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Marseille, Pôle Média Thierry Baujard 1er Mars 2005 Le financement de contenus à linternational.

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Présentation au sujet: "Marseille, Pôle Média Thierry Baujard 1er Mars 2005 Le financement de contenus à linternational."— Transcription de la présentation:

1 Marseille, Pôle Média Thierry Baujard 1er Mars 2005 Le financement de contenus à linternational

2 Un exercice difficile

3 Sommaire 1.Peacefulfish 2.Les tendances actuelles du marché 3.Les modèles européens et américains 4.Disfonctionnements et initiatives 5.Opportunités et stratégie

4 1 Peacefulfish Une communauté Online de plus de 4500 producteurs et financiers à linternational Base de données des différents systèmes de financement internationaux, newsletter et forum Du conseil pour les producteurs, les institutions financières et publiques Conseil en stratégie de financement et accès aux financements Création et gestion de fonds dédiés au contenus avec ou sans avantage fiscal Développement de nouveaux instruments daides au financement pour les institutions publiques et bancaires et due diligence de projets Levées de fonds /Corporate Finance media Présent en France, Allemagne et GB avec un réseau de partenaires au Brésil, Canada, Afrique du Sud, Australie, Inde, Espagne et Italie

5 1 Des clients variés Des producteurs comme Motivo Films (USA), Daybreak (Australie), Greenlight Media (Allemagne), Gaumont, Films 26 (France), Ruby Films, FAI films (UK)…. Des institutions financières comme lIBB à Berlin (banque publique dinvestissement), Barcalys Bank, un fonds de capital risque suisse… Des institutions publiques comme la Commission du film Norvégienne, lassociation des commissions du film finlandais, ScreenWales ….bientôt Barcelone Des clusters Media comme à Sophia Antipolis, Berlin, Rovaniemi (Laponie), Cannes…bientôt Turin

6 1 Notre expertise Connaissance des systèmes de financement à linternational (Co production, combinaisons fiscales, apport en capital privé…) Accès à de nombreux projets à linternational et à différentes sources de financement (conseil et non financier en direct) Optimisation financière des financements à linternational et stratégie de portfolio de projets Mise en place et gestion professionnelle et transparente de fonds dinvestissement Accès aux financements publics, privés et à de la distribution US.

7 2 Les tendances actuelles Internationalisation des financements et de la production de films (les régions historiques ne sont plus dominantes) Environnement peu stable du fait de changements de législation (UK, Allemagne) et création de nouveaux systèmes très compétitifs (Afrique du sud, Belgique, Hongrie, Norvège) Nécessité de combiner des financements venant de différentes régions/pays afin de boucler le financement. Développement dinitiatives régionales créant de nouvelles règles à appliquer en plus des critères nationaux et européens…plus de 200 fonds publics régionaux existent en Europe

8 2 Les tendances actuelles Différents niveaux de compréhension de lindustrie du cinéma et des contenus dans la grande Europe. Fort développement des partenariats public/privé…mais très peu de P/E seul Grandes différences de coûts entre les pays de lunion européenne (disons entre la Slovaquie et la Grande Bretagne) Accélération de lintégration stratégique des majors américaines en Europe (production à présent) renforcée par le prix fort de lEuro Un manque cruel de financement pour le développement Peu de stratégie long terme pour les sociétés de production ou développement de slate de la part des producteurs

9 2 Un marché peu structuré Quelques « mini studios » européens, une myriade de petits producteurs Sous capitalisation des sociétés Beaucoup de petits projets et quelques gros budgets Recherche de financement à tout va! Rôle de la TV importante De moins en moins de pre achats Peu de circulation des films entre les pays européens Parmi les films financés, peu sont rentables

10 3 Le modèle européen Une série de différentes sources de financement à combiner: Subventions régionales, nationales, Européennes Des avantages fiscaux dans certains pays Des pre ventes Cinéma et TV Instruments bancaires: gap et rachat de contrats Deals de production: studio et post production

11 3 Le modèle européen Traités de co productions, mini traités, accords ville à ville, convention européenne du cinéma Avantages fiscaux –Crédit dimpôts –Avantages fiscaux accordés aux investisseurs privés Fort développement en dehors de lEurope: –Afrique du Sud (co prod + tax Break/equity) –Canada (Co prod + crédit dimpôt) –P/E en Russie –Australie, Brésil… Apparition de régions de production « Low Cost »: Inde, Europe de lest avec une vraie expertise locale et des instruments financiers en plus… Lélément culturel reste un critère important.

