并購的威力│增長最快的五家500強企業
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2015年里發生的兼并與收購前所未有，因此毫不令人意外，這一年《財富》500強公司營業收入增長最快的那些，也是通過并購實現的。 確實，在過去幾年中，許多公司都難以提高他們的銷售額，因此他們決定換個辦法。通過變革性的交易，有些公司的規模一夜之間就增長了一倍。今年《財富》500強中增長最快的五家公司，全部都在2015年進行了一次或幾次大規模的并購，從而幫助他們在營業收入上實現了兩位數甚至三位數的增長。假如沒有這些交易，其中的貨運公司XPO Logistics甚至無法進入《財富》500強的榜單。 （在去年《財富》500強增長最快的公司中，并購也是主旋律，不過并非所有的入榜公司都是依靠并購。） 并購浪潮在2016年有所消退，部分原因在于美國的反壟斷監管機構喊停了一系列交易。這些增長最快的公司如果在今年無法完成這么多并購，能否實現同樣巨大的增長？讓我們拭目以待。 以下是2015年《財富》500強榜單中增長最快的五家公司。點此閱讀我們最新的《財富》500強榜單，了解美國大型公司的更多信息和即時新聞。 |
After a record-setting year of mergers and acquisitions, it shouldn’t be much of a surprise that the Fortune 500 companies that grew revenue most in 2015 did so through M&A. Indeed, companies have been struggling to grow their sales for the last several years, opting instead to strike transformative deals that have in some cases doubled their size overnight. All five of this year’s fastest-growingFortune 500 companies took part in a major merger or acquisition in 2015 (or several) that accounted for their double- or even triple-digit revenue growth. Without such deals, one of those companies, trucking concern XPO Logistics, wouldn’t have made the Fortune 500 list at all. (Mergers and acquisitions were also a big theme among the Fortune?500’s fastest-growing companies last year, but not for all of them.) The M&A wave has slowed in 2016, thanks in part to astring of deal-busting decisions by U.S. antitrust regulators. It remains to be seen whether the fastest-rising companies will be able to achieve the same blockbuster growth as this year’s top companies if they aren’t able to complete as many mergers. Below are the five Fortune 500 companies that grew revenue the most in 2015. Visit our new?Fortune?500 listfor more information and breaking news about all of America’s largest companies. |
1. XPO物流
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《財富》500強排名：353 2015年營業收入：76億美元 2015年收入增長：224% 《財富》500強排名：提升556名 XPO物流（XPO Logistics）已經成為了全球最大的汽車貨運（官方術語叫做“貨運代理”）公司之一。該公司在去年的規模急劇增加，從2014年《財富》的第909名攀升了556位，沖進了《財富》500強榜單。這家物流公司在供應鏈的各個節點之間運送貨物，他們在2015年瘋狂吞并了其他四家同行，從而讓銷售額增長到了原來的三倍以上。 在這種情況下，收入的增長并不意味著盈利：XPO為其中兩次并購各花費了30億美元，公司虧損的增幅比收入更大：去年，他們的虧損達到1.92億美元，是2014年虧損的三倍以上。排除XPO的收購以后，他們的營收增幅只有個位數，不過公司希望在今年實現更多的內生性增長。 |
Fortune 500 rank: 353 2015 revenue: $7.6 billion 2015 revenue growth: 224% Change in Fortune 500 rank: +556 Already one of the world’s largest trucking companies—the official term is “freight brokerage”— XPO Logistics ??4.51%? grew so much last year that it catapulted on to the Fortune 500 list, climbing 556 spots from No. 909 in Fortune’s 2014 rankings. The logistics firm, which transports cargo between various points in a supply chain, more than tripled its sales in 2015 after an acquisition spree in which it snapped up four other truckers. In this case, revenue growth didn't mean profitability: Two of its acquisitions cost XPO more than $3 billion each, and the company’s bottom-line losses grew even more than its revenue: It reported negative profits of about $192 million last year, more than three times its losses in 2014. Not counting the acquisitions, XPO’s revenue grew at a single-digit rate last year, but the company hopes to grow more organically this year. |
2. AECOM
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《財富》500強排名：156 2015年營業收入：180億美元 2015年營收增幅：115% 《財富》500強排名：提升187名 AECOM是一家工程設計和基礎設施公司。他們在2014年底以包含抵押債務的60億美元收購了競爭對手URS Corp.，并在2015年讓銷售額翻了一倍以上。AECOM的首席執行官邁克爾·伯克表示，這次交易是“行業歷史上最大的一次合并”。然而，除去這次合并外，AECOM的內生性營收在去年表現平平，部分原因也在于匯率影響。由于并購，AECOM去年的利潤也十分慘淡，虧損達到了1.55億美元。 |
