Bracell Limited 電話 (852) 2864 6638 傳真 (852) 2865 5499 網址 www.brazilcellulose.com 2014 年度報告 香港中環皇后大道中29號 華人行21樓 股份代號 1768 2014 年度報告
Bracell Limited Bracell 1768 150,000 Bracell
2 4 5 6 10 22 26 30 32 44 57 59 60 61 63 64 65 66 126 128 Bracell Bracell Bracell Bracell BracellBracell
Bracell Limited Bahia Specialty Cellulose 150,000 84,000 485,000 350,000 2
BRACELL LIMITED 3
1768 1768.HK 1768 HK Equity Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 183 17 1712-1716 500 3,420,420,250 3,523,000,000 455,000,000 (852) 2864 6638 (852) 2865 5499 ir@brazilcellulose.com Bracell Limited 29 21 www.brazilcellulose.com www.irasia.com/listco/hk/bracell 4
(2) (3) (1) 479 456 5% 300 285 5% 179 170 5% 37% 37% EBITDA (4) 200 177 13% EBITDA 42% 39% 55 36 54% 15 30 (49)% (1) EBITDA (4) 45 29 56% EBITDA (5) 8% 9% (3) 6 (150)% 24 7 223% 37 33 12% 1.1 1.0 10% 1.425 0.025 1.40 2.5 2.5 (6) 1,578 2,577 (39)% 492 819 (40)% 1,086 1,758 (38)% 376 666 (44)% 101 166 (39)% 275 500 (45)% 1.7 2.4 (7) 25% 28% (1) (2) (3) (4) EBITDA (5) EBITDA (6) (7) (i)(ii) BRACELL LIMITED 5
8.58 1.40 Bracell Limited 6
Bracell Limited Bracell 150,000 370,000 485,000 Bracell Bracell 456,000,000 5% 479,000,000 EBITDA 39%42% 37%EBITDA 9%8%14% 7% BRACELL LIMITED 7
33,000,000 12% 37,000,000 101,000,000275,000,000 166,000,000500,000,000 Bracell 2.5 8
Bracell BRACELL LIMITED 9
10
BRACELL LIMITED 11
Bracell Limited Bahia Specialty Cellulose Bahia Specialty CelluloseBSC 8% 900 800 12
7% 9% 5% 479,000,000 5% 179,000,000 37% 11% EBITDA13% 200,000,000EBITDA 42% 54% 55,000,000 BRACELL LIMITED 13
EBITDA EBITDA 49% 15,000,000 26,000,000 21,000,000 22,000,000 28,736 56,417 176 323,606 124,843 245,402 137,051 2014 1,533 2013 16,465 14
3,000,000 6,000,000 36,000,000 24,000,000 12% 37,000,000 BSC 591,000,000 1.40 Bracell Limited BRACELL LIMITED 15
(1) 435,589 413,589 5% (2) 449,037 415,110 8% (2) 1,066 1,097 (3)% (2) 478,718 455,511 5% 178,773 170,066 5% (%) 37% 37% EBITDA (3) 207,976 176,965 18% EBITDA(%) 43% 39% (1) (2) (3) EBITDA5(b) EBITDA 5% 435,589 8% 449,037 Hawkins Wright CCF 4,900,000 Hawkins Wright 5% 900 2,600 800 335,604 8% BSC BSC BSC 16
Hawkins Wright 1,500,000 3% 6% 113,433 7% (2) 325,723 181,858 79% 316,541 180,515 75% 1,671 1,848 (10)% 529,060 333,569 59% (1) 38,670 46,028 (16)% (%) 7% 14% EBITDA (1)(3) 45,226 35,015 29% EBITDA(%) 9% 10% (1) (2) (3) EBITDA5(b)EBITDA CCF Fiber Organon 8%10% BRACELL LIMITED 17
1,750 3,700 1,600 10% 1,671 200,000 79% 75% 325,723316,541 170,153 155,570 16% 39,000,000EBITDA29% 45,000,000 BSC 485,000 150,000 BSC BSC 18
456,000,000 5% 479,000,000 5% 179,000,000 37% EBITDA13% 200,000,000EBITDA 42% 15,000,00049% 12% 37,000,000 1.0 10% 1.1 5% 300,000,000 47,000,000 11% 41,000,000 10% 45,000,000 19 BRACELL LIMITED
