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EAST OCEAN REAL ESTATE & TOURIST J-S CO.
SHERATON NHA TRANG HOTEL & SPA
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ASSUMPTIONS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Days count 365Room AvailableRoom Count 280 280 280 280 280 280 280 280 280 280 280 280Occupancy Rate 61% 54% 54% 60% 61% 62% 63% 64% 65% 66% 66% 66%Average Room Rate / (RevPAR) 116 119 112 117 123 129 133 136 138 140 141 143ARR % change 12% 2% -6% 5% 5% 5% 3% 2% 2% 1% 1% 1%
ROOMS DEPARTMENT% Total sales 66.1% 63.5% 61.9% 63.8% 64.4% 65.5% 65.9% 66.3% 66.6% 66.6% 66.5% 66.3%Expenses % deparment sales 13% 12.8% 14.2% 14.2% 14.0% 14.0% 14.0% 14.0% 13% 13% 13% 12%FOOD & BEVERAGE DEPARTMENT% Total sales 28.1% 29.0% 31.5% 28.4% 27.4% 26.6% 26.1% 25.8% 25.6% 25.5% 25.6% 25.8%% growth 4.9% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%Expenses % deparment sales 56.4% 57.0% 53.9% 53.9% 53.7% 53.5% 53.5% 53.5% 53.5% 53.5% 53.5% 53.5%MINOR OPERATED DEPARTMENT% Total sales 3.4% 3.4% 2.1% 2.0% 1.9% 1.9% 1.8% 1.8% 1.8% 1.9% 1.9% 1.9%% growth -4.8% -40.0% 3% 3% 3% 3% 3% 3% 3% 3% 3%Expenses % deparment sales 30.9% 33.0% 37.0% 33.0% 31.0% 31.0% 31.0% 31.0% 31.0% 31.0% 31.0% 31.0%TELEPHONE DEPARTMENT% Total sales 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%% growth -55% -51% 2% 2% 2% 2% 2% 2% 2% 2% 2%Expenses % growth 605% 750% 750% 750% 750% 750% 750% 750% 750% 750% 750%RENTS AND OTHER INCOME% growth 1.6% 72.0% 9.7% 48.7% 13.6% 1.3% 6.4% 0.4% 1.7% 4.1% 0.4% 0.4%Sales
Shop Rental % growth 22% 2% 5% 5% 3% 3% 1% 1% 1% 1% 1%Basement 1 - Eva 284 30.75 30.75 30.75 30.75 32.00 32.00 32.00 35.00 35.00 35.00 35.00 Basement 2 490 14.00 14.00 28.00 28.00 30.00 30.00 30.00 33.00 33.00 33.00 Lounge 520 - 20.00 20.00 20.00 25.00 25.00 25.00 27.00 27.00 27.00 Interest Income % total 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%Others (Tour operation) % total 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
ExpensesOthers (Tour operation) % sales 75% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
EXPENDITURE
Administrative & General % total sales 8.2% 8.1% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%Sales & Marketing % total sales 4.6% 4.6% 4.2% 4.4% 4.6% 4.8% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%Heat, Light & Power 19.4 20.7 20.1 20.3 20.5 20.7 20.9 21.1 21.3 21.5 21.7 22.0
Per room occupied % growth 7% -3% 1% 1% 1% 1% 1% 1% 1% 1% 1%Repairs & Maintenance % total sales 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
FIXED CHARGES
Management fee- Base Fee (% Total Sales) 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%- License Fee (% Total room sales 0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%- Incentive Fee (% GOP) 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%- Reservations (% Total room sales 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%- Reservations (USD per room key) 0% 0 0 0 0 0 0 0 0 0 0 0- Witholding tax rate 13% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%FF & E Reserve (% Total Sales) 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
HOTEL PROJECTION 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
TOTAL SALES ### ### ### ### ### ### ### ### ### ### ### ###
ROOMS DEPARTMENTSales 7,311,148 6,547,566 6,157,013 7,183,182 7,668,047 8,183,440 8,564,894 8,874,861 9,193,802 9,428,597 9,522,883 9,618,112Expenses 937,072 838,088 872,449 1,017,857 1,073,527 1,145,682 1,199,085 1,242,481 1,195,194 1,206,860 1,199,883 1,192,646Departmental Profit 6,374,076 5,709,478 5,284,564 6,165,325 6,594,520 7,037,758 7,365,809 7,632,381 7,998,607 8,221,737 8,323,000 8,425,466
FOOD & BEVERAGE DEPARTMENTFood & Beverage Sales 3,103,822 2,990,492 3,135,531 3,198,241 3,262,206 3,327,450 3,393,999 3,461,879 3,531,117 3,601,739 3,673,774 3,747,250Food & Beverage Cost 1,749,317 1,704,580 1,688,483 1,722,253 1,750,174 1,778,522 1,814,093 1,850,375 1,887,382 1,925,130 1,963,632 2,002,905Departmental Profit 1,354,506 1,285,912 1,447,047 1,475,988 1,512,033 1,548,928 1,579,907 1,611,505 1,643,735 1,676,610 1,710,142 1,744,345
MINOR OPERATED DEPARTMENTSales 373,609 355,676 213,405 219,807 226,402 233,194 240,190 247,395 254,817 262,462 270,335 278,446Expenses 115,335 117,373 78,960 72,536 70,185 72,290 74,459 76,693 78,993 81,363 83,804 86,318Departmental Profit 258,274 238,303 134,445 147,271 156,217 160,904 165,731 170,703 175,824 181,099 186,531 192,127
TELEPHONE DEPARTMENTSales 37,635 16,936 8,299 8,464 8,634 8,806 8,983 9,162 9,345 9,532 9,723 9,917Expenses 114,504 102,461 62,239 63,484 64,753 66,048 67,369 68,717 70,091 71,493 72,923 74,381Departmental Profit (76,869) (85,526) (53,940) (55,019) (56,120) (57,242) (58,387) (59,555) (60,746) (61,961) (63,200) (64,464)
RENTS AND OTHER INCOME
Sales 232,229 399,340 438,268 651,586 740,310 749,612 797,710 801,272 815,094 848,848 852,519 856,226Shop Rental 57,500 70,191 71,595 75,175 78,933 81,301 83,740 84,578 85,424 86,278 87,141 88,012Basement 1 - Eva 69,862 104,793 104,793 104,793 109,056 109,056 109,056 119,280 119,280 119,280 119,280Basement 2 0 82,320 164,640 164,640 176,400 176,400 176,400 194,040 194,040 194,040Lounge 0 124,800 124,800 124,800 156,000 156,000 156,000 168,480 168,480 168,480Interest Income 31,068 65,812 66,470 67,135 67,806 68,484 69,169 69,861 70,559 71,265 71,978 72,697Others (Tour operation) 143,661 193,475 195,410 197,364 199,337 201,331 203,344 205,378 207,431 209,506 211,601 213,717
