Splendid Medien Group in the First Quarter of 2007: Continued Strong Growth
Press release - May 31, 2007
-Group sales rise by 32% to Euro 7.4 million
-Group EBIT rises by Euro 0.5 million to Euro 0.7 million
-Group result quintupled to Euro 0.5 million
(Cologne, 31 May 2007) In the first quarter 2007 Splendid Medien AG, Cologne, generated a 32% growth in group sales bringing them to Euro 7.4 million (previous year: Euro 5.6 million). Group earnings before interest and taxes (EBIT) came to Euro 0.7 million showing strong growth of 250% over the previous years performance (2006: Euro 0.2 million). The EBIT margin is 9.3%. The Group result rose by 500% from Euro 0.1 million to Euro 0.5 million. Earnings per share came to Euro 0.04 (previous year: Euro 0.01). These figures show that the company has clearly exceeded last years performance. The most important business unit was the Home Entertainment segment with an 80% share in total sales. This was followed by Post Production with a 12% share and Licensing with an 8% share.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) also showed a clear upswing from Euro 1.0 million to Euro 2.2 million. Pre-tax Group earnings (EBT) came to Euro 0.6 million (previous year: Euro 0.2 million).
As of the balance sheet date (31 March 2007) the companys equity capital amounted to Euro 15.8 million (31 December 2006: Euro 15.3 million). The equity ratio increased from 44.5% to 46.8%.
Liquid funds amounted to Euro 6.8 million (31 December 2006: Euro 10.7 million). Liquid funds of Euro 1.8 million were invested in film assets (previous year: Euro 2.4 million). Liquidity continued to feel the effects of accounts receivable from the DVD business which arose during the first quarter 2007 but which were offset shortly after closure of the quarter. This delay also impacted on the cash flow of the Groups on-going business operations which came to Euro -2.0 million in the past quarter (previous year: Euro 0.1 million).
For the overall financial year 2007, the Splendid Group is expecting investment on the level of the previous year and sales growth in two digit territory vis-à-vis 2006 combined with continued growth in the pre-tax operative result.