12 November 2012 Corporate Presentation Corporate Presentation Corporate Presentation Corporate Presentation
����� �������� ��� Cautionary note on forward-looking statements This presentation slides may contain forward-looking statements that involve risks and uncertainties. These statements reflect management’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in the light of currently available information. Such forward-looking statements are not guarantees of future performance or events. Accordingly, actual performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, competitive factors and political factors. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. A member of the GTP 全球贸易商计划成员
����� �������� ��� Corporate Overview Corporate Overview Corporate Overview Corporate Overview A member of the GTP 全球贸易商计划成员
4 At a Glance ����� �������� ��� Sole Supplier of Imported Jet Fuel to the PRC Civil Aviation Industry Largest Purchaser & Trader of Physical Jet Fuel in Asia Pacific Company Information Incorporated Incorporated 26 May 1993 26 May 1993 Listed 6 December 2001 Current Share Price * S$ 0.96 Market Capitalisation S$ 692.6 million P/E ratio 9.8x NAV per share S$ 0.75 Free Float 28.1% * Extracted from Bloomberg on 9 Nov 2012 A member of the GTP 全球贸易商计划成员
5 Our Businesses ����� �������� ��� CAO Jet Fuel Supply and Trading of Other Oil Oil-Related Assets Trading Products Storage Tanks Storage Tanks China Gas Oil & Jetties International Fuel Oil Pipelines Petrochemical Airport Refuelling Products Facilities A member of the GTP 全球贸易商计划成员
Results Update Results Update Results Update Results Update
7 3Q 2012 Operating Environment ����� �������� ��� � Challenging trading environment: US$ Brent Jet Prices 160 − Adopted more prudent trading strategy 140 and reduced trading activities in view of 120 uncertainties in the global economy and 100 high volatility in oil markets 80 60 − Changes in market structure – jet fuel 40 surplus in Asia Pac flowing to Europe and 3/1/2011 3/7/2011 3/1/2012 3/7/2012 US, resulting in intensified competition for US, resulting in intensified competition for TC 11 - South Korea/Singapore Freight Rates cargoes in Asia Pac and higher US$ 550,000 procurement costs and limited trading 500,000 2012 opportunities 450,000 400,000 − Typhoon season in North Asia led to 2011 350,000 higher shipping and procurement costs to 300,000 ensure certainty of supply to China 250,000 200,000 A member of the GTP 全球贸易商计划成员
8 3Q 2012 Operating Environment ����� �������� ��� � Lower profit contribution from SPIA due to lower profitability attributable to higher average procurement costs of jet fuel inventory vis-à-vis sales revenue � Higher costs as the Group pursued expansion opportunities − Additional storage costs due to the leasing of Singapore storage to ensure certainty of supply and capture trading opportunities − Higher finance costs in tandem with increased business activities (e.g. petrochemicals trading) − Increased headcount CAO has remained profitable despite the challenging environment A member of the GTP 全球贸易商计划成员
9 3Q 2012 Profit & Loss Summary ����� �������� ��� 3Q 2012: US$ 3,784.5m 3Q 2011: US$ 2,414.1m � Total supply and trading volume increased 61% to 3.9m tonnes +56.8% Revenue � Jet supply and trading volume up 31% to 2.8m tonnes � Trading volume of other oil products increased 4x to 1.1m tonnes 3Q 2012: US$ 10.5m 3Q 2011: US$ 12.2m � Lower gains from oil trading activities due to higher freight costs and storage fees Gross Profit � Significantly higher shipping and procurement costs incurred to ensure certainty -14.2% of jet fuel supply to China during typhoon season 3Q 2012: US$ 6.6m 3Q 2012: US$ 6.6m 3Q 2011: US$ 3.4m 3Q 2011: US$ 3.4m � Higher staff cost including those from CAOHK and NAFCO +93.8% Total Expenses � Higher finance cost on increased business activities 3Q 2012: US$ 7.2m 3Q 2011: US$ 8.3m � Mainly due to lower profits at SPIA as cost of sales declined at a slower rate Share of Results of -13.1% Associate compared to revenue 3Q 2012: US$ 13.2m 3Q2011: US$ 17.0m � Lower gross profit -22.3% Net Profit � Lower contribution from share of results of associates � Higher operating costs A member of the GTP 全球贸易商计划成员
