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海底撈供應商Kilcoy申請港股IPO將高級牛肉賣到中澳美
2020-01-06 22:44  www.taobaomir.com

沒有牛肉的火鍋不叫火鍋,沒有火鍋的冬天不叫冬天。相信很多品嘗過海底撈美味的吃貨們必定對鮮嫩滑口的牛肉吃得意猶未盡,同事朋友們三五成群聚在海底撈,牛肉火鍋配凍啤酒,讓人暢酣淋漓、滿血復活。

Hot pot without beef is not called hot pot, winter without hot pot is not called winter. I believe many food lovers who have tasted the delicacies of the bottom of the sea must still eat fresh and slippery beef, colleagues and friends gathered in groups in the bottom of the sea fishing, beef hot pot with frozen beer, let people enjoy dripping, full of blood to revive.

吃貨們可能沒想到,在海底撈吃的牛肉是對中國出口高級牛肉產品全球最大的澳大利亞供應商——KilcoyGlobalFoods,Ltd.(下稱“Kilcoy”)所提供的,Kilcoy同時還是呷哺呷哺(00520-HK)、百盛中國、麥當勞中國的供應商。

Food lovers may not have thought that the bottom-of-the-sea beef was supplied by Kilcoy Global Foods, Ltd., the world's largest supplier of premium beef products to China, and Kilcoy was also a supplier of sipping (00520-HK), Baisheng China and McDonald's China.

在2013年,Kilcoy由我國知名企業家劉永好、王航和加拿大籍華人張天笠共同創立。短短幾年時間,Kilcoy成為一家快速增長的全球優質食品解決方案供應商,主要生產及提供高級牛肉及其他優質動物蛋白產品,以頂級、特級及高級冷藏或冷凍牛肉及天然水產、優質經烹煮羊肉、豬肉及家禽產品為主。

In 2013, Kilcoy was co-founded by China's leading entrepreneurs, Liu Yonghao, Wang Hang and Canadian Chinese Zhang Tianli. In just a few years, Kilcoy has become a fast-growing supplier of high-quality global food solutions, mainly producing and providing high-grade beef and other high-quality animal protein products, with top, high-grade and high-grade refrigerated or frozen beef and natural aquatic products, high-quality cooked mutton, pork and poultry products.

美國、澳洲和中國是全球牛肉消費大國,美國在2018年占全球高級牛肉消費量近60%,中國高級牛肉消費呈現巨大的增長空間,且在2018年僅占全球高級牛肉總消費量的%。Kilcoy的業務和加工設施除了布置在大本營澳大利亞,還策略性的布置了美國和中國兩國,其中威海味島就是位于國內的蛋白產品生產基地。

The United States, Australia and China are the global beef consumption countries, the United States accounted for nearly 60% of the global high-grade beef consumption in 2018, China's high-grade beef consumption showed a huge growth space, and in 2018 only accounted for% of the total global high-grade beef consumption. Kilcoy's business and processing facilities are strategically located in both the U.S. and China, in addition to being based in Australia.

目前,Kilcoy在澳洲、中國及美國的業務共有四個加工及生產設施,供應的產品除了澳洲、中國及美國,還輻射了日本、韓國、菲律賓等全球超過35個司法管轄權區,可以說是全球性的牛肉供應企業。

Kilcoy's operations in Australia, China and the United States now have four processing and manufacturing facilities. In addition to Australia, China and the United States, Kilcoy's products have radiated more than 35 jurisdictions in Japan, South Korea and the Philippines.

Kilcoy的業務模式由食品行業價值鏈的中游延伸至下游,當中包括初步加工、增值加工、包裝及銷售牛肉解決方案、蛋白解決方案及膳食解決方案產品,而原材料、谷飼牛畜、生肉需要從世界各地采購。

Kilcoy's business model extends from the middle of the value chain of the food industry to the downstream, including initial processing, value-added processing, packaging and marketing of beef solutions, protein solutions and dietary solutions, while raw materials, grain cattle and raw meat need to be purchased from around the world.

Kilcoy近年的收入及利潤均實現大幅增長,2017年及2018年,Kilcoy總收入分別為億美元及億美元,經調整EBITDA分別為2780萬美元及5060萬美元,凈利潤分別為520萬美元及1160萬美元,增長率分別為%及%。

Kilcoy's revenues and profits have grown substantially in recent years, with total Kilcoy revenues of $100m and $100m in 2017 and 2018, adjusted EBITDA of $27.8m and $50.6m, net profit of $5.2m and $11.6m, respectively, with growth rates of% and%.

