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000-975 i 6.1 Basic Operations

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000-975 exam Dumps Source : i 6.1 Basic Operations

Test Code : 000-975
Test denomination : i 6.1 Basic Operations
Vendor denomination : IBM
: 38 actual Questions

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IBM i 6.1 Basic Operations

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This seller-selected Certification is offered by means of:IBM CorporationArmonk, mammoth apple USAPhone: 914-499-1900Email: This e mail address is being blanketed from spambots. You want JavaScript enabled to view it.

skill stage: Intermediate                          reputation: lively

good value: $200 (shortest tune)               

summary:for individuals with operational adventure of storage management who can duty commonplace programs operation tasks with minimal supervision and sophisticated operation tasks with supervision.

preliminary requirements:There are two tracks available: IBM i (6.1) basic Operations, and AIX (6.1) primary Operations. You must stride one examination to your chosen tune. checks are $200 each. working towards is obtainable however no longer required.

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5 Integrations for powerful Automation testing | killexams.com actual Questions and Pass4sure dumps

Image title

We live in a world the space technology is advancing very fast, doing agencies to build investments funds and efforts into establishing smart utility to automate their operations and build confident that every little thing runs easily. "pleasant at pace" is a recent satisfactory commonplace that makes application builders exercise their highest odds to present inventive execution and reporting.

Automation checking out performs an notable role in construction operations toolchain because it helps application developers a success deploy and verify synthetic intelligence. youngsters, effectual automation trying out cannot be done without some high-era tools. They assist builders check a pass to operate automation and more desirable deliver its merits effectively.

therefore, this text is going to demonstrate you the suitable 5 integrations which you could exercise for effectual automation trying out, and existing their gold gauge points and merits.

5 Integrations for potent Automation testing Selenium

after they suppose of automation checking out, Selenium is the primary device that is available in intellect. reports believe proven that nine out of ten builders believe tried this tool. Why is Selenium so familiar? The device is extraordinarily bendy. it's reasonably peculiar to notice such flexibility in an automation device. clients can write their scripts in quite a lot of languages.

as an example, they can exercise Java, Python, personal home page, Ruby, or Perl, and be capable of hasten this device with them. additionally, Selenium is perfectly appropriate with a considerable number of gadget environments and browsers. hence, you might not believe any obstacles, no matter if you exercise windows, Mac, or Linux, in addition to Chrome, Firefox, or information superhighway Explorer.

furthermore, Selenium will moreover be used at its optimum efficiency with the aid of clients with knowledgeable programming journey. It requires a major amount of time and efforts to construct automation frameworks along side libraries. This will moreover be viewed as a downside, but they're extraordinarily notable for a magnificent automation testing.

IBM Rational practical Tester (RFT)

this is one more splendid instrument used for automation testing because it can moreover be used in plenty of languages and technologies. for example, that you would be able to exercise it in aggregate with Java, visible simple, SAP, Dojo Toolkit, Adobe Flex, and a lot of more. This trying out platform is best for regression testing as it is data-driven.

having said that, RFT comes with a several characteristic, "storyboard checking out." builders can exercise it to edit tests without too many problems. herbal language and applications screenshots are ample to build exercise of storyboard checking out successfully. additionally, as it is a instrument developed by IBM, Rational functional Tester can moreover be used at the side of other lifecycle management gear designed via the equal enterprise. IBM Rational group live performance and IBM Rational excellent supervisor are just some examples of tools which will moreover be utilized in aggregate with RFT.

Katalon Studio

Katalon Studio proudly occupies the third region within the testers' preferences, providing an entire set of points for web, API, and mobile. In evaluation to Selenium, Katalon Studio makes it easier for the clients to start the automation checking out and requires less skills and time invested from their facet to hasten the tests effectively.

It doesn't necessity any programming expertise as it has been developed for superior examine scripts. It doesn't believe any licensing or upkeep costs. which you could silent pay committed aid features if mandatory. Being constructed on appropriate of Selenium framework, its developers managed to eradicate the requirement for advanced programming capabilities, being easily integrated and proven.

nevertheless, Katalon Studio doesn't present too many selections when it involves scripting languages. It handiest helps Java and Groovy which may moreover be viewed as a handicap for some testers. besides the fact that children, the characteristic set continues evolving, which may carry some pleasant surprises for the users sooner or later.

Unified functional checking out (UFT)

Proudly occupying a spot in the excellent 10 preferences in the users' preferences for automation checking out equipment, UFT can moreover be used for trying out for mobile, internet, and desktop functions. It moreover includes a finished set of elements for a a success API checking out. it is handy to build exercise of UFT for the sage kick and photograph-based kick detection together with correction.

users had been impressed with the aid of this tool's intuitiveness when it comes to the creation, execution, and reporting of API assessments. With UFT it's additionally easier to generate API tests from WADL documents, this being a characteristic a lot liked via many testers.

eventually, each and every verify action, exercise, and parameters will moreover be visualized and monitored with diagrams. It simplest requires primary programming competencies, bringing the competencies of an integrated consumer lead system and a flush and active group of users. youngsters, it's a expensive solution, with license and maintenance fees accomplishing to greater than $3,000. nevertheless, it helps VBScript exclusively.

TestComplete

This listing would not be complete if they wouldn't comprehend TestComplete on the list. It is likely one of the most favourite solutions for many users due to its comprehensive and robust set of elements, being compatible for web, cell, and laptop. When it comes to script languages, TestComplete is extraordinarily generous, working first-rate with JavaScript, VBScript, C++, and Python.

This automation trying out integration moreover comes with a extremely constructive feature because it comprises an kick attention engine. therefore, it becomes extremely accurate when it comes to detecting dynamic person interface elements. This instrument turns into a very superior champion for purposes created with dynamic person interfaces. Its script introduction time is swift, additionally having a medium studying curve.

Conclusion

In conclusion, automation checking out is fundamental, and builders are extremely vigilant about its significance. given that there is no regularly occurring integration to fulfill outright of the market's wants, testers should cautiously evaluate every application's professionals and cons earlier than they bounce into the exercise of it. The programming languages and technologies evolve very speedy nowadays, which makes suffuse a significant component in making a altenative on one instrument over the different.

having said that, it'll be the needs and the evolution pass that should silent weigh probably the most. aside from the setting up fees, clients may silent additionally hold in judgement the upgrade possibility as well because the random to integrate this instrument with others already in use. a useful gizmo may silent lead optimization, analytics, and smarter options along the manner.


Avino Silver & Gold Mines' (ASM) CEO David Wolfin on q4 2018 results - salary summon Transcript | killexams.com actual Questions and Pass4sure dumps

No result discovered, are trying recent key phrase!Revenues from mining operations ... turned into $6.1 million in the yr in comparison to $10.6 million for 2017. affecting on. After income taxes, income for 2018 believe been $1.6 million or $0.03 primary EPS in comparison ...

