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

By Elsa Keslassy

LOS ANGELES (Variety.com) – 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. 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.