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1、ANNUALREPORTANNUALREPORT(FinancialAnalysis):(FinancialAnalysis):Shangri-LAHotels&Shangri-LAHotels&ResortsResortsHP5033HP5033HospitalityManagementAccountingHospitalityManagementAccountingPresentedbyPresentedbyChung Myoung ChuFrederica MonakSiti Soffiyah YusoffNurasykin Mohd SallehBACKGROUNDOFBACKGROU
2、NDOFSHANGRI-LASHANGRI-LAHOTELSANDHOTELSANDRESORTSRESORTSShangri-LaHotel&ResortsShangri-LaHotel&ResortsThe Kuok Group of Companies established the hotel management company, Shangri-La Hotels & Resorts in 1949.Headquarter in Hong Kongmore than 23,500 staff over 20,000 rooms suites at 42 hotels Shangri
3、-LaHotels&ResortsShangri-LaHotel&ResortsShangri-LaHotel&ResortsShangri-Lawerelocatedin.Shangri-LasPhilosophy,Vision,Shangri-LasPhilosophy,Vision,MissionandCareValuesMissionandCareValuesShangri-LasOperatingStrategiesShangri-LasOperatingStrategiesTheAward-WinningHotelGroupTheAward-WinningHotelGroupTim
4、e(Asia): Preferred Hotel ChainTravelWeekly(UK): Best Asia Pacific Hotel GroupBusinessTraveller(Asia-Pacific): One of the Best Business Hotel Brands in the WorldBusinessTraveller(Asia-Pacific,UKandGermanVersions): Best Business Hotel Brands in Asia-PacificTheAsset(Asia-Pacific): Best Hotel Chain in A
5、siaTheGuardianandTheObserver(UK): Best Overseas Hotel GroupSellingLongHaul(UK):Best Hotel Group in the Far EastGlobalFinance(USA): Best Hotel Chain in Asia-PacificReadersDigest(Asia): Super brands 2003Asiamoney: Best Hotel Chain for Business and Vacation in AsiaBusinessActivitiesBusinessActivitiesof
6、Shangri-LAHotelsofShangri-LAHotelsandResortsandResortsBUSINESSACTIVITIESBUSINESSACTIVITIESPlanningActivitiesPlanningActivitiesAsia and in particular Mainland China has been the primary focus of the Groups business. The Group has actively pursued and successfully concluded management contract opportu
7、nities in Australia, South Asia (Maldives and India) and the Middle East. The Group also continues to prospect for suitable opportunities in key gateway cities in Europe and North America. The Group views these opportunities with strategic interest in not only underpinning the brand but also improvi
8、ng return on investments for shareholders. PlanningActivitiesPlanningActivitiesMainland China will continue to be the primary choice for the Groups investments in hotels strong fundamentals of high annual GDP growth rates growing disposable income high year on year growth in domestic travel (by 10%)
9、 and international travel (by 8%) OperatingActivitiesOperatingActivitiesBusinessSegmentsOperatingActivitiesOperatingActivitiesTurnover from hotel operations has been affected in recent years by global and regional economic problems, political problems, the outbreak of SARS in some countries in the A
10、sian region in 2003. Management took immediate actions to minimize expenditures especially salaries, wages and discretionary costs, conserve cash resources and maintain sufficient banking facilities to fund capital commitments and working capital needs. With the progressive lifting of travel warning
11、s issued by the WHO in June 2003, air-travel volumes and hotel occupancies have recovered. Overall weighted average yield for the year decreased by 11% compared to 2002. OperatingActivitiesOperatingActivitiesSLIM International Limited and its subsidiaries (the SLIM Group), provides hotel management
12、and/or technical consultation and project management services for hotels under development or renovation and hotel management and marketing services for operating hotels. As at 31 December 2003,-hotel management contracts in respect of 6 operating hotels -technical services and hotel management cont
13、racts in respect of 12 hotel projects OperatingActivitiesOperatingActivitiesCommercial SpaceOffice SpaceServiced ApartmentMainland ChinaShanghaiShanghai centre12%1%Shanghai Kerry21%6%Beijing2%25%Dalian12%SingaporeAverage5%Tanglin Mall5%Tanglin Place17%MalaysiaKuala Lumpur2%5%-Johor Bahru9%8%Thailand
14、Bangkok8%FinancingActivitiesFinancingActivitiesLoanRemarkHongKongHK$2,600 millionMainlandChinaRMBI 991 millionProject development and working capital requirementMalaysiaRM 35 millionRenovation projectLoansNetProceedsThe Company under an arrangement involving placement of existing shares and subscrip
