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HARVARD|BUSINESS 哈佛|商學院

Supply Chain Finance at Procter & Gamble
寶潔供應鏈財務

In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days, from the current average of approximately 45 to 75 calendar days. At the same time, P & G P & G P&G\mathrm{P} \& \mathrm{G} announced a supply chain financing (SCF) program giving eligible suppliers the ability to contract with one of two global banks to receive discounted payments for their P&G receivables in 15 days or less.
2013 年 4 月，全球最大的消費包裝品 (CPG) 公司寶潔 (P&G) 宣佈將向供應商的付款期限延長 30 天，從目前的平均約 45 天延長至 75 天。與此同時， P & G P & G P&G\mathrm{P} \& \mathrm{G} 宣布了一項供應鏈融資（SCF）計劃，讓符合條件的供應商可以與兩家全球銀行之一簽訂合同，在 15 天或更短的時間內獲得寶潔應收賬款的折扣付款。
Brazil’s Fibria Celulose S.A. (Fibria) had joined the SCF program in the middle of 2013, and its managers had been pleased with the program’s results to date. Fibria, a P&G supplier since the 1980s, manufactured bleached eucalyptus pulp in Brazil and shipped it to P&G factories across North America, where it was used to make household products such as tissues and paper towels. Fibria’s U.S. general manager, Mateus Pires De Morais Carmo, managed most operational aspects of the P&G relationship out of his office in Miami, Florida. In August 2015, he and members of Fibria’s treasury group in Brazil were reviewing the costs and benefits of the program, and deciding whether to continue with their current SCF bank, and under what terms, or switch to the other SCF bank in the program.
巴西的Fibria Celulose S.A.公司（Fibria）在2013年年中加入了SCF計劃，其管理者對計劃迄今取得的成果感到滿意。Fibria自1980年代起成為寶潔的供應商，在巴西製造漂白桉木漿，並運往北美各地的寶潔工廠，用於製造紙巾和抹手紙等家用產品。Fibria 的美國總經理 Mateus Pires De Morais Carmo 在佛羅里達州邁阿密的辦公室管理寶潔關係的大部分營運事宜。2015年8月，他和Fibria在巴西的財務小組成員正在檢討該計劃的成本和好處，並決定是否繼續使用其現有的SCF銀行，以及使用何種條款，還是轉用該計劃中的另一家SCF銀行。

Procter & Gamble 寶潔公司

Founded in 1837, P&G was one of the world’s most widely recognized and respected companies. Driven by its mission to “improve the lives of the world’s consumers,” P&G manufactured and marketed a wide range of personal care and household goods. Over 20 of its brands-including Always, Bounty, Charmin, Gillette, Olay, Oral-B, and Pampers - generated annual sales in excess of $ 1 $ 1 $1\$ 1 billion, and many P&G brands led their product categories. 1 1 ^(1){ }^{1} Headquartered in Cincinnati, Ohio, P&G earned $ 11.6 $ 11.6 $11.6\$ 11.6 billion on sales of $ 80.5 $ 80.5 $80.5\$ 80.5 billion in the fiscal year ending June 2015 (see Exhibits 1 1 1\mathbf{1} and 2 2 2\mathbf{2} for P&G financial data.) P&G had been a constituent of the Dow Jones Industrial Average since 1932, and had maintained a long-term credit rating of AA- from Standard & Poor’s since 2001.
寶潔公司成立於1837年，是世界上最受廣泛認可和尊重的公司之一。寶潔公司以 「改善全球消費者的生活 」為使命，生產和銷售各種個人護理和家庭用品。其20多個品牌（包括Always、Bounty、Charmin、吉列、玉蘭油、Oral-B和幫寶適）的年銷售額超過 $ 1 $ 1 $1\$ 1 十億美元，許多寶潔品牌在其產品類別中居首位。 1 1 ^(1){ }^{1} 總部設在俄亥俄州辛辛那提市的寶潔公司，在截至2015年6月的財政年度中，銷售額達到 $ 80.5 $ 80.5 $80.5\$ 80.5 億美元，賺取了 $ 11.6 $ 11.6 $11.6\$ 11.6 億美元（寶潔公司的財務數據見附表 1 1 1\mathbf{1} 和 2 2 2\mathbf{2} ）。自1932年以來，寶潔公司一直是道瓊斯工業平均指數的成份股，並自2001年以來一直保持標準普爾AA-的長期信用評級。
As the economy slowed following the financial crisis in 2008 and fell into a global recession, P & G ′ P & G ′ P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} s growth and profits stalled. Responding to investor pressure, then-CEO Bob McDonald announced a five-year, $ 10 $ 10 $10\$ 10 billion cost-cutting program in 2012, stating: "The opportunity lies in all areas of cost. We currently see at least $ 3 $ 3 $3\$ 3 billion of savings in the area of overheads; $ 6 $ 6 $6\$ 6 billion in cost of goods sold;
隨著 2008 年金融危機之後的經濟放緩，並陷入全球經濟衰退， P & G ′ P & G ′ P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} 的成長和利潤停滯不前。為了回應投資者的壓力，當時的首席執行官 Bob McDonald 於 2012 年宣佈了一項為期五年、耗資 $ 10 $ 10 $10\$ 10 十億美元的成本削減方案，並表示：「機會在於所有成本領域："機會在於所有成本領域。我們目前看到至少有 $ 3 $ 3 $3\$ 3 億的節省在管理費用領域； $ 6 $ 6 $6\$ 6 億的節省在銷售成本領域；
and about $ 1 $ 1 $1\$ 1 billion from marketing efficiencies." 2 2 ^(2){ }^{2} Reacting to the announcement, Bernstein & Co. analyst Ali Dibadj commented, “P&G had promised to ‘rip off the Band-Aid’ in terms of cost, and it certainly did with a $ 10 $ 10 $10\$ 10 billion restructuring. . . The cost cutting is very much what we had hoped. Now the hard part is executing.” 3 3 ^(3){ }^{3} By April 2015, P&G had eliminated 11,000 office positions over the previous three years, nearly double the 5,700 positions (then 10 % 10 % 10%10 \% of the non-manufacturing workforce) it had pledged to cut in February 2013.4
$ 1 $ 1 $1\$ 1 億美元來自於營銷效率"。 2 2 ^(2){ }^{2} 對於這一宣布，Bernstein & Co. 分析師 Ali Dibadj 評論道："寶潔曾經承諾在成本方面「撕下創可貼」，而它也確實做到了 $ 10 $ 10 $10\$ 10 十億美元的重組。. .成本削減非常符合我們的期望。現在困難的是執行。 3 3 ^(3){ }^{3} 截至2015年4月，寶潔在過去三年中已經裁減了11,000個辦公室職位，幾乎是2013年2月承諾裁減的5,700個職位（當時 10 % 10 % 10%10 \% 非製造業勞動力）的兩倍。

Genesis of the SCF Program
SCF 計畫的起源

As part of the corporate cost initiative, P & G P & G P&G\mathrm{P} \& \mathrm{G} conducted a review of its working capital management practices by comparing its financial metrics against other CPG firms. This benchmarking analysis showed that P&G typically paid its suppliers (known as external business partners) more quickly than its peers. On average, P & G P & G P&G\mathrm{P} \& \mathrm{G} had been paying suppliers in 45 days, compared to 75 to 100 days or more for other firms in the industry. a a  ^("a "){ }^{\text {a }} (Exhibit 3 shows historical data on P&G’s working capital metrics.) Vice President and Assistant Treasurer Doug Gerstle noted, “The reason our payment terms differed so much was because our buyers had always focused on price, quality, delivery, service, responsiveness, and innovation. The company’s renewed focus on a Total Shareholder Return [TSR] metric, however, brought a new emphasis on cash flow.”
作為企業成本倡議的一部分， P & G P & G P&G\mathrm{P} \& \mathrm{G} 通過將其財務指標與其他 CPG 公司進行比較，對其營運資金管理實踐進行了審查。這項基準分析顯示，寶潔支付供應商（稱為外部業務合作夥伴）的速度通常比同行更快。平均而言， P & G P & G P&G\mathrm{P} \& \mathrm{G} 已在 45 天內向供應商付款，而同業其他公司則需要 75 到 100 天，甚至更長的時間。 a a  ^("a "){ }^{\text {a }} （圖表 3 顯示了寶潔營運資金指標的歷史數據）副總裁兼助理財務長 Doug Gerstle 指出："我們的付款期限之所以有如此大的差異，是因為我們的買家一直注重價格、品質、交貨、服務、反應能力和創新。然而，公司對股東總回報 [TSR] 標準的重新重視，帶來了對現金流的新強調"。
The findings from the benchmarking analysis shifted the project’s focus from P&G’s treasury group to its purchasing group, with a corporate mandate to extend contracted payment terms by at least 30 days. Both groups understood that this decision had implications for their suppliers: by taking longer to pay its invoices, P & G P & G P&G\mathrm{P} \& \mathrm{G} 's suppliers would need to wait longer to receive funds. For this reason, P & G P & G P&G\mathrm{P} \& \mathrm{G} decided to implement an SCF program along with the payment extension to give suppliers the option to be paid more quickly. Facilitated by P&G’s banking partners (the SCF banks), the program would mitigate the impact of extended payment terms by providing P & G ′ P & G ′ P&G^(')P \& G^{\prime} s suppliers with access to capital on terms that reflected P & G P & G P&G\mathrm{P} \& G 's AA- credit rating. Gerstle recalled:
基準分析的結果將項目的焦點從寶潔的財務部門轉移到採購部門，因為公司要求將合約付款期限至少延長 30 天。這兩個集團都明白，這個決定對他們的供應商也有影響：如果花更長的時間支付發票， P & G P & G P&G\mathrm{P} \& \mathrm{G} 的供應商就需要等待更長的時間才能收到資金。因此， P & G P & G P&G\mathrm{P} \& \mathrm{G} 決定在延長付款期限的同時實施SCF計劃，讓供應商可以選擇更快地獲得付款。在寶潔的銀行合作夥伴（SCF銀行）的協助下，該計劃通過向 P & G ′ P & G ′ P&G^(')P \& G^{\prime} 的供應商以反映 P & G P & G P&G\mathrm{P} \& G AA-信用評級的條款提供資金，從而緩解延長付款期限的影響。Gerstle 回憶說：
The SCF program originated in a longstanding challenge for the treasury group: how to leverage our conservative financial policies to drive economic value for P&G and our business partners. These policies give us very tight pricing on debt issues and commercial paper, but as we extended our payment terms, we wanted to find a way to support our external business partners and strengthen our supply chain.
SCF計劃起源於財務部門的一個長期挑戰：如何利用我們保守的財務政策，為寶潔和我們的業務合作夥伴創造經濟價值。這些政策使我們在債務發行和商業票據方面的定價非常嚴格，但隨著我們付款期限的延長，我們希望找到一種方法來支持我們的外部業務合作夥伴，並加強我們的供應鏈。
To design and implement the SCF program, P&G formed a dedicated, cross-functional team that included members from the firm’s treasury, legal, banking, and purchasing groups, and also formed a project board to oversee implementation. Gerstle stressed: “We were focused on designing a program structure that would be a win for us, a win for our external business partners, and a win for the SCF banks - our so-called ‘win-win-win’ solution.” Although SCF programs had existed for years, the key was to design a version that would work for P & G P & G P&G\mathrm{P} \& \mathrm{G} and its external business partners.
為了設計和實施SCF計畫，寶潔公司成立了一個專門的跨功能團隊，成員包括公司的財務、法律、銀行和採購部門，還成立了一個專案委員會來監督實施情況。Gerstle 強調："我們專注於設計一個能讓我們、外部業務合作夥伴和 SCF 銀行三贏的方案結構，也就是我們所謂的「三贏」解決方案"。雖然 SCF 計劃已存在多年，但關鍵是要設計出一個適用於 P & G P & G P&G\mathrm{P} \& \mathrm{G} 及其外部業務合作夥伴的版本。

SCF Program Design, Rollout, and Announcement
SCF 計畫設計、推出與公告

The objective of the SCF program was to allow both P&G and its suppliers to receive their preferred payment terms. Specifically, P&G’s objective was to pay its invoices, on average, 75 days after receiving them whereas P&G’s suppliers preferred to be paid as soon as possible, sometimes as soon as 15 days
SCF計畫的目的是讓寶潔公司和其供應商都能獲得自己喜歡的付款期限。具體來說，寶潔公司的目標是在收到發票後平均 75 天內支付，而寶潔公司的供應商希望盡快收到付款，有時最快也要 15 天。
2
after invoices were submitted. Both objectives could be met by utilizing the services of an SCF bank as an intermediary.
在提交發票之後。利用 SCF 銀行的中介服務可以達到這兩個目標。

