Earnings Release • May 24, 2017
Earnings Release
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Consolidated annual revenue of €151.7 million, up 2.9% from last year, driven by foreign sales and sales of English language films to US TV and SVOD.
Saint-Denis, May 24, 2017 – EuropaCorp, one of the leading independent film studios in Europe, film producer and distributor, today reports its annual consolidated revenue for FY 2016/2017, which ended on March 31, 2017, as approved by the Board of Directors and currently being audited.
| €m | H2 | 12 months | Δ 12 months | ||
|---|---|---|---|---|---|
| FY2016/2017 | FY2015/2016 | FY2016/2017 | FY2015/2016 | ||
| International sales | 23.2 | 19.1 | 48.8 | 55.5 | -12.0% |
| % of revenue | 26.5% | 27.0% | 32.2% | 37.7% | |
| Theatrical distribution | 5.1 | 1.7 | 13.7 | 9.8 | 40.1% |
| % of revenue | 5.9% | 2.4% | 9.0% | 6.6% | |
| Video & VOD | 14.1 | 8.2 | 17.4 | 15.2 | 14.7% |
| % of revenue | 16.1% | 11.5% | 11.5% | 10.3% | |
| Television & SVOD | 15.1 | 12.7 | 29.9 | 23.8 | 25.4% |
| % of revenue | 17.3% | 18.0% | 19.7% | 16.2% | |
| Subsidies | 0.7 | 1.8 | 3.9 | 4.2 | -6.2% |
| % of revenue | 0.8% | 2.5% | 2.6% | 2.9% | |
| TV series production | 22.7 | 18.4 | 23.6 | 21.8 | 8.2% |
| % of revenue | 26.0% | 26.0% | 15.5% | 14.8% | |
| Events | 0.5 | 0.5 | 1.0 | 2.6 | -60.5% |
| % of revenue | 0.5% | 0.8% | 0.7% | 1.8% | |
| Multiplexes | 1.7 | 4.2 | 5.2 | 7.5 | -30.6% |
| % of revenue | 2.0% | 5.9% | 3.4% | 5.1% | |
| Others | 4.3 | 4.1 | 8.1 | 7.0 | 15.5% |
| % of revenue | 5.0% | 5.8% | 5.4% | 4.8% | |
| Group total | 87.5 | 70.7 | 151.7 | 147.3 | 2.9% |
International sales stand at €48.8 million for the fiscal year, or approximately 32% of total turnover, comprised mainly of deliveries of the films Nine Lives, Miss Sloane, Shut In and The Warrior's Gate, as well as significant overages – but lower than the previous fiscal year – collected on films from the catalogue (notably Lucy and Taken 3).
Theatrical distribution revenue in France and the United States increased by 40.1% to €13.7 million for the fiscal year, or 9% of total revenue. This revenue corresponds to the sales made in theaters, in the US and/or in France, from the main following feature films:
The growth in Theatrical distribution revenue is explained by a higher number of films distributed in France and the US during the fiscal year – 7 compared with 5 during the previous year.
The Video & VOD segment in France and the United States represented 11.5% of the annual revenue, coming in at €17.4 million, or an increase of almost 15% compared with FY 2015/2016. This turnover was mainly driven by the video sales (physical and VOD) in the US of films released during FY 2016/2017 and of films from the catalogue. The main releases of the fiscal year were:
This revenue also includes recurrent sales of catalogue films such as the sales in the US for the films The Transporter Refueled and Big Game.
Television sales & SVOD in France and the United States rose to €29.9 million over FY 2016/2017, an increase of more than 25% compared with the previous fiscal year. This growth is fueled by the development of TV sales in the US in particular of SVOD sales on films from the catalogue (notably Transporter Refueled) or films released during FY 2016/2017 (Nine lives). In France, the revenue for the period is linked to the opening of broadcasting rights windows for films from the catalogue, in particular Taken 2, Lucy, It boy, and Transporter Refueled.
Directly related to the Group's production and distribution activities, Subsidies generated €3.9 million over the fiscal year, a relatively stable amount compared with the previous fiscal year.
Revenue for the TV Series production activity amounted to €23.6 million for FY 2016/2017, an increase of more than 8% compared with FY 2015/2016. This growth is mainly due to the delivery of 8 episodes from the first season of the international series Taken. The revenue also includes sales linked to the delivery of French-language TV fictions such as Le viol.
The Events business generated revenue of €1 million, corresponding to events held at the Cité du Cinéma, and representing a decrease of 60.5% compared with the previous year. This evolution is explained by a lower demand of event organization during the year.
Multiplexes segment revenue was €5.2 million from April 2016 to December 2016, when the business was sold to Cinémas Gaumont Pathé.
The Others item corresponds mainly to licenses, partnerships, music publishing and post-production. It recorded revenue of €8.1 million, up more than 15% compared with the previous year. Outlook
The slate of films for the months to come, rich and diversified, has been developed in order to increase the number of English-language films to fuel our worldwide distribution pipeline, and to come back to the historic level of French-language productions.
Five English-language films and seven French-language films, either produced or acquired by EuropaCorp, are currently in post-production or completed:
EuropaCorp also acquired the French distribution rights of The Old Man and the Gun, directed by David Lowery, with Robert Redford and Casey Affleck. The film is currently in post-production.
Taxi 5, the new episode of the successful film series, will start shooting in July 2017. The film will be directed by Franck Gastambide, starring Franck Gastambide and Malik Bentalha.
Concerning the TV series activity, the company's aim is to progressively develop the output of English-language projects in order to become a major supplier of television series around the world.
Due to the success of the first season of Taken, a second season has been ordered by NBC. The 16 episodes of 45' will be coproduced by EuropaCorp Television and Universal Television for the networks NBC and SFR in France. Production will start in July 2017.
Other English-language TV series in development include AI (Artificial Intelligence) based on an original idea by
On the French-language productions side, EuropaCorp Television will be delivering a diversified set of fictions during the fiscal year 2017/2018, with among others:
EuropaCorp Television is also developing other projects such as the series Les Rivières Pourpres (8x52') for France 2, the French adaptation of the British series Doctor Foster (from Drama Republic) for TF1 in coproduction with BBC Worldwide France, as well as the TV fiction Traqués for TF1. EuropaCorp also works for France 2 on the series No Futur, by Fabrice Eboué, planned as a late night program.
EuropaCorp Television is thus pursuing collaborative efforts with all the French and international broadcasters to diversify its genres.
Wednesday 28 June 2017, before the market opens: FY 2016/2017 consolidated annual results
EuropaCorp is one of Europe's leading film studios. Founded in 1999, EuropaCorp has operations spanning production, theatrical distribution, video and VOD, and French TV sales. EuropaCorp also has international rights, partnerships and licensing, production and soundtrack publishing activities. The Group has also been producing TV series since 2010. EuropaCorp's integrated business model allows it to benefit from diversified sources of revenue. With a line-up boasting various types of films and a very strong foothold in international markets, the Group has produced France's biggest international hits in recent years. In 2014, EuropaCorp entered direct distribution for its films in the United States. EuropaCorp was founded by French filmmaker, screenwriter and producer Luc Besson. The Group owns a catalogue of 500 movies.
For more information, go to www.europacorp-corporate.com
Lisa Reynaud | Relations Investisseurs | [email protected] Pierre Laurent | NewCap Régis Lefèbvre | Communication | [email protected] [email protected] | Tel : +33 1 44 71 94 94 Tel : +33 1 55 99 50 00
EuropaCorp is listed in Compartment C of Euronext Paris ISIN code: FR0010490920 – Ticker: ECP
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