15、tion top-up for new shares issued 183,832,000 new shared at HK$7.4 per share. (Feb. 2004)App. HK$1,360 millionThe Group issued zero coupon guaranteed convertible bonds due March 2009, in the aggregate principal amount of US$200 million with an initial conversion price of HK$9.25 per share of the Com
16、pany.(Mar.2004) App.US$196.4 millionSharesCashandBankBalance2003US$ 63.8 million2002US$ 79.9 millionInvestingActivities-RenovationsInvestingActivities-RenovationsMajor renovations are on-going atthe following hotels and are expected to be progressively completed in 2004:Edsa Shangri-La, ManilaShangr
17、i-Las Fijian Resort, YanucaShangri-La Hotel, JakartaMajor renovations at the followinghotels/resorts have beencompleted in 2003:Kowloon Shangri-La, Hong Kong China World Hotel, BeijingShangri-La Golden Flower Hotel, XianShangri-La Hotel, Singapore (Valley Wing)Shangri-Las Mactan Island Resort, CebuS
18、hangri-La Hotel, Kuala LumpurShangri-La Hotel, PenangShangri-Las Rasa Sayang Resort, PenangShangri-Las Tanjung Aru Resort, Kota KinabaluShangri-La Hotel, Bangkok InvestingActivities-RenovationsInvestingActivities-RenovationsThe other renovations to be completedin 2004 include:Shangri-La Hotel, Singa
19、pore (renovation of coffee garden and ballroom)Shangri-Las Rasa Sentosa Resort, Singapore (installation of spa and renovation of food and beverage facilities)Shangri-La Hotel, Penang (renovation of coffee garden and other facilities)Shangri-Las Rasa Ria Resort, Sabah (guestrooms renovation)Shangri-L
20、a Hotel, Bangkok (installation of spa)Makati Shangri-La, Manila (renovation of some food and beverage facilities)Estimated expenditure of all subsidiaries amounting to US$71.9 million for renovation and other projects currently on going and to be commissioned in 2004 will be mainly financed from ope
21、rating cash flows of the individual hotels, supplemented by locally contracted short term bank loans where appropriate.InvestingActivities-NewProjectsInvestingActivities-NewProjectsShangri-La Hotel, Zhongshan (Jan.2004)Shangri-La Hotel, Fuzhou (late 2004)The costs to complete these two projects are
22、estimated at US$178 million and will be mainly financed by project loans and the operating surplus of SLPU. ChengduFutian in ShenzhenNingboXian GuangzhouJingan Nanli The Groups commitments to complete these projects are estimated at US$684.6 million. These will be mainly financed by the funds recent
23、ly raised from issue of new shares of the Company and convertible bonds, operation surpluses, the available undrawn borrowing facilities and locally contracted project loans, where appropriate. Chiang MaiInvestingActivities-NewProjectsInvestingActivities-NewProjectsBy the end of 2007, the Group has
24、an equity interest will increase from 36 as at December 2003 to 46 and the corresponding room inventory will increase from 18,852 to approximately 24,498 rooms. Investing-ManagementContractsInvesting-ManagementContractsThe number of operating hotels under management and owned by third parties will i
25、ncrease from 6 as at 31 December 2003 to 18 by mid 2006 and the corresponding room inventory will increase from 1,940 to approximately 6,565 rooms. Investing-TechnologyInvesting-TechnologyMANAGEMENTMANAGEMENTDISCUSSION&DISCUSSION&ANALYSISANALYSISFinancialStatementFinancialStatementTurnover,revenuean
26、dsegmentTurnover,revenueandsegmentinformationinformationTurnover,revenueandsegmentTurnover,revenueandsegmentinformationinformationAssociatedcompaniesAssociatedcompaniesAmounts due from associated companies are unsecured, interest-free and with no fixed repayment terms except for the total amount of
27、US$76,274,000 (2002: US$80,510,000) due from two associated companies which is interest bearing at LIBOR plus 2% per annum and US$31,316,00 (2002: US$30,631,000) due from an associated company which is interest bearing at 1.25% per annum.OtherInvestmentsOtherInvestmentsEquity securities listed in Ho
28、ng Kong included shares in the company (“such SA shares”) with a carrying value of US$12,349,000 (2002: US$8,628,000) held by Shangri-La Hotel Public Company Limited, Thailand (“SHPCL”). Such SA shares, representing approximately o.6% (2002: 0.6%) of the issued share capital of the Company as at 31
