The Studio Babelsberg AG shareholders' meeting passed all items on the agenda today by a large majority. These included the approval of the management and supervisory board for the fiscal year 2017, the re-election of Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart (Berlin branch) as the annual auditor, and the appropriation of net earnings for the fiscal year 2017. The shareholders voted by a majority for a proposal by the management and supervisory board to pay out a dividend of 0.04 Euro per share with dividend entitlement for the fiscal year 2017.
In the run-up to the vote, the management reported on the past fiscal year and significant events of the current fiscal year. The Studio Babelsberg Group closed the fiscal year 2017 with a loss of 0.6 mn Euros after tax (previous year: profit 1.3 mn Euros). Total revenues fell compared to 2016 from 72.1 mn Euros to 45.5 mn Euros.
The result can be attributed, in particular, to the underutilisation of the core activities of stage rental, production services and set construction. Studio Babelsberg was responsible in the fiscal year 2017 for the preparation and execution of the shooting for two international TV series: the second season of BERLIN STATION and the first season of COUNTERPART. However, it did not host any major international film production with a high proportion of studio shoot or set construction. The negative result could be partly alleviated by the sale of two plots of land. The management expects a positive company result again for 2018.
The Studio Babelsberg Group reported for the balance sheet date of 31 December, 2017 that equity totalled 29.9 mn Euros. The concern held an equity ratio of 66%, compared to 71% for the AG.
The annual report for 2017, the agenda and the voting results of the shareholders' meeting are available to download at www.studiobabelsberg.com/ir.