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TABLE 1 : Income Statement ALIBABA(in Renminbi '000's)

2005

2006
RMB'000

Revenue
International marketplace
China marketplace

527.23
211.07

991.87
371.99

Total

738.3

1,363,862

-126.51

-237.63

611.79

1,126,237

-393.95
-35.68
-101.08
16.49
97.57
5.85

-610.2
-105.49
-159.97
17.91
268.5
22.89

-

-

103.42
-32.97

291.39
-71.45

70.45

219.94

Cost of revenue

(1)

Gross profit
Sales and marketing expenses (1) (2)
Product development expenses (1) (2)
General and administrative
expenses(1) (2)
Other operating income
Profit from operations
Finance Income, net
Share of loss of associated
companies, net of tax
Profit before income taxes
Income tax charges

Profit attributable to equity
owners

* Source: Alibaba's finantial statements. Data for 2008; Citibanks estimates.

TABLE 2: Alibaba's Income Statement in USD
Real Exchange rate
2005
2006
8.176
7.944

Renmimbi - USD

Source: ECONOMAGIC
- http://www.economagic.com/em-cgi/data.exe/fedstl/exchus

Year ended December 31,
2005

2006
US Dollars

Revenue
International marketplace
China marketplace

$64,484,711 $124,863,130
$25,815,802 $46,828,977

TOTAL
Cost of revenue

(1)

Gross profit
Sales and marketing expenses (1) (2)
Product development expenses (1) (2)
General and administrative
expenses(1) (2)
Other operating income
Profit from operations
Finance Income, net
Share of loss of associated
companies, net of tax
Profit before income taxes
Income tax charges

Profit attributable to equity
owners

$90,300,514 $171,692,106
$15,473,214 $29,913,831

$74,827,299

$141,778,27
6

$48,183,708
$4,363,748
$12,363,258
$2,017,368
$11,933,953
$715,142

$76,815,821
$13,279,286
$20,137,972
$2,254,883
$33,800,079
$2,881,799

-

-

$12,649,095 $36,681,878
$4,031,923
$8,994,606

$8,617,172

$27,687,27
2

TABLE 3: REGISTERED USERS, GOLD SUPPLIERS (GS) Y TRUST PASS (T
2005
1 Registered Users
2 International Marketplace
3 China Marketplace
4 Storefronts
5 International Marketplace
6 China Marketplace
7 Paying Members
8 Gold Supplier members (GS)
International TrustPass members
9
(TP)
10 China TrustPass members

2006

10,968,955
19,764,226
1,949,741
3,115,153
9,019,214
16,649,073
1,295,182
2,072,765
292,414
514,891
1,002,768
1,557,874
141,614
219,098
12,192
18,682
7,791
10,843
121,631
189,573

*

TABLA 4: RATIONS AND RELATIONS FOR ALIBABA USERS (using data fr

GS as % of number of Storefronts
(8/5) *
Storefronts as % total registered
users in International Marketplace
(5/2)
GS as % of total registered users in
International Marketplace (8/2)
China Trust Pass members as %
total registered users in China
Mktplace (10/3)

2005

2006

4.17%

3.63%

15.00%

16.53%

0.63%

0.60%

1.35%

1.14%

Int. MKTplace TP members as % total
registered users in International
Marketplace (9/2)

0.40%

0.35%

*** Comes from data shown in Table 3
Gold Supplier (GS)
GS Conversion rate = A/B
A = New GS acquired during year
B = Number of new registered users

0.87%
10,148
1,165,412

Trust Pass International (TP-Int)
TP-Int. Conversion rate
New TP-Int. Acquired during year
Number of new registered users

0.36%
4,221
1,165,412

Trust Pass China (TP-Chi)
TP-Chi. Conversion rate
New TP-Chi. Acquired during year
Number of new registered users