Expenses 112,064 0 0 0 0 0 0 0 0 0 0 0Others (Tour operation) 112,064 0 0 0 0 0 0 0 0 0 0 0
Departmental Profit 120,165 399,340 438,268 651,586 740,310 749,612 797,710 801,272 815,094 848,848 852,519 856,226
GROSS OP. INCOME 8,030,151 7,547,506 ### 8,385,151 8,946,960 9,439,961 9,850,769 ### ### ### ### ###
LESS EXPENDITUREAdministrative & General 908,739 830,987 729,519 825,452 872,680 916,433 953,323 981,822 1,011,846 1,037,281 1,050,333 1,063,579Sales & Marketing 505,792 474,776 418,006 495,496 547,658 600,120 650,289 669,729 690,209 707,559 716,462 725,498Heat, Light & Power 1,219,818 1,140,614 1,107,833 1,243,235 1,276,595 1,310,498 1,344,951 1,379,963 1,415,540 1,451,690 1,466,207 1,480,869Repairs & Maintenance 309,038 257,750 248,813 281,532 297,640 312,563 325,144 334,864 345,104 353,779 358,231 362,749
TOTAL UNDISTRIBUTED EXPENSES 2,943,386 2,704,127 ### 2,845,715 2,994,573 3,139,614 3,273,708 3,366,377 3,462,699 3,550,310 3,591,233 3,632,695
GROSS OPERATING PROFIT 5,086,765 4,843,379 ### 5,539,437 5,952,388 6,300,347 6,577,061 6,789,929 7,109,816 7,316,023 7,417,760 7,521,006
LESS FIXED CHARGES
Management fee 665,300 604,297 588,793 679,240 725,495 765,683 798,283 823,399 857,222 880,886 892,716 904,721- Base Fee (% Total Sales) 222,069 0 0 0 0 0 0 0 0 0 0 0- License Fee (% Total room sales - 210,324 203,031 229,730 242,874 255,051 265,318 273,249 281,605 288,684 292,316 296,003- Incentive Fee (% GOP) 326,099 339,037 332,235 387,761 416,667 441,024 460,394 475,295 497,687 512,122 519,243 526,470- Reservations (% Total room sales 41,902 0 0 0 0 0 0 0 0 0 0 0- Reservations (USD per room key) - 0 0 0 0 0 0 0 0 0 0 0- Witholding tax rate 75,230 54,936 53,527 61,749 65,954 69,608 72,571 74,854 77,929 80,081 81,156 82,247FF & E Reserve (% Total Sales) 331,753 378,377 398,101 450,451 476,224 500,100 520,231 535,783 552,167 566,047 573,169 580,398
TOTAL FIXED CHARGES 997,053 982,674 986,894 1,129,691 1,201,719 1,265,783 1,318,514 1,359,181 1,409,389 1,446,933 1,465,885 1,485,119
NET OPERATING PROFIT 4,089,712 3,860,705 ### 4,409,745 4,750,668 5,034,564 5,258,547 5,430,747 5,700,427 5,869,089 5,951,875 6,035,887
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, CFA, www.wallst-training.com
EAST OCEAN REAL ESTATE & TOURIST J-S CO.SHERATON NHA TRANG HOTEL & SPA
(All figures in millions, exce 1 2 3 4 5 6 7 8 9Actual Estimated
Fiscal 2013 2014 2015 2016 2017 2018 2019 2020 2021
RevenueNet Sales 10,908,860 10,310,009 9,952,515 11,261,282 11,905,598 12,502,503 13,005,775 13,394,570 13,804,176 Other Revenue, net - - - - - - - - -
Total Revenue ### ### 9,952,515 ### ### ### ### ### ###Cost of Sales (6,411,249) (5,979,805) (5,672,934) (6,306,318) (6,607,607) (6,813,864) (7,049,130) (7,219,673) (7,371,430)
Gross Profit 4,497,611 4,330,204 4,279,582 4,954,964 5,297,991 5,688,639 5,956,645 6,174,897 6,432,746 Selling expenses (499,960) (462,204) (436,225) (482,328) (498,019) (510,485) (518,028) (506,725) (494,612)G&A expenses (2,720,329) (2,519,444) (2,382,321) (2,639,292) (2,730,772) (2,805,171) (2,853,061) (2,911,561) (2,959,184)
Operating Income 1,277,322 1,348,556 1,461,036 1,833,344 2,069,201 2,372,983 2,585,556 2,756,611 2,978,950 Interest Expense (4,598,235) (3,982,571) (2,509,637) (2,393,611) (2,258,336) (2,101,060) (1,916,284) (1,717,758) (1,516,482)Capital Lease Interest - - - - - - - - - Interest income 37,095 99,057 190,231 249,029 296,397 354,058 412,235 468,875 516,684 Other non-opex income / (1,554,357) (218,596) (245,868) (235,868) (222,368) (204,868) (182,368) (157,368) (131,868)
Pre-Tax Income ### ### ### (547,107) (115,106) 421,113 899,139 1,350,360 1,847,284 Income Taxes - - - - - - (90,588) (270,072) (369,457)Minority Interest - - - - - - - - -
Net Income ### ### ### (547,107) (115,106) 421,113 808,551 1,080,288 1,477,827
Income Statement Assumptions
Net Sales Growth NA (5.5)% (3.5)% 13.2% 5.7% 5.0% 4.0% 3.0% 3.1%Other Revenue, net Growth NA 0.0% 0.0% 0.0% 0.0% 0.0% ### 0.0% 0.0%
COGS, % of Net Sales 59% 58% 57% 56% 56% 55% 54% 54% 53%Selling expenses, % of Net S 4.6% 4.5% 4.4% 4.3% 4.2% 4.1% 4.0% 3.8% 3.6%G&A expenses, % of Rev 24.9% 24.4% 23.9% 23.4% 22.9% 22.4% 21.9% 21.7% 21.4%Other non-opex income / (expense) (218,596) (245,868) (235,868) (222,368) (204,868) (182,368) (157,368) (131,868)
Minority Interest Growth NA 0.0% 0.0% 0.0% 0.0% 0.0% ### 0.0% 0.0%
Effective Tax Rate 0.0% 22.0% 22.0% 20.0% 20.0% 20.0% ### 20.0% 20.0%
Depreciation & Amortization 2,110,444 2,161,099 2,149,188 2,045,845 2,002,796 1,996,146 2,091,943 1,648,192 1,493,580 D&A, % of Net Revenue 19.3% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
A B C D E F G H I J K L M N12345678910111213141516171819202122252627282930313233343536373839404142434445
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GW Amortization - - - - - - - - - GW_beg balance - - - - - - - - - GW Amrtn, % of GW_beg N/A 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
A B C D E F G H I J K L M N464748495051525354555657585960616263646566676869707172737475767778798081828384858687
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, CFA, www.wallst-training.com
A B C D E F G H I J K L M N888990919293949596979899100101102103104105106107108109110111112113114115116117118119
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, CFA, www.wallst-training.com
10 11 12
2022 2023 2024
14,151,179 14,329,235 14,509,951 - - -
