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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)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
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

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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