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French filmmaker and producer Luc Besson’s embattled film company EuropaCorp has posted a $101m (€88.9m) loss for the first half of the 2018-19 financial year, as it struggles to bring debts worth some $280m (€236m) under control.
The results come on the back of a turbulent three weeks for the company and its founder, after French media reported a fresh round of sexual misconduct accusations against Besson, following those of Belgian actress Sand Van Roy, who filed a police complaint against the filmmaker in May. Besson denies all allegations.
Results - Close - Paris - Bourse - Thursday
The six-month results, released after the close of the Paris bourse on Thursday evening, herald a fourth loss-making year in a row for EuropaCorp. It has not turned a profit since 2013-14 when it announced net income of $227,000 (€200,000).
By comparison, net income for the first-half of 2017-18 came in at -$80.2m (-$70.6m) for a final annual result of -$91.7m (-€82.1m), and -$31.3 (-€27.6m) for the same period in 2016-17, which went on to post a record annual loss of $132m.
Company - Basis - Loss - Semester - EuropaCorp
The company said that on the basis of the loss recorded on the first semester it was likely EuropaCorp would “recognise a FY 2018/19 significantly in deficit”.
The company’s last majorly profitable year was in 2012-13 when it announced record net income of $22.2m (€19.2m).
Loss - Restructuring - Plan - EuropaCorp - Debts
The $101m loss comes amid a radical restructuring plan as EuropaCorp attempts to rein in its debts.
These have accumulated over the last five years on the back of a series of disappointing English-language mid-range dramas, comedies and thrillers; an ill-fated attempt to break into the US distribution scene and Besson’s high stakes gamble on passion project Valerian And The City Of A Thousand Planets which put in a lacklustre performance at the international box office and barely made back its $200m budget.
Months - Company
Over the last 12 months, the company has shed...
(Excerpt) Read more at: Screen
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