### ### ### (7,485,974) (7,508,519) (7,530,664) 6,665,205 6,820,716 6,979,286 (492,894) (499,096) (505,391) (3,033,571) (3,071,740) (3,110,480) 3,138,740 3,249,880 3,363,416 (1,312,456) (1,105,680) (894,450) - - - 569,387 634,653 711,244 (105,868) (79,368) (52,058) 2,289,804 2,699,485 3,128,151 (457,961) (539,897) (625,630) - - - 1,831,843 2,159,588 2,502,521
2.5% 1.3% 1.3% 0.0% 0.0% 0.0%
53% 52% 52% 3.5% 3.5% 3.5% 21.4% 21.4% 21.4% (105,868) (79,368) (52,058)
0.0% 0.0% 0.0%
20.0% 20.0% 20.0%
1,364,842 1,328,631 1,310,677 20.0% 20.0% 20.0%
O P Q T U12345678910111213141516171819202122252627282930313233343536373839404142434445
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269934321.xlsx Hamilton Lin, CFA, www.wallst-training.com
- - - - - - 10.0% 10.0% 10.0%
O P Q T U464748495051525354555657585960616263646566676869707172737475767778798081828384858687
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, CFA, www.wallst-training.com
O P Q T U888990919293949596979899100101102103104105106107108109110111112113114115116117118119
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
EAST OCEAN REAL ESTATE & TOURIST J-S CO.Balance Sheet
(VND in millions, except per share data)Actual Estimated Projected
Fiscal 2013 2014 2015 2016 2017 2018 2019ASSETS
Current AssetsCash & Equivalents 1,650,943 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 Receivables 266,087 245,831 231,853 256,172 261,043 274,131 285,166 Inventories 128,751 118,448 110,816 121,460 127,263 131,236 135,767 Prepaid Expenses and Other 114,308 108,033 104,287 118,001 124,753 131,007 136,281
Total Current Assets 2,160,089 3,642,826 4,597,437 5,435,588 6,414,020 7,406,955 8,371,792
Net PPE 50,865,019 49,153,744 47,004,556 44,958,711 42,955,914 40,959,768 38,867,825 Net Capital Leases - - - - - - - Goodwill - - - - - - - Other Assets and Deferred Charges 1,415,973 1,237,201 1,194,302 1,351,354 1,428,672 1,500,300 1,560,693
TOTAL ASSETS 54,441,082 54,033,771 52,796,295 51,745,652 50,798,606 49,867,023 48,800,311
LIABILITIESCurrent Liabilities
Commercial Paper - ### - - - - - Revolver - - - - - - - Accounts Payable 271,883 252,967 239,701 266,135 277,665 285,940 294,146 Accrued Liabilities 777,303 1,789,217 2,113,462 2,437,707 2,761,952 3,086,196 3,410,441 Accrued Income Taxes 105,257 105,257 105,257 105,257 105,257 105,257 105,257 Current Portion of Long-Term Debt 4,521,538 1,478,066 1,878,066 2,178,066 2,678,066 3,178,066 3,178,066 Other current liabilities 898,382 898,382 898,382 898,382 898,382 898,382 898,382
Total Current Liabilities 6,574,362 4,523,890 5,234,868 5,885,547 6,721,322 7,553,841 7,886,292
Long-Term Debt 46,875,515 38,207,982 36,329,916 34,151,850 31,473,784 28,295,718 25,117,652 Capital Leases - - - - - - - Deferred Income Taxes & Other 7,272,093 7,272,093 7,272,093 7,272,093 7,272,093 7,272,093 7,272,093
TOTAL LIABILITIES 60,721,970 50,003,965 48,836,877 47,309,490 45,467,199 43,121,652 40,276,037
SHAREHOLDERS' EQUITYCommon Stock 26,861,274 26,861,274 26,861,274 26,861,274 26,861,274 26,861,274 26,861,274 APIC - 11,370,000 11,370,000 11,370,000 11,370,000 11,370,000 11,370,000 Retained Earnings (31,062,883) (32,122,189) (32,192,577) (31,715,833) (30,820,588) (29,406,624) (27,627,721)Funds and other (2,079,279) (2,079,279) (2,079,279) (2,079,279) (2,079,279) (2,079,279) (2,079,279)Minority Interest - - - - - - -
TOTAL SHAREHOLDERS' EQUITY (6,280,888) 4,029,806 3,959,418 4,436,162 5,331,407 6,745,371 8,524,274
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 54,441,082 54,033,771 52,796,295 51,745,652 50,798,606 49,867,023 48,800,311
Check (0) (0) (0) (0) (0) (0) (0)
Total Revenue 10,908,860 10,310,009 9,952,515 11,261,282 11,905,598 12,502,503 13,005,775
A B C D E F G H I J K L M12345678910111213141516171819202122232425262728293031323334353637383940414243444546474849
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269934321.xlsx Hamilton Lin, www.wallst-training.com
Cost of Sales 6,411,249 5,979,805 5,672,934 6,306,318 6,607,607 6,813,864 7,049,130 Selling expenses 499,960 462,204 436,225 482,328 498,019 510,485 518,028 G&A expenses 2,720,329 2,519,444 2,382,321 2,639,292 2,730,772 2,805,171 2,853,061 Total Expenses 9,631,537 8,961,454 8,491,480 9,427,938 9,836,398 10,129,520 10,420,219
Days Receivable Outstanding 8.9 8.7 8.5 8.3 8.0 8.0 8.0 Days Inventories Outstanding 7.3 7.2 7.1 7.0 7.0 7.0 7.0 Prepaid, % of Revenue 1% 1% 1% 1% 1% 1% 1%Other Assets, % of Revenue 13% 12% 12% 12% 12% 12% 12%Days Payable Outstanding 10 10 10 10 10 10 10
A B C D E F G H I J K L M505152535455565758596061626364656667686970717273747576777879808182838485868788899091929394959697
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
A B C D E F G H I J K L M9899100101102103104105106107108109110111112113114115116117118119120121122
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
2020 2021 2022 2023 2024
8,611,395 9,489,785 10,577,553 11,854,061 13,365,892 293,690 302,671 310,280 314,184 318,146 139,052 141,975 144,181 144,615 145,041 107,157 110,433 113,209 114,634 116,080 9,151,294 10,044,864 11,145,223 12,427,494 13,945,159
37,219,633 35,726,053 34,361,211 33,032,580 31,721,903 - - - - - - - - - - 1,607,348 1,656,501 1,698,141 1,719,508 1,741,194 47,978,275 47,427,418 47,204,575 47,179,582 47,408,256
- - - - - - - - - - 300,292 305,578 310,863 312,752 314,648 3,734,686 4,058,931 4,383,175 4,707,420 5,031,665 105,257 105,257 105,257 105,257 105,257 3,278,066 3,278,066 3,378,066 3,440,029 7,134,434 898,382 898,382 898,382 898,382 898,382 8,316,683 8,646,214 9,075,744 9,463,841 13,484,386