Designing the SCF Program
設計 SCF 計劃

To achieve the dual payment objectives, the SCF program required the respective parties to enter into three bilateral (two-party) contracts. These contracts included: a commercial contract between P&G and the supplier specifying product and payment terms; a service contract between P&G and the SCF banks specifying payment terms for invoices; and a financing contract between participating suppliers and the SCF banks specifying that the SCF banks had the right, but not the obligation, to buy P&G receivables on a non-recourse basis minus a fee (i.e., at a discount to face value) if the suppliers requested advanced payment. b b ^(b){ }^{\mathrm{b}} In essence, the supplier’s claim on the P&G invoice would be transferred from the supplier to the SCF bank in exchange for a discounted payment. P&G would then pay the original invoice amount at face value on the date set by the commercial contract. Said Gerstle: “Our AA- rating makes our receivables into short-term, high-quality, liquid assets. The underlying premise is that the higher the differential between our AA- rating and our suppliers’ cost of funds, the more value we can create for our suppliers.” (Exhibit 4 shows the flows between P&G, the suppliers, and the SCF banks.)
為了實現雙重付款目標，SCF計劃要求雙方簽訂三份雙邊（雙方）合同。這些合同包括：寶潔與供應商之間的商業合同，其中規定了產品和付款條件；寶潔與SCF銀行之間的服務合同，其中規定了發票的付款條件；參與的供應商與SCF銀行之間的融資合同，其中規定如果供應商要求提前付款，SCF銀行有權利（但沒有義務）在無追索權的基礎上購買寶潔的應收賬款，並扣除一定的費用（即按面值的折扣）。 b b ^(b){ }^{\mathrm{b}} 實質上，供應商對寶潔發票的索賠權將由供應商轉移至 SCF 銀行，以換取折扣付款。之後，寶潔會在商業合同規定的日期按面值支付原始發票金額。Gerstle說："我們的 AA- 評級使我們的應收賬款成為短期、優質、流動的資產。其基本前提是，我們的 AA- 評級與供應商的資金成本之間的差異越大，我們就能為供應商創造更多價值。(附表 4 顯示了 P&G、供應商和 SCF 銀行之間的資金流）。
As P&G’s project team sat down to design the specific details of SCF program, Associate Director of Purchasing Pat Paolino stressed the program’s objectives:
當寶潔的項目團隊坐下來設計SCF計劃的具體細節時，採購副總監Pat Paolino強調了計劃的目標：
Right from the start, we had four design principles for the SCF program: (1) Be lowcost; (2) Don’t accept supplier price increases for longer payment terms since we were starting from below-average payment terms relative to our competitors; (3) Allow local teams to control the implementation rather than corporate staff; and (4) Ensure funding competition by having at least two participating banks for each supplier. Negotiating with several banks in parallel created a lot of complexity and work, but it was a critical design choice. The goal was to make the SCF program holistic and sustainable, and one we could launch globally for our top 3,000-4,000 suppliers on day one.
從一開始，我們就為 SCF 計畫制定了四個設計原則：(1) 低成本；(2) 不接受供應商提高價格以換取更長的付款期限，因為相對於我們的競爭對手，我們的付款期限低於平均水平；(3) 讓當地團隊而非公司員工控制實施；(4) 每家供應商至少有兩家參與銀行，以確保資金競爭。與幾家銀行並行談判產生了很多複雜性和工作，但這是一個關鍵的設計選擇。我們的目標是使 SCF 計畫具有整體性和可持續性，而且我們可以在第一天就在全球範圍內為前 3,000-4,000 家供應商推出該計畫。
As noted, a key design feature of the SCF program was the decision to have two banking partners in each region to ensure competitive financing rates. A team headed by Associate Director of Finance Susan Meeks selected three banks as partners for the SCF program: Citigroup, Deutsche Bank, and JPMorgan Chase. P&G had a longstanding relationship with Citigroup, which won the right to offer SCF worldwide. John Monaghan, Citigroup’s Global Head of Supply Chain Finance, stated, “We help global companies improve the efficiency of their treasury operations and optimize their working capital metrics, and help vendors improve their liquidity and reduce their financing costs.” Citigroup was joined for suppliers located in North and South America and China by JPMorgan Chase, and for suppliers located in Europe and elsewhere in Asia by Deutsche Bank.
如前所述，SCF 計劃的一個主要設計特點是決定在每個地區有兩個銀行合作夥伴，以確保具有競爭力的融資利率。由財務副總監 Susan Meeks 領導的團隊選擇了三家銀行作為 SCF 計劃的合作夥伴：花旗集團、德意志銀行和摩根大通。寶潔與花旗集團有著長期的關係，花旗集團贏得了在全球提供SCF的權利。花旗集團供應鏈財務全球主管 John Monaghan 表示：「我們幫助全球企業提高庫務運作效率，優化營運資金指標，幫助供應商改進流動資金，降低融資成本。」花旗集團與摩根大通共同為北美、南美和中國的供應商評審，德意志銀行則為歐洲和亞洲其他地區的供應商評審。

Explaining the SCF Program to Suppliers
向供應商解釋 SCF 計劃

To communicate the SCF program to its suppliers, P&G created rollout teams that traveled around the world to meet with suppliers and explain the new program. These presentations noted that
為了向供應商傳達SCF計劃，寶潔公司成立了推廣小組，到世界各地與供應商開會並解釋新計劃。這些介紹指出
extended payment terms would become part of every multi-year purchasing contract that P&G negotiated with each of its 75,000 suppliers. They also explained the mechanics of the program, using a detailed example. The example compared the cost of financing a $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 invoice for 45 days at the borrower’s financing rate to the cost of financing the same invoice through the SCF program. The example showed that both parties could achieve their payment objectives, and do so at a favorable cost: the supplier would receive payment from the SCF bank after 15 days, while P&G would pay the SCF bank after 75 days. Tables A and B B B\mathbf{B} show the economics of the P&G SCF program.
延長付款期限將成為寶潔公司與75,000家供應商協商的每份多年採購合同的一部分。他們還用一個詳細的例子解釋了該計劃的機制。該示例比較了以借款人的融資利率對 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 發票進行45天融資的成本與通過SCF計劃對相同發票進行融資的成本。該示例表明，雙方都可以實現其付款目標，並且以有利的成本實現：供應商將在 15 天後從 SCF 銀行收到付款，而寶潔將在 75 天後向 SCF 銀行付款。表 A 和 B B B\mathbf{B} 顯示了 P&G SCF 計劃的經濟性。
Table A P&G Supply Chain Finance Example
表 A P&G 供應鏈財務範例
Notes 注意事項
 A/P 延伸前
Before A/P
Extension
Before A/P Extension| Before A/P | | :--- | | Extension |
 After A/P Extension A/P 延長後
without SCF 無 SCF with SCF 使用 SCF
Amount invoiced by supplier ($)
供應商開具的發票金額 ($)		 $1,000.00 $1,000.00 $1,000.00
Minimum days to payment 最短付款天數 [A] 15 15 15
P&G pays invoice on day
P&G 當天支付發票		 [B] 45 75 75
Supplier receives funds on day
供應商於當日收到資金		 [C] 45 75 15
Additional days financed by supplier
供應商資助的額外天數		 [ D ] = [ C ] [ D ] = [ C ] [D]=[C][\mathrm{D}]=[\mathrm{C}] - [A]  [ D ] = [ C ] [ D ] = [ C ] [D]=[C][\mathrm{D}]=[\mathrm{C}] - [A] 30 60
Supplier financing cost ($)
供應商融資成本 ($)		 [E] $2.92 $5.83
Days financed by SCF bank
由 SCF 銀行融資的天數		 [ F ] = [ B ] − [ A ] [ F ] = [ B ] − [ A ] [F]=[B]-[A][\mathrm{F}]=[B]-[A] 60
SCF invoice discount (%) SCF 發票折扣 (%) [G] 0.22%
Net amount to supplier ($)
給供應商的淨額 ($)		 [H] $997.08 $994.17 $997.83
Notes "Before A/P Extension" After A/P Extension without SCF with SCF Amount invoiced by supplier ($) $1,000.00 $1,000.00 $1,000.00 Minimum days to payment [A] 15 15 15 P&G pays invoice on day [B] 45 75 75 Supplier receives funds on day [C] 45 75 15 Additional days financed by supplier [D]=[C] - [A] 30 60 Supplier financing cost ($) [E] $2.92 $5.83 Days financed by SCF bank [F]=[B]-[A] 60 SCF invoice discount (%) [G] 0.22% Net amount to supplier ($) [H] $997.08 $994.17 $997.83| | Notes | Before A/P <br> Extension | After A/P Extension | | | :---: | :---: | :---: | :---: | :---: | | | | | without SCF | with SCF | | Amount invoiced by supplier ($) | | $1,000.00 | $1,000.00 | $1,000.00 | | Minimum days to payment | [A] | 15 | 15 | 15 | | P&G pays invoice on day | [B] | 45 | 75 | 75 | | Supplier receives funds on day | [C] | 45 | 75 | 15 | | Additional days financed by supplier | $[\mathrm{D}]=[\mathrm{C}]$ - [A] | 30 | 60 | | | Supplier financing cost ($) | [E] | $2.92 | $5.83 | | | Days financed by SCF bank | $[\mathrm{F}]=[B]-[A]$ | | | 60 | | SCF invoice discount (%) | [G] | | | 0.22% | | Net amount to supplier ($) | [H] | $997.08 | $994.17 | $997.83 |
Source: Calculated by casewriter from company documents.
資料來源：由 Casewriter 根據公司文件計算。
Notes: 注意事項：
[E] Supplier financing cost assumes a 3.50 % 3.50 % 3.50%3.50 \% borrowing rate. The cost to finance the invoice is calculated as $ 1000 × 3.50 % × [ D ] / 360 $ 1000 × 3.50 % × [ D ] / 360 $1000 xx3.50%xx[D]//360\$ 1000 \times 3.50 \% \times[D] / 360.
[E] 供應商融資成本假設為 3.50 % 3.50 % 3.50%3.50 \% 借貸利率。發票融資成本的計算方式為 $ 1000 × 3.50 % × [ D ] / 360 $ 1000 × 3.50 % × [ D ] / 360 $1000 xx3.50%xx[D]//360\$ 1000 \times 3.50 \% \times[D] / 360 。
[G] Calculated in Table B.
[G] 在表 B 中計算。
[H] Without the SCF program, the net amount to supplier is calculated as $ 1000 $ 1000 $1000\$ 1000 - [E].
[H] 如果沒有 SCF 程式，供應商的淨額計算為 $ 1000 $ 1000 $1000\$ 1000 - [E]。
With the SCF program, the net amount to supplier is calculated as $ 1000 × ( 1 − [ G ] ) $ 1000 × ( 1 − [ G ] ) $1000 xx(1-[G])\$ 1000 \times(1-[G]).
使用 SCF 程式時，供應商的淨額計算為 $ 1000 × ( 1 − [ G ] ) $ 1000 × ( 1 − [ G ] ) $1000 xx(1-[G])\$ 1000 \times(1-[G]) 。
Table B Calculation of SCF Invoice Discount
表 B SCF 發票折扣的計算
Notes 注意事項 Calculation 計算
Days financed by SCF bank
由 SCF 銀行融資的天數		 [ A ] [ A ] [A][A] (from Table A)
[ A ] [ A ] [A][A] （來自表 A）		 60
LIBOR, 60 day rate 倫敦銀行同業拆息，60 天利率 [ B ] [ B ] [B][B] 0.30 % 0.30 % 0.30%0.30 \%
SCF bank spread SCF 銀行利差 [ C ] [ C ] [C][C] 1.00 % 1.00 % 1.00%1.00 \%
SCF financing rate SCF 融資率 [ D ] = [ B ] + [ C ] [ D ] = [ B ] + [ C ] [D]=[B]+[C][D]=[B]+[C] 1.30 % 1.30 % 1.30%1.30 \%
SCF invoice discount (%) SCF 發票折扣 (%) [ E ] = [ D ] × [ A ] / 3 6 0 [ E ] = [ D ] × [ A ] / 3 6 0 [E]=[D]xx[A]//360[E]=[D] \times[A] / \mathbf{3 6 0} 0 . 2 2 % 0 . 2 2 % 0.22%\mathbf{0 . 2 2 \%}
Notes Calculation Days financed by SCF bank [A] (from Table A) 60 LIBOR, 60 day rate [B] 0.30% SCF bank spread [C] 1.00% SCF financing rate [D]=[B]+[C] 1.30% SCF invoice discount (%) [E]=[D]xx[A]//360 0.22%| | Notes | Calculation | | :--- | :--- | ---: | | Days financed by SCF bank | $[A]$ (from Table A) | 60 | | | | | | LIBOR, 60 day rate | $[B]$ | $0.30 \%$ | | SCF bank spread | $[C]$ | $1.00 \%$ | | SCF financing rate | $[D]=[B]+[C]$ | $1.30 \%$ | | SCF invoice discount (%) | $[E]=[D] \times[A] / \mathbf{3 6 0}$ | $\mathbf{0 . 2 2 \%}$ |
Source: Calculated by casewriter from company documents.
資料來源：由 Casewriter 根據公司文件計算。
In the example, a supplier would pay $ 2.92 $ 2.92 $2.92\$ 2.92 to finance a $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 invoice for 30 days, meaning that before the extension of payment terms, the supplier would receive a net amount of $ 997.08 $ 997.08 $997.08\$ 997.08 for the invoice. The example assumed that the supplier would finance 15 days of receivables in all scenarios. After the extension of payment terms, the suppler would need to pay $ 5.83 $ 5.83 $5.83\$ 5.83 to finance the same $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 invoice for 60 days, receiving a net amount of only $994.17. However, with the SCF program, the supplier could get a discounted payment of $ 997.83 $ 997.83 $997.83\$ 997.83 from the SCF bank after only 15 days. Given the
在範例中，供應商將支付 $ 2.92 $ 2.92 $2.92\$ 2.92 來為 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 發票融資 30 天，這表示在延長付款期限之前，供應商將收到 $ 997.08 $ 997.08 $997.08\$ 997.08 發票的淨額。本範例假設供應商會在所有情況下為 15 天的應收帳款融資。在延長付款期限後，供應商將需要支付 $ 5.83 $ 5.83 $5.83\$ 5.83 來為相同的 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 發票融資 60 天，收到的淨額僅為 994.17 美元。但是，有了 SCF 計劃，供應商只需在 15 天後就可以從 SCF 銀行獲得 $ 997.83 $ 997.83 $997.83\$ 997.83 的折扣付款。鑒於
4
relatively small SCF invoice discount (only 0.22 % 0.22 % 0.22%0.22 \% from Table B), the example showed that it was possible for the supplier to actually be better off with extended payment terms using the SCF program than with the original, faster payment terms.
相對較小的 SCF 發票折扣（表 B 中只有 0.22 % 0.22 % 0.22%0.22 \% ），這個例子顯示供應商實際上有可能在使用 SCF 方案延長付款期限時比使用原始的快速付款期限更好。
The SCF invoice discount was determined by the SCF financing rate and the length of the funding period. The SCF financing rate was set equal to the floating LIBOR rate for a term that matched the funding period plus a fixed spread - fixed for the life of the financing contract-that compensated the SCF bank for P&G’s credit risk and administrative costs, and provided a profit margin. c c ^(c){ }^{\mathrm{c}} In the example, the SCF financing rate was 1.30 % 1.30 % 1.30%1.30 \%, which equaled a LIBOR rate of 0.30 % 0.30 % 0.30%0.30 \% plus an SCF bank spread of 1.00 % 1.00 % 1.00%1.00 \%. To fund the invoice for 60 days, the 1.30 % 1.30 % 1.30%1.30 \% financing rate implied an SCF invoice discount of 0.22 % 0.22 % 0.22%0.22 \%. In other words, the SCF bank would pay the supplier $ 997.83 $ 997.83 $997.83\$ 997.83 on day 15 , if requested, and would then receive payment of $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 from P & G P & G P&GP \& G on day 75 . Suppliers who chose not to participate in the SCF program could, instead, use P&G’s existing payment discounts: P&G would deduct 1.0 % 1.0 % 1.0%1.0 \% from approved invoices for payment 30 days early and 2.0 % 2.0 % 2.0%2.0 \% for payments made 60 days early.
SCF 發票折扣由 SCF 融資利率和融資期長度決定。SCF 融資利率設定為與融資期相匹配的浮動 LIBOR 利率加上固定利差（在融資合約有效期內固定），以補償 SCF 銀行的 P&G 信用風險和管理成本，並提供利潤率。 c c ^(c){ }^{\mathrm{c}} 在這個例子中，SCF 融資利率為 1.30 % 1.30 % 1.30%1.30 \% ，等於 LIBOR 利率 0.30 % 0.30 % 0.30%0.30 \% 加上 SCF 銀行利差 1.00 % 1.00 % 1.00%1.00 \% 。要為發票提供 60 天的資金， 1.30 % 1.30 % 1.30%1.30 \% 融資利率意味著 SCF 發票折扣為 0.22 % 0.22 % 0.22%0.22 \% 。換句話說，如果供應商提出要求，SCF 銀行將在第 15 天向其支付 $ 997.83 $ 997.83 $997.83\$ 997.83 ，然後在第 75 天收到 P & G P & G P&GP \& G 支付的 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 。選擇不參加SCF計劃的供應商可以使用寶潔公司現有的付款折扣：寶潔將從批准的發票中扣除提前30天付款的 1.0 % 1.0 % 1.0%1.0 \% 和提前60天付款的 2.0 % 2.0 % 2.0%2.0 \% 。
In addition to receiving quicker payments, P & G P & G P&G\mathrm{P} \& \mathrm{G} highlighted four other benefits for suppliers who participated in the program:
除了更快收到付款外， P & G P & G P&G\mathrm{P} \& \mathrm{G} 還強調了參與該計劃的供應商的其他四個好處：
  • Greater flexibility: suppliers could elect to be paid on either day 15 or day 75 according to their specific cash flow needs and preferences;
    更大的靈活性：供應商可根據其特定的現金流需求和偏好，選擇在第 15 天或第 75 天付款；
  • Healthier balance sheet: by lower the resulting levels of receivables, suppliers would require less financing, thereby reducing debt on their balance sheets;
    更健康的資產負債表：由於應收帳款水準降低，供應商需要的融資也會減少，進而降低資產負債表上的債務；
  • Access to capital: SCF provided a new cash stream without burdening a supplier’s existing credit lines. Participation also created the possibility of a new banking relationship for the supplier with a global bank;
    獲得資金：SCF 提供了新的現金流，而不會對供應商的現有信用額度造成負擔。參與 SCF 還為供應商創造了與全球銀行建立新銀行關係的可能性；
  • Visibility: timely notification of approved invoices enhanced supplier cash flow management.
    可視性：及時通知已核准的發票，強化供應商現金流管理。

