Universal Registration Document
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French public limited company (société anonyme) with a Board of Directors and share capital of €41,514,758.54 Registered office: 20 rue Ampère 93200 Saint-Denis – France RCS Bobigny 384 824 041 UNIVERSAL REGISTRATION DOCUMENT This Universal Registration Document was filed with the French Financial Markets Authority (Autorité des marchés financiers - AMF) on July 30, 2020, in its capacity as competent authority under Regulation (EU) No. 2017/1129, without prior approval in accordance with Article 9 of said regulation. The Universal Registration Document may be used for the purpose of a public offering of financial securities or for the admission of financial securities for trading on a regulated market if accompanied by an operation note and, if relevant, a summary of any amendments made to the Universal Registration Document. Together, these are approved by the AMF in accordance with Regulation (EU) No. 2017/1129. Copies of this Universal Registration Document are available free of charge from EuropaCorp at 20 rue Ampère, La Cité du Cinéma, 93413 Saint-Denis Cedex, as well as from the Company’s website (www.europacorp.com) and the AMF’s website (www.amf-france.org). -1- Contents 1. PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, INFORMATION FROM THIRD PARTIES, APPRAISERS’ REPORTS AND APPROVAL BY THE COMPETENT AUTHORITY ............................ 4 1.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT .................................................................................................... 4 1.2 STATEMENT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT .................................................................... 4 1.3 NAME, ADDRESS, QUALIFICATIONS AND POTENTIAL CONFLICTS OF INTEREST OF THOSE ACTING AS EXPERTS ........................................... 5 1.4 FILING WITH AND PUBLICATION BY THE COMPETENT AUTHORITY................................................................................................................ 6 1.5 INCORPORATION BY REFERENCE ................................................................................................................................................................... 6 2. PERSONS RESPONSIBLE FOR THE AUDIT ........................................................................................................................ 7 2.1 PRINCIPAL STATUTORY AUDITORS ............................................................................................................................................................... 7 2.2 DEPUTY STATUTORY AUDITORS ................................................................................................................................................................... 7 3. RISK FACTORS ........................................................................................................................................................................... 8 3.1 BUSINESS-RELATED RISKS ............................................................................................................................................................................. 9 3.2 FINANCIAL RISKS ......................................................................................................................................................................................... 11 4. INFORMATION ABOUT THE ISSUER ................................................................................................................................ 15 4.1 ISSUER COMPANY NAME AND TRADE NAME ............................................................................................................................................... 15 4.2 NUMBER AND PLACE OF REGISTRATION AND IDENTIFIER OF THE ISSUER’S LEGAL ENTITY. ........................................................................ 15 4.3 DATE OF INCORPORATION AND DURATION OF THE ISSUER ........................................................................................................................ 15 4.4 REGISTERED OFFICE, LEGAL FORM AND APPLICABLE LEGISLATION ............................................................................................................. 15 5. BUSINESS OVERVIEW ............................................................................................................................................................ 16 5.1 MAIN ACTIVITIES ......................................................................................................................................................................................... 16 5.2 MAIN MARKETS ........................................................................................................................................................................................... 30 5.3 COMPANY HISTORY AND MAJOR EVENTS IN THE DEVELOPMENT OF THE COMPANY AND GROUP............................................................. 38 5.4 STRATEGY AND OBJECTIVES ........................................................................................................................................................................ 43 5.5 PATENTS, LICENSES, TRADEMARKS, DOMAIN NAMES ................................................................................................................................. 45 5.6 COMPETITIVE ENVIRONMENT ..................................................................................................................................................................... 45 5.7 INVESTMENT ............................................................................................................................................................................................... 47 6 ORGANIZATIONAL STRUCTURE ...................................................................................................................................... 50 6.1 SIMPLIFIED GROUP STRUCTURE AS OF THE DATE ON WHICH THIS UNIVERSAL REGISTRATION DOCUMENT WAS FILED. ........................... 50 DESCRIPTION OF SUBSIDIARIES AND EQUITY INTERESTS ............................................................................................................................................ 50 6.2 NEW STRUCTURE IMPLEMENTED UNDER THE SAFEGUARD PLAN ............................................................................................................... 54 7 REVIEW OF THE FINANCIAL SITUATION AND RESULTS ......................................................................................... 57 7.1 FINANCIAL POSITION ................................................................................................................................................................................... 57 7.2 OPERATING INCOME ................................................................................................................................................................................... 58 7.3 MAIN ACCOUNTING PRINCIPLES ................................................................................................................................................................. 62 7.4 CHANGES IN CONSOLIDATED RESULTS........................................................................................................................................................ 67 8 CASH AND EQUITY ................................................................................................................................................................. 70 8.1 GENERAL INFORMATION AND INFORMATION ABOUT THE COMPANY’S EQUITY ........................................................................................ 70 8.2 COMMENTS ON THE CONSOLIDATED CASH POSITION AND CONSOLIDATED EQUITY OF THE GROUP UNDER IFRS FOR THE FINANCIAL YEARS ENDED MARCH 31, 2019 AND MARCH 31, 2020 .............................................................................................................................................. 70 9 REGULATORY ENVIRONMENT .......................................................................................................................................... 76 9.1 FILM INDUSTRY SECTOR REGULATIONS....................................................................................................................................................... 76 9.2 ADMINISTRATIVE AUTHORIZATIONS .......................................................................................................................................................... 81 9.3 MANAGEMENT OF THE RELEASE SCHEDULE AND ITS FUTURE DEVELOPMENT ........................................................................................... 82 9.4 REGULATIONS ON PIRACY ........................................................................................................................................................................... 82 10 TREND INFORMATION ......................................................................................................................................................... 83 10.1 MAIN TRENDS SINCE THE BEGINNING OF THE CURRENT FINANCIAL YEAR.................................................................................................. 83 10.2 TRENDS, UNCERTAINTIES, CONSTRAINTS, COMMITMENTS OR EVENTS LIABLE TO HAVE A MATERIAL IMPACT ON THE GROUP’S OUTLOOK ............... 83 11 PROFIT FORECASTS OR ESTIMATES ................................................................................................................................ 84 11.1 PUBLISHED ESTIMATE OR FORECAST