Listed Port Markets in China

LISTED PORTS IN CHINA
266.5bn RMB in assets
and set for 50% market coverage
Overview, benchmarks and profiles of China’s listed port group companies

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Listed port groups and upcoming IPO’s
Compared to most other countries (if not all)
China has the highest share of listed port
groups.

Measured in share of total throughput per port
an estimated 39% are already listed today and
with 3 major upcoming IPO’s this is will increase
to about half of the Chinese port market.

These companies are unlike other port groups
around the world in that they own a substantial
part of not only general port infrastructure but
also the terminal operations in their respective
ports. In total for 2011 the listed port groups
Notes: Stock exchange abbreviations used
reported an asset base in excess of one quarter are for Shanghai Stock Exchange
trillion RMB. (SSE), Shenzhen Stock Exchange (SZE) and
Hong Kong Stock Exchange (HKG).


Company size (assets and turnover)
In 2011 assets worth a total of
266.5bn RMB was wholly or partly
owned by the listed Chinese port
groups with a corresponding
turnover of 99.7bn RMB.

Among these, Shanghai Port Group
Co. (SIPG), has no equal and alone
represents more than 30% of the
listed port groups.

Benchmarked in turnover Wuhu
Port Co. is the biggest, but as a
number of port group companies
have significant trading activities,
including Wuhu, this benchmark is
to a lesser extent a like to like Notes: Asset and turnover figures are in million RMB.
comparison.

Company results (operating margin)
Combined the listed port groups
made an approximate 17.6bn RMB
in operating result (EBT) for 2011.

Also here Shanghai achieved
results much higher than the
closest port group. Combined the
top three delivered more than 2/3
of the total for the listed
companies.

As a larger number of the
companies have significant
minority holdings the margin
indication is only a reference, it
cannot be used to benchmark
across companies. Notes: EBT represents profit before income tax and any
extraordinary items as per PRC accounting regulation. Indicated
EBT is in million RMB. The “Margin” indication is EBT divided by
total turnover.

Company growth (turnover and EBT)

The table shows turnover
and EBT average annual
growth from 2007 to 2011.

The fastest growing in both
turnover and EBT have been
port group companies in
“secondary” or some of the
relatively smaller port
markets and the few that
have declined are all from
the Pearl River Delta in south
China. Notes: Wuhu and Tianjin have been excluded given their
recent take over of significant new activities.


APPENDIX
PORT GROUP COMPANY PROFILES


Overview

Notes: Assets, turnover and EBT are all in million RMB. EBT represents profit before income tax and any extraordinary items as
per PRC accounting regulation. The outlined CAGR is the average annual growth from 2007 to 2011, Wuhu and Tianjin have no
CAGR indication given their recent take over of significant new activities. Stock exchange abbreviations used are for Shanghai
Stock Exchange (SSE), Shenzhen Stock Exchange (SZE) and Hong Kong Stock Exchange (HKG). Tianjin Port Co. (SSE:600717) and
Xiamen Port Dev. Co. (SZE:000905) are controlled by other listed port companies (Tianjin Port Holdings and Xiamen Port Co.)
and therefore not treated separately.


1. Shanghai Port Company (SSE:600018)
2% Overview
Ownership: Shanghai International Port Group Co. is
22% Container headquartered in Shanghai and controlled by Shanghai
Bulk and general cargo State-owned Assets Supervision and Administration
46% Commission (40.8% ownership). China Merchants
Port logistics Holdings International also hold a significant share of
Port service SIPG (24.5%). SIPG is listed on the Shanghai Stock
19% Exchange (stock code 600018).
Others
Port activities: SIPG reported a total turnover of RMB
11% 21.8bn, and operating result of RMB 7.0bn on a total
asset base of RMB 83.3bn for 2011 and representing a
33.4% and 25.6% increase over 2007 respectively or
average y-o-y growth of 7.5% and 5.9%. Close to all of
25,000 8,000.0 SIPG' activities are directly port related (98%) of which
container handling represented the biggest segment
7,000.0
20,000 followed by port services and logistics. For their
6,000.0 container terminal activities SIPG reported a total
Million RMB

