Ctrip released Q4 report with revenue of RMB 1.9 billion

Tencent Science and technology news March 20, Ctrip (NASDAQ Stock Exchange Code: CTRP) today announced the end of the 2014 fiscal year ended December 31, 2014 without the audit earnings. Report shows that Ctrip's net revenue for the quarter was 1.9 billion yuan (about 308 million U.S. dollars), up 33% from the same period in the previous year, and the net loss attributable to shareholders was 224 million yuan (about 36 million US dollars), with a net profit of 261 million yuan (about 43 million USD) over the same period of the previous year.

2014 Fourth Quarterly results summary:

The net revenue for
is 1.9 billion yuan (about 308 million U.S. dollars), up 33% from the same period in the previous year, and more than the company's previous estimate of 30% per cent growth.


booking volume rose 53% year-on-year, exceeding the company's 40%-50% year-on-year growth forecast. Operating income of this service is 842 million yuan (about 136 million U.S. dollars), an increase of 31%.


Traffic Ticket Booking volume grew 102% year-on-year, exceeding the company's 55%-65% year-on-year growth forecast. Traffic ticket business receipts for 774 million yuan (about 125 million U.S. dollars), an increase of 34%.


gross profit margin of 69%, compared with the same period in 2013 of 73%, compared to the previous quarter of 72%.

The net loss of
attributable to Ctrip shareholders is 224 million yuan (about 36 million USD), the net profit of 261 million yuan (about 43 million US dollars) in the same period of the previous year was 98 million yuan (about $16 million), excluding equity incentive expenditures, not measured in accordance with United States GAAP, with a net profit of 3 in the same period a year earlier. .600 million RMB (US $61 million).


United States depository Receipts diluted loss of 1.6 yuan (about 0.26 U.S. dollars), excluding equity incentive expenses, not in accordance with the United States GAAP measurement of U.S. depository receipts per share of the loss of 0.7 yuan (about 0.11 U.S. dollars).


Equity incentive fee of 127 million yuan (about 20 million U.S. dollars), accounting for 7% of net operating income, for the fourth quarter of 2014, the impact of earnings per depository receipts of 0.90 yuan (about 0.15 U.S. dollars).


2014 Annual Performance Summary:


net revenue is 7.3 billion yuan (about 1.2 billion U.S. dollars), up 36% from the previous year.


accommodation bookings are up 63% per cent from the previous year, with accommodation bookings rising 45% per cent over the previous year and reaching 3.2 billion yuan (about $516 million).


Traffic Ticket Booking volume is 90% higher than the previous year, the traffic ticket booking revenue is 36% higher than the previous year, reaching 3 billion yuan (about 475 million US dollars).


gross profit margin of 71%, the previous year for 74%.

The net profit of
attributable to Ctrip shareholders is 243 million yuan (about 39 million US dollars), fell 76% from the previous year; The net profit not measured by US GAAP, excluding equity incentives, was 739 million yuan ($ 119 million trillion), down 49% from the previous year.


United States Depository receipts for each share of diluted profits of 1.59 yuan (about 0.26 U.S. dollars), excluding equity incentive expenses, not in accordance with the United States GAAP measurement of the United States depository receipts per share of diluted profits of 4.84 yuan (about 0.78 U.S. dollars).


equity incentive fee of 497 million yuan (about 80 million U.S. dollars), accounting for 7% of net operating income, the impact on the 2014 earnings per depository receipts of 3.25 yuan (about 0.52 U.S. dollars).