Announcing the SCF Program
宣佈 SCF 計畫

In early April 2013, P&G Chief Purchasing Officer Richard Hughes announced the extension of payment terms and introduced the SCF program in a letter to P&G suppliers:
2013年4月初，寶潔首席採購官Richard Hughes在致寶潔供應商的一封信中宣佈延長付款期限，並介紹了SCF計劃：
We are investing in a new program to help us win by creating new tools and capabilities that reduce transaction intensity and improve working capital and cash flow. The working capital program will focus on moving to longer payables with our external business partners. We . . . have developed a solution with pre-selected partner-banks that will enable us to offer a financial product called “Supply Chain Financing” (SCF) that can create a win-win-win for our external partners, P&G, and the banks. This approach not only will help mitigate some or all of the negative impact on the working capital of our external partners, but in many cases will create value, by enabling access to low cost capital for reinvestment. This solution demonstrates P & G P & G P&G\mathrm{P} \& \mathrm{G} 's commitment to drive sustainable value through improved productivity for P & G P & G P&G\mathrm{P} \& \mathrm{G} and our external business partners. 5 5 ^(5){ }^{5}
我們正在投資一項新計劃，透過創造新的工具和能力，降低交易強度，改善營運資金和現金流，幫助我們贏得勝利。營運資金計畫將專注於與我們的外部業務合作夥伴邁向更長的應付帳款。我們......已經與預選的合作銀行制定了一個解決方案，使我們能夠提供一種稱為 「供應鏈融資」（SCF）的金融產品，可以為我們的外部合作夥伴、寶潔和銀行創造三贏。這種方法不僅有助於減輕對我們外部合作夥伴營運資金的部分或全部負面影響，而且在很多情況下，還能通過獲得低成本資金進行再投資而創造價值。此解決方案展現了 P & G P & G P&G\mathrm{P} \& \mathrm{G} 透過提高 P & G P & G P&G\mathrm{P} \& \mathrm{G} 和我們外部業務合作夥伴的生產力來推動可持續價值的承諾。 5 5 ^(5){ }^{5}
P&G initially offered a pilot SCF program to 40 North American suppliers, and then launched the full program globally to 3,500 of its largest suppliers. d d  ^("d "){ }^{\text {d }} These suppliers accounted for 80 % 80 % 80%80 \% of P&G’s $ 60 $ 60 $60\$ 60 billion in annual purchases. e e ^(e){ }^{e} As part of the rollout, SCF trainers flew around the world to help local teams prepare for discussions with suppliers whose commercial contracts were up for renewal.
寶潔最初向40家北美供應商提供了SCF試點計劃，然後在全球範圍內向3,500家最大的供應商推出了完整的計劃。 d d  ^("d "){ }^{\text {d }} 這些供應商佔寶潔每年 $ 60 $ 60 $60\$ 60 十億採購額的 80 % 80 % 80%80 \% 。 e e ^(e){ }^{e} 作為推廣工作的一部分，SCF培訓師飛往世界各地，幫助當地團隊為與商業合同到期續約的供應商進行討論做好準備。
By mid-2015, two years after launch, some 700 suppliers-responsible for $ 13 $ 13 $13\$ 13 billion of P&G’s annual purchases-were participating in the SCF program and another 100 companies were in the process of joining the program. Based on the initial success, P&G was planning on a second phase of the rollout to its next tier of suppliers. Reflecting on the success of the SCF program through the first two years, Global Treasury Manager Daniel Lentz stated, “Treasury cares about SCF because it drives business to our key banks, which makes them happy. More broadly, the SCF program helps us understand our suppliers better and meet their needs. As it turned out, the provision of an alternative payment mechanism - the SCF program - was extremely important to our business partners.”
到 2015 年年中，即推出兩年後，約 700 家供應商（負責寶潔每年十億美元的採購額）參與了 SCF 計畫，另有 100 家公司正在加入該計畫。基於最初的成功，寶潔正計劃向下一級供應商進行第二階段的推廣。全球財務經理Daniel Lentz在回顧SCF計劃前兩年的成功時表示："財務部之所以關心SCF，是因為SCF為我們的主要銀行帶來了業務，這讓他們很高興。從更廣泛的角度來看，SCF 計劃有助於我們更好地瞭解供應商，滿足他們的需求。事實證明，提供替代支付機制 - SCF 計劃 - 對我們的業務合作夥伴極為重要"。
P&G’s newly appointed Chief Purchasing Officer, Stewart Atkinson, saw other benefits in the SCF program. Faster and more efficient invoice processing was one of them. He noted: “We didn’t always pay our bills on time. That problem became a rallying cry for change. Since the launch, we have enhanced our efficiency and the predictability of our payment systems. We are seeing that when we demonstrate commitment to the relationship, suppliers respond by supporting us over other buyers.” This result broadened Atkinson’s view of the possibilities created by the SCF program:
寶潔新任命的首席採購官Stewart Atkinson看到了SCF計劃的其他好處。更快、更高效的發票處理是其中之一。他指出他指出："我們並不總是準時支付帳單。這個問題已成為改變的號角。自推出以來，我們提高了付款系統的效率和可預測性。我們看到，當我們表現出對關係的承諾時，供應商會作出回應，支持我們而不是其他買家。"這個結果擴大了 Atkinson 對 SCF 計劃所創造的可能性的看法：
Traditional buyer-seller relationships are often transactional and competitive. We saw the rollout of our new SCF program as a chance to create richer and more collaborative relationships with our suppliers, to learn more about them, their business, and their concerns. From our side, we brought new people into those conversations, people from our finance team as well as procurement and logistics, and discussed a much broader range of issues in an attempt to create a win-win situation.
傳統的買賣關係通常是交易性和競爭性的。我們將新 SCF 計畫的推出視為與供應商建立更豐富、更協作關係的機會，藉此更多地瞭解他們、他們的業務和他們關心的問題。從我們的角度來看，我們讓財務團隊以及採購和物流部門的新同事參與這些對話，並討論了更廣泛的問題，嘗試創造一個雙贏的局面。

Fibria Celulose S.A.

