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
Media AG publishes its consolidated financial statements 2008
Group sales reached 384.6
million Euro as a result of the full consolidation of Highlight Communications
Earnings after taxes
of -129.1 million Euro impacted by market-caused write-downs and fair value
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
Sales and earnings performance
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 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).