Advanced Medien AG

euro adhoc: Advanced Medien AG
Advanced Medien AG announces revised revenue figures for its U.S. subsidiary Unified Film Organization L.L.C. - Revision will not affect earnings (E)

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During a precautionary review of the nine-month figures reported by its U.S. subsidiary U.F.O. Unified Film Organization LLC., Los Angeles, the management board of Advanced Medien AG, which had initiated the review, has been notified in advance by the German auditor that the revenues of U.F.O. for the first nine months were approximately EUR 6.4 million lower than reported by U.F.O. The management board had initiated the review because of U.F.O.'s participation as a production service provider in a German media fund and in preparation for the audit of the financial statements for fiscal year 2002. The required correction of the revenue figures concerns the films produced by U.F.O. for the media fund during 2002. U.F.O. incorrectly posted the payments made by the media fund as revenues and the production costs as expenses incurred by the production subsidiaries. This resulted in higher revenues and expenses. As the distribution subsidiary of U.F.O. acts as the media fund's licensee, revenues from film productions for the media fund may only be posted after the films have been licensed and delivered in the territories worldwide. Initial deliveries were originally scheduled for the summer of 2002. The first film will now be delivered in the fourth quarter of 2002, the others will follow in the course of 2003. On November 10, a locally commissioned auditor, whose task was to subject U.F.O.'s nine-month figures to a critical review, had confirmed to Advanced Medien AG that the figures posted by U.F.O. were correct. Based on this review, the figures of the subsidiary U.F.O. were properly consolidated and the consolidated figures were published as required by Advanced Medien. After taking into account the expected revision of revenues and production costs at U.F.O., the consolidated revenues of Advanced Medien AG as of September 30, 2002, are expected to be EUR 9.8 million. The company had originally reported consolidated revenues of EUR 16.2 million (2001: EUR 12.5 million). The corrected revenue figure is not expected to affect consolidated earnings. Advanced Medien AG will report the corrected consolidated figures for the respective quarters immediately after the review of the U.F.O. figures has been completed. Furthermore, the management board of Advanced Medien AG has asked the auditor to check whether U.F.O. revenues reported for fiscal year 2001 are also affected by this. In light of this development, the management board will reduce its revenue guidance for 2002.

end of announcement            euro adhoc 04.12.2002
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Further inquiry note: Susanne Rehm: Tel.: +49(89) 6138050

Branche: Media
ISIN:      DE0005093009
WKN:        509300
Index:    Nemax All Share
Börsen:  Frankfurter Wertpapierbörse / Neuer Markt
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Niedersächsische Börse zu Hannover / free trade



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