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i 6.1 Basic Operations

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10-K: SEALED AIR CORP/DE | killexams.com actual questions and Pass4sure dumps

(EDGAR Online via COMTEX) -- detail 7. Management's Discussion and Analysis of financial Condition and Results of Operations The information in this MD&A should be read together with their Consolidated financial Statements and related notes set forth in section II, detail 8, as well as the discussion included in section I, detail 1A, "Risk Factors," of this Annual Report on contour 10-K. outright amounts and percentages are approximate due to rounding and outright dollars are in millions, except per share amounts. On March 25, 2017, they entered into a definitive agreement to sell the Diversey confidence division and the Food Hygiene and Cleaning traffic within the Food confidence division (collectively "Diversey"). The sale of Diversey was completed on September 6, 2017. Results of operations for Diversey are reported as discontinued operations in outright periods presented. notice Note 4, "Discontinued Operations, Divestitures and Acquisitions," of the Notes to the Consolidated financial Statements for further information. The Company's segment reporting structure consists of two reportable segments and a Corporate category as follows: Food Care; and

Product Care.

The Company's Food confidence and Product confidence segments are considered reportable segments under FASB ASC Topic 280. Their reportable segments are aligned with similar groups of products and management team. Corporate includes unavoidable costs that are not allocated to or monitored by the reportable segments' management. notice Note 5, "Segments," of the Notes to the Consolidated financial Statements for further information.

petrochemical-related costs (primarily resin costs), which are not within their control. Consequently, their management focuses on reducing those costs that they can control and using petrochemical-based and other raw materials as efficiently as possible. They moreover believe that their global presence helps to insulate us from localized changes in traffic conditions.

Highlights of financial Performance Below are the highlights of their financial performance for the three years ended December 31. Year Ended December 31, 2018 vs. 2017 2017 vs. 2016 (In millions, except per share amounts) 2018 2017 2016 % Change % Change Net sales $ 4,732.7 $ 4,461.6 $ 4,211.3 6.1 % 5.9 % indelicate profit $ 1,502.1 $ 1,412.1 $ 1,401.0 6.4 % 0.8 % As a % of net sales 31.7 % 31.7 % 33.3 % Operating profit $ 656.3 $ 571.3 $ 628.9 14.9 % (9.2 )% As a % of net sales 13.9 % 12.8 % 14.9 % Net earnings from continuing operations $ 150.3 $ 62.8 $ 292.3 # (78.5 )% Gain on sale of discontinued operations, net of tax 42.8 640.7 - (93.3 )% # Net earnings from discontinued operations, net of tax - 111.4 194.1 # (42.6 )% Net earnings $ 193.1 $ 814.9 $ 486.4 (76.3 )% 67.5 % Basic: Continuing operations $ 0.94 $ 0.34 $ 1.50 # (77.3 )% Discontinued operations 0.27 3.99 0.99 (93.2 )% # Net earnings per common share - basic $ 1.21 $ 4.33 $ 2.49 (72.1 )% 73.9 % Diluted: Continuing operations $ 0.94 $ 0.33 $ 1.48 # (77.7 )% Discontinued operations 0.26 3.96 0.98 (93.4 )% # Net earnings per common share - diluted $ 1.20 $ 4.29 $ 2.46 (72.0 )% 74.4 % Weighted tolerable number of common shares outstanding: Basic 159.4 186.9 194.3 Diluted 160.2 188.9 197.2 Non-U.S. GAAP Adjusted EBITDA from continuing operations(1) $ 889.5 $ 833.3 $ 809.2 6.7 % 3.0 % Non-U.S. GAAP Adjusted EPS from continuing operations(2)(3) $ 2.50 $ 1.81 $ 1.70 38.1 % 6.5 %

# Denotes a variance greater than or equal to 100%, or not meaningful.

(2) notice "Diluted Net Earnings per Common Share" for a reconciliation of their EPS from continuing operations to their non-U.S. GAAP adjusted EPS from continuing operations.

(3) Represents U.S. GAAP EPS adjusted for the net outcome of Special Items, which are unavoidable specified infrequent, non-operational or one-time costs/credits.

Diluted Net Earnings per Common share The following table presents a reconciliation of their U.S. GAAP EPS to non-U.S. GAAP adjusted EPS from continuing operations. 27 -------------------------------------------------------------------------------- Year Ended December 31, 2018 2017 2016 (In millions, except per share data) Net Earnings EPS Net Earnings EPS Net Earnings EPS U.S. GAAP net earnings and diluted EPS from continuing operations(1) $ 150.3 $ 0.94 $ 62.8 $ 0.33 $ 292.3 $ 1.48 Special Items(2) 250.6 1.56 279.8 1.48 42.4 0.22 Non-U.S. GAAP adjusted net earnings and adjusted EPS available from continuing operations $ 400.9 $ 2.50 $ 342.6 $ 1.81 $ 334.7 $ 1.70 Weighted tolerable number of common shares outstanding - Diluted 160.2 188.9 197.2

(1) Net earnings per common share are calculated under the two-class method.

(2) Special Items comprehend the following:

Year Ended December 31, (In millions, except per share data) 2018 2017 2016 Special Items: Restructuring and other charges $ (47.8 ) $ (12.1 ) $ (2.5 ) Other restructuring associated costs (15.8 ) (14.3 ) (19.8 ) eccentric currency exchange loss due to highly inflationary economies (2.5 ) - (1.7 ) Charges related to ceasing operations in Venezuela(i) - - (48.5 ) Charges related to acquisition and divestiture activity (13.3 ) (15.5 ) (1.8 ) Charges incurred related to the sale of Diversey (20.9 ) (68.6 ) (1.4 ) Gain from class-action litigation settlement 14.9 - - Curtailment benefits related to retained Diversey retirement plans - 13.5 - Other Special Items(ii) (9.4 ) (0.5 ) (1.4 ) Pre-tax repercussion of Special Items $ (94.8 ) $ (97.5 ) $ (77.1 ) Tax repercussion of Special Items and Tax Special Items(iii) (155.8 ) (182.3 ) 34.7 Net repercussion of Special Items $ (250.6 ) $ (279.8 ) $ (42.4 ) Weighted tolerable number of common shares outstanding - Diluted 160.2 188.9 197.2 Earnings per share repercussion from Special Items $ (1.56 ) $ (1.48 ) $ (0.22 )

(i) Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. advert to Note 2, "Summary of Significant Accounting Policies and Recently Issued Accounting Standards," of the Notes to the Consolidated financial Statements for further details.

(ii) Other Special Items for the year ended December 31, 2018 primarily included fees related to professional services. Other Special Items for the year ended December 31, 2017 primarily included transaction costs related to reorganizations. Other Special Items for the year ended December 31, 2016 primarily included legal fees associated with restructuring.

(iii) advert to Note 1 of the following table for a description of Tax Special Items.

