Overview of Chevron's financial and operating systems 雪佛龙财务和运营系统概览
Chevron Cambodia Limited, as a subsidiary of a US multinational corporation, uses US GAAP for its corporate and performance management reporting 雪佛龙柬埔寨有限公司作为美国跨国公司的子公司，采用美国通用会计准则进行公司和业绩管理报告
For all Chevron subsidiaries, US GAAP financial statements are consolidated and audited at a Chevron Corporation level 对于雪佛龙公司的所有子公司，美国通用会计准则财务报表在雪佛龙公司层面进行合并和审计
SAP is Chevron's financial system where both US GAAP and CIFRS financial numbers are reported SAP 是雪佛龙的财务系统，美国通用会计准则和中国国际财务报告准则的财务数据均在此系统中报告
Chevron Cambodia Limited's audited financial statements are prepared in accordance with CIFRS 雪佛龙柬埔寨有限公司的已审计财务报表根据《国际财务报告准则》编制
Interim update of the year-to-date business results in this Management Presentation 在本管理简报中对年初至今的经营业绩进行中期更新
Supplemented with YTD2024 (1H2024) data and previous CIM numbers cited in blue font in brackets for easy comparison 补充了 YTD2024（1H2024）数据，括号内的蓝色字体引用了之前的 CIM 数字，以便于比较
Closing accounts will be based on CIFRS 期末账目将以《国际财务报告准则》为基础
Management introductions 管理层介绍
Agenda 议程
1 Introduction 1 引言
2. Market and Industry Overview 2.市场和行业概述
3 Business Operation Overview 3 业务运营概述
4 Land 4 陆地
5 Health, Environment & Safety 5 健康、环境与安全
6 Human Resources 6 人力资源
7 Financial Summary 7 财务摘要
8 Q&A 8 问答
Chevron Cambodia at a glance 雪佛龙柬埔寨公司概览
Business overview 业务概述
Since 1996, Chevron has built a sizeable network in Cambodia, with an established Caltex brand, stations in prime locations with non-fuel retail, and an import termina 自 1996 年以来，雪佛龙已在柬埔寨建立了一个规模庞大的网络，拥有一个成熟的加德士品牌，在黄金地段设立了加油站，提供非燃油零售服务，并在柬埔寨设立了一个进口终端。
77 (74) stations ( 17 COCO +60 (57) RORO) and with a volume market share 77 (74) 个车站（17 个 COCO +60 (57) 个 RORO）和 体积市场份额
Key products include Mogas Gold (RON 95), a premium product attracting higher margins, Mogas Silver (RON 92) and Diesel ( 50 ppm ); with total fuel sales of 167 million liters 主要产品包括 Mogas Gold（RON 95）（一种利润较高的优质产品）、Mogas Silver（RON 92）和柴油（50 ppm）；燃料总销量为 1.67 亿升。
Non-fuel retail operations include 26 (23) Star Marts and 73 (69) Coffee Plus 非燃料零售业务包括 26 (23) 家 Star Marts 和 73 (69) 家 Coffee Plus。
Integrated operations with import terminal of 13.2 million liters capacity located on the coast 综合运营，在海岸边建有容量为 1320 万升的进口码头
No refineries currently operating in Cambodia; country relies on imports for supply 柬埔寨目前没有炼油厂，供应依赖进口
Cambodia GDP is growing at per annum in , and local fuel demand projected to grow at CAGR for 柬埔寨国内生产总值在 年增长率为 ，预计当地燃料需求在 年复合增长率为 。
Site locations 地点
Financial and volumes summary 财务和数量概要
Adj. EBITDA 税息折旧及摊销前利润
Unit Adj. EBITDA Margin (US$/liter) 单位调整后 EBITDA 利润率（美元/升）
Transaction and corporate structure 交易和公司结构
Transaction structure 交易结构
The proposed transaction offers a unique opportunity to acquire an established, profitable and high-growth fuels marketing and terminal operations business in Cambodia 拟议的交易为收购柬埔寨一家成熟、盈利和高增长的燃料营销和码头运营企业提供了一个独特的机会
The proposed transaction will be structured as a share sale by Chevron Singapore Pte Ltd. of the entire share capital of Cambodia SEA Holdings Limited, which holds the issued share capital of Chevron (Cambodia) Limited ("CCL"), which in turn owns 49% of shares in Chevron (Cambodia) Holdings Limited ("CCHL"), a landholding company 拟议的交易结构为雪佛龙新加坡私人有限公司出售 Cambodia SEA Holdings Limited 的全部股本，后者持有雪佛龙（柬埔寨）有限公司（以下简称 "CCL"）的已发行股本，而 CCL 又拥有土地持有公司雪佛龙（柬埔寨）控股有限公司（以下简称 "CCHL"）49% 的股份。
