valueing lbo
DESCRIPTION
Valueing LBOTRANSCRIPT
2006 7 14 ()
Table of Contents.
. Investment Vehicle 1 : Buyout (&) 2 : () 3 : ( ) 3
.
. : : M&A
. .
. l l l l
PEF
M&A
Feeder M&A
4
. l l l l
10
10 2002 2004 2004 10 50% 1 2 3 4 5 6 7 8 9 10 HPH PSA APM Terminal P&O Ports COSCO Eurogate DP World Evergreen SSA Marine MSC 2004 (TEU) 47.8 33.1 31.9 21.9 13.3 11.5 11.4 8.1 6.7 5.7 191.4 (%) 13.3 9.2 8.9 6.1 3.7 3.2 3.2 2.3 1.9 1.6 53.4 (TEU) 41.5 29.7 21.4 16 7.4 10.8 9.6 6.7 5.4 4.1 152.6 2003 (%) 13.1 9.1 6.8 5.1 2.3 3.4 3.1 2.1 1.7 1.3 48 (TEU) 36.7 26.2 17.2 12.8 4.7 9.5 8 5.7 4.4 2.2 127.4 2002 (%) 13.3 9.5 6.2 4.6 1.7 3.4 2.9 2.1 1.6 0.8 46.1
1) DP World CSX World Terminal 2) 2004 3) DP World 06 P&O Port 2 () : Drewry, Annual Review of Global Container Terminal Operateors 2005, 2005.
9
6
, , , DP world ( 2.3% 9.3% ) (DPI) (DPA) CSXWT ('04. 12) P&O port ('06. 2) ('06. 4)
COSCO AP Moller-Maersk PSA
COSCO( ) COSCO Group (Leam Chaband) 2 51% P&O ('05. 7) P&O (HPH) 20%('06. 4) ABPH ('06. 6)
7
5 DP World CSXWT P&O Port 7 2
( TEU) 47.8 21.9 3.3 8.1 33.3 33.1 31.9 13.3
(%)
1(1)
HPH P&O Ports CSX WT
30 30 10 5 45 13 33 10
13.3 6.1 0.9 2.3 9.3 9.2 8.9 3.7
2(7)
DP World DPI
3(2) 4(3) 5(5)
PSA APM COSCO
1) 2004 2) 3) ( ) P&O Ports : JOC, 2005. 7. 11 KMI , KMI , 30, 2005. 12. 5
8
DP World DPA (Dubai Ports Authority) DPI (DP International)
TCO(The Corporate office):
DP World
( M&A)-SCT, , CSX (11 5,000) CSX 9 24
- - IT- ()
-
1,460 teu
- ()
-CSX
, ,
P&O Port
: ,
SCT: South Container Terminal RGCT:Rajiv Ghandi Container Terminal
: DP World, , 2006. 2
9
70.0%
63.6% 59.7%
59.6%60.0%
63.6%
World Bank
49.9%50.0%
2004 60%, 20% 2000
40.0%
20.2% 19.8% 21.7%
30.0%
20.0%
15.1%
16.4%
10.0%
0.0% 2000 2001 2002 2003 2004
(: TEU, %)2001 44,762 75,126 59.6 272,364 16.4 2002 55,717 87,541 63.6 275,850 20.2 2003 61,621 103,285 59.7 311,709 19.8 2004 77,026 121,254 63.6 355,612 21.7
2000 35,483 71,096 49.9 235,571 15.1
1) Drewy Shipping Consultants Ltd., Annual Container Market Review and Forecast , 2004.5. 2) Containerisation International , 2005. 3. 3) / KMI
10
. l l l l
10 20
2004 1 2 3 4 5 6 7 7 8 9 10 11 12 2003 1 2 3 4 6 5 8 16 7 9 12 11 10 HPH PSA APM Terminals P&O Ports Cosco Eurogate DPI(DPA) DPI(CSXWT) Evergreen SSA Marine MSC HHLA APL TEU 47.8 33.1 31.9 21.9 13.3 11.5 8.1 3.3 8.1 6.7 5.7 5.6 5.3 % 13.3 9.2 8.9 6.1 3.7 3.2 2.3 0.9 2.3 1.9 1.6 1.6 1.5 TEU 41.5 28.7 21.4 16 7.4 10.8 6.5 3.1 6.7 5.4 4.1 4.6 4.9 % 13.1 9.1 6.8 5.1 2.3 3.4 2 1 2.1 1.7 1.3 1.5 1.5 2004 13 13 15 15 17 18 19 20 21 22 23 23 2003 12 14 15 17 18 19 20 22 21 22 24 25 Hanjin NYK Line OOCL MOL Dragados K Line TCB P&ONL ICTSI Yang Ming Hyundai CMA CGM 2004 2003 TEU 4.4 4.4 3.6 3.6 3.1 2.6 2.4 2.1 1.9 1.7 1.2 1.2 234.5 % 1.2 1.2 1 1 0.9 0.7 0.7 0.6 0.5 0.4 0.3 0.3 65.1 TEU 4.1 4 3.4 2.9 2.5 2.1 2 1.4 1.6 1.4 1.2 0.6 188.2 % 1.3 1.3 1.1 0.9 0.8 0.7 0.6 0.4 0.5 0.4 0.4 0.2 59.2 2004 2003
: 2005. 12. 23, Vol 1206
12
1 2 3 581 4,445 768 16 17 18
USD of M
Deutsche Bahn/Stinnes/Schenker UPS Deutsche Post's express/logistics arm FedEx Nippon Express A.P. Moller-Maersk's shipping port arm TPG/TNT NYK Union Pacific Mitsui O.S.K. Lines BNSF Exel CSX Kuehne + Nagel K Line
, , , , , , , , , , , , , , , , , , ,
35,285 33,485 27,901
Bollore Investment/Delmas/SDV Norfolk Southern P&O
, , ,
6,740 6,468 5,551
194 1,064 77
4 5 6 7 8 9 10 11 12 13 14 15
24,710 15,771 15,089 14,833 13,229 11,551 9,435 9,413 8,905 7,793 7,638 6,856
1,440 437 930 959 870 2,133 872 1,665 216 626 225 667
19 20 21 22 23 24 25 26 27 28 29 30
Neptune Orient Lines/APL Panalpina CNF/Menlo group Hapage-Lloyd Ryder System Canadian National Geodis CMA CGM C.H Robinson ABX Logistics
, , , , , , , , , , ,
5,523 5,338 5,104 4,885 4,802 4,640 4,492 4,020 3,779 3,614 3,338 3,287
455 124 191 450 212 360 1,356 78 325 184 240
: American Shipper, October 2004 : : , : , : , : , : , : , : , :
13
2006 TEU P O NL 2 3 4 5 6 7 MSC CMA CGM (CSCL) APL NOL/APL NOL 8 9 322,326 3.5 328,794 3.6 20 331,437 3.6 20 10 (%) 10 NYK
2006 TEU 302,213 (%) 3.3
1,665,272 P&O Nedlloyd 784,248 507,954 477,911 412,344 346,493 8.6 5.6 5.2 4.5 3.8 18.2
11
MOL
241,282
2.6
1
12 13 14 15 16 17 18 19
OOCL CSAV K-Line ZIM (PIL)
234,141 234,002 227,872 201,432 188,206 184,438 147,989 134,362 114,346 5,478,992 7,387,062 9,135,749
2.6 2.6 2.5 2.2 2.1 2 1.6 1.5 1.3 60 80.9 100
: 1 : BRS Alphaliner
14
1 2 3 4 5 6 7 8 9 10 3,585 5,153 1,515 3,285 1,100 516 500 30 598 50 55,679 39,446 19,771 13,399 12,428 10,970 6,279 6,171 6,153 5,787 4,320 2,883 778 1,092 304 601 688 120 317 418 4,230 199 624 -1,566 164 556 445 191 115 570 2,952 -209 430 -1,722 38 391 313 137 77 403 52,030 42,674 8,527 15,779 15,559 13,011 10,648 1,168 8,355 2,419
/
/
: ,
2004. 11. (, ) 15
. l l l l
Dubai Dubai
2011
: Dubai Strategic Development Plan(1996~2000) Into The 21ST Century 2011 GDP 100% , : 4, "(Dubai), " , CEO Information, 2005. 5.4, 499
17
Dubai
4, "(Dubai), " , CEO Information, 2005. 5.4, 499
18
Dubai Dubai
UAE 1971
,
/
: (Jebel Ali Free Zone : JAFZ) : Internet City, Media City, Knowledge Village
90
(Burj Dubai)
/
: (Burj Al Arab) (dubai Land)
/
(Dubai International Airport) :
4, "(Dubai), " , CEO Information, 2005. 5.4, 499
19
DP World
2-3 DP World 2004 CSX World Terminal DP World (PNC) 25% 1 9 . PNC 2005 20042004 2004 2003 2003 2002 2002 2001 2000 2000 1999 1997 1996 1993 1991 1991 1985 1979 1978 1972
DPA DPI Terminals DP World DPI CSX World Terminals DPA 2003 25% 600teu DPA 10 DPI (Constantza) (Romania) DPA 500teu 2002 23% DPI Visakhapatnam DPA 19.7% DPA, JAFZA & Customs , , Free Zone DPA DPI, Djibouti DPI Jeddah Islamic Port DPA 10 DPA 200teu DPA 169teu , 15 5 Port Rashid Jebel Ali Port , DPA(Dubai Ports Authority) 11 100teu Jebel Ali Free Zone Jebel Ali Port- Port Rashid 35 Port Rashid
: DP World, , 2006. 2
20
DP World DPA (Dubai Ports Authority) DPI (DP International)
TCO(The Corporate office):
DP World
( M&A)-SCT, , CSX (11 5,000) CSX 9 24
- - IT- ()
-
1,460 teu
- ()
-CSX
, ,
P&O Port
: ,
SCT: South Container Terminal RGCT:Rajiv Ghandi Container Terminal
: DP World, , 2006. 2
21
() COSCO
() China Shipping
()
()
(SITC Maritime )
()
()
: 1, "- - ", , 2005. 12
22
COSCO COSCO
v (China Ocean Shipping Company, COSCO) 1961 1 v 1984 v 1993 ()(COSCO Group) v COSCO v ,
COSCO
v , , , , , . , , , , , , , , , ,
: 1, "- - ", , 2005. 12
23
COSCO COSCO 1993 COSCO Group (:COSCO) COSCO(China Ocean Shipping Company) 1961
COSCON(COSCO Container Lines) 1997
( )
5 , , ,
60.36%
3
56.16%
(COSCO Shipping)
(COSCO Development)
(China International Marine Containers Grroup Co. Ltd)
: 1, "- - ", , 2005. 12
24
COSCO
COSCO
COSCO
, , 8
: 1, "- - ", , 2005. 12
25
COSCO COSCO
20051 1 COSCO 51% , ,
20051231 24 COSCO 200431, Straits Times Index , 2004318, FTSE All-World Asia Pacific , 200561 MSC
20051 COSCO , COSCO Dalian, Nantong, Zhoushan, Guangzhou, Shanghai, Tianjin, Xiamen 7 , , , , COSCO
, COSCO
SUBSTANTIAL SHAREHOLDERS
Temasek 100%
DIRECT INTEREST No. 1. 2. 3. Name China Ocean Shipping (Group) Company Seletar Investments Pte Ltd Temasek Holdings (Pte) Ltd No. of shares held 1,194,565,488 110,400,000 26
DEEMED INTERESTS % No. of shares held 197,662,000 % 8.99
54.35 5.02 -
Temasek Holdings Temasek Holdings 1974
Temasek Holdings (Government Company) 1974 CEO , Temasek Holdings 65 PSA , , ,
Temasek , , 33 21 17 10 8 8 , ASEAN ( ) , , 27
2005331 , : %
49 18 9 6 5 8 1 2
Temasek Holdings I. (strategic development) (Building Successful Enterprises)
, , , , ,
II. ( Corporate development) : , , , , Temasek CEO Temasek ,
TLC(Temasek Linked Company) Best Practice ,TLC EVA , 28
Temasek Holdings ()
