德勤-中石化財(cái)務(wù)控制咨詢(xún)報(bào)告

石油化工股份

財(cái)務(wù)本錢(qián)分析工程方案?jìng)渥?本文檔所包含的內(nèi)容屬于DQ咨詢(xún)的商業(yè)機(jī)密，其知識(shí)產(chǎn)權(quán)也歸DQ咨詢(xún)所有，任何個(gè)人與實(shí)體在未經(jīng)DQ咨詢(xún)?cè)S可的情況下不得復(fù)制與分發(fā)。二零零一年四月十日目錄DQDQ咨詢(xún)對(duì)于石化成本分析項(xiàng)目的理解DQ咨詢(xún)對(duì)于石油化工行業(yè)的成本分析案例介紹股東價(jià)值驅(qū)動(dòng)的分析模型如何在石化一體企業(yè)中實(shí)施財(cái)務(wù)分析系統(tǒng)DQ咨詢(xún)推薦的對(duì)于石化成本分析的解決方案規(guī)劃DQ咨詢(xún)實(shí)施工具介紹問(wèn)答目錄DQDQ咨詢(xún)對(duì)于中石化成本分析項(xiàng)目的理解DQ咨詢(xún)對(duì)于石油化工行業(yè)的成本分析案例介紹股東價(jià)值驅(qū)動(dòng)的分析模型如何在石化一體企業(yè)中實(shí)施財(cái)務(wù)分析系統(tǒng)DQ咨詢(xún)推薦的對(duì)于中石化成本分析的解決方案規(guī)劃DQ咨詢(xún)預(yù)計(jì)的本階段項(xiàng)目實(shí)施的范圍DQ咨詢(xún)實(shí)施工具介紹問(wèn)答中國(guó)石油化工股份有限公司為建立現(xiàn)代企業(yè)制度，提高企業(yè)的競(jìng)爭(zhēng)力，建立了統(tǒng)一的財(cái)務(wù)管理信息系統(tǒng)。

（1）建立了全公司三級(jí)（決策中心、利潤(rùn)中心、成本中心）統(tǒng)一標(biāo)準(zhǔn)的財(cái)務(wù)管理和會(huì)計(jì)核算網(wǎng)絡(luò)系統(tǒng)。

（2）建立了滿(mǎn)足中國(guó)會(huì)計(jì)準(zhǔn)則、國(guó)際會(huì)計(jì)準(zhǔn)則，基于財(cái)務(wù)邏輯網(wǎng)絡(luò)的總部、分（子）公司、生產(chǎn)廠三級(jí)統(tǒng)一的財(cái)務(wù)管理和會(huì)計(jì)核算體系；

（3）提高了會(huì)計(jì)信息的及時(shí)性、準(zhǔn)確性，加強(qiáng)監(jiān)管能力，為決策支持提供更豐富的財(cái)務(wù)信息；

（4）支持公司總部績(jī)效考核管理體系，為領(lǐng)導(dǎo)決策提供科學(xué)、準(zhǔn)確、快捷的服務(wù)；（5）開(kāi)發(fā)符合國(guó)際會(huì)計(jì)準(zhǔn)則和上市信息披露規(guī)則的財(cái)務(wù)管理和會(huì)計(jì)核算軟件；

（6）建立了分布式財(cái)務(wù)數(shù)據(jù)庫(kù)，支持財(cái)務(wù)會(huì)計(jì)數(shù)據(jù)的實(shí)時(shí)向上復(fù)制、向下穿透查詢(xún)和網(wǎng)上在線(xiàn)對(duì)帳；中石化財(cái)務(wù)管理信息系統(tǒng)建設(shè)的整體目標(biāo)中石化產(chǎn)業(yè)鏈與本錢(qián)管理

原油勘探

原油開(kāi)采

煉油

化工生產(chǎn)

產(chǎn)品銷(xiāo)售成本核算/管理生產(chǎn)成本管理

成

本銷(xiāo)