Under Cambodian law, land must be owned by Cambodian national(s) or, if land is held through a company, the company must ultimately be majority owned by Cambodian national(s). As such of CCHL shares are currently held by Cambodian shareholders and, upon completion of a restructuring exercise, such interests will be held by a Cambodian company ("CamCo") 根据柬埔寨法律，土地必须由柬埔寨国民拥有，如果土地通过公司持有，则公司的多数股权最终必须由柬埔寨国民拥有。因此， CCHL 的股份目前由柬埔寨股东持有，重组工作完成后，这些股份将由一家柬埔寨公司（"CamCo"）持有。
Upon completion of that restructuring exercise, of shares in CamCo will be held by Chevron Singapore Pte Ltd (or an affiliate) 重组工作完成后，CamCo 的 股份将由 Chevron Singapore Pte Ltd（或关联公司） 持有。
Chevron will procure the transfer of of shares in CamCo to the buyer's Cambodian designee(s) 雪佛龙将向买方指定的柬埔寨人转让 CamCo 的 股份。
Brand licensing and supply will not be included in the proposed transaction, but can be discussed separately 品牌许可和供应不包括在拟议交易中，但可以单独讨论
CCL owns: CCL 拥有
The infrastructure at the Sihanoukville fuel terminal 西哈努克港加油站的基础设施
COCO service station buildings and equipment COCO 服务站建筑和设备
RORO service station signage, branding, and hardware for POS and BOS systems CCL leases: 为 CCL 租赁的 POS 和 BOS 系统提供 RORO 服务站标识、品牌和硬件：
The Sihanoukville fuel terminal land from the Government and other infrastructure from third parties 西哈努克港燃料码头的土地由政府提供，其他基础设施由第三方提供
Sites for the operation of COCO fuel stations from CCHL (who owns title to 14 freehold properties) and third parties ( 4 leases) 从 CCHL（拥有 14 处永久产权物业的所有权）和第三方（4 份租约）处获得 COCO 加油站的经营场地
Target entity and corporate structure 目标实体和公司结构
The statutory financials also consolidate CCHL 法定财务数据还合并了 CCHL
** Chevron entity to hold the CamCo interest subject to ongoing review ** 雪佛龙实体持有 CamCo 公司的权益，但须接受持续审查
Investment highlights 投资要点
Attractive long-runway market with significant growth potential 具有吸引力的长期跑道市场，增长潜力巨大
Cambodia's fuel demand projected at CAGR for 2025E-30E driven by rapid economic development 在经济快速发展的推动下，预计 2025E-30E 期间柬埔寨的燃料需求年复合增长率为 。
Significant growth potential in fuel demand to increase throughput per station and number of stations 燃料需求增长潜力巨大，可增加每个加油站的吞吐量和加油站数量
Opportunity to supply fuel from key refining hubs, including Thailand and Singapore, among others 从泰国和新加坡等主要炼油中心供应燃料的机会
A proven, repeatable formula for new station growth 经过验证的、可重复的新站增长公式
Established network across Cambodia, complemented by existing infrastructure, provides platform for growth 遍布柬埔寨的成熟网络与现有基础设施相辅相成，为业务增长提供了平台
Anchored by COCO flagship sites, growth through RORO model expansion with low capital required 以 COCO 旗舰站点为核心，通过 RORO 模式扩张实现增长，所需资本较低
Premium fuel offering allows for enhanced margin capture 提供优质燃料，提高利润率
Non-fuel retail offerings provide additional sources of revenue and enhance station traffic 非燃料零售产品提供了额外的收入来源，并提高了车站客流量
Differentiated, valuable land in premium locations 优质地段的差异化珍贵土地
CCHL's early entry has facilitated ownership of premium land in Phnom Penh and other key cities - Phnom Penh and surrounding provinces account for a majority of Cambodia's oil product demand CCHL 较早进入金边和其他主要城市，促进了对优质土地的所有权--金边和周边省份占柬埔寨石油产品需求的大部分
Integrated value chain to achieve material cost savings 整合价值链，实现材料成本节约