Our U.S. GAAP and non-U.S. GAAP income taxes are as follows:

Year Ended December 31, (In millions, except per share data) 2018 2017 2016 U.S. GAAP Earnings before income tax provision from continuing operations $ 457.8 $ 393.3 $ 387.9 Pre-tax repercussion of Special Items 94.8 97.5 77.1 Non-U.S. GAAP Adjusted Earnings before income tax provision from continuing operations $ 552.6 $ 490.8 $ 465.0 U.S. GAAP Income tax provision from continuing operations $ 307.5 $ 330.5 $ 95.6 Tax Special Items(1) (178.3 ) (208.1 ) 23.7 Tax repercussion of Special Items(2) 22.5 25.8 11.0 Non-U.S. GAAP Adjusted Income tax provision from continuing operations $ 151.7 $ 148.2 $ 130.3 U.S. GAAP effectual income tax rate 67.2 % 84.0 % 24.6 % Non-U.S. GAAP Adjusted income tax rate 27.5 % 30.2 % 28.0 %

(1) For the year ended December 31, 2018, the Tax Special Items included $222 million of expense for Transition Tax, partially offset by the release of valuation allowances associated with tax initiatives. For the year ended December 31, 2017, the Tax Special Items comprehend the repercussion of the sale of Diversey, the revaluation of deferred tax assets as a result of the TCJA and an increase in unrecognized tax benefits in eccentric jurisdictions. For the year ended December 31, 2016, the Tax Special Items included adjustments to eccentric tax credits and a change in the permanent reinvestment assertion in some of their eccentric jurisdictions (i.e. a change in their repatriation of eccentric earnings strategy).

(2) The tax rate used to cipher the tax repercussion of Special Items is based on the jurisdiction in which the suffuse was recorded.

Foreign Currency Translation repercussion on Consolidated financial Results Since they are a U.S. domiciled company, they translate their eccentric currency-denominated financial results into U.S. dollars. Due to the changes in the value of eccentric currencies relative to the U.S. dollar, translating their financial results from eccentric currencies to U.S. dollars may result in a favorable or unfavorable impact. Historically, the most significant currencies that believe impacted the translation of their consolidated financial results are the euro, the Chinese Renminbi, the Australian dollar, the Brazilian real, the British pound, the Canadian dollar, and the Mexican peso.

(In millions) 2018 vs. 2017 2017 vs. 2016 Net sales $ (43.4 ) $ 29.9 Cost of sales 31.7 (23.3 ) Selling, generic and administrative expenses 1.0 (4.7 ) Net earnings (8.2 ) (1.2 ) Adjusted EBITDA (11.1 ) 4.9

Net Sales by Geographic Region

(In millions) North America EMEA Latin America APAC Total 2017 Net Sales $ 2,415.0 54.1 % $ 984.7 22.1 % $ 409.3 9.2 % $ 652.6 14.6 % $ 4,461.6 Volume - Units 14.2 0.6 % 15.1 1.5 % 23.4 5.7 % 15.0 2.3 % 67.7 1.5 % Price/mix(1) 76.0 3.1 % 13.7 1.4 % 45.6 11.1 % (2.3 ) (0.4 )% 133.0 3.0 % Total organic change (non-U.S. GAAP) 90.2 3.7 % 28.8 2.9 % 69.0 16.8 % 12.7 1.9 % 200.7 4.5 % Acquisition 43.8 1.8 % - - % 1.4 0.3 % 68.6 10.5 % 113.8 2.6 % Total constant dollar change (non-U.S. GAAP) 134.0 5.5 % 28.8 2.9 % 70.4 17.1 % 81.3 12.4 % 314.5 7.1 % eccentric currency translation (0.1 ) - % 24.5 2.5 % (62.6 ) (15.3 )% (5.2 ) (0.8 )% (43.4 ) (1.0 )% Total change (U.S. GAAP) 133.9 5.5 % 53.3 5.4 % 7.8 1.8 % 76.1 11.6 % 271.1 6.1 % 2018 Net Sales $ 2,548.9 53.9 % $ 1,038.0 21.9 % $ 417.1 8.8 % $ 728.7 15.4 % $ 4,732.7 (In millions) North America EMEA Latin America APAC Total 2016 Net Sales $ 2,237.8 53.1 % $ 962.7 22.9 % $ 396.8 9.4 % $ 614.0 14.6 % $ 4,211.3 Volume - Units 161.4 7.2 % 12.9 1.3 % 5.9 1.5 % 8.6 1.4 % 188.8 4.5 % Price/mix(1) 12.9 0.6 % (7.9 ) (0.8 )% 4.0 1.0 % (1.0 ) (0.2 )% 8.0 0.2 % Total organic change (non-U.S. GAAP) 174.3 7.8 % 5.0 0.5 % 9.9 2.5 % 7.6 1.2 % 196.8 4.7 % Acquisition - - % - - % - - % 23.6 3.8 % 23.6 0.6 % Total constant dollar change (non-U.S. GAAP) 174.3 7.8 % 5.0 0.5 % 9.9 2.5 % 31.2 5.0 % 220.4 5.3 % eccentric currency translation 2.9 0.1 % 17.0 1.8 % 2.6 0.7 % 7.4 1.2 % 29.9 0.7 % Total change (U.S. GAAP) 177.2 7.9 % 22.0 2.3 % 12.5 3.2 % 38.6 6.2 % 250.3 6.0 % 2017 Net Sales $ 2,415.0 54.1 % $ 984.7 22.1 % $ 409.3 9.2 % $ 652.6 14.6 % $ 4,461.6

(1) Their price/mix reported above includes the net repercussion of their pricing actions and rebates as well as the period-to-period change in the coalesce of products sold. moreover included in their reported price/mix is the net outcome of some of their customers purchasing their products in non-U.S. dollar or euro-denominated countries at selling prices denominated in U.S. dollars or euros. This primarily arises when they export products from the U.S. and euro-zone countries. The repercussion to their reported price/mix of these purchases in other countries at selling prices denominated in U.S. dollars or euros was not material in the periods included in the table above.

