euro adhoc: Neue Sentimental Film AG
Financial Figures/Balance Sheet
Neue
Sentimental Film AG Announcement of figures for 2006 and forecast for 2007
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
23.03.2007
March 23, 2007 - Frankfurt/Main
In todays meeting of the Supervisory Board of Neue Sentimental Film AG the Supervisory Board approved the consolidated financial statements prepared by the Managing Board and audited by König Wirtschaftsprüfungs GmbH. Neue Sentimental Film AG (ISIN: DE0005341408), a leading, international company for the production of advertising films and TV formats, is thus today publishing its key figures from the consolidated financial statements for fiscal year 2006. The company was able to continue the positive trend set in the first three quarters of 2006, with revenues up to EUR 34.4 million compared to EUR 28.9 million in 2005. Without the South American unit The Lift Mx, which was consolidated for the first time on October 1, 2006, revenues totaled EUR 33.0 million. EBIT is positive for the first time since 2000 and totaled EUR 0.31 million, a significant improvement of EUR 1.22 million (134 percent) year-on-year (2005: EUR -0.91 million). Annual earnings totaled EUR -0.25 million, up by EUR 1.60 million compared to December 31, 2005. This includes the non-cash reversal of deferred tax assets resulting from the positive earnings at individual subsidiaries, as well as losses from deconsolidation and one-off expenses.
It should be noted that a random-sample audit of the consolidated financial statements for 2005 by the Deutsche Prüfstelle für Rechnungslegung (DPR-FREP) meant that the figures from previous years had to be corrected. In particular, errors were ascertained in the accounting for goodwill and deferred taxation as part of the conversion from US GAAP to IFRS accounting. These were taken into account when preparing the 2006 financial statements by correcting the IFRS opening financial statements as of January 1, 2004. Whereas the formal errors, such as the correction of earlier write-downs and write-ups for goodwill, did not have a material impact on the current figures in the accounts, the correction of the deferred taxes formed in the amount of EUR 3 million has led to a reduction in the consolidated equity ratio from the 48% disclosed in 2005 to a current ratio of 43.7% in 2006. As the business prospects have improved significantly since the balance sheet date of December 31, 2005, and as activities to optimize taxation in 2006 have already been commenced, there may be further increases in deferred tax assets when preparing future financial statements in order to correspond to the changed conditions.
The fully audited consolidated annual financial statements for 2006 will be published on March 29, 2007.
In addition, the company has announced its forecast for fiscal year 2007. It is forecasting revenues of between EUR 36 and 38 million with EBIT of EUR 0.75 - 1.05 million. Net income still depends on the final structure of the deferred taxes, however it is expected to be clearly positive. In todays meeting of the Supervisory Board, the resignations of the Supervisory Board members Detlef Hübner and Dr. Peter Schmalisch as of the date of the next General Meeting on June 15, 2007 were accepted. The Supervisory Boards Chairman, Ms. Christiane Eckardt and the Managing Board thanked Mr. Hübner and Dr. Schmalisch for their excellent and constructive cooperation. Dr. Hartmut Schwesinger and Mr. Gerhard Mutter will be proposed for election to the Supervisory Board at the General Meeting on June 15, 2007.
end of announcement euro adhoc 23.03.2007 15:08:18
Further inquiry note:
Thomas Schwinger-Caspari
Member of the executive board
Neue Sentimental Film AG
Thomas.Schwinger@nsf.de
Phone: 0049 (0) 69 94 33 14 0
Fax: 0049 (0) 69 497 03 03
Branche: Cinema
ISIN: DE0005341408
WKN: 534 140
Index: CDAX, Prime All Share, Classic All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
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