IAIH :: Volume #6

#503: Firefly market value

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Earning condition of North America Firefly to the media that is interested in not being able to obtain the public annual financial statement of Firefly, sends out the interview invitation to the Firefly high level in the declined situation, to seek attention, starts to carry on the independent analysis according to the material that collects from other methods. 北美对萤火虫的营收状况感兴趣的媒体在得不到萤火虫的公开年度财务报告,向萤火虫高层发出采访邀请又被回绝的情况下,为了博取关注度,纷纷开始按照从其他门路收集来的资料进行自主分析。 The data that these specialized financial media give also calculates more reasonable, but the non- specialized entertainment to the media basically textual criticism, how completely according to having not attracted the pattern how the eyeball writes to fabricate carelessly, suddenly the guess article about Firefly Pictures state of operation proliferates the large and small media, to attract the attention majority has carried on the absolutely groundless exaggeration, but these magazine sales volumes often have not small increasing. For several days, profit for the year of Firefly Pictures on media even rose suddenly the highest 26 hundred million USD degree, Eric do not know how these magazine calculated. 那些专业的财经媒体给出的数据还算靠谱一些,而非专业的娱乐向媒体基本上就没怎么考据,完全是按照怎么吸引眼球怎么来写的模式胡乱进行杜撰,一时间关于萤火虫影业经营状况的猜测文章遍布大大小小的媒体,其中大部分都为了吸引眼球而进行了毫无根据的夸大,而这些杂志的销量往往还都有不小的攀升。短短几天内,萤火虫影业在媒体上的年利润甚至暴涨到了最高26亿美元的程度,连艾瑞克自己都不知道那些杂志是怎么算出来的。 Jeffrey shoves open the door of Eric office, saw that the Eric entire body falls in the leather chair, the both legs support on the garnet desk, in the hand takes a thick print file to glance through leisurely and carefree, therefore has knocked on the door once more under. 杰弗里推开艾瑞克办公室的房门,看到艾瑞克整个身体陷在皮椅里,双腿撑在暗红色的办公桌上,手里拿着一份厚厚的打印文件正在悠闲地翻阅着,于是再次在房门上敲了下。 Eric received the sitting posture, placed on the table to put out a hand to hint to Jeffrey the document in hand: „Does Jeffrey, what matter have?” 艾瑞克收起了坐姿,将手中的文件放在桌子上才对杰弗里伸手示意:“杰弗里,有什么事情吗？” Jeffrey arrives at the Eric opposite, pulls the chair to sit down, glances that document that Eric just read, said curiously: „New script?” 杰弗里走到艾瑞克对面,拉过椅子坐下,瞟了眼艾瑞克刚刚看的那份文件,好奇道:“新剧本？” „It is not,” Eric smiled, has pushed that document: „You look, the Chris round.” “不是,”艾瑞克笑了笑,将那份文件推了过来:“你看一下,克里斯发过来的。” Hearing was thing that the son sent, Jeffrey took curiously, discovered that originally was one about to Internet Explorer Corporation management the contract of stockholder's rights drive plan, turned several pages carelessly. Jeffrey somewhat feels dizzy not to continue to look again, a contract, more than 110 pages, like a thick book, the rules are unexpectedly more numerous more and diverse than the contract that Hollywood Star and Film Studio sign. 听到是儿子发过来的东西,杰弗里好奇地拿了起来,才发现原来是一份关于对ie公司管理层的股权激励方案的合约,草草地翻了几页。杰弗里就有些眼晕地没有再继续看下去,一份合约而已,竟然有110多页,像一本厚厚的书一样,条条框框比好莱坞明星与制片厂签署的合约都要繁杂。 „Thanksgiving time I and Chris discussed. The plan gave Internet Explorer, Yahoo and Hotmail three company management about 20% stockholder's rights rewards according to the achievement in 1995, this was Chris issues my contract rough draft,” Eric saw that Jeffrey put down the hitting manuscript for printing in hand quickly, explained one on own initiative. “感恩节的时候我与克里斯商议。