Net profit Huayi brothers fell 10 times now the first loss Feng Xiaogang to lose nearly 70 million


According to the daily economic report on April 28, Huayi Brothers, which suffered from public opinion last year, finally delivered the 2018 performance response sheet with "submission time".

On the evening of April 26, Huayi Brothers released its annual report for 2018. In 2018, Huayi Brothers achieved revenues of 3.891 billion, down 1.40% year-on-year and a net loss of nearly 1.1 billion , Down 231.97% from the previous year. This is the first time that Huayi Brothers has suffered a loss in net profit since its listing in 2009.

This performance trend continued into 2019. According to the 2019 quarterly report released the same day, the company's first quarter net loss loss was nearly 94 million. The company said the movie business was missing from the Spring Festival, the release of the film did not meet expectations and drama revenue declined compared to the same period last year.

In the early years, Huayi Brothers once praised the "Star-Driven IP" In recent years, has acquired a number of companies with high premium.The most obvious example is the acquisition of Dong Xiaomei, Dongyang Mela, Feng Xiaogang, to a price of 1.05 billion yuan. Equity, Dongyang Mela was only established for 2 months, and net assets were -5.500 yuan.

High-value mergers and acquisitions created a hidden danger for Huayi Brothers. In 2018, Huayi Brothers accrues losses of more than 900 million yuan, while Dongyang Mela of Feng Xiaogang and Zhejiang Changsheng of Zhang Guoli are all within the scope of weakening. Among them, because Dongyang Mela is still in the performance period,in

Feng Xiaogang also needs to pay about 70 million yuan of "performance compensation" to Huayi Brothers.

2018 net loss of about 1.1 billion Huayi Brothers listed in the worst performance of ten years

On the evening of April 26, Huayi Brothers released the annual report for 2018. The company earned revenue of 3.891 billion yuan, down 1.40% year-on-year. At the same time, the loss of net profit was almost 1.1 billion, down 231.97%

Non-net income from the deduction was a year-on-year decline of 1001.40%.

One could say that this is the worst annual report ever delivered by Huayi Brothers after its listing. "In 2018, Huayi Brothers had the biggest impact since its listing." Earlier this year, Wang Zhongjun (Wang Zhongjun), chairman of Huayi Brothers, said at the institutional research meeting. "There are two major problems in Huayi Brothers' business development. First, the precision of project selection is not up to the task, the capacity for development projects is not working properly, resulting in a lack of reserves in 2018. Second, the positioning The film was filmed with big hands and feet, and the opera with hundreds of millions of dollars was filmed. Everybody said that there was merit in a good movie, but when it was not good, the mistake was in anyone.Can't find it. "

During the reporting period, "television and film entertainment" was the main source of business revenue, reaching a main revenue of 3.657 billion yuan, an increase of 8.39% compared to the same period a year earlier. In terms of film, the performance contribution comes from "Fanghua," "Predecessor 3: Goodbye Antecessor" released in 2018. The two departments have a total of billion billion 1.9 billion, accounting for almost 52% of the industry's annual revenue of film and television. However, the box office of "Yunnan Worm Valley" and "Die Renjie's Four Kings" released in 2018 are difficult to be successful.

In addition, Huayi Brothers' "brand licensing and service" operating profit was 150 million, with revenue representing 3.9%, down 42.15% over the same period last year. "Internet Entertainment" operating profit was 52,606 million, with revenue accounting for 1.4%.

On the reasons for the decline in performance, Huayi Brothers said that in 2018 the film and television industry underwent a series of standard adjustments and optimizations. The company's main business declined slightly compared to the previous year. Some of the box office released during the report period did not live up to expectations. Brand authorization and the real-life entertainment segment are affected by the market environment, and there are time differences in the progress of each project, resulting in a difference in the progress of the collection between the years.

It is worth noting that Huayi Brothers released the quarterly report for 2019 on the same day. According to the announcement, the company's net profit attributable to shareholders of listed companies in the first quarter was a loss of nearly 94 million. Huayi Brothers suffered a major loss in the first quarter of 2019, mainly because the company missed the Spring Festival due to optimization of the film business during the reporting period.The release of the film failed to meet expectations and drama revenue fell in comparison with the same period last year.

