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股权投资澳门皇冠赌场平台

股权澳门皇冠赌场平台优先事项

每年, the CHS Board of Directors makes decisions on the amount of cash patronage and equity redeemed and distributed to owners. 这些决定基于三个关键标准:

带图标
确保决策符合CHS及其所有者的最佳利益
增长的图标
保持强劲的资产负债表，包括资本储备
强平衡图标
增强我们追求长期增长的能力

CHS退还了3美元.在过去的10年里向业主支付了20亿美元

挑战

通过与税务部门协商, 法律和资本结构专家, CHS董事会确定了CHS股权澳门皇冠赌场平台计划面临的三大挑战:

挑战1

CHS发行股票的速度一直快于赎回股票的速度.

 

在没有变化的情况下，分配的股权量将继续增加和
会增加几年的赎回时间吗

current-equity-state

 

 

不管收益如何，发行的股权已经超过赎回的股权

在没有改变

挑战2

The CHS Board has had too few tools available to make effective annual equity decision; more flexibility is needed. 

挑战3

优先股股利处理导致发行的股本增加. 

在过去的15年里, 已分配股本的数量增加了两倍，是1999年持有股本的五倍多. 分配股权每年都在增长, 即使在CHS盈利强劲并向CHS所有者返还大量现金的时候也是如此.

Continuing to manage equity this way would likely mean the CHS equity program has less value to owners over time, 因为赎回股权可能需要几十年的时间.

2023年CHS年会上CHS成员通过的解决方案

修改CHS章程，允许持股比例从0%提高到35%

  • 给予CHS董事会根据市场情况做出股权决策的灵活性
  • 这不会改变CHS产生的现金量

修订CHS章程，允许在计算赞助时通过优先股股息减少收益

  • 像对待利息一样对待优先股股利
  • 这不会改变CHS产生的现金量
阅读经批准的CHS章程的股权澳门皇冠赌场平台修正案

常见问题

  • 持有比例的变化会影响可用现金吗?

    不，允许保留百分比的变化不会影响可用现金的数量. 每年，CHS有三个重要的领域来使用它的现金:

    1. 维修和保养，因为我们必须保持资产完好
    2. 为子孙后代再投资
    3. 决定通过现金赞助和股票赎回返还多少现金给国家, 带着尽可能多回来的打算.

    Changing the holdback percentage will not affect the amount of money the CHS Board decides to return to owners, 因为这个数额是根据可用现金计算的, 这不会改变.

  • 为什么我们不能通过自己的努力摆脱这个挑战呢?

    更高的收益导致更多的股票发行，这使目前的情况更加复杂. 例如, fiscal years 2022 and 2023 had record earnings and we announced record returns to owners of $1 billion and $730 million in cash, 分别, 然而，净分配所有者权益在这两年仍在增长.

    CHS无法通过赚钱来解决这个问题. 我们的业务是资本密集型的, with ongoing significant maintenance capital expenditures needed to maintain our assets and infrastructure, 再加上必要的增长投资，以确保我们对会员保持竞争力和相关性. 因此，更高的收入并不总是转化为更多的可用现金.

  • 为什么不改变优先股股息的处理方式，保留保留呢?
    A change only in how preferred stock dividends are treated would not make a significant impact on addressing the challenge that CHS is issuing allocated equity faster than it can redeem that equity. 同时不增加最大允许阻力, 未来赎回CHS股权的时间可能会大大延长, 随着时间的推移，股权计划对所有者的价值会降低.
  • 你是怎么把犹豫率降到零到35%的?

    CHS咨询了税务、金融和资本结构专家来评估该计划. 税务和会计专家建议我们将最大持股比例限制在50%以下. 我们考虑了很多场景, 包括一系列的保留百分比, 并研究了对分配股本量的影响, using CHS earnings history since fiscal year 1999 as examples of the range in performance possible in our market-driven business.

    \We also conducted benchmarking research to understand how other cooperatives handle allocated equity and other aspects of their equity programs. 根据这项研究, it became clear that the limited flexibility in the current CHS equity program is outdated and highly unusual.

    董事会最初提议的持股比例为零至45%, but believes a holdback of zero to 35% helps address the challenge while balancing the range of input received from CHS owners. 根据业主的反馈，董事会认为这种程度的灵活性将得到支持.

