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M&AM&A
Global Market Practice
M 2012May 2012
Contents
1 KPMG
2 M&A
3 M&A
4 China Practice Team
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
1
KPMG
KPMG International Korea Member Firm KPMG , , .
KPMG
– (Corporate Finance)– (Corporate Restructuring) ––
Seoul
–
: 1991 6 1
2010 (2010.4.~2011.3.) : 3,386
2011 3 31 1 686 2011 3 31 : 1,686
2012 2 1 : 2,486
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
2
KPMG Corporate Finance, M&A
2011 No. of deals
1 KPMG 360
2011 KPMG 360 mid-market (<USD 1bn) Deal , 5 1.
2010 No. of deals
1 KPMG 321
2. PwC 253
3. Deloitte 241
3 M St l 2362009 No of deals
2. PricewaterhouseCoopers 270
3. Goldman Sachs & Co 238
3. Morgan Stanley 234
5. Ernst & Young LLP 226
5. Rothschild 205
7. JP Morgan 195
8 UBS 1943. Morgan Stanley 236
5. Goldman Sachs & Co 230
5. Lazard 224
7. Rothschild 213
8. JP Morgan 197
9. Credit Suisse 189
10A
2008 No. of deals
1. KPMG 483
2 PwC 387
2009 No. of deals
1. KPMG 287
2. PwC 255
3 Rothschild 196
4 JP Morgan 191
5 Goldman Sachs & Co 175
8. UBS 194
9. Credit Suisse 189
10.
Bank of America Merrill Lynch
179
10.
IMAP 180
2007 No. of deals
1. KPMG 507
2. PwC 384
3. JP Morgan 322
4 Citi 319
2. PwC 387
3. UBS 293
4. JP Morgan 285
5. Rothschild 282
6. Deloitte 272
7.Bank of America Merrill Lynch
264
6 Credit Suisse 174
7 Morgan Stanley 171
8 Lazard 170
9 Deutsche Bank AG 167
10 UBS 165
4. Citi 319
4 UBS 319
6 Deloitte 308
7 Rothschild 307
8 Morgan Stanley 277
8 E&Y LLP 277
10 Goldman Sachs & Co 274
8. Citi 253
9. Goldman Sachs & Co 249
10. Morgan Stanley 247
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
3
Source: Thomson Reuters SDC
10. Goldman Sachs & Co 274
KPMG M&A Advisory League Table
Mergermarket League Table (2011, Completed) Thebell M&A advisor league table
KPMG M&A Advisory .
2012 – 1st Quarter Value (KRW m)
1. KPMG 8,230,396
2. Ernest & Young 3,619,008
Rank
2010 2011 House Value (US$ m)Deal
CountCount Change
4 1 Woori Investment & Securities 10,999 14 4
6 2 KPMG 859 13 5
l
(2012 1st Quarter, Completed)
3. PwC 1,390,245
4. Deloitte 435,126
5. BDO ( ) 536,526
6Howarth
5 800
3 3 Deloitte 350 12 -
12 4 Korea Development Bank 11,145 10 5
1 5 Ernst & Young 2,286 8 -12
2 6 PwC 202 8 -12
7 7 Samsung Securities 7,227 6 -26.
Choongjung5,800
54 8 Daewoo Securities 2,452 6 5
5 9 Morgan Stanley 6,066 5 -3
- 10 Credit Suisse 5,240 5 -1
- 11 Kudos 82 5 -1
15 12 Bank of America Merrill Lynch 9 030 4 115 12 Bank of America Merrill Lynch 9,030 4 1
9 13 Macquarie Group 3,306 4 -2
- 14 Deutsche Bank 1,830 4 -
19 15 UBS Investment Bank 1,023 4 1
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
4
Contents
1 KPMG
2 M&A
3 M&A
4 China Practice Team
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
5
M&A
M&A Deal 2009 2010 . M&A (“SI”) M&A , PE/VC ( “FI”) .
