香港迪士尼乐园项目主要财务报表_32450496

5.50 139.44 290.79
14
本年及以前年度亏损 Losses for the year & brought forward (注释 h)
(467.32) (861.31) (1172.66) (1390.87) (1503.98) (1498.48) (1359.04) (1068.3)
12
折旧/摊销 Depreciation/amortization (注释 g)
243.46 273.00 306.37 344.11 386.80 435.14 489.91 551.98
13
税前利润 Profit before tax
(467.32) (393.99) (311.36) (218.20) (113.11)
8,049,609 19.84% 1.35
2,156,007
2010
8,186,452 20.05% 1.35
2,215,868
2011
8,325,622 20.26% 1.35
2,277,141
2012
8,467,158 20.47% 1.35
2,339,857
2~4
游客总数 Total tourists
2.3
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
2.4 3,155,659 3,360,146 3,577,884 3,809,730 4,056,601 4,319,469 4,599,370 4,897,409 5,214,762 5,552,678 5,912,492 6,295,621
2012 450.62 565.33 3052.97
4
利润预测 Profit projection (HK$ million)
5
门票收入 Revenue on entrance fee
1642.22 1866.40 2121.87 2413.07 2745.09 3123.75 3555.71 4048.62
3.2
市场渗透率 Market penetration rate
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
3.3
每位游客入园次数 Visits-per-guest ratio
1
1
1
1
1
1
1
1
3.4
每年入园人次 Annual attendance
178,784
190,369
100%
100%
100%
100%
100%
100%
4.3
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
4.4 3,680,722 3,979,529 4,301,606 4,648,713 5,022,743 5,182,345 5,341,540 5,499,606 5,655,728 5,808,990 5,958,366 6,102,711
表 2 香港迪士尼主题乐园利润表
年份 Year 门票费 Entrance fee in HK$ (注释 a) 食物商品及其他 Spending on food, merchandise & misc in HK$ (注释 a) 酒店房价 Hotel room rates in HK$ (注释 b)
2005 275.00 345.00 1863.12
10
利息费用 Interest expenses (注释 e)
954.24 939.98 924.10 906.42 886.72 864.79 840.37 813.18
11
管理费用 Administration expenses (注释 f)
1071.22 1201.18 1348.03 1514.07 1701.94 1914.64 2155.59 2428.73
香港迪士尼主题乐园项目投资分析
代号 1 1.1 1.2 1.3 1.4
年份 Year 本地居民 Local residents 香港人口 Population in HK 市场渗透率 Market penetration rate 每位游客入园次数 Visits-per-guest ratio 每年入园人次 Annual attendance
2,974,622
10,021,833 22.57% 1.35
3,053,603
10,192,205 22.78% 1.35
3,134,409
10,365,472 22.99% 1.35
3,217,080
2~4 24,620,217 26,215,607 27,914,378 29,723,230 31,649,295 33,700,169 35,883,940 38,209,220 40,685,177 43,321,576 46,128,815 49,117,962
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
3.3
1
1
1
1
1
1
1
1
1
1
1
1
3.4
295,443 314,587 334,973 356,679 379,792 404,402 430,607 458,511 488,222 519,859 553,546 589,416
2.2
市场渗透率 Maket penetration rate
15.65%
15.65%
15.65%
15.65%
15.65%
15.65%
15.65%
15.65%
2.3
每位游客入园次数 Visits-per-guest ratio
1.17
1.17
1.17
1.17
1.17
1.17
1.17
1.17
2.4
每年入园人次 Annual attendance
市场渗透率 Market penetration rate
100%
wk.baidu.com
100%
100%
100%
100%
100%
100%
100%
4.3
每位游客入园次数 Visits-per-guest ratio
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
4.4
每年入园人次 Annual attendance
202,705
215,840
229,827
244,720
260,578