III. IV.(Capital Resources Management) Temasek , Wealth Management Institute (20039)
Temasek : , , , , 3
Private Equity Fund , Debt fund Buyout, Growth capital, Mezzanine, Debt,,
29
Temasek Total Shareholders Return(TSR)
TSR(Total Shareholders return) 1) , , ,
2) : TRS2 30% : 2 TSR 7% , 18% TSR : 3,5, 10 9~11% 1~2 TSR 12%, 14%
30
Temasek Temasek Holdings Initial Investment Date Mar 2006 Mar 2006 Feb 2006 Jan 2006 Jan 2006 Dec 2005 Nov 2005 Nov 2005 Oct 2005 Oct 2005 Sep 2005 Aug 2005 Jul 2005 Jun 2005 Jun 2005 Jun 2005 Jun 2005 Jun 2005 Company E.Sun Financial Holdings (Taiwan) i-Logistics (Japan) Bank of China (China) Shin Corp (Thailand) Bumrungrad Hospital Public Company Limited (Thailand) Dongfeng Motor Group (China) Russia New Growth Fund CTP Holdings Pte Ltd Southern Bank Berhad (Malaysia) The Medreich Group (India & UK) China Construction Bank (China) Hopson Development Holdings (China) Shringar Cinemas Ltd (India) Amtel Holland Holdings N.V. (Russia) Pharma commercialisation JV company China COSCO Holdings(China) SOMA Networks Inc. (USA) BioVeda China Fund (China) 31 Current Effective Shareholdings
Subscribed to approx. US$400million convertible bonds 9.95% 5% Temasek, Siam Commercial Bank and a group of Thai investors, through Kularb Kaew Pcl, acquired a 49.6% stake 6% < 5% Joint investor in this US$150 million fund Joint venture with Cargill, investing in palm plantations in Indonesia and Papua New Guinea < 5% One of the investors 6% 8% 15% One of the investors in US$70 million funding One of the investors in US$112 million fund, together with Interpharma and Quintiles < 5% One of the investors in US$50 million funding One of the investors in this US$30 million fund
Temasek ()Initial Investment Date May 2005 May 2005 May 2005 Apr 2005 Apr 2005 Apr 2005 Mar 2005 Mar 2005 Feb 2005 Jan 2005 Jan 2005 Nov 2004 Oct 2004 Oct 2004 Jul 2004 May 2004 Mar 2004 Mar 2004 Dec 2003 Dec 2003 Sep 2003 Jun 2003 Company New Horizon Fund (China) Apollo Healthstreet (India) Great Wall Airlines Company Limited (China) Welspun India Ltd (India) Brookstone Inc (USA) Rolls-Royce Fuel Cell Systems Ltd (UK) Mahindra & Mahindra Ltd (India) Malaysian Plantations Berhad (Malaysia) Punj Lloyd (India) China Minsheng Banking Corporation (China) NDLC-IFIC Bank Ltd (Pakistan) Gateway Distriparks (India) Neurovision Inc (USA) China Power (China) Apollo Hospitals Enterprise (India) Matrix Laboratories (India) Telekom Malaysia (Malaysia) Hana Financial Holdings (Korea) ICICI Bank (India) BII (Indonesia) Quintiles (USA) Bank Danamon (Indonesia) Current Effective Shareholdings
One of the investors in this US$100m fund, with 50% commitment One of the investors in US$7.5 million funding 24% 14% One of the investors to participate in US$458 million acquisition One of the investors in a consortium to invest US$100 million 5.5 million shares 15% One of the investors in US$50 million funding < 5% 73% 10% 15% 3% 8% 14% 5% 9% 9% 28% 15% 53%
32
PSA Temasek PSA 4,038 S$ million COSCO S$'m(200 5-03-31) $'m(2004 -03-31) (200503-31) 89,897 (200403-31) 91,822 TSR(%) 11
SECTOR
1-Year
2-Year
3-Year
Market Capitalisation(S$'m)
14,497 1.2 10.4
13,400 1.2 15.8
SINGAPORE AIRLINES TRANSPORTAT ION & LOGISTICS
Price/Book Price/Earnings Gross Dividend Yield(%) Market Capitalisation(S$'m)
19
-5
3.4
2.3
5,347 1.5
3,138 1.4
33,157
21,503 TSR(%) 73 90 52
NEPTUNE ORIENT LINE
Price/Book
Price/Earnings Gross Dividend Yield(%)
3.5 12.3 4,038
3.7 1.8 3,444 25,040 23,600 TSR(%) 28 24 21
PSA INTERNATIONAL
Shareholders' Equity(S$'m) Gross Dividend Yield(%)
9.2
23.2
33
PSA (2005 )Selected Profit & Loss Revenue Operating Expenses Profit from Operations Finance Costs Share of Profit of Associates Profit from Ordinary Activities Before Taxation Taxation Profit from Ordinary Activities After Taxation Minority Interests Net Profit for the year Selected Balance Sheet Total Assets Total Liabilities Shareholders' Equity Financial Ratios Operating Margin Return on Average Total Assets Return on Average Shareholders' Equity Debt/Capital Earnings per share 39.10% 11.60% 23.00% 42.10% 1.74% 10,210 5,274 4,936 ($million) 3,678 2,238 1,439 118 36 1,357 267 1,090 32 1,058 -
() 22,139 13,471 8,662 710 217 8,168 1,607 6,561 193 6,368
61,456 31,745 29,711
34
Temasek Holdings
2005 public market fund management unit 100% Fullerton Risk Management Unit
, ,
35
Temasek Holdings Risk ManagementSTRATEGIC RISK FINANCIAL RISK Market risk Aggregate risk profile of Temasek Interest rates Funding liquidity Equity prices Foreign exchange rates Credit risk Structure foreign exchange Country Issuer Counterparty Custodian Investment risk Asset allocation Concentration Business continuity Legal Process People
OPERATIONAL RISK
Political
Systems
Reputation
36
Temasek Holdings
2005 3 31 Asset Mix Singapore(49%) Telecommunications cluster(33%) 30% cluster
37
Temasek Holdings
2005 3 31 86% VaR (84% , 3 , ) 2005 3 31 VaR S$66 6%(12Month ) 2005 3 31 VaR RMU (Risk Management Unit) Fullerton VaR , , ,
38
Temasek Holdings
, Best practice , ,
39
Temasek
(1)
(2)
TEMASEK ADVISORY PANEL
TEMASEK INTERNATIONAL PANEL
Senior Management
Senior Management
40
Hutchison Whampoa Limited(HWL)
Corporate Profile
HWL 54 200,000 5 (property and hotels; retail; energy) (telecommunications)
&
v 7 5 v 20 247(berths) 42 v v 2005 51.8TEU
41
Hutchison Whampoa Limited(HWL) Financial Highlights() Profit and loss account highlights Total Revenue (1) Profit attributable to shareholders of the Company Balance sheet highlights Fixed assets, investment properties, leasehold land prepayments and telecommunications licences Total cash, liquid funds and other listed investments Bank and other interest bearing borrowings Net debt (2) Total assets Shareholders funds Key ratios and other information Net debt to net total capital ratio (2) EBITDA before telecommunications prepaid CACs net interest coverage ratio Earnings per share for profit attributable to shareholders of the Company (HK$) Dividends per share (HK$) 38% 6.5 times 3.36 1.73 279,833 110,386 264,911 154,525 597,039 243,554 365,574 144,208 346,080 201,871 779,972 318,179 241,862 14,343 315,969 18,738 2005 (HK$ millions) 2005 ()
(2004)
33% 11%
-11% -21% -6% 8% -8% -3%
4%
11%
HK$:won=1:130.64(2005.12.31) 42
Hutchison Whampoa Limited(HWL) EBIT
EBIT 4 2,000 1 3,000 Port and related service EBIT 31% E B I T (including share of associates and JCE)ESTABLISHED BUSINESSES Ports and related services Property and hotels Retail Cheung Kong Infrastructure Husky Energy Finance & investments and others Hutchison Telecommunications International Change in fair value of investment properties Profit on disposal of investments and others EBIT - established businesses TELECOMMUNICATIONS - 3 Group EBIT (LBIT) before depreciation, amortisation and telecommunications prepaid CACs Telecommunications prepaid CACs EBIT before depreciation and amortisation and after telecommunications prepaid CACs Depreciation Amortisation of licence fees and other rights Amortisation of telecommunications postpaid CACs Profit on elimination of minority interests EBIT . Telecommunications . 3 Group Total 1,825 -11,444 -9,619 -9,086 -6,060 -11,515 9,400 -26,880 32,576 2,384 -14,950 -12,566 -11,870 -7,917 -15,043 12,280 -35,116 42,557 30% 71% 123% -36% 41% -8% -0% -50% 10,219 3,939 3,261 6,675 6,140 5,491 2,789 38,514 5,225 15,717 59,456 13,350 5,146 4,260 8,720 8,021 7,173 3,644 50,315 6,826 20,533 77,673 14% 31% 2% 13% 120% -39% 1622% 17% -1% -18% 3% 2005 (HK$ millions) 2005 () (2004)
43
HWL(Hutchison Whampoa Limited)
