Earlier in the performance report, several of them had already booked ATV's 'Loss Wang' of LeTV. With the disclosure of the 2017 annual report, this title was finally formally adopted.
In the early morning of April 27th, after a delay of 48 hours, LeTV disclosed its annual report last year and quarterly report this year. According to statistics, last year LeTV’s net profit attributable to parent company shareholders was a loss of RMB 13.878 billion, which was a loss of RMB 11.6 billion compared with that previously disclosed. The data has expanded.
Compared with the huge loss of the performance, it is surprising that the external audit report of the LeTV.com annual report was issued with 'unable to express opinion'. This will also enable it to be placed under the 'delisting risk warning' regulatory measures in the near future. The trend is even more uncertain.
However, judging from the April 27th session, neither the performance nor the audit opinion seems to have a negative impact on the price outlook of LeTV. After the opening on the 27th, LeTV.com's share price rose rapidly, and rose to 4.08% at the close. Yuan/shares. In response to this, in the first quarter of this year, the number of shareholders of LeTV.com surged by 141,000 to 327,000.
Unfunded insolvency
According to the 2017 annual report disclosed by LeTV on April 27th, the company’s revenue for the year was 7.025 billion yuan, a year-on-year decrease of 68%; the net profit attributable to shareholders of the parent company was a loss of 13.878 billion yuan, which was 2601.63% lower than the same period of the previous year.
At the same time, LeTV's first quarterly report in 2018 showed that in the first three months of the year, the company’s operating income was 437 million yuan, a decrease of 89.41% from the same period of last year; the net profit attributable to shareholders of listed companies was a loss of 307 million yuan, which was a decrease from the same period of the previous year. 346.2%.
As disclosed in the previous performance forecast, LeTV has attributed last year's performance loss to the emergence of the crisis of the entire music chain of 'LeTV' and the difficulty in recovering receivables from Levision and its related parties. Huge bad debts and asset impairments.
According to the data, LeTV.net reckoned impairment losses on various assets in 2017 of 10.882 billion yuan, which would reduce the net profit of listed company shareholders in 2017 of 8.814 billion yuan.
On April 27, an executive from a Beijing-based private equity agency interviewed by reporters from the 21st Century Business Herald said that LeTV plans to take into account huge losses of assets and to a certain extent, there is a 'finance shower' consideration, which will help its business start from scratch. One-time clear out all packages, so that you can light forward.'
In the short term, once the asset impairment loss of RMB 10 billion is accrued, and the result is a huge loss, it will have a negative impact on the share price. However, in the long run, it may also be due to a single adjustment. Inverted performance considerations. On the contrary, squeezing toothpaste-style will have a negative impact. 'The above private equity executives said.
However, LeTV's shareholders have different views on the above-mentioned huge assets impairment accruals.
'This asset impairment provision is too fierce. Especially in the film and television copyright section, some of which are accrued to zero, it seems a bit unreasonable. I hope that at the time of the shareholders meeting, the company can explain this. 'April On the 27th, LeTV.com, an institutional shareholder heading from South China, told the 21st Century Business Herald reporter. Regarding this issue, the 21st Century Business Herald tried to contact the responsible person of LeTV. However, it did not get a response.
Although LeTV’s huge loss is a foregone conclusion, the company’s latest announcement gives a negative answer to another focus of the outside world’s focus – whether it will be insolvent.
According to the latest annual report disclosed by LeTV, by the end of 2017, its net assets attributable to shareholders of the company were 663 million yuan. By the end of the first quarter of this year, this figure had dropped again to 404 million yuan.
Risk of delisting surged
The aforementioned LeTV.net investor questioned the rationality of its billions of accruals. One of the reasons was that auditors issued an audit opinion for their annual report that they could not express their opinions.
According to the audit report given by the auditing agency, the reason for the above audit opinion is still based on LeTV's receivables, accounts payable and impairment of intangible assets.
The meaning of being unable to express opinions is not auditing but it is not possible to obtain sufficient audit evidence during the audit process. This may be due to the company, such as obstructing the auditor from obtaining evidence, or it may be caused by objective reasons. In addition, it is also possible that the company's accounting process was unacceptable to the auditor. 'The registration information system auditor Dr. Gao Wei said in an interview on April 27.
Gao Hao stated that although the severity of 'unable to express opinion' is not as good as 'negative opinion', both of them are serious cases in the audit opinion, and as such, LeTV will be issued a 'Delisting Risk Warning' by the regulatory authority thereafter. 'measures.
At the same time, although LeTV did not have any insolvency situation yet, as its most profitable subsidiary, Le Rongzhixin (formerly LeTV Zhixin, Xinle Lezhi), net assets were negative again in 2017. .
According to the data, Le Rongzhi's new operating revenue in 2017 was 4.117 billion yuan, and its net profit loss was 5.764 billion yuan. At the same time, Lefusion's new net assets were - 1.818 billion yuan. LeTV previously disclosed that as of 2017, 9 On the 30th of the month, Le Rongzhi’s new assets amounted to approximately RMB 10.942 billion and net assets of RMB 3.163 billion (data not yet audited).
“Leverage to the new music is a barometer of LeTV's performance. If this year's music to improve new performance, LeTV's performance is also likely to rebound. 'On April 27, the above LeTV network institutional investors said.