euro adhoc: IM Internationalmedia AG
Earnings Forecast
Internationalmedia Revises Annual Forecast (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Munich, 30 August 2002 - IM Internationalmedia AG has revised its business forecast for the remainder of 2002 after a review of current performance. This revision is due primarily to a difficult ongoing global economic environment and the underperforming U.S. box office results of K-19: The Widowmaker.
The companys originally forecasted revenues of 330-370 million euros have now been reduced to 270-290 million euros due in part to lower film and financing fees. Also affecting the forecasted revenue projections are fluctuations in international exchange rates (dollar/euro). Revenues from the companys remaining five film starts in 2002 should proceed according to plan, as these films are pre-financed through minimum guarantees.
The company will not reach its original forecast of 15-19 million euro EBIT. An exact forecast of financing fees is not possible as the current economic uncertainty in several important sales territories makes the closing of new film contracts difficult to project.
At present, the companys financing fees are approximately 20 million euros below initial expectations, with profit from film licensing fees running approximately 6 million euros behind forecast. Not included in the actual forecast as of 30 August 2002 are revenues from greenlighted projects or from licensing new library titles. In addition the modest reception of K-19: The Widowmaker in the US will reduce the companys income projections by around 10 million euros. Overhead costs are in line with original expectations, but film development costs are expected to increase by 8-10 million euros against forecast.
The company has a strong current cash position of 63.4 million euros, which ensures liquidity through the year 2003, regardless of effects of the weak new business environment. Despite the negative consequences of current market conditions, the company remains confident of its financial strength and is committed to its ongoing strategy of developing and producing high quality and profitable motion pictures for the world market.
Contact Dr. 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 30.08.2002
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
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 / Neuer Markt