投资者关系.docx
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投资者关系.docx
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投资者关系
投资者关系
MichaelJacobi[简介]
籍:
德国
出生年月:
1953年1月30日
学位:
经济学博士
工作经历:
MichaelJacobi于1978年加入汽巴-嘉基公司的财务部门。
1980年,Jacobi到巴西出任公司会计主任,后又被任命为财务主任。
1986年,他前往美国,管理新泽西汤姆斯里弗工厂的财务部门。
在哈佛完成管理培训之后,他于1987年回到巴塞尔的财务部门,任管理会计总监。
1990年,他出任汽巴-嘉基的集团会计主任,负责整个集团的财务会计和报告。
1997年,他被任命为汽巴精化的首席财务官,负责公司资产、投资关系、控制及信息管理。
Jacobi还任职于会计和报告建议基金委员会,在瑞士的会计和披露准则制定方面发挥了重要作用。
他的学术经历包括担任圣加仑大学的教授,并出版发表了多部财务和行政管理方面的著作和论文。
汽巴精化首席财务官
11月29日
汽巴精化首席财务官MichaelJacobi于2002年11月29日访问中欧国际工商学院,并就投资者关系问题向MBA学生发表主题演讲。
MichaelJacobi给大家介绍了投资者关系的定义以及在新时代面临的竞争形势和投资者关系从业人员应承担的责任。
他认为一个成功的投资者关系主管,首先应该坦诚,在对企业内部,尤其是财务状况了如指掌的情况下,能和企业管理层之间形成良好的沟通。
MichaelJacobi先生还给在座的MBA学生们阐述了汽巴精华的产品结构以及所在行业的发展状况。
中欧国际工商学院院长伯纳德博士和副院长张国华教授会见了MichaelJacobi先生一行,双方就商学院和企业之间如何进行更好的合作交换了意见。
InvestorRelations
(Excerptsfromthespeech.ContentrightsreservedbythespeakerandCEIBS.UseofthecontentmustbewiththepriorapprovalfromCEIBS.)
MichaelJacobi(Biography)
CFOofCibaSpecialtyChemicals
Nov.29,2002
Goodafternoon.Iampleasedtobewithyou.WhohereknowsCiba?
IwouldliketoveryquicklytalkalittleaboutCibaandtalkaboutinvestorrelations.AsCFOofourcompany,Ispendonethirdofmytimeoninvestorrelations.
Letmegiveyouapieceofadvicethatweuseforinvestors.I'lltellyou:
WhoisCiba?
Whatisinvestorrelations?
Whatdoesitmean,really?
Whoareourcustomers?
Howdowemeetthem?
Whatisthatthingcalledinvestorrelations?
Andsomeinvestorrelationsdosanddon'ts.
WeareCibaSpecialtyChemicals.Weproduceso-calledspecialtychemicals.It'ssomethingyoudonotfindinshops.Youcannotfindus.Weworkprimarilyonthingsthatchangethecolour,performanceorlookandfeelofcertainproductsyoubuy.Youwillalwaysfindusinsmallingredientsinsomethingbigger.It'slikespicesinfood.Wearenotspicesinfood,butingredientsinotherproducts.
Thesearethesegments,thebusinessareasthatwearein.I'llgiveyouanexampleofourproductsaswegoalong.Overall,thecompanyhasabout$5billionUSdollarsinsales.WeareinSwitzerland.ThatiswhywetalkaboutSwissfrancs.OurheadquartersisinBasel,Switzerland.Ourfoursegmentswe'reinareaboutthesamesize,soitisaverybalancedportfolioandwehaveverystrongmarketpositions.That'soneofthegoodthingswhenyou'retalkingaboutinvestorrelations.Wearealargecompany,abillion-dollarindustry,andwehaveverystrongsegmentsandleadingpositions.It'smucheasiertoexplainyourcompanyandinvestorrelationsthiswaythanifyoucomeinandsay,"Weareasmallcompanyandwedon'tparticularlydefinethemarket."
