383中国航空油料(新加坡)有限公司战略

中国航空油料（新加坡）有限公司,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,中国航空油料,(,新加坡,),为快速成长的中国航空产业加油！,1,演讲概要,第一局部 我们是谁,第二局部 独特的业务,第三局部 高速成长的经营记录,第四局部 公司成长战略,第五局部 总结,第六局部 发行数据,2,我们是谁,Section,1,3,我们是谁,中国民用航空产业,的,独家航空用油提供商,Who We Are,4,业,务,国际贸易,Jet Fuel Procurement,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,有方案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,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品种类,2000,实施风险管理,Who We Are,6,独特的业务,Section 2,7,CAOs Uniqueness,Leveraging On the Growing Chinese,Aviation Industry,惟一的航油进口商,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,8,Leveraging On the Growing Chinese Aviation Industry,Our Unique Business,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,Leveraging On the Growing Chinese Aviation Industry,Our Unique,Business,1993,年以来中国已经成为纯原油进口国家,Petroleum Demand Outstrips Supply In The Long-Term,0,2,000,4,000,6,000,8,000,10,000,12,000,产量,消耗,Source:,能源信息署,US(EIA),10,Leveraging On the Growing Chinese Aviation Industry,Our Unique Business,Source:Civil Aviation Administration of China,Million MT,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%,11,Our Unique Business,Short haul consumes more jet fuel per km,Independent of world trends,New order for 30 Boeing a/c Oct 2001,Expected 500 a/c in,the next 5-7years,受,国内航空旅游成长带动,Leveraging On the Growing Chinese Aviation Industry,Source:,1.,波音公司,2.,联合早报,国内航空旅游乘客数量增长,12,Leveraging On the Growing Chinese Aviation Industry,Our Unique Business,Solid Growth Potential,人口,(,十亿,),航油消耗,航空机场,飞机,18,443,0.28(,十亿,),美国,中国,219,646,72.9(Mil MT),949,149,4.6(Mil MT),1.25(,十亿,),Source:Dept.of Transportation of USA,Energy Information Administration of USD and Civil Aviation Administration of China,注：所有的数据均截至,1999,年底,13,Sole Jet Fuel Importer,Our Unique Business,CAO is currently 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),14,No Negative Impact,More Benefits,中国参加WTO将积极带动我们的业务,Indonesia is a WTO,member earlier than,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,Sole Jet Fuel Importer,Our Unique Business,15,Sole 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,Jet 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 operational inefficiency,16,Proposed Acquisition of Pudong Aviation Fuel Corporation,Our Unique Business,Exclusive 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 Potential,17,Proven Track Record,Section 3,18,Financial Performance,Proven Track Record,40,6.4,8.8,13.5,0,5,10,15,20,25,30,35,40,45,50,1998,1999,2000,2001 Forecast,S$Mil,Increasing Profit After Tax,CAGR 84%,19,经营财务业绩,Proven Track Record,1998,1999,2000,2001,预测,1,085,170.7,414.5,963.7,0,200,400,600,800,1000,1200,1400,强劲的收入增长速度,(Physical Cargo),新加坡元：百万,复合增长率,85%,20,Financial Performance,Proven Track Record,Growing Procurement and Trading Volume,Million MT,复合增长率,66%,21,Financial Performance,Proven Track Record,No Gearing,没有坏账,不断增长的现金,22,成长战略,Section,4,23,Strategies For Growth,Growth Strategy,Investments,Fuel facilities and end users,-complementary to procurement/trading business,Jet Fuel Procurement,Maintain and increase profit margin,战略,Geographical Expansion,USA/Europe,New market and end users,24,总结,Section 6,25,Summary,Summary,中国,Sole Importer,浦东,26,袁同舟 国泰君安香港融资有限公司,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,8064,万,历,史市盈率,:18.1,预测,市盈率,:6.2,Gross Dividend Yield:5.0%,28,Use of Proceeds,Summary,Net 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 Europe within the next two years;and,S$4.1 million for working capital,29,重要日期,Summary,开始,:2001,年,11,月,26,日,星期一,12 noon,结,束,