German producer-distributor Constantin Film posted positive turnover and operating results for 2008 as its parent company Highlight announced plans to delist Constantin and merge with it as Constantin Medien.
While Constantin Film's operating result rose 21.6% year-on-year to $18.9m (Euros 15.1m), the group turnover climbed by 10.4% to $311.6m (Euros 248.5m), exceeding targets.
Turnover generated by the theatrical distribution of Constantin's in-house productions rose from 2007's $26.6m (Euros 21.2m) to $31.8m (Euros 25.4m).
This rise is largely credited in the annual report to the success of Oscar-nominated The Baader Meinhof Complex and Dennis Gansel's The Wave.
In a statement, Constantin's management presented a positive view for the remainder of the current financial year, despite forecasting lower turnover and results year on year and despite increasing competition in the generally difficult German theatrical market.
The company expects turnover to be between $276m (Euros 220m) and $301m (Euros 240m) this year, with an operating result of $12.5m-15m (Euros 10m - 12m).
Meanwhile, in preparation for the delisting, Highlight Communications has issued a squeeze-out request for the remaining minority shareholders to transfer their shares to Highlight for $22 (Euros 17.6) per bearer share.
Constantin Film's shares were trading at $22.60 (Euros 18) on March 3.