【正文】 (Investors) look at the portfolio, look at cash generation. These are typical ments you get about the pany. It39。s worth mentioning: We receive a lot of focus on cash flow from the investment munity. It39。s cheap, which is not our case. Or because it39。s going on in the investment munity, which place has problems. You find out very quickly. When you visit the investor, the people in the bank, everyone is very (aware) of what is going on. (You learn) what investors think of Ciba. You study: What do they think? What39。ll close the conference call. And then he forgot to switch off the phone. And then he said to one of his people, Thank God that is over。t call you. Good presentation skills. You can39。ve never heard about them. They only ask that question once.Connections you have very close contact with top management. Our IR manager has an open door to everyone in the pany. There is no place he can not go and talk with each and every manager. He travels around in the pany very often. I think he39。t have to show up. So you have to be very open, be very clear of what you tell and you have to be frank and show the problems. The worst thing is when the investors start yelling at you. It happened to me in 1998. The pany did not have good results, and they (the investors) came and the people said they want their money back. We launched a bond。As, you just have to be able to answer everything. It39。A? It always goes similarly. Company strategy. You have to be very familiar with it, and financial results. One of the prerequisites for working in investor relations is clearly a strong knowledge of accounting. You have to have it. Otherwise don39。s have lunches and dinners, otherwise it39。s one problem. Another problem is, at some point in time, you start believing your own presentation. So it truly is a tough story. This is really what happened in October. Two weeks ago, in one week I had 13 flights. If you don39。s extremely exciting, huh? You can be sure if you39。re saying. Because everyone can listen very concentrated. On the telephone you can lose much more. I have to be very cautious what I say, because someone will call me up later and say, You said this, I wrote it down. In the beginning I was always sweating (and soaking) wet after one hour. By now I know the story, who is asking the questions? It39。t have a chance. The technical terms are all English.How do we have contact? What do we do? These are the typical things you do. First of all you have largescale events. You invite the investors and invite the analysts for presentations. They happen in Switzerland. (Some particular meetings, for instance,) happen usually at headquarters. Results, you have that two times a year where you presentlike the slides you39。t just look at Switzerland and say, what happens in Switzerland. Less than half our shareholders are Swiss. Twentyfive to 30 per cent are American shareholders, so I happen to go a lot to the United States. If you ever want to work in investor relations, English is absolutely necessary. There is no other language than English. No matter which country you39。s one way of doing it. And then there are some other things, panies we39。 we know what is going on. That39。re talking about. You can not go out and struggle. You have to know about our stock。s one of the most profitable panies in the industry. At the moment we are probably one of the most successful ones. I say that not because I work at Ciba but because our investors tell us we are one that they regard as a benchmark in the industry. It39。s usually silvery or gold, then a green shade. That is a pigment. We make that pigment. We have a modest market share. It39。s a very nice plant, definitely an expensive plant. We also make coating effects. These are very exciting things. Where do you find us? You find us basically on cars. If anyone has a red car. Red cars, they used to turn kind of brownish. The new cars don39。s really a very important market.What do we produce here? You have plastic, polyethylene. You can39。s one of the good things when you39。s something you do not find in shops. You cannot find us. We work primarily on things that change the colour, performance or look and feel of certain products you buy. You will always find us in small ingredients in something bigger. It39。141 / 142中歐管理論壇Investor Relations(Excerpts from the speech. Content rights reserved by the speaker and CEIBS. Use of the content must be with the prior approval from CEIBS.) ts. We are Ciba Specialty Chemicals. We produce socalled specialty chemicals. It39。re in are about the same size, so it is a very balanced portfolio and we have very strong market positions. That39。t particularly define the market.What are our products? One is plastic additives. All these core businesses are about $ billion US Dollars in size. They are very large panies that are number one in the market worldwide. They are spread all over the world, obviously also in China. Being a Europeanbased pany, for us, the biggest market is the United States. The second biggest is Germany. The third biggest market is China. For us, China is very important in terms of presence. We have a very large presence here. We have a lot of factories, several in Shanghai and Qingdao. It39。d be happy to show you around. Just get in touch with us. It39。s an interesting example. CDRs, recordable CDs, if you look from the side, you see some green shade. It39。t get dirty. This is a product we produce and sell in the industry. This is, for us, an important thing for you to see us, ing into these industries.Last but not least is home and personal care. Whiteners for the detergents to clean the wash, or microbial agents. These are products we produce. That gives you an idea of what the pany is all about in terms of business.In terms of profitability, you see it is a pany with profitability. Our sales are very much on track. We will reach our $5 billion in US Dollars at yearend, easygoing. And we have