MEDION AG: Ad-hoc-announcement pursuant to section 15 German Securities Trading Act (WpHG)
Essen, 19. October 2011 - When MEDION AG's half-year report was published on August 12, 2011, the MEDION AG Management Board had already indicated that the company's original forecast for its 2011 earnings was under threat from the rise in general economic risks and the associated uncertainty among consumers regarding purchases of durable goods. These risks have increased in the last two months.
In this environment, and given the as yet unresolved European sovereign debt crisis, plus consumers' ongoing reluctance to buy, the MEDION Managing Board now believes that revenue is likely to be approximately 10 percent lower in 2011 (2010: €1.6 billion). MEDION’s market position in Germany and Europe, however, improved even in this difficult environment. The decline in revenues which is also due to lower average sales prices will result in EBIT on the level of the previous year (€28 million).