TV-Loonland AG
TV-Loonland AG: Release of the annual accounts for the year 2007
TV-Loonland AG / Final Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- + Adjusted loss from continuing operations excluding non cash interest expense is KEUR – 853 ( 2006: KEUR – 18,866) + Positive cash flow from operating activities of KEUR 98 (2006 KEUR – 1,445) + Expected to be debt free after sale of discontinued operation and certain film library assets by end of Q2 Munich, 28 March 2008 - The management of TV-Loonland today releases its annual accounts for the year 2007. Due to the restructuring agreement closed with the company´s bankers, the overall situation of the business has been stabilized. In particular the loss for the year has been significantly reduced and a positive net operating cash flow generated. Despite being a difficult year for the Group, having to deal with the consequences of legacy management issues, the restatement of the 2005 accounts and the very significant loss in 2006, TV-Loonland has seen considerable improvements in its core children’s animation business. Within its third quarter interim report TV-Loonland announced the intention to sell its 61,7% stake in Metrodome, the UK AIM listed subsidiary, and therefore is now treating said business as a discontinued operation within the annual accounts 2007. Whilst within the continuing operations, the total revenues decreased from KEUR 6,387 to KEUR 5,328, the 2006 figure included KEUR 2,414 of 'one time only' revenues. Thus, on an operating basis adjusted revenues improved by KEUR 1,355. The result from continuing operations was a loss for the year of KEUR – 2,970 compared to a loss of KEUR – 21,250 in the prior year. The loss of the year includes a pro rata loss of KEUR – 736 resulting from the discontinued operation and accrued interest of TEUR 1,754 which has been converted on 4 January 2008 into equity. Adjusted loss from continuing operations excluding non cash interest expense is KEUR – 853. This represents the best result that the Group has delivered since 2001, the year following its IPO and reflects the progress that the Group has made and is continuing to make. These improvements are also reflected by the business generating a net positive cash flow out of its operating activities of TEUR 98, and also overall having an increase in funding during the year. In order for the business to continue its recovery the core business has embarked on a series of cost reduction measures, which so far in 2008 included the issuance of termination notices to 9 of our Munich based staff, effective the end of June. The business will continue to have an operation in Munich, but it is appropriate that all of the measures that the Group is taking that our future shape across all of the offices better reflects the ongoing business and potential business opportunities. With the new properties and brands that TV-Loonland has brought to market in the past year, namely Raymond, Penelope and of course Pat & Stan, which have all been very well received, TV-Loonland is now building its business for the future. Whilst at the same time TV-Loonland is also building on a significant Licensing & Merchandising program for its property Little Princess, having been sold in 160 countries so far, to operate alongside our existing Pettsson & Findus Licensing & Merchandising program. Further, TV-Loonland keeps on investing into the development and co-production of new properties. In this respect, the company has greenlighted production of two new seasonal specials of its hit property Little Princess, which can be sold alongside the existing two series. During the year TV-Loonland also reviewed its library of properties in order to determine those that will best fit with the ongoing business, and as a result the company is currently in negotiations to sell certain properties. TV-Loonland is very pleased to report that there has been made significant progress in the proposed sale of its stake in Metrodome and whilst there is no guarantee of a successful outcome at this stage, the company is confident that we will be able to issue a further announcement regarding this matter in due course. The proceeds from aforementioned sales will be used to repay the remaining bank debt, so that the group would be debt free during the course of Q2 2008. So far in 2008 the core business is trading in line with its predictions. The annual report is available for download on the company's Investor Relations Homepage ( http://ir.tv-loonland.de/ ) PR005-280308 Company Profile TV-Loonland is a brand management company focusing on high-quality programming primarily in the children's and youth market. With office situated in key locations throughout Europe and beyond, TV-Loonland is ideally positioned to market its extensive library and its third party slate across all possible media channels including TV, Home Entertainment, Licensing & Merchandising as well as digital media, thereby establishing new brands. TV-Loonland enjoys worldwide distribution and licensing success with brands such as LITTLE PRINCESS, THE OWL and PETTSON AND FINDUS. Upcoming hit shows bearing great potential like PAT&STAN and RAYMOND can also be found within the Loonland slate. Apart from the distribution aspect, TV-Loonland gets also involved in the Development of new shows thereby teaming up with renowned broadcasters and co-productions partners. Press/Investor Relations Mark Kilisek/Wendelin Probst Tel.: +49 (0) 89 20 50 8 - 0 Fax: +49 (0) 89 20 50 8 - 199 E-Mail: mkilisek@loonland.com / wprobst@loonland.com TV-Loonland AG Münchner Straße 16 85774 Unterföhring/Munich Germany 28.03.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: TV-Loonland AG Münchner Straße 16 85774 Unterföhring Deutschland Phone: +49 (0)89 205 08 - 0 Fax: +49 (0)89 205 08-199 E-mail: info@loonland.com Internet: www.loonland.com ISIN: DE0005348403 WKN: 534840 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Stuttgart, München, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
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