一、结论：
可转债。
二、原始财报信息。
“The Company has also issued unsecured convertible debentures due in 2020 (the “Debentures”) with a fixed interest rate. Consequently, the Company is exposed to interest rate risk as a result of the long term of the Debentures. The fair value of the Debentures will fluctuate with changes in prevailing interest rates.”
“LONG-TERM DEBT
Convertible Debentures In fiscal 2014, Fairfax Financial Holdings Limited (“Fairfax”) and other institutional investors invested in the Company through a $1.3 billion private placement of Debentures.
Interest on the Debentures is payable quarterly in arrears at a rate of 6% per annum. The Debentures have a term of seven years maturing on November 13, 2020, and each $1,000 of Debentures is convertible at any time into 100 common shares of the Company for a total of 125 million common shares at a price of $10.00 per share for all Debentures, subject to adjustments.
The Company has the option to redeem the Debentures after November 13, 2016 at specified redemption prices in specified periods. Covenants associated with the Debentures include limitations on the Company’s total indebtedness.
Under specified events of default, the outstanding principal and any accrued interest on the Debentures become immediately due and payable upon request of one quarter of the Debenture holders. During an event of default the interest rate rises to 10% per annum.
The Debentures are subject to a change of control provision whereby the Company would be required to make an offer to repurchase the Debentures at 115% of par value if a person or group (not affiliated with Fairfax) acquires 35% of the Company’s outstanding common shares, acquires all or substantially all of its assets, or if the Company merges with another entity and the Company’s existing shareholders hold less than 50% of the common shares of the surviving entity.
Due to the possible volatility through the Company’s statement of operations resulting from fluctuation in the fair value of the embedded conversion option as well as the number of other embedded derivatives within the Debentures, the Company has elected to record the Debentures, including the debt itself and all embedded derivatives, at fair value and present the Debentures as a hybrid financial instrument. No portion of the fair value of the Debentures has been recorded as equity, nor would be if each component was freestanding. As of May 31, 2014, the fair value of the Debentures was $1.3 billion. The difference between the fair value of the Debentures and the unpaid principal balance of $1.3 billion is $90 million. The fair value of the Debentures is measured using Level 2 fair value inputs.
The Company recorded non-cash income associated with the change in the fair value of the Debentures of $287 million in the first quarter of fiscal 2015 (the “Q1 Fiscal 2015 Debentures Fair Value Adjustment”). This income is presented on a separate line in the Company’s statement of operations. The fair value adjustment income does not impact the key terms of the Debentures such as the face value, the redemption features or the conversion price.
During the first quarter of fiscal 2015, the Company recorded interest expense related to the Debentures of $19 million, which has been included in investment income (loss) on the Company’s statement of operations. The Company is required to make quarterly interest-only payments of approximately $19 million during the seven years. “
三、中文简译
简单地说，黑莓在2014年获得了来自名为Fairfax的金融控股公司等投资方的一笔投资，金额为13亿美元。这笔投资是以可转债的形式投入的。
该债券的主要基本特征：年利率为6%，2020年11月到期，每1000份债券都可在任意时刻转换为100股普通股，转股价为10美元每股。同时，黑莓在2016年11月后还可以以特定价格在特殊时段提前赎回债券。此外还规定了一些违约条款，控制条款等。
考虑到公司经营状况的波动性，债券本身以及内嵌的转股、赎回期权的公允价值都是剧烈波动的。因此黑莓选择将这一债券以及其内含的衍生工具全部以公允价值计量，未实现的价值变动全部反映在损益表上。也就是说，它们相当于国际财务报告准则对金融工具分类中的“指定以公允价值计量的金融负债”。
四、点评
1、关于负债公允价值变动导致的盈利及其意义。
一季度的未实现公允价值利得反映出，黑莓的债务公允价值在缩水——黑莓认为自己的债券和股票不值钱了，将来不需要付出初始发行时预计的那么多的资金了，所以也就是说黑莓承认自己的经营状况实际上是恶化了。
这是国际会计准则目前受人诟病的一个地方。目前的准则允许企业以公允价值计量自己发行的债务，并将变动计入损益表。那么当公司经营状况恶化，从而信用评级遭到下调的时候，其发行在外的债券公允价值下跌，反而会减少公司的负债价值，使公司立刻获得一笔收益！我认为黑莓在这里充分利用了这一规则，有操纵利润的嫌疑。
2、第二层级输入值。
公允价值的计量输入值分为三个层次。黑莓使用了第二层次的输入值，因为其债券没有活跃市场，不能直接找到可观测的输入值——用人话说就是，黑莓可转债公允价值是有一定的操纵空间的。这进一步说明黑莓今年一季度的盈利不太可靠。
以上。
— 完 —
本文作者：EasonSun
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