Mediawan Financial Results for the First Semester

Nachrichtenquelle: Business Wire (engl.)
21.09.2020, 18:30  |  104   |   |   

Regulatory News:

Mediawan (Paris:MDW), one of the main independent European studios of premium content, announces its financial results for the first half of 2020. These financial statements were approved by the Management Board at their meeting on September 19th, 2020, and were subjected to a limited examination by the Statutory Auditors. The revenue for the first half is €115.7m, down 39% compared to H1 2019. As previously announced, the Covid-19 pandemics led in Q2 2020 to significant delays in delivery for Originals and, to a lower extent, Animation (which will reinforce the already strong line-up in production for late 2020 and 2021) and a decrease of advertising revenue of the channels.

Key reported financial indicators

 

H1 2020

H1 2019

Revenues (€m)

115.7

188.7

EBITDA (€m)

17.7

25.9

EBITDA margin (%)

15.3 %

13.7 %

EBIT (€m)

(4.7)

4.2

Net Income – Group share (€m)

(5.0)

2.0

Adjusted Net Income – Group share (€m)1

3.8

15.0

Adjusted EPS (€ / share)

0.12

0.48

 

06/30/2020

12/31/2019

Net Financial Debt 2 (€m)

136.3

142.2

Shareholders’ equity – attributable to owners of the Company (€m)

209.6

226.8

In spite of the pandemics context we are facing in our various businesses, we are quite confident in our growth perspectives. Mediawan is one of the main actors of European consolidation in the content sector, and already one of the preferred contacts for the TV channels and global platforms. Our European network which is building up and the reinforcement of our French standing, with Mediawan Studio in particular, will allow us to meet these objectives.” - Pierre-Antoine Capton, Chairman of the Board of Mediawan

Main developments by business unit

  • Mediawan Originals, one of Europe’s leading independent producers of original content in drama, cinema and documentary with 25 labels in France, Italy and Spain, reported a H1 2020 revenue of €35.9m, down 47% compared to H1 2019. This revenue mainly consists in deliveries already announced in Q1 2020, as well as in Q2 2 episodes of “Research Unit” to TF1 and several documentaries like “The Voyages of Matisse, Chasing Light” to Arte or “Michiko, La Force du Roseau” to France Télévisions, but also two theater releases of feature films throughout the summer (“L’Aventure des Marguerite” and “T’As Pécho?”), representing 33 hours of programmes over the semester. The slowdown in deliveries in Q2 is mainly linked to the pauses in productions at the end of Q1, which resumed as soon as health regulations allowed. However, the Originals business plans on delivering many high-end programmes in Q3 including “Anelka: Misunderstood” and “Gims” to Netflix (released on August 5th and September 17th respectively), “Brutus Vs Cesar” (on Amazon Prime Video on September 18th), “Boutchou” (theatrical release on September 23rd), season 2 of “Unfaithful” (on TF1 starting on October 1st), but also season 4 of “Call My Agent” and “Apocalypse: Hitler Attacks to the West” to France Télévisions or “La Flamme” to Canal+.
  • Mediawan Animation reported an H1 2020 revenue of €14.7m, consisting mainly in the delivery of 18 episodes of “Power Players” (including 3 in Q2), compared to a revenue of €49,5m in H1 2019 (as a reminder the “Playmobil” movie, delivered in 2019, represented alone a revenue of €32m). The Animation business also plans on delivering several of its signature programmes in the second half of the year, such as the two TV movies “Miraculous World – New York: United HeroeZ” which will be released in late September in many territories, and “Miraculous World: Shanghai – Lady Dragon” which will be released in early 2021, but also the feature film “Little Vampire” by Joann Sfar, which will be released in theaters on October 21st, 2020. Besides, the Animation teams continue their production effort in particular with seasons 4 and 5 of the “Miraculous: Tales of Ladybug & Cat Noir” phenomenon, season 3 of “Robin Hood” which will be delivered starting at the end of 2020, but also the series “Pinocchio and The Enchanted Village”, scheduled for 2021, and the feature film “Miraculous Awakening”, scheduled for the end of 2021.
  • Mediawan Rights, which comprises all of Mediawan’s distribution activities, recorded an H1 2020 revenue of €15.8m, down 9% compared to H1 2019. This mainly corresponds for Q2 to the sale of “Babylon Berlin” to Canal+, “Megastadium” to National Geographic and Red Bull Media in certain territories, as well as the Group’s top franchises like “Miraculous” and “Alice Nevers” to Discovery. Mediawan Rights also sold the series “H” to Netflix during Q3. As of today, the current context hasn’t resulted in an increase in demand from channels and platforms for the contents of the Mediawan Rights catalogue.
  • Mediawan Thematics, which specialises in the publication of channels and non-linear platforms, reported an H1 2020 revenue of €49.2m, down 9% compared to H1 2019, mainly due to lower advertising revenue, down 30% over the semester compared to H1 2019 – a trend observed in all broadcasters. In this context, the Group has taken programming cost cuts measures in the last few months. The good performances of the Group’s thematic channels in terms of audience share throughout 2020, have also contributed to the pick-up of advertising in Q3 2020, which are up compared to Q3 2019. Besides, the two main expiring operator contracts have been renewed in the 1st semester, and the Thematics teams are currently developing non-linear offers for various platforms.