12 3 Les sources de financement en Europe Beaucoup dargent mais très éparpillé Chaque région/pays cherche à attirer les productions Les producteurs profitent de cette concurrence pour faire baisser les prix…tout en augmentant les budgets puisque la plupart des financement ne présentent pas de risques aux financiers. En majorité, le profit du producteur vient de cette différence Trouver des financements, cest répondre à léquation: quel niveau de dépenses locales pour quel financement Les questions de de certification et donc de cash flow, de garanties, daudit viennent sajouter à lutilisation proprement dite des fonds Les coûts de financement (juridiques, fiscales, audit…) rendent les films encore plus chers

13 3 Le modèle américain Uniquement de largent privé soit « damis » soit des majors Des projets à perspective international Un développement poussé et tiré par la vente du projet (talent..) Une optimisation des financements …internationalisation à outrance Budget marketing équivalent au budget du film La sortie cinéma est utilisée comme instrument marketing…la profitabilité du film vient des sorties DVD et ventes TV

14 4 Quelques disfonctionnements Allemagne en 2004: environ $ 2,5 Milliard ont été levés pour le cinéma par les fonds Media Le programme Media 2007: 1 Milliard dEuro En Grande Bretagne, passage denviron 40% de financement à 20% (si tout est va bien…) Les producteurs norvégiens financent à 96 % leur films auprès dun fonds unique de subventions En 2004, le nombre de films italiens produits en Italie est tombé à moins de trente. « Un long dimanche de fiançailles » nest pas un film français!

15 4 Une situation bloquée? Pratiquement pas de gap financing en Europe. Pour obtenir un crédit sur les contrats de pre ventes, il faut des garanties démesurées et un distributeur reconnu internationalement Pour toucher de largent en Italie, il faut déjà avoir réalisé plusieurs films Il ny a plus que 2 ou 3 sociétés de garanties de bonne fin dans le monde Les grands fonds allemands exigent une distribution US pour financer un projet La banque dinvestissement européenne ninvestit que dans dautres banques avec une expertise forte du cinéma…

16 4 Des nouvelles initiatives Des fonds dargent privé se montent en Espagne Beaucoup de capitaux privés investissent dans le cinéma en Scandinavie et en GB grâce à lEIS Les fonds allemands « spécialisés » ont été les plus rentables du marché lannée dernière Des réseaux de distribution européenne indépendants se montent Les producteurs européens se professionnalisent et font appel de plus en plus à de lanalyse de box office, à des projections de revenus et à du marketing Certaines régions européennes se spécialisent pour travailler en réseau avec dautre régions afin daider les montages de projets au travers de modèles pre établis.

17 4 De nouveaux modèles La technologie et en particulier la distribution numérique (multi plates-formes) ouvre de nouveaux modèles de financement avec des acteurs privés Avec la baisse de lefficacité de la publicité à la Télévision, les marques se tournent vers lintégration des marques dans les contenus La convergence multimedia offre de nouvelles opportunités de synergies entre le marketing et le contenu

18 5 Les challenges Période de transition avec passage: Dun produit culturel à un produit à valeur ajoutée Du prototype à léconomie déchelle pour limiter les risques Dune sortie salle à une production et une distribution tournée vers le numérique Une rationalisation des coûts de production avec un marketing plus développé De national à international

19 5 Les opportunités Les objectifs: Soutenir le développement aux projets Entretenir des relations stratégiques avec les producteurs basés sur leurs besoins de financement et non en terme de coûts de production Aider les producteurs à boucler leur budgets Développer des modèles de financement originaux et facilitant les combinaisons avec les autres sources Apporter les conditions favorables à lutilisation des financements existants (cash flow par exemple) Travailler en réseau à linternational afin de multiplier les opportunités de financement Co produire de façon minoritaire

20 5 Pourquoi stratégique? Poids économique prouvé dans de nombreux pays (Irlande, Canada, Nouvelle Zélande) Créateur demplois et de valeur ajoutée Démultiplication des dépenses annexes (tourisme…) Rentrées fiscales liées aux dépenses Image attrayante Formation accélérée pour les producteurs Effet de chaîne Augmentation du niveau de professionnalisation La convergence offre de nouvelles opportunités économiques diverses…

21 New Media EntertainmentDesign Tourisme experienceIndustry

22 5 Définition de la stratégie Quels types de projets sont intéressants pour la région? Quel taille de budget? Quel genre de projet? Projets internationaux ou européens? Quels sont les besoins des producteurs? A quel moment intervenir dans le financement? Quelle est loffre la plus attrayante par rapport à la concurrence internationale? Quelle spécialisation dans la chaîne de valeur de la production? Quel niveau daide et de dépenses pour quel financement? Comment « matcher » industrie locale et projets internationaux? Comment créer un environnement financier adéquat? Comment attirer du capital privé? Comment intéresser les différents partenaires régionaux publiques et privés à collaborer dans un domaine …qui peut faire peur?

