Introduction
According to public information, there is a relevant assessment of the target assets of mergers and acquisitions in the past yearContractual BenefitsMatters to be assessed. The relevant information of mergers and acquisitions is now sorted out for readers' reference.
The information in this article is obtained through public channels on the InternetNot representedEvaluations of any company and project are for the reader's learning purposes onlyPlease do not use it for any other purpose.
Basis for inclusion in the scope of the assessment
Article 2 of the Practice Standards for Asset Valuation - Intangible Assets: Intangible assets refer to resources owned or controlled by a specific entity, which do not have a physical form, can continue to play a role and can bring economic benefits.
Article 14 of the Practice Standards for Asset Valuation - Intangible Assets: Identifiable intangible assets include patent rights, trademark rights, copyrights, know-how, sales networks, customer relationships, franchise rights, etcContractual Benefits, domain names, etc. Non-identifiable intangible assets refer to goodwill.
Overview of contractual benefits
The assessee signed a Cooperation Contract with Company A and obtained the exclusive right to explore, develop, produce and operate for 30 years. Subsequently, the assessee and Company A signed the Cooperation Contract Amendment Agreement, which stipulated in detail the terms of mining life, sharing ratio and settlement method.
The Cooperation Contract and related amendment agreements signed between the assessee and Company A can bring economic benefits to the target enterprise and continue to play a role, so it is determined to be an identifiable intangible asset - contract equity is included in the scope of assessment.
Methodology for evaluating contractual benefits
Typically, a business's earnings are created by assets owned or controlled by the business, both tangible and intangible. The contribution of various identifiable assets of an enterprise to the overall income of the enterprise can be estimated separately, including the contribution of current assets, the contribution of fixed assets, and the contribution of intangible assets that can be identified. If there is a surplus of the overall income of the enterprise compared with the sum of the contributions of various types of assets that can be identified, this residual income is called excess income.
This time it was adoptedMulti-period discounted excess returnsTo evaluate the value of contract equity, the free cash flow of the assessed unit is used as a quantitative indicator of expected earnings. Firstly, based on the overall future profit** data of the assessee, the economic life of the contract equity is reasonably estimated to determine the cash flow contribution of the contract equity in the future income period. Secondly, after deducting the contribution of working capital, long-term assets, intangible assets - intellectual property and human resources, the remaining is the contribution of the contractual rights and interests of the assessee, that is, the excess income of the contractual rights. Finally, the value of the intangible asset-contract equity is determined by summing the contribution over the remaining economic life of the contractual equity at an appropriate discount rate.
Contract entitlement evaluation process
(1) Future performance**
The assessee needs to invest a certain scale of capital expenditure according to the development plan in the coming year, so the annual construction expenditure will also be deducted from the future EBITDA.
(2) Determine the contribution of tangible assets
The contribution of the cash flow of the asset group comes from the provision of various asset components, not only the contractual equity, but also the return on long-term assets, the return on operating current assets and the return on human resources. The contribution of this part of the asset should be excluded from the assessment of the value of the contractual equity.
(3) Contribution of contractual rights
The "excess income" of contractual equity is obtained by subtracting the contribution of all contributing assets from all operating income.
(4) Estimation of the discount rate
Since the excess income cash flow of contractual equity is calculated from the free cash flow of the enterprise, the discount rate is determined by selecting the weighted average cost of capital WACC, and then taking into account the individual risks of contractual equity.
(5) Calculation of the assessed value
After the above process, after discounting the cash flow contributed by the contract equity, the assessed value of the contract equity is xxxx million yuan.
Asset-based method increase or decrease analysis
Under the asset-based method assessment, the main changes in the assessed unit are:Intangible assetsThe main reason is that the "Cooperation Contract" and related supplementary contracts signed by the assessee and Company A can bring benefits to the enterprise in the future, but the book of the assessee is not reflected, and this appraisal includes it as a contract equity in the scope of evaluation, and its value is reflected in the intangible assets account, and the contract equity is valued at xxxx million yuan.