| 棣栭〉 | 璧勮涓績 | 鍖栧伐鍟嗚錘 | 縐戝鐮旂┒ | 浜т笟鍙戝睍 | 浜烘墠浜ゆ祦 | 浼?xì)灞曚俊鎭?/a> | 瀹炵敤緗戝潃 | 緹よ嫳鑱氶 | 瀛﹁呬粙緇?/a> | 浼?xì)鍛樹腑蹇?/a> | 璁哄潧 | ||
 | 濉戞枡 | 姍¤兌 | 綰ょ淮 | 娑傛枡涓庢補(bǔ)澧?/a> | 鑳剁矘鍓?/a> | 澶嶅悎鏉愭枡 | 鐭沖寲 | 鍖栧伐 | 浠櫒浠〃 | 鏂頒駭涓?/a> | 涓撻 | 榪斿洖棣栭〉 |
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| 棣栭〉 | 璧勮涓績 | 鍖栧伐鍟嗚錘 | 縐戝鐮旂┒ | 浜т笟鍙戝睍 | 浜烘墠浜ゆ祦 | 浼?xì)灞曚俊鎭?/a> | 瀹炵敤緗戝潃 | 緹よ嫳鑱氶 | 瀛﹁呬粙緇?/a> | 浼?xì)鍛樹腑蹇?/a> | 璁哄潧 | ||
| 濉戞枡 | 姍¤兌 | 綰ょ淮 | 娑傛枡涓庢補(bǔ)澧?/a> | 鑳剁矘鍓?/a> | 澶嶅悎鏉愭枡 | 鐭沖寲 | 鍖栧伐 | 浠櫒浠〃 | 鏂頒駭涓?/a> | 涓撻 | 榪斿洖棣栭〉 |
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2014騫寸涓夊搴︿笟緇╂憳瑕?
飩峰叕鍙告姤琛ㄦ樉紺烘瘡鑲℃敹鐩?.71緹庡厓錛岃皟鏁村悗姣忚偂鏀剁泭涓?.72緹庡厓(1)銆傝屽幓騫村悓鏈熸瘡鑲℃敹鐩婁負(fù)0.49緹庡厓錛岃皟鏁村悗姣忚偂鏀剁泭涓?.50緹庡厓銆?
飩風(fēng)敱浜庝富瑕佸湴鍖洪渶姹傚闀挎帹鍔ㄤ簡鐩稿叧浠鋒牸涓婃定錛岄攢鍞姣斿幓騫村悓鏈熷闀?%錛岃揪鍒?44浜跨編鍏冿紝澶ч儴鍒嗕笟鍔℃澘鍧楅兘瀹炵幇浜嗗闀褲傞攢鍞澧為暱琛ㄧ幇鏈浣崇殑鏄姛鑳藉鏂欓儴闂紙璋冩暣鍚?2)澧為暱鐜囦負(fù)9%錛夊拰鍔熻兘鏉愭枡閮ㄩ棬錛堝闀?%錛夈?
飩峰叕鍙稿湪鍚勪釜鍦板尯鐨勯攢鍞閮芥湁鎵澧為暱錛屽湪鍙戣揪鍦板尯鐨勯攢鍞澧為暱浜?%錛屽叾涓寳緹庨攢鍞澧為暱鏈蹇紝杈懼埌7%銆傛柊鍏村競(jìng)鍦虹殑閿鍞澧為暱浜?%錛屼富瑕佸綊鍥犱簬鍔熻兘濉戞枡涓氬姟鍦ㄦ媺緹庡湴鍖虹殑寮哄姴琛ㄧ幇銆?
飩烽殢鐫鐢熶駭鍔涙帾鏂界殑鎸佺畫瀹炴柦鍜屽競(jìng)鍦哄熀鏈潰鐨勬敼鍠勶紝紼庢伅鎶樻棫鍙?qiáng)鎽婇攢鍓嶅埄娑︼紙EBITDA(3)錛夊鑷?3浜跨編鍏冿紝姣斿幓騫村悓鏈熷闀?4%銆?
飩峰姛鑳藉鏂欓儴闂ㄧ殑璋冩暣鍚庡搴BITDA涓氱嘩鍒涗笅浜嗗巻鍙叉柊楂橈紙姣斿幓騫村悓鏈熷ぇ騫呭闀?1%錛夈傚姛鑳芥潗鏂欓儴闂ㄧ殑EBITDA澧為暱浜?1%錛屽叾澶ч儴鍒嗕笟鍔￠鍩熼兘瀹炵幇浜嗗闀匡紝灝ゅ叾鏄仛姘ㄩ叝鍜岀幆姘т笝鐑?涓欎簩閱囷紙PO/PG錛夈傜數(shù)瀛愬拰鍔熻兘鎬ф潗鏂欓儴闂ㄤ篃鍒汦BITDA瀛ｅ害鏂伴珮錛堝闀夸簡11%錛夈?
