Ymagis Group Reports Half-year 2020 Revenue / Updates on Receivership Proceedings
14 Août 2020 - 08:00AM
Ymagis Group Reports Half-year 2020 Revenue / Updates on
Receivership Proceedings
Press ReleaseParis (France) – 14 August 2020,
8:00 am
Ymagis Group Reports Half-year 2020
Revenue,Updates on Receivership
Proceedings
Ymagis Group (FR0011471291, MAGIS,
PEA-PME, TECH 40), the European specialist in digital
technologies for the cinema industry, today reported its
consolidated financial revenue for the first six months of 2020,
ending 30 June, and provided an update on the receivership
proceedings currently underway.
Half-year 2020 revenue strongly impacted
by the health crisis
Ymagis Group's revenue is down 48% in the first
half of 2020, mainly due to the impact of the global pandemic as
well as the anticipated decline in VPF activity.
|
|
|
HY1 |
HY1 |
Var. |
|
In millions of Euros |
|
|
2020 |
2019 |
(%) |
|
Equipment Sales |
|
|
14.4 |
23.2 |
-38% |
|
Online & Support |
|
|
5.2 |
6.9 |
-25% |
|
CinemaNext |
|
|
19.6 |
30.1 |
-35% |
|
|
|
|
|
|
|
|
Distribution & Preservation |
|
|
6.5 |
11.8 |
-45% |
|
Post
Production & Restoration |
|
|
0.3 |
2.6 |
-88% |
|
Versioning & Accessibility |
|
|
8.9 |
11.7 |
-24% |
|
Eclair |
|
|
15.7 |
26.1 |
-40% |
|
|
|
|
|
|
|
|
Other activities |
|
|
0.3 |
0.6 |
-50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total excluding
VPF |
|
|
35.5 |
56.8 |
-38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virtual Print Fee |
|
|
3.7 |
19 |
-81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE |
|
|
39.2 |
75.8 |
-48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VPF as % of revenue |
|
|
9% |
25% |
|
|
CinemaNext as % of revenue |
|
|
50% |
40% |
|
|
Eclair as % of revenue |
|
|
40% |
34% |
|
|
Other act. as % of revenue |
|
|
1% |
1% |
|
|
|
|
|
|
|
|
|
All of the Group's businesses have been
negatively impacted by the consequences of the COVID-19 crisis,
which led to the closure of virtually all cinemas in the world for
several months. In total, the Group's revenue was nearly halved
between the first six months of 2019 and the first six months of
2020, the impact being more acute in conjunction with the expected
decline in VPF activity.
Overall, non-VPF activities fell by 38%
year-on-year (-34% on a like-for-like basis taking into account the
sale of Eclair Cinema), which will have a significant negative
impact on the Group's earnings in the first half of 2020.
This exceptional situation, in a context in
which the banks refused to lend the Group the assistance that would
have enabled it to come through this difficult period while
maintaining a sufficient cash level, led Ymagis to decide to
declare the suspension of payments, with the Commercial Court of
Paris placing Ymagis SA and several of its French subsidiaries in
receivership on 30 June 2020.
Update on receivership
proceedings
The company Ymagis SA having been placed in
receivership on 30 June 2020, the two administrators appointed by
the Commercial Court of Paris, Maître Jonathan El Baze and Maître
Carole Martinez, published in the French newspaper “Les Échos” on 3
July 2020 a call for tenders to present a takeover plan for Ymagis
and those of its subsidiaries also placed in receivership.
The deadline for the call for tenders was
initially set for 17 July 2020, which was then extended by two
weeks to 31 July.
The call for tenders has been closed since that
date.
The call for tenders resulted in several offers
for the total or partial takeover of Ymagis SA and/or some of its
subsidiaries. None of the offers include the acquisition of the
Group’s financial securities.
The Commercial Court of Paris is expected to
rule on these offers in the first half of September.
During the hearing to be set, the court will
have to rule on the offers received and decide on the transfer of
the assets as part of a transfer of assets plan or, failing that, a
judicial liquidation. In the unlikely latter case, the process will
lead to the existence of a liquidation surplus attributable to
shareholders.
Trading of Ymagis stock remains suspended until
further notice.
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-Malakoff 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, 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_14082020_CA_Q2_S1_EN