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公司简介
公司简介

银河娱乐集团有限公司(银娱)是博彩及娱乐企业。集团于澳门特区发展及经营酒店、博彩及综合娱乐设施。此外,银娱透过其建筑材料业务于中国内地、香港及澳门生产、出售及分销建筑材料。.

澳门银河:
「澳门银河」 在澳门提供具亚洲元素、最多元化的娱乐、住宿及餐饮服务。
2011年
贵宾厅博彩表现
「澳门银河」的贵宾厅转码数达3,800亿元,带来收益达122亿元。

中场博彩表现
「澳门银河」的中场博彩收益达28亿元。第四季收益按季增长31%至14亿元,增幅远超10%的市场水平。

角子机博彩表现
「澳门银河」角子机博彩收益达6.45亿元。

非博彩 业务表现
非博彩 业务收益总额达6.97亿元。酒店房间数目由「澳门银河」开幕时约1,400间增至年底全数约2,200间。

星际酒店:

星际酒店是提供娱乐、餐饮及五星级豪华住宿。主要经营业务已贵宾厅博彩、中场博彩及酒店收益为主。

2011年
贵宾厅博彩表现
星际酒店的贵宾厅转码数达6,640亿元。收益达至202亿元。

中场博彩表现
中场博彩收益达17亿元。第四季收益按季增长15%至5亿元,增幅超越10%的市场水平。

角子机博彩表现
星际酒店角子机博彩收益达2.41亿元,较二零一零年增加16%。

非博彩 业务表现
非博彩 收益由二零一零年的3.15亿元增加至二零一一年的3.6亿元,增幅达14%。年内酒店入住率平均98%。

建筑材料业务
建筑材料业务于二零一一年收益达16亿元,较二零一零增加27%。因矿渣微粉在环保的认受性及可持续性增加,建筑材料业务借此优势继续扩充生产及销售该产品的策略。

中国内地
扩充矿渣微粉生产能力,保持于中国的领导地位

扩充云南省的水泥生产能力
由于省内用于建设基建项目的优质水泥需求持续增加,建筑材料业务于云南省安宁、宝山及师宗的水泥合资公司二零一一年的业绩表现良好。

香港及澳门
建筑材料业务将受惠于香港的大型基建发展项目。随着未来几年将有数项大型基建项目启动,包括港铁的广深港高速铁路及沙中线建设、东九龙发展项目及
港珠澳大桥,建筑材料业务已占据有利位置。

澳门方面,随着公共房屋市场的需求持续增加,以及博彩及娱乐行业的建筑工程进一步扩充,建筑市场继续稳步复苏。建筑材料业务建立已久的预拌混凝土业务占据有利位置。

银娱为旅客提供更多不同休闲享受选择的大型基建改善工程及综合渡假城,例如「澳门银河」,预期将成为增长动力。澳门及珠海关闸的扩充工程,加上计划

于未来数年落成的中国内地高铁网络、澳门轻铁及港珠澳大桥等大型基建项目,对澳门进身为亚洲领先经济体系首个旅游目标地发挥至关重要的作用。

基本财务信息

1. 资本成本以及净利润

|結束時間 | |2011/12/31 |2010/12/31 |2009/12/31 |2008/12/31 |
|總營收 | |41,186,000 |19,262,000 |12,233,000 |10,520,000 |
|營業成本 | |15,744,000 |8,196,000 |5,014,000 |4,109,000 |
| | | | | | |
|毛利率 | |25,442,000 |11,066,000 |7,219,000 |6,411,000 |
| | | | | | |
| |總營業費用 |37,861,000 |17,985,000 |11,881,000 |11,575,000 |
| | | | | | |
| | | | | | |
|營業收入或損失 | |3,325,000 |1,277,000 |352,000 |-1,055,000 |
| | | | | | |
| |息前與稅前收益 |3,325,000 |1,277,000 |352,000 |-1,055,000 |
| |利息支出 |-400,000 |-57,000 |-153,000 |-421,000 |
| |稅前收益 |- |- |- |- |
| |所得稅費用 |32,000 |45,000 |76,000 |-1,503,000 |
| |少數股權 |-26,000 |-16,000 |-9,000 |165,000 |
| | | | | | |
| |連續營業收入 |3,030,000 |915,000 |1,158,000 |-11,555,000 |
| | | | | | |
|淨利 | |3,004,000 |898,000 |1,149,000 |-11,390,000 |

