Topper says falling profits will not affect float
BERLIN — Georg Kofler, topper of Teutonic paybox Premiere, has reiterated plans to float the digital TV platform next year despite an increase in net losses in the first quarter.
While company touted a 69% decrease in operational losses (before interest, tax, depreciation and amortization), net deficit was up 33% to E48.5 million ($58.5 million) due to massive writedowns.
Premiere, formerly part of the now-defunct Kirch Group, was forced to revalue assets following its takeover last year by European investment firm Permira. As a result, it is now facing a $1.3 billion writeoff over 10 years. Company is thus writing off some $30 million per quarter, which will continue to dent its bottom line over the next decade.
Kofler is prepping Premiere for an IPO next year. While company will continue to post net losses, Kofler predicted Premiere would be operationally profitable by mid-year, adding that half-year results would be in the black.