300 million acquisition of hydropower state electricity to the layout of Qinghai

Although the rise in coal prices makes power companies miserable, but this does not stop the expansion of industry leaders, and not affected by coal price fluctuations in hydropower assets, naturally become the eyes of all parties incense bun. Yesterday, the State Electric power (600795, closing price of 3.49 Yuan) announced a nearly 300 million yuan to acquire Qinghai Wanli Hydropower Co., Ltd. (hereinafter referred to as Qinghai Wanli) motion.　　And the daily economic news found that the performance of the asset is not so satisfactory, what is the purpose of national electricity? The acquisition of asset quality of low power electricity yesterday announced that the proposed price of about 300 million yuan, the acquisition of Qinghai million 100% stake. The announcement shows that Qinghai Wanli is a private enterprise owned by the employees of Qinghai Electric Power Company, which owns the construction site, Dong Xu First grade, subject beach, fruit rice Beach,　　River source such as hydroelectric power station (total capacity 87.5MW) and Prophase Project Heihe Ditch hydropower Station (110MW) of the development rights, net assets of about 151 million yuan, 2009 to achieve a net profit of 18.9639 million yuan. It is worth mentioning that the state electric power has previously been through the auction to become the final assignee, and the original price of about 341 million yuan, in the subsequent asset assessment found some problems. After consultation, the transferor agrees to divest the defective long-term equity investment project, and the corresponding assessment price is excluded from the quoted price, and the difference of the stock delivery price is affected by factors such as evaluation standard and project quality.　　Finally, the two sides determined the delivery price of 299.63 million yuan. Although the cautious state electric power has successfully lowered the acquisition price, but according to the company's accounting, nearly 300 million yuan acquisition price, corresponding to Qinghai's internal yield rate of only 6.08%. Long-term concern for the company's industry researchers said that, according to the average level of hydropower projects, 6.08% is indeed somewhat low, the internal rate of return on hydropower assets on average around 8%.　　For example, Qian-yuan power to raise investment in the Beipanjiang lighting and Dong Ji projects, the internal rate of return is greater than 8%.　　Nurse for the takeover of a listed company, a power-system source said that, relative to the behavior itself, the state electric power may be more concerned about the expansion of business scope. In fact, when it comes to the purpose and impact of acquisitions, the company did not mention the profitability of Qinghai Wanli, but more made the "acquisition of the stake in the hydroelectric power in Qinghai province, the development of hydropower resources and the development of new energy industry, and further accelerate the implementation of the company's new energy transformation plan to achieve green development strategy,　　Optimize the company's power structure and power generation assets layout "and this is the acquisition is the first time in Qinghai acquisition of power assets. Just before the acquisition of assets, the state electric power through public offerings to acquire the major shareholder of the state-owned power group, Zhejiang Beilun Third Power Co., Ltd. 50% of the total price of 7.2 billion yuan of assets. These people said that the high coal prices caused the power industry haze, but in this time it has become a power company expansion opportunities. And the results of this reversal of the city's expansionThe gradual warming of the entire industry will be gradually reflected.