打算按照业绩在1995年给予ie、雅虎和hotmail三家公司管理层20左右的股权奖励,这是克里斯发给我的合约草稿,”艾瑞克看到杰弗里很快放下手中的打印稿,主动解释了一句。 By market expansion speed that Internet Explorer and Yahoo display, two withdrew from the product the company market value to break through 100 million USD in the estimate value of capital market, therefore. 20% stockholder's rights drive plans were not a minor matter, Chris negotiate with the management of three companies for one month are handle . Moreover the some stipulations of contract all affairs big or small in various provision various possibilities, more than 100 pages, for the first time saw including Eric feels somewhat surprisedly. However after starting to read, thought that inside any provision has not been is aimless absolutely groundless, for obviously Chris this matter has spent many energy. 以ie和雅虎所表现出来的市场扩张速度,两家已经退出产品的公司市值在资本市场的估值都已经突破了一亿美元,因此。20的股权激励方案并不是一件小事,克里斯与三家公司的管理层足足谈判了一个月才算搞定,而且合约在各种条款各种可能性上都有事无巨细的规定,足足有100多页,连艾瑞克首次看到都感觉有些惊讶。不过开始阅读之后,又觉得里面没有任何条款是毫无根据地无的放矢,可见克里斯为了这件事花费了不少的精力。 „These matters that you cause I do not understand,” Jeffrey shook the head with a smile, said: „Carolyn has made annual financial statement, you have a look first.” When saying, Jeffrey just will be walking the document that brings has given Eric. “你们弄出的这些事情我都不太懂,”杰弗里笑着摇了摇头,才说道:“卡洛琳已经将年度财务报告做出来了,你先看看吧。”说着,杰弗里就将刚刚走进来时带过来的文件递给了艾瑞克。 „Oh, is so quick. I think that must,” Eric receive to say in one week, in the new year just passed. After going through the vacation, went to work is also less than one week, Eric has not thought that the working efficiency of finance department so will be high. “哦,这么快。我以为还要再过一星期呢,”艾瑞克接过来说道,新年刚刚过去。度过了假期后上班还不到一个星期,艾瑞克没有想到财务部的工作效率会这么高。 „Was I have urged Carolyn several times specially,” Jeffrey looks that Eric read the document saying: „Outside makes that fiercely, I always thought that morning a point does morning some to feel relieved, Eric, makes Carolyn hold a press conference. The outside told slightly a news, otherwise the media will not stop.” “是我特意催了卡洛琳几次,”杰弗里看着艾瑞克翻看文件说道:“外面闹得那么厉害,我总觉得早一点做出来早一点放心,艾瑞克,是不是让卡洛琳召开一场新闻发布会。稍微向外界透露一点消息,不然的话媒体是不会消停的。” Eric lowered the head to read the Firefly 1992 financial report. Said: „They flattered the Firefly profit for the year 2.6 billion, a little people of brain know slightly this was talks nonsense. Therefore makes them guess that we have been possible not to have this duty to satisfy their curiosity.” 艾瑞克低头翻看着萤火虫1992年度的财务报告。说道:“他们已经把萤火虫的年利润吹捧到了2600000000,稍微有点脑子的人都知道这是胡说八道了。所以就让他们猜去好了,我们可没有这个义务满足他们的好奇心。” Jeffrey smiled, on the face is bringing satisfaction, said: „Although 26 hundred million USD this digit somewhat are truly odd, but if the film and television entertainment market in North America and overseas expands according to the present situation, perhaps soon Firefly can be this degree.” 杰弗里笑了笑,脸上带着满足,道:“虽然26亿美元这个数字确实有些离谱,但如果北美和海外的影视娱乐市场按照现在的形势扩张下去,或许用不了几年萤火虫就能达到这种程度。” „Naturally, this is sooner or later matter,” Eric said. “当然,这是早晚的事情,”艾瑞克跟着说道。 Firefly current main profit service including film and television entertainment, peripheral product, theme park as well as television service four big plates, more than ten years later the profit of film and television entertainment only accounts for the media group earning very small proportion to be different, at present the Hollywood seven big Film Studio film and television entertainment income as before is a most important profit point. 