GAUMONT Press release
Neuilly-sur-Seine, March 9, 2015
The Gaumont Board of directors, which met on March 5, 2015 under the chairmanship of Nicolas Seydoux, approved the financial statements for the year ended December 31, 2014.
FULL-YEAR CONSOLIDATED RESULTS as of December 31, 2014
| Key figures from operations (in millions of euros) | 20141 | 2013 | % change |
| Consolidated revenue | 190.1 | 169.1 | +12.4% |
| Operating income after share of net income of associates | 21.3 | 19.3 | +10.4% |
| Net income, group share | 18.3 | 12.7 | +44.4% |
| Investments | 128.2 | 131.5 | -2.5% |
| Key balance sheet figures (in millions of euros) | December 31, 2014 | December 31, 2013 | % change |
| Equity | 254.3 | 243.1 | +4.6% |
| Net borrowings | 178.4 | 171.7 | +3.9% |
| 1 Audit procedures have been completed for 2014 and the audit report is being prepared. | |||
- 2014 REVENUE
Consolidated revenue for 2014 totaled €190.1 million, compared to €169.1 million the previous year. The increase in revenue stems from the development of the television production business.
- Cinema production
Revenue from the cinema production business amounted to €96.8 million in 2014, versus €99.7 million in 2013:
- revenue from film distribution in French movies theaters stood at €25.7 million in 2014, compared to €25.5 million in 2013. Gaumont films sold more than ten million cinema tickets for thirteen films released throughout the year, including 3.2 million cinema tickets for Samba, 1.3 million for La French and 2.2 million for Belle and Sebastian and Me Myself and Mum released at the end of 2013, each of which totaled nearly 3 million cinema tickets;
- revenue from video distribution and video on demand in France amounted to €13.8 million in 2014, versus €12.8 million in 2013. The success of Belle and Sebastian, particularly in physical video, and Me Myself and Mum accounts for most of the increase in revenue;
- revenue related to sales of distribution rights to French television channels amounted to €17.3 million in 2014, compared to €23.5 million in 2013. Catalog title sales have remained good, both to historic channels and to digital channels, which accounted for 46% and 39% of revenue, respectively. Nearly 220 movies were sold in 2014;
- revenue from international sales amounted to €32.6 million in 2014, versus €31.6 million in 2013. Despite a smaller contribution from Untouchable in 2014, international sales remained stable, driven by sales of new movies, including The Young and Prodigious Spivet, Mea Culpa and Belle and Sebastian.
- Television production
Revenue from the production of television programs totaled €89.4 million in 2014, compared to €65.5 million in 2013.
Sales from American dramas series accounted for €64.4 million in revenue, versus €57.2 million in 2013. The following programs were delivered in 2014:
- the second season of the Hannibal series to NBC and to the first season's major foreign broadcasters. This series was broadcast starting on February 28, 2014;
- the second season of the Hemlock Grove series to Netflix. This series has been available on the operator's online video on demand platform since July 11, 2014.
Revenue related to French dramas and cartoon series came to €25.0 million in 2014, compared to €8.4 million in 2013, and includes sales of:
- Résistance, a 6-episode series broadcast on TF1 starting on May 19, 2014;
- Hôtel de la plage, a 6-episode series broadcast on France 2 starting on July 16, 2014;
- Interventions, a 6-episode series broadcast on TF1 starting on November 24, 2014;
- La trouvaille de Juliette, broadcast on France 3 on December 16, 2014;
- Calimero, a cartoon series with 26 new episodes broadcast on TF1 starting on February 9, 2014.
- 2014 RESULTS
Gaumont's net income reached €18.3 million in 2014, compared to €12.7 million in 2013.
Operating income after share of net income of associates amounted to €21.3 million in 2014, versus €19.3 million in 2013, and includes:
- operating income from cinema production and distribution, excluding overheads, which totaled €19.0 million in 2014, compared to €23.0 million in 2013;
- operating income from the television production business in France and in the United States, excluding overheads, which amounted to €12.7 million in 2014, versus €12.6 million in 2013;
- operating income from movie theater operations, which came to €22.7 million in 2014, compared to €17.8 million in 2013. 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 €686.3 million in 2014, compared to €668.2 million in 2013. The number of cinema tickets rose from 64.2 million in 2013 to 65.7 million in 2014 for all three countries where the Group operates, with a more than 5% increase in France, in line with the market. In addition, the contribution from the theater network in the Netherlands was more substantial in 2014 considering the accretive effect from purchasing non-controlling interests at the end of 2013.
- NET BORROWINGS
At the end of 2014, Gaumont SA restructured its financial debt and issued a €60 million bond with 7 to 10 year maturities in addition to a new revolving credit agreement for a maximum amount of €80 million over 5 years, replacing the previous €125 million line of credit.
The Gaumont group's net borrowings totaled €178.4 million as of December 31, 2014, compared to €171.7 million as of December 31, 2013. It includes €111.4 million in net borrowings, primarily made up of the revolving line of credit and Gaumont SA's bond as well as €67.0 million in self-liquidating production loans, based on proceeds from pre-financing and the release of French and American series.
