German distributor-producer Senator Entertainment posted a net loss of Euros 178.2m for the 2002 financial year (2001's loss was: Euros 4.2m) but expects its extensive restructuring will start showing results by the 2004 financial year.
In a statement issued on Friday after trading had closed, Senator reported that group sales fell from 2001's Euros 140.1m to Euros 63.6m last year, with 37.7% of this being generated by TV license trading. It forecast that sales for the current financial year would end up at between Euros 50m-60m.
The Berlin-based concern had written down Euros 142.6m on film rights, Euros 57.6m of which was on international film projects as well as titles from the Revolution Studios output deal.
There was a further Euros 46.9m depreciation taken on Senator's interest in the multiplex operator CinemaxX due to changes in the competitive climate in the exhibition market and a fall in cinema admissions.
In the light of the "rough climate in the media market", Senator plans in future on "a further concentration on less risky, yet at the same time lucrative projects and reducing costs particularly in the Berlin headquarters".
On a national level, the company intends to return to its roots by focusing on in-house productions and co-productions such as Lars Buechel's Erbsen Auf Halb 6, which finishes shooting in Hamburg on June 17 or the new film by alternative comedian Helge Schneider, Teddy Schu - Der Tag Wird Kommen, which is currently in production
Senator's share slipped by 2.08% to 47 cents by the end of trading on Friday June 13, and trading on Monday slipped further to 41 cents