<Writer/ Cheol-Seong Park, Break News Research Center Director/Columnist>
▲Pantagio's largest shareholder change transfer contract is announced. The transfer has been changed from G&C Partners to L&A Holdings, where funds for good people have been invested. L&A Holdings is registered as a co-representative of good people, Lee Jong-hyun. Provide Media Camp Identity.
▲fantagio equity analysis Currently, the largest shareholder is L&A Holdings. It has 11.46 percent stake. A capture of the hero's door at Kium Securities.
A registered copy of L&A Holdings Corporation, currently the largest shareholder of Fantagio. Lee Jong-hyun is registered as co-chairman. He is also a representative of good people.
The future of Fantagio (032800) is beyond the mountains. There is a high voice of concern.
No matter what anyone says, Fantagio should avoid designating management items. It's absolute. That's how you relax.
However, it is not a flatland to cross the mountain. There is another big mountain in front of it. Fantagio must cross the mountain.
Experts stress that it is a must for investors.
Soon it will be the audit season. No listed Korean company can avoid it. We must get a proper opinion here. Only then can they survive in the stock market.
This year is the last year that Sung Do Yi-hyun Accounting Corp., which has been audited, will be the last year to thank Fantagio. This is due to the enforcement of the External Audit Act.
Previously, it was a free-standing system in which an entity to be audited could choose an accounting firm. However, if an accounting firm was chosen voluntarily for the next six years, an auditor must be appointed by the Securities and Futures Commission under the Financial Services Commission for the next three years and undergo an external audit. Here's Fantagio.
Seongdo Yihyeon Accounting Corp. will give Fantagio thank you for the last time this year. In the meantime, all responsibility for the results of Fantagio's audit should be borne by the Sungdo Yihyeon Accounting Corporation. It will inevitably be a heavy audit schedule.
It is expected that Fantagio, which is relatively appreciated, will never be successful. In other words, Seongdo Yihyeon Accounting Corp. will approach as accurately as possible as possible as the regulation. It is another big mountain that we met over the mountain.
▲The goodwill stated in the consolidated financial statements of theFantagio Quarterly Report is worth more than 7.3 billion won.
▲"The consolidated entity recognized 1.5 billion won as goodwill impairment losses during this quarter, and as a result, the carrying amount of goodwill was 7.3 billion won as of the end of the current quarter," according to Fantazio Quarterly Report Consolidated Financial Statement. This is expected to hamper the fourth-quarter audit.
There are two major issues that are expected to be hampered by the Fantagio audit. The remaining 7.3 billion won in operating rights and 1.5 billion won in Hong Kong's bank accounts.
Accountant A said, "The goodwill generated by the merger in 2014 has been amortized every year. For that reason, there is a high possibility that 2020 will also be amortized," he said. "And unless 1.5 billion won in investment in Fantagio Hong Kong is recovered so far, this is also likely to be dealt with as a bad debt." In other words, it is caught as an increase in the amount of loss.
▲If 1.5 billion won invested in Hong Kong is not recovered, chances are high that the fourth-quarter audit will deal with the loss. This has been pointed out as a factor that causes losses to increase before deducting corporate tax expenses.
In the end, accountant A's explanation is concerned that the net loss is likely to exceed 5 billion won before deducting corporate tax expenses in 2020.
In fact, Fantagio had already incurred 1.25 billion won in business losses before deducting corporate tax costs as of the third quarter. The problem is that the deficit is expected to increase in the fourth quarter.
The loss rate of continuous projects before deducting corporate tax expenses easily exceeds 50 percent even if the total amount exceeds 5 billion won.
If so, Fantagio will continue to lose more than 50 percent of its business in the last three years and the two-year period following last year before deducting corporate tax costs. In that case, it's really a big deal. It's a direct entry into the management category. This is why Fantagio's potatoes are inevitable for now.
Nevertheless, Fantagio is rather relaxed. In a press release, they unfolded a rainbow-colored blueprint.
Fantagio said in some media reports, "The only year last year (2019) was when the loss rate of the project exceeded 50 percent before deducting corporate tax expenses. "The figure reflects the large-scale loss handling of overseas investments and loans last year," the company said. "So it is wrong to say that the loss rate of business continues to exceed 50 percent this year."
It's all good. Solka (to be honest) I hope it ends so well. This is because many investors, including reporters, sincerely want to follow Fantagio's official position.
However, in such a confident situation, he should have shouted with confidence, "There is absolutely no potato in Fantagio." However, it is too late to avoid such criticism.
For example, might there be some reason why we can't talk about it, such as selling stocks of major shareholders or their close associates before the decision to reduce the amount of capital. Questions were raised.
Again, if not in that case, Fantagio should have declared "never had any potatoes" before coming up with an official position. This is why suspicions are growing over concerns over the designation of Fantagio management items.
There can be circumstances that anyone can't tell. Then, is Fantagio also having such a story?
This is why reporters have confirmed Fantagio's process of changing its largest shareholder, the flow of acquisition funds and the composition of its shares. Accounting experts analyzed it based on the disclosures so far.
In the process, reporters found suspicious channels of money flow in April and May. That was when G&C Partners and L&A Holdings acquired Fantagio.
Currently, Fantagio's largest shareholder is L&A Holdings, which holds an 11.46 percent stake. Lee Jong-hyun, co-chairman of L&A Holdings.
▲Lee Jong-hyun, co-chairman of L&A Holdings, the largest shareholder of Pontagio, is also the CEO of Good People. Lee is the second son of Lee Ki-tae, former vice chairman of Samsung Electronics, and the main character of Samsung Anycall Legend.
It is a very familiar name. He is currently the CEO of "Good People (033340)." Lee is the second son of Lee Ki-tae, former vice chairman of Samsung Electronics, and the main character of Samsung Anycall Legend.
A media outlet reported, "We acquired 'Good People' with lime funds." Currently, a number of media outlets, including over-the-air media, are reporting on follow-up exploration.
▲It has been confirmed that good people headed by Lee Jong-hyun lent 3 billion won to G&C Partners, the largest shareholder, just before L&A Holdings became the largest shareholder of Fantagio. It was also confirmed that the company transferred 3 billion won to JS&Partners and bought 3.48 million Fantagio common shares in return. Eventually, good people's funds went into Fantagio's acquisition fund.
Reporters also confirmed that while tracking the flow of funds to acquire Fantagio, the very "good people" funds that were injected with lime funds flowed into Fantagio.
If so, by any chance. Perhaps there is some kind of functional relationship between the suspicious acquisition funds surrounding Fantagio, the solution to avoid designation as a management item, and the potato.
The reporters want to explore and cover the details and focus on "Fantagio's Suspicious Acquisition Fund." This is to give accurate information to investors on the premise of public interest.
Fantagio took the first letters of "fantasy," meaning "fantasy," and "origin," meaning "origin." It's a compound word. I hope it becomes like that.
Will Fantagio always be able to get out of the management field and become a free and fantastic company out of gratitude? Many investors are really hoping.