Headquartered in Sao Paolo, Brazil, Fibria was formed by the merger of Aracruz Celulose and Votorantim Celulose e Papel in 2009. It was the leading producer of bleached pulp, which it manufactured from eucalyptus trees grown on Brazilian plantations and sold to a small number of global customers using medium-term contracts (i.e., three to five years) based on U.S. dollars. The firm earned R$156 million on revenues of R $ 7.1 $ 7.1 $7.1\$ 7.1 billion in 2014 (see Exhibits 5 and 6 6 6\mathbf{6} for Fibria’s financial data; the Brazilian currency, the real, was also known as the reais in Portuguese and was written as R$). P&G’s $300 million in purchases represented approximately 10% of Fibria’s total sales in 2014.
Fibria 總部位於巴西聖保羅，於 2009 年由 Aracruz Celulose 和 Votorantim Celulose e Papel 合併而成。該公司是領先的漂白紙漿生產商，以巴西種植園種植的桉樹為原料製造紙漿，並以美元為基礎，利用中期合約（即三至五年）銷售給少數全球客戶。該公司2014年的收入為 $ 7.1 $ 7.1 $7.1\$ 7.1 億雷亚尔，獲利1.56億雷亚尔（Fibria的財務數據見附表5和 6 6 6\mathbf{6} ；巴西貨幣雷亞爾在葡萄牙語中也稱為reais，寫成R$）。寶潔的3億美元採購額約佔Fibria 2014年總銷售額的10%。
As a low-cost producer of a commodity product located in a developing country, Fibria faced persistent volatility in pulp prices, interest rates, and exchange rates. In 2015, the company was benefiting (i.e., revenue and operating profit were increasing) from strong demand, rising pulp prices,
作為一家位於發展中國家的低成本商品產品生產商，Fibria 面臨紙漿價格、利率和匯率的持續波動。2015 年，公司因需求強勁、紙漿價格上漲而受益（即收入和營業利潤不斷增加）、
and an appreciation of the U.S. dollar-the U.S. dollar had appreciated from an average of 1.96 reals in 2012 to 2.69 reals in mid-2015 (see Exhibit 6). On the other hand, the appreciating U.S. dollar hurt Fibria, because over 90 % 90 % 90%90 \% of its debt was denominated in U.S. dollars (i.e., a rising U.S. dollar increased the firm’s financing costs and indebtedness). In recent years, Fibria had also been suffering losses on derivatives contracts designed to offset movements in the real/U.S. dollar exchange rate. Although this combination of factors resulted in a loss for the 12 months ending June 30, 2015, Fibria’s operating income and EBITDA were strongly positive and growing. In fact, Standard & Poor’s had recently upgraded the firm and given it an investment grade rating (BBB-) on its foreign currency debt obligations. Years of improving profitability had helped restore the firm’s credit rating, which had fallen to BB in 2009 following the debt-financed merger that created the firm. 6 6 ^(6){ }^{6}
以及美元升值 - 美元已從 2012 年的平均 1.96 雷亞爾升值至 2015 年年中的 2.69 雷亞爾（見附表 6）。另一方面，美元升值損害了 Fibria，因為其超過 90 % 90 % 90%90 \% 的債務是以美元計價的（即美元升值增加了公司的融資成本和債務）。近年來，Fibria 為抵銷美元實質匯率變動而設計的衍生工具合約也一直蒙受虧損。儘管這些因素的結合導致 Fibria 在截至 2015 年 6 月 30 日的 12 個月內出現虧損，但其營業收入和息稅折舊及攤銷前盈利（EBITDA）仍強勁正向增長。事實上，標準普爾最近已將該公司升級，並給予其外幣債務投資級評等 (BBB-)。多年來不斷提升的盈利能力幫助公司恢復了信用評級，在 2009 年公司進行債務融資合併後，公司的信用評級曾跌至 BB。 6 6 ^(6){ }^{6}
The process of producing and shipping bleached pulp across the globe was inherently timeconsuming and meant that Fibria’s cash conversion cycle was relatively long, historically averaging 100 days or more. For example, from the time a tree was harvested in Brazil, it typically took about 80 days to be processed into pulp, shipped to the U.S., and sold to P&G. Fibria’s existing commercial contract with P&G specified payment in U.S. dollars with a term of 60 days, meaning that it took approximately 140 days ( 80 days of inventory plus 60 days of receivables) for Fibria to receive payment for its pulp. Because Fibria paid its suppliers in approximately 40 days, it needed to fund 100 days of net working capital associated with its sales to P&G.
生產漂白紙漿並將其運往全球各地的過程本身就非常耗時，這意味著 Fibria 的現金轉換週期相對較長，歷史上平均為 100 天或更長。舉例來說，一棵樹從巴西採收後，通常需要約 80 天才能加工成紙漿、運送至美國並銷售給寶潔。Fibria 與 P&G 現有的商業合約規定以美元付款，期限為 60 天，這意味著 Fibria 需要大約 140 天（80 天的存貨加上 60 天的應收帳款）才能收到紙漿款項。由於 Fibria 支付供應商款項的時間約為 40 天，因此 Fibria 需要為向 P&G 銷售的相關淨營運資金提供 100 天的資金。
Since the 2008 financial crisis, Fibria’s cash conversion cycle had lengthened as its customers had taken longer (on average) to pay invoices. (See Exhibit 7 for data on Fibria’s cash conversion cycle.) The subsequent global recession had also depressed the demand for pulp and hurt Fibria’s financial performance. These challenges plus the need to service the debt acquired in the 2009 merger that had created the firm led Fibria to raise liquidity by selling assets and by reducing accounts receivable though factoring and forfaiting programs. 2 2 ^(2){ }^{2} While some customers allowed their invoices to be factored, others-including P&G-did not. When allowed, typical factoring discounts were 2 % − 3 % 2 % − 3 % 2%-3%2 \%-3 \% for investment grade customers and 3 % − 5 % 3 % − 5 % 3%-5%3 \%-5 \% or more for sub-investment grade or unrated customers for 90-day receivables, according to Carmo.
自 2008 年金融危機以來，Fibria 的現金轉換週期延長，因為其客戶（平均）需要更長時間來支付發票。(隨後的全球經濟衰退也抑制了紙漿需求，損害了 Fibria 的財務表現。這些挑戰加上需要償還 2009 年合併時購入的債務，使得 Fibria 不得不透過出售資產以及透過保理和福費廷計劃減少應收帳款來提高流動資金。 2 2 ^(2){ }^{2} 一些客戶允許其發票進行保理，但其他客戶（包括寶潔）則不允許。Carmo 表示，在允許的情況下，投資級客戶的典型保理折扣為 2 % − 3 % 2 % − 3 % 2%-3%2 \%-3 \% ，而次投資級或未評級客戶的 90 天應收賬款則為 3 % − 5 % 3 % − 5 % 3%-5%3 \%-5 \% 或更多。
Fibria was one of the first P&G suppliers to participate in the SCF program through its North American subsidiary. As part of its 2013 contract renewal process, Fibria agreed to extend payment terms from 60 to 105 days and decided to utilize the SCF program. Carmo recalled:
Fibria 是首批通過其北美子公司參與 SCF 計劃的寶潔供應商之一。作為2013年續約程序的一部分，Fibria同意將付款期限從60天延長到105天，並決定利用SCF計劃。Carmo回憶道：
Because we had used SCF with other customers, we were familiar with how the program worked and understood the benefits of greater liquidity and lower funding costs. For Fibria, liquidity is particularly important and valuable because there have been times, such as during the financial crisis, when raising capital was extremely difficult if not impossible. Getting invoices paid in 5 or 10 days allows us to fund other corporate priorities such as dividends, capital expenditures, or other high-priority items without having to raise debt, sell assets, or cut back on strategic investments.
由於我們曾為其他客戶使用 SCF，因此熟悉該計畫的運作方式，並瞭解提高流動性和降低融資成本的好處。對 Fibria 而言，流動資金尤為重要和寶貴，因為有時候，例如在金融危機期間，籌集資金非常困難，甚至不可能。在 5 天或 10 天內獲得發票付款，讓我們可以為其他公司優先項目提供資金，例如股利、資本支出或其他高度優先項目，而無需舉債、出售資產或削減策略性投資。
The ability to choose between two SCF banks was an important element of the P&G program, as it was not an option in most other SCF programs. Carmo explained, “We could negotiate rates and terms with two banks, and choose the more favorable program. For us, that was Citigroup. Citigroup has been a major financial partner for our corporate headquarters in Brazil for a very long time.” Citigroup originally offered Fibria an invoice discount of 0.35 % 0.35 % 0.35%0.35 \% for P & G P & G P&G\mathrm{P} \& \mathrm{G} invoices paid after five days through the SCF program - in other words, for 100 days of financing. The invoice discount was based on an SCF financing rate of 1.27 % 1.27 % 1.27%1.27 \% per annum, which equaled the then-current 3-month LIBOR rate of 0.27 % 0.27 % 0.27%0.27 \% plus an SCF bank spread of 1.00 % 1.00 % 1.00%1.00 \%. Under the program, Fibria could elect to receive a discounted payment for its P&G receivables five days after invoice approval. Carmo added: "Prior to the SCF program, we would have had to secure a corporate line of credit to fund our P&G receivables, typically at a U.S. dollar rate of 2 % 2 % 2%2 \% to 3 % . ′ ′ h 3 % . ′ ′ h 3%.^(''h)3 \% .{ }^{\prime \prime h}
在兩家 SCF 銀行之間進行選擇的能力是寶潔計劃的一個重要元素，因為在大多數其他 SCF 計劃中都沒有這種選擇。Carmo解釋說："我們可以與兩家銀行協商利率和條款，並選擇更有利的方案。對我們來說，那就是花旗集團。花旗集團長期以來都是我們巴西公司總部的主要金融合作夥伴。花旗集團最初為 Fibria 提供了 0.35 % 0.35 % 0.35%0.35 \% 的發票折扣，只要 P & G P & G P&G\mathrm{P} \& \mathrm{G} 發票在五天後透過 SCF 計畫支付，換句話說，就是 100 天的融資。發票折扣以 SCF 融資年利率 1.27 % 1.27 % 1.27%1.27 \% 為基礎，相當於當時的 3 個月 LIBOR 利率 0.27 % 0.27 % 0.27%0.27 \% 加上 SCF 銀行利差 1.00 % 1.00 % 1.00%1.00 \% 。根據該計劃，Fibria 可選擇在發票批准後五天收到寶潔應收賬款的貼現付款。Carmo 補充：「在 SCF 計畫之前，我們必須取得公司信貸額度，才能為我們的寶潔應收帳款提供資金，通常美元匯率為 2 % 2 % 2%2 \% 至 3 % . ′ ′ h 3 % . ′ ′ h 3%.^(''h)3 \% .{ }^{\prime \prime h} 。
Having been in the SCF program for more than two years, Fibria’s treasury group decided to review the program in August 2015. In addition to analyzing the costs and benefits of the program, the team wanted to rebid the SCF contract as a way to check on current pricing. (Exhibit 8 shows current market rates as of August 7, 2015.) While Fibria’s finance team was very happy with the firm’s longstanding relationship with Citigroup, the 2008 financial crisis had taught them the importance of having multiple banking relationships and extra sources of liquidity. For this reason, the team also wondered whether it made sense to establish a relationship with JPMorgan Chase, the other SCF bank. Toward that end, they asked both SCF banks - Citigroup and JPMorgan Chase-to submit pricing proposals to be the firm’s SCF banker. Once they received the proposals, they could decide whether it made sense to switch banks or not, and whether it made sense to renegotiate key terms and pricing.
Fibria 的財務團隊已參與 SCF 計畫超過兩年，於 2015 年 8 月決定重新檢視該計畫。除了分析該計劃的成本和效益外，該團隊還想重新競標 SCF 合同，以檢查當前的定價。(雖然 Fibria 的財務團隊非常滿意公司與花旗集團的長期合作關係，但 2008 年的金融危機讓他們了解到擁有多種銀行關係和額外流動資金來源的重要性。因此，該團隊也想知道與 SCF 的另一間銀行 JPMorgan Chase 建立關係是否合理。為此，他們要求花旗集團和摩根大通這兩家 SCF 銀行提交定價建議書，以成為公司的 SCF 銀行家。一旦收到建議書，他們就可以決定是否應該轉換銀行，以及是否應該重新談判關鍵條款和定價。
Exhibit 1 Procter & Gamble, Income Statement and Other Data, 2011-2015 (in $ millions)
附表 1 寶潔公司，2011-2015 年利潤表及其他資料（單位：百萬美元）
Income Statement 收益表 Fiscal Year Ending June 30
截至六月三十日的財政年度
2011 2012 2013 2014 2015
Revenue 營收 $81,104 $82,006 $80,116 $80,510 $76,279
Cost of Products Sold 產品銷售成本 $39,859 $41,411 $39,991 $40,611 $38,248
Gross Profit 毛利 $41,245 $40,595 $40,125 $39,899 $38,031
SG&A Expense SG&A 支出 $25,750 $25,984 $26,000 $24,402 $23,158
Operating Income 營業收入 $15,495 $14,611 $14,125 $15,497 $14,873
Net Interest Expense 淨利息支出 ($769) ($692) ($579) ($609) ($475)
Other Income & Unusual Items*
其他收入及非經常性項目*		 $271 ($1,391) $633 ($551) ( $ 2 , 552 ) ( $ 2 , 552 ) ($2,552)(\$ 2,552)
Profit before Tax 稅前利潤 $14,997 $12,528 $14,179 $14,337 $11,846
Income Tax Expense 所得稅費用 $3,299 $3,378 $3,226 $3,019 $2,916
Minority Interest 少數股東權益 ($130) ($148) ($90) ($142) ($108)
Earnings from Discont. Ops.
來自 Discont.Ops.		 $229 $1,754 $449 $467 ( $ 1 , 786 ) ( $ 1 , 786 ) ($1,786)(\$ 1,786)
Net Income 淨收入 $11,797 $10,756 $11,312 $11,643 $7,036
Per Share Items 每股項目
Basic Earnings per Share (EPS)
基本每股盈餘 (EPS)		 4.12 3.82 4.04 4.19 2.50
Avg. # Basic Shares Outstanding
平均值。# 基本已發行股份		 2,804 2,751 2,743 2,720 2,712
Dividend per Share 每股股利 $1.97 $2.14 $2.29 $2.45 $2.59
Payout Ratio 派息率 48% 56% 57% 59% 104%
Stock Price ($/share) 股票價格 ($/share) $63.57 61.25 $76.99 $78.59 $78.24
Other Cash Flow Items 其他現金流量項目
Depreciation & Amortization
折舊與攤銷		 $2,838 $3,204 $2,982 $3,141 $3,134
Capital Expenditures 資本支出 $3,306 $3,964 $4,008 $3,848 $3,736
Advertising Expense 廣告費用 $9,210 $9,222 $9,364 $8,979 $8,290
Financial Ratios & Information
財務比率與資訊
Revenue Growth 營收成長 4.6% 1.1% -2.3% 0.5% -5.3%
Gross Margin 毛利率 50.9% 49.5% 50.1% 49.6% 49.9%
Operating Margin 營運利潤率 19.1% 17.8% 17.6% 19.2% 19.5%
Net Margin (ROS) 淨利潤 (ROS) 14.5% 13.1% 14.1% 14.5% 9.2%
Return on Assets (ROA) 資產報酬率 (ROA) 8.5% 8.1% 8.1% 8.1% 5.4%
Return on Equity (ROE, ending)
股本報酬率 (ROE，期末)		 17.3% 16.8% 16.5% 16.6% 11.2%
Interest Cover (Oper Prof/Net Int Exp)
利息保障（營業利潤/淨內部支出）		 20.1 21.1 24.4 25.4 31.3
Effective Tax Rate 實際稅率 22.0% 27.0% 22.8% 21.1% 24.6%
Number of Employees 員工人數 129,000 126,000 121,000 118,000 110,000
