香格里拉酒店集團(tuán)簡介Shangri-La-presen..ppt

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ANNUALREPORT FinancialAnalysis Shangri LAHotels Resorts HP5033HospitalityManagementAccounting Presentedby ChungMyoungChu FredericaMonak SitiSoffiyahYusoff NurasykinMohdSalleh BACKGROUNDOFSHANGRI LAHOTELSANDRESORTS Shangri LaHotel Resorts TheKuokGroupofCompaniesestablishedthehotelmanagementcompany Shangri LaHotels Resortsin1949 HeadquarterinHongKongmorethan23 500staffover20 000roomssuitesat42hotels Shangri LaHotels Resorts Shangri LaHotel Resorts Shangri Lawerelocatedin Shangri La sPhilosophy Vision MissionandCareValues Philosophy Shangri Lahospitalityfromcaringpeople Vision Thefirstchoiceforcustomers employees shareholdersandbusinesspartners Mission Delightingcustomerseachandeverytime CoreValues Respect Sincerity Helpfulness Courtesy Humility Shangri La sOperatingStrategies 1 TechnicalandPre OpeningServices 2 MarketingSupport 3 MarketingInitiativesandActivities 4 FrequentFlyerPrograms 5 CustomerLoyaltyProgram 6 GlobalSalesNetwork 7 CentralReservationsandPropertyManagementSystems TheAward WinningHotelGroup Time Asia PreferredHotelChainTravelWeekly UK BestAsiaPacificHotelGroupBusinessTraveller Asia Pacific OneoftheBestBusinessHotelBrandsintheWorldBusinessTraveller Asia Pacific UKandGermanVersions BestBusinessHotelBrandsinAsia PacificTheAsset Asia Pacific BestHotelChaininAsiaTheGuardianandTheObserver UK BestOverseasHotelGroupSellingLongHaul UK BestHotelGroupintheFarEastGlobalFinance USA BestHotelChaininAsia PacificReader sDigest Asia Superbrands2003Asiamoney BestHotelChainforBusinessandVacationinAsia BusinessActivitiesofShangri LAHotelsandResorts BUSINESSACTIVITIES BusinessActivities OperatingActivities FinancialActivities PlanningActivities InvestingActivities PlanningActivities AsiaandinparticularMainlandChinahasbeentheprimaryfocusoftheGroup sbusiness TheGrouphasactivelypursuedandsuccessfullyconcludedmanagementcontractopportunitiesinAustralia SouthAsia MaldivesandIndia andtheMiddleEast TheGroupalsocontinuestoprospectforsuitableopportunitiesinkeygatewaycitiesinEuropeandNorthAmerica TheGroupviewstheseopportunitieswithstrategicinterestinnotonlyunderpinningthebrandbutalsoimprovingreturnoninvestmentsforshareholders PlanningActivities MainlandChinawillcontinuetobetheprimarychoicefortheGroup sinvestmentsinhotels strongfundamentalsofhighannualGDPgrowthrates growingdisposableincome highyearonyeargrowthindomestictravel by10 andinternationaltravel by8 OperatingActivities HotelOperation Ownershipandoperationofhotelbusiness 77 HotelManagement Provisionofhotelmanagementandrelatedservices 1 PropertyRentals Ownershipandleasingofoffice commercialandserviceapartments 22 BusinessSegments OperatingActivities HotelOperation Turnoverfromhoteloperationshasbeenaffectedinrecentyearsbyglobalandregionaleconomicproblems politicalproblems theoutbreakofSARSinsomecountriesintheAsianregionin2003 Managementtookimmediateactionstominimizeexpendituresespeciallysalaries wagesanddiscretionarycosts conservecashresourcesandmaintainsufficientbankingfacilitiestofundcapitalcommitmentsandworkingcapitalneeds WiththeprogressiveliftingoftravelwarningsissuedbytheWHOinJune2003 air travelvolumesandhoteloccupancieshaverecovered Overallweightedaverageyieldfortheyeardecreasedby11 comparedto2002 OperatingActivities