Ibhanki yotyalo-mali yase-US u-JP Morgan usandula ukusika amaxabiso ezinkampani zentsimbi zase-Europe ArcelorMittal, Acerinox kunye neAperam, Zonke zidwelisiwe kwimarike yaseSpain. Kwimeko ye-Acerinox, ukusikwa kufikile kwizabelo ezidweliswe kwi-Ibex 35, ngonqunqwe lwe-10,2% ukusuka kwi-10,6 ye-euro ukuya kwi-11,8 ye-euro ngesabelo ngasinye. Oku kuyinika imeko ephezulu ye-15% kumaxabiso ayo ngoku. Kuluhlu lwamaxabiso axabisekileyo kule minyaka idlulileyo. Ngezinye iindawo eziphakamileyo ezibekwe zijikeleze amanani aphindwe kabini.
Ngayiphi na imeko, yonke into ibonakala ngathi ibonisa ukuba izilungiso zikufuphi kwikona emva kwengxelo yecandelo elitsha ukuba ibhanki yotyalo-mali yase-US uJP Morgan iphuhlisile. Kwimeko ethile yeArcelorMottal, ukusikwa kwe JP Morgan Uqikelelo lwamaxabiso kwizabelo ezidweliswe kwi-Euronext Amsterdam. Abahlalutyi kwibhanki yase-US balinciphisa ixabiso labo ekujoliswe kulo ukusuka kwi- € 36,5 ukuya kwi- € 26,5 ngesabelo ngasinye. Esi sisiko esinzulu kakhulu esinokudlala ngokuchasene nabatyali mali abancinci nabaphakathi ababekwe kule nkampani kushishino lwentsimbi.
Kwelinye icala, iKhomishini yaseYurophu ize kwalatha kwiintsuku zokuqala zonyaka omtsha ukuba iya kubeka uluhlu lwama-25% Ukungenisa ngaphakathi iindidi ezingama-26 zeemveliso zentsimbi ezivela kumazwe wesithathu. Le yenye yezinto ezingadlaliyo kwimidla yeshishini kwezi nkampani zidwelisiweyo. Ayilolize, ayinakugwetywa ngaphandle ukuba kwiiseshoni zentengiso ezilandelayo ukuwa okunzulu kunokukhula kwiinkampani zabo. Ngale ndlela, asinakulibala ngeli xesha ukuba ezi nkampani zizitokhwe ezijikelezayo.
Iinkampani zentsimbi: amaxabiso ojikelezo
Njengoko le yimigca yeshishini ejikelezayo, zibuthathaka ngakumbi kutshintsho kumjikelo wezoqoqosho. Oku kuyenziwa kuthetha ukuba amaxesha okwandiswa koqoqosho Benza ngcono kwiimarike ze-equity kunamanye amacandelo e-equity. Kodwa ngokuchaseneyo, iziphumo ziye zibe mandundu ngakumbi ngexesha lokudodobala kwezoqoqosho. Ngesi sizathu, ukufika kokudodobala koqoqosho kumhlaba wamazwe ngokungathandabuzekiyo kuya kuthetha ukwehla kwamaxabiso. Ngamandla afikelela kwi-20% okanye kwi-30%, njengoko kwenzekile kwiminyaka edlulileyo.
Ngelixa ngokuchaseneyo, ayinakulityalwa ukuba nayiphi na Ukudodobala kwezoqoqosho Amazwe aphesheya aya kuba neziphumo ezibi kakhulu kule klasi yeenkampani. Kukho konke kwaye ngaphandle kwalo naluphi na uhlobo lokusikelwa umda. Le yimeko enokuvela ekudodobeni kwezoqoqosho nalapho abatyali zimali abancinci nabaphakathi kufuneka banike ingqalelo. Ngamehlo okungena okanye okuphuma kwiimarike ze-equity, kuxhomekeke kwimeko entsha yamazwe aphesheya evelayo. Sebenzisa isicwangciso esinye okanye esinye sotyalo-mali ukwenza ulondolozo lube nenzuzo ngaphezulu kwezinye izinto eziqwalaselwayo.
