eJay AG
eJay AG english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Consistent restructuring programme provokes new evaluation
Adjustment of valuation for eJay AG assets
Stuttgart, October 5, 2001. The Stuttgart-based company eJay AG, global provider
of music entertainment solutions, is preparing to reevaluate its balance sheet.
The valuation of the goodwill of the Swedish subsidiary eJay AB, Stockholm, and
the corporate loans to the sub-sidiaries in Sweden and France (eJay SAS, Paris)
are to be amended. The new evaluation will cause a net income revision of
approx. 3 million Euro and will lead to a loss of more than a half of the
corporate equity capital effective as of the accounting date of June 30, 2001.
The new evaluation only applies to the individual accounts of eJay AG in the
abbreviated business year. This will not have any effect on liquid assets and
consequently takes into account the company’s new orientation within the
framework of the ongoing restructuring measures. The increase in capital
(effective as of August 8, 2001) to 1,10 EURO per share prompted by the existing
shareholders and the connected rise of 90 % on the previous Xetra closing price
have already been completed. eJay AG will comply to the disclosure duty act in
accordance with § 92 AktG by holding an annual shareholders meeting. The members
of the supervisory board will resign from their present duties as of November
4, 2001.
In July, eJay reported of certain pressures, which threatened to affect the
annual result. Ho-wever by imposing well-targeted measures, eJay AG has managed
to improve the cost and earnings structure. A positive result for the first half
of the current 2000/2001 financial year is therefore expected at eJay. The
first signs of success are already noticeable: the company has signed contracts
with well-known distribution partners such as Vivendi Universal Interac-tive
Publishing and Acclaim Entertainment.
Further information:
Michael Kränzle
Senior Public Relations Manager
Telephone: +49 711 62031 150, fax: +49 711 62031 031
E-mail: Michael.Kraenzle@eJay.de
Investor Relations Online: http://www.eJay-AG.de
end of ad-hoc-announcement (c)DGAP 05.10.2001
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WKN: 549 570; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
052020 Okt 01
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