129779321223281250_23CITs voted heavily bet tax-free business company planning to create the second core business
In the CITs in the future strategy, travel services and the tax-free business is the main business of CITs (601,888.
SH) is to develop the duty-free business. On March 29, the CITs announcement said, have been endorsed by the two motions: the first is about the company's investment in Sanya haitang Bay international shopping centre project in motion; the second was changed part of the company to raise capital investment projects and the use ofRaise money for the motion. The national travel was big.
Sanya haitang Bay international shopping center as a whole (the "Mall") total investment of 3.451 billion yuan, construction construction planned to start in 2012, a two-year construction period, is expected in 2014 opened operations in the 4th quarter. On October 31 last year, CITS subsidiaries CITs (Sanya) investmentsExhibitions Ltd Sanya haitang Bay made commercial (tourism) to State-owned land use right, covering an area of about 192600 square meters, sold for $ 918 million. 3.451 billion yuan of total investment in the project mentioned above only includes the shopping center 415 million land acquisition and related taxes, another $ 500 million in land prices is not included, actually the entire project packageEnclosed land acquisition costs more than 4 billion were spent. According to the 2011 earnings before you travel to countries express, CITS operating profit but for the entire 2011 year 1.07 billion.
Travel to such a big investment abroad on the tax-free business seriously. CITs Tung MI Xue Jun told journalists in an interview with this statement: "compared with the past business dispersed, travel to countries in the future will focus onDuty-free business, we need to consider the profitability of business, and to focus on our core business.
"Previously, CITS has tasted the taste of the duty-free business. On March 24 last year, China's Ministry of Finance issued on Hainan Island passenger pilot of duty-free shopping policy notice, granted in Hainan "Islands duty free" policy. Benefit from this policy, State owned from Sanya travelTax shop as a pilot policy, officially launched on April 20 last year.
According to Haikou customs statistics, from April 20 until the end of November last year, the officers have supervision duty free shops on the Islands in passenger sales of duty-free goods, Sanya, 1.2 million, 390,000 passengers in the number purchased, $ 780 million in sales, sales of more than 6 million dollars a day on average. 3.451 billion yuan of funds toSource for CITs, pulled out in 2011 �C four times the profit amount to bet on the Mall, not only requires courage, money is the problem. More than 4 billion of investment, CITs have to compress or stop additional business investments and concentrate development tax allowances. Change some of this by considering raising capital investment project is the shopping center for financingPreparation. According to the plan, the shopping center investment is divided into three parts: includes initial working capital investment, development and construction of the shopping center, logistics base-building investment.
3.451 billion of total investment in the 1.35 billion used to raise funds for investment in the development and construction, less than some later raise resolved.
Sources include two parts of the above 1.35 billion. The first part ofCITs uses planned for domestic travel agency network, overseas travel clothing brand network construction, tax agents, ocean shipping supply, national membership marketing project of the five projects to raise money to do some changes to project or simply stop. Plans to invest $ 893 million development of the above five items, in fact at the end of 2011
tera power leveling, only 152 million investment inIncluding domestic, overseas travel agency network projects and ocean shipping supply items. Only invest a further $ 198 million in the future.
Remaining 540 million raised in addition to the 50 million capital increase and China travel Express, three subsidiaries, 490 million for all other haitang Bay shopping center. Another part is the use of the proceeds of 792 million and raise money at the end of 2011, the company remainsNet interest income of $ 68 million
tera gold, a total of 860 million.
Xue Jun, said gap funding will be in the future, for example through the issuance of capital market instruments to achieve. In the CITs in the future strategy, travel services and the tax-free business is the main business. Investment plans, investment plans at 656 million in its domestic and international travel business, 73% per cent of investments are expected. But for theThe duty-free business, travel agency investments are also subject to compression, only 301 million.
Planned investments of close to $ 100 million tax clothing brand agent simply stops, CITs are found in the early exploration of the reasons for its company main quality resources is difficult to achieve synergy in the agency business, business competition is too intense. "By exploring, we found travel advantage is notTax business, but rather duty-free business, so the business is not doing.
"Xue Jun said.
Temptation of tax-free business travel confidently set all resources preparing for the duty-free business, seems determined to have, and could not avoid the risk. According to their risk, haitang Bay and now no implementing outlying islands duty-free shopping policy have yet to be relevant competent ministries under the State Council for approval, and on timeThere is also uncertainty. However, Xue Jun believes that implementing outlying islands of Hainan Island tax credit compared haitang Bay applications much easier. "Islands of Hainan Island duty-free is a national policy, haitang Bay, this shopping center is sought can after we implemented this policy is good, this is a shop for approval, much smaller than the risk policy approval. "Xue Jun view, haitang Bay of IslandsDuty-free shopping policy should at least be built only after approval at the Mall, "have to have something to batch. Not completed could not come to naught to approval. As to the question everyone is worried that earnings, our duty free shop is also built up losses of Sanya City policy in two years, had resulted in profit a year. So we think the tax exemption must be profit in the future, will stick to it. "Estimation of a Pacific consumer survey conducted by Davis, current capacity of 7.9 billion yuan Sanya duty-free market, 2014 is expected to exceed 10 billion dollars.
CITs is the eye to the billions of duty-free markets. "The CITs review 2011 does not, income is a travel agency business, but on the profit ratio, highest tax-free business. "Xue Jun said. National travel 2011.5 years reported operating income $ 5.05 billion, net income of $ 331 million.
Only its a duty free shop in Sanya achieved sales of $ 228 million
tera gold, $ 48.9406 million net profit, net profit of 15% in the same period. Xue Jun, is working with the Department on duty free quota issues, "are now in the pilot phase, the futureDepartments may take into account the consumer and our business idea, examination and approval departments will care for our needs.
We are actively seeking to limit ". According to the plan, haitang Bay shopping center operation period of return of 10.3 years.
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