EM.Sport Media AG / Profit Warning
04.11.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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EM.Sport Media AG announces write-downs of up to 135 million EUR / Capital
increase and company name change planned
Ismaning, November 4, 2008 The situation at the financial markets and the
assumptions surrounding current and future market performance have led to
changes in estimates of the business plan, which will affect the
consolidated financial statements of EM.Sport Media AG. In connection with
the preparation of the figures for the third quarter financial report 2008,
it became apparent that write-downs and changes in fair value would arise
in an amount of between 120 million EUR and 135 million EUR before taxes.
The intangible assets of the Highlight Group will be predominantly affected
in the consolidated financial statements by an extent of between 90 million
EUR and 105 million EUR. Furthermore, additional write-downs to intangible
assets and property, plant and equipment as well as other and financial
assets will be required in the total amount of around 26 million EUR.
From today's perspective, it is more than likely that the creditors of the
convertible bond 2006/2013 will make their claim for premature repayment
effective as of April 28, 2011. Therefore, a corresponding revaluation on
the liability will be recognized by approximately 4 million EUR.
The EM.Sport Media Group will report substantial losses due to the
write-downs both in the interim financial report as of September 30, 2008
and for the year ending December 31, 2008. As previously announced, the
interim financial report will be published on November 27, 2008.
At an extraordinary shareholders' meeting, the Management and Supervisory
Boards plan to propose a capital increase of up to 10 percent of share
capital against a subscription right for the existing shareholders. The
issue price is expected to be 2.00 EUR per share. Members of the Management
and Supervisory Boards have declared to assume unsubscribed shares at the
issue price. Moreover at this extraordinary shareholders' meeting, the
Management Board and Supervisory Board will propose to change the company's
name from EM.Sport Media AG to 'Constantin Medien AG'.
Contact:
Kontakt PR:
EM.Sport Media AG, Sabine Lais, Tel.: +49 (0) 89 - 99 500 461, Fax: +49 (0)
89 - 99 500 466, E-Mail: sabine.lais@emsportmedia.ag
Frank Elsner Kommunikation für Unternehmen GmbH, Tel.: +49 (0) 5404 - 91 92
0, Fax: +49 (0) 5404 - 91 92 29
Kontakt IR:
EM.Sport Media AG, Jens Stahmann, Tel.: +49 (0)89 - 99 500 436, Fax: +49
(0)89 - 99 500 433, E-Mail: ir@emsportmedia.ag
EM.Sport Media AG, Münchener Straße 101g, 85737 Ismaning, Tel.: +49 (0)89 -
99 500 0, Fax: +49 (0)89 - 99 500 111
DGAP 04.11.2008
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Language: English
Issuer: EM.Sport Media AG
-
85737 Ismaning
Deutschland
Phone: 089 / 99500-436
Fax: 089 / 99500-433
E-mail: ir@emsportmedia.ag
Internet: http://www.emsportmedia.ag
ISIN: DE0009147207, DE000A0GQKR4
WKN: 914720, A0GQKR
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Düsseldorf, Hamburg, München, Berlin, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: EM.Sport Media AG announces write-downs of up to 135 million EUR / Capital increase and company name change planned
| Source: EQS Group AG