LE MERIEN DA NANG RESORT & SPA

PROJECT

1. Introduction of the investor:

Full Name: INVESTMENT CORPORATION SAIGON - DA NANG
Transactions in foreign names:
SAIGON - DA NANG INVESTMENT CORPORATION
Abbreviation: SDN
Address: 61A Nguyen Van Cu Street, Hoa Hiep Bac ward, Lien Chieu District, Da Nang City.

2. Overview of the project: Investment project name

Vietnamese name:
TOURIST RESORT AND COASTAL LUXURY VILLA DA NANG
English name: DA NANG LE RESORT & SPA MERIEN
Investment Location: The project will be deployed in the eastern zone of coastal tourist route
Son Tra - Dien Ngoc Khue My Ward, Ngu Hanh Son district, Da Nang city on the land with an
area of 12 hectares with boundaries as follows:
- North: bordering the sea resort of Asian Pearl
- South: land borders a public beach
- East: East Sea
- West: Bounded Son Tra - Dien Ngoc
Total investment: 105,346,007
Scheduled start time: 04/05/2010
Type of investment: equity, loans from other sources mobilized legally prescribed law.
Capacity: 48 villas for sale and / or lease for the object is legally allowed, 149 luxury
apartments for sale and / or lease for the object is permitted by law;
Product: Construction business conference destinations, seminars, weddings; Rental of
conference venue, conferences, weddings and events; Business hotel services, conference
services, conferences, weddings and events; Business catering services, entertainment,
sports and other services catering resorts and residences; Business services real estate
management.
Labor: the number of employees in the project will be over 500 people
Consumer market: with the advantages were analyzed and the statistical data on the situation
of tourism in Da Nang, we can confirm that the travel market and will grow rapidly and
promises more optimistic for any investor to Danang in the field of tourism and services. It
can be said that the size and location of the project when implemented will bring operational
and economic efficiency is very high society.

3. Location
3.1 Location of project implementation
3.1.1 Building location geography
The project is built on an area of 12 ha area in the east, the coastal tourist route Son Tra Dien Ngoc Khue My Ward, Ngu Hanh Son district, Da Nang city.
The land with the adjoining side as follows:
North: bordering resort Pearl of Asia.
South: adjacent public beach.
East: East Sea.
West: borders on Son Tra - Dien Ngoc.

3.2 Area's status

3.2.1 Natural conditions
Based on the references and recorded pursuant to the geological survey works in the
neighborhood, they said construction stratigraphic is a complex area, from the ground to a
depth of about 20m with all structures is fine sand and dust is weak, load capacity
inadequate. From 20m to 35m depth, which is composed mainly of clay, load capacity

uneven. From a depth of 30 meters or less, composed mainly of coarse sand and grit, with
good load capacity, bedrock at depths appear on 60m or less.

3.2.2 Climate Conditions

Like the city of Danang, the site of the project lies in the typical tropical monsoon climate ,
high and low temperature fluctuations are dominant with typical tropical climate in the south.
Each year there are two seasons: the rainy season lasts from August to December and the dry
season from January to July, there are occasional winter cold spell, but not bold and not last.

3.2.2.1 Temperature
The annual average temperature: 25.6 C
The average highest temperature: 29 C
The lowest average temperature: 22.7 C
Absolute maximum temperature: 40.9 C
Absolute lowest temperature: 10.2 C
Thermal vibration amplitude between day and month in a row in years between 3-5doC

3.2.2.2 humidity (%)

The average air humidity of 82%
The highest air humidity average: 90%
The lowest atmospheric humidity average: 75%
Air humidity absolute lowest: 10%

3.2.2.3 Rain (mm)

Average annual rainfall: 2.066mm
The largest annual rainfall (1964): 3.307mm
Highest rainfall (1974): 14.000mm
The largest daily rainfall: 332mm
The annual average number of rainy days: 144 days
The month with the highest average of rainy days: 22 days (in October each year).

3.2.2.4 Sunny
The average number of hours of sunshine: 2,158 hours / year.
The average number of hours of sunshine most: 248 hours / month.
The average number of hours of sunshine at least 120 hours / month.

3.2.2.5 Evaporation of the water

The average evaporation: 2107mm / year
Water evaporation is the biggest month: 241mm / year.
Water evaporation is the lowest month: 119mm / year.

3.2.2.6 Cloud
Overall average flow: 5.3
Average traffic infrastructure: 3.3

3.2.2.7 Wind
Prevailing wind direction summer (June 4-9): The east wind
The average wind speed: 3.3 m / s; 14m / s
Winter prevailing wind direction (thang10-3): Wind North, northwest wind.
Highest wind speed: 20 -25m / s.

3.2.2.8 Storm
Hurricanes usually appears in the May 1,10,12 and usually 9-12 storm, accompanied by heavy
rain and causing floods lut.Khi prolonged storm wind speeds up to 40m / s. Recently it often
has storms with winds up to level 14-15.

4. Project Charter:
Danang City is located in the middle of the country, traffic axis North - South. On the road,
rail, sea and air, the capital Hanoi and 746 km north of Ho Chi Minh City and 964 kilometers
south. In addition to this central Danang visitors can tour the world's cultural heritage is the
Citadel, Hoi An and My Son Holy Land endowed addition to pivot to a coast very beautiful city
it is rated as one of 5 cities with the most beautiful natural coastline in the world.

