EuropaCorp : Universal Registration Document 2020/2021 (translation)

French public limited company (Société anonyme)

with a Board of Directors

and share capital of €41,514,758.54 Registered office: 20 rue Ampère 93200 Saint-Denis - France

RCS Bobigny 384 824 041

UNIVERSAL REGISTRATION DOCUMENT

This Universal Registration Document was filed with the French Financial Markets Authority (Autorité des marchés financiers - AMF) on July 23, 2021 under number D.21-0726, in its capacity as competent authority under Regulation (EU) No. 2017/1129, without prior approval in accordance with Article 9 of said regulation.

The Universal Registration Document may be used for the purpose of a public offering of financial securities or for the admission of financial securities for trading on a regulated market if accompanied by an operation note and, if relevant, a summary of any amendments made to the Universal Registration Document. Together, these are approved by the AMF in accordance with Regulation (EU) No. 2017/1129.

Copies of this Universal Registration Document are available free of charge from EuropaCorp at 20 rue Ampère, La Cité du Cinéma, 93413 Saint-Denis Cedex, as well as from the Company's website (www.europacorp.com) and the AMF's website (www.amf-france.org).

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Contents

1. PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, INFORMATION FROM

THIRD PARTIES, APPRAISERS' REPORTS AND APPROVAL BY THE COMPETENT AUTHORITY ............................	4
1.1	PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT ....................................................................................................	4
1.2	STATEMENT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT ....................................................................	4
1.3	NAME, ADDRESS, QUALIFICATIONS AND POTENTIAL CONFLICTS OF INTEREST OF THOSE ACTING AS EXPERTS...........................................	5
1.4	FILING WITH AND PUBLICATION BY THE COMPETENT AUTHORITY................................................................................................................	6
1.5	INCORPORATION BY REFERENCE ...................................................................................................................................................................	6
2. PERSONS RESPONSIBLE FOR THE AUDIT ........................................................................................................................	7
2.1	PRINCIPAL STATUTORY AUDITORS ...............................................................................................................................................................	7
2.2	DEPUTY STATUTORY AUDITORS ...................................................................................................................................................................	7
3.	RISK FACTORS ...........................................................................................................................................................................	8
3.1	BUSINESS-RELATEDRISKS .............................................................................................................................................................................	9
3.2	FINANCIAL RISKS .........................................................................................................................................................................................	11
4. INFORMATION ABOUT THE ISSUER................................................................................................................................	16
4.1	ISSUER COMPANY NAME AND TRADE NAME ...............................................................................................................................................	16
4.2	NUMBER AND PLACE OF REGISTRATION AND IDENTIFIER OF THE ISSUER'S LEGAL ENTITY.........................................................................	16
4.3	DATE OF INCORPORATION AND DURATION OF THE ISSUER ........................................................................................................................	16
4.4	REGISTERED OFFICE, LEGAL FORM AND APPLICABLE LEGISLATION .............................................................................................................	16
5.	BUSINESS OVERVIEW............................................................................................................................................................	17
5.1	MAIN ACTIVITIES.........................................................................................................................................................................................	17
5.2	MAIN MARKETS ...........................................................................................................................................................................................	31
5.3	COMPANY HISTORY AND MAJOR EVENTS IN THE DEVELOPMENT OF THE COMPANY AND GROUP.............................................................	39
5.4	STRATEGY AND OBJECTIVES ........................................................................................................................................................................	44
5.5	PATENTS, LICENSES, TRADEMARKS, DOMAIN NAMES .................................................................................................................................	45
5.6	COMPETITIVE ENVIRONMENT .....................................................................................................................................................................	46
5.7	INVESTMENTS..............................................................................................................................................................................................	48
6	ORGANIZATIONAL STRUCTURE ......................................................................................................................................	51
6.1	SIMPLIFIED GROUP STRUCTURE AS OF THE DATE ON WHICH THIS UNIVERSAL REGISTRATION DOCUMENT WAS FILED............................	51
DESCRIPTION OF SUBSIDIARIES AND EQUITY INTERESTS ..........................................................................................................................................	51
6.2	NEW STRUCTURE IMPLEMENTED UNDER THE SAFEGUARD PLAN ...............................................................................................................	55
7 REVIEW OF THE FINANCIAL SITUATION AND RESULTS .........................................................................................	58
7.1	FINANCIAL POSITION ...................................................................................................................................................................................	58
7.2	OPERATING INCOME ...................................................................................................................................................................................	59
7.3	MAIN ACCOUNTING PRINCIPLES .................................................................................................................................................................	63
7.4	CHANGES IN CONSOLIDATED RESULTS........................................................................................................................................................	68
8	CASH AND EQUITY.................................................................................................................................................................	71
8.1	GENERAL INFORMATION AND INFORMATION ABOUT THE COMPANY'S EQUITY.........................................................................................	71

