EM.Sport Media AG Formerly
known as EM.TV AG. The Group's principal activity is TV transmission.
Group operates through three divisions: Entertainment, Sport and
The Entertainment division produces children's and youth programmes and
includes the trade with television programs and merchandising rights.
Sports division is involved in the trade for television licenses for
events such as the FIFA World Cup in 2006, in addition the Group is
in the production of sports programs and owns a share in the sports
DSF. Others division includes income and costs of EM.TV AG.
March 31, 2009
Media AG publishes its consolidated financial statements 2008
sales reached 384.6
million Euro as a result of the full consolidation of Highlight
of -129.1 million Euro impacted by market-caused write-downs and fair
4 to 6 cents per share
Media AG today
published its consolidated financial statements for the financial year
2008. The full consolidation of Highlight Communications AG executed on
July 31, 2008 has a significant impact on the consolidated financial
of EM.Sport Media AG. Consequently, a direct comparison of balance
figures between December 31, 2008 and December 31, 2007 is only
to a limited extent. A comparison of the profit and loss accounts and
cash flow statements is also not possible or only to a limited extent.
As previously announced, the market-caused write-downs and fair value
conducted in the third quarter 2008 resulted in a substantial net loss
Sales and earnings performance
The EM.Sport Media Group
generated sales of 384.6 million Euro following 230.7 million Euro in
previous year. This increase of 66.7 percent relates to the first time
inclusion of the Highlight group as of July 31, 2008.
Group reports positive
earnings before interest, taxes, depreciation and amortization (EBITDA)
in the amount of 69.1 million Euro compared to 26.8 million Euro in
losses totaled 171.9 million Euro (2007: 11.5 million Euro). This
includes the previously announced goodwill impairment of 88.3 million
from the shareholding in Highlight Communications AG as well as
of film assets of 53.5 million Euro.
interest and taxes (EBIT) stood at -102.8 million Euro following 15.3
Euro in the previous year, which was largely affected by the impairment
losses and fair value adjustments due to market conditions.
minority interests came in at -131.3 million Euro. A loss of 41.2
Euro was incurred previous year.
Further key figures of
The EM.Sport Media Group's
balance sheet total amounted to 719.7 million Euro as of December 31,
This translates into growth of 342.8 million Euro or 91.0 percent
the 2007 year-end figure (376.9 million Euro), which predominantly
to the first time consolidation of the Highlight group.
The largest single asset
is the new position for film assets (187.0 million Euro), which
the production and license trading activities of the Highlight
Constantin Film AG.
funds stood at
165.9 million Euro as of the balance sheet date, which were
above the previous year's figure of 53.1 million Euro. This significant
increase is the consequence of the first time consolidation of the
group. In contrast to the cash inflow from the divestment of the
Segment a cash outflow occurred, primarily for the increase in the
in Highlight Communications AG.
the liabilities side
of the balance sheet, equity stood at 142.4 million Euro as of December
31, 2008, a decrease of 42.8 million Euro compared to the end of 2007
million Euro). The equity ratio reached 19.8 percent and was below the
figure as of December 31, 2007 (49.1 percent) due to the substantially
higher balance sheet total and the net loss for the year.
Group reports positive
cash flow from operating activities for continuing operations of 59.7
Euro (2007: +12.1 million Euro).