With its geographical location, traffic and favorable natural conditions, Da Nang has become a
major tourist destination of the country and attracts many international visitors. Compared to
the number of visitors to the Da Nang Vietnam accounts for about 15% and the number is
growing rapidly. In particular, the number of passengers to the city through the cruise line is
not also increased rapidly over the years.
On the other hand, the policy development of the city in the coming years special attention
and priority to the tourism sector and services, namely:
- Strive to increase the share of tourism in GDP to 16.5% in 2010.
- To build Da Nang become a tourist center, diversifying forms of tourism, resort, beach,
ecotourism, tour, paying attention to both international tourism and domestic tourism,
contributing expand international exchanges and cooperation and investment.
- Plan for tourism development of Ba Na, Son Tra Peninsula and coastal tourism Han River. Da
Nang tourism development linked to tourism overall Hue - Da Nang - Quang Nam - Highland,
while Da Nang tourism development in national relations and Southeast Asia.
Besides tourism real estate market in Danang is on the fast growing and promising a bright
future.
General design principle of the project is consistent with the coastal space, along with the
location advantages within easy reach of the route Son Tra - Dien Ngoc.
Furthermore, Le Meridien Danang Resort & Spa is designed according to the planning step,
how the land boundary along the Son Tra - Dien Ngoc 20m, a land boundary along the west
side 2 - North, East - South of 10m and a side boundary area 50 meters towards the sea,
creating a spacious and airy. As designers take advantage of the ocean views of the landscape
from the Non Nuoc, My Khe, Son Tra Peninsula, Cham Islands and the Truong Son mountain
range in the west - north to Danang Luxury Resort has the building blocks to be put towards
the maximum exploitation of the landscape vision to this.
As planned, Le Meridien Danang Resort & Spa will be the friendly resort, located located along
Non Nuoc tourist area. Coast was Forbes, America's leading magazine voted as one of the
beautiful beaches and attractions on the planet in 2005. It is considered an ideal location for
tourists because tourism is a hyphen between the Five Mountain with three world cultural
heritage is the ancient town of Hoi An, My Son Sanctuary and Hue ..
In order to create a unique style for this high-end resort, Le Meridien Danang Resort & Spa is
planned to occupy greenery covering ground area equivalent to 49% of the entire area,
including garden green lawns, lake landscape, golden sand.
Le Meridien Danang Resort & Spa is expected to be put into operation in late 2011.
With the above analysis, we believe that when the works are completed to the area will create
a new architectural face of severe negative effects of modern 1 while creating harmony for
the surrounding landscape. Besides, ideally of the land will bring to businesses and visitors a
modern work space and elegant period meaningful rest.

5. Triple constraints

Project planning

1. Work breakdown structure

2. The overall plan of the project:

2.1 IntroductionProject
2.1.1The overall objective of the project
short-term objectives:
(i)
Develop and operate a resort of international standard, including resort hotels 5 star
standard rooms and includes approximately 348 items related utilities;
(ii)
Construction and sales of about 48 villas for sale and / or lease to the subjects
authorized by the law permits;
(iii)
Construction and sales of about 149 apartments for sale and / or lease for the object is
permitted by law;
(iv)
Develop business conference area, workshops, weddings;
(v)
leasing conference venue, conferences, weddings, events,
(vi)
business hotel services, conference services, conferences, weddings and events;
(vii) business catering services, entertainment, sports and other services catering tourist
resorts and housing;
(viii) business management services of real estate.
long-term objectives:
LE Meridien Danang Resort & Spa is expected to completed and put into operation in 2015,
contributing to meet the increasing demand of people on tourism and resorts in popular
tourist cities of this Central. Le Meridien Danang Resort with Spa, the first in Vietnam will have
5+ star standard hotel with special features will please visitors and will contribute important
in attracting international tourists Vietnam. Additionally, the advent of the tourist areas and
luxury resorts which meet the needs of tourism, the increasing resort of domestic and foreign
tourists; contribute to improving the quality of life and local economic development.
The introduction of the resort area and seaside villa 5 star luxury suggesting Saigon Invest
Group and Investment Joint Stock Company Saigon - Danang increasingly diversified
investments in all sectors, especially the foresight to smokeless industry potentials in Vietnam
today. In the future, this will be the sector's strategic investment SGI.

2.1.2 The need to invest

a. Macro reasons:
Danang is located in the middle of the country, traffic axis North - South. On the road, rail, sea
and air, the capital Hanoi and 746 km north of Ho Chi Minh City and 964 kilometers south. In
addition to this central Danang visitors can tour the world's cultural heritage is the Citadel,

Hoi An and My Son Holy Land endowed addition to pivot to a coast very beautiful city it is
rated as one of 5 cities with the most beautiful natural coastline in the world.
with its geographical location, traffic and favorable natural conditions, Da Nang has become a
major tourist destination of the country and attract more international tourists. Compared to
the number of visitors to the Da Nang Vietnam accounts for about 15% and the number is
growing rapidly. In particular, the number of passengers to the city through the cruise line is
not also increased rapidly over the years.
On the other hand, development policy of the city in the coming years special attention and
priority to the tourism sector and dich services, in particular:
- strive to increase the share of tourism in GDP to 16.5% in 2010.
- Developing Danang into a tourist center, to diversify the types of tourism, resort , swimming,
ecotourism, tour, paying attention to both international tourists and domestic tourists,
contribute to expanding international exchanges and investment cooperation.
- development planning to travel from Bana Son Tra peninsula and coastal tourism Han river.
Da Nang tourism development linked to tourism overall Hue - Da Nang - Quang Nam Highland, while Da Nang tourism development in national relations and Southeast Asia.
Besides being the chapter the traditional festival is held annually is an occasion where tourists
flock to Da Nang, especially the annual fireworks festival is the destination of most tourists to
Vietnam in October 3. Besides the villages traditions are preserved and developed.
also a lot of other festivals such as the Fish festival, festival of American Hoa village, An Hai
village festival ...
the traditional village is also the strength of tourism Da Nang which is formed from a long hill
and constantly preserved, maintained and developed.
the village of non Nuoc stone carving has more than 20 companies, 430 business
establishments with more than 4,500 employees. Revenue from annual stone carving craft
nearly 100 billion. Located right in the heart of Ngu Hanh Son, so long village of Non Nuoc
stone carving has become a sightseeing and souvenir shopping attraction of tourists to Da
Nang every time.
Besides the numerous villages and danang festival is known for many beautiful landscapes
that nature has bestowed favor, as well as the efforts of the people to build a tourist city
which is equal to its potential:
b. Micro reason:
According to the research results of Savills VN - corporations offer great real estate services in
VN, forecasts to 2015, about 15 projects will be developed apartments in Da Nang, providing
marketing the 7,600 apartments. Only in QIII / 2009, 6 projects were launched to the market,
about 387 villas. In particular, the project Blooming Tower, Hyatt Regency Olalani and
incomplete construction was vibrant. Many places were booked subscribed.
This is most clearly demonstrated in 2009, has 6 projects were launched to sell around 387
villas and 800 apartments for $ 400,000 to $ 2.5 million, but was fast unexpected
consumption. In it, 100% of the 95 apartments in the building Indochina Riverside, priced from
170,000 to 1.99 million were sold; Danang Plaza 168 apartments under construction already
sold 71%; 154 villas at the Hyatt Regency Danang with prices from 2.6 to 3.7 million under
construction but already sold 82%. Similarly, 37 of the 40 luxury villas at The Nam Hai (Quang
Nam) was sold to the company, foreign investors and individuals in VN.
C. The competitiveness of the project:
Currently, in Danang, with over 20 hotels and resorts 3 stars or more, providing nearly 2,000
rooms. However, market resorts and hotels in Danang are diverse, many smaller hotels, but
lacks provision luxury hotels (4-5 stars). Demand also erratic, depending on peak season of
tourists. Such as festival preparations International Fireworks Competition (27-28.3.2010), far
hotels, resorts, inns even have been fully booked months in advance. In 2009, the city
attracted over 1 million visitors. In the next 5 years there will be about 42 hotels, bringing the
total number of rooms 3-5 star class hotel rooms to 7,000. in which the supply of 5-star hotels
and 4,300 rooms 24 projects. Verdict Overall, the market for sale and real estate villa tourism
is only a small segment, by launching products on the market are mostly for high-income

