Kinowelt Medien AG
Kinowelt Medien AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Kinowelt: Turnover for Q1 up 61 per cent
Depreciation and losses from disposal of investments have negative impact of
26.5 million euro, resulting in total losses of 33.3 million euro in Q1
Profit forecast for 2001 no longer tenable
Munich, 28.05.2001: During the Q1 of 2001 the Kinowelt Media Group succeeded in
increasing turnover by 61 per cent to 71.1 million euro. Virtually all business
units contributed to this growth, with only TV licence dealing turning in lower
figures as a result that no significant TV deals were signed during Q1.
During Q1 Kinowelt once again had to allow for a number of special factors which
drained 26.5 million euro from profits. Sales of the non-voting shares held in
Alliance Atlantis Communications resulted in an accounting loss of 17 million
euro. Allowing also for further streamlining of Brameier Fanworld AG, negative
currency developments and accumulation of contingency reserves of 3 million euro
for anticipated losses, the operating result Q1 (EBIT) was -30.3 million euro.
Quarterly losses after tax were 33.3 million euro or 1.36 euro per share.
On the basis of these results for the first quarter of 2001, Kinowelt has been
forced to revise its forecast results for the year as a whole. On present
showing, EBIT for the entire year is likely to be below the 2000 figure.
During Q1, most of the core business units made good progress. The Cinema
business unit recorded a turnover of 25.4 million euro, which is 210 per cent
higher than Q1 2000.
Home Entertainment improved its performance by 60 per cent to 19.2 million euro,
with its operating result rising by 161 per cent. On the Licence Dealing side,
Kinowelt did not sign any major deals during the first quarter, with the result
that turnover declined 33 per cent to 9.2 million euro. However the company is
at present engaged in negotiations over several highly promising TV
packages.Consolidation of Entertainment Concepts meant that the sales for
Inflight Entertainment improved 109 per cent to 6.7 million euro.
The first quarter of 2001 was characterised by precautionary measures and an
increasing focus on the company’s core business. Kinowelt’s management is
confident that in the second quarter the company will return to the strong
results achieved during the corresponding period last year.
The quarterly report is available on the Internet at www.kinowelt-medien-ag.de
end of ad hoc announcement (c) DGAP 28.05.2001
——————————————————————————–
WKN: 628590; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
280747 Mai 01
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found