(单位:000)

从这张表格看出,2008年到2009年,2008年公司经营还是亏损的。总营业收入增长了16%,营业成本增长了22%。但是净利润增加了101%。

从2009年到2010年,银河娱乐集团有限公司总营业收入增长和营业成本增长基本相同。营业收入增长了57%,而营业成本增长了63%。净利润下跌为22%。这是四年之中唯一一年净利润下降的一年。

但是2010年到2011年。银河娱乐集团有限公司因为出色的经营以及管理,营业收入有了大幅度的提升,相比于以前的财务数据,其增长率高达130%,所以导致净利润增长230%!但是,该公司的成本并没有随着营业收入的提升而提高,保持着92%的增长。这对于这么高的营业收入增长率,我们相信该公司的经营正在步入正轨,每年都能以很高的增长率增长。

下图是我们给公司总营业收入和营业成本的增长率关系图。

[pic]

2. 贷款,权益以及折旧

|結束時間 |2011,12,31 |2010,12,31 |2009,12,31 |2008,12,31 |
| | | | | |
|新增贷款 |3,954,094 |5,398,043 |7,024 |636,561 |
| | | | | |
|偿还贷款 |-864,477 |-520,471 |-547,549 |-537,347 |
| | | | | |
|权益 |14,222,026 |9,196,937 |8,168,537 |7,011,284 |
| | | | | |
|折旧 |1,037,689 |326,306 |347,584 |352,417 |

(单位:000)

在这张表格的新增贷款可以看出,2009年的贷款相比于其他几年的贷款最低,为7024000。2010年和2011年相比有所减少,但是新增贷款数量差不多。相比于2008和2007年有大幅度的增加。可能是由于银河娱乐集团有限公司投资建造了澳门银河(据数据得到澳门银河投资了149亿港元)。还款方面每年基本持平。为500000000港元左右。2011年增幅较大,可能是由于2010年和2011年贷款数量大幅增加所导致。

在权益项目中,2008年2009年2010年权益以稳定增长率增长,大概为14%左右。2011年权益增长比较快,为55%。

在折旧项目中,2008年,2009年,2010年折旧基本相同,2011年折旧项目中有很大的提高。

3. 折现率

折现率是指未来有限期预期收益率折算成现值的比例,本金化率和资本化率或还原利率则通常是指将来无限期预期收益折算成现值的比率。

因为银河娱乐集团有限公司是一家在香港注册并且成立上市的公司。所以,我们认为,应该用香港的利率。而不是美国的利率来算。但是,我们面临的选择也有很多。比如可以采用银行的借贷利率,或者采用香港金融管理局公布的通货膨胀率,或者是使用定期存款利率等等。

