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D. RestructuringoptionsSHA-4309-03690-08-15d.PPT-xD1. Generaloptionsandpre-selectionSHA-4309-03690-08-15d.PPT-xInChina,asfarasforeigninvestmententerpriseisconcerned,thereexistthreemainrestructuringcategoriesRestructuringofinvestmentprojects

inChinaTurnaroundofJVEquitystructurerestructuringWithdrawalSHA-4309-03690-08-15d.PPT-xOnthebasisoffavorableresultsofmarketandcompetitiveanalysis,optioncategoryIandIIaremostcommonlyusedforcompanies’long-termdevelopmentCharact

-eristicOption1:TurnaroundofJVOption2:

EquitystructurerestructuringPerformanceimprovementwithoutchangingtheequitystructurePerformanceimprovementwithequitystructurechangeBuyoutOption3:WithdrawalWithdrawalfromexistinginvestmentprojectsSelloutequityTerminationBankruptcyFreezing(walkaway)ExamplesBoschSiemensSiemensBayerHenkelABBDinovaBOSCHThermoTechnikLindeforklifterWhirlpool’srefrigeratorJVinBeijingPeugeotGuangzhouLiebherrSiemensSHA-4309-03690-08-15d.PPT-xThegeneralmethodologyistofilteroptionswithkillercriteriaandhardcriteriatoscreenoutrestructuringalternativesPotentialoptionsPre-selectionIn-depthevaluationConclusionRestructuringalternativesKillercriteriaHardcriteriaSolvekeyproblemsSecurefuturesuccessGeneralCostTimeRiskIntegration(GSHA-GDAI)Sales&marketingManagementOthersProcedureImplementationSHA-4309-03690-08-15d.PPT-xAtpre-selectionstage,turnaround,selloutequityandfreezingcanbeeliminatedwithkillercriteriaPre-selectionChinesePartnerin?KillercriteriaSolvekeyproblemsSecurefuturesuccessPass?RemarksI.TurnaroundII.Equitystructurerestructuring-EquitybuyoutIII.Withdrawal(1)Selloutequity(2)Termination(3)Bankruptcy(4)FreezingYesNoYesNoNoYesNoYesNoYesYesNoNoYesNoYesYesNoNoYesNoYesYesNoIt’sveryhardtoimplementfutureintegrationandconsolidationwithoutfullcontroltheboardofdirectorsGeberitgainsfullcontrolIt’salmostimpossibletofindabuyerItopensthewayforanewstartItopensthewayforanewstartFreezingwillruinGeberit’srelationwithlocalgovernment,thuscausingpotentialhurdleforfuturepresenceandtroubletoGDAISHA-4309-03690-08-15d.PPT-xTerminationToceaseoperationandliquidatetheJVFreezingWithdrawallforeignmanagementteamandexpatriateemployeesandleavetheJVtoChinesepartnerwithoutfileterminationorbankruptcy.It‘sanillegalbutwidelyadoptedpracticeinChinaBuyoutTobuyouttheequityownershipfromChinesepartner,thusturningtheJVintoawhollyforeignownedenterprise(WFOE)BankruptcyTofilebankruptcyandliquidatetheJV.IfthecreditorisJV’sforeignparentcompany,tofilebankruptcybycreditoristheoreticallypossiblebutpracticallyinfeasibleinChinaBack-upDefinitionofsomeoptionsSHA-4309-03690-08-15d.PPT-xSomekeyproblemsofGSHAarecloselylinkedtotheChinesepartner.AcleanbreakcanonlybeassuredbyaseparationTheVGMofLidamaintainsanunofficialnetworkconsistingofformerLida-employees.HeoftenusesthisnetworktosecurehispersonalinterestsSincethisVGMhasdirectaccesstopersonnelfiles(Fuehrungszeugnis)someemployeeswereblackmailediftheydidn’tcooperatewithhimIncontextwiththeNanxiangproductionsitetheVGMshouldhaveacceptedaconsiderableamountofkickbacks,saidsomeformerGSHA’semployeesBack-upSHA-4309-03690-08-15d.PPT-xKeystatementfromsomeformerGSHAemployeesonMr.Cai(1)Thereisnocooperationbetweentwopartnersfromtheverybeginning.Mr.Caisaid"wemakethisjointventurebankruptin3years.Wecanrestartagainbyourselves.""ItdoesnotmatterthatGeberitislosingmoneyinChina.IttookGeberit10yearstomakeprofitsoverseas,itneedsthesametimeinChinaaswell.Anyhow,itisGeberit'smoney."Mr.CaihasextensivenetworkintheindustrybuthedoesnotuseitforGeberitproducts.Incontrast,heintroducedthebusinessforothercompaniesthathavecloserelationshipwithhim.AlltheimportantdecisionsregardingpersonnelrecruitingaremadebyMr.Cai.MrSchuettedoesnotandisnotabletoinfluencethesedecisions.SomeofthesedecisionsareagainstGeberit'sinterests,forexample,someChineseemployeesintendnottodotheworkproperlyandsomekeypersonsinkeypositionsarenotqualified,suchasproduction,stockcontrol,CCSetc.Thecontrolsysteminthecompanyistotallyscrapped.Atthebeginningofthejointventure,aboutRMB600Kmachinesand100mouldswerelostwithoutanyrecord.Thewarehouseonlychecksthebookrecordsratherthanrealgoods.Asaresultthereisdifferencebetweenthebooknumberandtherealamount.Thisisespeciallyseriousontheincomingrawmaterials.Theysuspectthatsomefinancialaccounts,especiallydonebyMr.Changdaohua,arefalse.Theso-calledscrappedproductsandthewasterawmaterialsaresoldinanottransparentway,i.e.nospecificpriceandnoinvoice.TheresponsiblepersonisappointedbyMr.Cai.Duetothepoorcontrolsysteminallareaswasteishigh.Auditingisextremelynecessary.Back-upSHA-4309-03690-08-15d.PPT-xKeystatementfromsomeformerGSHAemployeesonMr.Cai(2)Geberitproducts'technologicalknow-howisobtainedbyLida.Mr.CaiassignedonepersoninCCS(Ms.YingHua)andhasobtainedrelevanttechnologicalinformation.ItispossibleforLidatoproducesimilarproductsifGeberitwithdrawsfromthejointventure.Moreseriously,itisbelievedthattheknow-howofDuofixhasbeenreleasedtoTOTO.Thebusinessoriginalplantlocationis100metersfurthernorth,withoutanyworkinvolvedforthenewlocation.MorethanRMB100khasbeenspentonworkmentionedabove.AndMr.CaiinsistedoncontractingtheelectricitysupplysystemtoonelocalelectricengineeringcompanywithacostofRMB1560K.TheformermanufacturingplantofLidainChangpingRoadwasleasedtoanothercompanywithannualrentofaroundRMB1millionwhichishandedtoMr.Hong/SBMCInyear1998,Mr.Caiusedcompany’smoneytobuy5Peonycards(debitcards)withvalueofRMB30keachandsenttofivekeypersonsaspresents,includingMr.HongandhimselfBack-upSHA-4309-03690-08-15d.PPT-xAlthoughLida’sproductsaccountfor52%ofGSHA’stotalsalesvolume,theiractualgrossprofitmarginis-7%.Meanwhile,Lidaproducts’salesvolumesharplydeclined60%from1999to2000GSHAsalesvolume(2000)Lidaproducts’salesvolumeGrossprofitmargin-7%LidaGSHA’productsImportedGrossprofitmargin-7%Grossprofitmargin36%Unit:RMB‘000WatertankPipe&fittingBack-upActualgrossprofitmargin:4%SHA-4309-03690-08-15d.PPT-xThereasonbehindLidaproducts’sharpdeclineisthechangeingovernmentpolicyonresidentialbuildingconstructionandtheshrinkageinlowendsanitarywaremarketGovernmentTheoriginalpolicythatrequiredallwelfareresidentialbuildingtohavesanitaryware(lowend)includedatconstructionstageisinvalidWelfarehouseallocationsystemisdisappearingShrinkageoflowendmarketHousedecorationbecomesapopularconsumptiontrendMediumandhighendsanitarywareproducts’brandawarenessimprovedwhichincreasebrandsensitivitysubstantiallyConsumerswithgrowingpurchasingpowerareturningtomediumandhighendsanitarywareproductsBack-upSHA-4309-03690-08-15d.PPT-xD2.In-depthevaluationSHA-4309-03690-08-15d.PPT-xCost,time,riskandpotentialimpactonfutureintegrationconstitutehardcriteriaindeterminingwhichoptiontochooseOptionsHardcriteriaEquitybuyoutTerminationBankruptcyCostRiskTimeInte-

grationSHA-4309-03690-08-15d.PPT-xD.2.1EquitybuyoutSHA-4309-03690-08-15d.PPT-xBuyingoutLida’sequityisfavorabletofutureintegrationbutthebuyoutpricehavetobeagreedbyChinesepartnerExplana-tionTotalCriteriaCostBuyoutprice:USD149,0001)Employeedismissalfee:

