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复盘乐视:神话是如何破灭的

2017-07-23 11:42:22   中国经济网

他感觉情况越来越不妙,“员工工资都不发了,我这么多次过来讨债,之前还有员工给送过水,感觉乐视越来越对我们视而不见”。

2015年贾跃亭在股价高位两轮减持套现了约57亿元,第一次套现时,乐视网曾发布公告称,贾跃亭套现的全部资金借给公司作为营运资金,借款将用于公司日常经营,公司可在规定期限内根据流动资金需要提取使用,借款期限将不低于60个月,免收利息。但2015年财报显示,贾跃亭并未将全部资金借给乐视网,“贾跃亭无息借款”为20.71亿元。贾跃芳套现的22亿元里给乐视网无息借款是14亿元。而到2017年1月融创注资168亿元前,乐视网归还了贾跃亭姐弟的约34亿元借款。

7月14日晚间乐视网发布了2017年上半年业绩预告,让人震惊的是,乐视网业绩首度大变脸,上半年净利润预亏约6.37-6.42亿元,这是乐视从2010年上市以来上半年业绩的首次亏损,同比增幅约为-324%。

值得关注的是,与乐视网2017年上半年业绩预告几乎同时发布的是,2016年年度报告更正公告,补充或修订内容显示,乐视网的应收账款前五名欠款方均来自乐视系,包括乐视智能终端科技有限公司、乐视移动智能、乐视电子商务、乐帕营销服务、乐视控股等,应收账款总计约29亿元,坏账准备8844.39万元;而乐视网去年前五大客户均为关联方,包括乐帕营销服务、乐视智能终端、乐视移动智能、北京东方车云、LeCorporationLimited,乐视网对该五大客户的销售额总计约98亿元,占年度销售总额的44.56%。乐视网解释称,这是公司业务模式和发展所致,是必要的。

2010年和2011年乐视网年报都称,乐视网前五名销售客户和供应商与公司不存在关联关系,公司高层及实际控制人等在主要客户、供应商中无直接或间接权益。而2012年及之后几年年报并未有类似解释。

根据被披露的一份金融机构对乐视系的尽调报告得知,截至2016年9月末,“乐视系”总资产约为670亿元,总负债为630亿元,前三季度实现营业收入约400亿元,整个体系亏损高达97.3亿元。其中手机为最大亏损源,约亏损56.6亿元,其次是乐视体育亏损26.3亿元,还有一直烧钱的乐视汽车亏损13.4亿元。

7月13日,涉及乐视控股、乐视移动、电子商务等多个部门的员工,前往北京朝阳区劳动人事仲裁院申请劳动仲裁,原因是乐视欠薪。

贾跃亭构造的“硬件负利或硬件免费”,收取后端的会员费、广告费以及服务费等的模式,上述乐视前高管曾对经济观察报称,这是一种计算模式,类似于通过不同产品的交叉营销,前期低价销售,后期通过广告、会员费等把收益拿回来,但是这个算盘不能兑现,就可能资金链断掉。或许看到这问题,贾跃亭才顶着压力进军新能源汽车,不断布局乐视影业、乐视体育、乐视金融等,但这些均仍需要一定的投入周期。

去年11月2日起的乐视网股价陡然暴跌,然后又牵引出乐视拖欠供应商货款上百亿元的传闻,美国法拉第工厂项目因欠款而停工……在一番传闻愈演愈烈与乐视否认辟谣后,晴天霹雳般,四日后的11月6日,一手缔造乐视生态之谜的贾跃亭发布内部信长文,反思烧钱扩张模式弊端之余,也承认了“资金链紧张后劲明显乏力”,旋即,乐视网和酷派集团股价双双大跌。屋漏偏逢连夜雨,原本要注入上市的乐视影业也遭暂停,因其98亿元注入上市的业绩对赌协议未实现。随后,涉及600亿元的两大项目搁浅传闻来袭。

去年底,贾跃亭的“中国好同学”给乐视投资6亿美元,但并未化解乐视的资金链危机。于是,今年1月,贾跃亭通过出让个人股权和企业增发等方式,引入融创作为第二大股东注资150亿元,然而,乐视并未脱离困境,反而向深渊快速坠落。

责任编辑:孙启浩 CN037
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