Splendid Medien Group: Revenues and earnings for first half of 2009, expectations for 2009 as a whole
Press release according to WpHG - August 28, 2009
(Cologne, 28 August 2009) Splendid Medien AG generated revenues of 16.1 million in the first half of 2009 (previous year: 16.8 million). Consolidated earnings before interest and taxes (EBIT) amounted to 0.6 million (previous year: 1.0 million), while consolidated earnings before taxes (EBT) were 0.3 million (previous year: 0.8 million). Consolidated net income amounted to 0.1 million (previous year: 0.6 million). Earnings per share were 0.01 (previous year: 0.06).
Revenues in the prior-year period were characterised by extraordinary success of individual products. The current income situation was influenced by rising costs in the area of sales in particular.
Home Entertainment was the key division with 87% of total sales. This was followed by Licence Trade with a 7% share of sales, and the Post-production division which contributed 6%.
The Splendid Group has cash and cash equivalents of 6.2 million (as at 31 December 2008: 9.8 million). Cash flow from operating activities stood at 3.4 million (previous year: 3.7 million). As at the reporting date 30 June 2009, equity amounted to 14.8 million (as at 31 December 2008: 14.7 million), while the equity ratio was 43.5% (as at 31 December 2008: 40.7%).
In the first half of 2009, the Splendid Groups investments in film assets amounted to 6.5 million (previous year: 3.0 million). For financial year 2009, investments in film assets are planned for a level above that of the 2008 financial year.
The Management Board is expecting positive EBIT with revenues and earnings development below the previous years level.