2.28 billion Yuan acquisition group assets 31 heavy industry promised to cash

The promise of 2007 is now finally honoured. 31 Heavy Industry (600031, closing price 28.80 Yuan) announced today (June 11) that the company intends to acquire 221 million yuan of the holding shareholder 31 Group Holdings of Hunan Automobile 100% stake, to 2.059 billion Yuan acquisition 31 group, Yi Xiaogang respectively held 31 car 98.24%, 1.76%, a total of 100% equity. Two parts of the total purchase price of 2.28 billion yuan.　　The acquisition of the shares of the actual control Wengen, the holding shareholder of the 31 Group 2007 commitment to further strengthen the company's main business, reduce related transactions. 31 Group and Yi Xiaogang promised that 31 heavy industry to complete the acquisition of 31 of the car's equity, 31 The net profit realized in 2010 is not less than 244 million yuan, the net profit achieved in 2011 is not less than 417 million yuan, the net profit achieved in 2012 is not less than 553 million yuan, and the insufficient part compensates 31 heavy workers in full cash.　　This not only shows the holding shareholder's confidence in 31 cars, but also protects the acquisition of assets in the next three years of performance contribution, in the case of Hunan Auto net profit, the EPS contribution of 31 heavy industry is 0.15 yuan, 0.26 yuan, 0.34 yuan each year. 31 Auto Enter performance release period according to the audit report as at May 31, 2010, 31 automobile and Hunan automobile total net worth of 949 million yuan, 31 automobile and Hunan Automobile 2010 1 ~ May Total net profit is 281 million yuan. This means the acquisition will increase 31 heavy industry 2010 years ago 5 months EPS for 0.17 Yuan.　　Some industry analysts believe that the annual view, the increase of EPS or more than 0.3 yuan, become the company's new profit growth.　　Founded in 2003, 31 automotive experience in the previous years of technology, such as research and development, in recent years, the performance growth rate significantly increased in 2009, 1.252 billion yuan operating income, the contribution of 96.84 million yuan net profit, the first 5 months of this year operating income of 1.087 billion yuan, net profit of 82.7831 million yuan. According to the lad issued by the 31 car 2010 Earnings Forecast audit report, 31 car 2010-year operating income of 2.838 billion yuan, net profit of 243 million yuan, year-on-year growth of 126.65% and 151.49% respectively.　　According to the 31 Auto Assets Assessment Report issued by Liuhe Xu, the annual compound growth rate of 31 vehicles in 2010-2014 years exceeded 25%, and the net profit increased by more than 30%.　　With a good forecast of 31 cars, the 31 group has a strong commitment to its performance.　　The purchase price of a high and low "daily economic news" reporter found that 31 heavy industry in the acquisition of the two car assets, profitability is not large, but the purchase price is a difference of 1.838 billion yuan, very unexpected.　　After careful inspection of the company's acquisition report, it is clear that some clues. Hunan Automobile is engaged in automobile, automobile chassis, agricultural vehicle, automobile and agricultural vehicle parts manufacturing and sales, as at May 31, 2010 total assets reached 1.578 billion yuan, the total liability of 10.99 yuan, net assets of 487 million yuan. The three groups adopt the method of cost method and 1 yuan as the pricing basis of this transaction.　　With the Assets appraisal report issued by Liuhe Positive Xu, the 100% equity evaluation value of Hunan automobile is based on 576 million yuan, deducting the dividend of 355 million yuan after the announcement but not paid, and 1 yuan as the total transfer price, that is, the transaction price is 221 million yuan. 31 cars as at May 31, 2010 total assets of 2.869 billion yuan, the total liability of 2.394 billion yuan, net assets of 475 million yuan. The value of the revenue method is 2.271 billion yuan, and the evaluation value of the cost method increases by 1.507 billion yuan. Finally, the evaluation value of the income method is used as the evaluation conclusion.　　The total price of equity transfer is 2.059 billion yuan after negotiation. Industry insiders believe that the acquisition price premium rate of 333%, mainly for 31 of the future profitability of the car is a certainty, in the 31 group of 31 vehicles in the next 3 years have performance commitments, but still need the market for 31 cars three years after the profitability of the continued attention.