At the end of 2018, Star Film CompanyHuayi BrothersDue to the continuous decline in profits, its solvency is concerned by rating agencies and is included in the credit rating watch list by China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as China Chengxin International).
With the tightening of time, under the still severe environment, the nearly 2.9 billion debts that are about to expire, whether Huayi Brothers can pay on time, not only related to the stock price trend in the capital market, but also the income of many investors. .
On the evening of January 8, Huayi Brothers issued 9 consecutive articles.announcementAfter deliberating and passing a series of credit proposals, has Huayi Brothers turned around?
Huayi Brothers applied for a credit of 2.5 billion yuan.PledgeFuture box office revenue
On the evening of January 8, Huayi Brothers issued 9 announcements, which are called actual business needs. It is intended to be held by the wholly-owned subsidiary Huayi Brothers Entertainment, Heroes Entertainment, Dongyang Haoyi, Huayi Studios (Suzhou) And other assets provide pledge guarantee, applybankThe total credit grant amounted to 2.5 billion yuan.
According to the statistics of the reporters, Huayi Brothers applied for a credit of 2.5 billion yuan to five banks, and almost all of the pledge guarantees were pledged. The mortgage targets included 20.17% of the shares held by the heroes, Beijing Huayi Brothers. 100% equity of entertainment investment, three sets of self-owned property, Huayi Brothers Mutual Entertainment (Tianjin) invested in a set of self-owned properties, 65.8% equity of Dongyang Haoyu, 14.29% equity of Huayi Studios (Suzhou), and no more than The accounts receivable of the seven films revenue increased the accounts receivable of the box office revenue generated in the future operation of 10 wholly-owned cinemas.
In addition to the actual controller of Huayi Brothers, Chairman Wang Zhongjun and Huayi Brothers actual controller and vice chairman Wang Zhonglei, the applications for joint liability include Wang Zhongjun's spouse Liu Xiaomei, Wang Zhonglei's spouse Wang Xiaorong, and non-related third-party giants' investment and natural person Shi Yuzhu. .
The mortgage property of Huayi Brothers is the 338-M villa of 338-M, Haikou Guanlanhu West Hall, No.1 Guanlan Lake Avenue, Longhua District, Haikou City. It is located in Hongshu Valley, Jiyang District, Sanya City under the control of Huayi Mutual Entertainment. Resort property OV2A-V23 own property. Both properties are located in the tourist area of Hainan.
In addition to equity and real estate, Huayi Brothers also owns 15 cinemas owned by 10 wholly-owned cinema management companies as borrowers and Huayi Brothers as joint borrowers and Huabao Trust Co., Ltd. (hereinafter referred to as “Huabao Trust” ") As the original equity holder, initiated the establishment of "Jiantou-Huayi Brothers Cinema Trust Beneficiary Rights Asset Support Special Plan" (hereinafter referred to as "special plan"), and applied for a trust loan to Huabao Trust, the initial 10 wholly-owned theaters The box office income generated by the management company in the next five years is pledged to Huabao Trust Co., Ltd., and the cash income generated by the above pledged property is first used as the repayment source of the trust loan. As a joint borrower, Huayi Brothers assumes joint liability for the trust loan.
The film revenue receivables and the future box office receipts of the wholly-owned theaters can be used as collateral guarantees and face certain risks. An investor told reporters: "The box office income is not like movable property, real estate has physical existence, and may face the risk that property rights cannot be realized."
China Chengxin International listed the credit rating of Huayi Brothers' debts on the watch list
The news of Huayi Brothers applying for credit is exactly the same as the "Credit Rating Notice" issued by China Chengxin International half a month ago.
On December 24, 2018, China Chengxin International issued the announcement on “listing the main credits of Huayi Brothers Media Co., Ltd. and related debt credits on the watch list”.
The announcement stated that the credit rating of AA of Huayi Brothers Media Co., Ltd., the debt credit rating of “16 Huayi Brothers MTN001” AA and the debt credit rating of “18 Huayi Brothers CP001” A-1 were included in the watch list. And will continue to pay attention to the repayment of funds for the company's debts due.
According to the announcement, Huayi Brothers issued “16 Huayi Brothers MTN001” on January 28, 2016, issuing bonds worth 2.2 billion yuan, with a release period of 3 years; on April 9, 2018, issued “18 Hua Yi Brothers CP001", issued a bond amount of 700 million yuan, the issue period is 365 days. The above two bonds will expire on January 29, 2019 and April 11, 2019, respectively, with a total scale of 2.9 billion yuan.
Can Huayi Brothers pay off debts on time? Some investors have thrown this question to Huayi Brothers. In this regard, Huayi Brothers expressed the confidence to fully raise funds for repayment. “The company has been actively negotiating with a number of financial institutions. At present, the company's various businesses are progressing in a normal and orderly manner, the cash flow is functioning normally, and all operations are normal.”
In addition, China Chengxin International believes that Huayi Brothers this yearPerformanceThe situation is not optimistic. Huayi Brothers’ main business of film and television entertainment business is obviously under pressure; at the same time, in the first three quarters of 2018, due to the sharp decline in investment income compared with the same period of last year, Huayi Brothers’Net profitThere has also been a significant decline. In addition, Huayi Brothers released the box office of the film in the second half of last year, which is expected to be lower than expected. China Chengxin International expects that the company's full-year performance will continue to decline. In addition, Huayi Brothers has acquired a large number of pre-acquisition projects and formed a large-scale goodwill.
In terms of debt structure, as of the end of September 2018, the company's total debt scale was 6.915 billion yuan, of which short-term debt was 4.737 billion yuan, short-term debt accounted for 68.50% of total debt, and short-term debt ratio was high. In addition, as of the date of the announcement, the actual controllers of the company, Wang Zhongjun and Wang Zhonglei, held a total of 28.02% of the company's shares, of which the proportion of pledged shares was 90.83%.Equity pledgeThe ratio is at a high level, and China Chengxin International said it will continue to pay attention to the risk of liquidation that may be caused by a high proportion of equity pledge.
(Article source: Daily Economic News)