| ||
TV-Loonland continues its stabilising trend with positive first quarter 2008 figures that clearly demonstrate the group´s ability to operate its business model with a significantly reduced cost base. Besides increased revenues, there is a tangible operating profit alongside a repeatedly positive cash flow from operating activities. Compared to the prior year (Q1/2007: KEUR 780) revenues for the first quarter 2008 increased considerably by KEUR 642 to KEUR 1.422. The result for the quarter was significantly positive with KEUR 4.764 compared to a loss of KEUR 1.071 for the same period in the prior year. The results show the effects of formal accounting treatment for the ´Debt to equity swap´ concluded in January 2008 which was accounted for as a restructuring gain in the amount of KEUR 5.074. Furthermore the TV-Loonland business continues to generate a positive cash flow out of its operating activities in the amount of KEUR 216 (Q1/2007: KEUR 350). The management of TV-Loonland expects to conclude two important corporate transactions during the course of the coming weeks. The group will be in a position to use the proceeds from those transactions to repay the remaining bank debt of EUR 5 million. Further announcements regarding the conclusion of these deals should be made shortly. With the current slate of properties attracting significant positive interest and new projects in development or greenlighted for production, the management of TV-Loonland is confident to further stabilize the business throughout the remaining year. The first quarter 2008 report is available for download on the company's Investor Relations Homepage (http://ir.tv-loonland.de/) |