277,463
4.1
羡名而来的游客 Induced tourists
1,698,448 1,840,236 1,993,268 2,158,405 2,336,574 2,528,771 2,736,064 2,959,605
4.2
2013
8,611,099 20.68% 1.35
2,404,047
2014
8,757,488 20.89% 1.35
2,469,743
2015
8,906,365 21.10% 1.35
2,536,978
表 1 香港迪士尼主题乐园游客预计（续）
2016
2017
2018
2019
2020
9,057,774 21.31% 1.35
1,953,215 2,116,271 2,292,258 2,482,166 2,687,060 2,908,087 3,146,474 3,403,546
5
年入园人次总数 Total annual attendance
5,971,708 6,324,599 6,700,485 7,100,954 7,527,705
2.1 17,234,152 18,350,925 19,540,065 20,806,261 22,154,506 23,590,118 25,118,758 26,746,454 28,479,624 30,325,104 32,290,170 34,382,573
2.2
15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65% 15.65%
6
其他收入（食物、商品及其它）Other revenue(food, merchandise & misc) 2060.24 2341.49 2661.99 3027.31 3443.84 3918.88 4460.80 5079.18
7
酒店收入 Hotel revenue (注释 c)
1166.75 1252.03 1343.56 1441.77 1547.17 1660.26 1781.63 1911.87
5 9,535,871 10,124,005 10,751,440 11,420,908 12,135,335 12,654,470 13,193,502 13,752,955 14,333,333 14,935,130 15,558,812 16,204,827
5
香港迪士尼主题乐园项目投资分析
代号 1 2 3
3.1 7,386,065 7,864,682 8,374,313 8,916,969 9,494,788 10,110,051 10,765,182 11,462,766 12,205,553 12,996,473 13,838,644 14,735,389
3.2
4.00%
4.00%
4.00%
4.00%
慕名而来的游客相对于游客总数的比例为 10.8%-13.8%。Induced tourists: ratio to total tourists is from 10.8% to 13.8%
7,982,556
8,467,454
8,984,482
4
香港迪士尼主题乐园项目投资分析
代号 1 1.1 1.2 1.3 1.4
1,909,615 2,033,358 2,165,119 2,305,419 2,454,810 2,613,882 2,783,262 2,963,617
3.1
商务游客 Business tourists
4,469,601 4,759,231 5,067,630 5,396,012 5,745,674 6,117,993 6,514,439 6,936,575
表 1 香港迪士尼主题乐园游客预计
2005
2006
2007
2008
2009
7,524,731 19% 1.35
1,930,094
7,652,651 19.21% 1.35
1,984,600
7,782,747 19.42% 1.35
2,040,403
7,915,053 19.63% 1.35
2,097,529
15
应税利润 Taxable profit
0.00
0.00
0.00
0.00
0.00
0.00
4.1 3,200,628 3,460,460 3,740,527 4,042,359 4,367,603 4,506,387 4,644,817 4,782,266 4,918,024 5,051,296 5,181,188 5,306,705
4.2
100%
100%
100%
100%
100%
100%
2,605,786
9,211,756 21.52% 1.35
2,676,199
9,368,356 21.73% 1.35
2,748,254
9,527,618 21.94% 1.35
2,821,985
9,689,587 22.15% 1.35
2,897,429
2021
2022
2023
2024
9,854,310 22.36% 1.35
8
总收入 Total revenues
4869.20 5459.93 6127.42 6882.15 7736.09 8702.89 9798.15 11039.7
9
毛利 Gross profit (注释 d)
1801.61 2020.17 2267.14 2546.40 2862.35 3220.07 3625.31 4084.68
14,898,671 15,864,105 16,892,099 17,986,707 19,152,245 20,393,311 21,714,798 23,121,916
2.1
非商务游客 Base tourists(non-business)
10,429,070 11,104,873 11,824,469 12,590,695 13,406,572 14,275,318 15,200,358 16,185,342
2006 295.10 370.22 1999.32
2007 316.67 397.28 2145.47
2008 339.82 426.32 2302.30
2009 364.66 457.49 2470.60
2010 391.32 490.93 2651.20
2011 419.93 526.82 2845.00