21,839,586 18,561,520 15,183,454 11,743,425 4,608,991 - - - - - 7,272,093 7,272,093 7,272,093 7,272,093 7,272,093 37,428,362 34,479,827 31,531,291 28,479,358 25,365,470
26,861,274 26,861,274 26,861,274 26,861,274 26,861,274 11,370,000 11,370,000 11,370,000 11,370,000 11,370,000 (25,602,082) (23,204,404) (20,478,710) (17,451,771) (14,109,209) (2,079,279) (2,079,279) (2,079,279) (2,079,279) (2,079,279) - - - - - 10,549,913 12,947,591 15,673,285 18,700,223 22,042,786
47,978,275 47,427,418 47,204,575 47,179,582 47,408,256
(0) (0) (0) (0) (0)
13,394,570 13,804,176 14,151,179 14,329,235 14,509,951
N O P Q R U V W12345678910111213141516171819202122232425262728293031323334353637383940414243444546474849
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
7,219,673 7,371,430 7,485,974 7,508,519 7,530,664 506,725 494,612 492,894 499,096 505,391
2,911,561 2,959,184 3,033,571 3,071,740 3,110,480 10,637,959 10,825,226 11,012,439 11,079,355 11,146,535
8.0 8.0 8.0 8.0 8.0 7.0 7.0 7.0 7.0 7.0
1% 1% 1% 1% 1%12% 12% 12% 12% 12%
10 10 10 10 10
N O P Q R U V W505152535455565758596061626364656667686970717273747576777879808182838485868788899091929394959697
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
N O P Q R U V W9899100101102103104105106107108109110111112113114115116117118119120121122
WALL ST. TRAINING
269934321.xlsx Hamilton Lin, www.wallst-training.com
EAST OCEAN REAL ESTATE & TOURIST J-S CO.Cash Flow Statement
(VND in millions, except per share data)Estimated Projected
Fiscal 2014 2015 2016 2017 2018 2019 2020
Cash From Operating Activities:Net Income (1,277,902) (316,256) 240,876 672,877 1,209,096 1,596,534 1,868,271 Plus: Depreciation & Amortization 2,161,099 2,149,188 2,045,845 2,002,796 1,996,146 2,091,943 1,648,192 Plus: GW Amortization - - - - - - - Plus: Unrealized FX gain / (loss) 218,596 245,868 235,868 222,368 204,868 182,368 157,368
Changes in Working Capital:(Increase)/Decrease in Receivables 20,256 13,977 (24,318) (4,871) (13,088) (11,035) (8,525)(Increase)/Decrease in Inventories 10,303 7,633 (10,645) (5,803) (3,973) (4,531) (3,285)(Increase)/Decrease in Prepaid Expenses and Other 6,275 3,746 (13,714) (6,751) (6,255) (5,274) 29,124 (Increase)/Decrease in Other Assets and Deferred Charges 178,772 42,899 (157,052) (77,318) (71,629) (60,393) (46,655)Increase/(Decrease) in Accounts Payable (18,915) (13,267) 26,435 11,530 8,274 8,206 6,146 Increase/(Decrease) in Accrued Liabilities 1,011,915 324,245 324,245 324,245 324,245 324,245 324,245
Total Change in Working Capital 1,208,605 379,234 144,950 241,031 237,576 251,219 301,051 Total Cash From Operating Activities 2,310,398 2,458,034 2,667,540 3,139,073 3,647,686 4,122,064 3,974,882
Cash From Investing Activities:CAPEX:
Net sales 10,310,009 9,952,515 11,261,282 11,905,598 12,502,503 13,005,775 13,394,570 % Net sales 1% 1% 1% 0% 0% 0% 0%
(Increase)/Decrease in Capital Expenditures (449,824) - - - - - - Total Cash From Investing Activities (449,824) - - - - - - Net D in PPECash From Financing Activities:
Issuance of Common Stock 870,000 - - - - - - Common Stock Dividends - - - - - - - Net (Purchase) / Reissuance of Treasury Stock - - - - - - - Cash Available / (Required) Before Debt 2,730,575 2,458,034 2,667,540 3,139,073 3,647,686 4,122,064 3,974,882
Debt Borrowing / (Repayment) (1,211,004) (1,478,066) (1,878,066) (2,178,066) (2,678,066) (3,178,066) (3,178,066)Total Cash From Financing Activities (341,004) (1,478,066) (1,878,066) (2,178,066) (2,678,066) (3,178,066) (3,178,066)
Beginning Cash Balance 1,650,943 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 Change in Cash 1,519,570 979,968 789,474 961,007 969,620 943,998 796,816
Ending Cash Balance 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 8,611,395 Average Cash Balance 2,410,728 3,660,497 4,545,218 5,420,458 6,385,771 7,342,580 8,212,987
A B C D E F G H I J K L M N O12345678910111213141516171819202122232425262728293031323334353637383940414243444546
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A B C D E F G H I J K L M N O474849505152535455565758596061626364656667686970717273747576777879808182838485868788899091
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A B C D E F G H I J K L M N O9293949596979899100101102103104105106107108109
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2021 2022 2023 2024
2,265,810 2,619,826 2,947,571 3,290,504 1,493,580 1,364,842 1,328,631 1,310,677 - - - - 131,868 105,868 79,368 52,058
(8,981) (7,608) (3,904) (3,962) (2,923) (2,206) (434) (427) (3,277) (2,776) (1,424) (1,446) (49,153) (41,640) (21,367) (21,686) 5,286 5,285 1,889 1,896 324,245 324,245 324,245 324,245 265,198 275,298 299,004 298,621 4,156,456 4,365,834 4,654,574 4,951,860
13,804,176 14,151,179 14,329,235 14,509,951 0% -1% -1% -1%
- - - - - - - -
- - - - - - - - - - - - 4,156,456 4,365,834 4,654,574 4,951,860
(3,278,066) (3,278,066) (3,378,066) (3,440,029) (3,278,066) (3,278,066) (3,378,066) (3,440,029)
8,611,395 9,489,785 10,577,553 11,854,061 878,390 1,087,768 1,276,508 1,511,831 9,489,785 10,577,553 11,854,061 13,365,892 9,050,590 10,033,669 11,215,807 12,609,976
P Q R S12345678910111213141516171819202122232425262728293031323334353637383940414243444546
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P Q R S474849505152535455565758596061626364656667686970717273747576777879808182838485868788899091