Income Statement Fiscal Year Ending June 30 2011 2012 2013 2014 2015 Revenue $81,104 $82,006 $80,116 $80,510 $76,279 Cost of Products Sold $39,859 $41,411 $39,991 $40,611 $38,248 Gross Profit $41,245 $40,595 $40,125 $39,899 $38,031 SG&A Expense $25,750 $25,984 $26,000 $24,402 $23,158 Operating Income $15,495 $14,611 $14,125 $15,497 $14,873 Net Interest Expense ($769) ($692) ($579) ($609) ($475) Other Income & Unusual Items* $271 ($1,391) $633 ($551) ($2,552) Profit before Tax $14,997 $12,528 $14,179 $14,337 $11,846 Income Tax Expense $3,299 $3,378 $3,226 $3,019 $2,916 Minority Interest ($130) ($148) ($90) ($142) ($108) Earnings from Discont. Ops. $229 $1,754 $449 $467 ($1,786) Net Income $11,797 $10,756 $11,312 $11,643 $7,036 Per Share Items Basic Earnings per Share (EPS) 4.12 3.82 4.04 4.19 2.50 Avg. # Basic Shares Outstanding 2,804 2,751 2,743 2,720 2,712 Dividend per Share $1.97 $2.14 $2.29 $2.45 $2.59 Payout Ratio 48% 56% 57% 59% 104% Stock Price ($/share) $63.57 61.25 $76.99 $78.59 $78.24 Other Cash Flow Items Depreciation & Amortization $2,838 $3,204 $2,982 $3,141 $3,134 Capital Expenditures $3,306 $3,964 $4,008 $3,848 $3,736 Advertising Expense $9,210 $9,222 $9,364 $8,979 $8,290 Financial Ratios & Information Revenue Growth 4.6% 1.1% -2.3% 0.5% -5.3% Gross Margin 50.9% 49.5% 50.1% 49.6% 49.9% Operating Margin 19.1% 17.8% 17.6% 19.2% 19.5% Net Margin (ROS) 14.5% 13.1% 14.1% 14.5% 9.2% Return on Assets (ROA) 8.5% 8.1% 8.1% 8.1% 5.4% Return on Equity (ROE, ending) 17.3% 16.8% 16.5% 16.6% 11.2% Interest Cover (Oper Prof/Net Int Exp) 20.1 21.1 24.4 25.4 31.3 Effective Tax Rate 22.0% 27.0% 22.8% 21.1% 24.6% Number of Employees 129,000 126,000 121,000 118,000 110,000| Income Statement | Fiscal Year Ending June 30 | | | | | | :---: | :---: | :---: | :---: | :---: | :---: | | | 2011 | 2012 | 2013 | 2014 | 2015 | | Revenue | $81,104 | $82,006 | $80,116 | $80,510 | $76,279 | | Cost of Products Sold | $39,859 | $41,411 | $39,991 | $40,611 | $38,248 | | Gross Profit | $41,245 | $40,595 | $40,125 | $39,899 | $38,031 | | SG&A Expense | $25,750 | $25,984 | $26,000 | $24,402 | $23,158 | | Operating Income | $15,495 | $14,611 | $14,125 | $15,497 | $14,873 | | Net Interest Expense | ($769) | ($692) | ($579) | ($609) | ($475) | | Other Income & Unusual Items* | $271 | ($1,391) | $633 | ($551) | $(\$ 2,552)$ | | Profit before Tax | $14,997 | $12,528 | $14,179 | $14,337 | $11,846 | | Income Tax Expense | $3,299 | $3,378 | $3,226 | $3,019 | $2,916 | | Minority Interest | ($130) | ($148) | ($90) | ($142) | ($108) | | Earnings from Discont. Ops. | $229 | $1,754 | $449 | $467 | $(\$ 1,786)$ | | Net Income | $11,797 | $10,756 | $11,312 | $11,643 | $7,036 | | Per Share Items | | | | | | | Basic Earnings per Share (EPS) | 4.12 | 3.82 | 4.04 | 4.19 | 2.50 | | Avg. # Basic Shares Outstanding | 2,804 | 2,751 | 2,743 | 2,720 | 2,712 | | Dividend per Share | $1.97 | $2.14 | $2.29 | $2.45 | $2.59 | | Payout Ratio | 48% | 56% | 57% | 59% | 104% | | Stock Price ($/share) | $63.57 | 61.25 | $76.99 | $78.59 | $78.24 | | Other Cash Flow Items | | | | | | | Depreciation & Amortization | $2,838 | $3,204 | $2,982 | $3,141 | $3,134 | | Capital Expenditures | $3,306 | $3,964 | $4,008 | $3,848 | $3,736 | | Advertising Expense | $9,210 | $9,222 | $9,364 | $8,979 | $8,290 | | Financial Ratios & Information | | | | | | | Revenue Growth | 4.6% | 1.1% | -2.3% | 0.5% | -5.3% | | Gross Margin | 50.9% | 49.5% | 50.1% | 49.6% | 49.9% | | Operating Margin | 19.1% | 17.8% | 17.6% | 19.2% | 19.5% | | Net Margin (ROS) | 14.5% | 13.1% | 14.1% | 14.5% | 9.2% | | Return on Assets (ROA) | 8.5% | 8.1% | 8.1% | 8.1% | 5.4% | | Return on Equity (ROE, ending) | 17.3% | 16.8% | 16.5% | 16.6% | 11.2% | | Interest Cover (Oper Prof/Net Int Exp) | 20.1 | 21.1 | 24.4 | 25.4 | 31.3 | | Effective Tax Rate | 22.0% | 27.0% | 22.8% | 21.1% | 24.6% | | Number of Employees | 129,000 | 126,000 | 121,000 | 118,000 | 110,000 |
Source: Adapted from data obtained from Capital IQ, a division of Standard & Poor’s, accessed December 2015. Some data are from Procter & Gamble, June 30, 2015, Form 10-K (Cincinnati: Procter & Gamble, 2015).
資料來源改編自標準普爾旗下 Capital IQ 所取得的資料，於 2015 年 12 月存取。部分數據來自 Procter & Gamble，2015 年 6 月 30 日，Form 10-K（辛辛那提：Procter & Gamble，2015 年）。
  • Procter and Gamble took a one-time charge of $ 2.1 $ 2.1 $2.1\$ 2.1 billion in 2015 to reflect a change in the method of accounting for its Venezuelan operations. Due to an inability to convert currency or pay dividends, P&G decided to stop consolidating its Venezuelan subsidiaries and begin accounting for those investments using the cost method.
    寶潔公司在2015年一次性支出 $ 2.1 $ 2.1 $2.1\$ 2.1 億美元，以反映其委內瑞拉業務會計方法的變化。由於無法兌換貨幣或支付股息，寶潔決定停止合併其委內瑞拉子公司，並開始使用成本法對這些投資進行會計處理。
Exhibit 2 Procter & Gamble, Balance Sheet, FY2011-FY2015 (in $ millions)
附表 2 寶潔公司，2011-2015 財政年度資產負債表（單位：百萬美元）
Balance Sheet 資產負債表 Fiscal Year Ending June 30
截至六月三十日的財政年度		 2015
2011 2012 2013 2014
Assets 資產
Cash & ST Investments 現金與 ST 投資 $2,768 $4,436 $5,947 $10,686 $11,612
Accounts Receivable 應收帳款 $6,275 $6,068 $6,508 $6,386 $4,861
Inventory 庫存 $7,379 $6,721 $6,909 $6,759 $5,454
Prepaid Expenses 預付費用 $4,408 $3,684 $3,678 $3,845 $2,853
Other Current Assets 其他流動資產 $1,140 $1,001 $948 $3,941 $4,866
Current Assets 流動資產 $21,970 $21,910 $23,990 $31,617 $29,646
Net PP&E PP&E淨額 $21,293 $20,377 $21,666 $22,304 $20,268
Goodwill & Intangibles 商譽與無形資產 $90,182 $84,761 $86,760 $84,547 $74,145
Other LT Assets 其他 LT 資產 $4,909 $5,196 $6,847 $5,798 $5,436
Total Assets 總資產 $138,354 $132,244 $139,263 $144,266 $129,495
Liabilities & Net Worth 負債與淨值
Accounts Payable 應付帳款 $8,022 $7,920 $8,777 $8,461 $8,257
Accrued Expenses 應計費用 $5,696 $4,804 $5,161 $5,336 $4,564
Short-term Borrowings 短期借款 $6,987 $4,615 $7,926 $11,299 $9,249
Current Portion of LT Debt
長期借款的即期部分		 $2,994 $4,083 $4,506 $4,307 $2,752
Other Current Liabilities
其他流動負債		 $3,594 $3,485 $3,667 $4,323 $4,968
Current Liabilities 流動負債 $27,293 $24,907 $30,037 $33,726 $29,790
Long Term Debt 長期債務 $22,033 $21,080 $19,111 $19,811 $18,297
Pension Liabilities 退休金負債 $6,275 $8,954 $7,740 $7,890 $6,997
Other LT Liabilities 其他 LT 負債 $14,752 $13,268 $13,666 $12,863 $11,361
Total Liabilties 總負債 $70,353 $68,209 $70,554 $74,290 $66,445
Preferred Stock 優先股 $1,234 $1,195 $1,137 $1,111 $1,077
Common Equity 普通股權 $66,406 $62,244 $66,927 $68,103 $61,342
Minority Interest 少數股東權益 $361 $596 $645 $762 $631
Total Equity 總權益 $68,001 $64,035 $68,709 $69,976 $63,050
Total Liab. & Equity 總負債及權益 $138,354 $132,244 $139,263 $144,266 $129,495
Financial Ratios & Information
財務比率與資訊
Current Ratio (CA/CL) 流動比率 (CA/CL) 0.80 0.88 0.80 0.94 1.00
Total Debt 總債務 $32,014 $29,778 $31,543 $35,417 $30,298
Debt-to-Total Capital (D/TC)
債務與總資本比率 (D/TC)		 32.0% 31.7% 31.5% 33.6% 32.5%
Net Debt (Debt - Cash)
淨債務（債務 - 現金）		 $29,246 $25,342 $25,596 $24,731 $18,686
Fin. Leverage (Assets/Equity)
財務。槓桿（資產/股本）		 2.03 2.07 2.03 2.06 2.05
S&P Long-Term Debt Rating
標準普爾長期債務評級		 AA- AA- AA- AA- AA-
Working Capital 營運資金
Asset Turnover (Sales/Assets)
資產週轉率 (銷售額/資產)		 0.59 0.62 0.58 0.56 0.59
Inventory Turns (COGS/Inventory)
存貨週轉率 (COGS/Inventory)		 5.40 6.16 5.79 6.01 7.01
Balance Sheet Fiscal Year Ending June 30 2015 2011 2012 2013 2014 Assets Cash & ST Investments $2,768 $4,436 $5,947 $10,686 $11,612 Accounts Receivable $6,275 $6,068 $6,508 $6,386 $4,861 Inventory $7,379 $6,721 $6,909 $6,759 $5,454 Prepaid Expenses $4,408 $3,684 $3,678 $3,845 $2,853 Other Current Assets $1,140 $1,001 $948 $3,941 $4,866 Current Assets $21,970 $21,910 $23,990 $31,617 $29,646 Net PP&E $21,293 $20,377 $21,666 $22,304 $20,268 Goodwill & Intangibles $90,182 $84,761 $86,760 $84,547 $74,145 Other LT Assets $4,909 $5,196 $6,847 $5,798 $5,436 Total Assets $138,354 $132,244 $139,263 $144,266 $129,495 Liabilities & Net Worth Accounts Payable $8,022 $7,920 $8,777 $8,461 $8,257 Accrued Expenses $5,696 $4,804 $5,161 $5,336 $4,564 Short-term Borrowings $6,987 $4,615 $7,926 $11,299 $9,249 Current Portion of LT Debt $2,994 $4,083 $4,506 $4,307 $2,752 Other Current Liabilities $3,594 $3,485 $3,667 $4,323 $4,968 Current Liabilities $27,293 $24,907 $30,037 $33,726 $29,790 Long Term Debt $22,033 $21,080 $19,111 $19,811 $18,297 Pension Liabilities $6,275 $8,954 $7,740 $7,890 $6,997 Other LT Liabilities $14,752 $13,268 $13,666 $12,863 $11,361 Total Liabilties $70,353 $68,209 $70,554 $74,290 $66,445 Preferred Stock $1,234 $1,195 $1,137 $1,111 $1,077 Common Equity $66,406 $62,244 $66,927 $68,103 $61,342 Minority Interest $361 $596 $645 $762 $631 Total Equity $68,001 $64,035 $68,709 $69,976 $63,050 Total Liab. & Equity $138,354 $132,244 $139,263 $144,266 $129,495 Financial Ratios & Information Current Ratio (CA/CL) 0.80 0.88 0.80 0.94 1.00 Total Debt $32,014 $29,778 $31,543 $35,417 $30,298 Debt-to-Total Capital (D/TC) 32.0% 31.7% 31.5% 33.6% 32.5% Net Debt (Debt - Cash) $29,246 $25,342 $25,596 $24,731 $18,686 Fin. Leverage (Assets/Equity) 2.03 2.07 2.03 2.06 2.05 S&P Long-Term Debt Rating AA- AA- AA- AA- AA- Working Capital Asset Turnover (Sales/Assets) 0.59 0.62 0.58 0.56 0.59 Inventory Turns (COGS/Inventory) 5.40 6.16 5.79 6.01 7.01| Balance Sheet | Fiscal Year Ending June 30 | | | | 2015 | | :---: | :---: | :---: | :---: | :---: | :---: | | | 2011 | 2012 | 2013 | 2014 | | | Assets | | | | | | | Cash & ST Investments | $2,768 | $4,436 | $5,947 | $10,686 | $11,612 | | Accounts Receivable | $6,275 | $6,068 | $6,508 | $6,386 | $4,861 | | Inventory | $7,379 | $6,721 | $6,909 | $6,759 | $5,454 | | Prepaid Expenses | $4,408 | $3,684 | $3,678 | $3,845 | $2,853 | | Other Current Assets | $1,140 | $1,001 | $948 | $3,941 | $4,866 | | Current Assets | $21,970 | $21,910 | $23,990 | $31,617 | $29,646 | | Net PP&E | $21,293 | $20,377 | $21,666 | $22,304 | $20,268 | | Goodwill & Intangibles | $90,182 | $84,761 | $86,760 | $84,547 | $74,145 | | Other LT Assets | $4,909 | $5,196 | $6,847 | $5,798 | $5,436 | | Total Assets | $138,354 | $132,244 | $139,263 | $144,266 | $129,495 | | Liabilities & Net Worth | | | | | | | Accounts Payable | $8,022 | $7,920 | $8,777 | $8,461 | $8,257 | | Accrued Expenses | $5,696 | $4,804 | $5,161 | $5,336 | $4,564 | | Short-term Borrowings | $6,987 | $4,615 | $7,926 | $11,299 | $9,249 | | Current Portion of LT Debt | $2,994 | $4,083 | $4,506 | $4,307 | $2,752 | | Other Current Liabilities | $3,594 | $3,485 | $3,667 | $4,323 | $4,968 | | Current Liabilities | $27,293 | $24,907 | $30,037 | $33,726 | $29,790 | | Long Term Debt | $22,033 | $21,080 | $19,111 | $19,811 | $18,297 | | Pension Liabilities | $6,275 | $8,954 | $7,740 | $7,890 | $6,997 | | Other LT Liabilities | $14,752 | $13,268 | $13,666 | $12,863 | $11,361 | | Total Liabilties | $70,353 | $68,209 | $70,554 | $74,290 | $66,445 | | Preferred Stock | $1,234 | $1,195 | $1,137 | $1,111 | $1,077 | | Common Equity | $66,406 | $62,244 | $66,927 | $68,103 | $61,342 | | Minority Interest | $361 | $596 | $645 | $762 | $631 | | Total Equity | $68,001 | $64,035 | $68,709 | $69,976 | $63,050 | | Total Liab. & Equity | $138,354 | $132,244 | $139,263 | $144,266 | $129,495 | | Financial Ratios & Information | | | | | | | Current Ratio (CA/CL) | 0.80 | 0.88 | 0.80 | 0.94 | 1.00 | | Total Debt | $32,014 | $29,778 | $31,543 | $35,417 | $30,298 | | Debt-to-Total Capital (D/TC) | 32.0% | 31.7% | 31.5% | 33.6% | 32.5% | | Net Debt (Debt - Cash) | $29,246 | $25,342 | $25,596 | $24,731 | $18,686 | | Fin. Leverage (Assets/Equity) | 2.03 | 2.07 | 2.03 | 2.06 | 2.05 | | S&P Long-Term Debt Rating | AA- | AA- | AA- | AA- | AA- | | Working Capital | | | | | | | Asset Turnover (Sales/Assets) | 0.59 | 0.62 | 0.58 | 0.56 | 0.59 | | Inventory Turns (COGS/Inventory) | 5.40 | 6.16 | 5.79 | 6.01 | 7.01 |
Source: Adapted from data obtained from Capital IQ, a division of Standard & Poor’s, accessed December 2015.
資料來源改編自標準普爾旗下 Capital IQ 所取得的資料，於 2015 年 12 月存取。
Exhibit 3 Procter & Gamble Working Capital Management, 2000-2015 (in days)
圖表 3 2000-2015 年寶潔營運資金管理（天數）

