YMAGIS: First Half-year 2017 Results
(Thomson Reuters ONE) -
Press Release
Paris (France) - 29 September at 17:45
First Half-year 2017 Results
Return to Equilibrium for Earnings Before Taxes (EBT)
despite Wait-and-See Market
Important Innovation Investments with Short-Term Sales
Paris (France) - Ymagis Group (FR0011471291, MAGIS, PEA-PME, TECH 40), the
European specialist in technologies for the film industry, today reported its
earnings and consolidated financial results for the first half year of 2017
ending 30 June 2017, as approved by the Group's Board of Directors following its
meeting on 29 September.
Business in the first half of 2017 penalised by a temporary fall in the
CinemaNext Business Unit equipment sales and sales growth of Eclair following
successful integration of recent acquisitions
In millions of Euros Half-year 2017 Half-year 2016 Var. (%)
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VPF 31.2 34.3 (8.9) %
As % of revenue 38% 41% -
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CINEMANEXT (EXHIBITOR SERVICES)(1) 24.6 27.7 (11.1) %
As % of revenue 30% 33% -
Equipment Sales 17.9 20.7 (13.7) %
Online & Support 6.3 6.6 (3.7) %
Others 0.4 0.4 3.4 %
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ECLAIR (CONTENT SERVICES)(1) 26.5 21.6 22.6 %
As % of revenue 32% 26% -
Distribution Services & Preservation 12.0 9.7 22.9 %
Post Production & Restoration 5.4 7.1 (24.3) %
Localization 9.1 4.1 122.2 %
Others - 0.7 (100.0) %
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TOTAL REVENUE 82.3 83.6 (1.5) %
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1. To reflect CinemaNext's activities as completely as possible, revenue for
the Equipment Sales division corresponds exclusively to the sale of
equipment to cinemas. Installation services are now included in the "Online
and Support" division. The presentation of the figures for the first quarter
of 2017 reflects this change and the figures for the first quarter of 2016
have been revised accordingly.
As of 30 June 2017, Ymagis Group's revenues are slightly down by 1.5% at ?82.3M
compared to ?83.6M for the same period last year. The strong acceleration in
activities from the Eclair Business Unit, for which the recent acquisitions are
the main growth driver, does not compensate the less important contribution
during the first half-year of Equipment sales by the CinemaNext Business Unit
and the first effects of VPF recoupments.
The results are broken down as follows by business unit:
* The VPF business unit continued its scheduled reduction under the effect of
the initial recoupments made during 2016 in Austria, the Czech Republic and
Poland, its revenue falling 8.9% to ?31.2M. The drop in average turnover
rates in Europe during the period is also one of the reasons behind the
decrease in revenue. On 30 June 2017, the number of screens under VPF
contract stood at 5,919 compared to 6,036 one year ago.
* CinemaNext recorded revenue of ?24.6M for this first half-year 2017, down
11.1% as compared to last year. This slowdown, mainly due to the current
economic environment, is linked to a number of major projects being
rescheduled for the second half of 2017 and a later-than-expected start to
replacement sales. Sales of projection equipment and audio systems thus
dropped by 13.7% to ?17.9M versus ?20.7M on 30 June 2016. Revenue for Online
& Support activities was slightly down at ?6.3M for the first half-year
2017 as compared to the same period in 2016.
* Boosted by recent acquisitions, Eclair achieved a 22.6% increase in revenue
at ?26.5M compared to ?21.6M twelve months ago. The new entities have made a
significant contribution to the Business Unit's revenue for this first half-
year with the integration of Christa Kistner Synchronproduktion, Tecnison
and ST'501 in the Versioning and Accessibility division and Open Sky Cinema
and DSAT Cinema in the Theatrical Delivery division.
During this first half-year, the Ymagis Group has also significantly
consolidated its position as a European leader as CinemaNext signed new service
contracts with two large cinema chains in Germany and Norway. Eclair also
expanded its European standing, with the signature of a 3-year agreement with
Zurich's Diagonalfilm for the delivery of digital content to cinemas.
In line with its strategic "Perform" plan, the Group actively continued its
international development in new key markets, launching CinemaNext North America
in partnership with CinTech, and CinemaNext TR in Turkey with Omega Cinema
Systems. The Group aims to become the market leader in exhibitor services.
Positive Earnings Before Taxes thanks to external growth and accretive
operations and rationalization of the Eclair Business Unit
In millions of Euros As of 30 June, 2017 As of 30 June, 2016 Var. (%)
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Revenue 82.3 83.6 (1.5) %
EBITDA 20.0 23.8 (15.7) %
Depreciation and amortization (17.6) (20.0) -
Operating Income 2.4 3.6 (32) %
Non-recurring charges - (8.4) -
EBIT 2.4 (4.8) -
Net financial charges (2.3) (3.6) -
EBT 0.1 (8.4) -
Income taxes (2.2) (1.0) -
Third-party interests 0.0 0.0 -
Net Result - Group Share (2.2) (9.4) -
The Groups indicates EBITDA for the first six months of 2017 fell by 15.7% at
?20.0M compared to ?23.8M the previous year. Positive effects from recent
acquisitions and the rationalisation activities engaged at Eclair mean the
EBITDA for the Business Unit significantly improved by ?2.2M at
-?1.1M. Excluding exceptional elements, the adjusted EBITDA of Eclair is
positive at ?0.6M.
