SHANGHAI, Feb. 13, 2011 /PRNewswire-Asia/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP), a leading travel service
provider for hotel accommodations, airline tickets, packaged tours
and corporate travel management in China, today announced its
unaudited financial results for the fourth quarter and the full
year ended December 31, 2010.
Highlights for the Fourth Quarter of
2010
- Net revenues were RMB787 million
(US$119 million) for the fourth
quarter of 2010, up 39% year-on-year. In the fourth quarter, Wing
On Travel and ezTravel contributed 8% for the year-on-year growth
for net revenues.
- Gross margin was 78% for the fourth quarter of 2010, compared
to 77% in the same period in 2009.
- Income from operations was RMB292
million (US$44 million) for
the fourth quarter of 2010, up 54% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB352 million (US$53 million), up 47% year-on-year.
- Operating margin was 37% for the fourth quarter of 2010,
compared to 33% in the same period in 2009. Excluding share-based
compensation charges (non-GAAP), operating margin was 45%, compared
to 42% in the same period in 2009.
- Net income attributable to Ctrip's shareholders was
RMB302 million (US$46 million) in the fourth quarter of 2010, up
59% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB362 million (US$55 million), up 51% year-on-year.
- Diluted earnings per ADS were RMB1.98 (US$0.30)
for the fourth quarter of 2010. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.37 (US$0.36)
for the fourth quarter of 2010.
- Share-based compensation charges were RMB60 million (US$9
million), accounting for 8% of the net revenues, or
RMB0.39 (US$0.06) per ADS for the fourth quarter of
2010.
Highlights for the full year
2010
- Net revenues were RMB2.9 billion
(US$437 million) in 2010, up 45% from
2009. In 2010, Wing On Travel and ezTravel contributed 7% for the
year-on-year growth for net revenues.
- Gross margin was 78% in 2010, compared to 77% in 2009.
- Income from operations was RMB1.1
billion (US$160 million) in
2010, up 53% from 2009. Excluding share-based compensation
charges (non-GAAP), income from operations was RMB1.3 billion (US$196
million) in 2010, up 59% from 2009.
- Operating margin was 37% in 2010, compared to 35% in 2009.
Excluding share-based compensation charges (non-GAAP),
operating margin was 45%, compared to 41% in 2009.
- Net income attributable to Ctrip's shareholders was
RMB1.0 billion (US$159 million) in 2010, up 59% from 2009.
Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB1.3 billion (US$196
million), up 63% from 2009.
- Diluted earnings per ADS were RMB6.97 (US$1.06)
in 2010, compared to RMB4.67
(US$0.68) in 2009. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
ADS were RMB8.59 (US$1.30), compared to RMB5.60 (US$0.82)
in 2009.
- Share-based compensation charges were RMB243 million (US$37
million), accounting for 8% of the net revenues, or
RMB1.61 (US$0.24) per ADS in 2010.
"Year 2010 was a year of opportunities and challenges. The Ctrip
team capitalized on numerous opportunities and overcame many
challenges," said Min Fan, President
and Chief Executive officer of Ctrip. "Once again, we delivered
solid results and increased our market share. We want to thank all
our customers, shareholders and employees for your trust and
support. We will work diligently to continuously improve customer
service, enrich product offerings, enhance business partnerships,
and extend our leadership in all aspects."
Recent Developments
Strategic Investment in Dining Secretary
China Ltd.
In the fourth quarter of 2010, Ctrip made an investment in
Dining Secretary China Ltd.
Headquartered in Shanghai, Dining
Secretary is a leading provider of free online and offline
restaurant reservations for diners. Dining Secretary operates in
many cities in China, serving diners and restaurants with a call
center and the website www.95171.cn.
Through this alliance, the two companies will be able to
leverage their high-quality service experience, computerized
operating platform, and expertise in the restaurant reservation
business to provide more comprehensive services to our
customers.
The Launch of Lvping.com
In January of 2011, Ctrip launched Lvping.com, a website that
consolidates travel-related information for travelers including
hotel reviews, travel blogs and forums.
Lvping.com is dedicated to providing travelers with an online
platform for comprehensive travel reviews. Lvping.com inherits
valuable content from Ctrip.com, including authentic hotel reviews,
insightful travel guides and a robust online traveler community.
