Baidu Analysis

8/6/2019 Baidu Analysis

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BAIDU.COM, INC.

CONSOLIDATED BALANCE SHEETS

ASSETS

Current assets:Cash and cash equivalents

Prepaid expenses and other current assets

Total current assets

Non-Current assets:

Fixed assets net

Intangible assets net

Others

Total non-current assets

Total assets

LIABILITIES, REDEEMABLE CONVERTIBLE

PREFERRED SHARES AND SHAREHOLDERS DEFICIT

Current liabilities:

Accrued expenses and other liabilities

Customers deposits

Deferred revenue

(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share d

Accounts receivable, net of allowance for doubtful accounts of RMBnil, and RMB627 (US$76) asof December 31, 2003 and 2004, respectively


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Total current liabilities

Commitments

Redeemable convertible preferred shares

Shareholders deficit

Additional paid-in capital

Statutory reserve

Accumulated losses

Total shareholders deficit

Total liabilities, redeemable convertible preferred shares and shareholders deficit

The accompanying notes are an integral part of the consolidated financial statements.

Series A, Par value US$0.00005 per share; authorized, issued and outstanding 4,800,000 shares with

aggregated amount of liquidation preference totaling RMB9,932 Series B, Par value US$0.00005 per share; authorized, issued and outstanding 9,600,000 shares withaggregated amount of liquidation preference totaling RMB82,770

Series C, Par value US$0.00005 per share; authorized, issued and outstanding 2,248,877 shares withaggregated amount of liquidation preference totaling RMB124,155

Ordinary shares, Par value US$0.00005 per share; 853,751,123 shares authorized, 10,560,000 and11,306,372 shares issued and outstanding as at December 31, 2003 and 2004


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December 31,

Notes 2003 2004 2004

RMB RMB US$

62,825 200,196 24,188

3 1,891 9,645 1,165

4 938 2,421 292

65,654 212,262 25,645

5 11,049 35,932 4,342

6 - 12,953 1,565

- 1,059 128

11,049 49,944 6,035

76,703 262,206 31,680

7 3,779 21,900 2,646

8,400 25,990 3,140

8 7,460 6,302 762

ta)


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19,639 54,192 6,548

11

12 9,307 9,307 1,124

12 82,315 82,315 9,946

12 - 119,730 14,466

13 4 4 1

24,046 43,261 5,227

- 523 63

(58,608 ) (47,126 ) (5,695

(34,558 ) (3,338 ) (404

76,703 262,206 31,680


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)

)


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CONSOLIDATED STATEMENTS OF OPERATIONS

data)

Notes

Revenues:

Online marketing services

Enterprise search software and related services

Portal search services

Total revenues

Less: Business tax and surcharges

Total net revenues

Operating costs and expenses:

Cost of revenues

Selling, general and administrative

Research and development

Share-based compensation (1)

Total operating costs and expenses

Operating (loss) profit

Interest income

Other income (expense), net

BAIDU.COM, INC.

(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share


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Net (loss) income before tax

Taxation 9

Net (loss) income

Earnings per share: 15

Basic

Diluted

Weighted average number of ordinary shares outstanding: 15

Basic

Diluted

Pro forma earnings per share on an as converted basis (Unaudited) (Note 2):

Basic

Diluted

Basic

Diluted

Cost of revenues

Selling, general and administrative

Research and development

Pro forma weighted average number of ordinary shares outstanding on an asconverted basis (Unaudited) (Note 2):

(1) Share-based compensation expenses are allocated as follows:


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For the year ended December 31,

2002 2003 2004

RMB RMB RMB

4,292 31,775 106,854

1,724 2,803 7,958

5,004 5,993 2,639

11,020 40,571 117,451

(496 ) (1,933 ) (6,542 )

10,524 38,638 110,909

(9,519 ) (20,703 ) (32,985 )

(11,930 ) (16,930 ) (39,004 )

(3,885 ) (5,191 ) (11,406 )

(4,233 ) (5,109 ) (16,510 )

(29,567 ) (47,933 ) (99,905 )

(19,043 ) (9,295 ) 11,004

586 325 1,135

(120 ) 85 347


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(18,577 ) (8,885 ) 12,486

- - (481 )

(18,577 ) (8,885 ) 12,005

(2.44 ) (0.87 ) 1.09

(2.44 ) (0.87 ) 0.43

7,622,378 10,188,850 10,983,478

7,622,378 10,188,850 28,124,327

0.45

0.43

26,696,323

28,124,327

(313 ) (648 ) (1,665 )

(3,055 ) (2,669 ) (11,720 )

(865 ) (1,792 ) (3,125 )

(4,233 ) (5,109 ) (16,510 )


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2004

US$

12,910

962

319

14,191

(790 )

13,401

(3,985 )

(4,713 )

(1,378 )

(1,995 )

(12,071 )

1,330

137

42


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1,509

(59 )

1,450

0.13

0.05

10,983,478

28,124,327

0.05

0.05

26,696,323

28,124,327

(201 )

(1,416 )

(378 )

(1,995 )


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BAIDU.COM, INC.

CONSOLIDATED STATEMENTS OF CHANGES OF SHAREHOLDERS DEFICIT

data)

Ordinary

shares

10,560,000

Net loss -

Exercise of stock options -

Share-based compensation -

10,560,000

Net loss -

Exercise of stock options -


10,560,000

Net income -

Exercise of stock options 706,372

Issuance of shares for acquisition of intangible assets (Note 6) 40,000


Transfer to statutory reserve -

11,306,372

(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share

Balance at December 31, 2001



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Balance at December 31, 2004, in US$
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Amount

Additional Statutory Accumulated

paid-in reserve losses

capital

RMB RMB RMB RMB

4 14,590 - (31,146

- - - (18,577

- 42 - -

- 4,233 - -

4 18,865 - (49,723

- - - (8,885

- 72 - -

- 5,109 - -

4 24,046 - (58,608

- - - 12,005

- 607 - -

- * 2,098 - -

- 16,510 - -

- - 523 (523

4 43,261 523 (47,126


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1 5,227 63 (5,695


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Total

shareholders

deficit

RMB

) (16,552 )

) (18,577 )

42

4,233

) (30,854 )

) (8,885 )

72

5,109

) (34,558 )

12,005

607

2,098

16,510

) -

) (3,338 )


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) (404 )

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