21,000,000 22,000,000 1.002.34 1.002.66 31,000,000 24,000,000 39 (i) (ii) 39 (i) (ii) 2,000,000 92,000,000 64,000,000 43,000,000 49,000,000 829,000,0001,073,000,000 101,000,000 166,000,000 275,000,000 500,000,000 (i) (ii)25% 28% 154,000,000 190,000,000142,000,000 20
Bracell Limited BRACELL LIMITED 21
Bracell 40% 91 22
Bahia Specialty Cellulose BSC 95% BSCProgramme for the Endorsement of Forest Certification PEFC Cerflor-NBR14789Cerflor-NBR14790 BSCISO 14001 ISO 9001 Bracell www.brazilcellulose.com www.irasia.com/listco/hk/bracell Bracell Bracell BRACELL LIMITED 23
Best Investor Relations Company (China) Asia s Outstanding Company on Corporate Governance (China) 2014 Bracell 1,367 Bracell 20,000 7,800 110 Fibers of the LandEntre Rios Mata de São JoãoItanagra Araçãs 250 Swallows Project40 24
Beekeeper Program (Beekeepers Associations) 330 74 Chapada Institute of Education and Research Pedagogical Guidance project 8,000 Bracell BRACELL LIMITED 25
52 Asian Republican Coalition 43 RGE Pte Ltd RGE RGE RGE571 GIC Real Estate GIC Real Estate 26
(GBS, JP) 63 30 (Tufts University) 66 BRACELL LIMITED 27
65 U Mobile Sdn Bhd GDS Holdings Limited SM Investments CorporationSembcorp Marine Ltd Sembcorp GP Industries Ltd GP Industries Linc Energy Limited Linc ARA-CWT Trust Management (Cache) Limited Cache Logistics TrustSembcorp GP Industries Cache Logistics Trust Linc (OTCQX) Morgan Grenfell18Morgan Grenfell (Asia) Limited LOW Weng Keong 62 Low Riverstone Holdings Limited Singapore Institute of Accredited Tax Professionals Limited CPA Australia Limited 19 500Brown & Root Inc. Low Singapore Institute of Accredited Tax Practitioners 28
Armin MEYER 65 Meyer Amcor Limited Ciba Ltd Meyer ABB Ltd Meyer BRACELL LIMITED 29
46 54 17 DOHRN Peer 52 Dohrn Western Pulp Limited Buckeye Technologies 10 Dohrn 51 Cookson Electronic- Enthone (The Dow Chemical Company)21 MEGlobal 50 RGE Pte Ltd (Khattar Wong and Partners) Bio-One Capital 65 40 30
LEITE Marcelo 57 Kvaerner Pulping Ltd. Jaakko Poyry Brasil Cia. Suzano de Papel e Celulose Leite(São Paulo University) LINDBLOM Per 49 Lindblom Asia Pacific Resources International Limited 10Riau Pulp Lindblom Lulea University WEITZL Otto 61 30 Weitzl TCG Unitech GmbH Lenzing AG 47 2013 ABB 43 (PGI non-woven company) 6 48 26 BRACELL LIMITED 31
A.4.1 32
LOW Weng Keong Armin MEYER 26 29 13.51B(1) (a) (b) LOW Weng Keong 3.13 BRACELL LIMITED 33
14 10 34
10 4 4 3 4 3 1 1 10/10 4/4 4/4 3/3 1/1 1/1 10/10 4/4 2/3 1/1 1/1 10/10 4/4 3/3 3/3 1/1 1/1 9/10 4/4 3/3 3/3 1/1 1/1 LOW Weng Keong 9/10 4/4 4/4 2/3 1/1 1/1 Armin MEYER (1) 8/8 1/1 1/1 (2) 6/10 4/4 3/3 4/4 1/1 1/1 (1) Armin MEYER (2) BRACELL LIMITED 35
3 3 3 3 3 3 3 3 LOW Weng Keong 3 3 Armin MEYER 3 3 3 3 36
