DAS WERK AG
Das Werk AG english
Revenue and earnings targets for 2001 will not be met
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Revenue increase of 80% after the first nine months
Results affected by economic downturn and exceptional items According to
provisional figures for the first nine months of the fiscal year, the companies
of Das Werk AG generated revenues of Euro 83 million. In the same period last
year this figure stood at Euro 46 million. Earnings before interest, taxes,
depreciation, and amortization totaled Euro 9 million (same period 2000: EUR
20.8 million). Cash and cash equivalents as of September 30, 2001, amounted to
Euro 11 million; cash flow from operating activities for the first nine months
of fiscal 2001 was positive.
Consolidated earnings: there were additional charges in Q3 due to exceptional
items amounting to around Euro 3.5 million. These include doubtful debts
allowances on receivables, write-offs on minority interests as well as accrued
liabilities. The under-par result for the group as of September 30, 2001,
increased in comparison to the figure posted for the first half.
Feature film production: the majority of films will be delivered during the
fourth quarter of fiscal 2001. Revenue recognition in connection with the
delivery of the Road Movies’ production “Ten Minutes Older” (revenue
contribution of approx. Euro 6.5 million), initially planned for the current
year, will not materialize until 2002.
Postproduction: the malaise within Germany’s advertising sector continued in
the third quarter. Although September saw a slight upturn in business,
revenues fell short of expectations, and the level of pre-Christmas
purchases was lower than anticipated. As a result, Q3 earnings within this
area will be negative, while earnings for the first nine months will be
slightly above par.
Outlook: the prevailing uncertainties within the European advertising sector
have prompted us to lower our expectations with regard to postproduction
activities. In the fourth quarter, CFX, Los Angeles, will feel the ripple
effect produced by the terrorist attacks of September 11. The go-ahead for
large-scale feature film productions has been delayed. CFX has a sufficient
number of orders for 2001 to ensure that the basic level of capacity
utilization is met.
Based on the figures available at this moment in time, Das Werk AG is not
likely to meet its 2001 revenue target of around Euro 160 million. Earnings
per share will be significantly lower than last year’s figure. The company has
initiated restructuring measures within the area of postproduction. Details
regarding the nature and extent of these measures, as well as their likely
effect on returns in fiscal 2002, will be announced as part of the Interim
Report to be published on November 20, 2001.
A separate press release will present the provisional quarterly figures by
segments.
Für Rückfragen:
Wolfgang Borgfeld
Pressesprecher Das Werk AG
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Das Werk AG Fon: + 49 69 97353 440
Schmidtstr. 12 Fax: + 49 69 97353 442
60326 Frankfurt am Main E-Mail: wobo@das-werk.de
http://www.das-werk.de
end of ad-hoc-announcement (c)DGAP 02.11.2001
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WKN: 541 200; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
020837 Nov 01
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