The Group returned to a positive EBIT during the first half of 2017, standing at
?2.4M, despite an increase in payroll costs, which stood at ?22.3M on 30 June
2017 compared to ?19.7M one year ago under the effect of external growth and the
strengthening of some operational roles. The total number of people employed by
the Group rose from 677 to 727.
Depreciation and amortization fell by ?2.4M to ?17.6M following the decrease in
amortization concerning the first VPF recoupments in some countries.
After taking into account financial expenses, which continued to fall
significantly by almost 35% at ?2.3M versus ?3.6M in 2016 under the positive
effect of the reduced debt related to VPF activities, income from operations
before taxes is positive at ?0.1M versus a loss of ?8.4M the previous year
mainly due to non-recurring charges linked to exceptional depreciation.
The tax burden increased to ?2.2M compared to ?1M on 30 June 2016, given the
?1.3M in deferred taxes and a taxation of ?0.9M.
After taking into account these elements, the Group's net result is a loss of
?2.2M compared to a loss of ?9.4M a year ago.
A healthy financial position which supports the Group's investment in
innovations
In line with the previous year, the Group continued the process of reducing its
debt with the repayment of financial leasing debts relating to the VPF model. On
30 June 2017, the Group's net debt was ?70.9M compared to ?77.2M on 31 December
2016 and ?92.8M the prior year.
Its cash position stood at ?15.5M versus ?20.6M on 31 December 2016, impacted by
investment efforts in innovating projects amounting to ?1.9M during the first
half-year of 2017.
The Group's consolidated equity was ?28.2M compared to ?30.4M on 31 December
2016.
Continuation of the Perform plan and targets confirmed
Just twelve months ago, the Ymagis Group published its Perform plan, which aims
to achieve profitable growth for the Group focusing on 3 areas: rationalization
and efficiency, innovation and internationalization.
Today a new management team is in place and continuous improvement work aiming
to consolidate and optimize the Group's organization is starting to bear fruit.
The full impact of this work should be felt during the year. The Group thus
confirms its target to achieve a return to profitability for its Eclair Business
Unit with a constant growth of its EBITDA.
In parallel, the Ymagis Group has stepped up deployment of its latest
innovations in Europe and worldwide. In a fast-changing industry where
innovation is a key success factor, the Group's recent solutions have found
their audience. EclairColor, the Group's HDR technology, has seen rapid
deployment. In under twelve months, 100 cinema screens have already been
equipped worldwide. The launch of other new products such as Sphera and
EclairPlay have also received a positive response and the first contracts are in
the pipeline.
Ymagis has strengthened the positions of its CinemaNext Business Unit with the
signing of new contracts in Europe and is confident in its ability to
significantly increase the market share of these activities as announced.
The Group has strengthened its geographical expansion by concluding during Q2 of
2017 an agreement with CineTech, leading to the creation of a new subsidiary
named CinemaNext North America. Ymagis Group has a 75% equity position in this
new structure, which operates out of Dallas (Texas).
Consistent with its aim to offer services with high added value for both the
general public and industry professionals, innovation is more than ever at the
heart of the Group's strategy, with the implementation of a new Business Unit
focusing on innovation, which should allow the Group to introduce new offers
shortly. For instance, the Ymagis Group just launched EclairGame, an e-sport
themed business dedicated to cinemas and currently in test phase at a Parisian
cinema. Short-term positive effects are expected from this new venture, which
should be extended to other cinemas in 2018.
First Half-Year 2017 Financial Statement Online
Ymagis Group's full first half-year 2017 financial statement, filed with the AMF
today, is available under Publications in the "Investors" section of its
corporate website.
Next press release: 15 November 2017 - Q3 2017 revenue
ABOUT YMAGIS GROUP |
Ymagis is a European leader in advanced|YMAGIS GROUP
digital technology services for the cinema|Jean Firome, CFO
industry. Founded in 2007, the Group is|Tel: +33 (0)1 75 44 88 88
headquartered in Paris and has offices in 24 |investors(at)ymagis.com
countries with more than 727 employees. Our|
core business is structured around three main|CALYPTUS
units: CinemaNext (exhibitor services: sales|Sophie Boulila / Mathieu Calleux
and field services, software solutions,|ymagis(at)calyptus.net
customer service/NOC and consulting), Eclair|Tel.: +33 (0)1 53 65 68 62
(content services: post-production,|
theatrical delivery, digital distribution,|
versioning and accessibility, restoration and|
preservation), and and Virtual Print Fee|
(VPF) for finance solutions. For more|
information, please connect to|
www.ymagis.com, www.cinemanext.com or|
www.eclair.digital |
|
Ymagis is a publicly-traded company on |
Euronext Paris and is part of indices CAC |
Small, CAC Mid and Small, and CAC All- |
Tradable. |
Ymagis_CPresS1_2017_EN:
http://hugin.info/156454/R/2138290/818582.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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
Unternehmensinformation / Kurzprofil:
Datum: 29.09.2017 - 19:25 Uhr
Sprache: Deutsch
News-ID 561926
Anzahl Zeichen: 14937
contact information:
Town:
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Kategorie:
Business News
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