earners. However, the VN high income tend to want to own a second home as a place of rest
and tourism.
So, with these advantages were analyzed and the statistical data on the situation of travelers
lich Da Nang, we can confirm that the travel market and will grow rapidly and promises more
optimistic for any investor to Danang in the field of tourism, services breast. It can be said
that the size and location of the project when implemented will bring operational and
economic efficiency is very high society.

2.1.3 The legal basis of the project:

Technical Explanation of Project Economy judgment is made based on the following grounds:
the Enterprise Law No. 60/2005 / QH11 passed by the National Assembly on
29/11/2005;
Investment Law No. 59/2005 / QH11 passed by the National Assembly on 29 / 11/2005;
Land Law 13/2003 / QH11 passed by the National Assembly on 26/11/2003;
Tourism Law 44/2005 / QH11 passed by the National Assembly on 14/06/2005;
business Law real estate 63/2006 / QH11 passed by the National Assembly on
29/06/2006;
Housing Law 56/2005 / QH11 passed by the National Assembly on 29/11/2005;
export Tax Law, imports 45 / 2005 / QH11 passed by the National Assembly on
05.14.2005;
Decree No. 108/2006 / ND-CP dated 22/09/2006 of the Government providing detailed
guidelines for implementation of the Investment Law;
Decree No. 181/2004 / ND-CP dated 29/10/2004 of the Government to implement the
Land Law; Decree No. 84/2007 / ND-CP of the Government dated 25/05/2007 additional
regulations on granting land use right certificates, land acquisition, implementation of land
use rights, order and procedures compensation, support and resettlement when the State
recovers land and resolving land claims and;
Decree No. 24/2007 / ND-CP dated 14/02/2007 of the Government detailing the
implementation of the enterprise income tax Law;
Decree No. 195/2005 / ND-CP of the Government dated 18/12/2005 detailing the
implementation of the Law on export and import tax;
Decree No. 153/2007 / ND-CP dated 15/02/2007 of the Government detailing the
implementation of the Law on real Estate business;
other current regulations of the State.

2.1.4 technology and machinery of the project:

a.
Machinery and equipment
in order to ensure quality of service with international standards, ensure the competitiveness
of the project with other similar projects have been and will be implemented in the future, the
project focus on equipping the machines, new equipment and modern synchronous meet
international requirements and matching services, serving utility. In addition to new
equipment, the project will focus on the work and ensure warranty and maintenance in order
to utilize and maintain the highest level of features used machinery and equipment.
The project will also prioritize use of machinery and equipment manufactured or supplied in
Vietnam market. The equipment does not manufacture or supply in Vietnam market, the
project will proceed imported under the current provisions of the law of Vietnam on import
and export.
The following is a list of some equipment equipment and materials of the project will be
purchased at the local market:

constructionSteel

construction materials (bricks, sand, stone, cement, wood, etc ...)

decorative stone, landscapedthe

some ofconstruction machinery dedicated

some interior decoration (lamps, furniture, floor mats, sanitary equipment, etc ...)
b.
technologyapplied

iswith industry characteristics "are not smoke "and to work towards international standards,
the project will be focused on technology specific characteristics include the following stages
in order to maintain and enhance the advantages and strengths of the project compared with
other competitors. In particular, the project will sign a contract with a management company
with experience and international prestige to organize the management of the project in
general and organized the training of project staff, thereby diversifying and continuously
improve service quality in particular to become a resort of international standard, prestige in
Vietnam and the region.
in order to facilitate thoughtful customer service and create the impression of the individual
tourism to international standards of services provided to customers. This will be manifested
through the food, drinks, decorations, room service, etc ..., which will create a new feel when
exposed to a new land and a new culture for Foreign tourists. As for the tourists in the
country, will create a modern feeling, coal rod and close to international standards.

II. Budget and cost estimates for the project

Total investment: 105,346,007
Equity: 29,500,000
Loans: 65,368,007 with interest rate 6.3% / year over 18 years to pay
Investment for each type of fixed assets: 24,592,058, while depreciation is 10 years
Working capital: 39,978,000
Estimation for the project:
Through the process of analysis and forecasting gave us the following result:
Direct expenses: 20,014,213
Indirect costs: 18,130,773
Other expenses: 15,411,467
Corporate income tax: 22% / year = 320.910
The cost of equity after tax: 1,647,274
Table estimated cost: sheet 7
Table estimated working capital: sheet 2
Estimated revenue table: sheet 6

Financial analysis

Depreciation
N
o
.

Interpretation

value
(US $)

Nu
m
be
r
of
ye
ar
KH

I.