HotelManagement SLIMInternationalLimitedanditssubsidiaries theSLIMGroup provideshotelmanagementand ortechnicalconsultationandprojectmanagementservicesforhotelsunderdevelopmentorrenovationandhotelmanagementandmarketingservicesforoperatinghotels Asat31December2003 hotelmanagementcontractsinrespectof6operatinghotels technicalservicesandhotelmanagementcontractsinrespectof12hotelprojects OperatingActivities PropertyRental FinancingActivities Loans Shares CashandBankBalance InvestingActivities Renovations Majorrenovationsareon goingatthefollowinghotelsandareexpectedtobeprogressivelycompletedin2004 EdsaShangri La ManilaShangri La sFijianResort YanucaShangri LaHotel Jakarta Majorrenovationsatthefollowinghotels resortshavebeencompletedin2003 KowloonShangri La HongKongChinaWorldHotel BeijingShangri LaGoldenFlowerHotel XianShangri LaHotel Singapore ValleyWing Shangri La sMactanIslandResort CebuShangri LaHotel KualaLumpurShangri LaHotel PenangShangri La sRasaSayangResort PenangShangri La sTanjungAruResort KotaKinabaluShangri LaHotel Bangkok InvestingActivities Renovations Theotherrenovationstobecompletedin2004include Shangri LaHotel Singapore renovationofcoffeegardenandballroom Shangri La sRasaSentosaResort Singapore installationofspaandrenovationoffoodandbeveragefacilities Shangri LaHotel Penang renovationofcoffeegardenandotherfacilities Shangri La sRasaRiaResort Sabah guestroomsrenovation Shangri LaHotel Bangkok installationofspa MakatiShangri La Manila renovationofsomefoodandbeveragefacilities EstimatedexpenditureofallsubsidiariesamountingtoUS 71 9millionforrenovationandotherprojectscurrentlyongoingandtobecommissionedin2004willbemainlyfinancedfromoperatingcashflowsoftheindividualhotels supplementedbylocallycontractedshorttermbankloanswhereappropriate InvestingActivities NewProjects NewHotels Shangri LaHotel Zhongshan Jan 2004 Shangri LaHotel Fuzhou late2004 ThecoststocompletethesetwoprojectsareestimatedatUS 178millionandwillbemainlyfinancedbyprojectloansandtheoperatingsurplusofSLPU OtherPlannedAnd ordevelopedNewHotels ChengduFutianinShenzhenNingboXianGuangzhouJinganNanli TheGroup scommitmentstocompletetheseprojectsareestimatedatUS 684 6million ThesewillbemainlyfinancedbythefundsrecentlyraisedfromissueofnewsharesoftheCompanyandconvertiblebonds operationsurpluses theavailableundrawnborrowingfacilitiesandlocallycontractedprojectloans whereappropriate Landfornewhotel ChiangMai InvestingActivities NewProjects Bytheendof2007 theGrouphasanequityinterestwillincreasefrom36asatDecember2003to46andthecorrespondingroominventorywillincreasefrom18 852toapproximately24 498rooms Investing ManagementContracts Thenumberofoperatinghotelsundermanagementandownedbythirdpartieswillincreasefrom6asat31December2003to18bymid2006andthecorrespondingroominventorywillincreasefrom1 940toapproximately6 565rooms Investing Technology State ofartCentralReservationSystemInterfacewithGlobalDistributionSystemPropertyManagementSystem CentralReservationSystemGroup wideSales CateringandSalesForceAutomationSystemNewMaterialsManagementSystem wiredandwirelessbroadbandinternetAccessHumanResourceSystemUpgradePoint of SaleSystemUpgradethetechnologyinfrastructure tomaximizerevenuepotential improvestaffproductivity enhancecustomerrelations MANAGEMENTDISCUSSION ANALYSIS FinancialStatement IncomeStatementorProfitandLossAccount