中國航空油料(新加坡)有限公司為快速成長的中國航空產(chǎn)業(yè)加油！1演講概要第一部分我們是誰第二部分獨(dú)特的業(yè)務(wù)第三部分高速成長的經(jīng)營記錄第四部分公司成長戰(zhàn)略第五部分總結(jié)第六部分發(fā)行數(shù)據(jù)2我們是誰Section13我們是誰中國民用航空產(chǎn)業(yè)的獨(dú)家航空用油提供商WhoWeAre4業(yè)務(wù)國際貿(mào)易JetFuelProcurement浦東&香港

航油提供業(yè)務(wù)風(fēng)險較低，并能夠提供穩(wěn)定的收益增長國際貿(mào)易建立在航油提供業(yè)務(wù)之上有計劃的投資將加強(qiáng)我們的業(yè)務(wù)并為業(yè)務(wù)帶來更多的成長我們是誰5發(fā)展歷程1993在新加坡成立了合資企業(yè)1995成為CAOSC的全資子公司1998扭虧為盈1999擴(kuò)展業(yè)務(wù)市場區(qū)域和產(chǎn)品種類2000實施風(fēng)險管理WhoWeAre6獨(dú)特的業(yè)務(wù)Section27CAO’sUniqueness

LeveragingOntheGrowingChineseAviationIndustry惟一的航油進(jìn)口商OurUnique

Business

ProposedAcquisitionofaStakeinShanghaiPudongInternationalAirportAviationFuelSupplyCorporationLtd.

---中國利潤最豐厚的航油企業(yè)8LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusiness

GDP增長將達(dá)到7%或更高,部分年份可能超過10%-

遠(yuǎn)東經(jīng)濟(jì)概覽外匯儲備將超過2000億美元,2002年中國居民存款將超過4000億美元-聯(lián)合早報

2012年前中國將超越日本和德國成為全球第二大貿(mào)易國家，在2016年前將成為全球最大的貿(mào)易國家-聯(lián)合早報2020年前中國將成為與美國一樣的市場經(jīng)濟(jì)實體-世界銀行中國經(jīng)濟(jì)增長的宏圖9

LeveragingOntheGrowingChineseAviationIndustry

OurUnique

Business1993年以來中國已經(jīng)成為純原油進(jìn)口國家PetroleumDemandOutstripsSupplyInTheLong-Term02,0004,0006,0008,00010,00012,000產(chǎn)量消耗Source:能源信息署,US(EIA)10LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusinessSource:CivilAviationAdministrationofChinaMillionMT不斷增長的航油進(jìn)口預(yù)計2000年及以后年復(fù)合增長率達(dá)到16%11OurUniqueBusinessShorthaulconsumesmorejetfuelperkmIndependentofworldtrendsNeworderfor30Boeinga/cOct2001Expected500a/cinthenext5-7years受國內(nèi)航空旅游成長帶動LeveragingOntheGrowingChineseAviationIndustrySource:1.波音公司2.聯(lián)合早報國內(nèi)航空旅游乘客數(shù)量增長12LeveragingOntheGrowingChineseAviationIndustryOurUniqueBusinessSolidGrowthPotential人口(十億)航油消耗航空機(jī)場飛機(jī)18,4430.28(十億)美國中國219,64672.9(MilMT)9491494.6(MilMT)1.25(十億)

Source:Dept.ofTransportationofUSA,EnergyInformationAdministrationofUSDandCivilAviationAdministrationofChina注：所有的數(shù)據(jù)均截至1999年底13SoleJetFuelImporterOurUniqueBusiness

CAOiscurrentlytheonlywholly-ownedoverseassubsidiaryofCAOSC

CAOSCcommittednottosetupanothercompanytocompetewithCAO

Chairmanandothernon-executiveDirectorsofCAOarekeyexecutivesofCAOSC

母公司的有利支持(CAOSC)14NoNegativeImpactMoreBenefits中國加入WTO將積極帶動我們的業(yè)務(wù)

