The capital mystery behind the pleasant Goat and the grey wolf: a difficult achievement target

Recently, "news broadcast", the naming of "pleasant Goat and gray wolf" violent vulgar news, caused by media coverage and the community's extensive attention. Also noteworthy is that, September 18, the listed company Austrian fly Animation announced, proposed to spend about 535 million yuan, the acquisition of "Pleasant Goat and gray wolf" trademark and copyright. Austrian flying anime trading opponents, is listed in Hong Kong Italian Horse International Holdings Limited (Italian Horse international hk.0585), as well as three natural persons. 21st Century Network found that 2011, Italy and Malaysia International bought "pleasant Goat and gray wolf" of the relevant copyright assets, in cash and shares in the form of the price paid for HK $814 million. Only two years later, "Pleasant Goat and gray wolf" copyright assets, Italy and Malaysia International to 634.2 million Hong Kong dollar (about 498 million yuan) the price sold to the Olympic animation. It shrank by nearly 180 million Hong Kong dollars from the cost of buying at the time. What happened to the assets behind the "pleasant Goat and the wolf" in the shrinking trade? "Pleasant Goat and gray wolf" copyright again to buy the two companies, Austrian flying animation sword refers to "pleasant goat and gray wolf" behind the trademark and copyright assets. Austrian flying animation announced that September 16 this year, the wholly-owned subsidiary of the Austrian-Hong Kong and Italy-Malaysia International has signed an agreement, agreed to fly Hong Kong with HK $634.2 million to acquire Italy-Malaysia International wholly-owned subsidiary Information Port Management Co., Ltd. 100% shares. On the same day, the Austrian fly anime and natural person Liu, Li Jiachan, Lilis signed the transfer of shares agreement, agreed that the Austrian fly anime to 36.396 million yuan from the above three people in the hands of Guangdong original Power Culture Communication Co., Ltd. 100% equity. Austrian animation and the exchange of the agreement, two agreements, two companies in the delivery of each other as a prerequisite, need to be carried out at the same time. The announcement said that at present, the information port Management Limited Company registers in British Virgin Is., previously by Italy MA International wholly-owned holding. Have "pleasant goat and gray Wolf" series of brand consumer goods licensing. On the other hand, the information port itself is a holding company with three wholly-owned companies: Anime train Hong Kong, Toon Express (Singapore) and Guangzhou's new driving force. Guangdong Original Power Culture Communication Co., Ltd. (abbreviation: Guangzhou original Power), by natural person Liu, Li Jiachan, Lilis three-person holding, "mainly engaged in the development of animation audio-visual programs, production and distribution, as well as the publishing content development as well as the puppet drama and mobile Carnival business operations." Representative works for the domestic most well-known "pleasant goat and gray wolf." "In other words, the original motivation is an animation development agency." Austrian fly anime at the same time the information port and original power into its own, is equal to get the "pleasant Goat and gray wolf" all trademarks and copyright assets. But, "pleasant goat and ash too wolf" behind, information port and Austrian fly anime real profitability? Difficult to achieve performance targets in more than two years, the information port has not only failed to achieve the initial acquisition of the performance expectations, but the net profit has a burst of decline. 2011, Hong Kong-listed companies Italian Malaysia International has a 814 million Hong Kong dollar on the price, the acquisitionAll the assets of the information port company series four companies. At that time, the information port and its three companies animation train Hong Kong, Toon Express (Singapore) and Guangzhou, the new driving force of the parallel relationship, Italy and Malaysia International acquisition of the object name is "Anime Train Group", also contains the total equity of the four companies, therefore, This article is still the representative of the information port to refer to the four companies packaging. According to the relevant documents of the Italian MA International, the turnover of the four companies in 2008, 2009 and 2010 was HK $737,000, HK $20.821 million and HK $85.771 million respectively. Net profit was a loss of HK $2.081 million, earning HK $2.038 million and earning HK $29.124 million. Three-year contrast, showing the momentum of the outbreak of growth. On the other hand, when the information Port series was acquired in early 2011, the profit targets for 2011 and 2012 respectively amounted to HK $85 million and HK $157 million. In this context, Italy and Malaysia International paid a whopping 814 million Hong Kong dollars in the price. The information port of 2011 and 2012, the true profitability of the Austrian animation in the relevant documents have been revealed: 2011, the information Port series 4 companies operating total revenue of 97.0375 million yuan, net profit of 36.6892 million yuan. In 2012, the total operating income of the 4 companies in the information Port series was 70.8915 million yuan and the net profit was reduced to 7.0378 million yuan. The net profit of two years is far from the target of HK $85 million and HK $157 million as set out at the time of Italy-Malaysia International. In the first half of 2013, the total operating income of the information Port Series company was RMB 26.5627 million, and the net profit fell surprisingly to only 727,400 yuan. Information Port series company operating in nearly 6 statistical cycles the hidden agreement behind different valuations Austrian fly anime acquisition of the two companies information port and Guangzhou original power, the current total assets and net assets scale are relatively similar, the first half of this year, the original power in Guangzhou profit performance is also better than the information port. However, the corresponding valuation method is opposite to the evaluation result. In the past two years, the information Port series companies in the business scale and net profit has been greatly reduced, the future income is not controllable in the background, Guangdong Ching Assets Evaluation Co., Ltd. still in accordance with the income law, provided the information port net assets of 524 million yuan evaluation value. For the Austrian fly anime to buy another company, Guangzhou original power, the financial results of the total assets of 89.9909 million yuan, book net worth of 38.1571 million yuan, but the Guangdong Ching Asset Evaluation Co., Ltd. in accordance with the cost method (asset base law) for the evaluation of 34.4508 million yuan, less than the account value of 9.71 %。 