Media! AG
Media! AG english
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MEDIA! AG corrects its planning
Losses shown in yearend figures as of 30.06.2001
Changes in Board of Directors
According to the estimations of MEDIA! AG, an extreme drop is currently being
felt from the high levels of the past because of a decline in the economic
trends in Germany and USA as well as a slump in the advertising industry
involving trade shows, events and advertising businesses (around 60% of the
turnover in 2000/2001). Although MEDIA! AG can use its workforce and its media
technologies in the short-term for other media-technological sales segments,
this still means that the projections for the following years will not be met
based on current information to hand. MEDIA! AG will not make any temporary
prognoses at this time.
In terms of consistently applying principles of conservativism, the Board and
the Executive Committee feel forced to take clear precautionary steps for the
future in the annual statements of accounts as of 30.06.2001. This includes
adjusting the book values for shareholdings, increasing individual allowances
for losses on accounts payables and establishing reserves for threatening losses
from pending transactions. The losses recognised during the changeover to a new
stock management system as a result of the retirement of certain fixed assets
also put a strain on the annual results.
MEDIA! AG achieved an annual turnover of 51.5 million Euros in the financial
year (10% above target) just completed. Because of the aforementioned
precautionary measures and one-time effects, the achieved EBITDA (earnings
before interests, taxes, depreciation and amortization) is -1.57 million Euros.
The Group’s annual after tax results equal -6.56 million Euros. The company’s
Board of Directors recognises the changing economic climate and situation in
this sector and identified the company-internal causes for the losses and has
therefore commenced with the implementation of a consolidation program and a
program to improve efficiency. The yearend accounts and the projected measures
will be presented at the Press and Analyst Conference on 27.9.2001.
Effective 26.09.2001, the Executive Committee has appointed Mr. Karl-Heinz
Kragler, a member of the Board of Directors, as the new Chief Financial Officer.
The previous CFO, Mr. Edmund Appelt, is resigning from MEDIA! AG to pursue new
tasks at his own request effective 01.01.2002. He will continue in his present
role until then.
end of ad-hoc-announcement (c)DGAP 26.09.2001
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WKN: 663330; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
262021 Sep 01
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