COST OF
BUILDING,
DESIGN,
MANAGEMENT

60,750,
412

Hotels

39,142,
899

10

Villa

412.835
412.835
412.835
412.835
412.835

10

Apartment

13,945,
429

10

Other facilities

353.374
353.374
353.374
353.374
353.374

10

II
.

EXPENDITURE
EQUIPMENT
COSTS

8,599,9
73

Hotels

5,539,0
89

2014

2015

2016

2017

2018

6,075,0
41

6,075,0
41

6,075,0
41

6,075,0
41

3,914,29
0
3,914,29
0
3,914,29
0
3,914,29
0

3,914,29
0

4,128,34
7

1,394,54
3
1,394,54
3
1,394,54
3
1,394,54
3

1,394,54
3

3,533,73
7

1,719,9
95
5

6,075,0
41

1,107,81
8
1,107,81
8
1,107,81
8

1,719,9
95

1,719,9
95

1,719,9
95

1,719,9
95
1,107,81
8

1,107,81
8
2

Villa

117.953
117.953
117.953
117.953
117.953

589.764

Apartment

394.682
394.682
394.682
394.682
394.682

1,973,41
0

Utilities

99.542
99.542
99.542
99.542
99.542

497.709

II
I.

EXPENSES
OPENING
COSTS

376.97
5
376.97
5
376.97
5
376.97
5
376.97
5

1,884,8
74

V
.

TERM LOAN
INTEREST IN
CONSTRUCTIO
N

4,118,1
84

823.63
7
823.63
7
823.63
7
823.63
7
823.63
7

TOTAL

75,353,
443

8,995,6
47
8,995,6
47
8,995,6
47
8,995,6
47

8,995,6
47

N
o
.

Interpretation

Total

2014

2015

2016

2017

2018

Net assets
beginning of

75,353,4

66,357,7

57,362,1

48,366,5

39,370,8

period
2

43

96

48

01

Depreciation
8,995,64
7
8,995,64
7
8,995,64
7
8,995,64
7

Cumulative
Depreciation

New Investment

75,353,
443

Net assets end of

period

75,353,
443

N
o
.

53

Interpretation

Values(
USD)

8,995,64
7

17,991,2
95

26,986,9
42

35,982,5
90

44,978,2
37

66,357,7
96

57,362,1
48

48,366,5
01

39,370,8
53

30,375,2
06

2019

2020

2021

2022

2023

Ye
ar
sK
H

I.

THE COST OF
CONSTRUCTIO
N, DESIGN,
MANAGEMENT

60,750,
412

Hotels

39,142,
899

10

Villa

412.835
412.835
412.835
412.835
412.835

10

Apartment

13,945,
429

10

Other facilities

353.374
353.374

10

8,995,64
7

10

11

12

13

6,075,0
41

6,075,0
41

6,075,0
41

6,075,0
41

6,075,0
41

3,914,29
0
3,914,29
0
3,914,29
0
3,914,29
0

3,914,29
0

4,128,34
7

1,394,54
3
1,394,54
3
1,394,54
3
1,394,54
3

1,394,54
3

3,533,73
7

353.374
353.374
353.374
II
.

EXPENDITURE
EQUIPMENT
COSTS

8,599,9
73

Hotels

5,539,0
89

Villa

589.764

Apartment

1,973,4
10

Utilities

497.709

II
I.

OPENING
EXPENSES

1,884,8
74

V
.

TERM LOAN
INTEREST IN
CONSTRUCTIO
N

4,118,1
84

TOTAL

75,353,
443

6,075,0
41
6,075,0
41
6,075,0
41
6,075,0
41

N
o
.

Interpretation

Total

2019

2020

2021

2022

2023

Net assets
beginning of
period

30,375,2
06

24,300,1
65

18,225,1
24

12,150,0
82

6,075,04
1

6,075,0
41

Depreciation
6,075,04
1
6,075,04
1
6,075,04
1
6,075,04
1

Cumulative
Depreciation

New Investment

75,353,443

Net assets end of

period

75,353,443

6,075,04
1

51,053,2
78

57,128,3
19

63,203,3
61

69,278,4
02

75,353,4
43

24,300,1
65

18,225,1
24

12,150,0
82

6,075,04
1

Income statement Table

N
o.

Interpretation

2010

2011

2012

2013

2014

2015

2016

2017

Total annual revenue

35,974,108

26,490,98
6

23,089,200

18,151,87
0

Total annual cost

24,592,058

15,960,11
0

13,451,648

7,596,827

Depreciation

8,995,647

8,995,647

8,995,647

8,995,647

Earnings before
interest and taxes

641.905

1,535,229

2,386,403

1,559,396

Interest

4,118,184

3,843,639

3,569,093

3,294,548

Profit before tax

-1,731,781

-2,308,410

-2,927,188

-1,735,152

CIT

Profit after tax

-1,731,781

-2,308,410

-2,927,188

-1,735,152

N
o.