1 8,000 5,000 Port and related service Profit attributable to Shareholders 27% Profit attributable to shareholders of the CompanyESTABLISHED BUSINESSES Ports and related services Property and hotels Retail Cheung Kong Infrastructure Husky Energy Finance & investments and others Hutchison Telecommunications International 3,932 5,776 18 3,357 3,503 7,710 -262 24,034 Profit on disposal of investments and others Subtotal established businesses TELECOMMUNICATIONS - 3 Group Profit on elimination of minority interests Subtotal - Telecommunications - 3 Group Total 15,466 39,500 -34,557 9,400 -25,157 14,343 5,137 7,546 24 4,386 4,576 10,072 -342 31,398 20,205 51,603 -45,145 12,280 -32,865 18,738 11% 11% 4% 8% 99% 24% 129% 17% 89% 10% 20% 4% 22% 2005(HK$ millions) 2005() (2004)
44
HWL(Hutchison Whampoa Limited) Port and Related Services
v 20 247(berths) 42 v
45
HWL(Hutchison Whampoa Limited) Port and Related Services
v HK$29,917 11% ( 8% 2005 51.8 TEU) v PPC(Panama ports container terminals) YICT(ports of Yantia), ECT(Europe Container Terminals), XICT(Xiamen International Container Terminals), KMT(Kelang Multi Terminal) v EBIT 14% HK$10,219
46
HWL(Hutchison Whampoa Limited)
, , , , ,
, , 2 14 (2005 12 31)
, , , , , () 4
47
HWL Remuneration Committee
Remuneration Committee
3
48
HWL(Hutchison Whampoa Limited) (2005 )Basic Salaries, Allowances and Benefits-inkind
Name of DirectorsLI Ka-shing LI Tzar Kuoi, Victor Paid by the Company Paid by Cheung Kong Infrastructure Holdings Limited (Cheung Kong Infrastructure) Paid to the Company
Directors Fees(HK$ M)
Bonuses
Provident Fund Contribution s
Inducement or Compensati on Fees
Total Emoluments
Total Emoluments ()
0.05
0.05
0.07
0.10 0.07 -0.07 0.10
4.44 4.44 9.83 7.34 7.32 4.88
26.00 8.00 34.00 119.00 26.00 25.88 11.00
2.03 1.47 0.64 0.85
30.54 8.07 -0.07 38.54 130.96 34.91 34.00 16.83
39.90 10.54 -0.09 50.35 171.09 45.61 44.42 21.99
FOK Kin-ning, Canning CHOW WOO Mo Fong, Susan Frank John SIXT LAI Kai Ming, Dominic KAM Hing Lam Paid by the Company Paid by Cheung Kong Infrastructure Paid to the Company
0.10 0.10 0.16 0.10
0.10 0.07 -0.07 0.10
2.25 4.20 -4.20 2.25 3.36 39.42
6.30 3.87 10.17 3.50 229.55
4.99
8.65 8.14 -4.27 12.52 6.98 0.20 0.10 0.24 0.10 0.10 0.24 275.77
11.30 10.63 -5.58 16.36 9.12 0.26 0.13 0.31 0.13 0.13
George Colin MAGNUS William SHURNIAK Michael David KADOORIE Holger KLUGE Simon MURRAY OR Ching Fai, Raymond Peter Alan Lee VINE WONG Chung Hin Total
0.12 0.20 0.10 0.24 0.10 0.10 0.24 1.81
0.31 360.27
49
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
Investment Vehicle
Investment vehicle PEF & PEF() CR-REITs() ABS() PFV( ) SIC() 51 51 2
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
1
Buyout
2
3
53
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
1 A: Buyout : Capital commitment Capital call
GP ( ,)
LP ( )
PEF (Buyout )
( )
PEF : ( ) (GP ) (GP) : () (LP) : ( ) (capital commitment) : (capital call) : 55
1 A: Buyout ( PEF )
PEF /
(PEF)
PEF
10%
(SPC)
(Buyout Fund)
56
1 A: Buyout ( PEF ) 1 2 3 4 5 6 7 8 9 10 11 1 1 1 1 KDB1 KTB - 1 MBK 3 04.12.27 04.12.27 05. 2.15 05. 3. 7 05. 3.29 05. 5. 9 05. 5.31 05. 9. 2 05. 9. 8. 05. 9. 8. 05. 9.26 , KTB PE MBK 12 05. 9.26 13 14 15 16 17 18 KTB2005 2 H&Q- FG10 - KTB-SB 05. 9.29 05. 9.29 05.11. 2. '05.12.27 06.3 .7 06. 4. 6 H&Q AP , 1,400 300 490 3,900 3,000 1,200 5,110 3,000 5,500 2,367 60 1530 1,548 240 801 () 1,400
05.10.4. ()
06. 3. 14()
1505
683
1,500 400 3,000 363 510 125 33,670
270 400
363 51
7,347
57
1 B: ( ) :
[]
()
, Mezzanine,
JOC
SPC [JOC ]
5 ( )
SPC 58
1 B: ( ) : ()
xx []
xx ()
(60%)
( 40%)
JOC
SPC [JOC ]
CB
CB
JOC option CB (: PEF CB 40%)
SPC 59
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
2:
GP
(Limited Partnership)
& LPs (, )
(Equity)
AMC
Local SPC ()
Bank
61
2: 403 9 2,984 (2006 4 )
11, 107, 92, 70 , 4 6,871, 1 7,860, 9,093, 8,452 (: , )700 100,000
92,98490,000
600
79,646 72,46080,000
500
61,252400
65,945 384 336 403
70,000
60,000
50,000
300
273
276
40,000
200
30,000
20,000 100 10,000
0
0
2005 12
2006 1
2006 2
2006 3
2006 4
: ,
62
2: () (offshore fund) - - - Limited Partnership
- / - - - , GP , GP -
63
2: () -
/
- , capital call - SPC
Risk Hedging - - GP - custody bank - SPC Risk Hedging - (ceiling) , , fund exposure - hedging
64
2: () ()
GP (General Partnership) ( )
LP (Limited Partnership) (/)
Advisor to GP ( )
Advisor to GP ( ) ,
1994 4 65
2: ( )
(Sino Korea Wireless Technology Ventures Limited) P.O.Box 309, George Town, Grand Cayman, Cayman Islands 2001 10 24/Final Closing 2002 9 IT , 5 8% : 3%(5 1%) : 20%over the huddled rate(8%)
/
The Bermuda Trust (Far East) Limited / KPMG
66
2: () ( ) v v IT v v v Matching
VC v Deal Sourcing v Marketing, ,
67
2: () ( )
( : ,(2001 10))
()
2002. 2. 28
500(65)
DragonTech Ventures
2002. 2. 28
500(65)
2002. 9. 13
500(65)
Xing(Hong kong) Company Limited
2002. 9. 16
500(65)
Capital Call
2,000(260)
, (1 6), (4)
68
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
3: Private Equity Fund of Funds
Private Equity Fund of Funds Private Equity (sub-asset class) venture capital fund, buyout fund, mezzanine fund, turnaround fund, secondary fund
1
2
XX
Private Equity Fund of Funds Manager
Sub-PE Fund Manager A
Sub-PE Fund Manager B
Sub-PE Fund Manager B
Sub-PE Fund Manager Z
70
3: ()
(FUND OF FUNDS) () () , ()
()
Buyout ,
(, )
Target / Target
71
3: Private Equity Fund of Funds Fund of Funds (General Benefits) (Diversification)
(track record) GP Fund of Fund GP (due diligence) , Fund of Funds
(GP) Fund of Funds Access to additional source of cheaper capital (track record) GP Fund of Funds
Fundraising (Economics of Scale) Fund of Funds (minimum requirement)
Fund of Funds (reporting) 72
3: Private Equity Fund of Funds (LP) Fund of Funds
(track record) GP (proven top tier manager) Fund of Funds LP GP , GP (long-lasting cohesive relationships with prior investors) GP (minimum requirement) (Mega fund continue to raise larger funds)
Private Equity (, , , , ) Fund of Funds
GP Fund of Funds (management fee) Fund of Funds (management fee) (management fee) (carried interest) 73
3: Private Equity Fund of Funds Scaling Up and Down via Fund of FundsScaling Up Method( )
Scaling Down Method( )
$5 Million Buyout Allocation
$25 Million Investment
$100 Million $20-$30 Million
Small Change Univ.$200 Million Endowment
$250 Million Fund-of funds
Massive Buyout Partners $1 Billion Fund-of-Funds
DeepPockets Pension Fund $10 Billion Fund
$500 Million Fund-of funds
VC Fund
$2 Million Minimum
$10 Million Minimum
Buyout Fund (minimum requirement) Fund of Funds
PE VC Fund FoF Manager . Fund of Fund LP Reporting VC Firms Fund of Fund Manager .
74
3: Fund of Funds Fund of Funds (motivation)
Fund of Funds (Specialized Expertise), 11%
, 5% Track Record (A cess to High-Demand GP Funds), 34%
(Administrative Efficiency), 24%
(Divesif ication), 26%
Source : Asset Alternatives
75
3: Fund of Funds
Blind pool fund of funds
GP
Targeted fund of funds
LP (sector : biotech) (area)
Customized fund of funds
LP
76
3: 1)
(revolving) 2) VC (early stage venture) seed money (risk capital) - VC (Global Standard) 77
3:
3) (04.7.7) (04.12.24) : 1 (04.12.31 , 05.4.1 ) (05. 6.20) 4) 6,500 500 3,000 1
78
. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3
1
Buyout
PEF Buyout - Blind Fund , /
80
144 7 1 1 PEF Buyout 2 1 3 ()
. M&A Feeder M&A 3
,
81
() GP PEF : (M&A) + + SOC= 10
/ M&A
1. PEF LP 2. 3. 4.
, Task Force Team PEF
82
2
( PEF )
83
2 ( )
M&A 2 (Global Star Korea Fund HIC Private Equity Fund) 2 2
84
2 ( ) GP
: ,
/
1. 2. 3. /
85
3
Capital call M&A , 2005 M&A
86
3
3 - (1)
.