23 Merci

24 European financing $10 M budget from France 15% subsidies France 15% Pre sale theatre France 5% tax shelter (Sofica) 15% of Pre sale TV 20% Co production with Germany 20% co production Italy for studio use 10% banking (Gap financing)

25 Subsidies Work based on co production treaties or international conventions NOTE: the USA does not have any cinematographic treaty or convention signed with any country in the world Subsidies are often the first part of the financing of a movie in Europe Cheap money Regulations are different depending on countries but the basis is always the same: –Use of a local co producer –Amount of local spend –Use of talent from the region –Cultural character of the movie

26 Tax shelters 2 main types: Tax credits given by the state: Luxembourg, Canada Tax incentive given to private investors: UK, Germany, France Very interesting for producers and normally relatively easy to use But timings can be odd and changes in regulations can happen.

27 Pre sales Possible to get in domestic market but rather difficult to get in the other European countries MG have gone down because of bad performance of media groups TV channels are often linked to distribution More and more a necessary part to get the other sources Track record of distributors is becoming crucial

28 Banking Les and less banks are active in the film industry in Europe 2 categories: discounted contracts and Gap financing Level of legal work and due diligence is so high that they accept only high budgets In France, the banking system is strong and trusted by 2 entities dedicated to film Barclays, Royal Bank of Scotland, Hypovereinsbank, Deutsche bank, Cofiloisirs, Coficine…

29 Production deals Europe offers many opportunities for Studios and post production facilities Often used to « complete » the co production part (no location involved) Very strong competition leading to price war and studio working as co producers to co finance movies Eastern Europe is also cheap and some countries are part of European conventions

30 Private Equity Not really developed yet In competition with tax products A mid term trend with the changes in regulations for subsidies and Tax. Trend to mix public and private money

31 Outline European film financing Examples: –Germany –UK –South Africa –Other types of European funds How to approach film finance in Europe from a US independent Films point of view

32 Film Financing in Germany Federal and regional subsidies TV pre sales Distributors guarantees Co-producers Film funds

33 Film Funds: 3 levels of tax funds 1.A group of 4/5 funds which fund 100% of projects and have all deals with Majors 2.Medium-size funds that look at single projects 3.Smaller funds that do not necessarily raise money

34 Film Funds: Germany Collect money Deal w/ investors, co producers & distributors Are subject to important legal frameworks: Commercial Code and Income Tax Code 2002: overall size of German Funds –1997: $150M –2002: $2Billion –2003: $2,5 Billion

35 Film Funds: Germany Overtime, 2 types of funds have developed: Producer Funds Are involved in production = producer Own copy rights Benefits from future proceeds Leasing Funds Are Co-financers Have nearly no influence No film rights remain to the fund Success of production is not important

36 Film Funds: Germany Prerequisite for Tax Deduction: Max. tax deduction = 100% of investment Profit attainment intend Fund is Producer Co-ownership of investors Restriction of deduction applied to foreign expenditures

37 MEDIA Decree Reasons Avoidance of tax deduction investments German money for European films (End of stupid German money?) Impacts on existing Funds: Producer Funds will remain Avoidance to invest in leasing funds More German money remains in Europe

38 MEDIA Decree Implication on Co-Producer Status: Production assigned by the fund Co-production Strong influence of the fund Know-how, money and network provided by the fund

39 Fund-friendly projects Theatrical movies, prime time TV programs Animations, TV series International productions English language Profitable, pre sales, completion bonds US distribution

40 Germany 40 funds (1/4) Alcas GmbH ApolloProMedia GmbH BOLU Filmproduktions und -verleih GmbH CFC Creative Finance Concept GmbH CMristopher Filmcapital GmbHCinerenta Gesellschaft für Internationale Filmproduktion mbH Commerzbank AG CP Medien AG Equity Pictures AG Euroarts Festival Film Finance GmbH

