Case Study:英文分析(1)英文決算リリースを分析する

 

 

決算リリースは、英文ライティングの初歩教材としたまさに最適な素材です。文体は簡潔、構文はシンプルで、繰り返し表現が多く、基本的にファクトしか述べていません。これであれば、私たちも簡単に真似ることができます。ある意味でグローバルビジネス英語のお手本のようなテキストなのです。

ここでは、クラフトフーズ社の2014年第1四半期の決算リリースをみてみます。なかでも、increase, decline, up, down, flat, higher, lowerといった業績の変化を示す表現、due to, reflect, driven by, as…, offsetといった、その業績を生み出した要因を示す表現にスポットを当てて、そのセンテンス構造や使い方を詳しく分析してみたいと思います。

では、まず原文です。少しですが、パラグラフの表現方法などに手を加えています。分析を行う語には下線を引いています。

KRAFT FOODS GROUP REPORTS FIRST QUARTER 2014 RESULTS

  • Q1 Net revenues were $4.4 billion, down 3.3%; and Organic Net Revenues declined 2.4% primarily due to the timing of Easter-related shipments versus the prior year

  • EPS increased 12% to $0.85, including a $0.02 gain from market-based impacts to post-employment benefit plans and a $0.05 favorable change in unrealized gains/losses from hedging activities

  • Free Cash Flow increased 19% to $175 million


 

NORTHFIELD, Ill.  May1, 2014 -- Kraft Foods Group, Inc. (NASDAQ: KRFT) today announced financial results for the first quarter of 2014 that reflected the timing of several factors, including an expected shift in Easter-related product shipments to the second quarter of 2014.

“We continued to make steady progress during the first quarter of this year,” said Kraft CEO Tony Vernon. “We still have more work to do, but we’re confident that our focus on brand renovation, marketing excellence and total cost management will drive the profitable growth that both we and our shareholders expect.”

Q1 2014 FINANCIAL SUMMARY

Net revenues in the first quarter declined 3.3 percent to $4.4 billion. Organic Net Revenues declined 2.4 percent from lower volume/mix of 2.8 percentage points that was partially offset by 0.4 percentage points of higher pricing. Volume/mix was negatively impacted by approximately three percentage points from a combination of Easter-related shipments shifting to the second quarter of this year and a normalization of retail customer inventories from higher-than-average levels at the end of 2013.

Operating income in the first quarter increased 11.7 percent to $0.9 billion. First quarter operating income this year included a $49 million benefit from market-based impacts to post-employment benefit plans as well as a $47 million favorable change in unrealized gains/losses from hedging activities. Excluding these factors, operating income was flat as lower spending on cost savings initiatives, favorable pricing net of commodity costs and gains from productivity were offset by the negative impacts of lower volume/mix and the timing of marketing expenses versus the prior year. Earnings per share in the first quarter increased 11.8 percent to $0.85.

The $0.09 increase in EPS versus the prior year included a $0.02 benefit from market-based impacts to post-employment benefit plans as well as a $0.05 favorable change in unrealized gains/losses from hedging activities. Excluding these factors, EPS growth reflected the favorable net impact of discrete tax items versus the prior year. Free Cash Flow was up 19.0 percent to $175 million. Higher earnings and lower pension contributions drove the improvement in Free Cash Flow versus the first quarter last year.

FIRST QUARTER BUSINESS SEGMENT HIGHLIGHTS

Cheese:

Net revenues of $1 billion increased from the prior year primarily due to price increases that more than offset a volume/mix decline caused by later Easter-related shipments versus the prior year. Operating income growth reflected lower spending on cost savings initiatives and favorable pricing net of commodity cost increases that were partially offset by unfavorable manufacturing costs, lower volumes and higher marketing expense versus the prior year.

Refrigerated Meals:

Net revenues of $816 million were flat versus the prior year as continued momentum in Lunchables offset volume softness in cold cuts and bacon due to the shift in Easter-related shipments and retail customer inventory reductions versus year-end levels. Operating income was flat as higher marketing spending versus the prior year were offset by lower spending on cost savings initiatives.

Beverages:

Net revenues of $674 million declined primarily due to lower pricing reflecting lower green coffee costs versus last year as well as increased merchandising activity behind Capri Sun ready-to-drink beverages. Operating income growth was driven by lower spending on cost savings initiatives and productivity gains that more than offset an increase in marketing spending and unfavorable volume/mix versus the prior year

Meals& Desserts:

Net revenues of $498 million were down from last year due to a combination of the shift in Easter-related shipments, retail customer inventory reductions versus year-end levels and continued weakness in ready-to-eat JELL-O desserts. Operating income declined significantly as a combination of unfavorable volume/mix and higher marketing spending more than offset the benefit of lower spending on cost savings initiatives versus the prior year.

Enhancers& Snack Nuts:

Net revenues of $503 million were lower, primarily driven by comparisons with Easter-related shipments in the prior year as well as a reduction in retail customer inventory levels during the first quarter this year. Operating income declined reflecting higher marketing spending that more than offset lower spending on cost savings initiatives and productivity gains.

Canada:

Net revenues of $427 million declined versus last year primarily due to a combination of an unfavorable currency impact, comparisons with Easter-related shipments in the prior year and retail customer inventory reductions versus year-end levels. Operating income declined as lower volume/mix and the unfavorable currency impact more than offset productivity gains.

