Trip.com Group Limited (TCOM) annual results, year to 31 December 2010: revenue CNY 3,067 million, from the 20-F

Trip.com Group Limited files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2010 it reported revenue of CNY 3,067 million ($453 million at the year's average rate), up 44.5% on the year before. Its profit attributable to shareholders was CNY 1,048 million, up 59.0%, and diluted earnings per share CNY 27.89.

Revenue

CNY 3,067 million

+44.5% on the year

FY2008FY2010

Operating margin

34.4%

32.4% a year earlier

FY2008FY2010

Net income

CNY 1,048 million

+59.0% on the year

FY2008FY2010

Diluted EPS

CNY 27.89

+49.2% on the year

FY2008FY2010

this yearthe year beforeIn renminbi as filed. Hover a bar for its figure.

Income statement (profit and loss)

Year to	Dec 2009	Dec 2010
Revenue	2,123	3,067
Cost of sales	451	625
Gross profit	1,537	2,256
Research and development	308	454
Operating profit	687	1,054
Profit before tax	766	1,191
Income tax	132	205
Profit for the year	667	1,052
Profit attributable to shareholders	659	1,048
Filing	20-F	20-F

CNY million, from the 20-F on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed.

A line the company does not file under the standard tag is left out rather than estimated.

Year to	Dec 2009	Dec 2010
Diluted EPS	18.69	27.89
Basic EPS	19.62	29.62
Filing	20-F	20-F

CNY per ordinary share, as filed.

Cash flow

Year to	Dec 2009	Dec 2010
Cash from operations	1,028	1,550
Purchase of property, plant and equipment	176	162
Free cash flow	852	1,388
Cash from investing	-762	-2,440
Cash from financing	96.9	1,625
Buybacks	0.0	0.0
Filing	20-F	20-F

CNY million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.

Balance sheet

Year to	Dec 2009	Dec 2010
Funded by
Equity attributable to shareholders	2,925	6,104
Non-controlling interests	61.7	86.2
Other liabilities	1,170	1,926
Total equity and liabilities	4,157	8,116
Owned
Property, plant and equipment	551	654
Goodwill	323	758
Other intangible assets	66.9	297
Cash and cash equivalents	1,435	2,154
Trade and other receivables	421	622
Other assets	1,361	3,632
Total assets	4,157	8,116
Filing	20-F	20-F

CNY million, at each fiscal year end.

Ratios on the filed lines

Year to	Dec 2009	Dec 2010
Gross margin	72.4%	73.6%
Operating margin	32.4%	34.4%
Net margin	31.0%	34.2%
Free cash flow margin	40.1%	45.3%
Return on year-end equity	22.5%	17.2%
Effective tax rate	17.2%	17.2%
Filing	20-F	20-F

Arithmetic on the filed lines of the same year.

The exchange rates used

Year to	Average over the year CNY per US dollar	At the year end CNY per US dollar
Dec 2008	6.95	6.82
Dec 2009	6.83	6.83
Dec 2010	6.77	6.60
Dec 2011	6.46	6.29
Dec 2012	6.31	6.23
Dec 2013	6.15	6.05
Dec 2014	6.16	6.20
Dec 2015	6.28	6.48
Dec 2016	6.64	6.94
Dec 2017	6.75	6.51
Dec 2018	6.60	6.88
Dec 2019	6.90	6.96
Dec 2020	6.90	6.53
Dec 2021	6.45	6.37
Dec 2022	6.72	6.90
Dec 2023	7.08	7.10
Dec 2024	7.20	7.30
Dec 2025	7.19	6.99

Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXCHUS.

Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in renminbi.

20-F for the year to 31 December 2010, filed 31 March 2011: the filing. The figures are in renminbi as filed.