- OUTLOOK
Fourteen feature films are scheduled to be released in 2015:
- Coming In, directed by Noémie Saglio and Maxime Govare, starring Pio Marmaï and Franck Gastambide. Released on January 28, the film sold 420,000 cinema tickets as of the end of February 2015;
- Cerise, directed by Jérôme Enrico, starring Johnatan Zaccaï and Zoé Adjani-Vallat, to be released on April 1;
- The Bitch Project, directed by Noémie Saglio and Héloise Lang, starring Camille Cottin, to be released on April 29;
- We Were Young, directed by Philippe Guillard, starring Kad Merad, Benoît Magimel, Charles Berling and Vincent Moscato, to be released on June 3;
- Through the Air, directed by Fred Grivois, starring Ludivine Sagnier and Reda Kateb, to be released on June 17;
- All Three of Us, directed by Kheiron and Christophe Vassort, starring Kheiron and Leila Bekhti;
- Adama, directed by Mathieu Vadepied, starring Balamine Touré and Ali Bidanessy;
- My Men, directed by Emma Luchini, starring Manu Payet and Fabrice Luchini;
- Florida, directed by Philippe Le Guay, starring Jean Rochefort and Sandrine Kiberlain;
- Courted, directed by Christian Vincent, starring Fabrice Luchini and Sidse Knudsen;
- Our Futures, directed by Rémy Bezançon, starring Pierre Rochefort and Pio Marmaï;
- Arès, directed by Jean-Patrick Benes, starring Ola Rapace;
- Belle and Sebastian, the Adventure Continues, directed by Christian Duguay, starring Tcheky Karyo and Félix Bossuet;
- The Boy and the Beast, an animated feature film directed by Mamoru Hosada.
Seven television series will be delivered in 2015:
- Hemlock Grove Season 3, a 10-episode American drama directed by Eli Roth, starring Famke Janssen, Bill Skarsgard and Dougray Scott, on Netflix;
- Hannibal Season 3, a 13-episode American drama directed by Bryan Fuller, starring Mads Mikkelsen, Hugh Dancy and Laurence Fishburne, airing on NBC and on the same international channels as previous seasons;
- Narcos, a 10-episode American drama directed by José Padilha, starring Wagner Moura and Pedro Pascal, on Netflix;
- F is for Family, a 6-episode cartoon series on Netflix;
- Hôtel de la Plage, Season 2, a 6-episode French drama directed by Christian Merret-Palmair, starring Bruno Solo, Jonathan Zaccaï and Yvon Back, airing on France 2;
- Calimero, a 52-episode cartoon series on TF1;
- Welcome to Bric-à-Broc, a 39-episode cartoon series on Canal+.
- DIVIDENDS
The Board of directors will propose the distribution of a 1 euro per share dividend to the General meeting scheduled to take place on May 5, 2015.
- DATE OF NEXT FINANCIAL COMMUNICATION
In accordance with article L. 451-1-2 of the French Monetary and financial code (Code monétaire et financier), as amended by article 9 of French act No. 2014-1662 dated December 30, 2014, and pursuant to AMF recommendation No. 2015-03 dated February 3, 2015, Gaumont has decided to no longer publish quarterly financial information. Gaumont will publish the consolidated half-year results as of June 30, 2015 on July 28, 2015.
*
**
- APPENDIX: Full-year and 4th quarter consolidated revenue
| Consolidated revenue by business segment (in millions of euros) | Dec-31-14 | Dec-31-13 | % change |
| Cinema production | 96.8 | 99.8 | -3.0% |
| Cinemas France | 25.7 | 25.5 | 0.6% |
| Video France | 10.5 | 9.4 | 11.2% |
| Video on demand France | 3.3 | 3.4 | -2.5% |
| Television France | 17.3 | 23.5 | -26.3% |
| International | 32.6 | 31.6 | 3.0% |
| Other1 | 7.5 | 6.3 | 18.3% |
| Television production | 89.4 | 65.5 | 36.5% |
| American dramas | 64.4 | 57.2 | 12.7% |
| French dramas | 18.2 | 0.2 | N/A |
| Animated films and series | 6.8 | 8.1 | -16% |
| Trademark royalties | 3.8 | 3.8 | -0.8% |
| Gaumont group | 190.1 | 169.1 | 12.4% |
| (1) Primarily includes spin-off products, music publishing and the Gaumont Pathé Archives business. | |||
| fourth quarter | |||
| Consolidated revenue by business segment (in millions of euros) | 2014 | 2013 | % change |
| Cinema production | 31.2 | 36.3 | -14.1% |
| Cinemas France | 12.2 | 13.8 | -11.4% |
| Video France | 2.3 | 2.8 | -18.0% |
| Video on demand France | 0.2 | 0.9 | -78.2% |
| Television France | 2.6 | 9.2 | -72.1% |
| International films | 12.2 | 7.7 | 59.7% |
| Other1 | 1.7 | 2.0 | -13.9% |
| Television production | 23.2 | 8.4 | 176.3% |
| American dramas | 11.1 | 2.4 | 372.1% |
| French dramas | 7.0 | 0.1 | N/A |
| Animated films and series | 5.1 | 5.9 | -13.2% |
| Trademark royalties | 0.9 | 1.0 | -5.6% |
| Gaumont group | 55.3 | 45.6 | 21.2% |
| (1) Primarily includes spin-off products, music publishing and the Gaumont Pathé Archives business. | |||
http://hugin.info/154637/R/1900418/675508.pdf
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