Indawo engathandekiyo yabenzi bentsimbi
Kule meko ngokubanzi, uqikelelo lwemibutho yamazwe aphesheya aluthandeki kakhulu kwimidla yeenkampani zentsimbi ngokubanzi. Ngale ndlela, iiprojekthi ze-IMF a Ukukhula kwenqanaba le-3,5% kwihlabathi liphela ngo-2019 kunye ne-3,6% ngo-2020. Ziyi-0,2 kunye ne-0,1 yeepesenti, ngokwahlukeneyo, ngaphantsi kwengqikelelo yabo yamva nje ngo-Okthobha, ukuyenza ukuba ibe luhlaziyo lwesibini ezantsi kwiinyanga ezintathu.
Ezi datha zinokwenzakalisa zonke iinkampani ezikwicandelo njengoko amaxabiso abo elungisiwe kwiinyanga ezizayo. Emva kokuphuhlisa nditsho eye yathatha iminyaka emininzi. Ke ngoko, ayiloxesha lifanelekileyo lokubekwa kuyo nayiphi na kwezi nkampani zidwelisiweyo zixhomekeke kwimijikelo yezoqoqosho. Kukho ezinye iindlela ezinokuthi zibe nenzuzo ngakumbi ngalo mzuzu kanye. Umzekelo, amaxabiso eprofayili elondolozayo ngakumbi njengokugcina umdla wabatyali mali abancinci nabaphakathi.
Umba weBond
Kwelinye icala, kufanele ukuba kuqatshelwe ukuba ezinye iinkampani zentsimbi zibonelela ngezinye iinkqubo zotyalo-mali iimarike zengeniso esisigxina. Le yimeko ethile yeArcelorMittal, ebhengeze kutshanje ukukhutshwa kweebhondi ngenqanaba lenzala elisisigxina le-2,250% ngexabiso le-750 yezigidi zeerandi ngaphakathi kwesakhelo seNkqubo ye-EMTN yexabiso le-10.000 yezigidi zeerandi. Ukuvalwa komcimbi kwenzeke namhlanje. Iibhondi zikhutshwe phantsi kwe-ArcelorMittal ye- € 10.000 yezigidigidi yeNkqubo yeBhondi yeXesha eliPhakathi (Inkqubo ye-EMTM), ejolise kubatyali mali.
Kwelinye icala, kwaye ngokubhekisele kwiindaba eziveliswe yile nkampani idwelisiweyo, kufanele kuqatshelwe ukuba ikwathathe inxaxheba yobunkokeli kuphuhliso lweSpecial ResponsibleSteel nasekuzinikeleni kweli phulo likhuthazwe ngamacandelo avela kumacandelo ngamacandelo. Injongo yokudala isakhelo sokuqala sokuqinisekiswa kwehlabathi kushishino lwentsimbi.
Uphuhliso ekukhuleni kwayo
I-ResponsibleSteel yasekwa ngo-2015 njengombutho ongenzi nzuzo ukuze ikhuthaze ikamva elinoxanduva ngakumbi icandelo lensimbi. Le njongo iyakufezekiswa ngokuphuhliswa kwenkqubo yokuqala yezatifikethi kwihlabathi liphela, kunye nemigangatho ehamba nayo, kuyo yonke ikhonkco lexabiso lomzi mveliso wentsimbi, ukusuka kwimisebenzi yezemigodi kunye neenkqubo zemveliso ukuya kwintengiso kunye nokusasazwa kweemveliso ezenziweyo.
Imigangatho yesiqinisekiso iya kubandakanya ezi ndawo zilandelayo:
- Utshintsho lweMozulu kunye nokuKhutshwa kweGesi yeGreenhouse.
- Ulawulo olunoXanduva lwaManzi neNdalo.
- Amalungelo oluntu kunye nomthetho wezabasebenzi.
- Uluntu ekuhlaleni kunye nokunyaniseka kweshishini.
Iziphumo zeAcerinox
Ngokubhekisele kwenye inkampani enkulu yentsimbi edweliswe kwii-equities zelizwe lethu, iziphumo zeshishini zamva nje ziyabathanda abatyali mali. Ngale ndlela, iAcerinox ifumana 221 yezigidi zeerandi zenzuzo, emva kweerhafu kunye neincinci, ngexesha leenyanga ezilithoba zokuqala zika-2018. Iziphumo zingama-40,5% ngaphezulu kunelo xesha linye lika-2017, apho inkampani yabhalisa i-157 yezigidi zeerandi.