萤火虫目前的主要盈利业务包括影视娱乐、周边产品、主题公园以及电视业务四大板块,与十多年后影视娱乐的利润只占传媒集团营收很小比例不同,目前好莱坞七大电影公司的影视娱乐收入依旧是最重要的一块赢利点。 In 1992 Firefly wealth report, the film and television entertainment distributed the total earnings of three big main plates including the North America Box Office income and overseas Box Office income as well as the recording tape is 4.2 billion USD, the share that although the overseas Box Office income grabbed was highest, achieves the 1.8 billion USD figure, but the overseas Box Office profit margin was actually lowest, deducted sea outer court line company the share as well as release budget and other costs , the profit margin of overseas only then 14%, the profit was about 250 million USD, but the profit margin of North America Box Office income was high, the 1.5 billion USD North America Box Office income, deducted announcement as well as the production cost, the Firefly grand total can attain 520 million USD. The final recording tape release profit margin is highest, because is the independent release, in the 900 million USD recording tape income Firefly deducts the cost of capital, the profit is 5. 800 million USD. This digit almost differs not in a big way with the Box Office income, even also is more than the North America native place income, but this is not too strange, in the late 80's, big Film Studio recording tape income already with the Box Office income impartial. 1992年度的萤火虫财报中,影视娱乐包括北美票房收入、海外票房收入以及录像带发行三大主要板块的总营收为42亿美元,虽然海外票房收入占据的份额最高,达到18亿美元的数字,但海外票房的利润率却是最低的,扣除海外院线公司的分成以及发行预算等成本,海外的利润率只有14%,利润为2.5亿美元左右,而北美票房收入的利润率较高,15亿美元的北美票房收入,扣除宣发以及制作成本,萤火虫总计能够拿到5.2亿美元。最后的录像带发行利润率是最高的,因为是自主发行,9亿美元的录像带收入中萤火虫扣除发行成本,利润达到5.8亿美元。这个数字几乎与票房收入相差不大,甚至比北美本土收入还要多一些,不过这也不算太奇怪,早在八十年代末期,大电影公司的录像带收入就已经与票房收入相持平。 Following peripheral end product earning mainly by Disney peripheral product store, after purchasing Disney completes, the «Toy Story» peripheral end product development authority that Firefly Box Office will sell last year greatly has given the Disney's relevant authority, therefore this year Disney store the sales volume of store in 1.6 billion USD, the gross profit is 330 million. The earning of the theme park and resort is 3.7 billion USD, because the operation cost is huge, the profit margin is only about 10%, the income is 360 million USD. 接下来的周边成品营收主要是靠迪斯尼周边产品商店,在收购迪斯尼完成之后,萤火虫将去年票房大卖的《玩具总动员》周边成品开发权力都交给了迪斯尼的相关部门,因此今年迪斯尼商店的商店的销售额在16亿美元,总利润为3.3亿。主题公园和度假村的营收为37亿美元,不过因为运营成本巨大,利润率只有10%左右,收入为3.6亿美元。 In addition, finance department delimited television service the TV series authorization earning of Firefly movie. Own stocks the gross profit sum totals of Fox TV Network 10% stocks with 《Friends》 and «X-Files» and «Who Wants to Be a Millionaire?» these grades of television programs as well as Firefly are 7. 200 million USD. 除此之外,财务部门将萤火虫影片的电视剧授权营收划到了电视业务这一块。与《老友记》、《x档案》和《谁会成为百万富翁》这几档电视节目以及萤火虫持股福克斯电视网10%股份的总利润合计为7.2亿美元。 If not consider the operation disbursement completely, above all profits add, the grand total achieves 27. 600 million USD, truly is almost the same as the 2.6 billion USD profit for the year that on the media promoted. 如果完全不考虑运营支出,以上所有的利润加起来,总计达到27.6亿美元,与媒体上鼓吹的26亿美元年利润确实相差无几。 