Whatareourproducts?
Oneisplasticadditives.Allthesecorebusinessesareabout$1.5billionUSDollarsinsize.Theyareverylargecompaniesthatarenumberoneinthemarketworld-wide.Theyarespreadallovertheworld,obviouslyalsoinChina.BeingaEuropean-basedcompany,forus,thebiggestmarketistheUnitedStates.ThesecondbiggestisGermany.ThethirdbiggestmarketisChina.Forus,Chinaisveryimportantintermsofpresence.Wehaveaverylargepresencehere.Wehavealotoffactories,severalinShanghaiandQingdao.It'sreallyaveryimportantmarket.
Whatdoweproducehere?
Youhaveplastic,polyethylene.Youcan'tusepolyethylene-plasticbagsandwrapping-anymorewithoutusingadditivesthatstabiliseagainstlight.Otherwiseitfallsapart.Inordertostabiliseit,weproducetheseadditivesfortheplasticindustry.Weproducethemhere,amongothers,inShanghai.It'soneofourmostrecentplants,righthereinPudong.Ifyouwanttoseetheplant,we'dbehappytoshowyouaround.Justgetintouchwithus.It'saveryniceplant,definitelyanexpensiveplant.
Wealsomakecoatingeffects.Theseareveryexcitingthings.Wheredoyoufindus?
Youfindusbasicallyoncars.Ifanyonehasaredcar.Redcars,theyusedtoturnkindofbrownish.Thenewcarsdon'tanymoreandthat'sbecausetheyusesomethingthatcomesfromourcompany.Theredcolourcomesfromus.
YoualsofindthiswithCDRs.It'saninterestingexample.CDRs,recordableCDs,ifyoulookfromtheside,youseesomegreenshade.It'susuallysilveryorgold,thenagreenshade.Thatisapigment.Wemakethatpigment.Wehaveamodestmarketshare.It'stheregistrationonwhichthelaserburns.Itregisterstheinformationonthecolour,thepigment.Thepigmentcomesfromus,primarilysoldinTaiwan.
Thesearetypicalthingswehavehere.Alessi,typicalkitchenwareinEurope.Thesecoloursallcomefromus.Wemakemodernpapertreatmentproducts,whichgointopaperproduction.Iseesomeofyouhavewhitepaper.Theadditivethatmakesthepaperlookwhite,two-thirdsworld-widecomesfromus.Inwatertreatment,cleaningwater,wearequitestrong.Inoiltrimming-separatingtheoilandwater-thechemicalsusedintheextractionindustryarechemicalsweproduce.Wearenotsolarge,butstillquitecommonintheindustry.
Textilechemicals,dyesandspecialeffectsfortextiles.Wearetheworld'snumberoneproducerofchemicalsforthetextileindustry.Allthecolourscomefromus.Bytheway,inthetypicalbusinesssuit,thereare60chemicalsinasuit.Anotherthingthatcomesfromusisallkindsofspecialeffectsforthefashionindustry.Wehaveoneproduct,toprotectclothes.Youcanspillbeerandfoodandanythingonclothesanditdoesn'tgetdirty.Thisisaproductweproduceandsellintheindustry.Thisis,forus,animportantthingforyoutoseeus,comingintotheseindustries.
Lastbutnotleastishomeandpersonalcare.Whitenersforthedetergentstocleanthewash,ormicrobialagents.Theseareproductsweproduce.Thatgivesyouanideaofwhatthecompanyisallaboutintermsofbusiness.
Intermsofprofitability,youseeitisacompanywithprofitability.Oursalesareverymuchontrack.Wewillreachour$5billioninUSDollarsatyear-end,easygoing.Andwehaveverygoodmargins.It'soneofthemostprofitablecompaniesintheindustry.Atthemomentweareprobablyoneofthemostsuccessfulones.IsaythatnotbecauseIworkatCibabutbecauseourinvestorstellusweareonethattheyregardasabenchmarkintheindustry.It'saverystrongcompanyprofit-wiseaswell.