3.10(2) LOW Weng Keong BRACELL LIMITED 37
LOW Weng Keong 101 102 10 38
BRACELL LIMITED 39
LOW Weng Keong D.3.1 57 58 1,248,000 580,000 40
15 BRACELL LIMITED 41
Bracell Limited 20 10 42
58 74 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (ii) 1,000 21 79 80 100 (i) BRACELL LIMITED 43
Bracell Limited 35 59 2.52.5 1.40 1.425 2.5 183 17 1712-1716 18317 1712-1716 126 127 14 44
27 (i) (ii) 64 838,106,0001,249,632,000 227,0004,000,000 646,000 26 22.6% 10.5% 14.4% 5.2% 5% 75,675,000 74,578,000 1,367 7 BRACELL LIMITED 45
LOW Weng Keong Armin MEYER 84 83 Armin MEYER 10 8.10 3.13 46
XV 352 1 960,591 0.03% (1) 384,237 960,591 XV352 BRACELL LIMITED 47
336 Gold Silk Holdings Limited Gold Silk (1) 2,863,496,750 83.83% Fiduco Trust Management AG Fiduco (1)(2) 2,863,496,750 83.83% 2,863,496,750 83.83% (1) Gold SilkFiduco XVGold Silk2,863,496,750 (2) Fiduco 336 48
1. 1.1 8,165,026 18 5,638,66810 80,049 2,526,358 960,591 1.2. X = A B X = A = (i) 10%(ii) 10% B = 336,882,675 10% 10.08 BRACELL LIMITED 49
7,677,276 23 2,302,86714 1,200,000 3,399,409 1,585,097 1,975,000 10.08 28 2. (2) (3) X = A B C X = A = (i) 10%(ii) 10% B = C = (1) 50
336,882,675 10% 336,882,675 9.85% (4) 12 1% (6) (7) 1.00 (5) BRACELL LIMITED 51
(8) (a) (b) (c) (9) 10 8.08(1)(a) 25% 100 8.08(1)(d) 15% 15% 16.17% 52
1. Bracell International Co. Ltd BICLSateri International Co. Ltd Pacific Viscose Limited PVL BICL PVL 591,467,000 2. BICL 3,553 4,512.3 PVL BICL PVL BICL 3. Gold Silk Fiduco Gold Silk Fiduco Pinnacle Company Limited Pinnacle 4. BICL BICL PVL BICL BICL PVL 2,886,000 22,395,000 5. BICL RGE Limited BRACELL LIMITED 53
1. DP Macao SC SC DP DP Macao DP SC DP Macao SCDP Macao SC DP Macao 813,000SC DP Macao 6,026,800 DP MacaoSC SC 2%SC 54
2. DP Macao DP Macao DP Macao DP Macao DP Macao 16,250,000 DP Macao 205,831,080 3. (i) (ii) (iii) (iv) BRACELL LIMITED 55
(i) (ii) (iii) 32 Pinnacle PVL Pinnacle Pinnacle 32 43 56
BRACELL LIMITED 59 125 Bracell Limited BRACELL LIMITED 57
90 58
5 478,718 455,511 (299,945) (285,445) 178,773 170,066 (41,214) (46,549) (44,724) (49,640) 92,835 73,877 13 (20,551) (22,465) 6 6,177 15,006 (14,374) (7,459) 7 78,461 66,418 8 (23,628) (30,703) 54,833 35,715 9 (39,490) (5,447) 15,343 30,268 23 24,167 7,491 39,510 37,759 37,364 33,344 2,146 4,415 39,510 37,759 15,380 30,478 23 21,984 2,866 37,364 33,344 11 628,556 11,000 12 0.5 0.9 0.6 0.1 1.1 1.0 BRACELL LIMITED 59
39,510 37,759 (2,740) 9,212 (1,668) (1,164) (40,486) (44,894) 8,048 (5,384) 45,807 (7,485) 40,371 2,101 5,436 (5,384) 45,807 13,712 29,314 (21,197) 11,057 (7,485) 40,371 60
