Asset management. Presented by Koenraad De Bruyne Retail Director Tas-Helat Marketing Co Ltd Kuala Lumpur March 2010
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1 Asset management Presented by Koenraad De Bruyne Retail Director Tas-Helat Marketing Co Ltd Kuala Lumpur March 2010
2 What is asset management? What is an asset?* Business Asset, something possessed by a business entity from which future economic benefits may be obtained. Economics Asset (economics), a durable good which is not fully depreciated to zero value after the current period of analysis. *source wikipedia
3 What is asset management? In Financial accounting assets are economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one's debts is considered an asset. Simplistically stated, assets are things of value that can be readily converted into cash (although cash itself is also considered an asset). [ Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs, [5] and financial assets, including such items as accounts receivable, bonds and stocks
4 What is asset management? What is management? Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or effort for the purpose of accomplishing a goal.
5 Types of assets for petrol retailer Assets not treated today Brand Staff Expertise /market knowledge Customers Land or existing stations Location is prime criteria 100 meters can make a big difference If you have it Is it really an asset? Or is it a liability? Soil pollution/contamination Some examples (BP/Q8/Tas Helat)
6 Land as asset For retailer the location is #1 Location factors Potential In forecourt/fuel sales (volume current versus future) In backcourt/ other sales (shop, carwash, coffee, bakery,.) or rent income
7 Land as asset What determines the potential? GOOD LOCATION Traffic (local transit Generators Road works/deveiations or new ring roads cars, # trucks, # of. Spread of the traffic Hinterland (who lives behind) Demographics (city, rural, highway) Car ownership Kind of buildings How they exit or enter Visibility Behind a building Behind trees (pre) Signalization possible
8 Land as asset What determines the potential? GOOD LOCATION Position on road First position Left or right (leaving city or entering city) Entering a lower price country ( Luxembourg) Traffic lights Before or after (stopping the ftraffic flow regular) Access lane Position to Cross roads Competition on the road before or after the location # of lanes Change lanes easily Speed of traffic Highway pre-signalization Monopoly Authorities limiting the locations for petrol stations Restriction on distance between stations Highway monopoly Restricting access (service lanes) exaple of Fence build Special zonings
9 Land as asset What determines the potential? GOOD LOCATION Real Estate affordable (versus potential) Competition Does (or can) competition offer better location Number of competitors Competitor market position Competitor build progr Market construction cost Construction methods» Experience in type of construction (modular/ steel/ concrete/ )» Building standards Construciion prices» Transportation cost» Labor cost
10 Land as asset Good location What one has or can put on the good location Forecourt: fuel Shop Drive through ATM Carwash (automatic/ jetwash/ manual) Interior cleaning Car detailing or deep cleaning Drive through Coffee kiosk Coffee bar (standalone or in shop) Food offer (bakery/ Fast food chain) Oil change Car maintenance Tyre repair Dry cleaner Pharmacy
11 Land as asset What to put on the land Fuel forecourt Type of forecourt Starter gate 4 square Very long islands (saudi example) Type of customers (cars?bus?truck? Or all?) Equipment Automation level (service/ self-service/ Turnkey solution or separate suppliers Payment methods» Cash» Electronic» Fleet cards Environmental Watertight forecourt Vapour recovery Backcourt: Shop and other activities
12 Land as asset What to put on the land Backcourt Shop Carwash Drive through Coffee kiosk Coffee bar Food offer b Bakery Fast food chain: rent out or franchise
13 Land as asset What to put on the land? Rent view or operational view Rent view: What do I get per square meter?» ATM» Coffee kiosk Operational view:» What makes most profit as a whole (as rent is a given) ATM blocking fuel sales Cars parked on forecourt in favor of shop sales» Lay-out very important
14 Land as asset What to put on the land? Shop Fridge/coolers example» Price Different price ranges» Operational conditions Run 24 hours, perishable goods» Uniformity Type and customer appreciation» Supplier relations Support (guarantees, intervention times,.)
15 Land as asset Location factors Land value Examples Riyadh: very high land value Dallah» High land value (>22 million SAR/ > 4 million Euro)» Truck delivery limitations Tahassussi Potential In fuel volume Private motorists Told customers In other sales (shop, carwash, coffee, bakery,.)
16 Land as asset Specialized companies Catalyst / MPSI We brought KSA in pictures Google earth view of Tabuk
17 NETWORK or STANDALONE VIEW Standalone Good location will be able to survive standalone However some base conditions have to be OK Depends on market characteristics (strength of competition/ loyalty programs/.) Network view Brand awareness Loyalty offers Fleet offer /told customers Showcase (for franchising/ marketing
18 Asset management Landlord view 2 options: rent of sell Options in rent: land/ land + all buildings/ full station/part of a station (forecourt only) High rent => high value If landlord want to sell Sales price will depend on» the return (so depends on the rent) Should not be unless protection (like distance rules)» Land value in the area Real estate price Location specific (direct access to main road, service road) Lower rent and an investment by petrol retailer Will increase the value of his land: land plus buildings will develop the business and will want to stay
19 Asset management Short term versus long term view depends on investor/share holder Private equity IPO sell in couple of year Use the RE as guarantee for other investments Industry based Core business Large group ROACE (return on average capital employed) Regional/ International comparison Risk Non-core France / UK on parking of hypermarkets (Carrefour/ Cora/..)» Availability of land» Costing model: labor in total labor cost? Pricing to attract customers
20 Asset Management Short term versus long term Rent or buy Depends on the type of rent contracts Duration: long term versus short term Depends on what landlord considers his return» In Saudi Arabia landlord wishes 10% on a station (less on land).» The larger the gap between market interest and his wished return Depends on what the retailer will invest himself or which costs he can allocate to landlord Depends on what you rent Operational station New built station Land» Landlord expectation» Example Saudi market Economic calculation model - EXAMPLE TO BE INSERTED
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