Interpretation

2018

2019

2020

2021

2022

2023

2024

2025

10

11

12

13

14

15

Total annual revenue

17,646,937

21,240,31
8

23,279,17
7

25,705,315

27,687,134

29,511,88
7

31,017,737

32,550,47
0

Total annual cost

8,972,750

10,620,76
9

12,215,42
4

14,128,384

15,411,467

16,436,05
2

17,279,824

18,130,77
3

Depreciation

8,995,647

6,075,041
6,075,041
6,075,041
6,075,041

Earnings before
interest and taxes

-321.460

4,544,508

4,988,711

5,501,890

6,200,625

7,000,794

13,737,913

14,419,69
7

Interest

3,020,002

2,745,456

2,470,911

2,196,365

1,921,819

1,647,274

1,372,728

1,098,183

6,075,041

Profit before tax

-3,341,462

CIT

00

profit after tax

-3,341,462

1,799,052

1,799,052

2,517,801

3,305,525

4,278,806

5,353,521

12,365,185

13,321,51
5

320.910

401.514

927.389

999.114

2,517,801

3,305,525

3,957,896

4,952,007

11,437,796

12,322,40
1

Table repayment schedule banks

From 2010 to 2019
Interpretati
on

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2,037,935

28,822,38
1

65,368,00
7

61,010,14
0

56,652,27
3

52,294,40
5

47,936,53
8

43,578,67
1

26,784,44
5

36,545,62
6

an
outstanding
head
Disburseme
nts
2,037,935
Repayment
s

4,357,867
4,357,867
4,357,867
4,357,867
4,357,867

4,357,867

Interest
end of
period
outstanding

DIn gii
D n u
k

4,118,184

3,843,639

3,569,093

3,294,548

3,020,002

2,745,456
39,220,80
4

2,037,935

28,822,38
1

65,368,00
7

61,010,14
0

56,652,27
3

52,294,40
5

47,936,53
8

43,578,67
1

2020

2021

2022

2023

2024

2025

2026

2027

2028

10

11

12

13

14

15

16

17

18

39,220,80
4

34,862,93
7

30,505,07
0

26,147,20
3

21,789,33
5

17,431,46
8

13,073,60
1

8,715,734

4,357,867

Gii ngn

Tr n gc
4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

4,357,867

2,470,911

2,196,365

1,921,819

1,647,274

1,372,728

1,098,183

823,637

549,091

274,546

34,862,93
7

30,505,07
0

26,147,20
3

21,789,33
5

17,431,46
8

13,073,60
1

8,715,734

4,357,867

(0)

Li vay

D n cui
k

T nm 2010 n nm 2019

Bng c lng doanh thu

BNG 5: BNG DOANH THU
S
tt
1

Din gii

(n v tnh: usd)
2014

2015

2016

2017

2018

2019

2020

10

4,384,80
0

5,294,64
6

6,378,78
8

7,735,73
0

9,356,23
2

11,225,0
88

11,751,2
64

Doanh thu t phng khch sn

Thu t chuyn quyn s dng

t bit th

1,036,06
8

310,820

455,870

Thu t bn bit th (Khng bao

gm chuyn

10,098,0
00

4,392,30
0

6,442,04
0

3,543,12
2

quyn s dng t)
4

Thu t chuyn quyn s dng

t cn h

84,704

40,193

14,068

Thu t bn cn h

16,424,0
00

11,712,8
00

4,099,48
0

Doanh thu t cn h cho thu

745,200

942,678

1,192,48
8

1,508,49
7

1,908,24
9

2,413,93
4

2,640,33
5

907,200

1,097,71
2

1,328,23
2

1,607,16
0

1,944,66
4

2,353,04
3

2,847,18
2

1,811,16
0

2,131,45
0

2,509,13
4

2,966,33
8

3,503,52
1

4,143,35
7

4,768,73
4

301,860

355,242

418,189

494,390

583,920

690,560

794,789

9
1

Doanh thu t cho thu bit th

Doanh thu n ung

Doanh thu t spa, th thao v

vui chi gii tr
Doanh thu khc

181,116

213,145

250,913

296,634

350,352

414,336

476,873

35,974,1
08

26,490,9
86

23,089,2
00

18,151,8
70

17,646,9
37

21,240,3
18

23,279,1
77

2021

2022

2023

2024

2025

2026

2027

11

12

13

14

15

16

17

12,365,1
36

12,979,0
08

13,592,8
80

14,294,4
48

14,996,0
16

15,785,2
80

16,574,5
44

2,904,36
8

3,194,80
5

3,514,28
5

3,690,00
0

3,874,49
9

4,073,76
0

4,272,48
0

3,445,09
0

3,889,32
8

4,278,26
0

4,492,17
3

4,716,78
2

4,952,62
1

5,200,25
2

5,518,99
0

6,018,94
2

6,415,62
8

6,742,98
6

7,076,18
9

7,443,49
8

7,814,18
3

919,832

1,003,15
7

1,069,27
1

1,123,83
1

1,179,36
5

1,240,58
3

1,302,36
4

551,899

601,894

641,563

674,299

707,619

744,350

781,418

TNG CNG

S
tt
1

Din gii
Doanh thu t phng khch sn

Thu t chuyn quyn s dng

t bit th

Thu t bn bit th

Thu t chuyn quyn s dng

t cn h

Thu t bn cn h

Doanh thu t cn h cho thu

1
0

Doanh thu t cho thu bit th

Doanh thu n ung

Doanh thu t spa, th thao v

vui chi gii tr
Doanh thu khc
TNG CNG

25,705,3
15

27,687,1
34

29,511,8
87

31,017,7
37

32,550,4
70

34,240,0
92

35,945,2
41

Bng c lng vn lun chuyn

Stt

Din gii

Tng cng

2010

2011

2012

2013

2,557,895

28,980,04
0

28,644,44
5

45,163,62
6

75,394,958

22,618,487
.40

22,618,487
.40

30,157,983
.20

Chi ph trang thit b ni tht

v thit b khc

11,309,244

1,130,924.
40

1,696,386.
60

8,481,933.
00

Chi ph thit k v qun l d

n

4,472,886

3,131,020.
20

670,932.90

670,932.90

1,884,874

471,218.50

471,218.50

942,437.00

CHI U T (TMDT)
105,346,007

4
5

Chi ph xy dng

Chi ph trc khai trng

Chi ph t
2,557,895

Vn lu ng

2,557,895

607,966
607,966

Chi ph d phng
5,000,000

Li vay trong thi gian xy

dng

4,118,184

1,500,000

1,500,000

2,000,000

128,389.91

1,687,420.
06

2,302,374.
46

NGUN VN
105,346,007

Vn gp ca CDT

2,557,895

Thu tin t bn bit th v cn

h

28,644,44
5

45,163,62
6

1,860,000

8,618,000

26,784,445

36,545,626

2,557,895
29,500,000

28,980,04
0
26,942,105

10,478,000

Vn vay
65,368,007

2,037,935

Dng ngn qu d n theo quan im ch u t

S
tt

Din gii

2010

2011

2012

2013

2014

2015

2016

2017

35,974,1
08

26,490,9
86

23,089,2
00

18,151,87
0

35,974,10
8

26,490,98
6

23,089,20
0

18,151,870

24,592,0
58

15,960,1
10

13,451,6
48

7,596,827

24,592,05
8

15,960,11
0

13,451,64
8

7,596,827

11,382,0
50

10,530,8
76

9,637,55
3

10,555,04
3

Quan im tng u t
1

Ngn lu vo
-

Doanh thu

Thu hi VLD
2

Ngn lu ra
2,557,89
5

28,851,65
1

26,957,02
5

42,861,25
2

Chi ph

Thu TNDN
Chi u t ( tr li vay
trong TGXD)
3

Ngn lu rng t do ca
d n

2,557,895

28,851,65
1

26,957,02
5

42,861,25
2

(2,557,89
5)

