携程网英语财务分析.docx

The Financial Data Analysis
——Ctrip

制作人：
Content

I. COMPANY OVERVIE…………………………. 3

II. CTRIP’S SOURSE OF INCOME……………… 3

III. SUMMARY OF ACCOUNTING AND FINANCIAL INFORMATION…………………………………… 4

IV. CODA ……………………………………………… 9

V. References…………………………………………… 10

I. COMPANY OVERVIEW

C International, Ltd. is a leading travel service provider that offers hotel reservations, airline tickets and packaged tours to business and leisure travelers in China. Ctrip aggregates information on hotels, flights and vacation packages, and enable the customers to make informed and cost-effective travel bookings. Ctrip targets primarily frequent independent 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.

II. CTRIP’S SOURSE OF INCOME
(1) Hotel booking agency fee, which is the main source of profit Ctrip. While Ctrip also clear front-line payment and pay the difference, but most of the hotel front desk only to the destination that payment method. So, Ctrip's hotel booking agency costs is basically the profit from the destination hotel discounts in return obtained;
(2) Ticket booking fee, which is the booking fee from the customer to obtain, is equal to the customer booking fee and airline ticket price difference;
(3) Walks in the hotel and business travel, air ticket booking agency fees, the income approach is consistent with the previous two;
(4) Online advertising;

III. SUMMARY OF ACCOUNTING AND FINANCIAL INFORMATION

朗Ctrip financial analysis

2010
2009
increase
Income Statement
Total income
2,881.23
1,988.01
44.93%
Gross profit
2,255.97
1,537.40
46.74%
Net profit
1,048.07
658.97
59.05%
Balance Sheet
Current assets
4,570.91
2,306.30
98.19%
Total assets
8,116.20
4,156.76
95.25%
Current liabilities
1,880.90
1,158.54
62.35%
Total liabilities
2,012.51
1,231.71
63.39%
Equity
6,103.69
2,925.05
108.67%
Cash Flow
Net profit
1,051.99
666.77
57.77%
Operating activities
1,550.22
1,027.59
50.86%
investing activities
-2,440.40
-762.37
220.11%
financing activities
1,625.35
96.86
1578.04%
Net Change in Cash
719.32
364.79
97.19%

Through the table above， we can see that, in 2010 Ctrip’s revenues grew by 44.93%, indicating the scale of the business has expanded. Well-controlled operating costs resulted in the growth of gross margin rate, etc, reasonable cost control ultimately lead the net profit increased by 59.05%, which a great symbol of company’s good condition.

Finance Index analysis

Ctrip2010
Ctrip2009
Increase
Main index entry
Current ratio
2.43
1.99
0.22
Current Assets Turnover
0.84
0.86
-0.03
Net profit margin
35.31%
34.22%
3.19%
Operating margin
37.13%
36.59%
1.48%
Return on average assets
4.11%
16.06%
-74.41%
Return on average equity
20.32%
3.22%
531.06%

Every dollar of operating profit margin, said net sales revenue in looking for, the higher the ratio, indicating the charge through the ability to expand sales to get stronger. Enterprises in their efforts to expand sales, increase the amount of sales revenue, while management must be improved to reduce costs, to a corresponding increase in net profit, the sales volume remained unchanged or increased. From the table data showed net sales relatively stable, indicating the relatively stable business conditions, market competitive, but also into a rising trend, with an average return on equity is high, indicating the company's growth potential

Ctrip and eLong integrated financial index analysis

Ctrip2010
ELong2010
Ctrip2009
ELong2009
Main index entry
Current ratio
2.43
1.63
1.99
1.30
Current Assets Turnover
0.84
2.67
0.86
1.08
Net profit margin
35.31%
4.03%
34.22%
3.18%
Operating margin
37.13%
9.19%
36.59%
9.58%
Return on average assets
4.11%
1.68%
16.06%
0.33%
Return on average equity
20.32%
1.93%
3.22%
0.54%

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IV. Coda
All above, Ctrip is a well-known enterprise which is obviously better than Elong from the data. Moreover, The quality of life and travel services,today ,is advocated.It’s that to say, the quality of service and convenient travel are more and more important. Ctrip has realized this early. They have paid attention to keep better quality of service products.From the analysis above，we can see that, in 2010 ，Ctrip’s revenue have a great growth , indicating the scale of the business has expanded. Well-controlled operating costs resulted in the growth of gross margin rate, etc, reasonable cost control ultimately lead the increase of net profit , which a great symbol of company’s good condition.

V. References
Ctrip annual reports： 2009，2010
Data Source：