1.13%
86,187
7,629,859

Churn rate*
GS
30%

TP
15%

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inbi '000's)
2008
est.*

2007
RMB'000
1547.7
615.06

2162.76

3008.000

-280.11

1882.64
-736.81
-131.5
-229.87
19.88
804.35
345.1

1218.000
259.000

-

ge rate

1149.44
-181.65

1477.000
-232.000

967.8

1245.000

Renmimbi - USD
2007
2008
7.578
7.047

c.com/em-cgi/data.exe/fedstl/exchus+2

nded December 31,
2007

2008 est.*

Income Statement as % of sales
2008
2005
2006
2007
est.**

US Dollars
$204,237,981 $281,565,029
$81,165,230 $145,271,161

71%
29%

73%
27%

72%
28%

66%
34%

933522
481643

$285,403,212 $426,836,190
$36,964,462 $51,444,805

100%
-17%

100%
-17%

100%
-13%

100%
-12%

1415165
-170564

$248,438,75 $375,391,38
0
5

83%

83%

87%

88%

1244601

$97,231,819 $133,466,520
$17,352,433 $22,334,352
$30,333,998 $44,976,654
$2,623,022 $21,738,661
$106,143,523 $196,352,520
$45,540,189 $49,350,687

-53%
-5%
-14%
2%
13%
1%

-45%
-8%
-12%
1%
20%
2%

-34%
-6%
-11%
1%
37%
16%

-31%
-5%
-11%
5%
46%
12%

-442505
-74049
-149119
72074
651002
163621

-

0

$151,683,712 $245,703,206
$23,970,889 $35,422,972

$127,712,8 $210,280,2
23
35

0%
14%
-4%

21%
-5%

53%
-8%

58%
-8%

814623
-117444

10%

16%

45%

49%

697179

RS (GS) Y TRUST PASS (TP) MEMBERS IN ALIBABA
2007

2008
est.*

27,599,959 36,664,096
4,405,557
7,269,830
23,194,402
29,394,266
2,956,846
4,325,738
697,563
887,335
2,259,283
3,438,403
305,545
419,750
27,384
28,975
12,152
15,250
266,009
375,525

ABA USERS (using data from Table 3)
2007

2008
est.***

AVERAGE

3.93%

3.27%

3.75%

15.83%

12.21%

14.89%

0.62%

0.40%

0.56%

1.15%

1.28%

1.23%

0.28%

0.21%

0.31%

AVERAGE
1.11%
14,307
1,290,404

0.34%
9,806
2,864,273

0.77%

0.23%
2,935
1,290,404

0.17%
4,921
2,864,273

0.25%

1.60%
104,872
6,545,329

2.41%
149,417
6,199,864

1.71%

Aprox monthly registered users
2006
2007
2008
732,939
97,118

652,978
107,534

755,345
238,689

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TABLE 5: China's GDP and Exports growth rate

2003 2004 2005 2006
Exports growth rate
GDP Growth rate

34.60% 35.40% 28.40% 27.20%
10% 10.10% 10.40% 11.10%

*

TABLE 6: Number of chinese exporting companies and ALIBABA's pen

2003 2004 2005 2006
Number of SME's in china
###
###
Number of companies
###
###
Number of exporting chinese companies65,494 81,042 96,590
###
Number of Gold Suppliers / Number
12.6% 9.8%
of exporting companies
Sources:
- Chinese Government website
http://www.gov.cn/english/2005-12/08/content_121412.htm
- Paper "China's Exporters and Importers, Firms, Products and Trade Partners", Federal Reserve
Bank of San Francisco.
http://www.frbsf.org/publications/economics/papers/2008/wp08-28bk.pdf
- Beijing Review
http://www.bjreview.com.cn/print/txt/2007-02/14/content_58839.htm
- "People's Republic of China: Development of Small and Medium-Sized Enterprise Credit
Guarantee", Asian Development Bank
http://www.adb.org/Documents/Reports/Consultant/36024-PRC/36024-PRC-TACR.pdf

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2007 2008
25.70% 24.10%
11.40%

and ALIBABA's penetration rate

2007 2008
Privadas
###

2005
###

2006
###

###Average

13.3% 11.9% 11.9%

Partners", Federal Reserve

bk.pdf

m
ed Enterprise Credit

24-PRC-TACR.pdf

m

Colectivas
456000 364800
Estatales192000 153600

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2001
###

190000
180000
170000
160000
150000

Series1

140000
130000
120000
110000
100000
90000

###
80000
http://ir.download.alibaba.com/download/200804/Annual_Report_ENG.pdf
###
70000

e ads or bookmark, Digg
it, fave it on
60000
1

2

3

4

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