2018年前三季及2019年前三季,Kilcoy營收由億美元增加%至億美元,經調整EBITDA由2370萬美元增長倍至7460萬美元,凈利潤由200萬美元大幅增加倍至2540萬美元。

Kilcoy's revenue rose from $100 million to $100 million in the first three quarters of 2018 and 2019, adjusted EBITDA doubled from $23.7 million to $74.6 million and net profit from $2 million to $25.4 million.

根據業務分部劃分,Kilcoy可分為牛肉解決方案產品、蛋白解決方案產品及膳食解決方案產品。其中牛肉解決方案是該公司第一大營收業務,過去幾年營收比重均在64%以上,其中以高級牛肉為主,營收占了公司總營收的一半左右,澳洲、中國和美國是該公司高級牛肉主要營收區域。

According to the division of business, Kilcoy can be divided into beef solution products, protein solution products and meal solution products. Among them, beef solutions is the company's largest revenue business, with revenues of more than 64% in the past few years, mainly high-grade beef, which accounts for about half of the company's total revenue, and australia, china and the united states are the company's top beef revenue regions.

值得注意的是,近幾年業績高速增長,實際上并不是由Kilcoy的牛肉解決方案產品所驅動,而是膳食解決方案產品分部。2017年,該分部營收比重為%,到了2019年前三季

It is worth noting that the rapid growth in performance in recent years is not actually driven by Kilcoy's beef solution products, but rather by the meal solution product division. The division's revenue share was% in 2017, reaching the first three quarters of 2019

此外,中國市場在2019年成為Kilcoy業績的“定海神針”,前三季度來自中國市場的收入同比飆升倍至億美元,而同期澳洲市場收入幾乎持平,美國、日本及韓國市場帶來的營收均下滑。由此表明,中國市場對牛肉的需求十分強勁,于2018年,盡管中國占全球人口近19%,但中國僅占全球高級牛肉總消費量的%。因中國人口眾多、經濟快速發展以及食品消費呈優質化趨勢,該增長空間將轉化為強勁的增長動力,使中國成為增長最快的高級牛肉消費國之一。而美國等市場因激烈的競爭關系,使Kilcoy在這些市場的銷售遇阻,所以Kilcoy在招股書中稱要重點投資中國市場,在中國開發新設施,增加產能,擴大渠道銷售范圍。

In addition, the Chinese market became Kilcoy's \"Dinghai needle\" in 2019, with revenues from the Chinese market soaring to $100m year-on-year in the first three quarters, while Australia's revenues were almost flat in the same period and revenues from the US, Japan and South Korea fell. As a result, China's market demand for beef was strong, and in 2018, although China accounted for nearly 19 percent of the world's population, it accounted for only% of the world's total consumption of high-grade beef. Because of China's large population, rapid economic growth and high-quality food consumption, the space for growth will turn into a strong driving force, making China one of the fastest-growing top beef consumers. And markets such as the United States have been stymied by fierce competition, so Kilcoy said in its prospectus that it would focus on investing in the Chinese market, developing new facilities in China, increasing capacity and expanding the range of channel sales.

于截至2017年及2018年12月31日止年度及截至2018年及2019年9月30日止9個月,原材料成本分別占Kilcoy總銷售成本的%、%、%及%。

The raw material cost accounted for%,%,% and% of Kilcoy ' s total sales cost for the year ending in 2017 and December 31,2018 and the month ending in 2018 and September 30,2019, respectively.

多年來,原材料價格顯示出典型的周期性變動,而當中的波動可能極大。例如,澳洲100天或以上的谷飼牛畜的平均價格由2016年每公斤澳仙波動至2017年每公斤澳仙,其后于2018年波動至每公斤澳仙。

Over the years, raw-material prices have shown typical cyclical variations, and the volatility is likely to be significant. For example, the average price of cattle for cereals in Australia for 100 days or more has fluctuated from Australian fairies per kilo in 2016 to Australian fairies per kilo in 2017, followed by Australian fairs per kilo in 2018.

