Splendid Medien AG

Earnings Release • Jan 30, 2002

News Details

Ad-hoc | 30 January 2002 21:10

splendid medien AG english

Clear Sales Growth at Splendid Medien AG in 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Clear Sales Growth at Splendid Medien AG in 2001 – 150 percent sales increase in 2001 – positive earnings before taxes (EBT) – Application of valuation principles according to US-GAAP to the concern’s film rights (Cologne – 30 January 2002) – Splendid Medien AG, Cologne, increased its annual sales in 2001 by 150 percent against the previous year, and outperformed its own sales expectations for 2001 by 33 percent. The concern’s preliminary annual sales figure for 2001 is roughly EUR 68m. (Previous year: EUR 27m). Despite the application of valuation principles based on US-GAAP to the concern’s film rights, the preliminary earnings before taxes (EBT) stood at some 2 percent of sales. According to preliminary figures, at the end of the 2001 fiscal year the concern had at its disposal liquid assets (cash on hand, bank accounts, and securities) amounting to some EUR 46m (previous year: EUR 1m). In 2001 Splendid Medien AG applied the US-GAAP guidelines for the first time to the valuation of the film assets. These call for the Splendid Group normally to write 100 percent off on the first commercial use of film rights in cinema, video//DVD, and TV. The application of US-GAAP guidelines boosts the earnings potential of the film library for second and subsequent commercial utilizations. For fiscal year 2001 there was a non-recurring, additional write-off on film rights amounting to approx. EUR 13m as a result of the valuation principles according to US-GAAP. The final business figures at the end of the year for Splendid Medien AG for 2001 will be published on 28 March 2001. end of ad-hoc-announcement (c)DGAP 30.01.2002 ——————————————————————————– WKN: 727950; ISIN: DE0007279507; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 302110 Jän 02