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P Q R S9293949596979899100101102103104105106107108109
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EAST OCEAN REAL ESTATE & TOURIST J-S CO. -1Debt Schedule
(VND in millions, except per share data)Estimated Projected
Fiscal 2014 2015 2016 2017 2018 2019 2020
Cash Available/(Required) Before Debt 2,730,575 2,458,034 2,667,540 3,139,073 3,647,686 4,122,064 3,974,882 Plus: Beginning Cash on Balance Sheet 1,650,943 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 Less: Minimum Cash Balance - - - - - - - Mandatory Debt Repayment (1,211,004) (1,478,066) (1,878,066) (2,178,066) (2,678,066) (3,178,066) (3,178,066)
Cash Before Discretionary Debt Repayment / (Borrowin 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 8,611,395
Tranche 1 Exim - USDBeginning Balance 21,068,467 6,501,121 - - - - -
Mandatory Debt Repayment (14,567,346) - - - - - - Ending Balance ### 6,501,121 - - - - - Average Balance 13,784,794 - - - - -
Tranche 2 Exim - VNDBeginning Balance 7,760,868 14,660,842 - - - - -
Mandatory Debt Repayment 6,899,974 - - - - - - Ending Balance 7,760,868 14,660,842 - - - - - Average Balance 11,210,855 - - - - -
Tranche 3 CypressBeginning Balance 3,480,189 480,189 480,189 480,189 480,189 480,189 480,189
Mandatory Debt Repayment (3,000,000) - - - - - - Ending Balance 3,480,189 480,189 480,189 480,189 480,189 480,189 480,189 480,189 Average Balance 1,980,189 480,189 480,189 480,189 480,189 480,189 480,189
`Tranche 4 CypressBeginning Balance 2,784,151 784,151 784,151 784,151 784,151 784,151 784,151
Mandatory Debt Repayment (2,000,000) - - - - - - Ending Balance 2,784,151 784,151 784,151 784,151 784,151 784,151 784,151 784,151 Average Balance 1,784,151 784,151 784,151 784,151 784,151 784,151 784,151
`Tranche 5 CypressBeginning Balance 5,966,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038
Mandatory Debt Repayment (3,500,000) - - - - - - Ending Balance 5,966,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 Average Balance 4,216,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038
`Tranche 6 KDL - 165bnBeginning Balance 7,458,726 6,780,660 6,102,594 5,424,528 4,746,462 4,068,396 3,390,330
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Mandatory Debt Repayment (678,066) (678,066) (678,066) (678,066) (678,066) (678,066) (678,066)Ending Balance 7,458,726 6,780,660 6,102,594 5,424,528 4,746,462 4,068,396 3,390,330 2,712,264 Average Balance 7,119,693 6,441,627 5,763,561 5,085,495 4,407,429 3,729,363 3,051,297
`Tranche 7 KDL - 151bnBeginning Balance - 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434
Mandatory Debt Repayment 7,134,434 - - - - - - Ending Balance 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 Average Balance 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434
`Tranche 8 CypressBeginning Balance 2,878,613 878,613 878,613 878,613 878,613 878,613 878,613
Mandatory Debt Repayment (2,000,000) - - - - - - Ending Balance 2,878,613 878,613 878,613 878,613 878,613 878,613 878,613 878,613 Average Balance 1,878,613 878,613 878,613 878,613 878,613 878,613 878,613
`Tranche 9 VIB 0Beginning Balance - 21,161,963 20,361,963 19,161,963 17,661,963 15,661,963 13,161,963
Mandatory Debt Repayment 21,161,963 (800,000) (1,200,000) (1,500,000) (2,000,000) (2,500,000) (2,500,000)Ending Balance 21,161,963 20,361,963 19,161,963 17,661,963 15,661,963 13,161,963 10,661,963 Average Balance 21,161,963 20,761,963 19,761,963 18,411,963 16,661,963 14,411,963 11,911,963
`RevolverBeginning Balance - - - - - - -
Discretionary Sweep - - - - - - - Ending Balance - - - - - - - - Average Balance - - - - - - -
Total Debt, Beginning Balance 40,897,053 39,686,048 38,207,982 36,329,916 34,151,850 31,473,784 28,295,718 Less: Mandatory Debt Repayment (1,211,004) (1,478,066) (1,878,066) (2,178,066) (2,678,066) (3,178,066) (3,178,066)Revolver Debt Borrowing / (Repayment) - - - - - - -
Total Debt, Ending Balance 39,686,048 38,207,982 36,329,916 34,151,850 31,473,784 28,295,718 25,117,652 Less: Current Portion (1,478,066) (1,878,066) (2,178,066) (2,678,066) (3,178,066) (3,178,066) (3,278,066)Less: Revolver - - - - - - -
Total Debt, less Current Portion 38,207,982 36,329,916 34,151,850 31,473,784 28,295,718 25,117,652 21,839,586
Beginning Cash Balance 1,650,943 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 Ending Cash Balance 3,170,513 4,150,481 4,939,955 5,900,961 6,870,581 7,814,579 8,611,395 Average Cash Balance 2,410,728 3,660,497 4,545,218 5,420,458 6,385,771 7,342,580 8,212,987 Note: Fiscal year ends January 31 of the next year.
A B C D E F G H I J K L M N O4647484950515253545556575859606162636465666768697071727374757677787980818283848586
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EAST OCEAN REAL ESTATE & TOURIST J-S CO.Interest Schedule
($ in millions)Estimated Projected
Fiscal Year Ending October 31, 2014 2015 2016 2017 2018 2019 2020
Interest RatesCash & Cash Equivalents 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%Tranche 1 Exim - USD 6.5% - - - - - - Tranche 2 Exim - VND 6.4% - - - - - - Tranche 3 Cypress 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%Tranche 4 Cypress 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%Tranche 5 Cypress 7.0% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%Tranche 6 KDL - 165bn 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%Tranche 7 KDL - 151bn 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%Tranche 8 Cypress 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%Tranche 9 VIB 0.0% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5%Revolver 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Interest Income 1 (1 = Beginning balanceCash & Cash Equivalents 2 2 = Average Bal 99,057 190,231 249,029 296,397 354,058 412,235 468,875
