Splendid Medien AG

Legal Proceedings Report • Apr 22, 2002

News Details

Ad-hoc | 22 April 2002 22:20

splendid medien AG english

Splendid Medien AG gives due consideration to the insolvency of Kirch in its fin Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Splendid Medien AG gives due consideration to the insolvency of Kirch in its financial statements for fiscal 2001 – Sales revenue remains unchanged at EUR69.4 million – EBITDA EUR51.6 million – Consolidated annual result after special effects at -EUR8.7 million (Cologne, 22 April 2002) Splendid Medien AG of Cologne is giving due consideration in its financial statements put forward for the fiscal year 2001 to the possible effects of the petition for insolvency filed by Kirch Media GmbH & Co. KGaA. Splendid Medien AG is adjusting the valuation of receivables from Kirch Media by 20% (EUR1.0 million) as at the date of the balance sheet 2001 which were not paid before 22 April 2002 (EUR5.4 million). In addition, deferred taxes formed for tax losses in the year 2001, will be reduced from EUR11.6 million to EUR6.8 million. Both revised valuations will be undertaken by strictly applying the interpretation of the principle of commercial prudence. Sales revenue at the Splendid Group remains unchanged at EUR69.4 million. The key results figures as at year-end 2001 will change as follows due to the revised valuations undertaken in respect of the net profit for the period announced on 29 March: earnings before interest, taxes, depreciation and amortisation (EBITDA) will change from EUR52.6 to 51.6 million. The earnings before interest and taxes (EBIT) is changed from -EUR11.1 to -12.1 million. The Group net loss for the year is changed from -EUR2.9 million to -EUR8.7 million. This means that the earnings per share now stands at -EUR0.98. Total assets is adjusted from EUR99.8 to 93.9 million due to the revised valuation undertaken. As at the date of the balance sheet for fiscal 2001 the equity capital of Splendid Medien AG amounts to EUR71.1 million. This means that the equity capital quota is 75.7%. The operative cash flow at year-end 2001 remains unchanged at EUR26.3 million.On the basis of discussions with the provisional insolvency trustee and the management of Kirch Media GmbH & Co. KGaA, Splendid Medien AG is proceeding on teh assumption that adequate provisions have been made by means of the revised valuations undertaken and that business relations with Kirch Media can be successfully continued. The year-end press conference and presentation for analysts will take place tomorrow, Tuesday, 23 April 2002, in Frankfurt. end of ad-hoc-announcement (c)DGAP 22.04.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Further information can be obtained by contacting: Splendid Medien AG, Karin Opgenoorth, Alsdorfer Str. 3, 50933 Cologne, Tel.: 0221-95 42 32 99, Fax: 0221-95 42 32 8, Mobil: 0179-112 0062, Karin.Opgenoorth@splendid-medien.de ——————————————————————————– WKN: 727950; ISIN: DE0007279507; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 222220 Apr 02