RISK ASSESSMENT
风险评估
一、 Overview of the Proposal
授信建议书概况
BoC currently provides existing credit facilities to Johnson Matthey Plc and its subsidiaries (‘JM′), and has a standing relationship with the group since 2000. The group holds a core banking relationship with HSBC in China, with the bank managing the cash pooling facility.
中国银行最近向庄信万丰有限公司(Johnson Matthey Plc)及其子公司(‘JM′)提供现有信贷授信,且自2000年起便与该集团建立了长期合作关系。该集团与汇丰银行(中国)建有核心银行关系,并委托该行管理现金池授信。 JM also holds a relationship with BoC in China, with a RMB200m credit facility provided by BoC Shanghai to Johnson Matthey (Shanghai) Chemicals Limited, and an average drawn balance of RMB21m.
此外,庄信万丰同样与中国银行建有合作伙伴关系。中国银行上海分行曾向庄信万丰(上海)化工有限公司发放金额为人民币2亿元的信用授信,平均提取数额为2100万元人民币。 BoC China also provides settlement services and currently holds a deposit of RMB60m from JM subsidiaries.
同时,中国银行还提供结算服务,并持有庄信万丰子公司金额为人民币6000万元的保证金。
Corporate Banking Department (CBD) is proposing the renewal of all £150m existing facilities, with certain amendments to the margin/fees of the £50m bilateral RCF (refer to table below).
公司金融部(CBD)提议在对金额为5000万英镑的双边循环贷款(请参见下表)利润/费用进行特定修改的前提下,对金额为1.5亿英镑的现有授信提供续约。 These margin/fee changes are in addition to the already reduced RCF margin in 12/2000, from 64bps to 40bps.
以上利润/费用变更是对2000年12月已减少循环贷款利润的补充,由64个基点减少为40个基点。
Over the last 12 months, the average utilisation for each facility is as follows:
过去12个月起见,每笔授信的平均利用率如下所示:
£50m RCF – 4.2% utilised
5000万英镑的循环贷款——4.2%已使用
£20m RCF – Undrawn since initiation
2000万英镑的循环贷款——启动后未提取
£60m BGI – 25% utilised
6000万英镑的银行保函授信——25%已使用
£20m FX – Largely unutilised (only recent RMB/STG 6 month FX swap won of RMB200m).
2000万英镑的外汇——大部分未使用(仅为最近6个月的2亿人民币RMB/STG外汇交易)。
This proposal
本次拟议授信 Total:
总额: £150m (No change to total limit; Renewals only with certain margin/fee changes)
1.5亿英镑(总额不变,尽在进行特定利润/费用变更的前提下提供续约)
Borrower(s)
借款人 Johnson Matthey Plc and subsidiaries nominated by Johnson Matthey Plc from time to time at their discretion.
庄信万丰有限公司,及其适时自行指定的子公司 Johnson Matthey Plc and/or any wholly owned subsidiary.
庄信万丰有限公司和(或)任何全资子公司 Johnson Matthey Plc and/or any wholly owned subsidiary.
庄信万丰有限公司和(或)任何全资子公司 Johnson Matthey Plc and/or any wholly owned subsidiary.
庄信万丰有限公司和(或)任何全资子公司
Facility Type
授信类型 Bilateral Committed Multi-currency RCF
双边承诺性多币种循环贷款 Bilateral Uncommitted Multi-Currency RCF (including RMB)
双边非承诺性多币种循环授信(包括人民币) Bilateral Uncommitted BGI
双边非承诺性银行保函授信 Bilateral Uncommitted Counterparty Risk Adjusted FX/Derivatives Limit
双边非承诺性交易对方风险调整外汇/衍生品限额
Amount
金额 £50m (Renewal)
5000万英镑(新增) £20m (Renewal)
2000万英镑(新增) £60m (Renewal)
6000万英镑(新增) £20m (Renewal)
2000万英镑(新增)
Guarantee conditions
担保条件 Guarantee from Johnson Matthey Plc in respect to drawings by subsidiaries.
庄信万丰有限公司为子公司提款提供担保。 N/A
无 Counter Indemnity from Johnson Matthey Plc in respect of all issuances.
庄信万丰有限公司为所有发放提供反担保。 N/A
无
Term
期限 364 days with a 2 year Term Out option at customer′s discretion.
364天,客户自行决定行使2年展期选择权
Subject to Annual Review, for drawings of up to 364 days.
以年审为准,提款不超过364天。 1 year subject to Annual Review.
1年,以年审为准。
Contract terms:
合同期限:
- Bid/Tender Bonds:
招投标保函: max 18mths from issuance.
自发放日起,最长18个月到期。
- Advanced Payment G/-, Perf. G/-,
预付款担保、履约担保、Retention Money G/- and other Bonds or G/-:
保留金担保以及其他保函或担保: max 5 yrs from issuance.
自发放日起,最长5年到期。
- SBLCs in favour of nominated BoC branches:
以指定中国银行分行为受益人的备用信用证: max 3 yrs.
