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          天润数娱 并购频受 挫商誉减 值4.6亿_www.forex21.cn

          时间:2018/4/20 11:54:16 点击:

            核心提示: 天润数娱(002113.SZ)频推高溢价收购,却仍未走出业绩低迷的泥潭。   ...
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          天润数娱(002113.SZ)频推高溢价收购,却仍未走出业绩低迷的泥潭。

            4月16日晚间,天润数娱发布2017年业绩报告,报告期内公司实现营业收入2.06亿,同比增长56.99%,净利润538.69万元,同比下滑90.05%,扣非净利润-3.42亿,同比下滑761.43%,未分配利润为-1.6亿元。

            长江商报记者注意到,截至2017年末,天润数娱已产生商誉净值16.33亿元,占公司资产总额的51%,占公司净资产的62%。

            在此情况下,天润数娱正筹划新一轮资产并购,拟将实控人赖淦锋控制的凯华教育收入囊中,进一步扩张资本版图。

          Tianrun Entertainment (002113.SZ) pushing high premium acquisition, but not yet out of the quagmire of sluggish performance.

          In the evening of April 16th, Tianrun number entertainment issued the 2017 performance report. In the reporting period, the company realized its operating income of 206 million, 56.99% year-on-year, 5 million 386 thousand and 900 yuan net profit, 90.05% year-on-year decline, non net profit -3.42 billion, a year-on-year decline of 761.43%, and undistributed profit of -1.6 billion yuan.

          The reporter of the Changjiang commercial newspaper noted that by the end of 2017, Tianrun number entertainment had produced 1 billion 633 million yuan in the net worth of goodwill, accounting for 51% of the total assets of the company, accounting for 62% of the company's net assets.

          In this case, Tianrun number is planning a new round of asset mergers and acquisitions. It is intended to further expand the capital layout in the education income bag controlled by the real controller.

            营收上涨净利润下滑90%

            4月16日晚间,天润数娱发布2017年业绩报告,报告期内,天润数娱销售毛利率达75.33%,但净利率仅为2.62%。

            天润数娱表示,报告期内,公司的营业收入实现较大幅度增长主要原因系在2017年12月开始将 2017年新并购标的拇指游玩和虹软协创纳入合并报表。公司净利润较上年下降的主要原因系公司部分游戏项目尚未达预期以及公司前次并购重组等费用增加。

            游戏资产的注入无疑给天润数娱带来营收的大幅上升。2015年和2016年天润数娱分别实现营业收入1651.02万、1.31亿,净利润-438.82万、5411.31万元。其中,2016年国内公司的毛利率更是达到了93.03%,净利率也有41.25%。

            去年五月份,天润数娱继续谋划资产重组。公司拟通过发行股份并支付现金的方式购买拇指游玩100%股权和虹软协创100%股权。交易价格分别为10.90亿元、6.25亿元,合计为17.15亿元。

            长江商报记者还发现,2015年至2017年天润数娱重组费用分别为421.9万、88万、850万,三年共计1359万元,仅2017年的重组费用就已超出当期净利润36%。

          Net profit of revenue rose 90%

          In the evening of April 16th, Tianrun entertainment released the 2017 performance report. During the reporting period, the gross profit margin of Tianrun entertainment sales reached 75.33%, but the net interest rate was only 2.62%.

          In the reporting period, the main reasons for the company's business income increased in the report period, which began in December 2017 to incorporate the 2017 merger and acquisition of the thumbs and the rainbow to incorporate the consolidated statements. The main reason for the decline in net profit of the company is that the number of games in the company has not yet reached the expected level and the cost of the company's previous mergers and acquisitions has increased.

          Into the game assets will rise sharply to Tianrun entertainment revenue. 2015 and 2016 Tianrun entertainment were achieved operating income of 16 million 510 thousand and 200, 131 million, net profit of -438.82 million, 54 million 113 thousand and 100 yuan. Among them, the gross profit margin of domestic companies reached 93.03% in 2016, and the net interest rate was 41.25%.

          In May last year, the number of entertainment to asset restructuring plan tianrun. The company intends to play 100% equity and 100% equity xiechuang ArcSoft through the issuance of shares and payment of cash to buy a thumb. The transaction prices were 1 billion 90 million yuan and 625 million yuan respectively, amounting to 1 billion 715 million yuan.

          The reporter of the Changjiang commercial newspaper also found that from 2015 to 2017, the cost of recreation and restructuring was 4 million 219 thousand, 880 thousand, 8 million 500 thousand, and 13 million 590 thousand yuan in three years. The cost of reorganization in 2017 was more than 36% of the net profit of the current period.