(28,851,6
51)

(26,957,0
25)

(42,861,2
52)

NPV
44,505,1
51

IRR

10.22%

Quan im ch u t
1

Ngn lu vo
-

2,037,935

26,784,44
5

36,545,62
6

35,974,1
08

26,490,9
86

23,089,2
00

18,151,87
0

35,974,10
8

26,490,98
6

23,089,20
0

18,151,870

33,068,1
10

24,161,6
16

21,378,6
08

15,249,24
2

24,592,05
8

15,960,11
0

13,451,64
8

7,596,827

8476051.
58

8201505.
95

7926960.
32

7652414.6
89

4,357,86
7

4,357,86
7

4,357,86
7

4,357,867

Doanh thu

Thu hi VLD
Nhn n vay

2,037,935

26,784,44
5

36,545,62
6

28,980,04
0

28,644,44
5

45,163,62
6

Ngn lu ra
2,557,89
5
Chi ph

Thu TNDN
Chi u t (TMDT)

Tr n

2,557,895

28,980,04
0

28,644,44
5

45,163,62
6

N gc

Li vay

Ngn lu rng ca ch
s hu

(2,557,89
5)

(26,942,1
05)

(1,860,00
0)

(8,618,00
0)

4,118,18
4

3,843,63
9

3,569,09
3

3,294,548

2,905,99
9

2,329,37
0

1,710,59
2

2,902,629

NPV
37,108,5
46
IRR

11.80%

Bng c lng chi ph

St
t

Chi ph

2014

2015

2016

2017

2018

24,242,0
58

15,960,1
10

13,451,6
48

7,548,1
95

8,924,1
18

USD

992,356

439,628

477,184

Gi vn t bit th

1,606,145

803,072

377,444

425,628

Gi vn t cn h

158,803

106,398

37,319

15,086

Chi ph bn hng v marketing

3% doanh thu chuyn quyn s dng

t

31,082

9,325

13,676

Ph qun l

5% doanh thu chuyn quyn s dng

t

51,803

15,541

22,793

USD

17,927,1
49

9,686,07
0

6,525,02
0

Gi vn xy lp bit th

8,088,189

5,419,08
7

2,022,04
7

647,055

Gi vn xy lp cn h

24,375,463

11,700,2

7,312,63

5,362,60

I.

CHI PH PHN B

Chuyn quyn s dng t

Bn bit th, cn h

Din gii

22

Chi ph bn hng v marketing

3% doanh thu bn nh

302,940

131,769

193,261

Ph qun l

5% doanh thu bn nh

504,900

219,615

322,102

3,129,71
0

3,196,31
6

3,272,62
0

3,711,1
30

4,288,3
68

Khch sn
Chi ph vn hnh

45% DTKS v ti thiu

2700000USD/nm

2,700,00
0

2,700,00
0

2,700,00
0

3,047,46
1

3,521,47
0

Thay th sa cha

5%DTKS

219,240

253,222

292,153

338,607

391,274

Ph qun l c bn

3%DTKS

131,544

151,933

175,292

203,164

234,765

Ph tham gia h thng marketing

1.5%DTKS

65,772

75,967

87,646

101,582

117,382

Ph h thng t phng ton cu

0.3%DTKS

13,154

15,193

17,529

20,316

23,476

544,320

658,627

796,939

964,29
6

1,166,7
98

Bit th cho thu

Chi ph vn hnh

25%DT cho thu bit th

226,800

274,428

332,058

401,790

486,166

Thay th sa cha

5%DT cho thu bit th

45,360

54,886

66,412

80,358

97,233

Thanh ton cho cc ch s hu

cn h

30%DT cho thu bit th

272,160

329,314

398,469

482,148

583,399

447,120

565,607

715,493

905,09
8

1,144,9
49

Cn h cho thu
Chi ph vn hnh

25%DT cho thu cn h

186,300

235,670

298,122

377,124

477,062

Thay th sa cha

5%DT cho thu cn h

37,260

47,134

59,624

75,425

95,412

Thanh ton cho cc ch s hu

cn h

30%DT cho thu cn h

223,560

282,803

357,746

452,549

572,475

n ung

55%DT n ung

996,138

1,172,29
8

1,380,02
3

1,631,4
86

1,926,9
36

Spa, th thao v vui chi gii

tr

35%Dt t spa, th thao v vui chi gii

tr

105,651

124,335

146,366

173,03
6

204,37
2

Khc

55%DT khc

II.

CHI PH KHC
Chi ph khai trng

trn gi

Tin thu t

n nh 5 nm v tng 15%/5 nm

138,002

163,14
9

192,69
4

350,000

48,632

48,632

48,632

48,632

7,596,8
27

8,972,7
50

24,592,0
58
Chi ph

I.