41 UK Sale & Leaseback Legal Framework On the investors side, tax relief available to a sale and leaseback arrangement is provided under two sections of the Finance Act: Section 42 of the Finance Act - Production costs may be written off over three years, in equal installments, starting with the year in which the film is completed while pre- production costs (i.e. costs up to the first day of principal photography) can be written off in the year in which they are incurred.Section 42 of the Finance Act Section 48 of the Finance Act - Where a qualifying film is completed after 1 July 1997, production expenditure incurred after that date and before 2 July 2005 may be deducted in full in the year in which the film is completed (i.e. the above three-year write-off will not be required).Section 48 of the Finance Act

42 UK Sale & Leaseback Benefits (1/2) A sale and leaseback arrangement takes advantage of the tax benefits available in the UK and can be particularly useful to producers and/or investors in a qualifying British film, as it will provide the seller of a film with a percentage of the film's budget as a cash benefit. Access to the tax benefits is often via a sale and leaseback deal whereby a filmmaker sells the negative to an acquirer, e.g. a bank, who then leases it back again to the filmmaker. The acquirer sets off its expenditure against its own tax liabilities using the tax provisions for film set out above. He is able to pass on some of the benefits it gains in terms of cash flow to the film maker through favorable terms in the lease. The benefits of sale and leaseback constitute a tax deferral, which accrues to the acquirer of the film. The benefit of such tax deferrals, however, can be quantified in monetary terms and it is this benefit that the acquirer may share with the producer by way of discounted lease rentals.

43 UK Sale & Leaseback Benefits (2/2) The lease payments made by the producer will be set at amounts discounted over the period of the lease. The difference between the sale price and the total lease payments represent the "net benefit" to the producer. The amount of the net benefit is dependent on various factors including the size of the film, the status of the lessor, timing of the deal, etc, but will typically range from 9% to 11% of the cost of the film. Th e main difficulty is for the film to be qualified as a « British Film » by the Department of Culture, Media and Sport (DCMS)

44 « British Film » qualification Framework: 1.The UK Government has agreed bi-lateral film co-production treaties with Australia, Canada, France, Germany, Italy, New Zealand and Norway. 2.The UK has also ratified the European Convention on Cinematographic Co-Production which is intended to encourage multi-lateral film co-productions with any European country which has ratified the Convention. 3.These treaties are intended to encourage UK producers to work with other producers to co-produce film and television productions. A film which qualifies as a co- production under any of the above agreements will be eligible for the benefits available to national films in both the UK and the other co-producing countries concerned. 4.Every country involved in co-production has nominated an organization as its competent authority to administer its co-production treaties. The Department for Culture, Media and Sport (DCMS) is the competent authority in the UK. DCMS receives applications to qualify co-productions under the terms of the treaties. 5.DCMS may consult the British Film Commission, the International division of the Film Council, on specific technical issues to help it come to decisions on applications. The British Film Commission is particularly interested in encouraging film co-production, and is happy to advise co-producers on their co-productions.

45 « British Film » qualification In case of no official co-production EG, Film is funded only by UK and US producers: this is not considered an official co-production (no bi-lateral treaty between the 2 countries) In this case, at least 70% of the spending for the film must be spent in relation with UK

46 UK In this context, it is important to structure very carefully the Finance plan since the co-production must meet all the criteria (nationality, type and amount of investment…) demanded by bi- and multi-lateral treaties signed by the co-producers The legal framework for Section 42 has been revised in April. New schemes are being implemented

47 UK Different finance tools have been developed around the Uk Sale and Leaseback: S&L « classic »: brings 10-12% of the Film total costs amost « for free » Super S&L: brings 20% of the films costs (12% for the S&L + 8% against distribution rights in UK) S&L Equity: brings 42% of the film costs (12% for the S&L + 35% equity investment – 5% Finance fee)

48 Examples of funds/Consultants Ernst & Young Ingenious Media Future Film Group Baker Street Media Finance Close Brothers Visionview Limited Invicta Capital Atlantic Film Group

49 South Africa: Equity Investment Section 24f of the income tax code allows South African investors the opportunity to write-off 100% of the production spend in South Africa. In fact, it needs not be on the South African rand spend only. It can be on the entire budget of the film. The question of rand spend, and remitting funds to cover offshore costs is a reserve bank issue, not a tax issue. There is no requirement for the film to be a South African film. The only requirement is that a South African entity becomes the film owner or partial owner for tax purposes. It will help if the SA investors own or partially own copyright in the film, if only for a specified period of time. Though the legislation does not specify copyright, it helps to secure the argument with the tax authorities.