最长为3年。 1 year subject to Annual Review.
1年,以年审为准。
Maximum contract period of 5 years
合同期最长为5年。
Interest rate/Guarantee commission
利率/担保佣金 - Margin within 364 day period:
364天期限内的利差: 0.46% p.a. (increased from 0.40%)
每年0.46%(从每年0.40%开始增长)
- Term Out Margin:
展期利差: 1.25%
- Commitment Fee:
承诺费: 20bps p.a. (increased from 14bps)
每年20个基点(从每年14个基点开始增长)
- Upfront Fee:
前期费用: Nil (decreased from 6.5bps flat)
零(从每年6.5个基点(平息)开始减少) Total margin equivalent to cost of funds plus minimum 0.40% p.a.
总利差等于资金成本加上最低每年0.40%的利差。 - Issuances up to 5yrs:
自发放日起,最长5年到期: Min. 0.375% p.a.
最低每年0.375%的利差。
- SBLCs (to BoC branches):
备用信用证(至中国银行分行): Min. 0.375% p.a.
最低每年0.375%的利差。
- SBOCs (to 3rd party beneficiaries):
备用信用证(至第三方受益人): Min. 0.75% p.a.
最低每年0.75%的利差。 N/A
无
Current Outstanding
当前余额 Nil
零 Nil
零 £12.8m
1280万英镑 Nil
零
RAROC Calculation
风险调整后资本收益率(RAROC)的计算
Based on actual utilisation of the existing facilities and based on existing 12 month FTP rate of 0.12% p.a., the RAROC achieved in the last 12 months was 4.89%.
基于现有授信的实际利用率和现有12个月的0.12% FTP利差率,过去12个月的风险调整后资本收益率为4.89%。 This is below the projected relationship RAROC of 7.14% as the £20m RCF margin no longer benefits from the FTP-equivalent mark-up.
低于7.14%的预期整体风险调整资本收益率,2000万英镑的循环贷款利润不再获益于FTP等效加成。
The projected standalone RAROC for the £50m RCF is 2.00% assuming a 5% utilisation rate (based on historical usage).
假设利用率为5%,5000万英镑循环贷款的预期则为备用风险调整资本收益率为2.00%(基于历史使用情况)。 CBD projects £50k in income with the FX line and a continued c.25% average utilisation of the BGI line, resulting in a relationship RAROC of 6.12%.
CBD预计外汇额度与BGI额度平均利用率持续约25%的收入将为5万英镑,从而产生6.12%的整体风险调整资本收益率。
二、 Shareholding Details and Group Structure Analysis
持股情况和集团结构分析
JM is a FTSE 100 listed entity on the London Stock Exchange, ranked number 67 on the index with market capitalisation of £4.48bn as at 00/12/2000. The share price as at 00/12/2000 was 2,841p (down 14.7% YOY), compared to its 3,571p High at 28/00/2000 and 2,318p Low at 22/00/2000. Refer to Appendix 1 for the historical equity graph.
庄信万丰有限公司是被列入富时100指数的(FTSE 100)实体之一,其在伦敦证卷交易所上市。截至2000年12月3日,该公司的市值指数为44.8亿英镑,位列第67。截至2000年12月2日的股票价格为2,841基点,与2000年5月28日的最高3,571基点和截至2000年9月22日的最低2,318基点相比,同比下降14.7%。历史股票图,请参见附件1。
JM has a diversified shareholder base.
庄信万丰有限公司的股东类型多样。 Investment and Unit Trusts were the largest shareholders by type with c.44% of total shareholdings at 31/00/2000. As at 00/12/2000, the largest investor was Blackrock with 9.85%, followed by Artisan Partners Ltd Partnership 7.22%, Fidelity Limited 6.29%, Ameriprise Financial Group 4.89%, and Norges Bank 4.19%. All other shareholders each held < 3%.
单位投资信托基金是最主要的股东类型,截至2000年3月31日约占44%的总持股量。截至2000年12月2日,贝莱德集团(Blackrock)成为最大的投资者,持股比例为9.85%,其次是Artisan Partners Ltd Partnership(持股比例为7.22%),Fidelity Limited(持股比例为6.29%),Ameriprise Financial Group(持股比例为4.89%),挪威央行(持股比例为4.19%)。其他所有股东总持股比例低于3%。
三、 Business Profile and Operational Analysis
业务概况与经营分析
3.1 Business Profile
业务概况
JM is a leading worldwide specialty chemicals company, domiciled in the UK.
庄信万丰有限公司是全球领先的特种化学品公司,定址于英国。 The group produces a third of all auto catalysts globally, as well as cancer-drug ingredients and catalysts for methanol plants.
该集团生产全球三分之一的汽车催化剂、抗癌药物成份以及甲醇厂用催化剂。 It operates in over 30 countries and employ c.13,000 people globally.
