Japan Display Inc said on Friday that it would build a new $1.4 billion liquid crystal display (LCD) manufacturing plant, which a source said would supply smartphone screens for Apple Inc.
But it recently reported a rebound to profit, boosted by demand from Apple and Chinese smartphone makers, in stark contrast with Japanese competitor Sharp Corp’s shrinking panel business.
It had hemorrhaged 103 billion yen ($1.3 billion) in cash in the first half of 2012. It had another 200 billion yen ($2.3 billion) in convertible bonds coming due in 2013. And an emergency infusion of cash from Foxconn had just fallen through.
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アップルにとっても問題
これはアップルにとっても問題だった。なぜなら、発表を数週間後に控えた iPhone 5 のディスプレイはシャープが供給することを見込んでいたからだ。８月が到来しても、シャープのディスプレイは出荷されなかった（AWOL）。 ［注：AWOL＝absence without leave：無断欠勤、職務離脱］
This was a problem for Apple (AAPL), because it was counting on Sharp to supply touchscreen displays for the new iPhone 5 scheduled to launch in a few weeks. August came and went and the displays from Sharp were AWOL.
Asymco’s Horace Dediu has a theory. In a post published Wednesday he points out that there was a $2.3 billion discrepancy between what Apple said it planned to spend on capital expenditures in 2012 and what it actually spent — $2 billion of which wasn’t reported as cash flow.
“The question is,” writes Dediu, “what was it spent on and why did it not go through the cash flow statement?”
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Dediu の分析
Dediu の考えはこうだ：
His answer:
状況証拠から見て、当該資産はシャープが所有していた製造設備（あるいは製造工場そのもの）ではないかと思われる。シャープはアップル向けスクリーンの主要サプライヤーだが、財政難にあった。シャープはまた Foxconn が投資を検討していた対象でもあった。しかしこの交渉はシャープの財政悪化のため不調に終わった。私の想像では、これらの試みはシャープに対する財政支援であり、供給確保の連続性を保つとともに、他のサプライヤーであるサムスンの代りとしてサプライヤーベースの均衡を保つためのものではなかったと思う。万一シャープが何らかの形で破産することになれば、アップルの主要スクリーン製造工場（ひとつないしは複数）が「早い者勝ち」（up for grabs）で債権者の手に渡ることとなり、操業を中止するかもしれず、製造義務の有無にも関わらずアップルの製造能力が損なわれることになるかもしれなかった。期末になって予期せざる支出をしたのは、この資産をアップルが確保するためだったのではないかと私は考える。さらにこの融資は「事前発注」（pre-orders）という形で行なわれたのではないか。さらに憶測を逞しくすれば、アップルはシャープのスクリーン製造ラインを自社分に計上し、部品の事前弁済という形で「支出した」のではないだろうか。これは期限前弁済（pre-payment）であるため、オフ・バランス取引ということになるだろう。「2012 年９月２９日現在でオフ・バランスシート分として、サードパーティの製造契約および部品購入契約の未払残高が 211 億ドルある」とアップルは報告している。これは従来と比べ大幅な増加であり、資産スワップをまかなう巨大な「買収資金」（slush fund）を可能にするものだ。
Circumstantial evidence points to the asset being production equipment (or even a plant) previously owned by Sharp. Sharp is a key supplier of screens to Apple but is also in financial distress. Sharp has also been the object of an intended investment by Foxconn. That deal fell through as Sharp’s finances deteriorated. My guess is that these attempts to shore up Sharp are directed by Apple to ensure both continuity of supply and a balanced supplier base (offsetting Samsung, another supplier.) If Sharp were to enter into some form of bankruptcy, the key plant(s) used in producing screens for Apple might be “up for grabs” by creditors and they might be taken off-line, jeopardizing Apple’s production capacity, irrespective of contractual obligations. I believe that Apple’s late and unprecedented expenditure was to secure this asset. I further believe that the financing for this deal was done through a swap of “pre-orders”. Stepping even further into the hypothesis: Apple arranged to move a Sharp screen production line onto its books and “paid” for it through a pre-payment of components. This being a pre-payment it would be in the form of an “off balance sheet” commitment. Apple reported that “As of September 29, 2012, the Company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $21.1billion” [my emphasis]. This is a significant increase from earlier years and allows for a huge “slush fund” to cover asset swaps.