13 138,942 161,554 14 983,888 1,737,909 15 33,091 16 1,703 375 475 17 13,438 46,947 18 47,969 58,091 1,184,612 2,039,770 20 80,177 180,954 21 212,718 190,659 22 100,955 166,046 393,850 537,659 24 90,154 135,732 20,767 12,963 25 5,698 4,555 26 115,578 72,198 232,197 225,448 161,653 312,211 1,346,265 2,351,981 BRACELL LIMITED 61
綜合財務狀況表 於二零一四年十二月三十一日 26 260,051 593,725 25 592 67 260,643 593,792 1,085,622 1,758,189 27 171,021 171,021 912,912 1,549,020 1,083,933 1,720,041 1,689 38,148 1,085,622 1,758,189 59 125 綜合財務 表 於二零一 年三月十 日 表 62
34 1,007,993 1,016,776 34 395,493 1,007,993 1,412,269 310 184 34 7,758 1,438 3,082 1,748 11,024 529 285 34 251 2,325 780 2,610 968 8,414 1,008,961 1,420,683 27 171,021 171,021 33 837,940 1,249,662 1,008,961 1,420,683 59 125 BRACELL LIMITED 63
a b 171,021 426,151 277,394 6,252 43,101 (4,622) 30 800,714 1,720,041 38,148 1,758,189 37,364 37,364 2,146 39,510 (2,695) (2,695) (45) (2,740) (40,486) (40,486) (40,486) (1,668) (1,668) (1,668) (43,181) (1,668) 37,364 (7,485) 2,101 (5,384) (6,252) 6,252 (38,560) (38,560) 11 (277,394) (340,162) (617,556) (617,556) 11 (11,000) (11,000) (11,000) (196) 129 (67) (67) (277,394) (6,252) (196) (344,781) (628,623) (38,560) (667,183) 171,021 426,151 (80) (6,290) (166) 493,297 1,083,933 1,689 1,085,622 170,896 425,521 277,394 3,438 34,910 (3,458) 839 781,048 1,690,588 32,712 1,723,300 33,344 33,344 4,415 37,759 8,191 8,191 1,021 9,212 (1,164) (1,164) (1,164) 8,191 (1,164) 33,344 40,371 5,436 45,807 27 125 630 (755) 2,814 (2,814) 11 (11,000) (11,000) (11,000) (54) 136 82 82 125 630 2,814 (809) (13,678) (10,918) (10,918) 171,021 426,151 277,394 6,252 43,101 (4,622) 30 800,714 1,720,041 38,148 1,758,189 (a) 38,769,000 238,625,000 (b) 10%50% 64
31 174,130 145,788 (3,616) (1,283) 170,514 144,505 190,132 142,041 23 (19,618) 2,464 170,514 144,505 (125,966) (258,782) (43,400) (32,474) (11) (1,591) 73 693 1,628 2,385 276 23 562,540 396,241 (290,870) 167,160 592,982 (135,894) (440,760) (34,529) (25,022) (689) (628,556) (11,000) (631,819) 115,511 (65,064) (30,854) (27) 1,497 166,046 195,403 100,955 166,046 BRACELL LIMITED 65
1 Bracell Limited Gold Silk Holdings Limited 100% 29 21 35 2 (a) 4 66
2 (a) 32 36 39 2 3 37 39 9 15 BRACELL LIMITED 67
2 (b) (i) 68
2 (b) (i) 39 (ii) (iii) BRACELL LIMITED 69
2 (c) (d) (e) (i) (ii) (iii) (iv) (v) 70
2 (f) (i) (1) (2) (3) BRACELL LIMITED 71
2 (f) (i) (4) 30 180 72
2 (f) (ii) (1) (2) BRACELL LIMITED 73
2 (g) (h) (i) 74
2 (i) 25 30 5 25 5 10 BRACELL LIMITED 75
2 (j) (k) 12 (l) 76
2 (m) (n) BRACELL LIMITED 77
2 (n) (o) 78
2 (o) (p) BRACELL LIMITED 79
2 (q) (r) (s) (t) (i) (1) 80
2 (t) (i) (1) (2) (u) BRACELL LIMITED 81
2 (v) (w) 3 (a) (i) 18100% 82
3 (a) (i) 69,844 85,128 658 1,649 10,490 33,739 33,921 146,913 5% 5% 5% 5% i ii iii 5,116 (1,191) (1,690) (27) (82) 5% 5% BRACELL LIMITED 83
3 (a) (i) (i) (ii) (iii) (ii) 26 84
