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2019年前三季已亏亿,华谊兄弟要戴帽
2020-01-08 01:59  www.ramsutra.com

算上这两笔,华谊兄弟2019年已经向银行申请45亿元的综合授信额度。2019年1月8日,公司向平安银行申请综合授信额度12亿元,还向民生银行申请7亿元,招商银行、浙商银行和中信银行各申请2亿元;1月30日,以影片《八佰》相关发行合同项下应收账款质押提供补充担保向民生银行申请7亿元,向浙商银行和招商银行各申请2亿元;11月14日,向杭州银行申请综合授信额度5亿元。

Counting these two, Huayi Brothers has applied to the bank for a comprehensive credit line of 4.5 billion yuan in 2019. On January 8,2019, the company applied to Ping An Bank for a comprehensive credit line of 1.2 billion yuan, and Minsheng Bank for 700 million yuan, China Merchants Bank, Zhejiang Bank and CITIC Bank for 200 million yuan each.

除了向银行借款,华谊兄弟还向合作方、实控人借款。2019年初,华谊兄弟与阿里影业签订战略合作框架协议,华谊兄弟向阿里影业借款7亿元,同时双方开展影视项目、艺人发展、衍生品开发、营销服务等领域合作。2019年3月,公司向浙江横店影视产权交易中心有限公司借款2600万元。2019年4月,公司向实际控制人之一王忠军无息借款亿元。据公开报道,王忠军卖画为华谊兄弟筹款。

In addition to borrowing from the bank, Huayi Brothers also borrows from its partners and real controllers. At the beginning of 2019, Huayi Brothers signed a strategic cooperation framework agreement with Ali Pictures, and Huayi Brothers borrowed 700 million yuan from Ali Pictures, while the two sides carried out film and television projects, artist development, derivatives development, marketing services and other areas of cooperation. In March 2019, the company borrowed 26 million yuan from Zhejiang Hengdian Film and Television property Rights Trading Center Co., Ltd. In April 2019, the company borrowed 100 million yuan from one of the actual controllers, Wang Zhongjun, without interest. According to public reports, Wang Zhongjun sold paintings to raise money for Huayi Brothers.

王忠军和王忠磊兄弟是公司实控人,两人还用华谊兄弟股票质押进行借款,截至2019年12月24日,王忠军、王忠磊分别质押了所持股票的%和%,其中半年到期的股权质押融资额亿元。

Wang Zhongjun and Wang Zhonglei brothers, the company's real controller, also used Huayi Brothers stock pledge to borrow money, as of December 24,2019, Wang Zhongjun and Wang Zhonglei respectively pledged% and% of the shares held, of which half a year of equity pledge financing amounted to 100 million yuan.

申请银行综合授信与借款,都是为了解决融资难题。从华谊兄弟2019年3季报看,公司2019年融资确实不少。2019年前3季度,公司取得借款收到的现金是亿元,同比增长超过7成,创公司有史以来新高。同期投资活动产生现金净流入6亿元,但经营活动现金净流出2亿元,偿还到期债务流出45亿元。

The purpose of applying for comprehensive bank credit and borrowing is to solve the financing problem. From Huayi Brothers'3rd Quarterly 2019, the company did raise a lot of money in 2019. In the first three quarters of 2019, the company received $100 million in cash to borrow, up more than 70 percent year-on-year, hitting an all-time high. During the same period, investment activities generated a net inflow of 600 million yuan in cash, but a net outflow of 200 million yuan in cash from operating activities and 4.5 billion yuan in debt repayment due.

即使有了借款,华谊兄弟在2019年3季度末“现金及现金等价物余额”也只剩下亿元。创2012年3季度末以来近7年新低,相比2016年3季度末最高值,只有其1/4左右。

Even with borrowings, Huayi Brothers had only $100 million left at the end of the third quarter of 2019\" cash and cash equivalents balance.\" At a nearly seven-year low since the end of the third quarter of 2012, it's only about a quarter from its peak at the end of the third quarter of 2016.

