采矿业的并购纵览
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3 Deloitte & Touche LLP and affiliated entities.
Mining M&A
Preliminary PPA
初步的收购价格分摊 (PPA)
A company needs to determine the potential impact of a transaction on future earnings. 公司需要明确并购交易会对未来收益造就的潜在影响。 Analysis demonstrating transaction is accretive to earnings is required for BoD approval. 提交经分析论证并购交易将会增值收益的报告，是获得董事会批准的 要素。 Analysis ensures reasonable forecasts of future earnings of the combined company are provided to the investment and analyst community. 分析确保用以提供给投资者和投资分析专家合并后公司的未来收益的 合理性预测。 Preliminary PPA will help determine the purchase consideration that may be allocated to tangible and intangible assets (EIC 152). 初步的收购价格分摊将有助于确定分摊至有形和无形资产的购买价格 (EIC 152)。
Mining M&A
6
Deloitte & Touche LLP and affiliated entities.
Financial Due Diligence（Cont’d）
财务尽职调查(接上页)
This information is used in financial valuation models. 此信息用于财务评估模型中。 Ensure matters which impact cash flows have been properly considered in the financial model. 确保可影响现金流的事项已经在财务模型中获得适当的考量。 Consideration should be given where buyer may not have control over certain cash flows (eg, equity investees and JVs). These should be considered separately in the financial model. 购买者无法控制特定现金流（如，股权出卖者和合资者）的情况也应 在考虑范围之内。这种情况应当在财务模型中分别对待。
Mining M&A 2 Deloitte & Touche LLP and affiliated entities.
Background
背景介绍
Significant increase in the number of M&A transactions in the mining sector. 采矿业并购交易的数量急速增长。 Demand for various commodities exceeds supply, resulting in higher commodity prices. 各种商品的供不应求引发了产品价格的高涨。 Cheaper and quicker for a company to acquire another established company than to conduct its own exploration and development. 相较于操作自有矿业的勘探与开发，收购另一已建立完善的公司对于企业来 讲更具经济价值与时效性。 In a mining M&A transaction, it is critical to perform technical and legal due diligence on the target company. 矿业公司的并购交易中，对目标企业实施技术和法律尽职调查是至关重要的。 However, financial diligence and analyses also serves an important purpose. 当然， 财务尽职调查及分析也同样举足轻重。
Overview 综述
Background 背景介绍 Specific areas of focus 关注重点 – Preliminary purchase price allocation (PPA) 初步的收购价格分摊 (PPA) – Assessing merits of transactions & Fairness opinions 评估交易的长处以及出具公平意见书 – Financial due diligence 财务尽职调查 – Tax due diligence and structuring 税务尽职调查及税务架构 – Post-merger integration 并购后的整合
Mining M&A 5 Deloitte & Touche LLP and affiliated entities.
Financial Due Diligence
财务尽职调查
Target company adherence to complex accounting standards needs to be evaluated to ensure that there are no significant issues impacting historical/future financial reporting. 目标公司若采用复杂的会计准则，则需要被评测以确保对过去及未来 财务报告不会造成重大影响。 Acquisitions are sometimes accompanied by a securities offering which requires insertion of target company financial statements in the offering document. 并购有时会伴随着证券的发行，因此需要在发售文件中加入目标公司 的财务报告。 Reconciliation of key financial information between financial and operating systems is important eg, cash cost per ounce of production. 使在财务系统和操作系统之间的关键财务信息一致至关重要。如，每 盎司产品的现金消耗。
Mining M&A 采矿业的并购纵览
China-Canada Mining Investment Forum 中国-加拿大采矿业投资论坛会
Robert Noronha March 6, 2007 罗云浩 2007年3月6日 年 月 日
Mining M&A
Βιβλιοθήκη Baidu
1
Deloitte & Touche LLP and affiliated entities.
Mining M&A 4 Deloitte & Touche LLP and affiliated entities.