8.2 COMMENTS ON THE CONSOLIDATED CASH POSITION AND CONSOLIDATED EQUITY OF THE GROUP UNDER IFRS FOR THE FINANCIAL

YEARS ENDED ON MARCH 31, 2020 AND MARCH 31, 2021.........................................................................................................................................	71
9	REGULATORY ENVIRONMENT ..........................................................................................................................................	77
9.1	FILM INDUSTRY SECTOR REGULATIONS.......................................................................................................................................................	77
9.2	ADMINISTRATIVE AUTHORIZATIONS ..........................................................................................................................................................	82
9.3	MANAGEMENT OF THE RELEASE SCHEDULE AND ITS FUTURE DEVELOPMENT ...........................................................................................	83
9.4	REGULATIONS ON PIRACY ...........................................................................................................................................................................	83
10	TREND INFORMATION .........................................................................................................................................................	85
10.1 MAIN TRENDS SINCE THE BEGINNING OF THE CURRENT FINANCIAL YEAR..................................................................................................	85

10.2 TRENDS, UNCERTAINTIES, CONSTRAINTS, COMMITMENTS OR EVENTS LIABLE TO HAVE A MATERIAL IMPACT ON THE GROUP'S OUTLOOK

85

11	PROFIT FORECASTS OR ESTIMATES ................................................................................................................................	86
	11.1	PUBLISHED ESTIMATE OR FORECAST ...........................................................................................................................................................	86
	11.2	STATEMENT .................................................................................................................................................................................................	87
12	ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT ............	88
	12.1	COMPOSITION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT..............................................................................................	88
	12.2	POTENTIAL CONFLICTS OF INTEREST ...........................................................................................................................................................	92
13	COMPENSATION AND BENEFITS ......................................................................................................................................	93
	13.1	INTERESTS AND COMPENSATION OF CORPORATE OFFICERS AND SENIOR EXECUTIVES ..............................................................................	93

13.2 TOTAL AMOUNT OF RECEIVABLES PROVISIONED OR RECORDED BY THE COMPANY OR ITS SUBSIDIARIES FOR THE PAYMENT OF PENSIONS

OR RETIREMENT OR OTHER BENEFITS ........................................................................................................................................................................	101
14 BOARD AND MANAGEMENT PRACTICES ...................................................................................................................	102
14.1 TERM OF OFFICE OF THE MEMBERS OF THE BOARD OF DIRECTORS ..........................................................................................................	102
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14.2 INFORMATION ABOUT CONTRACTS LINKING MEMBERS OF THE BOARD OF DIRECTORS, EXECUTIVE MANAGEMENT AND SUPERVISORY BODIES AND THE ISSUER OR ANY OF ITS SUBSIDIARIES PROVIDING FOR THE GRANTING OF BENEFITS AT CONTRACT END OR AN APPROPRIATE