Fortune 500 rank: 156 2015 revenue: $18 billion 2015 revenue growth: 115% Change in Fortune 500 rank: +187 AECOM ??2.48%?, an engineering design and infrastructure firm, more than doubled its sales in 2015 after acquiring its competitor URS Corp. for $6 billion including debt in late 2014. The deal was “the largest combination in our industry’s history,” according to AECOM CEO Michael Burke. Without it, however, AECOM’s organic revenue growth was flat last year, restrained in part by the effects of currency-exchange rates. And the company’s profits suffered as a result of costs related to the acquisition: AECOM swung to a loss of $155 million last year. |
3. Dollar Tree
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《財富》500強排名：180 2015年營業收入：155億美元 2015年營收增幅：80% 《財富》500強排名：提升150名 一元店Dollar Tree在收購了競爭對手Family Dollar后，門店數量在2015年翻了一番以上，銷售額也提高了超過80%。這其中，門店數量更多的Family Dollar貢獻了增長的90%，除去這次收購，Dollar Tree的收入增長只有不足9%。盡管Dollar Tree在門店上現在超過了競爭對手Dollar General，但公司的銷售額和市值都還不如對方。 |
Fortune 500 rank: 180 2015 revenue: $15.5 billion 2015 revenue growth: 80% Change in Fortune 500 rank: +150 Dollar Tree ??-0.27%? more than doubled its store count in 2015 when it completed its acquisition of rival dollar-store chain Family Dollar, and its sales surged more than 80%. Revenue from Family Dollar—which has more stores than Dollar Tree—accounted for about 90% of that gain; without that, Dollar Tree grew revenue by less than 9%. Though Dollar Tree now outnumbers its competitor Dollar General ??-0.65%? in terms of stores, it still makes less in sales and has a lower market value than its peer. |
4. NGL Energy Partners
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《財富》500強排名：167 2015年營業收入：168億美元 2015年營業收入增長：73% 《財富》500強排名：提升132名 原油價格暴跌在去年讓業內大部分公司遭遇了慘痛損失，這家原油儲存和管道公司是如何實現73%的營業收入增長的？原因在于今年《財富》500強榜單采用的是NGL Energy Partners截至去年3月的2015財年的數據，這在原油價格跳水最嚴重的時期之前。公司當時通過一系列收購，極大地提高了原油儲量和運輸能力，從而實現了營業收入增長。（他們去年也進入了我們的《財富》500強增長最快的公司榜單，原因類似。）從那以后，NGL Energy Partners拆分了部分資產，導致其在2016財年的營業收入減少了超過30%，不過他們也借此提振了公司疲軟的股價。 |
Fortune 500 rank: 167 2015 revenue: $16.8 billion 2015 revenue growth: 73% Change in Fortune 500 rank: +132 Wondering how an oil storage and pipeline company could grow revenue 73% during a year when declining crude prices crushed most companies in that industry? It helped that this year’s Fortune 500 list is based on NGL Energy Partners’ fiscal 2015, which ended in March of last year, before the worst of the oil carnage. NGL Energy Partners ??9.71%? padded revenue during that year with a series of acquisitions that greatly expanded its oil storage and transportation capacity. (The company was also on our list of fastest-growing Fortune 500 companies last year, for similar reasons.) Since then, though, NGL Energy has divested some of the same assets, which lowered its revenue more than 30% in fiscal 2016, but boosted its sagging stock price. |
5. 卡夫亨氏公司
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《財富》500強排名：153 2015年營業收入：183億美元 2015年營收增幅：68% 《財富》500強排名：提升119名 通心粉公司卡夫和番茄醬公司亨氏在2015年7月完成了合并，合并后的公司估值高達500億美元，這也是卡夫亨氏（Kraft Heinz，之前的卡夫食品）在去年營業收入提升68%的主要原因。這次合并由傳奇投資家沃倫·巴菲特推動，伯克希爾哈撒韋公司是這家聯合公司的頭號股東。這筆交易也讓卡夫亨氏成為了全球五大食品和飲料公司之一。該公司如果想在不再并購的前提下復制2015年的增長率，得賣出海量的奶酪和果凍才行。 （財富中文網） 譯者：嚴匡正 |
Fortune 500 rank: 153 2015 revenue: $18.3 billion 2015 revenue growth: 68% Change in Fortune 500 rank: +119 The merger of the macaroni and ketchup companies, completed in July 2015 and valued at as much as $50 billion, is the main reason Kraft Heinz ??1.36%?(formerly Kraft Foods) grew its revenue 68% last year. Driven by legendary investor Warren Buffett, whose Berkshire Hathaway ??1.15%? is a top investor in the combined company, the deal puts Kraft Heinz among the five biggest food and beverage companies on the planet. Kraft Heinz will have to sell an awful lot of cheesy elbows and Jell-O if it expects to repeat its 2015 growth rate—that is, assuming it doesn’t make further acquisitions. |