该集团业务遍布全球30多个国家,现有雇员13,000余人。
Mr Neil Carson (age 58) retired as CEO on 00/00/2000, after 10 years in office and 34 years at JM.
Neil Carson先生(现年58岁)在任职10年之后,于2000年6月5日卸任首席执行官,Carson先生共为庄信万丰有限公司效力34年。 In January 2000, Mr Robert MacLeod (age 51) was announced as Mr Carson′s successor.
2000年1月,Robert MacLeod先生(现年51岁)接任庄信万丰有限公司首席执行官。 Mr MacLeod has been the CFO at JM since 2000, and was previously the Group Finance Director of WS Atkins Plc.
MacLeod先生自2000年起即担任该集团的首席财务官,此前曾以集团财务总监的身份供职于WS Atkins有限公司。 He has also held senior financial roles at Enterprise Oil Plc.
此外,他还曾担任安特普莱斯石油公司(Enterprise Oil Plc)的高级金融职员。
Mr Den Jones (age 49) commenced on 00/00/2000 as the new CFO.
Den Jones先生(现年49岁)自2000年6月5日开始接任首席财务官一职。 Previously, Mr Jones held various senior roles in the BG Group, the most recent being Interim CFO and Executive Director from 00/2000 to 11/2000. Mr Jones also held roles at Citibank and PwC.
此前,Jones先生曾在英国天然气集团(BG Group)任多个高级职位。正式接任首席财务官一职之前暂代该职务,并于2000年2月至2000年11月担任执行董事。此外,Jones先生还曾在花旗银行(Citibank)和普华永道会计师事务所(PwC)担任多个职位。
3.2 Business Operation Information
业务操作信息
Sales by Division
销售额(按业务分部)
£′m
单位:百万英镑
FYE 00/2000
截止2000年3月之财年 % FYE 00/2000
截止2000年3月之财年 % YOY
同比变动率(%)
Emission Control Technologies
排放控制技术 2,898.9 25.99% 3,321.4 33.00% 14.6%
Process Technologies
工艺技术 573.7 5.14% 593.3 5.90% 3.4%
Precious Metal Products
贵金属产品 7,243.2 64.93% 5,690.2 56.56% -21.4%
Fine Chemicals
精细化学品 362.8 3.25% 362.6 3.60% -0.1%
New Businesses
新业务 76.6 0.69% 92.2 0.92% 20.4%
Total
合计 11,155.2 100.0% 10,000.7 100.0% -9.8%
Underlying Operating Profit* by Division
业务部门基本营业利润*
£′m
单位:百万英镑
FYE 00/2000
截止2000年3月之财年 % FYE 00/2000
截止2000年3月之财年 % YOY
同比变动率(%)
Emission Control Technologies
排放控制技术 200.6 40.54% 236.9 46.35% 16.4%
Process Technologies
工艺技术 100.9 20.29% 100.0 20.74% 4.0%
Precious Metal Products
贵金属产品 130.9 26.00% 100.5 19.86% -22.5%
Fine Chemicals
精细化学品 84.1 16.75% 88.8 17.37% 5.6%
New Businesses
新业务 -18.3 -3.64% -22.1 -4.32% -20.8%
Total
合计 500.2 100.0% 511.1 100.0% 1.8%
*Note:
*注: Underlying OP as defined by group, excludes unallocated corp. expenses, amortisation of acquired intangibles, and major impairment and restructuring charges.
基本营业利润以集团定义为准,不包括未分配的公司费用、对所收购无形资产的摊销、重大减值以及重组费用。
Sales by Geographic Segmentation
销售额(按区域市场细分)
£′m
单位:百万英镑
FYE 00/2000
截止2000年3月之财年 % FYE 00/2000
截止2000年3月之财年 % YOY
同比变动率(%)
UK
英国 3,003.5 27.46% 2,421.7 24.00% -20.9%
Germany
德国 911.3 8.17% 1,176.9 11.70% 29.1%
Rest of Europe
欧洲其他国家 1,431.5 12.83% 1,137.5 11.31% -20.5%
USA
美国 2,467.3 22.12% 2,492.9 24.78% 1.0%
Rest of North America
北美其他地区 126.9 1.14% 226.6 2.25% 78.6%
China (including Hong Kong)
中国(包括香港) 1,744.0 15.63% 1,145.9 11.39% -34.3%
Rest of Asia
亚洲其他国家 941.4 8.44% 952.2 9.47% 1.1%
Rest of World
世界其他地区 469.3 4.21% 500.0 5.00% 7.8%
Total
合计 11,155.2 100.0% 10,000.7 100.0% -9.8%
Revenue derived from China alone (excluding Hong Kong) was c.10%, or £1bn of group sales.
仅源自中国地区的收入(包括香港)约占集团销售额的10%或为10亿英镑。 For further details on the group′s business segments, refer to Appendix 2.
