How can a company with only over 3 billion yuan lose 11.6 billion yuan, or even more than 67.9 billion yuan in assets? No matter how much petrochemical oil service can lose, it can only make a loss of 1.6 billion yuan a year.
if letv's tens of billions of losses are dismantled, it is not difficult to see that this is not only a sharp drop in business performance, but also a one-time "scraping the bones" for the complicated financial burden of the past after the new shareholders enter the market, so as to seek the follow-up development.
After all, as long as the GEM companies lose money for three years in a row, that is, they directly enter the delisting process, a huge loss in one year is better than the performance pressure for several years in a row.
The loss of 11.61 billion yuan released last night can be divided into the following three parts:
1. Operating loss of 3.7 billion yuan
Although the news of LeTV's loss of 11.6 billion yuan was screened everywhere, LeTV's loss in operating activities in 217 was only 3.7 billion yuan, accounting for about 32%.
in the announcement, letv said that the reason for the loss was that "the public opinion continued to ferment and expand due to the financial shortage and liquidity turmoil of related parties, which had a great impact on the company's reputation and credibility, and the company's advertising revenue, terminal revenue and membership income all declined significantly".
At the same time, the increasing daily operating costs (such as CDN fees, amortization fees, etc.) and financing costs of LeTV are also one of the reasons for the expansion of LeTV's losses.
Considering that LeTV has lost 1.652 billion yuan in the first three quarters, we can roughly estimate that the scale of losses caused by operating activities in the fourth quarter should be more than 2.48 billion yuan.
2. The related party debt is 4.4 billion yuan
A large amount of related party debt left by Jia Yueting before he left is the biggest link in LeTV's dilemma and the biggest source of this 11.6 billion yuan pre-loss.
letv has disclosed that as of November 3, 217, a large number of accounts receivable, other receivables, prepayments, etc. were formed between listed companies and related parties controlled by Jia Yueting, and the balance of the company's related debts reached 7.531 billion yuan.
the above arrears involve more than 5 related parties, mainly including 2.583 billion yuan from letv intelligent terminal technology company, 993 million yuan from letv mobile intelligent information technology (Beijing) company, 566 million yuan from letv e-commerce (Beijing) company, 486 million yuan from letv holdings (Beijing) company and 441 million yuan from letv mobile e-commerce (Beijing) company.
letv has also indicated that if it is difficult to recover the above receivables in a large area, the company's cash flow will be extremely tight, endangering the company's credit system, resulting in poor financing channels and adversely affecting the company's operation.
in yesterday's pre-loss announcement, letv officially made provision for bad debts for the above-mentioned debts of 7.531 billion yuan. According to the preliminary calculation of letv, it is estimated that the provision for bad debts for related party receivables will be about 4.4 billion yuan.
3. Impairment of intangible assets and saleable financial assets is 3.5 billion yuan
Intangible assets account for a relatively large proportion in the asset structure of LeTV, which has always been one of the focus of debate among market investors. This time, LeTV seems to intend to formally solve this problem.
as of the semi-annual report of 217, the intangible assets of letv reached 8.628 billion yuan, accounting for 24.14% of the total assets.
referring to the financial notes of the semi-annual report, the intangible assets of letv are composed of film and television copyright, system software and non-patent calculation, among which film and television copyright accounts for the bulk, with * * * 6.372 billion yuan, accounting for 73.86%.