50 South Africa: Equity Investment The financing is generally structured by way of a sale-and- lease back deal. The film is sold to the SA investors, who generally lease it back to the distributors, who might also be the producers. The distributors then distribute on behalf of the film owners. The Revenue stream is paid out according to the deal structured, in terms of recoupment and profit shares. The key question asked by the tax authorities is whether the investors are at risk and whether they invested for commercial reasons and not for tax structuring reasons. The equity participation by SA investors will be linked to the extent that they are exposed or at risk. They would like equity in the picture, pro rata and pari passu with other investors.

51 South Africa: Equity Investment The SA investors would like to see the normal paperwork. This includes: Budget Finance Plan Letters of commitment from international investors Cast Distribution agreements Sales company forecast Company, Director and Producer CV Completion Bond Schedule What are crucial are the sales forecasts, the recoupment and profit streams, and the sales company and producer's track record.

52 South Africa: Co production Currently there is only one formal co-production treaty between South Africa and Canada. Several films and television productions have already utilized the Treaty. Negotiations are underway regarding treaties with the UK, India, Ireland, France and Sweden For multi-lateral coproductions, it is thus often necessary to involve a Canadian co-producer

53 Other Co-producing countries Several countries are very strong in co production, among which: –France –Italy –Spain –Canada In each of these countries, several kinds of funds can be secured: –MG –National Funds –Regional Funds –TV channels… Yet, none of these countries can provide significant equity financing Consequently, they must be involved in respect with: –Their financial contribution –Their artistic contribution –Their ability to optimize the whole finance plan (ie Canada can be necessary to combine South African and UK financing)

54 Eurimages The projects must originate from one of the Fund's member States and be co-produced by at least two independent co- producers, established in different member States of the Fund. The participation of the majority co-producer must not exceed 80% of the total co-production budget, and the participation of the minority co-producer must not be lower than 10% for multilateral co-productions and 20% for bilateral co-productions. If additional co-producers from non-member States of the Fund are involved in the project, their combined co- production percentage cannot exceed 30% for multilateral co-productions (i.e. involving at least three Eurimages member States) and 20% for bilateral co-productions(i.e. involving at least two Eurimages member States). The director of the film must be a European. For projects>5.4M, Eurimages support is 763,000

55 Outline European film financing Examples: –Germany –UK –South Africa –Other types of European funds The approach for you

56 You way towards Europe Clarify first how you will get around the lack of co production treaty with the USA Get to know potential co producers at creative and financial levels Develop projects that can be flexible in locations Movies requiring studios and special effects are interesting to Europe Very small budgets are difficult to do as legal fees are too high and travel costs too important Try to get a US distribution

57 Benchmarking and market penetration Identify potential similar projects in Europe Look at financing used and box office Think at the TV markets in Europe Talk to European sales companies Think of dubbing requirements

58 Compatibilities Look into Europe but take into account travel expenses and currency exchange rates Constraints and requirements of different soft money systems (ie Cast) Price of money Look at criteria for eligibility (qualifications, audits…) and recoupment positions required Cash flow management Collaterals required

59 Film Markets Develop a sound financing plan and strategy that is realistic (criteria) Pitch your financing strategy during markets to potential co financiers (co producers, S§L Companies, public institutions, TV…) and use website to give updates Market your project (not only script) and plan meetings in advance Close deals according to strategy Berlin Film Festival Mifed in Milan Cannes Film Festival Co production markets: Rotterdam, London…

60 Germany 40 funds (1/4) Alcas GmbH ApolloProMedia GmbH BOLU Filmproduktions und -verleih GmbH CFC Creative Finance Concept GmbH CMristopher Filmcapital GmbHCinerenta Gesellschaft für Internationale Filmproduktion mbH Commerzbank AG CP Medien AG Equity Pictures AG Euroarts Festival Film Finance GmbH

61 Germany 40 funds (2/4) GENO Asset Finance GmbH Hannover Leasing Ideenkapital Financial Service AG IMF Internationale Medien ING Leasing Gesellschaft für Beteiligungen mbH Kinokasse.de AG MBP Medienberatungs mbH München MBP NY 121 PE GmbH MC Multimedia GmbH MediaStream

62 Germany 40 funds (3/4) Medienfonds German Film Productions GFP GmbH Neue Bioskop Film GmbH SachsenFonds GmbH scopas medien konzeption GmbH Screenland Movieworld AG Sun Gateway Entertainment GmbH Sunshine Filmproduction- und script Development GmbH Studio Hamburg Worldwide Pictures Target Media Entertainment GmbH Victory 22. Film Produktion GmbH Videal Gesellschaft zur Herstellung von audio-visuellen Produkten mbH

63 Germany 40 funds (4/4) VIF 3 VIP Vermögensberatung München GmbH


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