However, although in this figure deducted some costs. But in the Firefly system other salaries as well as software and hardware disbursements of itself several thousand staff are quite as before huge, moreover Firefly must provides the continuous technical research and development fund for the digit the technologies division of domain and Pixar work room, in addition Firefly must pay off part of principal and interest for the 2 billion USD debt of initially to purchase Disney shouldering, subtracted these disbursements, 27. 600 million USD profit on only remaining 1.5 billion USD about. 不过,虽然这个数字中已经扣除了一些成本。但萤火虫体系内本身数千名员工的薪资以及其他软硬件支出依旧相当庞大,而且萤火虫还要为旗下数字领域和皮克斯工作室的技术部门提供源源不断的技术研发资金,再加上萤火虫还要为当初收购迪斯尼而背负的二十亿美元负债清偿一部分本息,减去这些支出,27.6亿美元的利润就只剩下15亿美元左右。 This is also not Firefly finally falls into the profit of pocket, don't forget. The business tax proportion of North America Corporation achieves seething discontent among the people 35%, the tax money that deduction should pay, the Firefly year net profit only remaining 9. 800 million. 这还不算萤火虫最终落入口袋的利润,别忘了。北美公司的营业税比例可是达到天怒人怨的35%,扣除应该缴纳的税款,萤火虫的年度纯利润就只剩下9.8亿。 „980 million!” Sees finally, Eric could not bear sigh, at heart one type with the impulsion that the United States Internal Revenue Service went all out. “980000000啊！”看到最后,艾瑞克忍不住感叹了一句,心里有一种和美国国税局拼命的冲动。 „Yes. 980 million!” The Jeffrey expression is quite inspired, at present Hollywood seven major and medium, because has the Turner broadcasting company and other profit high TV Station reasons, the Warner profit for the year is 9. 500 million USD, Warner has done for almost ten years in the status of Hollywood overlord, but the financial report in Eric hand also announced starting from this year starts, Firefly caught up with the Hollywood Boss' position Warner finally, thought of these. Jeffrey cannot bear ask: „Eric, how do next you plan to do?” “是啊。980000000！”杰弗里的语气却相当振奋,目前好莱坞七大中,因为拥有特纳广播公司等利润较高的电视台的缘故,华纳的年利润才达到9.5亿美元,华纳在好莱坞霸主的地位上已经做了差不多十年时间,而艾瑞克手中的这份财务报告也宣告了从今年开始开始,萤火虫终于将华纳赶下了好莱坞老大的位置,想到这些。杰弗里忍不住问道:“艾瑞克,下一部你打算怎么做？” Eric puts down wealth text, shook the head saying: „Currently I did not have a more further plan. At least must wait till will say next year again.” 艾瑞克放下财报文件,摇了摇头道:“目前我还没有更进一步的打算。至少要等到明年再说。” Jeffrey intent outlet: „Why, in our hands had these many cashes, if did not invest to be a pity.” 杰弗里意外道:“为什么,我们手里已经拥有了这么多的现金,如果不进行投资就太可惜了。” „But we cannot to invest to invest simply, moreover these cashes, is impossible to meet my needs,” Eric said. According to the historical orbit, the investment scale of movie is getting higher and higher. Also means that the profit of film and television entertainment service plate will reduce fast, in comparison. The TV Network profit has actually increased, even several years later, possibly achieves more than 50% in media group all earnings. “但我们也不能简单地为了投资而投资吧,而且这些现金,也不可能满足我的需要,”艾瑞克说道。按照历史轨迹,电影的投资规模越来越高。也就意味着影视娱乐这一业务板块的利润会快速降低,相比之下。电视网的利润却一直攀升,甚至在十几年后,可能达到传媒集团所有营收中的一半以上。 Therefore, the expansion plan of Firefly next arrange, must certainly to the television business development. 因此,萤火虫下一布的扩张计划,肯定要向电视业务发展。 