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中欧管理论坛InvestorRelations(Excerptsfromthespeech.ContentrightsreservedbythespeakerandCEIBS.UseofthecontentmustbewiththepriorapprovalfromCEIBS.)MichaelJacobi(Biography)CFOofCibaSpecialtyChemicalsNov.29,2002Goodafternoon.Iampleasedtobewithyou.WhohereknowsCiba?IwouldliketoveryquicklytalkalittleaboutCibaandtalkaboutinvestorrelations.AsCFOofourcompany,Ispendonethirdofmytimeoninvestorrelations.Letmegiveyouapieceofadvicethatweuseforinvestors.I'lltellyou:WhoisCiba?Whatisinvestorrelations?Whatdoesitmean,really?Whoareourcustomers?Howdowemeetthem?Whatisthatthingcalledinvestorrelations?Andsomeinvestorrelationsdosanddon'ts.WeareCibaSpecialtyChemicals.Weproduceso-calledspecialtychemicals.It'ssomethingyoudonotfindinshops.Youcannotfindus.Weworkprimarilyonthingsthatchangethecolour,performanceorlookandfeelofcertainproductsyoubuy.Youwillalwaysfindusinsmallingredientsinsomethingbigger.It'slikespicesinfood.Wearenotspicesinfood,butingredientsinotherproducts.Thesearethesegments,thebusinessareasthatwearein.I'llgiveyouanexampleofourproductsaswegoalong.Overall,thecompanyhasabout$5billionUSdollarsinsales.WeareinSwitzerland.ThatiswhywetalkaboutSwissfrancs.OurheadquartersisinBasel,Switzerland.Ourfoursegmentswe'reinareaboutthesamesize,soitisaverybalancedportfolioandwehaveverystrongmarketpositions.That'soneofthegoodthingswhenyou'retalkingaboutinvestorrelations.Wearealargecompany,abillion-dollarindustry,andwehaveverystrongsegmentsandleadingpositions.It'smucheasiertoexplainyourcompanyandinvestorrelationsthiswaythanifyoucomeinandsay,"Weareasmallcompanyandwedon'tparticularlydefinethemarket."Whatareourproducts?Oneisplasticadditives.Allthesecorebusinessesareabout$1.5billionUSDollarsinsize.Theyareverylargecompaniesthatarenumberoneinthemarketworld-wide.Theyarespreadallovertheworld,obviouslyalsoinChina.BeingaEuropean-basedcompany,forus,thebiggestmarketistheUnitedStates.ThesecondbiggestisGermany.ThethirdbiggestmarketisChina.Forus,Chinaisveryimportantintermsofpresence.Wehaveaverylargepresencehere.Wehavealotoffactories,severalinShanghaiandQingdao.It'sreallyaveryimportantmarket.Whatdoweproducehere?Youhaveplastic,polyethylene.Youcan'tusepolyethylene-plasticbagsandwrapping-anymorewithoutusingadditivesthatstabiliseagainstlight.Otherwiseitfallsapart.Inordertostabiliseit,weproducetheseadditivesfortheplasticindustry.Weproducethemhere,amongothers,inShanghai.It'soneofourmostrecentplants,righthereinPudong.Ifyouwanttoseetheplant,we'dbehappytoshowyouaround.Justgetintouchwithus.It'saveryniceplant,definitelyanexpensiveplant.Wealsomakecoatingeffects.Theseareveryexcitingthings.Wheredoyoufindus?Youfindusbasicallyoncars.Ifanyonehasaredcar.Redcars,theyusedtoturnkindofbrownish.Thenewcarsdon'tanymoreandthat'sbecausetheyusesomethingthatcomesfromourcompany.Theredcolourcomesfromus.YoualsofindthiswithCDRs.It'saninterestingexample.CDRs,recordableCDs,ifyoulookfromtheside,youseesomegreenshade.It'susuallysilveryorgold,thenagreenshade.Thatisapigment.Wemakethatpigment.Wehaveamodestmarketshare.It'stheregistrationonwhichthelaserburns.Itregisterstheinformationonthecolour,thepigment.Thepigmentcomesfromus,primarilysoldinTaiwan.Thesearetypicalthingswehavehere.Alessi,typicalkitchenwareinEurope.Thesecoloursallcomefromus.Wemakemodernpapertreatmentproducts,whichgointopaperproduction.Iseesomeofyouhavewhitepaper.Theadditivethatmakesthepaperlookwhite,t...