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白雲機場(600004.SH)擬以物流公司51%股權進行資產置換
格隆匯 11-27 17:14

格隆匯11月27日丨白雲機場(600004.SH)公佈,為增強上市公司經營獨立性、業務及資產完整性,提升公司盈利能力與運行保障能力,擴展白雲機場物流業務發展空間,同時減少關聯交易,確保上市公司利益最大化,公司擬實施如下交易:

機場集團以所持有的航合公司100%的股權以及鉑爾曼酒店、澳斯特酒店相應的經營性資產及負債與上市公司所持有的物流公司51%的股權進行資產置換,差額部分以現金補足。其中航合公司100%股權作價7.54億元,鉑爾曼酒店經營性資產及負債作價2.28億元,澳斯特酒店經營性資產及負債作價3950.01萬元,物流公司51%股權作價8.57億元,上市公司需向機場集團以現金方式支付差額1.64億元。

本次交易完成後,公司將持有航合公司100%股權、鉑爾曼酒店和澳斯特酒店經營性資產及負債、物流公司49%股權;機場集團將持有物流公司51%股權。

本次交易除上述資產置換外,還包括:(1)上市公司與機場集團重新劃分國內航空主業收入中旅客服務費(以下簡稱“旅客服務費”)的分成比例,由上市公司佔85%、機場集團佔15%,變更為上市公司佔100%,機場集團不再享有旅客服務費分成,2018年15%旅客服務費對應金額為1.19億元;及(2)上市公司將按物流公司年營業收入的4%向物流公司收取經營權使用費。2018年,模擬計算物流公司營業收入4%對應的經營權使用費為2536.07萬元。

本次資產置換交易完成後,上市公司2018年備考口徑淨利潤、歸母淨利潤、淨資產、歸母淨資產和每股收益都將增厚約5%,2018年備考每股收益將從0.5457元每股增厚至0.5717元每股。

為充分保障上市公司及中小股東利益,機場集團同意,自本次資產置換交割之日起五年內,上市公司享有一次回購物流公司股權的權利,即上市公司有權要求機場集團將本次交易取得的全部物流公司股權(對應同等金額的註冊資本金額,包括在此基礎上進行配股、轉增、折股等所取得的股權)按屆時評估值轉讓給上市公司。因此,上市公司在本次資產置換中擁有充分的主動權,可以選擇重新取得物流公司的控制權。

據悉,旅客服務費是公司主營航空性業務收入的重要組成部分,對業務完整性具有重要意義。旅客服務費全部由上市公司享有後,將較大幅度增加上市公司的收入、利潤和現金流水平。受益於粵港澳大灣區規劃及白雲機場T2航站樓啟用,旅客吞吐量逐年提升。未來隨着白雲機場的T3航站樓及新跑道的建設推進,旅客吞吐量還將進一步提升,15%旅客服務費對應收入將隨之提升,併為公司貢獻更多業績增長空間。

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