SHANGHAI, China, Feb. 11 /Xinhua-PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2006.
Highlights for the fourth quarter of 2006
-- Net revenues were RMB226 million (US$29 million) for the fourth
quarter of 2006, up 45% year-on-year.
-- Gross margin was 80% for the fourth quarter of 2006, compared to 81%
in the same period in 2005.
-- Income from operations was RMB75 million (US$10 million) for the
fourth quarter of 2006. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB89 million (US$11 million),
up 44% year-on-year.
-- Operating margin was 33% in the fourth quarter of 2006. Excluding
share-based compensation charges (non-GAAP), operating margin was
39%, compared to 40% during the same period in 2005.
-- Net income was RMB67 million (US$9 million) in the fourth quarter of
2006. Excluding share-based compensation charges (non-GAAP), net
income was RMB81 million (US$10 million), up 28% year-on-year.
-- Diluted earnings per share were RMB2.00 (US$0.26). Excluding share-
based compensation charges (non-GAAP), diluted earnings per share
were RMB2.41 (US$0.31).
-- With the company's adoption of FAS123R in 2006, share-based
compensation charges were RMB14 million (US$2 million), which
accounted for 6% of the net revenues, or RMB0.41 (US$0.05) per share
for the fourth quarter of 2006.
Highlights for the full year 2006
-- Net revenues were RMB780 million (US$100 million) in 2006, up 49%
from 2005.
-- Gross margin was 80% in 2006, compared to 83% in 2005 largely due to
the relatively higher cost of service as a result of increased
revenue contribution from air ticketing services and packaged tours.
-- Income from operations was RMB255 million (US$33 million) in 2006.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB310 million (US$40 million) in 2006, up 38% from
2005.
-- Operating margin was 33% in 2006. Excluding share-based compensation
charges (non-GAAP), operating margin was 40%, compared to 43% in
2005.
-- Net income was RMB241 million (US$31 million) in 2006. Excluding
share-based compensation charges (non-GAAP), net income was RMB295
million (US$38 million), up 31% from 2005.
-- Diluted earnings per share were RMB7.23 (US$0.93) in 2006. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
share were RMB8.87 (US$1.14), compared to RMB6.97 (US$0.86) in 2005.
-- With the company's adoption of FAS123R in 2006, share-based
compensation charges were RMB55 million (US$7 million), which
accounted for 7% of the net revenues, or RMB1.64 (US$0.21) per share
in 2006.
"We are very pleased with our solid results for the fourth quarter and full year 2006. We strengthened our brand and market position, increased new product offerings, and enhanced customer services during the year," said Min Fan, Chief Executive Officer of Ctrip. "Looking forward, we are poised to further grow our business by excelling in service, innovation and technology. With continued healthy growth in travel industry, we are confident that Ctrip will capitalize on its strength and opportunities and deliver substantial returns for shareholders."
Fourth Quarter and Full Year 2006 Financial Results
For the fourth quarter of 2006, Ctrip reported total revenues of RMB242 million (US$31 million), representing a 46% increase from the same period in 2005 and a 9% increase from the previous quarter in 2006.
For the full year ended December 31, 2006, total revenues were RMB834 million (US$107 million), representing a 49% increase from 2005.
Hotel reservation revenues amounted to RMB138 million (US$18 million) for the fourth quarter of 2006, representing a 33% increase from the same period in 2005 and a 10% increase from the previous quarter. The total number of hotel room nights booked was approximately 1.94 million in the fourth quarter of 2006, compared to approximately 1.52 million room nights for the same period in 2005 and approximately 1.82 million room nights in the previous quarter. The average commission per room night was RMB71 (US$9) in the fourth quarter of 2006, compared to RMB68 (US$8) in the same period in 2005 and RMB69 (US$9) in the previous quarter.
For the full year ended December 31, 2006, hotel reservation revenues were RMB476 million (US$61 million), a 31% increase from 2005. The hotel reservation revenues accounted for 57% of the total revenues in 2006, compared to 65% in 2005. The total number of hotel room nights booked was approximately 6.84 million in 2006, compared to approximately 5.45 million booked in 2005.
Air ticket booking revenues for the fourth quarter of 2006 were RMB90 million (US$11 million), representing a 72% increase from the same period in 2005 and an 11% increase from the previous quarter. The total number of air tickets sold in the fourth quarter of 2006 was approximately 1.90 million, compared to approximately 1.17 million for the same period in 2005 and approximately 1.72 million in the previous quarter. The average commission per air ticket was RMB46 (US$6) in the fourth quarter of 2006, increased from RMB44 (US$5) in the same period in 2005 and remained consistent with previous quarter.