Lvping.com will be further expanding these services, fulfilling its
mission of providing the best travel-related information to Chinese
travelers by operating independently and partnering with other
online travel agencies, hotels, airlines, traditional travel
agents, tourist consumption companies and more.
Fourth Quarter and Full Year 2010 Financial
Results
For the fourth quarter of 2010, Ctrip reported total revenues of
RMB835 million (US$127 million), representing a 39% increase from
the same period in 2009. Total revenues for the fourth quarter of
2010 decreased by 3% from the previous quarter due to
seasonality.
For the full year ended December 31,
2010, total revenues were RMB3.1
billion (US$465 million),
representing a 44% increase from 2009.
Hotel reservation revenues amounted to RMB360 million (US$55
million) for the fourth quarter of 2010, representing a 31%
increase year-on-year, primarily driven by an increase of 27% in
hotel reservation volume and an increase of 4% commission per room
night year-on-year. Hotel reservation revenues increased 3%
quarter-on-quarter.
For the full year ended December 31,
2010, hotel reservation revenues were RMB1.3 billion (US$194
million), representing a 36% increase from 2009. The hotel
reservation revenues accounted for 42% of the total revenues in
2010, compared to 44% in 2009.
Air ticket booking revenues for the fourth quarter of 2010 were
RMB320 million (US$48 million), representing a 35% increase
year-on-year, primarily driven by a 29% increase in air ticketing
sales volume and a 5% increase in commission per ticket
year-on-year. Air ticket booking revenues increased 1%
quarter-on-quarter.
For the full year ended December 31,
2010, air ticket booking revenues were RMB1.2 billion (US$183
million), representing a 39% increase from 2009. The air
ticket booking revenues accounted for 39% of the total revenues in
2010, compared to 41% in 2009.
Packaged-tour revenues for the fourth quarter of 2010 were
RMB101 million (US$15 million), representing a 108% increase
year-on-year due to the increase of leisure travel volume. Wing On
Travel and ezTravel contributed 84% for the year-on-year growth for
packaged-tour revenues. Packaged-tour revenues decreased 29%
quarter-on-quarter due to seasonality.
For the full year ended December 31,
2010, packaged tour revenues were RMB380 million (US$58
million), representing a 116% increase from 2009. Wing On
Travel and ezTravel contributed 67% for the year-on-year growth for
packaged-tour revenues. The packaged tour revenues accounted for
12% of the total revenues in 2010, compared to 8% in 2009.
Corporate travel revenues for the fourth quarter of 2010 were
RMB36 million (US$5 million), representing a 34% increase
year-on-year and a 5% increase quarter-on-quarter, primarily driven
by the increased corporate travel demand from business
activities.
For the full year ended December 31,
2010, corporate travel revenues were RMB130 million (US$20
million), representing a 56% increase from 2009. The
corporate travel revenues accounted for 4% of the total revenues in
2010, remaining consistent with that in 2009.
For the fourth quarter of 2010, net revenues were RMB787 million (US$119
million), representing a 39% increase from the same period
in 2009. Net revenues for the fourth quarter of 2010 decreased by
3% from the previous quarter due to seasonality. In the fourth
quarter, Wing On Travel and ezTravel contributed 8% for the
year-on-year growth for net revenues.
For the full year ended December 31,
2010, net revenues were RMB2.9
billion (US$437 million),
representing a 45% increase from 2009. In 2010, Wing On
Travel and ezTravel contributed 7% for the year-on-year growth for
net revenues.
Gross margin was 78% in the fourth quarter of 2010, compared to
77% in the same period in 2009, and remained consistent with that
in the previous quarter.
For the full year ended December 31,
2010, gross margin was 78%, compared to 77% in 2009.
Product development expenses for the fourth quarter of 2010
increased by 37% to RMB121 million
(US$18 million) from the same period
in 2009, primarily due to an increase in product development
personnel and share-based compensation charges. Product development
expenses for the fourth quarter of 2010 decreased by 2% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), product development expenses accounted for 13% of the
net revenues, remaining consistent with those in the same period in
2009 and in the previous quarter.
For the full year ended December 31,
2010, product development expenses were RMB454 million (US$69
million), representing an increase of 47% from 2009.
Excluding share-based compensation charges (non-GAAP),
product development expenses accounted for 14% of the net revenues,
remaining consistent with those in 2009.