15,000 5,000.0 throughput of 31.7mn TEU.
4,000.0
10,000 3,000.0 Main port locations: With the exception of one facility
in Europe, SIPG activities are all the Yangtze River Delta
2,000.0
5,000 and River of which the vast majority are in Shanghai.
1,000.0
- - Reference: The pie chart outlines segment as a share of
2007 2008 2009 2010 2011 turnover and the turnover/result chart covers all
Turnover 16,328 18,140 16,545 19,105 21,779 segments. EBT represents profit before income tax and
any extraordinary items as per PRC accounting
EBT 5,595.9 7,098.7 4,760.4 6,630.7 7,031.0
regulation.


2. Tianjin Port Holdings (HKG:3382)
Overview
14%
Ownership: Tianjin Port Development Holdings is
28%
Bulk and general cargo headquartered in Tianjin and majority owned by
Tianjin Port Group a PRC state-owned company. TPD
Container
is listed on the Hong Kong Stock Exchange (stock code
Trading 3382). TPD owns a controlling share of Tianjin Port Co.
10% Port service Ltd., which is listed on the Shanghai Stock Exchange
48% (stock code 600717).

Port activities: TPD reported a total turnover of RMB
16.5bn, and operating result of RMB 1.9bn on a total
asset base of RMB 33.56bn for 2011. The take-over of
Tianjin Port Co. happened in 2010 and the outlined
results are re-stated to 2009, 2007-2008 represent
18,000 2,500 TPD results prior to the take-over. About half of TPD
16,000 turnover was derived from port related activities and
2,000
14,000 te other half from trading activities. For its port
Million RMB

12,000 1,500 related business TPD reported throughput of 11.59mn
10,000 TEU for container cargo and 249.5mn tons for non-
1,000
8,000 container.
6,000 500
4,000 Main port locations: All of TPD activities are in Tianjin
- (PRC).
2,000
- (500)
2007 2008 2009 2010 2011 Reference: The pie chart outlines segment as a share
Turnover 1,194 1,259 12,508 15,053 16,548 of turnover and the turnover/result chart covers all
segments. EBT represents profit before income tax
EBT 287 181 (17) 1,582 1,936 and any extraordinary items as per PRC accounting
regulation.


3. Ningbo Port Company (SSE:601018)
Overview
20% Ownership: Ningbo Port Co. is headquartered in Ningbo
Container related and majority owned by Ningbo Port Group (71.29%) a
42% state-owned company wholly owned by the Ningbo
Dry bulk & general cargo
Asset Supervision and Administration Commission. NPC
Oil related is listed on the Shanghai Stock Exchange (stock code
601018).
Logistics and others
36%
Port activities: NPC reported a total turnover of RMB
6.98bn, and operating result of RMB 2.97bn on a total
2% asset base of RMB 33.4bn for 2011 representing a
52.7% and 33.4% increase over 2008 respectively or
average y-o-y growth of 15.1% and 10.1%. A majority of
NPC' activities are from direct port handling related
8,000 3,500 activities of which most are dry-cargo related, the
remainder is from logistics and related activities. For
7,000 3,000 their port related activities NPC reported a total
6,000 2,500 throughput of 386mn tons including 15.2mn TEU in
Million RMB

5,000 2011.
2,000
4,000
1,500 Main port locations: The vast majority of NPC' activities
3,000
1,000 are in Ningbo, but they also have activities in other PRC
2,000
cities.
1,000 500
- - Reference: The pie chart outlines segment as a share of
2008 2009 2010 2011 turnover and the turnover/result chart covers all
Turnover 4,574 4,889 6,004 6,983 segments. EBT represents profit before income tax and
any extraordinary items as per PRC accounting
EBT 2,227 2,068 2,429 2,970
regulation. NPC was listed in 2010 and financial results
are only available from 2008.