, 1 . .SOC
87
3 TF Team
, , , , , , TF Team , , Benchmark TF Team
/
1 2
88
3 1 : Buyout
2 :
3 :
M&A
LP GP
-
() /
()
()
( )
89
. l l PEF l l PEF l Fund of Funds l
Macquarie Airport
Carlyle/Riverstone Energy I~III, Carlyle/Riverstone Renewable Energy I
Carlyle Group Buyout
(Private Equity)
, ,
Sector Buyout PEF
Macquarie Airport
PEF . 4
Exit
Buyout Energy
Stapled Securities ( )
91
FundCarlyle US InFrastructure Fund Goldman Sachs Global Infrastructure Fund European Infrastructure Fund European Clean Energy Fund EMP Africa Fund II Dutch Infrastructure Fund Abu Dhabi Infrastructure Fund IDFC Private Equity Fund II Macquarie Korea Opportunities Fund Carlyle Riverstone Renewable Energy Infrastructure Reliance Energy India Power Fund KB Asset Management Infrastructure Fund AMP Infrastructure Fund of India Latin Power III AMP India Infrastructure Fund II PPP Italia Fund Mountain Plains Equity Fund I Macquarie Globel Infrastructure Fund II LS Power Equity Partners Sao Paolo IMI Macquarie;ADCB Carlyle Goldman Sachs ABN Amro TWC/SOGEN
GP
StatusBeing raised Being raised Being raised initial Closing Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed
Date ClosedUS$1 Billion target US$3 Billion target
Sample Investors
May-06 05-May-06 12-May-06 26-Apr-06 06-Apr-06 10-May-06 01-May-06 01-May-06 01-May-06 31-Jan-06 31-Jan-06 05-Dec-05 21-Oct-05 01-Dec-05 01-Oct-05 09-Aug-05
Swiss Re; Socgen LD Pensions, CDC Group, Danl International Investment funds European Investment Bank ADIA; AbuDhabi Commercia Bank Asian Development Bank
Wells Fargo Bank, AP-Fonden2 Teemasek Holding
Westscheme Superannuation F Overseas Private Investment Corporation, FMO AMP Life, Asian Development Bank European Investment Bank, Sac IMI;
Unisuper, Westscheme Superannuation Fund, Military Superannuation Pension Fund
Macquarie European Infrastructure Fund
Closed
06-Jul-05
HVB Group, Assicurazioni gene ABP Investment, Northwestern Life Insurance Company, CDP Private Equity Group
SB Asia Investment Fund II
Closed
30-Jun-05
Commonfund Capital, JP Morga partners, Princeton University Investment Company(Princo),L Capital Partners, Horsley Bridge Partners Standard Bank; Gulf Intl Bank 3i, Barclays Private Equity, SGA Private Equity EIB; Allied Irish Bank SERI Infrastructure Finance, ICI Bank LTD
GCC Energy fund I2 Fund First lrish Mezzanine Infrastructure Fund India Global Competitive Fund
Standard Bank
Closed Closed
May-05 21-Jun-05 2005 15-Jun-05
Allied Irish Bank
Closed First Close
92
Macquaries Infrastructure Funds
Macquarie Listed infrastructure funds Macquarie Infrastructure Group Macquarie Airports Macquarie Communications Infrastructure Group Macquarie Power Income Trust Diversified Utility and Energy Trusts Macquarie Infrastructure Company Macquarie Capital Alliance Group Macquarie International Infrastructure Fund one of the largest developers of toll roads in the world a specialist international airport investment vehicle a specialist communications infrastructure fund invests in proven energy businesses in North America an investment fund principally investing in Australian and New Zealand utility and energy assets owns, operates and invests in a diversified group of infrastructure businesses in the US and other developed countries a broad global investment mandate with the ability to invest in any industry sector (except property) own, operate and invest in a diversified group of infrastructure businesses around the world Unlisted infrastructure funds Macquarie Airports Group Limited (MAG) Global Infrastructure Fund (GIF) Korean Road Infrastructure Fund (KRIF) Macquarie Essential Assets Partnership (MEAP) African Infrastructure Funds Macquarie European Infrastructure Fund a global private equity fund which has invested in airports and associated infrastructure a 10-year closed end fund focusing on infrastructure investments in OECD countries a 10-year closed end fund providing Korean institutional investors with diversified exposure to local infrastructure assets Canada's first fund focusing on essential infrastructure assets Macquarie currently has two closed end infrastructure funds investing predominantly in South African infrastructure projects MEIF is a wholesale fund focusing on investments in infrastructure and related assets located in European OECD countries
93
Macquarie Airport Map Overview
v MAp 6 (, , , , ) v (ASX) MAp 42,000 . A$5.0billion (ASX) 50 v MAp v , 110 MAp
Map Operational Value Drivers Pax Growth Commercial Yields EBITDA Growth Improve Operational Efficiency Financial Value Drivers Cost Effective & Timely Capex Efficient Cap. Structure
Increased Distributions
Increased Returns to Security Holders 94
Map Corporate Structure Map Corporate StructureSECURITY HOLDERS
MAL
MAT1
MAT2
Stapled Securities
Stapled Securities
Non-Australian Airports
Australian and New Zealand Airports
Australian and New Zealand Airports
MAp 3 MAL Macquarie Airports Trust 1 (MAT1) Macquarie Airports Trust 2 (MAT2) MAL MAT1 1 MAT2 1 MAL 1 Stapled Securities Stapled Securities 95
Map Investment in Financial Asset
2005 12 31 MAp 4 5,492 Investments in Financial Assets (contd)Sydney AirportInterests in unlisted securities in companies and trusts Investment in Southern Cross Airports Corporation Holdings Limited
Consolidated 31 Dec 2005
Investments in Financial Assets (contd)Copenhagen AirportsInterests in listed securities in companies and trusts
Consolidated 31 Dec 2005
3,074,011
21,572
Investment in Kobenhavns Lufthavne ApS Investment in Inversiones y Technicas Aeroportuarias S.A. de C.V. Investment in Hainan Meilan Airport Company Limited
Rome AirportsInterests in unlisted securities in companies and trusts Investment in Aeroporti di Roma S.p.A
130,078 68,594 224,392 712 423,776
913 481 1,575 5 2,974
1,082,132
7,594
Investment in Newcastle International Airport Limited Other investments
Brussels AirportInterests in unlisted securities in companies and trusts Investment in Macquarie Airports (Brussels) S.A.
Birmingham Airport 1,352,296 9,490Interests in unlisted securities in companies and trusts Investment in Birmingham Airports Holdings Limited Macquarie Airports Feeder Trust (MAFT) Interests in unlisted securities in companies and trusts
Bristol AirportInterests in unlisted securities in companies and trusts Investment in Tidefast Limited Investment in South West Airports Limited
303,550
2,130
246,814
1,732
Investment in MAFT
Total investments 96
6,482,579
45,492
Carlyle Buyout Carlyle 4 39 Individual Funds Buyout Buyout
4 5 8,000 (1: 2,200 2:1 1,000 3: 3 8,000 4: 6,800 )Carlyle Funds
Buyout
Venture & Growth Capitial
Real Estate
Leveraged Finance
Asia Buyout
Europe Buyout
Global Energy & Power
Japan Buyout
U.S. Buyout
Carlyle/Riverstone Energy I 2000 222 ( 2,200)
Carlyle/Riverstone Energy II 2002 11 (1 1,000)
Carlyle/Riverstone Energy III
Carlyle/Riverstone Renewable Energy I 2005 685 ( 6,800) Renewable energy infrastructure
2005 38 (3 8,000)
97
Carlyle Global Energy and Power Buyout Investment Approach
Energy &Power Buyouts, Leveraged Build ups, Growth capital opportunities, Strategic joint venture , ,
Energy
98
CDIF(Chosun Development and Investment Fund) (Chosun Development and Investment Fund) Anglo-Sino Capital Partners+ : CDIF Anglo-Sino Capital Partners 1 5,000( 500) 2006 5 (FSA): 1( 1,000) (Private Equity) 15%~20% 1. 2. 3. 4. () ( 9 16)
CDIF
99
CDIF
() ()10 2,285 8,658
(CDIF)
() (16)
(5,000 )
CDIF
100
. l l PEF l l PEF l Fund of Funds l
1 2 3 4 5 6 7 8 9 10 11 12 3 05. 9.26 13 KTB2005 2 H&Q- FG10 - KTB-SB 05. 9.29 14 15 16 17 18 05. 9.29 05.11. 2. '05.12.27 06.3 .7 06. 4. 6 H&Q AP , 400.1 3,000 363 510 125 33,670.76 7,347.98 363 51 400 1,500 270 1 1 1 1 KDB1 KTB - 1 MBK 05. 9.26 1505 683.56 04.12.27 04.12.27 05. 2.15 05. 3. 7 05. 3.29 05. 5. 9 05. 5.31 KTB 05. 9. 2 05. 9. 8. 05. 9. 8. PE MBK 2,367.56 1530.5 5,110 3,000 5,500 60.82 801.1 , 1,200 240 1,400 300 490 3,900.10 3,000 1,548.00 1,400 ()
05.10.4. ()
06. 3. 14()
102
PEF 1 1 , 30
144 3
20, 50
144 4
10% 144 7
10% , , 103
144 8
() PEF
GP(General Partner)
LP(Limited Partner)
Fund ,
Fund , PEF
, PEF , GP PEF (, )
, , , , , LP
( 20, 50)
104
PEF
PEF
()
()
()
GP : , , , ,
()
GP : ,
, , / LP :
. PEF 10%
105
PEF () PEF 10% 10%
() ,
() ,
,
106
. l l PEF l l PEF l Fund of Funds l
:
1 3PL UPS 82 M&A 1 5 20%~30% : (1)+(1)+3PL(1)+ ( ) = 9 (: 1.5, : 3, 3PL: 4 ) 9 COSCO 3PL UPS FEDEX HPH / PSA () 1.8 1.3 4.4 33.4 1.6 2.6 82.2 31.3 36.8 3.0 0.3
()
DP world
'04. 12
CSXWT
11 5000
11,046
'05. 7
P&O
23 (29 6,000)
28,170
DP world
'06. 2
P&O port
57
54,749
PSA
'06. 4
20%
44
42,262
: bloomberg(PSA ) 108
() 9 ()1
: , , : , 2 3,000 12,000
(Strategic Investtor) : ,
9 Buyout Fund 3 1 5,000
6
109
: : Structure of a typical LBO association LBO Equity 5% 95%
(3) (6) 1/3 :2/3 LBO
LBO Firm: Professional Partnership 1% Limited Partnership: The Fund
Fund Investors: Pension Funds, Endowments, etc. 99%
Buyout-specific Limited Partnership
Bank Debt 40%
Buyout-specific Limited Partnership
Bank Debt 40%
Buyout-specific Limited Partnership
Bank Debt 40%
Senior Debt 30%
Senior Debt 30%
Senior Debt 30%
Sub. Debt 25%
Sub. Debt 25%
Sub. Debt 25%
Equity 5% 110
Equity 5%
Equity 5%
:
2005 17 3,935 1,245 32% MVP 2005 1 NeW Wave 1 MVP 10 3 HTIC-Neowiz LG 11 IT (9) LLC 2005 2 CRC CT 5 5 (8) 2005 (17) 7 5 5 200 100 100 1,200 3,935 60 30 30 500 1,245 30% 30% 30% 42% 32% 12 7 7 100 100 50 30 50% 30% - 7 7 7 () 5 5 5 5 7 7 5 7 5 100 150 120 250 50 300 295 280 1,190 2,735 400 100 100 30 45 30 45 25 150 60 60 300 745 200 50 50 30% 30% 25% 18% 50% 50% 20% 21% 25% 27% 50% 50% 50%
111
:
2006 1 1,025 3,040 34% Start-up LLC Turn-around () () (13) CG 350 3,040 100 1,025 29% 34% START UP1 17 KB06-1 3 1 2006 4 100 500 300 500 200 100 100 100 50 200 400 50 150 120 150 50 30 30 30 25 100 120 50% 30% 40% 30% 25% 30% 30% 30% 50% 50% 30% K-TAC11(START-UP) 140 70 50%
() 2005 32%, 2006 34%(1 ) 10%( ) . 3 10% 3,000 112
Anchor investor Risk-Return Profile - Track-Record - up and down - : 1 - 32% 68% (2005 ) 6,500 500 3,000 1
DP World, COSCO
16 (8) + ( 1.6 6.4 )
Signal 113
3 10% 3,000
()
1) 3,000 100% , 2) 3,000 + 2,000 5,000
3,000
2,000
(5,000)Equity Equity Equity
(A) (Equity) SI (17%) (33%) (50%) (Debt)
(n-1) (Equity) SI (17%) (33%) (50%) (Debt)
(n) (Equity) SI (17%) (33%) (50%) (Debt)
5,000
10,000
SI 15,000
60,000
90,000
114
. l l PEF l l PEF l Fund of Funds l
2, 2, 2, 2, 2( 10)
()
2 7
116
,
() ( ) 1 5,000 (1 XXX )
1 XX
5 2
, , , 15%~18%
, 10
117
: ,
(1) (Preferred Return), 10.00% (LP)
(2) , (LP)
(3) 25% (GP) Catch-Up
(4) (LP) (GP) 80 20
(5) (3) (4) (Carried Interest)
(GP) (Clawback) (GP) (LP) (a) (b) 10.00% 118
15%~18% , ,3PL ( , , )
20%
, , , , , , , 13%~20%
6~12 , 8%~12% , 12%~17% , , ,
119
, Private Equity, ,
,
,
(Preliminary Investment Proposal Memorandum:PIPM)
(due Diligence)
(Investment Proposal Memorandum:IPM)
:
120
7 CEO 2
(Term Sheets)
121
6
122
,
100
, ,
,
, ,
, , , ,
, ,
, ,
, ,
( )
123
: :
(drag-along) : (tag-along) : 1 2, 3 1 Buyout , ,
,
, ,
124
. l l PEF l l PEF l Fund of Funds l
2, 2, 2, 2, 2( 10) () - - 2 7 ()
126
: , , , , CEO ,
()
(GP : IMC)
(IMC)
/
127
Fund of Funds
Blind pool fund of funds
GP
Targeted fund of funds
LP () (area)
Customized fund of funds
LP
Targeted Fund of Funds
128
1)
: (revolving)
2) (risk capital)
129
1)
: :
130
1) (1) (2) : PEF (Buyout), Secondary Fund
2) (1) M&A(, , 3PL ) (2) (3)
3) (1) : XX%
131
1) (1) : Capital Call, , Multiple Closing (2)
20% 50% , (3) XX X (4) () 5 57
132
(Investment Management Process)
(Check & Balance)
/
/
- -
()
() Monitoring
133
( )
Timing ()
(Countercyclical Investment Pattern) ,
() (Asset Allocation)
Risk Capital ( )
() (Manager Selection)
( )
,
()
Global Standard 134
10 , Advisory Group , FOF : : 23 56 : 56 1012 : 1 23 FOF
, ,
/ /compliance
135
1)
, , , (co-investment)
2) .