有关集团业务分部的详细信息,请参见附件2。
3.3 Industry Analysis
行业分析
JM operates within the specialty chemicals industry, and is involved in the manufacturing activities of precious metals, the manufacturing of emission control technologies, and chemical development for pharmaceutical applications, amongst others.
庄信万丰所属的行业为特殊化学品行业,涉及贵金属的制造、排放控制技术的生产以及制药应用的化学开发等。 JM is a capital intensive business and invests significant amounts in PPE and R&D. Downstream customers span from the automotive and engineering industries, to the mining and pharmaceutical industries.
庄信万丰处于资本密集的行业,在厂房和设备(PPE)以及研发方面投入了大量资金。下游客户从汽车和工程行业到采矿和制药行均有分布。 For further information on the industry and competition, refer to Appendix 3.
有关行业与竞争的详细系你想,请参见附件3。
VW Emissions Scandal
大众汽车排污造假丑闻
In 00/2000, Volkswagen (VW) was found to be selling vehicles in America with devices in diesel engines, capable of manipulating its environmental test results.
2000年9月,大众汽车(VW)被举报在美国销售的柴油动力车型在环境测试结果中存在造假行为。 The Environmental Protection Agency (EPA) found an initial 482,000 of car in the US to be cheating their emissions tests. However, VW has revealed approx. 11 million cars globally affected by this “defeat device”, including 8.5 million in Europe.
环境保护署(EPA)最初发现482,000辆在美国销售的大众汽车的排放量测试出现造假。但结果发现大众在全球有1100万辆车都涉及此种“排污造假设备”,包括在欧洲销售的850万辆车。
JM′s Emission Control Technologies division manufactures catalysts for both light duty vehicles (LDV) and heavy duty diesel (HDD) vehicles, which alone accounts for c. 46% of group FYE15 underlying operating profits.
庄信万丰的排放控制技术部门专门生产轻型车辆(LDV)和重型柴油(HDD)车辆用催化剂,这在该集团2000财年的基本营业利润中占比约为46%。
Given the market reach by Johnson Matthey, the exposure to auto manufacturers are considered to be diversified.
鉴于庄信万丰的市场覆盖范围,汽车制造商的敞口非常多元化。
Corporate Banking has estimated the exposure to VW and Toyota by sales to be limited to approx. 4-8%.
公司金融部估计大众和丰田(Toyota)的销售敞口大约限制在4-8%之间。
However, the VW scandal has resulted in reputational damage to diesels in general.
但大众排放造假丑闻对整体柴油动力车型造成了荣誉损毁。 Diesel catalysts represent more than half of the Johnson Matthey′s sales and are about 5x more profitable than equivalent petrol and hybrid filters.
柴油催化剂在庄信万丰的总销售额中占比超过一半,与等值石油和混合滤波器相比,其利润率要高出5倍。 Given that the diesel fuel only holds 5-8% of US market share versus nearly 50% in Europe, the sales potential for diesel in the US was viewed as high prior to the scandal.
柴油燃料在美国的市场占有率仅为5-8%之间,但在欧洲的市场占有率将近50%,因此在出现排放造假丑闻之前,柴油在美国市场的发展空间非常大。 The reputational damage however, has now limited Johnson Matthey′s growth ability in the US and potentially in other markets overseas.
但丑闻所造成的荣誉损毁限制了庄信万丰在美国扩大市场的可能,也可能限制其在其他海外市场的销售增长。
In response to the VW news, Johnson Matthey shares tumbled 8.1% on 22/00/2000 to £23.18, its lowest since March 2000. The share price has since rebounded as the events of VW continue to progress.
大众汽车造假丑闻造成庄信万丰股票价格在2000年9月22日下跌了8.1%,跌至23.18英镑,这是其自2000年3月以来的最低水平。随着大众汽车造假丑闻的发展,股票价格已开始逐渐回温。 Some market commentators identify Johnson Matthey as being the most at risk from a potential collapse in diesel car sales, with Deutsche noting that the catalysts used in diesel vehicles cost five times the amount of petrol ones.
柴油动力车销售量的下跌以及Deutsche指出柴油动力车型所需催化剂的剂量为石油动力车型的5倍,一些市场评论员认为所受影响最大的将会是庄信万丰。 However, other commentators including HSBC view tighter regulations as an opportunity for autocatalyst producers as demand increases for higher valued or more complex autocatalysts.
但其他评论员,包括汇丰银行(HSBC),则认为更加严格的管制将成为汽车催化剂生产商的机遇,在需求上涨时生产具有更高价值或更复杂的汽车催化剂。 Further monitoring is required on this name.
由此则需要更进一步的监控。
3.4 Latest Development on Equity Investment and M&A Activities
权益投资和并购活动的最新进展
Acquisitions
收购
JM has an acquisitive growth strategy, and included the following during FYE15:
庄信万丰制定的并购增长战略包括2000财年的并购,如下所示:
A cathode material manufacturing facility and related business from A123 Systems LLC acquired on 26/00/2000 for purchase price £15.6m.