Executive review:

Liang Jianzhang, chairman and chief executive officer of
Ctrip, said: "In the fourth quarter of 2014, our major businesses have maintained strong growth momentum." The last quarter was 53% and 102% for residential bookings and traffic ticket sales. The travel and holiday business is also worth as much as 13 billion yuan a year. The development of new business has boosted our market share. Ctrip Travel Wireless Applications Total download volume reached 600 million, the chain growth of 70%. Mobile platform transactions accounted for more than 70% during the Spring Festival in February this year. 2015 is an inspiring year. We will continue to focus on technology, service, efficiency, product line, and price competitiveness, to create more value for consumers, partners and employees, and ultimately to create more value for our investors. ”


Earnings Analysis:


in the fourth quarter of 2014, Ctrip total revenue of 2 billion yuan (about 326 million U.S. dollars), year-on-year growth of 32%, the chain fell 11%. The annual revenue for 2014 was 7.8 billion yuan (about 1.3 billion U.S. dollars), up 36% per cent from the previous year.


In the fourth quarter of 2014, Ctrip accommodation booking revenue of 842 million yuan (about 136 million U.S. dollars), the chain fell 11%, year-on-year growth of 31%, this growth is mainly due to the number of accommodation bookings increased by 53% Year-on-year, but by the year-on-year decline in revenue per night room offset. 2014-year accommodation booking revenue of 3.2 billion yuan (about 516 million U.S. dollars), compared to the previous year, an increase of 45%.


in the fourth quarter of 2014, Ctrip traffic ticket revenue of 774 million yuan (about 125 million U.S. dollars), the chain fell 3%, year-on-year growth of 34%, this growth is mainly due to traffic ticket booking volume increased by 102%. The annual traffic ticket revenue for 2014 was 3 billion yuan (about 475 million U.S. dollars), which grew by 36% over the previous year.


in the fourth quarter of 2014, Ctrip tourism business revenue for the 233 million yuan (about 38 million U.S. dollars), the chain fell 35%, year-on-year growth of 20%, the year-on-year growth is mainly due to team tours and self-help travel volume increase of 54% year-on-year, the chain decline is mainly due to seasonal factors. The annual Tourism business revenue for 2014 was 1.1 billion yuan (about 170 million U.S. dollars), which grew by 13% over the previous year.


in the fourth quarter of 2014, Ctrip Enterprise travel business revenue of 108 million yuan (about 17 million U.S. dollars), the chain growth of 4%, year-on-year growth of 38%, growth is mainly due to business activities to bring business travel services demand growth. Business travel revenues for the year 2014 were 373.3 million yuan (about 60 million U.S. dollars), up 40% per cent from the previous year.


in the fourth quarter of 2014, Ctrip net revenue of 1.9 billion yuan (about 308 million U.S. dollars), the chain fell 10%, year-on-year growth of 33%. Net revenue for the year 2014 was 7.3 billion yuan (about 1.2 billion U.S. dollars), up 36% from the previous year.


in the fourth quarter of 2014, Ctrip gross profit margin was 69%, the previous year the same period of 73%, the previous quarter of 72%. 2014 annual gross margin of 71%, the previous year for 74%.


in the fourth quarter of 2014, Ctrip product research and development expenditure of 789 million yuan (about 127 million U.S. dollars), an increase of 137%, the chain growth of 29%, the growth is mainly due to the increase in product research and development personnel related expenses , excluding equity incentive spending, which accounted for 39% of net revenue in the fourth quarter of 2014, the same period was 21%, compared to 26% in the previous quarter. The annual product development expenditure for 2014 was 2.3 billion yuan (about 374 million U.S. dollars), up 86% from the previous year.


In the fourth quarter of 2014, Ctrip Sales and marketing expenditure of 707 million yuan (about 114 million U.S. dollars), the year-on-year growth of 88%, the chain growth of 18%, growth is mainly due to increased marketing-related activities. Sales and marketing spending in the fourth quarter of 2014, excluding equity incentive spending, accounted for 36% of net revenue, a year earlier of 25%, and 27% in the previous quarter. Sales and marketing expenditures for the year 2014 were 2.2 billion yuan (about 357 million U.S. dollars), up 74% from the previous year.


in the fourth quarter of 2014, the Ctrip General Affairs and management expenditure of 234 million yuan (about 38 million U.S. dollars), an increase of 52%, year-on-year decline of 3%, the year-on-year growth is mainly due to the increase in management related costs. 2014 Annual General Affairs and management expenditure of 862 million yuan (about 139 million U.S. dollars), than the previous year increased by 33%.


