2013 Annual Results 中国远洋控股股份有限公司. 28 March China COSCO Holdings Company Limited

Transcription

1 2013 Annual Results 28 March 2014 中国远洋控股股份有限公司 China COSCO Holdings Company Limited

2 Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of China COSCO and certain plans and prospects of the management of China COSCO. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual result or performance of China COSCO to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward- looking statements are based on numerous assumptions regarding China COSCO s present and future business strategies and the political and economic environment in which China COSCO will operate in the future. The representations, analysis and advice made by China COSCO in this presentation shall not be construed as recommendations for buying or selling shares of China COSCO. China COSCO shall not be responsible for any action or non-action made according to the contents of this presentation. 2

3 Agenda Highlights Financial Review Market & Operational Review Outlook 3

4 PartⅠ Highlights

5 Highlights 2013 Results Revenue: RMB 66.1 billion (-3.1% YoY) Cost services:rmb 67 billion(-7.08%yoy) Operating Profit: RMB -1.3billion (83.9% YoY) Net Profit : RMB -1.5 billion (82.4 % YoY) Net Profit Attributable to Equity Holders: RMB 235 million (+102.5% YoY) Basic EPS: RMB Total Assets: billion (-2.1 % YoY) Note: The financial report is in accordance with Hong Kong Accounting Standards. 5

6 Part II Financial Review

7 Summary Profit & Loss RMB million YoY Revenues 66,138 68, % Cost of services 67,030 72, % Gross profit , % Other expense/income, net % Operating profit -1,303-8, % Finance costs -3,212-2, % Share of profits less losses of JCE & Associates 1,102 1, % Profit before income tax -1,514-8, % Income tax expenses % Profit after tax 2,879-8, % Net profit attributable to equity holders of the Company 235-9, % * Including RMB 1.37 billion provision made in 2012 for onerous contracts, and a reversal of 1.34 billion provision made in the end of 2011 for onerous contracts. 7

8 Summary of Segment Results RMB million Revenue YoY Container Shipping 48,312 48, % Dry Bulk Shipping 14,062 16, % Terminals 2,567 2, % Container Leasing 1,178 1, % others % Total 66,138 68, % 2012 Revenue Breakdown 24% 3% 1% 71% Operating Profit YoY Container Shipping , % Dry Bulk Shipping -1,698-7, % Terminals % Container Leasing % Others & Unallocated % Total -1,303-8, % % 4% 1% 73% 8

9 Summary Balance Sheet RMB million Change Non-current assets 97, , % Current assets 64,511 63, % Current liabilities 48,070 40, % Net current assets 16,441 22, % Non-current liabilities 71,678 83, % Capital and reserves attributable to the equity holders of the Company 24,223 25, % Non-controlling interests 17,891 16,559 8% Total assets 161, , % As of 31 December 2013, the Company s net debt to equity ratio was 74%. 9

10 Summary Cash flow RMB million Cash & Cash Equivalents-Beginning 46,361 46,985 Cash Inflow (outflow) Generated from operating activities -2,317-5,204 Generated from investing activities 811-9,282 Generated from financing activities 4,115 13,856 Exchange difference Net increase (decrease) in cash and cash equivalents 1, Cash & Cash Equivalents-Closing 48,206 46,361 10

11 Part III Market and Operational Review

12 市场回顾 1,400 1,300 1,200 1,100 1, Ave CCFI -7.6% 2013 Ave Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct Ave 均值 Dec Ave..920 BDI CST % Ave Ave Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 12

13 Container shipping -Capacity Current capacity* Total capacity:173vessels/786,252teu 175,464 22% (Ave. age 9.5 years) 74,170 9% 173,209 22% 363,409 46% TEU 800, , , , , , , ,000 0 Future capacity 752, , ,364 49% 51 % 51% 52% self-owned 49% chartered Vessel to be delivered* 48% 8001TEU 3000TEU Capacity(TEU) No. of vessels 5001TEU 8000TEU 3001TEU 5000TEU Vessels on charter in contract * As at Dec 31, 2013 Vessels on orderbook 53,

14 Container Shipping Cost of Services 000TEU 年 2012 年 RMB million Cargo Volume 0 Income of Container shipping and related business YoY Cargo Volume(Million TEU) % Revenue from Container shipping and related business(100 million RMB) Revenue from Container shipping and related business(100 million USD) % % 14

