Content. 2 Key Figures. 3 First Quarter Foreword by the Chairman of the Management Board. 6 Constantin Medien AG Share

Transcription

1 Q1 Quarterly Report 214

2 Content Q1 214 Content 2 Key Figures 3 First Quarter Foreword by the Chairman of the Management Board 6 Constantin Medien AG Share 9 Interim Group Management Report 32 Consolidated Interim Financial Statements 4 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements 5 Finance Calendar Imprint Forward-looking statements This quarterly report contains statements relating to future events that are based on management s assessments of future developments. A series of factors beyond the control of the company, such as changes in the general economic and business environment and the incidence of individual risks or occurrence of uncertain events, can result in actual results differing substantially from the forecast. Constantin Medien AG does not intend to continually update the forward-looking statements contained in this quarterly report. Important notice This document is a free translation into English of the original German text. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the German version, which is the authentic document.

3 Q1 214 The Company Key Figures Key Figures in EUR million Non-current assets Film assets Other intangible assets Balance sheet total Subscribed capital Equity Equity ratio (in percent) Non-current financial liabilities Current financial liabilities 3/31/ % /31/ % Sales Sports Film Sports- and Event-Marketing Other Business Activities 3/31/ /31/ Earnings before interest, taxes, depreciation and amortization (EBITDA) Amortization, depreciation and impairment Loss/profit from operations (EBIT) Earnings before taxes (EBT) Earnings attributable to shareholders Cash flow from operating activities Cash flow for investing activities Cash flow for financing activities Shares outstanding in million Share price in EUR Market capitalization (based on shares outstanding) 3/31/ /31/ Average number of shares outstanding (basic) in million Earnings per share (basic) in EUR Earnings per share (diluted) in EUR 3/31/ /31/ Employees (at closing) 1,6 1,547 2

4 The Company Q1 214 First Quarter 214 First Quarter 214 January Effective January 1, 214, Bernhard Burgener, Chairman of the Management Board of Constantin Film AG until that point, moves to the Company's Supervisory Board and is elected as Chairman of this Board on January 7, after the previous office holder Fred Kogel stepped down ahead of time. The Man agement Board Member Martin Moszkowicz is appointed as new Chairman of the Management Board of Constantin Film AG. At this year s Bavarian Film Awards ceremony in mid- January, the Constantin Film blockbuster Fack ju Göhte receives the Audience Award. The Constantin Film co-production Ostwind receives the Bavarian Film Award in the category Best Children's and Teen Film of 213. Since the end of January, SPORT1 US can also be received via Entertain, the pay-tv platform of Deutsche Telekom, in SD and HD quality. A co-operation was concluded with Zattoo: also since the end of January, Zattoo HiQ subscribers can receive SPORT1 HD. February In early February, SPORT1 acquires the exploitation rights to the Women's and Men's Rabobank Hockey World Cup 214, which is to take place in Den Haag, Netherlands, from May 31 to June 15. In addition, it also acquires the rights package for the biennial FIH Champions Trophy, which is due to take place in November and December 214. After obtaining the exploitation rights for the Olympic Men's and Women's Ice Hockey Tournaments at the 214 Olympics Winter Games in Sochi, SPORT1 in February broadcasts a total of 27 live matches in free-tv and as live streamings on SPORT1.de. At this year's Monte-Carlo Film Festival de la Comédie at the end of February, Fack ju Göhte receives three awards: Director and scriptwriter Bora Dagtekin wins Best Directors, Elyas M'Barek wins Best Lead Performance and cameraman Christof Wahl receives the Special Jury Prize. March SPORT1 agrees a co-operation with Ticketmaster GmbH and since March 3 offers its own online ticket shop on SPORT1.de, offering tickets for numerous sports, music and comedy highlights. In mid-march, SPORT1 announces the acquisition of the exploitation rights to Major League Baseball (MLB) for the German-speaking region for the next three match periods. The pay-tv channel SPORT1 US is broadcasting at least 6 live matches per period with original US commentary. Also in mid-march, the Constantin Film co-production 396 receives the Deutscher Hörfilmpreis in the category Theat rical Film. The Constantin Film TV series Dahoam is Dahoam receives the Deutscher Hörfilmpreis Audience Award. In the reference funding of the German Federal Film Board (Filmförderungsanstalt, FFA) for 213, the Constantin Film Group is awarded the Golden FFA Industry Tiger for the ninth time in the category Production and for the tenth time in the category Distribution at the end of March

5 Q1 214 The Company Foreword by the Chairman of the Management Board Foreword by the Chairman of the Management Board Dear Shareholders, in the first three months of the current year, the Constantin Medien Group recorded a varied development in its operative segments. Overall, business development remained in line with expectations, even though our Company's earnings position was impacted by non-recurring charges. In the Sports Segment, the positive development of market shares and coverage of our multimedia offers continued. The free-tv channel SPORT1 was able to increase its market share compared to the previous year's quarter, and also our pay-tv offers SPORT1+ and SPORT1 US recorded further growth in terms of subscribers. The accumulated coverage of the online and mobile offers under our umbrella brand SPORT1 recorded in visits went up in the first quarter by a monthly average of more than 13 percent to 63.5 million, considering that the shift of content use from online to mobile, which has been apparent for some time, remained at a high level. The consist - ently favorable response of viewers and users to our extensive sports contents demonstrates that we are on the right track with our digi ti zation strategy and with our further program developments implemented in 213. However, as expected, the increase in sales of SPORT1 in the first quarter were insufficient to compensate for the loss of the production of the former Bundesliga channel LIGA total! Consequently, segment sales in the first quarter of EUR 33.4 million were below the previous year s figures. The segment result of EUR 1.2 million was further impacted by the higher expenses for our digitization strategy. Nevertheless, we view this as an important investment for the future of our Sports Segment. The Film Segment recorded a jump in revenues by 65 percent to EUR 92.1 million between January and March. In particular, the areas of theatrical distribution and license trading were able to generate significantly higher sales compared to the comparative quarter in 213 due to the global distribution of the film title Pompeii. In a slightly declining German theatri cal market, German in-house and co-productions pleasingly increased their market share compared to the previous year's first quarter by almost 1 percentage points to 42 percent. Taking together the performance of all of its films released in German cinemas in the first quarter 214, the Constantin Film Group reached an impressive market share of 11.9 percent by viewers and 11. percent by revenue. The basis for this was the teen adventure Fünf Freunde 3, which was released in January 214 and attracted 1.2 million viewers, as well as the sensational success Fack ju Göhte already launched in November 213, which attracted a further 1.5 million moviegoers in the first quarter 214. Impairments on film assets, in particular the movie Tarzan, had a negative impact. The impair ments significantly contributed to the negative segment result for the first three months of EUR 2.6 million. The Sports- and Event-Marketing Segment continued to present itself highly successful. In the first quarter 214, the TEAM group was able to realize additional agreements in the marketing process for the commercial rights for the UEFA Champions League and UEFA Europa League (each for the match periods 215/16 to 217/18). TV contracts were concluded for such varied markets as Italy, Israel and Myanmar. In the sponsorship rights area, the Japanese automobile manufac - turer Nissan was acquired as a new sponsor for the UEFA Champions League. At stable revenues, the segment result increased by EUR.5 million to EUR 3.9 million. The Constantin Medien Group generated sales of EUR million for the first three months, an increase of 31 percent compared to the same period last year. However, earnings attrib utable to shareholders our key reporting figure for the development of earnings amounted to EUR -5.5 million, thus weaker than last year (EUR -.5 million). In addition to higher impairments, non-recurring charges in the context of our Company's so-called Formula One proceedings also had an im pact. In February 2 this year, the High Court of Justice in London as the Court of First Instance had rejected the claim. As a result, we took legal steps in order to achieve admission to appeal and to further assert our compensation claims. On May 19, 214 we announced that we will not continue negotiations with Sky Deutschland regarding the transaction agreed on December 5, 213. The agreement provided the sale of 1 percent of the shares of PLAZAMEDIA and of

6 percent each of the shares in Sport1 GmbH and Constantin Sport Marketing GmbH. The execution, among others, was subject to the conclusion of a new multi-year production framework contract between Sport1 GmbH and PLAZAMEDIA GmbH TV- und Film-Produktion. However, it was not possible to reach an agreement with Sky regarding this arrangement. As a result, we have adjusted our financial expectations for the current year because the sales of PLAZAMEDIA now continue to be included in the year and due to the loss of the transaction's income. We now assume sales of between EUR 46 million and EUR 5 million for the Constantin Medien Group (previously: EUR 42 million to EUR 46 million) and Group earnings attributable to shareholders of between EUR -13 million and EUR -15 million (previously: EUR +13 million to +15 million). Strategically, the non-conclusion of the transaction has no impact on our Sports Segment. We will proceed on the path that we have chosen and also continue our multimedia strategy with the same determination as before in order to profit from the digitization as best as possible. With best regards Bernhard Burgener Chairman of the Management Board 5

7 Q1 214 The Company Constantin Medien AG Share Constantin Medien AG Share Performance of the capital markets Constantin Medien share performance In the first quarter 214, the German stock market and most international capital markets were marked by a volatile lateral shift. The most important international prime rates remained unchanged on a very low level in the first quarter 214. The relaxed monetary policy of the federal banks con tinued to stimulate the markets. In the meantime, geopolitical tensions around the future annexation of Crimea to Russia led to uncertainty in the markets. The DAX rose by.4 percent in the first quarter, closing at 9,556 points on March 31. In the same period, the German small-cap index SDAX showed a significantly more positive development with an increase of 5.6 percent, closing at 7,169 points. The German media index (DAXsector Media) closed at 318 points at the end of March 214 after a drop of 6.7 percent. In the first quarter 214, the Constantin Medien share's performance was marked on the whole by a downward movement. At a markdown of 6.4 percent since the start of 214, the share of Constantin Medien AG was below the comparative small-cap index of the SDAX but in line with the German media index DAXsector Media. The Constantin Medien share closed at EUR 1.58 at the end of the first quarter. As of March 31, 214, the 52-week high stood at EUR 1.88 (April 2, 213) with the 52-week low coming in at EUR 1.35 (June 13, 213). In the remaining post-balance sheet period, the Constantin Medien AG share followed a lateral movement, closing at EUR 1.49 on April 3, 214. XETRA closing prices of the Constantin Medien share compared to SDAX and DAXsector Media Comparative indices indexed to Constantin Medien's closing price as of December 31, Constantin Medien AG SDAX DAXsector Media /31/13 1/31/14 2/28/14 3/31/14 6

8 The Constantin Medien share is being actively monitored by no table research institutions. In the last twelve months, the follow ing institutions published studies on Constantin Medien AG: There were no reportable changes to the shareholder structure of Constantin Medien AG in the first quarter 214. The free float of the Constantin Medien share stood at 51.9 percent of the share capital as of March 31, 214. Close Brothers Seydler Bank Deutsche Bank DZ Bank Matelan Research Share capital and shareholder structure Shareholder structure as of March 31, 214 Share capital: 85.1 million shares Additional Constantin Medien AG capital market securities At a drop of 6.3 percent, the share of Highlight Communica - tions AG also fell below the comparative small-cap index SDAX in the first quarter 214 and was in line with the comparative German media index DAXsector Media. The share price closed at EUR 3.72 on March 31, 214. As of April 3, 214, the shares traded at EUR % Free float 5.1% 2.7% 18.7% 6.2% 8.7% 6.7% BWVA 2 KF 15 GmbH & Co. KG Treasury shares 1 Dr Erwin Conradi Bernhard Burgener Dr Dieter Hahn 1 Predominantly held through Highlight Communications AG 2 Baden-Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte Constantin Medien AG's share capital did not change during the first quarter 214, amounting to EUR 85.1 million as of March 31, 214. As a consequence of the full consolidation of its subsidiary Highlight Communications AG, its shares in Constantin Medien AG qualify as treasury shares; and so the Company held a total of 7.4 million non-voting treasury shares (8.7 percent of share capital) through Highlight Communications AG as of March 31, 214. After deducting these shares, there were approximately 77.7 million shares out standing as of the balance sheet date. On October 13, 21, Constantin Medien AG had issued a corporate bond with a volume of EUR 3 million in the form of a private placement with institutional investors in Germany and abroad. The bond has a term of five years and accrues interest at 9. percent p.a. The bond was included as a follow-through by third parties in the open market of the Stock Exchange. At the end of the first quarter 214 the bonds closed at 14.7 percent. As of April 3, 214, they stood at 14.2 percent. On April 4, 213, the Company's Management Board with the consent of the Supervisory Board decided to issue a corporate bond with a volume of up to EUR 65 million, a coupon of 7. percent p.a. and a maturity of five years. As a result of the strong demand, Constantin Medien AG was able to successfully place its 7.% corporate bond 213/218 with private investors and institutional investors on April 15, 213 already on the first day of the subscription period. The trad ing of the bond started on April 17, 213 in the open market of Deutsche Börse AG (Regulated unofficial market of the Frankfurt Stock Exchange) in the segment Entry Standard for Bonds. April 23, 213 was the issuance and value date. At the end of the first quarter 214 they closed at 99.7 percent. As of April 3, 214 they stood at percent. 7

9 Q1 214 The Company Constantin Medien AG Share Information on Constantin Medien securities as of March 31, 214 ISIN/WKN Ordinary share (Prime Standard Segment) Highlight Communications AG share (Prime Standard Segment) Corporate bond 21/215 (Open market) Corporate bond 213/218 (Segment Entry Standard for Bonds) DE / CH / DEA1EWS1 / A1EWS DEA1R7C3 / A1R7C Indices DAXsector Media Closing rate 3/31/214 / 52-week high / 52-week low Constantin Medien AG (Xetra) Highlight Communications AG (Xetra) Corporate bond 21/215 (Frankfurt) Corporate bond 213/218 (Frankfurt) EUR 1.58 / 1.88 / 1.35 EUR 3.72 / 4.45 / / 15. / 1.4 percent 99.7 / 13. / 94. percent Share capital (3/31/214) Shares outstanding (3/31/214) Corporate bond 21/215 outstanding Corporate bond 213/218 outstanding 85.1 million shares 77.7 million shares 29, bonds 65, bonds Market capitalization (related to shares outstanding as of 3/31/214) Constantin Medien AG (Xetra) Highlight Communications AG (Xetra) Corporate bond 21/215 Corporate bond 213/218 EUR million EUR million EUR 3.4 million EUR 64.8 million Directors Dealings/ Shareholdings of Board Members as of March 31, 214 In the first quarter 214, the Company was not notified of any reportable purchase and sales transactions by Members of the Management Board and the Supervisory Board. The number of shares held by the executive bodies and their related persons as of March 31, 214 has therefore not changed compared to the table shown in the 213 annual report. No share entitlements associated with option rights for executive Board Members exist. The Board Members Mr Bernhard Burgener (Chairman of the Management Board) and Dr Dieter Hahn (Supervisory Board Member) each held a direct or indirect holding in shares or share entitlements exceeding 1 percent of the share capital as of March 31,

