没有牛肉的火锅不叫火锅,没有火锅的冬天不叫冬天。相信很多品尝过海底捞美味的吃货们必定对鲜嫩滑口的牛肉吃得意犹未尽,同事朋友们三五成群聚在海底捞,牛肉火锅配冻啤酒,让人畅酣淋漓、满血复活。

Hot pot without beef is not called hot pot, winter without hot pot is not called winter. I believe many food lovers who have tasted the delicacies of the bottom of the sea must still eat fresh and slippery beef, colleagues and friends gathered in groups in the bottom of the sea fishing, beef hot pot with frozen beer, let people enjoy dripping, full of blood to revive.

吃货们可能没想到,在海底捞吃的牛肉是对中国出口高级牛肉产品全球最大的澳大利亚供应商——KilcoyGlobalFoods,Ltd.(下称“Kilcoy”)所提供的,Kilcoy同时还是呷哺呷哺(00520-HK)、百盛中国、麦当劳中国的供应商。

Food lovers may not have thought that the bottom-of-the-sea beef was supplied by Kilcoy Global Foods, Ltd., the world's largest supplier of premium beef products to China, and Kilcoy was also a supplier of sipping (00520-HK), Baisheng China and McDonald's China.

在2013年,Kilcoy由我国知名企业家刘永好、王航和加拿大籍华人张天笠共同创立。短短几年时间,Kilcoy成为一家快速增长的全球优质食品解决方案供应商,主要生产及提供高级牛肉及其他优质动物蛋白产品,以顶级、特级及高级冷藏或冷冻牛肉及天然水产、优质经烹煮羊肉、猪肉及家禽产品为主。

In 2013, Kilcoy was co-founded by China's leading entrepreneurs, Liu Yonghao, Wang Hang and Canadian Chinese Zhang Tianli. In just a few years, Kilcoy has become a fast-growing supplier of high-quality global food solutions, mainly producing and providing high-grade beef and other high-quality animal protein products, with top, high-grade and high-grade refrigerated or frozen beef and natural aquatic products, high-quality cooked mutton, pork and poultry products.

美国、澳洲和中国是全球牛肉消费大国,美国在2018年占全球高级牛肉消费量近60%,中国高级牛肉消费呈现巨大的增长空间,且在2018年仅占全球高级牛肉总消费量的%。Kilcoy的业务和加工设施除了布置在大本营澳大利亚,还策略性的布置了美国和中国两国,其中威海味岛就是位于国内的蛋白产品生产基地。

The United States, Australia and China are the global beef consumption countries, the United States accounted for nearly 60% of the global high-grade beef consumption in 2018, China's high-grade beef consumption showed a huge growth space, and in 2018 only accounted for% of the total global high-grade beef consumption. Kilcoy's business and processing facilities are strategically located in both the U.S. and China, in addition to being based in Australia.

目前,Kilcoy在澳洲、中国及美国的业务共有四个加工及生产设施,供应的产品除了澳洲、中国及美国,还辐射了日本、韩国、菲律宾等全球超过35个司法管辖权区,可以说是全球性的牛肉供应企业。

Kilcoy's operations in Australia, China and the United States now have four processing and manufacturing facilities. In addition to Australia, China and the United States, Kilcoy's products have radiated more than 35 jurisdictions in Japan, South Korea and the Philippines.

Kilcoy的业务模式由食品行业价值链的中游延伸至下游,当中包括初步加工、增值加工、包装及销售牛肉解决方案、蛋白解决方案及膳食解决方案产品,而原材料、谷饲牛畜、生肉需要从世界各地采购。

Kilcoy's business model extends from the middle of the value chain of the food industry to the downstream, including initial processing, value-added processing, packaging and marketing of beef solutions, protein solutions and dietary solutions, while raw materials, grain cattle and raw meat need to be purchased from around the world.

Kilcoy近年的收入及利润均实现大幅增长,2017年及2018年,Kilcoy总收入分别为亿美元及亿美元,经调整EBITDA分别为2780万美元及5060万美元,净利润分别为520万美元及1160万美元,增长率分别为%及%。

Kilcoy's revenues and profits have grown substantially in recent years, with total Kilcoy revenues of $100m and $100m in 2017 and 2018, adjusted EBITDA of $27.8m and $50.6m, net profit of $5.2m and $11.6m, respectively, with growth rates of% and%.