Sales and marketing expenses for the fourth quarter of 2010
increased by 30% to RMB127 million
(US$19 million) from the same period
in 2009, primarily due to the increase in sales and marketing
related activities. Sales and marketing expenses for the fourth
quarter of 2010 increased by 1% from the previous quarter.
Excluding share-based compensation charges (non-GAAP), sales and
marketing expenses accounted for 15% of the net revenues, compared
to 16% in the same period in 2009 and 14% in the previous
quarter.
For the full year ended December 31,
2010, sales and marketing expenses were RMB453 million (US$69
million), representing an increase of 31% from 2009.
Excluding share-based compensation charges (non-GAAP), sales
and marketing expenses accounted for 15% of the net revenues,
decreasing from 16% in 2009.
General and administrative expenses for the fourth quarter of
2010 increased by 25% to RMB78
million (US$12 million) from
the same period in 2009, primarily due to an increase in
administrative personnel and share-based compensation charges.
General and administrative expenses for the fourth quarter of 2010
decreased by 2% from the previous quarter. Excluding share-based
compensation charges (non-GAAP), general and administrative
expenses accounted for 5% of the net revenues, decreasing from 6%
in the same period in 2009 and remained consistent with those in
the previous quarter.
For the full year ended December 31,
2010, general and administrative expenses were RMB295 million (US$45
million), representing a 50% increase from 2009.
Excluding share-based compensation charges (non-GAAP),
general and administrative expenses accounted for 5% of the net
revenues, decreasing from 6% in 2009.
Income from operations for the fourth quarter of 2010 was
RMB292 million (US$44 million), representing an increase of 54%
from the same period in 2009 and a decrease of 5% from the previous
quarter. Excluding share-based compensation charges (non-GAAP),
income from operations was RMB352
million (US$53 million),
representing an increase of 47% from the same period in 2009 and a
decrease of 4% from the previous quarter.
For the full year ended December 31,
2010, income from operations was RMB1.1 billion (US$160
million), representing an increase of 53% from 2009.
Excluding share-based compensation charges (non-GAAP), income
from operations was RMB1.3 billion
(US$196 million), increasing by 59%
from 2009.
Operating margin was 37% in the fourth quarter of 2010, compared
to 33% in the same period in 2009, and 38% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 45%, compared to 42% in the same period in 2009 and
remained consistent with that in the previous quarter.
For the full year ended December 31,
2010, operating margin was 37%, compared to 35% in 2009.
Excluding share-based compensation charges (non-GAAP),
operating margin was 45%, compared to 41% in 2009.
The effective tax rate for the fourth quarter and full year of
2010 was 19% and 17%, respectively, remaining relatively consistent
with the same periods of 2009. The effective tax rate for the
fourth quarter of 2010 increased from 17% in the previous quarter,
primarily due to true-up of profitability.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2010 was RMB302 million
(US$46 million), representing a 59%
increase from the same period in 2009 and a 6% decrease from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB362 million (US$55 million), representing an increase of 51%
from the same period in 2009 and a decrease of 5% from the previous
quarter.
For the full year ended December 31,
2010, net income attributable to Ctrip's shareholders was
RMB1.0 billion (US$159 million), representing an increase of 59%
from 2009. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB1.3 billion (US$196 million), representing an increase of 63%
from 2009.
Diluted earnings per ADS were RMB1.98 (US$0.30)
for the fourth quarter of 2010. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.37 (US$0.36)
for the fourth quarter of 2010.
For the full year ended December 31,
2010, diluted earnings per ADS were RMB6.97 (US$1.06),
compared to RMB4.67 (US$0.68) in 2009. Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB8.59 (US$1.30), compared to RMB5.60 (US$0.82)
in 2009.
As of December 31, 2010, the
balance of cash, restricted cash and short-term investment was
RMB3.6 billion (US$539 million).
Business Outlook
For the first quarter of 2011, the Company expects to continue
the net revenue growth year-on-year at a rate of approximately 20%.
This forecast reflects Ctrip's current and preliminary view, which
is subject to change.
Conference Call
Ctrip's management team will host a conference call at
8:00PM U.S. Eastern Time on
February 13, 2011 (or 9:00AM on February 14,
2011 in the Shanghai/HK
time zone) following the announcement.
The conference call will be available on Webcast live and replay
at: http://ir.ctrip.com. The call will be archived for one month at
this website.
The dial-in details for the live conference call: U.S. Toll Free
Number +1.888.679.8035, International dial-in number +
1.617.213.4848, Passcode 54668533. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PQYA87W3R.
