MIM MONDO IGEL MEDIA AG

euro adhoc: MIM MONDO IGEL MEDIA AG
Quarterly or Semiannual Financial Statements
MIM MONDO IGEL MEDIA AG Reassesses Financial Statement (E)

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Expected growth of turnover and EBITDA should lead to neutral operating result 2004

MIM MONDO IGEL MEDIA AG drastically reassessed its financial statement in the third quarter. The value of the company’s film library was adjusted by EUR4.7 million: Of the acquisition costs, a non-scheduled depreciation of 35 percent of the Mondo Library and 19 percent of the Xilam Library was undertaken. Furthermore, around EUR1 million were depreciated regularly based on license revenue; their book value in the financial statement now amounts to EUR5.2 million. This results in a net loss of EUR6.3 million for the period from January through September 2003 and an equity capital of EUR2.8 million on 30 September, which is EUR0.59 per share. The turnover of MIM MONDO IGEL MEDIA AG amounted to EUR363,000 in the nine-month period and is far below projections because of the market development, which is lagging behind general expectations. Since this June, Riccardo Corradi has been responsible for distribution. After he joined the company, two significant co-production agreements were signed: Firstly, a participation in the production of the TV series "The Nimbols", which is partially financed by DaimlerChrysler AG, was arranged with the company Traffix Entertainment GmbH. Additionally, the co-production "Letters from Felix" was agreed upon with the neue deutsche Filmgesellschaft mbH (ndf) in the period in question. The exploitation rights should be licensed to ZDF, among others. These were the first two significant steps toward fulfilling the strategy presented at the last two annual shareholders’ meetings. Based on these co-productions, MIM MONDO IGEL MEDIA AG expects a small annual profit for the year 2004.

end of announcement            euro adhoc 24.11.2003
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Further inquiry note: jharris@igelmedia.com

Branche: Media
ISIN:      DE0006228505
WKN:        622850
Index:    
Börsen:  Hamburger Wertpapierbörse / regulated dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade



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