LETV first quarter revenue 440 million, down 89%, net loss 310 million

category:Internet
 LETV first quarter revenue 440 million, down 89%, net loss 310 million


Postponed 48 hours later, in the early morning of April 27th, 300104.SZ revealed the 2017 annual report and the 2018 one quarterly report. The information disclosed in the annex announcement of the annual report is just like that. The loss amount of music network in 2017 has increased significantly compared with the previous announcement. Financial data show that in 2017, the revenue of LETV was 7 billion 25 million yuan, down 68% compared to the same period last year, net profit loss was 13 billion 878 million yuan, and profit was 555 million yuan in the same period last year. In the performance Bulletin released in February, LETV had expected revenue of 7 billion 463 million yuan last year and net profit loss of 11 billion 600 million yuan. At the same time, music network 2018 quarterly report showed that in the first three months of this year, the net profit attributable to listed companies was 307 million yuan, a profit of 124 million yuan in the same period of last year, and the operating income was 437 million yuan, a decrease of 89.41% over the same period of last year. It is worth noting that, whether at the end of last year or the end of the first quarter of this year, the music network did not appear insolvent situation. Among them, as at the end of last year, LETVs net assets attributable to shareholders of listed companies amounted to 663 million yuan, and at the end of the first quarter, the figure was 304 million yuan. However, although the red line of insolvent has not been touched, the annual report of LETV 2017 has been given audit opinion by the auditing body. This means that once the 100 billion market capitalization star company will be supervised by the regulators to withdraw the market risk warning. However, as the gem does not have the ST system, LETV will not be wearing stars. 1. huge loss of 13 billion 800 million into loss king, not now insolvent. No matter the loss of 11 billion 600 million yuan, or 13 billion 878 million yuan after the annual report, the net will likely become the loss king of the A stock in 2017. Wind information data shows that the loss of 13 billion 878 million yuan in music network has exceeded the net profit loss of *STs 600871.SH 10 billion 583 million yuan, and has become the latest loss king of the A stock. For the reasons for the huge loss of performance, music network again attributed the reason to the Music Department since the fourth quarter of 2016, the emergence of the financial crisis. In the report, during the reporting period, the continuous fermentation and expansion of public opinion resulted in a greater impact on the reputation and credit degree of the company. The companys advertising revenue was down 87.39% year on year, terminal revenue fell 75.09%, and its membership and distribution revenue fell 50 year-on-year. .66%. At the same time, the daily operating cost of CDN increased by 57.97% compared with last year, and the cost of amortization increased by 52.62% over last year. In addition, music network explained that the company and subsidiaries of the subsidiary companies in the 1~12 month of 2017 may have a comprehensive inventory of impairment of assets and asset impairment tests, the loss of assets in 2017, the total loss of 10 billion 882 million yuan, of which the loss of intangible assets loss of 3 billion 280 million yuan, bad debt loss of 6 billion 94 million yuan. Despite the huge losses in performance, the annual report of LETV and a quarterly report show that the company is not in the insolvent situation. The data showed that at the end of 2017, net assets belonging to shareholders of listed companies were 663 million yuan, a significant drop of 93.52% from 10 billion 226 million yuan in the same period in 2016. To the end of the first quarter of this year, the music network was further down to 304 million yuan, a decrease of 54.09% from the same period of the previous year. 2. the audit report is unable to express opinions, and will be shown the risk warning of delisting. Corresponding to the huge loss of performance, it was the audit opinion of LETVs 2017 audit report that was unable to express opinions. In January this year, the public accounting firm (the special general partnership) (hereinafter referred to as the standing letter) was hired as an auditor of the music network audit institution (hereinafter referred to as the standing letter), which was attributed to the following three items. (1) the accounts receivable and other receivables are involved. (2) matters relating to the impairment of intangible assets. The letter said that at the end of the term, 3 billion 280 million yuan was prepared for the impairment of intangible assets, but in the process of auditing, it failed to obtain sufficient and appropriate evidence to judge the time points for the signs of impairment. In addition, because a series of plans involved in the music vision network are being carried out and implemented, it has not been completed, so it is impossible to judge the rationality of the income forecast involved. (3) matters dealing with money payable. According to Li Xin, the provisional account payable in the end of the LETV net service provider includes the estimated cost of the unsettled cost. The company failed to provide sufficient evidence on the basis of provisional estimates of these costs. It is also not possible to obtain sufficient and appropriate evidence through the procedures of the implementation of the correspondence, the cut-off test and other procedures. It is not possible to determine whether it is necessary to adjust the related accounts payable and cost and cost items. In twenty-first Century, the economic news reporter learned that this is the first annual report issued by the music network since its listing in 2010, and the audit opinion was unable to express its opinion. According to the relevant laws and regulations, the listed companies that are unable to express their opinions will be issued a warning of delisting risks by the regulators. However, as the gem does not have the ST system, LETV will not be wearing stars. In fact, this is not the first time that the annual report of LETV has been issued non-standard opinions by the auditing body. Previously, the original audit institution of music network, the original audit institution, was given a unreserved opinion on its 2016 annual report, which