Investor Presentaiton
Company Overview
Business Description
.
Yingde Gases (the "Company") is the largest domestic independent gas
supplier in the PRC in terms of revenue, which produces, supplies and
distributes a variety of industrial gas products (oxygen, nitrogen, argon) to
on-site and merchant customers in 19 provinces
On-site gas sales are typically from customers who have entered into long-
term gas supply contracts with the Company, while merchant gas sales are
generated from local distributors on the spot market
Currently the Company owns more than 69 gas supply facilities in China,
with a total installed oxygen capacity of 1,962,300 Nm3/hr
Since 2012, on-site oxygen installed capacity has grown at CAGR of 12%
• The Company was established in 2001 with shares listed on the Main Board
of the Hong Kong Stock Exchange since October 2009
Financial Summary
(CNY MM)
Revenue
EBITDA
2013
2014
2015
2016 1H
6,866
7,716
7,919
4,140
2,024
2,480
2,655
1,504
Net Profit
908
904
536
387
EBITDA Margin
29.5%
32.1%
33.5%
36.3%
Net Profit Margin
13.2%
11.7%
6.8%
9.3%
ROA (2)
12.9%
13.9%
13.7%
15.1%
ROE
15.6%
14.2%
8.0%
11.4%
Total Debt / Assets
Total Debt/ EBITDA
0.5x
0.5x
0.5x
0.5x
3.9x
3.9x
3.8x
3.5x(3)
Top 5 Customers
Sales Breakdown By Customer Type (CNY MM)
7,716
7,919
■ |日照钢铁控股集团有限公司
6,866
1.3%
2.6%
11.8%
10.4%
0.9%
11.1%
中国神华
JINGYE-GROUP
4,140
CHINA SHENHUA
五矿营口中板有限责任公司
16.6%
9.7%
Baotou Coal
Shenhua
Chemical
Hebei Jingye
MINMETALS YINGKOU MEDIUM PLATE CO., LTD
86.9%
87.0%
88.0%
Steel Co.
83.7%
Industry Co.
陕西龙门钢铁有限责任公司
Shaanxi Longmen Iron & Steel co.,Ltd.
陕西理化
2013
2014
2015
1H2016
■On-site Customers
■Merchant Customers
Other Revenue
YINGDE GASES GROUP COMPANY LIMITED
盈德氣體集團有限公司
Notes
1. Sourced from Company Presentation 2015
2. ROA calculated as EBITDA / Total Assets
3. Multiple based on annualized EBITDA
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