euro adhoc: TV Loonland AG
Quarterly or Semiannual Financial Statements
TV-Loonlands consistent cost-cutting measures lead to continued positive EBITDA Slump in TV advertising market causes revenues to drop further - Subsidiary Metrodome continues s
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Munich, 30 March 2003 - TV-Loonlands revenues were hit hard in the first quarter of 2003 by continued lows in the television advertising market as a result of the war in Iraq. However, timely cost-cutting measures made sure that TV-Loonland, one of the leading independent producer of animation programming for children, youth and families, continued to show a positive EBITDA. Overall, revenues dropped to EUR 3.4 (Previous year: 9.1) million. The first quarter of any year is traditionally weaker; thus, revenues are expected to revive in the quarters to come - supported mainly by the completion of new productions (Metalheads, Dragons Rock and the first part of Cramp Twins II) budgeted for the second half of the year. The figures no longer take into account the Korean SRE Corporation, which left the TV-Loonland group in mid-March.The main factor impacting revenues was the successful operating business of British subsidiary Metrodome. The operational, structural and staffing measures taken since the inception of the deal in 2002 are already showing a noticeably positive effect. However, the continued positive trend in the new Home Entertainment business unit, which earned revenues at a total of EUR 1.5 (3.4 including SRE) million, did not offset the weakness in the distribution market. Clear cost saving measures led to a 23 percent decrease in personnel expenses to EUR 1.1 (1.4) million and to a 35 percent reduction in other operating expenses to EUR 2.0 (3.0) million. In light of continued market weakness, the strict cost management program will be continued during the 2003 financial year as well. Overall, TV-Loonland achieved a positive EBITDA of EUR 1.1 (5.1) million. EBIT amounted to EUR -0.5 (0.3) million. A loss for the period of EUR -0.9 (+0.7) million was recorded. Despite the success of the recently established Home Entertainment business unit and the predicted completion of productions with strong potential in the second half of the year, the Managing Board expects 2003 to continue on a rocky and difficult course, which, however, will not fall short of its goal - a positive EBITDA.
end of announcement euro adhoc 30.05.2003
Further inquiry note:
Ilona McLean Tel.: +49 (0)89 20 50 80 E-Mail: imclean@loonland.com
Branche: Media
ISIN: DE0005348403
WKN: 534840
Index: Nemax All Share, Prime Standard
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