Assessing merits of a transaction
评估并购交易的长处
Increase in the number of hostile takeovers in the mining industry. 矿业公司间恶意并购数量的增加。 A company subject to a hostile takeover will generally require a third party Fairness Opinion that independently values the company. 遭受恶意并购的公司通常会找寻第三方出具并购交易的公平意见书以 独立评价公司的价值。 Both an acquiring and acquiree company need to assess strategic and commercial merits of a proposed transaction to maximize shareholder value. 并购公司和被并购公司都需评估拟进行的并购交易的战略性和商业性 利益以最大化自己的股东价值。 Assessment includes stress testing of the model and comparing transaction metrics to comparable market multiples. 评估包括，模式的应力测验以及并购交易的受益性与可比市盈的比较。 Determination of appropriate financial structure (capital Vs debt) for the combined business. 决策并购后业务的适宜财务架构（资本对比债务）。
Mining M&A 8 Deloitte & Touche LLP and affiliated entities.
Post-merger integration
并购后的整合
Approximately two-thirds of M&A transactions fail to realize their full potential. 大约2/3的并购交易都未能全面发挥其所有潜能。 Synergy calculations are often performed at a high level without adequate detail and buyer may have difficulty realizing potential synergies post close. 并购综效的计算通常只在高层次进行而缺乏足够的细节，因此购买者 可能较难达成交易结束后的潜在综效。 Coordinating the efforts of the integration team and the due diligence team ensures a higher possibility that all significant potential synergies are identified and quantified pre-close. 在交易前能协同整合团队和尽职调查团队更能明确和量化该交易的潜 在综效。 This exercise will enhance the possibility that synergies will be realized post close. 这项操作将提高及加大该交易结束后的综效的可能性。
Mining M&A
7
Deloitte & Touche LLP and affiliated entities.
Tax due diligence and structuring
税务尽职调查
Target companies often have operations in remote countries where tax laws are not well developed or subject to different interpretations. 目标公司通常在遥远的国家运营业务，采用的税务法不尽完善或对待 同样税法持有不同的释义。 Excess profits tax and other taxes allow local governments to participate in the upside of related projects. 超额利润税和其他税项允许当地政府参与相关有盈利潜能的项目。 Local tax knowledge and knowledge of historical tax issues encountered on global mining transactions are critical in ensuring that potential tax issues have been addressed. 通晓当地税并了解以往全球矿业并购交易中曾遭遇到的税务事项，是 确保能够解决潜在税务问题的关键。 Effective tax structuring may dictate whether a transaction is accretive at a specific offer price. 有效的税务架构可以决定该并购交易在某一特定购买价格是否会增值。
Mining M&A
Preliminary PPA
初步的收购价格分摊 (PPA)
A company needs to determine the potential impact of a transaction on future earnings. 公司需要明确并购交易会对未来收益造就的潜在影响。 Analysis demonstrating transaction is accretive to earnings is required for BoD approval. 提交经分析论证并购交易将会增值收益的报告，是获得董事会批准的 要素。 Analysis ensures reasonable forecasts of future earnings of the combined company are provided to the investment and analyst community. 分析确保用以提供给投资者和投资分析专家合并后公司的未来收益的 合理性预测。 Preliminary PPA will help determine the purchase consideration that may be allocated to tangible and intangible assets (EIC 152). 初步的收购价格分摊将有助于确定分摊至有形和无形资产的购买价格 (EIC 152)。
Mining M&A
6
Deloitte & Touche LLP and affiliated entities.
Financial Due Diligence（Cont’d）
财务尽职调查(接上页)
This information is used in financial valuation models. 此信息用于财务评估模型中。 Ensure matters which impact cash flows have been properly considered in the financial model. 确保可影响现金流的事项已经在财务模型中获得适当的考量。 Consideration should be given where buyer may not have control over certain cash flows (eg, equity investees and JVs). These should be considered separately in the financial model. 购买者无法控制特定现金流（如，股权出卖者和合资者）的情况也应 在考虑范围之内。这种情况应当在财务模型中分别对待。
Mining M&A 2 Deloitte & Touche LLP and affiliated entities.
Background
背景介绍
Significant increase in the number of M&A transactions in the mining sector. 采矿业并购交易的数量急速增长。 Demand for various commodities exceeds supply, resulting in higher commodity prices. 各种商品的供不应求引发了产品价格的高涨。 Cheaper and quicker for a company to acquire another established company than to conduct its own exploration and development. 相较于操作自有矿业的勘探与开发，收购另一已建立完善的公司对于企业来 讲更具经济价值与时效性。 In a mining M&A transaction, it is critical to perform technical and legal due diligence on the target company. 矿业公司的并购交易中，对目标企业实施技术和法律尽职调查是至关重要的。 However, financial diligence and analyses also serves an important purpose. 当然， 财务尽职调查及分析也同样举足轻重。
Overview 综述
Background 背景介绍 Specific areas of focus 关注重点 – Preliminary purchase price allocation (PPA) 初步的收购价格分摊 (PPA) – Assessing merits of transactions & Fairness opinions 评估交易的长处以及出具公平意见书 – Financial due diligence 财务尽职调查 – Tax due diligence and structuring 税务尽职调查及税务架构 – Post-merger integration 并购后的整合
Mining M&A 5 Deloitte & Touche LLP and affiliated entities.