29、December 2003, were held by SHPCL before the Company acquired the controlling interests in SHPCL in late 1999.The company has undertaken, subject to market conditions, to use its reasonable endeavors to produce SHCPL to dispose of all such SA shares to parties independent of the Kuok Group. In view
30、of the temporary nature of this holding in such SA shares, they have been classified as other investments in these accounts.BankLoansandOverdraftsandBankLoansandOverdraftsandOtherBorrowingsOtherBorrowingsOther borrowings represented S$30,000,000 unsecured Floating Rate Notes (the “Notes”) due in Dec
31、ember 2004 issued by Shangri-La Hotel Limited, Singapore (“SHL”) on 13 December 2002. As at 31 December 2003, the interest rate is 1.15% per annum (2002: 1.45%). The interest rate will be re-fixed at every 6 monthly interval, based on an agreed formula set out in the issuing documents. Unless previo
32、usly redeemed at the face value of S$30,000,000 on the maturity dateRetainedProfitsRetainedProfitsIncluded in the retained profits of subsidiaries and associated companies are statutory funds of approximately US$225,000 and US$16, 785,000 respectively (2002: US$197,000 and US$15,947,000). These fund
33、s are set up by way of appropriation from the profit after taxation of the respective Companies, established and operating in the PRC, in accordance with the relevant laws and regulations.CashandCashEquivalentsCashandCashEquivalentsAt 31st December 2003, the Groups cash and bank balances of US$63,80
34、7,000 (2002: US$79,853,000) were kept in the PRC, Malaysia, Thailand, Malaysia, Thailand, the Myanmar. The remittance of funds out of these countries is subject to rules and regulations of foreign exchange control promulgated by the governments of the respective countries.DividendsDividendsvHK8 cent
35、s per ordinary sharevA script dividend alternative was also offered.vNot reflected as a dividend payable in these accounts, but will be reflected as an appropriation of retained earnings for the year ending 31 December 2004.vThe Board of Directors of the company at the board meeting held on 21 may 2
36、003 resolved to change its recommendation made on 21 March 2002 to distribute a final dividend of HK5 cents per share for the year ended 31 December 2002 with scrip alternatives such that no final dividend was recommended to be declared for the year 2002. vAs a result, the amount US$13,972,000 previ
37、ously disclosed as proposed dividend in the audited consolidated balance sheet as at 31 December 2002 included in the Companys 2002 annual report is classified as part of the retained profits in the restated consolidates balance sheet as at 31 December 2002. ManagementDiscussionandAnalysisManagement
38、DiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisManagementDiscussionandAnalysisINFORMATIONINFORMATIONACCOMPANY
39、INGACCOMPANYINGFINANCIALFINANCIALSTATEMENTSSTATEMENTSINFORMATIONACCOMPANYINGINFORMATIONACCOMPANYINGFINANCIALSTATEMENTSFINANCIALSTATEMENTSManagements Discussion and AnalysisCompanies with publicity traded debt and equity securities acquired by the Securities and Exchange Commission to provide a Manag
40、ements Discussion and Analysis (MD&A) in their financial reports. The MD&A section review a companys financial conditions and results of operations. Management must highlight any favourable or unfavourable trends and identify significant events and uncertainties affecting the companys liquidity, cap
41、ital resources, and results of operations. They must also disclose prospective information. ManagementReportManagementReportA management report sets out the responsibilities of management in preparing a companys financial statements.AuditorReportAuditorReportFourtypesofauditoropinionsUnqualified (cl
42、ean) opinionQualified opinionAdverse opinionDisclaimer of opinionExplanatoryNotesExplanatoryNotesExplanatory notes include information on 1.Accounting principles and methods used.2.Detailed disclosure regarding individual financial statement elements.3.Commitments and contingencies4.Business combina
43、tions5.Transactions with related parties6.Stock option plans7.Legal proceedings 8.Significant customersSupplementaryInformationSupplementaryInformationSeveral supplemental schedules appear in the 2003 annual report of Shangri-La. The SEC is responsible for overseeing financial reporting to external
