Earnings Release • May 23, 2013
Earnings Release
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Revenue is €186m, which reflects a significant upturn in television production results (15.3% of total revenue) and the continued stability of International Sales, which were driven by the success of Taken 2, in particular.
Saint-Denis, 23 May 2013 – EUROPACORP, the producer and distributor of feature films and one of the leading independent film studios in Europe, today announces its consolidated annual revenue (unaudited) for FY2012/2013, which ended on 31 March 2013.
| Revenue* | Q4 | Q4 | 12 months |
12 months |
Δ 12 months |
|
|---|---|---|---|---|---|---|
| (€m) | 2012/13 | 2011/12 | 2012/13 | 2011/12 | % | |
| International Sales | 19.9 | 28.3 | 71.7 | 73.9 | -2.9% | |
| % of revenue | 29.6% | 37.7% | 38.6% | 43.9% | ||
| Cinemas, France | 7.0 | 3.3 | 16.2 | 14.0 | 15.8% | |
| % of revenue | 10.4% | 4.4% | 8.7% | 8.3% | ||
| Video, France | 7.1 | 9.9 | 15.1 | 18.4 | -17.5% | |
| % of revenue | 10.5% | 13.2% | 8.1% | 10.9% | ||
| Television, France | 15.1 | 21.7 | 41.4 | 37.7 | 9.9% | |
| % of revenue | 22.5% | 28.9% | 22.3% | 22.4% | ||
| Subsidies | 2.4 | 4.2 | 6.8 | 8.5 | -20.1% | |
| % of revenue | 3.6% | 5.6% | 3.6% | 5.0% | ||
| TV Series | 12.8 | 5.2 | 28.4 | 8.8 | 222.1% | |
| % of revenue | 19.1% | 7.0% | 15.3% | 5.2% | ||
| Other Activities | 2.8 | 2.3 | 6.1 | 7.1 | -13.5% | |
| % of revenue | 4.2% | 3.1% | 3.3% | 4.2% | ||
| EuropaCorp Group | 67.2 | 75.0 | 185.8 | 168.3 | 10.4% |
* Financial year ends on 31 March of each year
Revenue for the fourth quarter of FY2012/2013 totals €67.2m and is mainly characterised by the strong growth of the TV Series segment, which alone represents more than 19% of Q4 revenue, compared to 7% for the fourth quarter of FY2011/2012.
Cinemas, France generated €7m over the quarter, in particular due to the performance of Möbius, directed by Eric Rochant, starring Jean Dujardin and Cécile de France, which was released in February 2013 and It Boy, directed by David Moreau, starring Virginie Efira and Pierre Niney, which was released in French theatres in March 2013. As of 31 March, each of these two films had recorded more than one million admissions.
International Sales recorded €19.9m of revenue over the quarter and primarily correspond to the income associated with the contractual stages defined with the US distributor of Malavita, which were reached at the close of the financial year. They also correspond to the deliveries of Möbius and Intersections, as well as royalties generated by catalogue films. Revenue for the quarter also includes the start of royalty payments from the first sales of Taken 2 marketing rights.
Video, France performance (€7.1m) was solid over the quarter and includes revenue from the video release of Taken 2 (February 2013).
Sales for Television France are dependent on broadcasting windows opening, but remained high over the quarter (€15.1m).
| 2012/13 | 2011/12 | |||||||
|---|---|---|---|---|---|---|---|---|
| Revenue (€m) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| International Sales | 8.3 | 38.5 | 5.0 | 19.9 | 4.0 | 34.9 | 6.6 | 28.3 |
| Cinemas, France | 1.3 | 0.5 | 7.4 | 7.0 | 2.1 | 1.9 | 6.6 | 3.3 |
| Video, France | 3.2 | 2.1 | 2.7 | 7.1 | 2.8 | 2.0 | 3.6 | 9.9 |
| Television, France | 7.9 | 11.2 | 7.2 | 15.1 | 6.1 | 6.9 | 3.0 | 21.7 |
| Subsidies | 0.7 | 0.2 | 3.4 | 2.4 | 1.9 | 0.6 | 1.7 | 4.2 |
| TV Series | 0.0 | 5.6 | 10.0 | 12.8 | 0.5 | 2.9 | 0.2 | 5.2 |
| Other Activities | 0.5 | 2.1 | 0.7 | 2.8 | 1.6 | 2.2 | 1.0 | 2.3 |
| Group Total | 21.9 | 60.1 | 36.5 | 67.2 | 19.2 | 51.4 | 22.7 | 75.0 |
TV Series sales increased significantly over the financial year, reaching €28.4m. This validates the Group's strategy of developing recurring revenue sources.
Revenue from this segment represents 15.3% of total annual revenue, compared to 5.2% for the previous financial year, and was mainly generated by marketing rights to the series XIII, No Limit and Flight of the Storks.
The International Sales segment continued to perform well over the financial year, with revenue of €71.7m. Results were driven both by Taken 2, which was released in October 2012, royalties from catalogue films (Colombiana, Taken and Transporter 3, among others) and the income associated with the contractual stages defined with the US distributor of Malavita, which were reached at the close of the financial year.
Cinemas, France sales rose to €16.2m during the past financial year, up around 16% compared to FY2011/2012, with the release of 9 films, including Taken 2 (around 3 million French admissions), It Boy (more than 1.4 million French admissions to date) and Möbius (around 1.1 million French admissions).
The Video, France segment, with revenue of €15.1m, primarily benefited from the video releases of Taken 2, Lock Out and The Lady, as well as continued sales of catalogue films (A Monster In Paris, Colombiana, Tree of Life and Little White Lies, in particular).
Television, France revenue grew by 9.9%, reaching €41.4m over the financial year. This change was caused by a significant number of broadcast windows opening during the financial year for television premieres, as well as proactive catalogue management.
The Other Activities (€6.1m) primarily correspond to the revenue generated from partnerships, music publishing and coproduction sales during the financial year.
Revenue from Subsidies totalled €6.8m.
In FY2013/2014, the Cinemas, France segment will benefit from an extremely rich and highly diversified lineup.
In the Television Series segment, shooting has started for the second season of No Limit and the Englishlanguage series Taxi Brooklyn South is currently in pre-production.
The coming financial year will also see the international release of three English language films (Malavita, Three Days to Kill and Brick Mansions) and the production of Luc Besson's next film, Lucy, starring Scarlett Johansson.
FY2013/2014 will also see the opening of the first EuropaCorp Cinemas movie theatre.
Financial agenda 2013 - 2014
27/06/2013: Consolidated annual results 2012/2013
EuropaCorp ranks amongst the top European film studios. Founded in 1999, EuropaCorp's different activities include production, theatre 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 Sylvie Ruggieri / Fabrice Rémon Tel: +33 1 55 99 00 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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