Acquisition of two loss enterprise days original group integration industry chain

The 5-month-old group (002386, closing 15.55) last night unveiled its first investment plan since the IPO. Company intends to the holding subsidiary Ma Benchang and Power Limited liability company (hereinafter referred to as long and electric power) to increase capital, and inject external mining assets, and use this platform to acquire Sichuan Mabian Zhongtian Power Limited Liability company (hereinafter referred to as Zhongtian Power) equity, and then complete the surrounding small hydropower and phosphate mineral resources integration,　　The high premium paid by Tian Yuan group to inject assets shows the company's determination to perfect the group's industrial chain. Cash + phosphate Ore replenishment subsidiary days of the original group announcement, the company currently holding 60.8% of the long and electricity is the backbone of the resource integration.　　Days of the original group to cash 215 million yuan, natural person Huangtong rich, Deng Yan, calm, Tang Juliang and other 4 people with its 100% Mabian Infinite Mining Co., Ltd. (hereinafter referred to as infinite mining) equity valuation of 105 million yuan to the long and electricity to increase capital. It is reported that the main assets of the infinite mining in the ding-Jia Wan phosphate mining rights, the main products include ore and finished yellow phosphorus, rich for yellow phosphorus plant production of phosphor, into chemical plants, lean ore through washing into the flotation plant. Public data show that the infinite mining area of about 3 square kilometers, as at the end of June 2008, the Infinite-ding phosphate mine in the mining right area to maintain 42.747 million tons of reserves, according to the mine recovery calculation of recoverable reserves of 33.3512 million tons, production capacity of 900,000 tons/year.　　Ore geological grade is good, rich ore layer accounted for more than 28% of recoverable reserves. In recent years, the mining industry has lost 4.81 million of its 2009-year earnings, while its operating performance worsened in 2010, with a loss of more than 53.69 million in the first 6 months.　　As of June 30, 2010, the total assets of the infinite mining statement is 117.45 million yuan, the total liability of 167.27 million yuan, the owner's equity (shareholder equity) Total-49.82 million yuan, compared with 105 million yuan of capital injection price, a premium of more than 150 million yuan. Through the company's platform to buy power companies according to days of the original group disclosed that the six months of the company to achieve operating income of 2.238 billion, an increase of 42% in the medium term to achieve net profit of 85.93 million yuan, growth of only 9.69% per cent. The main reason for the difference between business income growth and net profit growth is high operating costs, one of which is the higher cost of electricity.　　Reducing the cost of electricity and raising profit margins are also the main factors contributing to the days of the original group borrowing long and electric power to buy Zhongtian power and to pay a high premium. It is reported that Zhongtian Power main assets of 36,000 kilowatts of Banana Creek power Plant, an average annual output of 140 million kw. The power station is a long and electric power hub, and its electricity generation is all through long and power substations. Therefore, the acquisition of Zhongtian Power, has opened up the significance of the industrial chain. Similar to the mining industry, Zhongtian Electric power in recent years has been similarly lackluster, 2009-year loss of 31.13 million, the first half of 2010 losses have exceeded 28.43 million yuan. The asset purchase also gave a high premium:The acquisition of the two sides of the transit power evaluation value of 34.11 million yuan, long and electricity to exceed the evaluation price of 24.89 million yuan, that is, 59 million yuan to buy all of Zhongtian power equity.　　The days of the original group of long-term and electric power to increase capital and transit power acquisition, on the one hand, to fulfill the promise of the IPO, on the other hand is to achieve the extension of the company's industrial chain, increase the control of phosphorus resources and hydropower resources. But the acquisition of the infinite Mining and Zhongtian electricity two years after the loss, the days of the original group can be the magic of decay, to achieve even the parent company to provide net profit has yet to be observed.