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EM.Sport Media AG
Exchanges: Frankfurt

EM.Sport Media AG Formerly known as EM.TV AG. The Group's principal activity is TV transmission. The Group operates through three divisions: Entertainment, Sport and Others. The Entertainment division produces children's and youth programmes and includes the trade with television programs and merchandising rights. The Sports division is involved in the trade for television licenses for sporting events such as the FIFA World Cup in 2006, in addition the Group is involved in the production of sports programs and owns a share in the sports channel DSF. Others division includes income and costs of EM.TV AG.

Ismaning March 31, 2009 
EM.Sport Media AG publishes its consolidated financial statements 200
Group sales reached 384.6 million Euro as a result of the full consolidation of Highlight Communications AG 
Earnings after taxes of -129.1 million Euro impacted by market-caused write-downs and fair value adjustments 
Expected profit 2009: 4 to 6 cents per share 
EM.Sport 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 statements of EM.Sport Media AG. Consequently, a direct comparison of balance sheet figures between December 31, 2008 and December 31, 2007 is only possible to a limited extent. A comparison of the profit and loss accounts and the cash flow statements is also not possible or only to a limited extent. As previously announced, the market-caused write-downs and fair value adjustments conducted in the third quarter 2008 resulted in a substantial net loss amount.

Sales and earnings performance 2008

The EM.Sport Media Group generated sales of 384.6 million Euro following 230.7 million Euro in the previous year. This increase of 66.7 percent relates to the first time inclusion of the Highlight group as of July 31, 2008. 
The 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 2007. 
Depreciation and impairment losses totaled 171.9 million Euro (2007: 11.5 million Euro). This amount includes the previously announced goodwill impairment of 88.3 million Euro from the shareholding in Highlight Communications AG as well as depreciation of film assets of 53.5 million Euro. 
Group earnings before interest and taxes (EBIT) stood at -102.8 million Euro following 15.3 million Euro in the previous year, which was largely affected by the impairment losses and fair value adjustments due to market conditions. 
Group earnings after minority interests came in at -131.3 million Euro. A loss of 41.2 million Euro was incurred previous year. 

Further key figures of the Group 

The EM.Sport Media Group's balance sheet total amounted to 719.7 million Euro as of December 31, 2008. This translates into growth of 342.8 million Euro or 91.0 percent against the 2007 year-end figure (376.9 million Euro), which predominantly relates 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 reflects the production and license trading activities of the Highlight subsidiary, Constantin Film AG. 
Liquid funds stood at 165.9 million Euro as of the balance sheet date, which were significantly above the previous year's figure of 53.1 million Euro. This significant increase is the consequence of the first time consolidation of the Highlight group. In contrast to the cash inflow from the divestment of the Entertainment Segment a cash outflow occurred, primarily for the increase in the stake in Highlight Communications AG. 
On 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 (185.2 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. 
The Group reports positive cash flow from operating activities for continuing operations of 59.7 million Euro (2007: +12.1 million Euro). 

Copyright  2009

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