10 Interim Group Management Report Q1 214 Basis of the Group Interim Group Management Report 1. Basis of the Group 1.1 Group structure and business activities Constantin Medien AG is an internationally operating media company and based in Ismaning near Munich. The Company is focused on the Sports Segment and, through its holding in the Swiss media company Highlight Communications AG, on the Segments Film, Sports- and Event-Marketing as well as the Segment Other Business Activities. As parent company, Constantin Medien AG is the controlling holding company. With the areas Finance, Accounting, Controlling, Internal Audit, Communication, Investor Relations, Human Resources and Legal, Constantin Medien AG provides intercompany services and is responsible for the strategic control of the Group. Through its 1-percent subsidiary Constan - tin Sport Holding GmbH, it holds a 1-percent share in each of the companies in the Segment Sports. Highlight Communications AG is a stock corporation according to Swiss law, which has been listed on the Frankfurt Stock Exchange since Its holdings include 1-percent hold - ings in Constantin Film AG, in Rainbow Home Entertainment AG, Pratteln/Switzerland, in Rainbow Home Entertainment Ges.m.b.H., Vienna/Austria as well as in Team Holding AG, Lucerne/Switzerland. In addition, it holds a percent share in Highlight Event & Entertainment AG, Düdingen/Switzerland, which is listed on the Swiss Stock Exchange (SIX Swiss Exchange). The Segment Sports covers the activities in the TV area with the free-tv channel SPORT1, the pay-tv channel SPORT1+ and since August 1, 213, also the new pay-tv channel SPORT1 US. Furthermore, the online portal SPORT1.de, the mobile SPORT1 applications for iphone/ipad and Android and since July 19, 213, the new digital sports radio SPORT1.fm belong to the portfolio under the SPORT1 umbrella brand. PLAZAMEDIA is another Group subsidiary and offers comprehensive services in the field of production together with its subsidiaries in Austria and Switzerland. In addition, the central - ized marketer Constantin Sport Marketing is responsible for the integrated and cross-platform marketing of the Groupowned brands in the Sports Segment. On December 5, 213, Constantin Sport Holding GmbH agreed with Sky Deutschland Fernsehen GmbH & Co. KG the sale of PLAZAMEDIA GmbH TV- und Film-Produktion, includ - ing its subsidiaries as well as the sale of 25.1 percent each in Sport1 GmbH and in Constantin Sport Marketing GmbH. The transaction was subject, among others, to the conclusion of a new multi-year production framework contract between SPORT1 and PLAZAMEDIA. The total sales price for the 1- percent share in PLAZAMEDIA as well as for the 25.1 percent stake each in SPORT1 and Constantin Sport Marketing should amount to around EUR 57.5 million (cash and debt free). The execution of the transaction was provided for the first half of 214 (for details, please refer to chapter 4). In the Sports Segment the main sources of finance in the free- TV/online/mobile area are the advertising and/or sponsoring rev - enues and in the pay-tv area particularly the contractually agreed guarantee payments and subscriber-based feed-in contracts. In the production area, these include long-term production framework contracts and indirectly also the advertising revenues of the TV channels. The main expense items in the Sports Segment comprise the costs of licensing rights, the costs of production and manufacturing, distribution costs and personnel expenses. In the production sector, these particularly include the costs of production services, investments in technical innovations and extensions, maintenance and service as well as the costs of signal feeds and not least personnel. The Segment Film contains the activities of Constantin Film AG and its subsidiaries as well as the Highlight Communications subsidiary Rainbow Home Entertainment. The Constantin Film group is the most important independent German producer and distributor of theatrical films. Its operations encompass the development and production of films as well as the exploitation of in-house productions and acquired film rights. In-house film productions are usually distributed worldwide, while third-party productions are basically exploited in German-speaking countries. In this, all steps along the exploitation chain are utilized (theatrical distribution, DVD/Blu-ray, television). Apart from theatrical films, the Constantin Film group creates fictional and non-fictional productions for German and foreign TV stations. For purpose of exploiting the video rights for in-house and licensed films, Highlight Communications AG has its own distribution organization. In Switzerland and Austria, distribution is performed by the Rainbow Home Entertainment companies. Distribution on the German market is conducted by Highlight Communications (Deutschland) GmbH in co-operation with Paramount Home Entertainment. 9

11 Q1 214 Interim Group Management Report Basis of the Group In the Film Segment, the main sources of finance result from the exploitation of in-house and acquired film rights across all steps along the exploitation chain. Additional revenues are generated by production orders for TV channels and by national and international film promotion grants. The main expense items comprise acquisition and exploitation rights from scripts and materials, production costs as well as marketing and release and promotion expenses for individual films (marketing and copies). The Segment Sports- and Event-Marketing includes the activ - ities of Team Holding AG (TEAM) and its subsidiaries. The TEAM group specializes in the global marketing of interna - tional major sports events. Being one of the world's leading agencies in this field, it exclusively markets on behalf of the Euro pean Football Association (UEFA), the UEFA Champions League as well as the UEFA Europa League and the UEFA Super Cup. In the Sports- and Event-Marketing Segment, the main sources of finance are agency commissions relating to the marketing of TV and sponsoring rights. The Segment Other Business Activities includes the activities of Highlight Event & Entertainment AG. The company operates in the event and entertainment business and holds the market - ing mandates for the Eurovision Song Contest and the Vienna Philharmonic Orchestra. The Highlight Communications subsidiary Rainbow Home Entertainment has a 5.4 percent holding in the full service agency Pokermania GmbH located in Cologne, which specializes in the development of online gaming business models and on the social games market. The activities in the area online/social gaming are included in the Segment Other Business Activities. In the Segment Other Business Activities, the main sources of finance are revenues resulting from agency commissions relat - ing to the marketing of TV and sponsoring rights as well as from the marketing of social/online gaming products. The main expense items here comprise technology costs as well as costs relating to the development and programming of new social/online gaming products. Others primarily include the activities of the holding company Constantin Medien AG. 1.2 Management system and performance indicators Group management The Management Board of Constantin Medien AG is responsible for the strategy and control of the Group. With respect to the Group companies of the Sports Segment, the operational responsibility falls to the particular management of each subsidiary. The controlling of the companies within this segment is conducted through shareholder meetings, strategic manage - ment meetings and regular meetings of the Executive Board and the Corporate Board. Short- and medium-term planning and regular reports are the basis for managing the activities of the sports companies. Highlight Communications AG and Highlight Event & Entertainment AG as stock corporations subject to Swiss law as well as Constantin Film AG as a stock corporation under German law are autonomously managed by the Board of Directors and the Management Board, respectively. As shareholder, Constantin Medien AG exercises control in the Highlight Communications group by means of its percent interest. Here, short- and medium-term planning as well as regular reports to the Boards also form the basis for managing the corresponding activities. In addition, Highlight Communications AG reports to Constantin Medien AG as part of the regular Group reporting Financial performance indicators Sales figures and earnings attributable to shareholders are the key performance indicators within the Constantin Medien Group. In addition, the financial ratios earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation and amortization (EBITDA) and net debt (cash and cash equivalents less financial liabilities) are identified regularly for controlling and managing the segments Non-financial performance indicators and success factors Beyond the financial key performance indicators, non-financial performance indicators and success factors arising from the specific requirements of the particular business model are also of key significance for the Company's performance. Coverage and market shares: Market and TV viewer research is the basis for Sport1 GmbH for monitoring the programming line-up of its free-tv and pay-tv channels to examine its viewer appeal, to acquire attractive license rights, to develop innovative formats and to ensure programming that accurately reflects viewer preferences. 1

12 In the free-tv area, these indicators include the daily coverage and market shares that are surveyed by the Society for Consumer Research (GfK). In case of SPORT1, this is in particular the market share of its core target group of males aged 14 to 49 years (M14-49). In the pay-tv area, the key indicator is the number of subscribers, and in the online area the standardized online coverage currency unique user, which is reported monthly by the Online Research Group (Arbeitsgemeinschaft Online Forschung e.v., AGOF). Moreover, the German Information Association for the Ascertainment of Distri bution of Advertising Media (Informationsgemeinschaft zur Feststellung der Verbreitung von Werbeträgern e.v., IVW) monthly reports the number of page impressions (PI) and visits. In the mobile area, visits are also reported by IVW and download figures are shown via App Figures, Android Developer Market and the You- Tube content management system. In the TV service production area in the Film Segment, cover - age and market shares are also important ratios for determining the audience success of a broadcast format and often form the basis for decisions regarding future commissions. Technical coverage: Regarding the free-tv channel SPORT1's appeal as a platform for advertisers, the technical coverage of the channel is of great importance. SPORT1's coverage extends to almost 32.8 million, and thus 87.4 percent of all acces - sible households in Germany, which means that it can be received area-wide. In pay-tv, area-wide distribution of the two channels SPORT1+ and SPORT1 US using the main cable network operators and infrastructure providers as far as possible is a key non-financial performance indicator. Number of visitors: In the theatrical distribution area of Constantin Film AG, the number of viewers generated by a film is a decisive factor because theatrical success usually also impacts subsequent exploitation levels particularly in Home Enter tainment. In spite of intense prior market monitoring in the target groups, the taste of cinema audiences is only assessable to a limited extent. In addition, the theatrical films released by Constantin Film AG always compete with titles by other distributors running at the same time so that even a marketing campaign perfectly matched to the relevant film can not always meet the expected viewer figures. Moreover, non-financial performance indicators and success factors, which are not evaluated quantitatively and used for internal monitoring, are also of key importance to the Company's performance, and essential for the Company's business model. Access to rights: For the platforms under the umbrella brand SPORT1 the access to and availability of attractive sports rights are of great importance. This applies in particular to the broadcasting of soccer matches. The access within this sector is also dependent upon factors such as convincing programming concepts, a solid finance basis and a close-knit network of contacts with decision-makers in this area. In free-tv, attractive sports rights are essential to be able to maintain or expand the market share in the core target group (M14-49), for the pay- TV sports channels SPORT1+ and SPORT1 US to guarantee and successively increase their pay value and for the digital sports radio SPORT1.fm to further expand listener and user numbers. With regard to the acquisition of literary material and scripts, as well as to conclusions of contracts with successful directors, actors and film studios, the Constantin Film group faces strong competition. Therefore, Constantin Film AG has been working for decades very closely with renowned and experienced screenwriters, directors and producers in Germany and abroad, who have a high level of know-how in the production of theatrical films and TV formats. Professional expertise and network of contacts: Not only in light of the increasingly digital and convergent media usage behavior and the transformation to consuming cross-platform offers, both technology and content competence are essential. Correspondingly, recruiting, advancement and retaining welltrained, qualified, dedicated and creative employees are of high priority In addition, a distinctive network of contacts and close and trusting relationships with business partners are important indicators for the success of the group of companies. In the Sports Segment, this applies e.g. with regard to rights holders and the advertising industry or media-political institutions. In the Film Segment, the co-operation with scriptwriters, directors and producers in Germany and abroad is particularly important. In the Sports- and Event-Marketing Segment and in the Segment Other Business Activities, trusting business rela tion - ships with the rights holders and with existing and potential sponsors are essential in marketing major international sports or entertainment events. 11

13 Q1 214 Interim Group Management Report Economic Report 1.3 Material legal factors Constantin Medien AG has to comply with a large number of stock market and legal requirements. As a stock corporation listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange according to German law, the Company is in particular subject to the German Stock Exchange and Capital Market legislation and has to comply with the recommendations of the German Corporate Governance Code. Highlight Communications AG is a stock corporation according to Swiss law, which has been listed on the Frankfurt Stock Exchange and Highlight Event & Entertainment AG as stock corporation under Swiss law has to meet the Codes of Best Practice of the SIX Swiss Exchange. The operational activities of the companies in the individual segments are in accordance with a variety of media, data protection and copyright laws as well as with regulatory requirements. Source: SKW Schwarz, Film & TV Ticker 1/214 With its ruling on March 27, 214, the European Court of Justice affirmed that courts can obligate internet providers to block websites offering illegal contents for their customers. This ruling constitutes a further milestone against piracy and for the creative industry. 1.4 Market research and development Compared to the presentation in the Combined Group Man agement and Management Report of Constantin Medien AG for the 213 financial year, there were no changes regarding the activities of the companies in the different Segments in the area of market research and development. 2. Economic Report Compared to the presentation in the Combined Group Man agement and Management Report of Constantin Medien AG for the 213 financial year, there were the following changes in the Segment Film: The Constantin Film group makes use of different national and international public film promotions when producing films. The Federal Government promotes the production of theatrical films in Germany in order to improve the general economic conditions of the film industry in Germany, support the companies in the film industry and their international competi tiveness as well as to sustainably expand Germany as film pro - duction site. In 213, the Federal Government made available around EUR 3 million via promotion programs and awards for the production of German films. In addition, it provides EUR 6 million for the German Federal Film Fund in 214, which compensates producers for up to 2 percent of specific film production costs. The German states also provide significant financing for the production of German films each year. Further more, the European Union also awards film funding. Sources: HDF Kino, April 17, 214; Online Publication for the Federal Government on Film Promotion (last accessed: April 28, 214) The amendment of the Film Funding Act (FFG) enacted by the Federal Cabinet became effective with its planned changes (expansion of the fee obligation for additional film providers, flexibilization of holdback periods etc.) on January 1, 214. The judges of the Federal Constitutional Court confirmed the constitutionality of the FFG on January 28, Overall economic conditions in the first quarter 214 After several difficult years, the global economic is slowly regaining momentum. Especially in the industrial nations, the economic framework conditions improved at the start of 214. In Europe, the recession in the Eurozone, which has continued since 211, is coming to an end. Since most early indicators have improved, nearly all countries in the Eurozone are likely to achieve a positive growth rate this year. According to the Federal Ministry for Economy and Energy, economic activity in Germany increased in the first months of 214. The manufacturing industries particularly sent positive impulses. On average in January and February, monthly aver - ages exceeded those in the final quarter of 213. This demon - strates further growth in total production for the first quarter of 214 compared to the previous quarter. Private consumption was also on the rise. Stronger consumer willingness to spend was reflected in the significant increase in retail sales revenues (excluding passenger vehicle retail) in January and February. The economic retail climate improved in March for a second month running. This positive trend is due to higher income and a consistently moderate price development. Sources: M.M. Warburg & Co., Hamburg: Capital Market Perspectives, February 214; Federal Ministry for Economic and Energy, Press Release, April 1,

