DGAP-News PANTAFLIX AG holds its ground in the COVID-19 dominated first half-year - significant increasing demand for VoD-technology
DGAP-News: PANTAFLIX AG / Key word(s): Half Year Results
PANTAFLIX AG holds its ground in the COVID-19 dominated first half-year - significant increasing demand for VoD-technology
- Revenues decrease to EUR 4.9 million (H1/2019: EUR 14.5 million) due to COVID-19 pandemic situation
- Solid financial foundation: cash and cash equivalents at EUR 3.6 million
- Significantly increasing demand for platform technology in B2B2C
- Suspended production activities continued and completed during H2/2020
Munich, October 15, 2020. PANTAFLIX AG (GSIN: A12UPJ, ISIN: DE000A12UPJ7) today presents its half-year report 2020. The activities of the media and technology Company were significantly influenced and affected by the coronavirus pandemic, especially in the field of film and series production. In the wake of the regulatory orders to contain the virus, works on film projects had needed to be interrupted and postponed.
Due to the COVID-19 related postponements of film projects, the Group's revenues decreased to EUR 4.9 million in the first half of 2020 compared to EUR 14.5 million in the same period of the previous year. Inventory of finished and unfinished products - and therefore the reported total operating performance - decreased to EUR 4.4 million (H1/2019: EUR 7.3 million) due to the completion of commissioned productions. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR -3.3 million for the first half of 2020 (H1/2019: EUR -1.1 million). Earnings before interest and taxes (EBIT) improved to EUR -4.3 million compared to EUR -6.3 million in the first half of the previous year. With EUR 3.6 million in cash and cash equivalents, the PANTAFLIX Group still has adequate financial leeway to realize its strategic goals.