euro adhoc: IM Internationalmedia AG
Quarterly or Semiannual Financial Statements
IM confirms half year forecast - Revenue increase and operating result in line with expectations (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Munich, 6 August 2002 - IM Internationalmedia AGs financial results for the first half of 2002 met and partly surpassed expectations.
In the first half of 2002 revenues increased by 33 percent to 94.3 million Euro compared to the same period last year (70.8 million Euro, pro forma).These results are considered positive in light of IMs traditionally weaker first half which results from the seasonality of the film business. The financials are in line with projections. The success of the films "Ali" (German opening on 15 August), the Oscar winning "Iris" and "The Dangerous Lives of Altar Boys" as well as overages from the IM/IMF film "The Wedding Planner", starring Jennifer Lopez and from "Traffic", starring Michael Douglas contributed significantly to the revenues.
The companys gross profit margin met expectations with 14.3 million Euro. The respective pro forma figure for the prior year was 29.7 million Euro due to an extraordinarily profitable film and significant financing fees. Increased overhead and project development costs impacted the negative operating result (EBITA) of -13.4 million Euro. The pro forma EBITA for the respective period last year was 17.8 million Euro.
Internationalmedia invested significantly in promising film projects in the second quarter of 2002 decreasing its cash position to approximately 67 million Euro as of 30 June. Financial liabilities consisting mainly of non-recourse film financing decreased by 44 million Euro to 198 million Euro compared to the first quarter 2002. The equity base of the company increased due to the acquisition of Initial Entertainment Group (IEG) in the second quarter. The equity coverage of total liabilities increased from 39 percent to 42 percent.
Contact Florian Lechner Investor Relations Phone: +49 (89) 98 107 100 Fax: +49 (89) 98 107 199 E-mail: info@internationalmedia.de
end of announcement euro adhoc 06.08.2002
Further inquiry note:
Dr. Florian Lechner Tel.: +49 (0) 89 98 107 140 E-Mail:
Florian_Lechner@internationalmedia.de
Branche: Media
ISIN: DE0005488803
WKN: 548880
Index: Nemax 50
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