Odeon Film AG

Odeon Film AG: Targets for the year have been achieved

Geiselgasteig - preparations are underway for spinning-off the Internet business - restructuring and profit development for 2000 right on schedule - investments in expansion and development lead to losses in first half of 2000, as planned Odeon Film AG, Geiselgasteig, was right on course as it continued to implement the restructuring measures it introduced in the first quarter of 2000, and in the second quarter it moved successfully on to the stage of restructuring its Internet division. As the Board of Management notes in the interim report now published, preparations were also begun at the same time for spinning off the Internet business. For the fiscal year as a whole, the Board of Management expects to achieve the targets it set, and looks forward with optimism to the further development of the business. Details are as follows: For 2000 as a whole, the board member responsible for the TV film production business unit expects sales of Euro 35.8 million (DM 70 million) and earnings for the unit of Euro 1.1 million (DM 2.2 million). For the movie film production business unit, sales of Euro 4.1 million (DM 8.1 million) and earnings for the unit of Euro - 1.1 million (DM - 2.1 million) are planned. Overall, Group sales of Euro 40.2 million (DM 78.6 million) for the fiscal year as a whole and a total operating performance of Euro 46.3 million (DM 90.5 million) are expected. The net earnings position of Odeon Film in 2000 will be greatly influenced by the expansion and development work planned for the Internet division. The first stage of restructuring the Internet business has just been successfully completed, and preparations are underway for a spin-off of this business. As announced, with Internet activities being broadened considerably, an EBIT of Euro - 4.5 million (DM - 8.8 million) is scheduled for the Group in the current fiscal year 2000. Euro 3.1 million (DM 6.0 million) of this figure alone is earmarked for enlarging and developing the Internet division. Nevertheless, under consideration at the moment is whether Odeon Film has to bear these investments in development and expansion on its own. Successfully spinning off the Internet business could allow the Group to significantly reduce the pressure on earnings that is planned. Break-even point is being targeted for fiscal year 2002, though this goal may be achieved even sooner, depending on the planning of the Internet activities. In the first half of the current fiscal year 2000, sales of Euro 18.6 million (DM 36.3 million) were posted, compared to Euro 11.8 million (DM 23 million) in the same period last year. This means that the increase in sales revenue announced for fiscal year 2000 is already apparent in the first half year. As announced at the Annual Press Conference on the annual results on May 9, and at the Shareholders Meeting on June 20, a loss was expected for the first half, arising from development and expansion work. EBIT were Euro - 1.2 million (DM - 2.3 million), a result that was slightly better than planned. Earnings after taxes for the reporting period were Euro - 0.4 million (DM - 0.9 million). Earnings per share for the first half were Euro - 0.22 (DM - 0.43). Liquid assets amounted to Euro 18.6 million (DM 36.4 million) on June 30, 2000, making Odeon Film AG well positioned for further growth. The complete interim report is being published today at www.neuer-markt.de. ots Originaltext: Odeon Film AG Im Internet recherchierbar: http://recherche.newsaktuell.de Press contact: Frederik Rehms Press and Public Relations Odeon Film AG, Bavariafilmplatz 3, 82031 Geiselgasteig Tel: 089 / 64 958-165 Fax: 089 / 64 958-103 Email: presse@odeonfilm.de Original-Content von: Odeon Film AG, übermittelt durch news aktuell

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