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Changes in Dynamics 게임산업은모바일게임의급성장과함께변화의시대를맞이하고있으며, 대형 M&A가새로운트렌드로자리매김하고있습니다. 텐센트의슈퍼셀인수, 넷마블게임즈의카밤사업부인수, 더블유게임즈의더블다운인터렉티브인수등성장과생존을위해게임업계는기업인수를포함한신규투자를통해기업가치제고를위해노력하고있습니다. 이와함께규제기관은재무정보의유용성및투명성을제고하고자공정가치분석및측정의중요성을강조하고있습니다. Industry 동향 글로벌 M&A 추이 국내게임산업의성장 $Bn 30 25 20 $5.9Bn $8.6Bn 건수 160 140 120 100 조원 14 12 10 8 온라인게임두자릿수성장시기 모바일캐주얼게임주도성장시기 모바일게임대형화 15 80 10 60 40 5 20 - - '10 '11 '12 '13 '14 '15 '16 M&A Value M&A Volume 6 4 2 - '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: Digi-Capital Source: 콘텐츠진흥원, 미래에셋대우 Regulations 재무보고관련공정가치측정기준 - K-IFRS 기업회계기준서제 1113호공정가치측정 : 공정가치의정의및측정방법 기업회계기준서제 1103호사업결합 : 사업결합시식별가능한자산및부채의측정 (PPA) / 조건부대가의측정 기업회계기준서제 1036호자산손상 : 영업권, 유무형자산을포함하는현금창출단위 (CGU) 의 Impairment Tests
Assessing Deal Value M&A는기업의외적성장을도모할수있는가장빠른방법이나, 거래가본질적으로복잡하여이해관계자간적정가치에대한이견이항상존재합니다. 또한복잡한회계기준, 세법, 미래현금흐름의불확실성은기업가치에대한평가를어렵게하는요인입니다. 따라서거래가격협상시에는 M&A 전략및실사결과, 미래현금흐름의분석을토대로가치창출요인 (Value Driver) 과위험 (Risk) 에대한분석이요구됩니다. 삼일회계법인은게임산업전반의풍부한경험과탁월한전문지식이더해져 M&A 과정에서고객들의가격협상및최상의결과를지원하고있습니다. Why it really matters Transaction Multiple Trading Multiple Announced Date Target EBITDA EBIT Guideline companies Country EBITDA EBIT 2017-05-22 Changyou.com Limited 9.4x 11.1x 2016-03-08 Webzen Inc. 10.4x 11.5x 2015-11-03 King Digital Entertainment plc 6.8x 6.9x 2015-10-14 Ubisoft Entertainment SA 45.5x 83.5x 2015-08-28 Youzu Interactive Co. Ltd 27.9x 29.8x 2015-06-29 KongZhong Corporation 19.8x 21.9x 2015-05-18 China Mobile Games 12.7x 16.8x 2015-01-02 Perfect World Co., Ltd. 6.1x 9.0x 2014-11-26 Shanda Games Limited 11.8x 14.3x 2014-11-12 Big Fish Games, Inc. 18.6x 22.7x Source: Capital IQ, PwC Analysis Activision Blizzard, Inc. USA 21.3x 32.2x Com2uS Corporation South Korea 5.1x 5.1x Electronic Arts Inc. USA 21.2x 23.5x Take-Two Interactive Software USA 39.0x 47.0x Netmarble Games Corporation South Korea 19.9x 21.8x NCsoft Corporation South Korea 34.5x 39.1x NEOWIZ Games Corporation South Korea 20.9x 34.4x NEXON Co., Ltd. Japan 8.1x 8.6x Soft-World International Corp. Taiwan 6.0x 7.3x Square Enix Holdings Co., Ltd. Japan 8.7x 10.2x Source: Capital IQ 게임산업의실적변동성으로인한적정가치도출의어려움 Peer Group의적정 Multiple은? Peer Group의 Implied Multiple이시사하는점은무엇인가? Target이제시하는 PFI (Prospective financial information) 는달성가능한수준인가? How we can support Transaction services Financial Due Diligence (FDD) Tax Due Diligence (TDD) Deal execution Transaction value advice and analysis Pre-deal business value (acquirer/ target) Model review Transaction model advisory
Financial Reporting Valuation IFRS의도입으로재무보고과정에서공정가치의평가및측정이중요해지고있으며, 이에따라경영진, 주주, 외부감사인, 규제기관등다양한정보이용자들의관심이증대되고있습니다. 또한사업결합과정에서 Purchase Price Allocation의결과는 Impairment Test를포함한기업의이익에직접적인영향을미치므로 FDD 및 Transaction Valuation과함께전략적으로수행되어야합니다. 삼일회계법인은 K-IFRS, Local GAAP 등관련회계기준의폭넓은지식과국내외게임산업의다양한재무보고목적 Valuation 경험을바탕으로고객들의최적의사결정을지원하고자합니다. Why it really matters Impact of PPAs on company s earnings and impairment risks Company 1. Identifiable Intangible Assets > Goodwill Company 2. Identifiable Intangible Assets < Goodwill Total consideration Total consideration 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 상각금액증가로인한영업이익의감소 영업권손상리스크감소 Impairment Risk 감소에따른실적변동 Risk 감소 상각금액감소로인한영업이익의증가 영업권손상리스크증가 Impairment Risk 증가에따른실적변동 Risk 증가 Goodwill IIAs* DTL** Assets Aquired *IIAs: Identifiable Intangible Assets **DTL: Deferred Tax Liability PPA 결과에따른 Post-deal earnings 의잠재적영향파악및 거래가격 (Transaction value) 협상필요 How we can support Purchase Price Allocation Pre-deal Purchase Price Allocation Purchase Price Allocation Impairment Tests Goodwill Indefinite-lived intangible assets Long-lived tangible and intangible assets
삼일회계법인의게임산업전담팀은다음과같은재무보고목적의솔루션을제공할수있습니다. 01 Valuation of Unlisted Securities 재무보고목적의비상장주식공정가치 (fair value) 검토 재무보고기준의요구사항을충족시킬수있는체계적이고효과적인평가방법지원 02 Valuation Upon IFRS Adoption IFRS 최초도입에따른공정가치측정 IFRS 소급적용에따른 PPA 및 Impairment Test 지원 03 Share-based Payment Valuation 스톡옵션의발행에따른주식기준보상거래관련회계기준요구사항 (IFRS 2) 지원 발행지분상품의공정가치측정 04 Financial Instrument Valuations 옵션, 신주인수권, 전환권등재무보고목적공정가치측정 Our Clients - Fortune Global 500 422 (84%) Audit client 29% Non-audit client 55% 삼일회계법인은전세계 150여개국의 PwC Global E&M Network와유기적인협력관계를유지하고있습니다. 2016 회계연도에는 Fortune Global 500대기업중 84% 가 PwC global network의고객이되어고품질서비스를제공받았습니다. 특히게임사가속해있는 Entertainment & Media 부문에서 100개사의글로벌고객과함께하고있습니다.
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