GAUMONT: Half-year consolidated results as of June 30, 2020
Press release
Neuilly-sur-Seine, September 10, 2020
The Gaumont Board of Directors, which met today
under the chairmanship of Nicolas Seydoux, approved the financial
statements for the period ended June 30, 2020.
CONSOLIDATED HALF-YEAR RESULTS as of June
30, 2020
Key figures from operations (in millions of
euros) |
June 30, 20201 |
June 30, 2019 |
Change |
|
Consolidated revenue |
69.9 |
47.4 |
47% |
|
Income from production and distribution
before overheads |
18.3 |
8.0 |
129% |
|
Consolidated income attributable to
owners of the parent |
-5.9 |
-18.1 |
67% |
|
Investments |
41.8 |
71.1 |
-41% |
|
Key balance sheet figures (in millions of
euros) |
June 30, 20201 |
December 31, 2019 |
Change |
|
Equity attributable to owners of the
parent |
219.7 |
230.2 |
-5% |
|
Net
borrowings2 |
-10.6 |
30.4 |
n/a |
|
1 The limited review
procedures have been carried out and the statutory auditors’ report
on the half-yearly financial information is currently being
prepared. |
2 Excluding IFRS 16
debt |
The first half of 2020 saw the declaration of a
health emergency in France and all other countries where Gaumont
operates. This had two main impacts on operations: first, the
closure of movie theaters to the public; second, the temporary halt
in shooting, prior to its resumption with enhanced safety measures.
This resulted in an adjustment to the movie release schedule and a
postponed delivery of the Group’s productions, the effects of which
will be apparent in the second half of 2020. No projects under way
at the start of the health crisis were permanently shelved, and
operations resumed at the end of the first half-year. Since March,
Gaumont has been adapting its systems and working methods to ensure
business continuity, while doing its utmost to protect the health
of its employees and partners.
n REVENUE FOR THE FIRST HALF OF
2020
Consolidated revenue for the first half of 2020
amounted to €69.9 million, versus €47.4 million as of June 30,
2019.
Revenue for the movie production and
distribution business amounted to €38.2 million as of June 30,
2020, versus €34.5 million as of June 30, 2019.
Revenue from the release of films in French
movie theaters stood at €3.1 million as of June 30, 2020, compared
with €7.4 million as of June 30, 2019. Four films sold 1.2 million
cinema tickets in the first half of 2020, whereas the five films
released in the first half of 2019 sold 2.8 million tickets. The
distribution of Pappy Sitter was interrupted by the closure of
movie theaters to the public from March 15, 2020 to June 22, 2020.
Simply Black, originally scheduled for release in April, was
rescheduled for release in early July 2020.
Revenue from video distribution and video on
demand in France amounted to €4.0 million as of June 30, 2020,
versus €4.2 million as of June 30, 2019. Physical video sales were
affected by the closure of retail outlets during the lockdown.
Conversely, this had a positive effect on the video-on-demand
streaming of catalog titles and movies released in theaters in
2019.
Revenue related to sales of broadcasting rights
to French television channels amounted to €21.2 million as of June
30, 2020, versus €9.9 million as of June 30, 2019. French
television channels broadcast more movies during the lockdown,
which was a boost for Gaumont’s back catalog. Revenue as of June
30, 2020 also includes revenue from first broadcast rights for the
films Three Days and a Life, Rolling to You and The Death of
Stalin.
Revenue from film sales outside France came to
€7.6 million as of June 30, 2020, compared with €10.6 million as of
June 30, 2019. The global lockdown resulted in the suspension of
theater releases, the cancellation of international conventions,
and a decline in export sales of new releases.
Revenue for the television production and
distribution business amounted to €29.6 million as of June 30,
2020, versus €10.5 million as of June 30, 2019.
During the first half of 2020, Season 4 of F is
for Family was delivered to Netflix in the United States, while the
one-off special Nine Days Awake was delivered to Pro 7 in
Germany.
Revenue as of June 30, 2020 also includes
production income from High in the Clouds for Netflix in the United
States, from the series Arsène Lupin, Move and Lords of Scam for
Netflix in France, from the series The Barbarians for Netflix in
Germany, and from the third season of Tin Star for Sky Atlantic in
the United Kingdom.
n RESULTS FOR THE FIRST HALF OF
2020
Consolidated income attributable to owners of the Gaumont group
resulted in a loss of €5.9 million as of June 30, 2020, against a
loss of €18.1 million as of June 30, 2019.
Income from the production and distribution of
feature films stood at €15.1 million in the first half of 2020,
compared with €7.0 million in the first half of 2019. This increase
is primarily due to the distribution of the movie catalog, mainly
sold to French television channels.
