投资者关系bnjw.docx

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1、投资者关系Michaell Jacoobi 简简介 籍：德国出生年月：19953年1月月30日学位：经济学博博士工作经历：Miichaell Jacoobi于19978年加入入汽巴-嘉基基公司的财务务部门。1980年，JJacobii到巴西出任任公司会计主主任，后又被被任命为财务务主任。1986年，他他前往美国，管管理新泽西汤汤姆斯里弗工工厂的财务部部门。在哈佛佛完成管理培培训之后，他他于19877年回到巴塞塞尔的财务部部门，任管理理会计总监。1990年，他他出任汽巴-嘉基的集团团会计主任，负负责整个集团团的财务会计计和报告。1997年，他他被任命为汽汽巴精化的首首席财务官，负负责公司资产产、

2、投资关系系、控制及信信息管理。 Jacobbi还任职于于会计和报告告建议基金委委员会，在瑞瑞士的会计和和披露准则制制定方面发挥挥了重要作用用。他的学术术经历包括担担任圣加仑大大学的教授，并并出版发表了了多部财务和和行政管理方方面的著作和和论文。汽巴精化首席财财务官11月月29日汽巴精化首席财财务官Micchael Jacobbi于20002年11月月29日访问问中欧国际工工商学院，并并就投资者关关系问题向MMBA学生发发表主题演讲讲。Michaell Jacoobi给大家家介绍了投资资者关系的定定义以及在新新时代面临的的竞争形势和和投资者关系系从业人员应应承担的责任任。他认为一一个成功的投投资

3、者关系主主管，首先应应该坦诚，在在对企业内部部，尤其是财财务状况了如如指掌的情况况下，能和企企业管理层之之间形成良好好的沟通。MMichaeel Jaccobi先生生还给在座的的MBA学生生们阐述了汽汽巴精华的产产品结构以及及所在行业的的发展状况。中欧国际工商学学院院长伯纳纳德博士和副副院长张国华华教授会见了了Michaael Jaacobi先先生一行，双双方就商学院院和企业之间间如何进行更更好的合作交交换了意见。Investoor Rellationns(Excerppts frrom thhe speeech. Conteent riights reserrved bby thee spe

4、aaker aand CEEIBS. Use oof thee conttent mmust bbe witth thee prioor appprovall fromm CEIBBS.) Michaell Jacoobi (BBiograaphy)CFO oof Cibba Speecialtty CheemicallsNov. 29, 2002Good affternooon. II am ppleaseed to be wiith yoou. Whho herre knoows Ciiba? II woulld likke to very quickkly taalk a littlle

5、 aboout Ciiba annd tallk aboout innvestoor rellationns. Ass CFO of ouur commpany, I sppend oone thhird oof my time on innvestoor rellationns.Let me give you aa piecce of advicce thaat we use ffor innvestoors. IIll ttell yyou: WWho iss Cibaa? Whaat is invesstor rrelatiions? What does it meean, rreall

6、yy? Whoo are our ccustommers? How ddo we meet them? Whatt is tthat tthing calleed invvestorr relaationss? Andd somee inveestor relattions dos aand doonts. We are Ciba Speciialty Chemiicals. We pproducce so-calleed speecialtty cheemicalls. Itts soomethiing yoou do not ffind iin shoops. YYou caannot f

7、ind us. WWe worrk priimarilly on thinggs thaat chaange tthe coolour, perfformannce orr lookk and feel of ceertainn prodducts you bbuy. YYou wiill allways find us inn smalll inggredieents iin sommethinng biggger. Its like spicees in food. We aare noot spiices iin foood, buut inggredieents iin othher

8、prroductts.These aare thhe seggmentss, thee busiiness areass thatt we aare inn. Illl givve youu an eexamplle of our pproduccts ass we ggo aloong. OOveralll, thhe commpany has aabout $5 biillionn US ddollarrs in saless. We are iin Swiitzerlland. That is whhy we talk aboutt Swisss fraancs. Our hheadqu

9、uarterrs is in Baasel, Switzzerlannd. Ouur fouur seggmentss werre in are aabout the ssame ssize, so itt is aa veryy balaanced portffolio and wwe havve verry strrong mmarkett posiitionss. Thaats oone off the good thinggs wheen youure ttalkinng aboout innvestoor rellationns. Wee are a larrge coompanyy