14 2.2 Sector-specific general conditions, operating performance of the segments and analysis of non-financial performance indicators Sector-specific general conditions in the Segment Sports According to the information and media company Nielsen Media Research, gross advertising investments in Germany had a volume of EUR 6.3 billion in the first quarter of 214. This corresponds to a growth of 2.9 percent compared to the comparative period in 213. Its most significant percentage increase compared to the previous year was recorded in February with a plus of 3.5 percent. In absolute terms, March 214 may have been the strongest advertising month of the first quarter at EUR 2.5 billion. However, compared to March 213, it only achieved an increase of 2.4 percent, which was particularly due to the fact that in 213, Easter already took place at the end of March. This resulted in traditionally intensive advertis ing investments before Easter. According to Nielsen, the categories TV, Online, Cinema, and Out-of-Home were able to increase their gross sales in the first quarter of 214 compared to the previous year's reporting period. The lead medium TV recorded the most significant increases at around EUR 2.8 billion a plus of 6.5 percent. As a result, TV advertising in the reporting period had a share of 45.3 percent of the total gross advertising market. Advertising expenditures in the online area went up to EUR million in the first quarter of 214 an increase of 2.9 percent compared to the prior year period. Mobile advertising continues to flourish inexorably and across industries. Particularly customers with large advertising budg - ets are increasingly including mobile display advertising in their communication mix, which led to a growth of advertising investments by 24.2 percent in the first quarter of 214 to approx. EUR 27 million. By contrast, investments in radio advertising remained declin - ing, falling below the prior year value by minus.2 percent at EUR 388 million overall. However, the situation for radio is likely to improve again in spring because advertising revenues were up again in March. Print media also suffered losses in advertising placements in the first quarter. Quelle: Nielsen Media Research GmbH, press release, 16. April 214 In the first quarter, the production market was also charac - terized by technical innovations and further developments. The focus in the reporting period was on the introduction of the new high-resolution production technology 4K (Ultra-HD), as well as the increased use of Cloud services, which will continue to greatly impact the production market in the next few years. Already, 4K is to be used for live sports reporting at the 214 FIFA World Cup in Brazil Operating performance in the Segment Sports Further expansion of rights portfolio In the first quarter of 214, Sport1 GmbH added further attractive rights to its program portfolio: In the 214 season, extensive highlights and some live reporting of the FIA World Rally Championship (WRC) will also be broadcast in free-tv on SPORT1. The agreement with WRC Promoter GmbH concluded at the start of Janu ary contains extensive, platform-neutral exploitation rights for Germany, Austria and Switzerland. In February, Sport1 GmbH acquired the platform-neutral, Germany-exclusive media exploitation rights to the Women's and Men's Rabobank Hockey World Cup 214, which is to take place in Den Haag, Netherlands, from May 31 to June 15. In addition the rights package also contains the biennial FIH Champions Trophy, which is due to take place in November and December 214. In January, Sport1 GmbH already acquired the rights to the final round of the HERO Hockey World League and broadcasted them. In mid-march, Sport1 GmbH announced that it had obtained the platform-neutral exploitation rights to Major League Baseball (MLB) for the German-speaking region. Since the start of this year's season on March 22, up to and including the 216 season, the pay-tv channel SPORT1 US will be broadcasting at least 6 matches per match period with original US commentary. SPORT1 and SPORT.fm with new Apps Since the start of the return leg of the Soccer Bundesliga at the end of January, the new version of the SPORT1 App for Android Smartphones and tablets has been available from the Google Play Store. It has also been possible to download the digital sports radio SPORT1.fm for free as an App for Windows Phone and Windows 8 since the start of March in addition to the Apps for ios and Android. New distribution platforms for SPORT1 US and SPORT1 HD Since January 31, SPORT1 US can also be viewed via Entertain, Germany's largest-range IPTV offer, in SD and HD quality. With Zattoo, Sport1 GmbH gained a new co-operation partner for SPORT1 HD. The live-tv provider has been offer ing SPORT1 HD to its HiQ subscribers also since late January. 13

15 Q1 214 Interim Group Management Report Economic Report SPORT1.de launches co-operation with Ticketmaster SPORT1.de has been running an own online ticket shop since March 3. Since then, tickets for numerous sports, music and comedy highlights have been on offer via this channel as part of a co-operation with Ticketmaster GmbH. The new online ticket shop can be reached via the menu item Tickets and on tickets.sport1.de. Expansion/renewal of important marketing agreements and expansion of new customer business In the first quarter 214, Constantin Sport Marketing renewed and/or expanded important sponsoring co-operations with long-term partners for the relevant core rights. In addition, new customers were acquired in the traditional advertising area, including Lufthansa, Apple and BMW. PLAZAMEDIA expands circle of customers Commissioned by FC Bayern Munich, PLAZAMEDIA as host broadcaster pro - duced six home matches of FC Bayern Basketball in the reporting period in the Top-16 round of the Turkish Airlines Euroleague. In addition to SPORT1, which broadcast a number of selected live matches, the signal was used by around ten TV channels around the world and was also streamed live on the Euroleague website. PLAZAMEDIA provides technical broadcasting services for long-term customers In the reporting period, PLAZAMEDIA was host broadcaster for ZDF in the round of sixteen of the UEFA Champions League between FC Schalke 4 and Real Madrid CF. In addition, PLAZAMEDIA was also responsible for the unilateral provision of broadcasting technology for three further UEFA Champions League broadcasts by the channel. In the first quarter, productions for the Sky Deutschland focused on 16 UEFA Champions League matches including two as host broadcaster and on five UEFA Europa League matches. PLAZAMEDIA also worked for Sky in this year's Formula One season, as in previous years. In the reporting period, PLAZA - MEDIA provided the unilateral production of the first two races in Melbourne (Australia) and Sepang (Malaysia) Analysis of non-financial performance indicators in the Segment Sports Positive development in free-tv continues After the upswing in 213, the upward trend in free-tv also continued in the first quarter of 214: SPORT1 achieved a market share of.8 percent of total viewers (Z3+). At a market share of around.7 percent, this corresponds to an increase of 12 percent compared to the previous year's quarter. In the core target group of males aged 14 to 49 years (M14-49), SPORT1 went up by 11 percent from 1.2 percent in the first quarter of 213 to 1.3 percent in the quarter under review. The Hattrick Live broadcasts of the 2 nd Bundesliga Monday match in the first quarter contributed to the positive development of market share. SPORT1 achieved the quarter's highest percentage of viewers on March 17 with its broadcast of the season's top game between 1. FC Kaiserslautern and 1. FC Köln. An average of 1.24 million viewers (Z3+) watched the teams draw at nil goals, making up a market share of 3.8 percent. 1.9 million even watched at peak. In the core target group M14-49, the market share was 6 percent. In addition, Der Volkswagen Doppelpass again achieved top coverage in the first three months. For instance, 1.5 million viewers (Z3+) on average watched the broadcast on February 16, which corresponded to a market share of 6.8 percent. The market share for M14-49 was around 1 percent. Other soccer formats, such as Bundesliga Pur or Der Mobilat Fantalk at times recorded coverage in excess of half a million viewers (Z3+). In addition to soccer reporting, SPORT particularly met viewer taste with the finals of the Darts World Cup, watched by nearly one million viewers at peak (Z3+) when it was aired on New Year's Day. Around 7, viewers at peak (Z3+) watched the final of the Handball European Championship between the host Denmark and France on January 26 and the season kickoff of the Motorcycling World Championship MotoGP in Katar on March 23. Moreover, the Men's and Women's Olympic Ice- Hockey Tournaments in Sochi, which SPORT1 broadcast in free-tv and on SPORT1.de as a free livestream, also received a positive resonance. A total of 27 matches were broadcast live, and a further two matches were broadcast live and exclusively only on SPORT1.de. Slight increases in pay-tv area At the end of March, the number of subscribers of the pay-tv channel SPORT1+ were around 1.87 million, plus those subscribers reached via the Sky platform. The new US sport channel SPORT1 US, which went on air in August 213, had around 1.56 million subscribers at the end of March, plus those subscribers reached via Sky. Significant increase in accumulated online and mobile cover - age In the first quarter of 214, SPORT1.de recorded growth 14

16 in accumulated online and mobile coverage compared to the previous year's period, and reached an increase in visits from around 56 million to around 63.5 million per month on average a plus of around 13.3 percent. Page impressions (PIs) were also on the rise and went up by just over 18.8 percent from 381 million to a monthly average of million. developed very well during the reporting period. At around 219 million page impressions per month, PIs were also significantly above their prior year value (146 million page impressions). This development is particularly due to the relaunch of the SPORT1 App for Android and the mobile website, as well as the general shift from online to mobile use. Online coverage continues at high level In spite of the increasing shift of content use from online to mobile, pure online coverage remained at a high level: At an average of 3 million visits, SPORT1.de was only just under the prior year value of 3.9 million visits. In terms of page impressions, SPORT1.de achieved an average of million page impressions per month in the first quarter 214, which was slightly below the figure for the previous year (235 million page impres sions). In spite of the slight reduction in coverage in the first quarter of 214, SPORT1 attracted more unique users in January than the previous year. At 2.87 million unique users, the online platform exceeded the prior year value of 2.83 million. Favorable development thanks to Olympics and early championship decision The reporting of the Winter Olympics in Sochi in February especially contributed to the positive devel - opment inter alia with intensive editorial commentary from SPORT1 reporters on location and with the live ticker. The early championship decision in the Soccer Bundesliga, the knockout rounds of the UEFA Champions League, the kick-off of the Formula One and the MotoGP in March as well as the closely followed tax proceedings against Uli Hoeneß contributed to an increase in access figures. After the first quarter of 214, the SPORT1 App for iphone/ ipad stood at 2.2 million unique downloads (after Q1 213: 1.9 million unique downloads). The unique downloads of the SPORT1 Android App developed very positively and after the first quarter of 214 totaled more than 1.2 million compared to around 764, unique downloads after the first quarter of 213. Sources: IVW (German Information Association for the Ascertainment of Distribution of Advertising Media e.v.) /214; AGOF internetfacts: January 213/214; App Figures 4/214; Android Developer Market 4/214; YouTube Content Management System /214 New monthly record for sports radio SPORT1.fm The digital sports radio SPORT1.fm, which was launched in July 213, in March achieved a total of around 4.2 streaming sessions, and thus a new monthly record. Streaming sessions are calls of the SPORT1.fm stream with a duration of at least 6 seconds. Overall, SPORT1.fm recorded more than 7.5 million streaming sessions in the first quarter 214. The reporting highlights of SPORT1.fm in the quarter under review included the live broadcasts of the Bundesliga and 2 nd Bundesliga from the kickoff of the second leg, the quarter finals of the DFB Pokal as well as the round of sixteen of the UEFA Champions League. Reduction in access figures in video area In the video area, the number of access figures in the online and mobile field in the first quarter 214 averaged at 4.7 million per month, which put them clearly below the value for the first quarter 213 (5.2 million). This was e.g. due to the lower access figures in January, particularly in the soccer and news areas. In addition, it is worth noting that user videos are also increas - ingly consumed directly on YouTube and no longer only on their original content platforms. Strong growth in mobile area At around 33.3 million visits a month on average, SPORT1 was very successful in the first quarter of 214, achieving an increase of around 32.6 percent compared to the previous year (25.1 million visits per month on average). Page impressions in the mobile area also The access figures for the SPORT1.fm App in the first quarter also developed very positively. From going on air to the end of March, the SPORT1.fm App for Android, ios, Windows Phone and Windows 8 reached a total of 1.12 million downloads. In addition to distribution via WLAN radios, SPORT1.fm reached additional listeners in the context of a co-operation via ENERGY via DAB+, which also aired the soccer live broadcasts as part of their program Sector-specific general conditions in the Segment Film Theatrical production/rights acquisition On the film market at this year's Berlinale in February 214, the offer and the demand of high quality licensed films was rather weak a fact which had already been apparent at the film markets in Cannes, Toronto and Los Angeles last year. This development 15

17 Q1 214 Interim Group Management Report Economic Report is primarily due to the fact that the conclusion of correspond - ing contracts on these markets is by now more of an exception than the rule. In addition, film markets could also not escape the drastic changes in the film industry, particularly due to the opportunities of digitization and the strategic realignment of Hollywood studios. Source: Blickpunkt:Film 47/13 TV service production Discussions regarding the shift from traditional TV consumption to a more individual use in terms of time of internet-based program contents have grown further. In particular, the user behavior of younger viewers is changing, with social media, YouTube or the use of a second screen (Smartphone, Tablet PC etc.) playing an ever bigger role in the consumption of moving image contents. As a result, cross-platform concepts or even concepts working independently of tradi - tional television were implemented increasingly. One example of this is the online TV-channel group Mediakraft Networks, which produces program formats and without airing them on TV first distributes them via portals such as YouTube, Clipfish and Snack-TV. Source: Blickpunkt:Film 1/14 In other countries, online services such as Netflix, amazon, Hulu and other providers have already significantly changed the TV landscape. For instance, Netflix users in the USA can access unlimited films and series without set program listings for only just less than eight US dollars per month. By now, the way has also been smoothed for Netflix in Germany, after the joined video-on-demand services of ARD and ZDF were closed down after an intervention by the supervisory authorities. Source: Association of German TV and Film Producers e.v., January 23, 214 The reduction of the radio license fee recommended by the commission determining the financial needs of the public channels was unanimously rejected by TV producers. For example, the Producer Alliance demanded that a reduction of the fee should be waived. The expected surplus from license fee revenues should be used to balance out the higher costs in the production area, which in the past have been born by the TV producers. This was said to be the only way not to endanger the future extent and quality of TV productions. Source: Association of German TV and Film Producers e.v., press release, March 1, 214 Theatrical distribution In the first three months of 214, German cinemas generated approx. EUR 248 million (first quarter of 213: approx. EUR 265 million) and around 3.7 million cinema tickets were sold (first quarter of 213: 33.1 million). The theatrical market was thus below the prior year's compara - tive values by around 6.4 percent by revenues and 7.3 percent by viewers. This reduction is especially due to the relatively weak performance of many Hollywood productions, with US films tailored to a young audience particularly staying behind expectations. Only the finance drama The Wolf of Wall Street generated convincing results. With at nearly 2.4 million viewers it was the most successful film by viewers of the first quarter. Only two other US productions achieved seven-digit viewer figures: the fantasy spectacle The Hobbit: The Desolation of Smaug (around 1.5 million) and the CGI production Frozen (more than 1.2 million), which had already been released in mid- December and at the end of November 213, respectively. By contrast, already five German in-house and co-productions attracted more than one million viewers in the first quarter of 214. The most successful of these was the Matthias Schweighöfer comedy Vaterfreuden (nearly 2.3 million), followed by the surprising success Stromberg Der Film (more than 1.2 million) and the Constantin Film co-production Fünf Freunde 3 (around 1.2 million). These were supplemented by the blockbuster Der Medicus (Q1 214: more than 2.4 million) and Fack ju Göhte (Q1 214: nearly 1.5 million), which were already launched in the previous year. Based on these audience successes, the viewer market share of German films in the first three months of this year went up to 41.7 percent (first quarter of 213: 31.9 percent) a value which had not been achieved in decades. Source: Rentrak Report, Evaluations of the theatrical market, 1 st quarter 214 Home Entertainment The Society for Consumer Research (GfK) forecasted total sales from the German video rental and sell-through market for the first two months of 214* of EUR 271 million. As a result, the German Home Entertainment industry was slightly below the comparative prior year value of EUR 276 million. 16