2000年9月26日,以1560万英镑收购了A123系统公司的正极材料生产厂及相关业务。
The battery materials business of Clariant AG acquired on 28/00/2000 for £48.7m.
2000年2月28日亿4870万英镑收购了科莱恩集团(Clariant AG)的电池材料业务。
Other 100% equity acquisitions totalling £6.3m also completed, being:
此外,完成了总额为630万英镑的100%股权收购,如下所示:
- The business and assets of Catacel Corporation, being a supplier of novel technology centred on the use of metal foil coated catalysts and sorbents, acquired 00/00/2000
2000年9月2日收购Catacel Corporation业务与资产,成为主要使用金属箔涂层催化剂和吸附剂的新技术供应商。
- Illumink Limited acquired on 12/00/2000, being a printed liquid crystal laser technology company.
2000年2月12日收购了Illumink Limited,成为提供印刷液晶激光器技术的公司。
Two partial share acquisitions, being the 49% of Alfa Aesar Synmax (HK) Ltd that JM did not already own (completed 13/00/2000), and 8% of Johnson Matthey Sdn. Bhd. JM did not already own (completed 11/00/2000).
完成两起部分股份收购,持有阿法埃莎星马(香港)有限公司(Alfa Aesar Synmax(HK))49%的股份(2000年5月13日完成交割),现已持有庄信万丰 Sdn. Bhd. 8%的股份(2000年9月11日完成交割),但庄信万丰在两家公司中现已不持以上股份。 Total consideration over the two transactions was £9.4m and non-controlling interests were £2.8m.
以上两起交易的总交易额为940万英镑,不具控制力股权为280万英镑。
Acquisitions completed post FYE15 balance sheet were:
2000财年资产负债表日之后完成的收购,如下所示:
100% of Stepac L.A. Ltd and subsidiaries acquired 18/00/2000 for £20.3m.
2000年5月18日,以2000万英镑收购Stepac L.A. Ltd及其子公司全部股份。 Stepac is a provider of modified atmosphere packaging.
Stepac为气调包装提供商。
Divestments
撤资
JM on 00/00/2000 completed the sale of its Gold and Silver Refining business (part of Precious Metal Products) to Asahi Holdings Inc for £124m.
2000年5月5日,庄信万丰成功以1.24亿英镑将其金银精炼业务(部分为贵金属产品)出售给Asahi Holdings Inc。
On 30/00/2000, Fine Chemicals′ Research Chemicals business was sold to Thermo Fisher Scientific Inc., for £255m (profit on disposal of £130.9m).
2000年9月30日,以2.55亿英镑将精细化学品研究化学品业务出售给Thermo Fisher Scientific Inc(处理获得的利润为1.300亿英镑)。
3.5 Business Strategy and Future Development Plan
经营战略及未来发展规划
JM has adopted a strategy of organic growth, accompanied by bolt-on acquisitions.
庄信万丰采取有机增长与补强收购互补的政略。 The group also remains committed to long term investments in R&D. The group′s long term strategy is to establish new businesses in adjacent markets with strong growth potential that align to JM′s technology competences, one of which is the Battery Technologies business.
该集团还致力于研发的长期投资。庄信万丰集团的长期战略目标为在临近市场建立具有强大增长空间、符合庄信万丰技术能力的新型业务,其中包括电池技术业务。 Two acquisitions were made to support this strategy, being a cathode material manufacturing facility and a battery materials business.
为支持此战略,集团进行了两起收购案,即正极材料生产厂和电池材料业务。
Stemming from challenging downstream industries, JM has commenced a restructuring programme in Q3-2000, particularly focused in the Process Technologies division.
源于对下游行业的挑战,庄信万丰已在2000年第三季度启动了重整计划,特别集中在工艺技术部门。 The programme is expected to reduce ongoing costs by c.£30m p.a. and have associated one-off costs of c.£40m (of which £30m in cash).
该计划预计能将持续成本每年减少约3000万英镑,关联一次性成本约为4000万英镑(其中3000万英镑为现金)。 Anticipated cost savings is expected to commence in Q4-2000.
预计将于2000年第四季度开始实现预计成本节约。
Contract Change with Anglo Platinum Ltd
与英美黄金公司(Anglo Platinum Ltd)的合同变更
The group continues to be negatively affected by American Platinum Ltd′s (‘Anglo′) termination of the long term supply contract with JM (effective from 00/00/2000).
英美铂金公司(Anglo)终止与庄信万丰的长期供应合同(2000年1月1日开始生效),该集团受到了相应的负面影响。 The result was a loss of discounted commission revenue, as the group no longer enjoys a discount rate for platinum group metals (pgms) purchased from Anglo (previously attained in return for marketing duties), and is forced to purchase supplies on the spot market.
其结果是折扣佣金收入下滑,由于该集团的贵金属生产部门从英美铂金公司购买铂族金属时不再享有折扣(以前以换取销售税实现折扣),被迫在现货市场上购买该等材料。 Effective from 00/00/2000, Anglo extended its metal supply agreement with JM without discounts and no ongoing market development agreement.
