily due to the year-over-year expansion of the Company's sales network
from 92 to 132 locations.  

Fiscal Year 2012 Results

Revenue by Business Segment
RMB000s (unaudited)   Twelve months ended
                      December 31, % of Total December 31, % of Total % Change
                      2011         Revenue    2012         Revenue
bitauto.com business  463,297      69.2%      840,573      79.6%      81.4%
taoche.com (formerly  28,143       4.2%       21,624       2.0%       (23.2%)
ucar.cn) business
Digital Marketing     178,514      26.6%      194,709      18.4%      9.1%
Solutions
Total revenue         669,954      100.0%     1,056,906    100.0%     57.8%
Cost of Revenue by Business Segment
RMB000s (unaudited)   Twelve months ended
                                   % of Total              % of Total
                      December 31,            December 31,            % Change
                      2011         Cost of    2012         Cost of
                                   Revenue                 Revenue
bitauto.com business  104,337      48.8%      161,589      55.3%      54.9%
taoche.com (formerly  37,600       17.6%      38,541       13.2%      2.5%
ucar.cn) business
Digital Marketing     71,833       33.6%      92,021       31.5%      28.1%
Solutions
Total cost of revenue 213,770      100.0%     292,151      100.0%     36.7%
Gross profit margin   68.1%                   72.4%

Revenue in 2012 was RMB1.06 billion (US$169.6 million), representing a 57.8%
increase from 2011. The increase in revenue is mainly attributed to the growth
of the bitauto.com business.

Cost of revenue in 2012 was RMB292.2 million (US$46.9 million), representing a
year-over-year increase of 36.7% from RMB213.8 million (US$34.3 million) in
2011. Cost of revenue as a percentage of revenue in 2012 was 27.6%, compared
to 31.9% in 2011.

Gross profit in 2012 was RMB764.8 million (US$122.8 million), representing a
67.6% increase from 2011.

Revenue from the bitauto.com business in 2012 was RMB840.6 million (US$134.9
million), representing an 81.4% increase from 2011. The increase was
attributed to an increase in dealer subscription revenue, as well as an
increase in advertising revenue resulting from better brand recognition of the
bitauto.com website.

Cost of revenue for the bitauto.com business in 2012 was RMB161.6 million
(US$25.9 million), representing a year-over-year increase of 54.9% from
RMB104.3 million (US$16.7 million) in 2011. This increase was mainly due to
the purchase of handheld devices, which support our digital point-of-sales
system, on behalf of our auto dealer customers of Bitcar, as well as an
increase in personnel-related expenses of employees involved in
revenue-generating activities, and the depreciation and amortization of
equipment and intangible assets.

Gross profit from the bitauto.com business in 2012 was RMB679.0 million
(US$109.0 million), representing an 89.2% increase from 2011. The increase was
due to enhanced sales efficiency and scalability of the bitauto.com business.

Revenue from the taoche.com business in 2012 was RMB21.6 million (US$3.5
million), representing a 23.2% decrease from 2011. This decrease was the
result of our annual sales policy adjustments which led to a reduction in
fee-paying dealer customers.

Cost of revenue for the taoche.com business for 2012 was RMB38.5 million
(US$6.2 million), representing a year-over-year increase of 2.5% from RMB37.6
million (US$6.0 million) in 2011. This was mainly due to an increase in
personnel-related expenses and bandwidth leasing costs.

Gross loss from the taoche.com business in 2012 was RMB16.9 million (US$2.7
million), compared to a gross loss of RMB9.5 million (US$1.5 million) in 2011.

Revenue from the digital marketing solutions business in 2012 was RMB194.7
million (US$31.3 million), representing a 9.1% increase from 2011, which
reflects an increase in spending on advertising and events by our customers.

Cost of revenue for the digital marketing solutions business in fiscal year
2012 was RMB92.0 million (US$14.8 million), representing a year-over-year
increase of 28.1% from RMB71.8 million (US$11.5 million) in 2011. This was
mainly due to higher-direct-cost services accounting for a larger percentage
of services provided to digital marketing solutions customers, as well as an
increase in relevant service providing personnel-related expenses, and in tax
and related surcharges.

Gross profit from the digital marketing solutions business in 2012 was
RMB102.7 million (US$16.5 million), representing a 3.7% decrease from 2011.

Selling and administrative expenses in fiscal year 2012 were RMB557.4 million
(US$89.5 million), representing an increase of 60.3% from 2011. This was
mainly due to an increase in expenses relating to the Company's search engine
and navigation site marketing efforts, as well as an increase in selling and
administrative headcount and employee salaries and benefits.

Product development expenses in fiscal year 2012 were RMB53.8 million (US$8.6
million), a 46.8% increase from 2011. The increase was primarily due to an
increase in product development headcount and an increase in personnel-related
expenses.

Share-based payment expenses in fiscal year 2012, which were allocated to
related operating costs and expense line items, were RMB13.3 million (US$2.1
million) in 2012, compared to RMB18.7 million (US$3.0 million) in 2011. The
decrease was mainly due to the use of the accelerated amortization method for
allocating share-based payment expenses.

