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  1. #1

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    Walt Disney Co. plans to inject capital for expansion

    美迪士尼擬注資
    改善港樂園財政

    【明報專訊】香港迪士尼樂園正面對現金流需要改善的壓力。 作為大股東的特區政府下周將要與另一股東美國迪士尼公司商討解決方法,其中包括由美國迪士尼公司直接注資, 並把部分貸款轉為股本,但同一時間,為了確保特 區政府的大股東地位不變,政府亦會考慮把部分貸款轉為股本。不過,了解情的官員強調,香港迪士尼公司並沒 有短期的財政壓力。


    美國迪士尼公司昨日公布的全球第二季業績報告顯示,集團盈利為9.31億美元(約72.6億港元),按年升 27%,而樂園收入亦有9%增長,但香港則出現下跌。截至去年9月30日,香港迪士尼的借貸總額為32.4 億美元,而手頭現金有5.9億美元。
    部分貸款轉為股本


    香港迪士尼回應時承認,首季入場人次與消費遜預期,故會繼續專注改善。樂園會先覑手推行各項市場推廣策略, 吸引遊人及應各個市場的季節性影響,探討未來如何擴建。
    樂園與美國迪士尼公司及港府正商討各個融資方案,以支持樂園的長遠財務發展及日常營運,但商討不涉及政府注 入額外資金。


    政府稱不注資 避免申撥款


    知情官員透露,特區政府明言不作進一步注資,是因為不想向立法會申請新撥款,以免問題政治化。正因如此,一個解決方法是由美國迪士尼以股東貸款形式注資,然後把貸款轉為股 本。而為了確保政府的股權不會因而被分薄,政府亦會考慮把部分貸款轉為股本。具體安排則要進一 步磋商。
    學者料營運資金錯配


    旅遊事務署表示,會與迪士尼商討各種財務安排,興建新景點及設施,但強調無計劃動用公帑增加在樂園的投資, 至於股權變動等問題,目前屬言之過早。


    中 大工商管理學院副教授蘇偉文說,雖然不清楚香港迪士尼是否賺錢,但若融資方案的資金是用作日常營運,可能是 樂園流動資金較緊張。他解釋,樂園有遊樂設施維 修等固定成本,而且樂園仍屬開業初期,需要增加設施賣點等,若公用機構的流動資金強勁便可足以蓋過這些支出 ,故可顯示它的營運資金出現錯配或有壓力。
    Source : Mingpao News

    According to Mingpao News

    Walt Disney Co. is considering injecting capital into HKDL.

    HK Government and Walt Disney Co will engage in a discussion next week to discuss how to improve situations at HKDL. One of the options involved would be direct injecting capital into the Joint venture by Walt Disney Co.

    and Representative from HK Tourism Commission says it is too early to say if there would be any change of shares structure and how new financing would be done.
    Last edited by HongKongDisneyland; 05-10-2007 at 01:44 AM.

  2. #2

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    Re: Walt Disney Co. plans to inject capital for expansion

    But if Walt Disney Co inject capital into HKDL, then it will increase its shareholding in the joint venture company HK Theme Parks Int'l Ltd. HK govt wants to remain as the majority shareholder, therefore it will also conisder turning its loan into shares. HK govt is reluctant to invest more because they will have to go to Legco to ask for funding, then all the finances of HKDL will have to be made public.

    I say HK govt to takeover HKDL from Walt Disney Co because WDC really isn't moving in the right direction. HK govt should buy WDC out, turn the park around and then float it on the HK Stock Exchange.

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