Splendid Medien AG

Earnings Release • Mar 5, 2002

News Details

Ad-hoc | 5 March 2002 22:18

splendid medien AG english

Splendid Medien AG Write-Downs Shares in Internationalmedia Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Splendid Medien AG Write-Downs Shares in Internationalmedia (Cologne, 5 March 2002) Splendid Medien AG, Cologne, will write-down by EUR 16,3m its shares in Internationalmedia AG which it is due from the Initial Entertainment transaction made late last year. The board of Splendid Medien AG made this decision against the backdrop of the latest massive losses taken on Internationalmedia shares. Because of this step the pre-tax earnings (EBT) announced on January 30, 2002, and confirmed by the expected annual report figures for fiscal year 2001, amounting to roughly EUR 1.5m, will be correspondingly weakened. The substance of the Initial Entertainment transaction is the sale of the 49 percent stake in Initial Entertainment Group, Inc. (IEG), Santa Monica, as well as the reconciliation of existing receivables and accounts payable. The shares in Internationalmedia AG due to Splendid Medien AG were valued at the time of the transaction at the then current price of EUR 22,18. Due to the events announced yesterday by Internationalmedia AG, Splendid Medien AG reduced this value to EUR 7,0. Taking into account the value correction of the investments which have now been made, the liquid assets of the Splendid Group on Februar 28, 2002, rounded off, come to EUR 7,7m. Further information can be otained by contacting: Splendid Medien AG, Investor Relations,Karin Opgenoorth, Alsdorfer Str. 3, 50933 Köln, Telefon: +49-221-95 42 32 -99, Fax: +49-221-95 42 32 8, karin.opgenoorth@splendid-medien.de end of ad-hoc-announcement (c)DGAP 05.03.2002 ——————————————————————————– WKN: 727950; ISIN: DE0007279507; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 052218 Mär 02