自2000年1月1日起生效,英美铂金公司延伸了其与庄信万丰的金属供应协议,不再提供优惠,删除正在进行的市场发展协议。 A separate contract to provide Anglo with pgm market research services was also established at a fixed fee.
此外,签署有偿分项合同,向英美铂金公司提供铂族金属市场调查服务。
The termination of the discounted supply contract was a strategic change by Anglo American to bypass JM and sell directly to industrial end-users.
终止优惠供应合同是英美资源集团(Anglo American)绕开庄信万丰直接将产品销售给行业终端用户的战略性变更。 The contract loss has triggered a strategic review by JM, to increase its focus on markets less tied to its 150 year old platinum association.
合同损失使庄信万丰进行了战略性审核,减少与具有长达150年之久的铂金协会的关联,更多的专注于市场。 Further, JM has resized its team accordingly via internal staff movements to cater for the reduced platinum business.
此外,为迎合减少的铂金业务,庄信万丰通过内部人员调动调整了团队规模。 It is noted that whilst a new non-discounted contract is in effect with Anglo, the lack of replacement income for the loss of commission revenue from the Anglo-terminated supply contract remains.
注意,随着与英美铂金公司新的无优惠合同开始生效,缺少对因英美铂金公司终止供应合同而造成佣金收入损失的替代收入。
四、 Financial Analysis
财务分析
4.1 Historical Financials
历史财务状况
This analysis is based on audited financial statements for the consolidated group for FYE 00/2000. Refer to Appendix 4 for full historical spreads.
本财务分析的依据是合并集团截至2000年3月之财年经审计的财务报表。完整的财务利差历史信息,请参见附件4。
P&L Statement
损益表
£ (′m)
英镑(单位:百万) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) YoY
同比变动率(%)
Revenue
收入 10,728.8 11,155.2 10,000.7 -9.8%
Operating Profit (OP)
营业利润(OP) 381.8 448.2 459.8 2.6%
EBITDA
息税折旧及摊销前利润 525.3 596.3 613.0 2.8%
Interest Expense
利息支出 41.4 50.4 47.0 -6.7%
Net Interest Expense
利息净支出 33.2 42.1 37.5 -10.9%
PBT
税前利润 348.6 400.6 495.8 21.9%
OP Margin
营业利益率 3.6% 4.0% 4.6%
EBITDA Margin
息税折旧及摊销前利润率 4.9% 5.3% 6.1%
EBITDA/Int.Expense
息税折旧摊销前的利润/利息支出 12.69 11.83 13.00
EBITDA/Net Int.
息税折旧摊销前利润/净利息费用 Expense
费用 15.82 14.16 16.35
EBITA/Net Int.
息税折旧及摊销前利润/净利息费用 Expense
费用 11.98 11.16 12.95
Income Statement
损益表
The group reported its highest profit result in the last 5 years, despite the 10% revenue decline, being its weakest sales result in the last 4 years.
集团报告了其在过去5年内的最高利润,尽管有10%的收入下跌,为其在过去4年内的销售最低点。 The sales decline was largely weighed down by weakness in the precious metals market, unfavourable FX impacts, and the contract change with Anglo American Platinum Limited (‘Anglo′; See Section 3.5 above).
销售下降大部分是由于贵金属市场下跌、不利的外汇影响和与英美铂金公司(“Anglo”,详见以上第3.5条)之间的合同变更。 Adjusting sales to exclude fluctuating precious metal prices would have recorded a 5% uplift (or 8% at constant rates).
调整销售以排除贵金属价格波动可能使销售额回升5%(或呈8%的持续上升率)。
The Precious Metal Products division was hardest hit with revenues down 21% and underlying operating profit down 23%, largely stemming from the less favourable arrangement with Anglo, the sale of its Gold and Silver Refining business, and difficult trading conditions in platinum group metal (pgm) Refining and Recycling.
贵金属产品部门所受打击最严重,收入下降了21%,基本营业利润下降了23%,这大部分是由英美铂金公司和集团金银精炼业务销售的不利安排以及铂族金属(pgm)精炼与回收的艰难贸易条件所致。 The business was notably impacted by lower refining intake volumes and low pgm prices.
精炼摄入量降低和铂族金属价格降低对业务所造成的影响最明显。
Group revenue performance was partly offset by the uplift in Emission Control Technologies (sales up 15%, underlying operating profit up 16%).
集团收入效益部分因排放控制技术提升而被抵消(销售增长15%,基本营业利润上升16%)。 The uplift was related to good performance in its Light Duty Vehicle (LDV) catalyst business, supported by the initial introduction of the Euro 6b legislation in Europe and strong vehicle production in China.
因最初引进的欧洲欧元6b立法和中国的强大汽车生产业务,排放控制技术的提升促进了其轻型车辆(LDV)催化剂业务的效益增长。 Its Heavy Duty Diesel (HDD) catalyst business was also strong, driven by a buoyant truck market in the US and the impact of tightening legislation in Europe and Asia.
