According to Jose Antonio Felez, president of the Spanish producer association AEC, the film industry is suffering on all fronts. Spanish film releases are down 24 percent from last year, with 61 films compared to last year’s 80 — a far cry from the 230 foreign films released so far this year, as of last week.

Overall box office earnings are down 13.5 percent at $486 million (360 million euros), with homegrown films earning $55 million (41 million euros), 7 million euros less than the same period in 2012, representing an 18 percent drop.

The number of shoots dropped 28.7 percent from 2012 and budgets are shrinking, with more than half of Spanish films operating on a budget of less than $1.35 million (1 million euros). Even so, 15 films cost more than $4 million (3 million euros), with eight of those weighing in over $5.4 million (4 million euros).

P. Rolfe. Spanish producers urge government to revamp film

financing model. Internet: <www.hollywoodreporter.com> (adapted).

According to the text above, judge the item below.

The pronoun “those” refers to “3 million euros”.