IM Internationalmedia AG Financial Highlights of Interim Report for the period from

of 13

Please download to get full document.

View again

All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
PDF
13 pages
0 downs
6 views
Share
Description
IM Internationalmedia AG Financial Highlights of Interim Report for the period from January 1 to June 30, 2003. in million euros. Jan-Jun 2003. Jan-Jun 2002. delta. delta in percent. Revenue Gross Profit EBITA Result after tax EPS. 88.9 12.4 - 8.5 -12.6 - 0.39. 94.3 14.3
Transcript
IM Internationalmedia AG Financial Highlights of Interim Reportfor the period from January 1 to June 30, 2003in million eurosJan-Jun 2003Jan-Jun 2002 deltadelta in percentRevenueGross ProfitEBITAResult after taxEPS88.912.4- 8.5-12.6- 0.39
  • 94.3
  • 14.3
  • - 13.4
  • - 18.0
  • - 0.58
  • - 5.4- 1.9+ 4.9+ 5.4+ 0.19- 6- 13+36+ 30+ 33Emphasized Financial DataRevenues Jan-Jun 2003Commentsin million euros
  • Vast majority of revenues continues to derive from minimum guarantees on four released movies (DARK BLUE, THE LIFE OF DAVID GALE, BASIC, NATIONAL SECURITY)
  • Significant profit participations in IRIS, THE WEDDING PLANNER and K-19: THE WIDOWMAKER
  • Library revenues mainly from the Largo Film Library
  • Financing Fees mainly from MOOSEPORT and LAWS OF ATTRACTION
  • 88.92.02.77.776.5TotalMinimum guaranteesOveragesLibraryFinancing FeesRevenue StructureCommentsConsolidated Income StatementSix-month report
  • Gross margin slightly decreases to 13.9 percent
  • Cost cutting program is providing good results although Q2/2003 includes provision for ME AGAIN.
  • Through the goodwill write-off last year IM has a now a streamlined balance sheet assuring significantly lowered amortization charges during the years to come.
  • Jan 1 to Jan 1 to[in K €]Jun 30, 2003 Jun 30, 2002Revenues88,92294,319Cost of goods sold-76,547-80,008Gross profit12,37514,311Project development costs-10,494-7,034Distribution costs-296-1,883General administration costs-9,351-16,602Other operating income442177Other operating expenses-1,173-2,326Goodwill amortization-776-2,858Operating result (EBIT)-9,273-16,215Result at equity-817-770Financial result-1,225205Result before tax-11,315-16,780Taxes on income and profits-1,271-1,217Result after tax-12,586-17,997Undiluted earnings per share (in €)-0.39-0.58Diluted earnings per share (in €)-0.39-0.58Income StatementCommentsConsolidated Income StatementSix-month report
  • Distribution costs have been reduced by 84 percent, mainly due to the operational start of I.S. Film Distribution.
  • Overhead costs at 9.4 million euros show a reduction of 44 percent, significant benefits of the extensive cost cutting program.
  • The result at equity includes the newly established distribution joint-venture with a result of approx. € -550k.
  • The financial result includes interest on the Initial Entertainment credit line.
  • Jan 1 to Jan 1 to[in K €]Jun 30, 2003 Jun 30, 2002Revenues88,92294,319Cost of goods sold-76,547-80,008Gross profit12,37514,311Project development costs-10,494-7,034Distribution costs-296-1,883General administration costs-9,351-16,602Other operating income442177Other operating expenses-1,173-2,326Goodwill amortization-776-2,858Operating result (EBIT)-9,273-16,215Result at equity-817-770Financial result-1,225205Result before tax-11,315-16,780Taxes on income and profits-1,271-1,217Result after tax-12,586-17,997Undiluted earnings per share (in €)-0.39-0.58Diluted earnings per share (in €)-0.39-0.58Income StatementCommentsConsolidated Balance Sheet: AssetsAssets Jun 30, 2003Dec 31, 2002
  • Cash of 10.5 million euros lower than last year’s ending balance was mainly caused by investments into pre-production due to a high number of upcoming greenlights such as AVIATOR, ALEXANDER and other films. The reduction also include a reclassification of marketable securities to long-term securities.
  • [in K €]1Current assetsCheques, cash in hand, central bank and bank balances10,54347,813Other marketable securities08,632Trade accounts receivable64,209128,972Film development costs42,27434,622Prepaid expenses409353Other current assets10,04018,861Total current assets127,475239,253Non-current assetsFixed assets4,93110,858Film and license assets381,883299,427Goodwill12,62014,575Other intangible assets1319Investments in associated companies2790Loans to associated companies1,4651,847Other securities5,9580Deferred tax assets5784,800Total non-current assets407,727331,526Total assets535,202570,7791) auditedBalance SheetCommentsConsolidated Balance Sheet: AssetsAssets Jun 30, 2003Dec 31, 2002