A telephone replay of the call will be available after the
conclusion of the conference call through February 21, 2011. The dial-in details for the
replay: U.S. Toll Free Number +1.888.286.8010, International
dial-in number +1.617.801.6888, Passcode 66760977.
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
"may," "will," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," "is/are likely to," "confident" or other
similar statements. Among other things, quotations from management
and the Business Outlook section in this press release, as well as
Ctrip's strategic and operational plans, contain forward-looking
statements. Ctrip may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, etc., 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 Ctrip's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, the slow-down of
economic growth in China and the global economic downturn, general
declines or disruptions in the travel industry, volatility in the
trading price of Ctrip's ADSs, Ctrip's reliance on its
relationships and contractual arrangements with travel suppliers
and strategic alliances, failure to further increase Ctrip's brand
recognition to obtain new business partners and consumers, failure
to compete against new and existing competitors, failure to
successfully manage current growth and potential future growth,
risks associated with any strategic investments or acquisitions,
seasonality in the travel industry in mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop
Ctrip's corporate travel business, damage to or failure of Ctrip's
infrastructure and technology, loss of services of Ctrip's key
executives, inflation in China and in other countries, risks and
uncertainties associated with PRC laws and regulations with respect
to the ownership structure of Ctrip's affiliated Chinese entities
and the contractual arrangements among Ctrip, its affiliated
Chinese entities and their shareholders, and other risks outlined
in Ctrip's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F and other
filings. All information provided in this press release and in the
attachments is as of the date of the issuance, and Ctrip does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited consolidated financial
statements presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP
financial information related to product development expenses,
sales and marketing expenses, general and administrative expenses,
income from operations, operating margin, net income, and diluted
earnings per ordinary share and per ADS, each of which is adjusted
from the most comparable GAAP result to exclude the share-based
compensation charges recorded under ASC 718, "Stock Compensation"
for 2010 and 2009. Ctrip's management believes the non-GAAP
financial measures facilitate better understanding of operating
results from quarter to quarter and provide management with a
better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP and
may be different from non-GAAP methods of accounting and reporting
used by other companies. The presentation of this additional
information should not be considered a substitute for GAAP results.
A limitation of using non-GAAP financial measures is that non-GAAP
measures exclude share-based compensation charges that have been
and will continue to be significant recurring expenses in our
business for the foreseeable future.
Reconciliations of Ctrip's non-GAAP financial data to the most
comparable GAAP data included in the consolidated statement of
operations are included at the end of this press release.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service
provider of hotel accommodations, airline tickets, packaged tours,
and corporate travel management in China. Ctrip aggregates hotel
and flight information to enable business and leisure travelers to
make informed and cost-effective bookings. Ctrip also books
vacation packages and guided tours. In addition, Ctrip corporate
travel management services help corporate clients effectively
manage their travel requirements. Since its inception in 1999,
Ctrip has experienced substantial growth and become one of the
best-known travel brands in China.
For further
information, please
contact:
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Investor
Relations
Ctrip.com International,
Ltd.
Tel: (+86) 21 3406 4880 X
12258
Email: iremail@ctrip.com
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Ctrip.com International,
Ltd.