未完成銷售天數 (DSO)
Days of Sales
Outstanding (DSO)
Days of Sales Outstanding (DSO)| Days of Sales | | :--- | | Outstanding (DSO) |
 Days of Inventory Outstanding (DIO)
未清存貨天數 (DIO)

應付未付款天數 (DPO)
Days of
Payables
Outstanding
(DPO)
Days of Payables Outstanding (DPO)| Days of | | :--- | | Payables | | Outstanding | | (DPO) |
 Cash Conversion Cycle (CCC)
現金轉換週期 (CCC)		 Adjusted Days of Payables Out. (DPO) *
調整後的應付帳款支出天數。(DPO) *
A B C D = A + B − C D = A + B − C D=A+B-CD=A+B-C E
2000 26.6 60.6 38.4 48.8 32.5
2002 27.3 58.9 36.1 50.1 30.8
2002 28.0 61.6 39.3 50.3 33.2
2003 25.6 60.0 46.1 39.5 38.5
2004 28.8 63.9 52.5 40.2 43.1
2005 26.9 65.6 49.8 42.7 41.1
2006 30.6 69.3 54.1 45.8 44.5
2007 32.3 69.8 58.4 43.7 47.9
2008 31.1 78.2 63.0 46.4 51.8
2009 27.8 64.9 56.4 36.3 47.2
2010 25.1 62.9 71.4 16.6 58.1
2011 28.2 67.6 73.5 22.4 59.7
2012 27.0 59.2 69.8 16.4 57.1
2013 29.6 63.1 80.1 12.6 64.9
2014 29.0 60.7 76.0 13.7 62.3
2015 23.3 52.0 78.8 -3.5 64.8
"Days of Sales Outstanding (DSO)" Days of Inventory Outstanding (DIO) "Days of Payables Outstanding (DPO)" Cash Conversion Cycle (CCC) Adjusted Days of Payables Out. (DPO) * A B C D=A+B-C E 2000 26.6 60.6 38.4 48.8 32.5 2002 27.3 58.9 36.1 50.1 30.8 2002 28.0 61.6 39.3 50.3 33.2 2003 25.6 60.0 46.1 39.5 38.5 2004 28.8 63.9 52.5 40.2 43.1 2005 26.9 65.6 49.8 42.7 41.1 2006 30.6 69.3 54.1 45.8 44.5 2007 32.3 69.8 58.4 43.7 47.9 2008 31.1 78.2 63.0 46.4 51.8 2009 27.8 64.9 56.4 36.3 47.2 2010 25.1 62.9 71.4 16.6 58.1 2011 28.2 67.6 73.5 22.4 59.7 2012 27.0 59.2 69.8 16.4 57.1 2013 29.6 63.1 80.1 12.6 64.9 2014 29.0 60.7 76.0 13.7 62.3 2015 23.3 52.0 78.8 -3.5 64.8| | Days of Sales <br> Outstanding (DSO) | Days of Inventory Outstanding (DIO) | Days of <br> Payables <br> Outstanding <br> (DPO) | Cash Conversion Cycle (CCC) | Adjusted Days of Payables Out. (DPO) * | | :---: | :---: | :---: | :---: | :---: | :---: | | | A | B | C | $D=A+B-C$ | E | | 2000 | 26.6 | 60.6 | 38.4 | 48.8 | 32.5 | | 2002 | 27.3 | 58.9 | 36.1 | 50.1 | 30.8 | | 2002 | 28.0 | 61.6 | 39.3 | 50.3 | 33.2 | | 2003 | 25.6 | 60.0 | 46.1 | 39.5 | 38.5 | | 2004 | 28.8 | 63.9 | 52.5 | 40.2 | 43.1 | | 2005 | 26.9 | 65.6 | 49.8 | 42.7 | 41.1 | | 2006 | 30.6 | 69.3 | 54.1 | 45.8 | 44.5 | | 2007 | 32.3 | 69.8 | 58.4 | 43.7 | 47.9 | | 2008 | 31.1 | 78.2 | 63.0 | 46.4 | 51.8 | | 2009 | 27.8 | 64.9 | 56.4 | 36.3 | 47.2 | | 2010 | 25.1 | 62.9 | 71.4 | 16.6 | 58.1 | | 2011 | 28.2 | 67.6 | 73.5 | 22.4 | 59.7 | | 2012 | 27.0 | 59.2 | 69.8 | 16.4 | 57.1 | | 2013 | 29.6 | 63.1 | 80.1 | 12.6 | 64.9 | | 2014 | 29.0 | 60.7 | 76.0 | 13.7 | 62.3 | | 2015 | 23.3 | 52.0 | 78.8 | -3.5 | 64.8 |
Source: Adapted from data obtained from Capital IQ, a division of Standard & Poor’s, accessed December 2015.
資料來源改編自標準普爾旗下 Capital IQ 所取得的資料，於 2015 年 12 月存取。
Definitions: 定義：
DSO = Days of Sales Outstanding = AR / (Sales / 365)
DSO = 未完成銷售天數 = AR / (銷售額 / 365)
DSI = = == Days of Sales in Inventory = = == Inventory / ( C O G S / 365 ) / ( C O G S / 365 ) //(COGS//365)/(C O G S / 365)
DSI = = == 庫存銷售天數 = = == 庫存 / ( C O G S / 365 ) / ( C O G S / 365 ) //(COGS//365)/(C O G S / 365)
DPO = DPO = DPO=\mathrm{DPO}= Days of Payables Outstanding = AP / ( = AP / ( =AP//(=\mathrm{AP} /( COGS / 365 ) / 365 ) //365)/ 365). Some firms calculate this metric using total purchases rather than COGS. For example, P&G included all payments to external suppliers, a number close to total purchases, when calculating DPO for internal use.
DPO = DPO = DPO=\mathrm{DPO}= 應付未付款天數 = AP / ( = AP / ( =AP//(=\mathrm{AP} /( COGS / 365 ) / 365 ) //365)/ 365) 。有些公司使用採購總額而非 COGS 來計算這個指標。例如，寶潔公司在計算供內部使用的 DPO 時，將支付給外部供應商的所有款項（一個接近採購總額的數字）包括在內。
  • Adjusted Days of Payables Outstanding ( DPO ) = [ ( DPO ) = [ (DPO)=[(\mathrm{DPO})=[ AP / (COGS + Advertising Expense)/365]. This adjustment recognizes the importance of payments to major suppliers such as advertising firms which are not included in costs of goods sold.
    調整後的應付未付款天數 ( DPO ) = [ ( DPO ) = [ (DPO)=[(\mathrm{DPO})=[ AP / (COGS + Advertising Expense)/365].此調整認可支付給主要供應商（如廣告公司）的款項的重要性，這些款項並不包括在銷售成本中。
Exhibit 4 Operational Flows in the SCF Program
附表 4 SCF 計劃的營運流量
Exhibit 5 Fibria Celulose, Income Statement, 2012-2015 (in millions of Brazilian Reais and US Dollars)
圖表 5 Fibria Celulose，2012-2015 年利潤表（以百萬巴西雷亞爾和美元為單位）
Income Statement 收益表 Fiscal Year Ending December 31
截至 12 月 31 日的財政年度		 Last 12 months to 6/30/15
過去 12 個月至 6/30/15
2012 2013 2014 In Reais 在雷亞斯 In USD 以美元計價
Revenue 營收 R$ 6,174 R$ 6,917 R$ 7,084 R$ 8,054 $3,099
Cost of Products Sold 產品銷售成本 R$ 5,237 R$ 5,383 R$ 5,546 R$ 5,560 $2,139
Gross Profit 毛利 R$ 937 R$ 1,535 R$ 1,538 R$ 2,494 $960
SG&A Expense SG&A 支出 R$ 579 R$ 642 R$ 644 R$ 703 $270
Other Oper. Expense (Income)
其他營運支出（收入支出（收入）		 R$ 13 -R$ 21 -R$ 766 R$ 94 $36
Operating Income 營業收入 R$ 345 R$ 914 R$ 1,660 R$ 1,698 $653
Net Interest Expense 淨利息支出 R$ 530 R$ 479 R$ 385 R$ 356 $137
Currency Exchange Gains (Loss)
匯兌收益（虧損）		 -R$ 735 -R$ 933 -R$ 722 -R$ 1,926 ($741)
Other Non-Oper. Income (Loss)
其他非營業收入（損失收入（虧損）		 -R$ 70 R$ 154 -R$ 531 -R$ 617 ($237)
Profit before Tax 稅前利潤 -R$ 990 -R$ 344 R$ 22 -R$ 1,201 ($462)
Income Tax Expense (Credit)
所得稅支出（抵免）		 -R$ 292 R$354 -R$ 141 -R$ 762 ($293)
Minority Interest 少數股東權益 -R$ 7 -R$9 -R$ 7 -R$ 9 ($4)
Net Income 淨收入 -R$ 705 -R$ 706 R$ 156 -R$ 449 ($173)
Per Share Items 每股項目
Basic Earnings per Share (EPS)
基本每股盈餘 (EPS)		 -R$ 1.34 -R$ 1.28 R$ 0.28 R$ 0.81 $0.31
Avg. # Basic Shares Out.
平均值。# 基本股數		 525 554 554 554
Dividends per Share 每股股利 R$ 0.00 R$ 0.00 R$ 0.07 R$ 0.27
Stock Price 股票價格 R$ 22.57 R$ 27.86 R$ 32.26 R$ 44.15
Other Cash Flow Items 其他現金流量項目
Depreciation & Amortization
折舊與攤銷		 R $ 1,720 R$ 1,752 R$ 1,791 R$ 1,818 $700
Capital Expenditures 資本支出 R$ 1,078 R$ 1,287 R$ 1,591 R$ 1,657 $638
Financial Ratios 財務比率
Revenue Growth 營收成長 5.5% 12.0% 2.4% 13.7%
Gross Margin 毛利率 15.2% 22.2% 21.7% 31.0%
Operating Margin 營運利潤率 5.6% 13.2% 23.4% 21.1%
Net Margin (ROS) 淨利潤 (ROS) -11.4% -10.2% 2.2% -5.6%
Return on Assets (ROA) 資產報酬率 (ROA) -2.5% -2.6% 0.6% -1.7%
Return on Equity (ROE, ending)
股本報酬率 (ROE，期末)		 -4.6% -4.9% 1.1% -3.1%
Pulp Sales (000 metric tons)
紙漿銷售量（千公噸）		 5,357 5,198 5,305 5,370
Pulp Price-Europe (USD/ton)
歐洲紙漿價格 (美元/噸)		 $780 $770 $741 $793
Number of Employees 員工人數 4,136 4,192 4,294 4,200
Average Exchange Rate (Reais/USD)
平均匯率 (雷亞爾/美元)		 1.9550 2.1605 2.3547 2.5989
Income Statement Fiscal Year Ending December 31 Last 12 months to 6/30/15 2012 2013 2014 In Reais In USD Revenue R$ 6,174 R$ 6,917 R$ 7,084 R$ 8,054 $3,099 Cost of Products Sold R$ 5,237 R$ 5,383 R$ 5,546 R$ 5,560 $2,139 Gross Profit R$ 937 R$ 1,535 R$ 1,538 R$ 2,494 $960 SG&A Expense R$ 579 R$ 642 R$ 644 R$ 703 $270 Other Oper. Expense (Income) R$ 13 -R$ 21 -R$ 766 R$ 94 $36 Operating Income R$ 345 R$ 914 R$ 1,660 R$ 1,698 $653 Net Interest Expense R$ 530 R$ 479 R$ 385 R$ 356 $137 Currency Exchange Gains (Loss) -R$ 735 -R$ 933 -R$ 722 -R$ 1,926 ($741) Other Non-Oper. Income (Loss) -R$ 70 R$ 154 -R$ 531 -R$ 617 ($237) Profit before Tax -R$ 990 -R$ 344 R$ 22 -R$ 1,201 ($462) Income Tax Expense (Credit) -R$ 292 R$354 -R$ 141 -R$ 762 ($293) Minority Interest -R$ 7 -R$9 -R$ 7 -R$ 9 ($4) Net Income -R$ 705 -R$ 706 R$ 156 -R$ 449 ($173) Per Share Items Basic Earnings per Share (EPS) -R$ 1.34 -R$ 1.28 R$ 0.28 R$ 0.81 $0.31 Avg. # Basic Shares Out. 525 554 554 554 Dividends per Share R$ 0.00 R$ 0.00 R$ 0.07 R$ 0.27 Stock Price R$ 22.57 R$ 27.86 R$ 32.26 R$ 44.15 Other Cash Flow Items Depreciation & Amortization R $ 1,720 R$ 1,752 R$ 1,791 R$ 1,818 $700 Capital Expenditures R$ 1,078 R$ 1,287 R$ 1,591 R$ 1,657 $638 Financial Ratios Revenue Growth 5.5% 12.0% 2.4% 13.7% Gross Margin 15.2% 22.2% 21.7% 31.0% Operating Margin 5.6% 13.2% 23.4% 21.1% Net Margin (ROS) -11.4% -10.2% 2.2% -5.6% Return on Assets (ROA) -2.5% -2.6% 0.6% -1.7% Return on Equity (ROE, ending) -4.6% -4.9% 1.1% -3.1% Pulp Sales (000 metric tons) 5,357 5,198 5,305 5,370 Pulp Price-Europe (USD/ton) $780 $770 $741 $793 Number of Employees 4,136 4,192 4,294 4,200 Average Exchange Rate (Reais/USD) 1.9550 2.1605 2.3547 2.5989 | Income Statement | Fiscal Year Ending December 31 | | | Last 12 months to 6/30/15 | | | :---: | :---: | :---: | :---: | :---: | :---: | | | 2012 | 2013 | 2014 | In Reais | In USD | | Revenue | R$ 6,174 | R$ 6,917 | R$ 7,084 | R$ 8,054 | $3,099 | | Cost of Products Sold | R$ 5,237 | R$ 5,383 | R$ 5,546 | R$ 5,560 | $2,139 | | Gross Profit | R$ 937 | R$ 1,535 | R$ 1,538 | R$ 2,494 | $960 | | SG&A Expense | R$ 579 | R$ 642 | R$ 644 | R$ 703 | $270 | | Other Oper. Expense (Income) | R$ 13 | -R$ 21 | -R$ 766 | R$ 94 | $36 | | Operating Income | R$ 345 | R$ 914 | R$ 1,660 | R$ 1,698 | $653 | | Net Interest Expense | R$ 530 | R$ 479 | R$ 385 | R$ 356 | $137 | | Currency Exchange Gains (Loss) | -R$ 735 | -R$ 933 | -R$ 722 | -R$ 1,926 | ($741) | | Other Non-Oper. Income (Loss) | -R$ 70 | R$ 154 | -R$ 531 | -R$ 617 | ($237) | | Profit before Tax | -R$ 990 | -R$ 344 | R$ 22 | -R$ 1,201 | ($462) | | Income Tax Expense (Credit) | -R$ 292 | R$354 | -R$ 141 | -R$ 762 | ($293) | | Minority Interest | -R$ 7 | -R$9 | -R$ 7 | -R$ 9 | ($4) | | Net Income | -R$ 705 | -R$ 706 | R$ 156 | -R$ 449 | ($173) | | Per Share Items | | | | | | | Basic Earnings per Share (EPS) | -R$ 1.34 | -R$ 1.28 | R$ 0.28 | R$ 0.81 | $0.31 | | Avg. # Basic Shares Out. | 525 | 554 | 554 | 554 | | | Dividends per Share | R$ 0.00 | R$ 0.00 | R$ 0.07 | R$ 0.27 | | | Stock Price | R$ 22.57 | R$ 27.86 | R$ 32.26 | R$ 44.15 | | | Other Cash Flow Items | | | | | | | Depreciation & Amortization | R $ 1,720 | R$ 1,752 | R$ 1,791 | R$ 1,818 | $700 | | Capital Expenditures | R$ 1,078 | R$ 1,287 | R$ 1,591 | R$ 1,657 | $638 | | Financial Ratios | | | | | | | Revenue Growth | 5.5% | 12.0% | 2.4% | 13.7% | | | Gross Margin | 15.2% | 22.2% | 21.7% | 31.0% | | | Operating Margin | 5.6% | 13.2% | 23.4% | 21.1% | | | Net Margin (ROS) | -11.4% | -10.2% | 2.2% | -5.6% | | | Return on Assets (ROA) | -2.5% | -2.6% | 0.6% | -1.7% | | | Return on Equity (ROE, ending) | -4.6% | -4.9% | 1.1% | -3.1% | | | Pulp Sales (000 metric tons) | 5,357 | 5,198 | 5,305 | 5,370 | | | Pulp Price-Europe (USD/ton) | $780 | $770 | $741 | $793 | | | Number of Employees | 4,136 | 4,192 | 4,294 | 4,200 | | | Average Exchange Rate (Reais/USD) | 1.9550 | 2.1605 | 2.3547 | 2.5989 | |