44、users for companies with publicly traded securities.SocialResponsibilityReportsSocialResponsibilityReportsProxyStatementsProxyStatementsFINANCIALFINANCIALSTATEMENTSTATEMENTANALYSISANALYSISPREVIEWOFFINANCIALPREVIEWOFFINANCIALSTATEMENTANALYSISSTATEMENTANALYSISThese six areas of inquiry and investigati
45、on are the building blocks of financial statement analysis.Short-term liquidity. A companys ability to meet short-term obligations. Funds flow. Future availability and disposition of cash.Capital structure and long-term solvency. A companys ability to generate future revenues and meet long-term obli
46、gations.Return on investment. A companys ability to provide financial rewards sufficient to attract and retain supplies of financing.Asset utilization. Asset intensity in generating revenues to reach a sufficient level of profitability.Operation performance. A companys success at maximizing revenues
47、 and minimizing expenses from long-run operating activities.ComparativeFinancialStatementComparativeFinancialStatementAnalysisAnalysisRATIOANALYSISRATIOANALYSISRATIOANALYSISOFFINANCIALRATIOANALYSISOFFINANCIALSTATEMENTSSTATEMENTSChangesinComparativeFinancialChangesinComparativeFinancialStatementAnaly
48、sisStatementAnalysisLiquidityRatiosLiquidityRatiosTypesTypesFormulaFormulaYrYr20032003YrYr20022002InterpretationInterpretationCurrent Ratio Current asset Current liability 1.11 times 1.28 times ability to meet its current financial liabilities Quick Ratio Current assets inventory Current liabilities
49、 1.06 times 1.22 times ability to pay off short-term obligations Inventory to net working capital Inventory Current Assets Current liabilities 0.48 times 0.21 times working capital is tied up in inventory LeverageRatiosLeverageRatiosTypesTypesFormulaFormulaYrYr20032003YrYr20022002InterpretationInter
50、pretationDebt-to-assetsTotal debtTotal assets11Total borrowed funds as a percentage of total assets Debt-to-equity Total debtTotal shareholder equity 1.81 times 1.78 times Borrowed funds versus the funds provided by shareholders Long-term debt-to-equity Long-term liabilities Equity capital1.68 times
51、 1.678 times Leverage used by the firm Time-interest-earned Profit before interest + taxes Total interest change 2.88 times 2.99 times ability to meet all interest payments ActivityRatiosActivityRatiosTypesTypesFormulaFormulaYr2003Yr2003Yr2002Yr2002InterpretationInterpretationInventoryturnover Sales
52、_ Inventory of finished goods 0.12 times 0.14 times The effectiveness of thefirm in employing inventory Fixedassetsturnover Sales Fixed Assets0.14 times 0.17 times The effectiveness of the firm in utilizing plant and equipmentTotalassetturnover Sales Total assets 0.11 times 0.13 times The effectiven
53、ess of the firm in utilizing total assets AccountReceivableturnoverAnnual credit salesAccount receivable 9.15 times 9.73 times How many times the receivables have been collected during the accounting period AveragecollectionperiodAccount receivable Average daily sales40.34 days 37.51 days The averag
54、e of time the firm waits to collect payments after sales ShareholdersReturnRatioShareholdersReturnRatioTypesTypesFormulaFormulaYr2003Yr2003Yr2002Yr2002InterpretationInterpretationDividendyieldoncommonStockAnnual dividend per shareCurrent market price per share US$3,641,690.04 US$4,246,170.995 A meas
55、ure of return to com-mon stockhol-ders in the form of divide-nds CashflowpershareAfter tax profits + dep.# of common shares outstanding US$91,091 NilA measure of total cash per share availabl-e for use by the firm ProfitabilityRatiosProfitabilityRatiosTypesTypesFormulaFormulaYr2003Yr2003Yr2002Yr2002
56、ReturnonInvestment(ROI)Net profitTotal equity0.03 times 0.02 times ReturnonSales(ROS) Net profit Total sales 0.15 times 0.12 times ReturnonAssets(ROA) Net profit Total assets 0.017 times 0.0159 times FUTUREFUTUREPLANNING&PLANNING&CONCLUSIONCONCLUSIONFUTUREPLANNINGFUTUREPLANNINGCombinedRevenuebyTradeCombinedRevenuebyTradeCONCLUSIONCONCLUSIONOpportunities GDP growth ratesMajor renovation programmes Group financed new projects Upgrade the technology infrastructure Principle activities The EndThe End