10 9M 2012 Profit & Loss Summary ����� �������� ��� 9M 2012: US$ 10,401.1m 9M 2011: US$ 6,867.7m � Total supply and trading volume increased 50% to 10.4m tonnes +51.5% Revenue � Jet supply and trading volume up 22% to 7.9m tonnes � Trading volume of other oil products up 390% to 2.6m tonnes 9M 2012: US$ 34.2m 9M 2011: US$ 32.1m � Higher gains from oil trading activities despite challenging environment Gross Profit +6.3% � Consolidation of contribution from CAOHK 9M 2012: US$ 15.2m 9M 2012: US$ 15.2m 9M 2011: US$ 8.1m 9M 2011: US$ 8.1m � Higher staff cost including those from CAOHK and NAFCO +88.5% Total Expenses � Higher finance cost on increased business activities 9M 2012: US$ 28.0m 9M 2011: US$ 34.8m � Mainly due to lower profits at SPIA as cost of sales declined at a slower rate Share of Results of -19.7% Associate compared to revenue 9M 2012: US$ 48.0m 9M 2011: US$ 57.7m � Lower contribution from share of results of associates -16.8% Net Profit � Higher operating costs A member of the GTP 全球贸易商计划成员
11 Revenue In Tandem With Jet Fuel Prices ����� �������� ��� Total Revenue Average Jet Fuel Prices US$’ m US$/bbl 12,000 140 126.4 130 130.2 125.4 125.5 10,000 120 8,000 110 6,000 100 90 90.2 88.8 4,000 80 2,000 71.1 70 2958.0 5370.2 3634.3 5452.6 9012.0 6867.7 10401.1 0 60 2007 2008 2009 2010 2011 9M 2011 9M 2012 A member of the GTP 全球贸易商计划成员
12 Increasing Revenue Contribution from Other Oil Products ����� �������� ��� Middle Distillates Other Oil Products US$’ m 12,000 1252.5 10,000 381.2 8,000 261.8 261.8 6,000 0.1 241.6 4,000 137.5 0.0 2,000 2958.0 5370.2 3496.8 5211.0 8630.8 6605.9 9148.5 0 2007 2008 2009 2010 2011 9M 2011 9M 2012 A member of the GTP 全球贸易商计划成员
13 Optimisation & Trading Drives Growth of Volume and Gross Profit ����� �������� ��� Gross Profit Total Volume US$’ m million tonnes 45.0 12.0 10.4 40.0 10.0 9.2 35.0 7.9 30.0 8.0 6.96 6.4 6.4 25.0 25.0 6.0 5.2 20.0 40.0 4.2 34.2 32.1 15.0 30.7 4.0 29.7 22.5 10.0 2.0 11.5 5.0 0.0 0.0 2007 2008 2009 2010 2011 9M 2011 9M 2012 A member of the GTP 全球贸易商计划成员
14 SPIA – A Significant Net Profit Contributor ����� �������� ��� Supply and Trading of Jet Fuel and Other Oil Products SPIA Other Associates US$’ m 70 2.3 1.9 60 1.8 1.7 50 3.3 37.9 0.1 40 40 32.9 32.9 35.8 10.4 26.2 20.9 30 27.6 20 27.8 23.2 22.9 21.0 10 20.1 17.1 10.8 0 -2.1 2007 2008 2009 2010 2011 9M 2011 9M 2012 -10 A member of the GTP 全球贸易商计划成员
15 Balance Sheet Summary ����� �������� ��� 30 Sep 2012: US$ 20.1m 31 Dec 2011: US$ 38.2m -47.4% Inventories � Lower due to trading activities 30 Sep 2012: US$ 1,181.1m 31 Dec 2011: US$ 838.5m � Higher sales revenue in Sep 2012 compared with Dec 2011 Trade and Other +40.9% � Trade receivables in CAOHK and NAFCO Receivables � Dividend receivable from associate 30 Sep 2012: US$ 142.9m 31 Dec 2011: US$ 88.1m � Cash inflow of US$100.5m from operating activities, partially offset by the +62.2% Cash and Cash Equivalents aggregate of US$45.8 million used for investing and financing activities 30 Sep 2012: US$ 1,114.7m 31 Dec 2011: US$ 756.6m � Higher cost of procurement arising from increase in volume Trade and Other +47.3% Payables � Trade payables of CAOHK and NAFCO 30 Sep 2012: US$ 32.0m 31 Dec 2011: US$ 30.0m Loans and +6.7% � Short-term draw down of trade facilities to fund working capital Borrowings A member of the GTP 全球贸易商计划成员
Outlook and Prospects Outlook and Prospects Outlook and Prospects Outlook and Prospects
Recommend
More recommend
