Splendid Medien AG: Presentation of the 2007 Financial Statements Delayed until End of April 2008
Press release according to WpHG - March 19, 2008
(Cologne, 19.03.2008) - Splendid Medien AG, Cologne, has changed the release date for their 2007 financial figures from 31 March 2008 to the end of April 2008.
The background of the managing board's decision is that an independent expert ordered by the managing board to examine and appraise the film library of the subsidiary Splendid Film GmbH, Cologne, is not expected to present his results until April 2008. These results could impact on the financial figures of Splendid Film GmbH and, in turn, influence Splendid Medien AG's consolidated financial statements.
The managing board of Splendid Medien AG ordered the examination and valuation of the film library of Splendid Film to appraise the value and marketing potential of the library's film titles, especially in terms of current and foreseeable value creation developments in the film business. Recently, the marketing of film licences has been expanded to include value creation stages such as video-on-demand (VOD) or electronic sell through (EST), whose importance is continually growing and which influence the relevance of other value creation stages such as cinema, DVD utilization and TV licence sales.
By publishing their financial statement figures at the end of April 2008 Splendid Medien AG remains within the publication period of four months from the end of the fiscal year as required by the law and the stock exchange.