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ots Ad hoc-Service: splendid medien AG
Splendid Medien AG -Provisional figures for 1999
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Cologne (ots Ad hoc-Service) - Splendid Medien AG -Provisional figures for 1999
Strong increase in sales and earnings - EBIT growth of 186 percent
Splendid Medien AG, Cologne, generated provisional sales of DM 37.7 million in financial 1999, thereby exceeding the equivalent figure for 1998 (DM 29.0 million) by 30 percent. Earnings before interest, tax, depreciation and amortization (EBITDA) was up by 43 percent to DM 28.3 (19.8) million on a provisional basis. Splendid achieved even stronger growth in operating result (EBIT), where last year's figure of DM 3.6 million improved to DM 10.3 million (+186 percent).
Result of ordinary operations at the company improved by 213 percent to DM 11.6 (3.7) million. The provisional contribution of the subsidiary Initial Entertainment Group, Inc., Los Angeles (IEG), was DM 0.3 million after tax. DVFA earnings after tax also achieved triple-digit growth, improving by 213 percent to DM 7.2 (2.3) million compared with last year's figure. After the non-recurring costs of DM 9.3 million for the IPO, Splendid has announced a net profit of DM 1.2 million.
Dietmar Schmitz, CFO of Splendid Medien AG, had the following to say: "With these provisional figures, we have by far exceeded the budgeted figures which we announced at the point of our IPO." The strong growth in EBIT is due primarily to the company's profitable film library. When the license for the initial stage of the exploitation chain has expired, the book value of the films has generally been written down to zero; accordingly, the films generate a high margin in the current phase of subsequent exploitation.
In future, Splendid anticipates that its earnings situation will improve significantly, one factor being the co-production/co-financing of big-budget Hollywood films. Last year, Splendid invested DM 29.4 (23.1) million in big-budget films with a star cast, and has thus widened the base of its future business. The projects include "Dr. T. and the Women", directed by Robert Altman and starring Richard Gere, as well as the largest independent project in the history of the cinema, namely "Gangs of New York", which is directed by Martin Scorsese and which stars the "Titanic" star Leonardo DiCaprio.
With its Video-Cassette for Sale/DVD operations, Splendid also expects to continue to achieve an excellent performance as a result of the distribution co- operation with Warner Vision Germany. Last financial year, Splendid boosted the sales generated by these activities by 388 percent from DM 0.9 million to DM 4.4 million.
The company prepares up its accounts in accordance with IAS principles. The definitive annual figures will be presented and explained by the Managing Board at an accounts press conference to be held in Düsseldorf on 18 April 2000.
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