4. Dalian Port Company (HKG:2880)
Overview
Ownership: Dalian Port (PDA) Co. is headquartered
27% 25% Bulk and general cargo in Dalian and majority owned by Dalian Port Group
Container which is PRC state-owned company. DPC is listed on
the Hong Kong Stock Exchange (stock code 2880).
Oil & liquid
3% Ro/Ro & passenger Port activities: DPC reported a total turnover of
23% Port service & others RMB 3.96bn, and operating result of RMB 821mn
22% on a total asset base of RMB 27.17bn for 2011 and
representing a 46.4% and 11.7% increase over 2007
respectively or average y-o-y growth of 10.0% and
2.8%. A majority of DPC activities come from
terminal operation mainly in the container, dry and
4,500 1,200 liquids segments, the remainder from port
4,000 management services. For 2011 DPC reported
1,000 throughput of 7.42mn TEU, 65.1mn tones of dry
3,500
bulk and general cargo and 40.9mn tons for oil and
Million RMB

3,000 800
2,500 liquid bulk.
600
2,000
1,500 400 Main port locations: DPC have a few activities in
1,000 other PRC cities but vast majority are in Dalian.
200
500
- - Reference: The pie chart outlines segment as a
2007 2008 2009 2010 2011 share of turnover and the turnover/result chart
Turnover 2,702 2,953 3,022 3,337 3,955 covers all segments. EBT represents profit before
income tax and any extraordinary items as per PRC
EBT 735 683 818 995 821
accounting regulation.


5. Wuhu Port Company (SSE:600575)
1%
3% Overview
Ownership: Wuhu Port Storage & Transportation
Co. Ltd. is headquartered in Wuhu and part owned
Port operation by Huainan Mining Group (32.02%), one of the
Railway transportation largest coal producers in PRC (owned by Anhui
State-owned Supervision and Administration
Logistics and trading Commission (72.88%) and other state-owned
entities). WPC is listed on the Shanghai Stock
96% Exchange (stock code 600575).

Port activities: WPC reported a total turnover of
RMB 30.1bn, and operating result of RMB 460mn
on a total asset base of RMB 16.53bn for 2011. As
35,000 500.0 WPC took over trading activities in 2011 which
450.0 now represent the by far most significant segment
30,000
400.0 in its portfolio no meaning comparison to previous
25,000 350.0
Million RMB

300.0
years can be made.
20,000
250.0
15,000 200.0 Main port locations: All of WPC' activities are in
10,000 150.0 the Anhui Province (PPC).
100.0
5,000
50.0 Reference: The pie chart outlines segment as a
- - share of turnover and the turnover/result chart
2007 2008 2009 2010 2011
covers all segments. EBT represents profit before
Turnover 161 179 126 4,049 30,055
EBT 42.6 42.5 3.9 23.8 460.0 accounting regulation.


6. Yingkou Port Company (SSE:600317)
Overview
7%
Ownership: Yingkou Port Liability Co. Ltd. is
headquartered in Yingkou and controlled by
Port operation Yingkou Port Group (59.65%), which is fully owned
by the Yingkou Municipal Government. YPC is listed
Others on the Shanghai Stock Exchange (stock code
600317).

