财务成本管理第一章教案+讲义

MiningM&A1©Deloitte&ToucheLLPandaffiliatedentities.MiningM&A采矿业的并购纵览China-CanadaMiningInvestmentForum中国-加拿大采矿业投资论坛会RobertNoronhaMarch6,2007罗云浩罗云浩罗云浩罗云浩2007年年年年3月月月月6日日日日MiningM&A2©Deloitte&ToucheLLPandaffiliatedentities.Overview综述•Background背景介绍•Specificareasoffocus关注重点–Preliminarypurchasepriceallocation(PPA)初步的收购价格分摊(PPA)–Assessingmeritsoftransactions&Fairnessopinions评估交易的长处以及出具公平意见书–Financialduediligence财务尽职调查–Taxduediligenceandstructuring税务尽职调查及税务架构–Post-mergerintegration并购后的整合MiningM&A3©Deloitte&ToucheLLPandaffiliatedentities.Background背景介绍•SignificantincreaseinthenumberofM&Atransactionsintheminingsector.采矿业并购交易的数量急速增长。•Demandforvariouscommoditiesexceedssupply,resultinginhighercommodityprices.各种商品的供不应求引发了产品价格的高涨。•Cheaperandquickerforacompanytoacquireanotherestablishedcompanythantoconductitsownexplorationanddevelopment.相较于操作自有矿业的勘探与开发，收购另一已建立完善的公司对于企业来讲更具经济价值与时效性。•InaminingM&Atransaction,itiscriticaltoperformtechnicalandlegalduediligenceonthetargetcompany.矿业公司的并购交易中，对目标企业实施技术和法律尽职调查是至关重要的。•However,financialdiligenceandanalysesalsoservesanimportantpurpose.当然，财务尽职调查及分析也同样举足轻重。MiningM&A4©Deloitte&ToucheLLPandaffiliatedentities.PreliminaryPPA初步的收购价格分摊(PPA)•Acompanyneedstodeterminethepotentialimpactofatransactiononfutureearnings.公司需要明确并购交易会对未来收益造就的潜在影响。•AnalysisdemonstratingtransactionisaccretivetoearningsisrequiredforBoDapproval.提交经分析论证并购交易将会增值收益的报告，是获得董事会批准的要素。•Analysisensuresreasonableforecastsoffutureearningsofthecombinedcompanyareprovidedtotheinvestmentandanalystcommunity.分析确保用以提供给投资者和投资分析专家合并后公司的未来收益的合理性预测。•PreliminaryPPAwillhelpdeterminethepurchaseconsiderationthatmaybeallocatedtotangibleandintangibleassets(EIC152).初步的收购价格分摊将有助于确定分摊至有形和无形资产的购买价格(EIC152)。MiningM&A5©Deloitte&ToucheLLPandaffiliatedentities.Assessingmeritsofatransaction评估并购交易的长处•Increaseinthenumberofhostiletakeoversintheminingindustry.矿业公司间恶意并购数量的增加。•AcompanysubjecttoahostiletakeoverwillgenerallyrequireathirdpartyFairnessOpinionthatindependentlyvaluesthecompany.遭受恶意并购的公司通常会找寻第三方出具并购交易的公平意见书以独立评价公司的价值。•Bothanacquiringandacquireecompanyneedtoassessstrategicandcommercialmeritsofaproposedtransactiontomaximizeshareholdervalue.并购公司和被并购公司都需评估拟进行的并购交易的战略性和商业性利益以最大化自己的股东价值。•Assessmentincludesstresstestingofthemodelandcomparingtransactionmetricstocomparablemarketmultiples.评估包括，模式的应力测验以及并购交易的受益性与可比市盈的比较。•Determinationofappropriatefinancialstructure(capitalVsdebt)forthecombinedbusiness.决策并购后业务的适宜财务架构（资本对比债务）。