BERLIN -- Despite major projects this year, including Steven Spielberg's latest Cold War drama and the "Point Break" remake, Germany's Studio Babelsberg is expecting a €2.5 million ($3 million) loss for 2014.
In an interview with German financial newspaper Handelsblatt on Friday, Studio Babelsberg president and CEO Charlie Woebcken said he hoped the studio would survive next year. Separately, the studio's vice president and chief operating officer, Christoph Fisser, told German news agency DPA that the company lacked planning certainty after two key productions it was banking on this year failed to materialize.
The studio is forecasting 2014 revenue of €50 million ($61.1 million), down from €81.9 million ($100.1 million) last year.
Studio Babelsberg has regularly fluctuated between annual losses and profits over the years, depending the number of international co-productions they had in any given year. In 2013, for example, the studio posted a profit of €843,000 ($1.03 million) after suffering a hefty loss of €7.2 million ($8.8 million) the year before, which in turn followed a 2011 profit of €356,000 ($435,362). Due to the studio's somewhat erratic business operations and difficulties in maintaining stable revenue levels, the company is planning to delist from the stock market in 2016.
Studio Babelsberg execs have also lobbied hard against plans by the German government to cut federal film subsidies by €10 million ($12.2 million) next year -- a move that could hit the studio particularly hard. The Bundesrat, one of the two houses of Germany's parliament, voted on Friday to maintain the German Federal Film Fund (DFFF) at its current level of €60 million ($73.4 million) a year -- a positive signal that may move Chancellor Angela Merkel's government to reconsider the decision.
The DFFF has been instrumental for Studio Babelsberg in luring major international productions to Germany, including recent productions like Spielberg's untitled Cold War drama starring Tom Hanks, Ericson Core's $100 million "Point Break" remake, which received $4.4 million in support, and Francis Lawrence's "The Hunger Games: Mockingjay," which secured nearly $5 million.
Nearly 30 international co-productions have benefited from DFFF coin this year, including Eran Creevy's high-speed actioner "Autobahn," starring Nicholas Hoult, with €2.58 million ($3.15 million).
© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC
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