93% Port activities: YPC reported a total turnover of
RMB 2.9bn, and operating results of RMB 351mn
on a total asset base of RMB 11.3bn for 2011 and
representing a 128.8% and 31.5% increase over
2007 respectively or average y-o-y growth of 23.0%
3,500 400.0 and 7.1%. Close to all of YPC' activities are directly
350.0
port related and include dry bulk cargo (mainly
3,000
metal ore, coal and grain), liquid bulk (oil) and
2,500 300.0
containers and reported a total throughput of
Million RMB

250.0 168mn tons for 2011.
2,000
200.0
1,500
150.0 Main port locations: All of YPC activities are in
1,000 100.0 Yingkou (PRC).
500 50.0
2007 2008 2009 2010 2011 share of turnover and the turnover/result chart
Turnover 1,274 1,951 1,876 2,343 2,914 covers all segments. EBT represents profit before
EBT 267.0 368.5 236.7 275.9 351.0


7. Tangshan Port Group Co. (SSE:601000)
1% Overview
4%
Ownership: Tangshan Port Group Co. Ltd. is
Port operation headquartered in Tangshan and controlled by
26% Port management Tangshan Asset Supervision and Administration
Commission. TPG is listed on the Shanghai Stock
Trading
Exchange (stock code 601000).
Transportation
62%
7% Misc. Port activities: TPG reported a total turnover of
RMB 3.0bn, and operating result of RMB 623mn on
a total asset base of RMB 10.55bn for 2011
and 34.9%. The majority of TPG activities are from
3,500 700
port related business and about 1/4 from trading
related. For port related activities TPG primarily
3,000 600 operate dry-bulk cargo (including coal, iron ore and
2,500 500 steel) and TPG reported a total throughput of
Million RMB

2,000 400 83.1mn tons of throughput for 2011.
1,500 300
Main port locations: All of TPG' activities are in the
1,000 200 Hebei Province (PRC).
500 100
Reference: The pie chart outlines segment as a
- -
2008 2009 2010 2011 share of turnover and the turnover/result chart
Turnover
1,347 1,930 2,557 2,998
EBT 254 377 495 623 accounting regulation.


8. Rizhao Port Company (SSE:600017)

4%
Overview
9%
Ownership: Rizhao Port Co. Ltd. is headquartered
in Rizhao and controlled by Rizhao Port Group
Lifting
(37.66%), which is wholly owned by Rizhao
Storage Municipal Government. RPC is listed on the
Port management Shanghai Stock Exchange (stock code 600017).

Port activities: For 2011 RCP reported a turnover
87%
of RMB 3.56bn and operational result of RMB
625mn on a total asset base of RMB 10.43bn
representing an increase of 196.3% and 257.3%
over 2007 respectively or an average y-o-y growth
of 31.2% and 37.5%. All RCP' activities are
4,000 700.0 materially generated from port related business
3,500 600.0 including dry bulk cargo (namely metal ore
3,000 (67%), coal (15%) and cement). For port related
500.0
Million RMB

2,500 business RCP reported a total throughput of
400.0 198mn tons in 2011.
2,000
300.0
1,500
200.0 Main port locations: All of RZP activities are in the
1,000
100.0
Shandong province (PRC).
500
2007 2008 2009 2010 2011
share of turnover and the turnover/result chart
Turnover 1,202 1,775 2,407 3,156 3,561
EBT 174.9 413.8 531.0 570.0 625.0 income tax and any extraordinary items as per PRC


9. Jinzhou Port Company (SSE:600190)
Overview
25% Ownership: Jinzhou Port Co. Ltd. is headquartered
in Jinzhou and controlled the Dongfang Group
Port which holds 19.73%. Other large shareholders
include Dalian Port Group (19.44%), Jinzhou SASAC
Others
(11.53%) and Petro China (7.57%). JPC is listed on
the Shanghai Stock Exchange (stock code 600190).
75%
Port activities: JPC reported a total turnover of
RMB 1.19bn, and operating result of RMB
341.8mn on a total asset base of RMB 7.85bn for
2011 and representing a 125.7% and 199.8%
increase over 2007 respectively or average y-o-y
1,400 400.0 growth of 22.6% and 31.6%. The majority of JPC'
1,200 350.0 activities are directly port related and include dry
300.0 bulk (coal, oil and grain) and some container
1,000
Million RMB

250.0 activity.
800
200.0
600 Main port locations: Majority of JPC' activities are
150.0
400 in Jinzhou (PRC).
100.0
200 50.0
Reference: The pie chart outlines segment as a
- - share of turnover and the turnover/result chart
2007 2008 2009 2010 2011
Turnover 526 792 739 864 1,188
EBT 114.0 226.4 222.7 294.6 341.8 accounting regulation.


