Germany's leading independent distributor-producer Constantin Film posted a 3% year-on-year increase in sales to Euros 131.2m "in spite of the continuing crisis on the German media market last year", according to figures for the 2002 fiscal year.
Constantin reported that it had reached the targets set at the beginning of 2002 and achieved a positive EBIT of Euros 4.8m (2001: Euros MINUS 15.9m) and an EBIT margin of 3.6%.
The income from the international exploitation of Resident Evil and other successes in theatrical distribution and licence trading were largely responsible for the group's net income for the year improving from 2001's Euros MINUS 10.8m to Euros MINUS 1.1m last year.
While Constantin's net liquidity increased to Euros 30.1m and it has access to credit lines totalling Euros 193m for production and licence trading, the group's management doesn't see any signs of any improvement to the present depressed situation in the German media industry in 2003. Therefore, sales for this fiscal year are being set at between Euros 120m-135m with an EBIT margin of between 2%-5%.
Meanwhile, as predicted last month, Fred Kogel will be appointed CEO of Constantin Film as of April 2 and will also be taking over responsibility for licence trading, legal affairs, human resources and the TV entertainment production operations.
Constantin's major shareholder Bernd Eichinger has been named Kogel's successor as chairman of the supervisory board, and an annual shareholders' meeting on May 13 is to decide on the appointment of Ingo Mantzke, a member of the supervisory board for Highlight Communications, as the sixth member of Constantin's supervisory board.
In addition, Jochen Kamlah is resigning at his own request from the position on Constantin's management board with responsibility for legal affairs, licence trading, human resources, accounting and organisation.
Board member Thomas Peter Friedl will now add responsibilities for home entertainment and central services to his brief, while accounting and risk management will now come under Daniel Wiest's responsibilities.