18 According to GfK s forecast, the sale of DVDs and Blu-ray discs in the months January and February 214* generated retail sales of EUR 191 million (prior year period: EUR 27 million). Thereof, DVDs generated EUR 131 million, 11.4 percent less than in the prior year period (EUR 148 million). By contrast, revenues from Blu-ray discs went up from EUR 59 million to EUR 6 million, thus gaining further in importance. The digital video sell-through market continued to be on the rise: Total sales in electronic sell-through in the first two months* of 214 grew by 33.3 percent to EUR 16 million (comparative period 213: EUR 12 million). However, the increases in sales from Blu-rays and electronic sell-through were not able to compensate for the reduction in sales from DVDs, so that total sales in the physical and digital purchasing market fell from EUR 219 million to EUR 27 million. Apple, Maxdome by ProSiebenSat.1, Videoload, the video-ondemand offer by Deutsche Telekom, Select Video by Kabel Deutschland or Prime by amazon, are playing an ever bigger role. Sources: Association of Private Broadcasting and Telemedia e.v., press release, February 11, 214; Blickpunkt:Film 7/14) Operational development in the Segment Film New in-house and co-productions in the theatrical production area After the major success of the dramatization Dampfnudelblues. Ein Eberhoferkrimi, which attracted both cinemagoers and TV viewers last year, a further part of the bestseller book series by Rita Falk, Winterkartoffelknödel, started shoot - ing in the first quarter of 214. Shooting was completed in early April, and theatrical release is scheduled for mid-october 214. For the video rental market, GfK predicted total sales of EUR 64 million for the months January and February 214* an increase of 12.3 percent compared to the same period in 213 (EUR 57 million). Thereof, EUR 38 million (comparative period in 213: EUR 39 million) related to rentals of DVDs and Blu-ray discs, and EUR 26 million (comparative period in 213: EUR 18 million) to digital rentals via video-on-demand or pay-per-view. The digital video rental market was able to gain 44.4 percent, thereby continuing its positive development of the prior year. This increase was particularly due to the higher sales figures of internet-compatible TVs, which are driving digital rentals. Source: GfK 214, Forecast of Key Figures for the Months January and February 214 *GfK data for the first quarter of 214 were not yet available at the time of editorial License trading/tv exploitation Based on current analyses, in 213, every adult and adolescent (from 14 years of age) in Ger - many spent an average of 221 minutes per day in front of their TVs. However, the free TV channels are ever more strongly competing with pay-tv, download portals and streaming platforms, with pay-tv even being called the strongest growth segment in the German TV market. Particularly for TV series, stream ing platforms seem to be tailored to the needs of viewers, allowing them to watch several episodes or even whole seasons in a row. Video-on-demand offers, such as the platform itunes run by In mid-march, shooting started for the new Sönke Wortmann comedy Frau Müller muss weg, which is based on the awardwinning play of the same name by Lutz Hübner and Sarah Nemitz. The film is scheduled for release in Germany in mid- November 214. Shooting starts for two ZDF projects in TV service production At MOOVIE the art of entertainment GmbH, shooting started for the ZDF two-parter Die Abrechnung at the end of February. Inspired by true events like the fate of Schlecker, the movie thematize the collapse of a drug store empire. The drama will probably be aired in the fall this year. Also for ZDF, the TV film Das Zeugenhaus, which is based on true events surrounding the Nuremberg Trials in 1945, started shooting in early March. On behalf of SAT.1, Constantin Entertainment GmbH produced further episodes for the dailies Schicksale and Im Namen der Gerechtigkeit in the first quarter of 214. In addition, the pilot for Geht s noch?! Kayas Woche was produced for RTL. Seven further episodes of this format have been commissioned and have been broadcast weekly since April 25, 214. In other European countries, the subsidiaries of Constantin Entertainment GmbH in Poland among others produced new seasons of the tried and tested formats Kuchenne Rewolucje and Malanowski & Partnererzy, in Israel The Voice of Israel 3 and Dan Shilon-Show and in Switzerland The Voice of Switzerland 2 and in Hungary Csaladi Titkok. 17

19 Q1 214 Interim Group Management Report Economic Report Fünf Freunde series successful again in theatrical distribution In the theatrical distribution area, the Constantin Film Group released a total of five films (four in-house/co-produc tions and one licensed film) in German cinemas in the reporting period. Especially, Fack ju Göhte and the youth adventure Fünf Freunde 3, which was even more successful than the first two parts, were very popular with viewers. Stable market position in the Home Entertainment area In the first quarter of 214, the Highlight Communications Group was able to stabilize its market position in the German-speak - ing Home Entertainment market. In particular, it was able to benefit from the new releases under the Constantin Film label, above all The Mortal Instruments City of Bones. In addition, the licensed film Ender's Game, which was released at the start of March 9, achieved highly favorable sales results. Development in the license trading/tv exploitation areas impacting on revenues In license trading of the Constantin Film Group, the first licenses for free-tv of Glück (ZDF), Benvenuti al Sud (ProSiebenSat.1), Werner Eiskalt (ProSieben- Sat.1) and Wrong Turn 4 (ProSiebenSat.1) all impacted on sales. Added to these in pay-tv were the first licenses of Freelancers, LOL, Step Up: Miami Heat and Resident Evil: Retribution. All of these films were licensed for Sky Deutschland Analysis of non-financial performance indicators in the Segment Film Long-term commitment of know-how carriers and talents in the theatrical production/rights acquisition area Constantin Film AG relies strongly on the long-term commitment of talents and has for decades worked very closely with renowned and experienced screenwriters and producers in Germany and abroad, who have a high level of know-how in the production of theatrical films and TV formats. Continued coverage succes in TV service production Two TV productions by the Constantin Film subsidiaries were able to generate very favorable ratings in the first quarter of 214. For example, the Tatort episode Kopfgeld starring Til Schweiger, a service production of Constantin Television GmbH for ARD, was aired in early March and attracted 1.12 million viewers. This corresponds to a total audience market share of 27.7 percent ARD's highest coverage of that weekend. Source: mediabiz/blickpunkt:film, March 1, 214 One of the big TV projects of MOOVIE the art of entertainment GmbH, Die Hebamme starring Josefine Preuß, was broadcast on SAT.1 at the end of March, and at a market share of 22.8 percent (2.64 million viewers) secured the success of the day in the advertising target group of 14- to 49-year-olds. At a total audience coverage of 5.36 million viewers (market share: 17.5 percent), it reached third place for that TV evening. Source: mediabiz/blickpunkt:film, March 26, 214 Constantin Film stays most successful independent distributor In the theatrical distribution business area, the Constantin Film Group achieved very good results in the first quarter 214, with two films reaching the Top Ten of the German cinema charts. The sensational success Fack ju Göhte, which was already released in November 213, made it to number five, again attracting around 1.5 million viewers in the first three months of this year. The teen adventure Fünf Freunde 3 released in mid-january 214 came eighth, also attracting seven-digit viewer figures at 1.2 million viewers. Taking together the performance of all of its films released in German cinemas in the first quarter of 214, the Constantin Film group reached an impressive market share of 11.9 percent by viewers and 11. percent by sales. In the ranking of distributors, it came third after Warner and Universal in both categories, once again securing its pole position among independent German distributors. Source: Rentrak, Evaluations of the theatrical market, 1 st quarter of 214 The Mortal Instruments City of Bones bestseller in Home Entertainment exploitation In the first quarter of 214, the Home Entertainment are continued to enjoy stables sales both with new releases and with catalog titles. For instance the Constantin Film co-production The Mortal Instruments City of Bones, released in mid-january, shot directly to the top of the German sales charts, remaining in the Top Ten until mid- March. Overall, 2, units were sold in the German-speaking area by the end of the quarter. Based on its attractive program line-up and on numerous financially successful second utilizations, the Constantin Film Group in co-operation with its distribution partner Paramount Home Entertainment was able to secure a market share of 1 percent in the German video sell-through market in January 18

20 and February 214 (213: 9 percent). Source: GfK 214, Forecast of Key Figures for the Months January and February 214 *GfK data for the first quarter of 214 were not yet available at the time of editorial. When first aired, the cartoon Werner Eiskalt, whose license start impacted on sales in the first quarter of 214, reached a total of 2.13 million viewers on ProSieben at the end of April, making up a total audience market share of 7.6 percent (13.2 percent of 14- to 49-year-olds). Source: mediabiz/blickpunkt:film, April 28, Sector-specific general conditions in the Segment Sports- and Event-Marketing TV rights/sponsoring The changes in the media landscape have strengthened the position of sports contents in the media mix. Particularly commercial channels need viewer magnets in order to retain their subscribers and to secure advertising rev - enues. Sports events are ideally suited to this. The US cable chan nel Comcast is proof of this, reporting an increase in net earnings by 3 percent in the first quarter of 214 compared to the previous year's period. To a large part, this increase is due to the TV broadcast of the Winter Olympics in Sochi in February 214. Quelle: Sportcal, April 22, Operational development in the Segment Sports- and Event-Marketing Additional marketing successes at UEFA tournaments After the positive results achieved in the 213 financial year, the TEAM group was also able to realize additional important agreements in the first quarter of 214 in the marketing process for the commercial rights of the UEFA Champions League and the UEFA Europa League (each for the match cycle 215/16 to 217/18). TV contracts were concluded in as varied markets as Italy (Mediaset and Sky Italia), Israel or Myanmar. In terms of sponsor ship rights, also further progress was made. Starting with the 214/15 season, the Japanese automobile manufac turer Nissan will act as sponsor of the UEFA Champions League, replacing Ford, the sponsoring partner for many years. The finals in the spotlight Operatively, TEAM focused on ac - tively supporting the commercial partners in the knock-out rounds of both tournaments. In addition, preparations were under way for the major finals in Turin on May 14 (UEFA Europa League) and in Lisbon on May 24 (UEFA Champions League) Analysis of non-financial performance indicators in the Segment Sports- and Event-Marketing UEFA Champions League generates high viewer figures The TV broadcast of the UEFA Champions League matches continues to attract many viewers. In Germany, for instance, 8. million viewers on average watched the group phase matches of the current season in free-tv and 2.1 million in pay-tv. Both values are the highest achieved in the last eight match periods. The same applies to Italy, where the group phase also generated the best value of the last eight match periods, at an average of 9.9 million viewers. Source: ZenithOptimedia, Sponsorship Intelligence Sector-specific general conditions in the Segment Other Business Activities Event/Entertainment business Sponsoring is gaining in importance in the financing mix of cultural providers in the German-speaking region. Whereas in 27, only an average of 6.7 percent of their total revenues came from sponsoring, this proportion had increased to 16.5 percent by 213 more than double the 27 figure. In addition, a clear upward trend towards long-term partnerships between the cultural providers and sponsors is apparent. The financial services sector (banks, insurances, etc.) are by far in the lead, followed by the media industry (TV, radio, publishing houses) and energy providers. Source: Causales Gesellschaft für Kulturmarketing und Kultursponsoring mbh, Der Kultursponsoringmarkt 213 (survey period: April to the end of July 213) Online/Social gaming A current representative survey by the Federal Association for Interactive Entertainment Software (BIU) shows that computer and video games have by now become a mass medium in Germany. At the start of 214, around 34.2 million Germans used digital games correspond ing to a proportion of 46 percent of the population. Compared to the previous year with 31.4 million, the number of active gamers thus increased by 9 percent. The increase was par ticularly noticeable in the daily use of digital games, whose figure went up by around 31 percent to 13.5 million. Computer and video games are also becoming ever more popular with women (+12 percent) and with the generation of the over-5s (+12 percent). Source: Federal Association for Interactive Entertainment Software (BIU), press releases, March 1 and 2,

21 Q1 214 Interim Group Management Report Economic Report Operational development in the Segment Other Business Activities Successful realization of the New Year's Concert At the start of the year, the activities of Highlight Event AG initially focused on the commercial realization of the Vienna Philharmonic Orchestra s New Year s Concert 214, conducted for the second time by the world famous conductor Daniel Barenboim. 2.3 Results of operations, net assets and financial position of the Constantin Medien Group The accompanying unaudited consolidated interim financial statements as of March 31, 214 have been prepared in conformity with IAS 34 Interim Financial Reporting. Details regard - ing the accounting are presented in note 2 and 3 of the notes to the consolidated interim financial statements in this report. Major events in preparation The operative preparations for the 59 th Eurovision Song Contest, which took place in the Danish capital Copenhagen between May 6 and 1, 214, also progressed well in the reporting period. The activities particularly focused on the implementation of design, hospitality area, sponsor media presence (TDC/Samsung, Visit Denmark and ALCON), the Eurovision Village, sponsorship campaigns and merchandising. Highlight Event AG further concentrated on preparing the commemorative concert of the Vienna Philharmonic Orchestra on the occasion of the start of World War I 1 years ago. The European Broadcasting Union (EBU) called this concert, which is scheduled to take place in Sarajevo/Bosnia-Herzegovina at the end of June 214, a key event for all public channels in Europe. For the first time, Highlight Event AG will act as a link between the orchestra and the EBU at this event. Continuous further development of the FunPoker software Pokermania GmbH continued to develop further its White- label software FunPoker in the first quarter of 214. The aim of this development work is to integrate additional poker versions into the game in order to be able to acquire new gamers internationally Overall assessment of the reporting period Business development in the first quarter 214 was generally in line with own expectations. In the Sports Segment sales declined in the first quarter as expected due to the loss of the production of LIGA total! The Film Segment achieved significant growth in sales in the first quarter due to numerous film releases, while there has been a decline in earn ings. The development in the Segments Sports- and Event-Marketing and Other Business Activities was as expected. In the first quarter, the Group reached sales of EUR million. This corresponds to an increase of 31.2 percent com - pared to the prior year s quarter (EUR 13.7 million). Profit from operations (EBIT) decreased by EUR 4.1 million to EUR -2.3 million (3M 213: EUR 1.8 million). On the one hand, the decline in earnings in the Film Segment had an impact. On the other hand, in the Others divison non-recurring charges were incurred in connection with the so-called Formula One proceedings in London. Earnings attributable to shareholders amounted to EUR -5.5 million in the first three months 214, after EUR -.5 million in the same period last year Analysis of non-financial performance indicators in the Segment Other Business Activities New Year's Concert again broadcast globally The successful marketing activities of Highlight Event AG significantly contributed to the broadcast of the Vienna Philharmonic Orchestra's New Year's Concert 214 in more than 8 countries as the previous year. This international coverage of the New Year's Concert again demonstrated that it is the biggest classical music event in the world. 2

22 2.3.2 Segment performance Segment performance January 1 to March 31, 214 in EUR 3/31/214 3/31/213 Change Sales Sports Film Sports- and Event-Marketing Other Business Activities Others Total 33,417 92,87 1, ,139 37,85 55,816 1, ,748-3,668 36, ,391 Segment result Sports Film Sports- and Event-Marketing Other Business Activities Others Total 1,24-2,68 3, ,245-2,275 1,592-1,835 3, ,14 1, ,231-4,44 The Sports Segment recorded sales of EUR 33.4 million in the first three months 214, a decrease of 1. percent compared to the corresponding previous year s value (3M 213: EUR 37.1 million). In the first quarter both market share and cover - age in the TV and accumulated in the online and mobile sector could be further increased. This led to an increase in sales at SPORT1 compared to the same quarter last year, but as expected could not compensate the decline in sales after the loss of the production of LIGA total! At the same time the digitization strategy of the sports business was further driven forward, which resulted in higher material expenses compared to the same quarter last year. Therefore, the segment result decreased by 25. percent to EUR 1.2 million (3M 213: EUR 1.6 million). Higher other operating income, mainly from the reversal of provisions, could not fully compensate the decline in sales and increased cost of materials. In the first three months 214, the Film Segment recorded sales of EUR 92.1 million, 65.1 percent more than in the same period of the previous year (3M 213: EUR 55.8 million). In particular, the areas of theatrical distribution and license trad - ing achieved significantly higher sales due to the global distribu - tion of the movie Pompeii, compared to the first quarter of the previous year. With the release of the film, the minimum guarantees which are used to finance the production costs of the film, were realized. At the same time the capitalized production costs of the film were written down, so that the minimum guarantees were set off against appropriate amortization. Furthermore, impairments on film assets, in particular the movie Tarzan", impacted the result. Thus, the impairments on film assets rose by EUR 5.8 million to EUR 7.3 million in the first quarter 214. The segment result of EUR -2.6 million for the first three months 214 was therefore below the level of the previous year s period (3M 213: EUR -1.8 million). Sales in the first three months 214 in the Sports- and Event- Marketing Segment stood with EUR 1.1 million at the previous year s level (3M 213: EUR 1.1 million). The segment result of EUR 3.9 million was EUR.5 million above the result of the corresponding period of the previous year due to cost savings (3M 213: EUR 3.4 million). The Other Business Activities Segment achieved sales of EUR.5 million in the first three months 214 (3M 213: EUR 21

