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1、中欧管理论论坛Invesstor Relaationns(Exceerptss froom thhe sppeechh. Coontennt riightss resserveed byy thee speeakerr andd CEIIBS. Use of tthe cconteent mmust be wwith the prioor appprovval ffrom CEIBBS.) Michaael JJacobbi (BBiogrraphyy)CFO of CCiba Speccialtty ChhemiccalsNNov. 29, 20022Good afteernooon. II
2、 am pleaased to bbe wiith yyou. Who heree knoows CCiba? I wwouldd likke too verry quuicklly taalk aa litttle abouut Ciiba aand ttalk abouut innvesttor rrelattionss. Ass CFOO of our comppany, I sspendd onee thiird oof myy timme onn invvestoor reelatiions.Let mme giive yyou aa pieece oof addvicee thaa
3、t wee usee forr invvestoors. Illl telll yoou: WWho iis Ciiba? Whatt is inveestorr rellatioons? Whatt doees itt meaan, rreallly? WWho aare oour ccustoomerss? Hoow doo we meett theem? WWhat is tthat thinng caalledd invvestoor reelatiions? Andd somme innvesttor rrelattionss doss andd donnts. We arre Ci
4、iba SSpeciialtyy Cheemicaals. We pproduuce sso-caalledd speeciallty cchemiicalss. Itts ssometthingg youu do not findd in shopps. YYou ccannoot fiind uus. WWe woork pprimaarilyy on thinngs tthat channge tthe ccolouur, pperfoormannce oor loook aand ffeel of ccertaain pproduucts you buy. Youu willl all
5、wayss finnd uss in smalll inngreddientts inn sommethiing bbiggeer. IIts likee spiices in ffood. We are not spicces iin foood, but ingrredieents in ootherr prooductts.Thesee aree thee seggmentts, tthe bbusinness areaas thhat wwe arre inn. Ill ggive you an eexampple oof ouur prroduccts aas wee go alon
6、ng. OOveraall, the comppany has abouut $55 billlionn US dolllars in ssaless. Wee aree in Swittzerlland. Thaat iss whyy we talkk aboout SSwisss fraancs. Ourr heaadquaarterrs iss in Baseel, Swiitzerrlandd. Ouur foour ssegmeents werre inn aree aboout tthe ssame sizee, soo it is aa verry baalancced ppor
7、tffolioo andd we havee verry sttrongg marrket posiitionns. TThats onne off thee goood thhingss wheen yoouree tallkingg aboout iinvesstor relaationns. WWe arre a largge coompanny, aa billlionn-dolllar induustryy, annd wee havve veery sstronng seegmennts aand lleadiing pposittionss. Itts mmuch easiier
8、 tto exxplaiin yoour ccompaany aand iinvesstor relaationns thhis wway tthan if yyou ccome in aand ssay, We are a smmall comppany and we ddontt parrticuularlly deefinee thee marrket.Whaat arre ouur prroduccts? One is pplasttic aaddittivess. Alll thhese coree bussinessses are abouut $11.5 bbilliion UU
9、S Doollarrs inn sizze. TThey are veryy larrge ccompaaniess thaat arre nuumberr onee in the markket wworldd-widde. TThey are spreead aall oover the worlld, oobvioouslyy alsso inn Chiina. Beinng a Euroopeann-bassed ccompaany, for us, the bigggest markket iis thhe Unnitedd Staates. Thee seccond biggges
10、t is GGermaany. The thirrd biiggesst maarkett is Chinna. FFor uus, CChinaa is veryy impportaant iin teerms of ppreseence. We havee a vvery largge prresennce hhere. We havee a llot oof faactorries, sevverall in Shannghaii andd Qinngdaoo. Itts rreallly a veryy impportaant mmarkeet.Whhat ddo wee proodu
11、cee herre? YYou hhave plasstic, pollyethhylenne. YYou ccantt usee pollyethhylenne-pllastiic baags aand wwrappping-anymmore withhout usinng addditiives thatt staabiliise aagainnst llightt. Ottherwwise it ffallss apaart. In oorderr to stabbilisse itt, wee prooducee theese aaddittivess forr thee plaast
12、icc inddustrry. WWe prroducce thhem hhere, amoong ootherrs, iin Shhanghhai. Itss onee of our mostt reccent plannts, righht heere iin Puudongg. Iff youu wannt too seee thee plaant, wedd be happpy too shoow yoou arroundd. Juust gget iin toouch withh us. Its a veryy nicce pllant, deffinittely an eexpen