Japan’s Sharp Corp. 6753.TO -12.78% hasn’t started mass producing screens for Apple Inc.’s AAPL +0.21% next iPhone, people with knowledge of the situation said Friday, raising questions about whether the U.S. company will have enough components to meet demand for the new smartphone.
Sharp, a major supplier of liquid crystal displays to Apple, had planned to start shipping iPhone screens by the end of August, the people said, but mass production has been delayed in part by manufacturing difficulties. It remains unclear when the company can start shipping the LCD panels, one of the people said.
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他の２社はすでに出荷開始
シャープは次世代 iPhone のための LCD パネルのサプライヤー３社のひとつだが、残りの２社 — Japan Display Inc. および韓国の LG Display Co. — はすでにアップルへのスクリーン出荷を開始していると、事情に詳しい別の情報筋（複数）は語る。
Sharp is one of three suppliers of LCD panels for the next iPhone. The other two suppliers—Japan Display Inc. and South Korea’s LG Display Co. 034220.SE -1.14% —have already started shipping the screens to Apple, according to other people familiar with the situation.
Earlier this year, Sharp also delayed shipments of screens for Apple’s latest iPad, but there were no apparent supply shortages of the tablet computers.
SAKAI, Japan—Resting in the first-class car on a bullet train en route to checking out his latest investment, Taiwanese billionaire Terry Gou mused about the strengths—and weaknesses—of struggling Japanese electronics company Sharp Corp., 6753.TO -12.78% which will celebrate the 100th anniversary of its founding in September.
“How many companies can say they’ve lasted 100 years? Lasting that long is an asset,” said Mr. Gou, his shirt sleeves rolled up. “But these days with information technology moving so fast, it’s hard,” he added in a brief conversation with a reporter aboard the train Wednesday night.
Brian White［Topeka Capital Markets のアナリスト］によれば、Foxconn［注：正確には鴻海］がシャープへの資本参加を考える以前に、アップルが同社の買収を検討していたという。
But before Foxconn stepped in and invested in Sharp, Apple considered buying a stake in the company, according to analyst Brian White with Topeka Capital Markets.
今週中国での技術トレードショーに参加した White は、金曜日にこの情報を投資家向けノートで明らかにした。アップルは「当初 LCD マーケットに投資すべきかどうか検討した」が、最終的には投資しないことを決めたという。
White was relayed the information while attending a technology trade show in China this week, and he revealed it in a note issued to investors on Friday. He said Apple “originally debated” whether it should invest in the LCD market, but ultimately decided against it.
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シャープをおいて他に考えられない
もしアップルがサプライチェーンに投資して将来重要になる分野に影響力を行使したいと考えたのなら、そんな企業は他にはなかったというのが我々の意見だ」と White はいう。
“In our view, if Apple was willing to consider investing in the supply chain to exert influence in an area deemed important to the company’s future, we wonder what else the company might consider,” White said.
The news that Apple apparently considered investing in Sharp comes as the company announced on Friday that it has begun production of the world’s first LCD panels incorporating IGZO technology. IGZO displays will allow Sharp to produce thinner and more power efficient LCDs.
Marketplace の上海支局長 Rob Schmitz は、アップルの中国製造工場 Foxconn に取材で入ることが許された２番目の記者だ。彼の独占取材ビデオによって、Foxconn 工場敷地内の組立ラインや諸施設、何百何千という労働者が暮らす労働環境や生活状況を知ることができる。
Marketplace Shanghai Bureau Chief Rob Schmitz is only the second reporter ever to gain access to visit the factory floor at Apple’s Chinese producer Foxconn. In this exclusive video, see highlights from his tour of the assembly line and the Foxconn campus and facilities to see what living and working conditions are like for the hundreds of thousands of workers there.
The first misconception I had about Foxconn’s Longhua facility in the city of Shenzhen was that I’ve always called it a ‘factory’ — technically, it is. But after you enter the gates and walk around, you quickly realize that it’s also a city — 240,000 people work here. Nearly 50,000 of them live on campus in shared dorm rooms.
メインストリートの両側にはファーストフード、銀行、カフェ、食料品店、結婚式写真店、自動図書館が並んでいる。工場敷地のど真ん中には、バスケットボールのコート、テニスコート、ジム、巨大なプールが２つ、それに人工芝のサッカースタジアムまである。Voice of Foxconn というラジオ局、テレビニュース局もある。Longhua のメインストリートには自前の消防署まであるのだ。
There’s a main drag lined on both sides with fast-food restaurants, banks, cafes, grocery stores, a wedding photo shop, and an automated library. There are basketball courts, tennis courts, a gym, two enormous swimming pools, and a bright green astroturf soccer stadium smack-dab in the middle of campus. There’s a radio station — Voice of Foxconn — and a television news station. Longhua even has its own fire department, located right on main street.
