Ymagis Group Posts Nine-Month 2018 Revenue at €115.2M
30 Octobre 2018 - 8:00AM
Press Release
Paris (France) - 30 October 2018 at 08:00 am
Ymagis Group Posts
Nine-Month 2018 Revenue at €115.2M
Contrasting
results for CinemaNext and Eclair
Annual revenue target: €170M
Ymagis Group (FR0011471291,
MAGIS, PEA-PME, TECH 40), the European specialist in digital
technologies for the cinema industry, today reported its
consolidated revenue for Q3 and for the first 9 months of
2018.
The lower than expected
performance of CinemaNext's equipment distribution activities and
increased difficulties with Eclair's post-production and
restoration activities are not sufficient to offset the decline in
VPF activity over the 3rd quarter of 2018.
Revenue for Q3 2018 fell by 17.2% to €35.9M as
compared to the historically high Q3 2017 which benefited from
catch-up invoicing. Over 9 months, the Group's activity inched down
8.3% to €115.2M versus €125.6M the previous year. Over 12 rolling
months, the drop-in activity reduced to 4.9%, totalling revenue of
€169.2M.
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PRIOR
ROLLING 12
MONTHS |
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In millions of
Euros |
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Q3
2018 |
Q3
2017 |
Var.
(%) |
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YTD
2018 |
YTD 2017 |
Var.
(%) |
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ROLLING 12
MONTHS |
Var.
(%) |
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Virtual Print Fee |
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11.5 |
14.0 |
(17.9)% |
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38.2 |
45.2 |
(15.5)% |
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54.5 |
62.7 |
(13.1)% |
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Equipment Sales |
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9.8 |
14.6 |
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28.4 |
32.6 |
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45.9 |
48.9 |
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Online &
Support |
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3.5 |
2.3 |
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10.2 |
8.5 |
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14.4 |
11.6 |
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Consulting |
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0.0 |
0.0 |
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0.1 |
0.4 |
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0.2 |
0.5 |
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CinemaNext |
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13.2 |
16.9 |
(21.7)% |
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38.7 |
41.5 |
(6.8)% |
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60.5 |
61.0 |
(0.9)% |
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Distribution Services
& Preservation |
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5.0 |
5.3 |
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17.5 |
17.4 |
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25.1 |
24.7 |
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Postproduction &
Restoration |
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1.6 |
2.9 |
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5.9 |
8.3 |
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8.6 |
12.2 |
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Localization |
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4.5 |
4.2 |
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14.7 |
13.2 |
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20.3 |
17.3 |
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Eclair |
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11.1 |
12.4 |
(10.5)% |
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38.1 |
38.9 |
(2.0)% |
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54.0 |
54.2 |
(0.3)% |
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Other activities |
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0.0 |
0.0 |
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0.2 |
0.0 |
- |
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0.2 |
0.0 |
- |
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TOTAL REVENUE |
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35.9 |
43.3 |
(17.2)% |
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115.2 |
125.6 |
(8.3)% |
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169.2 |
177.9 |
(4.9)% |
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VPF as % of
revenue |
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32.1% |
32.3% |
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33.2% |
36.0% |
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32.2% |
35.2% |
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CinemaNext as % of
revenue |
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36.9% |
39.0% |
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33.6% |
33.0% |
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35.7% |
34.3% |
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Eclair as % of
revenue |
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30.9% |
34.6% |
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33.1% |
33.8% |
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31.9% |
30.5% |
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Other act. as % of
revenue |
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0.1% |
- |
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0.2% |
- |
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0.1% |
- |
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The activity of the VPF business
unit continued to fall as anticipated under the effects of the
recoupments made over the last few months, recording a drop of
17.9% during Q3 2018, with revenue of €11.5M. Revenue for the first
9 months of the year stands at €38.2M.
The CinemaNext business unit
was penalised during Q3 by the fall in equipment distribution sales
mainly due to a number of delayed projects. Online and Support
services, which are high-margin value activities, benefited from a
strong increase of over 50% during Q3. Over the course of the
quarter, the business unit's activity fell by 21.7% to €13.2M
versus €16.9M a year earlier. Activity is down by 6.8% over 9
months at €38.7M, the surge in Online and Support Services not
offsetting the decrease in equipment sales
The Eclair business unit,
whose revenue is down 10.5% at €11.1M, suffered a steep decline in
creative services (post-production and restoration) during Q3. Over
9 months, revenue for the business unit was stable at €38.1M.
The strong decrease in Eclair's creative services is offset by the
growth of its Distribution Services & Preservation activities
and Versioning & Accessibility services, which constitute the
heart of Eclair's business development strategy.
The Group's new activities
(EclairColor, EclairGame and virtual reality) achieved limited
revenue of €0.2M over the first 9 months of the year. The opening
of the first virtual reality adventure park is scheduled for the
end of November in Paris, opening the way for an ambitious national
and international development plan including a strategic franchise
plan aimed at cinema exhibitors. Moreover, the fast-growing
development of EclairGame (eSport in cinemas) should contribute to
revenue as from the next quarters. These new activities should
become significant revenue and earnings contributors from 2019
onwards.
Annual revenue target of €170M
and launch of new virtual reality activities
The activity's lower performance during Q3 2018
should partly be offset during Q4. The Group is thus setting itself
an annual revenue target of €170M.
Ymagis decided to launch a cost savings plan in
September which is ongoing and should reduce the fixed expenses of
the entire Group by at least €5.0M over a full year as from 2019.
All of these actions should contribute to a return to profitability
for CinemaNext and Eclair in order to guarantee the targets in the
Perform Plan are achieved.
In addition, Ymagis has sold its majority interest
in CinemaNext Consulting to the Managing Partners. The Group will
deconsolidate this business beginning in Q3 2018. Ymagis Group is
also considering the cession of further non-strategic assets in
order to focus on its business priorities.
The Group is continuing its development strategy
focusing on internationalisation and innovation. The Group's own
brand-new virtual reality offer (Illucity Virtual Reality Adventure
Park) and virtual reality installations in partnership with cinema
exhibitors will be presented to investors on 13 November. This new,
high-potential activity could constitute an important driver for
profitable growth for the Group and strengthen the profitability
targets scheduled in the Perform Plan for 2020.
ABOUT Ymagis GROUP
Ymagis 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 26 countries with 770
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,
including EclairColor, EclairGame and Virtual Reality. For more
information, please visit www.ymagis.com, www.cinemanext.com or
www.eclair.digital
YMAGIS is listed on Euronext Paris and is part of the CAC Small,
CAC Mid and Small and CAC All-Tradable indices. |
YMAGIS GROUP
Jean Firôme, CFO
Tel: +33 (0)1 75 44 88 88
investors@ymagis.com
CALYPTUS
Sophie Levesque / Mathieu Calleux
ymagis@calyptus.net
Tel: + 33 (0)1 53 65 68 62 |
YMAGIS - CA T3 2018 VENG
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: YMAGIS via Globenewswire