3 (a) (ii) 50 50 456 (347) 50 50 (iii) BRACELL LIMITED 85
3 (a) (iii) 81% 15% 30 180 (iv) 86
3 (a) (iv) 0-90 91-365 1-2 2-3 3 % 44,692 44,692 44,692 4.4 33,408 97,673 128,060 121,504 30,282 410,927 375,629 78,100 97,673 128,060 121,504 30,282 455,619 420,321 416 5,060 5,476 5,325 67 591 237 108 6 1,009 966 483 5,651 237 108 6 6,485 6,291 73,593 73,593 73,593 4.8 7,882 96,171 167,425 160,778 327,683 759,939 665,923 81,475 96,171 167,425 160,778 327,683 833,532 739,516 2,005 2,647 4,652 4,555 225 539 (43) (459) (255) 7 67 2,230 3,186 (43) (459) (255) 4,659 4,622 BRACELL LIMITED 87
3 (b) (c) 88
3 (c) 4 (a) 2(m) BRACELL LIMITED 89
4 (b) 13 13 (c) (d) (e) 90
4 (f) 17 (g) 3(c) (h) BRACELL LIMITED 91
5 (a) 478,718 455,511 529,060 333,569 (b) 8 92
5 (b) 591,467,000 i) ii) BRACELL LIMITED 93
5 (b) 198,557 529,060 727,617 280,161 (280,161) 478,718 529,060 (280,161) 727,617 178,773 38,670 12,753 230,196 EBITDA 207,976 45,226 (8,251) (572) 244,379 (60,808) (32,633) (4) (93,445) (103) (103) (100) (100) (39,801) (39,801) (20,551) (20,551) 36,254 36,254 (23,628) (15,365) 4,727 (34,266) 63,188 33,379 (8,355) 4,155 92,367 (33,379) (4,155) 54,833 94
5 (b) 312,112 333,569 645,681 143,399 (143,399) 455,511 333,569 (143,399) 645,681 170,066 46,028 1,454 217,548 EBITDA 176,965 35,015 (100) (6,322) 205,558 (55,407) (18,997) (2) (74,406) (111) (111) (100) (100) (32,473) (32,473) (22,465) (22,465) (30,703) (10,104) 8,114 (32,693) 35,917 5,803 (202) 1,792 43,310 (5,803) (1,792) 35,715 BRACELL LIMITED 95
5 (b) 323,606 245,402 124,843 137,051 28,736 56,417 1,533 16,465 176 478,718 455,511 1,171,131 1,225,883 766,898 15 26 28 16 1,171,174 1,992,823 96
5 (b) 10% 76,429,00010% 64,179,00047,819,00046,994,000 6 813 1,275 (7,194) 1,668 563 1,402 4,727 8,114 (685) (2,032) 12,061 4,207 (4,231) 123 372 6,177 15,006 BRACELL LIMITED 97
7 45,137 46,899 2,198 2,421 136 509 47,471 49,829 995 958 60,812 55,409 221 188 8 17,653 18,120 71 17,653 18,191 5,975 12,512 23,628 30,703 1,068,0003,623,000 3,813,0007,671,000 98
9 (8,629) (5,371) 2,648 5,760 (5,981) 389 17 (33,509) (5,836) (39,490) (5,447) 2,650,0005,766,000 25% 9% Bahia Specialty Cellulose S.A. BSC SUDENE 1075% 58/99/M212 6% 34% 16.50% 22.05% 16.50% 22.70% BRACELL LIMITED 99
9 54,833 35,715 (16,170) (9,027) (9,229) (8,940) 1,156 1,327 (1,726) 9,795 5,433 2,648 5,760 17 (25,964) (39,490) (5,447) 100
10 (a) 64 8 72 64 64 64 64 a 64 122 7 193 64 64 LOW Weng Keong 64 64 Armin MEYERb 38 38 422 122 7 8 559 64 75 139 64 64 64 64 64 64 64 64 c 25 25 LOW Weng Keongd 48 48 393 75 468 a. b. Armin MEYER c. d. LOW Weng Keong BRACELL LIMITED 101
10 (b) 2,336 2,999 160 180 173 100 2,669 3,279 2,500,0013,000,000 1 4,000,0014,500,000 2 1 4,500,0015,000,000 2 2 5,000,0015,500,000 1 6,000,0016,500,000 1 5 5 (c) 4,280,000 4,790,00010(b) 2,700,0004,000,000 102