Net Sales by Segment

(In millions) Food confidence Product confidence Total Company 2017 Net Sales $ 2,815.2 63.1 % $ 1,646.4 36.9 % $ 4,461.6 Volume - Units 63.1 2.2 % 4.6 0.3 % 67.7 1.5 % Price/mix(1) 82.3 2.9 % 50.7 3.1 % 133.0 3.0 % Total organic change (non-U.S. GAAP) 145.4 5.1 % 55.3 3.4 % 200.7 4.5 % Acquisitions - - % 113.8 6.9 % 113.8 2.6 % Total constant dollar change (non-U.S. GAAP) 145.4 5.1 % 169.1 10.3 % 314.5 7.1 % eccentric currency translation (52.5 ) (1.9 )% 9.1 0.6 % (43.4 ) (1.0 )% Total change (U.S. GAAP) 92.9 3.2 % 178.2 10.9 % 271.1 6.1 % 2018 Net Sales $ 2,908.1 61.4 % $ 1,824.6 38.6 % $ 4,732.7 (In millions) Food confidence Product confidence Total Company 2016 Net Sales $ 2,686.8 63.8 % $ 1,524.5 36.2 % 4,211.3 Volume - Units 102.6 3.8 % 86.2 5.7 % $ 188.8 4.5 % Price/mix(1) (0.7 ) - % 8.7 0.6 % 8.0 0.2 % Total organic change (non-U.S. GAAP) 101.9 3.8 % 94.9 6.3 % 196.8 4.7 % Acquisitions - - % 23.6 1.5 % 23.6 0.6 % Total constant dollar change (non-U.S. GAAP) 101.9 3.8 % 118.5 7.8 % 220.4 5.2 % eccentric currency translation 26.5 1.0 % 3.4 0.2 % 29.9 0.7 % Total change (U.S. GAAP) 128.4 4.8 % 121.9 8.0 % 250.3 5.9 % 2017 Net Sales $ 2,815.2 63.1 % $ 1,646.4 36.9 % $ 4,461.6

(1) Their price/mix reported above includes the net repercussion of their pricing actions and rebates as well as the period-to-period change in the coalesce of products sold. moreover included in their reported product price/mix is the net outcome of some of their customers purchasing their products in non-U.S. dollar or euro-denominated countries at selling prices denominated in U.S. dollars or euros. This primarily arises when they export products from the U.S. and euro-zone countries. The repercussion to their reported price/mix of these purchases in other countries at selling prices denominated in U.S. dollars or euros was not material in the periods included in the table above.

Food Care

higher unit volumes of $63 million across outright regions.

2017 compared with 2016

This was partially offset by:

lower unit volumes in APAC of $14 million primarily due to the continuation of historically low slaughter rates in Australia; and

unfavorable price/mix of $1 million.

Product Care

. . .

Feb 19, 2019

(c) 1995-2019 Cybernet Data Systems, Inc. outright Rights Reserved


Avino Silver & Gold Mines' (ASM) CEO David Wolfin on Q4 2018 Results - Earnings summon Transcript | killexams.com actual questions and Pass4sure dumps

No result found, try recent keyword!Revenues from mining operations ... was $6.1 million in the year compared to $10.6 million for 2017. affecting on. After income taxes, earnings for 2018 were $1.6 million or $0.03 basic EPS compared ...

China Yuchai International Ltd (CYD) Q4 2018 Earnings Conference summon Transcript | killexams.com actual questions and Pass4sure dumps

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China Yuchai International Ltd  (NYSE:CYD)Q4 2018 Earnings Conference CallFeb. 26, 2019, 8:00 a.m. ET

Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Kevin Theiss -- Investor Relations

    Thank you for joining us today, and welcome to China Yuchai International Limited's Fourth Quarter 2018 Conference summon and Webcast. Mr. Weng Ming Hoh; and Dr. Thomas Phung, President and Chief financial Officer of CYI respectively. In addition, they moreover believe in attendance Mr. Kelvin Lai, VP of Operations of CYI.

    Before they begin, I will remind outright listeners that throughout this summon they may build statements that accommodate forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, anticipate, project, targets, optimistic, confident that, continue to, predict, intend, aim, will or similar expressions are intended to identify forward-looking statements. outright statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements, including, but not limited to, statements concerning the company's operations, financial performance and conditions, are based on current expectations, beliefs and assumptions, which are theme to change at any time.

    The company cautions that these statements, by their nature, involve risks and uncertainties and actual results may disagree materially depending on a variety of notable factors, such as government and stock exchange regulations; competition; political, economic and companionable conditions around the world and in China, including those discussed in the company's contour 20-F under the headings Risk Factors, Results of Operations and traffic Overview and other reports filed with the Securities and Exchange Commission from time to time. outright forward-looking statements are applicable only as of the date they are made, and the company specifically disclaims any responsibility to maintain their update the forward-looking information whether of the nature contained in the release, made in today's summon or otherwise in the future.

    Mr. Hoh will provide a brief overview and summary, then Dr. Phung will review the financial results for the fourth quarter and 12 months ended December 31, 2018. Thereafter, they will conduct a question-and-answer session.

    For the purposes of today's call, the financial results for the fourth quarter and 12 months ended December 31, 2018, are unaudited, and it will be presented in RMB and US Dollars. outright of the financial information presented is reported using International financial Reporting Standards as issued by the International Accounting Standards Board.

    Mr. Hoh, gladden launch your prepared remarks.

    Weng Ming Hoh -- President and Director

    Thank you, Kevin. For the fourth quarter 2018, they achieved a 19.7% top line growth and reached RMB4.5 billion or $660.4 million and a 27.5% sales volume growth though 93,881 unit. They not only achieved double-digit growth in both on and off-road engines segment, but moreover recorded that this growth in a deliberate economy where China's GDP growth was 6.4% in the fourth quarter and 6.6% in 2018 full year, the slowest pace since 1990.

    The industrial production growth in China was 6.2% in 2018, compared with 6.6% in 2017. According to data reported by China Association of Automobile Manufacturers, CAAM, in the fourth quarter of 2018, sales of commercial vehicles excluding gasoline powered and electric-powered vehicles decreased by 6.3%. Truck sales decreased by 6% with heavy-duty truck sales increasing by 3.6%. GYMCL's heavy-duty and medium-duty truck engine sales in the fourth quarter of 2018 increased, with the latter growing by double-digit in percentage terms.

    The bus market continued to decline in the fourth quarter of 2018. GYMCL's off-road engine sales rose by double-digit in percentage terms in the fourth quarter of 2018, led by higher sales in the agricultural gear market.

    During the 2018 year, 800 buses manufactured by Anhui Ankai, Automobile Company Limited were exported to Saudi Arabia and powered by -- exclusively by Yuchai engine. Their heavy-duty YC6MK was installed in 600 plus units with the smaller heavy-duty YC6L model powering the remaining 200 buses. First to compass Middle-East and Saudi Arabia in particular continue to be notable growth market for their engine. Their research and development, R&D expenses decreased by 53.4% to RMB107.7 million or $15.7 million from RMB231.0 million in the very quarter in 2017. They capitalize the evolution cost of recent engines that met IFRS capitalization criteria. In fourth quarters of 2018, their total R&D expenses including capitalization were RMB222.9 million or $32.5 million and represented 4.9% of revenue.

    In 2018, they won the National Technological Invention award and the National Science and Technology Progress award, second prize for the National Office of Science and Technology. These awards and recognitions continue to serve their testimonials of their R&D program and develop leading domestic engine technology. 2020 is a especially a year of (inaudible) companies with advanced technologies to scrutinize forward to. The more stringent National VI standards for on-road vehicles is expected to be implemented in mid-2020, followed by National VIb in mid 2023.

