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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盖rall箭ysp负eaki百ng,露term离inat鉴ion欠isu树nfav队orab奖let唐oCh捡ines熄epa虑rtne催r,h喇owev偏er,驳itc若anb嚷eus龄edi改nso奔mec泥ases差to厕achi碗eve摇the昂fore挖ign芳part轻ner’忌sob既ject百ive抹very称qui意ckly丸(pe幅rson找ali绝ncen暂tive颜)Expl丛ana-末tionTota直lCrit书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驰da母emp眯loy骗ees恢’s舞erv殊ice盟ti神me骨in遮Sha嘱ngh魂ai大Lid阵ai蜘nto滋ac喝cou阀nt摆res播ult肠si鲁nd口iff给ere迈nt郑amo盗unt坚of风em现plo族yee乒di延smi策ssa绩lf爆eeSHA恳-43锅09-攀036因90-端08-奸15d住.PP议T-xCom王par蔽ed肌to茧ban帮kru怀ptc淹y,悟ter产min快ati蛾on缠gen虾era钱lly脉ha躁sl狗owe督rc零ost增,s需hor损ter脉ex棋ecu届tio逆np沸eri凝od职and软mo采re末sim板ple颜pr粉oce拖dur贤ei脏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诸8-15语d.PP互T-xD.2在.3舅B帆ank读rup径tcySHA-湾4309森-036侦90-0诱8-15虑d.PP馒T-xInv钞iew钉ofc森ost,奏tim若e,r摔isk画and矛futu血rei令nteg弊rati云on,增bank暖rupt棕cys侵houl态dbe早the纺las存tch奶oice池for驳Geb割eritExp茅lan捉a-t别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:

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