euro adhoc: MIM MONDO IGEL MEDIA AG
Restructuring & Recapitalisations
MIM MONDO IGEL MEDIA AGs Capital Increase Fortified by Positive Business Development (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
MIM MONDO IGEL MEDIA AG, Hamburg, announces that its major shareholder, Mondo TV, has today given the company a binding obligation to subscribe its complete allotment of the current capital increase, which amounts to 635,000 shares (635,000 EUR). The business results of the first eight months of 2002 continue to show positive development. The turnover for the first eight months is 1.63 million EUR (2001: 0.98 million EUR), the EBITDA is 0.50 million EUR (2001: -1.89 million EUR), and the net loss was reduced to 0.70 million EUR (2001: 2.19 million EUR). Stefan Drägert, CEO of the company, expressed his satisfaction with the situation: "Against the backdrop of the very weak media market, especially in Germany, we are satisfied with the development of our turnover. We have already almost reached our level of turnover for the entire year of 2001, and Mondo TVs allotment alone will eliminate all debts whatsoever to third parties and cover costs for the remainder of the year. Especially the framework contract, currently in negotiation with Mondo TV, of a long-term co-production deal will guarantee us further growth of turnover and earnings perhaps as early as the fourth quarter of 2002. This framework contract will include both animated films and series. I believe that our other shareholders will also appreciate the strong development that we are making and subscribe to the capital increase."
Even without the framework contract, the company expects, given current turnover development, a positive EBITDA and a small net loss for the business year 2002.
end of announcement euro adhoc 03.09.2002
Further inquiry note:
jharris@igelmedia.com
Branche: Media
ISIN: DE0006228505
WKN: 622850
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Frankfurter Wertpapierbörse / free trade
Hamburger Wertpapierbörse / regulated dealing