Earnings Release • Aug 11, 2011
Earnings Release
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Paris, 11 August 2011 – EuropaCorp, a producer and distributor of feature films and one of the leading independent film studios in Europe, today announces its unaudited consolidated revenue for the first quarter of FY 2011/12 (April-June 2011).
| Revenue (€ million) |
Q1 2011/12 |
Q1 2010/11 |
Change |
|---|---|---|---|
| International sales | 4.0 | 4.8 | |
| % of revenue | 21.0% | 20.8% | -16.7% |
| Cinema, France | 2.1 | 5.6 | |
| % of revenue | 11.1% | 24.1% | -62.5% |
| Video, France | 2.8 | 2.8 | |
| % of revenue | 14.6% | 12.3% | - |
| Television, France | 6.1 | 3.8 | |
| % of revenue | 32.0% | 16.6% | +60.5% |
| Subsidies | 1.9 | 1.3 | |
| % of revenue | 10.1% | 5.6% | +46.2% |
| TV Series | 0.5 | 3.6 | |
| % of revenue | 2.8% | 15.6% | -86.1% |
| Other Activities | 1.6 | 1.2 | |
| % of revenue | 8.4% | 5.1% | +33.3% |
| EuropaCorp Group | 19.2 | 23.0 | -16.5% |
Group revenue for the first quarter of FY 2011/2012 is €19.2 million, notably due to the Television, France segment which continues to perform well.
International sales totaled €4.0 million for Q1 and include the royalties for Taken. Q1 of the previous year benefited from the releases of The Extraordinary Adventures of Adèle Blanc-Sec and 22 Bullets.
Revenue for the Cinema, France segment is €2.1 million. This primarily corresponds to the French theater release of The Tree of Life, which won the Palme d'Or at the 2011 Cannes Film Festival, and exceeded 800,000 admissions on 30 June 2011. The first quarter of 2010/11 benefited from the release of The Extraordinary Adventures of Adèle Blanc-Sec in April 2010 and the remaining admissions for 22 Bullets, which was released in France at the end of March 2010.
Q1 revenue for the Video, France segment (€2.8 million) continued to be driven by DVD sales of the previous year's line-up (Halal Five-O, A View of Love and Little White Lies) as well as by the sales from catalogue films.
The growth in sales for the Television, France segment (€6.1million for the quarter) primarily reflects the broadcast windows obtained for The Extraordinary Adventures of Adèle Blanc-Sec and the sales from catalogue films.
The TV Series segment generated revenue of €0.5 million for the quarter, as no new major series were released, in contrast to the first quarter of FY 2010/11, which benefited from the airing of episodes from the successful series Les Bleus: Premiers Pas dans la Police.
During the quarter, revenue for Other Activities (€1.6 million) was in part driven by Music sales.
Given the forward-looking information available, the Group confirms its objective of a return to profitability for FY 2011/12.
Shooting preparation is in progress for Taken 2 (directed by Olivier Megaton and starring Liam Neeson), Blind Man (starring Lambert Wilson and Jacques Gamblin, directed by Xavier Palud) and Transporter – The Series (twelve 52-minute episodes for television). Love Lasts 3 Years, a film directed by Frédéric Beigbeder that is an adaptation of his eponymous novel, has been in post-production since 15 July.
After a successful release in France on 27 July, the film Colombiana will be released in the USA on 26 August.
EuropaCorp decided to pay Colombiana's distribution and marketing costs on the North American market. The foreign distributor who acquires the film rights usually pays these costs. However, the Group is convinced of Colombiana's potential in the USA, in particular given the good results of the pre-release trackings, and, as a result of the agreement reached with Sony Pictures Entertainment, EuropaCorp expects to benefit from better conditions for theater, video and television takings.
Colombiana's theater release on the North American market is scheduled for 26 August 2011, so these costs (around €25 million) will be recognized as "Cost of Sales" in the half-yearly financial statements at 30 September 2011.
28 September 2011: General meeting of shareholders 30 November 2011: Publication of half-yearly, consolidated revenue and results
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.
More information on www.europacorp-corporate.com
EuropaCorp Group Image Sept Séverine Madinier – Investor Relations Claire Doligez – Delphine Guerlain
[email protected] [email protected] Tel: 01 53 83 03 03 Tel: 01 53 70 74 70
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