11 1.40a 617,556 2.52.5b 11,000 11,000 a. 1.40 b. 2.5 2.5 12 15,380 30,478 21,984 2,866 BRACELL LIMITED 103
12 3,418,584,003 3,417,880,894 826,663 2,266,410 3,419,410,666 3,420,147,304 13 161,554 185,678 43,400 32,474 (45,461) (34,133) (20,551) (22,465) 138,942 161,554 104
13 10% 10% 40.02 38.60 15.05 16.48 1.002.66 1.002.34 10,474,000 3,944,000 10,293,000 4,395,000 138,942,000 161,554,00020,551,00022,465,000 BRACELL LIMITED 105
14 i ii 35,216 221,127 1,437,801 26,218 185,664 1,906,026 511 5,154 726 263,698 270,089 1,410 10,002 60,310 1,811 (73,533) (34) (2,432) (1,163) (3,629) 2,311 11,559 136 4,016 18,022 36,626 233,917 1,512,392 27,728 379,845 2,190,508 747 106 123,328 124,181 931 163,884 244,378 14,355 (423,548) (10,283) (562) (10,845) (473) (2,527) (44) (2,206) (5,250) (237,380) (640,519) (18,943) (24,900) (921,742) 37,557 159,948 1,104,188 22,640 52,519 1,376,852 32,613 318,147 15,819 366,579 8,611 73,711 1,876 84,198 (49) (405) (799) (1,253) 230 2,769 76 3,075 41,405 394,222 16,972 452,599 12,312 86,496 2,743 101,551 (7,342) (350) (7,692) (61) (668) (24) (753) (15,430) (132,951) (4,360) (152,741) 38,226 339,757 14,981 392,964 37,557 121,722 764,431 7,659 52,519 983,888 36,626 192,512 1,118,170 10,756 379,845 1,737,909 106
14 (i) (ii) (iii) 828,874,0001,054,799,000 29 (iv) 15 16 2,436 75 2,511 (15) (2,496) 674 23 111 808 (4) 103 (907) 1,703 BRACELL LIMITED 107
16 20 3,970,000 162,000196,000 17 ii i (37,255) (87) 3,119 5,753 79,889 1,364 52,783 9 2,256 7,638 (1,557) (841) (13,206) (126) (5,836) (34,999) 7,551 1,562 4,912 66,683 1,238 46,947 9 11,290 (11,633) (993) (320) (30,000) (1,853) (33,509) 266 266 (266) (266) (23,709) (4,082) 569 4,592 36,683 (615) 13,438 108
17 i. ii. 143,587,000228,330,000 107,888,000197,789,00036,683,000 66,683,000 15,557,00013,206,000 14,443,000 iii. 14,443,000 25,964,0009 18 (a) 29,891 36,221 (b) 11,761 15,992 6,317 5,878 47,969 58,091 (a) (b) Cetrel S.A. Empresa de Proteção Ambiental Cetrel S.A.4.5%Cetrel S.A. Bahia Specialty CelluloseCamaçariCetrel S.A. Bahia Specialty Cellulose 4,231,000 47,969 56,173 BRACELL LIMITED 109
19 2,198,0002,421,000 20 44,291 118,381 2,022 405 33,864 62,168 80,177 180,954 298,224,000280,863,000 21 14,226 118,969 5,286 6,225 3,424 15,403 6,547 44,686 1,539 1,120 16,796 67,434 (972) 16,796 66,462 181,175 521 5,228 181,696 5,228 212,718 190,659 110
21 30 180 0 60 62,163 71,062 61 90 33,910 13,011 91 180 66,904 34,691 180 32,424 205 195,401 118,969 1,734,0009,295,000 972,000 15,710 18,658 6,607 22 6,165 10,297 3,883 651 141 BRACELL LIMITED 111