  • Receivables are reduced due to payments of minimum guarantees
  • Increase in film assets due to the capitalization of TERMINATOR 3: RISE OF THE MACHINES. The amortization starts in 3rd quarter 2003.
  • [in K €]1Current assetsCheques, cash in hand, central bank and bank balances10,54347,813Other marketable securities08,632Trade accounts receivable64,209128,972Film development costs42,27434,622Prepaid expenses409353Other current assets10,04018,861Total current assets127,475239,253Non-current assetsFixed assets4,93110,858Film and license assets381,883299,427Goodwill12,62014,575Other intangible assets1319Investments in associated companies2790Loans to associated companies1,4651,847Other securities5,9580Deferred tax assets5784,800Total non-current assets407,727331,526Total assets535,202570,7791) auditedBalance SheetCommentsConsolidated Balance Sheet: Shareholders‘ equity and liabilities
  • Payment of liabilities due to banks because of theatrical release in previous periods. In first half year 2003 no new bank loans were closed.
  • Shareholders' equity and liabilities Jun 30, 2003Dec 31, 2002[in K €]1Current liabilitiesShort-term bank loans and overdrafts139,576191,596Advanced payments received162,57861,853Trade accounts payable3,9345,134Income tax payable3,7814,480Other current accrued liabilities21,91683,906Other current liabilities8,333257Total current liabilities340,118347,226Non-current liabilitiesLong-term bank loans and overdrafts9,96329,182Deferred tax liabilities14,69218,500Other long-term accrued liabilities23,9262,904Total non-current liabilities48,58150,586Shareholders' equitySubscribed capital31,95031,950Capital reserves263,093263,093Net retained earnings-92,510-97,874Currency translation adjustments (CTA)-56,030-24,202Total shareholders' equity146,503172,967Total shareholders' equity and liabilities535,202570,7791) auditedBalance SheetCommentsConsolidated Balance Sheet: Shareholders‘ equity and liabilities
  • Advanced payments received increased due to TERMINATOR 3: RISE OF THE MACHINES, although sales revenue recognition will be in 3rd quarter 2003.
  • Decrease of shareholders’ equity due to
  • negative result after tax
  • negative Currency Translation Adjustments from US dollar into Euro.
  • Shareholders' equity and liabilities 1[in K €]Jun 30, 2003Dec 31, 2002Current liabilitiesShort-term bank loans and overdrafts139,576191,596Advanced payments received162,57861,853Trade accounts payable3,9345,134Income tax payable3,7814,480Other current accrued liabilities21,91683,906Other current liabilities8,333257Total current liabilities340,118347,226Non-current liabilitiesLong-term bank loans and overdrafts9,96329,182Deferred tax liabilities14,69218,500Other long-term accrued liabilities23,9262,904Total non-current liabilities48,58150,586Shareholders' equitySubscribed capital31,95031,950Capital reserves263,093263,093Net retained earnings-92,510-97,874Currency translation adjustments (CTA)-56,030-24,202Total shareholders' equity146,503172,967Total shareholders' equity and liabilities535,202570,7791) auditedBalance SheetConsolidated Balance Sheet – Bank LoansComments
  • Lowest level of outstanding bank loans in five quarters
  • Film loans are generally non-recourse to IM and solely pledged by the film project
  • Initial Entertainment film assets (mainly Traffic, Ali, and Gangs of New York) are backing the bank loan; non recourse of Initial Entertainment liabilities against IM assets
  • The Largo film library loan is backed by the library assets
  • No new bank loans were closed in first six month 2003
  • in million euros221216198178150Q2/02Q3/02Q4/02Q1/03Q2/031501336Non-recoursefinancingLargoAsset backedBank liabilities Jun 30, 2003Balance Sheet AnalysisConsolidated Cash Flow StatementCommentsSix-month report
  • Depreciation for films stays at a nearly the same level compared to same quarter last year
  • The positive operating Cash Flow is mainly driven by depreciation and by a better performance of Working Capital due to payments of minimum guarantees and advanced payments received for TERMINATOR 3 compared to last period.
  • Reclassification of securities