因美国卡车市场活跃,并受欧洲、亚洲加强立法的影响,其具有强大的重型柴油(HDD)催化剂业务。
At operating level, group profit was up 3% despite R&D up 12% to £169.9m, partly due to the reduced amortisation of acquired intangibles at £17.3m (cf. FYE14 £20.7m) and gain on cash flow hedges at £15.9m (cf. loss £0.5m).
就营运层面而言,集团利润上升量了3%(尽管研发费用上升了12%,至1.699亿英镑),这部分是由于所收购1730万英镑(比较:2000财年为2000万英镑)无形资产的摊销钱利润降低,并获得1590万英镑(比较:损失50万英镑)的现金流量对冲。 PBT was also up 22%, further benefitting from reduce net interest costs and a one-off £73m profit on sale of Precious Metal Products′ Gold and Silver Refining business to Asahi Holdings.
此外,税前利润上升了22%,这也得益于净利息成本降低与将贵金属产品金银精炼业务出售给Asahi Holdings而获得的7300万英镑销售利润。 Interest cost reduction was related to the reduced pension interest charge and lower average interest rates following the refinancing of some long-term debt facilities in 00/2000. As a result, EBITDA net interest cover was improved at 16.35x.
利息成本降低与退休金利息收费降低以及自2000年6月的某些长期债务授信之后的平均利息率降低密切相关,因此,息税折旧摊销前利润的净利息保障倍数提升为16.35倍。 Allowing for adjustments, JM′s EBITA interest covenant of ≥3x was compliant at 15.6x as per the Compliance Certificate.
认可调整,根据合规认证的规定,庄信万丰大约等于3倍的约定息税折旧摊销前利润应遵循15.6倍的倍数。
Balance Sheet
资产负债表
£ (′m)
英镑(单位:百万) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) YoY
同比变动率(%)
Cash/Cash Equivalents
现金/现金等价物 69.6 221.8 59.4 -73.2%
Intangibles
无形资产 797.4 754.3 735.5 -2.5%
Total Assets
总资产 3,538.4 3,789.3 4,179.7 10.3%
Total Debt (TD)
债务总额(TD) 932.3 967.1 1,002.8 10.9%
Total Liabilities
负债总额 2,147.5 2,236.1 2,379.6 6.4%
Shareholders′ Funds (SHF)
股东资金(SHF) 1,395.2 1,559.5 1,810.6 16.1%
Tangible Net Worth (TNW)
有形资产净值(TNW) 593.5 798.9 1,004.6 33.3%
TD/EBITDA
债务总额/息税折旧摊销前利润 1.77 1.62 1.75
Net Debt (ND)/EBITDA
净债务(ND)/息税折旧摊销前利润 1.64 1.25 1.65
TD/SHF
债务总额/股东资金 66.8% 62.0% 59.3%
Gross Gearing
总财务杠杆率 157.1% 121.1% 100.8%
Balance Sheet
资产负债表
The group balance sheet remained acceptable with manageable leverage ratios, albeit with mixed results compared to 00/2000. Some deterioration in the debt-to-EBITDA ratios were recorded, though gross gearing was improved off the back of equity uplift.
尽管与2000年3月相比结果更加复杂,集团资产负债表仍接受可管理杠杆比率。尽管股本增加,总财务杠杆比率上升,但债务与息税折旧摊销前利润的比率仍存在下跌现象。
Absolute debt was up 11% at 00/2000, resulting in a higher ND/EBITDA at 1.65x. Net debt outstanding was the highest recorded by JM in the last 5 years. Including unfunded pension obligations and operating lease commitments, adjusted ND/EBITDAR (before rent on operating lease) would be higher at 2.00x. Allowing for group adjustments, ND/EBITDA becomes 1.67x as per the Compliance Certificate, which was compliant with the bank covenant of ≤3x and is within JM′s target range of 1.5-2.0x.
截至2000年3月,绝对债务上升11%,造成债务总额/息税折旧摊销前利润比率上升至1.65倍。其中的未缴付净债务为庄信万丰过去5年内的最高纪录。包括不预提退休金义务和经营租赁承诺,经调整后的债务总额/息税折旧摊销前利润比率(经营租赁租金前)将上升为2.00倍。认可集团调整,根据合规认证的规定,债务总额/息税折旧摊销前利润比率为1.67倍,符合银行约定的小于等于3倍,属于庄信万丰1.5-2.0倍的目标范围内。
Total assets were up 10%, and was comprised of 26% PPE, 21% inventories and 18% intangibles. Total assets of £149m were classified as held for sale in relation to the Fine Chemicals′ Research Chemicals business. Equity at 00/2000 was also up, driven by increased retained earnings (correlating to improved profit result). TD/SHF and gross gearing were in turn improved and are viewed positively.