根据下图的香港主要银行利率来看,由于香港定期存款利率很低,相比于中国大陆而言,不符合普通折现率,所以我们排除了采用定期存款利率来代替折现率。

根据香港主要銀行昨日定期存款利率(2012-5-18) 單位:厘

|銀行 |存款額 |七日 |一個月 |三個月 |六個月 |
|滙豐 |50-100萬元以下 |0.001 |0.01 |0.01 |0.05 |
| |10-50萬元以下 |0.001 |0.01 |0.01 |0.05 |
| |1-10萬元以下 |0.001 |0.01 |0.01 |0.05 |
|恒生 |50-100萬元以下 |0.01 |0.01 |0.01 |0.05 |
| |10-50萬元以下 |0.01 |0.01 |0.01 |0.05 |
| |1-10萬元以下 |0.01 |0.01 |0.01 |0.05 |
|永亨 |50萬元或以上 |0.01 |0.1 |0.2 |0.3 |
| |50萬元以下 |0.01 |0.05 |0.15 |0.2 |
|東亞 |40萬元或以上 |0.01 |0.08 |0.15 |0.23 |
| |3-40萬元以下 |0.01 |0.01 |0.01 |0.05 |
|大新 |50萬元以下 |0.01 |0.1 |0.2 |0.23 |
|中信銀行國際 |50萬元以上 |0.01 |0.03 |0.08 |0.15 |
| |50萬元以下 |0.01 |0.03 |0.08 |0.15 |

通过我们的查询。我们得到美國聯邦儲備局於十二月十六日(美國時間)的決定。由於聯邦基金目標利率已下調至0至0.25厘的目標區間。同时香港金融管理局(金管局)今日(2008年12月17日星期三)宣布,基本利率根據預設公式下調至0.5厘 。这里的基本利率是指贷款的利率。

根据我们的调查,香港每一家银行的借贷利率都不同。但是这些银行制定的利率都是根据香港金融管理局的5%来上下浮动的。所以我们直接采用了香港金融管理局的5%的贷款利率来代表折现率。

4. 现金流量

现金流量表可清楚反映出企业创造净现金流量的能力,更为清晰地揭示企业资产的流动性和财务状况。

有了折现率我们就可以由折现率可以得出每一期现金流的现值。

由于2008年的自由现金流量是负数。所以可以直接看成2008年为第一年。

|結束時間 |2011/12/31 |2010/12/31 |2009/12/31 |2008/12/31 |
|淨利 |3,004,000 |898,000 |1,149,000 |-11,390,000 |
| | | | | |
|營業活動,現金流量流入或流出 | | | | |
|來自營業活動的總現金流量 |1736000 |2,106,000 |1,565,000 |-897,000 |
| | | | | |
|投資活動,現金流量流入或流出 | | | | |
|資本支出 |-4,206,000 |-4,736,000 |-1,113,000 |-1,526,000 |
|來自投資活動的總現金流量 |-4,592,000 |-4,748,000 |-2,250,000 |-1,417,000 |
| | | | | |
|籌資活動,現金流量流入或流出 | | | | |
|其他來自籌資活動的現金流量 |-388,000 |-16,000 |-1,187,000 |122,000 |
| | | | | |
|來自籌資活動的總現金流量 |3454000 |3,492,000 |-1,841,000 |124,000 |
| | | | | |
|現金和準現金變化 |- |853,000 |-2,526,000 |-2,188,000 |

2011年 2008年

[pic] [pic]

计算表格以及处理数据

我们将用营业活动的总现金流量来代表自由现金流

|結束時間 |2011/12/31 |2010/12/31 |2009/12/31 |2008/12/31 |
| | | | | |
| |3 |2 |1 |0 |
| | | | | |
|來自營業活動的總現金流量 |1736000 |2,106,000 |1,565,000 |-897,000 |
| | | | | |
|利率 |5% | | | |
| | | | | |
|累计现金流 |4510000 |2774000 |668000 |-897000 |
| | | | | |
|PV |1499622 |1910204 |1490476 |-897000 |
| | | | | |
|SUM(pv) |4003302 | | | |
| | | | | |
|NPV |4003302 | | | |
| | | | | |
|IRR |182% | | | |
| | | | | |
|MIRR |85% | | | |
| | | | | |
|投资回收期 |0 |0 |0.573 |0 |
| | | | | |
|盈利能力指数 |4.462990349 | | | |

淨現值(NPV)來評估一個投資案是否值得。當NPV是正值代表該項投資超乎預期,而負的NPV就是該投資低於預期投資報酬。在這我們用到通銀行娛樂有限公司財務報上過去四年营业活动的总现金流量来代表自由现金流。又因每一個投資案的期望報酬都不同的,高風險的投資案會要求較高的回報,風險較低的投資期望報酬就低。期望報酬率愈高,未來現金流入折現率就愈高,未來現金流入之總現值(PV)就低了。

