MIM MONDO IGEL MEDIA AG / Profit Warning
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
MIM MONDO IGEL MEDIA AG has been informed today by its parent company,
which is in charge of the international distribution of the library, that
no turnover from the library has been realised so far in 2010. This leads
to MIM's having used up more than 50% of its equity capital.
The Ordinary Shareholders' Meeting on 22 July 2010 will be used to discuss
the loss of equity capital in detail.
MIM MONDO IGEL MEDIA AG is currently suffering from poor distribution
results. These are largely due to the current global economic situation,
but are exacerbated by MIM's shrinking library.
Neither MIM's sales in German-Speaking Territories and Scandinavia nor its
parent company's distribution efforts in the rest of the world have created
any effective turnover from the library in 2010. This unexpectedly weak
start to the year, combined with normal operational costs and depreciation,
leads to MIM's having used up more than 50% of its equity capital. Costs
are currently about EUR80 k/month, of which more than EUR50 k is
Some agreements already expected have been postponed and are expected by
the end of the second quarter.
There has, however, been turnover from the co-production of Laura's Star
which has covered the production costs for the partial delivery in the
first quarter 2010.
Management expects further revenues in each of the remaining quarters of
2010. MIM should have sufficient liquidity for all business activities due
to contracts already signed with reliable, solvent partners.
Expenses and material costs were somewhat lower than in the same period
last year, and personnel costs were reduced. Expectations are that in 2010
the company will be cash-flow positive.
The support of the main shareholder, Mondo TV S.p.A., was continued through
a subordinated loan.
14.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
Company: MIM MONDO IGEL MEDIA AG
Palmaille 124 B
Phone: +49 40 306896 -0
Fax: +49 40 306896 -68
Listed: Regulierter Markt in Hamburg; Freiverkehr in Berlin,
Düsseldorf, München, Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service