23 (a) 5 529,060 333,569 (490,390) (287,541) 38,670 46,028 (8,680) (6,233) (22,842) (28,575) 5,342 4,687 (15,365) (10,104) (2,875) 5,803 36,254 33,379 5,803 (13,367) (104) 20,012 5,699 4,155 1,792 24,167 7,491 21,984 2,866 2,183 4,625 24,167 7,491 (b) (19,618) 2,464 (77,530) (217,100) 110,520 206,639 13,372 (7,997) 112
23 (c) 591,467 (769,001) (1,589) (32,229) (119) (266) (1,477) (165,525) (241,696) (28,927) 283,455 1,543 323,693 469,189 38,560 (124,389) 40,486 (4,000) (467,310) 36,254 591,467 (28,927) 562,540 BRACELL LIMITED 113
24 14,627 25,127 30,784 39,137 7,101 32,161 3,445 3,057 a 11,233 12,844 45,462 94,300 b 30,065 16,305 90,154 135,732 0 90 14,627 25,093 91 180 34 14,627 25,127 (a) 47,067,00034,918,000 114
24 ( ) (b) Pacific Viscose Limitedi 30,000 DP ii 14,240 Averis Sdn. Bhd. 65 2,065 30,065 16,305 (i) (ii) (iii) 30,000,000 DP 33,739 33,921 4,013 BRACELL LIMITED 115
25 (5,324) (4,555) (374) (592) (67) (6,290) (4,622) (a) 126,093,000 65,033,000 769,000 5,598,000 1,721,000 4,582,000 (b) 365,894,000 420,000,000 899,000 4,434,000 116
26 375,629 665,923 115,578 72,198 115,578 138,926 144,473 343,440 111,359 375,629 665,923 375,629 451,724 214,199 375,629 665,923 142,900 4.4% 4.8% 500,000,000 440,000,000 60,000,000 470,000,000 EBITDA BRACELL LIMITED 117
27 0.05 15,000,000,000 750,000 0.05 3,417,920,250 170,896 a 500,000 25 b 2,000,000 100 0.05 3,420,420,250 171,021 (a) 0.39Bracell 500,000 (b) 0.28Bracell 2,000,000 28 10% 12 1% 118
28 (i) (ii) (iii) 3,900,737 3,813,318 1,900,000 2,600,000 (2,545,688) (1,862,581) (1,280,049) (650,000) 1,975,000 3,900,737 308,000 0.110.17 Black-Scholes 289,000 998,000 BRACELL LIMITED 119
29 14 828,874 1,054,799 17,791 828,874 1,072,590 30 (a) 220 645 514 753 734 1,398 (b) 12,651 89,559 2,850 4,036 120
31 92,367 43,310 100 100 668 436 101,551 84,198 45,461 34,133 103 111 (36,254) 728 2,100 1,721 4,582 972 4,231 20,551 22,465 136 82 (693) (1,628) 34,266 32,693 264,936 223,554 (64,748) (37,320) (65,248) (70,971) 36,497 3,373 (1,721) (4,582) 4,414 31,734 174,130 145,788 BRACELL LIMITED 121
32 (a) 21 24 (b) DP 16,250 37,323 813 1,275 531 680 Averis Sdn. Bhd. 3,951 3,349 186 188 Pacific Viscose Limited 591,467 2,886 5(b) (c) 122
33 () 425,521 806,099 839 16,571 1,249,030 11,675 11,675 630 (755) (125) (11,000) (11,000) (54) 136 82 426,151 806,099 30 17,382 1,249,662 216,901 216,901 (617,556) (11,000) (628,556) (196) 129 (67) 426,151 188,543 (166) 223,412 837,940 Bracell International Co. LtdSateri International Co. Ltd 34 Bracell International Co. Ltd BRACELL LIMITED 123