23 Q1 214 Interim Group Management Report Economic Report.7 million) as well as a result of EUR -.5 million (3M 213: EUR -.4 million). The segment loss results from the online/ social gaming area. The result of the Others division stood at EUR -4.2 million (3M 213: EUR -1. million). The significant decline in earnings resulted in particular from expenses of EUR 3. million for counterparty lawyers in the Formula One proceedings, which Constantin Medien AG has to bear following the ruling of the High Court of Justice in London Sales and earnings performance of the Constantin Medien Group The Group s net result for the first quarter 214 amounted to EUR -5. million after EUR.5 million in the same quarter last year. Earnings attributable to shareholders included therein amounted to EUR -5.5 million after EUR -.5 million in the same period last year. Thus, earnings per share both basic and diluted stood at EUR -.7 (3M 213: EUR -.1) in the first quarter 214. While sales increased by EUR 32.4 million to EUR million (3M 213: EUR 13.7 million), the capitalized film production costs and other own work capitalized went down by EUR 5.4 million to EUR 7. million (3M 213: EUR 12.4 million) due to lower production volume of in-house film productions. The reasons for the development of sales are pres - ented in the explanations in chapter The decrease in the cost of materials and licenses in the first quarter 214 largely related to the lower production volume in the Film Segment. The increase in amortization, depreciation and impairment is primarily attributable to the increase of amortization of film assets due to higher consumption of film rights. Those amounted in the first three months to EUR 45.2 million compared to EUR 13.1 million in the first three months 213. Also impair - ment on film assets increased significantly. They amounted to EUR 7.3 million compared to EUR 1.5 million in the previous year s period. Despite the increase in total output (sales including capitalized film production costs and other own work capitalized) by EUR 26.9 million to EUR million (3M 213: EUR million) and in spite of lower cost of materials and licenses (from EUR 53.9 million by EUR 8. million to EUR 45.9 million) profit from operations (EBIT) was negative with EUR 2.3 million in the first quarter 214 (3M 213: EUR +1.8 million). The reason for this are disproportionately increased amortization, depreciation and impairment by EUR 36.1 million to EUR 53.6 million (3M 213: EUR 17.5 million) in the first quarter 214. The increase in other operating expenses by EUR 3.2 million to EUR 22.6 million in the first three months (3M 213: EUR 19.4 million) mainly related to legal and consulting costs, which increased by EUR 3. million to EUR 5. million. The legal and consulting costs include EUR 3. million in connection with the Formula One proceedings of Constantin Medien AG. The financial result amounted to EUR -2. million in the first three months 214 after EUR -1. million in the previous year s period. The reason for the decline is essentially due to the interest expense of EUR 1.2 million for the corporate bond 213/218 issued in April Net assets position of the Constantin Medien Group Consolidated balance sheet (abbreviated version) as of March 31, 214 in EUR 3/31/214 12/31/213 Change Non-current assets Current assets 225,12 239, , ,793-33,694 3,146 Total assets 465,41 495,589-3,548 22

24 The reason for the decline in non-current assets in the first quarter 214 was primarily the amortization-related reduction of film assets by EUR 36.7 million to EUR million (December 31, 213: EUR million). The increase in current assets (EUR +3.1 million to EUR million) is mainly due to the increase in the item noncurrent assets held for sale and disposal group (EUR +2.7 million to EUR 44.7 million). This item increased mainly due to the increase in cash and cash equivalents of the PLAZA ME- DIA companies by closing-date comparison (EUR +2.5 million to EUR 17.6 million) Financial position of the Constantin Medien Group Consolidated balance sheet (abbreviated version) as of March 31, 214 in EUR 3/31/214 12/31/213 Change Equity attributable to the shareholders Non-controlling interests Total equity Non-current liabilities Current liabilities 8,684 41,35 49, , ,481 14,353 4,843 55, ,475 31,918-5, ,477-2,634-22,437 Total equity and liabilities 465,41 495,589-3,548 The Constantin Medien Group s equity as of March 31, 214 decreased to EUR 49.7 million (December 31, 213: EUR 55.2 million). Equity attributable to shareholders decreased due the development of earnings by EUR 5.7 million to EUR 8.7 million. Equity attributable to non-controlling interests remained virtually unchanged with EUR 41. million (December 31, 213: EUR 4.8 million). The equity ratio (total equity divided by the balance sheet total) as of March 31, 214 stood at 1.7 percent after 11.1 percent as of December 31, 213. The decline in the equity ratio is attributable to the negative result in the first quarter; the decline in the balance sheet total was only able to offset this partially. The adjusted equity ratio (after netting advance payments received against film assets and film-related cash and cash equivalents with the corresponding financial liabilities) amounted to 12.1 percent (December 31, 213: 12.6 percent). The decrease in non-current liabilities by EUR 2.7 million to EUR million (December 31, 213: EUR million) is mainly related to lower deferred tax liabilities (EUR -3.2 million). The decrease in deferred tax liabilities is primarily due to the change of the item film assets. The current liabilities decreased by EUR 22.4 million to EUR million in the first quarter 214 (December 31, 213: EUR 31.9 million). Thereby, current financial liabilities decreased by EUR 24.9 million to EUR 99.1 million, as loans to finance film projects were repaid following the theatrical release of these films and sales realizable in this context. Also advanced payments received decreased (EUR -4.9 million). This was partly offset by the increase in liabilities due to associated companies and joint ventures (EUR +2.5 million) and the increase in income tax liabilities (EUR +3.9 million) Liquidity development of the Constantin Medien Group The Constantin Medien Group reported a positive cash flow from operating activities of EUR 46.8 million in the first three months 214 (3M 213: EUR 17.2 million). The increase is mainly attributable to the cash inflow from the film business. A cash outflow of EUR 18.4 million resulted from investing activities (3M 213: cash outflow of EUR 15.9 million), which was mainly incurred in the Film Segment. The Group s financing activities led to a cash outflow of EUR 25.2 million (3M 213: cash outflow of EUR 9.4 million). The 23

25 Q1 214 Interim Group Management Report Personnel Report Addendum Report cash outflow resulted from the repayment of short-term loans in the Film Segment. The total cash inflow in first three months 214 amounted to EUR 3.2 million after a cash outflow of EUR 8.1 million in the first three months 213. High cash effective sales in the Film Segment, particularly from the global distribution of Pompeii, which were also used to repay short-term loans to finance this film, have positively impacted the net debt of the Constantin Medien Group. It is composed as follows as of March 31, 214 Net debt as of March 31, 214 in EUR 3/31/214 13/31/213 Change Cash and cash equivalents Current financial liabilities Non-current financial liabilities 86,21 99,92 19,86 82, ,988 19,64 3,283-24, Net debt -122,697-15,71 28,13 3. Personnel Report At closing day March 31, 214, the Constantin Medien Group had a total of 1,6 employees including freelance employees (March 31, 213: 1,547 employees). The number of salaried employees as of March 31, 214 increased to 1,21 employees (March 31, 213: 1,155 employees). The number of freelance employees slightly increased to 399 (March 31, 213: 392 employees). New salaried employees were espe - cially added in the Film Segment in the TV service production area. An increase in the number of freelancers in the Film Segment compensated for the reduction in freelancers in the Sports Segment, especially due to the loss of LIGA total! 4. Addendum Report Intended transaction with Sky Deutschland will not be executed On May 19, 214, Constantin Medien AG announced its decision, not to continue the negotiations with Sky Deutschland Fernsehen GmbH & Co. KG in connection with the transaction agreed on December 5, 213. The agreement provided the sale of 1 percent of the shares of PLAZAMEDIA GmbH TV- und Film-Produktion (including its subsidiaries in Austria and Switzerland) as well as the sale of 25.1 percent each of the shares in Sport1 GmbH and Constantin Sport Marketing GmbH. The transaction was subject, among others, to the conclusion of a new multi-year production framework contract between Sport1 GmbH and PLAZAMEDIA GmbH TV- und Film-Produktion. But no agreement could be reached on this arrangement. This development requires a change of the financial targets of the Constantin Medien Group for the 214 financial year. The continuation of the activities of PLAZAMEDIA GmbH TV- und Film-Produktion and its subsidiaries under the umbrella of Constantin Medien AG on the one hand leads to an increase in sales of the Constantin Medien Group and simultaneously to the loss of the other income from the deconsolidation of the PLAZAMEDIA companies. Therefore, the profit planning 214 was adjusted and this has also been considered in the guid - ance for the 214 financial year (see chapter 6.3). Constantin Medien AG is planning measures to refinance the corporate bond 21/215 Capital increase planned On the one hand, the Management Board of Constantin Medien AG intends to perform, in agreement with the Supervisory Board and using part of the Author - ized Capital 213/I, a capital increase against cash contribu - tions excluding subscription right of the shareholders pursuant to 186 para. 3 sentence 4 German Stock Companies Act (Aktiengesetz). For this purpose, selected investors will be addressed. It is planned to increase the share capital of Constan- 24

26 Interim Group Management Report Q1 214 Risks and Opportunities Report tin Medien AG of EUR 85,13,78. through the issu ance of new bearer shares of up to 1 percent of the share capital with a calculated proportion of the share capital of EUR 1. per share. The Management Board and the Supervisory Board of Constantin Medien AG will decide on the execution of the capital increase, if the other parameters of this capital increase, in particular the issue price, have been determined. New loan agreement with private investor Moreover, a further loan agreement totaling CHF 14 million and EUR 4.5 million will be concluded with a private investor in addition to the exist - ing loan amounting to approximately EUR 17.5 million. The new loans will have a term up to June 3, 216; the interest rate will be 5. percent p.a. as before. Proceedings of Constantin Medien AG against Bernard Ecclestone and others In the proceedings of Constantin Medien AG against Mr Bernard Ecclestone and others, the High Court of Justice in London, the Court of First Instance, rejected a direct claim and this action against Mr Bernard Ecclestone and others with its ruling on February 2, 214. The appeal launched by Constantin Medien AG with the High Court of Justice was also rejected on March 27, 214. On April 24, 214, Constantin Medien AG submitted an application to admit an appeal with the Court of Appeal in London, the Court of Second Instance. The decision regarding this application is still pending. Changes to personnel in the bodies of the Constantin Medien Group On April 2, 213, Constantin Medien AG announced changes to the Group's bodies. After five years as Chairman of the Supervisory Board, Mr Fred Kogel will leave the media company's Supervisory Board with the end of the Annual General Meeting of Constantin Medien AG on July 3, 214. He is to be appointed as Chief Operating Officer (COO) in the Management Board of Constantin Medien AG effective from October 1, 214. At the same time, he shall become COO in the Man agement Board of the Group company Constantin Film AG and shall be responsible for the TV and new business areas. Dr Dieter Hahn is to succeed Mr Fred Kogel as Chairman of the Supervisory Board of Constantin Medien AG. He will again be recom mended for the Board on the upcoming Annual General Meeting. Werner E. Klatten, Deputy Chairman of the Super visory Board of Constantin Medien AG sine 28, will no longer run for an appointment to the Supervisory Board. Jean-Baptiste Felten and a further qualified person will be proposed to the Annual General Meeting as new members to the Supervisory Board. The National Hockey League (NHL) live and exclusive on SPORT1 US On May 6, 214, Sport1 GmbH announced the acquisition of the platform-neutral exploitation rights to the National Hockey League (NHL) for the next two match periods up to and includ - ing 215/16 for Germany, Austria and Switzerland from the rights agency Advisers Media International (AMI) and Medge. From the upcoming season starting in October 214, the pay- TV channel SPORT1 US will be broadcasting at least 6 live matches with original US commentary. 5. Risk and Opportunities Report 5.1 Risk management system Entrepreneurial actions and utilization of opportunities always also involve risks. In order to protect the continuing existence of the Constantin Medien Group, and to support the achievement of corporate objectives, an integrated, enterprise-wide risk management system (RMS) was implemented. The risk management system of the Constantin Medien Group comprises both risks and opportunities. According to the decen tra lized Group structure, the operative responsibility in dealing with risks lies with the relevant risk officers. These are largely the Boards and Committees as well as the Managing Directors and the department heads of the individual subsidi - aries. The repor ted risks are consolidated, and if applicable cate gorized consistently, at Constantin Medien AG level, and assessed at Group level. A detailed presentation of the risk management system is set out in chapter of the combined Group management and management report of the Annual Report 213 of Constantin Medien AG. The same applies to the description of the internal control system in relation to the Group financial statement process and the opportunities and risks of Constantin Medien AG. Additionally, reference is made to the opportunities and risks report of the Interim Financial Report of Highlight Communications AG as of March 31,

27 Q1 214 Interim Group Management Report Risk and Opportunities Report 5.2 Main changes to opportunities and risks in the reporting period The opportunities and risk profile of the Constantin Medien Group for the months coming after the first three months of 214 largely corresponds to the assessments reported in the consolidated financial statements as of December 31, 213. A detailed presentation of the company's risks is set out in chapter of the combined Group management and man - agement report of the Annual Report 213 of Constantin Medien AG. Additionally, reference is made to the opportunities and risks report of the Annual Report 213 as well as of the Interim Financial Report of Highlight Communications AG as of March 31, 214. Compared to previous reports, particularly the Group management report for the 213 financial year, no noteworthy deviations could be identified in the distribution of individual factors to the different classes. The current assessment of risk factors by the responsible parties still supports the classification of opportunities and risks of Constantin Medien AG as summarized in the combined Group management report and management report for the 213 financial year. The following changes or additions to the risks described in the 213 Annual Report have occurred: Currently, shareholder claims are pending against Constantin Medien AG as the legal successor of EM.TV & Merchandising AG. The damage claims asserted in these proceedings amount to approx. EUR 1.45 million as of March 31, 214. The claims of these shareholders are based on a number of different circum stances and legal foundations, the background being the drop in the EM.TV stock price that occurred during 2/ 21. Several shareholders have filed petitions for rulings on certain facts and judicial subjects based on the German Capital Investor Proceedings Act (KapMuG). So far, the competent senate of the Munich Higher Regional Court only announced only one best case proceedings on April 2, 212 in the Federal Gazette. So far, these best case proceedings have not yet been finalized. In order to settle the best case proceedings and the above-mentioned pending shareholder claims, the Company has submitted an agreement for a settlement for these proceedings to the plaintiffs and the best case plaintiffs. This agreement was published by the competent senate of the Munich Higher Regional Court in the Federal Gazette on March 5, 214. The settlement was, among others, subject to the condition that at least 95 percent of the total disputed value join the settlement agreement or waive withdrawal from the settlement (hereinafter called quorum ). This quorum has not yet been achieved so that the Company will not present the settlement to the Annual General Meeting 214 of Constantin Medien AG for a vote. A new settlement offer with an adjusted quorum is currently being checked. With its ruling on February 2, 214, the High Court of Justice in London, the Court of First Instance, rejected a direct claim and this action against Mr Bernard Ecclestone and others in the proceedings of Constantin Medien AG against Mr Bernard Ecclestone and others. The appeal launched by Constantin Medien AG with the High Court of Justice, was also rejected by this Court on March 27, 214, and the legal costs of the opposing parties, which have to be born, have partially been speci fied (Q1 214: EUR 3. million). On April 24, 214, Con stantin Medien AG submitted an application to admit an appeal with the Court of Appeal in London, the Court of - Second Instance. The decision regarding this application is still pend ing. From today's perspective, it cannot be ruled out that Constantin Medien AG might have to bear additional legal costs for the opposing parties. Given the potential effects, this risk must be classified as medium. Constantin Sport Holding GmbH had agreed with Sky Deutschland Fernsehen GmbH & Co. KG to sell 1 percent of its shares in its subsidiary PLAZAMEDIA GmbH TV- und Film-Produktion, including its subsidiaries PLAZAMEDIA Austria Ges.m.b.H and PLAZAMEDIA Swiss AG, as well as 25.1 percent each of the shares in Sport1 GmbH and Constantin Sport Marketing GmbH to Sky Deutschland Fernsehen GmbH & Co. KG. Since as already described the transaction had not been executed, the results planning for 214 was adjusted accord - ingly, and this is also taken into account in the guidance for the 214 financial year. 5.3 Consolidated presentation of opportunities and risk situation The Management Board sees the main risk factors in regulatory interventions, the maintenance of technical coverage as a basis for generating strong revenues, the access to licenses and literary materials for exploitation and in anticipating customer 26