            高速扩张埋下隐患

            多次并购也促使了公司规模急速扩张。截至2017年底,天润数娱总资产达31.83亿,较2015年末的1.11亿扩大近30倍,负债总额5.12亿,较2015年末的2015.44万,扩大近25倍。

            高速扩张的背后,商誉高企、业绩承诺兑现也给天润数娱埋下了隐患。

            2016年天润数娱收购点点乐时,其总资产账面价值3874万元,评估值8.01亿元,增值率2672.15%。彼时交易对手方还承诺,点点乐2015年至2017年实现的扣除非经常性损益后归属母公司股东的净利润分别不低于6500万元、8125万元、1.015亿元。

          High speed expansion buried hidden danger

          Many mergers and acquisitions also contributed to the rapid expansion of the company's scale. By the end of 2017, the total amount of entertainment assets of the Tianrun number reached 3 billion 183 million, nearly 30 times the 111 million expansion at the end of 2015, and the total debt was 512 million, which was nearly 25 times larger than the 20 million 154 thousand and 400 at the end of the 2015 year.

          Behind the rapid expansion, high performance commitment, goodwill to Tianrun entertainment hidden trouble.

          In 2016, the number of entertainment acquired little music Tianrun, the book value of total assets of 38 million 740 thousand yuan, the assessed value of 801 million yuan, value-added rate of 2672.15%. At the same time, the counterparty also promised that the net profit of the shareholders of the parent company was not less than 65 million yuan, 81 million 250 thousand yuan and 101 million 500 thousand yuan, respectively, after deducting non recurrent gains and losses from 2015 to 2017.

            根据天润数娱的公告,2015年至2017年点点乐分别实现扣非归母净利润6537.26万元、7772.73万元、2,697万元。除了2015年刚刚踩线,2016年和2017年点点乐均为完成业绩承诺,其中2017年只完成当年承诺的27%。

            去年5月份,天润数娱再次筹划资产重组,拟17.15亿元收购拇指游玩和虹软协创,评估增值率分别为1103.35%和2295.13%。2017年,上述两家公司均已完成业绩承诺。

            长江商报记者还注意到,截至2017年末,天润数娱已产生商誉净值16.33亿元,占公司资产总额的51%,占公司净资产的62%。

            此外,由于点点乐未完成业绩承诺,天润数娱2017年度计提商誉减值损失4.6亿元。

          According to the announcement of Tianrun entertainment, from 2015 to 2017, the net profit of spot music was 65 million 372 thousand and 600 yuan, 77 million 727 thousand and 300 yuan and 26 million 970 thousand yuan respectively. Except for just stepping on line in 2015, spot music in 2016 and 2017 completed performance commitments, of which 2017 only completed 27% of the year's commitment.

          Last May, Tian Run reorganized the assets reorganized again, 1 billion 715 million yuan to buy thumbs and rainbow Association, and the value added rate was 1103.35% and 2295.13% respectively. In 2017, the two companies have fulfilled their performance commitments.

          The reporter of the Changjiang commercial newspaper also noted that by the end of 2017, Tianrun number entertainment had produced 1 billion 633 million yuan in the net worth of goodwill, accounting for 51% of the total assets of the company, accounting for 62% of the company's net assets.

          In addition, because the little music did not complete performance commitments, Tianrun entertainment 2017 annual provision of goodwill impairment loss of 460 million yuan.

            拟收购教育行业资产

            前脚刚收购完两家游戏公司,天润数娱继续推动教育行业资产收购。

            2月1日,天润数娱因筹划文化教育行业资产收购重大事项停牌。据了解,本次交易的标的公司初步确定为广州凯华教育投资有限公司(以下简称“凯华教育”),属于教育行业资产。凯华教育控股股东为广东恒润华创实业发展有限公司(以下简称“恒润华创”),天润数娱控股股东为广东恒润互兴资产管理有限公司,凯华教育和天润数娱的实际控制人均为赖淦锋。

            无独有偶,与前几次收购方式相同,本次重组交易方式初步定为天润数娱向交易对方发行股份并支付现金购买其所持有的标的公司的股权。

            近日,深交所就此事下发关注函,要求公司加快工作进程,采取有效措施防止停牌时间过长,不得无故拖延复牌时间,尽快推进重组事项并申请公司股票复牌。

          Acquisition of assets in the education industry

          The acquisition of game companies had just finished, the number of entertainment industry continue to promote the education of Tianrun asset acquisition.

          In February 1st, the number of entertainment Tianrun education and culture industry due to planning major issues suspend asset acquisition. It is understood that the target company of this transaction is preliminarily identified as Guangzhou Kaihua Education Investment Co., Ltd. (hereinafter referred to as "Kai Hua Education"), which belongs to the assets of the education industry. Guangdong Hengrun Huachang Industrial Development Co., Ltd. (hereinafter referred to as "Hengrun Huachang"), the Tianrun number of entertainment holding shareholders for Guangdong Hengrun mutual Asset Management Co., Ltd., kayhua education and the number of entertainment in the actual control of Lai Ganfeng.

          In the same way, in the same way as the previous acquisition, the reorganized transaction is initially set by the Tianrun number to entertain the trading party and pay cash to buy the shares of the company that it holds.

          Recently, the Shenzhen Stock Exchange has issued a letter of concern on this matter, requiring the company to speed up the work process, take effective measures to prevent the long time of the suspension of the cards, not to delay the return time without any reason, and promote the reorganization of the applicant company as soon as possible.

           

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