Interest ExpenseTranche 1 Exim - USD 1,369,450 - - - - - - Tranche 2 Exim - VND 496,696 - - - - - - Tranche 3 Cypress 226,212 31,212 31,212 31,212 31,212 31,212 31,212 Tranche 4 Cypress 180,970 50,970 50,970 50,970 50,970 50,970 50,970 Tranche 5 Cypress 417,623 184,953 184,953 184,953 184,953 184,953 184,953 Tranche 6 KDL - 165bn 640,772 579,746 518,721 457,695 396,669 335,643 274,617 Tranche 7 KDL - 151bn 463,738 463,738 463,738 463,738 463,738 463,738 463,738 Tranche 8 Cypress 187,110 57,110 57,110 57,110 57,110 57,110 57,110 Tranche 9 VIB - 1,141,908 1,086,908 1,012,658 916,408 792,658 655,158 Revolver - - - - - - -
Total Interest Expense 3,982,571 2,509,637 2,393,611 2,258,336 2,101,060 1,916,284 1,717,758 1,475,653 787,983 787,983 787,983 787,983 787,983 787,983
Other non-opex income / (expenses)
Average balance in USD 21,859,634 24,586,803 23,586,803 22,236,803 20,486,803 18,236,803 15,736,803 Expected VND depreciation 1% 1% 1% 1% 1% 1% 1%Unrealized FX gain / (loss) (218,596) (245,868) (235,868) (222,368) (204,868) (182,368) (157,368)
A B C D E F G H I J K L M N O87888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128
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2021 2022 2023 2024
4,156,456 4,365,834 4,654,574 4,951,860 8,611,395 9,489,785 10,577,553 11,854,061 - - - - (3,278,066) (3,278,066) (3,378,066) (3,440,029) 9,489,785 10,577,553 11,854,061 13,365,892
- - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - -
480,189 480,189 480,189 480,189 - - - - 480,189 480,189 480,189 480,189 480,189 480,189 480,189 480,189
784,151 784,151 784,151 784,151 - - - - 784,151 784,151 784,151 784,151 784,151 784,151 784,151 784,151
2,466,038 2,466,038 2,466,038 2,466,038 - - - - 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038 2,466,038
2,712,264 2,034,198 1,356,132 678,066
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(678,066) (678,066) (678,066) (678,066) 2,034,198 1,356,132 678,066 0 2,373,231 1,695,165 1,017,099 339,033
7,134,434 7,134,434 7,134,434 7,134,434 - - - - 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434 7,134,434
878,613 878,613 878,613 878,613 - - - - 878,613 878,613 878,613 878,613 878,613 878,613 878,613 878,613
10,661,963 8,061,963 5,461,963 2,761,963 (2,600,000) (2,600,000) (2,700,000) (2,761,963) 8,061,963 5,461,963 2,761,963 - 9,361,963 6,761,963 4,111,963 1,380,982
- - - - - - - - - - - - - - - -
25,117,652 21,839,586 18,561,520 15,183,454 (3,278,066) (3,278,066) (3,378,066) (3,440,029) - - - - 21,839,586 18,561,520 15,183,454 11,743,425 (3,278,066) (3,378,066) (3,440,029) (7,134,434) - - - - 18,561,520 15,183,454 11,743,425 4,608,991
8,611,395 9,489,785 10,577,553 11,854,061 9,489,785 10,577,553 11,854,061 13,365,892 9,050,590 10,033,669 11,215,807 12,609,976
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Projected2021 2022 2023 2024
6.0% 6.0% 6.0% 6.0% - - - - - - - - 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 7.5% 7.5% 7.5% 7.5% 9.0% 9.0% 9.0% 9.0% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%
5.5% 5.5% 5.5% 5.5% 5.0% 5.0% 5.0% 5.0%
516,684 569,387 634,653 711,244
- - - - - - - - 31,212 31,212 31,212 31,212 50,970 50,970 50,970 50,970 184,953 184,953 184,953 184,953 213,591 152,565 91,539 30,513 463,738 463,738 463,738 463,738 57,110 57,110 57,110 57,110 514,908 371,908 226,158 75,954 - - - - 1,516,482 1,312,456 1,105,680 894,450 787,983 787,983 787,983 787,983
13,186,803 10,586,803 7,936,803 5,205,821 1% 1% 1% 1%
(131,868) (105,868) (79,368) (52,058)
P Q R S87888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128
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PhuongNQ:1 = no VIB0 = Yes VIB
H62:
PhuongNQ:Convert $6,899,974 to VND
I22:
PHN TCH NHYNm k hoch 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024N vay VIB
Gc u k 21,161,963 20,361,963 19,161,963 17,661,963 15,661,963 13,161,963 10,661,963 8,061,963 5,461,963 2,761,963 Gc phi tr trong k (800,000) (1,200,000) (1,500,000) (2,000,000) (2,500,000) (2,500,000) (2,600,000) (2,600,000) (2,700,000) (2,761,963)N cui k 20,361,963 19,161,963 17,661,963 15,661,963 13,161,963 10,661,963 8,061,963 5,461,963 2,761,963 -
N trung bnh 20,761,963 19,761,963 18,411,963 16,661,963 14,411,963 11,911,963 9,361,963 6,761,963 4,111,963 1,380,982 Li sut VIB 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5%
N vay KL (165 t)Gc u k 6,780,660 6,102,594 5,424,528 4,746,462 4,068,396 3,390,330 2,712,264 2,034,198 1,356,132 678,066 Gc phi tr trong k (678,066) (678,066) (678,066) (678,066) (678,066) (678,066) (678,066) (678,066) (678,066) (678,066)N cui k 6,102,594 5,424,528 4,746,462 4,068,396 3,390,330 2,712,264 2,034,198 1,356,132 678,066 - N trung bnh 6,441,627 5,763,561 5,085,495 4,407,429 3,729,363 3,051,297 2,373,231 1,695,165 1,017,099 339,033 Li sut Kinhdoland 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%
Li phi tr 1,721,654 1,605,628 1,470,353 1,313,077 1,128,301 929,775 728,499 524,473 317,697 106,467 Gc v li phi tr 3,199,720 3,483,695 3,648,419 3,991,143 4,306,367 4,107,841 4,006,565 3,802,539 3,695,763 3,546,496
