沃爾沃考慮發債融資 Volvo gears up for its first bond issue

Volvo is preparing to issue bonds for the first time as a stand-alone carmaker as the Swedish company enters the next phase of its turnround having recently developed a new manufacturing platform and launched upmarket models.

沃爾沃(Volvo)正準備首次以獨立汽車製造商的身份發行債券，這家瑞典公司已步入翻身計劃的下一階段，在近期開發了一個新的製造平臺，推出了高端車型。

A move into the capital markets by the Gothenburg-based company, which has been owned by Zhejiang Geely Holding of China since 2010, could be a prelude to a stock market debut, say people close to the carmaker.

這家總部位於哥德堡的公司自2010年起由中國浙江吉利控股集團(Geely Holding)所有。據知情人士透露，沃爾沃打算進入資本市場的舉措可能是在股市上市的前奏。

“What’s important for us is, I think, is that we have to improve the company and run it as if it was listed,” said Hakan Samuelsson, chief executive. “That is very healthy for the company and that is what we are doing.”

“我認爲，對我們來說重要的是我們必須改善我們的公司，像上市公司那樣去運營，”沃爾沃首席執行官霍坎薩穆埃爾鬆(H欀愀渀 Samuelsson)表示，“這對公司而言非常健康，我們也正是這樣做的。”

Volvo has been engaged in an ambitious and expensive overhaul that began when Ford sold the company to Geely in 2010.

福特(Ford)在2010年把沃爾沃賣給了吉利，沃爾沃自此開始了雄心勃勃和耗資巨大的徹底整改。

Mr Samuelsson told the Financial Times: “We have to be ready to go out on the bond market... part of [acting] as a listed company with all the transparency and reporting that is required. So I wouldn’t exclude that we would go out on the bond market [in 2016].”

薩穆埃爾鬆告訴英國《金融時報》的記者：“我們必須準備好涉足債券市場……像一家上市公司那樣，達到上市公司的透明度和披露要求。因此，我不排除我們（在2016年）進入債券市場的可能性。”

The Swedish brand has built an $11bn platform for a new range of large cars, beginning with the XC90 sport utility vehicle that launched last year as the first car produced under Geely. It was followed this month by the newly unveiled S90 saloon.

沃爾沃投資110億美元打造了一個大型車系列的製造平臺，該平臺生產的第一款車就是去年推出的XC90運動型多功能車(SUV)，這也是沃爾沃作爲吉利旗下公司生產的首款車。跟隨其後的是本月新推出的S90轎車。

By 2019, the XC90 will be the oldest car in the company’s revamped nine-model line-up and, at that stage, Volvo aims to be selling almost 800,000 cars a year — versus 466,000 in 2014.

到2019年，沃爾沃這個由9款車型組成的新系列將全部推出，XC90將成爲該系列中最老的一款車。到那個階段，沃爾沃的目標是一年銷售近80萬輛汽車，該公司2014年的銷量是46.6萬輛。

To finance its growth ambitions, Volvo relies on cash flow and several loans from the China Development Bank, including an $800m loan sealed in 2013. Earlier this year it paid $260m to take control of three Chinese factories, which was funded by loans from the parent company.

支持這一增長抱負的資金來自於現金流和幾筆來自中國國家開發銀行(CDB)的貸款，包括一筆在2013年敲定的8億美元貸款。今年早些時候，沃爾沃還斥資2.6億美元獲取了3家中國工廠的控制權，資金來自於母公司貸款。

Raising money on the bond market would mark a further step towards Volvo operating in effect as an independent entity. But the underlying profitability of the business remains weak, with first-half operating margins at 2.2 per cent.

在債券市場中募集資金將標誌着沃爾沃朝着實際上以獨立實體運營又邁進了一步。但該公司的基礎盈利能力依然較弱，上半年沃爾沃的營業利潤率爲2.2%。

Mr Samuelsson said the company had no issues with its existing financing and played down any suggestion that Volvo needed external sources of money to fund growth.

薩穆埃爾鬆表示沃爾沃目前的融資沒有問題，並淡化了有關沃爾沃需要外部資金來源來支持發展的說法。

He also cautioned that any stock market flotation was a matter for the owner. Zhejiang Geely Holding said there were no “immediate” plans for Volvo to be listed or to access the bond markets.

他還提醒稱，是否上市要由母公司來決定。浙江吉利控股表示，“眼下”沒有讓沃爾沃上市或者進入債券市場的計劃。

But a person close to the company said: “The idea of a Chinese-owned premium player with high volumes and factories on three continents... a compelling story. Why behave like a listed company if you don’t want to be a listed company?”

但一名知情人士表示：“一家中國所有的高端汽車製造商，銷量高，在三個大陸上都有工廠……想想都很有吸引力。如果你不想成爲上市公司，爲什麼要像上市公司那樣行事呢？”

The last time the carmaker issued a bond was as part of Volvo AB, its former Swedish parent that makes trucks, buses and construction equipment.

沃爾沃上次發行債券還是在前母公司沃爾沃集團(Volvo AB)旗下的時候。沃爾沃集團是一家生產卡車、巴士和建築設備的瑞典集團。