Game film and television acquisitions half a year: Most companies have not reached the commitment of the palm of the interest forced

Since 2013, a-share market set off a game, film and television mergers and acquisitions wave, the market for madness, dozens of listed companies have been, have disclosed the acquisition plan.

According to statistics, January 2013 to date, the domestic a-share market completed 38 games and film and television industry major mergers and acquisitions, games and film and television industry accounted for half.

overvalued value, high premium is a major feature of such mergers and acquisitions. At the same time, the game and film and television assets of the original shareholder to make high performance commitments. But as of June this year, most companies failed to reach 50% of their performance pledges, according to a weekly financial report.

"The heat of the market has pushed up the prices of the games and the listed companies, but eventually they will be beaten back if they fail to complete the promised results," he said. A Shenzhen game industry personage says to the reporter.

Game, film and television industry completed 23 billion mergers and acquisitions

Wind data shows that since the beginning of 2013, the domestic a-share market has completed 38 games and film and television industry mergers and acquisitions, of which, the game and film and television industry accounted for half of the 19 mergers and acquisitions, a total of 30 of listed companies, including the light media (300251. SZ), Austrian fly anime (002292. SZ) and Huayi Brothers (300027.SZ) in the gaming and film industry are completed mergers and acquisitions.

In fact, of the 18 listed companies, only the Palm technology (300315.SZ), Huayi Brothers and other few listed companies have previously owned game assets, the remaining listed companies are the first contact with the game assets.

Among them, the palm of the technology has two acquisition of three game assets, respectively, in August 2013 to complete the acquisition of the Pioneer 100% stake in the net, April 2014 completed the acquisition of Crab Technology 100% Equity and upstream information 70% equity.

According to the Financial weekly Reporter statistics, 19 have completed the game industry mergers and acquisitions, the total amount of transactions amounted to more than 15 billion yuan. One of the travel information Backdoor Plum umbrella price of 3.867 billion yuan, compared with its book net assets premium over 32 times times.

In addition, the transaction price of 1 billion of the transaction also includes the century Huatong (002602.SZ), Tianyi Culture (300148.SZ), Shenzhou (300002.SZ), palm Fun technology, Bo Rui Spread (600880) of mergers and acquisitions.

From the completion of the film and television industry mergers and acquisitions, the main involved in the merger of 15 listed companies, of which only China policy film and Television (300133. SZ), light Media, new culture (300336.SZ), Huayi Brothers belong to the film and television industry. And the four companies, in addition to China policy film and television, the remaining 3 have more than 1 film and television asset mergers and acquisitions.

One of the light media in March 2013 to complete the acquisition of the other side days culture 30% equity. 12 months later, the light media again acquired the new media 27.642% Equity hero Ventures llc7.69% Equity.

New culture in September 2013, January 2014 completion of the acquisition of the 60% stake in Lan Xin Cinema and 60% stake in Kay Yi film. Huayi Brothers completed the acquisition of a 70% stake in Zhejiang Province and a stake in lion21.97% in March 2014.

According to statistics, 19 has completed the film and television industry mergers and acquisitions transaction amount of more than 8 billion yuan, as with the game, the Great Wall film and television backdoor Jiangsu Acer's acquisition case hit the film and television asset acquisition record. Great Wall film 476 million yuan net assets, according to the income method of the evaluation value of up to 2.29 billion yuan, value-added rate of 381.06%.

The rest, the transaction price is over 1 billion also has the Chinese strategy film and television to the cotton Culture media 100% Equity acquisition.

Game: The second half of the performance pressure

In many game mergers and acquisitions, most of the asset sellers have a corresponding commitment to the performance of the game company, but the actual completion of these commitments, financial weekly reporter consulted a number of listed financial reports, to comb out the performance of the game company commitment to complete the situation.

This June, Tian Zhou Culture completed the acquisition of the magical times. According to the plan, the Magic Era Commitment 2013, 2014, the expected realization of the owner of the parent company's net profit is 87.0198 million yuan, 120.9925 million yuan respectively.

Finally, the magical era in 2013 to achieve the ownership of the parent company's net profit of 88.3134 million yuan, to achieve the 2013 profit forecast criteria.

