According to the semi-annual report newly disclosed by LeTV.com, “New LeTV†still has many risks and problems to face. On the evening of August 28, LeTV.com's 2017 semi-annual report showed that in the first half of 2017, LeTV.com achieved a total operating revenue of 5.5 billion yuan, a decrease of 44.56% year-on-year; and a net profit attributable to shareholders of listed companies was a loss of 637 million yuan. 323.91% reduction. This is the first time LeTV has made a loss report since it was listed.
"It is not terrible to burn money. What terrible is burning nothing behind it." Sun Yongjie, an IT senior commentator, pointed out to reporters that both the "hing" before the music and the current "decline" originated from the story of its so-called original music ecology model. . Only the story tells the present, the harsh facts make this story look so pale and powerless.
The five main business incomes are declining
For the cause of performance loss, LeTV said there are three main reasons. First, in the report period, due to the characteristics of the company's industry, the operating costs such as copyright amortization, CDN, and labor costs did not decline during the reporting period, but due to the LeTV system The impact of the party's funding status, coupled with a certain impact on the company's brand, followed by fluctuations in customer stickiness, the company's advertising revenue, terminal income and membership revenues have fallen significantly.
At the same time, LeTV said that in order to maintain its single-play strategy for premium content, the company did not conduct any external copyright distribution business in the second quarter, resulting in a sharp drop in copyright distribution revenue over the same period. In addition, during the reporting period, the provision for impairment losses on assets of the company was relatively large, amounting to approximately 240 million yuan (has been passed at the 47th meeting of the third session of the Board of Directors), including 156 million yuan in intangible asset copyright impairment provision and inventory. The price drop was 2.019 million yuan, accounts receivable bad debts were 80.30 million yuan, and loan losses were 425,000 yuan.
According to the combing of the reporters, in the first half of this year, of the eight main business operations of LeTV, only the three businesses of copyrighted services, technical services, and “other businesses†achieved revenue growth of 84.05% and 178.71%, respectively. 12.36%. However, these three businesses each accounted for a small portion of their revenue, with a maximum of 10.75% (technical service) and a minimum of 0.83% (other services).
The income of the remaining five main operations decreased by a different rate compared to the same period last year. Among them, revenue from terminal businesses, membership and distribution services, and paid services, which accounted for the top three revenues, fell by 54%, 31.44%, and 34.09% year-on-year respectively.
Return all borrowed money from Jia Yueting and Jia Yuefang
This is the first transcript handed out by LeTV after experiencing great changes in management. In the semi-annual report, LeTV said that the company's total exposure to nine risks includes: the company's risk of fluctuations in profitability, the risk of changes in the actual controller, the company's tight cash flow risks, potential lawsuit risks, mergers and acquisitions reorganization risk, Policy risks for Internet video content supervision, risk of receivables recovery, higher risk of asset-liability ratio, and risk of impairment of intangible assets.
The reporter noticed that the column of debts owed to related parties in the 2017 semi-annual report showed that LeTV repaid 2.6 million yuan for Jia Yueting and 430 million yuan for his sister Jia Yuefang in the current situation of LeTV. After LeTV repays the loan, Jia Yueting and Jia Yuefang will all withdraw their commitment to LeTV.
According to the information disclosed by LeTV, Jia Yueting issued a share reduction plan in May 2015, saying that he will reduce his holding of LeTV.com stock and lend all his income to the company as working capital. The loan is used for daily operations of the company. The loan period will not be less than 60 months and the commitment period will be October 30, 2015. And Jia Yuefang made two commitments on December 11, 2014 and February 2, 2015, borrowing 178 million yuan and 1.5 billion yuan from the company. The borrowing period was not less than 60 months, free of interest, and was used to supplement Working capital of the company.
In other words, LeTV will return all the remaining loans in the case that the promised loan has not yet expired. Jia Yueting also promised that the funds that have been deducted from the holdings will be fully used by listed companies. After the listed companies repay the funds, the repayment proceeds will be used to increase the holding of LeTV.com shares within six months from the date of receipt of the repayment. .
Resolve related transactions
LeTV has been criticized for a large number of issues related to the large and complex connected transactions of LeTV.
The semi-annual report shows that LeTV.net's accounts receivable amounted to 9.542 billion yuan, accounting for 26.70% of the total assets; of which, the balance of accounts receivable from related parties was 5.241 billion yuan, accounting for 51.85% of the total accounts receivable. In the 2016 annual report, the balance of accounts receivable from related parties of LeTV.com reached 3.802 billion yuan, which is 43.77% of the total accounts receivable in the same period.
LeTV.com stated that the balance of accounts receivable of related parties increased by RMB 1,438,870,700 compared with December 31, 2016, mainly due to the fact that during the reporting period, the company’s existing businesses were involved in the normal development of certain related party transactions; the original business and settlement continued to lead to related parties. The occurrence of accounts receivable; at the same time, the company cut the non-listed system during the reporting period, resulting in a new one-off related transaction.
LeTV said it has reached a repayment plan with the main debtor. According to the stipulations of the repayment plan, the aforementioned accounts receivable will be repaid in stages and will be finally repaid by the end of 2017. The actual controller, Jia Yueting, will urge the relevant parties to pay in accordance with the payment schedule agreed by both parties. However, as of now, the funds of the major debtors have continued to be tight and the repayment plan has not been strictly implemented.
LeTV.com stated in the announcement that the company is actively seeking solutions between itself and related parties, and does not rule out injecting the latter's premium assets into the listed company for the purpose of repayment.
“According to the current situation, many strategies and implementations of Jia Yueting have no clear goals and plans.†An analyst who declined to be named told reporters that Jia Yueting is not a good manager, not even a good strategist.
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