MiningM&A6©Deloitte&ToucheLLPandaffiliatedentities.FinancialDueDiligence财务尽职调查•Targetcompanyadherencetocomplexaccountingstandardsneedstobeevaluatedtoensurethattherearenosignificantissuesimpactinghistorical/futurefinancialreporting.目标公司若采用复杂的会计准则，则需要被评测以确保对过去及未来财务报告不会造成重大影响。•Acquisitionsaresometimesaccompaniedbyasecuritiesofferingwhichrequiresinsertionoftargetcompanyfinancialstatementsintheofferingdocument.并购有时会伴随着证券的发行，因此需要在发售文件中加入目标公司的财务报告。•Reconciliationofkeyfinancialinformationbetweenfinancialandoperatingsystemsisimportanteg,cashcostperounceofproduction.使在财务系统和操作系统之间的关键财务信息一致至关重要。如，每盎司产品的现金消耗。MiningM&A7©Deloitte&ToucheLLPandaffiliatedentities.FinancialDueDiligence（Cont’d）财务尽职调查(接上页)•Thisinformationisusedinfinancialvaluationmodels.此信息用于财务评估模型中。•Ensurematterswhichimpactcashflowshavebeenproperlyconsideredinthefinancialmodel.确保可影响现金流的事项已经在财务模型中获得适当的考量。•Considerationshouldbegivenwherebuyermaynothavecontrolovercertaincashflows(eg,equityinvesteesandJVs).Theseshouldbeconsideredseparatelyinthefinancialmodel.购买者无法控制特定现金流（如，股权出卖者和合资者）的情况也应在考虑范围之内。这种情况应当在财务模型中分别对待。MiningM&A8©Deloitte&ToucheLLPandaffiliatedentities.Taxduediligenceandstructuring税务尽职调查•Targetcompaniesoftenhaveoperationsinremotecountrieswheretaxlawsarenotwelldevelopedorsubjecttodifferentinterpretations.目标公司通常在遥远的国家运营业务，采用的税务法不尽完善或对待同样税法持有不同的释义。•Excessprofitstaxandothertaxesallowlocalgovernmentstoparticipateintheupsideofrelatedprojects.超额利润税和其他税项允许当地政府参与相关有盈利潜能的项目。•Localtaxknowledgeandknowledgeofhistoricaltaxissuesencounteredonglobalminingtransactionsarecriticalinensuringthatpotentialtaxissueshavebeenaddressed.通晓当地税并了解以往全球矿业并购交易中曾遭遇到的税务事项，是确保能够解决潜在税务问题的关键。•Effectivetaxstructuringmaydictatewhetheratransactionisaccretiveataspecificofferprice.有效的税务架构可以决定该并购交易在某一特定购买价格是否会增值。MiningM&A9©Deloitte&ToucheLLPandaffiliatedentities.Post-mergerintegration并购后的整合•Approximatelytwo-thirdsofM&Atransactionsfailtorealizetheirfullpotential.大约2/3的并购交易都未能全面发挥其所有潜能。•Synergycalculationsareoftenperformedatahighlevelwithoutadequatedetailandbuyermayhavedifficultyrealizingpotentialsynergiespostclose.并购综效的计算通常只在高层次进行而缺乏足够的细节，因此购买者可能较难达成交易结束后的潜在综效。•Coordinatingtheeffortsoftheintegrationteamandtheduediligenceteamensuresahigherpossibilitythatallsignificantpotentialsynergiesareidentifiedandquantifiedpre-close.在交易前能协同整合团队和尽职调查团队更能明确和量化该交易的潜在综效。•Thisexercisewillenhancethepossibilitythatsynergieswillberealizedpostclose.这项操作将提高及加大该交易结束后的综效的可能性。MiningM&A10©Deloitte&ToucheLLPandaffiliatedentities.Conclusion结论Technical,LegalandFinancialduediligenceteamsneedtoworkcloselytogetheronaM&Atransaction.Buyerandsellercompaniesshouldensurethatt