Operating income doubles Very strong growth in
net income: +144% Confirmation of guidance: €110m of cumulative
revenues1 over 2022-2023 Record launch of at least 10 new
productions expected in 2022
Regulatory News:
Xilam Animation (ISIN Code: FR0004034072, Symbol: XIL)
(Paris:XIL), the independent animation production and program
distribution company, announces its results for the fiscal year
ending 31 December 2021, reviewed by the Board of Directors on
March 30, 2022 under the chairmanship of Marc du Pontavice.
(in thousands of euros)
31.12.2021 (1)
31.12.2020
% change
Sales of new production
20,501
10,553
+94%
Other income and grants (2)
8,670
2,751
+215%
Total revenues from new productions and
development
29,171
13,304
+119%
Total revenues and subsidies
6,422
8,633
-26%
Total revenues and subsidies
35,594
21,936
+62%
Other grants and current operating
income(3)
4,646
2,715
+71%
Total operating revenues
40,239
24,651
+63%
Operating expenses
(31,468)
(20,226)
+56%
Current operating income
8,671
4,425
+96%
% of revenues
24.4%
20.2%
Operating income
8,697
4,244
+105%
% of revenues
24.4%
19.3%
Net income of the consolidated
group
6,839
2,806
+144%
% of revenues
19.2%
12.8%
(1) Unaudited data (2) Excluding the Audiovisual Tax credit
(ATC) (3) Including the Audiovisual Tax credit (ATC)
Marc du Pontavice, Chairman and CEO of Xilam,
says: “The strong growth in our income in 2021 demonstrates the
solidity of our model and its growth potential. We are entering
2022 with a record level of 21 projects in the pipeline and we plan
to launch at least 10 new productions during the year, reflecting
the extraordinary appetite of broadcasters for our premium content.
With a strengthened and very experienced management team, top-tier
talents and an effective organization, we are ideally positioned to
benefit from the strong growth in the animation sector.”
Very strong uptick in revenues: +63%
For the first time, the Xilam Group’s total operating revenues
exceeded €40m, to reach €40.2m as of 31 December 2021, growing by
+63% compared to the 2020 fiscal year.
- Sales from new productions almost doubled to reach €20.5m.
- New productions subsidies tripled due to the group’s investment
momentum in proprietary productions.
- As expected, catalogue revenues are experiencing a slight
slowdown compared to 2020. This is mainly a cyclical effect since
as there were no renewal scheduled in 2021 for the two main
properties of the catalogue: Oggy and Zig and Sharko.
It should be remembered that business was negatively affected by
the Trico series delivery being postponed to 2022.
The 2021 fiscal year was also marked by the Group’s rapid
expansion abroad (78% of sales) especially on digital platforms
which now account for 75% of sales (43% in 2019).
Record level of investments during the period
In 2021, investments in proprietary productions reached €31.2m,
an increase of 25%. This strong business activity represents a
total of 14 projects in production, including 3 for the Pre-school
segment, 9 for the Kids’ segment and 2 for the Non-Kids’ segment. 7
of these productions are aimed at SVOD platforms.
Operating income doubles
Current operating income stood at €8.7m, i.e. double that of the
2020 fiscal year. This growth is both a result of a significant
increase in revenues and a good control of fixed costs.
In view of the mainly proprietary component of productions
delivered in 2021, series’ amortization reached €25m, reflecting a
cautious approach to valuing the Group’s catalogue.
Overheads not attributed to new productions stood at €5.0m. This
reflects the Group’s significant €1.6m investments in developing
new projects, and in particular Adult series, a new and very
promising market for the Group.
In a year marked by a strong investment dynamic, the current
operating margin amounted to 24.4% compared to 20.2% in 2020. It
should be noted that Cube’s business, integrated in 2020, achieved
a profit margin approaching that of the Group.
Solid financial position
As of 31 December 2021, net financial debt (excluding rental
debts) stood at €18.6m (vs. €8.4m at the end of December 2020), in
other words, an increase of €10.2m which can be explained by an
increase of €10.1m in self-liquidating debt (such as factoring) on
current productions, which stood at €12.8m as of 31 December
2021.
As a reminder, in March 2021, Xilam signed a €20m production
credit line with Natixis-Coficiné to support this strong
growth.