  • 如果不采取行动会发生什么?

    如果CHS成员没有采取任何行动, the timeline for redeeming CHS equity in the future would likely become substantially longer than the current 15 years and could eventually grow to many decades. 除了, 而股本总额将保持不变, 通货膨胀可能会在更长的赎回期内侵蚀其价值. 随着时间的推移，CHS对资本和流动性提供者的吸引力可能也会降低, 限制了皇冠hga010安卓二维码发展和服务业主的能力.

    CHS wants to maintain a valuable and sustainable equity management program to ensure the value of current and future equity. We are working to balance current and future needs of owners and to keep the cooperative strong for future generations.

有用的定义

  • 股权分配通过赞助而发行并分配给特定所有者的股权.
  • 股本救赎: 赎回先前发行的已分配股权, 通常是现金(在CHS章程中也称为退休)
  • 未分配的公平: 尚未向特定所有者发行的所有者权益. 在CHS资产负债表上作为资本公积报告的未分配权益可能包括:
    • 归属于非赞助业务的年度净收入.
    • An annual amount not to exceed 10% of the annual distributable net income from patronage business per current CHS Bylaws. (Please note: The bylaws amendments approved by CHS owners at the 2023 CHS Annual Meeting will adjust this figure to not exceed 35% of the annual distributable net income from patronage business. 这一变化将于2025财年开始时生效. 1, 2024.)
    • 未达到最低业务量的顾客的年净收入.

前瞻性陈述: 本文件和其他CHS Inc .. 可公开获取的文件包括, 及卫生服务主任, 董事及代表可不时作出, “前瞻性陈述”是指美国法律规定的安全港条款.S. 1995年私人证券诉讼改革法案. 前瞻性陈述可以通过“预期”等词来识别,”“意愿,”“计划,“”的目标,”“找,”“相信,”“项目,”“估计,”“希望,”“战略,”“未来,”“可能,”“可能,”“应该,“将”和类似的对未来时期的引用. 前瞻性陈述既不是历史事实，也不是对未来业绩的保证. 而不是, 它们只是基于CHS当前的信念, 对其业务未来的期望和假设, 财务状况和经营成果, 未来的计划和策略, 预测, 预期的事件和趋势, 经济和其他未来状况. 因为前瞻性陈述与未来有关, 它们受制于固有的不确定性, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward-looking statements. 因此，您不应过分依赖这些前瞻性陈述. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in CHS filings made with the U.S. 美国证券交易委员会, including in the "Risk Factors" discussion in Item 1A of CHS Annual Report on Form 10-K for the fiscal year ended August 31, 2023. These factors may include: changes in commodity prices; the impact of government policies, 授权, regulations and trade agreements; global and regional political, 经济, legal and other risks of doing business globally; the ongoing war between Russia and Ukraine; the escalation of conflict in the Middle East; the impact of inflation; the impact of epidemics, 大流行, 疾病暴发和其他不利的公共卫生发展, including COVID-19; the impact of market acceptance of alternatives to refined petroleum products; consolidation among our suppliers and customers; nonperformance by contractual counterparties; changes in federal income tax laws or our tax status; the impact of compliance or noncompliance with applicable laws and regulations; the impact of any governmental investigations; the impact of environmental liabilities and litigation; actual or perceived quality, safety or health risks associated with our products; the impact of seasonality; the effectiveness of our risk management strategies; business interruptions, casualty losses and supply chain issues; the impact of workforce factors; our funding needs and financing sources; financial institutions’ and other capital sources’ policies concerning energy-related businesses; technological improvements that decrease the demand for our agronomy and energy products; our ability to complete, 整合并从收购中获益, 战略联盟, 合资企业, divestitures and other nonordinary course-of-business events; security breaches or other disruptions to our information technology systems or assets; the impact of our environmental, 社会和治理实践, including failures or delays in achieving our strategies or expectations related to climate change or other environmental matters; the impairment of long-lived assets; the impact of bank failures; and other factors affecting our businesses generally. Any forward-looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS没有义务更新任何前瞻性声明, 无论是书面的还是口头的, 这可能会不时发生, 是否是新信息的结果, 未来发展或其他情况，除非适用法律要求.