Flush (300033) Financial Research Center, May 13, 2005BaccaratnearmeAn investor asked focus Media (002027) (002027). Hello, Dong Mi. When focus acquired Abby in 2023, the income from the date of purchase to the end of the period was 754.Baccaratnearme60,000 yuan, with a net profit of-3.685 million yuan. When the purchase of Nikkei was reassessed, the net assets (mainly due to intangible asset leasing contracts) increased by 64.347 million yuan. May I ask how to evaluate the fair value of the lease contract? On the basis of discounted cash flows over the next 10 years? If so, what is the future term of the large leasing liability on the books of Aibi neighbor? Will the debt level of this scale be maintained every year in the future? Is it possible to match short-term liabilities with long-term assets, resulting in excessive net assets?
The company replied that the company commissioned a professional evaluation agency to evaluate the fair value of the identifiable net assets of the purchaser, and the media position resources held by the acquiree on the date of purchase could bring economic benefits to the company and accord with the definition of intangible assets. This evaluation adopts the multi-period excess income method, which is discounted on the basis of the income that should be attributed to intangible assets in the next 10 years, not the concept of cash flow. The evaluation of intangible assets is the evaluation of supplier relationship in the form of leased resources, but not the evaluation of right-to-use assets, so it does not involve the revaluation of lease liabilities.