2019年前3季度华谊兄弟控股子公司拖累整体利润。华谊兄弟母公司同期亏损只有亿元,合并报表(加上控股子公司)亏损却达亿元。并且,华谊兄弟2019年全年业绩“累计净利润可能为亏损或者与上年同期相比发生重大变动”,要在3季报中做出警示及说明原因。虽然前3季度已经亏损,对于这个选项,公司选择了“不适用”。这样的操作,通常被市场理解为2019年全年净利润不会亏损是大概率事件。

Huayi Brothers Holdings subsidiary dragged down overall profits in the first three quarters of 2019. Huayi's parent company lost only $100 million in the same period, while its consolidated statement (plus its holding subsidiary) lost $100 million. And huayi's full-year 2019 results \"could be a loss or a significant change from the same period last year\" should be warned and explained in the three-quarter report. Although the first three quarters have lost money, for this option, the company has chosen to \"not apply \". Such an operation, usually understood by the market as 2019 full-year net profit without loss is a big probability event.

国家统计局数据显示,2018年全国电影票房总收入同比增长%,猫眼数据联合微博电影发布的《2019年中国电影市场数据洞察报告》数据披露,2019年,中国电影市场继续保持增长势头,全国票房收入同比增长%。

According to the National Bureau of Statistics, gross gross box office revenue in the country increased by% year-on-year in 2018, and data from the 2019 China Film Market Data Insight Report, released by Cat Eye data in conjunction with Weibo films, revealed that the Chinese film market continued to grow momentum in 2019, with the national box office revenue rising by% year-on-year.

上述华谊兄弟等几家公司,则苦乐不均。除光线传媒2018年净利润保持增长外,另4家均下降,慈文传媒和华谊兄弟双双滑入亏损位置。但是,在2019年前3季度,慈文传媒已经扭亏,光线传媒净资产收益年化后甚至高过2018年,只有华谊兄弟亏损依旧。

The above-mentioned Huayi Brothers and other companies, the bitterness is uneven. In addition to ray media's 2018 net profit growth, the other four all fell, ciwen media and huayi brothers both slipped into a loss position. However, in the first three quarters of 2019, ciwen media has turned losses, ray media net asset income after an annualized or even higher than 2018, only huayi brothers losses remain.

华谊兄弟2019年前3季度营业收入同比接近腰斩,管虎导演的战争巨制《八佰》预计在2019年7月5日上映,实际到了2019年末仍未上映,此影片的预期收入为民生银行7亿元综合授信提供着补充担保。

Huayi Brothers'revenue in the first three quarters of 2019 was nearly halved year-on-year, and Guan Hu's war juggernaut,\" Eight Hundred,\" is expected to be released on July 5,2019, and actually remains unreleased by the end of 2019, with its expected revenue providing a supplementary guarantee for Minsheng Bank's $700 million comprehensive credit.

以净资产收益率将上述5家公司横向比较,华谊兄弟走下坡路最明显。2013年时其净资产收益率在5家影视公司中最高。2018年,华谊兄弟排在倒数第二,2019年前3季度为倒数第一。

With the return on net assets will be horizontal comparison of the above five companies, Huayi Brothers decline is the most obvious. In 2013, its net asset yield was the highest among five film and television companies. In 2018, Huayi Brothers was in the bottom two, and the first in the first three quarters of 2019.

华谊兄弟2009年10月上市,到资产最高峰的2017年时,总资产和净资产较刚上市时分别增长了倍和倍。同期,公司资产负债率提高了3倍有余。在杠杆率的提升同时,公司总资产收益率并未水涨船高,反倒是每况愈下。2017年相比2013年,总资产收益率下降了近6成,2018年更是整体亏损。

Huayi Brothers went public in October 2009, and by 2017, the highest level of assets, total assets and net assets had doubled and doubled respectively from when they were first listed. Over the same period, the company's asset-liability ratio has more than tripled. At the same time as the increase in leverage, the company's return on total assets is not rising, but is getting worse. Total asset yields fell by nearly 60% in 2017 compared to 2013, and overall losses in 2018.

