Trip.com Group Ltd — Interim / Quarterly Report 2004

Aug 9, 2004

6-K 1 d6k.htm FORM 6-K Form 6-K

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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of August 2004

Commission File Number: 333-110455

CTRIP.COM INTERNATIONAL, LTD.

3F, Building 63-64

No. 421 Hong Cao Road

Shanghai 200233, People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82- N/A

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CTRIP.COM INTERNATIONAL, LTD.

Form 6-K

TABLE OF CONTENTS

Signature		Page — 3
Financial Results of Second Quarter of 2004	Exhibit 99.1	4

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CTRIP.COM INTERNATIONAL, LTD.
By:	/s/ Neil Nanpeng Shen
Name:	Neil Nanpeng Shen
Title:	President and Chief Financial Officer

Date: August 6, 2004

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Exhibit 99.1

Ctrip.com International, Ltd.

Consolidated Balance Sheets

	December 31, 2003 — RMB		March 31, 2004 — RMB		June 30, 2004 — RMB		June 30, 2004 — USD (Note 1)
ASSETS
Current assets:
Cash	471,968,850		472,557,343		500,801,793		60,508,155
Accounts receivable	28,939,700		37,396,134		40,944,539		4,947,024
Due from related parties	611,640		747,004		—		—
Prepayments and other current assets	7,130,947		6,983,033		7,286,983		880,432
Deferred tax assets, current	541,300		686,802		903,658		109,182
Total current assets	509,192,437		518,370,316		549,936,973		66,444,793
Long-term loans to related parties	2,310,000		1,750,000		1,500,000		181,234
Long-term deposits	11,192,277		15,776,889		20,410,714		2,466,075
Property, equipment and software	23,279,247		29,059,052		28,666,048		3,463,505
Goodwill	9,515,849		9,515,849		9,515,849		1,149,729
Other intangible assets	1,715,253		1,592,028		1,468,803		177,465
Total assets	557,205,063		576,064,134		611,498,387		73,882,801
LIABILITIES
Current liabilities:
Accounts payable	14,694,057		20,093,469		22,814,420		2,756,495
Due to a related party	4,018,284		4,016,877		3,394,965		410,188
Salary and welfare payable	9,799,711		7,695,271		7,759,491		937,522
Taxes payable	9,270,024		9,700,343		9,235,960		1,115,912
Advances from customers	3,839,843		4,838,554		4,628,405		559,216
Provisions for customer reward program	4,708,670		5,828,677		7,424,389		897,034
Other payables and accruals	17,586,657		7,589,703		6,435,412		777,543
Total current liabilities	63,917,246		59,762,894		61,693,042		7,453,910
Minority interests	563,655		584,271		576,629		69,670
Commitments and contingencies	—		—		—		—
Shareholders’ equity
Share capital	2,498,484		2,526,771		2,538,282		306,682
Additional paid-in capital	498,566,368		500,667,991		502,379,527		60,698,781
Statutory reserves	5,531,309		5,531,309		5,531,309		668,307
Deferred share-based compensation	(4,995,407	)	(4,389,129	)	(3,798,491	)	(458,943	)
Cumulative translation adjustments	1,575,733		105,691		(133,121	)	(16,084	)
Accumulated deficit/Retained Earnings	(10,452,325	)	11,274,336		42,711,210		5,160,478
Total shareholders’ equity	492,724,162		515,716,969		549,228,716		66,359,221
Total liabilities and shareholders’ equity	557,205,063		576,064,134		611,498,387		73,882,801

Note 1: The conversion of RMB into USD is based on the noon buying rate of USD1.00=RMB8.2766 on June 30, 2004 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

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Ctrip.com International, Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss)

	Quarter Ended June 30, 2003 — RMB		Quarter Ended March 31, 2004 — RMB		Quarter Ended June 30, 2004 — RMB		Quarter Ended June 30, 2004 — USD (Note 1)
Revenues:
Hotel reservation	16,570,651		54,605,829		68,659,561		8,295,624
Air-ticketing	2,393,433		10,328,295		13,233,614		1,598,919
Packaged tour	—		1,925,268		2,175,745		262,879
Others	638,589		1,125,677		1,108,707		133,957
Total revenues	19,602,673		67,985,069		85,177,627		10,291,379
Less: business tax and related surcharges	(973,342	)	(3,635,889	)	(4,680,608	)	(565,523	)
Net revenues	18,629,331		64,349,180		80,497,019		9,725,856
Cost of services	(3,753,221	)	(9,719,206	)	(11,022,909	)	(1,331,816	)
Gross profit	14,876,110		54,629,974		69,474,110		8,394,040
Operating expenses:
Product development	(3,806,830	)	(7,088,586	)	(8,293,309	)	(1,002,019	)
Sales and marketing	(7,725,130	)	(14,576,211	)	(16,911,047	)	(2,043,236	)
General and administrative	(3,712,037	)	(6,725,580	)	(7,386,390	)	(892,443	)
Share-based compensation	(398,558	)	(553,526	)	(576,255	)	(69,625	)
Amortization of other intangible assets	(88,311	)	(123,225	)	(123,225	)	(14,888	)
Total operating expenses	(15,730,866	)	(29,067,128	)	(33,290,226	)	(4,022,211	)
Income from operations	(854,756	)	25,562,846		36,183,884		4,371,829
Interest income	98,712		729,161		1,087,928		131,446
Other income (expense)	3,491,309		(199,477	)	392,535		47,427
Income before income tax expense, minority interest and share of loss of joint venture companies	2,735,265		26,092,530		37,664,347		4,550,702
Share of loss of joint venture companies	(331,010	)	—		—		—
Income tax expense	(523,337	)	(4,345,253	)	(6,235,115	)	(753,343	)
Minority interests	—		(20,616	)	7,642		923
Net income	1,880,918		21,726,661		31,436,874		3,798,282
Accretion for Series B Redeemable Convertible Preferred shares	(4,662,995	)	—		—		—
Net income (loss) attributable to ordinary shareholders	(2,782,077	)	21,726,661		31,436,874		3,798,282
Other comprehensive income:
Translation adjustments	(870	)	(1,470,042	)	238,812		28,854
Comprehensive income	1,880,048		20,256,619		31,675,686		3,827,136
Earnings (loss) per ordinary share
- Basic	-0.29		0.71		1.03		0.12
- Diluted	-0.29		0.68		0.97		0.12
Earnings (loss) per ADS
- Basic	-0.58		1.42		2.06		0.25
- Diluted	-0.58		1.36		1.94		0.23
Weighted average ordinary shares outstanding
- Basic	9,520,698		30,461,804		30,594,397		30,594,397
- Diluted	9,520,698		32,160,193		32,245,989		32,245,989

Note 1: The conversion of RMB into USD is based on the noon buying rate of USD1.00=RMB8.2766 on June 30, 2004 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

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