3)
136
: ( ) , ( ) : , , (PEF) , ,
: 30 (PEF) , ,
137
, , , International Best Practice
. (asset class) (, , )
138
(Portfolio Company Assistance : Value-Add)
: , IPO : , : , , , , , ,
, , , , , , DB
139
Capital Call
Commitment (Management fee(0.75%)) Distribution (+ carried interest 80%)
Investment into Fund of Funds
Fund of Funds (Manager)Contribution, Management fee
Investment into General Partnership Funds
GP Fund
GP Fund
GP Fund
GP Fund
GP Fund
Investment into Portfolio Companies
PC PC PC PC
PC PC PC
PC PC PC
PC PC PC
PC PC
140
. l l PEF l l PEF l Fund of Funds l
M&A M&A 3PL M&A
(SWOT) ( )
TF : , , ( ), ,
(SI) (FI)
() , , , , , ( )
(, ) () (, ), T/F , , , () () () 143
()
. l v v v v v v -World -
l M&A
PSA :International Ports Italy Voltri Terminal Europa, Genoa(60%)-1998 Belgium Antwerp-2001 Belgium Zeebrugge -2001 Portugal Sines Container Terminal 100% -2002 Italy Venice Container Terminal(31.8%)-1998
Ports under operation Plans to operate Transactions announced
China Dalian Container Terminal (34.6%)-1996 Dalian Dagang China Shipping Container Terminal(20.1%)1999 South Korea Incheon Container Terminal JV with Samsung (60%) -2003 Japan Hibiki Container Terminal Kitakyushu, Preferred Bidder China Fuzhou Qingzhou & Aofeng CT(41.7% each ) -1998 Jiangyin International Container Terminal(40% ) -2002 China
Yemen Aden Container Terminal(60%) -1999
India Pipavav Container Terminal(25.2%)-98% India Tuticorin Container Terminal(57.5%)1999 Brunei Muara Container Terminal (80% ) -1999
Guangzhou Container Terminal (49%)-2001
145
COSCO : , 2004Terminal Name1. Shakou International Container Terminal 2.Hong Kong COSCO-International 3.Zhangjiagang Youngjia Container Terminal 4. Shanghai International Container Terminal 5. Ynatian International Container Terminal 6. Qingdao Yuangang Intl Container Terminal 7. Yingkou COSCO Intl Container Terminal 8. Bangkok DBS Container Terminal 9. Taicang Yuantai Container Terminal 10. COSCO Long Beach Port 11. Naples, Italy 12. Shanghai Pudong Intl Container Terminal 13. Qingdao Qianwan Intl Container Terminal 14. Singapore COSCO-PSA Container Terminal Company 15. Dalian Auto Shipping Terminal 16. Yangzhou Yuanyang Terminal 17. Tianjin Wuzhou Container Terminal 18. Dalian Dayaowan Phase 2 Container Terminal 19. Antwerp, Belgium 146
COSCOs Stake(%)17.5 50 51 10 5 50 50 40 45.87 51 50 20 20 49 30 51 12 20 25
Date EstablishmentAugust1991 October 1991 October1992 August 1993 November 1993 January 1996 October 1996, March2004 reorganization Sep. 1997 May 1998, December 2003 reorganization June 2001 October 2002 March 2003 July 2003 November 2003 January 2004 March 2004 June 2004 May 2004 signing November 2004 signing
Source: Company document
90 : : HPH (Hutchison Ports Holdings) HDD (Huchison Delta Ports) HPL(U.K.) (Hutchison Port Ltd U.K.)
HPH 1994 . Hutchison Whampoa HDD 1994 . HPH HPL 1998 , -1999 -(2006) Dubai Port World 1996 5
Hutchison Whampoa
Dubai Port Authority
Dubai Port International
PSA Corp.
IBD (International Busin- ess Division)
10 1,000TEU 1/3 KMI(2000)
147
:
1986 , 1991 , 1992 , 1994 2001 2002 375acre
1 2 3 4 5
Seattle, WA, USA Long Beach, CA, USA Oakland, CA. USA Pusan Gamcheon, Korea Pusan Gamman, Korea
6 7 8 9
Gwangyang, Korea Kaohsiung, Taiwan Tokyo, Japan Osaka, Japan 9
148
. l v v v v v v -World -
l M&A
(1990~2004), World Bank
Hutchison Whampoa Ltd P&O Ports Number of Projects Total Investment (US$ millions) Average Individual Investment (US $millions)
Region
1 2 3 4 5
East Asia and Pacific Latin America and the Caribbean South Asia Middle East and North Africa Europe and Central AsiaTotal Seaports
61 95 17 14 17223
10,264 6,313 2,185 1,460 74321,481
168 66 128 104 4396
150
(1990~2004), World Bank WorldRegion
(:US$ millions, ) 1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004 888.73
Total
East Asia and Pacific
0
82.8
263.6
120
684.2
1,077.1
1,195.8
1,714.7
383.4
1,228.7
1,732.3
25.6
822.1
45
10,264
2
1
3 71.9 3
3
5 0 3
8 0 2
6 20 1
7
5 140.7 4
6 275 2
4 114.8 1
2
4
2 121 1
,61 743.4 17
Europe and Central Asia
Latin America and the Caribbean
40
505.6
432.8
806.3
434.7
1,397.4
725.1
377.1
317.1
886.2
108
218
65
6,313.3
3
8
8
9
10
13
15
6
9
6
3
2
3
95
371.3
25
660.9
150
250
3
1,460.2
Middle East and North Africa
4
2
4
1
1
2
14
South Asia Total 2 1 9 12 18 0 82.8 375.5 0 1 0 2
319.6
267.7
527
127
517.4
100
62.4
43.6
220.7
2,185.4
3
1 42.6 2
3 47 2
1 179.5 4
4 211.1 5
1
1
2 52.1 4
1 532.3 20
17
Sub-Saharan Africa
625.6
1,117
2,203
1,960.8
4,057.4
1,555.7
2,423.2
3,036.2
1,161.8
1,242.5
479.7
1,709.7
20,966. 3 204
22
20
29
29
20
23
10
9
11
29
,
151
(1990~2004), World Bank World
90 90 2000 (:US$ millions)40 50
40 00
Sub -Sahara A n frica
30 50South A sia
30 00M d East and North A id le frica
20 50
20 00
Latin A erica and the C m arib ean b
10 50Europ and C e entral A sia
10 00East A and Pacific sia
50 0
0
19 90
19 91
19 92
19 93
19 94
19 95
19 96
19 97
19 98
19 99
20 00
20 01
20 02
20 03
20 04
152
(1990~2004), World Bank World
BOT (Build own and Transfer)29% BOO( Build own and operate) 20% (:%)
Rehabilitate, operate, and transfer 27%
Build, lease, and own 1% Build, own, and operate 20%
Rehabilitate, lease or rent, and transfer 2% Partial 2% Merchant 2% Build, own, and transfer 29%
Full 1%
Build, rehabilitate, operate, and transfer 16%
153
(1990~2004), World Bank 10
(:US$ millions, )Country 1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
1 2 3 4 5 6 7 8 9 10
ChinaIndonesia
83 1
0 1
120 1
114 3
70 2271 3
1,114 4
26 1700 1
356 4
90 21,028 2
1,727 3
205 2587 1 0 1
889 3
4,794 272,586 8 2,258 33 1,939 7
216 1 3 1 540 1
BrazilMalaysia
189 2 736 2
331 5
823 7 447 3
546 12
79 4
223 1
64 1
268 1 8 1 0 2 123 2 395 5 100 1 291 2 30 1
378 2 145 1
127 1
277 3 328 2 71 2 40 1
100 1 312 2
62 1
44 2 18 1
221 1 25 1
1,477 12 907 10 865 14 634 3
IndiaChile
170 1 343 1 472 1 78 1
7 1
Argentina
Panama 5 1 11 1 30 1 596 5 468 4 225 9 1,423 27 622 10 2,423 20 1,082 11 3,005 22 516 5 1,162 10 288 2 1,243 9 577 8 639 12 95 8 1,230 13 4,976 101 21,499 224
Philippines 320 3 0 2 0 2 0 0 83 1 160 5 376 9 375 8 626 12 64 6 1,117 16 226 7 2,203 22 176 9 1,918 20 149 1 571 11 4,053 29
Pakistan total
154
(1990~2004), World Bank World :
(: )
Main Sponsors1 2 Hutchison Whampoa Ltd P&O Ports International Container Terminal Services Inc. (ICTSI) AP Moller - Maersk Group Sudamericana Agencias Aereas y Maritimas (SAAM) Companhia Vale do Rio Doce SA (CVRD) Dubai Port Authority PSA Corp Stevedoring Services of America (SSA) Inc. Companhia Siderurgica Nacional SA