CHI PH PHN B

Chuyn quyn s dng t

117,230

350,000

TOTAL
St
t

99,614

Din gii

13,451,6
48

2019

2020

2021

2022

2023

10,564,8
43

12,159,4
98

14,072,4
57

15,355,5
41

16,380,1
25

4,956,22
9

5,703,72
8

6,601,85
2

7,112,49
6

7,448,89
8

USD

Gi vn t bit th

1,606,145

Gi vn t cn h

158,803

Chi ph bn hng v marketing

3% doanh thu chuyn quyn s

dng t

Ph qun l

5% doanh thu chuyn quyn s

dng t

Bn bit th, cn h (khng

bao gm

15,960,1
10

USD

chuyn quyn s dng t)

Gi vn xy lp bit th

8,088,189

Gi vn xy lp cn h

24,375,463

Chi ph bn hng v marketing

3% doanh thu bn nh

Ph qun l

5% doanh thu bn nh

Khch sn

Chi ph vn hnh

45% DTKS v ti thiu

2700000USD/nm

4,069,89
6

4,683,718

5,421,229

5,840,554

6,116,796

Thay th sa cha

5%DTKS

452,211

520,413

602,359

648,950

679,644

Ph qun l c bn

3%DTKS

271,326

312,248

361,415

389,370

407,786

Ph tham gia h thng marketing

1.5%DTKS

135,663

156,124

180,708

194,685

203,893

Ph h thng t phng ton cu

0.3%DTKS

27,133

31,225

36,142

38,937

40,779

1,411,82
6

1,708,30
9

2,067,05
4

2,333,59
7

2,566,95
6

Bit th cho thu

Chi ph vn hnh

25%DT cho thu bit th

588,261

711,796

861,273

972,332

1,069,565

Thay th sa cha

5%DT cho thu bit th

117,652

142,359

172,255

194,466

213,913

Thanh ton cho cc ch s hu

cn h

30%DT cho thu bit th

705,913

854,155

1,033,527

1,166,798

1,283,478

1,448,36
1

1,584,20
1

1,742,62
1

1,916,88
3

2,108,57
1

Cn h cho thu
Chi ph vn hnh

25%DT cho thu cn h

603,484

660,084

726,092

798,701

878,571

Thay th sa cha

5%DT cho thu cn h

120,697

132,017

145,218

159,740

175,714

Thanh ton cho cc ch s hu

cn h

30%DT cho thu cn h

724,180

792,100

871,310

958,441

1,054,286

n ung

55%DT n ung

2,278,84
7

2,622,80
4

3,035,44
5

3,310,41
8

3,528,59
5

Spa, th thao v vui chi gii

tr

35%Dt t spa, th thao v vui chi

gii tr

241,696

278,176

321,941

351,105

374,245

Khc

55%DT khc

227,885

262,280

303,544

331,042

352,860

II.

CHI PH KHC

55,926

55,926

55,926

55,926

55,926

55,926

55,926

55,926

55,926

55,926

10,620,7

12,215,4

14,128,3

15,411,4

16,436,0

Chi ph khai trng

trn gi

Tin thu t

n nh 5 nm v tng 15%/5 nm

TOTAL

St
t

Chi ph

I.

CHI PH PHN B

Chuyn quyn s dng t

Din gii

24

84

67

52

2024

2025

2026

2027

2028

17,215,5
09

18,066,4
58

19,003,6
83

19,949,8
97

20,915,9
28

7,833,35
8

8,217,81
7

8,650,33
3

9,082,85
0

9,515,36
7

USD

Gi vn t bit th

1,606,145

Gi vn t cn h

158,803

Chi ph bn hng v marketing

3% doanh thu chuyn quyn s

dng t

Ph qun l

5% doanh thu chuyn quyn s

dng t

Bn bit th, cn h (khng

bao gm

69

USD

chuyn quyn s dng t)

Gi vn xy lp bit th

8,088,189

Gi vn xy lp cn h

24,375,463

Chi ph bn hng v marketing

3% doanh thu bn nh

Ph qun l

5% doanh thu bn nh

Khch sn
Chi ph vn hnh

45% DTKS v ti thiu

2700000USD/nm

6,432,50
2

6,748,20
7

7,103,376

7,458,545

7,813,714

Thay th sa cha

5%DTKS

714,722

749,801

789,264

828,727

868,190

Ph qun l c bn

3%DTKS

428,833

449,880

473,558

497,236

520,914

Ph tham gia h thng marketing

1.5%DTKS

214,417

224,940

236,779

248,618

260,457

Ph h thng t phng ton cu

0.3%DTKS

42,883

44,988

47,356

49,724

52,091

Bit th cho thu

2,695,30
4

2,830,06
9

2,971,57
3

3,120,15
1

3,276,15
9

Chi ph vn hnh

25%DT cho thu bit th

1,123,04
3

1,179,19
5

1,238,155

1,300,063

1,365,066

Thay th sa cha

5%DT cho thu bit th

224,609

235,839

247,631

260,013

273,013

Thanh ton cho cc ch s hu

cn h

30%DT cho thu bit th

1,347,65
2

1,415,03
5

1,485,786

1,560,076

1,638,079

2,214,00
0

2,324,70
0

2,444,25
6

2,563,48
8

2,690,17
2

Cn h cho thu
Chi ph vn hnh

25%DT cho thu cn h

922,500

968,625

1,018,440

1,068,120

1,120,905

Thay th sa cha

5%DT cho thu cn h

184,500

193,725

203,688

213,624

224,181

Thanh ton cho cc ch s hu

cn h

30%DT cho thu cn h

1,107,00
0

1,162,35
0

1,222,128

1,281,744

1,345,086

n ung

55%DT n ung

3,708,64
2

3,891,90
4

4,093,92
4

4,297,80
1

4,505,76
9

Spa, th thao v vui chi gii

tr

35%Dt t spa, th thao v vui chi

gii tr

393,341

412,778

434,204

455,827

477,885

Khc

55%DT khc

370,864

389,190

409,392

429,780

450,577

II.

CHI PH KHC

64,315

64,315

64,315

64,315

64,315

64,315

64,315

64,315

64,315

64,315

17,279,8
24

18,130,7
73

19,067,9
98

20,014,2
13

20,980,2
44

2029

2030

2031

2032

2033

21,967,7
80

23,040,4
61

24,200,0
28

25,447,0
51

26,716,6
24

Chi ph khai trng

trn gi

Tin thu t

n nh 5 nm v tng 15%/5 nm

TOTAL
St
t

Chi ph

I.