    The Tier 4 emission standards for off-road vehicles is moreover expected to be implemented within the next two years. Tier 4 and National VI emission standards are particularly designed to build drastic reductions in oxides of nitrogen or NOx and particulate matter (inaudible). Emissions compared with earlier emission standards. National VI is a significant forward over National V, with respect to Nox limit. By adopting the National VI vehicle emission standard, China can achieve a significant reduction in the vehicle emission of pollutants enjoy finding particular manner of the M2.5(ph)reducing the risk of ischemic heart disease, lung cancer, stroke and asthma.

    This changes with the National VI gauge are leading to further advances to the full suite of vehicle engine, and after-treatment design. Engine manufactures are installing recent after-treatment technologies to circumscribe NOx emission. In addition, EGR, DOC or Diesel Oxidation Catalyst, DPF or Diesel Particle Filter and SCR or Selective Catalytic Reduction system are often used along with ECU or Engine Control Unit. Engine evolution is a capital intensive business. As one of the largest independent engine producers in China, we've invested heavily in the related technologies in the past, the recent market opportunities associated with National VI and Tier 4 standards will validate their investments and long-term commitment to emission reduction. While leaving the recent emission regulations to be implemented, they proactively showcase that their recent products are ready for change -- for the change. In January 2018, they introduced 14 recent engines on-road engines

    that's complies with more stringent National VI emission standards. In the city of Shenzhen, the Tier 1 city in the Southern China with a population of 13 million, there are growing number of recent school buses powered by their National VI compliant YCS04 engine. In October, they introduced another 10 off-road engines compliant with the Tier 4 emission standards.

    To spin this recent design to reliable product require recent emissions technologies, the more advanced components and recent production line. Their comprehensive portfolio of recent engines growth provides us with a leavening for future growth in the number of downstream markets in China. Their model, YCK08 engine became the first domestic engine, diesel engine to be certified for the National VIb emission standards, considered the most stringent and advanced emission certification in China.

    The K08 model significantly outperformed the upcoming National VI emission standards. This model and 24 recent engines are consistent with their strategy of introducing a bus engine comply with the next generation of emission standards ready for National implementation. With these engines, they can better serve their customers and communities and regain valuable sustain to further enhance these engines in the future.

    Furthermore, their JV Eberspaecher, Yuchai Exhaust Technology Company Limited is progressing in its evolution to bear and sell exhaust emission control system for Chinese commercial vehicles, especially to meet China's National VI standard.

    We remain optimistic that this recent emission control will capitalize both ours and Eberspaecher customers in the future. Their equipoise sheet remains tenacious at the halt of 2018. Cash and bank equipoise were RMB6.1 billion or $890 million compared with RMB6 billion at the halt of 2017. They declared fiscal years 2017 dividend of $2.21 per share and (inaudible) in cash during 2018.

    2018 was turbulent year and I'm pleased that indelicate sales remain profitable with positive cash, operating cash flow, maintain a tenacious equipoise sheet and pace actually (ph) cash dividend in 2018. To establish a diversified strategy to address the necessity of the truck, bus -- off-road buses with heavy, medium and light-duty diesel and natural gas engines so that they can assume odds of growth opportunities in the market segments where (inaudible). In January 2019, (inaudible) equipoise sheet with one of the major heavy-duty truck producers in China, Shaanxi Holdings and they hope this can open up (inaudible) market for us. They scrutinize forward to the growth performance of their comprehensive portfolio of recent engines that are compliant with the upcoming National VI and Tier 4 emission standards.

    With that, I would now enjoy to spin the summon over this is Thomas Phung, their Chief financial Officer, who will provide more details on the financial results.

    Thomas Phungas -- Chief financial Officer

    Thank you, Weng Ming. The comparative pattern for the fourth quarter and 12 months ended December 31st, 2017 were restated due to the adoption of IFRS 15 from January 1st, 2018 for revenue -- from contracts with customer by a full retrospective application. The financial repercussion on the adoption of IFRS 15 is described at the halt of the press release.

    Now, let me review their fourth quarter results for 2018. Net revenue increased by 19.7% to RMB4.5 billion, USD660.4 million compared with RMB3.8 billion in the fourth quarter of 2017. indelicate profit decreased by 18% to RMB0.9 billion, USD125.6 million compared with RMB1.1 billion in the fourth quarter of 2017.

    Gross margin was 19% in the fourth quarter of 2018, compared with 27.7% in the fourth quarter of 2017. The lessen in the indelicate margin was mainly attributable to the market conditions and product mix. The market conditions resulted in a drop in the tolerable selling price compared with the fourth quarter of 2017. The product coalesce outcome was from a higher sales volume of lower -- a smaller capacity engine, a lower tolerable selling price and a lower indelicate profit from off-road engine sales as compared with the fourth quarter of 2017.

    Other operating income was RMB64.4 million, $9.4 million compared with RMB370.6 million in the fourth quarter of 2017. The lessen was mainly due to a one-time gain in the fourth quarter of 2017 of RMB324.1 million on the sale of HL Global Enterprises Limited, HLGE hotel assets.

    Research and development, R&D expenses decreased by 53.4% to RMB107.7 million, $15.7 million from RMB231.0 million in the fourth quarter of 2017. Lower R&D expenses were mainly due to the capitalization of evolution costs for National VI and Tier 4 engines that met the IFRS capitalization criteria. In the fourth quarter of 2018, the R&D capitalization amount was RMB115.2 million, $16.8 million. The ongoing investment in R&D continue to be focused on recent engines to meet the next-generation National VI and Tier 4 emission standards, and initiatives to better engine trait and performance.

    As a percentage of net revenue, R&D expenses was 2.4% compared with 6.1% in the fourth quarter of 2017. In fourth quarter of 2018, the total R&D expenditure, including capitalized costs was RMB222.9 million. $32.5 million and it represent a 9. -- sorry, it represent a 4.9% of net revenues.

    Selling, generic and administrative, SG&A expenses decreased by 11.4% to RMB485.8 million, $70.8 million from RMB548.5 million in the fourth quarter of 2017. SG&A expenses represents 10.7% of the net revenue compared with 14.5% in the fourth quarter of 2017. The lower SG&A expenses was mainly attributed to lower warranty expenses in the fourth quarter of 2018 and the extraordinary events including an impairment suffuse of RMB40 million relate to intellectual property privilege and a staff severance cost of RMB31.5 million in 2017. Excluding these extraordinary events, the SG&A expenses would believe been RMB477.0 million in the fourth quarter of 2017.

    Operating profit declined by 48.2% to RMB332.6 million, $48.5 million from RMB641.7 million in the fourth quarter of 2017. The lessen reflects a gain of RMB252.6 million from one-time and extraordinary event in the fourth quarter of 2017. The operating margin was 7.3%, compared with 16.9% in the fourth quarter of 2017. Excluding the one-time and extraordinary event, the operating profit would believe been RMB389.1 million in the fourth quarter of 2017.