was due to the massive overlay of related transactions in the listed companies at the same time, and whether the accounts receivable brought back to the risk. In the 2015 annual report, the accounts receivable generated by related transactions of music network grew too fast, and it was also questioned by the Shenzhen Stock Exchange. The recovery of these accounts receivable depends on the operating conditions of the related companies. For this reason, the actual controller of the company, Jia Yueting, provides a guarantee to the company for the account receivable. Auditors in the companys 2016 annual audit procedures and audit evidence obtained did not find any significant misstatement in the financial statements. The content of this paragraph does not affect the published audit opinion. For the 2016 annual report of LETV, Xin Yong Zhong has said. 3. cattle are scattered, finance and management of the new ten major shareholders According to a quarterly report of the music network, the first ten major shareholders, compared with the end of 2017, the natural person Cao Yong reduced 1% (39 million 894 thousand and 400 shares) shares, Zhang Jianping reduced 0.63% (24 million 883 thousand and 300 shares) shares, China Post Fund reduction of 1.52% completed clearance. After the reduction of Zhang Jianping and Cao Yong, they were respectively the sixth and seventh largest shareholders of the music network, with a shareholding ratio of 0.62%. In August 2016, Zhang Jianping and China Philatelic fund and other parties, with 45 yuan / share (22.5 yuan per share after removing power) to participate in the expansion plan of the music network, of which Zhang Jianping is to spend 1 billion 120 million yuan. Since then, the stock market was affected by the financial crisis of music vision, the stock price has fallen. Although it announced a 9 month suspension in April last year, after the resumption of the card in January this year, the stock price dropped 11 consecutive words to the closing of April 26th, corresponding to the stock price of 4.41 yuan / share. If there is a retreat, there will be progress. The data show that in the first quarter of this year, the two assets management plans of the finance and communications fund were held to hold 22 million 150 thousand and 600 shares of the music network and 1.12% shares of the listed companies, which became the ninth and tenth largest shareholders. 4. new melts cause new huge losses 5 billion 800 million, insolvency In spite of the recent popularity and support of the Internet giant enterprises, the music of the Internet TV company under the banner of music network has led to a hard time in 2017. According to the 2017 annual report of LETV, the new business income of Lok sum was 4 billion 117 million yuan, a loss of 5 billion 132 million yuan in operating profit, and a net loss of 5 billion 764 million yuan in net profit. At the same time, Lok Rongs new net assets were negative, -18.18 billion yuan. Corresponding to this, music network has revealed that by September 30, 2017, the total amount of new assets was about 10 billion 942 million yuan, and the net assets were 3 billion 163 million yuan (data Unaudited). By December 31, 2016, the total value of the new assets was about 10 billion 881 million yuan, the operating income was 12 billion 783 million yuan, and the net profit was about -6.36 billion yuan (above). The data are audited). Perhaps it is on the brink of bankruptcy that there will be a 3 billion yuan capital increase plan announced in the past few days. According to the announcement, more than ten parties, including Tencent, Jingdong, Suning, TCL group and Lenovo, will participate in the latest round of capital increase to the new home, including two kinds of debt to equity swap and cash increase, with a total increase of 3 billion yuan, and a valuation standard of 9 billion yuan. In addition, Lok has also signed a strategic cooperation agreement with Tencent and Jingdong. Among them, Le Rong has signed the Internet TV cooperation project cooperation agreement with the Tencent. The two sides will cooperate in the video content service for 3 years, and divide into the members and advertisements which are generated by Tencent video content on the music TV, and the Jingdong will be in the e-commerce field. In the field of membership account, advertising system, logistics, voice technology, new product procurement, unbounded retail and so on, we can jointly develop the market, service users, share customer resources and service capabilities. It will help to restore the financial tension of the former, and help to restore the reactivation of the listed companies and the former brand and reputation in order to achieve the related business. Twenty-first Century economic reporter learned that, in the Music Department in the overall financial crisis, Xinle intellectuals in the second half of last year after the business has been in a certain degree of stagnation. At the same time, Lok Rong has caused new changes from the music network control and the change of the actual control rights. The company has previously said that 34.9398% of the companys total number of new registered capital has been pledged to China and its company, and there is a risk that it can not return this part of the stock. But in twenty-first Century, economic news reporter noted that Lok Lok will Lok the new equity pledge to China. As of now, no vote has been taken by the shareholders meeting. Although the Shenzhen Stock Exchange has expressed concern about the inquiry, it has not answered directly in its latest reply. (Editor: Bu Jian) this article source: twenty-first Century economic report editor: Wang Fengzhi _NT2541 Twenty-first Century economic reporter learned that, in the Music Department in the overall financial crisis, Xinle intellectuals in the second half of last year after the business has been in a certain degree of stagnation. At the same time, Lok Rong has caused new changes from the music network control and the change of the actual control rights. The company has previously said that 34.9398% of the companys total number of new registered capital has been pledged to China and its company, and there is a risk that it can not return this part of the stock. But in twenty-first Century, economic news reporter noted that Lok Lok will Lok the new equity pledge to China. Although the Shenzhen Stock Exchange has expressed concern about the inquiry, it has not answered directly in its latest reply. (editors: Bu Jian)