10、, a bbillioon-dolllar iindusttry, aand wee havee veryy stroong seegmentts andd leadding ppositiions. Its much easieer to explaain yoour coompanyy and invesstor rrelatiions tthis wway thhan iff you come in annd sayy, Wee are a smaall coompanyy and we doont pparticcularlly deffine tthe maarket.Whatt a

11、re our pproduccts? OOne iss plasstic aadditiives. All tthese core businnessess are aboutt $1.55 billlion UUS Dolllars in siize. TThey aare veery laarge ccompannies tthat aare nuumber one iin thee markket woorld-wwide. They are sspreadd all over the wworld, obviiouslyy alsoo in CChina. Beinng a EEuro

12、peean-baased ccompanny, foor us, the biggeest maarket is thhe Uniited SStatess. Thee secoond biiggestt is GGermanny. Thhe thiird biiggestt markket iss Chinna. Foor us, Chinna is very imporrtant in teerms oof preesencee. We have a verry larrge prresencce herre. Wee havee a loot of factoories, seveera

13、l iin Shaanghaii and Qingddao. IIts rreallyy a veery immportaant maarket.What do wee prodduce hhere? You hhave pplastiic, poolyethhylenee. Youu cant usee polyyethyllene-pplastiic baggs andd wrappping-anymoore wiithoutt usinng addditivees thaat staabilisse agaainst lightt. Othherwisse it fallss aparr

14、t. Inn ordeer to stabiilise it, wwe prooduce thesee addiitivess for the pplastiic inddustryy. We produuce thhem heere, aamong otherrs, inn Shannghai. Itss one of ouur mosst reccent pplantss, rigght heere inn Pudoong. IIf youu wantt to ssee thhe plaant, wwed bbe happpy too showw you arounnd. Juust ge

15、et in touchh withh us. Its a verry nicce plaant, ddefiniitely an exxpensiive pllant. We alsoo makee coatting eeffectts. Thhese aare veery exxcitinng thiings. Wheree do yyou fiind uss? Youu findd us bbasicaally oon carrs. Iff anyoone haas a rred caar. Reed carrs, thhey ussed too turnn kindd of bbrown

16、iish. TThe neew carrs donnt annymoree and thats beccause they use ssomethhing tthat ccomes from our ccompanny. Thhe redd coloour coomes ffrom uus. You alsso finnd thiis witth CDRRs. Itts ann inteerestiing exxamplee. CDRRs, reecordaable CCDs, iif youu lookk fromm the side, you see ssome ggreen shadee

17、. Its usuually silveery orr goldd, theen a ggreen shadee. Thaat is a piggment. We mmake tthat ppigmennt. Wee havee a moodest markeet shaare. IIts tthe reegistrrationn on wwhich the llaser burnss. It regissters the iinformmationn on tthe coolour, the pigmeent. TThe piigmentt comees froom us, primmari

18、lyy soldd in TTaiwann. These aare tyypicall thinngs wee havee heree. Aleessi, typiccal kiitchennware in Euurope. Thesse collours all ccome ffrom uus. Wee makee modeern paaper ttreatmment pproduccts, wwhich go innto paaper pproducction. I seee somme of you hhave wwhite paperr. Thee addiitive that mak

19、ess the paperr lookk whitte, twwo-thiirds wworld-wide comess fromm us. In waater ttreatmment, cleanning wwater, we aare quuite sstrongg. In oil ttrimmiing-seeparatting tthe oiil andd wateer-thee chemmicalss usedd in tthe exxtracttion iindusttry arre cheemicalls we produuce. WWe aree not so laarge, b

20、ut sstill quitee commmon inn the indusstry. Textilee chemmicalss, dyees andd speccial eeffectts forr texttiles. We aare thhe worrlds numbeer onee prodducer of chhemicaals foor thee texttile iindusttry. AAll thhe collours come from us. BBy thee way, in tthe tyypicall busiiness suit, therre aree 60 cc

21、hemiccals iin a ssuit. Anothher thhing tthat ccomes from us iss all kindss of sspeciaal efffects for tthe faashionn induustry. We hhave oone prroductt, to proteect cllothess. Youu can spilll beerr and food and aanythiing onn clotthes aand itt doessnt gget diirty. This is a produuct wee prodduce aand

22、 seell inn the indusstry. This is, ffor uss, an imporrtant thingg for you tto seee us, cominng intto theese inndustrries.Last buut nott leasst is home and ppersonnal caare. WWhitenners ffor thhe dettergennts too cleaan thee washh, or microobial agentts. Thhese aare prroductts we produuce. TThat ggiv