Consolidated Balance Sheet
Information
|
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|
|
|
|
|
|
December
31, 2009
|
|
December
31, 2010
|
|
December
31, 2010
|
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
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(unaudited)
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(unaudited)
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|
|
|
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|
|
|
|
ASSETS
|
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|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
1,434,618,382
|
|
2,153,935,111
|
|
326,353,805
|
|
|
Restricted cash
|
|
113,150,289
|
|
224,179,126
|
|
33,966,534
|
|
|
Short-term
investment
|
|
180,183,917
|
|
1,178,278,063
|
|
178,526,979
|
|
|
Accounts receivable,
net
|
|
420,579,005
|
|
621,548,849
|
|
94,174,068
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|
|
Prepayments and other
current assets
|
|
134,318,164
|
|
355,831,117
|
|
53,913,806
|
|
|
Deferred tax assets,
current
|
|
23,446,059
|
|
37,136,184
|
|
5,626,695
|
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
2,306,295,816
|
|
4,570,908,450
|
|
692,561,887
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
deposits
|
|
143,195,191
|
|
155,856,622
|
|
23,614,640
|
|
|
Land use rights
|
|
108,922,018
|
|
106,333,805
|
|
16,111,183
|
|
|
Property, equipment and
software
|
|
550,506,595
|
|
653,678,980
|
|
99,042,270
|
|
|
Investment
|
|
658,051,285
|
|
1,574,230,623
|
|
238,519,791
|
|
|
Goodwill
|
|
322,936,838
|
|
758,231,441
|
|
114,883,552
|
|
|
Intangible
assets
|
|
66,851,954
|
|
296,964,092
|
|
44,994,559
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
4,156,759,697
|
|
8,116,204,013
|
|
1,229,727,882
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|
|
|
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LIABILITIES
|
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Current
liabilities:
|
|
|
|
|
|
|
|
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Accounts
payable
|
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291,045,743
|
|
595,283,281
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|
90,194,437
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|
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Salary and welfare
payable
|
|
130,539,660
|
|
159,258,508
|
|
24,130,077
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|
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Taxes payable
|
|
142,256,695
|
|
161,772,241
|
|
24,510,946
|
|
|
Advances from
customers
|
|
276,792,049
|
|
595,737,152
|
|
90,263,205
|
|
|
Accrued liability for
customer reward program
|
|
88,254,996
|
|
121,319,301
|
|
18,381,712
|
|
|
Other payables and
accruals
|
|
229,652,319
|
|
247,528,032
|
|
37,504,249
|
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
1,158,541,462
|
|
1,880,898,515
|
|
284,984,626
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities,
non-current
|
|
11,509,937
|
|
45,382,710
|
|
6,876,168
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
1,170,051,399
|
|
1,926,281,225
|
|
291,860,794
|
|
|
|
|
|
|
|
|
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SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
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Share capital
|
|
2,801,334
|
|
2,926,132
|
|
443,353
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|
|
Additional paid-in
capital
|
|
1,219,815,250
|
|
3,073,551,037
|
|
465,689,551
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|
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Statutory
reserves
|
|
72,489,182
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|
93,384,908
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|
14,149,228
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|
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Accumulated other
comprehensive (loss) / income
|
|
(77,742,443)
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|
198,972,084
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|
30,147,285
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|
|
Retained
Earnings
|
|
1,707,684,596
|
|
2,734,858,610
|
|
414,372,517
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|
|
|
|
|
|
|
|
|
|
|
Total
Ctrip's shareholders' equity
|
|
2,925,047,919
|
|
6,103,692,771
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|
924,801,934
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|
|
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|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
61,660,379