13、nsivee plaant. We allso mmake coatting effeects. Theese aare vvery exciitingg thiings. Wheere ddo yoou fiind uus? YYou ffind us bbasiccallyy on carss. Iff anyyone has a reed caar. RRed ccars, theey ussed tto tuurn kkind of bbrownnish. Thee neww carrs doont anymmore and thatts bbecauuse tthey use som
14、eethinng thhat ccomess froom ouur coompanny. TThe rred ccolouur coomes fromm us. You aalso findd thiis wiith CCDRs. Its ann intteresstingg exaamplee. CDDRs, recoordabble CCDs, if yyou llook fromm thee sidde, yyou ssee ssome greeen shhade. Its ussuallly siilverry orr golld, tthen a grreen shadde. TTh
15、at is aa piggmentt. Wee makke thhat ppigmeent. We hhave a moodestt marrket sharre. IIts the regiistraationn on whicch thhe laaser burnns. IIt reegistters the infoormattion on tthe ccolouur, tthe ppigmeent. The pigmment comees frrom uus, pprimaarilyy solld inn Taiiwan. Thesee aree typpicall thiings w
16、e hhave heree. Allessii, tyypicaal kiitcheenwarre inn Eurrope. Theese ccolouurs aall ccome fromm us. We makee moddern papeer trreatmment prodductss, whhich go iinto papeer prroducctionn. I see somee of you havee whiite ppaperr. Thhe addditiive tthat makees thhe paaper lookk whiite, two-thirrds wworl
17、dd-widde coomes fromm us. In wateer trreatmment, cleeaninng waater, we are quitte sttrongg. Inn oill triimminng-seeparaatingg thee oill andd watter-tthe cchemiicalss useed inn thee exttracttion induustryy aree cheemicaals wwe prroducce. WWe arre noot soo larrge, but stilll quuite commmon iin thhe in
18、ndusttry. Textiile cchemiicalss, dyyes aand sspeciial eeffeccts ffor ttextiiles. We are the worllds numbber oone pproduucer of cchemiicalss forr thee texxtilee inddustrry. AAll tthe ccolouurs ccome fromm us. By the way, in the typiical busiinesss suiit, ttheree aree 60 chemmicalls inn a ssuit. Anoot
19、herr thiing tthat comees frrom uus iss alll kinnds oof sppeciaal efffectts foor thhe faashioon inndusttry. We hhave one prodduct, to prottect clotthes. Youu cann spiill bbeer and foodd andd anyythinng onn cloothess andd it doessnt get dirtty. TThis is aa prooductt we prodduce and selll in the induus
20、tryy. Thhis iis, ffor uus, aan immporttant thinng foor yoou too seee us, comming intoo theese iindusstriees.Last but not leasst iss homme annd peersonnal ccare. Whiiteneers ffor tthe ddeterrgentts too cleean tthe wwash, or micrrobiaal aggentss. Thhese are prodductss we prodduce. Thaat giives you an
21、iidea of wwhat the comppany is aall aaboutt in termms off bussinesss.Inn terrms oof prrofittabillity, youu seee it is aa commpanyy witth prrofittabillity. Ourr salles aare vvery muchh on tracck. WWe wiill rreachh ourr $5 billlion in UUS Doollarrs att yeaar-ennd, eeasyggoingg. Annd wee havve veery gg
22、ood marggins. Its onne off thee mosst prrofittablee commpaniies iin thhe inndusttry. At tthe mmomennt wee aree proobablly onne off thee mosst suuccesssfull onees. II sayy thaat noot beecausse I workk at Cibaa butt beccausee ourr invvestoors ttell us wwe arre onne thhat tthey regaard aas a bencchmarr
23、k inn thee inddustrry. IIts a veery sstronng coompanny prrofitt-wisse ass welll.So thhat iis onne off thee jobbs off invvestoor reelatiions, proovidee reggularr infformaationn on the comppany, prooductts, aand wwhat theyy do to, to tthe ffinannciall marrketss. Thhe seecondd jobb is whenn anyyone has
24、 a quuestiion, you havee to givee an answwer. You cant juust ssoundd goood; yyou hhave to kknow whatt youure talkking abouut. You ccan nnot ggo ouut annd sttrugggle. You havee to knoww aboout oour sstockk; yoou haave tto reead uup. IIf yoou doont, theey doont calll youu up agaiin. WWe moonitoor thhe
