economics of the pulp and paper industry（下）

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1、Chapter7CoststructureandmanagementaccountingindicatethatSwedishcompanieshaveinvestedmoreinmergersandacquistionsthaninnewmachinery.TheSwedishinvestmentstrategyhasbeendifferentcomparedwithFinnishstrategies.Thereisanexplanationfortheseconclusions.Whenbuyingexistingm

2、illsorcompanies,thesalesfromtheseacquisitionscombinewiththatoftheparentcompanythedayafterclosingthedeal.Withnewinvestments,nosalesaregeneratedfor18−24monthsaftertheinvestmentdecision.Itusuallytakes1−2yearsafterstartupbeforefullproductionandsaleslevelsarereached.T

3、hislowerssalesgrowthcomparedwithmergers.Itparticularlylowerscapitalturnover,sincecapitalemployedincreasesbutsalesgrowthlagsby2−3years.Existingmillsandcompaniesareseldomasmodernandefficientasnewmachinery.ThisexplainsthelowerEBITfiguresforSweden.3.UnitedStatesThein

4、vestmentratehasbeenatalowerlevelcomparedwithFinlandandSweden.ThishascausedsalesgrowthtobelessthanhalfthatofScandinavianproducers.TheEBITlevelhasbeenalmostashighasinScandinavia.4.CanadaInvestmentratehasbeenonthesamelevelasintheUnitedStates,butbothsalesgrowthandEBI

5、Tlevelsarelower.Thisimpliesinefficientuseofinvestmentfunds.Thelowprofitabilityfigures−ROCEandROE−furthersubstantiatethis.5.CentralEuropeTheinvestmentrateisonthesamelevelastheUnitedStatesandCanada.EBITlevelshavebeenlow,butsalesgrowthandcapitalturnoverwerehigh.Onee

6、xplanationforthisisthefactthatKNPBT,AWAandtosomeextentPWAhavelargemerchantingoperationsthatoperateonlowEBITlevelbuthighcapitalturnoverduetolowercapitalrequirementsinthemerchantbusiness.Sources1InternationalDataCorp.,MorganStanley,JaakkoP鰕ryConsultingOy2PulpandPap

7、erInternational(PPI)3JaakkoP鰕ryConsultingOy4MerrillLynchChapter7Coststructureandmanagementaccounting7.1Incomestatementandbalancesheet7.1.1IntroductionTwoconceptsforevaluatingtheeconomicresultsandstatusofacompanyaretheincomestatementandbalancesheet.Thepurposeofthe

8、incomestatementistodescribetheeconomicperformanceandoperatingresultsforacertainperiodthatisusuallyoneyear.Stocklistedcompaniesusuallyalsopublishunauditedincome