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1 Financial Highlights of Interim Report for the period from 1 January to 30 September 2002 Munich, 11 November 2002.

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Presentation on theme: "1 Financial Highlights of Interim Report for the period from 1 January to 30 September 2002 Munich, 11 November 2002."— Presentation transcript:

1 1 Financial Highlights of Interim Report for the period from 1 January to 30 September 2002 Munich, 11 November 2002

2 2 Emphasized Financial Data > Overview First Nine Months 2002 Revenues Gross Profit EBITA EPS n.a. Jan-Sep 2002 Jan-Sep 2001 (pro forma) deltadelta in percent in million Euro

3 3 Revenues Jan-Sept 2002Comments Revenue Structure Minimum guarantees OveragesLibraryTotal Vast majority of revenues continue to derive from minimum guarantees on 4 released movies (Ali, Iris, Dangerous Lives of Altar Boys, K-19) Significant profit participations in Wedding Planner and Traffic drivers for a growing share of overages Library revenues mainly from the Largo library In the third quarter, 58 million Euro alone were generated with K

4 4 Projected Revenues Sep-Dec 2002Comments Revenue Projections 2002 Total Q1-Q3 Minimum Guarantees otherProjection With 3 film releases, the last quarter will contribute the largest share to the annual revenue budget The Quiet American (22 November), Adaptation (6 December) and Gangs of New York (20 December) are scheduled for the Oscar-season at year-end Other income can be recognised from financing fees, library and profit participations Dark Blue and Life of David Gale were moved to next year due to the intense competition at this year end

5 5 Comments P&L Analysis Gross margin decreases to 7% as no significant financing fees have been generated in 2002 Large part of margin contribution from Ali is absorbed in purchase accounting of Initial Entertainment Group K-19 under-performed at box office Previous year number is also affected by high margin of Wedding Planner IM has strongly invested in film develop- ment in past years; a conservative write-off policy of inactive projects has increased development costs to an extraordinary high of 15.1 million Euro Jan-Sept 2002 (1) Jan-Sept 2001 pro forma ( 2 )

6 6 [in K] Revenue156,49388,181 Cost of goods sold-145,953-57,311 Gross profit10,54030,870 Project development costs-15,092-5,106 Distribution costs-2,713-2,795 General administration costs-22,012-15,797 Other operating income3193,397 Other operating expenses-2, Goodwill amortisation-4,170-3,049 Operating result (EBIT)-35,7316,817 Result at equity Financial result3012,934 Result before tax-36,3289,363 Taxes on income and profits38-5,078 Result after tax-36,2904,285 Undiluted earnings per share Diluted earnings per share ) Review PwC (unaudited) 2) unaudited Consolidated Income Statement Comments Overhead costs at 22 million Euro higher than last year mainly due to consolidation of IEG and extraordinary expenses in the context of corporate transactions and the restructuring of the London office On a quarterly basis, total overhead and distribution costs have declined in 2002 from 10.2 to 7.1 million Euro; this is a result of a the restructuring of the London office as well as cost measures in Los Angeles and Munich Higher goodwill amortisation after purchase of Initial Entertainment Group in January, 2002 P&L Analysis Jan-Sept 2002 (1) Jan-Sept 2001 pro forma ( 2 )

7 7 Assets [in K]30 Sep Jun Current assets Cheques, cash in hand, central bank and bank balances49,49430,884 Other marketable securities19,07835,817 Trade accounts receivable95,23392,471 Film development costs35,97241,867 Deferred tax assets014,448 Prepaid expenses6271,202 Other current assets13,85239,977 Total current assets214,256256,666 Non-current assets Fixed assets13,35213,053 Film and licence assets285,677217,000 Goodwill77,69878,090 Other intangible assets2224 Investments in associated companies9592 Loans to associated companies13821,469 Payments on account to participating interest00 Deferred tax assets47,84940,775 Other non-current assets26,54025,540 Total non-current assets452,615376,043 Total assets666,871632,709 1) Review PwC (unaudited) Balance Sheet Analysis Cash of 68.6 slightly above the last quarter; the cash position covers about 165% of the current market valuation (at 1.30 per share) Receivables remain at a high level and are caused by the theatrical releases of K-19, Ali and The Dangerous Lives of Altar Boys as well as overages from Traffic and Wedding Planner Increase in film assets due to Supect Zero and K-19 CommentsConsolidated Balance Sheet: Assets

8 8 Comments Lower level of development investments thanks to recoupment of costs after production start of three film projects (Terminator 3, Masked & Anonymous and Suspect Zero) and conservative project amortisation policy Netting with deferred tax liabilities is not possible due to varying durations Assets [in K]30 Sep Jun Current assets Cheques, cash in hand, central bank and bank balances49,49430,884 Other marketable securities19,07835,817 Trade accounts receivable95,23392,471 Film development costs35,97241,867 Deferred tax assets014,448 Prepaid expenses6271,202 Other current assets13,85239,977 Total current assets214,256256,666 Non-current assets Fixed assets13,35213,053 Film and licence assets285,677217,000 Goodwill77,69878,090 Other intangible assets2224 Investments in associated companies9592 Loans to associated companies13821,469 Payments on account to participating interest00 Deferred tax assets47,84940,775 Other non-current assets26,54025,540 Total non-current assets452,615376,043 Total assets666,871632,709 1) Review PwC (unaudited) Consolidated Balance Sheet: Assets Balance Sheet Analysis

9 9 Consolidated Balance Sheet - LiabilitiesComments Slight increase of bank liabilities due to film production financing of Suspect Zero All film loans are non-recourse to IM and solely pledged by the film project The Largo film library loan is backed by the library assets IEG film assets (mainly Traffic, Ali, and Gangs of New York) are backing the IEG bank loan; non recourse of IEG liabilities against IM assets Leasing liabilities are recourse only against receivables of the respective assets Bank liabilities 30 Sept Non- recourse financing IEG + Largo Leases and others Balance Sheet Analysis Q 1 Q 2Q 3

10 10 [in K] 1 Jan to 30 Sep Jan to 30 Sep 2001 pro forma 2 Net loss/profit-36,2904,285 Depreciation and amortisation128,50120,174 Changes in non-cash accrued liabilities67,79119,939 Changes in non-cash deferred tax assets-15,026-12,703 Other non-cash expenses and income0-1,119 Changes in inventories-2,202-12,475 Changes in trade accounts receivable and other-14,69663,682 Changes in other short-term assets490-1,644 Changes in trade accounts payable-41,420-15,475 Changes in other liabilities-161-3,510 Cash flows from operating activities86,98761,154 Investments in intangible assets-196,829-74,715 Investments in fixed assets-1,653-1,703 Financial investments-326-2,360 Receipts from disposals of assets14117 Cash flows from investing activities -198,794-93,468 Changes in financial liabilities31,0843,397 Cash flows from financing activities31,0843,397 Effect of foreign currency exchange rate changes-7, ,750 Effect of changes in consolidated group on cash and cash equivalents9,0180 Net changes in cash and cash equivalents-79,468-39,667 Cash and cash equivalents at beginning of period148,040191,338 Cash and cash equivalents at end of period68,572151,671 1) Review PwC (unaudited) 2) unaudited Nine-months report Consolidated Cash Flow StatementComments Cash Flow Analysis Depreciation for K-19, Ali, The Dangerous Lives of Altar Boys, Traffic and Wedding Planner, reflecting a significantly higher level of film releases The positive operating Cashflow is mainly driven by depreciation and by an increase of accrued liabilities Investment level increases due to several film projects such as K-19, Basic and Suspect Zero Change in consolidation group0-14,817

11 11 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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