来宝集团

去年，中投斥资8.56亿美元收购了来宝集团（NobleGroup）15%股份，该交易突显出中国关注粮食安全。来宝集团是一家总部位于香港的大宗商品交易商。

Last year , CIC paid $ 856m for a 15 per cent stake in Noble Group , the Hong Kong-based commodities trader , in a deal highlighting China 's preoccupation with food security .

来宝集团创始人兼董事长艾礼文（RichardElman）将担任来宝农业（NobleAgri）的副董事长。

Richard Elman , the founder and chairman of Noble Group , will become deputy chairman of Noble Agri .

一个名为“冰山研究”（IcebergResearch）的组织曾声称，来宝集团虚报资产价格，并在从交易中回笼现金很久之前就将其盈利入账。

A group called Iceberg Research has claimed Noble inflated asset values , and booked profits on deals long before receiving any cash from the transactions .

总部位于香港的大宗商品交易商来宝集团（Noble）本周加大赌注，发行了转换溢价为65%的7年期债券。

Noble , the Hong Kong-based commodities trader , upped the ante this week by issuing seven-year bonds with a 65 per cent premium .

英国人艾礼文（richardelman）控制着大宗商品公司来宝集团（noblegroup），该公司在巴西拥有糖厂，在中国拥有大豆加工厂，在澳大利亚拥有煤矿。

Briton Richard Elman controls commodity company Noble Group , which owns sugar mills in Brazil , soya bean crushing plants in China and coal mines in Australia .

来宝集团已针对这些指控开展了辩护，并已委托普华永道（PwC）审核其长期大宗商品交易的会计行为。

Noble has defended itself against the accusations , and had PwC review how it accounted for its long-term commodity deals .

来宝集团（NobleGroup）首席执行官质疑穆迪（Moody’s）调降这家大宗商品交易商的信用评级至垃圾级的决定，称原材料价格疲弱不会影响其盈利能力。

The chief executive of Noble Group has questioned Moody 's decision to downgrade the commodity trader 's credit rating to junk status , saying weak raw material prices would not affect its profitability .

正在与激进会计指控做斗争的大宗商品交易商来宝集团（NobleGroup）周二遭遇又一个打击。出于对该公司债务再融资能力的担忧，穆迪（Moody's）将其信用评级下调至垃圾级。

Noble Group , the commodity trader fighting allegations of aggressive accounting , suffered another blow on Tuesday when its credit rating was cut to junk status by Moody 's because of concerns about the company 's ability to refinance debts .

新加坡交易商来宝集团（Noble）已对一份人们期待已久的计划予以确认，该公司计划将其农产品部门51%的股份出售给中国国有企业中粮集团（Cofco）。

Singapore trading house Noble has confirmed a long-awaited plan to sell 51 per cent of its agricultural unit to Cofco , the Chinese state-owned company .

嘉能可（glencore，全球顶级大宗商品和矿业贸易商）和来宝集团这两大贸易公司的农业部门，也因此而名利俱损。

The agricultural divisions of two big trading firms , Glencore and noble group , were caught with their trousers down and lost money .

来宝集团首席执行官艾礼文（RichardElman）在声明中表示：（中投）与我们一样，衡量一家公司几十年来的成长与成就，而不只是关注财季数据。

Richard Elman , Noble 's chief executive , said in a statement : [ CIC ] , like us , evaluate the evolution and success of a company over decades as opposed to merely fiscal quarters .

根据穆迪的数据，9月底来宝集团经调整后的净债务为42亿美元，是其息税折旧及摊销前利润（EBITDA）的3.6倍。

At that time Noble 's adjusted net debt stood at $ 4.2bn , or 3.6 times its earnings before interest , tax , depreciation and amoritisation , according to Moody 's.

国有企业中粮（COFCO）与来宝集团（NobleGroup）组建了一家农业合资公司，另外还购入荷兰农产品贸易集团Nidera的控股权，这些举措似乎是在遵循上述战略。

The move by COFCO - or China National Cereals , Oil and Foodstuffs Corp - where the state-owned group took a stake in an agriculture joint venture with Noble Group , and separately purchased a controlling stake in Dutch agricultural trading house Nidera , seems to follow that strategy .

根据穆迪的数据，9月底来宝集团的净债务为42亿美元，是其在经调整后的息税折旧及摊销前利润（EBITDA）的3.6倍。

At the end of September , Noble 's net debt stood at $ 4.2bn , or 3.6 times its earnings before interest , tax , depreciation and amortisation on an adjusted basis , according to Moody 's.

表面上看，来宝集团似乎已采取足够行动维持其投资级评级。该集团本月达成协议，将其在一家农业交易合资企业的剩余股份转让给中国的中粮集团（Cofco），筹集7.5亿美元资金。

Noble appeared to have done enough to retain an investment grade rating when it reached an agreement this month to raise $ 750m from the sale of its remaining stake in an agricultural trading joint venture to Cofco of China .

来宝集团表示，“不幸的是”，穆迪对大宗商品价格的“负面看法”，“压过了”将来宝农业（NobleAgri）49%股份转让给中粮集团的举措。目前，大宗商品价格已跌至金融危机以来的最低水平。

Noble said it was " unfortunate " that the sale of its 49 per cent stake in Noble Agri to Cofco had been " outweighed " by Moody 's " negative view " on commodity prices , which have hit their lowest levels since the financial crisis .

来宝集团试图通过套期保值和与农民之间的租赁协议来控制这些风险。

Noble seeks to manage these risks through hedging and leasing agreements with farmers .

但来宝集团已安然进入，目前占中国大豆压榨量的10%。

But noble was safely in and today accounts for 10 per cent of soybeans crushed in China .

来宝集团表示目前其农产品部门的股东权益为28亿美元，净债务为25亿美元。

Noble said its agricultural unit currently has shareholders ' equity of $ 2.8bn and net debt of $ 2.5bn .

来宝集团在一份声明中透露，将向中投出售15%的股权，并表示粮食是交易的核心内容。

In a statement disclosing the sale of 15 per cent to CIC , noble said food was at the core of the deal .

来宝集团同意与中投建立合作关系，目的是共同投资与农业大宗商品相关的基础设施资产和供应链管理。

It had agreed to a partnership for the purpose of jointly investing in infrastructure assets and supply chain management related to agricultural commodities .

来宝集团表示，正考虑在5月7日发布的第一季度财报中，按照不同的地区和大宗商品的类别，向投资者展示损益细节。

Noble said it was considering showing investors gains and losses by region and by commodity in its first-quarter results , due on May 7 .

对于在新加坡上市的来宝集团而言，穆迪此举为其处境艰难的一年画上了句号。在该集团业绩疲软并由于会计行为而受到反复质疑之后，该集团股票自今年1月以来已下跌61%。

The move by Moody 's rounds off a difficult year for Singapore-listed Noble , whose shares have fallen 61 per cent since January following weak results and repeated questions about its accounting practices .

然而，穆迪表示这一拟议中的变卖举措，并未消除对来宝集团流动性空间（即其现金资源与其未来一年必须再融资的债务之间的差距）和其低盈利能力的担忧。

However , Moody 's said the proposed disposal had not erased concerns about Noble 's liquidity headroom - the difference between its cash resources and the debts it must refinance over the next year - as well as its low levels of profitability .

这一价格是来宝农产品部门账面价值的1.15倍，该价格在来宝集团2014年财年结束时将予以调整。

The price tag will then be adjusted at the end of Noble 's 2014 full year , with a valuation of 1.15 times book value .