售成

本全方位成本管理采夠成本股東價(jià)值驅(qū)動(dòng)的分析模型指標(biāo)運(yùn)作價(jià)值管理需要以下三個(gè)核心局部有效地運(yùn)作價(jià)值管理戰(zhàn)略超前的戰(zhàn)略領(lǐng)先的地位系統(tǒng)流程管理準(zhǔn)確的指標(biāo)準(zhǔn)確的尺度價(jià)值衡量需要有一整套指數(shù)EVAisaregisteredtrademarkoftheSternStewartCompany…最可靠的衡量指數(shù):股東回報(bào)率TotalShareholderReturn(TSR)投資資本的現(xiàn)金流回報(bào)Cashflowreturnongrossinvestedcapital(CFROI)加權(quán)平均的資本本錢(qián)Weighted-AverageCostofCapital(WACC)可持續(xù)的資產(chǎn)增長(zhǎng)率SustainableAssetGrowthRate未來(lái)現(xiàn)金流量的凈現(xiàn)值Netpresentvalueoffuturecashflows(NPVorDCF)是否在創(chuàng)造價(jià)值?表現(xiàn)如何?什么是最低投資回報(bào)?如何衡量增長(zhǎng)?公司的價(jià)值?需要衡量的對(duì)象....股東回報(bào)率TSR衡量上市公司的價(jià)值增長(zhǎng)為什么TSR是衡量?jī)r(jià)值增長(zhǎng)的最好指標(biāo)股東回報(bào)率TSR定義TSR=(市場(chǎng)差價(jià)+分紅)/價(jià)格=(2+1)/10=30%12110股價(jià)t=0分紅股價(jià)t=n反映了公司最終擁有者的回報(bào)率用作各投資機(jī)構(gòu)的積分卡不受會(huì)計(jì)操作的影響全面表達(dá)獲利率和和增長(zhǎng)率是高層管理者持股分配的根底股票價(jià)格分紅獲利率和增長(zhǎng)率驅(qū)動(dòng)股價(jià)股東回報(bào)率(TSR)衡量分析指數(shù)投資者回報(bào)TSR定義投資資本的現(xiàn)金流回報(bào)CFROI可持續(xù)增長(zhǎng)自由現(xiàn)金流投資資本的現(xiàn)金流回報(bào)CFROI全面衡量公司業(yè)績(jī)當(dāng)上市公司擁有以下特征時(shí)，較為適合使用CFROI:常年限的固定資產(chǎn)(平均超過(guò)15年)具有大量固定資產(chǎn)固定資產(chǎn)非常陳舊或非常新具有大型投資模板和行為益處CFROI定義跨國(guó)家，跨行業(yè)，跨時(shí)間比較不受資產(chǎn)的年限和組合的影響全面使內(nèi)部決策和外部資本市場(chǎng)的表現(xiàn)掛鉤提供投資工程的回憶審計(jì)與資本本錢(qián)可直接比較資產(chǎn)年限營(yíng)運(yùn)資本總現(xiàn)金流動(dòng)量總投資額CFROI=IRRonabusinessCFROI計(jì)算結(jié)果(1999年)542406446,06822,29210,4119,36948,140564216312141383891NetIncomeDepreciationInterestExpenseMinorityInterestGrossCashFlowNetWorkingCapital+Land+Investments=NonDepreciatingAssetsNetFixedAssetsAccum.Depr.*InflationAdjustment*GrossInvestment資產(chǎn)年限=20營(yíng)運(yùn)資本+土地Sinopec1999($millions)Source:DCAnalysis,CompanyfinancialstatementsCFROI=IRR=6.1%48,1404,0796,068*DCEstimatesPeers?CostofCapital?PlanCFROI?IRR：內(nèi)部收益率592707396,66622,89710,5999,53949,7011926*2322*814*110*5172*NetIncomeDepreciationInterestExpenseMinorityInterestGrossCashFlowNetWorkingCapital+Land+Investments=NonDepreciatingAssetsNetFixedAssetsAccum.Depr.*InflationAdjustment*GrossInvestment資產(chǎn)年限=20營(yíng)運(yùn)資本+土地Sinopec2000($millions)Source:DCAnalysis,CompanyfinancialstatementsCFROI=IRR=8.6%49,7015,1726,666*DCEstimatesPeers?CostofCapital?PlanCFROI?CFROI計(jì)算結(jié)果(2000年)IRR：內(nèi)部收益率PositiveSpreadBusinessNeutralSpreadBusinessNegativeSpreadBusinessDiscountRate:WACCIncreaseCFROIHoldCFROI GrowAssetsErodeCFROI GrowFasterIncreaseCFROIThenGrowIncreaseCFROIReduceReinvestmentDivestorLiquidateCFROI%StrategiesforValueCreation任何業(yè)務(wù)都可創(chuàng)造價(jià)值–但需要按不同的情況設(shè)定戰(zhàn)略Note:thisappliestobusinessunitsaswellascorporationsoverall市場(chǎng)是如何設(shè)定股價(jià)的?CFROIAssetSizeFadeNetCashFlows1+DiscountRateSharePriceAssetGrowth=Investors評(píng)估使用表現(xiàn)指標(biāo)和貼現(xiàn)現(xiàn)金流量GrossInvestmentSustainableGrowthPVCashFlowExistingAssetsPVCashFlowFutureInvestmentTotalEconomicValue-MarketValueofDebt1)EquityValue34236-102633210-12687205231)ST<,minorityinterest2.2%$49,701m8.2%10%$mil$29.83/shareFadeRateDiscountRate7.0%CFROISinopec,Fiscal2000estimate的股價(jià)是由CFROI和增長(zhǎng)決定的RealAssetGrowthRate(%)CFROI(%)15.7417.1117.814.230.70

