Splendid Medien AG in the first six months of 2004
Press release - August 31, 2004
- Group revenues of EUR 9.7 million
- EBIT at - EUR 2.3 million
- High level of reserves in view of legal dispute
(Cologne 31 August 2004) In the first six months of 2004, Splendid Medien AG of Cologne recorded Group revenues of EUR 9.7 million (against EUR 20.5 m in the same period last year). The most important business unit was Home Entertainment with a 60 % share of revenues. Trading in licences took second place with a 30 % share of revenues ahead of Postproduction, which contributed 10 % to total revenues.
Home Entertainment generated sales revenues of EUR 5.8 million (against EUR 3.9 m last year), trading in licences EUR 2.9 million (against EUR 15.5 m last year). The discrepancy in revenues in comparison with the same period last year can be explained as being the result of the cinema exploitation of the two major Hollywood films Gangs of New York and My Big Fat Greek Wedding at the beginning of 2003. Postproduction generated revenues of EUR 1.0 million (EUR 1.1 m last year).
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to - EUR 0.3 million (against EUR 4.9 m last year). Earnings before interest and taxes (EBIT) amounted to - EUR 2.3 million (against EUR 2.1 m last year). The result was a deficit in the first six months of 2004 amounting to
- EUR 2.5 million (against - EUR 1.7 m for the same period last year).
The Group deficit is mainly attributable to provisions made in view of the legal dispute with Gold Circle Films, LLC and the box office figures for the cinema films Mambo Italiano and Ruby and Quentin Shut up which failed to reach the expected attendance numbers.
As at the closure date for the first six months, cash and cash equivalents amounted to EUR 3.9 million. How this will develop in future depends upon the outcome of the legal dispute with Gold Circle Films, LLC.
The report for the first six months of 2004 has been posted on the companys homepage for download on www.splendidmedien.com.
Further information can be obtained by contacting:
Splendid Medien AG
Dr. Gert Fisahn
Alsdorfer Str. 3
Tel.: ++49 (0)221-95 42 32 34
Fax: ++49 (0)221-95 42 32 8