The overseas acquisition, which lasted nearly 9 months, finally came to a close. Recently, Qingdao Hisense Electric Co., Ltd. (600060.SH, hereinafter referred to as 'Hisense Electric') issued a notice saying that it acquired Toshiba's ToshibaVisualSolutions Corporation (hereinafter referred to as 'TVS Company') The settlement of the equity has been completed, and the delivery price has changed from the original 798 million yuan to 355 million yuan.
However, the industry insiders said in an interview that the Japanese manufacturing industry is gradually divesting the home appliance industry and seeking to upgrade. Today, Japanese brands are gradually fading. The value of the acquired Toshiba TV business can still be used. In addition, Hisense Electric can cut the purchase price. Half off, it also shows that the standard is a bit tasteless, otherwise how can it be so regressed before the price?
For the above questions, the reporter of China Business News contacted the relevant person in charge of Hisense Electric. As of the time of publication, the other party still did not respond positively.
Completed acquisition of Toshiba TVS equity
On August 18, Hisense Electric announced that the company held the 20th meeting of the seventh board of directors on November 14, 2017, reviewed and approved the “Proposal on the Acquisition of Toshiba Visual Solutions Corporation Equity”, agreeing that the company should not exceed 12.916 billion yen (about RMB 798 million) was transferred to a 95% stake in 'TVS' held by Toshiba. After the completion of the equity transfer, TVS will become a holding subsidiary of the company and will receive Toshiba TV for 40 years. Global brand authorization.
On February 28, 2018 (the 'delivery date'), Hisense Electric has obtained the necessary approvals for the acquisition of the TVS company exchange, passed the anti-monopoly review of the Ministry of Commerce, and has the delivery conditions. The two parties have completed the equity transfer on the delivery date. 1. The company has held 95% of the shares of TVS.
On July 25, 2018, the final delivery price was suddenly cut in half, determined to be 5.985 billion yen (about RMB 355 million). Hisense Electric pointed out that as of the date of this announcement, the entire amount of this delivery has been made by the company to Toshiba. After the payment is completed, the acquisition has been fully implemented.
However, TVS's operating conditions are not satisfactory. Hisense Electric admitted at the beginning of the acquisition that TVS's asset-liability ratio exceeded 100%. After the merger, the company's asset-liability ratio will rise accordingly, and the asset-liability ratio will be simply measured. It will increase from 40.02% to 46.52%. 'At present, TVS's net profit is a loss, and its absolute value accounts for 32.29% of the company's net profit.'
In the face of the poor operating conditions of TVS, it still chooses to acquire. Hisense Electric has publicly stated that it is based on three aspects: First, Toshiba has a long-established brand and was once a leader in the TV industry. After the acquisition, it will further accelerate the internationalization of Hisense TV. Second, Toshiba TV has deep technical accumulation in image processing, image quality chips, audio, etc. After the acquisition, it can achieve mutual complementation in TV technology and products, and help shorten the time to market for Toshiba TV products. And reduce development costs; Third, Hisense TV has the cost advantage and scale effect of procurement and manufacturing. After the acquisition, it can improve the market competitiveness and profitability of Toshiba TV products by sharing supply chain resources with Toshiba TV.
Zhou Houjian, chairman of Hisense Group, was confident in interviews with the media. He said that for the Toshiba TV business acquired last year, it will further increase its share in the Japanese market, with the goal of turning losses into profit within three years.
Half-price acquisition value is not worth?
When the original value of 798 million yuan of assets was delivered, the price was halved. Compared with the purchase of Toshiba white electricity business by the United States, the price of billions of dollars, and Hisense’s purchase of wealth management products, this purchase and selling seems to have caused Hisense Electric to smash. Big and cheap.
According to public information, in June 2016, Toshiba transferred 80.1% of its white goods business entity 'Toshiba Life Electric Co., Ltd.' to China Midea Group, Toshiba, at a price of approximately 53.7 billion yen (about 3.3 billion yuan). It holds the remaining 19.9% of the shares. At the same time, Midea will be able to use the 'Toshiba' brand globally for the next 40 years.
Compared with the pride of investment and wealth management, it is worthless to spend less than 400 million yuan to purchase business. According to the announcement of the progress of entrusted financial management of Hisense Electric on August 3, as of July 5, 2018, as of the date of this announcement, the company and its holdings Subsidiaries to China Minsheng Banking Co., Ltd. Qingdao Branch, Industrial Bank Co., Ltd. Qingdao South Branch, Pacific Asset Management Co., Ltd. entrusted wealth management totaled 1.49 billion yuan. In addition, as of the date, the company's accumulated entrusted wealth management balance of 7.95 billion yuan From the announcement of the resolution of the 2017 Annual General Meeting, the cumulative amount was 4.015 billion yuan.
However, in today's increasingly declining Japanese home appliances, Toshiba does not seem to be immune. Because of the high manufacturing costs and the urgent need for imports, the technical thresholds and profits of traditional home appliance manufacturing are rapidly declining, and Japanese manufacturing companies are divesting. Non-core business for long-term development.
At the end of 2015, Toshiba announced that it will reduce its stake in LCD TV sales company, which is a joint venture with China's home appliance giant TCL Group. The shareholding ratio has dropped from 51% to 30%, and related performance is no longer included in the consolidated financial statements.
In January 2018, due to the expansion of losses, avoiding the negative net asset value at the end of the fiscal year, Toshiba announced that it would sell its bankrupt Westinghouse electrical business ownership to a hedge fund for a price of 410 billion yen.
On June 1, 2018, Toshiba Corporation of Japan said that it had completed the sale of chip business to a consortium led by American private equity firm Bain Capital, with a transaction price of 18 billion US dollars.
On June 5, 2018, Toshiba issued a statement saying it had decided to sell its 80.1% stake in Toshiba Customer Solutions (TCS), its main PC (PC) business, to Sharp. The deal is expected to be Completed on October 1.
Toshiba has repeatedly concentrated its business in the three sectors of energy, social infrastructure and semiconductor storage, and the combined revenue of these three businesses once accounted for more than 80% of the total revenue of the current period. Toshiba has been completely completed by B2C companies. Transforming into a B2B enterprise.
In this regard, the home appliance industry analyst Liang Zhenpeng said in an interview with the "China Business News" reporter that Hisense Electric's acquisition of Toshiba's color TV business is of no value, 'Because Toshiba does not have its own core technology in the field of color TV, now it is LCD TV More than 70% of the cost of a LCD TV is LCD panels. Toshiba does not have a LCD panel factory. It is actually a color TV assembler downstream of the entire industry. And Toshiba has basically abandoned the color TV business since 10 years ago. In many countries either outsource production or give up sales directly.