For the full year ended December 31, 2006, air ticket booking revenues were RMB303 million (US$39 million), an 83% increase from 2005. The air ticket booking revenues accounted for 36% of the total revenues in 2006, compared to 30% in 2005. The total number of air tickets sold was approximately 6.39 million in 2006, compared to approximately 3.67 million air tickets sold in 2005.
Packaged-tour revenues for the fourth quarter of 2006 were RMB11 million (US$1 million), up 56% from the same period in 2005 and down 15% from the previous quarter due to seasonality.
For the full year ended December 31, 2006, packaged tour revenues were RMB42 million (US$5 million), an 83% increase from 2005. The packaged tour revenues accounted for 5% of the total revenues in 2006.
For the fourth quarter of 2006, net revenues were RMB226 million (US$29 million), a 45% increase from the same period in 2005. Net revenues increased by 8% from the previous quarter in 2006.
For the full year ended December 31, 2006, net revenues were RMB780 million (US$100 million), a 49% increase from 2005.
Gross margin was 80% in the fourth quarter of 2006, compared to 81% for the same period in 2005 and 79% in the previous quarter.
For the full year ended December 31, 2006, gross margin was 80%, compared to 83% in 2005. This decrease was largely due to the relatively higher cost of services as a result of increased revenue contribution from air ticketing and packaged tours.
Product development expenses for the fourth quarter of 2006 increased by 75% to RMB31 million (US$4 million) from the same period in 2005 and increased by 13% compared to the previous quarter, primarily due to the increase of product development personnel resources. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 12% of the net revenue, and remained relatively consistent with 11% in the same period last year and the previous quarter.
For the full year ended December 31, 2006, product development expenses were RMB106 million (US$14 million), increased by 83% from 2005. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 12% of the net revenue, and remained relatively consistent with 11% in 2005.
Sales and marketing expenses for the fourth quarter of 2006 increased by 46% to RMB49 million (US$6 million) from the same period in 2005 and 2% from the previous quarter, primarily due to the increase of sales and marketing personnel resources. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 21% of the net revenue, and remained consistent with 21% in the same period last year and decreased slightly from 22% in the previous quarter.
For the full year ended December 31, 2006, sales and marketing expenses were RMB172 million (US$22 million), increase by 53% from 2005. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 21% of the net revenue, remained consistent with 21% in 2005.
General and administrative expenses for the fourth quarter of 2006 increased by 92% to RMB25 million (US$3 million) from the same period in 2005, primarily due to the increase of personnel resources and the incurrence of RMB8 million (US$1 million) for share-based compensation charges. General and administrative expenses remained relatively consistent with the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, remained consistent with 8% for both the same period last year and the previous quarter.
For the full year ended December 31, 2006, general and administrative expenses were RMB93 million (US$12 million), increased by 118% from 2005, primarily due to the incurrence of share-based compensation charges in 2006. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, remained consistent with 2005.
Income from operations for the fourth quarter of 2006 was RMB75 million (US$10 million). Excluding share-based compensation charges (non-GAAP), income from operations was RMB89 million (US$11 million), increased 44% from the same period in 2005 and 13% from the pervious quarter.
For the full year ended December 31, 2006, income from operations was RMB255 million (US$33 million), increased by 15% from 2005. Excluding share-based compensation charges (non-GAAP), income from operations was RMB310 million (US$40 million), increased 38% from 2005.
Operating margin was 33% in the fourth quarter of 2006. Excluding share-based compensation charges (non-GAAP), operating margin was 39% compared to 40% in the fourth quarter of 2005 and 38% in the previous quarter.
For the full year ended December 31, 2006, operating margin was 33%. Excluding share-based compensation charges (non-GAAP), operating margin was 40% compared to 43% in 2005.
Net income for the fourth quarter of 2006 was RMB67 million (US$9 million). Excluding share-based compensation charges (non-GAAP), net income was RMB81 million (US$10 million), representing a 28% increase from the same period in 2005 and a 2% increase from the previous quarter.
For the full year ended December 31, 2006, net income was RMB241 million (US$31 million). Excluding share-based compensation charges (non-GAAP), net income was RMB295 million (US$38 million), representing a 31% increase from 2005.
The diluted earnings per share were RMB2.00 (US$0.26) for the fourth quarter of 2006. Excluding share-based compensation charges (non-GAAP), the diluted earnings per share were RMB2.41 (US$0.31).
