German production services provider MEDIA! AG anticipates a negative result in the 2001/2002 financial year and sales target of Euros 30m, although it could reach a positive annual result in the next financial year (2002/2003).
Reporting on the first half of the current financial year to December 31, 2001, the Munich-based company posted sales of Euros 17.1m and half-yearly earnings of (minus) Euros 12.6m, noting that restructuring costs and balance sheet adjustments totalling Euros 6.5m had put a strain on profits. Without the adjustments for special influences, the EBITDA would have amounted to (minus) Euros 1m.
MEDIA! AG revealed that as part of the ongoing restructuring of its investment portfolio, it had sold its 51% stake in Tandem Filmproduktion to co-partner Silvio Heufelder.
Despite the company's current problems, MEDIA! Explained that the arrival of a major new shareholder in the guise of DISTEFORA with a 44.78% stake since December 2001 had been "a stabilising factor" on its operations.