M&A
4,679 4 923
5,157
6,000
160
180
(SI)
89% 90% 89% 87%60%
80%
100%
M&ASI M&A Deal
154
103
147
132 4,149
4,923
3 000
4,000
5,000
100
120
140
160
Deio
n
0%
20%
40%
2008 2009 2010 2011SI SI
22 22 26 33
1,000
2,000
3,000
20
40
60
80
eals
USD
Bill
(FI)
60%
80%
100%
FIFI M&A Deal
--
20
2008 2009 2010 2011
93% 93% 91% 95%
0%
20%
40%
60%
2008 2009 2010 2011
FI M&A Deal
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
6
Source: Thomson Reuters, ChinaVenture
M&A _
Case 1: EverGrande Group, Shenzhen Construction Group M&A Deal
, , M&A 61% .
17%
6%
4%
Health Care4% 2011 1 , Evergrande Real Estate
Group Shenzhen Construction Group 71% (Shenzhen Construction 71%)
17%9%
7%
6%
Target: ShenZhen Construction
: Evergrande Real Estate Group
: 2.52 USD
14%13%
High-tech9% Case 1: Ping An Bank , SDB , A M&A Deal
Ping An Bank SDB Ping An Source: Thomson Reuters, ChinaVenture
4 :
•.
RMB 1 27 , 395 Sales Network, Ping An 80%
Target: SDB : Ping An Bank
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
7
• : 221 RMB
M&A _
2011 M&A
FI .
Case 1: Haier, - (Carlyle)
29%4%3%
Health Care3%
3% Haier 1.37 5,700
400
Haier 3, 429%
7%
High-tech5%
4%
: Haier :
: 1.37 USD + á
24%11%
11%
S Th R t Chi V t
Case 2: Hony Future Investment( ), QFLP
PESource: Thomson Reuters, ChinaVenture
PE, VC FI :
•
•
QFLP( ), , Blackstone, DT Capital,
3i QFLP
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
8
• IPO Exit: :
: 5 USD
M&A _ M&A
M&A 2009 2010 , .
M&A ( ) KPMG M&A Deal ( )
17
1414
16
18
1,200
1,400
M&A ( )
(USD )
2012-03-08 LuckyPai Co Ltd 6.3
KPMG M&A Deal ( )
736
1,243
949
12
7 8
10
12
14
600
800
1,000
Deals
USD
Mill
ion
2011-12-01Doosan China Financial Leasing Corp
60.26
2011-08-17 LuckyPai Co Ltd N/A
2011 07 19 C t i A t 22 89
262 2
4
6
200
400
600U 2011-07-19 Certain Assets 22.89
2011-07-19 Certain Assets 22.89
2010-07-30 LuckyPai Co Ltd 130
0-2009 2010 2011 2012
Deal Amount No. of Deals
2009-10-20 Times Ltd 642.72
2009-07-17 11.27
S Bl b KPMG A l i
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
9
Source: Bloomberg, KPMG AnalysisNote: 2009-2012.05 M&A Deal
Source: Bloomberg, KPMG Analysis
M&A
O B d M&A ( )
“走出去” , , .
2011 M&AOut-Bound M&A – ( )
207
250
45
50
27%Hightech5%
Health Care3% 1% 2% 3%
2011 M&A
126 144
188 0
150
200
25
30
35
40
DeaD
Bill
ion
19%
16%
15%
Hightech9%
9
30
38 43
50
100
5
10
15
20
als
USD
2011 M&A
--2008 2009 2010 2011
Out-Bound28%
21%
16%
2% 5%1%
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
10
Source: Thomson Reuters, ChinaVenture Source: Thomson Reuters, ChinaVenture
27%21%
M&A _ M&A
M&A Deal .
