Презентация на тему Дисней

Studio Entertainment, Consumer Products and Theme Parks & Resorts
Theme

Park & Resorts Division
Current Park Locations: Anaheim, Orlando, Tokyo, Paris, Hong Kong (2005)
Also includes: The Disney Cruise Line, Disney Regional Entertainment, The Disney Vacation Club, The Anaheim Angels, and the Mighty Ducks of Anaheim
Revenues of $7 Billion in 2001, or 28% of company-wide revenue

of expansion where there are un-captured markets
Current
Government relations

established through the Hong Kong Disneyland project indicate easier entry into the mainland
Competitive
Universal-Vivendi’s land purchase in Shanghai and proposed expansion into Beijing

1971
Tokyo Disneyland:1983
Owned and operated by the Oriental Land Company
Deal

structure indicative of financial turmoil within the company in the early 1980s with a 0% Equity stake
Revenue from royalties and management fees
Disneyland Paris/Euro Disneyland: 1992
Disney retains 39% of Equity Interest and receives management fees as part of reported revenue

Commercial
40% Equity
43% Disney
57% Government (will eventually sell down ownership

stake)
6 Million Visitors in its first full operating year, and 1.4 Million additional visitors to Hong Kong
$148 Billion value added boost to the Hong Kong economy over the next 40 years
35,800 jobs created in the next 20 years

slow projected population growth
1.26 B (2001) - 1.5 B

(2050F)
63 - 70% Rural
High growth rates in GDP and foreign direct investment (FDI)
Urban income growth of 17.2% in 2002,
Growth in FDI of 14.8% in 2002
2003F: US$58 B
2004F: US$62 B
Accession to the World Trade Organization in December 2001
Increased support for private and foreign investments
Theme parks still fall under Restricted Foreign Investment Industries

American-themed
Few have survived mainly because of transportation issues
Admission Prices:

56 – 100 yuan ($6 – $12)
Park Sizes: 70 – 150 acres
Universal-Vivendi December 2002 agreement to build a park in Shanghai
Projected park opening in 2006, with more than 8 million visitors in the first year
In discussions to build a similar park in Beijing

in China
GDP US$4,512 (2001)
9% of total FDI in China
Shanghai

residents (2002)
18.4 M, including floating population
Average household size is 2.9
Tourist population (2000)
64.7 mainland domestic
1.5 million foreign overseas
0.5 million

* 2000 figures

to support the 2010 Expo
Expo Site and Universal Property

Government
20% Commercial
40% Equity
43% Disney
57% Government
10.6 Million Visitors in its

first full operating year and average annual growth of 1.5%
Corporate tax rate of 30%, with tax loss carry-forwards permitted for five years

entrance (1%)
Park labor and overhead
Maintenance materials
Entertainment (costuming, labor, etc.)
Food

and beverage COGS
Merchandise COGS
Support labor
Miscellaneous

Revenues

Costs

by this project since the majority of cash inflows

and outflows are in local currency
Expropriation risk is mitigated some with the government taking a controlling equity stake
No other commercial or multi-lateral agency partners are involved in the project
Because the project is in the tourism industry and involves an American cultural icon, the susceptibility to strikes or terrorism is slightly higher than average
The project’s location in Shanghai reduces the overall risk of natural disasters when compared to country averages

project will be provided by Disney and is proven

in other locations
Potentially lengthy negotiations with the Chinese government increases start-up risks slightly
Given the project is very service oriented, there is some risk associated with the level of control assumed by the government, but this is difficult to quantify
There are no financial mitigating factors ― rather, this project is closely tied to the government
Real option: A minor amount of cannibalization from the Hong Kong property may be expected

Credit Rating 58.9
Anchored to U.S. cost of equity
Adjustments
Industry beta adjustment -0.80%
Expropriation -0.97%
Start-up

risks assoc. with Gov’t negotiations +0.12%
Sensitivity to strikes, terrorism +0.08%
Sensitivity to natural disasters -0.12%
Real option: Cannibalization from HK Disney +0.08%
Project Cost of Capital 16.09%

(per Disney, typical 20-25 year financial analysis time horizon)

losing any first mover advantage
Universal’s track record at opening

resorts is not on par with Disney’s ― lessons learned from Universal may be minimal
Build a resort hotel in conjunction with the park
Build a “Downtown Disney” entertainment center adjacent to park
Build another gate after several years of operation (double park size)

debt provisions
Land and infrastructure provisions

Disney must make the argument

that a Shanghai Park would not substantially damage Hong Kong

Escalating political tensions on the Korean peninsula could change the risk assessment