Iqela ke ngoko lifezekisa ezona ziphumo zibalaseleyo kule minyaka ilishumi idlulileyo kwiikota ezintathu zokuqala zonyaka kwaye liyonyusa ingeniso ukuya kwi-3.872 yezigidi zeerandi, 10,3% ngaphezulu kwangexesha elifanayo lika-2017. I-EBITDA kwezi nyanga zisithoba zokuqala zonyaka yayiyi-14,1% ngaphezulu kunekota ezintathu zokuqala zonyaka ophelileyo, ifikelela kwi-422 yezigidi zeerandi xa kuthelekiswa ne-370 ngelo xesha. Ikota yesithathu ka-2018 ivaliwe ngenzuzo engama-83 yezigidi zeerandi (4% ngaphezulu kwezigidi ezingama-80 zeenyanga ezintathu ezidlulileyo) iphindaphindwe nge-13 iziphumo zelo xesha linye lonyaka ka-2017. Ezi ziphumo zibangelwe yimeko elungileyo imfuno yentsimbi engenasici kwiimarike eziphambili, ngakumbi eMelika.
Eminye imizila yeshishini
Ngokuphathelele iimveliso, phakathi kukaJanuwari noSeptemba kukho ukwanda nge-1,9% kwimisebenzi yentsimbi kunye ne-5,7% ekubumbeni okubandayo, kunye nokuncipha okuncinci kwe-0,5% kuroli eshushu, kuhlala kubhekisele kwinyanga ezifanayo zika-2017. Kwelinye icala, okokugqibela Ngomhla kaMatshi kwaqala isigaba sokuvavanya i-AP-5 entsha yokufakwa kunye nokukhethwa kwe-Acerinox Europa (Campo de Gibraltar, Spain), iqela elineenkqubo zobuchwephesha eziphambili kunye nenqanaba lokhuphiswano eliza kuvelisa imigangatho emitsha yomgangatho, ngelixa kuncitshiswa iindleko kunye nefuthe lokusingqongileyo.
Ukuqala kwemigca emitsha kubonisa ukuba kuyanelisa kakhulu. Ngalo mgca mtsha, i-Acerinox Europa ibonelela ngobungqingqwa obucekeceke (nobubanzi obuyi-1.500 mm) kubathengi bayo bokugqibela, ngokwandisa uluhlu lweemveliso zayo. Ukongeza, ngeenyanga zika-Agasti noSeptemba, i-AP-3 yokuncamathelisa kunye nokuchwetheza, nayo ivela kwi-Acerinox Europa, yahlaziywa ngokucokisekileyo ukuze igxile kubukhulu obungqindilili, ukugcwalisa i-AP-5 yangaphambili kunye nokubonelela Inkqubo yokucoca evumela ukufumana inqanaba lomgangatho ofanayo nolo lomgca omtsha.
Ukwanda kolwahlulo
I-Acerinox, iBhodi yabaLawuli yoMzantsi Afrika, ebibanjwe izolo, igqibe kwelokuba yenze isiphakamiso kwiNtlanganiso yesiqhelo yabanini zabelo ngokubanzi yeNkampani inyuswe kwisahlulo se-11%, ethi iya kusuka kwi-0,45 ukuya kwi-0,50 euro isabelo ngasinye. Ngenjongo efanayo yokwanda kwengeniso ngesabelo ngasinye, iBhodi yaBaphathi iya kuphakamisa ukunciphisa inani lezabelo ezikhutshwe kwiminyaka emine (2013-2016) apho isabelo sahlawulwa ngezahlulo eziguquguqukayo okanye isabelo esisesandleni. Ukuza kuthi ga ngoku, ikwavumile iNkqubo yokuBuyisa yokuBuya yokuQala ngokuhlawulelwa kwabo okulandelayo.
Kwizinto ezibonisa enye yenkuthazo kwicala labatyali mali abancinci nabaphakathi ukuba bathathe izikhundla kwiinkampani zeli candelo zinikwe inzuzo yalo mvuzo kubanini zabelo. Oku kuyinika imeko ephezulu ye-15% kumaxabiso ayo ngoku. Kuluhlu lwamaxabiso axabisekileyo kule minyaka idlulileyo. Ngezinye iindawo eziphakamileyo ezibekwe zijikeleze amanani aphindwe kabini.