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Odeon Film AG - Half-year figures 2001
Geiselgasteig (ots) -
Positive EBIT in the second quarter Sales and earnings in line with our expectations Production of new Kästner children's movie and animated film under way
Odeon Film AG, one of Germany's leading TV and film producers, achieved in the second quarter 2001 a positive operating income (EBIT) amounting to EURO 0.4 million. Thus our first-half EBIT totals ¤ -0.4 million. With consolidated first-half sales totaling EURO 17.2 million, slightly below the previous year's level of EURO 18.5 million, Odeon listed on Neuer Markt, is on track to achieve its announced goals for the year. For the whole year Odeon still expects consolidated sales of EURO 50.1 million and a positive EBIT of EURO 0.7 million.
With positive first-half cash flow of EURO 2.0 million, our net cash position rose to EURO 12.1 million. Our net loss amounts to EURO 0.9 million to June 30, 2001. This is due to a finance loss of EURO 0.7 million caused by our decision to cease our Internet activities in first quarter 2001. Since exiting from the internet business, Odeon has concentrated on its core business: Film and television production. Television business revenues totaled EURO 15.4 million as against EURO 17.9 million for last year. Feature film revenues were EURO 1.7 million (2000: EURO 0.7 million). In second-half Odeon epects considerable revenues from its international film productions. Several movies are premiered at the present film festivals in Montreal, Venice and Toronto.
Odeon is about to produce animated films. Odeon subsidiary Lunaris Film which owns live-action and animation rights to the Erich Kästner children's books, will make a multi-part series of "Emil and the detectives". Lunaris hereby cooperates with the Cologne-based animated production company Jürgen Egenolf Productions. As a follow-up to the feature film hit "Emil and the detectives" Lunaris will start filming "Das fliegende Klassenzimmer".
Our half-year report can be downloaded on our homepage www.odeofilm.de.
ots Originaltext: Odeon Film AG
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