The asset scale is similar, the valuation result but the day spreads the other two companies behind, actually has what kind of mystery? Relevant documents show that the original power of Guangdong's revenue model is: the production of video sold to television stations, the production of films and partners to share the expenses of each film after the box-office receipts, to the publishers to collect copyrightFee, the performance fee is charged to the performer. The information Port series company's revenue source is the hand animation image industry chain, obtains the consumer goods trademark brand the authorized business income. In addition, the Hong Kong Information Port Series company and the Guangdong original Power culture, in 2010, have entered into a joint brand management agreement to co-operate in the operation of television production and broadcasting, film production, publishing, puppet Show and Carnival, interactive media, consumer goods licensing, 6 major business. Joint brand management agreement involves a similar to the financial action of Gambling: Information Port series will be the original power of Guangdong Levy annual management fees, the amount of the original power of Guangdong annual operating performance of 90% (the premise is the original power of Guangdong profit); if Guangdong original power loss, From Guangdong original power to the information port series companies in Guangdong new impetus to charge an annual fee. The implementation time limit for the Joint brand Management agreement is 10 years from April 15, 2010 and will be renewed automatically for 10 years after the expiration of 10, unless terminated. In a sense, the agreement is permanent.　　Through such an agreement, "Pleasant Goat and gray wolf" behind the team information port was Italy-Malaysia international acquisition, that is, the realization of the curve listed now, but also to ensure that the core of the copyright assets independent of the listed companies. Information Port's own profitability fan related documents show that in 2010, the original impetus of Guangdong has paid a management fee of HK $35.696 million to the information Port series companies, 2011 and 2012 respectively, and the original impetus of Guangdong has also paid HK $28.6 million and HK $30.9 million to the information port. From the information port series of companies in the past three years of net profit scale of 29.124 million Hong Kong dollars, 36.6892 million yuan, 7.0378 million Yuan yuan, it can be said that the information port itself is very poor profitability, if no management fee income, in 2010 and 2012 should be the actual loss. Information Port series of companies in the past three years of management fees and revenue to profit from the above data, the information port series of 4 companies have their own profitability worries, nearly three years to rely on animation products copyright revenue of Guangdong original power to provide management fee income to decorate the financial statements. 2011, Italy MA International Acquisition of Information Port Series 4 companies, did not acquire the original power of Guangdong, only the "pleasant Goat and gray Wolf" series of trademarks, at the same time through the Joint brand Management agreement, won by the Guangdong original power control of the copyright assets of 90% of the right to profit. The real independent profitability is in 2011 years has not been acquired in Guangdong original Power, the company's copyright benefit is the "pleasant Goat and gray wolf" series of assets of the main source of income, because of the existence of the agreement, the company has been in the past three years, the control of the information port series companies and Italy and Malaysia International financial statements of the invisible hand. Austrian animation of the acquisition, the Joint brand Management agreement, with such a bizarre financial relationship between the information port series of companies and the original power of Guangdong, respectively, using the income method and cost method to carry out valuation, to get 524 million yuan and 34.4508 million yuan of two valuation, the conclusion is reasonableOf？ This is a fairly questionable question. It is because the information port, which is valued at $524 million by the income law, has its own independence and profitability. Italy and Malaysia international precedent from 2011, 2012 and the first half of this year's financial data, the "pleasant Goat and gray wolf" related assets to the information port of the net profit has been in a large shrinkage, far from the original was Italy and Malaysia International acquisition of the commitment, nor to Italy and Malaysia international stock prices have a boost. Hong Kong listed companies Italian Horse international itself is a long-term focus on the operation of animation production of listed companies, over the years has launched the "Time and Space adventure", "Ninja Turtle", "Astro Boy" and other animated films, in the animation development and operation of the field has a wealth of experience, the first share of the Hong Kong animation said. But after buying "pleasant goat and gray wolf" related assets, Italy and Malaysia International stock price (hk.0585), has been acquired from the early 2011 3 cents per share of about 2, fell to today's less than 1 cents per share. On the other hand, there are also problems with the current revenue and profit growth of Guangdong original power. Austrian fly anime to a total of about 535 million yuan to buy such two companies, whether can buy effectively improve their profitability? Italy and Malaysia International nearly two years of development and share price performance, or has been a precedent.