飩瘋皟鏁村悗鐨凟BITDA鍒╂鼎鐜?4)澧為暱浜?40澶氫釜鍩哄噯鐐癸紝姣斿幓騫村悓鏈熸彁楂?5.9%銆?
飩瘋繍钀ョ巼涓?8%錛屾瘮鍘誨勾鍚屾湡鎻愰珮6%錛屼富瑕佸師鍥犳槸鍔熻兘鏉愭枡閮ㄩ棬銆佸師鏉愭枡鍙?qiáng)鑳芥簮閮ㄩ棬鐨勭敓漶旂巼鏈夋墍鎻愰珮銆佷互鍙?qiáng)鍔熻兘濉戞枡閮ㄩ棬鐨剺q愯惀鐜囦篃鏈夋墍鏀瑰杽銆?
飩鋒湰瀛ｅ害闄舵皬鐨勭粡钀ユ椿鍔ㄤ駭鐢熺殑鐜伴噾嫻佷負(fù)18浜跨編鍏冿紝鏈勾榪勪粖涓烘涓?7浜跨編鍏冦傞櫠姘忎粖騫翠互鏉ュ凡瀹ｅ竷鍙戞斁13浜跨編鍏冪殑鑲″埄錛屽茍鍥炶喘31浜跨編鍏冪殑鑲′喚錛屽厬鐜頒簡鍏跺洖鎶ヨ偂涓滅殑鎵胯銆?
璇勮
闄舵皬鍖栧钁ｄ簨闀垮吋棣栧腑鎵ц瀹樺埄浼熻瘹 (Andrew N. Liveris) 琛ㄧず錛?
鈥滈櫠姘忔湰瀛ｅ害鐨勯攢鍞鍜屽噣鍒╂鼎閮藉疄鐜頒簡寮哄姴澧為暱銆傛垜浠殑浣庢垚鏈珛鍦哄拰鍦板煙澶氬厓鍖栨垬鐣ヤ嬌鏈搴﹀疄鐜頒簡澧為暱騫舵彁楂樹簡榪愯惀鐜囥傚姛鑳藉鏂欓儴闂ㄥ強(qiáng)鐢?shù)瀛愬拰鍔熻兘鎬ф潗鏂欓儴闂ㄧ殑EBITDA鍒涗笅鍘嗗彶鏂伴珮錛屽姛鑳芥潗鏂欓儴闂ㄥ湪鏈搴︿篃鍐嶆鍙栧緱鏄捐憲澧為暱錛岃繖鍏呭垎璇佹槑浜嗘垜浠幇琛屾垬鐣ョ殑浠峰鹼紝閭ｅ氨鏄竴鏂歸潰淇濇寔浣庢垚鏈紝鍙︿竴鏂歸潰瀵逛富瑕佷駭鍝佸叏闈㈣繘琛屾暣鍚堬紝鍚屾椂鍦ㄤ富瑕佸競(jìng)鍦烘姇鍏ユ妧鏈互鎻愬崌闄勫姞鍊箋傛澶栵紝灝界鍦ㄥ鑺傛ф貳瀛ｄ腑綺浠鋒牸杈冧綆錛屼絾鏄垜浠粛鐒跺湪鍐滀笟縐戝涓氬姟鏂歸潰鍙栧緱浜嗛噷紼嬬寮忕殑閲嶈榪涘睍鈥斺斾緥濡傦紝榪戞湡瀹ｅ竷Enlist鈩㈡潅鑽夋帶鍒剁郴緇熻幏寰椾簡鐩戠閮ㄩ棬鐨勬壒鍑嗐?
鈥滄垜浠緇堟寔緇墽琛屾棦瀹氱殑涓ユ牸璁″垝鈥斺旂敤璧勬湰鏀剁泭鐜囷紙ROC錛夋潵鎺ㄥ姩鑷姪鎺柦鐨勫疄鏂斤紝渚嬪錛屽鏀嚭鍋氬ソ杞婚噸緙撴ュ鐞嗐佽繘涓姝ユ彁楂樼敓浜у姏銆佷負(fù)閮ㄥ垎涓氬姟瀵繪壘鏈浣崇殑璧勪駭鎷ユ湁鏂逛互閲婃斁璧勬湰錛屼粠鑰屼嬌寰楁垜浠兘澶熶笉鏂彁楂樺洖鎶ョ巼錛屽茍鏈澶ч檺搴﹀湴鍒涢犺偂涓滀環(huán)鍊箋傝繖浠嶇劧鏄垜浠笅涓姝ュ伐浣滅殑閲嶇偣銆傗?