2018年前三季及2019年前三季,Kilcoy营收由亿美元增加%至亿美元,经调整EBITDA由2370万美元增长倍至7460万美元,净利润由200万美元大幅增加倍至2540万美元。

Kilcoy's revenue rose from $100 million to $100 million in the first three quarters of 2018 and 2019, adjusted EBITDA doubled from $23.7 million to $74.6 million and net profit from $2 million to $25.4 million.

根据业务分部划分,Kilcoy可分为牛肉解决方案产品、蛋白解决方案产品及膳食解决方案产品。其中牛肉解决方案是该公司第一大营收业务,过去几年营收比重均在64%以上,其中以高级牛肉为主,营收占了公司总营收的一半左右,澳洲、中国和美国是该公司高级牛肉主要营收区域。

According to the division of business, Kilcoy can be divided into beef solution products, protein solution products and meal solution products. Among them, beef solutions is the company's largest revenue business, with revenues of more than 64% in the past few years, mainly high-grade beef, which accounts for about half of the company's total revenue, and australia, china and the united states are the company's top beef revenue regions.

值得注意的是,近几年业绩高速增长,实际上并不是由Kilcoy的牛肉解决方案产品所驱动,而是膳食解决方案产品分部。2017年,该分部营收比重为%,到了2019年前三季

It is worth noting that the rapid growth in performance in recent years is not actually driven by Kilcoy's beef solution products, but rather by the meal solution product division. The division's revenue share was% in 2017, reaching the first three quarters of 2019

此外,中国市场在2019年成为Kilcoy业绩的“定海神针”,前三季度来自中国市场的收入同比飙升倍至亿美元,而同期澳洲市场收入几乎持平,美国、日本及韩国市场带来的营收均下滑。由此表明,中国市场对牛肉的需求十分强劲,于2018年,尽管中国占全球人口近19%,但中国仅占全球高级牛肉总消费量的%。因中国人口众多、经济快速发展以及食品消费呈优质化趋势,该增长空间将转化为强劲的增长动力,使中国成为增长最快的高级牛肉消费国之一。而美国等市场因激烈的竞争关系,使Kilcoy在这些市场的销售遇阻,所以Kilcoy在招股书中称要重点投资中国市场,在中国开发新设施,增加产能,扩大渠道销售范围。

In addition, the Chinese market became Kilcoy's \"Dinghai needle\" in 2019, with revenues from the Chinese market soaring to $100m year-on-year in the first three quarters, while Australia's revenues were almost flat in the same period and revenues from the US, Japan and South Korea fell. As a result, China's market demand for beef was strong, and in 2018, although China accounted for nearly 19 percent of the world's population, it accounted for only% of the world's total consumption of high-grade beef. Because of China's large population, rapid economic growth and high-quality food consumption, the space for growth will turn into a strong driving force, making China one of the fastest-growing top beef consumers. And markets such as the United States have been stymied by fierce competition, so Kilcoy said in its prospectus that it would focus on investing in the Chinese market, developing new facilities in China, increasing capacity and expanding the range of channel sales.

于截至2017年及2018年12月31日止年度及截至2018年及2019年9月30日止9个月,原材料成本分别占Kilcoy总销售成本的%、%、%及%。

The raw material cost accounted for%,%,% and% of Kilcoy ' s total sales cost for the year ending in 2017 and December 31,2018 and the month ending in 2018 and September 30,2019, respectively.

多年来,原材料价格显示出典型的周期性变动,而当中的波动可能极大。例如,澳洲100天或以上的谷饲牛畜的平均价格由2016年每公斤澳仙波动至2017年每公斤澳仙,其后于2018年波动至每公斤澳仙。

Over the years, raw-material prices have shown typical cyclical variations, and the volatility is likely to be significant. For example, the average price of cattle for cereals in Australia for 100 days or more has fluctuated from Australian fairies per kilo in 2016 to Australian fairies per kilo in 2017, followed by Australian fairs per kilo in 2018.