CHI PH PHN B

Chuyn quyn s dng t

Din gii

USD

Gi vn t bit th

1,606,145

Gi vn t cn h

158,803

Chi ph bn hng v marketing

3% doanh thu chuyn quyn s

dng t

Ph qun l

5% doanh thu chuyn quyn s

dng t

Bn bit th, cn h (khng

bao gm

USD

chuyn quyn s dng t)

Gi vn xy lp bit th

8,088,189

Gi vn xy lp cn h

24,375,463

Chi ph bn hng v marketing

3% doanh thu bn nh

Ph qun l

5% doanh thu bn nh

Khch sn

9,995,94
1

10,476,5
15

11,005,1
46

11,581,8
35

12,158,5
24

Chi ph vn hnh

45% DTKS v ti thiu

2700000USD/nm

8,208,34
6

8,602,97
8

9,037,073

9,510,631

9,984,190

Thay th sa cha

5%DTKS

912,038

955,886

1,004,119

1,056,737

1,109,354

Ph qun l c bn

3%DTKS

547,223

573,532

602,472

634,042

665,613

Ph tham gia h thng marketing

1.5%DTKS

273,612

286,766

301,236

317,021

332,806

Ph h thng t phng ton cu

0.3%DTKS

54,722

57,353

60,247

63,404

66,561

3,439,96
7

3,611,96
5

3,792,56
3

3,982,19
2

4,181,30
1

Bit th cho thu

Chi ph vn hnh

25%DT cho thu bit th

1,433,31
9

1,504,98
5

1,580,235

1,659,246

1,742,209

Thay th sa cha

5%DT cho thu bit th

286,664

300,997

316,047

331,849

348,442

Thanh ton cho cc ch s hu

30%DT cho thu bit th

1,719,98

1,805,98

1,896,282

1,991,096

2,090,651

cn h

Cn h cho thu

2,824,30
8

2,965,89
6

3,114,93
6

3,271,42
8

3,435,37
2

Chi ph vn hnh

25%DT cho thu cn h

1,176,79
5

1,235,79
0

1,297,890

1,363,095

1,431,405

Thay th sa cha

5%DT cho thu cn h

235,359

247,158

259,578

272,619

286,281

Thanh ton cho cc ch s hu

cn h

30%DT cho thu cn h

1,412,15
4

1,482,94
8

1,557,468

1,635,714

1,717,686

n ung

55%DT n ung

4,732,40
2

4,963,33
7

5,213,15
6

5,481,97
7

5,755,45
5

Spa, th thao v vui chi gii

tr

35%Dt t spa, th thao v vui chi

gii tr

501,921

526,415

552,910

581,422

610,427

Khc

55%DT khc

473,240

496,334

521,316

548,198

575,545

II.

CHI PH KHC

73,963

73,963

73,963

73,963

73,963

73,963

73,963

73,963

73,963

73,963

22,041,7
42

23,114,4
24

24,273,9
90

25,521,0
14

26,790,5
87

2034

2035

2036

2037

2038

28,009,3
79

29,456,9
95

30,939,0
74

32,436,5
00

34,100,9
06

Chi ph khai trng

trn gi

Tin thu t

n nh 5 nm v tng 15%/5 nm

TOTAL
St
t

Chi ph

I.

CHI PH PHN B

Chuyn quyn s dng t

Din gii

USD

Gi vn t bit th

1,606,145

Gi vn t cn h

158,803

Chi ph bn hng v marketing

3% doanh thu chuyn quyn s

dng t

Ph qun l

5% doanh thu chuyn quyn s

dng t
2

Bn bit th, cn h (khng

bao gm

USD

chuyn quyn s dng t)

Gi vn xy lp bit th

8,088,189

Gi vn xy lp cn h

24,375,463

Chi ph bn hng v marketing

3% doanh thu bn nh

Ph qun l

5% doanh thu bn nh

Khch sn

12,735,2
13

13,408,0
17

14,080,8
21

14,753,6
24

15,522,5
43

Chi ph vn hnh

45% DTKS v ti thiu

2700000USD/nm

10,457,7
48

11,010,2
33

11,562,71
8

12,115,20
2

12,746,61
4

Thay th sa cha

5%DTKS

1,161,97
2

1,223,35
9

1,284,746

1,346,134

1,416,290

Ph qun l c bn

3%DTKS

697,183

734,016

770,848

807,680

849,774

Ph tham gia h thng marketing

1.5%DTKS

348,592

367,008

385,424

403,840

424,887

Ph h thng t phng ton cu

0.3%DTKS

69,718

73,402

77,085

80,768

84,977

4,390,36
6

4,609,88
4

4,840,37
9

5,082,39
8

5,336,51
8

Bit th cho thu

Chi ph vn hnh

25%DT cho thu bit th

1,829,31
9

1,920,78
5

2,016,824

2,117,666

2,223,549

Thay th sa cha

5%DT cho thu bit th

365,864

384,157

403,365

423,533

444,710

Thanh ton cho cc ch s hu

cn h

30%DT cho thu bit th

2,195,18
3

2,304,94
2

2,420,189

2,541,199

2,668,259

3,606,76
8

3,785,61
6

3,979,36
8

4,173,12
0

4,381,77
6

1,502,82

1,577,34

1,658,070

1,738,800

1,825,740

Cn h cho thu
Chi ph vn hnh

25%DT cho thu cn h

Thay th sa cha

5%DT cho thu cn h

300,564

315,468

331,614

347,760

365,148

Thanh ton cho cc ch s hu

cn h

30%DT cho thu cn h

1,803,38
4

1,892,80
8

1,989,684

2,086,560

2,190,888

n ung

55%DT n ung

6,033,71
9

6,345,84
8

6,665,09
3

6,987,50
8

7,346,28
9

Spa, th thao v vui chi gii

tr

35%Dt t spa, th thao v vui chi

gii tr

639,940

673,044

706,904

741,099

779,152

Khc

55%DT khc

603,372

634,585

666,509

698,751

734,629

II.

CHI PH KHC

85,057

85,057

85,057

85,057

85,057

85,057

85,057

85,057

85,057

85,057

28,094,4
36

29,542,0
52

31,024,1
31

32,521,5
57

34,185,9
63

Chi ph khai trng

trn gi

Tin thu t

n nh 5 nm v tng 15%/5 nm

TOTAL

_______Ht ________