28 Interim Group Management Report Q1 214 Outlook taste as well as the future media use. The Management Board continues to see the biggest opportunities in the co-operation with script authors, directors and producers in Germany and abroad as well as the access to attractive literary materials and licenses, which the Constantin Medien Group not least can attribute to its image and its creative and committed personnel, as well as to its portfolio of existing rights and licenses. Based on the information available and on estimates, particularly the probability of occurrence, the maximum amount of damage and the effect of counter measures taken, the Manage - ment Board of Constantin Medien AG reaches the conclusion that these risks do not represent a going concern character. This particularly applies to individual risks, as well as to the risks as a whole as far as the effect of all risks together can be reasonably simulated or otherwise estimated. The Management Board considers the Group to be sufficiently prepared to deal with the remaining risks not reduced by counter measures. It is convinced that the measures taken keep risk at an economically reasonable level and that the Group's ability to bear risks is sufficient. 6. Outlook 6.1 Economic environment The International Monetary Fund (IMF) is expecting the global recovery this year to result in global economic growth of 3.6 percent, with regional differences in growth subject to high risks: As a consequence of the last financial and economic crisis, many countries continue to have high debt and unemployment ratios. Added to these are new risks such as a low inflation rate in the developed industrial nations, weaker growth prospects for emerging markets and new geopolitical conflicts such as the crisis in the Ukraine. The leading German economic research institutes in their spring forecasts are expecting a further economic recovery in the Eurozone. In particular, gross investments are to be on the rise, due to the required replacement investments and a low level of uncertainty regarding the future of the Euro. Private consumption is also predicted to increase again. However, this encour - aging development is burdened by the slow reduction in unemployment in the Eurozone, the still high debt ratios of companies and countries as well as the bank's limited willingness to grant credits. For Germany, the economic research institutes are predicting an economic upswing in the current year. Almost all available early indicators (Ifo Index, ZEW and Consumer Climate or the Purchasing Managers' Indices for the Processing Industry and the Services Sector) suggest that the economic framework conditions for companies are improving. The gross domestic product is to grow by 1.9 percent in 214, after a forecast of only 1.6 percent growth in the 213 autumn report. Private consumption is to make the biggest contribution to the increase in general economic production. Stronger consumers willingness to spend is supported by an increase in available income and in only a moderate increase in consumer prices. Sources: International Monetary Fund (IMF): World Economic Outlook, Update April 214; M.M. Warburg & Co., Hamburg: Capital market perspectives, February Priorities for the financial year Segment Sports Sector-specific general conditions In their current quarterly forecast Advertising Expenditure Fore cast, the media agency group ZenithOptimedia is predict - ing further growth for the global advertising market also in the next three years. After 213 ended with a plus of 3.9 percent, the agency is expecting a growth rate of 5.5 percent for 214, 5.8 percent for 215 and even 6.1 percent in 216. Zenith- Optimedia thus revises its forecast for the global advertising mar ket upward for the third time in a row. The ongoing positive development of the global economy and the continuing growth in mobile advertising were the reasons for this confident prediction. In 214, the advertising market will be driven by the Winter Olympics, the Soccer Wold Cup and the US midterm elec tions, with the medium TV profiting most. In 213, TV bundled 4 percent of the global advertising budget almost twice as much as investments in online advertising (21 percent). In addition, the confidence of advertising customers in the Eurozone strengthened, particularly the situation in the Southern European countries stabilized. For Germany, ZenithOptimedia expects growth of 1.5 percent for the current year, and growth rates of 1.3 or 1.2 percent for 215 and 216. Germany will profit especially in the category TV. Notwithstanding, the internet will continue to be the fastest growing medium in Germany according to ZenithOptimedia, with a predicted increase in net investments of 8.5 percent in 27

29 Q1 214 Interim Group Management Report Outlook 214. According to ZenithOptimedia, the rapid development of the medium is due to the revolution of programmatic purchases, which enable agencies and advertising customers to select advertising spots automatically and target-group-specifically, thus managing and optimizing digital campaigns in real time. By now, this is also true of social ads and online videos, so that several trends are reinforcing each other. cor responds to an annual increase of 6.6 percent based on 8.9 mil lion pay-tv households in 212. PwC expects the proportion of pay-tv households to be 31.9 percent in 217 (23.1 percent in 212). Source: PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft, German Entertainment and Media Outlook: , October 213 ZenithOptimedia still expects the highest growth rates in the mobile area: The advertisements on mobile devices are to go up by an average of 5 percent a year until 216. Globally, USD 13.4 billion were spent on mobile advertising in 213. This corresponds to 12.9 percent of total spendings for online advertising and 27 percent of the total advertising volume. By 216, investments in mobile advertising are to increase to USD 45 billion, making up 28 percent of online investments and 7.6 percent of total investments. Therefore, mobile will advance to become the fourth biggest advertising medium globally after radio, magazines and outdoor advertising. Source: ZenithOptimedia, press release, April 7, 214 for the study Advertising Expenditure Forecast In its advertising statistics for Germany, the Circle of Online Marketers (Online-Vermarkterkreis, OVK) assumes total spend - ings of EUR 1,43 billion for the current year, which corre - sponds to a strong growth of +8.4 percent. The Unit Mobile Advertising (MAC) also expects further growth for the display advertising area on mobile devices and for 214 is forecasting an increase of total advertising spendings of around 65 percent to EUR 17 million. Source: Circle of Online Marketers (OVK) and Unit Mobile Advertising (MAC) in BVDW e.v., press release, March 27, 214 For the pay-tv area, the auditing company PwC is predicting a slight increase in the proportion of pay-tv households of total households in Germany to 53.5 percent by 217. The proportion was 52.6 percent in 212. Overall, PwC is expecting 2.5 sub scriber households for 217. This development will be especially due to the further increase in the demand for IPTV and pay-tv offers. Subscriber households are made up of cable and IPTV households, satellite households with pay-tv as well as customers of the pay-tv platform Sky, and the users of pay- TV HD packages via satellite as well as the users of 3D offers however, the latter will for now continue to be a niche as forecast by PwC. According to PwC, the number of pay-tv house - holds in Germany will total 12.2 million in 217, which According to PwC, in the production sector, the medium TV will benefit from the continuing strong demand for program offers in high definition and from the higher number of TV channels as part of the ongoing digitization. As a result, TV usage is at a stable high level and TV is staying attractive to advertisers. Source: PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft, German Entertainment and Media Outlook: , October 213 The TV industry continues to be significantly driven by the intro - duction of the new TV standard Ultra HD (4K). This was also confirmed on the world's biggest specialist trade fair for production technology, the NAB, which takes place in Las Vegas in mid-april each year. In addition to innovative IP broadcasting techniques, which are to make the broadcasts of live events more cost efficiently and more flexible, the focus was particularly on the 4K production technology (Ultra-HD). Sony and FIFA announced their co-operation to this aim: For the first time, the official film for the 214 FIFA World Cup will be produced in 4K resolution. At some match sites, professional 4K equipment will be integrated into the production workflow. This once more documents the development from HD to 4K. Sources: 4k-Produktionen zur FIFA WM als neue hochauflösende Produktionstechnik ; mebucom.de, April 14, 214; Fast schon Geschichte: die NAB214 in film-tv-video.de, April 1, 214 Priorities for the financial year 214 Alongside the further continuous expansion of sports contents and live broadcasts, both in free-tv and in pay-tv, the even more consistent cross-platform content use and distribution will be a focus in the current financial year not least against the background of the further increase in digital and convergent media use for cross-platform offers. As a result, SPORT1 will drive the digitization of its offers even more stringently. Above all, SPORT1.de will aim at positioning itself also as a portal for access to all digital offers under the SPORT1 umbrella brand. For this purpose, SPORT1 will create the corre - sponding technical infrastructure and implement user inter - 28

30 faces focused on convergent media use. In addition, the digital diversification of the SPORT1 brand is to be driven forward via additional sub-brands in the online area, while simultaneously creating new marketing environments. In the context of the perpetual increase in the distribution of mobile devices such as Smartphones and Tablets, SPORT1 will further focus on extending its mobile offers and Apps, and on intensifying its social media activities, in Segment Film Sector-specific general conditions As a result of the now secured continuation and increase of the DFFF until 216, an important contribution to financing German films will also be made in the next few years. This will inspire production companies such as Constantin Film AG to offer a creative and ambitious production business in Germany. The ruling of the Federal Constitutional Court, which confirmed the unlimited legality of the German Film Funding Act, pro vides the entire industry with an immensely important basis for sustainable growth perspectives. In the TV service production area, innovations in the product portfolio of private program providers can be assumed, par tially due to stagnating coverages for long-term formats. Pay-TV could become an increasingly interesting partner for service productions, whose growth is currently strong and stable. Fans of sports, films and demanding TV series are increasingly shift ing towards pay-tv. The internet (subscription video-on-demand) can also be viewed as a potential competitor of commercial TV and must hence be monitored closed as a potential new partner. In the theatrical distribution area, it can be assumed that the theatrical market in Germany will be able to generate a good result by sales and viewers in the second quarter 214 in spite of the upcoming 214 FIFA World Cup. This is because international titles such as The Amazing Spider-Man 2: Rise of Electro, The Other Woman, Godzilla, X-Men: Days of Future Past, Maleficent and A Million Ways to Die in the West will be released in this period. On the German Home Entertainment market, digital exploitation formats (Electronic sell-through, Video-on-Demand and Pay-per-View) will continue to gain in importance. For instance, Constantin Film AG assumes that compared to the current market volume video-on-demand will reach a two-digit market share in the next few years. Priorities for the financial year 214 In theatrical production, Constantin Film AG's priority is on the continuous optimization of the persistent high quality of its national and international in-house productions. It is the aim to primarily produce titles that are emotionally-triggered to the needs of the audience and that are based e.g. on specific brands and/or have event-character. But also productions with smaller budgets and correspondingly a containable audience risk are of interest if they are compelling. Each project must be measured based on high creative and economic benchmarks. Due to the current plans, a further ten promising film projects are in the pipeline for the rest of 214. Three of these theatrical films including Fantastic Four 2 and Resident Evil 6 are English-speaking productions tailored to the international market. Productions for the German theatrical market include, among others, Ostwind 2 Die Rückkehr nach Kaltenbach as well as a second part to Fack ju Göhte. In the TV service production area, the subsidiaries of Constantin Film AG are continually working on developing innovative TV formats and establishing contacts with the major TV chan nels. For the coming months, Constantin Film AG is expecting an improved order situation in this area, which could also be influenced positively by the increasingly aggressive acquisition policy of the major online portals. In 214, these include the Ken Follett dramatization The Pillars of the Earth as well as a further episode of the Rita Falk provincial crime series Schweinskopf al dente. In theatrical distribution, Constantin Film AG will continue to rely on its tried and tested strategy of combining national and international in-house and co-productions with high-quality third-party titles, which are released in cinemas at a strategically favorable time with an appropriate press and marketing strategy. Against the background that especially American studios spend large marketing budgets when releasing their major event films in order to attract audience attention, Constantin film AG will in future analyze more closely when and how to posi tion its films on the German theatrical market. From today's perspective, approximately nine films will be released to German cinemas between April and December 214. Due to the 214 FIFA World Cup, only one film release is planned for the second quarter of 214 with Irre sind männlich (in cinemas since April 24). Other theatrical 29

31 Q1 214 Interim Group Management Report Outlook releases contrary to the usual seasonal trend are planned from August because in the summer months, the theatrical market is dominated by US blockbusters released globally. In the current financial year, the Home-Entertainment area will benefit particularly from the re-release of the theatrical hit Fack ju Göhte, which came on the market at the beginning of May. Other significant sales are expected from titles such as Pompeii, Need for Speed and Fünf Freunde 3. Revenues in free-tv exploitation in the second quarter of 214 will be largely determined by the license starts of the films Agent Ranjid rettet die Welt (ZDF), The Three Musketeers (ProSiebenSat.1), God of Carnage (ARD), Wickie auf großer Fahrt (ProSiebenSat.1) and Blutzbrüdaz (ProSiebenSat.1). In pay-tv exploitation, So Undercover, Fünf Freunde 2, Texas Chainsaw The Legend is back and Wrong Turn 5 will generate revenues in the second quarter of Segment Sports- and Event-Marketing Sector-specific general conditions According to estimates by the consulting company for sponsor ship measurement IEG, global sponsoring expenditures in 214 will increase by 4.1 percent (previous year: 3.9 percent) to USD 55.3 billion. IEG expects the largest percentage growth spurt in the Asia/Pacific region (5.6 percent after 5. percent the previous year), but the Central and South American region will also increase due to the 214 FIFA World Cup, which is to take place in Brazil (5. percent after 2.6 percent last year). By contrast, IEG forecasts a strong curbing of the growth rate in Europe (2.1 percent after 2.8 percent the previous year), whereas at 4.3 percent, the increase in North America is to be slightly below the prior year value (4.5 percent). Source: IEG Sponsorship Report, January 7, 214 Priorities for the financial year 214 The repeated extension of the TEAM mandate for the market ing of the commercial rights for the UEFA Champions League, UEFA Europa League and UEFA Super Cup (each for the match periods 215/16 to 217/18) still provides very good per spec tives for continuing the close co-operation with the Euro pean Foot ball Association. If contractually agreed performance targets for the current marketing process will be achieved, then TEAM s mandate will be automatically extend - ed for three additional match periods (218/19 to 22/21). As a result, it is the primary target of the TEAM group to achieve a premature extension with UEFA. For this purpose, as many new agreements at best possible conditions are to be conducted in the current financial year both in the area of TV rights and for sponsorship rights. The two finals in Turin and Lisbon are offering the perfect sales platform in the current marketing phase Segment Other Business Activities Sector-specific general conditions Online/Social Gaming PwC assumes that the games market in Germany will grow more strongly again in the next few years and is expecting revenues of EUR 2.4 billion for 216. Compared to the comparative value of EUR 1.85 billion in 212, this corresponds to an average increase per year of 3.9 percent. PwC mentions additional virtual contents in the so-called free-to-play area as one of the most important growth drivers. In this business model, game publishers provide basic game contents for free in order to offer potential users the lowest possible entrance threshold. Additional contents such as game extensions or functional items can be acquired during the course of the game for a charge. PwC assumes that this sector will grow by an average of 1 percent per year a significantly stronger growth than the market as a whole. Source: PricewaterhouseCoopers (PwC), study Media Trend Outlook Virtuelle Zusatzinhalte in Videospielen: ein Geschäftsmodell mit Aussicht, August 213 Priorities for the financial year 214 Highlights Event AG is primarily focusing on the high-quality implementation of the events of the Vienna Philharmonic Orchestra and the EBU, as these projects offer the greatest opportunities for the future. With regard to the newly added projects (merchandising for the Eurovision Song Contest and Eurovision Young Musicians), there are good strategic possibil - ities to further expand the existing business areas. This par - ticularly applies to the Eurovision Young Musicians project, which combines existing activities in the area of classical music with those of the EBU, with which there is a long-standing and successful partnership. Furthermore, online gaming provides the great opportunity to interact with users/fans in the forward-looking social media, events and entertainment sector. As a result, any already made activities are to be extended further. 3

