euro adhoc: Advanced Medien AG
Advanced Medien announces
preliminary results for fiscal year 2003 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Munich, March 25, 2004 - Advanced Medien AG today announced that it has systematically continued its strategy of consolidation and restructuring during the past fiscal year. As part of the restructuring measures, business operations had to be limited to the parent company. As a result, the US subsidiary Advanced Licencing North America Inc. and its 51 percent stake in Unified Film Organization LLC. was sold in September 2003. Furthermore, the subsidiary TSC Technische Systeme Consult GmbH was excluded from the scope of consolidation due to insolvency. This means that the parent company no longer is required to prepare consolidated accounts. The financial statements for fiscal year 2003 therefore only comprise the financial statements of the parent company. Figures in the financial statements of Advanced Medien AG are thus no longer comparable with the consolidated figures from the previous year.
Sales of Advanced Medien AG during the past fiscal year were EUR 1.0 million, down from EUR 9.8 million for the previous year (consolidated comparison figure).
Earnings before interest, taxes, depreciation and amortization (EBITDA) were EUR 0.2 million, down from EUR 5.8 million in 2002 (consolidated comparison figure). The decline is due to the fact that the US subsidiary no longer contributed to the company's earnings. After deduction of amortization of investments worth EUR 2.05 million and of film assets worth EUR 8.03 million, earnings before interest and taxes (EBIT) decreased to EUR -9.9 million after EUR -5.0 million for the previous fiscal year (consolidated comparison figure). Net income for the year was EUR 6.0 million after a net loss of EUR -5.8 million in 2002 (consolidated comparison figure). Of this figure, EUR 16.2 million is attributable to extraordinary income from the capital increase carried out in 2003.
The complete annual report will be published in early April 2004 at www.advanced-medien.de.
Advanced Medien AG The management board
end of announcement euro adhoc 25.03.2004
Further inquiry note:
Susanne Rehm
Advanced Medien AG
info@advanced-medien.de
Branche: Media
ISIN: DE0001262186
WKN: 126218
Index: CDAX, Classic All Share, Prime All Share, Prime Standard
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