×
You will be redirected back to your article in seconds

EuropaCorp Posts Net Loss of $95.4 Million; Revenues Up 49%

Luc Besson’s EuropaCorp has posted its full results for the fiscal year ending March 31, revealing a net loss of €82.5 million ($95.4 million) and consolidated revenues of €226.5 million, a 49% year-on-year increase.

As announced last month, “Valerian and the City of a Thousand Planets” largely contributed to boosting the company’s revenue from theatrical distribution, as well as video and VOD sales in France and in the U.S. The company’s international sales business increased by 57.1% to €76.7 million ($90 million), representing about 34% of the total turnover for the last fiscal year.

The company also said its recent measures to cut overheads have so far allowed it to save €15.9 million. Its layoff plan is scheduled for the next fiscal year, which will end in March 2019.

The losses are not as deep as last year, which hit a company record of €119.9 million, but are still the second biggest in its history. EuropaCorp attributed the losses to the underwhelming performance of its English-language slate in the U.S. and the cost of distributing films in the U.S.

The company’s operating cash flows increased to €107.4 million – compared with €2.4 million during the last fiscal year – owing to the sales of “Valerian,” as well as the fact that it didn’t spend as much in P&A in the U.S. EuropaCorp’s next big production, “Anna,” directed by Besson, will be released in the U.S. by Lionsgate.

Besides “Anna,” the company’s slate of upcoming releases includes Thomas Vinterberg’s “Kursk,” with Matthias Schoenaerts, Colin Firth and Léa Seydoux; Guillaume Canet’s “Little White Lies 2”; and David Lowery’s “The Old Man and the Gun,” with Robert Redford and Casey Affleck.

EuropaCorp’s TV series roster include “AI (Artificial Intelligence)”; “Gray,” based on David Baldacci’s original concept; “The Extraordinary Adventures of Adele Blanc Sec,” based on Jacques Tardi’s classic French comic book; and “American Flagg!”, based on Howard Chaykin’s comic.

The company did not address the rape allegation that Besson is currently facing in France. Neither did it mention that it was currently looking to raise capital to repay its debt, which is valued at about €230 million.

More Film

  • Michelle Rejwan Lucasfilm

    Lucasfilm Hires 'Star Wars: The Rise of Skywalker' Producer Michelle Rejwan

    Lucasfilm has hired “Star Wars: The Rise of Skywalker” producer Michelle Rejwan as senior vice president of live action development and production. Lucasfilm President Kathleen Kennedy made the announcement Monday. Rejwan was a co-producer on 2015’s “Star Wars: The Force Awakens,” a co-producer on JJ Abrams’ “Star Trek: Into Darkness” and an associate producer on [...]

  • Game of Thrones Season 8 Production

    'Game of Thrones,' Netflix VFX Among Those to Be Featured in SIGGRAPH Production Talks

    VFX pros behind the final season of “Game of Thrones,” the blockbuster film “Avengers: Endgame,” Pixar’s upcoming “Toy Story 4,” last year’s Oscar-winning “Spider-Man: Into the Spider-Verse,” Netflix series, including “Stranger Things,” and more will give SIGGRAPH 2019 attendees a behind-the-scenes look at their work during the conference’s Production Sessions. There will even be a [...]

  • Lionsgate Planning 'Hunger Games' Prequel Movie

    Lionsgate Planning 'Hunger Games' Prequel Movie

    Lionsgate has begun working on a “Hunger Games” prequel movie, based on a forthcoming novel from writer Suzanne Collins. “As the proud home of the ‘Hunger Games’ movies, we can hardly wait for Suzanne’s next book to be published. We’ve been communicating with her during the writing process and we look forward to continuing to [...]

  • Siberia Keanu Reeves

    Saban Films Turns 5: How the Indie Studio Grew While Rivals Faltered

    Saban Films doesn’t make the most noise. It doesn’t have the splashiest premieres or parties. But the indie film label just quietly did what many of its early rival failed to pull off. It celebrated its fifth anniversary at this year’s Cannes Film Festival. “We stuck to our plan,” Saban Films founder Bill Bromiley told [...]

  • Emanuel

    Film Review: 'Emanuel'

    Mass shootings continue to be a shameful stain on contemporary American history. They strike at such a frequent rate that the way they occupy news cycles before losing the public’s short-spanned attention has become appallingly routine. With his somber documentary “Emanuel,” released by Fathom Events in theaters for two nights only (June 17 and 19), [...]

  • Men in Black International

    Box Office: 'Men in Black: International,' 'Shaft' Add to Summer Sequel Slump

    As “Men in Black: International” and “Shaft” join the growing list of under-performing sequels this summer — an ignominious group that includes “Dark Phoenix” and “Godzilla: King of the Monsters” — worries of franchise fatigue are beginning to simmer in Hollywood. “Franchises that don’t up the ante or bring anything new into the fold are [...]

  • Song Ge

    Beijing Culture's Song Ge Urges Mainstream Directors to Toe Government Line

    The publicity-shy chief of Beijing Culture, which has backed such Chinese mega-hits as “Wolf Warrior II” and “The Wandering Earth,” openly urged film directors Monday to stick to material pleasing to the Chinese state, for the sake of their investors. “If you’re shooting an art house or smaller budget films, it’s no problem — say [...]

More From Our Brands

Access exclusive content