根據招股書,2013年-2018年,澳洲谷飼100天或以上牛肉的平均價格由約350澳仙╱千克增至澳仙╱千克,%的增幅遠大于同期澳洲高級牛肉平均出口價格%的增幅。進貨價上漲幅度遠大于出售價的漲幅,帶來的沖擊就是一家企業盈利能力的下滑。Kilcoy也意識到了這個潛在風險,為盡量降低原材料價格波動的風險,Kilcoy與育肥廠合作伙伴進行遠期採購,以提前三至四個月鎖定價格及訂單量。但也需留意澳洲谷飼100天或以上牛肉的平均價格會重演2013-2016年期間的瘋狂漲幅,對Kilcoy的成本端帶來壓力。

According to the prospectus, the average price of beef aged 100 days or above in Australia's valley increased from about 350 Australian fairs\/kg to Aussie fairs\/kg in 2013-2018, an increase of much more% than the average export price of Australian high-grade beef in the same period. The rise in the purchase price is far greater than the increase in the sale price, the impact is a decline in profitability. Kilcoy is also aware of this potential risk, and to minimize the risk of price fluctuations in raw materials, Kilcoy carries out forward purchases with its fattening plant partners to lock in prices and order volumes three to four months in advance. But it's also important to look out for the fact that the average price of beef for Australian cereals for 100 days or more will repeat the frenzied rise from 2013 to 2016, putting pressure on Kilcoy's cost end.

由于需要采購原材料,且原材料價格在近幾年漲幅明顯,所以Kilcoy需要有充足的現金流來維持業務運營以及在中國、美國等市場的擴張。

Because of the need to purchase raw materials, and the price of raw materials has risen significantly in recent years, Kilcoy needs to have sufficient cash flow to maintain business operations and expand in markets such as China and the United States.

由于業務運營需要耗費大量的資金,Kilcoy的現金及現金等價物相對有限,2019年前三季的現金及現金等價物為2850萬美元,同比下滑%。Kilcoy主要倚賴附屬公司派付的股息來應對現金及融資需求,此外,業務增長及收購項目對營運資金需求增加使Kilcoy不斷需要融資來應對。

Kilcoy's cash and cash equivalents are relatively limited, with $28.5 million in cash and cash equivalents in the first three quarters of 2019, down% year-on-year, as business operations require a lot of money. Kilcoy relies mainly on dividends paid by its subsidiaries to meet its cash and financing needs, and growing demand for working capital from business growth and acquisition projects keeps Kilcoy in need of financing.

截至2019年11月30日,Kilcoy的銀行貸款總計億美元,其中億美元并未動用,而未償還的帶息借款達億美元。如此高額的借款,Kilcoy自有的現金并不足以覆蓋其債務。

Kilcoy's bank loans totaled $100 million as of November 30,2019, of which $100 million were not spent, while outstanding interest-bearing loans amounted to $100 million. With so much borrowing, Kilcoy's own cash is not enough to cover its debt.

所以在這種情況下,中國市場對Kilcoy來說就顯得尤為重要了,因為除中國之外的其他市場因競爭激烈等原因業績增長受阻。但依賴中國這個單一市場為該公司提供增長動能,亦是一大充滿風險的舉動。

So in this case, the Chinese market is particularly important for Kilcoy, as other markets outside of China have been hampered by such factors as competitive growth. But relying on China's single market to provide the company with growth momentum is also a risky move.

2000年歐美國家爆發了瘋牛病之后,中國為了食品安全,果斷禁止進口歐美國家的牛肉。直到2017年,我國才取消了對澳洲的牛肉禁令。目前,我國僅允許澳大利亞、新西蘭、阿根廷、加拿大等8個國家的牛肉進口。去年年初,中國解禁了法國牛肉進口,這對于澳洲牛肉出口來說無疑是一大打擊。另外,若澳洲爆發瘋牛病疫情,Kilcoy將失去中國這個大市場,對其業務運營將帶來重大隱患。

After the outbreak of mad cow disease in Europe and the United States in 2000, China resolutely banned imports of beef from Europe and the United States for food safety. It wasn't until 2017 that our country lifted its beef ban on Australia. At present, China only allows beef imports from Australia, New Zealand, Argentina, Canada and other eight countries. China's ban on French beef imports early last year was a blow to Australian beef exports. In addition, Kilcoy would lose China, the big market, if Australia had an outbreak of mad cow disease, and pose a major risk to its operations.