By a wide majority, the Studio Babelsberg AG shareholders passed every agenda item at today’s annual meeting. The items included approval of management and supervisory board for fiscal year 2011, as well as the election of Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Stuttgart, Berlin branch, as year-end auditor. Previously, management had reported on the events of the fiscal year and announced corporate results. For 2011, no dividend was paid on the publicly traded Studio Babelsberg AG shares.
Over the past year two large-scale international productions were shot on the lot, namely Hansel and Gretel: Witch Hunters and Could Atlas. In addition, a number of German films were produced at the Studio, including Rubbeldiekatz, Zettl, Anleitung zum Unglücklichsein and Russendisko. Despite the loss warning issued in early November 2011, Studio Babelsberg Group achieved a profit in fiscal year 2011, with its stage rental and production services, proving once again a reliable production partner for German and international film producers.
With a total revenue of EUR 43.9M (EUR 57.5M previous year), Studio Babelsberg achieved operating profits in the amount of EUR 535K (EUR 422K previous year). With the conclusion of the 2011 reporting year, Studio Babelsberg AG held an equity ratio of 90%, versus a group equity ratio of 78%.
For 2012, management reported that despite several negotiations regarding international film productions, the Studio was not able to acquire a large-scale film shoot for the first two quarters. However, the Studio is currently ramping up production on the European big-budget feature film The Beauty and the Beast staring Gerard Depardieu and Vincent Cassel. Production is slated to commence this fall. In addition, several promising negotiations are underway for projects to shoot in the Spring of 2013.
A central point of discussion during the shareholders meeting was the termination of Studio Babelsberg AG’s inclusion in the open trade at the Frankfurt stock exchange’s First Quotation Board. The termination will become effective on 12/15/2012.
The stock exchange’s Deutsche Börse AG decided on February 6, 2012 and announced on April 5, 2012 to close First Quotation Board as a section of the open market at the Frankfurt stock exchange. The closure will become effective December 15, 2012.
Roughly 100 shareholders attended the annual meeting. The financial report 2011, the agenda and voting results are available for download on the Internet at www.studiobabelsberg.com/ir.
