Splendid Medien AG achieves double-digit revenue growth in 2008, EBIT up year-on-year
Press release according to WpHG - March 27, 2009
-Consolidated revenue increased by 25% to EUR 35.1 million
-Consolidated EBIT increased to EUR 2.1 million
-Operating cash flow up to EUR 9.3 million
(Cologne, 27 March 2009) In financial year 2008, Cologne-based Splendid Medien AG achieved growth in consolidated revenue of 25% to EUR 35.1 million (previous year: EUR 28.1 million). Earnings before interest and taxes (EBIT) increased to EUR 2.1 million (previous year: EUR -1.9 million).
The most important business unit was the Home Entertainment division, which accounted for a 77% share of total revenue. Licensing Operations were second in line, accounting for 13% of total revenue, followed by the Post Production unit with its 10% share.
At EUR 11.0 million, consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) were above previous years figure of EUR 9.1 million. Earnings before taxes (EBT) came to EUR 1.5 million (previous year: EUR -2.4 million). The previous years earnings were adversely affected by comparatively high impairment taken on the film assets owned by Splendid Film GmbH. Consolidated net profit increased from EUR -1.2 million in the previous year to EUR 0.7 million. Earnings per share amounted to EUR 0.07 (previous year: EUR -0.12).
The cash flow from the Groups operating activities rose from EUR 5.9 million to EUR 9.3 million. This increase is largely attributable to the increase in net profit compared with the previous year and to positive changes in working capital. As at 31 December 2008, the Splendid Group had cash and cash equivalents of EUR 9.8 million (previous year: EUR 7.7 million).
On the reporting date, the Companys equity amounted to EUR 14.7 million (previous year: EUR 14.0) million, which resulted in an equity ratio of 40.7% (previous year: 41.6%). As at 31 December 2008, TEUR 66,615 was withdrawn from the capital reserve to offset a loss carryforward remaining in the financial statements of Splendid Medien AG as at 31 December 2008 after crediting the net profit for 2008.
In the past financial year, the Splendid Group invested EUR 8.3 million (previous year: EUR 9.4 million) in the film library.
Allowing for all the general economic and sector-specific imponderables given the economic crisis, the Splendid Group is assuming that revenue and earnings in 2009 will equal the level achieved in the financial year 2008.
The report on financial year 2008 will be available for download from the Companys homepage at www.splendidmedien.com no later than 31 March 2009.