Ymagis Group Delays Full-Year 2019 Earnings Announcement, Seeks Financing to Face Covid-19 Crisis
09 Avril 2020 - 8:30AM
Ymagis Group Delays Full-Year 2019 Earnings Announcement, Seeks
Financing to Face Covid-19 Crisis
Press releaseParis (France) – 9 April 2020,
8:30 am
Ymagis Group
Delays Full-Year 2019 Earnings
Announcement, Seeks Financing to Face Covid-19 Crisis
Ymagis Group (FR0011471291, MAGIS, PEA-PME),
the European specialist in digital technologies for the film
industry, today announced the reporting of its full-year 2019
earnings has been delayed pursuant to the provisions of Ordinance
n°2020-318 from 25 March 2020.
Its Board of Directors will now convene on 28 May 2020 to
approve the financial statements. Ymagis Group’s first quarter 2020
revenue will be published at the same time.
This postponement is due to the exceptional circumstances of the
current global health crisis and confinement, which affect, to
varying degrees, each of the Group's entities. Due to this
unprecedented situation, Ymagis is faced with the difficulty of
gathering information from all countries and is therefore obligated
to delay the review and approval of its annual financial statements
in order to guarantee their accuracy and reliability.
As a result of these postponements, the general shareholders’
meeting will also be delayed. Ymagis will keep the market informed
of the new scheduled date as soon as possible.
In addition, Ymagis indicates that the current Covid-19 crisis,
which has led to the closure of nearly all cinemas in the countries
in which the Group operates, will cause a significant drop in the
Group’s revenue over several months. For the periods of
confinement, the decrease in revenue is estimated at around
85%.
In these exceptional circumstances, Ymagis Group is making use
of all mechanisms put in place by the local governments in the
various countries in which it operates, consisting of short-time
working schemes and specific funding when available to the Group,
for the most part. Despite these measures, which are beginning to
produce results, the Group believes that its continued operations
will require the implementation of additional financing per the
measures introduced by the French government. However, as to date
no banking or financial institution has responded favorably to the
Group's requests for financing, it has now decided to call upon
government bodies. Due to the uncertainty of the current context,
Ymagis’ management has requested the suspension of trading of its
stock until further notice.
At this time, the Group remains unable to determine the overall
impact of this health crisis on the entire financial year and will
continue to keep the market informed of significant developments as
soon as new elements of significance can be announced.
Next press release: 28 May 2020 –
Full-Year 2019 Earnings and Q1 2020 Revenue
ABOUT YMAGIS GROUPYmagis is a European leader in
advanced digital technology services for the cinema industry.
Founded in 2007, the Group is headquartered in Paris and has
offices in 22 countries with 750 employees. Our core business is
structured around four main units: CinemaNext (exhibitor services:
sales and field services, software solutions, customer
service/NOC), Eclair (content services: postproduction, theatrical
delivery, digital distribution, versioning and accessibility,
restoration and preservation), Virtual Print Fee (VPF) for finance
solutions and other activities (Virtual Reality). For more
information, please visit www.ymagis.com YMAGIS is
listed on Euronext Paris and is part of the CAC Small, CAC Mid and
Small and CAC All-Tradable indices. |
YMAGIS GROUPJean Mizrahi,
CEOTel.: +33 (0)1 75 44 88 88investisseurs@ymagis.com
CALYPTUSMathieu Calleuxymagis@calyptus.netTel.: +
33 (0)1 53 65 68 62 |
- Ymagis_PR_09042020_Report_Publication_EN