29.8328.628.246.5243.2340.0612.2Sinopecequityvalue(fiscal2000)BaseCaseWhatisitworthifweimprove?Note:GrowthonlyimprovesvalueifCFROIimprovesto“positivespread〞如何在一體企業(yè)中實(shí)施財(cái)務(wù)分析系統(tǒng)CEO/BoardBusinessUnitsOperationsHowdoIinfluenceSharePrice?Whatisthebestwaytoallocatemycapital?HowdoIimproveexecution?Determinewherevalueisbeingcreated/destroyedAllocatecapitallikeaportfoliomanagerImplementaconsistent&planningprocesslinkedtoKPI’sandcomp.CommunicatetothemarketinalanguagetheyrespondtoFundManagersShareholdersHowdoImaximizeshareholderreturns?Realizemaximumvalueforshareholders-TSR股價(jià)和運(yùn)營(yíng)的聯(lián)接LinktoKPIs各種價(jià)值指標(biāo)的波動(dòng)直接影響股價(jià)ValueSinopecCFROI1.1%AssetLife20yearsAssetTurns0.36GrossPlantAssetTurns0.44NetCashFlowAssetGrowth0.46%FadeRate10%/yearSizeDifferential-.72LeverageDifferential+.57GrossCashFlow2.394AdjustedGrossAssets48,002Non-Dep.Assets6,666OperatingMargin16.2%SalesGrowth-??%COGSasa%ofSales78.1%SG&Aasa%ofSales5.6%InventoryTurns3.98A/RTurns9.11CFROIVariabilityHighPloughbackLowtoAverageCountryDiscountRate6.5%1+WACC=UnitVolumePriceRealisationLinktoKPIsValueDriversprovidethedirectionandKPIsprovidethefeedback.Amulti-tiersystemofmeasuresisoptimal,withthemostaccurate(andusuallycomplicated)usedbythefinancedepartment.Fromthereon,simplificationandcontrollabilityofKPIsiscriticalastheyaredrivenbroadlyanddeeplythroughouttheorganisationRevenueGrowthOperatingMargins/ExpensesWorkingCapitalAssetProductivity