灞曟湜
鍦ㄨ皥鍒板叕鍙稿墠鏅椂錛屽埄浼熻瘹琛ㄧず錛?
鈥滀負(fù)鑲′笢鍒涢犱環(huán)鍊肩殑鐞嗗康娣辨繁鎵庢牴浜庢垜浠暣涓叕鍙搞傚睍鏈涙湭鏉ワ紝鎴戜滑鐨勫伐浣滈噸鐐規(guī)槸鏄庣‘鐨勶細(xì)鎻愰珮璧勬湰鍥炴姤鐜囷紝閫氳繃綆＄悊鎴戜滑緇煎悎浠峰奸摼鐨勪笟鍔＄粍鍚堟潵澧炲姞鐜伴噾嫻侊紝涓嶆柇鍒涙柊錛屽茍鎺ㄥ姩閭ｄ簺鑳藉涓哄鎴峰甫鏉ヤ環(huán)鍊肩殑鏂版妧鏈殑鍟嗙敤鍖栥?
鈥滄垜浠皢緇х畫鑷村姏浜庡疄鐜版垜浠殑璐㈠姟鐩爣騫舵寔緇粰鑲′笢甯︽潵鍥炴姤錛岃屼笖姝ｅ湪鎵鏈変笟鍔′腑閲囧彇鏈夐拡瀵規(guī)х殑鎺柦錛屼互搴﹁繃鍏ㄧ悆瀹忚緇忔祹鎸佺畫鐤茶蔣鍜屼笉紼沖畾鐨勬椂鏈熴傚睍鏈涙湭鏉ワ紝鎴戜滑灝嗙戶緇埄鐢ㄩ櫠姘忕殑鍏ㄧ悆褰卞搷鍔涘拰琛屼笟棰嗗厛鐨勫師鏉愭枡鍜岀伒媧葷粡钀ョ殑浼樺娍錛屽湪涓嶇ǔ瀹氱殑鑳芥簮甯?jìng)鍦航帯鐞嗗ソ鎴戜滑鐨勪骇鍝伨l勫悎銆傛垜浠竴鏂歸潰瑕佸湪涔欑儻絳変富瑕佷駭鍝侀鍩熶繚鎸佷綆鎴愭湰绔嬪満錛屽彟涓鏂歸潰娣卞害浠嬪叆鑳藉涓洪櫠姘忓拰瀹㈡埛鍒涢犱環(huán)鍊肩殑涓嬫父楂橀檮鍔犲間駭鍝侊紝榪欎竴鐙壒鐨勪笟鍔℃垬鐣ュ皢浣挎垜浠兘澶熺戶緇帹鍔ㄧ泩鍒╂у闀褲傚湪褰撳墠鐨勫叏鐞冪粡嫻庣幆澧冧笅錛屾垜浠棦瑕佹嫢鏈夊叏鐞冭妯★紝鍙堣淇濇寔鐏墊椿鎬э紝榪欐槸璁╂垜浠厤鍙楀競(jìng)鍦烘嘗鍔ㄥ獎(jiǎng)鍝嶇殑鏈浣蟲帾鏂姐傗?
(1).鈥滆皟鏁村悗姣忚偂鏀剁泭鈥濇槸鎸囨墸闄も滅壒瀹氶」鐩濆獎(jiǎng)鍝嶅悗鐨勬瘡鑲℃敹鐩娿?鍏充簬榪欎簺欏圭洰鐨勮鏄庯紝璇峰弬瑙佹柊闂葷ǹ鏈熬鐨勮ˉ鍏呰祫鏂欙紝浠ュ強(qiáng)璋冩暣鍚庢瘡鑲℃敹鐩婁笌鈥滅█閲婂悗鏅氳偂姣忚偂鏀剁泭鈥濅箣闂寸殑璋冩暣銆?
(2).鈥滆皟鏁村悗鐨勯攢鍞鈥濇槸鎸囨墸闄や笌鍓嶆湡鍓ョ鐩稿叧鐨勯攢鍞鍚庣殑鍑閿鍞銆?
