VCL Film + Medien AG
VCL Film + Medien AG announces the development of the first nine months – US Dollar burdens operational result
VCL Film + Medien AG / Quarter Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Munich, October 17, 2008 - VCL Film + Medien AG (ISIN DE0003304374) announces revenues of EUR 6.8 million (previous year EUR 8.0 million) for the first nine months of the business year 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) achieves EUR 1.9 million and earnings before interest and taxes (EBIT) amounts to EUR -0.5 million. The negative development of the EBIT is mainly driven by the recovery of the US Dollar compared to May 31, 2008. Due to this fact the earnings worsened EUR -0.6 million. Earnings before tax amount to EUR -2.1 million. The decrease of the revenue is mainly driven by the Home Entertainment segment and the restructuring of its sales and distribution unit which causes delays in the publication of titles like for example The Libertine (with Johnny Depp), Lies And Crimes, Strays (with Vin Diesel), Smiley Face, The Mother of Tears und Wild Boyz (with Matt Dillon). The cooperation with Koch Media was primarily planned for early spring 2008. Finally, the first titles were published in September 2008. Therefore revenues of probably two months are delayed. In 2008, it was planned to publish 80 titles overall, including many special interest and children topics. Until the end of the third quarter, 56 titles were published. Since April 2008 the company publishes some well known movies in blu-ray high definition format which increases in popularity. This is good news for the further exploitation of the film library which contains around 600 titles. Distributions of these titles in blu-ray high definition format are without any significant license or guarantee payments. Contracts with well known partners in Los Angeles and in Germany guarantee a re-entry of VCL in the distribution of new publications. A good performance was delivered by the new segment media funds administration, as expected. The administration fees are agreed and fixed for several years. The positive cash flow of the film funds administration segment is used for the reduction of the obligations as a borrower. It is planned to cut these obligations in halves until 2011. The management board expects balanced earnings before interest and taxes for the full business year 2008, depending on the US Dollar development and based on the assumption of an exchange rate of US Dollar 1.45 compared to the Euro at the end of the business year. The Management Board VCL Film + Medien AG 17.10.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: VCL Film + Medien AG Wolfratshauser Str. 84 81379 München Deutschland Phone: +49 (0)89 354 97-0 Fax: +49 (0)89 354 97-357 E-mail: IR@vcl.de Internet: www.vcl.de ISIN: DE0003304374 WKN: 330437 Listed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, München, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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