これは「中国工場」ということばから思い浮かぶのものをはるかに超えている。
This is not what comes to mind when you think “Chinese factory.” read the full story.
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徹底取材の詳細
Rob Schmitz の徹底取材は Marketplace のサイトに「Apple Economy」シリーズとして掲載されている。
Luo Guofen says his supervisor ignored his sick-leave request and forced him to work over the weekend.
Luo Guofen：１日たりと休暇をとらせてくれないのでホントに参っちゃう。頼み込まなければ認めてくれないんだ。たくさんの仲間が去年の旧正月に正月休暇を願い出た。何日もかけて頼んだけれど認めてもらえなかった。自分はムリヤリ休んだけれど、後が大変だったよ。
Luo Guofen: They won’t even let you take a day off; it’s very annoying. You have to beg! Last year a bunch of us asked for a holiday before Chinese New Year. We pleaded for days, but it was rejected. I left anyway and got in a lot of trouble.
Luo’s been here for two years. He installs Wi-Fi components in hundreds of iPads each day, and makes $378 a month. The money he’s made help put his brother through vocational school. And last year he sent $2,000 home. He says his parents are using the money to build an addition to their home. He’s proud of that. I ask him if I can visit his family back in his village. The next day I’m on a 12-hour bus ride headed for rural Jiangxi province.
Luo の実家の村は中国でも優れたみかんを産することで有名だ。実家を訪れると、彼の親戚はセメントブロックの家の外で親戚が焚き付け用にみかんの木を切っていた。家の入り口には腰の高さまでレンガが積んである。Luo の母親の Zheng Shuinu は腰に手を当ててその前で語る。
Luo’s village is famous for growing some of the best oranges in China. When I arrive, his relatives are outside their cement-block homes, chopping orange tree branches for kindling. Sitting at the entrance to Luo’s house is a waist-high pile of bricks. Luo’s mother, Zheng Shuinu stands in front of it, hands on her hips.
I ask: So these are for the addition to the house? Yup, she says. You must be proud of your son for sending the money for all this. She smiles and waves me inside the house. She offers a correction to her son’s story.
Zheng Shuinu: To be honest, the money he sends home isn’t very much. He spends so much on living expenses in that big city he lives in. Most of the money for fixing our home came from our savings, not his.
Zheng says a third of the young people from her village have left for factory towns like Shenzhen. She says it’s a waste. She and her husband have urged their son to come home. Compared to their son’s $2,000 in savings last year, they saved $10,000 farming oranges and doing odd jobs in the off-season. They’re certain he’ll be able to save more money here. But he’ll have to work hard, she says, and she wonders if he’s ready for that.
Zheng: Whenever he starts a job, he gives up halfway through. That’s why he never mastered any skills and that’s why he left to work in a factory. Being a factory worker is useless. They just do the same thing over and over! They don’t make much, and they don’t save anything. It’s time he came home.
Luo Guofen は夏に戻ってくることで納得した。たった２年村を離れていただけだが、現代中国にとってはこれは長い時間だ。留守中に村は景気良くなり、この秋には都市部の富裕層がみかんを買いにやってくる。道路は舗装され、四つ星ホテルもできた。農業だけが生計の手段ではなくなった。Luo の家族にとって、もはや汗水たらさなくても中国農村部の自宅でも稼げるようになったのだ。
Luo Guofen has agreed to come home this summer. He’s only been gone for two years, but in today’s China that’s a long time. In his absence, his hometown has prospered — tour groups from wealthy urban areas now come here in the fall to buy oranges. The roads are now paved. There’s even a four-star hotel. Farming is no longer the only option. And for Luo’s family, money earned at home in China’s countryside no longer has to be earned with sweat.
