營運集團間的競爭
Question With the different operating groups functioning as independent entities, do situations ever arise when products within the portfolio end up competing with each other? Also wondering how extensive the competition is between operating groups for acquisitions? For example, what happens if one segment head sources a deal that would fit better with another operating group? How would this get resolved?
Response We let Operating Groups compete for a customer’s business, but that is quite rare. More frequently, Business Units within one Operating Group will compete for a customer’s business.
When we are dealing with acquisition prospects, we try to limit the competition between CSI‐owned entities. We’d like only one manager and their staff to have responsibility for building a relationship with each prospect, since this can be a decade long process. When we buy a business and run it as a stand‐alone Business Unit post acquisition, we don’t expect synergies with any other CSI Business Units, so there is no economic reason for us to seek a “better fit” elsewhere within CSI.
翻譯
問題 由於各個營運集團都作為獨立實體運作，產品組合中是否存在產品相互競爭的情況？此外，對於收購案，各營運集團之間的競爭程度如何？例如，如果一個部門主管發掘了一項可能更適合另一個營運集團的交易，會發生什麼情況？這將如何解決？
回覆 我們允許營運集團爭取客戶業務，但這種情況相當罕見。更常見的是，同一營運集團內的業務單位之間會爭取客戶業務。
在處理潛在收購對象時，我們 कोशिश 限制 CSI 旗下實體之間的競爭。我們希望由一位經理及其團隊負責與每一位潛在對象建立關係，因為這可能是一個長達十年的過程。當我們收購一家企業並在收購後將其作為獨立運作的業務單位經營時，我們不預期會與任何其他 CSI 業務單位產生綜效，因此我們沒有經濟理由在 CSI 內部其他地方尋求一個「更合適」的歸屬。
關於TSS收購計畫與融資
Question TSS has an acquisition program. Do they put up 1/3 of the capital and retain 1/3 of the acquired companies' ownership, and how is this reflected in CSI statements? Do they have non‐recourse sources of capital?
Response Constellation Software Netherlands Holding Cooperatief U.A. (“CNH”), is a subsidiary of Constellation and the indirect owner of 100% of TSS. On December 23, 2014 Constellation and the sellers of TSS along with members of TSS’ executive management team (collectively, the “minority owners”) entered into a Members Agreement pursuant to which the minority owners acquired 33.29% of the voting interests in CNH. In accordance with IFRS, 100% of the financial results for TSS are included in the consolidated financial results of the Company. Each of the minority owners may, at any time, exercise a put option to sell all or a portion of their interests in CNH back to Constellation for an amount calculated in accordance with a valuation methodology described within the Members Agreement. The value of the put option at March 31, 2018 was approximately $146.5 million.
CNH entered into a credit facility on July 14, 2017. Under this facility, CNH is able to borrow up to €300 million under a multicurrency revolving loan facility and up to €50 million under an additional uncommitted term loan facility. As at March 31, 2018, $43.1 million (€35.0 million) had been drawn from this credit facility. The CNH facility is not guaranteed by Constellation or its subsidiaries other than CNH and its subsidiaries.
翻譯
問題 TSS 有一個收購計畫。他們是否出資 1/3 的資本並保留所收購公司 1/3 的所有權？這在 CSI 的財報中如何體現？他們是否有無追索權的資金來源？
回覆 Constellation Software Netherlands Holding Cooperatief U.A. (“CNH”) 是 Constellation 的子公司，並且間接擁有 TSS 的 100% 股權。於二零一四年十二月二十三日，Constellation 和 TSS 的賣方以及 TSS 執行管理團隊的成員（統稱為「少數股東」）簽訂了一份成員協議，根據該協議，少數股東取得了 CNH 33.29% 的投票權益。根據 IFRS，TSS 100% 的財務成果均包含在公司合併財務報表中。每位少數股東均可隨時行使賣權，將其在 CNH 的全部或部分權益出售回 Constellation，金額將根據成員協議中描述的估值方法計算。截至二零一八年三月三十一日，該賣權的價值約為 1.465 億美元。
CNH 於二零一七年七月十四日簽訂了一項信貸安排。根據該安排，CNH 可從一個多幣別循環貸款安排中借款最高達 3 億歐元，並從一個額外非承諾定期貸款安排中借款最高達 5,000 萬歐元。截至二零一八年三月三十一日，已從該信貸安排中提取了 4,310 萬美元（3,500 萬歐元）。CNH 的信貸安排未由 Constellation 或其子公司擔保，但 CNH 及其子公司除外。