酒店管理月报AugManagementReportofProjectXFVit

1、Name of EntityVXL Capital LimitedReport RefXiangfan Report Date15 Sep 2010TitleFinancial Report for Aug 2010ToMina YauFromFrankie Long (FL)Tony Long (TL)Reviewed byCcLloyd ChongNoCaptionReport/ObservationFollow up byXiangfan Hotel Operations Branch (XF-HOB): Profit & Loss Account Items MTD Aug 1

2、01.RevenueThe Aug. 2010 YTD revenue variance was adverse RMB 1345k or 36.1% below budget.» The Aug. revenue was RMB 330k, against budget of RMB 452k, resulted in an adverse variance of RMB 122k, which represented MTD 26.9% below budgeted revenue. Room Dept.:Finance Dept. - The rooms departments

3、 revenue was RMB 301k.上月客房收入350k，本月低于月49k。本月房间数比上月少536间，平均房价比上月增加3元。因本月施工队对酒店房间及外墙等进行全面维修，影响了上门散客及团队的预定及住房，导致本月团队房数比上月减少323间，散客房数比上月减少193间。本月调整了房价体系，将上门散客的销售价格在原有基础上提高了10元，其中5元奖励给员工，增加了员工售房积极性，另外5元为酒店收入，故平均房价比上月有所提高。酒店现已加大会员卡的办理及重点协议客户的开发，并积极联系襄樊周边旅行社及湖北省外旅行社，有多家单位和旅行社已与酒店签订合作协议。F&B Dept.:Financ

4、e Dept. - The F&B Dept.s revenue was RMB 42k while its cost was RMB 34k (including labor cost, F&B cost, disposables, cleanings and gas). The benefit was RMB 8k. The actual cost rate was 40%, below than the budget goal of 45%.上月餐饮收入53k，高于本月11k，餐饮成本上月35k，本月收入下降11k相应的成本却只降低了1k。本月团队客人和散客的减少致使餐厅

5、早餐用餐人数减少，导致餐饮收入的减少。因本月蔬菜及肉类价格的提高，导致食品成本增加。针对此现状，酒店现已积极与武商超市等大型超市沟通食品及粮油的相关采购问题，逐步降低成本。 Others:Finance Dept. - The Others revenue was RMB 4k, was 45.1% below budget. 上月其他收入6k，本月降低了2k。本月售卖金卡9张，比上月少2张。加之团队客人的减少致使小商品的收入比上月减少505元，同时其它收入也相应减少。下一步会根据客人的需要及小商品各类型的售卖情况，调整小商品的品种并加大前台对小商品的销售力度。2.Cost of SalesT

6、he Aug. 2010 YTD cost of sales was 26.3% of revenue, versus budget 25.1%, an adverse variance of 1.2%.» The Aug. 2010 cost of sales was RMB 83k, which represented 25.1% of revenue, against budget of 24.3%.上月营业成本87k，占收入的22.5%。本月营业成本83k，占收入的25.1%，比上月提高了2.6%。本月客房将维修后的房间进行地毯清洗，将两各楼层的房间窗帘送至洗涤公司清洗，并重

7、新将地巾配到房间致使洗涤成本增加，加之餐饮食品成本增加，致使酒店营业成本提高。 3.Gross Profit MarginThe Aug. 2010 YTD gross profit margin was 73.7%, 1.2% below budget. » Actual Aug. 2010 gross profit margin was 74.9% of revenue against budget of 75.7%. However, Gross profit was 0.8% below budget (RMB 247k against budget of RMB 342K)

8、上月实际301k，本月低于上月54k。本月严格控制成本，但成本仍然较高，故毛利率较低。4.Undistributed Expenses The was 43.6% of revenue, 6.5% over the budget.» Aug. 2010 Budget expenses were 40.1% (RMB 181k) of revenue, and actual expenses were 41.9% (RMB 138k) of revenue. About 1.8% (RMB 43k) over budget. 上月实际比预算低10.3%，本月实际却高于预算1.8%。因本

9、月进行数字电视改造、结算四月到8月间的信用卡手续费及6T管理制度上墙及由气温升高而致使电费增加等导致本月超预算。 Employee Meal Provision was over budget 9.4% (RMB 0.6k)本月菜价的上升及销售部和财务部人员由以前一天一餐增至一天两餐致使食品成本增加，故员工餐超过预算660元。 Contingency was over budget 7.8% (RMB 0.1k)本月襄樊市进行统一的数字电视改造，数字电视费用由以前2745元/月增至4575元/月，加之本月酒店实施6T管理，制作相应KT板放到各部门，致使应急费用超预算。 Electricity