Target M&A Deal ( )M&A ( )
1,978
8
11
6
8
10
12
1,500
2,000
2,500
Deals
lion
(USD )
2009-09-28 1289.18
102
1,320
1.42
52
0
2
4
6
-
500
1,000
2009 2010 2011 2012
USD
Mill 2009-03-19 202.09
2011-12-30SK Networks PS Shantou Co Ltd
Xinghui Auto ModelCo Ltd
34.29
Source: Bloomberg, KPMG Analysis
M&A ( )
4%
2009 2010 2011 2012Deal Amount No. of Deals
(USD )
Target M&A Deal( )
38%SPC6%
14%2010-09-11 Hyosung D&P Co Ltd
JINGRI Industrial DiamondCompany Limited
22.6
2011-06-28Daewoo MotorSales Corporation
JL Construction Co.Limited
27.81
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
11
Source: Mergermarket, KPMG Analysis
,3%35%
Note: 2009-2012.05 M&A Deal
Contents
1 KPMG
2 M&A
3 M&A
4 China Practice Team
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
12
M&A Key Factor
M&A ….
? : (34%, 51%, 67%) / / / &
Deal Structure
? Valuation / Pricing
Synergy / / / financingSynergy / / / financing
Representations & Warranty( ) Tax?
Representations & Warranty( ), , Tax ,
( , escrow, earn-out)
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
13
M&A Key Success Factor
M&A Key Success Factor M&A M&A .
Needs Solution Deal Success
, Communication /win-win
Deal Management & Closing
Deal , Tax, Legal , Seller Communication Channel
D l Cl i D l
Communication Deal Coordination
Deal Closing Deal Closing , Deal
Deal Structuring Deal Post M&A Management Critical Factor
, Risk Cash Outflow
Structure Regulation Tax Issue Structure Target Financial Effect
O ti l D l St tCash –Outflow Optimal Deal Structure
Financial Due Diligence
Commercial DD
Legal DD
l
FDD, TDD, CDD, LDD
Valuation
DD Risk Valuation , ,
Post M&A Strategy Deal Structure Valuation
M&A Market Multiple Valuation Transaction Multiple
Negotiation DealNegotiation Factor
Negotiation
Negotiation Process Back-up
Funding FI Funding , FI Funding Structure, Exit Structure Funding
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.14
Deal Factor FI
(旧准则 , (企业会计制度
(旧会计准则)
(企业会计准则 / 新准则(企业会计准则 / 新准则
2006 216 38 (新会计准则
: , ` ` ,
16
: , , (中央级国有企业 (大中型企
业)
/ 2007 , `
38
(2007. 1. 1. ) 1992
2001
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.15
. .
M&A
-
- , 100%
FlowFinancial
D Dili
Financial
D Dili
- , 100%
-
,
Effect
Due DiligenceDue Diligence-
- , .
-
-
-
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.16
M&A
List , ,
, , ValuationValuation
, , Capex,
.
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
17
Contents
1 KPMG GMP
2 M&A
3
4 China Practice Team
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
18
M&A China Practice
China Practice M&A .
Deal Structure
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
19
KPMG China Practice
• China Practice : 2002 4.
• ,,.
• China Practice M&A.
One-Stop
Service
• KPMG , KPMG Advisory Inc..
• KPMG M&A / / One-Stop Service .
• ,,KPMG China Practice .
• China Practice M&A.
M&A
Know-how
• KPMG Global M&A middle market 1~2 .
• KPMG China, , , Network
.
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
20
KPMG China Practice Team
Project D-Gas Project JJ Project SProject D Gas j JJ
JVJV
j
Valuation
2011 12 2011 6 2011 9
Project SKYProject LT Project G
2011 62011 9 2011 1
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
21
KPMG China Practice Team
Project SN Project LTS Project Kj
,
j j
2011 6 2010 122010 11
Project DS Project S Project Baotou
,
2010 102010 6
JV , Valuation
2010 1
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
22
KPMG China Practice Team
Project LT Project SN Project Mj j j
Target Company , Valuation
2009 2009 2009
Project Zhongyu Project Tongbao Project A
2008 2008
2
2009
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
23
KPMG China Practice Team
Project M Project PMO Project CT IIIj j j
2007 2007 2007
Project ACT Project YU Project S
financial due diligence
2007
Due diligence
2007 2007
© 2012 Sumjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
24
谢谢!
© 2012 Samjong KPMG Inc. the Korean member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Korea.
The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International"). KPMG China Practice Team
/
TEL 02 2112 0127TEL : 02-2112-0127
Cell : 010-2109-0541
Email : chunhuajin@kr.kpmg.com
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