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ANNUAL REPORT 2007 the Swiss Highlight Group Is One of the Largest Media Companies Listed on the German Stock Exchange

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ANNUAL REPORT 2007 the Swiss Highlight Group Is One of the Largest Media Companies Listed on the German Stock Exchange ANNUAL REPORT 2007 The Swiss Highlight Group is one of the largest media companies listed on the German stock exchange. (TCHF) 2007 20061) Income statement Revenues 481,669 521,190 Earnings from operating activities 52,907 47,782 Earnings before taxes 45,726 41,701 Net consolidated earnings (Highlight shareholders) 30,681 25,775 Earnings per share (CHF) 0.68 0.55 Balance sheet Total assets 690,519 617,756 Film assets 301,271 274,873 Cash and cash equivalents 200,508 176,444 Equity (Highlight shareholders) 73,286 75,814 Liabilities subject to interest and loans 317,028 296,393 Cash flow statement Cash flow from operating activities 190,178 114,402 Cash flow from investing activities –133,124 –124,169 Cash flow from financing activities –37,453 –25,845 Net inflow/outflow of funds 24,064 –31,505 Personnel Headcount on December 31 487 432 1) The figures for the previous year have been adjusted due to changes of accounting policies. Highlight Communications AG, Pratteln, Switzerland FILM SPORTS & EVENT MARKETING 95.23 % 100 % 80 % Constantin Film AG Highlight Communications Team Holding AG Munich, Germany (Deutschland) GmbH Lucerne, Switzerland Subsidiaries of Munich, Germany T.E.A.M. Television Event And Constantin Film AG Rainbow Home Entertainment AG Media Marketing AG Pratteln, Switzerland Lucerne, Switzerland Rainbow Home Team Football Marketing AG Entertainment GmbH Lucerne, Switzerland Vienna, Austria W Film production W UEFA Champions League W Theatrical distribution W UEFA Cup (from quarterfinals) W Film license trading W UEFA Super Cup W Video/DVD exploitation (wholesale, retail and rental) W U-21 European Championship W TV service production W Eurovision Song Contest As a media group with many years of experience, Highlight covers a broad range in the entertainment industry. Successful movie releases and TV productions, an extensive library, top football in the UEFA Champions League and the UEFA Cup as well as the unique Eurovision Song Contest are all part of the Highlight portfolio. 1 CONTENTS Chairman’s preface 2 Members of the Board of Directors 6 Highlight stock 8 Corporate governance 13 Report on the Highlight Group’s situation 25 Business and general conditions 25 Result of operations, financial and net assets situation of the Highlight Group 38 Other important events and developments in the fiscal year 42 Personnel report 43 Report on opportunities and risks 43 Events after the balance sheet date 46 Forecast 47 Consolidated financial statements 51 Consolidated income statement 53 Consolidated balance sheet 54 Consolidated statement of changes in equity 56 Consolidated cash flow statement 58 Notes to the consolidated financial statements 60 Report of the Group auditors 119 Financial statements 120 Income statement 121 Balance sheet 122 Notes to the financial statements 124 Proposal for the appropriation of available retained earnings 127 Report of the statutory auditors 128 Calendar of events 2008 (back inside cover) 2 CHAIRMAN’S PREFACE Dear shareholders and other interested parties, The Highlight Group once more looks back on an extremely successful fiscal year. We rigorously implemented our maxim of controlled and profitable growth and thus achieved top results again: • We increased earnings from operating activities to CHF 52.9 million and exceeded the figure from last year by 10.7%. • Net consolidated earnings (Highlight shareholders) increased even more strongly, by CHF 4.9 million to CHF 30.7 million, a rise of 19.0% in comparison to the previous year. • This results in earnings per share of CHF 0.68 CHF (EUR 0.41), a record in Company history, and significantly higher than our guidance figure of EUR 0.36 to 0.38. • Due to this very positive development, we will again propose a dividend distribution of CHF 0.15 per share at the Annual General Meeting on May 30, 2008. The fact that Group revenues of CHF 481.7 million remained slightly under the published target of CHF 500 to 520 million is largely due to a change of accounting policies in the year under review. This change had an effect on revenues in the region of CHF 20 million. We are more than satisfied with the results achieved, particularly because our figures in the previous year were significantly bolstered by the theatrical exploitation of Bernd Eichin- ger’s successful production “Perfume – The Story of a Murderer”. Earnings upturn in Sports and Event Marketing Our Sports and Event Marketing division also developed positively, realizing a revenues volume of CHF 79.3, exceeding the figure from the previous year by CHF 3.2 million. Earnings for the division increased to CHF 38.0 million, an increase of 24.2% in compari- son to the 2006 fiscal year. Growth drivers here were primarily the additional revenues from centralized marketing of the final stages of the UEFA cup (from the quarter finals), which our subsidiary TEAM was contracted to do for the first time. TEAM sold the TV rights to 80 broadcasters and thus achieved live transmission of the matches in around 200 countries. In November 2007, the marketing success for the final phase of the UEFA Cup led to UEFA deciding to mandate TEAM with the marketing of the entire UEFA Cup format for the seasons 2009/10 to 2011/12. The TEAM mandate will therefore include the sale of rights for a total of 205 UEFA Cup games from the 2009/10 season. Furthermore, TEAM was able to lay further foundations for the future: On the occasion of the Eurovision Song Contest in Helsinki, the European Broadcasting Union announced in the middle of May that it would extend its marketing partnership with our subsidiary until 2012. After TEAM marketed this traditional competition since 2004 both exclusively and globally, nothing stands in the way of a continuation of the successful activity for a further five years. Preface Board of Directors Stock Corporate governance Management report Financial statements 3 A further highlight was the conclusion of a cooperation agreement with the renowned Vienna Philharmonic Orchestra, which will enable TEAM to expand its activities in the music area further. Central to this long-standing partnership is the global marketing of the two most important annual concerts of the orchestra: the New Year’s Day concert and the open-air concert at Schönbrunn Palace. In the long-term, innovative concepts to promote classical music are to be implemented and the Vienna Philharmonic “brand” is to be de- veloped further. Constantin undisputed leader of German films Our subsidiary Constantin, the stake in which we increased to over 95% in the course of the past year, defended its position well in a difficult market for movies. With a distribu- tion slate which only comprised 13 films, Constantin achieved a total audience market share of 7.7% in Germany and thus remained the undisputed number 1 amongst the inde- pendents. In comparison to domestic competitors, five Constantin titles were ranked in the top ten of German productions. The largest part of this result was due to the 3D animation film “Lissi und der wilde Kaiser”, by the multy-talented Michael “Bully” Herbig. With nearly 2.3 million visitors and a box office of just under EUR 14 million, the humorous parody of Sissi became the top- selling German movie of the year. The family entertainment film “Die wilden Hühner und die Liebe” also achieved convincing figures. With around 1 million viewers, the sequel to the crowd pulling “Die wilden Hühner” from 2006 was nearly as popular as the first part. Constantin made an impression on international box offices with its own production “Resident Evil: Extinction” in particular. With worldwide box office takings of just under USD 150 million, the sequel became the most commercially successful part of the “Resident Evil” trilogy. Strong increase in home entertainment revenues After the decline in revenues due to the World Cup in 2006, the German home entertain- ment market exhibited a recovery and shone in the sell-through segment with a record volume of DVD sales. Since the era of rapid declining prices for new releases also appears to be a thing of the past, this development was also reflected in higher revenues. The rental business situation remains a problem, again enduring a downturn in customer numbers and revenues. Our home entertainment segment benefited strongly from improved conditions. In cooperation with Paramount Home Entertainment – our sales partner in Germany – we increased our overall market share in the German DVD sell-through market from 8% in the previous year to currently 10%. 4 This success was driven primarily by the Bernd Eichinger production “Perfume – The Story of a Murderer”. After the visually stunning film adaptation of Patrick Süskind’s novel attracted over 5 million viewers to cinemas, more than 800,000 DVDs were sold in addition. “Perfume” was therefore the top-selling German production in 2007. Furthermore, we also achieved very pleasing sales figures with two Constantin licensed titles. With around 380,000 DVDs sold, the racy dance film “Step Up” became a genuine surprise. In contrast, the sales success of Mel Gibson’s “Apocalypto” was not unexpected after the theatrical exploitation in Germany suffered badly due to an age rating certificate. Convincing performance of Highlight stock In contrast to the previous year, the capital market rewarded the Highlight Group’s good business development in 2007. With a closing price of EUR 8.65 at the end of the year, Highlight stock achieved an increase in share price of over 56% p.a. and developed con- siderably better than all German indices. We will continue to make all efforts to convince the capital market with positive results and therefore achieve a fair valuation of Highlight stock in the future. With the dynamic development of the share price, our Company’s market value at the end of 2007 rose to around EUR 409 million, after being just under EUR 262 million in the previous year.
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