23、es you aan ideea of what the ccompanny is all aabout in teerms oof bussinesss.In tterms of prrofitaabilitty, yoou seee it iis a ccompanny witth proofitabbilityy. Ourr salees aree veryy muchh on ttrack. We wwill rreach our $5 billlion in USS Dolllars aat yeaar-endd, eassygoinng. Annd we have very goo

24、d margiins. IIts oone off the most profiitablee comppaniess in tthe inndustrry. Att the momennt we are pprobabbly onne of the mmost ssuccesssful ones. I saay thaat nott becaause II workk at CCiba bbut beecausee our invesstors tell us wee are one tthat tthey rregardd as aa bencchmarkk in tthe inndust

25、rry. Itts a very stronng commpany profiit-wisse as well.So thatt is oone off the jobs of innvestoor rellationns, prrovidee reguular iinformmationn on tthe coompanyy, prooductss, andd whatt theyy do tto, too the finanncial markeets. TThe seecond job iis wheen anyyone hhas a questtion, you hhave tto g

26、ivve an answeer. Yoou cannt juust soound ggood; you hhave tto knoow whaat youure ttalkinng aboout. You cann not go ouut andd struuggle. You have to knnow abbout oour sttock; you hhave tto reaad up. If yyou doont, they dontt calll you up aggain. We moonitorr the devellopmennt in the ffinanccial iinve

27、sttment markeets; wwe knoow whaat is goingg on. Thats a ttask wwe havve to do. FFind oout whhere aan invvestorr has probllems, wheree therres cchangee. We monittor thhat. WWe havve to do thhat veery caarefullly. So thatt is ggettinng infformattion. And tthe otther hhand, we feeed thhings (sendd out

28、inforrmatioon). IIt is not aa one way sstreett. Youu havee to llistenn veryy muchh to wwhat hhappenns in the mmarkett, whaat invvestorrs wannt, whhat thhey woould llike tto heaar, whhat thhey thhink iis goood, whhat iss not so goood. TThen yyou haave too findd a waay to tell them that inforrmatioon.

29、 Itts noot so easy. You have to thhink hhow doo you tell the aaudiennce, yyour bboss, exacttly whhat thhe peoople wwould like to heear. YYou haave too thinnk verry carrefullly howw you phrasse thiis stuuff. So thatts onne wayy of ddoing it. AAnd thhen thhere aare soome otther tthingss, commpaniees w

30、ere moonitorring aand soo on, whichh in oour caase iss partt of iinvesttor reelatioons. Now whoo are our ccustommers? Our ccustommers aare, oon onee sidee, finnanciaal anaalystss. Theey aree eithher paart off a baank orr partt of aan invvestmeent (ccompanny). WWe disstinguuish bbetweeen so calleed s

31、alles-siide annalystts andd buy-side analyysts. Saless-sidee anallysts are tthose who hhelp ssell tthe maateriaals. RReportts wriitten on coompaniies arre wriitten by saales-sside aanalyssts. TThey aare sppeciallised groupps of peoplle. Thhey baasicallly foollow an inndustrry andd writte aboout thhe

32、 commpaniees in this indusstry.On the otherr handd are the bbuy-siide annalystts. Thhese aare thhe anaalystss thatt helpp inveestorss comppile iinformmationn (so that they can) make a deccisionn. Thee largge pennsion fundss thatt inveest inn sharres haave peeople who sspeciaalise, on ttheir side, in

33、 mmonitooring invesstmentts. Thhese aare buuy-sidde anaalystss. In the eend, yyou haave thhe funnd mannagerss, whoo are the oones wwho reeally decidde to buy oor nott to bbuy.Then yoou havve inddividuual innvestoors, wwho waant too buy theirr own sharees. Thhese aare ouur cusstomerrs. Wee get a lott

34、 of tthem. Just to giive yoou an idea, our compaany haas aboout 1000,0000 sharreholdders. Weree veryy broaadly ddistriibutedd. Outt of tthat, 995000 are privaate inndividduals, who own bbetweeen onee and a lott of ssharess. Butt reallly thhe bigg amouunt inn capiital iis ownned byy finaanciall instt

35、itutiions. Its sometthing you ssee a lot iin thiis inddustryy. Bigg inveestorss are usuallly innstituutionss likee penssion ffunds, inveestmennt funnds, iinsuraance ccompannies, all tthese that own ssharess. Theey aree the primee peopple wee talkk to. In ouur casse, (oour sttock) is diistribbuted al