资产总额提高了10%,其中包括26%的厂房和设备、21%的库存资产和18%的无形资产。1.49亿英镑的资产总额被归类为有关精细化学品研究化学品业务的代售资产。因留存收益增加(与利润效益的提升密切相关),截至2000年3月的股权也有所上升。债务总额/股东资金和总财务杠杆比率进而得以提升,具有积极影响。
Cash Flow Statement
现金流量表
£ (′m)
英镑(单位:百万) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) FYE 00/2000
(Audited)
截止2000年3月之财年(经审计) YoY
同比变动率(%)
NCFO
经营活动产生的净现金 396.6 476.9 125.8 -73.6%
Capex
资本支出 -173.4 -200.5 -185.0 -10.0%
Investments/Acquisitions
投资/收购 -200.6 -16.2 -100.9 541.4%
Divestments
撤资 1.0 3.5 117.5 3257.1%
Dividends Received
已收股利 0.0 0.0 0.4 N/A
无
Net Cash Surplus/(Deficit)
净现金盈余(赤字) 14.6 258.7 -45.2 -117.5%
Cash (Increase)/Decrease
现金(增加额)/(减少额) 80.7 -161.2 178.7 -210.9%
Net Debt Repayment (inc. Interests)
净债务还款(含利息) 252.5 43.5 15.6 -64.1%
Dividend Payments
股利支付 -328.4 -118.6 -129.9 9.5%
Share Equity Movements
股权活动 -23.9 -19.3 -17.1 -11.4%
Other Equity/Financing Movements
其他权益/融资活动 4.5 -3.1 -2.1 -32.3%
Cash Flow Statement
现金流量表
JM was non-cash generative during FYE15 with FCF negative at £59.2m and net cash deficit of £45.2m.
庄信万丰在2000财年期间未产生现金流,出现5920万英镑的负自由现金流,净现金赤字为4520万英镑。 Net cash from operations (NCFO) was significantly lower (-74% YOY) despite improve profitability during the period, primarily due to increased working capital requirements to £386.5m (cf. FYE14 £44.9m).
尽管该期间盈利能力提升,但经营活动产生的净现金(NCFO)明显降低(同比下降74%),主要源于流动资金需求上升至3.865亿英镑(比较:2000财年为4490万英镑)。 The higher demand for working capital was related to:
造成流动资金需求上升的原因如下:
- Increased inventory within Precious Metals Products
贵金属产品的库存量增加
- Extended payment terms due to growth in the Emission Control Technologies business in Asia
由于亚洲排放控制技术提升,付款期限延长
- Increase inventories to meet projected demand in Q1-2000
为满足2000年第一季度的预期需求,增加库存
- Reduced activity in the Process Technologies′ licensing business which is typically cash positive
能产生良好现金流的工艺技术授权业务活动减少
The NCFO was largely allocated to capex and acquisitions/investments.
经营活动产生的净现金主要为资本支出和收购/投资。 Capex was largely allocated to increase autocatalyst manufacturing capacity in Europe in light of stricter light duty and heavy duty legislation, and expand chemical catalyst manufacturing capacity in China and Europe to meet anticipated demand from customers in the petrochemicals industry.
资本支出大部分用于根据更加严格的轻型和重型车法律增加欧洲的汽车催化去制造量,扩大中国和欧洲的化学催化剂制造量,以满足石油化工行业消费者的预期需求。 Further bolt on acquisitions were also made during the period, and was largely related to the Battery Technology business.
此外,集团在该期间进行了补强收购,大部分涉及电池技术业务。
Increased proceeds from divestments of £117.5m was recorded, largely related to the sale of the Gold and Silver Refining business, though insufficient to offset cash outflows; net cash deficit of £45.2m resulted.
投资转让收益增加1.175亿英镑,大部分涉及金银精炼业务销售,但仍不足以抵消现金流,出现4520万英镑的净现金赤字。 The cash deficit, share movements related to the Employee Share Ownership Trust (ESOT), and dividend payment of £129.9m, were largely funded by net debt raised and cash holdings utilised.
现金赤字、有关员工入股信托基金(ESOT)的股票变动和1.299亿英镑股利支付的大部分资金来源于所筹集净债务和库存现金。 The dividend payout ratio was low at 38% on previous year′s net profit, though uncovered by current year′s net cash flow.
去年净利润的低股息分配率为38%,超出了今年的净现金流。
JM′s policy is to grow ordinary dividends over time, broadly in line with underlying earnings per share, whilst maintaining dividend cover at c.2.5x to ensure liquidity to support organic growth.
庄信万丰的政策为在一段时间之后增加普通股股利,使其大致与每股股票的基本盈利一致,同时将盈利股息比率维持在约2.5倍的水平,从而确保充足资金支持有机增长。 In accordance to JM′s calculations, the FYE15 dividend payment is 2.7x covered by underlying earnings.
根据庄信万丰的计算结果,2000财年股利支付将为基本盈利的2.7倍。
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