JP Morgan Chase 2003 Annual Report Download - page 12

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results:
delivering for clients
We deliver value to our shareholders by delivering for our clients. Clients come to JPMorgan Chase
with financial problems that have broad implications, not only for their entire organizations but for the
financial markets themselves. Problems like these require innovative solutions – meeting unprecedented
levels of consumer demand for financing, and helping companies grow. The right solution is more
than effective, it is transformational: turning growing companies into global leaders, endowing leading
companies with eminent influence.
Supporting client goals: Panamerican Beverages, Inc.
Continuing a long-standing, multifaceted relationship with Panamerican Beverages, Inc.
(Panamco), JPMorgan acted as the Latin American bottler’s exclusive financial advisor in a
landmark transaction.
Panamco was acquired by Coca-Cola FEMSA in the largest transaction ever in the Mexican
beverage sector. The landmark sale solidified Panamco’s leadership in the consolidating
global beverage industry and created the leading bottler of Coca-Cola products in Latin
America and the second-largest Coca-Cola bottler in the world.
M eeting unparalleled demand: Chase Home Finance
The 2003 U.S. real estate and home-finance markets were best described as explosive. Remarkably
strong new-home construction starts, combined with plummeting interest rates, encouraged
first-time home buyers not only to make purchases but also to raise the bar on their spending
parameters. Existing homeowners added to the critical mass by fueling a record-setting
refinancing boom.
Client demand for mortgage services skyrocketed, and Chase Home Finance ramped up operations
to meet the need. Applications for the year totaled more than $295 billion – in particular, the
month of June produced an all-time high. Total revenues for the year exceeded $4 billion, up 38%
over 2002 levels.
Capitalizing on expanding markets: Ripplew ood Holdings
Ripplewood Holdings’ acquisition of Japan Telecom Co Ltd. – Asia’s largest-ever LBO transac-
tion – was a milestone in the development of the region’s leveraged buyout market. JPMorgan
Chase’s advisory and financing role in this transaction was critical to Ripplewood’s completion
of the acquisition and underscores the firm’s leadership in the region.
JPM organ served as the financial advisor to U.S.-based Ripplewood, one of the leading private
equity investors in Japan. The firm also served as lead arranger for the acquisition financing.
The highly visible transaction was not only an enormous landmark for the market, it also
contributed to an improvement in the Asian financial markets.
10 J.P. Morgan Chase & Co. / 2003 Annual Report