Constantin Film AG
Constantin Film AG: Constantin Film AG raises forecast for the whole of 2008
Constantin Film AG / Change in Forecast/Quarter Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Business at Constantin Film AG develops positively in the first nine months of 2008. Group generates sales of EUR 166.9 million in the first nine months of 2008. Operating result up 133 per cent at EUR 11.4 million and increase in the operating result margin to 6.8 per cent. Earnings per share almost five times higher at EUR 0.67. Constantin Film AG raises forecast for the whole of 2008 and is now planning sales of about EUR 250 million and an operating result of at least EUR 14 million. Munich, November 25, 2008 Constantin Film AG (ISIN DE0005800809) generated sales of EUR 166.9 million in the first three quarters of 2008 (September 30, 2007: EUR 173.4 million). The decrease in sales of 3.8 per cent is attributable in particular to the expected reduction in revenues from TV service productions over the previous year. The in-house and co-production segment accounted for sales of EUR 133.2 million in the period under review (previous year: EUR 142.6 million), while the third-party production segment contributed sales of EUR 33.7 million (previous year: EUR 30.9 million). Theatrical distribution sales in the first three quarters of 2008 amounted to EUR 23.0 million (previous year: EUR 22.6 million) and therefore fulfilled expectations in every respect. In the in-house production segment, where the increase over the same period the previous year was 9 per cent, this is attributable essentially to the excellent performance of THE WAVE, FRECHE MÄDCHEN and THE BAADER MEINHOF COMPLEX, even though most of the sales with the last of these three films will not be obtained until the fourth quarter. ASTERIX AT THE OLYMPIC GAMES, IMPY'S WONDERLAND and WARUM MÄNNER NICHT ZUHÖREN UND FRAUEN SCHLECHT EINPARKEN also made positive contributions to sales in the in-house production segment in the period under review thanks to their good performance. In the third-party production segment, the most successful films in the first nine months of 2008 were STEP UP TO THE STREETS and MICHAEL CLAYTON. Exploitation in the home entertainment operations went according to plan and led to sales of EUR 30.1 million (previous year: EUR 30.4 million). The TV sales amounted in total to EUR 109.0 million in the period under review (previous year: EUR 113.0 million). They include sales from the licensing of TV rights to stations of EUR 44.3 million (previous year: EUR 25.4 million) and sales from service productions of EUR 64.7 million (previous year: EUR 87.6 million). Constantin Film AG generated an operating result of EUR 11.4 million in the first nine months of the year (September 30, 2007: EUR 4.9 million), which corresponds to an increase of 133 per cent. The operating result margin was 6.8 per cent. This means that the Constantin Group increased profitability substantially by 4.0 percentage points compared with September 30, 2007 in spite of lower sales. This dynamic development is attributable essentially to the very good performance in theatrical exploitation and the good performance in both national and international TV exploitation. Total net income in the first three quarters of 2008 amounted to EUR 8.5 million (previous year: EUR 1.7 million). Earnings per share were EUR 0.67 on September 30, 2008, almost 400 per cent up on the previous year's figure of EUR 0.14. The balance sheet total was EUR 337.3 million on September 30, 2008 (December 31, 2007: EUR 333.3 million). The equity ratio is 24.4 per cent. If the cash and cash equivalents are balanced with the bank loans and overdrafts and the film assets are balanced with the advance payments received, the adjusted equity ratio is 44.5 per cent. Cash and cash equivalents amounted to EUR 103.9 million on September 30, 2008, whereas bank loans and overdrafts were EUR 130.7 million. Net liquidity was EUR 6.5 million lower than on December 31, 2007, primarily because of the investments in film assets. The voluntary public takeover bid to the shareholders of Constantin Film AG to buy their shares published by EM.Sport Media AG on June 25, 2008 was completed on November 14, 2008 (following the initial standard acceptance period that ended on July 25, 2008, the further automatic submission period that ended on August 14, 2008 and the additional submission period in accordance with § 39c of the German Securities Acquisition and Takeover Act that ended on October 27, 2008). In connection with the takeover bid, EM.Sport Media AG arranged with Highlight Communications AG in a contract dated June 10, 2008 that the latter would not offer its interest in Constantin Film AG within the framework of the takeover bid. Highlight Communications AG also undertook irrevocably to buy all the Constantin shares acquired by EM.Sport Media AG in the context of the takeover bid. The Highlight Communications Group therefore held 97.83 per cent of Constantin Film AG on November 14, 2008. The free float, i.e. the proportion of the shares that is traded freely, was 2.17 per cent. In view of the general market developments as well as the global financial crisis and the effects on the economy and consumption patterns associated with this, 2008 remains a very challenging fiscal year for Constantin Film AG. The company has succeeded in responding positively to this difficult market environment so far, however, operating stably and very well. Constantin Film AG's attractive distribution programme in 2008 combined with the very good performance in the home entertainment operations and licence trading continue to make sure that the business develops extremely positively. Constantin Film AG is therefore increasing the sales forecast for 2008 from the previous figure of at least EUR 230 million to about EUR 250 million and is now working on the assumption that a positive operating result of at least EUR 14 million will be generated in 2008, compared with the previous figure of at least EUR 12 million. The complete quarterly report as per September 30, 2008 is available to be downloaded from our website constantin-film.de and the Deutsche Börse website deutsche-boerse.com from November 25, 2008 onwards. Investor Relations Yara Kes Telefon: +49-89-44 44 60 271 Fax: +49-89-44 44 60 196 e-mail: kes@constantin-film.de Corporate Communications Valeria Kurz Telefon: +49-89-44 44 60 235 Fax: +49-89-44 44 60 211 e-mail: valeria.kurz@constantin-film.de 25.11.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Constantin Film AG Feilitzschstraße 6 80802 München Deutschland Phone: +49 (0)89 44 44 60-0 Fax: +49 (0)89 44 44 60-666 E-mail: investorrelations@constantin-film.de Internet: www.constantin-film.de ISIN: DE0005800809 WKN: 580080 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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