BITAUTO HOLDINGS LTD

CIK:0001499781|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Revenue	¥ 10,752,917	¥ 10,579,609	¥ 8,751,259
Cost of revenue	(4,244,752)	(4,244,398)	(3,234,680)
Gross profit	6,508,165	6,335,211	5,516,579
Selling and administrative expenses	(7,160,276)	(6,370,718)	(6,059,046)
Product development expenses	(609,908)	(611,113)	(565,702)
Other gains, net	305,782	181,114	31,576
Loss from operations	(956,237)	(465,506)	(1,076,593)
Interest income	114,391	125,875	93,025
Interest expense	(147,387)	(79,090)	(92,633)
Share of results of equity investees	(74,111)	(76,810)	(71,866)
Investment loss	(28,677)	(7,889)	(75,097)
Loss before tax	(1,092,021)	(503,420)	(1,223,164)
Income tax expense	(91,019)	(175,896)	(203,824)
Net loss	(1,183,040)	(679,316)	(1,426,988)
Net loss attributable to noncontrolling interests	(13,349)	(99,021)	(147,991)
Accretion to redeemable noncontrolling interests	30,427	28,057	332,117
Net loss attributable to Bitauto Holdings Limited	¥ (1,200,118)	¥ (608,352)	¥ (1,611,114)
Net loss per share/ADS attributable to ordinary shareholders
Basic	¥ (16.92)	¥ (8.13)	¥ (23.01)
Diluted	¥ (16.92)	¥ (8.13)	¥ (23.16)
Weighted average number of shares/ADSs
Basic	71,108,532	71,305,353	70,154,910
Diluted	71,108,532	71,305,353	70,154,910
Other comprehensive (loss)/income
Foreign currency exchange (losses)/gains, net of tax of nil	¥ 67,803	¥ 153,894	¥ (353,747)
Total comprehensive loss, net of tax	(1,115,237)	(525,422)	(1,780,735)
Total comprehensive (loss)/income attributable to noncontrolling interests	5,104	(78,293)	(227,693)
Accretion to redeemable noncontrolling interests	30,427	28,057	332,117
Total comprehensive loss attributable to Bitauto Holdings Limited	¥ (1,150,768)	¥ (475,186)	¥ (1,885,159)

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net loss	¥ (1,183,040)	¥ (679,316)	¥ (1,426,988)
Adjustments to reconcile net loss to net cash provided by operating activities:
Investment loss	28,677	7,889	75,097
Unrealized exchange (gains)/losses	(2,321)	15,993	(8,375)
Interest expense	412	0	31,659
Depreciation of property, plant and equipment	88,436	255,762	185,344
Amortization of intangible assets	670,953	693,761	688,572
Deferred income tax	(272,005)	(150,522)	(46,171)
Share-based compensation	426,371	896,416	1,185,839
(Gains)/Losses on disposal of property, plant and equipment	(14,911)	5,364	(14,910)
Gains on disposal of intangible assets	0	(52,673)	(1,520)
Share of results of equity investees	74,111	76,810	71,866
Gains from guarantee liabilities	(34,782)	(2,462)	0
Impairment of non-current assets	104,761	0	0
Allowance for doubtful accounts for accounts receivable and credit losses for finance receivables	1,216,681	747,254	349,185
Allowance for amounts due from related party and other receivables	66,838	4,000	15,000
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	(246,673)	(1,259,543)	(869,699)
Bills receivable	(7,503)	(34,492)	(220,308)
Prepayments and other receivables	(96,557)	(737,248)	(343,794)
Due from related parties	(75,188)	(13,185)	29,792
Other current assets	141,186	(176,740)	(17)
Other non-current assets	224,292	(104,618)	(375,823)
Accounts payable	294,429	745,184	483,312
Guarantee liabilities	134,884	110,076	0
Deferred revenue	(156,129)	(93,596)	116,347
Income tax payable	78,988	192,625	30,561
Due to related parties	(16,733)	8,322	25,194
Other payables and accruals	37,944	215,689	968,509
Other non-current liabilities	12,476	7,229	(20,446)
Net cash provided by operating activities	1,495,597	677,979	928,226
Cash flows from investing activities
Placement of time deposits	(678,205)	0	0
Proceeds from maturity of time deposits	678,205	0	2,000
Purchase of investments in equity investees	(131,000)	(754,008)	(120,429)
Disposal of investments in equity investees	0	15,328	127,120
Purchases of property, plant and equipment	(523,703)	(230,945)	(1,728,761)
Purchases of intangible assets	(10,278)	(14,143)	(26,706)
Purchase of convertible notes	(335,318)	(139,425)	0
Proceeds from disposal of property, plant and equipment	266,545	816,860	242,282
Proceeds from disposal of intangible assets	0	57,400	0
Acquisition of finance receivables	(12,605,684)	(24,705,908)	(24,608,984)
Collection of finance receivables	20,979,839	17,483,354	9,135,002
Acquisition of subsidiaries, net of cash acquired	6,606	0	(49,585)
Net cash (used in)/provided by investing activities	7,647,007	(7,471,487)	(17,028,061)
Cash flows from financing activities
Proceeds from issuance of subsidiary's ordinary shares, net of issuance costs	0	(3,165)	5,528,755
Proceeds from issuance of subsidiaries' redeemable convertible preference shares, net of issuance costs	0	0	1,317,450
Repurchase of ordinary shares	0	(326,654)	0
Repurchase of subsidiary's ordinary shares	(2,581)	(4,367)	0
Contribution from noncontrolling interests	54,429	0	2,995
Purchase of noncontrolling interests	(123,529)	0	(36,292)
Payment for redemption of convertible debt	(865,850)	0	0
Proceeds from exercise of options	2,326	1,910	26,673
Dividend paid by subsidiary	(4,018)	0	0
Proceeds from borrowings	18,386,906	23,045,346	23,306,791
Repayment of borrowings	(22,060,739)	(22,710,497)	(14,650,880)
Proceeds from asset-backed securitization debt	6,758,846	16,956,147	11,142,486
Repayment of asset-backed securitization debt	(13,175,596)	(11,947,716)	(6,795,858)
Net cash provided by/(used in) financing activities	(11,029,806)	5,011,004	19,842,120
Effect of exchange rate changes on cash and cash equivalents and restricted cash	31,760	110,364	(350,491)
Increase/(Decrease) in cash and cash equivalents and restricted cash	(1,855,442)	(1,672,140)	3,391,794
Cash and cash equivalents and restricted cash at beginning of the year	9,367,219	11,039,359	7,647,565
Cash and cash equivalents and restricted cash at end of the year	7,511,777	9,367,219	11,039,359
Supplemental cash flow disclosures:
Cash paid for income taxes	(284,036)	(133,793)	(219,434)
Cash paid for interest	(2,049,514)	(1,962,269)	(1,118,736)
Supplemental disclosures of non-cash activities:
Purchases of property, plant and equipment	2,970	10,499	9,471
Purchases of intangible assets	498	1,291	708
Amounts receivable from exercise of options	(188)	(176)	(58,415)
Investment in convertible notes in connection with business cooperation with Yusheng Holdings Limited	0	1,645,342	0
Acquisition of subsidiary	68,632	0	0
Investment in equity investees	84,762	0	0
Preferred Stock [Member]
Supplemental disclosures of non-cash activities:
Conversion of Yixin preferred shares	0	0	5,323,103
Convertible Debt [Member]
Supplemental disclosures of non-cash activities:
Conversion of convertible debt	¥ 3,408	¥ 0	¥ 158,450

