click here for original chinese report at Sohu.
below the auto chinese to english translation text extracted from original report online from sohu.
70% equity of HBA Internationnal bought over by Gold Mantis Construction Decoration Co., Ltd
reported @ Sohu.
The two sides today signed a strategic agreement
Today (January 11), Gold Mantis Construction Decoration Co., Ltd. (hereinafter referred to as “Gold Mantis”, 002081.SZ) formally signed a strategic agreement with the United States HBA Internationnal (HBA),. Gold Mantis on December 31 last year to $ 75 million acquisition of the world’s largest hotel interior design firm, 70% of the equity of the settlement has been completed.
Set up a wholly owned subsidiary in Singapore to invest $ 80 million acquisition of HBA’s main gold mantis. HBA is headquartered in Los Angeles, a total of 24 subsidiaries and six representative offices worldwide, provides interior design services for the Four Seasons, Marriott, Hyatt, Hilton International Hotel.
However, HBA’s financial situation is not ideal. As of July 31, 2012, the HBA total assets of $ 98,967,000, total liabilities was as high as $ 56,762,000, accounting for nearly 60% of the total assets ratio.
On October 1, 2010 to September 2011, 30 days, HBA net profit -697.5 ten thousand U.S. dollars in the 2011 to July 2012 within 31 days, and its net profit jumped rose to 3073.5 million.
The acquisition also comes with a performance of “gambling” Terms. The Gold Mantis announcement said, after the completion of the acquisition, HBA’s net profit in 2013 and 2015 respectively shall not be less than $ 7,500,000, $ 9,500,000 and $ 11,500,000. If it was below the target performance, 50% of the difference will be in accordance with a certain percentage deducted from the acquisition of minority bonus. If the results exceeded the target, 50% of the difference between the part of the same will be in accordance with a certain proportion of incentive to buy out minority shareholders as a bonus.
Although the real estate market is experiencing continued regulation, but the Gold Mantis leading decoration enterprises not subject to too much influence.
Gold Mantis 2012 three quarterly show, the 2012 third quarter, the company achieved revenue of 8.79 billion yuan, a year-on-year growth of 37%. The attributable net profit of 7.1 billion yuan, a year-on-year growth of 62%, the company currently pending construction contract amount of 90 billion yuan.
Galaxy Securities, said the stable the Gold Mantis gross margin and sales margin, the scale of income for the full year 2012 of about 14 billion yuan, a year-on-year increase of 40% over the previous year, and the company is expected in 2013 signed a single growth can still be significant beyond industry level, to achieve a steady growth of more than 30%.
Recently, the Gold Mantis curtain Limited is busy with a new large-scale projects with a block width 1.5 m, height 3.3 m, 28 mm thick, and weighing about 300 kg unit curtain wall plate is slowly hung and installed in the bottom of the south tower Suzhou the famous “Qiuku building will be in June 2013” to wear “light silver-gray coat on Gold Mantis.