IndonesiaisaWTOmemberearlierthanChina,itsjetfuelsupplyiscontrolledbyitsnationaloilcompany-Highentrybarrierstopotentialjetfuelsupplierstoaccesstoinfrastructure-Proventrackrecordasanicheplayerwillbeabletowithstandforeigncompetition-更多的航油消耗a.進(jìn)口和出口貨物b.商務(wù)旅行c.由乘坐火車改為飛機(jī)提高進(jìn)口配額將增加更多對海外航油的需求SoleJetFuelImporterOurUniqueBusiness15SoleJetFuelImporterOurUniqueBusiness

TheannouncementofmergerofCAOSCandCASCimplytheemphasisplacedbygovernmentontheeconomicscale

Thesmallvolumeofcurrentjetfuelconsumptionisnotjustifiedformanyplayers,economicscaleiskey

Jetfuelisanationalstrategicresource,webelievethatgovernmentwillpayattentiontothesupplyofjetfuelParent’sControllingPositionWillBeLikelyMaintained

Currentjetfuelsupplyinfrastructureiscompleteandsystematic,breakingsuchasystemwillnotcreatecompetition,butoperationalinefficiency

16ProposedAcquisitionofPudongAviationFuelCorporation

OurUniqueBusinessExclusiverightinsupplyingjetfuelinPudongInternationalAirport

Ownthesolejetfuelsupplyinginfrastructure

Lowmaintenancecostandrepairexpenses

PudongvsChicago

AttractiveBusiness

GreatPotential17ProvenTrackRecordSection318FinancialPerformanceProvenTrackRecord406.48.813.5051015202530354045501998199920002001ForecastS$’MilIncreasingProfitAfterTaxCAGR84%19經(jīng)營財務(wù)業(yè)績ProvenTrackRecord1998199920002001預(yù)測1,085170.7414.5963.70200400600800100012001400強(qiáng)勁的收入增長速度(PhysicalCargo)新加坡元：百萬復(fù)合增長率85%20Fina貪ncia快lPe功rfor檔manc肉ePro旺ven含Tr蹈ack限Re叢cor化dGro鵲win張gP燃roc融ure穴men續(xù)ta編nd世Tra掌din純gV種olu啟meMil尺lio姿nM次T復(fù)合增長透率66%21Fin千anc營ial曠Pe遲rfo景rma勿ncePro朽ven類Tr鋤ack飼Re消cor婚dNoG澇eari沾ng沒有壞賬不斷增積長的現(xiàn)無金22成長戰(zhàn)略Sec浙tio系n423Stra鋤tegi均esF疑orG冠rowt搏hGro開wth厭St但rat申egyInvestmentsFuelfacilitiesandendusers-complementarytoprocurement/tradingbusinessJetFuelProcurementMaintainandincreaseprofitmargin戰(zhàn)略GeographicalExpansionUSA/EuropeNewmarketandendusers24總結(jié)Sect慚ion嘴625Summ寄arySumm合ary中國Sol行eI哥mpo剝rte輝r浦東26袁同舟字國泰君麗安香港合融資有雄限公司27發(fā)行數(shù)笨據(jù)Summ目ary發(fā)行規(guī)商模:上1.44億新股-你10m扎lnp循ubli漏cof頂fer讓shar碰es-燃134次mln民plac岔emen裁tsh時ares發(fā)行價:新加坡元0.5念6元每股融資額:新加坡元8064萬歷史市盈觸率:移18涼.1預(yù)測市盈率:炸6.2Gro夕ss穴Div吸ide秘nd怠Yie龍ld纖:示5付.0%28Use溝of陶Pr末oce義edsSum有mar統(tǒng)yNet唱Proc熊eeds私of科appr動oxim曾atel姑yS$76糧.6m憲illi搜on:S$5功7.0趣mi各lli抗on腳for愈fu敞tur元ee廟xpa炸nsi紡on越thr輔oug扯hj榮oin致tv酷ent尼ure池sa忙nd/命or吐str符ate村gic陵in鐮ves圈tme檔nts泉in沾Ch吩ina鍛an高dH尋ong杜Ko餅ng;S$1示5.5切mi誰lli貌on理to聚acq捏uir彩ec杯omp果ani縫es鵲and跨/or峰se掠tu常ps逝ubs解idi闊ari出es爸in步USA務(wù)an鋸dE厘uro混pe險wit屑hin綢th烈en原ext攀tw竄oy撫ear那s;意andS$4陽.1善mil隆lio墾nf假or境wor貢kin輸gc驗api