1990
1991
1992 1
1993 1
1994 2 2
1995
1996 4
1997 3 2
1998
1999 1 3
2000 1 1
2001
2002 1
2003
2004 2
16 16
1
2
2
1
1
1
3
1
1
4
1
2
2
1
1
13
4 5 6 7 8 9 10
2 1 1 1 2 1 1 1 1 5 5 1 2 14 15 14 15 17 23 33 37 20 27 39 51 1 37 43 21 31 27 38 1 2 2 1 1 15 17 2 2
1
1 1
3 1
7 5 4
1
4 4 4 3
6 11
15 19
12 18
276 352
155
. l v v v v v v -World -
l M&A
1990 : 1978 8,000TEU, 2005 1,809TEU 1990 ~ 2003 FDI : 84 220
. 2005 86% ( : 1,809 TEU, : 973 TEU) 10m
. . 4
1995 8 /2001 /2002 6
/2005 12 1 3 , ,
: ,," ", , 2005. 12
157
()
1 ( , )
1
(Shanghai Port Authority), (Shanghai International Port Group : SIPG),
1 (Shanghai Shendong International Container Terminal Co.:SSICT)
SIPG , , SSICT : RMB 5 billion( 5,955.5). 1 : $850million( 8,112.4) 2002 6 /2005 12 1 (220 TEU )2005 5 25 : /2005 9 22 : /2005 11 15 : /2005 12 10 :
50%
40% 1
52% 8%
: ,," ", , 2005. 12
158
()
2 16%
2
2006 (1,600m, 4 , 180TEU) 2005 12 19 2 5 40( 4,764.4)
(SIPG) (SPCCO) : 2 ()
: 2 , , , , , , LCL, , , CFS
(%)
APM 32
HPH 32
COSCO 10
CSCL 10
SIPG 16
: ,," ", , 2005. 12
159
. l v v v v v v -World -
l M&A
(2005. 8)
17 60,611 25.4% 15,397 , 45,103 60,611 100.00% 15,397 25.40% (: , %) 45,103 74.60%
50.9% 12,800 100.00% 6,515 50.90% 2,943 22.90% 686 5.35% 1,628 12.80% (: , %) 1,028 8.00%
1 32,303 100.00% 32,303 100.00% 0 0.00% 161 0 0.00% 0 0.00% (: , %) 0 0.00%
1 O 843 473 370 431 1,013 44% 5020(90%) 2000.12.09
(: , %) O 16,480 11,488 4,992 6,087 23,886 30% 50 2000.12.14 2003.05.22 2004.10.27
1 - O 1,268 933 335 422 1,636 26% 5020(80%) 2001.08.21 2001.08.21
1 O 1,893 1,627 267 344 2,578 14% 5015(90-8580%) 2004.03.22
O 2,465 1,445 1,020 1,348 3,316 41% 5014(90-8580%) 2004.06.10
1 O 2,246 1,363 883 1,131 3,091 39% 5014(90-8070%) 2004.06.24
(3 ) O 1,136 831 307 360 1,412 27% 5015(85-7565%) 2005.07.07
O 1,367 1,064 303 350 1,685 22% 3015(85-7565%) 2005.06.08
* X 597 425 172 212 764 29% 345(70%)5(70%)
3-3 * X 5,847 3,697 2,150 2,816 8,004 37% 5015(80-7060%)15(80-70-60%)
(A) (B) (B/A) 1 2 ()
9.62
9.5
8.9
8.87
8.57
8.45
8.17 (9.55 )
8.3 (9.46 )
7.98( 9.24) 13.38( 7.98)
8.85( 9.69) 14.29( 15.17)
:
Macquarie International Infrastructure Fund Limited : 8.6% Changshu Xinghua port 5 (Cash Yield) 13% 162
. l v v v v v v -World -
l M&A
Risks (Project Financing )
Completion Risk- sponsor - Sponsor - Turn-key Contract
Feedstock Supply Risk- -
Operation Risk- Operator - Operation/Management Support Agreement -
Market Risk- Offtake Agreement -
Financial Risk- - Sponsor Cash deficient Support -
Political Risk- Comfort Letter - - Political Risk (PRI)
Infrastructure Risk- Infrastructure (, )
Sponsors Risk- Sponsor
Environmental Risk- - 3
164
, , , , - (Technology) - (Cost) - (Management) / , , , , , , (Throughput Commitments) , , , , , , /
, ,
165
. l v v v v v v -World -
l M&A
Retail Project Whole Project
BTL + 7% ( 8%-9%)
167
. l l M&Av v v M&A PEF M&A
M&A M&A 1897 6 M&A
1(1897~1904) 3(1965~1969) , , 4(1981~1989) , , M&A 5(1993~2000) M&A M&A M&A (cross-border M&A)2000 (), (), BP(), Amoco()
6(2003~ ) M&A 2004 M&A 1/3 , M&A 1~3 (19C ~ 1960) 4 (1981~1989) M&A 169 5 (1993~2000) M&A() 6 (2003~ ) M&A()
: 5, "2006 M&A " , CEO Information, 2006. 4.12, 548
M&A M&A
M&A 2000 3.4 2003 1.3 2004 2 M&A (Private Equity Fund) M&A (Buyout) PWC 7,000 , BCG(Boston Cosulting Group) 5,000 640 (PWC ) (: 10, )2001 / 1,744.60 28,828 528.7 11.6 481.6 136.7 48.8 1,207.20 2002 9,391 307 9,458 5,528 1,587 26,271 635.9 23.6 504.9 1238.7 76.4 1,379.50 2003 9,488 452 9,954 6,968 1,790 28,652 942 21.9 693.8 182.3 108.5 1,949.00 2004 10,457 457 9,379 8,043 2,090 30,426
: " M&A " 2005. 9. 7, / Thomson Financial
170
M&A M&A
M&A M&A 0.1% 6 M&A 13.3% (10 )
Cingular Wireless Sprint Symantec Oracle Zeus Holdings Juniper Networks
AT&T Wireless Services Nextel Veritas Software PeopleSoft Intelsat General NetScreen Technologies
41.0 35.0 13.5 10.3 5.0 4.2
: " M&A " 2005. 9. 7, : Monitor Analysis
171
M&A M&A
M&A M&A , , , , M&A .
, , , , , , 10
(2004 1 ) . 1 TATA Tetley 2 () , Natsteel : " M&A " 2005. 9. 7
172
M&A : , P&O M&A M&A M&A
1999 3 Sealand 104 TEU 2 Evergreen 2
: , : Containerisation International KMI
173
M&A : , P&O
125 35 22,000 387 , 103 TEU
2 3
P&O Nedlloyd
3 /162 13,000 / 46TEU 99 219 M&A
, P&O Nedlloyd , 174
M&A : , P&O , P&O (2005.07) 23 , 57 549 , 150 TEU 19% (Mega Carrier)
,
( 20% MS) : KMI (, " , P&O ", , 2005. 5. 12)
175
M&A : , P&O
, 2000 12 4 35.4%, 45.6% , 5.4%, 7.6%
() () (TEU) ()
()
(TEU)
2000. 12
41
325
1,123,132
5
53
221,975
2004. 12
73
503
2,066,558
8
56
240,309
(%)
43.8%
35.4%
45.6%
37.5%
5.4%
7.6%
: Ocean Commerce, (, " , P&O ", , 2005. 5. 12)
176
M&A : , P&O ()
549, 150 TEU (Mega Carrier) 19% ( 2 MSC 2.3 ) 2008 687, 223 TEU , 20%
() (TEU)
(~08)
2008
()
(TEU)
()
(TEU)
387
1,036,582
96
509,658
483
1,546,240
P&O
162
460,203
42
220,500
204
680,703
549
1,496,785
138
730,158
687
2,226,943
(%)
14%
19%
19%
21%
15%
20%
BRS-Alphaliner, 2005 Cellular Fleet & Forecast, 2005. 5
177
45000 50000 55000 60000 65000 7000020 -04 05 -01 20 -04 05 -06 20 -04 05 -11 20 -04 05 -14 20 -04 05 -19 20 -04 05 -25 20 -04 05 -28 20 -05 05 -03 20 -05 05 -09 20 -05 05 -12 20 -05 05 -18 20 -05 05 -23 20 -05 05 -26 20 -05 05 -31 20 -06 05 -03 20 -06 05 -08 20 -06 05 -13 20 -06 05 -16 20 -06 05 -21 20 -06 05 -24 20 -06 05 -29 20 -07 05 -04 20 -07 05 -07 20 -07 05 -12 20 -07 05 -15 20 -07 05 -20 20 -07 05 -25 20 -07 05 -28 20 -08 05 -02 20 -08 05 -05 20 -08 05 -10 20 -08 05 -15 20 -08 05 -18 20 -08 05 -23 20 -08 05 -26 20 -08 05 -31 20 -09 05 -05 20 -09 05 -08 20 -09 05 -13 20 -09 05 -16 20 -09 05 -21 20 -09 05 -26 20 -09 05 -29
M&A
: 2005.4.1~2005.9.30/, bloomberg
M aersk
KFX
M&A : , P&O
95.6%
P&O (05.5.12)
178P&O 95.6% (05.8.4)250 270
KFX()
290
310
330
350
370
390
M&A : , P&O
M&A -, - , 14% 21.2%, 11.6% 15.2% P&O P&O : P&O Grand Alliance : Ocean Commerce, (, " , P&O ", , 2005. 5. 12)
() 4 5 9 34.60% 8 5 13 17.80%
() 29 17 46 20.10% 56 16 72 14.30%
(TEU) 180,455 92,350 272,805 21.20% 240,309 72,790 313,099 15.20%
179
M&A : , P&O ,
M&A 36
,
, , ( )
: , " , P&O ", , 2005. 5. 12)
180
M&A : , P&O , () M&A 6 36
P&O P&O Ports( DPW ) P&O Ports 31
/
6 14 9 1 2 32
P&O 2 2 4
P&O Ports 6 8 11 1 5 31
14 24 20 2 7 67
: 1) APM Terminal 2) P&O Ports : (, " , P&O ", , 2005. 5. 12)
181
M&A : , P&O
M&A ,
272 5%
INTTRA
Volume Incentive
, " , P&O ", , 2005. 5. 12
182
M&A : , P&O P& O
1.
