GAUMONT Press release
Neuilly-sur-Seine, March 10, 2016
The Gaumont Board of directors, which met on March 8, 2016 under the chairmanship of Nicolas Seydoux, approved the financial statements for the year ended December 31, 2015.
Consolidated revenue for 2015 totaled €217.0 million, compared to €190.1 million the previous year. Net income stood at €17.8 million in 2015, compared to €18.3 million in 2014.
FULL-YEAR CONSOLIDATED RESULTS as of December 31, 2015
| Key figures from operations (in millions of euros) | 20151 | 20142 | % change |
| Consolidated revenue | 217.0 | 190.1 | +14.2% |
| Operating income after share of net income of associates | 21.4 | 21.3 | - % |
| Net income, group share | 17.8 | 18.3 | -2.7% |
| Investments | 160.2 | 128.2 | +25.0% |
| Key balance sheet figures (in millions of euros) | December 31, 20151 | December 31, 20142 | % change |
| Equity | 272.0 | 254.6 | +6.8% |
| Net borrowings | 207.3 | 178.4 | +16.2% |
| 1 Audit procedures have been completed for 2015 and the audit report is being prepared. | |||
| 2 The 2014 financial statements are presented on a proforma basis following the application of the new IFRIC 21 interpretation on accounting for levies. | |||
- 2015 REVENUE
- Cinema production
Revenue from the cinema production business amounted to €70.6 million in 2015, compared to €95.1 million in 2014:
- revenue from film distribution in French movie theaters stood at €15.6 million in 2015, compared to €25.7 million in 2014. Nearly six million tickets were sold in 2015 for the twelve films released, including 1.2 million for The Bitch Project and 1.3 million for Belle and Sebastian, the Adventure Continues. Still showing in theaters, this latest film has generated 1.8 million ticket sales to date;
- revenue from video distribution and video on demand in France amounted to €11.2 million in 2015, versus €13.8 million in 2014. Despite a strong performance by La French and Samba, with almost 200,000 units sold and 500,000 plays on video on demand during the year, physical video sales fell, with new titles being less popular than in the previous year and a market that continues to decline;
- revenue related to sales of distribution rights to French television channels amounted to €18.5 million in 2015, compared to €17.3 million in 2014. Catalog title sales have remained good, both to historic channels and to digital channels, which accounted for 54% and 37% of revenue, respectively. Nearly 200 movies were sold;
- revenue from international sales amounted to €21.3 million in 2015, versus €32.4 million in 2014. Revenue in 2014 was boosted by sales of the English-language movie The Young and Prodigious Spivet. In 2015, the main contributors were Samba, La French and Belle and Sebastian, the Adventure Continues. Sales of catalog films are also highly satisfactory, with an increase of over 25% compared with 2014;
- other operating income amounted to €4.0 million in 2015, versus €6.0 million in 2014. This was mainly from the distribution of archive images by Gaumont Pathé Archives, music publishing, and sales of spin-off products.
- Television production
Revenue from the production of television programs totaled €140.5 million in 2015, compared to €88.6 million in 2014. This year saw strong growth in American series production.
Sales of American series accounted for €127.7 million in revenue in 2015, versus €64.4 million in 2014. Four American series were delivered in 2015, compared with two the previous year:
- the third season of the Hannibal series was delivered to NBC and to the previous seasons' major foreign broadcasters. The series was broadcast weekly on NBC starting from June 4, 2015;
- the first season of the Narcos series, the third season of the Hemlock Grove series and the F is for Family cartoon series were delivered to Netflix. They were available from August 28, October 23 and December 18, 2015, respectively, via the company's video on demand platform.
Revenue related to French television dramas and cartoon series came to €12.8 million in 2015, compared to €24.2 million in 2014, and includes sales of:
- the second season of the series Hôtel de la plage broadcast on France 2, starting from May 20, 2015;
- the cartoon series Welcome to Bric-à-Broc broadcast on Canal + starting from May 11, 2015;
- the last 52 episodes of the cartoon series Calimero, delivered to TF1 in December 2015.
- Other income
Other income amounted to €6.0 million in 2015, compared with €6.4 million in 2014, and mainly corresponded to income from trademark royalties and property rentals.
- 2015 RESULTS
Gaumont's net income reached €17.8 million in 2015, compared to €18.3 million in 2014.
Operating income after share of net income of associates remains unchanged at €21.4 million, and includes:
- operating income from cinema production and distribution, excluding overheads, which totaled €17.5 million in 2015, compared to €19.0 million in 2014;
- operating income from the television production business in France and in the United States, excluding overheads, which amounted to €18.5 million in 2015, versus €12.7 million in 2014;
- operating income from movie theater operations, which came to €23.8 million in 2015, compared to €22.7 million in 2014. This income corresponds to the contribution of Les Cinémas Gaumont Pathé, of which Gaumont holds a 34% interest. Consolidated revenue for Les Cinémas Gaumont Pathé totaled €709.9 million in 2015, compared to €686.3 million in 2014. Ticket sales were down from 65.7 million tickets in 2014 to 64.5 million in 2015, with a slight increase in Switzerland and the Netherlands, and a decrease of 4% in France. In addition to these three countries, Les Cinémas Gaumont Pathé has been present in Belgium since the end of 2015, following the acquisition of a chain of five cinemas. The network now has 1,050 screens in Europe.
