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ots Ad hoc-Service: CinemaxX AG <DE0005085708> Cinema market leader CinemaxX adopts exceptional measures following poor audience totals in 2000

Hamburg (ots Ad hoc-Service) -

Ad hoc-announcement. The sender is solely
responsible for the contents of this announcement.
Following the unexpectedly sharp
drop in its total audience in the second half of last year,
Hamburg-based CinemaxX AG will report an operating loss of around
Euro 11.9 million for the short 2000 financial year (July 1 i
December 31). Earnings are further diminished by exceptional measures
costing in the order of Euro 14.9 million.
The one-off expenses have been incurred directly in connection
with a group-wide restructuring and costs optimisation programme
which was launched last year at all levels of the company. According
to Finance Director Marius Schwarz, earnings will in addition be
affected by "considerable front-end costs" for the company's nine
cinemas that are scheduled to open in the second half of the year in
Germany, Denmark and Turkey.
The objective of the measures, some of which have already been
implemented, is to promote the sustained consolidation of CinemaxX
AG. According to its Finance Director, CinemaxX has registered
"distinctly positive signs" of further improvements to the earnings
situation, including contractual changes which will play an important
part in safeguarding the company's future. Board Chairman
Hans-Joachim Flebbe explained that CinemaxX will in future be
concentrating on domestic business and on strengthening its market
lead in Germany. The company is looking to shift the focus of its
expansion abroad, and is therefore holding talks with various
strategic partners.
Audience figures at German cinemas picked up significantly in the
first eleven weeks of the new cinema year. According to Finance
Director Schwarz, CinemaxX's total audience is "ahead of target".
CinemaxX anticipates EBITDA to be in the black for the 2001 financial
year as a whole, and expects to report a profit in 2002.
Queries: Thomas Schulz, Press, tel.(+49) 40 45068-181
WKN: 508570; Index: Listed: Amtlicher Handel in Frankfurt und
Hamburg; Freiverkehr in Berlin, Düsseldorf, Bremen, München und
Stuttgart
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Original-Content von: CinemaxX Holdings GmbH, übermittelt durch news aktuell