However, although North America three Major TV Networks has not fallen into the media group hand at present, the market value has not started to rise suddenly, but wants to purchase, the initial price will not be as before low, Persian Gulf War the matter of oil shock getting rich, wants to meet second time is actually not that easy matter, Eric does not want to lend money to the investment institution on a large scale, then the best method is depends certainly on own strength the accumulated capital. 不过,虽然目前北美三大电视网都还没有落入传媒集团手中,市值也没有开始暴涨,但想要收购,开价依旧不会太低,海湾战争的石油危机这种发大财的事情,想要遇到第二次却不是那么容易的事情,艾瑞克又不想向投资机构大举借贷,那么最好的方法当然就是靠自己实力来积累资金。 Although the profit of Firefly has made the company rouse this year, so long as next year «Jurassic Park» can such achieve Box Office that the effect of stir and breaks the record to the original space and time, then Firefly next year profit will rise suddenly once more, so long as when the time comes carries on the operations in other aspects again, Firefly can definitely collect enough fund flower in the purchase of TV Network. 虽然今年萤火虫的盈利已经让公司内部振奋不已,但只要明年的《侏罗纪公园》能够向原时空中那样达到轰动的效果和破纪录的票房,那么萤火虫明年的利润将再次暴涨,到时候只要再进行一些其他方面的运作,萤火虫肯定能够筹集足够的资金花在电视网的收购上。 Eric was saying with Jeffrey own future plan, Alan has knocked several office doors, after having been allowed, walked. 艾瑞克正与杰弗里说着自己的未来规划,艾伦敲了几下办公室门,得到准许后走了进来。 „Eric, here has an interview to invite, gives you, I think that you do need a look?” Alan nodded toward Jeffrey, walked. “艾瑞克,这里有一份采访邀请,是给你的,我想你需要看看？”艾伦朝杰弗里点了点头,走了过来。 Some Eric doubts, he had already told Alan, from media turns down all the interview invitation, since Alan will invite to send by mail own front, that definitely will not be a simple invitation. 艾瑞克有些疑惑,他早就告诉过艾伦,将所有来自媒体的采访邀请都推掉,既然艾伦还是将邀请函送到了自己的面前,那肯定不会是一件简单的邀请。 „«Forbes» magazine?” Eric sees the interview invitation, is astonished however raised the eyebrow, at heart one not good premonitions. “《福布斯》杂志？”艾瑞克看到采访邀请函,讶然地挑了挑眉,心里有一种不太好的预感。 Alan nodded, the expression is actually quite happy: „This is the invitation that «Forbes» editor-in-chief magazine Steve Forbes sends personally, some below also materials.” 艾伦点了点头,表情却是相当高兴:“这是《福布斯》杂志主编史提夫.福布斯亲自发过来的邀请,下面还有一些资料。” Eric um, actually continued to read. 艾瑞克嗯了一声,却继续读了下去。 «Forbes» starting from the early 80's, has promoted the United States rich and powerful people list of creating a stir, but since 1985, rapid rise by Walmart supermarket chain, Walmart founder Sam Walton was in the United States rich and powerful people list richest family position. 《福布斯》从八十年代初开始,就推出了轰动一时的美国富豪榜,而从1985年开始,凭借沃尔玛连锁超市的迅速崛起,沃尔玛的创始人山姆.沃尔顿就占据了美国富豪榜的首富位置。 However, it is a pity that Sam Walton April of last year time passed away, but in his hand 200 hundred million USD wealth also by equal distributions to his wife and several children, in this case, Walton Family, although as before is the United States richest family, but discussed the individual wealth only, Walton Family any person was impossible to be in the position of North America richest family again. 不过,遗憾的是,山姆.沃尔顿去年四月份的时候去世了,而他手中200多亿美元的财富也被平均分配给了他的妻子和几个孩子,这种情况下,沃尔顿家族虽然依旧是美国最富有的家族,但单论个人财富,沃尔顿家族的任何一个人都不可能再登上北美首富的位置。 But in material that the interview invitation that at this time, «Forbes» magazine delivers supplements, has carried on an overall estimate value to the Firefly Pictures group, finally this digit is 105 hundred million USD, «Forbes» magazine also acts according to the material that collects from various types of channels, except the debt of Firefly Pictures, sur- Eric in the property that the Firefly investment company has, to the estimate value of Eric sale price is 95 hundred million USD, but this digit, will can take the North America rich and powerful people list first position. 