|
|
86,230,017
|
|
13,065,154
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
2,986,708,298
|
|
6,189,922,788
|
|
937,867,088
|
|
|
|
|
|
|
|
|
|
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Total
liabilities and shareholders'
equity
|
|
4,156,759,697
|
|
8,116,204,013
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1,229,727,882
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Ctrip.com
International, Ltd.
Consolidated Statement of
Operations Information
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|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
|
|
December 31, 2009
|
|
|
September 30, 2010
|
|
|
December 31, 2010
|
|
|
December 31, 2010
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
274,473,674
|
|
|
349,655,584
|
|
|
360,325,329
|
|
|
54,594,747
|
|
|
Air-ticketing**
|
|
236,054,940
|
|
|
315,236,102
|
|
|
319,728,612
|
|
|
48,443,729
|
|
|
Packaged tour
|
|
48,458,453
|
|
|
140,858,679
|
|
|
100,625,182
|
|
|
15,246,240
|
|
|
Corporate
travel**
|
|
26,798,448
|
|
|
33,938,560
|
|
|
35,786,154
|
|
|
5,422,145
|
|
|
Others
|
|
17,116,855
|
|
|
23,035,896
|
|
|
18,672,214
|
|
|
2,829,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
602,902,370
|
|
|
862,724,821
|
|
|
835,137,491
|
|
|
126,535,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and
related surcharges
|
|
(37,188,892)
|
|
|
(50,520,118)
|
|
|
(48,010,960)
|
|
|
(7,274,388)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
565,713,478
|
|
|
812,204,703
|
|
|
787,126,531
|
|
|
119,261,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(128,218,158)
|
|
|
(176,199,743)
|
|
|
(169,529,242)
|
|
|
(25,686,249)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
437,495,320
|
|
|
636,004,960
|
|
|
617,597,289
|
|
|
93,575,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(88,084,277)
|
|
|
(123,199,772)
|
|
|
(120,637,434)
|
|
|
(18,278,399)
|
|
|
Sales and marketing
*
|
|
(97,816,552)
|
|
|
(125,160,008)
|
|
|
(126,969,302)
|
|
|
(19,237,773)
|
|
|
General and administrative
*
|
|
(62,342,757)
|
|
|
(79,623,531)
|
|
|
(77,706,831)
|
|
|
(11,773,762)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
(248,243,586)
|
|
|
(327,983,311)
|
|
|
(325,313,567)
|
|
|
(49,289,934)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
189,251,734
|
|
|
308,021,649
|
|
|
292,283,722
|
|
|
44,285,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
4,687,828
|
|
|
9,767,903
|
|
|
13,526,761
|
|
|
2,049,509
|
|
|
Other income
|
|
30,225,954
|
|
|
44,345,553
|
|
|
38,217,360
|
|
|
5,790,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income tax expense and equity in income
|
|
224,165,516
|
|
|
362,135,105
|
|
|
344,027,843
|
|
|
52,125,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(44,662,623)
|
|
|
(62,186,716)
|
|
|
(66,126,123)
|
|
|
(10,019,110)
|
|
|
Equity in income of
affiliates
|
|
14,714,676
|
|
|
23,192,105
|
|
|
24,521,408
|
|
|
3,715,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
194,217,569
|
|
|
323,140,494
|
|
|
302,423,128
|
|
|
45,821,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(4,011,756)
|
|
|
(3,001,333)
|
|
|
(149,393)
|
|
|
(22,635)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
190,205,813
|
|
|
320,139,161
|
|
|
302,273,735
|
|
|
45,799,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
5.60
|
|
|
8.94
|
|
|
8.43
|
|
|
1.28
|
|
|
- Diluted
|
|
5.28
|
|
|
8.42
|
|
|
7.91
|
|
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.40
|
|
|
2.23
|
|
|
2.11
|
|
|
0.32
|
|
|
- Diluted
|
|
1.32
|
|
|
2.11
|
|
|
1.98
|
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
33,967,802
|
|
|
35,815,709
|
|
|
35,874,508
|
|
|
35,874,508
|
|
|
- Diluted
|
|
36,025,042
|
|
|
38,005,087
|
|
|
38,222,581
|
|
|
38,222,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation
charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
12,319,485
|
|
|
16,583,720
|
|
|
16,695,524
|
|
|
2,529,625
|
|
|
Sales and
marketing
|
|
6,896,401
|
|
|
8,168,446
|
|
|
8,158,262
|
|
|
1,236,100
|
|
|
General and
administrative
|
|
30,390,027
|
|
|
35,491,501
|
|
|
35,015,075
|
|
|
5,305,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Certain prior year
amounts have been reclassified with no effect on net income or
retained earnings to conform to the 2010 financial information
presentation. Revenues are presented in accordance with the
definitions below:
|
|
|
|
Air-ticketing revenues
primarily include commissions from air ticket booking and related
services, including sales of aviation casualty insurance, and
revenue generated from air-ticket delivery services.
