DGAP-Adhoc: Amortization of a shareholding


PROCON MultiMedia AG  / Key word(s): Miscellaneous

20.06.2012 11:02

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.

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The Board of Directors of PROCON MultiMedia Aktiengesellschaft, Hamburg,
('Com-pany') has reviewed the valuation of the shareholdings when setting
up the Company's annual statement of accounts as of December 31, 2011 and
it adjusted the value of its 100% shareholding in Production Resource
Group, S.A. Belgium ('PRG Belgium'). PRG Belgium passes a significant
restructuring and downsizing and will according to expectations of the
Board of Directors make in future no significant contribution to earnings.
The Board therefore has amortized the shareholding, which was valued with
EUR 17,272,903.80 after a capital increase in 2011 in the 2011 interim
financial statements of the company (the company's financial statements
according to HGB) and the preliminary financial results for the first
quarter of 2012, by EUR 13,705,378.57 to EUR 3,567,525.23.

As to the group accounts (IFRS), the complete value correction of PRG
Belgium, which was previously recorded in the accounts in an amount of EUR
6,112,474.77 effects a reduction of the value of the business and goodwill
by EUR 6,112,474.77 to EUR 0.00.

This extraordinary effect will not affect the sales and profit planning of
the company for the current fiscal year 2012. The adjustment is not
liquidity-related, but influences the results of the Company and the group
in full. For fiscal year 2011, this results in a further reduction of the
net income of minus EUR 11.7 million to date to minus EUR 25.4 million,
compared to plus EUR 2.3 million in 2010.

Board of Directors 


20.06.2012 DGAP's Distribution Services include Regulatory Announcements,
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Language:     English
Company:      PROCON MultiMedia AG
              Bredowstr. 34
              22113 Hamburg
              Germany
Phone:        040/670 886-0
Fax:          040/670 61 59
E-mail:       info@procon-online.de
Internet:     www.procon-online.de
ISIN:         DE0005122006
WKN:          512200
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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