Transcript 公司简介

PROJECT RUNWAY: SUMMARY OVERVIEW
公司报告: 总揽概要
November 2011 / 2011年11月
This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in
conj unction with, the oral briefing provided by GulfMerger. Neither this presentation nor any of its contents may be
disclosed or used for any other purpose without the prior written consent of GulfMerger.
本材料由GULFMERGER公司原创、配合其口头讲解、作为文字背景材料使用。
未经GULFMERGER公司书面同意任何人不得使用和泄露本材料和其内容。
An investment opportunity on a sole foreign investment construction
contracting company in Saudi Arabia
一个非常具备投资价值的沙特外商独资建设工程公司
PROJECT RUNWAY - SUMMARY OVERVIEW
项目精要
Compelling industry growth fuelled by announced government
spending and infrastructure needs of a rapidly growing population.
根据沙特政府公布的财政预算和由于人口增长所需的
基础设施建设需要，公司所处的行业是极具吸引力。
KSA: Market Dynamics
沙特：市场驱动力
The Saudi government continues to initiate and implement
reforms to increase the competitiveness of its various
industries, and to foster growth. Simultaneously, fiscal
spending continues to increase year on year as the
government strives to improve the country's lagging
infrastructure and create employment opportunities for its
relatively young and rapidly growing population.
沙特政府2010-2014年九五发展计划提出
其战略，仅运输和通信领域的投资为1,110亿
沙特里亚尔。 在市政服务和交通/电信方面
2011年预算中已经分派给项目公司的各有250
亿里亚尔，相比2010年增长了11%和5% 。此外，
在2011年，有7.9沙特里亚尔的资金分配到民
航局，计划用于未来几年全国各地34个机场的
发展和扩建。
沙特政府一直致力于增强各个行业的竞争
力，并且鼓励经济增长。同时，为了改善国家
的基础设施，为人口快速增长的年轻一代增加
就业机会，沙特政府逐年增加财政支出。
The Government is proceeding with the strategy it outlined
in its Ninth Development Plan, covering the period from
2010-2014, which outlines spending of SAR111 billion on
Transportation and Communications alone. The budget in
2011 for municipal services and transportation / telecoms,
the addressable segments for Runway, were SAR25 billion
each, up by 11% and 5% from 2010. Separately, the
Government allocated in 2011 SAR7.9 billion to the General
Authority for Civil Aviation which has plans to develop and
expand 34 airports across the country over the coming
years, all of which will require significant civil works.
KSA: Market Dynamics
沙特：市场驱动力
Ninth Development Plan
第九个发展计划
Human Resources 人力资
源 732
2011 Government Budget
2011年政府预算
Others 其他 261
Education & Training 教育和
Social Development &
Health 社会发展与公众健康
274
Economic Resources
Development 经济资源发展
228
Tansport & Communication
交通和电信 111
Municipal & Housing
Services 市政和房屋 101
培训 150
Health & Social 健康和社会
69
Water, Agri & Intra 水利、农
业和内部 51
Transportation & Telecom
交通和电信 25
Municipal Services 市政服务
25
KSA: Market Dynamics
沙特：市场驱动力
In addition to the above-mentioned Saudi Government
spending, a further SAR500 billion spending package was
announced in March 2011, of which SAR250 billion was
allocated to construct 500,000 houses to address the
country's housing shortages, with the remainder of the
package allocated to job creation and social welfare
initiatives, amongst others.
除了前面提到的沙特政府开支外。2011年
3月又拟定另一个5,000亿沙特里亚尔项目开支
计划，其中的2,500亿沙特里亚尔用于建造
500,000所房屋以弥补国家房屋不足，余下资
金用于提供工作和社会福利措施等。
Saudi Arabia's construction sector performed well during the
recession, registering a growth of 4.8% in 2010. Business
Monitor International (“BMI”) maintains its positive outlook for
the sector in its Q4 2011 Saudi Arabia Infrastructure Report,
predicting that the sector will witness an average real growth
rate of 8.8% annually between 2011 and 2015. According to
BMI, the size of the construction sector in 2010 was SAR71
billion, and this sector is expected to grow to a size of SAR110
billion by 2015, representing 5.3% of the expected 2015 GDP
of Saudi Arabia.
沙特阿拉伯基建领域在经济萧条期发展良
好，据2010年注册数据显示其增幅为4.8%。国
际经济监督部对此领域持有乐观态度，在沙特
阿拉伯2011年第4季度基建报告中，预测此行业
从2011年到2015年将会以每年8.8%的速度增
长。据国际监督部称，2010年此行业规模基金
为710亿里亚尔，到2015年前，其期望预测值会
增长到1100亿里亚尔，占2015年沙特预测GDP值
的5.3%。
KSA：Nominal Gross Domestic Product
沙特：经济增长指数
3500
SARbn.
十亿沙特里亚尔
KSA Population Growth (in mn.)
沙特人口增长
3000
2500
2000
1782
1630 1733
1852
1976
2114
2242
GDP 国民生产总值
1384
1500
Population 人口
1000
500
0
08a
09a
10a
11e
12f
13f
14f
15f
KSA: Market Dynamics
沙特：市场驱动力
Presently, the total value of new and ongoing Airports and
Roads projects amount to SAR94 billion, of which a
significant proportion is the civil work that Runway is focused
on.
KSA: New & Ongoing Projects
沙特：新的和在建项目
Roads 道路, 20
目前，新的和正在进行的飞机场、道路
工程项目总资产达到940亿里亚尔，其中大部
分为公司所专注的城市建设工程。
Ports 港口, 27
Water 水利, 35
Airports 机场, 74
Rail 铁路, 100
Power Plants 电厂, 155
KSA: Gov. Spending on Roads & Airports
沙特：道路和机场方面的政府开支
SAR bn.
十亿沙特里亚尔
50
40
30
Municipality Services 市政服务
Ministry of Transportation 交通部
20
General Authority of Civil Aviation 民用航空
10
0
11e
12f
13f
14f
KSA: Construction Industry
沙特：建筑行业
08a
09a
10e
11f
12f
13f
14f
15f
行业规模（十亿沙特里亚尔）
Industry Size (SAR bn.)
68.1
68.0
71.3
78.4
86.3
94.7
102.8
110.0
行业规模占实际国民生产总值的比例
Industry Size as % of Real GDP
3.8%
4.9%
4.9%
5.0%
5.1%
5.2%
5.3%
5.3%
行业在职人员（千人）
Industry Employment (‘000s)
745.8
790.6
818.6
850.8
884.2
920.2
956.9
989.0
Runway is a highly profitable Saudi-based company engaged in the road contracting and
maintenance business, as well as the production and sale of high quality crushed rock
aggregate and asphalt.
公司是一家从事道路修筑及维护的高盈利的沙特外商独资公司，同时还生
产和经营高品质的碎岩聚集体和沥青。
Runway: Business Snapshot
项目简介
Established in the late1970’s and headquartered in Riyadh,
Runway (or the “Company”) is a Saudi -based privatelyowned company engaged in heavy civil contracting and
specializes in the design, construction, and maintenance of
asphalt projects. The Company’s activities include laying
and maintenance of inner -city roads, highways, and
airfields (runways, taxiways, aprons, etc). Runway also
provides road-related products / contracting services
including lighting, electrical works, landscaping, civil works
and road markings.
公司成立于20世纪70年代，是沙特阿拉伯
境内私人投资企业，总部设在利雅德，公司主
营城建工程承包、工业设计、建筑工程和公路
维修保养业务。公司经营城市道路、高速公
路、飞机场（跑道、出租车道）铺修工作，公
司还提供与道路工程相关的如照明、电力、景
观设计，城市建设和路标服务。
Presently, Runway’s operations are focused solely in the
Riyadh region; however, the Company is in the process of
setting-up an office in Jeddah which is anticipated to be
operational by Q1 2012. This new initiative will enable
Runway to undertake additional projects across the western
region. Runway enjoys a Nitaqat green classification which
facilitates the issuance of new working permits and the hiring
of expatriate employees
目前公司业务范围只集中于利雅德地区，
然而公司计划将于2012年第一季度在城市吉达
另设分公司，这一新计划的实施会将公司业务
范围扩大到西部地区。公司以绿色健康经营为
方针，协助办理新工作许可的发放与外籍工作
人员的雇佣工作。
Runway: Business Snapshot
项目简介
As per the Saudi Contractors’ Classification Agency,
Runway has classification two for road maintenance
(SAR140 million), classification three for road execution
(SAR140 million) and classification four for both electrical
works (SAR21 million) and landscaping (SAR21 million)(1).
Runway has applied for and is expecting an upgrade in its
classifications in the next few months.
根据沙特承包商分类管理处的标准，公司
拥有公路维护二类资质(1.4亿沙特里亚尔)，
三类公路铺设(1.4亿沙特里亚尔)和四类电力
(0.21亿沙特里亚尔)和环境美化(0.21亿沙特
里亚尔) (1) 。 公司已经申请并有望在金几
个月内获得升级。
Runway has been the preferred asphalt contractor for Binladin
Contracting Group, El Seif Engineering Contracting Co, Saudi
Oger and J&P Saudi Arabia Company Limited (major
contracting firms in KSA) for over twenty years. Recurring
clients, by far, comprise the majority of Runway’s private
sector projects.
二十多年来，公司是Binladin Contracting
Group、El Seif Engineering Contracting Co、
Saudi Oger和J&P Saudi Arabia公司（沙特主要
的工程企业)首选的沥青供应商。 时至今日，
公司私人客户中绝大多数为长期合作的老客
户。
Runway: Business Snapshot
项目简介
Over the past four years, Runway has enjoyed double digit
growth rates in revenues and earnings on the back of a
growing project backlog, and on a LTM (last twelve months)
basis grew by 35.7% and 43.0% in terms of revenues and
EBITDA respectively, compared to FY2010 results.
In addition to Runway’s contracting business, the Company is
fully vertically integrated and mines and processes its own
aggregate, converting the feedstock into asphalt to be used in
the Company’s projects. The quality of Runway’s aggregate and
asphalt is such that it is purchased by its competitors at a
premium to market prices, and transported by Runways owned
fleet of transportation vehicles.
过去四年中，随着建筑业的发展，公司的
利润也取得了两位数的增长，与2010年相比，
公司的收入和税息折旧及摊销前利润（EBITDA）
分别增长了35.7% 和 43.0%。
在工程承包领域，公司致力于自己生产的聚
合物产品并拥有全套生产工艺和知识产权，其沥
青产品被应用到公司项目中。公司的竞争对手甚
至以优于市场价格采购公司生产的聚合物和沥青
产品，并由公司自有车队运输。
Runway represents an opportunity to acquire up to 100% of a leading
heavy civil contracting company in the KSA with a robust project pipeline,
consistent earnings growth and a well established platform for
development & expansion
通过收购这家公司可以拥有一个健康的管理系统，借
助公司原有的发展平台和丰厚的客户资源，能够在沙特的
基础设施建设领域获得持久增长。
Investment Consideration
投资价值
Reputation and Client Relationships:
A well established business with a 30-year track record of delivering high quality work, with access to an
attractive and loyal customer base consisting of major local municipalities, government agencies, and private
sector clients including Binladin Contracting Group and Saudi Oger, whereby 89% of Runway’s private sector
business in 2010 was from recurring clientele.
声誉和客户关系：
公司成立三十年来，一直秉承“质量至上”的理念， 为许多新老客户提供服务。这些
客户中， 有当地的大都市、政府机构、Binladin承包集团和Saudi Oger在内的私有企
业等。2010年，公司89%的业务正是得益于这些合作伙伴的发展和支持。
Runway：Selected Recently Awarded Projects
公司部分最近获奖项目
精选的签约项目 – 过去24个月之内的
Select Signed Projects – Past 24 months
利雅得市政府
Riyadh Municipality
利雅得发展局（待定意向书）Arriyadh Development Authority (Pending
LOI)
̴ 120
̴ 105
环境保护总统办公室
Presidency for the Protection of the Environment ̴ 95
利雅得Ammanah
Riyadh Ammanah
̴ 90
沙特民航局
GACA
̴ 40
Binladin建设工程公司
Binladin Contracting Group
̴ 75
El Seif将设工程公司
El Seif Contracting
̴ 70
Aramco (subcontractor / 承包商)
̴ 20
Investment Consideration
投资价值
Full Vertical Integration and Provision of Complete Range of Services:
Runway is licensed to conduct business in road contracting and maintenance, landscaping, and electrical works,
which allows it to provide clients with complete road maintenance and contracting solutions. Runway also
manufactures its own high quality aggregate and asphalt materials, selling the excess in the market at a premium
to market prices, and transporting it via Runway’s owned fleet of transportation vehicles. The quality of its inhouse asphalt allows Runway to hand over projects with negligible deductions thus maximizing project proceeds,
providing a significant competitive advantage versus its peers. Additionally, Runway is one of the only con tractors
with its own laboratories that can create proprietary mix designs.
完全服务范围充分的垂直的结合和供应：
公司是一家经政府许可的从事道路建设和维护、景观美化和电气工程业务的正规企业。
这也保证了公司能为客户提供完整的道路维护和建设方案。同时，公司还生产高质量
的沥青材料，并且利用公司自己的运输车队并凭借优惠的价格对外进行销售。公司能
生产出高质量的室内沥青，正是由于这一独特优势，所以在与同行的竞争中，公司可
以转包很多项目而不用考虑微不足道的损失，从而可以实现公司利益的最大化。此外，
公司是唯一一家拥有自己专利和设计研究所的公司。
Runway：Details of Classification
公司资质级别说明
道路维护
Road
Main.
公路、机场跑道、桥梁、隧道、铁路、地基工程、沥青工程、人行道、路
障和道路安全标志
Maintenance of roads, airport runways, bridges, tunnels, rails, subbase earthwork, asphalt works, side-walks, protection barriers and
road safety signs
级别
Class
投资额
Value
Cap.
Exp:
一 One
∞
Cur:
二 Two
140
道路铺设
Road
Exec.
道路、机场跑道和地基、桥梁、隧道、城市高速公路的铺设
Execution of roads, airport runways & infrastructure, bridges and tunnels,
inner-city and inter city highways.
Exp:
二
Two
420
Cur:
三
Three
140
电力
Elec.
电气工程、发电机组、电力运输设施、电力传输和变电、交通灯和太阳能
源设备
Electrical works, power generation plants, power transfer plants,
transport and distribution of power, traffic lights and solar energy stations
Exp:
三
Three
70
Cur:
四
Four
21
花园规划建设、人行道、公园和不规则设计花园建设
Landscaping of gardens, street side-walks, parks and irrigation systems
for gardens
Exp:
三
Three
70
Cur:
四
Four
21
城市规划
Landsc.
Investment Consideration
投资价值
Attractive Financial Performance:

Runway is a highly profitable company, and enjoyed Revenue and EBITDA growth rates of circa 33.3% and
42.7% respectively per annum over the past four years. On an LTM basis the Company has achieved a
growth rate of 35.7% and 43.0% above 2010 Revenue and EBITDA levels respectively.

Both EBITDA and EBIT margins have improved steadily over the last four years and during the last six
months, as Runway has grown in size and continued to improve its reputation by successfully executing
larger size projects.
极具吸引力的财政表现：

这是一家效益良好的公司。在过去的四年中，公司的利润、息税折旧摊销前利润都
以年均33.3%和42.7%的速度增长。由于管理得当，2010年公司利润增长35.7%，息
税折旧摊销前利润增长43.0%。

在过去的四年和最近的半年中，公司的息税利润和息税折旧摊销前利润率一直稳定
增长。由于公司许多签约的大型项目不断完工，公司本身也在不断地壮大起来，在
业界的名声也广为人知。
Runway: Revenue Trend & EBITA
公司发展趋势和利润增长
息税前利润增长
EBIT Mergin (%)
350
300
250
178.7
200
131.7
150
100
90.1
95.9
08a
09a
55.6
50
0
07a
10a
LTM
息税折旧摊销前利润增长 EBITDA Mergin (%)
60
44.9
50
40
31.4
30
20
24
16.6
10.8
10
0
07a
08a
09a
10a
LTM
Runway: Revenue Composition – 2010a
公司利润组成
Total Revenues – 2010
2010年总利润
Execution Projects 铺设
项目 48%
Maintenance Projects
维护项目 36%
Aggregates 综合项目
16%
Government
Projects 政府项目
45%
Sales 销售 16%
Private Projects 私
人项目 39%
Non-recurring
Clients
Investment Consideration
投资价值
Solid Growth Prospects:
Runway not only benefits from the expected growth in the
overall sector in which it operates, it will also benefit from a
very probable upgrade in its classifications (in final stages of
approval), which will allow it to take on larger projects with
better margins. It should be noted that each successive
classification level granted by the Government takes many
years to obtain approval for, which represents a significant
barrier to entry for new entrants.
坚实成长远景：
公司的成长一方面得益于它经营的项目的
顺利实施，另一方面得益于它自身级别的一个
非常可能的提升(政府批准的最后阶段)，这无
疑将使公司的效益又有进一步的增长。升级的
成功，不仅是政府对公司发展事业的肯定，而
且也意味着公司本身将能进一步发展壮大和参
与更多的竞争。
High Caliber Management Team:
High quality professional management team with significant
expertise and experience in leading the day-to-day operations
and execution of runway’s projects.
高精的管理团队：
具备专业技术和丰富经验的高质量的管理团
队领导公司业务并执行和实施公司项目。
Investment Consideration
投资价值
Robust Pipeline:
As at June 30, 2011, the Company has a solid
backlog of signed projects, and is pursuing a large
number of upcoming projects in its pipeline which are
expected to be awarded in the near term.
Geographic Expansion:
The anticipated establishment of the Jeddah
office in Q1 2012, will enable Runway to tap
into a new pool of projects located in the
Western region.
健康的管道：
2011年6月30日，公司将依托已有的合作
项目和成果，致力于寻找更多的合作机会，近
期还将承接更多的输油管道合作项目。
地理扩展：
2012年公司在吉达分公司的成立，必
将使公司有更多的机会参与沙特西部的项
目合作。
Investment Consideration
投资价值
Investment Opportunity:
The existing shareholders of Runway are interested to sell up to a 100% of their stake in
the Company.
投资机会：
公司股东意向出售公司部分至全部股份。
For more information, please contact:
如需更详细的材料，请拨冗联络：
Mr. Ghiath Refai
赵颖 女士
Mrs. Eliana IBRAHIM
Senior Vice President
中国顾问
Chinese Consultant
Mobile: +9665 41111327
T: +965 2245-4804
F: +965 2245-4802
Email: [email protected]
Al Bahar Tower, Ahmed Al Jaber St.
Sharq, Kuwait City, Kuwait
P.O. Box 15452, Dasman, 197, Kuwait
www.GulfMerger.com
Email/邮件: [email protected]
Tel/电话: +961-1-877795
Mob/手机: +961-3-998792