MOOD AND MOTION AG
Neue Sentimental Film english
Neue Sentimental Film AG slashes losses
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Frankfurt, August 28, 2003 – Neue Sentimental Film AG slashes losses /
Subsidiaries in key markets return to profitability / However sales down on
forecast due to deconsolidation
Neue Sentimental Film AG, a leading international media company for the
production of advertising films, music videos, and TV formats as well corporate
and brand communication published its figures for the first half of 2003 today.
The company was able to cut its losses significantly thanks to the restructuring
program it implemented, however deconsolidation means that sales are down on
forecast. The Managing Board decided to discontinue the subsidiaries in Milan
and Los Angeles. As a result, earnings from these offices will now only be shown
as so-called discontinued operations and their net sales, which were on
forecast at EUR 6.8 million at the end of June, will no longer be disclosed in
the financial statements. This means that reduced consolidated net sales as of
June 30, 2003 only total EUR 11.8 million (previous year: EUR 16.3 million); if
both units had continued to be consolidated the group would have met its sales
forecast.
Earnings exhibited significantly more positive growth. The company was able to
record significantly lower losses compared to the same period of the previous
year. At the end of H1 2003 EBIT totaled EUR -0.9 million (previous year: EUR –
3.6 million) and EBITDA totaled EUR -0.6 million (previous year: EUR -3.2
million). The company’s restructuring program bore its first fruit: for example
the advertising film production companies in Hamburg and Frankfurt as well as
the group’s specialist subsidiary for corporate and brand communication Group.IE
were again able to record a profit. The Vienna subsidiary also moved back into
the black in the current quarter. The sub-group in Cyprus even succeeded in
leaping into the profit zone – despite its Greek subsidiary, formed just last
year.
As the Milan and Los Angeles subsidiaries will no longer be consolidated (total
sales forecast for both units for 2003: EUR 13.2 million), the annual sales
forecast is being cut to around EUR 26 million. However, the company is
forecasting a balanced result for the second half of 2003, or even a return to
positive consolidated earnings given the current order situation.
Your contact: Klaus Niemeyer, CFO, Tel.: +49(0)69/94331441,
klaus.niemeyer@nsf.de
end of ad-hoc-announcement (c)DGAP 28.08.2003
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WKN: 534 140; ISIN: DE0005341408; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart
280754 Aug 03
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