Operating profit in fiscal year 2012 was RMB153.6 million (US$24.7 million),
representing a 113.9% increase from 2011. The increase was primarily due to
business scalability and an increase in operation efficiency.

Income tax expense in fiscal year 2012 was RMB18.9 million (US$3.0 million),
compared to RMB9.8 million (US$1.6 million) in 2011. The increase was mainly
attributed to an increase in taxable profit.

IFRS profit in fiscal year 2012 was RMB135.2 million (US$21.7 million), a
55.1% increase from 2011. Basic and diluted earnings per ADS, each
representing one ordinary share, in fiscal year 2012 amounted to RMB3.40
(US$0.55) and RMB3.33 (US$0.53), respectively.

Non-GAAP profit in fiscal year 2012 was RMB148.4 million (US$23.8 million), a
40.2% increase from 2011. Non-GAAP basic and diluted profit per ADS in fiscal
year 2012 amounted to RMB3.73 (US$0.60) and RMB3.66 (US$0.59), respectively.

Cash from operating activities, cash used in investing activities such as
capital expenditures, and cash used in financing activities in 2012 were
RMB128.2 million (US$20.6 million), RMB83.3 million (US$13.4 million), and
RMB48.8 million (US$7.8 million), respectively.

Days sales outstanding ("DSO")[3]  were approximately 114 days in fiscal year
2012, compared to approximately 111 days in fiscal year 2011.

First Quarter 2013 Outlook

Bitauto currently expects to generate revenue in the range of RMB235.0 million
(US$37.7 million) to RMB245.0 million (US$39.3 million) in the first quarter
of fiscal year 2013, representing a 32.0% to 37.7% year-over-year increase.
Bitauto currently expects non-GAAP diluted earnings per ADS, each representing
one ordinary share, to be approximately RMB0.46 (US$0.07) to RMB0.51 (US$0.08)
in the first quarter of 2013.

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.

Conference Call Information

Bitauto's management will hold an earnings conference call on Thursday, March
7, 2013 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong time).

Dial-in details for the earnings conference call are as follows:

US:            +1-718-3541-231
Hong Kong:     +852-2475-0994 or 800-930-346
China:         400-6208-038 or 800-8190-121
International: +65-6723-9381
Conference ID: 97755595

A replay of the conference call may be accessed by phone at the following
number until March 14, 2013:

US:            +1-855-4525-696
International: +61-2-8199-0299
Conference ID: 97755595

Additionally, a live and archived webcast of this conference call will be
available at http://ir.bitauto.com.

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.
The Company's bitauto.com and taoche.com (formerly ucar.cn) websites provide
consumers with up-to-date new and used automobile pricing information,
specifications, reviews and consumer feedback. The Company also distributes
its dealer customers' automobile pricing and promotional information through
its partner websites, including major portals and search engines operated by
Tencent, Netease, and Baidu, as well as social networking websites Renren and
Kaixin.

Bitauto manages its businesses in three segments, namely bitauto.com business,
taoche.com business and digital marketing solutions business. The Company's
bitauto.com business provides subscription services to new automobile dealers
that enable them to list pricing and promotional information on the Company's
bitauto.com website as well as partner websites and search engines. The
Company also provides advertising services to dealers and automakers on its
bitauto.com website. The Company's taoche.com business provides listing
services to used automobile dealers that enable them to display used
automobile inventory information on the Company's taoche.com website and
partner websites. The Company also provides advertising services to used
automobile dealers and automakers with certified pre-owned automobile programs
on its taoche.com website. The Company'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 agent services.

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 outlook for first quarter of 2013 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

Bitauto's management supplements the data it receives regarding IFRS profit
with non-GAAP profit, which excludes from IFRS profit the charges relating to
share-based payments. This non-GAAP financial measure provides Bitauto's
management with the ability to assess its operating results without
considering the impact of non-cash charges resulting from share-based
payments. Furthermore, this non-GAAP financial measure eliminates the impact
of item(s) that Bitauto does not consider indicative of the performance of its
business.

The use of non-GAAP profit has certain limitations. Share-based payments have
been and will continue to be incurred and are not reflected in the
presentation of the non-GAAP profit. This non-GAAP financial measure should be
considered in addition to results prepared in accordance with IFRS, and should
not be considered a substitute for or superior to IFRS results. In addition,
non-GAAP profit 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 this non-GAAP financial measure to the most directly
comparable IFRS financial measure is set forth at the end of this release.

[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 RMB6.2301 to US$1.00, the effective noon buying
rate as of December 31, 2012 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] For the advertising agent services the Company provides, the Company acts
as an agent in placing advertisements on the websites of the media vendors on
behalf of the automaker customers. The Company receives fees in the capacity
of an agent for assisting automaker customers in placing advertisements on
media vendors' websites, and therefore, records the fees on a net basis in its
consolidated financial statements. The net fees recognized from each such
transaction amount to a relatively small percentage of the related trade
receivables or payables recorded on a gross basis. For the advertising
services the Company provides, the Company acts as the principal in the
arrangement and records revenues on a gross basis in its consolidated
financial statements. Revenues are recognized only after the amount has been
contractually agreed with the customers, the advertisements have been
published and when the collectability is reasonably assured. For both the
advertising agent services and advertising services provided, the Company
enters into publishing schedule agreements with its automaker and automobile
dealer customers, and related advertising agreements with the media vendors
who are then obligated to place the advertisements according to the Company's
customers' publishing schedule agreements. At such time, the Company records
receivables from the customers and, in the same amount, corresponding payables
due to the media vendors on a gross basis. Such payments are conducted through
the Company. Gross billings include the gross value of advertisements placed
by the Company's customers that correspond to the gross payables recorded due
to the media vendors.
[3] The Company's annual DSO is defined as average trade receivables divided
by gross billings, multiplied by 365 days.