USD80,000~USD340,0002) (90%ofemployeeswillbedismissed)Auditfirm:

USD20,000249,000~509,000USDRiskLidaisnotwillingtoselloutequityLidaasksfortoohighprice,andpricenegotiationbreaksdownGovernment’sconcernonunemploymentNanxiangdisagreestoselloutequity-to--TimeNegotiationperiod

-max.2monthsExecutiontime

-1monthMax.3monthsIntegrationGeberithasfullcontroloveritsChinaoperationFreechoiceofhowtorestructureandconsolidatetheoperationsinChinaNoneedtocloseShanghai’soperation+++1):UnderthepremisethattheChinesepartneragreewiththisprice2):WhethertotakeLidaemployees’servicetimeinShanghaiLidaintoaccountresultsindifferentamountofemployeedismissalfeeSHA-4309-03690-08-15d.PPT-xProvidingLidaandNanxiangagreeonequitytransfer,thewholetransferprocedureconsistsof3majorstepsandlastfor2~3months1TheinvestorsofanFIE1)(andthethirdparties)agreeontheequitychange(ortransfer)Awrittenagreementmustbesignedbyallparties2TheFIEsubmitstheapplicationforequitychangetothelocalForeignInvestmentCommission(FIC)TheFICmustreplywithin30daysaftersubmission3UponapprovaltheFIEmustcompleteallregistrationproceduresattheAdministrationforIndustryandCommerceandotherrelatedGovernmentalbodieswithin30days1):ForeignInvestedEnterpriseBack-upSHA-4309-03690-08-15d.PPT-xAnequitytransferagreementmustcoverthefollowingcontentsBack-upEquitytransferagreementName,addressandlegalrepresentativeofboththetransferorandthetransfereeSharesandpriceofthetransferredequityDateandwayofequitytransferRightandresponsibilitiesofthetransfereeConsequencesincaseofviolationApplicablelawsandconflictresolutionValidationperiodandterminationoftheagreementDateandplaceoftheagreementsingingSHA-4309-03690-08-15d.PPT-xForGeberit,thebottomlineofbuyoutpricecouldbedeterminedonthebasisoffinancialcomparisonanalysisBack-up

Buyout

Dismissalfee: USD250,000

(90%ofemployeesdismissed)Auditfee: USD20,000Buyoutprice: USD149,000

Dismissalfee: USD360,000Auditfirm: USD20,000lawfirm: USD20,000Tariffreturn: USD19,000Total: USD419,000BankruptcySHA-4309-03690-08-15d.PPT-xD.2.2TerminationSHA-4309-03690-08-15d.PPT-xGene蓋rall箭ysp負(fù)eaki百ng,露term離inat鑒ion欠isu樹nfav隊(duì)orab獎let唐oCh撿ines熄epa慮rtne催r,h喇owev偏er,駁itc若anb嚷eus齡edi改nso奔mec泥ases差to廁achi碗eve搖the昂fore挖ign芳part輕ner’忌sob既ject百ive抹very稱qui意ckly丸(pe幅rson找ali絕ncen暫tive顏)Expl叢ana-末tionTota直lCrit書eriaCostEmployeedismissalfee:

USD100,000~USD360,0001)Auditfirm:

USD20,000Tariffreturn:

USD19,000Personalincentive139,000~399,000USDRiskLidaisnotwillingtoselloutequityDismissalfeedisputeGovernment’sconcernonunemployment-to---Negotiationperiod

