Readcrest Capital AG

Earnings Release • Mar 18, 2009

News Details

Ad-hoc | 18 March 2009 16:13

Business Media China AG: Preliminary data / financial year 2008 closes with significant Loss

Business Media China AG / Preliminary Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad-hoc

Business Media China AG: Preliminary data / financial year 2008 closes
with significant Loss

Stuttgart, March 18, 2009: The BMC Group, which focuses on the exhibition
and advertising sector, realized a significant loss during the 4th quarter
of 2008. The turnover and the result were heavily influenced by the
consequences of the global financial crisis.

Consequently, the turnover increase of approx. 20% to EUR 27.7 million does
not meet the expectations for the total year 2008, during which expenses
increased disproportionately. Moreover, taking into account the current
data, depreciation of bad debt and goodwill will be integrated into BMC
Group's consolidated accounts, same as the elimination of deferred tax
assets. Overall, the consolidated accounts for the financial year 2008 show
a negative result, to the order of 15-17 mn EUR.

The adjustments and the negative operating result lead to a considerable
consolidation of the balance sheet as well as a strong decrease of equity
ratio to around 30%. The financial situation remains very tense.

Cost reduction measures and restructuring processes have been initiated.
Loss-making subsidiaries will be closed down or sold, administration costs
will be reduced considerably in Germany and China.

Business Media China AG's final audited annual accounts are scheduled to be
published on March 31, 2009.

Today the new Management Board was appointed with Mr. Heinz Zuercher as CEO
and Mr. Christian Hoelscher as CFO. The new management will redefine the
strategy of the BMC Group.

Effective today, Mr. Klaus Michael Hilligardt, Mr. Peter Sassmann, and Mr.
Li Yang Yang resigned from their management board positions due to the
changes in the shareholder structure and the impact of the global financial
crisis on the results of the group.

For further information:

Business Media China AG

Rotebühlstrasse 87

70178 Stuttgart

GERMANY

invest@businessmediachina.com

Tel: +49 711 490 890 130
18.03.2009 Financial News transmitted by DGAP

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Language: English
Issuer: Business Media China AG
Rotebühlstrasse 87
70178 Stuttgart
Deutschland
Phone: +49 (0)711 490 890 0
Fax: +49 (0)711 490 890 110
E-mail: invest@businessmediachina.com
Internet: www.businessmediachina.com
ISIN: DE0005250401
WKN: 525040
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf

End of News DGAP News-Service

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