Viewpoint Index Recently, the Greentown Service Announcement stated that wholly -owned subsidiaries intend to sell some of the equity of MAG.
About 11.64%of them were sold to Montessori Academy Trust at the cost of $ 16.2 million; in addition, MAG agreed to repurchase about 10.78%of the share capital, the repurchase price of $ 15 million, the above, the above, the above, the above, the above, the aboveThe net income has a total of $ 31.2 million (approximately RMB 147.7 billion), which will be used as general operating funds.
It is reported that Greentown Education Investment Co. LTD, a wholly -owned subsidiary of Greentown Service, was completed on July 5, 2019 at a total cost of about 50.2676 million AUD (about RMB 240 million).The acquisition of about 56%of the MAG share capital, which originally planned to support its large -scale development of Chinese early childhood education related business through the Australian education system and business model, which was originally planned to use MAG. Now it is expected that the target cannot be achieved in the short term, so it is chosen to sell.
But the Greentown service mentioned that it will continue to explore new cooperation methods that are more in line with their respective interests with MAG.
Earlier, the real estate enterprise explored community value -added services as a new growth pole. Greentown service in the business sector and the large -scale asset -based operation of the recreational business of the business sector were operated.In recent years, the companys investment impairment has been dragged down.
Analysis of profit and loss
Announcement, MAG (Montessori Academy Group Holding Pty. LTD.) The main business is to follow the Montetongry course and systemXiang Babies (0-12 years old), young children (2-13 years) and preschool children (3-16 years old) provide education and child service and provide daily teaching. At present, more than 55 childcare centers are operated in Australia.
Data show that MAG operates more than 20 kindergartens in Australia at the time of acquisition. As of June 30, 2018After tax, the profit after tax reached A $ 4.565 million, $ 2.928 million and A $ 30.45 million, respectively.
Source: Greentown Service Announcement
In the latest announcement, MAG has fallen sharply after tax removal.The post -profit profit was only 1.17 million, and in 2023, it fell 75.43%year -on -year to A $ 288,600.
Comparison before and after, the size of the MAG business is generally increased, but the profitability declines significantly, and it is difficult to ensure that there will be no losses in the future.Essence
In addition to the profit from the acquisition, Greentown Service this time sold and repurchased stocks to recover the cash of A $ 31.2 million, and it is expected that the unprecedented income of approximately $ 16.8 million (quite equivalent (quite equivalentIt was RMB 82.1 million).
At the same time, after the sales and repurchase matters are completed, the Greentown service will also hold about 35%of the MAG share capital.The average price of%of the share capital was 1.3916 million A $ $ 48.7065 million, the remaining 35%share capital, and the total of two AUD 79.065 million.Compared with the purchase price of $ 50.2676 million, Greentown has achieved profitability.
Source: Greentown Service Announcement
In addition, after the sales and repurchase matters are completed, the seller, CCA, Charles Peter assaf (own CCA50 50%) And Greentown Services will establish a basis for putting and subscribing to options. Options include 3,271,757 "A1" ordinary shares in MAG equity, which is equivalent to about 31.49%equity of MAG during the announcement date.
Based on this, CCA will award the sellers delivery option to request CCA (or the combination of its reputation or MAG and CCA or its celebrities) to purchase option shares;Achieve options to CCA to sell options shares to CCA (or a combination of its reputation or MAG or CCA or its reputation).
For the green city service, through setting up the options of the storage and subscription, you can hedge the market risk of the MAG share capital held by it.The loss of options will be reduced; if the stock price rises, the green city service can increase the income by exercising the subscription options.
In general, compared with some real estate enterprises to make large -scale impairment of the acquisition, the Greentown services investment risk control of MAG is quite timely.
Mourning Winds
The property companies around 2020 are the "darling" of the capital market. In order to make large -scale and increase valuation,The acquisition of mergers and acquisitions became the hottest choice at that time.However, some real -life companies subsequently revealed the quality of the target or after the after -investment integration. The operating efficiency decreased and the cost increase.
For example, Country Garden Services shareholders shareholders accounting in 2022 fell by 51.8%year -on -year to 1.943 billion yuan, and the first net profit decline in net profit since listing is the impairment of goodwill.Data show that in 2022, amortization such as mergers and acquisitions and intangible asset impairment, the contracts and customer relationships generated by mergers and acquisitions reached 1.77 billion yuan and 1.08 billion yuan, respectively.
Specifically, the impairment of the honorary service providers of Country Garden mainly revolves around the three acquisitions, and confirmed that the goodwill impairment of Jiabao services, Caixin services, and Wuhan Xueyu reached 11.82, respectively.100 million yuan, 445 million yuan, 109 million yuan.Among them, the management evaluation of Wuhan Xueyus operating performance will continue to be longer. After confirming that the reputation is impaired, the book value of Wuhan Xueyus goodwill and brand has decreased to zero.
Greentown services have also stepped on the "pit" of mergers and acquisitions.
2023 Greentown Service Make an impairment of 191 million yuan, resulting in the growth rate of net profit during the year lower than the core operating profit growth rate.Among them, the investment impairment reached 154 million yuan, which specifically the replacement of convertible bonds issued by China CVS Holdings Limited and China CVS Holdings Limited.
It is understood that China CVS is a joint venture that serves Greentown Services in 2017 Lianxian Life and Anxianda.The price of the US dollar (equivalent to about 558 million yuan) acquired the Beijing chain convenience store brand "good neighbor" from Morgan Stanley.However, the following factors such as the epidemic and consumption downgrade have continued to decline in the physical retail industry.
Xia Yun, the companys chief financial officer, said at the March performance meeting that the CHINA CVS will be deepened in the future.The chain has begun to take substantial improvement measures; the capital level will link external investment banks at the capital level and try to introduce strategic investors.
In the process of exploring the growth point of the community value -added service, Greentown Services used a heavy asset model for the large -scale asset model in cultural education and recreational business.
From the perspective of results, the revenue of the park service (that is, community value -added services) remains a growth trend, but the growth rate has slowed down from the mid -2023 increase of 26.5%year -on -year to 2024 to 2024The year -on -year increase of 6.1%year -on -year reached approximately 1.758 billion yuan; the gross profit margin decreased by 0.4 percentage points to 23.9%compared with the same period in 2023.At the same time, low net interest rates are also one of the characteristics of the overall performance of Greentown services. As of the four reporting periods in the middle of 2024, the companys net interest rates are 4.3%, 5.27%, 4.1%and 5.8%, respectively.
Management also hopes to increase the net interest rate. Earlier this year, the strategy of "will return to and cultivate the park business".Some opinion believes that, in addition to the pressure from revenue and profit, diversified development, especially heavy asset investment layout, is currently the main cause of business adjustment.family
