Sport1 Medien AG

  • WKN: 914720
  • ISIN: DE0009147207
  • Land: Deutschland

Nachricht vom 23.05.2018 | 17:05

Constantin Medien AG in 1st Quarter: Stabilization at Lower Sales Levels

DGAP-News: Constantin Medien AG / Key word(s): Quarterly / Interim Statement

23.05.2018 / 17:05
The issuer is solely responsible for the content of this announcement.



PRESS RELEASE


Constantin Medien in 1st Quarter: Stabilization at Lower Sales Levels


- EBIT and Group earnings attributable to shareholders above expectations in Q1 2018


- Stage set for repayment of 2013/2018 corporate bond - positive financial result expected from Q2 2018 on


- New room for maneuver, thanks to solid net liquidity - after years of net debt


- Deconsolidation of Highlight Communications AG and termination of framework production agreement between PLAZAMEDIA and Sky Deutschland lead to fall in sales, as expected


Ismaning, May 23, 2018 - The sales and earnings development of the Constantin Medien Group in the first quarter of 2018 compared with the previous year was shaped by the deconsolidation of Highlight Communications AG. Moreover, sales in the business activities that come under the Segment Sports were down on the same period last year, due especially to the termination of the framework production agreement between PLAZAMEDIA GmbH and Sky Deutschland. The EBIT and Group earnings attributable to shareholders, however, were above expectations. For the full year 2018, the Management Board has confirmed the present forecasts for the Constantin Medien Group, anticipating Group sales of between EUR 110 million and EUR 130 million, and a Group earnings attributable to shareholders of between EUR -1.5 million and EUR -4.5 million.
 

Group KPIs Q1 2018

- Group sales reached EUR 28.5 million, 74.3 percent down on last year's figure of EUR 111.1 million. Decisive in this result was the deconsolidation of Highlight Communications AG including the associated subsidiaries with effect from June 12, 2017, whose results have no longer been included since then. The remaining operative business in the Segment Sports also saw a fall in sales, of 21.5 percent to EUR 28.5 million, compared with EUR 36.3 million in the first quarter of 2017. The main reason for this was the termination of the production framework agreement between PLAZAMEDIA GmbH and Sky Deutschland Fernsehen GmbH & Co. KG effective June 30, 2017.

- Profit/loss from operations (EBIT) amounted to EUR -2.7 million, after EUR 0.7 million in the first three months of 2017. The loss is primarily due to the aforementioned deconsolidation effect along with lower sales revenues in the operative business. A slight positive effect came from unscheduled reimbursements for court costs as well as lower personnel costs, among other things by a reduction of the Management Board from three to two Members.

- The financial result for Q1 2018 stood at EUR -1.3 million and was influenced for the final time by interest payments of around EUR 1.2 million on the 2013/2018 corporate bond. Since the bond was repaid in full on April 23, 2018 - a total of EUR 69.55 million including interest - a positive financial result is expected from Q2 2018 onward.

- The tax result in Q1 2018 came to EUR -0.9 million. This was significantly influenced by the non-recurring release of deferred tax assets on loss carryforwards which ceased to apply due to the change of control at Constantin Medien AG due to the completion of the takeover bid by Highlight Communications AG and Studhalter Investment AG in the first quarter of 2018.

- The Group earnings attributable to shareholders in the first quarter of 2018 amounted to EUR -4.8 million, compared with EUR -3.1 million for the same period last year.

- As at the balance sheet date of March 31, 2018, the Constantin Medien Group reported net liquidity of EUR 14.3 million, compared with a net debt of EUR 43.1 million as at December 31, 2017.

 

Olaf Schröder, CEO of Constantin Medien AG: "Even though the first quarter shows a reduction in sales, as expected, the Group is now on a stable footing. After years of substantial net debt, our net liquidity is now opening up new room for maneuver for the operative business. So we are confident going into the rest of the year."


Outlook for the 2018 financial year

The Management Board of Constantin Medien AG has confirmed its present Group forecast for the 2018 financial year. Currently they are still anticipating Group sales of between EUR 110 million and EUR 130 million, and a group earnings attributable to shareholders of between EUR -1.5 million and EUR -4.5 million. The economic development of the Constantin Medien Group should now be boosted by positive impetus from the acquisition of attractive new rights and the marketing of the corresponding environments, the renewal of existing partnerships and the development of new content collaborations and business segments at SPORT1, as well as the implementation of elaborate and complex live sports productions and non-live formats by PLAZAMEDIA.


Contact:
Contact PR:
Constantin Medien AG, Michael Röhrig, Tel.: +49 (0) 89 - 99 500 461, Fax: +49 (0) 89 - 99 500 466, email: michael.roehrig@constantin-medien.de

NewMark Finanzkommunikation GmbH, Dr. Charlotte Brigitte Looß, Tel.: +49 (0) 69 - 94 41 80 63, email: constantinmedien@newmark.de

Contact IR:
Constantin Medien AG, Stéphane Winzenried, Tel.: +49 (0)89 - 99 500 803, Fax: +49 (0)89 - 99 500 371, email: ir@constantin-medien.de

Constantin Medien AG, Münchener Straße 101g, 85737 Ismaning, Tel.: +49 (0)89 - 99 500 0, Fax: +49 (0)89 - 99 500 111
 

The quarterly statement of Constantin Medien AG for the first quarter of 2018 is available on the company's website (www.constantin-medien.de).



23.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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