Senator Entertainment today became the latest German film player to admit financial difficulties.
The distribution and sales outfit said that revenues for the current year will be half those it previously forecast. While it says it will still achieve a positive EBITDA, it added that it will "not be able to achieve a balanced result." This is taken to mean a net loss after tax, depreciation and finance costs.
In a statement, the company blamed the ongoing media crisis, delayed income for current productions and disappointing box office results. It said that in future it expects to see 80% of its income derived from international sales, an area it said it did well in as recently as last week's Mifed. There it pre-sold Sam Raimi-produced Boogeyman to over a dozen countries including France, Spain and Australia.
But in a year without the equivalent of 2001 winner Chocolat, theatrical performance at home has dragged down the company. Minor Mishaps scored Euros 272,000, The New Guy Euros 78,000, Black Hawk Down Euros 2.5m and Ratrace Euros 3.6m.
The outlook for 2003 and 2004 continues to be positive, the company said.
Additional reporting by Martin Blaney in Mannheim