StimulateSalesEconomicDevelActivitiesExpandserviceterritory

ManageCostFuelusageWageRates

ManageCashBilling/CollectionCycleFuelandStockInvestment

ReturnonCapitalAssetAvailabilityAssetUtilisationCashFlowInvestment財(cái)務(wù)回報(bào)價(jià)值驅(qū)動(dòng)KPIs%RevNewProducts%RevNewMarketsAverageheatrate%CostReductionInventoryTurnsReceivableTurnsEquivalentAvailabilityCapacityFactor方向反響戰(zhàn)略我們?cè)撚^注什么?我們?nèi)绾稳プ?如何知道我們做得對(duì)?KPI被用于監(jiān)督運(yùn)作，反響于目標(biāo)設(shè)立什么是目標(biāo)?LinktoKPIsXXXPECChemicalsMarketingRefiningUpstreamStrategyfocusedoncompetitivepositionandnewproductsCostcontrol,capacityutilization,newproductdevelopmentandproductlinemanagementStrategyfocusedoncompetitivepositionPricing,regionalshiftsandformateconomicsarekeydriversManysmallbetsValuedrivenbycustomerstrategy,storeeconomicsandgrowthStrategyfocusedonflexibilityversusefficiencyLockedintoLPMindset?Find“outofbox〞optionsCostcontrolandthroughputarekeyshort-termvaluedriversStrategyfocusedoninvestmentoptionsFieldversusnewgeographyinvestmentandexplorationcostsversussuccessratearekeydriversManybetsValuedrivenbypriceinvestmentstrategyandoperatingeffectivenessProductlineTSR,PlantCFROIBUTSR&StationCFROIProjectIRRandrefineryCFROIBUTSR&projectIRRMetricsimplemented按不同的事業(yè)部特性確定價(jià)值衡量指標(biāo)LinktoKPIs%GrossInvestmentCFROI102030405060708090100-5051020GasExploration6.0ChemicalsRefiningandMarketingCostofCapital15各類(lèi)投資工程的審核從劃分事業(yè)部起始GrowthProjectsCFROIImprovementProjectsCFROIImprovementProjects:Assetmanagement%ofGrossInvestment%AvgCFROIinPlan102030405060708090100-505101520253035Chemical1ExplorationGas1Chemical2Gas2Gas3MarketingRefining6.0CostofCapitalChemical3Chemical4而事業(yè)部進(jìn)一步按業(yè)務(wù)類(lèi)型細(xì)化石油開(kāi)采事業(yè)部市場(chǎng)零售煉油舉例：細(xì)分后的不同結(jié)果LinktoStrategyCleaningSuppliesHouseholdProductsChemicalAdditivesFertilizersSpecialtyPlastics產(chǎn)品市場(chǎng)零售工業(yè)商業(yè)政府直銷(xiāo)MajorMarketMinorMarketNocurrentmarket舉例(續(xù))：按銷(xiāo)售渠道進(jìn)一步細(xì)化市場(chǎng)零售事業(yè)部LinktoStrategy利潤(rùn)表:銷(xiāo)售利潤(rùn)管理費(fèi)用利息折舊稅務(wù)資產(chǎn)負(fù)債表:應(yīng)收帳款存貨固定資產(chǎn)應(yīng)付帳款負(fù)債可獲取可獲取按人力分配按負(fù)債額分配預(yù)定年限D(zhuǎn)ivisionrate按產(chǎn)品可獲取特殊區(qū)分按銷(xiāo)售本錢(qián)按負(fù)債/權(quán)益會(huì)計(jì)科目表預(yù)計(jì)流程而進(jìn)一步將資產(chǎn)分配到各市場(chǎng)單位可深入分析投資回報(bào)率LinktoStrategy102030405060708090100-10-5051015202530商業(yè)直銷(xiāo)零售工業(yè)政府CFROI%%GrossInvestmentWACCConsolidatedCFROI渠道獲利率分析揭示了渠道的強(qiáng)弱LinktoStrategySampleStoresCFROISiteKeep?KeepFixCloseStrongWeakWeakStrongStoresweregroupedfornextstepsCostofCapital6.0%Cons.CFROI17.0%-5051015202530Management而零售渠道的進(jìn)一步細(xì)分可揭示各零售點(diǎn)的強(qiáng)弱LinktoStrategyPrice/OrderOrderSize01234560102030405060708090100Problemorders而工業(yè)渠道注重于挖掘擴(kuò)展能使之盈利的顧客LinktoStrategyCommercialDirectSalesRetailIndustrialGovernmentCustomerGroupGoodbusiness,butlimitedgrowthGenerallyignored,profitablebutunexciting

WellmanagedValuemature

ThoughttobeprofitableGoodrelationshipswithcustomers

ProblemareaNecessaryevilPriorView10%increaseingrowthdoublesvalue“Hiddenjewel〞-re-addressedmarketingstrategyResultsbelowpeersinregionThroughputidentifiedaskeyvaluedriverSiteacquisitionmodelre-doneAssetintensitythekeyFocusonraisingCFROISignificantproblemareaPostVBMViewMaintainAggressivegrowthplansSiteimprovementprogramNewstoreformat

