90% of losses may be caused by goodwill impairment, Joyvio Food's "moat" is still solid

On the evening of January 30, Joyvio Foods (300268) (300268.SZ) issued a performance forecast, and the company expects to achieve a net profit attributable to the parent company of -1 billion yuan to -1.6 billion in 2022. The company stated that the main reason for the change in performance was the increase in the purchase price of the company's feed, global inflationary pressures, the impact of the epidemic, and the sharp rise in US dollar interest rates.

In addition, the company intends to accrue an impairment amount of about 1.2 billion to 1.8 billion yuan for the goodwill formed by the acquisition of the Chilean subsidiary Australis, and the impact on the company's consolidated net profit attributable to the parent is about -967 million to -1.45 billion yuan, combined with performance According to the forecast, 90% of Joyvio Food's losses in 2022 may be caused by goodwill impairment, but at the same time, it also squeezes out the "moisture" of assets. At that time, Joyvio Foods, relying on the big tree of Lenovo, acquired Australis in the way of "snake swallowing an elephant", which resulted in high goodwill and high debt. Today, the "Sword of Damocles" of this goodwill It has fallen, and with the debt-to-equity swap and other methods, the company's debt structure will be further optimized.