根据招股书,2013年-2018年,澳洲谷饲100天或以上牛肉的平均价格由约350澳仙╱千克增至澳仙╱千克,%的增幅远大于同期澳洲高级牛肉平均出口价格%的增幅。进货价上涨幅度远大于出售价的涨幅,带来的冲击就是一家企业盈利能力的下滑。Kilcoy也意识到了这个潜在风险,为尽量降低原材料价格波动的风险,Kilcoy与育肥厂合作伙伴进行远期採购,以提前三至四个月锁定价格及订单量。但也需留意澳洲谷饲100天或以上牛肉的平均价格会重演2013-2016年期间的疯狂涨幅,对Kilcoy的成本端带来压力。

According to the prospectus, the average price of beef aged 100 days or above in Australia's valley increased from about 350 Australian fairs\/kg to Aussie fairs\/kg in 2013-2018, an increase of much more% than the average export price of Australian high-grade beef in the same period. The rise in the purchase price is far greater than the increase in the sale price, the impact is a decline in profitability. Kilcoy is also aware of this potential risk, and to minimize the risk of price fluctuations in raw materials, Kilcoy carries out forward purchases with its fattening plant partners to lock in prices and order volumes three to four months in advance. But it's also important to look out for the fact that the average price of beef for Australian cereals for 100 days or more will repeat the frenzied rise from 2013 to 2016, putting pressure on Kilcoy's cost end.

由于需要采购原材料,且原材料价格在近几年涨幅明显,所以Kilcoy需要有充足的现金流来维持业务运营以及在中国、美国等市场的扩张。

Because of the need to purchase raw materials, and the price of raw materials has risen significantly in recent years, Kilcoy needs to have sufficient cash flow to maintain business operations and expand in markets such as China and the United States.

由于业务运营需要耗费大量的资金,Kilcoy的现金及现金等价物相对有限,2019年前三季的现金及现金等价物为2850万美元,同比下滑%。Kilcoy主要倚赖附属公司派付的股息来应对现金及融资需求,此外,业务增长及收购项目对营运资金需求增加使Kilcoy不断需要融资来应对。

Kilcoy's cash and cash equivalents are relatively limited, with $28.5 million in cash and cash equivalents in the first three quarters of 2019, down% year-on-year, as business operations require a lot of money. Kilcoy relies mainly on dividends paid by its subsidiaries to meet its cash and financing needs, and growing demand for working capital from business growth and acquisition projects keeps Kilcoy in need of financing.

截至2019年11月30日,Kilcoy的银行贷款总计亿美元,其中亿美元并未动用,而未偿还的带息借款达亿美元。如此高额的借款,Kilcoy自有的现金并不足以覆盖其债务。

Kilcoy's bank loans totaled $100 million as of November 30,2019, of which $100 million were not spent, while outstanding interest-bearing loans amounted to $100 million. With so much borrowing, Kilcoy's own cash is not enough to cover its debt.

所以在这种情况下,中国市场对Kilcoy来说就显得尤为重要了,因为除中国之外的其他市场因竞争激烈等原因业绩增长受阻。但依赖中国这个单一市场为该公司提供增长动能,亦是一大充满风险的举动。

So in this case, the Chinese market is particularly important for Kilcoy, as other markets outside of China have been hampered by such factors as competitive growth. But relying on China's single market to provide the company with growth momentum is also a risky move.

2000年欧美国家爆发了疯牛病之后,中国为了食品安全,果断禁止进口欧美国家的牛肉。直到2017年,我国才取消了对澳洲的牛肉禁令。目前,我国仅允许澳大利亚、新西兰、阿根廷、加拿大等8个国家的牛肉进口。去年年初,中国解禁了法国牛肉进口,这对于澳洲牛肉出口来说无疑是一大打击。另外,若澳洲爆发疯牛病疫情,Kilcoy将失去中国这个大市场,对其业务运营将带来重大隐患。

After the outbreak of mad cow disease in Europe and the United States in 2000, China resolutely banned imports of beef from Europe and the United States for food safety. It wasn't until 2017 that our country lifted its beef ban on Australia. At present, China only allows beef imports from Australia, New Zealand, Argentina, Canada and other eight countries. China's ban on French beef imports early last year was a blow to Australian beef exports. In addition, Kilcoy would lose China, the big market, if Australia had an outbreak of mad cow disease, and pose a major risk to its operations.


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