15 Container shipping -Cost* 45% % 21% 43% % 18% RMB 6,000 5,000 Cost per TEU 4,915 4,528 4, Voyage cost** Vessel costs Equipment and cargo transportation costs up 5.5 Voyage costs down 11.2%, in which bunker costs down 14.6%,port charges up 3.7%. Vessel costs up 11.6% Equipment and cargo transportation costs*** 3,000 2,000 1,000 *Voyage costs include bunker cost and port charge. **Equipment and cargo transportation costs include costs of (1) cargo and transshipment (2) commissions and rebates (3) equipment and repositioning. - 1,905 1,556 2,103 2, Note:As of 31 December 2013, container vessels operating lease rentals commitment in 2013 was RMB 39 bn. 15

16 Dry Bulk Shipping Capacity Capacity as of 31 December % 34% 45% Owned vessels Charted-in vessels Total No. of vessels DWT (000) No. of vessels DWT (000) No. of vessels DWT (000) Capesize 39 8, , ,550 Panamax 69 5, , ,463 Handy 95 4, , ,034 好望角船巴拿马船灵便船 Capesize Panamax Handy owned capacity vessels 000DWT 900 灵便型 Handy 巴拿马型 Panamax 800 好望角型 Capesize Total , , ,047 New Vessel Delivery Schedule as of 31 December 2013 No. of vessels 合计 DWT (000) No. of vessels DWT (000) No. of vessels *The capacity here does not include the vessels operated by Zhong Han Ferry. ** include VLOC DWT (000) Capesize Panamax Handy Total ,190 16

17 Dry Bulk Shipping-Quantity Quantity /tons Category Quantity N.M/Tons FTKs Million tons (Billion Tons/N.M) Coal Iron Ore Grain Others Daily fee level(usd/day) Operating* days YoY Capesize 25,456 33,071-23% Panamax 35,060 39,368-11% Handy 39,386 44,647-12% Total 99, 117,086-15% Daily fee (USD/day) YoY Capesize 14,059 9,454 49% Panamax 8,677 7,910 10% Handy % Total Ave. 9,575 8,155 17% Note:Total operation days achieved by coastal fleet in 2013 was 9,259, up 19% YoY. Ave.TCE realized by coastal fleet in 2013 was 6,417 USD/day,up 95% YoY.

18 Dry Bulk Shipping-Cost Service * 7% 35% 4% 37% Voyage Cost* 58% 59% Vessel Costs** Others Dry Bulk Shipping Cost *Voyage costs include bunker cost, port charge and commission. Bunker costs down by 24.7% YOY. **Vessels costs include (1) depreciation down by 0.7% (2) operating lease rentals down by 37.1% (3) other vessel costs (4)Transshipment charges (5) the reversal of provision in onerous contracts. Note: As of 31 December 2013, dry bulk vessels operating lease rentals commitment in 2013 was RMB bn. 18

19 Terminals Throughput Throughput 2013(TEU) 2012(TEU) YoY % Bohai Rim 23,534,240 21,747, Yangtze River Delta 9,513,006 8,219, Southeast coast and other 3,288,999 1,831, Pearl River Delta & Southeast Coast 16,884,699 16,581, Overseas 8,063,947 7,305, Total Container Throughput 61,284,891 55,685,

20 Container Leasing The world 4th largest container fleet capacity Fleet Capacity 1,605,963 1,597,779 1,855,597 TEUs 1,888,200 TEUs TEUs TEUs 12.30% 13.20% Overall utilization 94.5%, above industry average 22.10% 26.00% 31.6% 31.5% Long-term leases account for 95.5% of leasing revenue 34.0% 29.3% Sale-and-leaseback Box (COSCON) Owned Box (COSCON) Owned Box (International Customer) Managed Box 20

21 Part VI Outlook

22 Outlook -Container shipping 15 (%) Imbalance 运量增长 Capacity growth 运力增长 Volume growth E* Capacity Growth % Volume Growth % *Source: Clarkson 22

23 Outlook -Dry bulk shipping Imbalance 20% 15% 运力增长 Capacity growth 10% 运量增长 Volume growth 5% 0% % E Capacity growth% Volume growth% *Source:Clarkson 23

24 Outlook - Strategies Container Shipping Optimize shipping routes and renew fleets Reinforce feeder services and strengthen coverage of global network Deepen the alliance cooperation, forming new machanism Focus on stable return and carry out key customer based strategies exercise stringent Better manage control over seasonality terminal investment strengthen the Strengthen marketing external of terminals synergy in and operation extend alliance Optimize the fleet structure, coordinate the new building plan Dry Bulk Shipping Terminals Container Leasing Focus on new project investments in line with mid and long term strategy. Enhance the level of management and service. Continue to steadily expand overseas container fleet Sustain leadership in the global container leasing industry 24 24

25 An integrated Shipping and Logistics Conglomerate 25