36、l aaroundd the worldd. We cantt justt lookk at SSwitzeerlandd and say, what happeens inn Swittzerlaand. LLess tthan hhalf oour shharehoolderss are Swisss. Tweenty-ffive tto 30 per ccent aare Ammericaan shaarehollders, so II happpen too go aa lot to thhe Uniited SStatess. If you ever want to woork in

37、n inveestor relattions, Engllish iis abssoluteely neecessaary. TThere is noo otheer lannguagee thann Engllish. No maatter whichh counntry yyouree in, youdd bettter bee absoolutelly fluuent iin Engglish; otheerwisee you wontt havee a chhance. The technnical termss are all EEnglissh.How do we haave co

38、ontactt? Whaat do we doo? Theese arre thee typiical tthingss you do. FFirst of alll youu havee largge-scaale evvents. You invitte thee inveestorss and invitte thee anallysts for ppresenntatioons. TThey hhappenn in SSwitzeerlandd. (Soome paarticuular mmeetinngs, ffor innstancce,) hhappenn usuaally aa

39、t heaadquarrters. Resuults, you hhave tthat ttwo tiimes aa yearr wherre youu pressent-llike tthe sllides youvve seeen herreabouut thee comppany, key eeventss, andd so oon. Yoou havve roaad shoows, tthese are vvery eexcitiing. WWe havve, inn our case, threee reggular largee tripps. Wee go tto a llot

40、off counntriess in aa veryy shorrt perriod oof timme. Yoou go to a lot oof citties, and yyou reeally meet a lott of iinvesttors. Then you hhave sshort tripss thatt usuaally hheld aat thee inveestors worrk. Yoou meeet thee inveestorss for aboutt an hhour. You ccome tto thee offiice, ffor onne houur,

41、too talkk abouut thee comppany. Yourre theere foor onee hourr, youu makee a prresenttationn. Thaat is calleed thee one-on-onne. Thhese tthingss we hhave qquite a lott. Then, aat Bassel, aat ourr headdquartters, we haave inndividduals or grroups who ccome tto vissit yoou. Wee havee rougghly 1150 off

42、thesse meeetingss per year. We hhave tthingss likee teleephonee confferencces. II sit in a room and wwith mmy hieerarchhy, I speakk intoo a miicrophhone ffor 200 minuutes aand thhen thhere aare 600 minuutes qquestiions aand annswerss afteerwardd. Theey cann ask anythhing tthey wwant. Theree are usua

43、llly 1000 peoople llistenning iin. Thhis iss the kind of thhing yyou haave too watcch outt for. You have to bee veryy cauttious of whhat yooure sayinng. Beecausee everryone can llistenn veryy conccentraated. On thhe tellephonne youu can lose much more. I haave too be vvery ccautioous whhat I say, be

44、cauuse soomeonee willl calll me uup latter annd sayy, Yoou saiid thiis, I wrotee it ddown. In tthe beeginniing I was aalwayss sweaating (and soakiing) wwet affter oone hoour. BBy noww I knnow thhe stoory, wwho iss askiing thhe queestionns? Itts eaasy gooing. Easy goingg. I ccan saay, HHow iss the we

45、athher inn These aare thhe quaantitiies. YYou geet an idea. It ddependds on size. Roadd showws, att one per mmonth, you can iimaginne Imm ofteen on the pplane. Teleephonee confferencces. YYou haave a lot oof meeetingss, tellephonne connferennces. You hhave tto be an exxtroveert too stannd thrrough t

46、his.Heres a typpical road show scheddule, the nnumberr of mmeetinngs I have per dday. ZZurichh in tthe affternooon, oone meeetingg. Finnd my way tto thee airpport. Fly tto Millwaukeee in the UUnitedd Stattes, hhave oone meeetingg. Flyy to TTorontto forr fourr meettings. Fly to Saan Fraanciscco, haav

47、e thhree mmeetinngs. GGo bacck to Switzzerlannd andd so oon. Yoou proobablyy can imagiine itts exxtremeely exxcitinng, huuh? Yoou cann be ssure iif youure iin invvestorr relaationss you know all tthe aiirportts. Yoou knoow exaactly what the aairporrts loook liike. YYou haave a new ssport calleed airrport joggiing. In thesse meeetingss, youu havee a rooutinee. Youu havee two choicces. YYou caan do a preesentaation and qquestiion annd ansswers afterrward, or yyou onnly haave quuestioons annd ansswers. Whenn you get tto thee loweer parrt (thhe