Copyright 2001 www.ft.com
[ December 2nd 2001 ]
& Merchandising AG said business in the third
quarter to end-September was boosted by 7 Formula
One motor racing competitions as well as license
deals for its cartoon characters. "The third quarter
developed significantly better than the previous
two quarters," the troubled media company said
in a statement to publish nine month results.
the success of the feature film Tomb Raider contributed
to results from TeleMuenchenGruppe, in which it
has a 45 pct stake. However, a 218 mln dm burden
in the financial result, attributed to interest
payments for its Formula One participation, pushed
nine month pretax into a loss of 115 mln dm.
for the first nine months to end-September, including
scheduled write offs of 418 mln dm from its stake
in SLEC, the Formula One holding company, came
in at a profit of 104 mln dm on sales of 1.24
bln dm. No comparison figures were provided because
EM.TV did not publish group results for the first
nine months to include its 45 pct stake in TMG
and its Muppets unit the Jim Henson Company.
events division, which operates merchandising
for Formula One motor racing, made by far the
largest contribution to sales of 864 mln dm, while
the rights division made up 362 mln dm and consumer
products 15 mln dm of total sales. Its stake in
SLEC was fully consolidated in results for July
and August, but was treated as an associated company
on the basis of the equity stake under the financial
result in September, it said.
EM.TV handed over a 21,3 pct stake in SLEC to
KirchGruppe, slashing its shareholding to 16.75
pct. Cash flow for the nine months amounted to
289 mln dm, while cash flow for the operating
business stood at 152 mln dm.