Rapid volume growth is expected to significantly improve economies of scale 销量的快速增长有望显著提高规模经济效益
1 Introduction 1 引言
2 Market and Industry Overview 2 市场和行业概述
3 Business Operation Overview 3 业务运营概述
4 Land 4 陆地
5 Health, Environment & Safety 5 健康、环境与安全
6 Human Resources 6 人力资源
7 Financial Summary 7 财务摘要
8 Q&A 8 问答
Cambodia macroeconomic outlook 柬埔寨宏观经济展望
Cambodia overview 柬埔寨概况
Cambodia offers long-term GDP growth potential as the economy develops and benefits from strong domestic and regional fundamentals 随着经济的发展并受益于强劲的国内和地区基本面，柬埔寨的国内生产总值具有长期增长潜力
The opportunity is highlighted by several key trends 以下几个主要趋势凸显了这一机遇
High economic growth 高经济增长
Expanding GDP per capita 人均国内生产总值不断扩大
An emerging middle class 新兴的中产阶级
Stable political environment 稳定的政治环境
High growth economy 高增长经济
Cambodia benefits from a stable economy 柬埔寨受益于稳定的经济
Increasing foreign direct investment 增加外国直接投资
(US$ billion / %) (十亿美元/%)
= FDI _FDI as % of GDP
Forecasted passenger vehicle growth supportive of future fuel demand 客运车辆增长预测支持未来燃料需求
Accelerating demand for new passenger vehicles 对新型乘用车的需求加速
2024E - 30E CAGR
Real GDP per capita 实际人均国内生产总值
New passenger vehicle sales 新乘用车销量
Vehicle ownership to become more prevalent 汽车所有权将更加普及
2024E-30E CAGR 2024E-30E 年复合增长率
新乘用车销量
每千名人口
New passenger vehicles sales
per 1,000 of population
per 1,000 of population 每千人
With increasing per capita wealth, an accelerating rate of vehicle ownership will contribute to retail fuel consumption growth 随着人均财富的增加，汽车拥有率的加快将促进零售燃料消耗的增长
Cambodia is an attractive long-runway market with growing and resilient fuel demand 柬埔寨是一个具有吸引力的长期市场，燃料需求不断增长且具有弹性
Scale, premium fuels, and strategic locations are important elements of success to capture the growing retail fuel market in Cambodia 规模、优质燃料和战略位置是成功占领柬埔寨不断增长的零售燃料市场的重要因素
Improved regulation and transparency in Cambodia's fuel market 改善柬埔寨燃料市场的监管和透明度
Cambodia benefits from a transparent pricing mechanism 柬埔寨受益于透明的定价机制
Pump price formula 泵价公式
Mogas Gold
(RON 95
Gasoline)
10-day average MOPS RON 95
Gasoline + import taxes + retailer's
discretionary margin + VAT
Mogas Gold
(RON 95
汽油）
汽油
。
。
10天平均 MOPS RON 95
汽油+进口税+零售商
酌定保证金+增值税
10-day average MOPS Diesel + mport taxes + product premium of US per liter + VAT (US per liter oil company discount to apply when MOPS Diesel is higher than US$100 per barrel) 10 天平均 MOPS 柴油 + 进口税 + 每升 美元的产品溢价 + 增值税（当 MOPS 柴油高于每桶 100 美元时，适用每升 美元的石油公司折扣）。
10-day average MOPS RON 92 Gasoline + import taxes + product premium of US per liter + VAT (US$0.01 per liter oil company discount to apply when MOPS gasoline is higher than US$90 per barrel) 10 天平均 MOPS RON 92 汽油 + 进口税 + 每升 美元的产品溢价 + 增值税（当 MOPS 汽油高于每桶 90 美元时，适用每升 0.01 美元的石油公司折扣）
Pricing example 定价示例
（除非另有说明，否则均为 USS 编码
labelled)
(in USS unless otherwise
labelled)
RON 92
汽油
(per liter)
RON 92
Gasoline
(per liter)
柴油 (50 ppm)
(per liter)
Diesel (50 ppm)
(per liter)
1
Average MOPS 平均每月工作时间
2
Import taxes 进口税
Custom duties 关税
Additional tax 附加税
Special tax 特别税
3
Product premium 产品溢价
4
VAT (10% of 1+2+3) 增值税（1+2+3 的 10）
Retail price 零售价
Retail price (KHR) 零售价（克朗）
5
石油公司
折扣
Oil company
discount
4,066
零售泵价
显示
Retail pump price
display
零售泵价
显示 (KHR)
Retail pump price
display (KHR)
4,050
Determination of pricing 定价的确定