For investor and media inquiries, please contact:

China

IR Department
Bitauto Holdings Limited
Tel: +86-10-6849-2145
ir@bitauto.com

Rachael Layfield
Brunswick Group LLP
Tel: +86-10-5960-8600
bitauto@brunswickgroup.com

New York

Cindy Zheng
Brunswick Group LLP
Tel: +1 (212) 333-3810
bitauto@brunswickgroup.com

 

SELECTED CONSOLIDATED FINANCIAL DATA
Consolidated statements of comprehensive income data
                                          For the Three Months Ended
                                          December 31, 2011  December 31, 2012
                                          Unaudited          Unaudited
Revenue                                   227,724,400        354,876,655
Cost of revenue                           (72,104,020)       (105,200,069)
Gross profit                              155,620,380        249,676,586
Selling and administrative expenses       (117,393,263)      (163,595,329)
Product development expenses              (13,018,262)       (17,682,085)
Operating profit                          25,208,855         68,399,172
Other income                              6,941,645          5,748,244
Other expenses                            (560,754)          (4,420,533)
Interest income                           688,125            2,048,646
Interest expense                          (1,194,064)        (1,410,134)
Changes in fair value of financial        -                  (101,514)
assets
Share of losses of an associate and a     (23,124)           (392,412)
joint venture
Profit before tax                         31,060,683         69,871,469
Income tax benefit/(expense)              1,324,612          (9,295,574)
Profit for the period                     32,385,295         60,575,895
Total comprehensive income for the        27,708,279         56,535,582
period
Other Financial Data (unaudited)
Non-GAAP profit for the period            37,263,071         65,216,924
Reconciliation of IFRS profit to
non-GAAP profit
                                          For the Three Months Ended
                                          December 31, 2011  December 31, 2012
                                          Unaudited          Unaudited
Profit for the period                     32,385,295         60,575,895
Share-based payments                      4,877,776          4,641,029
Non-GAAP profit for the period            37,263,071         65,216,924

 

SELECTED CONSOLIDATED FINANCIAL DATA
Consolidated statements of comprehensive income data
                                          For the Year Ended
                                          December 31, 2011  December 31, 2012
                                          Audited            Unaudited
Revenue                                   669,954,316        1,056,905,980
Cost of revenue                           (213,770,767)      (292,150,155)
Gross profit                              456,183,549        764,755,825
Selling and administrative expenses       (347,734,054)      (557,355,414)
Product development expenses              (36,634,393)       (53,794,845)
Operating profit                          71,815,102         153,605,566
Other income                              24,840,678         6,579,959
Other expenses                            (2,371,416)        (7,279,115)
Interest income                           3,963,484          5,534,742
Interest expense                          (1,238,314)        (3,771,809)
Changes in fair value of financial        -                  (267,297)
assets
Share of losses of an associate and a     (77,292)           (317,143)
joint venture
Profit before tax                         96,932,242         154,084,903
Income tax expense                        (9,758,440)        (18,923,256)
Profit for the year                       87,173,802         135,161,647
Total comprehensive income for the year   58,695,984         134,575,439
Other Financial Data (unaudited)
Non-GAAP profit for the year              105,890,978        148,447,466
Reconciliation of IFRS profit to
non-GAAP profit
                                          For the Year Ended
                                          December 31, 2011  December 31, 2012
                                          Unaudited          Unaudited
Profit for the year                       87,173,802         135,161,647
Share-based payments                      18,717,176         13,285,819
Non-GAAP profit for the year              105,890,978        148,447,466

 

SELECTED CONSOLIDATED FINANCIAL DATA
Consolidated statements of financial position data
                              December 31, 2011  December 31, 2012
                              Audited            Unaudited
Assets
  Trade receivables           433,782,917        472,074,696
  Bills receivables           74,539,413         68,768,260
  Cash and cash equivalents   601,377,150        600,385,558
  Other current assets        49,500,055         81,579,248
  Non-current assets          142,120,417        200,973,099
  Total assets                1,301,319,952      1,423,780,861
Liabilities
  Trade payables              201,125,551        132,821,192
  Other current liabilities   204,635,161        295,863,671
  Non-current liabilities     9,697,740          7,291,615
  Total liabilities           415,458,452        435,976,478
Total equity                  885,861,500        987,804,383
Total liabilities and equity  1,301,319,952      1,423,780,861

SOURCE Bitauto Holdings Limited

Website: http://ir.bitauto.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement