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PROJECT RUNWAY: SUMMARY OVERVIEW 公司报 告 : 总揽概 要

PROJECT RUNWAY: SUMMARY OVERVIEW 公司报 告 : 总揽概 要. November 2011 / 2011 年 11 月

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PROJECT RUNWAY: SUMMARY OVERVIEW 公司报 告 : 总揽概 要

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  1. 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。

  2. 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

  3. 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。

  4. 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.

  5. KSA: Market Dynamics沙特：市场驱动力

  6. KSA: Market Dynamics沙特：市场驱动力 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%。 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。

  7. KSA：NominalGrossDomesticProductSARbn.沙特：经济增长指数 十亿沙特里亚尔

  8. 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. 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。

  9. KSA: Gov. Spending on Roads & Airports SAR bn.沙特：道路和机场方面的政府开支 十亿沙特里亚尔

  10. KSA: Construction Industry沙特：建筑行业

  11. 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。

  12. Runway: Business Snapshot项目简介 Established in the late1970’s and headquartered in Riyadh, Runway (or the “Company”) is a Saudi -based privately-owned 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。

  13. 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。

  14. 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. 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%。 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. 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。

  15. 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。

  16. InvestmentConsideration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。

  17. Runway：SelectedRecentlyAwardedProjects公司部分最近获奖项目Runway：SelectedRecentlyAwardedProjects公司部分最近获奖项目

  18. InvestmentConsideration投资价值 Full Vertical Integration and Provision ofComplete Range of Services: Runway is licensed to conduct business in road contracting and maintenance, landscaping, and electrical works, which allows it toprovide 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 in-house 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。

  19. Runway：Details of Classification 公司资质级别说明

  20. InvestmentConsideration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。

  21. Runway: Revenue Trend & EBITA公司发展趋势和利润增长 息税前利润增长 EBIT Mergin(%) 息税折旧摊销前利润增长 EBITDA Mergin(%)

  22. Runway: Revenue Composition – 2010a公司利润组成

  23. InvestmentConsideration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 executionof 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。

  24. InvestmentConsideration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 itspipeline which are expected to be awarded in the near term. 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。 Geographic Expansion: The anticipated establishment of the Jeddah office in Q1 2012, will enable Runway to tap into a new pool ofprojects located in the Western region. 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。

  25. InvestmentConsideration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。

  26. For more information, please contact: 如需更详细的材料，请拨冗联络： Mr. GhiathRefai Senior Vice President Mobile: +9665 41111327  T:  +965 2245-4804 F:  +965 2245-4802 Email: ghiath.refai@guldmerger.com Al Bahar Tower, Ahmed Al Jaber St. Sharq, Kuwait City, Kuwait P.O. Box 15452, Dasman, 197, Kuwait www.GulfMerger.com 赵颖 女士Mrs. Eliana IBRAHIM中国顾问Chinese ConsultantEmail/邮件: china_lebanon@yahoo.comTel/电话: +961-1-877795Mob/手机: +961-3-998792

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