-max2monthsTerminationperiod

-within4monthsTime3~6monthsIntegrationUndercurrentsituation,providingChinesepartneragrees,terminationcanbethemostfavorableoptionforGeberitbutit’sveryhardtoreachagreementwithChinesepartnerwithoutincentiveterms++1):Whe喝the奶rt含ot心ake野Li馳da母emp瞇loy騙ees恢’s舞erv殊ice盟ti神me骨in遮Sha囑ngh魂ai大Lid陣ai蜘nto滋ac喝cou閥nt擺res播ult腸si魯nd口iff給ere邁nt鄭amo盜unt堅(jiān)of風(fēng)em現(xiàn)plo族yee乒di延smi策ssa績lf爆eeSHA懇-43鍋09-攀036因90-端08-奸15d住.PP議T-xCom王par蔽ed肌to繭ban幫kru懷ptc淹y,悟ter產(chǎn)min快ati蛾on纏gen蝦era錢lly脈ha躁sl狗owe督rc零ost增,s需hor損ter脈ex棋ecu屆tio逆np沸eri凝od職and軟mo采re末sim板ple顏pr粉oce拖dur賢ei臟nl予iqu越ida壁tio蔑nTer地min孟ati呼onBan巧kru勾ptc乒yInitiatepartyJointventure(Boardofdirectors)Jointventure(Boardofdirectors)LiquidationprocedureRegularliquidationBankruptcyliquidationBoardofdirectorsGovernmentCourtAuditfirmLawfirmLiquidationcommitteeOthercostAuditfirmcostLawfirmcostOthercostLiquidationcostTime3~6months6~18monthsSHA-次4309前-036高90-0諸8-15語d.PP互T-xD.2在.3舅B帆ank讀rup徑tcySHA-灣4309森-036偵90-0誘8-15慮d.PP饅T-xInv鈔iew釘ofc森ost,奏tim若e,r摔isk畫and矛futu血rei令nteg弊rati云on,增bank暖rupt棕cys侵houl態(tài)dbe早the紡las存tch奶oice池for駁Geb割eritExp茅lan捉a-t別ionTota播lCrit琴eriaRiskCan’tgetgovernmentapprovalLida’soppositionDismissalfeedisputeNegativepressLoseeverythingincluding:investmentloan,accountreceivableandstaffs---Time6~18months (AlthoughtheChina’sBankruptcyLawprovisionthattheliquidationshouldbecompletedwithin6months,manycasesactuallylastformorethan1year6~18monthsIntegrationComplicatedprocesstokeepthebusinessrunningTotransferequipmenttoDaishanorNingbocouldbeverydifficult-CostEmployeedismissalfee:

USD100,000~USD360,0001)Auditfirm:

USD20,000Lawfirm:

USD20,000Tariffreturn:

USD19,000159,000~419,000USD1):Whe級the報(bào)rt閉ot號ake芒Li鞭da敞emp朱loy飾ees盯’s初erv吧ice肺ti忌me拉in飲Sha美ngh利ai移Lid滑ai皺nto讓ac蒙cou想nt擁res臣ult輪si節(jié)nd饑iff么ere個nt敞amo源unt慮of況em同plo桶yee抱di浮smi切ssa年lf佳eeSHA-單4309邁-036寶90-0討8-15暗d.PP柜T-xBan葡kru富ptc療yp揀roc析edu世re脖in摟cas精eo榜ft恥he柄dec遺isi殲on孝mad棕eb筐yb卷oar芒do騎fd債ire譽(yù)cto燈r1All泰th兩em添emb騙ers勝of趨Bo戰(zhàn)D1)agr圓ee彈to羊ban久kru弱pt香the胞co逝mpa島ny.The卵Bo勤Dand噴th源es載upe殺rvi轎sin晴gb碰ody妖of緒th配eC竭h(yuǎn)in搏ese查pa朱rtn草ers串in望ca通se牽of拐J(rèn)V雪agr聞ee室to須dis倆sol嶄ve陪the晨FI將E2)The隱FI糠Ea露ppl再ies插to竊th炮el國oca渾lF期ore緣瑞ign宜In仔ves星tme繞nt投Com宇mis病sio隔ni佛no球rde駁rt怖of頸orm燦all短yb仍egi他nt豎he猴liq緞uid鮮ati騰on右pro權(quán)ced本ure1):Boar鞠dof治Dir并ecto迫rs 2斯):F裂orei分gnI怠nves浙ted絮Ente早rpri服seLiqu閑idat抹ion久proc叫edur循e23456Upo餐na居ppr題ova獵lt律he昌BoD捎mu急st把org孕ani裝ze處al薯iqu慘ida衡tio等nc峽omm晌itt捉ee蛋wit蓄hin枯15欺da瞇ys仇of艱the均be捏gin枯nin敬go雅fl趴iqu芝ida恢tio襲nThe飲FI吵Em角ust添pr身ovi鏡de盟wri襲tte噸nn僵oti器fic侮ati錯on威of刷the戒na掩me業(yè)and道ad婚dre隊(duì)ss騎of弄the蟲FI藏Ea漁nd趁rea丸son襖sf候or裂liq勁uid噸ati框on蘆to就cus視tom醬s,建tax網(wǎng)au亮tho體rit游y,枕ban輕ks執(zhí)wit拾hw滔hom番th敬eF翼IE舊has優(yōu)an察ac媽cou罰nt,漏an不de份tc.岡wi因thi相n7鏈da腔ys稍fro柏mt盯he介sta鞏rt瞎of叨the還li壯qui億dat辯ionThe猾liqu紋idat貿(mào)ion握comm挨itte益emu鏡std疤ispo寧seo各fas筋sets織and勢the矩cre元dits像and途deb捧tso仍fth摸eFI毅EPrio貧rity籍for前pay廁ing黃out閘debt嗓s:l縫iqui附dati碌one初xpen嘩ses;揪wag段esa憲nds條ocia加lin摩sura灘nce銀prem公iums撲;st使ate再taxe憲s;o識ther介deb招tsAft些er遲com饅ple吵tin御ga龍ll池the厭li老qui恒dat扔ion培wo乏rk瓣the由li祥qui胞dat阿ion夸co仔mmi繳tte好em躲ust換su宅bmi狀ta揀fi羅nal葬li目qui雹dat攀ion距re共por闖tt在ot連he廚BoD惑fo乎ra驢ppr督ova開lUpon承app騎rova輩lth爬ere沈port票mus緣瑞tal葛sob俯esu喬bmit甲ted段tot溉hes爪uper票visi敲ngb加ody褲and革the眉loca伸lFo鵲reig茂nIn滔vest泰ment閣Com獲miss突ionThe慶li店qui榴dat圖ion敢co劈燕mmi賊tte設(shè)eg故oes妄th港rou跡gh碧all忙th庸ec東anc叮ell克ati流on赤pro蹦ced摩ure落sw乏ith獅th耀ec循ust莊oms盾,t柜he常tax惹bu獨(dú)rea松u,塵the菌lo鏟cal慢Ad引min已ist約rat曠ion綱fo略rI驅(qū)ndu雅str忘ya腰nd禁Com喇mer破ce寄and議ma蔑kes免an冒dA借nno沾unc尤eme筆ntBack-upSHA幕-43英09-讀036枝90-探08-探15d啞.PP啞T-xThe尤liqu辦idat炎ion矮valu介e(m輸arke頓tpr東ice)笛of戶GSHA豎wou割ldb即eUS喝D2.德51m殲illi墓onNon隸-cu窗rre到nt烈ass吐etsCur寒ren長ta抱sse等tsItem瞇sDev拜alu繁ate罵dt偏ota價(jià)la概sse削ts胞aft怨er遵liq哨uid板ate擱dProp來erty堂,pl晝ant,地equ襖ipme宜nt:USD擦2,14壘2,00促0Inve垮ntor傲y:USD殖1,00僻2,00淺0Acco卵unt息Paya大ble:U跡SD蓮524徐,00步0Tota粥l(xiāng)ca貍sha住nds間ecur娛ity:U壺SD薄208噸,00躺0Tota刺las取setsTot妥al凝ass浮ets菌(B兔ook鍛va紹lue架):USD3,95今1,00程0Liq現(xiàn)uid繡ati屑o(jì)n族val諷ue姻(Ma排rke視tp的ric旬e):興US作D2蘆,51載0,0姐00Deva殺lute料dprope籃rty,飲pla伙nt,久equi濱pmen哨t:USD曬2,繼142退,00愿0x戶0.酒6=臥US米D1次,28目5,0開00USD1,00己2,00洗0x0.企6=窩USD橋601,喜000524握,00優(yōu)0x盲0.拉8=濤US枝D4能19,貧000208,注000恐XI牲=US密D20淡8,00炎0Back-upSHA-衰4309丘-036顏90-0俊8-15企d.PP畫T-xD.2.艦4傲Comp序aris鋸ono悉fth吧eal夏tern盲ativ然esSHA-沫4309嬸-036多90-0隙8-15壟d.PP贈T-xEqui閃tyb足uyou染tis墓cle測arly提t(yī)he些bes成tch羅oice富for綁Geb判erit昂.Te粗rmin丹atio判nca倒nbe詢ver享yat正trac煩tive烏if夜both餃par睡ties萍can拳ach簡ieve蠟mut豪ual碧unde虧rsta寬ndin粗gCos譽(yù)tRis侵kEqu門ity壁bu料you嫁tTim蹲eInt鬼egr秀ati疾onTer情min島ati跡onBank繪rupt薦cyMax.冤3m效onth排s-to--+++USD249攔,00步0~

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