	STATEMENT TO THE CONTRARY.................................................................................................................................................................................	102
	14.3	INFORMATION ABOUT THE AUDIT COMMITTEE AND THE COMPENSATION COMMITTEE ........................................................................	102
	14.4	STATEMENT ON THE CORPORATE GOVERNANCE IN EFFECT......................................................................................................................	105
	14.5	SIGNIFICANT POTENTIAL IMPACT ON CORPORATE GOVERNANCE.............................................................................................................	105
	14.6	CORPORATE GOVERNANCE AND INTERNAL CONTROL ..............................................................................................................................	106
15	EMPLOYEES .............................................................................................................................................................................	122
	15.1	EMPLOYMENT ...........................................................................................................................................................................................	122
	15.2	EQUITY INTERESTS AND STOCK OPTIONS ..................................................................................................................................................	124
	15.3	AGREEMENT FOR INVOLVING EMPLOYEES IN THE CAPITAL ......................................................................................................................	124
16	MAIN SHAREHOLDERS.......................................................................................................................................................	126
	16.1	COMPANY SHAREHOLDERS AND BREAKDOWN OF THE VOTING RIGHTS ...................................................................................................	126
	16.2	SHAREHOLDER VOTING RIGHTS ................................................................................................................................................................	127
	16.3	CONTROL OF THE COMPANY.....................................................................................................................................................................	128
	16.4	AGREEMENT WHOSE IMPLEMENTATION COULD RESULT IN A CHANGE OF CONTROL ...............................................................................	128
17 TRANSACTIONS WITH RELATED PARTIES .................................................................................................................	129
	17.1	DETAILS OF TRANSACTIONS WITH RELATED PARTIES................................................................................................................................	129

17.2 STATUTORY AUDITORS' SPECIAL REPORT ON RELATED-PARTY AGREEMENTS AND COMMITMENTS FOR THE FINANCIAL YEAR ENDED ON

MARCH 31, 2021........................................................................................................................................................................................................

139

18 FINANCIAL INFORMATION CONCERNING THE ISSUER'S ASSETS AND LIABILITIES, FINANCIAL

POSITION AND RESULTS .............................................................................................................................................................	146
18.1	HISTORICAL FINANCIAL INFORMATION.....................................................................................................................................................	146
VERIFICATION OF THE HISTORICAL ANNUAL FINANCIAL INFORMATION: STATUTORY AUDITORS' REPORT ON THE COMPANY'S CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021...........................................................................................................................	146
18.2	INTERIM FINANCIAL INFORMATION...........................................................................................................................................................	151
18.3	AUDIT OF THE HISTORICAL ANNUAL FINANCIAL INFORMATION ...............................................................................................................	152
18.4	PRO FORMA FINANCIAL INFORMATION .....................................................................................................................................................	152
18.5	DIVIDEND ALLOCATION POLICY ................................................................................................................................................................	152
18.6	LEGAL AND ARBITRATION PROCEEDINGS ..................................................................................................................................................	153
18.7	SIGNIFICANT CHANGE IN THE FINANCIAL OR BUSINESS POSITION ............................................................................................................	153

19	ADDITIONAL INFORMATION ..........................................................................................................................................	155
	19.1 SHARE CAPITAL .........................................................................................................................................................................................	155
	19.2 MEMORANDUM AND ARTICLES OF ASSOCIATION ....................................................................................................................................	162
20	MATERIAL CONTRACTS.....................................................................................................................................................	164
21	AVAILABLE DOCUMENTS..................................................................................................................................................	167
APPENDIX 1 - CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2021 AS PER IFRS .......................	168
	NOTE 1 - THE EUROPACORP GROUP.............................................................................................................................................................	173
	NOTE 2 - ACCOUNTING POLICIES AND METHODS....................................................................................................................................	176
	NOTE 3 - NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION..........................................................................	188
	NOTE 4 - NOTES TO THE CONSOLIDATED PROFIT AND LOSS STATEMENT .......................................................................................	206
	NOTE 5 - OTHER INFORMATION .....................................................................................................................................................................	209
	NOTE 6 - OPERATING SEGMENTS AND DATA BY SEGMENT....................................................................................................................	215
APPENDIX 2 - ANNUAL FINANCIAL STATEMENTS AS OF MARCH 31, 2021 ...............................................................	218
APPENDIX 3 - STATUTORY AUDITORS' REPORT ON THE ANNUAL FINANCIAL STATEMENTS FOR THE
FINANCIAL YEAR ENDED MARCH 31, 2021 ............................................................................................................................	241
APPENDIX 4 - FINANCIAL SUMMARY AND OTHER COMPANY INFORMATION FOR THE LAST FIVE
FINANCIAL YEARS (IN EUROS) AS PER FRENCH ACCOUNTING STANDARDS........................................................	247
APPENDIX 5 - CROSS-REFERENCE TABLE ..............................................................................................................................	248