Reported EBITDA of €17.7m, adjusted net income – group share3 of €3.8m

EBITDA reaches €17.7m, i.e. an operating margin of 15.3%. This stabilized margin level is mainly the result of a mix effect and cost saving initiatives, compensated by lower absorption of structure costs.

Reported operating profit is €(4.7)m, after recognition of (i) amortisation other than that related to audiovisual rights (including amortisation of IFRS 16 rights of use), (ii) amortisation of the share of goodwill allocated to intangible assets and property, plant and equipment, (iii) non-recurring expenses related to acquisitions and reorganisation costs and (iv) the accounting impact, with no impact on the Group’s cash position, of items equivalent to remuneration items under IFRS standards.

The Group share of net income is a loss of €(5.0)m, net of financial expense of €(4.2)m, income tax of €1,4m and minority interests of €(0.2)m.

Adjusted net income, which strips out the impact of non-recurring items on net income, amounted to €3.8m, versus €15.0m in H1 2019.

Financial structure: net debt4 of €136.3m and shareholders’ equity of €210.7m at the end of June 2020

Shareholders’ equity decreases from €229.3m at year end 2019 to €210.7m at the end of June 2020, mainly impacted by the result of the period and by the non-monetary impact related to the recognition of minority interest buyout commitments.

At 30 June 2020, the Group had net financial debt of €136.3m versus €142.2m at 31 December 2019. The decrease in net debt over the period is due to a positive operational cash flow, which are not offset by the capital operations of the period.

2020 perspectives in line with previously communicated trends

Due to the pandemics context, the Group anticipates as of today that its 2020 revenue should be down c. -20% compared to its 2019 revenue. The EBITDA, on the other hand, should be down approximately 30% over a year. The Group therefore confirms the indications previously communicated and is petting everything in place to ensure a return to normal in its activities in 2021.

The financial report for the first half of 2020 is available on: http:// https://www.mediawan.com/en/our-investors, in the “Financial reports” section

Next financial press release: Q3 revenue, by November 30th, 2020

About Mediawan - mediawan.com
Created in late 2015 by Pierre-Antoine Capton, Xavier Niel and Matthieu Pigasse, Mediawan soon became one of the main independent European studios producing premium content. Mediawan brings together best-in-class talents in audiovisual creation by operating on the entire value chain: production of drama, documentary and animated original content (Mediawan Originals and Mediawan Animation), distribution of audiovisual content (Mediawan Rights), and publishing of channels and digital services (Mediawan Thematics). Mediawan currently gathers 30 production labels.
Eligible to PEA-PME – ISIN code: FR0013247137/Ticker: MDW .