因為銀河娛樂集團有限公司是一間在香港上市的公司,跟香港許多銀行和金融公司也有生意上來往,為了符合實際狀況,我們不選擇任何一間銀行投資或存款利率,直接使用了在香港金融界最巨代表性香港金融管理局的贷款利率5%作為折现率。

NPV=-897,000 + NPV(20%,1,565,000,2,106,000,1736000) = 4003302

我們再使用上面的數據把內部報酬率(IRR)得出:

IRR=IRR(-897000,1,565,000,2,106,000,1736000)=182%

由內部報酬率的結論知道:IRR假設每年分批進來的現金流入,都會以IRR的報酬率成長。亦就是分批進來的現金流入,都以IRR報酬率再投資。可是在實務上並不是這樣的,每年分批進來的現金不見得有機會以相同IRR報酬率再投資的,有些投資者或許只能放定存,積極的可能投資較高報酬率商品。所以我們這報告上把它們分批進來的現金流入都以再投資的利率成長至期末來計算,求得報酬率R。即修正投資報酬率(MIRR)。

在這我們第二個參數資金利率為8%,第三個參數就是再投資利率為5%。

MIRR=MIRR(-897000,1,565,000,2,106,000,1736000,8%,5%)=85%

亦就是說經過再投資報酬率的修正,年化報酬率降為85%。因為MIRR主要是修正IRR,以再投資利率計算現金流入的期末淨值,以及將未來再投入所需要的資金以資金利率折算現值。所以這MIRR的方式所求得的報酬率比較符合這銀河娛樂集團有限公司的實際的狀況。

通過使用excel計算結果顯示該項投資案的淨現值是正的,而通過修正IRR使得報酬率降低,但報酬率也是正的,代表該項投資是值得的,管理者應該讚同該項投資案。

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...decided to be the host for Expo 2010. But Expo is after all a channel for the world to see where China stands on the global stage. It has some sort of significance. In Disney’s case, Chinese government is spending tons of money to invest in a foreign project, which neither promotes their own culture nor benefits the local people. Disney should expect attacks online or less-than-expected visitors because of this reason. - Overcrowded people and long waiting time. Same case with Hong Kong Disney, mainland China has even higher population density. Disney Shanghai should definitely foresee the huge influx of people during weekends and holidays and not so many people on the weekdays. In addition, just like the lesson Hong Kong Disney learned, they should take into account the Chinese New Year holiday, Labor Day Golden Week, and National Day Golden Week – the three major holidays in China. Disney Shanghai needs to prepare for these holidays accordingly in order to avoid repeating the mistake that happened in Hong Kong....

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...Hong Kong's culture was born in a sophisticated fusion of East and West. It not only kept many Chinese traditions, but also experienced a baptism of western culture. This situation led to the diversity of Hong Kong's culture and the people there are open-minded to accept variety. To have a better understanding of this cultural phenomenon, you can give a research on the following aspects. People in Hong Kong The population of Hong Kong is formed by Cantonese, Shanghainese, British, Indians and Jews mainly. Cantonese is the majority and Cantonese culture is the mainstream there. Thus, many Chinese concepts like 'family solidarity', 'family glory', 'saving face' and 'modesty' carry significant weight in Hong Kong's culture. On the other hand, many locals adopted western ways of life. Language Cantonese is used most widely. Since Hong Kong's reversion to China in 1997, Hong Kong government has adopted the 'biliterate and trilingual' policy. That's to say, Chinese and English are regarded as the official languages; Cantonese, Chinese mandarin and English are spoken languages. Food As a culinary capital of Asia, Hong Kong boasts various delicacies in the local or from overseas. Hong Kong is influenced by western countries and some of the foods there combine the flavors of Chinese cuisine and western cuisine. Holidays In Hong Kong, people celebrate the Chinese traditional holidays, such as Chinese Lunar New Year, Ching Ming Festival (Qing Ming Festival) and Mid-Autumn...

