euro adhoc: WIGE MEDIA AG
Quarterly or Semiannual Financial Statements
Positive second quarter 2002 - Program of consolidation and increased efficiency bears fruit - WIGE MEDIA AG on course to renewed profitability (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
The Executive Board of WIGE MEDIA AG today published the mid-year report 2002 of the SMAX listed company. According to the company, the positive sales performance achieved in the first quarter also carried through to the second quarter of 2002. In the second quarter 2002, the Television and Communication segments recorded sales increases of 16.7% and 13.9% respectively compared to the same period last year. The revenues of the IT & Media segment reached the level recorded in the same quarter last year as planned. In the first six months of the year overall, revenues rose by 5.1% compared to the first six months of 2001.
As at June 30, 2002, EBITDA (Earnings Before Interest and Taxes + Depreciation and Amortization) totaled 000 Euro 2,200 (prev. year: 000 Euro 1,250). In addition to the upturn in sales, the increase is mainly attributable to the measures introduced last year in respect of consolidation and improved efficiency. Personnel expenses, for instance, fell by 15.2% compared to the second quarter of 2001, while the company was also able to reduce its other operating expenses by 26.7%.
The performance of the Television and IT & Media segments in the first half year 2002 exceed the projections for the period of less than one year. Due to current market developments, the performance of the Communication segment did not quite reach the projected figures for the period of less than one year. The positive seasonal influence which took hold in the second quarter is expected to also carry through to the third quarter. The positive effect of the restructuring measures introduced last year will continue to bear fruit in the coming quarters. As a result of these measures, the company was able to significantly reduce its overall expenditure level compared to last year, which will continue to have a positive effect on profit in the coming quarters.
The Executive Board remains confident WIGE MEDIAs directly affiliated companies will generate a profit in the course of the financial year 2002 and expects a positive group result at year-end under the German Commercial Code, in spite of the difficult market environment in both the sport sponsoring sector and the media industry.
Further information: WIGE MEDIA AG, Corporate Communications, Dr. Andrea Schleppinghoff, Tel: +49 2234/1831-180, Email: info@wige.de
end of announcement euro adhoc 29.08.2002
Further inquiry note:
Dr. Andrea Schleppinghoff +49(0)2234 1831 180 info@wige.de
Branche: Media
ISIN: DE0006347701
WKN: 634770
Index: SMAX
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade
Hamburger Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade
Frankfurter Wertpapierbörse / official dealing