For the full year ended December 31, 2006, the diluted earnings per share were RMB7.23 (US$0.93). Excluding share-based compensation charges (non-GAAP), the diluted earnings per share were RMB8.87 (US$1.14), compared to RMB6.97 (US$0.86) in 2005.
As of December 31, 2006, the cash balance was RMB851 million (US$109 million), compared to RMB742 million (US$92 million) as of December 31, 2005.
Business Outlook
For the full year 2007, Ctrip expects to continue the year-on-year net revenue growth at a rate of approximately 30%. Before share-based compensation charges, the company expects operating margin to be approximately 35%.
Note to Financial Statements Information
Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2006 financial statement presentation.
Conference Call
Ctrip's management team will host a conference call at 9:00PM Eastern Time on February 11, 2007 (or 10:00AM on February 12, 2007 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 12 months at this website.
The dial-in details for the live conference call: U.S. Toll Free Number +1-800-299-9630, International dial-in number +1-617-786-2904; Passcode 22751513.
A telephone replay of the call will be available after the conclusion of the conference call through February 18, 2007. 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 31386233.
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 "will," "expect," "anticipate," "future," "intend," "plan," "believe" "estimate," and "confident" and similar statements. Among other things, quotations from management and 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, declines or disruptions in the travel industry, the outbreak of serious contagious disease such as SARS or avian flu, Ctrip's reliance on the relationships with hotel suppliers and airline ticket suppliers, Ctrip's limited operating history, fluctuations in quarterly operating results and stock price, failure to compete against new and existing competitors, PRC laws and regulations governing internet content providers in China 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 February 11, 2007, 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, net margin and diluted earnings per share, each of which is adjusted from the most comparable GAAP results to exclude the share-based compensation charges recorded under Statement of Financial Accounting Standard 123R, "Share-Based Payment", and APB25, "Accounting for Stock Issued to Employees", for 2006 and 2005, respectively. Ctrip's management believes the non-GAAP financial measures facilitate better comparison of operating results from quarter to quarter and provides the management better capability to plan and forecast future periods.
The non-GAAP information is not 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 the GAAP results. A limitation of using these non-GAAP financial measures is that these 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 measures to consolidated statement of operations information are included in 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 and packaged-tours in China. Ctrip aggregates information on hotels and flights and enable customers to make informed and cost-effective hotel and flight bookings. Ctrip targets primarily business and leisure travelers in China who do not travel in group. These travelers form a traditionally under-served yet fast-growing segment of the China travel industry. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
Ctrip.com International, Ltd.
Consolidated Balance Sheet Information
December December December
31, 2005 31, 2006 31, 2006
RMB RMB USD
(unaudited) (unaudited) (unaudited)
ASSETS
Current assets:
Cash 735,061,898 844,392,604 108,198,589
Restricted cash 6,600,000 6,600,000 845,709
Accounts receivable 63,440,215 137,617,717 17,634,028
Prepayments and other current
assets 44,077,341 61,940,791 7,936,955
Deferred tax assets 2,135,171 2,916,151 373,669
Total current assets 851,314,625 1,053,467,263 134,988,950
Long-term deposits 54,284,801 80,174,984 10,273,444
Land use rights 66,430,515 66,449,208 8,514,654
Property, equipment and
software 53,552,243 153,690,484 19,693,556
Long-term investment -- 80,416,250 10,304,359
Goodwill 9,515,849 14,595,849 1,870,280
Other long-term assets 803,050 3,058,465 391,905
Total assets 1,035,901,083 1,451,852,503 186,037,148
LIABILITIES
Current liabilities:
Accounts payable 72,353,392 151,408,198 19,401,109
Salary and welfare payable 21,343,901 32,778,110 4,200,114
Taxes payable 16,050,032 34,913,392 4,473,724
Advances from customers 28,172,743 38,178,866 4,892,155
Provisions for customer
reward program 19,776,193 29,566,712 3,788,613
Dividend payable 67,273,747 72,169,155 9,247,595
Other payables and accruals 45,344,065 62,030,840 7,948,494
Total current liabilities 270,314,073 421,045,273 53,951,804
Other long-term payables -- 2,437,500 312,336
Total liabilities 270,314,073 423,482,773 54,264,140
Minority interests 871,406 672,780 86,209
SHAREHOLDERS' EQUITY
Share capital 2,652,142 2,700,889 346,086
Additional paid-in capital 524,928,856 627,461,168 80,401,477
Statutory reserves 41,769,481 53,787,911 6,892,263
Deferred share-based
compensation (465,255) -- --
Cumulative translation
adjustments (7,639,603) (16,099,263) (2,062,924)
Retained Earnings 203,469,983 359,846,245 46,109,897
Total shareholders' equity 764,715,604 1,027,696,950 131,686,799
Total liabilities and
shareholders' equity 1,035,901,083 1,451,852,503 186,037,148
Ctrip.com International, Ltd.