    Finance cost increased to RMB31.1 million, $4.5 million from RMB24.5 million in the fourth quarter of 2017, mainly due to increased bank borrowings. In the fourth quarter of 2018, total net profit attributable to China Yuchai's shareholder decreased by 45% to RMB191.8 million, $27.9 million from RMB348.6 million in the fourth quarter of 2017. Basic and diluted earning per share were RMB4.69, $0.68, compared with basic earning per share of RMB8.54 and diluted earning per share of RMB8.52 in the fourth quarter of 2017.

    In the fourth quarter of 2017, the net profit attributable to China Yuchai's shareholder included a net gain of RMB111.6 million from one-time and extraordinary event. Adjusted total net profit attributable to China Yuchai's shareholder in the fourth quarter of 2017, excluding the one-time and extraordinary event was RMB237.0 million. Adjusted basic and diluted earnings per share were RMB5.81 and RMB5.79 respectively in the fourth quarter of 2017. A reconciliation table reflecting the repercussion of the one-time and extraordinary event on the fourth quarter of 2017 results is attached at the halt of the press release.

    Basic and diluted earning per share in the fourth quarter of 2018 was based on a weighted tolerable of 40,858,290 share compared with 40,832,405 share basic and 40,889,954 diluted shares in the fourth quarter of 2017. In July 2017, 99,970 recent shares were issued to shareholders who elected to receive shares in lieu of a dividend in cash.

    Now, I'll review the annual results for 2018. Net revenue of RMB16.3 billion, $2.4 billion) compared with RMB16.2 billion in 2017. According to CAAM, sales of commercial vehicles, excluding gasoline-powered and electric-powered vehicles decreased by 1.7% in 2018. The truck market decreased by 1.3% with a 2.7% increase in heavy-duty truck sales. GYMCL truck sales increased led by a gain in medium-duty engine sales. The bus market remained frail and experienced a decline in overall sales. GYMCL's off-road engine sales increased in 2018 compared with 2017.

    Gross profit declined by nine point -- sorry, indelicate profit declined by 7.9% to RMB3.1 billion, $450.5 million compared with RMB3.4 billion in 2017. The indelicate profit margin was 19% in 2018, compared with 20.7% in 2017. The 2018 indelicate profit and margin declined primarily due to change in the market conditions and products mix.

    Other operating income was RMB192.7 million, $28.1 million, compared with RMB509.4 million in 2017. In 2017, the company had a one-time gain of RMB324.1 million from the sales of HLGE hotel asset. Excluding this one-time event, the other operating income in 2018 was higher than that in 2017, which was mainly attributed to higher interest income partly offset by lower eccentric exchange revaluation gain.

    R&D expenses declined by 26.4% to RMB447.7 million, $65.2 million, compared with RMB608.2 million in 2017. Lower R&D expenses were mainly due to the capitalization of evolution costs for National VI and Tier 4 engines that met the IFRS capitalization criteria. The R&D capitalization amount was RMB195.9 million, $28.5 million. As a percentage of net revenue, R&D expenses were 2.8% compared with 3.8% in 2017. In 2018, total R&D expenditure including capitalized costs, was RMB643.5 million, $93.8 million and represent 4% as a percentage of net revenue. R&D expenses were mainly for research and evolution of recent engine compliant with the more stringent National VI and Tier 4 emission standards that are to be implemented over the next few years.

    SG&A expenses declined by 5.9% to RMB1.6 billion, $226.5 million from RMB1.7 billion in 2017. These expenses represent 9.6% of net revenue compared with 10.2% in 2017. SG&A expenses included an impairment suffuse of RMB40.0 million relate to the intellectual property of 4Y20 engine platform, and the staff severance cost of RMB107.7 million in 2017, which are extraordinary events. Excluding these extraordinary event, the 2017 SG&A expenses were RMB1.5 billion.

    Operating profit decreased by 20.1% to RMB1.3 billion, $186.9 million from RMB1.6 billion in 2017. The operating margin was 7.9% in 2018, compared with 9.9% in 2017. In addition, 2017 capitalize by a gain of RMB176.4 million from one-time and extraordinary events. Excluding these one-time and extraordinary events, operating profit in 2017 would be RMB1.4 billion.

    Finance costs increased by 12.6% to RMB113.1 million, $16.5 million from RMB100.4 million in 2017 mainly due to increased borrowing costs. The net profit attributable to China Yuchai's shareholders decreased by 21.8% to RMB695.3 million, $101.3 million, or earnings per share of RMB17.02, $2.48, compared with RMB888.8 million, or earnings per share of RMB21.80 in 2017.

    Net profit attributable to China Yuchai's shareholders in 2017 comprehend a net gain of RMB62.1 million from the one-time and extraordinary events. Adjusted total net profit attributable to China Yuchai's shareholders in 2017, excluding the one-time and extraordinary event, was RMB826.7 million, and the adjusted basic and diluted earnings per share were RMB20.28.

    Basic and diluted earnings per share in 2018 was based on a weighted tolerable of 40,858,290 shares and in 2017 was based on a weighted tolerable of 40,764,569 shares.

    Now, they will fade over their equipoise sheet highlight as of December 31st, 2018. Cash and bank balances were RMB6.1 billion, $893.0 million, compared with RMB6.0 billion at the halt of 2017. Trade and bill payable(ph)were RMB7.4 billion, $1.1 billion, compared with RMB7.0 billion at the halt of 2017. Inventories were RMB2.5 billion, $366.9 million, compared with RMB2.6 billion at the halt of 2017.

    Trade and bill payable were RMB4.6 billion, $664.5 million, compared with RMB5.2 billion at the halt of 2017. Short and long-term borrowing were RMB2.0 billion, $293.8 million, compared with RMB 1.6 billion at the halt of 2017. They continue to generate annual positive cash flow, they review their financial options and operating policies to enhance their operational and financial performance to built value.

    With that, operator, they are ready to launch the mp;A session.

    Questions and Answers:

    Operator

    Certainly. One instant gladden for the first question. They will launch the question-and-answer session now. (Operator Instructions) And they believe their first question from the line of William Gregozeski from Greenridge Global. gladden fade ahead.

    William Gregozeski -- Greenridge Global -- Analyst

    Hi. I wanted to know what your outlook for the commercial market was in 2019, and given that you outperformed in each segment on this current reporting period, if you umpire you can iterate that in 2019, and then what the indelicate margins will be for this year? Thanks.

    Weng Ming Hoh -- President and Director

    Okay, thank you. Thank you, William. This is Weng Ming, here. If you fade by segment-by-segment, I umpire it will give you more color. Now, before that, let's scrutinize at the regulations in the next 12 to 18 months. In the next 12 to 18 months there is going to be the National VIa implementation in China, with the official implementation dated at the middle of next year, but some cities are bringing forward the implementation date to the halt of this year. So now -- and moreover if you scrutinize at the ultimate two years for -- let's first talk about heavy-duty trucks, for that matter, I umpire at a very towering flat of 1.1 million units. So this is pretty high. I think, there are quite few engine manufacturers who are actually thinking that you will drop degree in the year 2019. However, because of the implementation of the National VI in the later section of this year and early next year, the decline will probably be mitigated degree by the pre-buy of the National VI engine.