在2014年和2015年,华谊兄弟持续运作数笔大规模溢价收购,两年各有4家被收购公司新并入合并报表。但是,被收购公司盈利情况并不好,有两家公司甚至收购当年净利润就是亏损。

2015年,华谊兄弟亿元收购冯小刚持股99%的浙江东阳美拉传媒有限公司(下称“东阳美拉”)70%的股权,受到市场关注。东阳美拉当时净资产-万元,按照2016年税后利润15倍估值计算转让价格。东阳美拉承诺了5年利润,在第3年时,即2018年度,税后利润只完成了承诺值的49%。2019年,东阳美拉承诺净利润亿元,公司所制作的《只有芸知道》是其2019年上映的唯一影片,票房并不如意,猫眼数据显示,截至2020年1月6日,此影片累计票房亿元,仅是2017年上映的《芳华》票房的1/9。

In 2015, Huayi Brothers bought a 70 percent stake in Zhejiang Dongyang Maila Media Co., which is 99 percent owned by Feng Xiaogang (hereinafter referred to as \"Dongyang Maila \"). Dongyang Meila's net assets at the time-10,000 yuan, based on the 2016 after-tax profit 15 times the valuation of the transfer price. Dongyang Meila promised 5 years profit, in the 3rd year, that is,2018, after tax profit only completed 49% of the promised value. In 2019, Dongyang Meila promised a net profit of $100 million, and the company's production of \"Only Yun Knows\" was its only film to be released in 2019, and the box office was not satisfactory, with cat-eye data showing it had a cumulative gross of $100 million as of January 6,2020, just 1\/9 of the 2017 box office of Fanghua.

大量的溢价收购,使得华谊兄弟商誉大幅增加,2017年较2013年,公司商誉增长倍。2018年公司亏损主因就是商誉减值。2018年,华谊兄弟亏损超过10亿元,其中商誉减值损失亿元。

A large number of premium acquisitions led to a significant increase in Huayi Brothers goodwill, which doubled in 2017 over 2013. The main cause of the company's losses in 2018 is the impairment of goodwill. In 2018, Huayi Brothers lost more than 1 billion yuan, of which goodwill impairment loss of 100 million yuan.

2017年6月,华谊兄弟出售广州银汉科技有限公司部分股权。同年,出售河南建业华谊兄弟文化旅游产业有限公司部分股权,转让了英雄互娱科技股份有限公司。2019年9月,公司及全资孙公司将GDC公司全部股份转让。

In June 2017, Huayi Brothers sold part of its stake in Guangzhou Yinhan Technology Co., Ltd. In the same year, the sale of Henan Jianye Huayi Brothers Cultural Tourism Industry Co., Ltd., part of the transfer of hero mutual entertainment technology Co., Ltd. In September 2019, the company and wholly-owned Sun Company transferred all shares of GDC.

公募基金用卖出表达对公司的态度。2013年2季度末,有51只基金重仓持有华谊兄弟股票,持有数量占流通股本的20%。2019年3季度末,只剩两只基金持有公司股票,占流通股本的%。

Public funds sell to express their attitude towards the company. At the end of the second quarter of 2013,51 fund positions held Huayi Brothers shares, or 20 per cent of outstanding equity holdings. At the end of the third quarter of 2019, only two funds held shares in the company, or% of outstanding equity.

华谊兄弟表示,将逐步剥离与电影、实景等核心业务关联较弱的业务与资产,以集中优质资源不断巩固和提升公司的核心竞争力。

Huayi Brothers said it would gradually divest businesses and assets that are weakly linked to core businesses such as film and reality, in order to focus on quality resources to continuously consolidate and enhance the company's core competitiveness.