(3).鈥淓BITDA鈥濇槸鎸囨墸闄ゅ埄鎭佹墍寰楃◣銆佹姌鏃у拰鎽婇攢棰濅箣鍓嶇殑鏀剁泭錛堝嵆錛屸滃噣鍒╂鼎鈥濓級(jí)銆傚皢EBITDA璋冩暣涓衡滃彲渚涢櫠姘忓寲瀛﹀叕鍙告櫘閫氳偂鑲′笢鍒嗛厤鐨勫噣鍒╂鼎鈥濈殑璋冭妭琛ㄦ斁鍦ㄧ粡钀ュ垎閮ㄨ〃鏍煎悗銆?
(4).鈥滆皟鏁村悗鐨凟BITDA鈥濇槸鎸囨墸闄も滅壒瀹氶」鐩濆獎(jiǎng)鍝嶇殑EBITDA銆?
鍏充簬闄舵皬鍖栧鍏徃
闄舵皬錛圢YSE: DOW錛夋槸涓瀹跺鍏冨寲鐨勫寲瀛﹀叕鍙革紝榪愮敤縐戝鍜屾妧鏈殑鍔涢噺錛屼笉鏂垱鏂幫紝涓轟漢綾誨垱閫犳洿緹庡ソ鐨勭敓媧匯傚叕鍙擱氳繃鍖栧銆佺墿鐞嗗拰鐢熺墿縐戝鐨勬湁鏈虹粨鍚堟潵鎺ㄥ姩鍒涙柊鍜屽垱閫犱環(huán)鍊鹼紝鍏ㄥ姏瑙ｅ喅褰撲粖涓栫晫鐨勮澶氭寫鎴橈紝濡傛弧瓚蟲竻媧佹按鐨勯渶姹傘佸疄鐜版竻媧佽兘婧愮殑鐢熶駭鍜岃妭綰︺佹彁楂樺啘浣滅墿浜ч噺絳夈傞櫠姘忎互鍏朵竴浣撳寲銆佸競(jìng)鍦洪┍鍔ㄥ瀷銆佽涓氶鍏堢殑鐗圭鍖栧銆侀珮鏂版潗鏂欍佸啘涓氱瀛﹀拰濉戞枡絳変笟鍔★紝涓哄叏鐞冪害180涓浗瀹跺拰鍦板尯鐨勫鎴鋒彁渚涚綾葷箒澶氱殑浜у搧鍙?qiáng)鏈嶅姟锛屽簲鐢ㄤ簬鍖呰銆佺數(shù)瀛愪駭鍝併佹按澶勭悊銆佹秱鏂欏拰鍐滀笟絳夐珮閫熷彂灞曠殑甯?jìng)鍦恒?013騫達(dá)紝闄舵皬騫撮攢鍞瓚呰繃570浜跨編鍏冿紝鍦ㄥ叏鐞冩嫢鏈夌害53,000鍚嶅憳宸ワ紝鍦?6涓浗瀹跺拰鍦板尯榪愯惀201瀹跺伐鍘傦紝浜у搧杈?,000澶氱銆傞櫎鐗瑰埆娉ㄦ槑澶栵紝鈥滈櫠姘忊濇垨鈥滃叕鍙糕濆潎鎸囬櫠姘忓寲瀛﹀叕鍙稿強(qiáng)鍏墮檮灞炲叕鍙搞傛湁鍏抽櫠姘忕殑榪涗竴姝ヨ祫鏂欙紝璇鋒祻瑙堥櫠姘忕綉欏碉細(xì) www.dow.com銆?
浣跨敤闈炲叕璁や細(xì)璁″噯鍒欒閲忔柟娉曪細(xì)闄舵皬鐨勭鐞嗗眰璁や負(fù)錛岀敤鏀跺叆鎵ｉ櫎鏌愪簺欏圭洰鐨勮閲忔柟娉曪紙綆縐扳滈潪鍏浼?xì)璁″噯鍒欌濊閲忔柟娉曪級(jí)緇欐姇璧勮呮彁渚涗簡鏈夊叧鍏徃鎸佺畫緇忚惀緇撴灉鐨勬湁鎰忎箟淇℃伅銆傝絳夎閲忔柟娉曞茍鏈緷鎹編鍥藉叕璁や細(xì)璁″噯鍒欙紙鈥淕AAP鈥濓級(jí)紜錛屽洜姝や笉搴斿綋琚湅浣滄槸GAAP涓氱嘩璁￠噺鏂規(guī)硶鐨勬浛浠ｆ柟娉曘傝ˉ鍏呬俊鎭〃涓彁渚涗簡灝嗛潪GAAP璁￠噺鏂規(guī)硶璋冩暣涓?GAAP璁￠噺鏂規(guī)硶鐨勮皟鑺傝〃銆?