10. Xiamen Port Company (HKG:3378)
Bulk and general cargo Overview
12% 6%

Container Ownership: Xiamen International Port Co. is
headquartered in Xiamen and majority owned by Xiamen
26% Port Holding Group (62.46%), which is a PRC state-owned
Port & Logistics service company wholly owned by Xiamen Asset Supervision and
Administration Commission. XPC is listed on the Hong
34%
Kong Exchange (stock code 3378). XPC is also the
Trading
majority owner of Xiamen Port Development Co.
(55.13%), which is listed on the Shenzhen Stock Exchange
22% Construction material (stock code 000905).
manufacturing & trading
Port activities: XPC reported a total turnover of RMB
3.1bn, and operating result of RMB 449mn on a total
asset base of RMB 6.67bn for 2011 representing a 6.2%
increase and 18.1% decline from 2007 respectively or
4,000 600
average y-o-y growth of 1.5% and -4.9%. A majority of
3,500 500 XPC' activities are directly port related but a larger share
3,000 is also derived from trading. For its port related activities
Million RMB

2,500 400 XPC reported 4.15mn TEU and 6.8mn tons of bulk and
general cargo in 2011.
2,000 300
1,500 200 Main port locations: The vast majority of XPC activities
1,000 are in Xiamen (PRC), but XPC also have minor activities in
500 100 other cities (PRC).
- -
2007 2008 2009 2010 2011 Reference: The pie chart outlines segment as a share of
turnover and the turnover/result chart covers all
Turnover 2,891 3,412 2,066 2,242 3,069 segments. EBT represents profit before income tax and
EBT 548 506 323 460 449 any extraordinary items as per PRC accounting
regulation.


11. Chiwan Wharf Holdings (SZE:000022)
3% Overview
6%
Ownership: Shenzhen Chiwan Wharf Holdings is
headquartered in Shenzhen and majority owned by
Port operation China Nanshan Development Group (a PRC state-
owned company). Other significant shareholders of
Transportation NDG include China Merchants Holdings International
Other port service (CMHI) and CNOOC. SCW is listed on the Shenzhen
Stock Exchange (stock code 000022).
91% Port activities: SCW reported a total turnover of RMB
1.7bn, and operating result of RMB 816.3mn on a
total asset base of RMB 6.54bn for 2011 representing
a 14.7% and 21.7% decline from 2007 respectively or
average y-o-y decline of 3.9% and 5.9%. Materially all
2,500 1,200.0 of SCW activities are directly port related and SCW
1,000.0 reported throughput of 4.12mn TEU of container
2,000 cargo and 9.2mn tons of non-container for 2011.
Million RMB

800.0
1,500
600.0
Main port locations: The vast majority of SCW'
1,000 activities are in Shenzhen Chiwan port area, but they
400.0 also have some activities in elsewhere in the Pearl
500 River Delta (PRC).
200.0
- - Reference: The pie chart outlines segment as a share
2007 2008 2009 2010 2011 of turnover and the turnover/result chart covers all
Turnover 2,003 1,914 1,465 1,740 1,708 segments. EBT represents profit before income tax
EBT
and any extraordinary items as per PRC accounting
1,042. 1,033. 673.6 962.4 816.3
regulation.


12. Yantian Port Company (SZE:000088)
Overview
13%
Ownership: Shenzhen Yantian Port Holdings Co. is
headquartered in Yantian and majority owned by
Transportation
Yantian Port Group (67.37%) which is a wholly
owned by Shenzhen State-owned Asset Supervisory
Warehouse & logistics and Administration Commission. YPH is listed on the
Shenzhen Stock Exchange (stock code 000088).