Doanh thu thun 9,952,515 11,261,282 11,905,598 12,502,503 13,005,775 13,394,570 13,804,176 14,151,179 14,329,235 14,509,951 Doanh thu t hot ng SXKD 1,461,036 1,833,344 2,069,201 2,372,983 2,585,556 2,756,611 2,978,950 3,138,740 3,249,880 3,363,416 Khu hao (2,149,188) (2,045,845) (2,002,796) (1,996,146) (2,091,943) (1,648,192) (1,493,580) (1,364,842) (1,328,631) (1,310,677)Ebitda 3,610,224 3,879,189 4,071,997 4,369,129 4,677,500 4,404,803 4,472,530 4,503,582 4,578,510 4,674,093 DSCR 1.13 1.11 1.12 1.09 1.09 1.07 1.12 1.18 1.24 1.32
nhyLi sut VIB 5.5%Tng/Gim t l t phng so vi d ki 0.0%Tng/Gim gi t phng so vi d kin 0.0%
Quy PH LC 07 - CCS 450 TY 2,400,000
Giao dch CCS
0 - - 448,634 7.60% 21,161,963 5.50% 290,977 290,977 290,977 2,109,023 6,169 1 (11,216) 200,000 437,418 7.60% 20,961,963 5.50% 288,227 488,227 6,110 2 (11,216) 200,000 426,202 7.60% 20,761,963 5.50% 285,477 485,477 6,052 3 (11,216) 200,000 414,986 7.60% 20,561,963 5.50% 282,727 482,727 5,994 4 (11,216) 200,000 403,770 7.60% 20,361,963 5.50% 279,977 479,977 1,936,408 463,592 5,936 5 (11,216) 300,000 392,554 7.60% 20,061,963 5.50% 275,852 575,852 5,848 6 (11,216) 300,000 381,339 7.60% 19,761,963 5.50% 271,727 571,727 5,761 7 (11,216) 300,000 370,123 7.60% 19,461,963 5.50% 267,602 567,602 5,673 8 (11,216) 300,000 358,907 7.60% 19,161,963 5.50% 263,477 563,477 2,278,658 121,342 5,586 9 (11,216) 375,000 347,691 7.60% 18,786,963 5.50% 258,321 633,321 5,476
10 (11,216) 375,000 336,475 7.60% 18,411,963 5.50% 253,164 628,164 5,367 11 (11,216) 375,000 325,259 7.60% 18,036,963 5.50% 248,008 623,008 5,258 12 (11,216) 375,000 314,044 7.60% 17,661,963 5.50% 242,852 617,852 2,502,345 (102,345) 5,148 13 (11,216) 500,000 302,828 7.60% 17,161,963 5.50% 235,977 735,977 5,003 14 (11,216) 500,000 291,612 7.60% 16,661,963 5.50% 229,102 729,102 4,857 15 (11,216) 500,000 280,396 7.60% 16,161,963 5.50% 222,227 722,227 4,711 16 (11,216) 500,000 269,180 7.60% 15,661,963 5.50% 215,352 715,352 2,902,658 (502,658) 4,565 17 (11,216) 625,000 257,964 7.60% 15,036,963 5.50% 206,758 831,758 4,383 18 (11,216) 625,000 246,748 7.60% 14,411,963 5.50% 198,164 823,164 4,201 19 (11,216) 625,000 235,533 7.60% 13,786,963 5.50% 189,571 814,571 4,019 20 (11,216) 625,000 224,317 7.60% 13,161,963 5.50% 180,977 805,977 3,275,470 (875,470) 3,837 21 (11,216) 625,000 213,101 7.60% 12,536,963 5.50% 172,383 797,383 3,655 22 (11,216) 625,000 201,885 7.60% 11,911,963 5.50% 163,789 788,789 3,472 23 (11,216) 625,000 190,669 7.60% 11,286,963 5.50% 155,196 780,196 3,290 24 (11,216) 625,000 179,453 7.60% 10,661,963 5.50% 146,602 771,602 3,137,970 (737,970) 3,108 25 (11,216) 650,000 168,238 7.60% 10,011,963 5.50% 137,664 787,664 2,918 26 (11,216) 650,000 157,022 7.60% 9,361,963 5.50% 128,727 778,727 2,729 27 (11,216) 650,000 145,806 7.60% 8,711,963 5.50% 119,789 769,789 2,540 28 (11,216) 650,000 134,590 7.60% 8,061,963 5.50% 110,852 760,852 3,097,033 (697,033) 2,350 29 (11,216) 650,000 123,374 7.60% 7,411,963 5.50% 101,914 751,914 2,161 30 (11,216) 650,000 112,158 7.60% 6,761,963 5.50% 92,977 742,977 1,971 31 (11,216) 650,000 100,943 7.60% 6,111,963 5.50% 84,039 734,039 1,782 32 (11,216) 650,000 89,727 7.60% 5,461,963 5.50% 75,102 725,102 2,954,033 (554,033) 1,592 33 (11,216) 675,000 78,511 7.60% 4,786,963 5.50% 65,821 740,821 1,395 34 (11,216) 675,000 67,295 7.60% 4,111,963 5.50% 56,539 731,539 1,199
K (qu)
Gc+ li hng qu
Gc v li mi nm
Cn i thiu so vi ngun ca
KH
Li CCS quy i
triu VND
Dng tin triu VND(-) VIB tr
gc
Dng tin USD
(+) VIB nhn gc
S tin gc triu VND
cn li
Li sut VND
(VIB tr hng qu)
S tin gc USD cn li
Li sut USD(VIB nhn hng qu)
Li phi tr USD
35 (11,216) 675,000 56,079 7.60% 3,436,963 5.50% 47,258 722,258 1,002 36 (11,216) 675,000 44,863 7.60% 2,761,963 5.50% 37,977 712,977 2,907,595 (507,595) 805 37 (11,216) 690,491 33,648 H + 3.5% 2,071,472 5.50% 28,483 718,974 604 38 (11,216) 690,491 22,432 H + 3.5% 1,380,982 5.50% 18,988 709,479 403 39 (11,216) 690,491 11,216 H + 3.5% 690,491 5.50% 9,494 699,985 201 40 (11,216) 690,491 - 0 - 0 - 690,491 2,818,929 (418,929) -
###
2015 2016 2017 2018 2019 2020Ngun tr n ### ### ### ### ### ###Li nhun ### (547,107) (115,106) 421,113 808,551 1,080,288 Khu hao 2,149,188 2,045,845 2,002,796 1,996,146 2,091,943 1,648,192
Tr n gc 1,478,066 1,878,066 2,178,066 2,678,066 3,178,066 3,178,066 Tr n gc ti VIB 800,000 1,200,000 1,500,000 2,000,000 2,500,000 2,500,000 Tr n gc KL (165 t) 678,066 678,066 678,066 678,066 678,066 678,066
Chnh lch ngun tr n (Ngun tr n - Tr n gc)Trng hp vay li sut 5.5%/nm (433,117) (379,328) (290,375) (260,807) (277,571) (449,586)Trng hp vay li sut 6.5%/nm (640,737) (576,948) (474,495) (427,427) (421,691) (568,705)Trng hp vay li sut 7%/nm (744,547) (675,757) (566,555) (510,736) (493,751) (628,265)Trng hp vay li sut 9%/nm ### ### (934,794) (843,976) (781,990) (866,504)
Trng hp cng ty khng tr li cho c ng (khng bao gm khon vay KDL 165 t)Li tr c ng hng nm 787,983 787,983 787,983 787,983 787,983 787,983
Chnh lch ngun tr n khng bao gm tr li cho c ngTrng hp vay li sut 5.5%/nm 354,866 408,655 497,608 527,176 510,412 338,397 Trng hp vay li sut 6.5%/nm 147,246 211,035 313,488 360,556 366,292 219,278 Trng hp vay li sut 7%/nm 43,436 112,226 221,428 277,247 294,232 159,718 Trng hp vay li sut 9%/nm (371,803) (283,014) (146,811) (55,993) 5,993 (78,521)
Trng hp Vay VIB li sut 6.5% nmLi tr VIB vay 6.5%/nm 1,929,274 1,803,248 1,654,472 1,479,696 1,272,420 1,048,894 Li tr VIB vay 5.5%/nm 1,721,654 1,605,628 1,470,353 1,313,077 1,128,301 929,775 Chnh lch li sut vay 207,620 197,620 184,120 166,620 144,120 119,120