而此时,《福布斯》杂志递送过来的这份采访邀请函所附带的资料中,对萤火虫影业集团进行了一番总体估值,最终这个数字是105亿美元,《福布斯》杂志还根据从各种渠道收集来的资料,除去萤火虫影业的负债,外加艾瑞克在萤火虫投资公司所拥有的资产,对艾瑞克身价的估值为95亿美元,而这个数字,堪堪能够拿下北美富豪榜第一的位置。 In original space and time, in 1995 Bill Gates by Win95 attains the successful net worth to rise sharply greatly, reaches the North America rich and powerful people list first place at 120 hundred million USD sale prices the position, but the North America economy has not started to recover now, in addition created Sam Walton of management miracle to pass away, the Eric this 95 hundred million USD sale price estimate values can attain the throne of rich and powerful people list first place. 原时空中,1995年比尔.盖茨凭借win95的大获成功身家大涨,以120多亿美元的身价登上北美富豪榜榜首的位置,但现在北美经济还没有开始复苏,再加上创造经营奇迹的山姆.沃尔顿去世,艾瑞克这95亿美元的身价估值就已经能够拿到富豪榜首位的宝座。 Careful, Eric currently is grasping the Firefly over 98% properties, the Firefly stock that Jeffrey and Michael Lynn initially had also after purchasing Disney was diluted, Jeffrey ownership percentage only remaining 1%, Michael Lynn are less, but Pixar management John Lasseter and Ed Carmore as well as govern digital domain Stan Winston and the others this have some stocks of corresponding subsidiary company, can therefore say that Eric has almost Firefly. 仔细算起来,艾瑞克目前掌握着萤火虫98以上的资产,杰弗里和迈克尔.林恩当初持有的萤火虫股份也在收购迪斯尼之后被稀释,杰弗里的持股比例只剩下1,迈克尔.林恩的则更少,而皮克斯的高管约翰.拉塞特、埃德.卡莫尔以及掌管数字领域的斯坦.温斯顿等人则这只是持有相应分公司的一些股份,因此可以说艾瑞克几乎完全拥有萤火虫。 If Firefly is a listed company, by this year's performance, after the year wealth report draws a charge, the market value with ease breaks through the 10.5 billion USD estimate value that «Forbes» magazine gives basically is not the issue, but «Forbes» magazine also knows the estimate value that obviously the intense uncertainty of film and television investment, therefore gives also calculates quite accurately, but this digit subtracts the debt of Firefly Pictures, obviously is Eric by the net worth that this company obtains, but, Eric still has other investments in the high-tech industry, Cisco passes through many extension property enterprises to merge, the owning stocks quantity of Firefly investment is down slightly, but as before. Maintained 36% owning stocks shares, calculates at the Cisco current market value that probably also in 1 billion USD about, this is also the most valuable service that the Firefly investment currently has. 如果萤火虫是一家上市公司,凭借今年的业绩表现,年度财报出炉之后,市值轻松突破《福布斯》杂志给出的105亿美元估值基本上不是问题,但《福布斯》杂志显然也知道影视投资的强烈不确定性,因此给出的这份估值还算比较准确,而这个数字减去萤火虫影业的负债,显然就是艾瑞克凭借这家公司获得的身家,不过,艾瑞克却还在高科技产业拥有其他一些投资,思科经过多起扩张性质企业并购,萤火虫投资的持股数量略有下降,但依旧。保持了36%的持股份额,以思科目前的市值来算,大概也在十亿美元左右,这也是萤火虫投资目前所拥有的最值钱的一笔业务。 But in Firefly investment hand the cash reserve of that 1 billion USD, «Forbes» magazine cannot eavesdrop on obviously. 而萤火虫投资手中那十亿美元的现金储备,《福布斯》杂志显然没有能够探听出来。 Like this calculates, 95 hundred million USD, in the surface truly compare to conform to the Eric present net worth. ( to be continued ) 这样计算一番,95亿美元,表面上确实比较符合艾瑞克现在的身家。(未完待续)
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