Consolidated Statement of Operations Information
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
December 31, September 30, December 31, December 31,
2005 2006 2006 2006
RMB RMB RMB USD
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
Hotel reservation 103,857,521 125,143,244 137,823,641 17,660,414
Air-ticketing 51,983,408 80,983,415 89,517,770 11,470,608
Packaged tour 7,020,369 12,863,465 10,962,257 1,404,679
Others 3,009,992 3,582,534 3,368,621 431,648
Total revenues 165,871,290 222,572,658 241,672,289 30,967,349
Less: business tax
and related
surcharges (10,415,278) (14,417,209) (15,920,282) (2,039,989)
Net revenues 155,456,012 208,155,449 225,752,007 28,927,360
Cost of services (29,902,012) (43,640,055) (45,769,174) (5,864,760)
Gross profit 125,554,000 164,515,394 179,982,833 23,062,600
Operating expenses:
Product development*(17,729,602) (27,349,052) (31,013,066) (3,973,945)
Sales and marketing*(33,444,218) (47,701,000) (48,731,350) (6,244,327)
General and
administrative* (13,107,929) (25,271,889) (25,210,001) (3,230,354)
Total operating
expenses (64,281,749) (100,321,941) (104,954,417) (13,448,626)
Income from
operations 61,272,251 64,193,453 75,028,416 9,613,974
Interest income 3,844,993 3,704,148 3,109,720 398,473
Other
income/(expense) 5,334,025 8,116,653 (270,934) (34,717)
Income before
income tax expense
and minority
interest 70,451,269 76,014,254 77,867,202 9,977,730
Income tax expense (7,906,753) (11,304,888) (10,896,122) (1,396,205)
Minority interests 21,149 (12,890) (59,509) (7,625)
Net income 62,565,665 64,696,476 66,911,571 8,573,900
Earnings per share
- Basic 1.96 1.99 2.06 0.26
- Diluted 1.90 1.94 2.00 0.26
Weighted average
shares outstanding
- Basic 31,927,369 32,478,507 32,550,390 32,550,390
- Diluted 32,929,229 33,366,826 33,521,665 33,521,665
* Share-based
compensation
charges included
are as follows:
Product
development 127,292 3,657,057 3,614,395 463,141
Sales and
marketing 81,720 2,283,444 2,284,821 292,772
General and
administrative 352,656 8,265,930 7,962,338 1,020,276
Ctrip.com International, Ltd.
Consolidated Statement of Operations Information
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2005 2006 2006
RMB RMB USD
(unaudited) (unaudited) (unaudited)
Revenues:
Hotel reservation 362,856,812 476,494,606 61,056,958
Air-ticketing 165,603,501 302,987,649 38,824,163
Packaged tour 22,755,626 41,702,488 5,343,664
Others 7,957,187 12,841,896 1,645,532
Total revenues 559,173,126 834,026,639 106,870,317
Less: business tax and related
surcharges (34,989,970) (54,075,096) (6,929,063)
Net revenues 524,183,156 779,951,543 99,941,254
Cost of services (88,627,315) (153,131,864) (19,621,976)
Gross profit 435,555,841 626,819,679 80,319,278
Operating expenses:
Product development* (57,912,533) (105,938,184) (13,574,683)
Sales and marketing* (112,532,026) (172,491,625) (22,102,693)
General and administrative* (42,650,522) (93,173,911) (11,939,097)
Total operating expenses (213,095,081) (371,603,720) (47,616,473)
Income from operations 222,460,760 255,215,959 32,702,805
Interest income 12,660,661 15,632,481 2,003,111
Other income 19,970,593 11,213,801 1,436,912
Income before income tax
expense and minority interest 255,092,014 282,062,241 36,142,828
Income tax expense (30,577,400) (41,277,020) (5,289,146)
Minority interests (268,790) (221,374) (28,366)
Net income 224,245,824 240,563,847 30,825,316
Earnings per share
- Basic 7.06 7.44 0.95
- Diluted 6.91 7.23 0.93
Weighted average shares
outstanding
- Basic 31,762,419 32,342,998 32,342,998
- Diluted 32,441,131 33,268,220 33,268,220
* Share-based
compensation charges
included are as
follows:
Product development 402,693 13,694,058 1,754,726
Sales and marketing 258,523 8,557,942 1,096,596
General and administrative 1,115,636 32,430,027 4,155,511
Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)
Quarter Ended December 31, 2006
GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net
Revenue Revenue Revenue
Product
development (31,013,066) 14% 3,614,395 2% (27,398,671) 12%
Sales and
marketing (48,731,350) 22% 2,284,821 1% (46,446,529) 21%
General and
administrative(25,210,001) 11% 7,962,338 4% (17,247,663) 8%
Total
operating
expenses (104,954,417) 46% 13,861,554 6% (91,092,863) 40%
Income from
operations 75,028,416 33% 13,861,554 6% 88,889,970 39%
Net income 66,911,571 30% 13,861,554 6% 80,773,125 36%
Diluted
earnings per
share (USD) 0.26 0.05 0.31
Quarter Ended September 30, 2006
GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net
Revenue Revenue Revenue
Product
development (27,349,052) 13% 3,657,057 2% (23,691,995) 11%
Sales and
marketing (47,701,000) 23% 2,283,444 1% (45,417,556) 22%
General and
administrative(25,271,889) 12% 8,265,930 4% (17,005,959) 8%
Total
operating
expenses (100,321,941) 48% 14,206,431 7% (86,115,510) 41%
Income from
operations 64,193,453 31% 14,206,431 7% 78,399,884 38%
Net income 64,696,476 31% 14,206,431 7% 78,902,907 38%
Diluted
earnings per
share (USD) 0.25 0.05 0.30
Quarter Ended December 31, 2005
GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net
Revenue Revenue Revenue
Product
development (17,729,602) 11% 127,292 0% (17,602,310) 11%
Sales and
marketing (33,444,218) 22% 81,720 0% (33,362,498) 21%
General and
administrative(13,107,929) 8% 352,656 0% (12,755,273) 8%
Total
operating
expenses (64,281,749) 41% 561,668 0% (63,720,081) 41%
Income from
operations 61,272,251 39% 561,668 0% 61,833,919 40%
Net income 62,565,665 40% 561,668 0% 63,127,333 41%
Diluted
earnings per
share (USD) 0.24 0.00 0.24
Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)
Year Ended December 31, 2006
GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net
Revenue Revenue Revenue
Product
development (105,938,184) 14% 13,694,058 2% (92,244,126) 12%
Sales and
marketing (172,491,625) 22% 8,557,942 1% (163,933,683) 21%
General and
administrative(93,173,911) 12% 32,430,027 4% (60,743,884) 8%
Total
operating
expenses (371,603,720) 48% 54,682,027 7% (316,921,693) 41%
Income from
operations 255,215,959 33% 54,682,027 7% 309,897,986 40%
Net income 240,563,847 31% 54,682,027 7% 295,245,874 38%
Diluted
earnings per
share (USD) 0.93 0.21 1.14
Year Ended December 31, 2005
GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net
Revenue Revenue Revenue
Product
development (57,912,533) 11% 402,693 0% (57,509,840) 11%
Sales and
marketing (112,532,026) 21% 258,523 0% (112,273,503) 21%
General and
administrative(42,650,522) 8% 1,115,636 0% (41,534,886) 8%
Total
operating
expenses (213,095,081) 41% 1,776,852 0% (211,318,229) 40%
Income from
operations 222,460,760 42% 1,776,852 0% 224,237,612 43%
Net income 224,245,824 43% 1,776,852 0% 226,022,676 43%
Diluted
earnings per
share (USD) 0.86 0.01 0.86
Notes for all the financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is
based on the noon buying rate of USD1.00=RMB7.8041 on December
31, 2006 in The City of New York for cable transfers of RMB as
certified for customs purposes by the Federal Reserve Bank of
New York.
Note 2: Effective on April 11, 2006, Company changed ratio of the
American Depositary Shares ("ADSs") to ordinary shares from one
(1) ADS representing two (2) ordinary shares to one (1) ADS
representing one (1) ordinary share. The change is reflected
retroactively in the numbers for all the periods presented
above.
Note 3: Certain prior year amounts have been reclassified with no
effect on net income or retained earnings to conform to the
2006 financial statement information
presentation.
For further information
Tracy Cui
Ctrip.com International, Ltd.
Tel: +86-21-3406 4880 X 12216
Email: jrcui@ctrip.com