來寶集團向中糧出售業務後股價飆升
Shares in Noble Group rose 4.5 per cent after the commodity trading company sold the remaining stake in an agricultural business for $750m — but the deal drew a cool response from a leading rating agency.
來寶集團(Noble Group)股價飆升4.5%，此前這家大宗商品貿易公司以7.5億美元出售了其在一家農業企業持有的剩餘股份，但一家領先的信用評級機構對該交易反應冷淡。
According to the Hong-Kong based company, selling its 49 per cent stake in Noble Agri to Cofco, China’s state-backed grain business, would place its “financial metrics... excess of those required for an investment grade credit”.
這家總部位於香港的公司表示，將其持有的來寶農業(Noble Agri)的49%股份出售給中國國有糧食貿易商中糧集團(Cofco)，將讓其“財務指標……遠遠超出投資級信用評級的要求”。
However, credit rating agency Standard & Poor’s took a different view. While the disposal will reduce debt and eliminate about $670m of liabilities, S&P said Noble’s liquidity headroom — the difference between its cash resources and the debt it must refinance over the next year — was still weak for a company with an investment grade credit rating.
然而，信用評級機構標準普爾(Standard & Poor’s)對此有不同看法。標普表示，儘管此次出售將會減少債務並消除大約6.7億美元的負債，但對於一家擁有投資級信用評級的公司來說，來寶的流動性空間（其現金資源與明年必須再融資的債務之間的差額）仍顯疲弱。
“Furthermore, we believe the sale of Noble Agri has changed Noble’s business composition and somewhat reduced its business diversity, competitive position, and relationship with Cofco,” the agency said.
標普表示：“此外，我們認爲出售來寶農業改變了來寶的業務組合，在某種程度上減弱了其業務多元化程度、競爭地位以及與中糧的關係。”
S&P and another rating agency, Moody’s, have told Noble to raise at least $500m cash by the time of its annual results in February, or face a downgrade to junk status — a move that could dent the profitability of its core commodity trading business.
標普和另一家評級機構穆迪(Moody’s)此前要求來寶在明年2月發佈年報前籌集至少5億美元，否則其評級可能被下調至垃圾級——那可能打壓其核心的大宗商品貿易業務的盈利能力。
”We will evaluate the full impact of the Noble Agri sale and any other transactions completed by the company,” S&P added. “Our review will also focus on the competitive position of Noble after the sale of its agriculture segment”.
標普補充稱：“我們將評估出售來寶農業以及該公司完成的其他交易的全面影響。我們的評估還將聚焦於來寶出售農業部門之後的競爭力地位。”
Hong-Kong based Noble is one of the biggest commodity traders in Asia, moving millions of tonnes of coal, iron ore, oil and other commodities around the world.
總部位於香港的來寶集團是亞洲最大的大宗商品貿易商之一，在世界各地從事數量巨大的煤炭、鐵礦石、石油以及其他大宗商品的交易。
It shares have fallen almost 60 per cent this year, reducing its market value to $2.1bn, after a group called Iceberg Research published reports that questioned Noble’s accounting practices and the way it booked profits on deals long before receiving cash from them.
來寶股價今年下跌近60%，使得其市值降至21億美元，此前一個名爲“冰山研究”(Iceberg Research)的團體發佈報告質疑來寶的會計操作，並指責稱，來寶早在收到交易的收入之前就把利潤計入賬目。
Noble has defended itself against the accusations and had PwC review how it accounted for these deals. PwC concluded that the deals fell within international standards.
來寶集團針對這些指控進行了辯護，並請普華永道(PwC)審覈其對這些交易的入賬方式。普華永道得出結論稱，這些交易符合國際標準。
The Singapore-listed company plans to use the entire proceeds from the sale to pay down adjusted net debt, which stood at $2.5bn when it reported third-quarter results at the end of September. It shares closed up 4.5 per cent to S$0.46 on Wednesday.
這家在新加坡上市的公司計劃利用此次售股的全部所得來償還調整後的淨債務——該公司在今年9月底發佈第三季度財報時的淨債務爲25億美元。週三，來寶集團股價收漲4.5%，至0.46新加坡元。
“The stake sale, once completed, will allow Noble to improve its balance sheet structure immediately,” commented Fitch, another rating agency. Proceeds from the sale could rise a further $200m, depending on future growth of Noble Agri.
另一家信用評級機構惠譽(Fitch)表示：“此次股權出售一旦完成，將讓來寶立即改善其資產負債表結構。”售股所得可能再增加2億美元，這取決於來寶農業的未來增長。
But Noble will be forced to record a $546m loss on the disposal because the stake was valued on its balance sheet at $1.34bn. This will “materially” affect its profits for the year to December, the company said.
但來寶將被迫對此次售股計入5.46億美元的損失，因爲這塊業務之前在其資產負債表上的估值達到13.4億美元。該公司表示，這將對其截至12月的全年盈利產生“實質性”影響。
Cofco paid $1.5bn for its 51 per cent stake in Noble Agri last year. It subsequently placed the holding into a new company with China Investment Corp, the sovereign wealth fund.
中糧去年斥資15億美元購得來寶農業51%的股份。隨後將這些股份注入其與主權財富基金——中國投資公司(CIC)成立的一家新公司。
Its aim was to create an international agricultural business with the muscle and reach to compete with the agricultural “ABCDs” — Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus Commodities.
中糧的目標是創建一家國際農產品交易商，在實力和業務範圍上足以抗衡有“ABCD”之稱的全球四大糧商：阿徹丹尼爾斯米德蘭(Archer Daniels Midland)、邦吉(Bunge)、嘉吉(Cargill)以及路易達孚(Louis Dreyfus Commodities)。
