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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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Form 6-K
TABLE OF CONTENTS
| Page | ||||
| 3 | ||||
| Exhibit 99.1 | 4 | |||
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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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Ctrip.com International, Ltd.
Consolidated Balance Sheets
| December 31, 2003 |
March 31, 2004 |
June 30, 2004 |
June 30, 2004 |
|||||||||
| RMB | RMB | RMB | 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 |
Quarter Ended March 31, 2004 |
Quarter Ended June 30, 2004 |
Quarter Ended June 30, 2004 |
|||||||||
| RMB | RMB | RMB | 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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