Kinowelt Medien AG
Ad hoc-Service: Kinowelt Medien AG english
Ad hoc announcement transmitted by DGAP.
The issuer has the sole responsibility of this announcement.
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Audited figures 2000, complete take-over of Kinopolis
Turnover rises by 58.3 %, all business units contribute to growth, special
expenditures cause fall in earnings, EBITDA increase by 33 % to DM 258 million,
earnings/share is 0.08 euros due to value adjustments and high tax burden,
Complete take-over of Kinopolis multiplexes
Munich, 11.04.2001: According to audited figures, the Kinowelt Media Group
increased its turnover in 2000 by 58.3 % to DM 605.0 million (DM 382.2 million
in previous year). EBITDA achieved record figures with an increase of 33 %,
rising to DM 257.6 million. EBIT came to DM 49.0 million. Net income was
negatively influenced by unbudgeted depreciation for merchandising of DM 14
million as well as start-up costs for four newly opened multiplexes and closure
costs for six unprofitable Arthaus cinemas of DM 15 Mio as well as by increased
financial expenditures of DM 27.5 million. Due to non-offsetable losses in the
65 percent holding in Brameier Fanworld AG, the tax ratio rose to 88 percent.
Net income decrease to DM 3.7 million. Earnings per share are 0.08 euros.The
balance sheet total at the end of 2000 was DM 2.5 billion. With shareholders
equity of DM 666.7 million (13.92 euros per share) and a shareholders equity
ratio of 27 %, the Kinowelt Media Group displays a solid financing structure at
the end of 2000. Eduard Unzeitig, CFO, expects, that based on the considerable
assets of the company the finances for its planned development are assured.Hence
the positive development in the cinema market in 2001 Kinowelt took over the
remaining 49.9 % in the Kinopolis multiplex chain as of 1 April 2001.This means
that Kinowelt will be able fully to use the earnings opportunities offered by
the restructuring of the German cinema market. When it took its initial
shareholding in Kinopolis (May 2000), Kinowelt at that time already secured for
itself the option of a complete takeover if the business conditions were right.
This right was included in the purchase price so that the complete takeover
involves no further financial resources. The Kinowelt Media Group anticipates
turnover of DM 700 million and operating result of DM 110 million in 2001.
Attached find the detailed press release. During today the financial statements
and management report of Kinowelt Medien AG for 2000 will be available on our
website www.kinowelt-medien-ag.de
end of ad hoc announcement, (c) DGAP 11.04.2001
Issuer’s information/explanation remarks concerning this ad hoc announcement:
Kinowelt Media Group: turnover rises by 58.3 percent, all business units
contribute to growth
special expenditures cause fall in earnings
EBITDA increase by 33 percent to DM 258 million, earnings/share is 0.08 euros
due to value adjustments and high tax burden
Good start to first quarter 2001: high growth in Home Entertainment,
Cinemas operationally profitable
Complete take-over of Kinopolis multiplexes
Munich, 11.04.2001: According to audited figures, the Kinowelt Media Group
increased its turnover in 2000 by 58.3 percent to DM 605.0 million (DM 382.2
million in previous year). The operating result before depreciation (EBITDA)
achieved record figures with an increase of 33 percent, rising to DM 257.6
million. The License Dealing business unit contributed considerably to this
result.
Due to measures taken to safeguard the companys future, the operating result
(EBIT) came to DM 49.0 million and was thus DM 15.2 million below the previous
years figures. Kinowelt included in this result special factors of DM 29
million: unbudgeted depreciation for merchandising of DM 14 million as well as
start-up costs for four newly opened multiplexes and closure costs for six
unprofitable Arthaus cinemas of 15 Mio DM. Without these special factors, EBIT
would have been DM 78 million and thus about 21 percent above the previous years
figures.
Net income was negatively influenced by these special factors as well as by
increased financial expenditures of DM 27.5 million. Due to non-offsetable
losses in the 65 percent holding in Brameier Fanworld AG, the tax ratio rose to
88 percent. Net income decrease to DM 3.7 million. Earnings per share are 0.08
euros. With a normal tax ratio of 50 percent the net income would have been DM
16.1 million and 0.34 euros per share.
All business units contributed to the growth in turnover of the Kinowelt Media
Group. Home Entertainment achieved an increase of 169 percent to DM 110.6
million. The License Dealing unit generated growth of 25 percent to DM 206.9
million. In a year which proved difficult for the whole of the industry,
Kinowelt succeeded in considerably increasing its turnover in license dealing. A
special contribution in this respect was made by the expansion of business
relations with the public TV broadcasters. Home Entertainment profited from the
dynamically growing DVD market. Inflight Entertainment was able almost to
double its turnover from DM 21.3 million to DM 41.7 million by taking over its
US competitor Entertainment Concepts. In the Merchandising business unit,
turnover for 2000 rose by 51 percent to DM 87.4 million. The Cinema business
unit, which groups theatrical distribution and cinema operation, increased its
turnover by 65 percent to DM 158.4 million.
The strong growth of the company was also reflected in the balance sheet
figures: the balance sheet total at the end of 2000 was DM 2.5 billion. Almost
half of the fixed capital is in the Groups film library (DM 1.2 billion). DM
416.6 million was invested in this respect in 2000. With shareholders equity of
DM 666.7 million (13.92 euros per share) and a shareholders equity ratio of 27
percent, the Kinowelt Media Group displays a solid financing structure at the
end of 2000. “On the basis of the considerable assets of the company the
finances for its planned development are assured”, said Eduard Unzeitig, CFO of
Kinowelt Medien AG.
“The positive development in the cinema market in the first months of the
current year affirm our decision to commit ourselves more strongly to cinema
operations”, said Dr Michael Kölmel, CEO of Kinowelt Medien AG. Hence Kinowelt
took over the remaining 49.9 percent in the Kinopolis multiplex chain as of 1
April 2001. This means that Kinowelt will be able fully to use the earnings
opportunities offered by the restructuring of the German cinema market. When it
took its initial shareholding in Kinopolis in May 2000, Kinowelt at that time
already secured for itself the option of a complete takeover if the business
conditions were right. This right was included in the purchase price so that the
complete takeover involves no further financial resources.
The other core business units are also developing according to or ahead of plan
in 2001. In license dealing, Kinowelt is engaged in promising negotiations with
TV stations. Kinowelt Home Entertainment sold more than 880 000 DVDs in the
first quarter and has already reached about 80 percent of the sales figure
achieved for the whole of year 2000. The company has increased the figure for
the corresponding period last year more than five-fold. It is positioned clearly
ahead of internal planning and, in the meantime, turns over about twice as much
with DVDs as with VHS cassettes.
“The earnings drop in 2000 was a one-off event caused by special factors”, said
Dr Michael Kölmel. “Developments in the first quarter affirm our forecast for
2001.” The Kinowelt Media Group anticipates turnover of DM 700 million and
operating result of DM 110 million.
Enquiries to Kinowelt Medien AG:
Christin Wegener Jörg Lang
SVP Corporate Communications SVP Investor Relations
Tel.: +49 89-30 796 7270 Tel.: +49 89-30 796 8103
Fax: +49 89-30 796 7330 Fax: +49 89-30 796 7330
email: presse@kinowelt.de email: IR@kinowelt.de
www.kinowelt-medien-ag.de www.kinowelt-medien-ag.de
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WKN: 628590; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
110846 Apr 01
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