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Abonner MIM MONDO IGEL MEDIA AG

MIM MONDO IGEL MEDIA AG

euro adhoc: MIM MONDO IGEL MEDIA AG
Restructuring & Recapitalisations
MIM MONDO IGEL MEDIA AG’s Capital Increase Fortified by Positive Business Development (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
MIM MONDO IGEL MEDIA AG, Hamburg, announces that its major
shareholder, Mondo TV, has today given the company a binding
obligation to subscribe its complete allotment of the current capital
increase, which amounts to 635,000 shares (635,000 EUR). The business
results of the first eight months of 2002 continue to show positive
development. The turnover for the first eight months is 1.63 million
EUR (2001: 0.98 million EUR), the EBITDA is 0.50 million EUR (2001:
-1.89 million EUR), and the net loss was reduced to 0.70 million EUR
(2001: 2.19 million EUR). Stefan Drägert, CEO of the company,
expressed his satisfaction with the situation: "Against the backdrop
of the very weak media market, especially in Germany, we are
satisfied with the development of our turnover. We have already
almost reached our level of turnover for the entire year of 2001, and
Mondo TV’s allotment alone will eliminate all debts whatsoever to
third parties and cover costs for the remainder of the year.
Especially the framework contract, currently in negotiation with
Mondo TV, of a long-term co-production deal will guarantee us further
growth of turnover and earnings perhaps as early as the fourth
quarter of 2002. This framework contract will include both animated
films and series. I believe that our other shareholders will also
appreciate the strong development that we are making and subscribe to
the capital increase."
Even without the framework contract, the company expects, given
current turnover development, a positive EBITDA and a small net loss
for the business year 2002.
end of announcement        euro adhoc 03.09.2002

Further inquiry note:

jharris@igelmedia.com

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