|
|
|
|
Corporate travel
management revenues primarily include commissions from hotel
reservation, air ticket booking and packaged-tour services rendered
to corporate clients.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Operations Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
|
|
December 31,
2009
|
|
|
December 31,
2010
|
|
|
December 31,
2010
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Hotel reservation
|
|
940,682,312
|
|
|
1,278,043,673
|
|
|
193,642,981
|
|
|
Air-ticketing**
|
|
868,379,184
|
|
|
1,206,921,479
|
|
|
182,866,891
|
|
|
Packaged tour
|
|
175,867,386
|
|
|
380,307,487
|
|
|
57,622,347
|
|
|
Corporate travel**
|
|
83,136,519
|
|
|
129,658,427
|
|
|
19,645,216
|
|
|
Others
|
|
54,496,575
|
|
|
71,781,955
|
|
|
10,876,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
2,122,561,976
|
|
|
3,066,713,021
|
|
|
464,653,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and related
surcharges
|
|
(134,555,018)
|
|
|
(185,479,524)
|
|
|
(28,102,958)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
1,988,006,958
|
|
|
2,881,233,497
|
|
|
436,550,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
(450,602,773)
|
|
|
(625,261,342)
|
|
|
(94,736,567)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,537,404,185
|
|
|
2,255,972,155
|
|
|
341,813,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Product development *
|
|
(308,451,348)
|
|
|
(453,853,000)
|
|
|
(68,765,606)
|
|
|
Sales and marketing *
|
|
(345,289,299)
|
|
|
(453,292,701)
|
|
|
(68,680,712)
|
|
|
General and administrative
*
|
|
(196,297,316)
|
|
|
(294,701,167)
|
|
|
(44,651,692)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(850,037,963)
|
|
|
(1,201,846,868)
|
|
|
(182,098,010)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
687,366,222
|
|
|
1,054,125,287
|
|
|
159,715,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
17,392,472
|
|
|
37,585,865
|
|
|
5,694,828
|
|
|
Other income
|
|
60,801,280
|
|
|
99,125,516
|
|
|
15,019,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
and equity in income
|
|
765,559,974
|
|
|
1,190,836,668
|
|
|
180,429,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(131,658,085)
|
|
|
(205,016,961)
|
|
|
(31,063,176)
|
|
|
Equity in income of
affiliates
|
|
32,869,419
|
|
|
66,171,992
|
|
|
10,026,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
666,771,308
|
|
|
1,051,991,699
|
|
|
159,392,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
noncontrolling interests
|
|
(7,797,686)
|
|
|
(3,921,959)
|
|
|
(594,236)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
|
658,973,622
|
|
|
1,048,069,740
|
|
|
158,798,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
19.62
|
|
|
29.62
|
|
|
4.49
|
|
|
- Diluted
|
|
18.69
|
|
|
27.89
|
|
|
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
4.90
|
|
|
7.40
|
|
|
1.12
|
|
|
- Diluted
|
|
4.67
|
|
|
6.97
|
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
33,592,334
|
|
|
35,385,451
|
|
|
35,385,451
|
|
|
- Diluted
|
|
35,250,335
|
|
|
37,577,056
|
|
|
37,577,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation
charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
33,862,928
|
|
|
64,254,080
|
|
|
9,735,467
|
|
|
Sales and
marketing
|
|
18,864,102
|
|
|
33,202,984
|
|
|
5,030,755
|
|
|
General and
administrative
|
|
77,801,797
|
|
|
145,104,394
|
|
|
21,985,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Certain prior year amounts
have been reclassified with no effect on net income or retained
earnings to conform to the 2010 financial information presentation.
Revenues are presented in accordance with the definitions
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air-ticketing revenues primarily
include commissions from air ticket booking and related services,
including sales of aviation casualty insurance, and revenue
generated from air-ticket delivery services.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate travel management
revenues primarily include commissions from hotel reservation, air
ticket booking and packaged-tour services rendered to corporate
clients.
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com International,
Ltd.
|
|
Reconciliation of GAAP and
Non-GAAP Results
|
|
(In RMB, except % and per share
information)
|
|
|
|
Quarter
Ended December 31, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
Share-based
Compensation
|
% of Net
Revenue
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Product development
|
(120,637,434)
|
15%
|
16,695,524
|
2%
|
(103,941,910)
|
13%
|
|
Sales and marketing
|
(126,969,302)
|
16%
|
8,158,262
|
1%
|
(118,811,040)
|
15%
|
|
General and
administrative
|
(77,706,831)
|
10%
|
35,015,075
|
4%
|
(42,691,756)
|
5%
|
|
Total operating
expenses
|
(325,313,567)
|
41%
|
59,868,861
|
8%
|
(265,444,706)
|
34%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
292,283,722
|
37%
|
59,868,861
|
8%
|
352,152,583
|
45%
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
302,273,735
|
38%
|
59,868,861
|
8%
|
362,142,596
|