Other Businesses:

Net revenues of $437 million were slightly lower than the prior year as the exit of certain product lines in the company’s Food service business led to lower volumes. This impact was partially offset by price increases to offset higher commodity costs. Strong double-digit growth in operating income was driven by lower spending on cost savings initiatives and productivity gains that more than offset the impact of the volume/mix decline.

☆☆☆

<分析と解説>

では、分析です。まず、このリリースのなかでincrease, decline, up, down, flat, higher, lower, due to, reflect, driven by, as…, offsetといった表現がどのぐらい使われているかを確認しましょう。以下のとおりです。 なお後ろについている数字は、このリリースで出てくる回数です。


 

業績の変化を示す表現

increase (11)

decline (8)

up (1)

down (2)

flat (3)

higher (8)

lower (18)

業績を生み出した要因を示す表現

due to (6)

reflect (5)

driven (3)

as… (5)

offset (13)

決算プレスリリースでは、業績の変化とその要因を示す表現は、このほかにはほぼありません。つまり、これだけの表現とその使い方を覚えてしまえば、私たちもグローバルに通じる英文決算プレスリリースが十分に書けるということです。また、その他のビジネス文書などに応用することができます。覚えなきゃ、損ですね。

では、具体的にみてみましょう。まず、構文の基本パターンは、次の通りです。

[内容要素A] (Subject)

→increase / decline / be up / be down (from) [内容要素B] (Predicate)

→to [内容要素C] (Modifier)

→due to / reflecting / driven by /as… [内容要素D] (Modifier)

→that offset [内容要素E] (Modifier)


なお、be flat, be higher, be lowerについては、基本パターンから少しずれます。例えば、be flatはdue toやreflectingには使えず、asのみ使えます。higher/lowerは、形容詞として使うことが多いです。


基本パターンには、A, B, C, D, Eの5つの内容要素が出てきます。これをみていきましょう。

内容要素Aは、ここで「トピックとする対象」です。具体的には、revenuesやincomeなどが、それに当たります。たとえば、EPS increased 12% to $0.85.の「EPS」がそれにあたります。この部分は文法的な捉え方をするとSubjectです。

内容要素Bは、そのトピック(revenuesやincome)に対する「メインコメント」です。たとえば、EPS increased 12% to $0.85.の「increased」がそれにあたります。 この部分は文法的な捉え方をするとPredicateです。

内容要素Cは、内容要素B(メインコメント)を補足する「サブコメント」です。具体的には、EPS increased 12% to $0.85の「12% to $0.85」がそれにあたります。この部分は文法的な捉え方をするとModifierに当たります。

Dは、A~Cで述べられている内容を更に補足する「サブコメント」です。具体的には、Net revenues of $674 million declined primarily due to lower pricing.の「primarily due to lower pricing」がそれに当たります。この部分は文法的な捉え方をするとModifierに当たります。

Eは、A~Dで述べられている内容を更に更に補足する「
サブサブコメント」です。以下のセンテンスでは「that more than offset lower spending on cost savings initiatives and productivity gains」がそれに当たります。

Operating income

declined

reflecting higher marketing spending

that more than offset lower spending on cost savings initiatives and productivity gains.


実際のセンテンスでは、A, B, C, D, Eの5つの内容要素がつねに揃っているわけではありません。AとBだけ、AとBとDだけ、などといった要素が一部だけというほうが一般的です。

また、それぞれの表現には、それぞれ独自の組み合わせ表現パターンがあります。たとえば、increaseやdeclineにはdue toが非常によく用いられます。次のようなかたちです。

Net revenues of $1 billion increased from the prior year primarily due to price increases.

一方、upやdownやflatには、due toではなくas…が一般的に使われます。次のようなかたちです。

Operating income was flat as higher marketing spending versus the prior year were offset by lower spending on cost savings initiatives.

そしてoffsetについては、句ではなく節や文のかたちで用いられるのが普通です。次のようなかたちです。

Net revenues of $1 billion increased from the prior year primarily due to price increases that more than offset a volume/mix decline caused by later Easter-related shipments versus the prior year.

higher/lowerについては、付加的な変化として形容詞のかたちで使うケースが多く、主要な変化としてPredicateのなかで使われるケースはまれです。

Net revenues in the first quarter declined 3.3 percent to $4.4 billion. Organic Net Revenues declined 2.4 percent from lower volume/mix of 2.8 percentage points that was partially offset by 0.4 percentage points of higher pricing.

このほかに業績を表す表現として覚えておくべきものとしては、includeとimpactを挙げておきます。

First quarter operating income this year included a $49 million benefit from market-based impacts to post-employment benefit plans…

Volume/mix was negatively impacted by approximately three percentage points from a combination of Easter-related shipments shifting to the second quarter of this year and a normalization of retail customer inventories from higher-than-average levels at the end of 2013.

さて、以上のことを覚えておけば、決算リリースは書けるはずです。あとは実際の業績リリースの例を用いて練習を積むのみです。100例もこなせば、すらすらと書けるようになるはず。ビジネスグローバル英語ライティングの練習としてはまさにぴったりではないでしょうか。


 

☆☆☆


 

【練習問題】

サイトのなかから英日の双方が揃っているグローバル企業(GE, IBM, Nestleなど)の決算リリースを見つけ出し、その日本語を英語に翻訳し、その後、オリジナル英語と比較分析してみてください。数は多ければ多いほどよいです。

© 2018 成瀬塾