- NET BORROWINGS
Net borrowings totaled €207.3 million as at December 31, 2015, versus €178.4 million as at December 31, 2014. It includes €129.4 million in net borrowings, primarily made up of the revolving line of credit and Gaumont SA's bond as well as €77.9 million in self-liquidating loans, based on proceeds from pre-financing and the licensing of French and American series.
- OUTLOOK
Thirteen movies are schedules to be released in theaters in 2016:
- The Boy and the Beast, an animated feature film directed by Mamoru Hosoda. Released on January 13, the film has generated 150,000 ticket sales to date;
- Monsieur Chocolat, directed by Roschdy Zem, starring Omar Sy, James Thierrée and Olivier Gourmet. Released on February 3, the film has sold 1,800,000 tickets to date;
- Pattaya, directed by Franck Gastambide, starring Ramzy Bedia, Franck Gastambide and Gad Elmaleh. Released on February 24, the film has generated 1,300,000 ticket sales to date;
- The Visitors: Bastille Day, directed by Jean-Marie Poiré, starring Jean Reno, Christian Clavier, Franck Dubosc and Karin Viard, to be released on April 6;
- Sophie's Misfortunes, directed by Christophe Honoré, starring Muriel Robin, Anaïs Demoustier and Caroline Grant, to be released on April 20;
- Up For Love, directed by Laurent Tirard, starring Jean Dujardin and Virginie Efira, to be released on May 4;
- Vicky Banjo, directed by Denis Imbert, starring Victoria Bedos, François Berléand and Chantal Lauby, to be released on June 8;
- The Neon Demon, directed by Nicolas Winding Refn, starring Keanu Reeves, Elle Fanning and Jena Malone;
- Odd Job, directed by Pascal Chaumeil, starring Romain Duris, Michel Blanc and Alice Belaïdi;
- Brice From Nice, directed by James Huth, starring Jean Dujardin, Clovis Cornillac and Bruno Salomone;
- Heartstrings, directed by Michel Boujenah, starring Charles Berling and Pascal Elbé;
- Ares, directed by Jean-Patrick Benes, starring Ola Rapace;
- Owl You Need Is Love, directed by Ramzy Bedia, starring Ramzy Bedia and Elodie Bouchez.
Five television series will be delivered in 2016:
- Season 2 of Narcos, a 10-episode American drama directed by José Padilha and starring Wagner Moura and Pedro Pascal, delivered to Netflix;
- The Frozen Dead, a six-episode French drama directed by Laurent Herbiet and starring Charles Berling, Julia Piaton and Robinson Stévenin, delivered to M6;
- The first two episodes of The Art of Crime, a six-episode French drama, delivered to France 2;
- Atomic Puppet, a 52-episode cartoon series delivered to France 4;
- Noddy, a 52-episode cartoon series delivered to France 5.
- DATES OF NEXT FINANCIAL COMMUNICATION
A press release on the half-year consolidated results as of June 30, 2016 will be published on July 28, 2016.
- APPENDIX: Full-year and 2nd half consolidated revenue
| Consolidated revenue by business segment (in millions of euros) | Dec-31-15 | Dec-31-14 | % change |
| Cinema production | 70.6 | 95.1 | -25.8% |
| Movie theaters France | 15.6 | 25.7 | -39.2% |
| Video France | 8.0 | 10.5 | -23.0% |
| Video on demand France | 3.2 | 3.3 | -5.4% |
| Television France | 18.5 | 17.3 | 6.7% |
| International films | 21.3 | 32.3 | -34.3% |
| Other movie distribution income | 4.0 | 6.0 | -33.3% |
| Television production | 140.5 | 88.6 | 58.6% |
| American dramas | 127.7 | 64.4 | 98.3% |
| French dramas | 4.9 | 18.2 | -73.3% |
| Animated films and series | 7.9 | 6.0 | 33% |
| Trademark royalties | 3.7 | 3.8 | -3.6% |
| Other miscellaneous income | 2.3 | 2.6 | -10.4% |
| GAUMONT GROUP | 217.0 | 190.1 | 14.2% |
| 2nd half | |||
| Consolidated revenue by business segment (in millions of euros) | 2015 | 2014 | % change |
| Cinema production | 31.8 | 47.5 | -32.9% |
| Movie theaters France | 9.3 | 13.9 | -32.9% |
| Video France | 3.4 | 4.4 | -21.6% |
| Video on demand France | 1.4 | 1.2 | 16.3% |
| Television France | 8.6 | 6.9 | 23.9% |
| International films | 7.2 | 18.1 | -60.2% |
| Other movie distribution income | 1.8 | 2.9 | -36.5% |
| Television production | 121.1 | 36.3 | 233.5% |
| American dramas | 114.5 | 24.4 | 369.9% |
| French dramas | 0.1 | 7.0 | -98.6% |
| Animated films and series | 6.4 | 5.0 | 29.3% |
| Trademark royalties | 1.9 | 1.9 | -0.3% |
| Other miscellaneous income | 1.6 | 2.1 | -24.4% |
| GAUMONT GROUP | 156.4 | 87.8 | 78.2% |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GAUMONT via Globenewswire
