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    立邦收購多樂士報告:全球萬億級市場,公司僅占不到3%

    2019年04月21日 瀏覽量: 評論(0) 來源: 中國涂界網 作者: 黃雨晨
    摘要:立邦涂料表示,通過將該公司納入集團,為已經具有較高競爭力的亞洲再加上大洋洲,從而進一步鞏固了本地區NO.1的競爭力。另一方面,通過增加大洋洲地區,改善了高增長且存在風險的地區(亞洲、中國)與穩定增長地區(日本+美歐+大洋洲)之間的平衡,事業結構更加強大。

    4月17日,立邦涂料控股株式會社(以下簡稱“立邦涂料”)公布了關于收購澳大利亞多樂士集團(DuluxGroup)的報告。報告披露了此次收購的背景和戰略意義、多樂士集團概要、收購摘要、財務影響以及集團增長戰略。

    據悉,此次收購價為37.56億澳元或3005億日元(約合27.29億美元)。立邦涂料計劃通過向金融機構貸款來籌措全部收購資金,表示不會新發行股票。公司通過企業并購等方式加強海外業務,此次收購規模將創該公司最高紀錄。

    多樂士在澳大利亞和新西蘭涂料市場的占有率位居第一,在未來前景可觀的建筑用涂料領域具有優勢。還將銷售面向住宅的粘合劑。2018財年(2017年10月至2018年9月)合并財報銷售額約為1480億日元,目前在澳大利亞證券交易所上市。立邦涂料此舉意在擴大海外業務,把以亞洲為主的銷路拓展至大洋洲。

    立邦涂料表示,通過將該公司納入集團,為已經具有較高競爭力的亞洲再加上大洋洲,從而進一步鞏固了本地區NO.1的競爭力。另一方面,通過增加大洋洲地區,改善了高增長且存在風險的地區(亞洲、中國)與穩定增長地區(日本+美歐+大洋洲)之間的平衡,事業結構更加強大。

    根據報告顯示,立邦涂料為2020年制定了“N-20”中期經營計劃和促進增長戰略,目標是在每個業務領域/地區獲勝,計劃到2020年實現銷售額7500億日元。“公司將在建筑涂料、亞太地區中占據壓倒性的地位。”立邦涂料表示。


    立邦涂料中期經營計劃

    為順利完成中期經營計劃,立邦涂料計劃采取四大舉措:1、現有細分市場的徹底強化;2、加快投資組合擴張(并購推進);3、提高盈利能力(增長投資后的營業利潤率為14%);4、“Global One Team”運營強化。

    報告顯示,2018年全球建筑涂料占比39%,特種涂料占比20%,一般工業涂料占比17%,汽車OEM涂料占比11%,其他涂料占比13%。根據報告披露的數據來看,2018年全球涂料市場規模約為23萬億日元,約合2104億美元,約合人民幣14419億元。(匯率:1美元=110.91日元)


    全球各涂料類別占比及全球建筑涂料各區域銷售占比

    報告顯示,2018年全球建筑涂料市場規模為9.1萬億日元(約合820.5億美元),其中:亞太地區銷售占比35%,歐洲地區占比26%,北美地區占比19%,中美洲和南美洲地區占比11%,中東和非洲地區占比9%。

    到2022年全球建筑涂料市場規模將達11.9萬億日元(約合1072.9億美元),其中:亞太地區銷售占比38%,歐洲地區占比23%,北美地區占比20%,中美洲和南美洲地區占比10%,中東和非洲地區占比9%。

    根據報告來看,立邦涂料目前擁有兩大業務地區——高增長地區(亞洲、中國)與穩定增長地區(日本+美歐+大洋洲)。“通過此次收購建立更加平衡的區域投資組合。”立邦涂料表示。

    報告顯示,立邦涂料2018年實現銷售額為6277億日元(約合56.60億美元,占全球市場2.7%),其中:中國地區占比42%(2636.34億日元,約合163億元),日本地區占比29%,歐洲地區占比14%,其他亞洲地區占比15%。


    立邦涂料及合并后2018財年各區域銷售占比

    報告顯示,與多樂士集團合并后,立邦涂料2018年銷售額為7752億日元(約合69.89億美元),其中:中國地區占比34%,其他亞洲地區占比13%,日本地區占比23%,歐洲地區占比12%,澳大利亞地區占比16%。

    立邦涂料表示,此項收購實現價值最大化的五大理由:第一,優化全球投資組合——中國和亞洲市場雖然是高增長,但市場風險較高,與穩定增長、風險較小的日本、歐美加上大洋洲的“地區平衡”合理化。第二,進入穩定的市場:大洋洲地區預計人口增長和GDP增長,是一個有吸引力的市場;預計建筑涂料將穩步增長,翻新市場有望擴大。

    第三,代表該地區的歷史家居公司:有歷史的著名品牌,該地區有著強大的銷售網絡。第四,有吸引力的經營資源:執行能力強的經營團隊,成功經驗豐富的人才;行業領先的工廠設備。第五,長期穩定的業績和雄厚的財務基礎:上市后持續實現高增長和盈利的經營能力,支撐高增長的適當財務規律。

    報告披露了多樂士集團成長過程。1918年,BALM涂料在澳大利亞新南威爾士州注冊成立。1946年,ICI在澳大利亞的控股子公司ICI Australia(ICI澳大利亞公司)收購了BALM 57%的股份。1971年,BALM公司更名為Dulux Australia。1997年,ICI澳大利亞公司成立集團公司,更名為澳瑞凱集團(Orica Group)。2010年,多樂士澳大利亞公司從澳瑞凱集團分拆出來,并形成了如今的澳大利亞多樂士集團(DuluxGroup)。

    受人口增長和房價上漲的推動,澳大利亞長期的建筑熱潮推高了對多樂士涂料、車庫門和花園用品的需求,隨著收入的攀升,多樂士股價在六年內翻了一番。數據顯示,自2010年從化工制造商Orica公司剝離以來,該公司股價已上漲180%。


    多樂士集團2011財年-2018財年業績情況

    但就在立邦涂料提出收購之際,多樂士集團的目標增長步伐正在放緩。盡管多樂士收購了一些新業務,但該公司2018年的年營收增長仍落后于前一年。財年顯示,多樂士集團2018財年實現銷售額為1475億日元,同比增長3.3%,增速低于上一財年的4.0%。


    立邦涂料全球五級體制

    通過收購多樂士集團后,立邦涂料形成了全球五級體制——亞洲、歐洲、大洋洲、日本、美洲。“通過全球總部-五極體制的集團治理,加速成長戰略。”立邦涂料表示。(涂界)

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