Income from the television production and
distribution business amounted to €3.2 million in the first half of
2020, against €1.0 million as of June 30, 2019. The increase is
mainly due to the delivery of Season 4 of F is for Family and the
margin on titles currently in production, such as Arsène Lupin and
High in the Clouds, recognized using the percentage of completion
method.
Revenue before overheads from the holding and
real estate businesses totaled €0.8 million as of June 30, 2020,
versus €0.7 million as of June 30, 2019.
Overheads, including general financing costs,
totaled €24.4 million in the first half of 2020, compared with
€26.9 million as of June 30, 2019. Gaumont has implemented a
cost-savings plan in view of the health crisis and the economic
situation. Nevertheless, it continued to invest in supporting the
development of European operations and expanded its Animation
division in the first half.
n CHANGE IN FINANCIAL STRUCTURE IN THE
FIRST HALF OF 2020
The impact of the health crisis has been
analyzed and no evidence of impairment of the group’s assets has
been identified.
Gaumont had a net cash position of €10.6 million
as of June 30, 2020, compared with net borrowings of €30.4 million
as of December 31, 2019. This position mainly includes a positive
cash balance of €130.4 million, the €60.0 million bond and
self-liquidating loans of €51.4 million, based on proceeds from
American series.
Movie investment came in at €5.5 million in the
first half of 2020, compared with €14.6 million in the first half
of 2019. Television investment totaled €36.2 million in the first
half of 2020, compared with €56.5 million in the same period of
2019. The interruption of filming due to the health crisis,
particularly on Season 3 of Narcos Mexico, led to a decrease in
investments during the period of around €20.0 million. These
investments will be carried forward to future periods as business
returns to normal.
In March 2020, Pathé prepaid the final
installment of €63.3 million in settlement of the purchase price of
the shares in Les Cinémas Gaumont Pathé, due on June 30, 2020.
n RECENT EVENTS AND OUTLOOK
The outlook for movie releases in theaters and
deliveries of titles in 2020 has changed due to the closure of
movie theaters to the public in France in spring 2020, the
temporary halt in shooting, and the time it took to arrange remote
working for the production of animated works.
One film has been released in theaters since
July 1, 2020:
- Simply Black, directed by Jean-Pascal Zadi and John Wax,
starring Jean-Pascal Zadi and Fary. Released on July 8, the film
has sold more than 740,000
tickets.
Three films are due to be released in theaters by December 31,
2020:
- Bye Bye Morons, directed by Albert Dupontel, starring Virginie
Efira, Albert Dupontel and Nicolas Marié;
- Aline, the Voice of Love, directed by Valérie Lemercier,
starring Valérie Lemercier, Sylvain Marcel, Arnaud Préchac and
Michel Drucker;
- Vicky and her Mystery, directed by Denis Imbert, starring
Vincent Elbaz, Shanna Keil, Marie Gillain and Eric Elmosnino.
Four films originally slated for release in 2020 are now
scheduled for 2021.
The following titles are due to be delivered in
the second half of 2020:
- French productions: Bronx, a feature film directed by Olivier
Marchal, to Netflix; The Art of Crime Season 4, to France 2; Move,
to Netflix.
- US production: Trial 4, to Netflix.
- German production: The Barbarians, to Netflix.
- UK production: Tin Star, Season 3, to Sky Atlantic.
The
delivery of five drama series and one kids’ animated series,
originally scheduled for 2020, has been postponed until 2021.
This line up remains subject to the evolution of
the epidemics over the upcoming months.
n DATES OF NEXT FINANCIAL
COMMUNICATION
A press release on the full-year consolidated
results as of December 31, 2020 will be published on March 11,
2021.
APPENDIX: Half-year consolidated
revenue
Consolidated revenue by business segment (in millions of
euros) |
June 30, 2020 |
June 30, 2019 |
% change |
Cinema production |
38.2 |
34.5 |
11% |
Movie theaters France |
3.1 |
7.4 |
-57% |
Video France |
1.4 |
3.1 |
-55% |
Video on demand France |
2.7 |
1.2 |
125% |
Television France |
21.2 |
9.9 |
114% |
International
films |
7.6 |
10.6 |
-29% |
Other movie distribution income 1 |
2.2 |
2.3 |
-6% |
Television production |
29.6 |
10.5 |
181% |
American dramas |
19.2 |
1.8 |
948% |
French and European dramas |
7.5 |
5.8 |
31% |
Animated films and series |
2.9 |
2.9 |
-2% |
Trademark royalties |
0.7 |
1.3 |
-44% |
Other
miscellaneous income 2 |
1.4 |
1.2 |
24% |
GAUMONT GROUP |
69.9 |
47.4 |
47% |
1
Primarily includes spin-off products, music publishing and the GP
Archives business |
2
Primarily includes real estate rentals and miscellaneous services
provided to third parties |
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