2. M&A M&A
3. , 36
4. M&A
, " , P&O ", , 2005. 5. 12
183
M&A : , P&O New WorldAlliance APL MOL Grand Alliance Hapag-Lloyd NYK OOCL P&O Mearsk Sealand Mearsk Sealand CKYH Group COSCO K-Line Yang Ming Evergreen/Hatsu/Lloyd Evergreen (TEU) 315,879 203,774 148,681 668,334 213,830 281,722 237,318 460,203 1,193,073 1,036,582 1,036,582 298,173 289,800 207,300 182,492 977,765 439,538 439,538 (%) 47.3 30.5 22.2 100 17.9 23.6 19.9 38.6 100 100 100 30.5 29.6 21.2 18.7 100 100 100 () 99 66 39 204 56 105 67 162 390 387 387 80 118 72 63 333 153 153
(%) 48.5 32.4 19.1 100 14.4 26.9 17.2 41.5 100 100 100 24 35.4 21.6 18.9 100 100 100
: KMI (, " , P&O ", , 2005. 5. 12)
184
M&A : , P&O (95-97)Global AllianceAPL MISC MOL Nedlloyd OOCL Hapag-Lioyd Hapag-Lioyd MISC NYK OOCL P&O Nedlloyd
(98~00)Global AllianceAPL(NOL) MOL
1 (01~03)Global AllianceAPL(NOL) MOL
2 (03~)Global AllianceAPL(NOL) MOL
Grand Alliance
Grand Alliance
Grand AllianceHapag-Lioyd MISC NYK OOCL P&O Nedlloyd
Grand AllianceHapag-Lioyd NOL NYK P&OCL
MISC NYK OOCL P&O Nedlloyd
M-S AllianceMearsk Sea-land
Mearsk Sealand CKYH Group(Senator) COSCO K-Line Yang Ming
Mearsk Sealand CKYH Group(Senator) COSCO K-Line Yang Ming
M-S AllianceMaersk Sea-land
United Alliance Senator UASC
Evergreen
Evergreen/Hatsu/Lloyd
C-K-Y AllianceCOSCO K-Line Yang Ming : KMI (, " , P&O ", , 2005. 5. 12)
185
M&A : DHL DHL / DHL Intl() Denkhaus () Danzas () MIT() Postbank() Nedloyd() Deutsche Post World Net( ) ASG() AEI() Vindo Logistik() German Parcel Citipost() DPD () Lufthansa Cargo() D S L () Herald Intl Mailings() Exel() 186 / , 3PL
1998.9 1998.12 1998.12 1999.1 1999.1 1999.3 1999.4 1999.11 1999.11 1999 1999.12 2000.8 2000.4 2001 2003.3 2005.9
M&A : CJ GLS M&A
: (Accord Express) (2006.03)
CJ GLS 2006 37 3 (Accord Express) (3000) CJ GLS 12 37 100 3 : :
, , , ,
: HTH ( 2006.03.06)
2006 36 HTH : 3 CJ GLS( 350), HTH( 300 ) 650 . 2490 187
. l l M&Av v v M&A PEF M&A
(SI) (FI) M&A
Syndication
Buy-and Build
(SI) (FI) :
:
1. 2.
Target 3. Target
1. :
:
1. 2. Target A
1. 2.
F B, C, D
A
F A
B C , IPO
B, C, D
189
(SI) (FI) M&A ()
Syndication (MGM )
Buy & Build (K-III Communications Corporation ) Buy-and Build KKR & Limited Partners Reilly, McCurdy & Chell K-
Syndicate (SI) (FI)
Sony Corporation of America/Comcast( )
III Communications Corporation , , IPO
MGM DLJ Merchant MGM Sony Corporation of America/Comcast( )
Banking Partners, Providence Equity Partners Inc., Texas Pacific Group 3
3
190
1: Syndicate PEF MGM M&A: MGM(Metro-Goldwyn-Mayer) (2004 9)MGM M&A
:4 MGM $12 :1.6 billion USD Sony Corporation of America/Comcast DLJ Merchant Banking Partners Providence Equity Partners Inc. Texas Pacific Group
38% Entertainment
7% 19 PE , leveraged buyout
33% 1991 , ,
22% ,
M&A Sony Corporation of America : Sony Pictures Comcast : Sony MGM
191
2 : Buy-and Build (K-III Communications Corporation)
K-III Communications Corporations , , 1988 Kohlberg Kravis Roberts & Co.* Macmillan Group** , Macmillan Management . , KKR Macmillan , Macmillan Charles McCurdy, Bill Reilly, Beverly Chell 1989 2, K-III Communications Corporation K-III , , K-III 1997 IPO , PRIMEDIA 2003, PRIMEDIA $1.3 billion
192
2 : Buy-and Build (K-III Communications Corporation) -(1989)
KKR & Limited General Partners Partners
Reilly, McCurdy, & Chell
75%
25%
Limited Partnership I
Limited Partnership I: Newbridge, Intertec, directory business
Bank Debt
Bank Debt
3% Mgt.
Equity
Equity
3% Mgt.
Newbridge193
Intertec
2 : Buy-and Build (K-III Communications Corporation) -Henry Kravis KKR Michael Tokarz - KKR Outside Directors George Roberts KKR Perry Golkin - KKR
William Reilly Curtis Thompson VP - Controller Douglas Smith Treasurer Chairman of the Board, Director, and CEO Charles McCurdy President, Director and Treasurer
Beverly Chell Vice Chairman, Director, General Counsel, Secretary Michaelanne Discepelo VP Human Resources Funk & Wagnalls George Philips President Funk & Wagnalls Katherine Gibbs Schools
Education Group Peter Quandt President Newbridge Weekly Reader Krames Newfield
Magazine Group Harry McQuillen President K-III Magazines Intertec
Information Group Jack Farnsworth President Daily Racing Form K-III Directory Nelson
194
2 : Buy-and Build (K-III Communications Corporation) -
K-III Management Macmillan Reilly 55% K-III K-III , 100 Executive Compensation Plan Super Star Special Awards
195
. l l M&Av v v M&A PEF M&A
Buyout Buyout Buyout
197
100
150
200
250
300
350
400
50
02000-02-14 2000-04-14 2000-06-14 2000-08-14 2000-10-14 2000-12-14 2001-02-14 2001-04-14 2001-06-14 2001-08-14 2001-10-14 2001-12-14 2002-02-14 2002-04-14 2002-06-14 2002-08-14 2002-10-14 2002-12-14 2003-02-14 2003-04-14 2003-06-14 2003-08-14 2003-10-14 2003-12-14 2004-02-14 2004-04-14 2004-06-14 2004-08-14 2004-10-14 2004-12-14 2005-02-14
0.43
2000. 2. 14 ~ 2006.5.19 0.17 0.432005-04-14 2005-06-14 2005-08-14 2005-10-14 2005-12-14 2006-02-14 2006-04-14
17%
198
10
12
14
16
18
20
01995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
2
4
6
8
COSCO
1995.1.3 ~ 2006.5.22 0.16
199
P/E
Beta vs HSI
ROA ROE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.53
1.25
COSCO
7.38%
13.38
51.44%
13.14%
19.96% 0.12
29.27%
10000
20000
30000
40000
50000
60000
70000
80000
0
Maersk
1995.1.3 ~ 2006.5.22 0.13
1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
200
P/E
Beta vs KFX
ROA ROE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.34
1.36
9.99
Maersk
15.44%
8.61%
17.81% 0.89
32.15%
-8.52%
10000
15000
20000
25000
30000
35000
40000
5000
0
1995.1.3 ~ 2006.5.22 0.04
1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
201
P/E
ROA ROE
Beta vs KOSPI
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.62 1.13 3.15 9.82% 9.21% 27.70% 1.30
-11.95%
45.96%
10000
15000
20000
25000
30000
5000
01995-10-05 1996-02-05 1996-06-05 1996-10-05 1997-02-05 1997-06-05 1997-10-05 1998-02-05 1998-06-05 1998-10-05 1999-02-05 1999-06-05 1999-10-05 2000-02-05 2000-06-05 2000-10-05 2001-02-05 2001-06-05 2001-10-05 2002-02-05 2002-06-05 2002-10-05 2003-02-05 2003-06-05 2003-10-05 2004-02-05 2004-06-05 2004-10-05 2005-02-05 2005-06-05 2005-10-05 2006-02-05
1995.10.5 ~ 2006.5.22 0.07
202
P/E
ROA ROE
Beta vs KOSPI
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.70 1.16 5.83 8.60% 48.57% 8.02% 34.09% 1.20 23.31%
-
0.18 FedEx 0.16 0.14 Maersk 0.12 0.10 HPH 0.08 UPS 0.06 0.04 KOSPI 0.02 0.00 0.00 COSCO
0.10
0.20
0.30
0.40203
0.50
0.60
0.70
0.80
Sub- Sector -
- 3PL 0 .1 4 0 .1 2
3 P L0 .1 0
0 .0 8 0 .0 6 0 .0 4 0 .0 2 0 .0 0 0 .0 0 0 .1 0 0 .2 0 0 .3 0 0 .4 0 0 .5 0 0 .6 0
Returns Volatility 0.10 0.55 Maersk, COSCO, , 204 3PL 0.12 0.30 FedEx, UPS 0.09 0.35 HPH
.
Buyout ,
M&A
,
, M&A PEF (, PEF) 1
anchor investor
- PEF M&A, , (M&A) - 100 ( 5 1)
( : )
,
206
, , , - , , 9 , , 3PL, , 1:1:4 : 1.5, : 1.5 , : 6 M&A,
anchor investor , -
207
()
: , BPA : , , , : , , (1) (2), BPA 5 300 (BPA ) , BPA , (3) , , , , BPA
208
: : 2, 2, 2, 2, 2( 10)
: : , , , SOC
: ( ) : 2 7
209
, , ,
,
, ()
(Investment Proposal Memorandum:IPM)
:
( )
210
GP
GP
GP LP Clawback
GP Clawback
211
, ,
//
Buyout
.