BalanceSheet CashFlowStatement Turnover revenueandsegmentinformation Primaryreportingformat geographicalsegments HongKong Hotelownership operationandmanagement MainlandChina Hotelownership operationandmanagementOwnershipandleasingofoffice commercialandservicedapartments ThePhilippines Hotelownership operationandmanagement Singapore Hotelownership operationandmanagementOwnershipandleasingofoffice commercialandservicedapartments Turnover revenueandsegmentinformation Primaryreportingformat geographicalsegments Thailand Malaysia Hotelownership operationandmanagement golfclubownershipandoperation OtherCountries Hotelownership operationandmanagement Hotelownership operationandmanagementownershipandleasingofofficeandcommercial Associatedcompanies Amountsduefromassociatedcompaniesareunsecured interest freeandwithnofixedrepaymenttermsexceptforthetotalamountofUS 76 274 000 2002 US 80 510 000 duefromtwoassociatedcompanieswhichisinterestbearingatLIBORplus2 perannumandUS 31 316 00 2002 US 30 631 000 duefromanassociatedcompanywhichisinterestbearingat1 25 perannum OtherInvestments EquitysecuritieslistedinHongKongincludedsharesinthecompany suchSAshares withacarryingvalueofUS 12 349 000 2002 US 8 628 000 heldbyShangri LaHotelPublicCompanyLimited Thailand SHPCL SuchSAshares representingapproximatelyo 6 2002 0 6 oftheissuedsharecapitaloftheCompanyasat31December2003 wereheldbySHPCLbeforetheCompanyacquiredthecontrollinginterestsinSHPCLinlate1999 Thecompanyhasundertaken subjecttomarketconditions touseitsreasonableendeavorstoproduceSHCPLtodisposeofallsuchSAsharestopartiesindependentoftheKuokGroup InviewofthetemporarynatureofthisholdinginsuchSAshares theyhavebeenclassifiedasotherinvestmentsintheseaccounts BankLoansandOverdraftsandOtherBorrowings OtherborrowingsrepresentedS 30 000 000unsecuredFloatingRateNotes the Notes dueinDecember2004issuedbyShangri LaHotelLimited Singapore SHL on13December2002 Asat31December2003 theinterestrateis1 15 perannum 2002 1 45 Theinterestratewillbere fixedatevery6monthlyinterval basedonanagreedformulasetoutintheissuingdocuments UnlesspreviouslyredeemedatthefacevalueofS 30 000 000onthematuritydate RetainedProfits IncludedintheretainedprofitsofsubsidiariesandassociatedcompaniesarestatutoryfundsofapproximatelyUS 225 000andUS 16 785 000respectively 2002 US 197 000andUS 15 947 000 ThesefundsaresetupbywayofappropriationfromtheprofitaftertaxationoftherespectiveCompanies establishedandoperatinginthePRC inaccordancewiththerelevantlawsandregulations CashandCashEquivalents At31stDecember2003 theGroup scashandbankbalancesofUS 63 807 000 2002 US 79 853 000 werekeptinthePRC Malaysia Thailand Malaysia Thailand theMyanmar Theremittanceoffundsoutofthesecountriesissubjecttorulesandregulationsofforeignexchangecontrolpromulgatedbythegovernmentsoftherespectivecountries Dividends HK8centsperordinaryshareAscriptdividendalternativewasalsooffered Notreflectedasadividendpayableintheseaccounts butwillbereflectedasanappropriationofretainedearningsfortheyearending31December2004 TheBoardofDirectorsofthecompanyattheboardmeetingheldon21may2003resolvedtochangeitsrecommendationmadeon21March2002todistributeafinaldividendofHK5centspersharefortheyearended31December2002withscripalternativessuchthatnofinaldividendwasrecommendedtobedeclaredfortheyear2002 Asaresult