Internationalmediahas negotiated a credit line of up to $18m over a 12 month period with aprivate US investor group to reduce its bank liabilities and finance pre-production for upcoming film projects,among other things.
This latest move was revealed on the publication ofInternationalmedia's 2003 figures which saw its performance affected"disproportionately" by the low US dollar exchange rate.
Revenues amounted to Euros 248.3m, down Euros 11.3m on the yearbefore, while the group posted an operating result (EBITA) of Euros -19.5mwhich represented an improvement of Euros 9m on 2002.
Internationalmedia explained that the EBITA had been affected bythe sale of Initial Entertainment Group which reduced the EBITA for the 2003financial year by Euros 44.5m.
Looking to the current financial year, the company stated that"due to the ongoing difficult conditions on the international presalesmarkets and the still high depreciation amounts on capitalised projectdevelopment costs, we do not expect a positive operating result for the year2004."