DAS WERK AG
Das Werk AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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English translation of ad-hoc news released on August 14, 2001, at 9 pm
In the first half of 2001, the Das Werk AG companies posted sales revenues
totaling EUR 51.5 million, for an increase of 57 percent compared to the 2000
first half (EUR 32.9 million). Earnings slipped from EUR 1.9 million (HY1 2000)
to minus EUR 2.5 million (HY1 2001).
Two factors are primarily responsible for these results:
1) The drop in advertising activity had a greater-than-expected impact on Das
Werk AGs European postproduction companies in the second quarter of 2001.
2) In Film Production, numerous films were produced in the first half-year,
which are carried as finalized sales, but will not be recognized as earnings
until delivery is made (planned mostly for the fourth quarter).
It was in the growth-oriented Postproduction segment where especially the
German Das Werk companies felt the deterioration of advertising business
activity the most. Here sales dropped some 20 percent compared to first quarter.
With the help of CFX, Los Angeles, included in the consolidation for the first
time, the entire segment was able to post revenues of EUR 43.4 million. This is
an increase of 153 percent over the first half-year of 2000. The rising costs
within the German companies led to the Postproduction segments EBT slipping 13
percent to EUR 2.7 million compared to the first half of 2000 (EUR 3.1 million).
Actions have been implemented in the Postproduction segment to match capacity
to demand and to increase efficiency. These include staff restructurings all the
way up the ladder to executive management. The European network is to shift its
focus more toward the advertising client and the job of winning orders will be
broadened onto a European level.
The Film Production segment performed essentially according to budget. So far,
sales of EUR 9.2 million have been reported. The EBT is minus EUR 813,000. A
film-contract volume of EUR 31 million has already been locked in, which will be
posted as sales and earnings only after delivery is made.
Das Werk AG expects its annual sales to be at least EUR 160 million. Profit
should surpass last years levels (65 cents per share).
The 2001 semiannual report will be published on 17 August.
end of ad hoc announcement (c) DGAP 15.08.2001
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WKN: 541 200; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
151341 Aug 01
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