Trng hp Vay VIB li sut 7.0% nmLi tr VIB vay 7%/nm 2,033,084 1,902,058 1,746,532 1,563,006 1,344,480 1,108,454 Li tr VIB vay 5.5%/nm 1,721,654 1,605,628 1,470,353 1,313,077 1,128,301 929,775 Chnh lch li sut vay 311,429 296,429 276,179 249,929 216,179 178,679
Trng hp Vay VIB li sut 9% nmLi tr VIB vay 9%/nm 2,448,323 2,297,297 2,114,771 1,896,245 1,632,719 1,346,693 Li tr VIB vay 5.5%/nm 1,721,654 1,605,628 1,470,353 1,313,077 1,128,301 929,775 Chnh lch li sut vay 726,669 691,669 644,419 583,169 504,419 416,919
2021 2022 2023 2024### ### ### ###
1,477,827 1,831,843 2,159,588 2,502,521 1,493,580 1,364,842 1,328,631 1,310,677
3,278,066 3,278,066 3,378,066 3,440,029 2,600,000 2,600,000 2,700,000 2,761,963 678,066 678,066 678,066 678,066
(306,659) (81,381) 110,153 373,169 (400,279) (149,001) 69,033 359,359 (447,088) (182,811) 48,473 352,454 (634,328) (318,050) (33,766) 324,834
787,983 787,983 787,983 787,983
481,324 706,602 898,136 1,161,152 387,704 638,982 857,016 1,147,342 340,894 605,172 836,456 1,140,437 153,655 469,933 754,217 1,112,817
822,118 592,092 358,817 120,277 728,499 524,473 317,697 106,467 93,620 67,620 41,120 13,810
868,928 625,902 379,376 127,182 728,499 524,473 317,697 106,467 140,429 101,429 61,679 20,715
1,056,167 761,142 461,616 154,801 728,499 524,473 317,697 106,467 327,669 236,669 143,919 48,334
TT
S tin gc phi tr S tin li phi tr Gc v li phi tr
USD T l USD USD
1 21,161,963 20,361,963 20,761,963 800,000 16,960 3.78% 5.50% 1,141,908 24,208 1,941,9082 20,361,963 19,161,963 19,761,963 1,200,000 25,440 5.67% 5.50% 1,086,908 23,042 2,286,9083 19,161,963 17,661,963 18,411,963 1,500,000 31,800 7.09% 5.50% 1,012,658 21,468 2,512,6584 17,661,963 15,661,963 16,661,963 2,000,000 42,400 9.45% 5.50% 916,408 19,428 2,916,4085 15,661,963 13,161,963 14,411,963 2,500,000 53,000 11.81% 5.50% 792,658 16,804 3,292,6586 13,161,963 10,661,963 11,911,963 2,500,000 53,000 11.81% 5.50% 655,158 13,889 3,155,1587 10,661,963 8,061,963 9,361,963 2,600,000 55,120 12.29% 5.50% 514,908 10,916 3,114,9088 8,061,963 5,461,963 6,761,963 2,600,000 55,120 12.29% 5.50% 371,908 7,884 2,971,9089 5,461,963 2,761,963 4,111,963 2,700,000 57,240 12.76% 5.50% 226,158 4,795 2,926,15810 2,761,963 0 1,380,982 2,761,963 58,554 13.05% 5.50% 75,954 1,610 2,837,917
Tng cng ### 448,634 100% 6,794,626 144,046 ###Tng gi tr vay (lm trn d phng trng hp tng t gi so vi d kin): 450,000 triu ng
D n u k
D n cui k
D n trung bnh
Li sut
Quy i (triu VND)
Quy i (triu VND)
Gc v li phi tr
21200 1000000
41,16848,48253,26861,82869,80466,88966,03663,00462,03560,164
592,680Tng gi tr vay (lm trn d phng trng hp tng t gi so vi d kin): 450,000 triu ng
Quy i (triu VND)
DEBT SERVICE SUMMARYKey Assumptions 2015 FC 2016 FC 2017 FCOccupacy rate 54% 60% 61%Operating expenses/Total revenue 28.3% 27.7% 27.1%Interest rate to be applied on VIB's loan 5.50% 5.50% 5.50%Interest rate to be applied on Kinhdo land's loan 9.00% 9.00% 9.00%
-0.6% -0.6% -0.6%TT 2015 FC 2016 FC 2017 FC1 2 3
1Total Revenue 9,952,515 ### ###COGS 5,672,934 6,306,318 6,607,607Operating expense (Selling+General Admin) 2,818,546 3,121,620 3,228,791
2EBIT 1,461,036 1,833,344 2,069,201FX income/loss -55,637 13,161 74,029Depreciation 2,149,188 2,045,845 2,002,796Income taxes - - -
3 Total repayment sources 3,554,586 3,892,350 4,146,026
4
Total debt obligation (Principal + Interest)3,199,720 3,483,695 3,648,419
678,066 678,066 678,066
579,746 518,721 457,695
VIB's loan: Principal repayment 800,000 1,200,000 1,500,000
VIB's loan: Interest payment 1,141,908 1,086,908 1,012,658
5 Net Cash flow balance(3) - (4) 354,866 408,655 497,608
EBITDA 3,610,224 3,879,189 4,071,997 6 DSCR 1.13 1.11 1.12
KinhDo Land's loan @ Eximbank: Principal repayment KinhDo Land's loan @Eximbank: Interest payment
DEBT SERVICE SUMMARY2018 FC 2019 FC 2020 FC 2021 FC 2022 FC 2023 FC 2024 FC
62% 63% 64% 65% 66% 66% 66%26.5% 25.9% 25.5% 25.0% 24.9% 24.9% 24.9%5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
2018 FC 2019 FC 2020 FC 2021 FC 2022 FC 2023 FC 2024 FC4 5 6 7 8 9 10
### ### ### ### ### ### ###6,813,864 7,049,130 7,219,673 7,371,430 7,485,974 7,508,519 7,530,6643,315,656 3,371,089 3,418,286 3,453,796 3,526,465 3,570,836 3,615,871
2,372,983 2,585,556 2,756,611 2,978,950 3,138,740 3,249,880 3,363,416149,190 229,867 311,507 384,816 463,519 555,285 659,185 Chenh lech do lai suat tien gui 6%/nam
1,996,146 2,091,943 1,648,192 1,493,580 1,364,842 1,328,631 1,310,677 - (90,588) (270,072) (369,457) (457,961) (539,897) (625,630)
4,518,319 4,816,778 4,446,238 4,487,889 4,509,141 4,593,899 4,707,648
3,991,143 4,306,367 4,107,841 4,006,565 3,802,539 3,695,763 3,546,496
678,066 678,066 678,066 678,066 678,066 678,066 678,066
396,669 335,643 274,617 213,591 152,565 91,539 30,513 Lech do cach tinh du no binh quan cuoi ky
2,000,000 2,500,000 2,500,000 2,600,000 2,600,000 2,700,000 2,761,963
916,408 792,658 655,158 514,908 371,908 226,158 75,954 Lech do cach tinh du no binh quan cuoi ky
527,176 510,412 338,397 481,324 706,602 898,136 1,161,152
4,369,129 4,677,500 4,404,803 4,472,530 4,503,582 4,578,510 4,674,093 1.09 1.09 1.07 1.12 1.18 1.24 1.32
Chenh lech do lai suat tien gui 6%/nam
Lech do cach tinh du no binh quan cuoi ky
Lech do cach tinh du no binh quan cuoi ky
Hotel ForecastIS_EOBS_EOCF_EODebt_EOPHN TCH NHYCCS 450 TTong hopSheet1Kiem tra