    In the case of bus engines, I umpire is going to be flat. The incentive for (inaudible) kindly of coming off, so they don't -- they umpire the bus market has reached a develope point and the diesel engine bus is going to be tough flat for next year. For off-road engines, I know the market is weak, but they believe been able to grow quite significantly, especially in the ultimate quarter for their agriculture machinery engines. We're getting the market share there, so they umpire that will continue for us.

    Now, in terms of indelicate margin, if you scrutinize at their indelicate margin for the full year, and if you scrutinize at it on the quarter-by-quarter basis, it averages about 19%. So the full-year indelicate margins were 19%. It's a little bit lower than ultimate year of 21.7% for the total year. So going forward, I think, this will be a superior number to use. I hope that answers your question.

    William Gregozeski -- Greenridge Global -- Analyst

    Yes. Thank you very much.

    Operator

    We believe the next question from David Raso from Evercore ISI.

    David Raso -- Evercore ISI -- Analyst

    Question about the recent National VI engine, what will be the repercussion on the tolerable price point?

    Weng Ming Hoh -- President and Director

    I believe, -- because of the emission requirements for National VI was much more stringent than National V, and the components that needed to build it happen, they believe the price point will be higher than what National V would be.

    David Raso -- Evercore ISI -- Analyst

    Can you back us with a little bit of quantification, just trying to understand the want to pre-buy is probably predicated a little bit on how much more expensive the National VI are?

    Weng Ming Hoh -- President and Director

    Right.

    David Raso -- Evercore ISI -- Analyst

    And I'm just trying to understand, to try to umpire through the impact, is it -- I know it's a mammoth jump, but I mean, is it -- let's talk the total truck and maybe not your engine, when you umpire of the truck price, is it 5%, 10%?

    Thomas Phungas -- Chief financial Officer

    Okay. If you scrutinize at the engine price. I mean, if you scrutinize at the truck itself, engine is a mammoth component of a truck. If you scrutinize at -- I umpire -- I guess, my -- the thing is that, at this point, they haven't actually finalized any pricing yet with their OEMs. But they hope to believe fade by at least five to -- no, I think, they were at 5%. I think, 10% to 15% in terms of pricing.

    David Raso -- Evercore ISI -- Analyst

    And with that kindly of increase, and I appreciate your thoughts, there will be some pre-buy, believe some of your truck customers already indicated a strengthening of their build schedules later in the year related to the pre-buy, or is it silent a little more speculative that there will be a pre-buy? I'm just snoopy to see. It's a logical thought; I'm just not confident of oh, yes, hearing from the manufacturers, they are planning for it?

    Thomas Phungas -- Chief financial Officer

    Right. Yeah, David. In their case we'll believe visibility for up to a month, right. They salvage about a month for delivery. So it's a lot of -- it's a bit of a functional (inaudible) here that there must be some pre-buy, partly largely because they hope the cost of the recent vehicle to be higher based on what I've just said earlier. They believe made a disagreement in the pricing to buy earlier.

    David Raso -- Evercore ISI -- Analyst

    Okay. Thank you very much.

    Weng Ming Hoh -- President and Director

    Thank you.

    Operator

    We believe the next question from the line of Ke Chen from Shah Capital Management. gladden fade ahead.

    Ke Chen -- Shah Capital Management -- Analyst

    Yes. My first question is regarding your market share. And obviously, you believe outperformed the market in the fourth quarter significantly, and could you talk about your market share, especially in the marine and the power generation, what's their market share today, and what's their trajectory. As they already know that, maybe your bus and agriculture is already number one in the market?

    Kevin Theiss -- Investor Relations

    So Chen, this is Kevin. I mean, the -- talking about their market share in the Q4 for marine and power generation, they actually -- they had recorded a little growth in the power generation. But on the marine side there's a little bit drop. So, but along the total year, and then they are very -- a little bit much better than the industry in overall sales they believe been made. And however, and -- even then, they had a slight drops in the marine segment, but they had a more share on the towering horsepower engine on which there is a capitalize on the overall sales revenue and moreover on the profit flat of the marine segment. So that is the -- really an odds of the total operation.

    Ke Chen -- Shah Capital Management -- Analyst

    Okay. My second question is regarding your recent strategic alliance with the OEMs. Weng Ming did mention Shaanxi, because the recent National VI engines. I'm wondering finish you notice maybe 10% or higher sales uplift from your recent partners enjoy FAW and Shaanxi and other OEMs in 2019, because of this recent engines, and moreover because of -- it's a capital intensive recent product, finish you notice your market share increase because of smaller engine competitors going out of business?

    Weng Ming Hoh -- President and Director

    Okay. It's Weng Ming here, Mr. Chen. Now, obviously with these -- some of these recent OEMs that they signed up as strategic partners, they will notice an increasing number of engines will be sold to them. Now, whether or not that reaches 10%, I think, it's a bit too early to say. I don't -- personally I don't umpire you will hit 10% within the first year of cooperation is there. It will gradually build up. And moreover because the actual domestic full implementation is not this year. It will be next year -- mid of next year. There'll be some major cities as they believe implemented here. So they will notice some improvement, I believe, but I don't umpire they will notice the full repercussion until the National VI is fully implemented.

    Ke Chen -- Shah Capital Management -- Analyst

    Well, they did heard a lot of cities actually implemented July 1st of this year, so that's different from what you mentioned in the prepared remarks. So I just want to build confident that.

    Weng Ming Hoh -- President and Director

    Well, I mean, they will -- in the ultimate year, I think, they've mentioned that, but I think, lately, if you scrutinize at this year's announcement, some of the cities are actually pushing back the implementation date.

    Ke Chen -- Shah Capital Management -- Analyst

    Okay. I fade back to queue.

    Operator

    (Operator Instructions) They believe the next question from Andrew Morrison(ph)from Lazard Asset Management. gladden fade ahead.

    Andrew Morrison -- Lazard Asset Management -- Analyst

    Hello, gentlemen, thank you for the summon today. I believe a summon just a kindly of a clarification on the indelicate margins. And I think, you kindly of highlighted in respect to why Q4 this year indelicate margins were less than what they were ultimate year due to the coalesce effect. But my question here is that, the magnitude of that disagreement is so great, yet, if I assume your -- you know, the volume of engines sold and divide the sales into the volume, you basically don't salvage that much of a significant lessen in the overall ASPs. So can you just kindly of highlight exactly what's going on, on a year-on-year basis, because if I scrutinize moreover in Q4 '16, you moreover kindly of generated a 27% indelicate margin similar to what it was ultimate year in Q4, but this year is basically, almost 800 basis points less or 900 actually. So I umpire there is something more to it, so I just wanted to understand what's driving that actual mammoth difference, because I finish notice moreover the cost of goods sold is significantly higher than it was ultimate year? Any detail on that would be great. Thank you.