NB: Unless otherwise stated for more recent information, all disclosures contained in this document are as of March 31, 2021

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1. PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, INFORMATION FROM THIRD PARTIES, APPRAISERS' REPORTS AND APPROVAL BY THE COMPETENT AUTHORITY

1.1 Person responsible for the Universal Registration Document

Mr. Axel Duroux, Chief Executive Officer.

1.2 Statement by the person responsible for the Universal Registration Document

"I hereby certify, having taken all reasonable measures to that end, that the information contained in this Universal Registration Document is, to my knowledge, correct and free from material misstatement.

I certify that, to my knowledge, the separate and consolidated financial statements of EuropaCorp (EuropaCorp or the Company) have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets and liabilities, financial position and earnings of the Company and of all companies included within the scope of consolidation (the Group), and that the management report provides an accurate picture of the business performance, earnings and financial position of the Company and of all companies included within the scope of consolidation as well as a description of the principal risks and uncertainties they face".

Saint-Denis, July 23, 2021

Axel Duroux

Chief Executive Officer of EuropaCorp

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1.3 Name, address, qualifications and potential conflicts of interest of those acting as experts

Appraisal of the audiovisual rights catalog

The Company asked the Accuracy consulting firm (based at 41 rue de Villiers, 92200 Neuilly-sur- Seine) to conduct an independent appraisal of its catalog of audiovisual rights as of March 31, 2021. Accuracy is specialized in corporate financial advisory.

Accuracy has no ties with EuropaCorp, Front Line, their subsidiaries or their corporate officers that could call into question its independence. Moreover, it has no material interest in the Company within the meaning of the recommendations of the Committee of European Securities Regulators. To the knowledge of the Company, ownership of the securities, previous employment or remuneration, membership of a group and links with financial intermediaries involved in the offering or listing of securities are the criteria that apply to securities were taken into account to assess the significant interest held by the expert in the issuer.

Accuracy has authorized the Company to disclose the conclusions of its appraisal in public documents. To the Company's knowledge, the information relating to this appraisal and stemming from a third party was faithfully reproduced and there are no omissions liable to make the information reproduced inaccurate or misleading in any significant respect.

EuropaCorp's catalog was appraised on March 31, 2021 on the basis of future discounted cash flows from the production and distribution of films after April 1, 2021. The cash flow forecasts are based on:

• historical information and forecasts communicated by the EuropaCorp Group;
• an extrapolation of this information by Accuracy based on its own knowledge of the audiovisual market and the historical average performance of the films in the EuropaCorp Group's catalog.

Pursuant to the assignment entrusted to Accuracy, the information communicated to Accuracy by EuropaCorp did not undergo an independent verification.

The conclusions of the appraisal report produced by Accuracy are reproduced below. As stated, this appraisal was carried out with a view to EuropaCorp's continuity as a going concern:

"[…] we determined the value of the Catalog of the EuropaCorp Group using the discounted cash flow method

on the revenue generated by the Catalog from April 1, 2021.

The appraisal below reflects the market value of the Catalog for EuropaCorp, that is, the value in use for EuropaCorp as a going concern.

On this basis, we estimated the value of the EuropaCorp Group's Catalog at €76 million as of March 31, 2021. The breakdown is as follows:

Appraisal of EuropaCorp Group's catalog (in millions of euros)	March 31, 2021
EuropaCorp's film catalog	62
Licenses	0
Tax savings	6
Non-invested financial subsidies generated	1

Value of EuropaCorp's film catalog	70
TV Series Taken	6
TOTAL value of EuropaCorp Group's catalog	76

Paris, June 15, 2021".

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