Then Huayi Brothers will release a series of films, one after another. For example, war giant "Gossip", directed by Guan Hu, announced that it will be released on July 5 and Tian Yusheng's new work " Great Wishes, "will be corrected on August 9. Released. In addition, the new work of Zhou Xingchi "Mermaid 2" and the film "Shenzhen Order" (formerly known as "Yin Yang Shi") adapted from the mobile game has already entered the post-production phase, and "749 Bureau" by Lu Chuan also began to be shot. Wang Zhongjun (Wang Zhongjun) proposed at the institutional research meeting that in 2019 he would officially return to the Green Light Committee of the Huayi Brothers and would have veto power to participate in all of the company's film projects, from incubation to development, to strengthen business. Control.

Huayi Brothers listed in the first 10 years of losses, Feng Xiaogang paid nearly 70 million "performance compensation"

In 2015, Huayi Brothers acquired a 70% stake in Dongyang Mela owned by Feng Xiaogang and Lu Guoqiang for a total price of 1.05 billion yuan, with Dongyang Mela only established for 2 months and Feng Xiaogang owned 99% of the shares. Since liquid assets of Dongyang Mela are only -5,500 yuan, Huayi Brothers acquisition of Dongyang Mela also formed a high reputation of more than 1 billion yuan.

It is worth noting that "Mobile 2" is also one of Dongyang Mela's projects. In June 2018, Cui Yongyuan exposed the farce and yang according to the unspoken rules of the film and television industry in Weibo, causing a stir of public opinion and the fuse that broke the news was off the director Feng

Fan BingbingStarring dissatisfaction "Mobile 2".

According to the 2018 annual report of Huayi Brothers, Dongyang Mela's revenue in 2018 was 140 million yuan, and its net profit was only 65 million yuan. According to the performance promise made by Dongyang Mela at that time, net profit in 2018 should not be less than 130 million yuan, so Dongyang Mela should compensate Huayi Brothers under the agreement.

On how to offset, Huayi Brothers proposed in the announcement that Feng Xiaogang, the original major shareholder of Dongyang Mela, either offset the difference in Dongyang Mela's performance in cash, or adopted other methods approved by the target company. The annual report shows that Feng Xiaogang paid nearly 70 million yuan in compensation for performance in April this year, and 70 million yuan in arrears also allowed Feng Xiaogang to rank as Huayi's third largest debtor at the end of 2018.

Huayi Brothers has already been the "predecessor" of the acquisition of high-value holding company.In 2013, spent 252 million yuan to obtain the 70% stake in Zhang Guoli Holdings Co., Ltd., Zhejiang Changsheng.In 2015, it was still more than 756 million

Li ChenFeng Shaofeng,in

AngelababyThe star shareholder holds a 70% stake in Dongyang Haoyu.

"The entertainment industry has fully entered the IP era." Wang Yijun (Wang Zhongjun), chairman of Huayi Brothers, publicly stated in 2016 that he also explained that "we are not only because of stronger meetings." The major shareholders, but also because of the vast experience of operating the main attraction in multiple exports. "

But now it seems that neither the traffic star nor IP can match up to good content productivity nor can it bring lasting competitiveness to the company, and high-priced mergers and acquisitions have also launched a time bomb for Huayi Brothers. Great amount of goodwill. Based on the slight decline in revenue in 2018, one of the main reasons for the sharp decline in profits was the high added value of impairment. In 2018, the Huayi Brothers' loss of goodwill was 973 million, of which Zhejiang Changsheng of Zhang Guoli and Dongyang Mela of Feng Xiaogang were all harmed. At the same time, by the end of 2018, Huayi Brothers still had a goodwill of more than 2 billion yuan.

At the same time, although Dongyang Haohao has met its 130 million yuan performance goal in 2018, minority shareholders may not be included in net income during the reporting period because the project involved in production did not reach the recognition period of the recipe. Make a trade-off. Huayi Brothers' Annual Report also shows that Zheng Yan, a shareholder and actor in Dongyang Haoyu, has to pay about 20 million yuan of performance compensation to Huayi Brothers.

(Huayi Brothers net profit fell 10 times now the first loss Feng Xiaogang to lose nearly 70 million)

(Editor: Gu Ying _NN6577)


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