Game film and television industry completed 23 billion yuan mergers and acquisitions: most enterprises committed to the failure of performance

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

According to statistics, January 2013 to date, the domestic a-share market has completed nearly 40 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 according to statistics, as of June this year, most companies failed to meet the performance commitment value of 50%. "The heat of the market has helped push 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 game industry person said.

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

Data show that, since the beginning of 2013, the domestic a-share market has completed a total of games and film and television industry mergers and acquisitions nearly 40, of which, the game and film industry accounted for half, a total of 30 listed companies, of which, light media, Austrian animation and Huayi Brothers in the game and film and television In fact, of the more than 10 listed companies, only the palm technology, Huayi Brothers and other few listed companies have previously held game corporate assets, the rest of the listed companies are the first contact with the game industry assets. Among them, the palm of the technology has two acquisition of three game enterprises, respectively, in August 2013 to complete the acquisition of dynamic network Pioneer 100% stake in April this year to complete the acquisition of crab Technology 100% Equity and upstream information 70% equity.

According to statistics, 19 of the completed game industry mergers and acquisitions, the total transaction amount of more than 15 billion yuan. One of the travel information backdoor Plum umbrella 3.867 billion yuan. In addition, the transaction price over 1 billion yuan transaction also includes the century Huatong, Tianyi culture, Shenzhou Thai Yue, palm fun technology, Bo Rui spread of mergers and acquisitions. From the completion of the film and television industry mergers and acquisitions, the merger of the main body involved 15 listed companies, of which only China policy film, light Media, new culture, 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 industry asset mergers and acquisitions. Among them, the light media March 2013 completed the acquisition of the other Shore days culture 30% equity. 1 years later, the light media again acquired the new media 27.642% Equity, HERO Ventures llc7.69% equity. The new culture was completed in September 2013 and this January, the acquisition of 60% stake in the LAN Xin Cinema and 60% stake in the film. Huayi Brothers completed acquisitions of Zhejiang's 70% per cent stake and lion21.97% in March this year.

According to statistics, 19 has completed the film and television industry mergers and acquisitions transaction amount of more than 8 billion yuan, as the game industry, the Great Wall film and television backdoor Jiangsu Acer's acquisition case hit the film and television industry 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 of over 1 billion yuan and Huayi film and television to the cultural media 100% Equity acquisition.

Game industry: The second half of the performance pressure

In many game industry mergers and acquisitions, most of the asset sellers are the performance of the game company to make corresponding commitments, but the actual completion of these commitments is not optimistic.

This June, Tian Zhou Culture completed the acquisition of the magical times. According to the merger 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 this year, the magical era achieved net profit of 44.0502 million yuan, only to complete the commitment value of 36.41%.

Palm Technology in April this year to complete the play crab technology and upstream information acquisition. According to earnings forecasts, play crab Technology 2013, 2014, 2015, 2016 deducted non-recurrent losses of the net profit should 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 of the Technology 2014 years report shows that playing crab technology and upstream information from January to June respectively achieve net profit of 24.6397 million yuan and 17.2035 million yuan, only to complete the commitment value of 15.4% and 13.76%. Therefore, playing crab technology and upstream information in the second half of the performance pressure is huge.

In May this year to achieve the shell listing of the tourism network performance growth is rapid, 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 to 2016 deducted the net profit of not less than 387 million yuan, 451 million yuan and 522 million yuan. Net profit in the first half of this year, the travel network has only achieved 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 related personage says.

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.

2014 years of the Great Wall film and television show that the company this year from January to 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%.

In the case of the new acquisition of Kim Eng Horse, the actual net profit of Kim Yingma is much lower than the achievement commitment value. According to the original shareholder estimates, Kim Yingma 2014 to 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 this year, the report showed that the company this year to complete the acquisition of the dream sound strong voice of the first half to achieve the main business revenue 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. The purchase of flower film from January 2014 to June to achieve a net profit of 39.5527 million yuan. and performance commitment is 2013 years, 2014, 2015 and 2016 net profit is not less than 63 million yuan, 81 million yuan, 103.2 million yuan and 109.2 million yuan respectively. Dream Sound and Flowers film performance close to the performance commitment value of 50%.