46%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
7.91
|
|
1.57
|
|
9.47
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.98
|
|
0.39
|
|
2.37
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.30
|
|
0.06
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended September 30, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
Share-based
Compensation
|
% of Net
Revenue
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Product development
|
(123,199,772)
|
15%
|
16,583,720
|
2%
|
(106,616,052)
|
13%
|
|
Sales and marketing
|
(125,160,008)
|
15%
|
8,168,446
|
1%
|
(116,991,562)
|
14%
|
|
General and
administrative
|
(79,623,531)
|
10%
|
35,491,501
|
4%
|
(44,132,030)
|
5%
|
|
Total operating
expenses
|
(327,983,311)
|
40%
|
60,243,667
|
7%
|
(267,739,644)
|
33%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
308,021,649
|
38%
|
60,243,667
|
7%
|
368,265,316
|
45%
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
320,139,161
|
39%
|
60,243,667
|
7%
|
380,382,828
|
47%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
8.42
|
|
1.59
|
|
10.01
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
2.11
|
|
0.40
|
|
2.50
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.31
|
|
0.06
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended December 31, 2009
|
|
|
GAAP
Result
|
% of Net
Revenue
|
Share-based
Compensation
|
% of Net
Revenue
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Product development
|
(88,084,277)
|
16%
|
12,319,485
|
2%
|
(75,764,792)
|
13%
|
|
Sales and marketing
|
(97,816,552)
|
17%
|
6,896,401
|
1%
|
(90,920,151)
|
16%
|
|
General and
administrative
|
(62,342,757)
|
11%
|
30,390,027
|
5%
|
(31,952,730)
|
6%
|
|
Total operating
expenses
|
(248,243,586)
|
44%
|
49,605,913
|
9%
|
(198,637,673)
|
35%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
189,251,734
|
33%
|
49,605,913
|
9%
|
238,857,647
|
42%
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
190,205,813
|
34%
|
49,605,913
|
9%
|
239,811,726
|
42%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
5.28
|
|
1.38
|
|
6.66
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.32
|
|
0.34
|
|
1.66
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.19
|
|
0.05
|
|
0.24
|
|
|
|
|
|
|
|
|
|
Ctrip.com International,
Ltd.
|
|
Reconciliation of GAAP and
Non-GAAP Results
|
|
(In RMB, except % and per share
information)
|
|
|
|
Year Ended
December 31, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
Share-based
Compensation
|
% of Net
Revenue
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Product
development
|
(453,853,000)
|
16%
|
64,254,080
|
2%
|
(389,598,920)
|
14%
|
|
Sales and
marketing
|
(453,292,701)
|
16%
|
33,202,984
|
1%
|
(420,089,717)
|
15%
|
|
General and
administrative
|
(294,701,167)
|
10%
|
145,104,394
|
5%
|
(149,596,773)
|
5%
|
|
Total operating
expenses
|
(1,201,846,868)
|
42%
|
242,561,458
|
8%
|
(959,285,410)
|
33%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
1,054,125,287
|
37%
|
242,561,458
|
8%
|
1,296,686,745
|
45%
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
1,048,069,740
|
36%
|
242,561,458
|
8%
|
1,290,631,198
|
45%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
27.89
|
|
6.46
|
|
34.35
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
6.97
|
|
1.61
|
|
8.59
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
1.06
|
|
0.24
|
|
1.30
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2009
|
|
|
GAAP
Result
|
% of Net
Revenue
|
Share-based
Compensation
|
% of Net
Revenue
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Product
development
|
(308,451,348)
|
16%
|
33,862,928
|
2%
|
(274,588,420)
|
14%
|
|
Sales and
marketing
|
(345,289,299)
|
17%
|
18,864,102
|
1%
|
(326,425,197)
|
16%
|
|
General and
administrative
|
(196,297,316)
|
10%
|
77,801,797
|
4%
|
(118,495,519)
|
6%
|
|
Total operating
expenses
|
(850,037,963)
|
43%
|
130,528,827
|
7%
|
(719,509,136)
|
36%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
687,366,222
|
35%
|
130,528,827
|
7%
|
817,895,049
|
41%
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
658,973,622
|
33%
|
130,528,827
|
7%
|
789,502,449
|
40%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
18.69
|
|
3.70
|
|
22.40
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
4.67
|
|
0.93
|
|
5.60
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.68
|
|
0.14
|
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes for all the financial
schedules presented:
|
|
|
|
Note 1: The conversion of
Renminbi (RMB) into U.S. dollars (USD) is based on the certified
exchange rate of USD1.00=RMB6.60 on December
30, 2010 published by the Federal Reserve Board.
|
|
|
|
Note 2: Effective on January 21,
2010, Company changed ratio of the American Depositary Shares
(“ADSs”) to ordinary shares from two (2) ADSs representing one (1)
ordinary share to four (4) ADSs representing one (1) ordinary
share. The change is reflected retroactively in the numbers
for all the periods presented above.
|
|
|
|
|
|
|
|
|
SOURCE Ctrip.com International, Ltd.