1、Chesterton Petty Confidential2022/8/8Page 1GENERAL ASSUMPTIONS FOR THE CASHFLOW ANALYSIS OFHOTEL OPERATIONREVENUE COMPONENTSRoom ConfigurationNo. of RoomsRoom Sales:60.00%Food & Beverage Sales:36.00%Standard (Handicap)0All Other Sales:4.00%Standard (Single)0Total:100.00%Standard (Double)0Standard (T
2、win)0COST OF GOODS/SALESSuperior (Single)0Superior (Double)0Room Expenses:20.00% of Room SalesSuperior (Twin)0Food & Beverage Sales:75.00% of F & B SalesDeluxe (Single)0Other Expenses:55.00% of Other SalesDeluxe (Double)0Deluxe (Twin)0Standard Suite0OTHER EXPENSESExecutive Suite0Total No. of Rooms:3
3、76Sales Tax0.00% of Total Revenue(1st Half)Administration9.00% of Total Revenue2001 Avg. Room Rate say:Maintenance5.50% of Total Revenue Growth Rate:Energy10.50% of Total Revenue2002Average Room Rate:525Other Exp3.50% of Total Revenue(RMB/Night)Management Fee2.0% of Total RevenueIncentive Fee1.0% of
4、 Total RevenueF, F&E0.00% of Total RevenueOccupancy Rate:Annual Growth Rate31.50%200558.00%2%20060.0%20070%Onwards:Open Market Value as at FINANCIAL ANALYSIS CRITERIA281 RMBGrowth of Room Rate0.75 per room20061.00%7,697$ per smArea (sm):36525.520071.00%20081.00%Onwards:0.50%30-6月月-04276Discount Rate
5、:6.00%Chesterton Petty Confidential2022/8/8Page 20Estimated yearly projectionDate of Valuation:2005/6/30Period (year)12345678910111213141516171819202122YEAR2005200620072008200920102011201220132014201520162017201820192020202120222023202420252026Rooms Available:3763763763763763763763763763763763763763
6、76376376376376376376376376Occupancy Rate:58.00%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%58.87%Growth of Room Rate:0.00%1.00%1.00%1.00%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.
7、50%Average Room Rate (HK$/Night):525530536541544546549552555557560563566569571574577580583586589592No. of operating days/year:365365365365365365365365365365365365365365365365365365365365365365Revenue (M):Rooms Revenue:41.7942.8443.2743.7043.9244.1444.3644.5844.8145.0345.2545.4845.7145.9446.1746.4046
8、.6346.8647.1047.3347.5747.81F&B Revenue:25.0725.7025.9626.2226.3526.4826.6226.7526.8827.0227.1527.2927.4227.5627.7027.8427.9828.1228.2628.4028.5428.68Other Revenue:2.792.862.882.912.932.942.962.972.993.003.023.033.053.063.083.093.113.123.143.163.173.19Total Revenue (M):69.6571.4072.1172.8473.2073.57
9、73.9374.3074.6875.0575.4275.8076.1876.5676.9477.3377.7278.1078.4978.8979.2879.68Cost of Sales:Room Expenses:8.368.578.658.748.788.838.878.928.969.019.059.109.149.199.239.289.339.379.429.479.519.56Food & Beverage Sales:18.8119.2819.4719.6719.7619.8619.9620.0620.1620.2620.3620.4720.5720.6720.7720.8820
10、.9821.0921.1921.3021.4121.51Other Expenses:1.531.571.591.601.611.621.631.631.641.651.661.671.681.681.691.701.711.721.731.741.741.75Total Cost of Sales (M):28.7029.4229.7130.0130.1630.3130.4630.6130.7730.9231.0731.2331.3931.5431.7031.8632.0232.1832.3432.5032.6632.83OPERATING INCOME:40.9541.9842.4042.
11、8343.0443.2643.4743.6943.9144.1344.3544.5744.7945.0245.2445.4745.7045.9246.1546.3946.6246.85Other Expenses:Sales Tax0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00Administration6.276.436.496.566.596.626.656.696.726.756.796.826.866.896.926.966.997.037.067.107.
12、147.17Maintenance3.833.933.974.014.034.054.074.094.114.134.154.174.194.214.234.254.274.304.324.344.364.38Energy7.317.507.577.657.697.727.767.807.847.887.927.968.008.048.088.128.168.208.248.288.328.37Other Exp2.442.502.522.552.562.572.592.602.612.632.642.652.672.682.692.712.722.732.752.762.772.79Mana
13、gement Fee1.391.431.441.461.461.471.481.491.491.501.511.521.521.531.541.551.551.561.571.581.591.59Incentive Fee0.700.710.720.730.730.740.740.740.750.750.750.760.760.770.770.770.780.780.780.790.790.80F, F&E0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00Total O
14、ther Expenses:21.9422.4922.7222.9423.0623.1723.2923.4123.5223.6423.7623.8824.0024.1224.2424.3624.4824.6024.7324.8524.9725.10GROSS OPERATING PROFIT:19.0119.4919.6919.8819.9820.0820.1820.2820.3920.4920.5920.6920.8020.9021.0121.1121.2221.3221.4321.5421.6421.75Incentive Management Fee:0.000.000.000.000.
15、000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00NET OPERATING PROFIT19.0119.4919.6919.8819.9820.0820.1820.2820.3920.4920.5920.6920.8020.9021.0121.1121.2221.3221.4321.5421.6421.75BEFORE TAX (M)Capitalization:NPV of net profit (M):9.2317.8617.0216.2215.3714.5813.8213.1012.4211.78
16、11.1710.5910.049.529.028.568.117.697.296.916.556.21NPV with capitalization :281 (RMB M)NPV per room with capitalization :0.75 (RMB M)Chesterton Petty Confidential2022/8/8Page 3Adj: 2034/8/3123242526272829302027202820292030203120322033203437637637637637637637637658.87%58.87%58.87%58.87%58.87%58.87%58
17、.87%58.87%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%59559860160460761061361636536536536536536536536548.0548.2948.5348.7749.0149.2649.5149.7528.8328.9729.1229.2629.4129.5629.7029.853.203.223.243.253.273.283.303.3280.0880.4880.8881.2881.6982.1082.5182.929.619.669.719.759.809.859.909.9521.6221.7321.8421.
18、9522.0622.1722.2822.391.761.771.781.791.801.811.821.8232.9933.1633.3233.4933.6633.8233.9934.1647.0847.3247.5647.7948.0348.2748.5148.760.000.000.000.000.000.000.000.007.217.247.287.327.357.397.437.464.404.434.454.474.494.524.544.568.418.458.498.538.588.628.668.712.802.822.832.842.862.872.892.901.601.611.621.631.631.641.651.660.800.800.810.810.820.820.830.830.000.000.000.000.000.000.000.0025.2225.3525.4825.6025.7325.8625.9926.1221.8621.9722.0822.1922.3022.4122.5222.640.000.000.000.000.000.000.000.0021.8621.9722.0822.1922.3022.4122.5222.640.66666675.895.595.305.024.764.514.282.71
