[決算][3M] 24年2Q 新CEOの決算会見(3)

上の記事の続き。

3M Company の24年2Q決算会見から、これはと思った部分を抜粋。

新CEOにとって初めての決算会見。新体制になって何か変わるのか、ヒントが見つかるといいなァと思いますよ。

この記事では、質疑応答その2に着目。回答内容はいろいろ残念だけど、質問の方はみんな気になっていることのはず。

質疑応答は3M CompanyのWebページにある Transcript には載っていなくて、Yahoo! Finance（米国版）のニュース記事から持ってきました。

アナリストからの質問

PFAS（有機フッ素化合物）と軍人向けの耳栓。この訴訟案件が、ここ2～3年くらい間スリーエムの株価が冴えない大きな要因になっているのは間違いない。そんなPFASに関する質問。

You talked a lot about capital allocation and I think the narrative obviously around PFAS is that there's negative optionality from the balance sheet, if you will, but that it's a drag. You're talking about being a little bit more on your front foot from that perspective.

And the only place PFAS is mentioned is in the Slide 2, which is in the legal disclaimers. You didn't talk about it really at all in the slides. What's your take there? And do you have any perhaps pivot and strategy around PFAS in that liability?

PFAS（有機フッ素化合物）による水質汚染に関わる訴訟の件について、方針転換や戦略はあるかという質問。

Willian M. Brown CEOの答え

残念ながら、通り一遍の回答しかしてくれなかった、という印象。

Well, thanks for the question. Look, first of all, we've got a great team of advisors, legal inside and outside that are managing PFAS and other liabilities. When I step back and look at just where we've been, the Public Water Supply settlement was a great step, important first step, really in managing some of the risks. But there's more to be done.

We're continuing to manage litigation from some of the opt-outs, other cases within the MDL, there's Europe that's sort of hanging out there. We continue to control in that area. We've got very exhaustive disclosures in the Q and the K and again we have a great team that are really focused on managing that. Where I think I'm best putting my time are the things that drive value creation for our owners and that's driving the top-line and driving operational excellence in the business.

まずは現状認識。

• 3M Company には、PFAS やその他の法律関連の案件に対処する優秀なチームがいる。

• PWS（公共水道事業者）との和解したことは大きな一歩、重要な第一歩だった。

• やるべきことはまだたくさん残っている。

• 訴訟案件については、QとK（米国証券取引委員会に提出する各種書類。日本風に言えば、四半期報告書や有価証券報告書など）で非常に徹底した開示を行っている。

だからCEOたる自身は、これらの案件は専門のチームに任せて、売上を伸ばし事業パフォーマンスをあげることに集中します、と。

We do generate great cash flow. We see it in the quarter. We saw the first half, 90% to 110% free cash flow conversion for the year. I've got ideas on how we can drive that further over time.

We're at 0.3 leverage ratio. So when I step back, I think we actually have a very strong balance sheet. We can manage appropriately the risks that we see in front of us. And even through that, we have options here to do things with our balance sheet.

So, I'm focusing on the things we can control and really getting the team pivoted back to what do we do to drive growth and operational excellence.

キャッシュ創出力は強く、バランスシートも健全。

自分たちができることに焦点を当てて、売上を成長させ業務パフォーマンスを上げるためにできる方向に会社を導いていく。

アナリストから追加質問

What do you think the market is missing in its pretty harsh and negative narrative around this PFAS overhang from what you've heard?

PFASに関して市場が見逃しているものは何だと思いますか?

Willian M. Brown CEOの答え

これもまた残念な感じの回答。

I can't really comment on what the market may or may not be missing on that, Steve. What I'm focusing on the things that we control. I read the Q very, very thoroughly, like all of our investors do. It takes a long time to get through it.

I think we've done it. We do a great job at the disclosure there. But again, we've got a great team that's managing this. It's a dynamic situation and I trust what they're doing.

I'm involved in that. Mike has been very helpful. He has a lot of expertise in this area because of the time he had to spend on it. I'm relying on him here as well.

• 市場が何を見逃しているかについてはコメントできない。

• PFASの訴訟案件については専門の対策チームがいるし、マイク・ローマン（前CEO）もこの件に詳しい。なのでこの件は彼らに任せている。もちろん自分も関与はしてはいるが。

And again, I think where my time is best placed is what do we do to drive the other 64,000 of the 65,000 employees? What are they going to do to drive value creation? We've got a lot of people focused on PFAS. We have to get people focused back on the core things and what makes 3M great.

私が最も時間を割くべきなのは、65,000 人の従業員のうち、残りの 64,000 人のやる気を引き出すために何をするか、価値創造を推進するために何をするか、ということだ。

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