Last week, Marketplace’s Rob Schmitz actually got inside a Foxconn factory in the southern city of Shenzhen. He didn’t meet anybody who was poisoned on the job. He didn’t meet any 13-year-old workers. Nobody he talked to had been hurt in an explosion. He says the stories he heard were more about China than Apple.
iPhone/iPad の中国組み立て工場 Foxconn の親会社である台湾の Hon Hai Group［鴻海精密工業：Hon Hai Precision Industry Company Ltd.］は、30 億ドルの増資を計画しており、そのうち 3390 万ドルは GDR［Global Depositary Receipt：海外株式預託証書］で調達する計画だという。Hon Hai 最大の顧客であるアップルがその資金を提供するのではないかと考えられている。
Taiwan’s Hon Hai Group, which owns the Foxconn assembly plants that produce iPhones and iPads in China, is planning to raise more than US$3 billion by issuing less than US$33.9 million in new GDR (global depository receipt) shares. It is reported that Hon Hai’s largest client, Apple, is expected to become a major investor …
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２番目に大きい株主
アップルは何十億ドルものキャッシュを抱えている。復配と自社株買いに加えて、アップルは Hon Hai の株式を取得し、同社との戦略的提携を強化する可能性を否定していない。Hon Hai の資本調達は台湾 IT 企業としては歴史上最大のものだが、資本を提供するのがどこになるか市場の見方は分かれている。もしアップルがその潤沢なキャッシュを使って Hon Hai の GDR 株を取得すれば、同社の９％以上、すなわち１０億株を取得することになる。それによりアップルは、Hon Hai とシャープの組立ラインを獲得し、Hon Hai の２番目に大きい株主となる。
Apple has many billion cash in hand. In addition to distributing dividends and buying back stocks, Apple did not rule out the possibility of acquiring Hon Hai’s shares and expanding its strategic alliance with Hon Hai. While Hon Hai’s fund raising attempt is expected to be the largest in the history of Taiwan’s tech industry, market sources are mixed about who its buyers will be. If Apple uses all its cash on purchasing Hon Hai’s GDR shares, it will be able to secure more than 9 percent stake in the manufacturer, or about 1 billion shares. In doing so Apple would acquire the assembly lines of Hon Hai (and Sharp) to become the second-largest shareholder of Hon Hai.
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シャープを加えてサムスンに対抗
なぜアップルはそうするのか？ 日本のエレクトロニクスの巨人シャープは先週 Hon Hai との戦略的提携を発表した。両社は共同して LCD パネル工場の操業を安定化し、Hon Hai の調達力を生かして LCD パネルおよび LCD テレビ市場での価格競争力を高めることなるだろう。新 iPad のディスプレイはシャープが提供するといわれている。新 iPad の組み立てを Foxconn が行なっていることから、この提携により Hon Hai・アップル両社は生産強化、コスト引き下げ、生産効率の改善によってサムスンや LG に対抗することが可能になる。したがってもしアップルが２番目に大きい株主となれば、実質的に Hon Hai への影響力を増し、間接的にシャープに影響力を及ぼすことができるようになる。
So why Apple might be doing this ? Last week, Japanese electronics giant Sharp has announced a strategic deal with Hon Hai. The two companies will combine to stabilize LCD panel plant operation and use the purchasing power of Hon Hai to strengthen its ‘cost competitiveness’ in the LCD panel and LCD TV markets. Sharp is reported to be supplying display panels for Apple’s new iPad tablet. With Foxconn handling the assembly of the new iPad, the deal is set to help both companies increase production, lower costs and improve its efficiency so that it can compete with Samsung and LG. So if Apple become the second-largest shareholder of Hon Hai, Apple can substantially increase the influence on Foxconn, at the same time Apple also has the power to affect Sharp indirectly.
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いずれサムスンを斬る
いちばん大切なことは、サムスンとの提携関係をアップルが解消するチャンスが出来ることだ。結局サムスンはアップルに部品供給してカネを儲け、それでアップルとよく似た製品を作っている。その結果両社のビジネスには緊張が加わり、サムスンとの関係解消を図る方途をアップルが探るようになった。いまや Hon Hai が資金調達を図っているので、アップルとしては同社に投資するだけで多くのメリットが得られるわけだ。アップルは本件について真剣に検討すべきだ。
Most importantly, Apple has the chance to pull off Samsung’s partnership. After all, Samsung is making Apple’s money by providing components, but on the other hand, it launched a similar products to compete with Apple. It has resulted both companies to have some tension in their business relationships, thus Apple is finding way to get rid of Samsung. Hon Hai is now planning for a fund raising, Apple just needs to invest some money into it and will able to get lot’s of benefits. Apple should have some serious consideration about this.