Sothatisoneofthejobsofinvestorrelations,provideregularinformationonthecompany,products,andwhattheydoto,tothefinancialmarkets.Thesecondjobiswhenanyonehasaquestion,youhavetogiveananswer.Youcan'tjustsoundgood;youhavetoknowwhatyou'retalkingabout.
Youcannotgooutandstruggle.Youhavetoknowaboutourstock;youhavetoreadup.Ifyoudon't,theydon'tcallyouupagain.Wemonitorthedevelopmentinthefinancialinvestmentmarkets;weknowwhatisgoingon.That'sataskwehavetodo.Findoutwhereaninvestorhasproblems,wherethere'schange.Wemonitorthat.Wehavetodothatverycarefully.
Sothatisgettinginformation.Andtheotherhand,wefeedthings(sendoutinformation).Itisnotaonewaystreet.Youhavetolistenverymuchtowhathappensinthemarket,whatinvestorswant,whattheywouldliketohear,whattheythinkisgood,whatisnotsogood.Thenyouhavetofindawaytotellthemthatinformation.It'snotsoeasy.Youhavetothinkhowdoyoutelltheaudience,yourboss,exactlywhatthepeoplewouldliketohear.Youhavetothinkverycarefullyhowyouphrasethisstuff.
Sothat'sonewayofdoingit.Andthentherearesomeotherthings,companieswe'remonitoringandsoon,whichinourcaseispartofinvestorrelations.
Nowwhoareourcustomers?
Ourcustomersare,ononeside,financialanalysts.Theyareeitherpartofabankorpartofaninvestment(company).Wedistinguishbetweensocalledsales-sideanalystsandbuy-sideanalysts.Sales-sideanalystsarethosewhohelpsellthematerials.Reportswrittenoncompaniesarewrittenbysales-sideanalysts.Theyarespecialisedgroupsofpeople.Theybasicallyfollowanindustryandwriteaboutthecompaniesinthisindustry.
Ontheotherhandarethebuy-sideanalysts.Thesearetheanalyststhathelpinvestorscompileinformation(sothattheycan)makeadecision.Thelargepensionfundsthatinvestinshareshavepeoplewhospecialise,ontheirside,inmonitoringinvestments.Thesearebuy-sideanalysts.Intheend,youhavethefundmanagers,whoaretheoneswhoreallydecidetobuyornottobuy.
Thenyouhaveindividualinvestors,whowanttobuytheirownshares.Theseareourcustomers.Wegetalotofthem.
Justtogiveyouanidea,ourcompanyhasabout100,000shareholders.We'reverybroadlydistributed.Outofthat,99500areprivateindividuals,whoownbetweenoneandalotofshares.Butreallythebigamountincapitalisownedbyfinancialinstitutions.It'ssomethingyouseealotinthisindustry.Biginvestorsareusuallyinstitutionslikepensionfunds,investmentfunds,insurancecompanies,allthesethatownshares.Theyaretheprimepeoplewetalkto.Inourcase,(ourstock)isdistributedallaroundtheworld.Wecan'tjustlookatSwitzerlandandsay,whathappensinSwitzerland.LessthanhalfourshareholdersareSwiss.Twenty-fiveto30percentareAmericanshareholders,soIhappentogoalottotheUnitedStates.
Ifyoueverwanttoworkininvestorrelations,Englishisabsolutelynecessary.ThereisnootherlanguagethanEnglish.Nomatterwhichcountryyou'rein,you'dbetterbeabsolutelyfluentinEnglish;otherwiseyouwon'thaveachance.ThetechnicaltermsareallEnglish.
Howdowehavecontact?
Whatdowedo?
Thesearethetypicalthingsyoudo.Firstofallyouhavelarge-scaleevents.Youinvitetheinvestorsandinvitetheanalystsforpresentations.TheyhappeninSwitzerland.(Someparticularmeetings,forinstance,)happenusuallyatheadq
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