32 6.3 Financial targets of the Group It should be noted that actual results could significantly differ from expectations of projected developments if the assump - tions underlying the forward-looking statements prove to be inaccurate. Since the originally agreed sale of PLAZAMEDIA GmbH TVund Film-Produktion as well as the sale of the minority stake of 25.1 percent each in Sport1 GmbH and Constantin Sport Marketing GmbH to Sky Deutschland Fernsehen GmbH & Co. KG will not be executed, this results in a change of the financial targets of the Constantin Medien Group for the financial year 214. Caused by the continuation of the activities of PLAZAMEDIA GmbH TV- und Film-Produktion and its subsidiaries under the umbrella of Constantin Medien AG, compared to the previous year, now an increase in sales is expected for the financial year 214 in the Segment Sports. Despite the loss of the planned other income resulting from the transaction with Sky Deutschland Fernsehen GmbH & Co. KG, however higher earnings are assumed compared to the previous year (previous guidance for the financial year 214: lower sales together with an increase in earnings). Overall, the Management Board now assumes Group sales of between EUR 46 million and EUR 5 million (previously: EUR 42 million and EUR 46 million) for the financial year 214. Considering the holding costs and the financial expenses and taxes and due to the fact, that the intended transaction has not been executed, the Management Board is expecting Group earnings attributable to shareholders of between EUR -13 million and EUR -15 million (previously: EUR +13 million and EUR +15 million). Ismaning, May 22, 214 Constantin Medien AG Bernhard Burgener Chief Executive Officer Antonio Arrigoni Chief Financial Officer 31

33 Q1 214 Consolidated Interim Financial Statements Consolidated Balance Sheet Assets Consolidated Balance Sheet as of March 31, 214 in EUR 3/31/214 12/31/213 Non-current assets Film assets Other intangible assets Goodwill Property, plant and equipment Investments in associated companies and joint ventures Non-current receivables Receivables due from associated companies and joint ventures Other financial assets Deferred tax assets 135,461 31,9 43,471 5, ,13 2, ,15 225,12 172,154 31,558 43,295 5, , , ,796 Current assets Inventories Trade accounts receivable and other receivables Receivables due from associated companies and joint ventures Other financial assets Income tax receivables Cash and cash equivalents Non-current assets held for sale and disposal group 4,71 116,747 1,859 1,51 2,495 68,576 44,69 239,939 3, ,55 1,862 1,85 1,593 67,851 41, ,793 Total assets 465,41 495,589 32

34 Equity/Liabilities Consolidated Balance Sheet as of March 31, 214 in EUR 3/31/214 12/31/213 Equity Subscribed capital Treasury stock Capital reserve Other reserves Accumulated loss Shareholders' interests Equity attributable to the shareholders Non-controlling interests 85,131-7,422 13,65 12, ,679-5,775 8,684 41,35 49,719 85,131-7,422 13,65 12,718-17,54-9,625 14,353 4,843 55,196 Non-current liabilities Financial liabilities Other liabilities Pension liabilities Provisions Deferred tax liabilities 19, ,66 4,347 15, ,841 19, ,97 4,653 19, ,475 Current liabilities Financial liabilities Advance payments received Trade accounts payable and other liabilities Liabilities due to associated companies and joint ventures Provisions Income tax liabilities Liabilities of the disposal group 99,92 43,159 17,796 2,478 8,227 4,796 13, , ,988 48,31 17, , ,89 31,918 Total equity and liabilities 465,41 495,589 33

35 Q1 214 Consolidated Interim Financial Statements Consolidated Income Statement Consolidated Income Statement January 1 to March 31, 214 in EUR 3/31/214 3/31/213 Sales Capitalized film production costs and other own work capitalized Total output 136,139 6,97 143,19 13,748 12, ,175 Other operating income 5,89 5,845 Costs for licenses, commissions and materials Costs for purchased services Cost of materials and licenses -1,614-35,34-45,918-12,434-41,44-53,874 Salaries Social security and pension costs Personnel expenses -25,49-3,64-29,94-25,913-3,651-29,564 Amortization and impairment on film assets Amortization/depreciation and impairment on intangible assets and property, plant and equipment Impairment on goodwill Amortization, depreciation and impairment -52,527-1,74-53,61-14,76-2,746-17,452 Other operating expenses -22,58-19,361 Loss/profit from operations -2,275 1,769 Profit from investments in associated companies and joint ventures 5 4 Financial income Financial expenses Financial result 2,47-4,49-2,2 1,943-2,97-1,27 Loss/profit before taxes -4, Income taxes Deferred taxes Taxes -5,22 4, Net loss/profit thereof non-controlling interests thereof shareholders' interests -4, , ,

36 Consolidated Statement of Comprehensive Income Consolidated Interim Financial Statements Q1 214 January 1 to March 31, 214 3/31/214 3/31/213 Earnings per share Earnings per share attributable to shareholders, basic (in EUR) Earnings per share attributable to shareholders, diluted (in EUR) Average number of outstanding shares (basic) Average number of outstanding shares (diluted) 77,78,287 77,78,287 77,76,49 77,76,49 Consolidated Statement of Comprehensive Income January 1 to March 31, 214 in EUR 3/31/214 3/31/213 Net loss/profit -4, Foreign currency translation differences Items that probably will be reclassified to profit or loss in subsequent periods Actuarial gains and losses on defined benefit plans Items that will not be reclassified to profit or loss in subsequent periods Other comprehensive loss/income, net of tax Total comprehensive loss/income thereof non-controlling interests thereof shareholders' interests -5, , ,

37 Q1 214 Consolidated Interim Financial Statements Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows January 1 to March 31, 214 in EUR 3/31/214 3/31/213 Net loss/profit -4, Deferred taxes Income taxes Financial result Profit (-) / loss (+) from investments in associated companies and joint ventures Amortization, depreciation and impairment and write-ups on film assets, intangible assets and property, plant and equipment Profit (-) / loss (+) from disposal of film assets, intangible assets and property, plant and equipment Other non-cash items Increase (-) / decrease (+) in inventories, trade accounts receivable and other assets not classified to investing or financing activities Decrease (-) / increase (+) in trade accounts payable and other liabilities not classified to investing or financing activities Dividends received from associated companies and joint ventures Interest paid Interest received Income taxes paid Income taxes received -4,485 5,22 2, , ,44 1,662-3, , , , ,232-9,566 12,184-1, ,8 2,982 Cash flow from operating activities 46,813 17,192 Change in cash and cash equivalents due to acquisitions of companies/shares in companies, net Payments for intangible assets Payments for film assets Payments for property, plant and equipment Payments for financial assets Proceeds/payments due to sale of companies/shares in companies, net Proceeds from disposal of intangible assets and film assets Proceeds from disposal of property, plant and equipment Proceeds from disposal of financial assets ,123-1, , Cash flow for investing activities -18,439-15,852 36

38 January 1 to March 31, 214 in EUR 3/31/214 3/31/213 Proceeds from capital increase and from issuance of equity instruments Payments for purchase of treasury stock Proceeds from sale of treasury stock Payments for purchase of non-controlling interests Proceeds from sale of non-controlling interests Repayment and buy-back of non-current financial liabilities Repayment and buy-back of current financial liabilities Proceeds from receipt of non-current financial liabilities Proceeds from receipt of current financial liabilities Dividend payments -25, , Cash flow for financing activities -25,182-9,394 Cash flow from/for the reporting period 3,192-8,54 Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period 82, ,21 91, ,48 Change in cash and cash equivalents 3,192-8,54 37

39 Q1 214 Consolidated Interim Financial Statements Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity January 1 to March 31, 214 in EUR Subscribed capital Treasury stock Capital reserve Other reserves Balance 1/1/214 85,131-7,422 13,65 12,718 Foreign currency translation differences 16 Items that probably will be reclassified to profit or loss in subsequent periods 16 Actuarial gains and losses on defined benefit plans Items that will not be reclassified to profit or loss in subsequent periods Other comprehensive income/loss 16 Net profit/loss Total comprehensive income/loss 16 Reclassification of prior year's net result Capital increase Change in treasury stock Dividend payments Other changes Balance 3/31/214 85,131-7,422 13,65 12,824 Balance 1/1/213 85,131-7,424 11,195 14,788 Retrospective change in accounting principle due to adoption of IAS 19R -888 Adjusted balance 1/1/213 85,131-7,424 11,195 13,9 Foreign currency translation differences -25 Items that probably will be reclassified to profit or loss in subsequent periods -25 Actuarial gains and losses on defined benefit plans Items that will not be reclassified to profit or loss in subsequent periods Other comprehensive income/loss -25 Net profit/loss Total comprehensive income/loss -25 Reclassification of prior year's net result Capital increase Change in treasury stock 1 Dividend payments Other changes Balance 3/31/213 85,131-7,424 11,196 13,875 38

40 39 Shareholders' interests -9, ,495-5,775 9,625-5,775 4, , , Noncontrolling interests 4, ,35 5,959-1,175 49, ,36 1,239 51,23 Equity attributable to shareholders 14, ,495-5,669 8,684 32, , ,298 Total 55, ,962-5, ,719 83,725-2,74 81, ,321 Accumulated loss -17,54-9, , , ,886 4, ,935

41 Q1 214 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements General information about the Group Accounting and valuation principles Changes in accounting principles Notes to the Consolidated Interim Financial Statements 1. General information about the Group The Group parent company, Constantin Medien AG, has its registered office in Münchener Straße 11g, Ismaning, Germany. Constantin Medien AG's Management Board authorized the publication of the accompanying unaudited, condensed consolidated interim financial statements at its meeting on May 22, Accounting and valuation principles The accompanying unaudited, condensed consolidated interim financial statements for the period from January 1, 214 to March 31, 214 have been prepared according to International Accounting Standard Interim Financial Reporting (IAS 34). The condensed consolidated interim financial statements do not include all explanations and disclosures required for annual reports and should be read in conjunction with the consolidated financial statements as of December 31, 213 published by the Company. The accounting and valuation principles used in this condensed consolidated interim financial statements are consistent with those applied in the consolidated financial statements as of December 31, 213 (refer to the annual report 213, notes to the consolidated financial statements, note 4) except for the first-time adoption of new or revised standards and interpretations explained below. The consolidated interim financial statements are presented in Euros, which represent the functional and reporting currency of the Group parent company. In general, the amounts are stated in thousands of Euros (EUR thousand or EUR ), except where otherwise indicated. The preparation of the condensed consolidated interim financial statements requires management to use estimates and assumptions that affect the classification and measurement of reported income, expenses, assets, liabilities and contingent liabilities as of the balance sheet date. These estimates and assumptions represent management's best estimate based on historical experience and other factors, including estimates about future events. The estimates and assumptions are contin - ually reviewed. Changes in accounting estimates are necessary if changes occur in the circumstances on which the estimates were based on or as a result of new information or additional findings. Such changes are recognized in the period of the change. For additional information, refer to the annual report 213, notes to the consolidated financial statements, note Changes in accounting principles The Group has the following standards and amendments of accounting standards, mandatory applicable in the EU from January 1, 214, already voluntarily early adopted in the financial year 213: Standards/ Amendments/ Interpretations Mandatory application for annual periods beginning on or after: IFRS 1, Consolidated Financial Statements IFRS 11, Joint Arrangements IFRS 12, Disclosures of Interest in Other Entities Transition Regulations (Amendments to IFRS 1, IFRS 11, IFRS 12) IAS 27, Separate Financial Statements (Amendment) IAS 28, Investments in Associates and Joint Ventures (Amendment) IAS 36, Impairment (Amendment) 1/1/214 1/1/214 1/1/214 1/1/214 1/1/214 1/1/214 1/1/214 4

42 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements Q1 214 Changes in the scope of consolidation Explanatory notes to selected line items in the balance sheet and income statement For additional information, refer to annual report 213, notes to the consolidated financial statements, note 2. The mandatory first-time adoption for annual periods beginning on January 1, 214 of the following accounting standards and interpretations did not materially impact this condensed consolidated interim financial statements and it is not expected that these changes materially impact the full financial statements at year-end. Standards/ Amendments/ Interpretations Mandatory application for annual periods beginning on or after: Investment Entities (Amendments to IFRS 1, IFRS 12 and IAS 27) IAS 32, Financial Instruments: Presentation Offsetting Financial Assets and Financial Liabilities (Amendment) IAS 39, Financial Instruments: Recognition and Measurement Novation of Derivatives (Amendment) IFRIC 21, Levies 1/1/214* 1/1/214* 1/1/214* 1/1/214** * Already endorsed by the EU ** Interpretation not yet been endorsed by the EU The Constantin Medien Group waived the early application of new or revised standards and interpretations, whose application is not yet mandatory for the Constantin Medien AG on January 1, 214. For additional information, refer to annual report 213, notes to the consolidated financial statements, note Changes in the scope of consolidation Acquisitions, new formations and first-time consolidation In the reporting period no new acquisitions, formations and first-time consolidation took place. Other changes On January 1, 214 Constantin Production Services Inc., USA was merged to the Constantin Film Development Inc., USA. This transaction has no effect on these consolidated interim financial statements. 5. Explanatory notes to selected line items in the balance sheet and income statement Film assets Film assets include third-party and in-house productions. In the first three months of the financial year 214 EUR 15,826 thousand (3M 213: EUR 14,11 thousand) were invested in film assets. Amortization and impairment for the reporting period amount to EUR 55,527 thousand (3M 213: EUR 14,76 thousand). Trade accounts receivable and other receivables Trade accounts receivable and other receivables are as follows: Trade accounts receivable and other receivables in EUR 3/31/214 12/31/213 Trade accounts receivable 48,6 52,798 Other receivables 68,741 65,77 Total 116, ,55 Other receivables include loans to co-producers for film projects of EUR 34,139 thousand (December 31, 213: EUR 35,211 thousand). Cash and cash equivalents Cash and cash equivalents are as follows: 41

43 Q1 214 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements Explanatory notes to selected line items in the balance sheet and income statement Cash and cash equivalents in EUR 3/31/214 12/31/ CHF million). As of the balance sheet date thereof EUR 3,175 thousand (December 31, 213: EUR thousand) have been claimed. Cash on hand and balance at banks 83,21 72,918 Short-term deposits 3, 1, Subtotal 86,21 82,918 Reclassification to disposal group -17,625-15,67 Total 68,576 67,851 As of March 31, 214 Constantin Medien AG has pledged a total of cash and cash equivalents in the amount of CHF 7.6 million for guarantees in variable amounts (December 31, Non-current assets held for sale This item comprises on the one hand the property held for sale from Highlight Event & Entertainment AG, whose activities are reported in the Other Business Activities Segment, in the amount of EUR 3,197 thousand (December 31, 213: EUR 3,181 thousand) as well as the disposal group of PLAZAMEDIA GmbH TV- und Film-Produktion and its subsidiaries. As of March 31, 214 the disposal group is measured at carrying value. The assets and liabilities presented include the values of PLAZAMEDIA GmbH TV- und Film-Produktion, PLAZA - MEDIA Austria Ges.m.b.H and PLAZAMEDIA Swiss AG: Disposal group in EUR ' Assets 3/31/214 12/31/213 Other intangible assets Property, plant and equipment Non-current receivables Deferred tax assets Inventories Trade accounts receivable and other receivables Income tax receivables Cash and cash equivalents 642 7, , , , , , ,827 15,67 Assets of the disposal group 41,493 38,773 Liabilities 3/31/214 12/31/213 Trade accounts payable and other liabilities Income tax liabilities Non-current other liabilities Deferred tax liabilities Provisions 13, , Liabilities of the disposal group 13,933 12,89 The cumulative gains or losses in other comprehensive income, which are assigned to the disposal group, amount to EUR -1 thousand (December 31, 213: EUR 4 thousand). For additional information, refer to the annual report 213, notes to the consolidated financial statements, note