10、was over budget 5.9% (RMB 3k)本月气温较高，有近半个月的气温均在35度以上，故酒店房间空调使用频繁，致使电费增加。5.GOP %The Aug 2010 YTD GOP was RMB 694k below budget.» Actual Aug. GOP was 33% (RMB 109k), against budget of 35.6% (RMB 161K), resulted in below budget 2.6%.上月实际GOP超过预算12.5%，本月实际却低于预算2.6%。6.Fixed expensesThe Aug. 2010 YTD f

11、ixed expense was RMB 823935k (38.8% of revenue) against budget of RMB 1277k (34%).» The Aug. 2010 fixed expenses were RMB 1112k (33.9% of revenue) against budget of RMB 150k (33.2%) 7.EBITDA The Aug. 2010 YTD EBITDA was minus 8.8% of revenue against a budget of 3.8%.» Budgeted Aug. EBITDA

12、was RMB 11k (2.4% of revenue) compared to actual of negative RMB -3k (minus -0.1% of revenue).8.Depreciation & AmortizationThe Augl. 2010 YTD depreciation & amortization was RMB 403k or 16.7 % of revenue.» Actual Aug. depreciation and amortization was RMB 50k (15.2%) against budget of R

13、MB 51k (11.4%)9.Net profit / lossThe Aug. 2010 YTD actual net loss was RMB 614k against budget net loss of RMB 270K.» Actual Aug. net profit was RMB -53K versus a budgeted loss of RMB -41k.10.PBT - AccumulativeThe 2009 retained earnings were minus RMB 359k. The accumulative PBT was RMB 293k up

14、to Aug. 2010.Xiangfan Asset Company (XF Asset Co): Profit & Loss Account Items YTD Jul 1011.Loss from operationThis category mainly comprises Corporation expenses and Operating expense: - Total Corporation Expenses was RMB 12k for the Period, of which audit fee included in this expense category

15、were RMB 9.3k (78.8%) The Operating Expenses for the Period was RMB 1,984k, principally comprising depreciation (90.8%), business trip (4.5%), land use tax and housing property tax (4.3%).12.Profit / (Loss)Actual Net loss for 2010 was RMB 1,996k.13.PBT - AccumulativeThe 2009 retained earnings were m

16、inus RMB 4,088k. The accumulative PBT was minus RMB 6,084k from opening to Jun. 2010.Combined XF-HOB and XF Asset Co Bottom Line YTD Apr. 1014.Total Project PBT - 2010The combined PBT of the XF-HOB and XF Asset Co form Jan. to Jun. 2010 was negative RMB 1,455k. Based on a 7 month period, the average

17、 loss per day was RMB 6,929.15.Total Project XF PBT - AccumulativeThe combined PBT of the XF-HOB and XF Asset Co from hotel opening to Apr. 2010 was negative RMB 5,902k. Based on a 10 month period, the average loss per day was RMB 19,673.No corporate income tax has been incurred during the Period.XF

18、-HOB: Balance Sheet Items YTD Apr 1016.Fixed AssetsTotal net book value is RMB 9.3k, included front desk strongbox, finance strongbox, and police connection system.17.Current AssetsTotal current assets are RMB 1,196k, mainly included cash (RMB 669k) which represented 55.9%. The high cash balance is

19、due to the cash advances made by U Inns Hospitality Mgnt (Shanghai) Co., Ltd and Chengdu Asset Co. for operating uses. These advances were made during pre-opening period.Account receivable (RMB 288k) was 24.1% of current assets, noting that hotel finance department and sales department were chasing

20、for it each month.18.Current LiabilitiesThe current liabilities are mainly inter-company payable from U Inns Hospitality Mgnt (Shanghai) Co., Ltd (RMB 751k) and Chengdu Asset Co. (RMB 41k).XF Asset Co: Balance Sheet Items YTD Dec 0919.Fixed AssetsThe net book value of these assets are: -Buildings22,

21、488,367.04 Machinery0.00 Furniture & equipment3,298,337.20 Low value consumables148,906.55 Land use right1,194,484.00 Other fixed assets4,400.72 Total27,134,495.51 20.Current AssetsCurrent assets, mainly cash, inter-company receivables, amounted to RMB 676k.21.Current LiabilitiesCurrent liabilit