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Filipino Amahs in Hong Kong

...adapt to the Hong Kong style of family management 21st November, 2013 In this essay we discuss the cross-cultural differences in the household management of handling children between the Philippines and Hong Kong. Managing children in HK households In Hong Kong, Filipino maids make up 3% of the population. They are especially common amongst families who prefer an English speaking maid. Hong Kong people utilize maids for household management and supervision of the children while both parents have full time jobs. In many situations, the maids will spend far more time with the children than both the parents. Thus, the management of children in Hong Kong is highly related to the amah in the family. There are certain requirements of maids before employment in Hong Kong: * 2/3 Weeks training of Chinese household management * Experience in managing children As most of employers are busy at work, the maid becomes a critical part in the family in taking care of the children during daytime. From school activities to playground, the maid has full responsibility to take care of the children. Management of Children in Philippines: Most of the population in Phillipines do not have maids. In the case where the mother is a maid in Hong Kong, then the grandparents or the father need to shoulder the responsibility of taking care of the children. Differences: In this part we analyze how the maid manages the children of her employer in Hong Kong, and how...

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Hong Kong as a Tourism Hub

...In year 1997, Hong Kong, the once part of Chinese Empire then became British colony, changed its status again to Special Administrative Region of the People’s Republic of China. The implications of this unique heritage, its transition and cultural identity have shaped Hong Kong into current tourism hub (Henderson, 2010). A survey conducted by Yuwa (2013) shows that Hong Kong ranked 9th in the top 20 global tourist’ destinations. However, competition has been heated up around the region lately. More countries including China (mainly Shenzhen and Zhuhai), Taiwan, and Southeast Asia countries (particularly Singapore and Thailand) are joining the league to attract high-net-worth travelers. The following paragraphs are about to explain both the competitiveness of Hong Kong and threats that may challenge its position as regional tourism hub. Well-connected ground transportation, world renowned airport and sheltered natural harbor contribute to the success of Hong Kong tourism. Hong Kong’s home carrier Cathay Pacific success in attracting millions of tourists to Hong Kong also attracts major airlines to expand flight network to Hong Kong International Airport. The airport is subsequently honored as one of the fully utilized, most efficient and competitive airport in the world (Strategic Access Limited, n.d.). Tam (1997) claims that the advanced infrastructure projects improving transport network, such as the Hong Kong International (Chep Lap Kok) Airport and the number three highway...

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Filipino Helpers in Hong Kong

...Filipinos helpers in Hong Kong are at the risk of being maltreated Introduction Castillo Clariza Avenales who was in her age of 33, had her right thumb being chopped by her male employer after she reported his sexual misconduct to his wife last year. She was not the first one experienced such an unfortunate incident. Hong Kong, which comes to the top rank in world domestic labor employment, has long been seen as somewhere nearby to earn good salaries for better livings by the Filipinos. However, these people might place themselves under the danger of being abused in this workplace. In a 2001 survey conducted by the Hong Kong Human Rights Monitor which is a shadow committee of the United Nations, 1000 maids out of 2500 claimed they were physically abused while 175 of them said they were either harassed or raped. (Stafford, 2001, p. 5) This number was underestimated, according to the Hong Kong Overseas Maid-Employer Association dean, since it was not precise and scientific enough as the police figures which the authorities never revealed. It is actually not uncommon to see Filipinos getting involved in discrimination, unfair treatments, and even violence. Discrimination, unfair treatments, abuses and violence Gatmaytan (1997) stated that “Filipinas are imported by other countries for jobs their own citizens will not perform and for wages domestic citizens would not accept,” (p. 247) which is very true. In Hong Kong, Filipinos are receiving salaries that two times or...

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Hong Leong Bank

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Hong Kong Movie

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Hong Kong Disneyland

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