EvaluateaccountsindividuallyFocusonvaluablecustomers

FocusonimprovingCFROIExpandintootherproductsPossibleexitNextSteps分析的結(jié)果引起顯著的戰(zhàn)略變化LinktoStrategyCorporateOfficeInternal“CapitalMarket〞BU1BU2BU3ProjectLifeOutlayProjectLifeOutlayCashFlowCashFlowProjectProjectInternalViewInvestorsExternal“CapitalMarket〞Stock1Stock2Stock3ExternalViewAccountingDataSharePriceIncomeStatementBalanceSheetEPS,ROE,ROCECFROIGrowthWACCFadeCFROICashFlowGrossAssets

AssetLifeCFROI既用于外部投資，也由于內(nèi)部管理CFROIRevenueCostsOperatingProfitTaxProfitandLossStatementWorkingcapitalFixedAssetsLiabilitiesDebtEquityBalanceSheetCFROI汲取了利潤(rùn)表和資產(chǎn)負(fù)債表中的各類(lèi)數(shù)據(jù)(1)CFROI汲取了利潤(rùn)表和資產(chǎn)負(fù)債表中的各類(lèi)數(shù)據(jù)(2)RevenueCostsOperatingProfitTaxProfitandLossStatementOperatingMarginGrossMarginExpenseMarginSellingcostsAdmincostsOverheadcostsOthercostsRawMaterialcostsRefiningCostsOverheadcosts方案驅(qū)動(dòng)預(yù)算8.2%8.7%8.7%ActualBudgetKey16.2%16.5%CFROIOperatingMarginAssetTurnover22.1%23.5%GrossMargin5.6%5.0%ExpenseMargin65.2%60.5%RawMaterialRefiningCosts4.0%3.5%SellingCostsAdminCosts.87.90FixedAssets12.014.0WorkingCapital8.010.0Receivables18.020.0Inventory75%80%UtilisationRate10%12%Maintenance0.738.7%0.8017.3%16.7%1.0%1.0%驅(qū)動(dòng)預(yù)算三個(gè)主要方面ProvidesafinancialprothebusinessforcommunicationandanalysisNon-financialmanagersbroughtintovalueequationSummarymeasuresbrokendownintopartsforgreaterfocusGraphicallydisplaysacomparisonofperformancestandardsActualversusbudgetCurrentversushistoricSinopecperformanceversus“bestpractice〞Relationshipscanbeusedfor“whatif?〞analysis:10%Improvementin:ResultsinCFROIChangeof:Revenue1.7%CostofGoodsSold2.1%OperatingCosts4.4%OverheadCosts1.1%AFAFinancialInvestmentAeltusInvestmentMgmt.,Inc.AlexBrownCapitalAlliedInvestmentAdvisorsAllianceCapitalMgmt.Corp.AmericanCenturyAmericanCenturyInvestmentAtlanticCapitalMgmt.AtlasCapital,L.P.ArdenGroup,Inc.,TheAuchincloss&Lawrence,Inc.BPAmerica,Inc.BTRCapitalManagement,Inc.Bahl&GaynorInvestmentCounselBankofAmericaBayIsleFinancialBoys,Arnold&CompanyCambiarInvestmentInc.CanyonPartnersInc.CapitalResearchCo.CapitalTechnologyCastleRockPartnersChaseInvestmentCounselCorp.CitibankCliffordAssociatesColumbiaManagementCo.CompositeResearch&ManagementCompu-ValInvestmentsCrabbeHusonGroup,Inc.Cramblit&Carney,Inc.CreeksideInvestmentManagementCrestwoodAssetManagementDavisSelectedAdvisors,L.P.DavisSkaggsInvestmentMgmt.DeanWitterIntercapitalInc.DelawareInvestmentAdvisors,Inc.EagleGlobalAdvisorsEatonCorporationEdwardJones&Co.EnrightFinancialConsultantsEquinoxCapitalManagementEveans,Bash,Magrino&Klein,Inc.FarmersInsuranceGroupofCompaniesFirstNationalBank,SWOhioFlemingCapitalManagementFrontierInvestmentManagementCo.FrostNationalBankGMG/SenecaCapitalManagementGEMLandCompanyGeneralAccidentInsuranceCo.GeneralMotorsInv.Mgmt.Corp.GlobeFlexCapitalGoefen&Glossberg,Inc.GreenleafCapitalManagementGriesFinancialCorp.Guardian,TheHGKAssetManagement,Inc.Hotchkis&WileyHowardHughesMedicalInstituteHughesInvestmentManagementCo.HutchensInvestmentManagementInvestmentAdvisors,Inc.InvestmentCounselors,Inc.JanusJohnsonInvestmentCounsel,Inc.Jurika&Voyles,Inc.,InvestmentMgmt.KPMInvestmentManagement,Inc.KalmarInvestments,Inc.KanawhaCapitalManagementKempnerCapitalManagement,Inc.KennedyCapitalManagementKunathKarrenRinne&Atkin,Inc.LegacyCapitalManagementLeggMasonCapitalMgmt.,Inc.LeonardManagementGroupLockheedMartinCorpLoganCapitalManagement,Inc.LutherKingCapitalMgmt.LutheranChurch,TheMcMurreyInvestmentAdvisors,Inc.MercantileTrustMeridianInvestmentCompanyMerrillLynchAssetManagementMesirowFinancialMississippiValleyAdvisorsMontagManagementNationalCityBankNikeSecuritiesL.P.NoroianCapitalManagementNorwestCapitalAdvisorsNWQInvestmentManagementCo.OppenheimerCapitalOppenheimerFunds,Inc.OppenheimerManagementPacificAllianceCapitalParnassusFund,ThePeregrineCapitalManagementPhilipV.SwanAssociatesPioneeringManagementCorp.PlazaInvestmentManagers,Inc.PrudentialMutualFundInvestmentPSAFinancialPutnamCompanies,Inc.RCMCapitalManagement,LLCRMInvestmentManagement,Inc.RichardBlum&AssociatesRoberts,Glore&Co.RobertsonStephens&Co.RogerH.Jenswold&Co.,Inc.Roulston&Company,Inc.SalomonBrothersAssetManagementSandHillAdvisors,Inc.SchneiderCapitalSCICapitalManagementScholtz&CompanySecuritiesManagement&ResearchSeligman,J.W.&Co.,Inc.SentinelTrustCo.SMCCapitalManagementSheffieldInvestmentManagementShields/AllianceSignetAssetManagementSmithBarneyInvestmentAdvisorsSorosFundManagementSovereignAdvisors,Inc.SpearsBenzakSalomon&FarrellSperoSmithInvestmentAdvisers,Inc.StaffordTradingStandardPacificCapitalLLCStarBankStarbuck,Tisdale&AssociatesStateofNewJerseyStateStreetResearchSteinRow&FarnhamSterlingLtd.StonebridgeCapitalManagementInc.StoneleighInvestmentCounselingStrongCapitalManagement,Inc.Sturdivant&Company,Inc.SummitInvestmentManagementSunLifeofCanadaTigerAssetManagementT.RowePriceTexasCommerceBankTRUSCOCapitalManagementTrustCompanyoftheWestUSAAInvestmentManagementCo.VARetirementSystemW.D.Hutchinson&AssociatesWashingtonInvestmentAdvisorsWeiss,Peck&GreerInvestmentsWellingtonManagementCompanyWoodsideAssetManagementFidelityInvestmentsInvescoCapitalManagement.在美國(guó)使用CFROI的財(cái)務(wù)機(jī)構(gòu)AeltusInvestmentManagement,Inc.AMPInvestmentsAustraliaAmericanExpressAssetManagementIntlAXA–SunLifeInvestManagementService*BOEAssetManagementBFGBankAGBankersTrust–JapanBaringInternationalBritishAerospacePensionInvestmentCIS–Co-operativeInsuranceSocietyCSAssetManagementCapitalGroupCompanies,Inc.CitibankGlobalAssetManagementDEKA–DeutscheKapitalanlagegesellschaftDresdnerRCMCapitalManagementDresdnerRCMGlobalInvestorsAsia,Ltd.DeutscheMorganGrenfelAssetManagementEquitilinkFidelityInvestmentServicesFirstStateFundManagersLtd.,AustraliaFlemingInvestmentManagementGartmoreInvestmentManagement*GIC–GovernmentofSingaporeInvestmentGIMGeneralInvestmentManagementB.V.GlobeFlexCapitalHSBCAssetManagementHongKongLtd.HSBCAssetManagementJapan,KKHypovereinsbankIBJ–IndustrialBankofJapanINVESCOAssetManagementInvescoGTAssetManagementPLCIOOFFundsManagementJanusJardineFlemingInvestmentJuliusBaerAssetManagementLabouchere&Co.PrivateBankingLibertyAssetManagementLimitedLingohr&PartnerAssetManagementM&GGroupMarathonAssetManagement