    Thomas Phungas -- Chief financial Officer

    Andrew, this is Thomas. As they believe explained, the market condition that resulted the change -- the drop in the tolerable selling price as you would believe analyzed the financial statement, you will notice that approximately 7% drop on the tolerable selling price from -- as compared with the Q4 of 2017, so that will contribute. But if you scrutinize at the year-to-date, you will notice that the year-to-date is pretty much flat, quarter-by-quarter it -- they stayed at a orbit of about 19%. So I would swear that overall the full year, the percentages are very constant.

    Andrew Morrison -- Lazard Asset Management -- Analyst

    Right. Yeah. But if you scrutinize at the cost of goods sold, you will believe $535 million of cost of goods sold in Q4 '18 this year versus $400 million, ultimate year, so that's a $135 million. So if you're thinking that your coalesce is weaker or a different coalesce with smaller engines, I would umpire that the cost of those engines will be less than what it was. So I'm just trying to kindly of understand better what's going on in these Q4's?

    Weng Ming Hoh -- President and Director

    Yeah, Andrew, it's Weng Ming, here. Now. I think, what -- coalesce is a -- one mammoth major factor that caused the fourth quarter to drop this year. But if you scrutinize at their indelicate margin quarter-by-quarter from one to four, the indelicate margins are little bit higher than the very epoch ultimate year, OK, especially in the fourth quarter, right. So now, -- the other thing they necessity to highlight here is that, I think, approach -- halt of the fourth quarter, they issued -- they believe made provisions for outright their sales discounts -- some rebates for performance of sales volume rebates, payments, unavoidable quite conditions that they believe to meet. So I will build the necessary other adjustments in the fourth quarter. So this year, I think, there are a lot of the customers who believe met their -- the sales conditions. So the -- that will increases the sales rebates as well, back to customer for volume, for achievement of volumes and whatnot, right. So that moreover has a impact. And the other repercussion of course is the mix. They are selling a lot more -- less positive in the engines in the fourth quarter this year, or even throughout this year compared to the very epoch ultimate year.

    Andrew Morrison -- Lazard Asset Management -- Analyst

    Right. So these provisions that you basically sold was a rebate back from the customer if they didn't meet unavoidable volume?

    Weng Ming Hoh -- President and Director

    Yeah, there are few conditions that they meet -- require them to meet. One is the cost of volume, right. They believe been -- in order to achieve a unavoidable sales volume, they believe a step up (inaudible) system to them. And the other one, of course, is the payments. They hope them to build regular payment or prompt payment. If you scrutinize at their receivables, you notice that their collection is actually very good. If you assume out the yield, they believe a total -- payout days is less of a month, about two weeks or less. So that drives it, so there is conditions, I won't fade into a lot details, they believe gone through the issue of customers would approach in whether or not they meet the requirements and it's tied to the rebates, I'd agreed. (Multiple Speakers)

    Andrew Morrison -- Lazard Asset Management -- Analyst

    So just to kindly of -- if I understand this correctly, so in Q4, 2017, you basically had these payments back or whatever provisions that were kindly of written off or written back that reduce the cost of goods sold?

    Weng Ming Hoh -- President and Director

    Most was the pricing which were further affected by cost of goods sold.

    Andrew Morrison -- Lazard Asset Management -- Analyst

    Okay, thank you.

    Operator

    We believe the next question from the line of Ke Chen from Shah Capital Management. gladden fade ahead.

    Ke Chen -- Shah Capital Management -- Analyst

    Yes, Weng Ming you mentioned Eberspaecher joint venture. Could you guys talk about more about other joint ventures enjoy MTU, (inaudible) and how this joint venture will repercussion their future bottom line?

    Kevin Theiss -- Investor Relations

    Mr. Chen. It's Kevin again, (inaudible) regarding on the -- some of the joint venture under the GYMCL. Regarding on the MTU Yuchai -- I express the (inaudible) already been established and now they can ready for the full-scale production. But in the year of 2018 the production is only around 100 plus unit, but in the year 2019 they will really insert introduced and then their production volume (inaudible) and there they pass for further 400 unit. So this is another bit jump on the MUT Yuchai joint venture.

    Regarding on the Eberspaecher Yuchai debt JV for the after-treatment facility manufacturing, it's has already been -- the company has already been set up and the renovation labor for the factory is now being processed. So they are planning (inaudible) had the joint venture in operation by Q3 of this year. And so, that will be the main supplier for the Yuchai Engine for the next six engine of the Xiamen in future.

    Regarding on the YC engine, their 6K engine joint venture with the GYMCL. So with that one and they moreover -- they would hope there will be slight growth on the engine production in the year 2019, mainly because in '19 they believe some recent market on the off-road for the 6K engine. So that's the some of the update for you.

    Ke Chen -- Shah Capital Management -- Analyst

    Okay. Well, my second question is regarding your patents. As the leaders in National VI engines, could you talk about how many issue patterns you believe for your products? More importantly, how you capitalize this patents, like, for examples, for future domestic and international licensing revenues?

    Kevin Theiss -- Investor Relations

    This is Kevin again. They believe numbers of patterns for the National VI and moreover for Tier 4 engines. I'm not going to (inaudible) and then the numbers of patterns here. But most of those patterns in the halt that will remain the property of the Yuchai instead of the licensing or transfer. And then, at the instant they don't believe any pending licensing out these patent to other manufactures or to any other third-party.

    Ke Chen -- Shah Capital Management -- Analyst

    Okay.

    Operator

    Thank you. They believe now reached the halt of their mp;A session. I will spin it back over to Mr. Hoh.

    Weng Ming Hoh -- President and Director

    Thank you outright for participating in their conference call. They scrutinize forward to speaking with you again. Thank you.

    Operator

    Ladies and gentlemen, that does concludes your conference for today. Thank you for participating. You may outright disconnect now. Thank you.

    Duration: 51 minutes

    Call participants:

    Kevin Theiss -- Investor Relations

    Weng Ming Hoh -- President and Director

    Thomas Phungas -- Chief financial Officer

    William Gregozeski -- Greenridge Global -- Analyst

    David Raso -- Evercore ISI -- Analyst

    Ke Chen -- Shah Capital Management -- Analyst

    Andrew Morrison -- Lazard Asset Management -- Analyst

    More CYD analysis

    Transcript powered by AlphaStreet

    This article is a transcript of this conference summon produced for The Motley Fool. While they strive for their absurd Best, there may be errors, omissions, or inaccuracies in this transcript. As with outright their articles, The Motley Fool does not assume any responsibility for your exercise of this content, and they strongly hearten you to finish your own research, including listening to the summon yourself and reading the company's SEC filings. gladden notice their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

    Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.



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