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 May 2004
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Commission File Number: 333-110455
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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 _________
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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
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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
Page
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Signature 3
Financial Results of First Quarter of 2004 Exhibit 99.1 4
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
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Name: Neil Nanpeng Shen
Title: President and Chief Financial Officer
Date: May 11, 2004
Exhibit 99.1
Ctrip.com International, Ltd.
Consolidated Balance Sheets
December 31, 2003 March 31, 2004 March 31, 2004
RMB RMB USD (Note 1)
ASSETS
Current assets:
Cash 471,968,850 472,557,343 57,092,829
Accounts receivable 28,939,700 37,396,134 4,518,078
Due from related parties 611,640 747,004 90,251
Prepayments and other current assets 7,130,947 6,983,033 843,667
Deferred tax assets, current 541,300 686,802 82,977
------------------------------------------------------------------------
Total current assets 509,192,437 518,370,316 62,627,802
------------------------------------------------------------------------
Long-term loans to related parties 2,310,000 1,750,000 211,429
Long-term deposits 11,192,277 15,776,889 1,906,112
Property, equipment and software 23,279,247 29,059,052 3,510,819
Goodwill 9,515,849 9,515,849 1,149,674
Other intangible assets 1,715,253 1,592,028 192,344
------------------------------------------------------------------------
Total assets 557,205,063 576,064,134 69,598,180
========================================================================
LIABILITIES
Current liabilities:
Accounts payable 14,694,057 20,093,469 2,427,627
Due to a related party 4,018,284 4,016,877 485,306
Salary and welfare payable 9,799,711 7,695,271 929,717
Taxes payable 9,270,024 9,700,343 1,171,964
Advances from customers 3,839,843 4,838,554 584,578
Provisions for customer reward program 4,708,670 5,828,677 704,202
Other payables and accruals 17,586,657 7,589,703 916,963
------------------------------------------------------------------------
Total current liabilities 63,917,246 59,762,893 7,220,357
------------------------------------------------------------------------
Minority interests 563,655 584,271 70,590
Commitments and contingencies - -
Shareholders' equity
Share capital 2,498,484 2,526,771 305,276
Additional paid-in capital 498,566,368 500,667,991 60,489,065
Statutory reserves 5,531,309 5,531,309 668,275
Deferred share-based compensation (4,995,407) (4,389,129) (530,280)
Cumulative translation adjustments 1,575,733 105,691 12,769
Accumulated deficit (10,452,325) 11,274,336 1,362,128
------------------------------------------------------------------------
Total shareholders' equity 492,724,162 515,716,969 62,307,233
------------------------------------------------------------------------
Total liabilities and shareholders' equity 557,205,063 576,064,134 69,598,180
========================================================================
- - -
Note 1: The conversion of RMB into USD is based on the noon buying rate of
USD1.00=RMB8.2770 on March 31, 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.
Ctrip.com International, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Loss)
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
March 31, 2003 December 31, 2003 March 31, 2004 March 31, 2004
RMB RMB RMB USD (Note 1)
Revenues:
Hotel reservation 30,249,848 57,860,634 54,605,829 6,597,297
Air-ticketing 2,413,312 8,675,037 10,328,295 1,247,831
Packaged tour 140,000 3,053,684 1,925,268 232,605
Others 813,611 1,763,383 1,125,677 136,001
------------------------------------------------------------------------
Total revenues 33,616,771 71,352,738 67,985,069 8,213,733
------------------------------------------------------------------------
Less: business tax and related surcharges (1,666,860) (3,923,021) (3,635,889) (439,276)
------------------------------------------------------------------------
Net revenues 31,949,911 67,429,717 64,349,180 7,774,457
------------------------------------------------------------------------
Cost of services (4,209,954) (11,206,893) (9,719,206) (1,174,243)
------------------------------------------------------------------------
Gross profit 27,739,957 56,222,824 54,629,974 6,600,214
========================================================================
Operating expenses:
Product development (4,436,421) (7,429,255) (7,088,586) (856,420)
Sales and marketing (8,794,004) (19,169,772) (14,576,211) (1,761,050)
General and administrative (4,224,784) (6,758,199) (6,725,580) (812,563)
Share-based compensation (218,633) (552,566) (553,526) (66,875)
Amortization of goodwill and other intangible assets (88,310) (123,225) (123,225) (14,888)
Other expenses incurred for joint venture companies - - - -
------------------------------------------------------------------------
Total operating expenses (17,762,152) (34,033,017) (29,067,128) (3,511,795)
========================================================================
Income from Operations 9,977,805 22,189,807 25,562,846 3,088,419
========================================================================
Interest income 48,992 157,980 729,161 88,095
Interest expense - - - -
Other income (expense) 51,020 1,618,497 (199,477) (24,100)
------------------------------------------------------------------------
Income before income tax benefit (expense), minority
interests and share of income (loss) of joint venture
companies 10,077,817 23,966,284 26,092,530 3,152,414
========================================================================
Income tax benefit (expense) (3,431,693) 716,887 (4,345,253) (524,979)
Minority interests - (61,956) (20,616) (2,491)
Share of income (loss) of joint venture companies 108,634 - - -
------------------------------------------------------------------------
Net income 6,754,758 24,621,215 21,726,661 2,624,944
========================================================================
Accretion for Series B Redeemable Convertible
Preferred Shares (4,500,918) - - -
Dividends to holders of Series A and Series B
Preferred Shares - - - -
Deemed dividends to holders of Series A and Series B
Preferred Shares for spin-off of joint venture companies - - - -
Deemed dividends upon repurchase of Preferred Shares - - - -
------------------------------------------------------------------------
Net income (loss) attributable to ordinary shareholders 2,253,840 24,621,215 21,726,661 2,624,944
========================================================================
Other comprehensive income:
Translation adjustments (21,656) 1,387,875 (1,470,042) (177,606)
------------------------------------------------------------------------
Comprehensive income 6,733,102 26,009,090 20,256,619 2,447,338
========================================================================
Earnings (loss) per ordinary share
- Basic 0.24 1.75 0.71 0.09
- Diluted 0.15 0.88 0.68 0.08
Earnings (loss) per ADS
- Basic 0.48 3.50 1.42 0.17
- Diluted 0.30 1.76 1.36 0.16
Weighted average ordinary shares outstanding
- Basic 9,520,698 14,064,565 30,461,804 30,461,804
- Diluted 14,812,880 27,944,133 32,160,193 32,160,193
Note 1: The conversion of RMB into USD is based on the noon buying rate of
USD1.00=RMB8.2770 on March 31, 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.