- ( )
100
120
140
20
40
60
80
0
FedEx
1995.1.3 ~ 2006.5.19 0.17
1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
215
P/E
Beta vs SPX
ROA ROE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.33 1.08
FedEx
19.58
8.42%
25.04%
7.33%
16.44% 1.49
11.37%
100
120
140
160
20
40
60
80
0
HPH
1995.1.3 ~ 2006.5.22
1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
0.09
216
P/E
Beta vs HSI
ROA ROE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.35 HPH 1.05 8.09% 21.07 2.31% 5.80% 0.29
-7.59%
44.37%
100
10 20 30 40 50 60 70 80 90
0
UPS
1999.11.9 ~ 2006.5.19 0.07
1999-11-09 2000-01-09 2000-03-09 2000-05-09 2000-07-09 2000-09-09 2000-11-09 2001-01-09 2001-03-09 2001-05-09 2001-07-09 2001-09-09 2001-11-09 2002-01-09 2002-03-09 2002-05-09 2002-07-09 2002-09-09 2002-11-09 2003-01-09 2003-03-09 2003-05-09 2003-07-09 2003-09-09 2003-11-09 2004-01-09 2004-03-09 2004-05-09 2004-07-09 2004-09-09 2004-11-09 2005-01-09 2005-03-09 2005-05-09 2005-07-09 2005-09-09 2005-11-09 2006-01-09 2006-03-09 2006-05-09
217
P/E
Beta vs SPX
ROA ROE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.26 UPS 0.88 9.07% 22.43 14.43% 11.33% 23.27% 1.25
10.75%
10000
15000
20000
25000
30000
35000
40000
45000
5000
0
1995.1.3 ~ 2006.5.22 0.01
1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03
218
P/E
ROA ROE
Beta vs KOSPI
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.63 9.28 3.52% 4.18% 8.25% 0.82 32.06%
0.9
137.70%
10
15
20
25
30
35
40
0
5
Evergreen
1995.1.5 ~ 2006.5.22
1995-01-05 1995-05-05 1995-09-05 1996-01-05 1996-05-05 1996-09-05 1997-01-05 1997-05-05 1997-09-05 1998-01-05 1998-05-05 1998-09-05 1999-01-05 1999-05-05 1999-09-05 2000-01-05 2000-05-05 2000-09-05 2001-01-05 2001-05-05 2001-09-05 2002-01-05 2002-05-05 2002-09-05 2003-01-05 2003-05-05 2003-09-05 2004-01-05 2004-05-05 2004-09-05 2005-01-05 2005-05-05 2005-09-05 2006-01-05 2006-05-05
-0.03
219
P/E
ROA ROE
Beta vs TWSE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
0.41
1.22
4.72
9.06%
9.20%
21.63% 1.06
Evergreen
-9.14%
29.39%
10
15
20
25
30
35
40
45
0
5
Yangming Line
1995.1.5 ~ 2006.5.22
1995-01-05 1995-05-05 1995-09-05 1996-01-05 1996-05-05 1996-09-05 1997-01-05 1997-05-05 1997-09-05 1998-01-05 1998-05-05 1998-09-05 1999-01-05 1999-05-05 1999-09-05 2000-01-05 2000-05-05 2000-09-05 2001-01-05 2001-05-05 2001-09-05 2002-01-05 2002-05-05 2002-09-05 2003-01-05 2003-05-05 2003-09-05 2004-01-05 2004-05-05 2004-09-05 2005-01-05 2005-05-05 2005-09-05 2006-01-05 2006-05-05
-0.03
220
P/E
ROA ROE
Beta vs TWSE
1yr Total Return
operating margin
Asset Turnover Debt to Asset
yangming line
0.40
1.16
4.87
10.81%
10.20%
20.35% 1.08
-22.03%
29.38%
Returns FedEx 0.17 Cosco 0.16 Maersk 0.13 0.01 HPH 0.09 0.07 UPS 0.07 0.04 Evergreen -0.03
Yangming line -0.03
Volatility
0.33
0.53
0.34
0.63
0.35
0.70
0.26
0.62
0.41
0.40
Beta 1yr Total Return P/E operating margin ROA
1.08
1.25
1.36
0.9
1.05
1.16
0.88
1.13
1.22
1.16
25.04%
7.38%
-8.52%
137.7%
8.09%
48.57%
9.07%
-11.95%
-9.14%
-22.03%
19.58
13.38
9.99
9.28
21.07
5.83
22.43
3.15
4.72
4.87
8.42%
51.44%
15.44%
3.52%
-7.59%
8.60%
14.43%
9.82%
9.06%
10.81%
7.33%
13.14%
8.61%
4.18%
2.31%
8.02%
11.33%
9.21%
9.20%
10.20%
ROE Asset Turnover Debt to Asset
16.44%
19.96%
17.81%
8.25%
5.80%
34.09%
23.27%
27.70%
21.63%
20.35%
1.49
0.12
0.89
0.82
0.29
1.20
1.25
1.30
1.06
1.08
11.37%
29.27%
32.15%
32.06%
44.37%
23.31%
10.75%
45.96%
29.39%
29.38%
221
(1990~2004), World Bank World : 10(:US$ millions)
3,500Pakistan
3,000
Philippines
Panam a
2,500A rgentina
2,000
C hile
India
1,500Malaysia
1,000
Brazil
Indonesia
500C hina
0
1990
1991
1992
1993
1994
1995
1996
1997
19 98
1999
2000
2001
2002
2003
2004
223
-East Asia and Pacific
World bank data: Seaport East Asia and PacificCountry China 0 2 82.8 1 263.6 3 120 3 0 2 48 1 0 2 1 30 684.2 5 1,077.1 8 1,195.8 6 0 1 32 1 1 70 1,714.7 7 383.4 5 1,228.7 6 1,732.3 4 25.6 2 822.1 4 45 2 215.6 1 540 1 1 1 1 3 2 271.1 3 736 2 50 1 471.7 1 27.4 1 78.3 1 32 1 4.9 1 10.6 1 15 1 30.1 1 45 1 4 1 700 1 447.4 3 4 2 1,028 2 3 2 586.6 1 0 1 1990 1991 82.8 1992 0 1993 120 1994 114.2 1995 70 1996 1,113.8 1997 25.6 1998 356 1999 90.4 2000 1,727.4 2001
(:US$ millions, )
2002 205.4
2003
2004 888.7 3
4,794.3 27 2,585.7 8 1,939 7 50 1 595.6 5 199.4 11 2 100
Indon esia
Malay sia
Myan mar
Philip pines
Thaila nd
Vietna m
888.7 3
10,264 61
225
World bank data: Seaport East Asia and Pacific(:US$ millions)
1800Vietnam
1600
1400
Thailand
1200
Philippines
1000Myanm ar
800Malaysia
600Indonesia
400China
200
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
226
World bank data: Seaport East Asia and Pacific(:%)
Partial 3%
Rehabilitate, operate, and transfer 15%
Build, own, and operate 30%
Merchant 1%
Build, rehabilitate, operate, and transfer 15%
Build, own, and transfer 36%
227
World bank data: Seaport East Asia and PacificMain Sponsors1 2 Hutchison Whampoa Ltd P&O Ports International Container Terminal Services Inc. (ICTSI) Mitsui AP Moller - Maersk Group China Infrastructure Group GATX Terminals Pte Ltd. Laem Chabang International Terminal Co. Ltd. New World Infrastructure Others 4 5 1 2 2 3 3 4 6 8 12 14 2 7 6 12 4 6 1 1 1 1 1 1 2 8 1 1 6 2 2 3 6 2 3 1 1 1 1 2 1 1 1 1990 1991 1992 1 1993 1 1994 2 1995 1996 3 1997 2 1 1998 1999 1 1 2000 1 1 2001 2002 1 1 1
(: )
2003
2004 2
14 6
3
2
1
3
4 5 6 7 8 9 10
3 2 2 2 2 2 2 1 3 51 89
228
-Europe and Central Asia
World bank data: Seaport Europe and Central AsiaCountry
(:US$ millions, )
1992
1994
1995
1996
19980 1 86.6 1 23.4 1
199975 1
2000
2003
75 2 121 1 207.6 2 23.4 1 102.6 9
Latvia
Poland
Romania
71.9 3
0 3
0 2 20 1
30.7 1 200 1 140.7 4 275 2 114.8 1 114.8 1 121 1
Russian Federation
334.8 3 743.4 17
Turkey
71.9 3
0 3
0 2
20 1
230
World bank data: Seaport Europe and Central Asia(:US$ millions)
300
Turkey
250
Russian Federation
200
150
Rom ania
100
Poland
50
Latvia
0
1992
1994
1995
1996
1998
1999
2000
2003
231
World bank data: Seaport Europe and Central Asia
(: )
Main Sponsors1 23 4 5 6 7 8 9 10
1992
1994
1995
1996
1998
1999
2000
2003
Arcas Group P&O PortsArmbro Enterprises Inc. Baltiyskaya Finance Company Bank Petrovsky Bank Sankt-Peterburg Delo East Point Holding Ltd Enka International Container Terminal Services Inc. (ICTSI) 5 9 3 3 2 3 1 1 1 1
1 11
1 1
2 21 1 1 1 1
1 1 1 0 1 3 5 1 3 0 1 0 1
1 1 1 14 26
232
World bank data: Seaport Europe and Central Asia(:%)
Rehabilitate, lease or rent, and transfer 16%
Build, lease, and own 12% Build, own, and operate 13%
Partial 14%
Merchant 18%
Build, own, and transfer 27%
233
-Latin America and the Caribbean
World bank data: Seaport Latin America and the Caribbean
(:US$ millions, )
CountryArgentina
19920 2
1993122.9 2
1994395 5
1995100 1
199630 1
1997
1998170 1
1999
200040 1
2001
20026.9 1 37.6 1
2003
2004
864.8 14 37.6 1 2,257.7 33
Belize
Brazil 3.4 1 8 1 40 1 353.7 4 200 1 12 1 10.5 1 189.3 2 330.6 5 823.1 7 145 1 545.6 12 327.6 2 78.8 4 71.4 2 223.4 1 311.6 2
63.5 1 18 1 25 1
Chile
906.6 10 393.7 5
Colombia
Dominica n Republic
200 1 20 1
400 2 32 2 10.5 1
Ecuador
Honduras
235
World bank data: Seaport Latin America and the CaribbeanCountry 1992 1993 1994 30 1995 1996 1997 1998 1999 2000 2001 2002
(:US$ millions, )2003 2004 30
Jamaica
Mexico 21
1
1
4.4
225.6
74.1
86.7
9.5
0.7
22.9
444.9
Panama
1
1
4
4
4
2
1
1
18
104
104
Nicaragu a
1
1
291.4
342.6
634
Peru
2
1
3
26.3
26.3
Uruguay
1
1
151.2
20
171.2
40 505.6 432.8 806.3 434.7 1,397.4 725.1 377.1 317.1
2
1
3
886.2
108
218
65
6,313.3
3
8
8
9
10
13
15
6
9
6
3
2
3
95
236
World bank data: Seaport Latin America and the Caribbean(:US$ millions)
1400U ruguay Peru
1200Panam a Nicaragua
1000Mexico Jam aica
800
H onduras Ecuador
600
D inican Republic om C olom bia
400
C hile Brazil
200
Belize A rgentina
0
1992
1993
19 94
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
237
World bank data: Seaport Latin America and the Caribbean(:%)
Build, own, and operate 8%
Build, own, and transfer 10 %
Build, rehabilitate, operate, and transfer 16%
Rehabilitate, operate, and transfer 59%
Full 2%
Rehabilitate, lease or rent, and transfer 2% Merchant 3%
238
World bank data: Seaport Latin America and the CaribbeanMain Sponsors 1 2 3 4 5 6 7 8 9 10 International Container Terminal Services Inc. (ICTSI) Sudamericana Agencias Aereas y Maritimas (SAAM) Companhia Vale do Rio Doce SA (CVRD) Companhia Siderurgica Nacional SA Grupo Libra S.A. Multiterminais de Alfandegados do Brasil Ltda Stevedoring Services of America (SSA) Inc. Bolsa de Cereales de Buenos Air