in the fourth quarter of 2014, Ctrip operating loss of 401 million yuan (about 65 million U.S. dollars), Operating profit was 183 million yuan (about 30 million USD) in the same period last year, operating profit was 88 million yuan (about 14 million U.S. dollars) in the previous quarter; the operating loss in the fourth quarter of 2014, excluding equity incentive spending, was 274 million yuan (about 44 million US dollars) and the operating profit was For 289 million yuan (about 48 million US dollars), the operating profit was 225 million yuan (about $37 million) in the previous quarter. 2014 operating loss of 151 million yuan (about 24 million U.S. dollars), the last operating profit of 838 million yuan (about 139 million U.S. dollars), excluding the equity incentive spending, excluding the U.S. general accounting standards for the 2014-year operating profit of 346 million yuan (about 56 million U.S. dollars), than the previous year fell 73 %。


in the fourth quarter of 2014, Ctrip operating loss rate was negative 21%, the operating profit margin was 13% in the previous quarter, operating profit margin was 4% in the preceding quarterly, and the operating loss rate in fourth quarter of 2014 excluding equity incentive expenditure was negative 14%, which was not measured in accordance with US GAAP. Operating profit margins for the same period last year were 20%, operating margins for the previous quarter. 11%. The operating loss rate for the year 2014 was minus 2%, the operating profit margin was 16% in the previous year, and the operating profit margin of the 2014 year, excluding equity incentive expenditures, was 5% per cent and the previous year was 24%.


In the fourth quarter of 2014, the net loss attributable to Ctrip shareholders was 224 million yuan (about $36 million), and net profit attributable to Ctrip shareholders was 261 million yuan (about 43 million US dollars) and 217 million yuan (about 35 million US dollars) in the previous year and the preceding quarter respectively. The net loss attributable to Ctrip shareholders in the fourth quarter of 2014, excluding equity incentive expenditures, was 98 million yuan (about 16 million US dollars), The net profit for the same period and last quarter was 368 million yuan (about 61 million U.S. dollars) and 354 million yuan (about 58 million US dollars) respectively. 2014 the net profit attributable to Ctrip's shareholders for the whole year is 243 million yuan (about 39 million US dollars), down 76% from the previous year. The net profit of 2014, which is not measured in accordance with the United States General accounting standards, is 739 million yuan (about 119 million US dollars), which is less than the previous year. 49%.


in the fourth quarter of 2014, Ctrip United States depository vouchers diluted loss of 1.6 yuan (about 0.26 U.S. dollars) per share. In the fourth quarter of 2014, the deficit was 0.70 yuan (about $0.11) per share, excluding equity incentive expenditures, not measured in accordance with the United States General accounting standards. 2014 per share of U.S. depository receipts diluted profits of 1.59 yuan (about 0.26 U.S. dollars), the previous year for 6.66 yuan (about 1.10 U.S. dollars). Excluding equity incentive spending, which does not measure in accordance with the United States General accounting standards in 2014, the annual share of diluted profits of 4.84 yuan (about 0.78 U.S. dollars), the previous year for 9.53 Yuan (about 1.57 U.S. dollars).


Asset Balance:


as of December 31, 2014, Ctrip holdings of cash, cash equivalents, limited cash and short-term investment balances amounted to 12.6 billion yuan (about 2 billion U.S. dollars).


Executive Change:


March, Ctrip announced the appointment of Sun as a joint president, the appointment of immediate effect, Sun has joined Ctrip for 9 years, its since May 2012 as Ctrip COO, previously for Ctrip CFO.


Performance Outlook:


Ctrip estimates that the company's net revenue growth in the first quarter of 2015 would be between 40% and 50% per cent, a preliminary development based on current conditions and likely to be adjusted in the future. (Yue Tong)