35 Bahia Specialty Cellulose S.A. 3,248,213,308 380,869,270 98.4% Copener Florestal Ltda. 74,442,000 99.8% Norcell S.A. 42,800,334 29,771,891 99.8% Bracell Company Limited Sateri Bacell Limited 30,000,000 100% Bracell Copener Limited Sateri Copener Limited 100,000 100% Bracell (Hong Kong) Management Limited 10,000 100% Bracell International Co. Ltd Sateri International Co. Ltd 100 381,799,200 100% Bracell Marketing International Limited Sateri Marketing International Limited 1 100% Sateri Marketing SA 100,000 100% 124
35 (ii) 1,000,000 100% Bracell Specialty Cellulose Limited Sateri Specialty Cellulose Limited) 183,939,551 100% SC 100,000 100% SC Marketing US Inc. 20,000 100% Specialty Cellulose Marketing Pte. Ltd. 100,001 100% (i) Bracell International Co. Ltd (ii) 36 Bracell Limited BRACELL LIMITED 125
478,718 455,511 517,393 607,178 809,431 178,773 170,066 200,366 335,688 444,808 54,833 35,715 58,735 161,320 321,527 15,343 30,268 67,072 165,492 320,889 EBITDA 199,725 176,865 182,310 287,805 420,670 15,380 30,478 66,588 165,635 321,481 (37) (210) 484 (143) (592) 15,343 30,268 67,072 165,492 320,889 0.01 0.01 0.02 0.05 0.11 727,617 645,681 720,285 806,574 923,257 230,196 217,548 219,706 323,073 456,723 92,367 43,310 52,023 143,850 332,282 39,510 37,759 56,280 150,525 328,090 37,364 33,344 55,561 154,713 323,881 2,146 4,415 719 (4,188) 4,209 39,510 37,759 56,280 150,525 328,090 0.01 0.01 0.02 0.05 0.11 142.50 2.50 2.50 2.50 126
138,942 161,554 185,678 187,797 192,192 983,888 1,737,909 1,539,447 1,455,966 1,384,070 13,438 46,947 52,783 50,251 39,953 48,344 93,360 123,144 101,006 65,254 1,184,612 2,039,770 1,901,052 1,795,020 1,681,469 80,177 180,954 143,634 180,590 88,636 212,718 190,659 151,104 153,232 108,736 8,119 39,452 100,955 166,046 195,476 328,999 435,865 1,043 612 21,674 393,850 537,659 491,257 671,552 694,363 90,154 135,732 147,267 136,574 156,136 8,119 39,452 115,578 72,198 195,792 198,403 153,816 26,465 17,518 19,469 62,961 30,589 232,197 225,448 362,528 406,057 379,993 161,653 312,211 128,729 265,495 314,370 260,051 593,725 301,980 379,970 510,483 592 67 4,501 4,010 1,646 260,643 593,792 306,481 383,980 512,129 1,085,622 1,758,189 1,723,300 1,676,535 1,483,710 171,021 171,021 170,896 170,794 168,441 912,912 1,549,020 1,519,692 1,474,871 1,279,573 1,083,933 1,720,041 1,690,588 1,645,665 1,448,014 1,689 38,148 32,712 30,870 35,696 1,085,622 1,758,189 1,723,300 1,676,535 1,483,710 BRACELL LIMITED 127
LOW Weng Keong Armin MEYER LOW Weng Keong LOW Weng Keong LOW Weng Keong 1768 Clarendon House 2 Church Street Hamilton HM 11 Bermuda Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 29 21 183 17 1712-1716 ABN AMRO Bank N.V. Banco Santander, S.A. Itaú Unibanco S.A. Banco Bradesco, S.A. Banco do Brasil S.A. www.brazilcellulose.com www.irasia.com/listco/hk/bracell 128
Bracell Limited 電話 (852) 2864 6638 傳真 (852) 2865 5499 網址 www.brazilcellulose.com 2014 年度報告 香港中環皇后大道中29號 華人行21樓 股份代號 1768 2014 年度報告