Financial Due Diligence
财务尽职调查
Target company adherence to complex accounting standards needs to be evaluated to ensure that there are no significant issues impacting historical/future financial reporting. 目标公司若采用复杂的会计准则，则需要被评测以确保对过去及未来 财务报告不会造成重大影响。 Acquisitions are sometimes accompanied by a securities offering which requires insertion of target company financial statements in the offering document. 并购有时会伴随着证券的发行，因此需要在发售文件中加入目标公司 的财务报告。 Reconciliation of key financial information between financial and operating systems is important eg, cash cost per ounce of production. 使在财务系统和操作系统之间的关键财务信息一致至关重要。如，每 盎司产品的现金消耗。
Mining M&A 采矿业的并购纵览
China-Canada Mining Investment Forum 中国-加拿大采矿业投资论坛会
Robert Noronha March 6, 2007 罗云浩 2007年3月6日 年 月 日
Mining M&A
Βιβλιοθήκη Baidu
1
Deloitte & Touche LLP and affiliated entities.
Mining M&A 4 Deloitte & Touche LLP and affiliated entities.
Assessing merits of a transaction
评估并购交易的长处
Increase in the number of hostile takeovers in the mining industry. 矿业公司间恶意并购数量的增加。 A company subject to a hostile takeover will generally require a third party Fairness Opinion that independently values the company. 遭受恶意并购的公司通常会找寻第三方出具并购交易的公平意见书以 独立评价公司的价值。 Both an acquiring and acquiree company need to assess strategic and commercial merits of a proposed transaction to maximize shareholder value. 并购公司和被并购公司都需评估拟进行的并购交易的战略性和商业性 利益以最大化自己的股东价值。 Assessment includes stress testing of the model and comparing transaction metrics to comparable market multiples. 评估包括，模式的应力测验以及并购交易的受益性与可比市盈的比较。 Determination of appropriate financial structure (capital Vs debt) for the combined business. 决策并购后业务的适宜财务架构（资本对比债务）。
Mining M&A 8 Deloitte & Touche LLP and affiliated entities.
Post-merger integration
并购后的整合
Approximately two-thirds of M&A transactions fail to realize their full potential. 大约2/3的并购交易都未能全面发挥其所有潜能。 Synergy calculations are often performed at a high level without adequate detail and buyer may have difficulty realizing potential synergies post close. 并购综效的计算通常只在高层次进行而缺乏足够的细节，因此购买者 可能较难达成交易结束后的潜在综效。 Coordinating the efforts of the integration team and the due diligence team ensures a higher possibility that all significant potential synergies are identified and quantified pre-close. 在交易前能协同整合团队和尽职调查团队更能明确和量化该交易的潜 在综效。 This exercise will enhance the possibility that synergies will be realized post close. 这项操作将提高及加大该交易结束后的综效的可能性。
Mining M&A
7
Deloitte & Touche LLP and affiliated entities.
Tax due diligence and structuring
税务尽职调查
Target companies often have operations in remote countries where tax laws are not well developed or subject to different interpretations. 目标公司通常在遥远的国家运营业务，采用的税务法不尽完善或对待 同样税法持有不同的释义。 Excess profits tax and other taxes allow local governments to participate in the upside of related projects. 超额利润税和其他税项允许当地政府参与相关有盈利潜能的项目。 Local tax knowledge and knowledge of historical tax issues encountered on global mining transactions are critical in ensuring that potential tax issues have been addressed. 通晓当地税并了解以往全球矿业并购交易中曾遭遇到的税务事项，是 确保能够解决潜在税务问题的关键。 Effective tax structuring may dictate whether a transaction is accretive at a specific offer price. 有效的税务架构可以决定该并购交易在某一特定购买价格是否会增值。