theamountUS 13 972 000previouslydisclosedasproposeddividendintheauditedconsolidatedbalancesheetasat31December2002includedintheCompany s2002annualreportisclassifiedaspartoftheretainedprofitsintherestatedconsolidatesbalancesheetasat31December2002 ManagementDiscussionandAnalysis Consolidatedrevenuesofthetwohotelsdecreasedby23 in2003largelyduetoadeclineinrevPARandfoodandbeveragerevenuesfollowingtheoutbreakofSARSinlateMarch2003 MainlandChina Combinedrevenuesdecreasedby13 in2003 AllthehotelsrecordedadeclineinrevPARwiththeexceptionoftheShangri LaHotelsinHangzhou ChangchunandHarbinwhichregisteredanincreaseby1 7 and6 respectively ThehotelslocatedinBeijing Shanghai andShangzensufferedmostduringtheoutbreakofSARS HongKong ManagementDiscussionandAnalysis Combinedrevenuesofthethreehotelsrecordedadeclineof15 principallyduetotheimpactofSARS TherevPARoftheTradershotelSingaporeandTheShangri LaHotelSingaporedecreasedby14 and9 respectively Shangri La sRasaSentosaResortsSingaporealsorecordedadeclineinrevPARby15 Withimprovementinarrivalsandindicationofrecoveryintheeconomy thesehotelsareexpectedtoimprovetheirperformances ThePhilippines Consolidatedrevenuesdecreasedmarginallyby2 ApartfromthefalloutfromtheSARSepidemic thehotelsinthePhilippinescontinuetoexperiencesomeweaknessindemandduetopersistencesecurityconcernsandanuncertaininvestmentclimate TheGroup shotelsinManilacontinuetoexperienceratepressures HowevertheresortsinMactanwhichcompletedtherenovationofitsguestroomsbuyendofOctober2003 registeredarevPARof30 Theperformanceoftheseresortscontinuestobestrong Singapore ManagementDiscussionandAnalysis Theconsolidatedrevenueofallthesubsidiariesincreaseby8 duemainlythecontributionfromShangri LaHotelKualaLumpurreflectingtheongoingbenefitofitsextensiverenovationprogramcompletedinMay2003 ThehotelincreaseditsrevPARby21 comparedto2002 TheShangri LaHotelPenangalsorecordedanincreaseinrevPARby15 indifficultmarket drivenbyasteadyimprovementindemandforitsnewlyrenovatedrooms However theperformanceofShangri La sRasaSayangResortsPenangandShangri La sGoldenSandResortsPenangwasadverselyaffectedbytheIraqwarwhichdiscouragedlonghaultravelandtheoutbreakofSARS Malaysia ManagementDiscussionandAnalysis TheShangri LahotelBangkokRecordedadeclineinrevPARof17 fortheyear However thehotelexperiencedagoodrecoveryespeciallyinthelastquarteranthereafterwhichwasalsofacilitatedbythecompletionofrenovationofitsmainwingguestrooms Fiji Consolidatedrevenuesofthetwohotelsincreasedby6 inlinewithan8 increaseintheweightedaveragerevPAR Shangri La sFijianResortsYanucacommencedtherenovationofitslagoonwingguestroomsinNovember2003whichisexpectedtobecompletedinlate2004 Thailand ManagementDiscussionandAnalysis ThehotelinJakartaandYangoncontinuetosufferonaccountofthepoliticalandeconomicproblemsfacingIndonesianandMyanmar IndonesianandMyanmar INFORMATIONACCOMPANYINGFINANCIALSTATEMENTS INFORMATIONACCOMPANYINGFINANCIALSTATEMENTS Management sDiscussionandAnalysisCompanieswithpublicitytradeddebtandequitysecuritiesacquiredbytheSecuritiesandExchangeCommissiontoprovideaManagement sDiscussionandAnalysis MD A intheirfinancialreports TheMD Asectionreviewacompany sfinancialconditionsandresultsofoperations Managementmusthighlightanyfavourableorunfavourabletrendsandidentifysignificanteventsanduncertaintiesaffectingthecompany sliquidity capitalresources