Splendid Medien AG: First Quarter 2005

Press release - May 31, 2005

- Sales at € 4.8m

- Positive EBIT of € 0.7m

- Consolidated net income at € 0.2m

- Liquid assets at € 3.4m

(Cologne, 31 May 2005) - Splendid Medien AG, Cologne, achieved corporate sales of € 4.8m in the first quarter of 2005 (prev. yr.: 4.8). The most important division was the home entertainment segment, whose share of total sales was 63 %. In second place was the licensing division with 22 %, ahead of postproduction whose share of sales was 15 %.

The consolidated net earnings before interest, taxes, depreciation and amortization (EBITDA) was the same as the previous year's period, € 1.4m. Earnings before interest and taxes (EBIT) came to € 0.7 (prev. yr.: 0.1).

After the settlement of the legal dispute with Gold Circle Films Splendid Medien AG successfully started the new year, and in the first quarter of 2005 reported a good EBIT of € 0.7m on sales of € 4.8m. Adjusted for exceptional influences, (reversal of liabilities Gold Circle Films) the EBIT amounts to € 0.3m.

The company's equity capital as of the balance sheet date was € 9.5m (31 Dec. 2004: 9.3). The liquid assets stood at € 3.4m (31 Dec. 2004: 5.1). The liabilities against banks were reduced according to plan by € 0.3m from € 1.8m (31 Dec. 2004) to the current € 1.5m. Hence, the balance sheet structure is still characterized by low debt, good liquidity, and an equity capital quota which continues to be high at approx. 38 %.

The discussions with potential investors in May, announced in advance, led to an initial success with the placement of all the shares of a capital increase.

Splendid Medien AG expects that in the current fiscal year 2005 sales may fall against the previous year's figure, but that the company will be in the black.

The report for the first quarter of 2005 can be downloaded from the homepage www.splendidmedien.com .

You can obtain additional information from:

Splendid Medien AG
Dr. Gert Fisahn
Alsdorfer Str. 3
50933 Köln
Tel.: +49 (0) 221-95 42 32 34
Fax: +49 (0) 221-95 42 32 8
Gert.fisahn@splendid-medien.de


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