Ministry of Commerce issues a notification on retail fuel pricing every 10 days (or at any time if there is a material change in MOPS), which includes a fixed product premium for the retailers. The notification sets the pump price ceiling for Diesel ( 50 ppm ) and RON 92 Gasoline 商务部每 10 天发布一次燃油零售定价通知（或在最低销售价格发生重大变化时随时发布），其中包括零售商的固定产品溢价。通知规定了柴油（50 ppm）和 RON 92 汽油的零售价上限。
RON 95 Gasoline is exempt from pump price ceiling RON 95 汽油不受零售价上限限制
The fixed product premium is determined based on consultation between the Ministry of Commerce and oil companies doing business in Cambodia on a periodic basis 固定产品溢价是根据商业部与在柬埔寨开展业务的石油公司定期协商确定的。
As of 1 August 2024, the product premium set by the Ministry of Commerce is at: 截至 2024 年 8 月 1 日，商务部规定的产品溢价为：
Diesel ( 50 ppm ): US$0.23/liter (no discount was applied to the total price as MOPS diesel was lower than US barrel) 柴油（50 ppm）：0.23 美元/升（由于 MOPS 柴油低于美国 桶装柴油，因此总价不打折）。
RON 92 Gasoline: US$0.20/liter (a discount of US$0.01/liter was applied to the total price as MOPS gasoline was higher than US barrel) 92 号汽油：0.20 美元/升（由于 MOPS 汽油高于美国 桶装汽油，因此对总价打折 0.01 美元/升）
New tax rates from 1 June 2024: 新税率自 2024 年 6 月 1 日起生效：
Diesel ( 50 ppm ): Taxable value from to per metric ton and special tax from to 柴油（50 ppm）：应税价值从每公吨 到 ，特别税从 到 。
RON 92 Gasoline: Taxable value from to per metric ton, custom duties from to and special tax from to RON 92 汽油：应税价值从每公吨 到 ，关税从 到 ，特别税从 到 。
Caltex is one of five major retail players in Cambodia 加德士是柬埔寨五大零售商之一
Agenda 议程
1 Introduction
2 Market and Industry Overview 1 引言
2 市场和行业概述
Retail sites are strategically located in key areas to capture demand and realize high throughput 零售点战略性地分布在关键地区，以抓住需求并实现高吞吐量
Retail site growth strategy 零售点增长战略
Strategic positioning enables CCL to capture demand 战略定位使 CCL 能够抓住需求
Capitalized on flagship COCO sites to support network expansion through RORO model 利用 COCO 旗舰站点，通过 RORO 模式支持网络扩展
Most active COCO stations are in and around Phnom Penh 最活跃的 COCO 站点位于金边及其周边地区
The highest volume site is located in Siem Reap 流量最大的站点位于暹粒省
CCL has a targeted growth strategy taking into account: - Regional demand CCL 制定了有针对性的增长战略，其中考虑到了以下因素- 地区需求
Supporting infrastructure (e.g., major highways) 配套基础设施（如主要公路）
Local developments 当地发展情况
Regional product demand informs site development 地区产品需求为场地开发提供信息
Gasoline 汽油
demand by 需求
province 省
(million （百万
liters) 升)
Diesel 柴油机
demand by 需求
province 省
(million （百万
liters) 升)
Total Gasoline Consumption: 19 million liters 囯 汽油总消耗量：19 百万升 囯
50 -100 20-50
COCO & RORO business models COCO 和 RORO 业务模式
COCO model COCO 模式
RORO model RORO 型号
Land (owned / leased) 土地（自有/租赁）
CCL
Retailer 零售商
Inventory ownership 库存所有权
CCL
Retailer 零售商
Site opex (including employees) 运营开支（包括雇员）
CCL
Retailer 零售商
Ownership of all improvements at site (including capex) 场地内所有装修的所有权（包括资本支出）
CCL
Retailer 零售商
Determination of pump price 确定泵价
CCL
CCL
Retail fuels margin 零售燃料利润率
CCL
Retailer 零售商
Rental income (e.g., TYREPLUS, Starbucks) 租金收入（如 TYREPLUS、星巴克）
CCL
Retailer 零售商
Franchise fee (e.g., Star Mart, Coffee Plus) 特许经营费（如 Star Mart、Coffee Plus）
CCL
CCL
Franchise sales margin (e.g., Star Mart, Coffee Plus) 特许经营销售利润率（如 Star Mart、Coffee Plus）
CCL
Retailer 零售商
Other non-fuel offerings income (e.g., ATM) 其他非燃料产品收入（如自动取款机）
CCL
Retailer 零售商
Signage, branding, and POS and BOS capex 标识、品牌、POS 和 BOS 资本支出
