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Financial Highlights Interim Report for the Period 1 January to 30 June 2002 Munich, 6 August 2002.

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Presentation on theme: "Financial Highlights Interim Report for the Period 1 January to 30 June 2002 Munich, 6 August 2002."— Presentation transcript:

1 Financial Highlights Interim Report for the Period 1 January to 30 June 2002 Munich, 6 August 2002

2 2 Overview First Six Months 2002 Emphasized Financial Data 1st half 20021st half 2001 pro forma 1 1st half 2001 Revenues94.370.862.2 Gross Profit14.329.714.3 EBITA-13.417.82.4 EPS-0.580.340.09 1) Review PwC Limited comparability to last year 2001: - Wedding Planner with extremely high margin - significant Financing Fees 2002:- no Financing Fees - different cost structure because of business expansion in 2 nd half of 2001 - high investments in new film projects

3 3 Revenues in mComments Revenue Income Statement Numbers Revenues expanded by 33% in the first half 3 Film releases constitute ~ 83% of revenues: Ali (Will Smith), Iris (Kate Winslet), The Dangerous Lives of Altar Boys (Jodie Foster); all films are pure minimum guarantee films Overages on Traffic, Wedding Planner and some other films as well as library revenues account for the remaining 17% of revenues No financing fees booked in the first half Revenues significantly above preliminary estimates due to currency effects. According to SIC-30 IM has to use the average exchange rate for the reporting period 30 06 2001 30 06 2002 pro forma 94.3 70.8 MG FF Ov + 33% FF:Financing Fees Ov:Overages MG:Minimum Guarantees 60.9 0.8 9.2 16.0 78.3 Ov MG

4 4 Consolidated Income StatementComments COGS and Project Development Costs Income Statement Numbers Gross margin decreases significantly as financing fees of the first half year 2001 did not reoccur in the first six months 2002; also previous year with extraordinary effect of Wedding Planner IM has strongly invested in the development of films, resulting in an increase in development costs of 4.5 m ; the current development pipeline contains about 70 potential film projects

5 5 Consolidated Income StatementComments Overhead and Taxes Income Statement Numbers Higher overhead costs can mainly be explained through the consolidation of IEG as well as increase in head count IM has started to implement an overhead cost cutting program which is starting to show effects in the second half of 2002 After consolidating IEG, IM had to change its tax structure; taking a prudent position no new losses on tax carried forward could be capitalized

6 6 Consolidated Balance Sheet: Assets Cash, Receivables and Film Assets Balance Sheet Numbers Cash of 67m slightly above the preliminary estimates; the cash position covers about 125% of the current market valuation (at 1,69/ share) Increase in receivables is caused by the theatrical releases of Ali and The Dangerous Lives of Altar Boys as well as overages from Traffic and Wedding Planner Reduction in film and licence asset is due to regular depreciation of films (The Dangerous Lives of Altar Boys and Traffic) as well as currency effects Comments

7 7 Consolidated Balance Sheet: AssetsComments Film development costs and deferred taxes Balance Sheet Numbers Lower level of development costs due to going into production of three film projects (Terminator 3, Masked & Anonymous and Suspect Zero) Netting with deferred tax liabilities is not possible due to varying durations. The accrued liabilities have decreased in the same percentage; Roughly 10 mn decrease is the counterpart on the liability side

8 8 Consolidated Balance Sheet - LiabilitiesComments Bank loans and overdrafts Balance Sheet Numbers Reduction of bank liabilities compared to first quarter due to film projects such as Mindhunters, Basic and Dark Blue The film loans are non-recourse to IM and solely pledged by the film project The Largo film library loan is backed by its assets IEG assets are backing the IEG bank loan; there is no recourse against other IM assets relating to IEG liabilities Leasing liabilities are recourse only against receivables of the respective assets 198 242 31 March 2002 30 June 2002 96 198 Total bank liabilities 30 June 2002 Non-recourse film financing IEG + LargoLeases and others 70 32 -18%

9 9 Consolidated Cash Flow StatementComments Depreciation and Working Capital Cash Flow Numbers Depreciation for Ali, The Dangerous Lives of Altar Boys, Traffic and Wedding Planner, reflecting a significantly higher level of film releases The negative operating Cashflow is mainly caused by an increase of receivables and film development costs At the moment there is no material change in on-balance sheet financing; therefore, investment remains on a low level

10 10 Disclaimer No 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 nothing has 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 ones own risk. Changes may be made at any time by IM Internationalmedia AG, who will not be responsible for the content of materials or 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 directly or 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 of IM Internationalmedia AG and its staff to reach these goals, IM Internationalmedia makes no warranties. The company acts on a very competitive, 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 any contract, commitment or similar agreement. It is not intended for distribution in the U.S.

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