Source: Fibria Celulose S.A., SEC Form 20-F for the year ended December 31, 2015, Capital IQ, a division of Standard & Poor’s, accessed February 2016.
資料來源：Fibria Celulose S.A：Fibria Celulose S.A.，截至 2015 年 12 月 31 日止年度的 SEC 20-F 表格，Capital IQ，標準普爾旗下部門，2016 年 2 月存取。
Note: For simplicity, the dollar denominated income statement for the 12 months ending June 30, 2015 was created using the average exchange rate for those 12 months.
註：為簡單起見，截至 2015 年 6 月 30 日止 12 個月的美元計價損益表採用該 12 個月的平均匯率製作。
Exhibit 6 Fibria Celulose, Balance Sheet, 2012-2015 (in millions of Brazilian Reais and US Dollars)
附表 6 Fibria Celulose，2012-2015 年資產負債表（以百萬巴西雷亞爾和美元為單位）
Balance Sheet 資產負債表 Fiscal Year Ending December 31
截至 12 月 31 日的財政年度		 June 30, 2015 2015 年 6 月 30 日
2012 2013 2014 In Reais 在雷亞斯 In USD 以美元計價
Assets 資產
Cash & ST Investments 現金與 ST 投資 R$ 3,296 R$ 2,099 R$ 745 R$ 1,386 $515
Accounts Receivable 應收帳款 R$ 964 R$ 1,477 R$ 695 R$ 875 $325
Inventory 庫存 R$ 1,183 R$ 1,266 R$ 1,239 R$ 1,455 $541
Other Current Assets 其他流動資產 R$ 803 R$ 966 R$ 583 R$ 147 $55
Current Assets 流動資產 R$ 6,246 R$ 5,807 R$ 3,261 R$ 3,862 $1,435
Net PP&E PP&E淨額 R$ 14,291 R$ 13,224 R$ 12,959 R$ 12,810 $4,760
Goodwill & Intangibles 商譽與無形資產 R$ 4,717 R$ 4,634 R$ 4,552 R$ 4,521 $1,680
Other LT Assets 其他 LT 資產 R$ 2,890 R$ 3,085 R$ 4,822 R$ 5,308 $1,972
Total Assets 總資產 R$ 28,145 R$ 26,750 R$ 25,594 R$ 26,501 $9,847
Liabilities & Net Worth 負債與淨值
Accounts Payable 應付帳款 R$ 436 R$ 587 R$ 593 R$ 637 $237
Accrued Expenses 應計費用 R$ 139 R$ 129 R$ 135 R$ 111 $41
Short-term Borrowings 短期借款 R$ 0 R$ 196 R$ 263 R$ 153 $57
Current Portion of LT Debt
長期借款的即期部分		 R$ 1,138 R$ 2,777 R$ 703 R$ 741 $275
Other Current Liabilities
其他流動負債		 R$ 762 R$ 760 R$ 405 R$ 445 $165
Current Liabilities 流動負債 R$ 2,475 R$ 4,448 R$ 2,099 R$ 2,086 $775
Long Term Debt 長期債務 R$ 9,630 R$ 6,801 R$ 7,361 R$ 8,121 $3,018
Other LT Liabilities 其他 LT 負債 R$ 869 R$ 1,010 R$ 1,518 R$ 1,730 $643
Total Liabilities 總負債 R$ 12,974 R$ 12,259 R$ 10,978 R$ 11,937 $4,436
Total Equity 總權益 R$ 15,171 R$ 14,491 R$ 14,616 R$ 14,563 $5,411
Total Liab. & Equity 總負債及權益 R$ 28,145 R$ 26,750 R$ 25,594 R$ 26,501 $9,847
Financial Ratios 財務比率
Current Ratio (CA/CL) 流動比率 (CA/CL) 2.52 1.31 1.55 1.85
Total Debt 總債務 R$ 10,768 R$ 9,773 R$ 8,327 R$ 9,015
Debt-to-Total Capital (D/TC)
債務與總資本比率 (D/TC)		 41.5% 40.3% 36.3% 38.2%
Fin. Leverage (Assets/Equity)
財務。槓桿（資產/股本）		 1.86 1.85 1.75 1.82
S&P LT Debt Rating 標準普爾 LT 債務評級 BB BB+ BB+ BBB-
Working Capital 營運資金
Asset Turnover (Sales/Assets)
資產週轉率 (銷售額/資產)		 0.22 0.26 0.28 0.34
Inventory Turns (COGS/Inv.)
存貨週轉率 (COGS/Inv.)		 4.43 4.25 4.48 3.87
Average Exchange Rate (Reais/USD)
平均匯率 (雷亞爾/美元)		 1.9550 2.1605 2.3547 2.6913
Balance Sheet Fiscal Year Ending December 31 June 30, 2015 2012 2013 2014 In Reais In USD Assets Cash & ST Investments R$ 3,296 R$ 2,099 R$ 745 R$ 1,386 $515 Accounts Receivable R$ 964 R$ 1,477 R$ 695 R$ 875 $325 Inventory R$ 1,183 R$ 1,266 R$ 1,239 R$ 1,455 $541 Other Current Assets R$ 803 R$ 966 R$ 583 R$ 147 $55 Current Assets R$ 6,246 R$ 5,807 R$ 3,261 R$ 3,862 $1,435 Net PP&E R$ 14,291 R$ 13,224 R$ 12,959 R$ 12,810 $4,760 Goodwill & Intangibles R$ 4,717 R$ 4,634 R$ 4,552 R$ 4,521 $1,680 Other LT Assets R$ 2,890 R$ 3,085 R$ 4,822 R$ 5,308 $1,972 Total Assets R$ 28,145 R$ 26,750 R$ 25,594 R$ 26,501 $9,847 Liabilities & Net Worth Accounts Payable R$ 436 R$ 587 R$ 593 R$ 637 $237 Accrued Expenses R$ 139 R$ 129 R$ 135 R$ 111 $41 Short-term Borrowings R$ 0 R$ 196 R$ 263 R$ 153 $57 Current Portion of LT Debt R$ 1,138 R$ 2,777 R$ 703 R$ 741 $275 Other Current Liabilities R$ 762 R$ 760 R$ 405 R$ 445 $165 Current Liabilities R$ 2,475 R$ 4,448 R$ 2,099 R$ 2,086 $775 Long Term Debt R$ 9,630 R$ 6,801 R$ 7,361 R$ 8,121 $3,018 Other LT Liabilities R$ 869 R$ 1,010 R$ 1,518 R$ 1,730 $643 Total Liabilities R$ 12,974 R$ 12,259 R$ 10,978 R$ 11,937 $4,436 Total Equity R$ 15,171 R$ 14,491 R$ 14,616 R$ 14,563 $5,411 Total Liab. & Equity R$ 28,145 R$ 26,750 R$ 25,594 R$ 26,501 $9,847 Financial Ratios Current Ratio (CA/CL) 2.52 1.31 1.55 1.85 Total Debt R$ 10,768 R$ 9,773 R$ 8,327 R$ 9,015 Debt-to-Total Capital (D/TC) 41.5% 40.3% 36.3% 38.2% Fin. Leverage (Assets/Equity) 1.86 1.85 1.75 1.82 S&P LT Debt Rating BB BB+ BB+ BBB- Working Capital Asset Turnover (Sales/Assets) 0.22 0.26 0.28 0.34 Inventory Turns (COGS/Inv.) 4.43 4.25 4.48 3.87 Average Exchange Rate (Reais/USD) 1.9550 2.1605 2.3547 2.6913 | Balance Sheet | Fiscal Year Ending December 31 | | | June 30, 2015 | | | :---: | :---: | :---: | :---: | :---: | :---: | | | 2012 | 2013 | 2014 | In Reais | In USD | | Assets | | | | | | | Cash & ST Investments | R$ 3,296 | R$ 2,099 | R$ 745 | R$ 1,386 | $515 | | Accounts Receivable | R$ 964 | R$ 1,477 | R$ 695 | R$ 875 | $325 | | Inventory | R$ 1,183 | R$ 1,266 | R$ 1,239 | R$ 1,455 | $541 | | Other Current Assets | R$ 803 | R$ 966 | R$ 583 | R$ 147 | $55 | | Current Assets | R$ 6,246 | R$ 5,807 | R$ 3,261 | R$ 3,862 | $1,435 | | Net PP&E | R$ 14,291 | R$ 13,224 | R$ 12,959 | R$ 12,810 | $4,760 | | Goodwill & Intangibles | R$ 4,717 | R$ 4,634 | R$ 4,552 | R$ 4,521 | $1,680 | | Other LT Assets | R$ 2,890 | R$ 3,085 | R$ 4,822 | R$ 5,308 | $1,972 | | Total Assets | R$ 28,145 | R$ 26,750 | R$ 25,594 | R$ 26,501 | $9,847 | | Liabilities & Net Worth | | | | | | | Accounts Payable | R$ 436 | R$ 587 | R$ 593 | R$ 637 | $237 | | Accrued Expenses | R$ 139 | R$ 129 | R$ 135 | R$ 111 | $41 | | Short-term Borrowings | R$ 0 | R$ 196 | R$ 263 | R$ 153 | $57 | | Current Portion of LT Debt | R$ 1,138 | R$ 2,777 | R$ 703 | R$ 741 | $275 | | Other Current Liabilities | R$ 762 | R$ 760 | R$ 405 | R$ 445 | $165 | | Current Liabilities | R$ 2,475 | R$ 4,448 | R$ 2,099 | R$ 2,086 | $775 | | Long Term Debt | R$ 9,630 | R$ 6,801 | R$ 7,361 | R$ 8,121 | $3,018 | | Other LT Liabilities | R$ 869 | R$ 1,010 | R$ 1,518 | R$ 1,730 | $643 | | Total Liabilities | R$ 12,974 | R$ 12,259 | R$ 10,978 | R$ 11,937 | $4,436 | | Total Equity | R$ 15,171 | R$ 14,491 | R$ 14,616 | R$ 14,563 | $5,411 | | Total Liab. & Equity | R$ 28,145 | R$ 26,750 | R$ 25,594 | R$ 26,501 | $9,847 | | Financial Ratios | | | | | | | Current Ratio (CA/CL) | 2.52 | 1.31 | 1.55 | 1.85 | | | Total Debt | R$ 10,768 | R$ 9,773 | R$ 8,327 | R$ 9,015 | | | Debt-to-Total Capital (D/TC) | 41.5% | 40.3% | 36.3% | 38.2% | | | Fin. Leverage (Assets/Equity) | 1.86 | 1.85 | 1.75 | 1.82 | | | S&P LT Debt Rating | BB | BB+ | BB+ | BBB- | | | Working Capital | | | | | | | Asset Turnover (Sales/Assets) | 0.22 | 0.26 | 0.28 | 0.34 | | | Inventory Turns (COGS/Inv.) | 4.43 | 4.25 | 4.48 | 3.87 | | | Average Exchange Rate (Reais/USD) | 1.9550 | 2.1605 | 2.3547 | 2.6913 | |
Source: Fibria Celulose S.A., SEC Form 20-F for the year ended December 31, 2015, Capital IQ, a division of Standard & Poor’s, accessed February 2016.
資料來源：Fibria Celulose S.A：Fibria Celulose S.A.，截至 2015 年 12 月 31 日止年度的 SEC 20-F 表格，Capital IQ，標準普爾旗下部門，2016 年 2 月存取。
Note: For simplicity, the dollar denominated balance sheet for the period ending June 30, 2015 was created using the average exchange rate for the prior year.
註： 為簡化起見，截至 2015 年 6 月 30 日止期間的美元計價資產負債表採用上一年度的平均匯率建立。
Exhibit 7 Fibria Celulose, Working Capital Management, 2005-June 2015
圖表 7 2005 年至 2015 年 6 月 Fibria Celulose 營運資金管理情況
Source: Calculated from Capital IQ, a division of Standard & Poor’s, accessed February 2016.
資料來源根據標準普爾旗下 Capital IQ 計算，2016 年 2 月存取。
Note: quad\quad DSO: Days of Sales Outstanding = A R / ( = A R / ( =AR//(=A R /( Revenue / 365 ) / 365 ) //365)/ 365)
註： quad\quad DSO：未完成銷售天數 = A R / ( = A R / ( =AR//(=A R /( 收入 / 365 ) / 365 ) //365)/ 365)
DSI: Days of Sales in Inventory = Inventory / (COGS / 365)
DSI：存貨銷售天數 = 存貨 / (COGS / 365)
DPO: Days of Payables Outstanding = AP / (COGS / 365)
DPO：應付未付天數 = AP / (COGS / 365)
CCC: Cash Conversion Cycle = DSO + DSI - DPO
CCC：現金轉換週期 = DSO + DSI - DPO
Exhibit 8 Current Market Rates, August 7, 2015
附表 8 現行市場利率，2015 年 8 月 7 日
US Treasury Yields (constant maturity)
美國國庫債券收益率（固定到期日）		 Corporate Bond Yields (1-year maturity)
公司債券收益率 (1 年到期)		 Short-Term Rates (a) 短期利率 (a)
Maturity 成熟度 Yield 產量 Credit Rating 信用評等 Yield 產量 Maturity 成熟度 Yield 產量
1-month 1 個月 0.05% AAA 0.48% 1-month LIBOR 1 個月 LIBOR 0.19%
3-months 3 個月 0.12% AA 0.63% 3-month LIBOR 3 個月 LIBOR 0.30%
6-months 6 個月 0.17% A 0.74% 6-month LIBOR 6 個月 LIBOR 0.49%
1 year 1 年 0.33% BBB 1.13%
5 years 5 年 1.52% BB 2.80% 30-Day AA CP 30 天 AA CP 0.18%
10 years 10 年 2.16% B 3.74% 60-Day AA CP 60 天 AA CP 0.23%
30 years 30 年 2.86% CCC 4.58% 90-Day AA CP 90 天 AA CP 0.30%
US Treasury Yields (constant maturity) Corporate Bond Yields (1-year maturity) Short-Term Rates (a) Maturity Yield Credit Rating Yield Maturity Yield 1-month 0.05% AAA 0.48% 1-month LIBOR 0.19% 3-months 0.12% AA 0.63% 3-month LIBOR 0.30% 6-months 0.17% A 0.74% 6-month LIBOR 0.49% 1 year 0.33% BBB 1.13% 5 years 1.52% BB 2.80% 30-Day AA CP 0.18% 10 years 2.16% B 3.74% 60-Day AA CP 0.23% 30 years 2.86% CCC 4.58% 90-Day AA CP 0.30%| US Treasury Yields (constant maturity) | | Corporate Bond Yields (1-year maturity) | | Short-Term Rates (a) | | | :---: | :---: | :---: | :---: | :---: | :---: | | Maturity | Yield | Credit Rating | Yield | Maturity | Yield | | 1-month | 0.05% | AAA | 0.48% | 1-month LIBOR | 0.19% | | 3-months | 0.12% | AA | 0.63% | 3-month LIBOR | 0.30% | | 6-months | 0.17% | A | 0.74% | 6-month LIBOR | 0.49% | | 1 year | 0.33% | BBB | 1.13% | | | | 5 years | 1.52% | BB | 2.80% | 30-Day AA CP | 0.18% | | 10 years | 2.16% | B | 3.74% | 60-Day AA CP | 0.23% | | 30 years | 2.86% | CCC | 4.58% | 90-Day AA CP | 0.30% |
Source: Compiled from Bloomberg, Global Rates, Thomson Datastream, and Federal Reserve Bank, www.federalreserve.gov/releases/h15/data.htm, accessed March 2016.
資料來源：編譯自彭博社、Global Rates、Thomson Datastream 和聯邦儲備銀行，www.federalreserve.gov/releases/h15/data.htm，2016 年 3 月存取。
Note: (a) Short-term rates are the London Interbank Offered Rate (LIBOR) for US Dollars and the rate on AA-rated assetbacked commercial paper.
註： (a) 短期利率為美元倫敦銀行同業拆放利率 (LIBOR) 及 AA 級資產抵押商業票據利率。

