Earnings Release • Feb 7, 2013
Earnings Release
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Saint-Denis, 7 February 2013 – EUROPACORP, the producer and distributor of feature films and one of the leading independent film studios in Europe, today announces its unaudited consolidated revenue for the 3 rd quarter and first 9 months of FY 2011/2012.
| Revenue* | Q3 | Q3 | 9 months | 9 months | ||
|---|---|---|---|---|---|---|
| (€m) | 2012/13 | 2011/12 | 2012/13 | 2011/12 | Δ | |
| International Sales | 5.0 | 6.6 | 51.8 | 45.5 | ||
| % of revenue | 13.7% | 29.2% | 43.7% | 48.8% | 13.8% | |
| Cinema, France | 7.4 | 6.6 | 9.2 | 10.7 | -13.6% | |
| % of revenue | 20.4% | 29.2% | 7.8% | 11.5% | ||
| Video & VOD, France | 2.7 | 3.6 | 8.1 | 8.4 | -4.2% | |
| % of revenue | 7.5% | 15.9% | 6.8% | 9.0% | ||
| Television, France | 7.2 | 26.2 | 16.0 | |||
| % of revenue | 19.7% | 13.1% | 22.1% | 17.1% | 64.4% | |
| Subsidies | 3.4 | 1.7 | 4.3 | 4.3 | ||
| % of revenue | 9.4% | 7.4% | 3.7% | 4.6% | 1.9% | |
| TV Series | 10.0 | 0.2 | 15.6 | 3.6 | ||
| % of revenue | 27.4% | 0.8% | 13.1% | 3.9% | 333.9% | |
| Other Activities | 0.7 | 1.0 | 3.3 | 4.8 | ||
| % of revenue | 1.9% | 4.3% | 2.8% | 5.1% | -30.5% | |
| EuropaCorp Group | 36.5 | 22.7 | 118.6 | 93.3 | 27.2% |
* The financial year ends on 31 March of each year
Key Q3 events included the theatrical release of Taken 2 in October 2012, as well the series No Limit airing on TF1 and Season 2 of XIII airing on Canal+.
Cinemas, France revenue was €7.4m, driven by the success of Taken 2, directed by Olivier Megaton and starring Liam Neeson. To date, the film has totalled more than 2.9 million admissions in France.
The International Sales segment posted revenue of €5.0m; no new productions were delivered during Q3. This amount primarily corresponds to the final deliveries of Taken 2 and to the royalties for Taken, which continues to be successful.
Revenue for Video, France was €2.7m. There were no major releases of films during the quarter and this figure for the most part corresponds to recurring sales of catalogue films.
Television, France posted total revenue of €7.2m. Two broadcast windows with major rights opened during Q3 for The Lady and A Monster in Paris.
Q3 Subsidies were €3.4m and directly tied to the theatrical success of Taken 2, as well as the TV series released over the quarter (Season 2 of XIII and No Limit).
There was a sharp rise in TV Series revenue, at €10.0m (27% of Q3 revenue). Major events for the quarter included the delivery of XIII Season 2 to Canal+, as well as delivery of the series No Limit and the feature-length drama Code Name: Rose to TF1.
Over the quarter, the €0.7m in revenue from Other Activities primarily corresponds to income from coproductions and partnership agreements.
| 2012/13 | 2011/12 | |||||
|---|---|---|---|---|---|---|
| Revenue (€m) | Q1 | Q2 | Q3 | Q1 | Q2 | Q3 |
| International Sales | 8.3 | 38.5 | 5.0 | 4.0 | 34.9 | 6.6 |
| Cinema, France | 1.3 | 0.5 | 7.4 | 2.1 | 1.9 | 6.6 |
| Video & VOD, France | 3.2 | 2.1 | 2.7 | 2.8 | 2.0 | 3.6 |
| Television, France | 7.9 | 11.2 | 7.2 | 6.1 | 6.9 | 3.0 |
| Subsidies | 0.7 | 0.2 | 3.4 | 1.9 | 0.6 | 1.7 |
| TV Series | 0.0 | 5.6 | 10.0 | 0.5 | 2.9 | 0.2 |
| Other Activities | 0.5 | 2.1 | 0.7 | 1.6 | 2.2 | 1.0 |
| Group total | 21.9 | 60.1 | 36.5 | 19.2 | 51.4 | 22.7 |
The major upcoming events for the Cinema, France segment in Q4 include the release of Möbius (directed by Eric Rochant, starring Jean Dujardin and Cécile de France) and It Boy (directed by David Moreau, starring Virginie Efira and Pierre Niney).
Malavita, Luc Besson's upcoming film, which stars Robert de Niro and Michelle Pfeiffer, is currently in postproduction and shooting for Three Days to Kill, starring Kevin Costner, is in the final stages. Preparations are being made to adapt the successful Taxi film franchise into a television series, as well as for Season 2 of No Limit.
On 4 February 2013 the Group announced the launch of a capital increase, for which shareholders' pre-emptive subscription rights will be maintained, of a gross amount, issue premium included, of €20.2 million. This amount may be increased to €23.2 million if the extension clause is triggered.
The main objective of this cash capital increase is to boost the Company's equity, with a view to financing its development strategy, in particular in the areas of multiplex development and television production.
EuropaCorp ranks amongst the top European film studios. Founded in 1999, EuropaCorp's different activities include production, theater distribution, home entertainment, VOD, sales of TV rights for France as well as sales of international rights, partnerships and licenses, original soundtrack production and publishing. The Group has also been producing TV drama since 2010. EuropaCorp's integrated financial model generates revenues from a wide range of sources. With films from a wide range of genres and a strong presence in the international market, the Group has produced some of the latest French worldwide record-breaking successes. EuropaCorp's catalogue includes 500 films and the company employs 120 permanent staff members.
For more information go to www.europacorp-corporate.com
EuropaCorp Group Image Sept Olivier Roullet – Investor Relations Fabrice Rémon / Sylvie Ruggieri Tel: +33 1 55 99 50 00 Tel: +33 1 53 70 74 70
[email protected] [email protected] / [email protected]
EuropaCorp is listed on Euronext Paris – Compartment C by NYSE Euronext ISIN: FR0010490920 – Mnemonic: ECP
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