87% Port activities: YPH reported a total turnover of RMB
361mn, and operating result of RMB 543mn on a
total asset base of RMB 5.41bn for 2011
representing a 48.7% and 30.1% decrease from 2007
respectively or average y-o-y decline of 15.4% and
8.6%. YPH have activities both in logistics and port
800 900.0
operation. As their port holdings are all minorities
700 800.0
they are not consolidated into the turnover, but
600 700.0
represent the majority of the operating result of
Million RMB

500 600.0
YPH.
500.0
400
400.0
300 Main port locations: Most of YPH activities are in
300.0
200 Yantian but YPH also have activities elsewhere in
200.0
PRC.
100 100.0
- - Reference: The pie chart outlines segment as a share
2007 2008 2009 2010 2011
of turnover and the turnover/result chart covers all
Turnover 703 430 401 417 361 segments. EBT represents profit before income tax
EBT 776.9 684.8 560.2 513.9 543.0 and any extraordinary items as per PRC accounting
regulation.


13. Chongqing Gangjiu Company (SSE:600279)
Overview
11%
Port Ownership: Chongqing Gangjiu Co. Ltd. is
headquartered in Chongqing and controlled by
18% 43% Transportation Chongqing Port Logistics Group, which is wholly
Trading owned by Chongqing State-owned Asset Supervision
and Administration Commission (SASAC). CGC is
Logistics
listed on the Shanghai Stock Exchange (stock code
14% Real estate 600279).
14% Port activities: CGC reported a total turnover of
RMB 1.47bn, and operating result of RMB 107.8mn
on a total asset base of RMB 4.83bn for 2011
1,600 120.0
and 15.8%. A majority of CGC' activities are from
1,400 100.0 port and related business and a smaller part from
1,200 trading, real estate and other. For their port related
Million RMB

1,000 80.0
activities CGC reported a total throughput of
800 60.0 26.2mn tons and 0.59mn TEU in 2011..
600 40.0
400 Main port locations: All of CGC activities are in
200 20.0 Chongqing (PRC).
- -
2007 2008 2009 2010 2011 Reference: The pie chart outlines segment as a
Turnover
415 585 814 1,120 1,471
EBT 60.0 45.7 43.9 66.7 107.8 income tax and any extraordinary items as per PRC


14. Lianyungang Port Company (SSE:601008)
Overview
7%
Ownership: Jiangsu Lianyungang Port Co. is
headquartered in Lianyungang and controlled by
Port operation Lianyungang Port Group (48.81%), a state-owned
company wholly owned by Lianyungang Municipal
Port management Government. JLPC is listed on the Shanghai Stock
Exchange (stock code 601008).

93% Port activities: JLPC reported a total turnover of
RMB 1.5bn, and operating result of RMB 158mn
2007 respectively or average y-o-y growth of
1,600 180 15.3% and 7.3%. All of JLPC income stem from port
1,400 160 related activities, a minority of which is related to
1,200 140 port management related activities and JLPC
Million RMB

1,000 120 reported a total throughput of 60.8mn tonnes for
100 2011.
800
80
600 60 Main port locations: All of JLPC activities are in
400 40 Lianyungang (PRC).
200 20
2007 2008 2009 2010 2011
Turnover 848 985 989 1,219 1,500 covers all segments. EBT represents profit before
EBT 120 100 94 125 158 income tax and any extraordinary items as per PRC