44 Equity As of March 31, 214, the balance of directly and indirectly held non-voting treasury shares stood at 7,422,493 Constantin Medien AG shares taking into account shares held by Highlight Communications AG (December 31, 213: 7,422,493 shares). Non-current financial liabilities The following table shows the composition of non-current financial liabilities as of March 31, 214: Non-current financial liabilities in EUR 3/31/214 12/31/213 Corporate bond 213/218 63,479 63,41 Corporate bond 21/215 28,739 28,7 Loan private investor 17,588 17,539 Total 19,86 19,64 Current financial liabilities Current financial liabilities consist of EUR 99,92 thousand (December 31, 213: EUR 123,988 thousand) of current liabil - ities due to banks, whereof EUR 54,3 thousand (December 31, 213: EUR 79,123 thousand) fall upon film financing. Trade accounts payable and other liabilities Trade accounts payable and other liabilities are as follows: development refer to note 7 (segment reporting) of these notes and to chapter (segment performance) of the interim group management report. Sales from barter transactions involv ing dissimilar advertising services amount in the report - ing period to EUR 1,31 thousand (3M 213: EUR 597 thousand). Other operating expenses In Constantin Medien AG s proceeding against Mr Bernard Ecclestone, among others, the High Court of Justice in London, Court of First Instance, rejected a direct claim against Mr Bernard Ecclestone, among others, in its judgment dated February 2, 214. The appeal filed by Constantin Medien AG was rejected by the High Court of Justice in London on March 27, 214. For further comments on the legal proceedings of Constantin Medien AG against Mr Bernard Ecclestone, among others, refer to note 1, events after balance sheet date, of these notes. Due to the decision of the Court in late March a negative impact on earnings of EUR 2,964 thousand relating to costs for counterparty lawyers resulted in the first quarter 214. Amortization, depreciation and impairment Amortization, depreciation and impairment for the first three months 214 are as follows: Amortization, depreciation and impairment in EUR ' 3/31/214 3/31/213 Trade accounts payable and other liabilities in EUR 3/31/214 12/31/213 Trade accounts payable 37,72 41,466 Other liabilities 7,724 65,98 Total 17,796 17,446 Sales Sales in the first three months 214 amounted to EUR 136,139 thousand compared to EUR 13,748 thousand in the same period in 213. For further details about the sales Scheduled amortization of film assets 45,239 13,168 Scheduled amortization of intangible assets Scheduled depreciation of property, plant and equipment 591 2,94 Impairment on film assets 7,288 1,538 Total 53,61 17,452 Financial result Financial income and financial expenses for the first three months 214 are as follows: 43

45 Q1 214 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements Financial risk management Financial income in EUR ' 3/31/214 3/31/213 Foreign currency exchange gains Gains from changes in the fair value of financial instruments Other interests and similar income 1, Total 2,47 1,943 Financial expenses in EUR 3/31/214 3/31/213 Interest expenses on the corporate bonds (previous year: incl. convertible bond) Foreign currency exchange losses Loss arising from changes in the fair value of financial instruments Other interest and similar expenses 1, , ,561 Total 4,49 2,97 Unrecognized allocable loss from entities accounted for at equity In the reporting period the unrecognized allocable loss from entities accounted for at equity amounts to EUR 323 thousand (3M 213: EUR 388 thousand). The cumulative unrecognized allocable loss totals EUR 2,528 thousand (December 31, 213: EUR 2,193 thousand). 6. Financial risk management Fair value hierarchy Financial assets and liabilities that are measured at fair value, or fair values to be disclosed in the notes, are allocated to the following levels of the fair value hierarchy, based on the lowest level input that is significant for the fair value measurement as a whole: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date The Group is exposed to various financial risks arising from operating business activities and financing activities. Financial risks of relevance to the Group arise from changes in foreign exchange rates, market risks for financial assets as well as changes in interest rates, liquidity, creditworthiness and the payment ability of the Group's business partners. There have been no changes relating to the classification of the financial assets and liabilities compared to the latest consolidated financial statements. For additional information, refer to the annual report 213, notes to the consolidated financial statements, note 8. Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly Level 3: Inputs are unobservable inputs for the asset or liability In the first three months until March 31, 214, there have been no changes in the valuation principles (refer to the annual report 213, notes to the consolidated financial statements, note 4.3). 44

46 The following table presents an allocation of financial assets and liabilities measured at fair value, or fair values to be dis - closed in the notes according to the three-level fair value hier - archy: Fair value hierarchy as of March 31, 214 in EUR Net carrying value Level 1 Fair value Level 2 Level 3 Total Financial assets Derivative financial instruments Financial assets at fair value through profit or loss Financial liabilities Financial liabilities (non-current) 19,86 95,168 19, ,114 Derivative financial instruments Fair value hierarchy as of December 31, 213 in EUR Net carrying value Level 1 Fair value Level 2 Level 3 Total Financial assets Derivative financial instruments Financial assets at fair value through profit or loss Financial liabilities Financial liabilities at fair value through profit or loss Financial liabilities (non-current) 19,64 94,87 19, ,686 Financial liabilities with hedging relationships Derivative financial instruments For the determination of fair values the own credit risk and the default risk of the counterparty has been taken into account according the Group s accounting principles (refer to the annual report 213, notes to the consolidated financial statements, note 4.3). There have been no reclassifications between the individual categories of the fair value hierarchy. Fair value of financial assets and liabilities The valuation at fair value of financial assets measured at fair value through profit or loss, which is included in level 1, is deter mined by means of stock prices. Derivative financial instru ments included in level 2 are measured at current market prices. To determine the fair value of financial instruments in level 2, a discounted cash flow method has been applied. Financial assets and liabilities measured at amortized cost The carrying amounts of current financial assets and liabilities almost correspond to their fair value due to the short-term maturities of these instruments. The non-current receivables are discounted according to their maturity and therefore the carry - ing amounts correspond almost to their fair value. A differ ence between the amortized cost and fair value exist for the noncurrent financial liabilities. 45

47 Q1 214 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements Segment reporting The fair value of the corporate bonds accounted for at amor - tized cost is equivalent to the XETRA closing rate at the balance sheet date, and is therefore included in level 1. The fair value of the loan from a private investor accounted for at amortized cost was determined using the discounted cash flow method. The discount rates adopted correspond to the market yield curve of a German government bond at the balance sheet date. As the market interest rate is the most significant input factor and thus deemed to be observable, the fair value is classified in level 2 of the fair value hierarchy. Fair value of non-financial assets and liabilities As of March 31, 214, with the exception of the property, no non-financial assets and non-financial liabilities have been measured at fair value. The property which is measured at fair value less cost to sell is classified in level 2 of the fair value hierarchy like on December 31, 213 (refer to annual report 213, notes to the consolidated financial statements, note 6.13). 7. Segment reporting The segment information below is based on the man agement approach. The Company's Management Board, as the chief operating decision maker, makes decisions about the allo cation of resources to the segments and still assesses their success on the basis of key indicators for sales and segment result. Based on the internal management reporting system and the underlying organizational structure of internal reporting, the Group is still classified into the four operative segments Sports, Film, Sports- and Event-Marketing as well as Other Business Activ - ities. Others contain the administrative functions of the holding company, Constantin Medien AG, and in the previous year additionally the activities of EM.TV Finance B.V. until the completion of its liqui dation in October 213. The segment result is defined as earnings before earnings from investments in associated companies and joint ventures, before financial result and before taxes. Sales and services transacted between business segments are generally rendered at prices that would have been agreed with third parties. Segment reporting January 1 to March 31, 214 in EUR Sports Film Sports- and Event- Marketing Other Business Activities Others Recon - ciliation Group External sales 33,417 92,87 1, ,139 Intercompany sales Total sales 33,52 92,87 1, ,139 Other segment income 2,77 1, ,46 12,779 Segment expense -35,5-14,72-6,345-1,264-5,26 1, ,193 thereof scheduled amortization and depreciation , ,313 thereof impairments -7,288-7,288 Segment result 1,24-2,68 3, ,245-2,275 Non-allocated items Earnings from investments in associated companies and joint ventures 5 Financial income 2,47 Financial expenses -4,49 Loss before taxes -4,227 46

48 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements Q1 214 Financial commitments, contingent liabilities and other financial commitments Relationships with related companies and persons Segment reporting January 1 to March 31, 213 in EUR Sports Film Sports- and Event- Marketing Other Business Activities Others Recon - ciliation Group External sales 37,85 55,816 1, ,748 Intercompany sales Total sales 37,212 55,816 1, ,748 Other segment income , ,8-1,189 18,272 Segment expense -36,487-74,214-6,748-1,34-2,814 1,352-12,251 thereof scheduled amortization and depreciation -1,696-13, ,914 thereof impairments -1,538-1,538 Segment result 1,592-1,835 3, ,14 1,769 Non-allocated items Earnings from investments in associated companies and joint ventures 4 Financial income 1,943 Financial expenses -2,97 Profit before taxes Financial commitments, contingent liabilities and other financial commitments Financial commitments, contingent liabilities and other financial commitments decreased by EUR 19,8 thousand to EUR 166,616 thousand as of March 31, 214, compared to the consolidated financial statements as of December 31, Relationships with related companies and persons The Company maintains relations as part of the ordinary business activities with associated companies and joint ventures as well as companies that are controlled by Members of the Supervisory Board. Receivables due from associated companies and joint ventures include in some cases loans, which have arisen from non-binding financing activities of operational projects. The volume of actual transactions in the reporting period can be seen in the following table. There were no business relationships between Constantin Medien AG and associated companies and joint ventures in the reporting period and in the previous year. Transactions with associated companies and joint ventures were made by the Highlight Communications group. Transactions with other related companies and persons include mainly the following relationships: Expenses of EUR 75 thousand are incurred in the first three months 214 (3M 213: EUR 75 thousand) from the consultancy agreement between the Constantin Film group and the Fred Kogel GmbH covering license trading, TV service produc - tions and film distribution. As of March 31, 214, liabil ities to taled EUR 25 thousand (December 31, 213: EUR 25 thousand). There exists a legal consultancy agreement between Constantin Medien AG and the Sozietät Kuhn Rechtsanwälte. In the first three months 214, expenses are incurred in the amount of EUR 4 thousand (3M 213: EUR thousand). The liabil ities amount to EUR thousand as of March 31, 214 (December 31, 213: EUR thousand). A provision in the amount of EUR 17 thousand (December 31, 213: EUR 2 thousand) has been recognized for services not yet billed. 47

49 Q1 214 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements Relationships with related companies and persons Relationships with related companies and persons in EUR Joint Ventures Receivables Liabilities Sales and other income Cost of materials and licenses and other expenses 3/31/214 1,84 2,442 3/31/214 1, /31/213 1,862 3/31/213 1,85 1,924 Associated companies Receivables Liabilities Sales and other income Cost of materials and licenses and other expenses 3/31/214 2, /31/ /31/213 2, /31/ Other related companies and persons Receivables Liabilities Provisions Sales and other income Legal and consulting expenses 3/31/ /31/ /31/ /31/ There exists a consultancy agreement between Constantin Sport Marketing GmbH, Sport1 GmbH, Sky Deutschland Fernsehen GmbH & Co. KG and Dr Dieter Hahn which has been signed in the financial year 213. Constantin Medien AG is asserting, out of court and/or in court, the rights granted in a debtor warrant in the context of an agreement dated February 17, 23 for the sale and transfer of the holding in Speed Investments Ltd. to BayernLB Motorsport Ltd., with the help of a rights association of former Formula One shareholders Civil rights Association. The shareholders of the rights association have made an agreement (i) in the case of a successful prosecution of these claims an arrangement for distribution of the remaining proceeds after deduction of any legal costs, and (ii) in the case of an unsuccessful prosecution of these claims an arrangement of distribution for payment of the legal costs incurred. KF15 GmbH & Co. KG is also a shareholder of the rights association. In the context of the agreement, Constantin Medien AG has incurred legal costs of EUR thousand in the reporting period (3M 213: EUR thousand) for KF 15 GmbH & Co. KG. Related persons comprise of the Management and Supervisory Board Members and their relatives. In the first three months 214 no material transactions between Constantin Medien AG and Members of the Management Board and the Supervisory Board as well as their relatives occurred. All transactions with related companies and persons are carried out on an arm s length basis. 48

50 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements Q1 214 Subsequent events after the balance sheet date 1. Subsequent events after the balance sheet date On May 19, 214, Constantin Medien AG announced its decision, not to continue the negotiations with Sky Deutschland Fernsehen GmbH & Co. KG in connection with the transaction agreed on December 5, 213. The agreement provided the sale of 1 percent of the shares of PLAZAMEDIA GmbH TVund Film-Produktion (including its subsidiaries in Austria and Switzerland) as well as the sale of 25.1 percent each of the shares in Sport1 GmbH and Constantin Sport Marketing GmbH. Moreover, a further loan agreement totaling CHF 14 million and EUR 4.5 million will be concluded with a private investor in addition to the existing loan amounting to approximately EUR 17.5 million. The new loans will have a term up to June 3, 216; the interest rate will be 5. percent p.a. as before. In the legal proceedings of Constantin Medien AG against Mr Bernard Ecclestone, among others, Constantin Medien AG has filed an application of appeal at the Court of Appeal in London, Court of Second Instance, on April 24, 214. The decision regarding this application is still pending. The transaction was subject, among others, to the conclusion of a new multi-year production framework contract between Sport1 GmbH and PLAZAMEDIA GmbH TV- und Film-Produktion. But no agreement could be reached on this arrangement. This development requires a change of the financial targets of the Constantin Medien Group for the financial year 214. The continuation of the activities of PLAZAMEDIA GmbH TV- und Film-Produktion and its subsidiaries under the umbrella of Constantin Medien AG on the one hand leads to an increase in sales of the Constantin Medien Group and simultaneously to the loss of the other income from the deconsolidation of the PLAZAMEDIA companies. Therefore, the profit planning 214 was adjusted and this has also been considered in the guid - ance for the 214 financial year. Ismaning, May 22, 214 Constantin Medien AG Bernhard Burgener Chief Executive Officer Antonio Arrigoni Chief Financial Officer Constantin Medien AG is planning measures to refinance the corporate bond 21/215. On the one hand, the Management Board of Constantin Medien AG intends to perform, in agreement with the Supervisory Board and using part of the Authorized Capital 213/I, a capital increase against cash contributions excluding subscription right of the shareholders pursuant to 186 para. 3 sentence 4 German Stock Companies Act (Aktiengesetz). For this purpose, selected investors will be addressed. It is planned to increase the share capital of Constantin Medien AG of EUR 85,13,78. through the issuance of new bearer shares of up to 1 percent of the share capital with a calculated proportion of the share capital of EUR 1. per share. The Management Board and the Supervisory Board of Constantin Medien AG will decide on the execution of the capital increase, if the other parameters of this capital increase, in particular the issue price, have been determined. 49

51 Q1 214 Finance Calendar Finanance Calendar 214 Imprint Finance Calendar 214 May 23, 214 Report for the first quarter of 214 July 3, 214 Annual General Meeting (AGM) for the financial year 213 August 214 Interim Financial Report 214 November 214 Report for the third quarter of 214 Imprint Published by Constantin Medien AG Münchener Straße 11g, Ismaning, Germany Phone +49 () , Fax +49 () HRB AG Munich Edited by Constantin Medien AG Communication/Accounting/Investor Relations Frank Elsner Kommunikation für Unternehmen GmbH, Westerkappeln 5

52 Constantin Medien ag Münchener Straße 11g Ismaning, Germany constantin-medien.de