However, in the first half of 2014, the magical era achieved a net profit of 44.0502 million yuan, only 36.41% of the commitment value completed.

Palm Technology in April 2014 to complete the play crab technology and upstream information acquisition. According to the profit forecast, play crab Technology 2013, 2014, 2015, 2016 deducted the net profit need to be no less than 120 million yuan, 160 million yuan, 200 million yuan, 240 million yuan; upstream information 2013 years, 2014, 2015, After deducting the non-recurrent profit and loss in 2016, the net profit after tax attributable to the shareholders of the parent company is not less than 75 million yuan, 125 million yuan, 156 million yuan and 190 million yuan respectively.

However, the Palm Technology 2014 year report shows that crab technology and upstream information January-June respectively achieve net profit of 24.6397 million and 17.2035 million yuan, complete only 15.4% and 13.76% of the commitment value. Play crab technology and upstream information the performance of the second half of the pressure is huge.

And in May 2014 to achieve the listing of the network performance of the tour family of rapid growth, the first half to achieve business income of 398 million yuan, an increase of 41.94%, attributable to the owner of the parent company net profit of 164 million yuan, year-on-year increase of 64.35%.

However, the travel network control people such as Lynch shareholders promised 2014-2016 deduction after the net profit of not less than 387 million yuan, 451 million yuan and 522 million yuan.

Net profit in the first half of 2014, the travel network only achieved the performance commitment of 42%.

"According to the usual situation with the company at the beginning of the plan, the company's second half of the game online more than the first half, and often heavyweight games will be online in the second half, so the company's second half of the profit will be higher than the first half." According to the game online program of the beginning of the year, the company has full confidence in the completion of the profit promise. "The travel Network responds to financial weekly reports.

Film and television: Kim Eng Ma completed only 4.44% of the commitment value

In recent years, the film and television industry has completed a case of failure to fulfill its performance commitments.

The Great Wall Film and television (002071.SZ) 2014 reported that the Company 1-June to achieve operating income of 122 million yuan, an increase of 9.21%, attributable to the owner of the parent company's net profit of 39.4509 million yuan, an increase of 6.72%

In the reorganization plan, the Great Wall film and television commitment, 2014, 2015 and 2016 three annual consolidated statements attributable to the owner of the parent company's net profit is not less than 207.2132 million yuan, 235.6156 million yuan and 261.0269 million yuan. According to this calculation, the first half of the Great Wall film only completed the commitment value of 19.03%.

In the purchase of China Policy film, Pinkerton Media pledged 2014 net profit of not less than 181 million yuan, China strategy film and television reported that the first half of this year, the net profit of the media achieved 72.3957 million yuan, not reached the commitment value of 50%.

and Wo Sheng (002290.SZ) acquisition of Kim Eng Ma case, Kim Yingma's actual net profit is far lower than the performance commitment value. According to the original shareholder estimates, Kim Yingma 2014-2016 three years after the annual deduction of net profit of 100 million yuan, 135 million yuan and 169 million yuan respectively.

However, Wo Sheng 2014 reported that Kim Yingma the first half of this year to achieve revenue of 11.9571 million yuan, the profit is only 4.4412 million yuan, only the commitment value of 4.44%.

In addition, Zhejiang Rich Holding (002266.SZ) 2014 reported that the company completed the acquisition of the dream Sound strong sound in the first half to achieve the main business income of 216 million yuan, net profit of 82.3085 million yuan.

According to the "Share transfer agreement" signed by the original shareholder of Zhejiang-rich shares and the dream-sound strong voice, the dream sound strong voice Commitment 2014, 2015, 2016 to achieve a net profit of not less than 160 million yuan, 220 million yuan, 280 million yuan.

Music video Network (300104.SZ) acquisition of Flower Film 2014 1-June to achieve a net profit of 39.5527 million yuan. and performance commitment for 2013 years, 2014, 2015 and 2016 net profit is no less than 63 million yuan, 81 million yuan, 103.2 million yuan and 109.2 million.

Dream Sound and Flowers film performance close to the performance commitment value of 50%.