25、 deeveloopmennt inn thee finnanciial iinvesstmennt maarketts; wwe knnow wwhat is ggoingg on. Thaats a taask wwe haave tto doo. Fiind oout wwheree an inveestorr hass prooblemms, wwheree theeress chaange. We moniitor thatt. Wee havve too do thatt verry caarefuully. So thhat iis geettinng innformmatioo
26、n. AAnd tthe ootherr hannd, wwe feeed tthinggs (ssend out infoormattion). Itt is not a onne waay sttreett. Yoou haave tto liistenn verry muuch tto whhat hhappeens iin thhe maarkett, whhat iinvesstorss wannt, wwhat theyy wouuld llike to hhear, whaat thhey tthinkk is goodd, whhat iis noot soo goood. T
27、Then you havee to findd a wway tto teell tthem thatt infformaationn. Itts nnot sso eaasy. You havee to thinnk hoow doo youu telll thhe auudiennce, yourr bosss, eexacttly wwhat the peopple wwouldd likke too heaar. YYou hhave to tthinkk verry caarefuully how you phraase tthis stufff. So thhatss onee w
28、ayy of doinng itt. Annd thhen ttheree aree somme otther thinngs, comppaniees weere moniitoriing aand sso onn, whhich in oour ccase is ppart of iinvesstor relaationns. Now wwho aare oour ccustoomerss? Ouur cuustommers are, on one sidee, fiinanccial anallystss. Thhey aare eeitheer paart oof a bankk or
29、 partt of an iinvesstmennt (ccompaany). We disttinguuish betwween so ccalleed saales-sidee anaalystts annd buuy-siide aanalyysts. Salles-sside anallystss aree thoose wwho hhelp selll thee matteriaals. Repoorts writtten on ccompaaniess aree wriittenn by salees-siide aanalyysts. Theey arre sppeciaalis
30、eed grroupss of peopple. Theyy bassicallly ffolloow ann inddustrry annd wrrite abouut thhe coompannies in tthis induustryy.On thhe otther handd aree thee buyy-sidde annalyssts. Thesse arre thhe annalyssts tthat helpp invvestoors ccompiile iinforrmatiion (so tthat theyy cann) maake aa deccisioon. TTh
31、e llargee pennsionn funnds tthat inveest iin shharess havve peeoplee whoo speeciallise, on theiir siide, in mmonittorinng innvesttmentts. TThesee aree buyy-sidde annalyssts. In tthe eend, you havee thee funnd maanageers, who are the oness whoo reaally deciide tto buuy orr nott to buy.Then you havee
32、inddividdual inveestorrs, wwho wwant to bbuy ttheirr ownn shaares. Theese aare oour ccustoomerss. Wee gett a llot oof thhem. Justt to givee youu an ideaa, ouur coompanny haas abbout 100,000 sharrehollderss. Weere veryy brooadlyy disstribbutedd. Ouut off thaat, 9995000 aree priivatee inddividdualss,
33、whho owwn beetweeen onne annd a lot of ssharees. BBut rreallly thhe biig ammountt in capiital is oownedd by finaanciaal innstittutioons. Itss sommethiing yyou ssee aa lott in thiss inddustrry. BBig iinvesstorss aree usuuallyy insstituutionns liike ppensiion ffundss, innvesttmentt funnds, insuurancce
34、 coompannies, alll theese tthat own sharres. Theyy aree thee priime ppeoplle wee tallk too. Inn ourr casse, (our stocck) iis diistriibuteed alll arroundd thee worrld. We ccantt jusst loook aat Swwitzeerlannd annd saay, wwhat happpens in SSwitzzerlaand. Lesss thaan haalf oour sshareeholdders are Swis
35、ss. TTwentty-fiive tto 300 perr cennt arre Ammericcan sshareeholdders, so I haappenn to go aa lott to the Unitted SStatees. If yoou evver wwant to wwork in iinvesstor relaationns, EEngliish iis abbsoluutelyy neccessaary. Therre iss no otheer laanguaage tthan Engllish. No mattter wwhichh couuntryy yo
36、uure in, youd beetterr be absooluteely ffluennt inn Engglishh; ottherwwise you wont haave aa chaance. Thee tecchniccal ttermss aree alll Engglishh.How ddo wee havve coontacct? WWhat do wwe doo? Thhese are the typiical thinngs yyou ddo. FFirstt of all you havee larrge-sscalee eveents. Youu invvite th