22、ies comprises two categories i.e., account payable (4.9%) and inter-company payables (94.4%).APPENDIX 1: PROFIT AND LOSS ACCOUNT Y-T-D 31 JULY 2010 Description YTD - Jul 10 - XF - HOB - BudgetActualVariance Avg Room Rate 133.00 110.00 -23.00 Occupancy Rate58.0%44.7%-13.3% Room Night Demand 3,250.57

23、2,474.79 -775.78 Net Revenue (Exclude BT) 3,303,001.38 2,079,656.57 -1,223,344.81 -37.0% Department costs and expenses Rooms Dept. 463,757.34 352,145.80 111,611.54 F&B Dept. 261,330.47 181,965.93 79,364.54 Others 107,194.80 17,684.44 89,510.36 Total Dept. Cost 832,282.61 551,796.17 280,486.44 25

24、.2%26.5%-1.3% Departmental Profit 2,470,718.77 1,527,860.40 -942,858.37 74.8%73.5%-1.3% Undistributed Expenses -23,839.48 Administration & General 550,618.62 314,029.54 236,589.08 Sales and Marketing 221,988.33 142,282.79 79,705.54 Property Operating & Maintenance 108,250.00 100,339.14 7,910

25、.86 Energy and Utilities 332,534.82 356,374.30 -23,839.48 Total Undist. Exp. 1,213,391.78 913,025.77 300,366.01 36.7%43.9%-7.2% Total Operating Cost 2,045,674.39 1,464,821.94 580,852.45 Gross Operating Profit 1,257,326.99 614,834.63 -642,492.36 %38.1%29.6%-8.5% Fix Chargs 1,126,910.84 822,837.96 304

26、,072.89 34.1%39.6% EBITDA 130,416.15 -208,003.33 -338,419.48 3.9%-10.0%-14.0% Depreciation & Amortization 359,689.36 352,224.74 7,464.62 PBT - actual -229,273.21 -560,228.07 -330,954.85 Income Tax PAT - actual -229,273.21 -560,228.07 -330,954.85 Total Adjustments 1,100,809.83 PBT - in account -

27、2010 540,581.76 Retained earnings - 2009-358,164.79 PBT - in account - Accumulative 182,416.97 - XF Asset Co -Other incomeInterest income 209.88 209.88 Corporate expensesAudit fee9,300.00 Registration and license fee 2,500.00 11,800.00 Operating expensesBank charge 1,241.50 Business travel 88,456.95

28、 Depreciation - hotel properties 1,783,736.08 Depreciation - land use right 18,376.68 Depreciation - Other fixed assets 727.02 Excghange difference 6,115.41 Land use tax 22,293.84 Photocopy 70.00 Property tax 62,306.48 Stamp duty 818.90 1,984,142.86 Loss from operation-1,995,732.98 Profit / (Loss) f

29、or the year-1,995,732.98 Retained earnings - 2009-4,088,450.61 PBT - in account - Accumulative -6,084,183.59 - Combined XF-HOB & XF Asset Co -Total Project PBT - in account - 2010-1,455,151.22 Total Project PBT - in account - Accumulative-5,901,766.62 APPENDIX 2: BALANCE SHEET AS AT 31 JULY 2010

30、- XF-HOB - Asset XF Co -Sch.+ve/-veRMBRMBASSETSNet book value - Buildings122,488,367.04 Net book value - Machinery19,321.03 0.00 Net book value - Furniture & equipment13,298,337.20 Net book value - Low value consumables1148,906.55 Net book value - Land use right11,194,484.00 Net book value - Oth

31、er fixed assets1+ve4,400.72 a9,321.03 27,134,495.51 Current assetsAccount Receivable2+ve288,288.08 Other Receivable3+ve33,171.34 85,000.00 Staff advancve payment5+ve10,600.00 Other deposits8+ve53,060.00 Cash at bank & in hands9+ve668,968.24 553,890.37 Amount due from U Inns Hospitality (Shanghai)+ve40,512.05 Amount due from U Inns (Xiang Fan)+ve34,196.33 Amount deu from U Inns (Chengdu)+ve6,238.80 Amount due from U Inns Information Technology (SH)+ve37,029.00 Stock61,218.60 b1,196,253.44 675,919.37 Current liabilitiesAcc