REVENUE
Total revenue in 2020 was 41.3 million, i.e. 66.3 million down on 2019 and 0.6 million up on the revised budget.
The turnover from bookshops and stores was strongly af- fected by the health crisis and was down 37.3 million on 2019. All sites suffered a total shutdown from mid-March to the end of June and then from the end of October, and between the two the 4 months of activity during the Summer period were affected by the very sharp drop in tourist attendance.
Cultural turnover was down 13.6 million compared to 2019 i.e. a drop of 62.2 %. This drop was due to a combination of an exhibition programme that was less dense than in previous years, two exhibitions were in- itially scheduled at the Grand Palais in the run-up to the closure for renovation work, and the impossibility of putting on certain exhibitions for their planned durations (Pompeii and Man Ray and Fashion) and finally some exhibitions not opening at all due to the health crisis (Noir & Blanc, A Photographic Aesthetic and Women Painters, postponed until 2021).
The Grand Palais turnover from events was also sharply down by -11.8 million compared to 2019. This sector was particularly impacted by the health crisis, with public admission restrictions or bans resulting in a large number of cancellations.
CAPITAL EXPENDITURE
Capital expenditure in 2020 amounted to 17.1 million in payment appropriations. These payment appropriations mainly relate to the New Grand Palais project, with 11.9 million in payment ap- propriations: the new direction given to the project, to- wards a more sober and secure renovation and stand- ards compliance project as approved by the Board of Directors on 15 October 2020, made significant pro- gramming changes and re-aligned work performance schedules with lower budgets than in the previous year. IT expenditure was 2.8 million and mainly covered preparations for the replacement of the existing sales management software, the redesign of the e-commerce site, the improvement of IT infrastructures, the deploy- ment of tools to implement working from home and upgrade maintenance or replacement of now-obsolete operational software. Investments in the establishment s digital activities amounted to 1.6 million. One of the main develop- ments concerns the investment to acquire the high-tech equipment used for the Pompeii immersive exhibition.
in M 2018 2019 2020
New Grand Palais 11.1 15.3 11.9
Other work at the Grand Palais 0.6 1.7 0.1
IT 1.4 2.9 2.8
Shops 0.7 0.4 0.1
Digital technology and photo agency 0.2 0.4 1.6
Other buildings 0.6 0.7 0.6
TOTAL 14.6 21.4 17.1
Operating income (excluding subsidies) 55.8
Subsidy 20.6
Expenses 110.4
NET PROFIT -34.1
INVESTMENTS 2018 - 2020
BREAKDOWN OF 2020 EARNINGS RESULTS (IN MILLION)
191