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	¥ 4,260,533	¥ 4,576,820
Restricted cash	3,136,926	4,344,291
Accounts receivable, net	3,792,641	3,890,712
Bills receivable	372,539	365,036
Prepayments and other receivables	2,220,724	2,039,299
Due from related parties	123,902	181,495
Uncollateralized finance receivables - current portion, net	4,451,575	5,226,642
Collateralized finance receivables - current portion, net	12,301,329	13,546,137
Other current assets	3,393	4,415
Total current assets	30,663,562	34,174,847
Non-current assets
Restricted cash	114,318	446,108
Investment in equity investees	1,912,803	1,907,171
Investment in convertible notes	2,153,790	1,789,470
Property, plant and equipment, net	205,394	449,387
Intangible assets, net	381,749	996,941
Deferred tax assets	443,912	178,563
Goodwill	861,583	532,130
Right-of-use assets	80,962	0
Uncollateralized finance receivables - non-current portion, net	2,906,280	6,609,474
Collateralized finance receivables - non-current portion, net	7,330,610	11,494,820
Other non-current assets	1,322,081	1,165,027
Total non-current assets	17,713,482	25,569,091
Total assets	48,377,044	59,743,938
Current liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the primary beneficiaries of RMB4,399,899 and RMB4,737,669 as of December 31, 2018 and 2019, respectively)
Short term borrowings	10,860,862	12,274,038
Asset-backed securitization debt	6,201,021	10,021,333
Accounts payable	3,081,405	2,909,051
Bills payable	0	32,300
Guarantee liabilities	207,716	107,614
Income tax payable	497,664	361,726
Due to related parties	104,830	106,563
Lease liabilities	46,033	0
Deferred revenue	109,564	164,867
Other payables and accruals	2,533,642	2,660,157
Total current liabilities	23,642,737	28,637,649
Non-current liabilities
Long term borrowings	2,263,614	4,626,756
Asset-backed securitization debt	1,167,910	3,764,348
Convertible debt	0	774,703
Deferred tax liabilities	30,638	27,770
Lease liabilities	23,391	0
Deferred revenue	1,344,094	1,444,920
Other non-current liabilities	148,439	159,355
Total non-current liabilities	4,978,086	10,797,852
Total liabilities	28,620,823	39,435,501
Commitments and contingencies
Redeemable noncontrolling interests	390,437	360,010
Bitauto Holdings Limited shareholders' equity
Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively)	20	19
Additional paid-in capital	12,664,018	12,782,826
Treasury shares	(241,572)	(333,985)
Statutory reserves	222,547	204,583
Accumulated other comprehensive income	650,773	601,423
Accumulated deficit	(3,312,204)	(2,124,549)
Total Bitauto Holdings Limited shareholders' equity	9,983,582	11,130,317
Noncontrolling interests	9,382,202	8,818,110
Total shareholders' equity	19,365,784	19,948,427
Total liabilities, redeemable noncontrolling interests and shareholders' equity	¥ 48,377,044	¥ 59,743,938