Non-self-liquidating financial debt remains stable at €15.8m and
cashflow and cash equivalents are also stable at €9.9m, resulting
in a stable net structural (non-self-liquidating) financial debt of
€5.9m.
As of 31 December 2021, shareholders’ equity amounted to €67.6m
(compared to €60.7m at the end of 2020).
Corporate Social Responsibility
Xilam has always placed corporate social and environmental
responsibility at the heart of its concerns and is among the
sector’s key players in this area. Keen to continue to develop its
CSR strategy, the Group will strengthen its team with the
appointment of a Director in charge of CSR.
Given its strong presence in the Pre-school and Kids series
productions, the Group has drawn up a content charter in order to
promote the educational values of openness, tolerance, kindness and
respect for the environment.
In 2021, Xilam was given a rating of 3.5 stars (out of 5) by
Humpact, which placed it in second place in the sector. The Group
also achieved a rating of 63/100 from Gaïa, who ranked it in 22nd
place out of 148 companies with revenues of less than €150m.
Xilam is continuing its efforts to support young talent through
a strong presence in animation training schools, and notably
welcomed 15 apprentices in 2021
Strong objectives and outlook: 2022-2023 guidance
confirmed
Xilam envisages investing between €33m and €36m in 2022 on new
productions.
Xilam began 2022 with a record level of 21 projects in
development, comprising 2 feature films and 19 series, including 4
for Pre-school, 8 for Kids and 9 for Non-Kids, a segment
experiencing very high growth due to demand from platforms. Xilam's
worldwide recognition, particularly in the field of 2D animation
and slapstick comedy, makes it a key partner for the major
streaming platforms.
The Group plans to launch at least 10 new productions during the
year including several Adult series for the first time. This
dynamic reinforces the Group's position as European leader.
2022 will also be the year that merchandising for the Oggy Oggy
pre-school series will be launched (first range of toys planned for
Christmas 2022).
It should be noted that the tragic events in Ukraine have no
impact on the Group's business.
In an environment of very strong growth, driven by record
investments from digital platforms, Xilam is now able to confirm
its cumulative operating revenues guidance for the 2022-2023 cycle
at €110m.
This objective is on track to meet the Ambition 2026 plan,
presented on February 17, which aims to double revenues by 2026 to
€80m
In conclusion, Xilam is entering the period 2022-2026 in a very
strong position which should enable it to capture the record
momentum in the animation sector and thus deliver sustained growth
to create value.
Agenda
2021 Annual Report Notice: 29 April 2022 (after market
closing)
Publication of H1-2022 revenues: 21 July 2022 (after market
closing)
Publication of H1-2022 results: 29 September 2022 (after market
closing)
About Xilam
As a major player in the animation industry, Xilam is an
integrated studio founded in 1999 that creates, produces and
distributes original programmes in more than 190 countries for
children and adults, broadcast on television and on SVoD (Netflix,
Disney+, Amazon, NBC Universal, etc.) and AVoD (YouTube, Facebook,
etc.) platforms. With a global reputation for creativity and its
capacity for innovation, an editorial and commercial expertise at
the forefront of its industry, Xilam is positioned as a key player
in a fast-growing market. Each year, Xilam, builds on its real
successes and capitalises on powerful historical brands (Oggy and
the Cockroaches, Zig & Sharko, Chicky, etc.) and new brands
(Oggy Oggy in the pre-school sector, Mr. Magoo, Trico, etc.) which
are consolidating and expanding a significant catalogue of more the
2,700 episodes and 3 feature films including the Oscar-nominated I
Lost My Body. Xilam has unique GCI skills. Xilam employs more than
500 people, including 400 artists, across its studios in Paris,
Lyon, Angoulême and Hô-Chi-Minh in Vietnam. Xilam is listed on
Euronext Paris Compartment B - PEA - SRD long Eligibility
1 Total operating revenues
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version on businesswire.com: https://www.businesswire.com/news/home/20220331005582/en/
Contacts Marc du Pontavice - Chief Executive Officer
Arnaud Duault - CFO Tel +33(0)1 40 18 72 00
Image Sept agency xilam@image7.fr Karine Allouis (Media
Relations) - Tel: +33 (0)1 53 70 74 81 Laurent Poinsot (Investor
Relations) - Tel +33 (0)1 53 70 74 77
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