Presentation to GTB Shareholders February en.hnagroup.com

Transcription

1 Presentation to GTB Shareholders February 2010

2 Executive Summary Who we are HNA Group is a diversified services company with over US$ 20 billion in assets and $6 bn in annual revenues Existing platform Existing logistics business includes of maritime (44 vessels), air transport, ground logistics, and port & terminal resources Our vision Creating a global maritime company leveraging access to (a) value assets and synergies with China; (b) Chinese debt capital; and (c) Norway expertise Plan for GTB Provide cash flow to shareholders through dividend payouts (both today and in the future) Create capital appreciation for existing shareholders 2

3 Introducing HNA Group HNA Group is the holding company of eight subsidiary industry sectors HNA companies engage in air transport, tourism, airports, logistics, finance, retail, property, and catering HNA has grown rapidly since its inception in 1993 to over US$ 20 billion in assets today and annual revenues in of US$ 6 billion HNA is a comprehensive modern services corporation Completed over US$ 6 billion of acquisitions over the past 10 years A diversified business from which air transport revenues has decreased from 100% of total revenues at inception to under 50% today as other business have grown 3

4 HNA Overview HNA Group HNA Airlines HNA Tourism HNA Airports HNA Logistics HNA Industry HNA Commercial HNA Real Estate HNA E-Holding Grand China Airlines MeiLan Airport Grand China Logistics Finance Company HaiNan HNA Real Estate HaiNan HNA Catering Hainan Airlines Phenoxis Airport Grand China Shipping BoHai Leasing HNA Hotel Group Beijing Xinhua Catering XinHua Airlines GanSu Airports Group YangZi River Express Changjiang Leasing BeiJing HNA Rwal Estate Hainan Beverage Chang an Airlines XinZheng Airport TianJin Ocean Shipping YangZi River Leasing SanYa HNA Real Estate HanSha Flight Catering ShanXi Airlines YiChang Airport YanTai Ocean Shipping Hongkong Leasing Northwest HNA Real Estate Gansu Flight Catering HongKong Airlines WeiFang and DongYing Airport JinHai Heavy Manufacture BoHai Trust New City Development YiChang Flight Catering HongKong Express ManZhouli Airport LianXun securities HengHe Property Railway Catering XiangPeng Airlines AnQing Airport XingGuang HNA Insurance XiBu Airlines TianJin Airlines TanShan Airport JiLv Group Dongyin MinSheng Group JingZhongjiaLe Super Market Hanzhong Retailing Deer Airlines Deer Jet Car Rental Lucky tour BaoJi Group XingZhengyuan Retailing 4

5 HNA s Growth Record 6.0 HNA Annual Revenue (in US$ Billions) HNA Assets (in US$ Billions) Average annual increase of 26% Average annual increase of 22% HNA annual revenues have grown from US$17 million in 1993 to almost US$ 6 billion in 2009 HNA total assets have grown from US$ 175 million in 1993 to over US$ 20 billion today (a more than 100 fold increase) 5

6 About Bravia Bravia is a long-time advisor and business partner to HNA, and is specifically providing advice and management services to HNA on this transaction Bravia Capital Partners, Inc. is a New York based transportation industry investment management and advisory firm, providing 4 core value-add services: Investment Management Financing solutions Advisory services Equipment management Investing capital prudently in aircraft and related aviation investments to generate attractive risk adjusted returns for our investors Delivering solutions to our clients by raising debt and equity financing Delivering seasoned transaction origination, structuring and management skills Providing a complete asset management solution to extract maximum asset value 6

7 HNA Logistics Business The first large-scale modern logistics group business in China Engaged in the following businesses: Container Transportation Bulk Cargo Transportation Port Development and Management Air Cargo and Marine Manufacture Currently registered and based out of Shanghai, focusing on land, sea, and air integrated logistics 6 shipping companies, 1 air cargo company, 1 ground logistics company and 1 terminal management company Goal is to establish a Chinabased, Asia-radiated and world-connected global shipping and air cargo network HNA is seeking to grow its existing logistics and maritime platform by making strategic global acquisitions and investments 7

8 HNA Logistics Business (Cont d) HNA Maritime Businesses Tianjin Marine Shipping Fleet of 9 vessels with total capacity of more than 4,905 TEUs Focused on international short-haul container shipping, freight forwarding, etc. Yantai Int l Marine Shipping Over 11 vessels, of which 7 ships for int l shipping and 4 for domestic shipping More than 16 shipping lines through China, Japan, Korea, and Southeast Asia Grand China Tank 2 oil tankers Aims to control the Chinese chemical transportation market Hong Kong Chain Glory Shipping 9 ships with total transportation capacity of more than 343,000 tons Focusing on coal and ore transportation in Australia & Southeast Asia Grand China Shipping 15 bulk carriers with total capacity of more than 1.4 million tons Main business is developing large scope bulk cargo shipping Grand China Hyundai Shipping Investment of US$ 100 mm by HNA and Hyundai Heavy Industry Over 44 vessels, focusing on containers shipping (19 vessels & 19,685 TEUs) and bulk cargo (25 vessels & 1.8 million tons) Other related businesses include: Air cargo network (3 B747 freighters of int l ops and 6x B737s for domestic ops) Logistics network (607 container trucks, 35-network offices in China) Ports & terminal resources (established through China and developing resources in Southeast Asia and Africa) Ship Building and Repairing (medium to large container ships LNG/LPG, Ro-Ro, FPSO, product tankers, crude oil tankers, bulk carriers, passenger vessels and special vessels) 8

9 HNA s Vision Chinese requirements for maritime transportation Right timing in cycle to buy assets with good credits & secure cash flow Creating a global maritime company by leveraging: HNA s access to debt and equity capital markets in China Once critical mass has been reached, HNA will target an Asian (e.g. Shanghai) dual listing Access to Norwegian shipping management pool and investor competence 9

10 Why Invest in GTB? Access to Norwegian Shipping Management Allows us to source the talent to profitably grow Debt Capital HNA has access to over US$ 13 billion in Chinese debt facilities which can be used to leverage GTB equity base Asset Acquisition and Lease Right time to buy discounted vessels with solid credits to provide ongoing cash flow to company Along with its existing logistics business, HNA intends to grow GTB to a profitable world-class maritime company with global reach 10

11 Rationale for GTB Investment Existing Investor & Management Base Develop relationship with existing investors (to whom HNA bring significant expertise, value, and existing platform) Ability to tap into Norwegian shipping market to secure talented management team and corporate competence to grow the company growing forward International platform to Acquire Maritime Assets Right time in the cycle to buy cheap assets within dry bulk, container (Chinese cabotage and short haul inter Asia), and other maritime areas Will secure assets with good credits, providing ongoing cash flow to company Synergies with HNA and Support from Chinese Gov t Potential to produce synergies with HNA s existing logistics business HNA expects significant increases in 2-way ocean trade with China (e.g. in the future China expects to be a significant exporter of automobiles) Access to Chinese capital base (can only be obtained with Chinese partner) and alignment with Chinese Government ongoing growth initiatives in maritime businesses 11

12 Asset strategy Container Asset acquisitions or lease with purchase options Chinese cabotage Interasia short haul Longer term international two way Drybulk Selective acquisitions of quality assets Reliable contract parties Attractive prices New Build Long term access attractive new build contracts Ownership in (Zhoushan Jinhaiwan shipyard) secures quality newbuild contracts for long term Attractive financing terms Utilizing: HNA access to port infrastructure & terminals HNA access to contracts HNA access to attractive financing 12

13 HNA s Plan for GTB Planned Dividend Payout NOK 1 dividend today to provide immediate cash return to shareholders Competitive dividends to be paid annually to continue to provide shareholders realized returns on investment Asset Acquisitions Acquire desirable assets (e.g. container, dry bulk, tankers) with secure contracts to return immediate and sustainable profits Opportunistic financial investments in listed companies Utilize Access to Capital & Gov t Support HNA has access to over US$ 13 billion in credit lines with Chinese banks (e.g. China Development Bank, China Ex-Im, ICBC) Strong support from both Chinese Gov t on Provincial and National levels Equity Appreciation through acquisition of strategic assets by leveraging HNA s substantial debt capital resources, Chinese Gov t support, & access to Norwegian shipping management Generating continued Consistent cash flow to shareholders through profitable charters to good credits and systematic dividend policy HNA has a strong history of creating value in its companies and will continue this tradition with GTB 13

14 Without Deteriorating Equity Value HNA will NOT attempt to: Use GTB cash to bail out other struggling businesses Acquire non-performing and/or distressed maritime assets Merge GTB with or acquire any company which will be deemed dilutive to existing shareholders Take any other action which would be detrimental to existing GTB shareholders As GTB s largest single shareholder, HNA s only interest will be to create profitable growth for the company without devaluing the existing equity base 14

15 Thank You