  • Jan 1 to Jan 1 to Jan 1 to Jun 30, 2003 Jun 30, 2003[in K €]Net profit/loss-12,586-17,997Depreciation and amortization69,12380,644Changes in non-cash accrued liabilities17,59632,613Changes in non-cash deferred tax assets4,222-17,744Changes in inventories-7,651-7,415Changes in trade accounts receivable and other assets77,685-50,422Changes in other short-term assets-56-238Changes in trade accounts payable-1,267179Changes in other liabilities57,143-30,520Cash flows from operating activities204,209-10,90Investments in intangible assets-172,031-83,309Investments in fixed assets-39-1,169Financial investments-6,797-912Receipts from disposals of assets4,66915Cash flows from investing activities-174,198-85,375Changes in financial liabilities-71,23914,319Cash flows from financing activities-71,23914,319Effect of foreign currency exchange rate changes-4,674-8,310Effect of changes in consolidated group on cash and cash equivalents08,927Net changes in cash and cash equivalents-45,902-81,339Cash and cash equivalents at beginning of period56,445148,040Cash and cash equivalents at end of period10,54366,701Cash Flow AnalysisConsolidated Cash Flow StatementCommentsSix-month report
  • Investment level increases significantly due to capitalization of TERMINATOR 3: RISE OF THE MACHINES
  • The positive Free Cash Flow was used to service debt
  • Jan 1 to Jan 1 to Jan 1 to Jun 30, 2003 Jun 30, 2003[in K €]Net profit/loss-12,586-17,997Depreciation and amortization69,12380,644Changes in non-cash accrued liabilities17,59632,613Changes in non-cash deferred tax assets4,222-17,744Changes in inventories-7,651-7,415Changes in trade accounts receivable and other assets77,685-50,422Changes in other short-term assets-56-238Changes in trade accounts payable-1,267179Changes in other liabilities57,143-30,520Cash flows from operating activities204,209-10,90Investments in intangible assets-172,031-83,309Investments in fixed assets-39-1,169Financial investments-6,797-912Receipts from disposals of assets4,66915Cash flows from investing activities-174,198-85,375Changes in financial liabilities-71,23914,319Cash flows from financing activities-71,23914,319Effect of foreign currency exchange rate changes-4,674-8,310Effect of changes in consolidated group on cash and cash equivalents08,927Net changes in cash and cash equivalents-45,902-81,339Cash and cash equivalents at beginning of period56,445148,040Cash and cash equivalents at end of period10,54366,701Cash Flow AnalysisDisclaimerNo part of the information or data provided by IM Internationalmedia AG may be used or reproduced in any form without prior written permission from IM Internationalmedia AG.The information provided herewith reflects the actual state of affairs of IM Internationalmedia AG to its best knowledge, and nothinghas been held back which can affect the importance of such information. IM Internationalmedia AG will not be liable for implicit or explicit warranties regarding accuracy, reliability, completeness or actuality of the provided materials. Use of the material is at one’s own risk. Changes may be made at any time by IM Internationalmedia AG, who will not be responsible for the content of materialsor information used in the presentation supplied by third parties. IM Internationalmedia AG and its subsidiaries, directors, officers and employees will not be liable for losses or damages arising directlyor indirectly from the use, the reliance on or the inability to use the provided materials. Please note that any financial forecasts or any other predictions are aims for the future. Despite the greatest efforts ofIM Internationalmedia AG and its staff to reach these goals, IM Internationalmedia makes no warranties. The company acts on a verycompetitive, international and unpredictable market. Our results are directly affected by factors beyond our control, including the general political and economic situation as well as market conditions and volatility of market prices, rates and indices as well as changes of the legal conditions. Therefore we cannot exclude that our results may vary significantly and thus we may not achieve our strategic objectives. This document does neither constitute a solicitation to buy stocks of IM Internationalmedia AG nor shall any part of it be basis for anycontract, commitment or similar agreement. It is not intended for distribution in the U.S.
    Related Search
    We Need Your Support
    Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

    Thanks to everyone for your continued support.

    No, Thanks