Appendix

1. Consolidated income statement – period from January 1 to June 30, 2020 and January 1 to June 30, 2019

In € millions S1 2020 S1 2019*
 
Revenues

115.7

188.7

 
Other products

43.9

71.0

 
Purchases and external expenses

(40.7)

(61.7)

Personnel expenses

(48.3)

(50.4)

Other expenses

(12.3)

(12.6)

Reversals of depreciation and provisions

4.2

3.4

Depreciation & accruals of provisions

(44.8)

(112.6)

Other depreciation (excl. audiovisual rights)

(8.1)

(4.0)

Other operating income and expenses

(2.7)

(5.5)

Amortization of assets recognized through bus. combinations

(11.6)

(12.2)

EBIT

(4.7)

4.2

 
Cost of net financial debt

(4.2)

(3.6)

Other financial income

0.5

0.8

Other financial income and expenses

(0.5)

(0.9)

Net financial income (expense)

(4.2)

(3.7)

 
Pre-tax income / (loss)

(8.8)

0.6

 
Current and deferred tax (expense) / benefit

1.4

0.4

 
Profit (loss) after tax

(7.4)

1.0

 
Income from equity affiliates

(0.2)

(0.3)

 
Net income / (loss)

(7.5)

0.7

 
Net income / (loss), Group share

(5.0)

2.0

Minority interests

(2.6)

(1.2)

 
Basic earnings (loss) per share attributable to owners (in €)

(0.16)

0.06

Diluted earnings (loss) per share (in €)

(0.15)

0.06

*Note : H1 2019 data have been restated as presented in note 8.12 to the interim consolidated financial statements

2. Consolidated balance sheet at June 30, 2020 and December 31, 2019

In € millions 30-june-2020 31-dec-2019
 
Goodwill

194.6

190.0

Intangible assets

392.6

379.5

Property, plant and equipment

66.0

69.2

Other non-current financial assets

5.2

6.6

Deferred tax assets

7.4

11.5

Non-current assets

665.9

656.8

 
Inventories and work-in-progress

8.2

5.2

Trade receivables

119.8

136.2

Other receivables

88.2

77.6

Current tax receivables

4.1

6.6

Cash and cash equivalents

70.4

43.0

Current assets

290.6

268.6

 
Total assets

956.5

925.4

 
Share capital

0.3

0.3

Share premium

257.4

257.4

Other reserves

(41.2)

(29.0)

Retained earnings (deficit)

(6.8)

(1.9)

Equity attributable to owners of the Company

209.6

226.8

 
Equity attributable to non-controlling interests

1.1

2.5

 
Equity

210.7

229.3

 
Long-term borrowings and other non-current fin. liab.

229.0

166.9

Other financial non-current liabilities

56.0

45.1

Obligations under leases non current

41.9

45.2

Employee benefit obligations

4.4

4.0

Long-term provisions

5.5

5.5

Deferred tax liabilities

26.2

32.4

Non-current liabilities

362.9

299.2

 
Short-term borrowings and other current fin. liab.

47.0

98.0

Other financial current liabilities

3.3

0.9

Obligations under leases current

7.1

7.3

Short-term provisions

1.2

2.1

Trade and other operating payables

153.6

150.3

Other payables and accrued expenses

167.8

134.9

Current tax liabilities

2.8

3.4

Current liabilities

382.9

396.9

 
Total Equity and liabilities

956.5

925.4

---------------------------------------------------

1 Net income adjusted for other operating income and expense, amortisation of assets related to business combinations and other non-recurring financial or tax income and expense (net of tax).
2 Financial debt excluding production loans and IFRS16 leases.
3 Net income adjusted for other operating income and expense, amortisation of assets related to business combinations and other non-recurring financial or tax income and expense (net of tax).
4 Financial debt excluding production loans and IFRS16 leases

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