中国航空油料公司成长战略

中国航空油料(新加坡)有限公司为快速成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成长的经营记录第四部分公司成长战略第五部分总结第六部分发行数据2我们是谁Section13我们是谁中国民用航空产业的独家航空用油提供商WhoWeAre4业务国际贸易JetFuelProcurement浦东&香港

航油提供业务风险较低，并能够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计划的投资将加强我们的业务并为业务带来更多的成长我们是谁5发展历程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品种类2000实施风险管理WhoWeAre6独特的业务Section27CAO’sUniqueness

LeveragingOntheGrowingChineseAviationIndustry惟一的航油进口商OurUnique

Business

ProposedAcquisitionofaStakeinShanghaiPudongInternationalAirportAviationFuelSupplyCorporationLtd.

---中国利润最丰厚的航油企业8LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusiness

GDP增长将达到7%或更高,部分年份可能超过10%-

远东经济概览外汇储备将超过2000亿美元,2002年中国居民存款将超过4000亿美元-联合早报

2012年前中国将超越日本和德国成为全球第二大贸易国家，在2016年前将成为全球最大的贸易国家-联合早报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

LeveragingOntheGrowingChineseAviationIndustry

OurUnique

Business1993年以来中国已经成为纯原油进口国家PetroleumDemandOutstripsSupplyInTheLong-Term02,0004,0006,0008,00010,00012,000产量消耗Source:能源信息署,US(EIA)10LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusinessSource:CivilAviationAdministrationofChinaMillionMT不断增长的航油进口预计2000年及以后年复合增长率达到16%11OurUniqueBusinessShorthaulconsumesmorejetfuelperkmIndependentofworldtrendsNeworderfor30Boeinga/cOct2001Expected500a/cinthenext5-7years受国内航空空旅游成成长带动动LeveragingOntheGrowingChineseAviationIndustrySource:1.波音公司2.联合早报国内航空旅游乘客数量增长12LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusinessSolidGrowthPotential人口(十亿)航油消耗航空机场飞机18,4430.28(十亿)美国中国219,64672.9(MilMT)9491494.6(MilMT)1.25(十亿)

Source:Dept.ofTransportationofUSA,EnergyInformationAdministrationofUSDandCivilAviationAdministrationofChina注：所有的数据均截至1999年底13SoleJetFuelImporterOurUniqueBusinessCAOiscurrentlytheonlywholly-ownedoverseassubsidiaryofCAOSCCAOSCcommittednottosetupanothercompanytocompetewithCAOChairmanandothernon-executiveDirectorsofCAOarekeyexecutivesofCAOSC母公司的的有利支支持(CAOSC)14NoNegativeImpactMoreBenefits中国加入入WTO将积极带带动我们们的业务务

IndonesiaisaWTOmemberearlierthanChina,itsjetfuelsupplyiscontrolledbyitsnationaloilcompany-Highentrybarrierstopotentialjetfuelsupplierstoaccesstoinfrastructure-Proventrackrecordasanicheplayerwillbeabletowithstandforeigncompetition-更多的航油消耗a.进口和出口货物b.商务旅行c.由乘坐火车改为飞机提高进口配额将增加更多对海外航油的需求SoleJetFuelImporterOurUniqueBusiness15SoleJetFuelImporterOurUniqueBusinessTheannouncementofmergerofCAOSCandCASCimplytheemphasisplacedbygovernmentontheeconomicscaleThesmallvolumeofcurrentjetfuelconsumptionisnotjustifiedformanyplayers,economicscaleiskeyJetfuelisanationalstrategicresource,webelievethatgovernmentwillpayattentiontothesupplyofjetfuelParent’’sControllingPositionWillBeLikelyMaintainedCurrentjetfuelsupplyinfrastructureiscompleteandsystematic,breakingsuchasystemwillnotcreatecompetition,butoperationalinefficiency16ProposedAcquisitionofPudongAviationFuelCorporationOurUniqueBusinessExclusiverightinsupplyingjetfuelinPudongInternationalAirportOwnthesolejetfuelsupplyinginfrastructureLowmaintenancecostandrepairexpensesPudongvsChicagoAttractiveBusinessGreatPotential17ProvenTrackRecordSection318FinancialPerformanceProvenTrackRecord406.48.813.5051015202530354045501998199920002001ForecastS$’MilIncreasingProfitAfterTaxCAGR84%19经营财财务业业绩ProvenTrackRecord1998199920002001预测1,085170.7414.5963.70200400600800100012001400强劲的收入增长速度(PhysicalCargo)新加坡元：百万复合增增长率率85%20FinancialPerformanceProvenTrackRecordGrowingProcurementandTradingVolumeMillionMT复合增增长率率66%21FinancialPerformanceProvenTrackRecordNoGearing没有坏坏账不断增增长的的现金金22成长战战略Section423StrategiesForGrowthGrowthStrategyInvestmentsFuelfacilitiesandendusers-complementarytoprocurement/tradingbusinessJetFuelProcurementMaintainandincreaseprofitmargin战略GeographicalExpansionUSA/EuropeNewmarketandendusers24总结Section625SummarySummary中国SoleImporter浦东26袁同舟舟国国泰泰君安安香港港融资资有限限公司司27发行数数据Summary发行规规模:1.44亿新股股-10mlnpublicoffershares-134mlnplacementshares发行价:新加坡元0.56元每股融资额:新加坡元8064万历史市盈率:18.1预测市盈率:6.2GrossDividendYield:5.0%28UseofProceedsSummaryNetProceedsofapproximatelyS$76.6million:S$57.0millionforfutureexpansionthroughjointventuresand/orstrategicinvestmentsinChinaandHongKong;S$15.5milliontoacquirecom