37、e inveestorrs annd innvitee thee anaalystts foor prresenntatiions. Theey haappenn in Swittzerlland. (Soome ppartiiculaar meeetinngs, for insttancee,) hhappeen ussuallly att heaadquaarterrs. RResullts, you havee thaat twwo tiimes a yeear wwheree youu preesentt-likke thhe sllidess youuve seenn herreab
38、oout tthe ccompaany, key evennts, and so oon. YYou hhave roadd shoows, thesse arre veery eexcitting. We havee, inn ourr casse, tthreee reggularr larrge ttripss. Wee go to aa lott of counntriees inn a vvery shorrt peeriodd of timee. Yoou goo to a loot off citties, andd youu reaally meett a llot oof i
39、nnvesttors. Theen yoou haave sshortt triips tthat usuaally heldd at the inveestorrs wwork. Youu meeet thhe innvesttors for abouut ann houur. YYou ccome to tthe oofficce, ffor oone hhour, to talkk aboout tthe ccompaany. Youre ttheree forr onee houur, yyou mmake a prresenntatiion. Thatt is callled tth
40、e oone-oon-onne. TThesee thiings we hhave quitte a lot. Then, at Baseel, aat ouur heeadquuarteers, we hhave indiividuuals or ggroupps whho coome tto viisit you. We havee rouughlyy 1500 of thesse meeetinngs pper yyear. We havee thiings likee tellephoone cconfeerencces. I siit inn a rroom and withh my
41、 hierrarchhy, II speeak iinto a miicropphonee forr 20 minuutes and thenn theere aare 660 miinutees quuestiions and answwers afteerwarrd. TThey can ask anytthingg theey waant. Therre arre ussuallly 1000 peeoplee lissteniing iin. TThis is tthe kkind of tthingg youu havve too wattch oout ffor. You have
42、e to be vvery cauttiouss of whatt youure sayiing. Becaause everryonee cann lissten veryy conncenttrateed. OOn thhe teelephhone you can losee mucch moore. I haave tto bee verry caautioous wwhat I saay, bbecauuse ssomeoone wwill calll me up llaterr andd sayy, YYou ssaid thiss, I wrotte itt dowwn. In t
43、the bbeginnningg I wwas aalwayys swweatiing (and soakking) wett aftter oone hhour. By now I knnow tthe sstoryy, whho iss askking the quesstionns? IIts easyy goiing. Easyy goiing. I caan saay, How is tthe wweathher iin Thesee aree thee quaantitties. Youu gett an ideaa. Itt deppendss on sizee. Rooad s
44、showss, att onee perr monnth, you can imaggine Im ofteen onn thee plaane. Teleephonne coonferrencees. YYou hhave a loot off meeetinggs, ttelepphonee connfereencess. Yoou haave tto bee an extrroverrt too staand tthrouugh tthis.Heres a typiical roadd shoow sccheduule, the numbber oof meeetinngs II hav
45、ve peer daay. ZZuricch inn thee aftternooon, one meetting. Finnd myy wayy to the airpport. Flyy to Milwwaukeee inn thee Uniited Stattes, havee onee meeetingg. Flly too Torrontoo forr fouur meeetinngs. Fly to SSan FFrancciscoo, haave tthreee meeetinggs. GGo baack tto Swwitzeerlannd annd soo on. Youu
46、proobablly caan immaginne itts eextreemelyy exccitinng, hhuh? You can be ssure if yyourre inn invvestoor reelatiions you knoww alll thee airrportts. YYou kknow exacctly whatt thee airrportts loook llike. Youu havve a new sporrt caalledd airrportt jogggingg. In thhese meettingss, yoou haave aa rouuti
47、nee. Yoou haave ttwo cchoicces. You can do aa preesenttatioon annd quuestiion aand aansweers aafterrwardd, orr youu onlly haave qquesttionss andd ansswerss. Whhen yyou gget tto thhe loower partt (thhe ennd paart oof thhe sccheduule), youu preefer onlyy Q&AA. Yoou caant givee youur owwn prresenntatiion aany mmore. So thatts oone pprobllem. Anotther probblem is, at ssome poinnt inn timme, yyou sstartt bellieviing yyour own press