燕京啤酒并购惠泉啤酒案例英文PPT 17页

TheMergersandacquisitionsofYanjingbeerandHuiquanbeer： ThedefinitionofMergersandacquisitions.Mergersandacquisitions(abbreviatedM&A)isanaspectofcorporatestrategy,corporatefinanceandmanagementdealingwiththebuying,selling,dividingandcombiningofdifferentcompaniesandsimilarentitiesthatcanhelpanenterprisegrowrapidlyinitssectororlocationoforigin,oranewfieldornewlocation,withoutcreatingasubsidiary,otherchildentityorusingajointventure. WhythecompanieswanttoenterintothesedealsofM&A.Fromancienttimetonow，thenatureofbusniessmandecidedthatthemostimportantthingintheirheartismakemoremoney，BenefitsofMergersandAcquisitionsarethemainreasonsforwhichthecompaniesenterintothesedeals.MergersandAcquisitionsmaygeneratetaxgains,canincreaserevenueandcanreducethecostofcapital.cangeneratecostefficiencythrougheconomiesofscale,canenhancetherevenuethroughgaininmarketshareandsoon. ThebriefintroductionofYanjin1980foundinBeijing1989-1993:increase50,000tonseachyear;completethetransformationtoalarge-scalebrewery;1994-1998:increase100,000tonseachyear;completethetransformationtoalarge-scalebeerenterprisegroup;1999tonow:increaseover300,000tonseachyear;completethetransformationfromaregionalenterpriseandbrandinBeijingtoanationwidelarge-scaleenterpriseandnation-famousbrand. ThebriefintroductionofHunquan1983:foundinFujian1989—1996:becomethemodelofmediumandsmallenterppriseinthesamesector;increasetechonologyinput;expandthescalesofproduction.1991——1996：successfullyachievethreetechnicalexpansionconstructionof15000tonsto30000tons,30000tonsto60000tonsand60000tonsto100000tonsrespectively;theyearlytotaloutputbroketherecordof100000tons;creattheneweraofcollectionbusniessofbreweryindustryintheprovince1997——2000;establishthestockcompany;theoutputbreakthrough200000tons2001tonow：becomeoneofthetoptenindustries;enterintotheageofscienceandtechnology;makeapowerfullassociationwithYANGJINGBEER. HowtochoosethetargetfirmThechoiseoftargetfirmcanbedevidedintothreestages:discovering,examingandevaluating.indiscoveringstageitcanbeachievedeitherthroughitsourselforrelyingonexternalassistant.Aftersettingthegoal,thecompanyshouldbegantofurtherinvertgitation,whichincludesthemotivation,lawdocuments,buisnessactivities,finanicalaffairsandtheriskofmergers. WhyYangjingBeerchosetheHuiquanbeerHuiquanbeeristhelargestbreweryinFuJianprovince,hisadvantageisnotonlythebrandcompetitiveedge,butaslohavingtheabundantcapital.Althroughithassomanyglories,itfellintothebiggestDilemma.In2002,thethroughputofbeerinFujianprovincewasupto1800000tons,buttheactualmarketvolumeis12000000tons,thecompetitionisveryfierce.anthortbeermanufacturewhichcalledXUEJINGBEERisbecomemoreandmorestroger,theproductionandsaleswasgraduallyincrease.AllofthismakeHUIQUANBEERbecomethemostsuitablecandidates. CorparationvalutationThecommonlyusedmethodarediscountedcashflow,costmethod,convertiblestockandoptionpricingmodel.seclectingthesecondperioddiscountedcashflow. ComfirmthenetprofitThenetprofitofHuiqunBeerunit:yaunNote：(1)approximately,theincreaserateoftheprimeoperatingrevenuesaleswouldbe8%(2)theprimarybusiniesscostaccoutfor60%intheprimeoperatingrevenuesales(3)thetaxtationoftheprimarybusniessanditsadditionprojectaccountfor11.5%(4)otherbusniessisprofitremaintheaveragebetweenthe2000to2002(5)fromtheyear2003to2008,thebusniessexpensewas7.1%,managerexpense4.5%,finanalexpense2.8%(6)inrecentthreeyears,theannualaverageamountofHuiquaninvestmentprofitis759027.61,thenon-operatingincomefrom2000to2002is5751.57andthenon-operatingexpenseis16000002003Y2004Y2005Y2006Y2007Y2008Y88231879952933471029197311111156226120051641129658689 ComfirmthecashflowThenetprofitofHuiqunBeerunit:yaunNote(1)fixedassetsdepreciationaccordingtotheaveragenumberofyears.(2)thefixedassertsincreaseatthespeedof10%eachyear.(3)thefreecashflowmaintainunchangedthesameamoutin2008.2003Y2004Y2005Y2006Y2007Y2008Y5658038196060455102968822110351920118239934126664682 themarketvalueasset-liabilityrateLAccordingitsequitystructure,thecirculationstockusethemarketvalue.tononcirculationshare,wodifineitsvalueaccordingtoitsnetassetpershare,basedontheprospectus,balancesheetandthestockpriceat7.44yuan,wetakeL=39.58% marginaltaxrateTAccordingtoHuiquanBeerannualreportfrom2000to2002,wefindthattheaverageincometaxis39.65%,butasthestastisticin2002,theincometaxrateis33.30%,sowechooseT=33.30% rightsandinterestscapitalcostInrefertothevalueoflistedcompanyinthesameindustry,wetakeitsaveragevalueasthevalueofHuiquanBeer,sotherightsandinterestscapitalcostis=1.98%+0.8605*（5.137%-1.98%）=4.697% estimatetheissuingdebatcostofHuiquanBeerTheinterestexpensenumberofannualfinacialexpensedecideannualcontributionvalue,estimate=9.58% =（1-39.58%）*4.697%+39.58*（1-33.30%）*9.58%=5.37% ≈536967904.5+86518838.26+88014617.14+89518330.4+91028896.58+1324816423≈2216865010 Thankyou