DGAP-Adhoc: Beate Uhse AG: Beate Uhse AG presents preliminary figures for FY 2010

Beate Uhse AG  / Key word(s): Profit Warning

28.04.2011 18:03

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Beate Uhse AG presents preliminary figures for FY 2010 

  - 2010 EBIT clearly impacted by one-time effects

  - Earnings weighed down by valuation allowance for the investment in tmc
    Content Group AG

  - Beate Uhse management reduces the credit volume and restructures the
    Group's funding

Flensburg, 28 April 2011. The Beate Uhse Group presents the preliminary
figures for the financial year 2010. In a year marked by one-time effects,
the company incurred a loss (EBIT) of EUR 56.5 million. Adjusted for
restructuring and one-time effects, the Beate Uhse Group reported an
operating loss (EBIT) of EUR 18.5 million.

2010 was a year of restructuring and saw the Beate Uhse Group generate
sales revenues of EUR 197.7 million. This represents a marked decline from
the previous year's EUR 230.7 million, which had a direct impact on the
bottom line of the adult entertainment company. In the second half of 2010,
the restructured Management Board of Beate Uhse AG initiated the first
measures of its restructuring programme. The resulting restructuring
effects, i.e. write-downs of fixed assets, provisions for anticipated
losses from existing leases, provisions in conjunction with staff
reductions, write-downs of inventories and expenses incurred in conjunction
with the sale of subsidiaries, shaved EUR 11.3 million off the result.
One-time effects resulting from the impairment of goodwill, fixed assets
and investments determined in the context of the impairment test reduced
EBIT by another EUR 26.7 million.

This includes a valuation allowance of EUR 12.3 million for the investment
in tmc Content Group AG, which was determined in the context of the
impairment test on the basis of the plans and budgets of the tmc Content
Group AG.

As the audit has not been completed yet, the publication of the 2010
financial statements will be postponed to 19 May 2011.

The Management Board of Beate Uhse AG will continue to reposition the Group
in 2011. The Board reached an important milestone in April 2011, when new
agreements for the Group's funding structure were signed. The Management
Board signed financing agreements with Nord-Ostsee Sparkasse and
Investitionsbank Schleswig-Holstein for the Group's German operations.
These agreements replace the agreements signed in May 2010. The absence of
financial covenants in the new credit agreements gives the Management Board
of Beate Uhse AG greater flexibility in repositioning the Group. The
existing credit line with Postbank AG was repaid in full in April 2011. In
parallel to the financial restructuring in Germany, constructive talks were
held with ING Bank N.V. and others regarding the future funding of the
Dutch operations of the Beate Uhse Group.

The Management Board aims to deleverage the Group with a view to giving it
greater independence for an efficient realignment, while cutting costs and
interest expenses at the same time.

Since September 2006, the Management Board of Beate Uhse has reduced the
Group's bank loans by EUR 58.7 million from EUR 91.7 million to EUR 33.0
million. The financial resources for the reduction in the loan volume will
primarily be generated through asset sales, e.g. the sale of the Norwegian
Kondomeriet A/S chain to Consipio Holding B.V. and the repayment of loans
granted to third parties in the past. The Management Board intends to
reduce the Group's total credit volume to EUR 18.6 million by 2013.

Flensburg, 28 April 2011 - Beate Uhse AG 


28.04.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
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Language:     English
Company:      Beate Uhse AG
              Gutenbergstraße 12
              24941 Flensburg
              Deutschland
Phone:        +49 (461) 99 66 307
Fax:          +49 (461) 99 66 99307
E-mail:       ir@beate-uhse.de
Internet:     www.beate-uhse.ag
ISIN:         DE0007551400
WKN:          755140
Indices:      CDAX, PRIMEALL, CLASSICALLSHARE
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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