15. Zhuhai Port Company (SZE:000507)
Overview
Ownership: Zhuhai Port Co. Ltd. is headquartered
in Zhuhai and part owned by Zhuhai Port Holdings
Group Co. ZPC is listed on the Shenzhen Stock
46% Port service Exchange (stock code 000507).
54% Others
Port activities: ZPC reported a total turnover of
RMB 454mn and operating result of RMB 297.6mn
representing a 30.0% decline and 91.8% increase
from 2007 respectively or average y-o-y growth of
-8.5% and 17.7%. For ZPC' port related activities
they engage in logistics and port management
1,800 350.0 related services and are currently getting further
1,600 300.0 into terminal operation of liquid bulk and other
1,400 cargoes.
250.0
Million RMB

1,200
1,000 200.0 Main port locations: Mainly in Zhuhai but are also
800 150.0 expending to a few other locations in South China.
600
100.0
400 Reference: The pie chart outlines segment as a
200 50.0
- - covers all segments. EBT represents profit before
2007 2008 2009 2010 2011
Turnover 649 1,703 515 402 454
accounting regulation. The peak in 2008 was
EBT 155.2 111.2 93.2 211.4 297.6 related to the sale of property.


16. Nanjing Port Company (SZE:002040)
Overview
5%
Ownership: Nanjing Port Co. is headquartered in
Nanjing and majority owned (63.38%) by Nanjing Port
Crude oil
30% Group, which is a joint venture between Nanjing Asset
43%
Chemical Supervision and Administration Commission and
Product
Sinotrans Yangtze Shipping Group. NPC is listed on the
Shenzhen Stock Exchange (stock code 002040).
Others
Port activities: NPC reported a total turnover of RMB
22% 163mn, and operating result of RMB 43mn on a total
asset base of RMB 959.7mn for 2011 and representing
a 10.4% and 49.1% increase over 2007 respectively or
average y-o-y growth of 2.5% and 10.5%. Materially
all of NPC' activities stem from port operation and
180 50 vast majority from the liquid bulk segments
160 45 (chemical, crude oil and petrochemical related
140 40 products), but also minority holdings in container
35
Million RMB

120 terminal facilities. For port operations NPC reported a
30 total throughput of 11.84mn tons in 2011.
100
25
80
20
60 Main port locations: The vast majority of NPC'
15
40 10
activities are in Nanjing, but they also have activities
20 5 in other cities in PRC.
- -
Turnover 148 134 137 150 163 of turnover and the turnover/result chart covers all
EBT 29 14 7 30 43 and any extraordinary items as per PRC accounting
regulation.


17. Beihai Port Company (SSZ:000582)
1% Overview
Ownership: Beihai Port Co. Ltd. is headquartered in
26% Beihai and controlled by Guangxi Beibu Gulf Port
Port Group, which is fully owned by the Guangxi
Autonomous Region State-owned Asset Supervision
Trading and Administration Commission (SASAC). BPC is listed
Logistics and agency on the Shenzhen Stock Exchange (stock code 000582).

73% Port activities: BPC reported a total turnover of RMB
1.02bn, and operating result of RMB 50.2mn on a
total asset base of RMB 936mn for 2011 representing
a 453.7% and 165.5% increase over 2007 respectively
or average y-o-y growth of 53.4% and 27.6%.
Whereas a majority of BPC' activities in terms of
1,200 60.0 turnover are from trading activities, the majority of
their operating result (more than 90%) are from port
1,000 50.0
related activities. For port related activities BPC
Million RMB

800 40.0 operate dry-bulk as well as container cargo and
reported total throughput of 6.2mn tons and 71k TEU
600 30.0
for 2011.
400 20.0
Main port locations: All of BPC activities are in the
200 10.0 Guangxi Province (PRC).
- -
Turnover 184 198 216 405 1,019 of turnover and the turnover/result chart covers all
EBT 18.9 18.4 44.8 44.3 50.2 and any extraordinary items as per PRC accounting
regulation.


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such companies or indication of any affiliation or contractual relationship – they are used purely for
illustrative purposes.

INDUSTREAMS LIMITED will not be liable towards you or any third party for any eventual damage
you may incur, caused by the information contained in this presentation and its appendices.


Listed Port Markets in China

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