中国航空油料(新加坡)有限公司战略ppt课件

1、中国航空油料 (新加坡)为快速生长的中国航空产业加油！1演讲概要第一部分 我们是谁第二部分 独特的业务第三部分 高速生长的运营记录第四部分 公司生长战略第五部分 总结第六部分 发行数据2我们是谁Section 13我们是谁中国民用航空产业的独家航空用油提供商Who We Are4业务 国际贸易Jet Fuel Procurement浦东&香港 航油提供业务风险较低，并可以提供稳定的收益增长国际贸易建立在航油提供业务之上有方案的投资将加强我们的业务并为业务带来更多的生长我们是谁5开展历程1993在新加坡成立了合资企业1995成为 CAOSC的全资子公司1998扭亏为盈1999扩展业务市场区域和产

2、品种类2000实施风险管理Who We Are6独特的业务Section 27CAOs Uniqueness Leveraging On the Growing Chinese Aviation Industry 独一的航油进口商Our Unique Business Proposed Acquisition of a Stake in Shanghai Pudong International Airport Aviation Fuel Supply Corporation Ltd. - 中国利润最丰厚的航油企业8Leveraging On the Growing Chinese Aviat

3、ion IndustryOur Unique Business GDP 增长将到达 7% 或更高, 部分年份能够超越 10%- 远东经济概览外汇贮藏将超越2000亿美圆, 2002年中国居民存款将超越4000亿美圆- 结合早报 2021年前中国将超越日本和德国成为全球第二大贸易国家，在2021年前将成为全球最大的贸易国家- 结合早报2020年前中国将成为与美国一样的市场经济实体- 世界银行中国经济增长的宏图9 Leveraging On the Growing Chinese Aviation Industry Our Unique Business1993年以来中国曾经成为纯原油进口国家Pe

4、troleum Demand Outstrips Supply In The Long-Term02,0004,0006,0008,00010,00012,000产量耗费Source: 能源信息署, US (EIA)10Leveraging On the Growing Chinese Aviation IndustryOur Unique BusinessSource: Civil Aviation Administration of ChinaMillion MT不断增长的航油进口 估计2000年及以后年复合增长率到达16%11Our Unique BusinessShort haul c

5、onsumes more jet fuel per kmIndependent of world trendsNew order for 30 Boeing a/c Oct 2001Expected 500 a/c in the next 5-7years受国内航空旅游生长带动Leveraging On the Growing Chinese Aviation IndustrySource: 1. 波音公司2. 结合早报国内航空旅游乘客数量增长12Leveraging On the Growing Chinese Aviation IndustryOur Unique BusinessSoli

6、d Growth Potential人口 (十亿)航油耗费航空机场飞机18,4430.28 (十亿)美国中国219,64672.9 (Mil MT)9491494.6 (Mil MT)1.25 (十亿) Source: Dept. of Transportation of USA, Energy Information Administration of USD and Civil Aviation Administration of China注：一切的数据均截至1999年底13Sole Jet Fuel ImporterOur Unique Business CAO is currentl

7、y the only wholly-owned overseas subsidiary of CAOSC CAOSC committed not to set up another company to compete with CAO Chairman and other non-executive Directors of CAO are key executives of CAOSC 母公司的有利支持 (CAOSC)14No Negative ImpactMore Benefits中国参与WTO将积极带动我们的业务 Indonesia is a WTO member earlier th

8、an China, its jet fuel supply is controlled by its national oil company - High entry barriers to potential jet fuel suppliers to access to infrastructure- Proven track record as a niche player will be able to withstand foreign competition- 更多的航油耗费 a. 进口和出口货物 b. 商务游览 c. 由乘坐火车改为飞机 提高进口配额将添加更多对海外航油的需求S

9、ole Jet Fuel ImporterOur Unique Business15Sole Jet Fuel Importer Our Unique Business The announcement of merger of CAOSC and CASC imply the emphasis placed by government on the economic scale The small volume of current jet fuel consumption is not justified for many players, economic scale is key Je

10、t fuel is a national strategic resource, we believe that government will pay attention to the supply of jet fuel Parents Controlling Position Will Be Likely Maintained Current jet fuel supply infrastructure is complete and systematic, breaking such a system will not create competition, but operation

11、al inefficiency 16Proposed Acquisition of Pudong Aviation Fuel Corporation Our Unique BusinessExclusive right in supplying jet fuel in Pudong International Airport Own the sole jet fuel supplying infrastructure Low maintenance cost and repair expenses Pudong vs Chicago Attractive Business Great Pote

12、ntial17Proven Track RecordSection 318Financial PerformanceProven Track Record406.48.813.5051015202530354045501998199920002001 ForecastS$ MilIncreasing Profit After TaxCAGR 84%19运营财务业绩Proven Track Record1998199920002001 预测1,085170.7414.5963.70200400600800100012001400强劲的收入增长速度 (Physical Cargo)新加坡元：百万复

13、合增长率 85%20Financial PerformanceProven Track RecordGrowing Procurement and Trading VolumeMillion MT复合增长率 66%21Financial PerformanceProven Track RecordNo Gearing没有坏账不断增长的现金22生长战略Section 423Strategies For GrowthGrowth StrategyInvestmentsFuel facilities and end users -complementary to procurement / trad

14、ing businessJet Fuel Procurement Maintain and increase profit margin战略Geographical ExpansionUSA/EuropeNew market and end users24总结Section 625SummarySummary 中国 Sole Importer 浦东26袁同舟 国泰君安香港融资27发行数据Summary发行规模: 1.44 亿新股- 10 mln public offer shares- 134 mln placement shares 发行价: 新加坡元0.56 元每股融资额 : 新加坡元80

15、64 万历史市盈率 : 18.1预测市盈率 : 6.2Gross Dividend Yield : 5.0%28Use of ProceedsSummaryNet Proceeds of approximately S$76.6 million:S$57.0 million for future expansion through joint ventures and/or strategic investments in China and Hong Kong;S$15.5 million to acquire companies and/or set up subsidiaries in USA and Europ