Endnotes 尾註

1 1 ^(1){ }^{1} Procter & Gamble, August 7, 2015 Form 10-K (Cincinnati: Procter & Gamble, 2015), pp. 23-24, www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kreport.htm, accessed March 2016.
1 1 ^(1){ }^{1} 寶潔公司，2015 年 8 月 7 日 10-K 表 (辛辛那提：寶潔公司，2015 年)，第 23-24 頁，www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kreport.htm，2016 年 3 月存取。
2 2 ^(2){ }^{2} Bob McDonald, “The Procter & Gamble Company at Consumer Analyst Group of New York Conference-Final,” CQ FD Disclosure, February 23, 2012, via Factiva, accessed January 2016.
2 2 ^(2){ }^{2} Bob McDonald，「The Procter & Gamble Company at Consumer Analyst Group of New York Conference-Final」，CQ FD Disclosure，2012 年 2 月 23 日，透過 Factiva，於 2016 年 1 月存取。
3 3 ^(3){ }^{3} Emily Glazer and Paul Ziobro, “Corporate News: P&G to Cut over 4,000 Jobs-Company Targets $ 10 $ 10 $10\$ 10 Billion in Savings by 2016; Marketing Budget to Shrink,” Wall Street Journal, February 24, 2012, via Factiva, accessed January 2016.
3 3 ^(3){ }^{3} Emily Glazer 和 Paul Ziobro，"企業新聞：寶潔將裁員 4,000 多人-公司目標是到 2016 年節省 $ 10 $ 10 $10\$ 10 億美元；行銷預算將縮小，"《華爾街日報》，2012 年 2 月 24 日，通過 Factiva，2016 年 1 月訪問。
4 4 ^(4){ }^{4} Bob McDonald, “The Procter & Gamble Company at Consumer Analyst Group of New York Conference-Final”; and Alexander Coolidge, “P&G Cutting More Office Jobs, up to 6,000 Worldwide,” USA Today, April 24, 2015, www.usatoday.com/story/money/business/2015/04/24/ procter-and-gamble-jobs/26295603, accessed March 2016.
4 4 ^(4){ }^{4} Bob McDonald，「The Procter & Gamble Company at Consumer Analyst Group of New York Conference-Final」；以及 Alexander Coolidge，「P&G Cutting More Office Jobs, up to 6,000 Worldwide」，《今日美國》，2015 年 4 月 24 日，www.usatoday.com/story/money/business/2015/04/24/ procter-and-gamble-jobs/26295603，2016 年 3 月存取。
5 5 ^(5){ }^{5} Emphasis in original. Richard A. Hughes, “Letter to External Suppliers,” Procter & Gamble, April 2013, www.pgsupplier.com/en/_downloads/CPO_Message_Apr_2013.pdf, accessed December 2015.
5 5 ^(5){ }^{5} 重點為原文。Richard A. Hughes，「致外部供應商的信」，Procter & Gamble，2013 年 4 月，www.pgsupplier.com/en/_downloads/CPO_Message_Apr_2013.pdf，2015 年 12 月存取。
6 “Fibria Celulose SA,” Standard & Poor’s Ratings Direct, 2016, www.moodys.com/credit-ratings/Fibria-Celulose-SA-credit-rating-820562182, accessed February 2016.
6 "Fibria Celulose SA，" Standard & Poor's Ratings Direct，2016，www.moodys.com/credit-ratings/Fibria-Celulose-SA-credit-rating-820562182，2016 年 2 月存取。
  1. Professor Benjamin C. Esty, Senior Lecturer E. Scott Mayfield, and Senior Case Researcher David Lane (Case Research & Writing Group) prepared this case. It was reviewed and approved before publication by a company designate. Funding for the development of this case was provided by Harvard Business School and not by the company. Certain rates and amounts have been disguised to protect confidentiality. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management.
    Benjamin C. Esty 教授、資深講師 E. Scott Mayfield 和資深案例研究員 David Lane (Case Research & Writing Group) 編寫了本案例。本案例在出版前已經過公司指定人員的審閱與核准。本案例的開發資金由哈佛商學院提供，與公司無關。為了保護機密，某些費率和金額已被掩蓋。哈佛商学院的案例仅作为课堂讨论的基础。案例無意作為背書、主要資料來源或有效或無效管理的說明。
    Copyright © 2016, 2017 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-5457685, write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.
    版權所有 © 2016, 2017 哈佛學院院長與研究員。如需訂閱或申請複製資料的許可，請致電 1-800-5457685，或寫信給 Harvard Business School Publishing, Boston, MA 02163，或前往 www.hbsp.harvard.edu 。未經哈佛商學院許可，不得將本出版物數位化、影印或以其他方式複製、張貼或傳送。
  2. a The 45-day number is based on a calculation that reflects payments to all suppliers, not just those included in the firm’s cost of goods sold. For example, the analysis included payments to advertising firms, an expense that was included in SG&A.
    a 45 天的數字是根據反映支付給所有供應商的款項而計算出來的，而不只是那些包含在公司銷售成本中的款項。舉例來說，這項分析包括支付給廣告公司的款項，這項支出包含在 SG&A 中。
  3. b b ^(b){ }^{b} By structuring the SCF program in this manner, P & G ′ P & G ′ P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} s auditors would classify the outstanding payable as a trading instrument (an account payable) rather than a financing instrument (a debt obligation). U.S. Securities and Exchange Commission staff stated in 2003 and 2004 that invoices might be classified as debt if, for example, buyers were involved in the supplier-bank relationship, received a share of the SCF bank’s invoice discount, or learned which invoices were discounted. (Source: https://www.sec.gov/news/speech/spch120604rjc.htm.)
    b b ^(b){ }^{b} 以這種方式構建 SCF 計畫， P & G ′ P & G ′ P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} 的稽核人員會將未清償的應付帳款歸類為交易工具（應付帳款），而非融資工具（債務義務）。美國證券交易委員會的工作人員在 2003 年和 2004 年表示，如果買家參與了供應商與銀行之間的關係，獲得了 SCF 銀行的發票折扣分成，或者得知了哪些發票獲得了折扣，那麼發票可能會被分類為債務。(來源：https://www.sec.gov/news/speech/spch120604rjc.htm.)
  4. c c ^(c){ }^{c} If conditions were to change dramatically (e.g., if P&G’s credit rating fell below investment grade), the SCF bank could refuse to buy invoices from Fibria. The parties would then have to negotiate a new financing agreement with new pricing terms.
    c c ^(c){ }^{c} 如果情況發生重大變化（例如，寶潔的信用評級降至投資級以下），SCF銀行可以拒絕向Fibria購買發票。屆時，雙方將不得不就新的定價條款協商新的融資協議。
  5. initiative was designed to strengthen supply chains by encouraging large U.S. firms to pay smaller suppliers sooner. (Source: Jeffrey Sparshott, “Apple, Coca-Cola among Firms Signed on to White House Plan for Small Suppliers,” Wall Street Journal, July 11, 2014.) Similar directives existed in the UK (the 2008 Prompt Payment Code) and the European Union (the 2011 Late Payment Directive).
    該倡議旨在通過鼓勵美國大型企業更快地向小型供應商付款，從而強化供應鏈。(資料來源Jeffrey Sparshott, "Apple, Coca-Cola among Firms Signed on to White House Plan for Small Suppliers," Wall Street Journal, July 11, 2014）。英國（2008 年《準時付款法》）和歐盟（2011 年《逾期付款指令》）也有類似的指令。
    e e ^(e){ }^{\mathrm{e}} When calculating DPO for internal purposes, P & G P & G P&G\mathrm{P} \& \mathrm{G} included payments to all external suppliers. As a result, the denominator included COGS as well as payments to suppliers included in SG&A such as advertising firms and IT providers of outsourced services. The resulting number was close to P&G’s total annual purchases.
    e e ^(e){ }^{\mathrm{e}} 為內部目的計算 DPO 時， P & G P & G P&G\mathrm{P} \& \mathrm{G} 包括支付給所有外部供應商的款項。因此，分母包括COGS以及支付給SG&A中包含的供應商（如廣告公司和外包服務的IT供應商）的款項。由此得出的數字接近寶潔的年度採購總額。
  6. f A f A ^(f)A{ }^{\mathrm{f}} \mathrm{A} harvested tree spent, on average, about 40 days drying in the field. Then, after being processed - which took only one day bales of bleached wood pulp would be transported by bulk cargo ship to U.S. ports and then by rail or truck to P&G facilities. On average, it took 30 to 40 days to transport a bale of pulp from the port in Brazil to a P&G facility. Finally, Fibria used railcars to hold the bales on-site until they were needed, typically another 5 days. Fibria invoiced P&G weekly, which added another 5 days to inventory.
    f A f A ^(f)A{ }^{\mathrm{f}} \mathrm{A} 採收的樹木平均在田間乾燥約40天。然後，經過加工--只需要一天的時間--成捆的漂白木漿會被散裝貨船運到美國港口，再通過鐵路或卡車運到寶潔公司的設施。平均來說，一包紙漿從巴西港口運到寶潔設施需要30至40天。最後，Fibria 使用鐵路貨車在現場存放紙漿包，直到需要為止，通常還需要 5 天。Fibria每週向P&G發票，這又增加了5天的庫存。
    g Forfaiting was a form of financing whereby exporters sold receivables from foreign counterparties to a third party for the value of the invoice less a discount. Factoring was the term for similar transactions that involved domestic buyers.
    g 福費廷是一種融資方式，出口商據此將國外交易對手的應收款項出售給第三方，以獲得發票價值減去折扣。保理是涉及國內買方的類似交易的術語。
  7. h h ^(h){ }^{\mathrm{h}} For purposes of comparison, Fibria’s cost of long-term, U.S.-dollar denominated debt was 5.2% in March 2013.
    h h ^(h){ }^{\mathrm{h}} 為方便比較，Fibria 在 2013 年 3 月的長期美元債務成本為 5.2%。