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Ctrip Reports Fourth Quarter and Full Year 2010 Financial Results

SHANGHAI Feb. 13, 2011 December 31, 2010

Highlights for the Fourth Quarter of 20 10

  • RMB787 million US$119 million
  • Gross margin was 78% for the fourth quarter of 2010, compared to 77% in the same period in 2009.
  • RMB292 million US$44 million RMB352 million US$53 million
  • 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.
  • RMB302 million US$46 million RMB362 million US$55 million
  • RMB1.98 (US$0.30) RMB2.37 (US$0.36)
  • RMB60 million US$9 million RMB0.39 (US$0.06)

Highlights for the full year 20 10

  • RMB2.9 billion US$437 million
  • Gross margin was 78% in 2010, compared to 77% in 2009.
  • RMB1.1 billion US$160 million RMB1.3 billion US$196 million
  • 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.
  • RMB1.0 billion US$159 million RMB1.3 billion US$196 million
  • RMB6.97 (US$1.06) RMB4.67 (US$0.68) RMB8.59 (US$1.30) RMB5.60 (US$0.82)
  • RMB243 million US$37 million RMB1.61 (US$0.24)

Min Fan

Recent Development s

Strategic Investment in China Ltd

China Ltd Shanghai 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

RMB835 million US$127 million

December 31, 2010 RMB3.1 billion US$465 million

RMB360 million US$55 million

December 31, 2010 RMB1.3 billion US$194 million

RMB320 million US$48 million

December 31, 2010 RMB1.2 billion US$183 million

RMB101 million US$15 million

December 31, 2010 RMB380 million US$58 million

RMB36 million US$5 million

December 31, 2010 RMB130 million US$20 million

RMB787 million US$119 million

December 31, 2010 RMB2.9 billion US$437 million

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.

December 31, 2010

RMB121 million US$18 million

December 31, 2010 RMB454 million US$69 million

RMB127 million US$19 million

December 31, 2010 RMB453 million US$69 million

RMB78 million US$12 million

December 31, 2010 RMB295 million US$45 million

RMB292 million US$44 million RMB352 million US$53 million

December 31, 2010 RMB1.1 billion US$160 million RMB1.3 billion US$196 million

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.  

December 31, 2010

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.

RMB302 million US$46 million RMB362 million US$55 million

December 31, 2010 RMB1.0 billion US$159 million RMB1.3 billion US$196 million

RMB1.98 (US$0.30) RMB2.37 (US$0.36)

December 31, 2010 RMB6.97 (US$1.06) RMB4.67 (US$0.68) RMB8.59 (US$1.30) RMB5.60 (US$0.82)

December 31, 2010 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

8:00PM February 13, 2011 9:00AM February 14, 2011 Shanghai

http://ir.ctrip.com

https://www.theconferencingservice.com/prereg/key.process?key=PQYA87W3R

February 21, 2011

Safe Harbor Statement

Hong Kong Macau Taiwan

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 :

Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 1 2258
Email: [email protected]

Ctrip.com International, Ltd.

Consolidated Balance Sheet Information

December 31, 2009

December 31, 2010

December 31, 2010

RMB

RMB

USD

(unaudited)

(unaudited)

(unaudited)

ASSETS

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

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

LIABILITIES

Current liabilities:

Accounts payable

291,045,743

595,283,281

90,194,437

Salary and welfare payable

130,539,660

159,258,508

24,130,077

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

SHAREHOLDERS’ EQUITY

Share capital

2,801,334

2,926,132

443,353

Additional paid-in capital

1,219,815,250

3,073,551,037

465,689,551

Statutory reserves

72,489,182

93,384,908

14,149,228

Accumulated other comprehensive (loss) / income

(77,742,443)

198,972,084

30,147,285

Retained Earnings

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