andresultsofoperations Theymustalsodiscloseprospectiveinformation ManagementReport Amanagementreportsetsouttheresponsibilitiesofmanagementinpreparingacompany sfinancialstatements Toreinforceseniormanagement sresponsibilitiesforthecompany sfinancialandinternalcontrolsystem 2 Toreinforcethesharedrolesofmanagement directors andauditorinpreparingfinancialstatements Shangri La sReportofManagementhighlightstheroleofitsAuditCommitteeoftheBoardofDirectorsinprovidingassuranceontheintegrityofitsfinancialstatements PurposesofReport AuditorReport Shangri La sReportofIndependentAccountants preparesbyPriceWaterhouseCoopers ExplanatoryNotes ExplanatorynotesincludeinformationonAccountingprinciplesandmethodsused Detaileddisclosureregardingindividualfinancialstatementelements CommitmentsandcontingenciesBusinesscombinationsTransactionswithrelatedpartiesStockoptionplansLegalproceedingsSignificantcustomers SupplementaryInformation SupplementalschedulesincludeinformationontoBusinesssegmentdataExportsalesMarketablesecuritiesValuationaccountsShort termborrowingsQuarterlyfinancialdata Severalsupplementalschedulesappearinthe2003annualreportofShangri La TheSECisresponsibleforoverseeingfinancialreportingtoexternalusersforcompanieswithpubliclytradedsecurities SocialResponsibilityReports Page42undertheReportoftheDirectors ThisreportdeclaresShangri La scommittedtothecharitiesdonationsandotherdonationsmadebytheGroupduringtheyearamountedtoUS 22 000 00 ProxyStatements Proxystatementscontainawealthofinformationregardingacompanyincluding identityofshareholdersowning5ormorepercentofoutstandingshares biographicalinformationontheboardofdirectors compensationarrangementswithofficersanddirectors employeebenefitplans andcertaintransactionswithofficersanddirectors FINANCIALSTATEMENTANALYSIS PREVIEWOFFINANCIALSTATEMENTANALYSIS Thesesixareasofinquiryandinvestigationarethebuildingblocksoffinancialstatementanalysis Short termliquidity Acompany sabilitytomeetshort termobligations Fundsflow Futureavailabilityanddispositionofcash Capitalstructureandlong termsolvency Acompany sabilitytogeneratefuturerevenuesandmeetlong termobligations Returnoninvestment Acompany sabilitytoprovidefinancialrewardssufficienttoattractandretainsuppliesoffinancing Assetutilization Assetintensityingeneratingrevenuestoreachasufficientlevelofprofitability Operationperformance Acompany ssuccessatmaximizingrevenuesandminimizingexpensesfromlong runoperatingactivities ComparativeFinancialStatementAnalysis RATIOANALYSIS RATIOANALYSISOFFINANCIALSTATEMENTS Factorsaffectingratios RatioInterpretation IllustrationsofRatioAnalysis LiquidityRatios ActivityRatios LeverageRatios ProfitabilityRatios Shareholders ReturnRatio ChangesinComparativeFinancialStatementAnalysis LiquidityRatios LeverageRatios ActivityRatios Shareholders ReturnRatio ProfitabilityRatios FUTUREPLANNING CONCLUSION FUTUREPLANNING Netprofit2003statedUS 82 010 00 Ourgroupplanstoincreaseyear2004netprofitby25 Year2004expectednetprofitisUS 205 025 00 Growthinnetincomefromyear2002to2003isonly0 13 LowinwhattheShangri LaGroupshouldbemaking CombinedRevenuebyTrade Change HotelOperation 10 HotelManagement 9 PropertyRentals 3 Total 8 CONCLUSION OpportunitiesGDPgrowthratesMajorrenovationprogrammesGroupfinancednewprojectsUpgradethetechnologyinfrastructurePrincipleactivities TheEnd