RTL Group, Europe’s leading broadcaster and content provider announces its audited results for the year ended 31 December 2004.

Highlights

 

In EUR million Year to
December
2004
 Year to
December
2003
 Per cent
Change
PROFORMA [1]
Year to December 2004
PROFORMA [1]
Year to December 2003
Per cent Change 
Revenue  4,878  4,452  +9.6  4,926  5,039  (2.2)
Reported EBITA [2]  711  487  +46.0  717  594  +20.7
Restructuring costs and non recurring items  15  60  (75.0)  15  60  (75.0)
Start up losses [3]  38  14  >100.0  38  14  >100.0
Adjusted EBITA 764 561 +36.2 770 668 +15.3
Reported EBITA  margin (%) 14.6 10.9 n.a. 14.6 11.8 n.a
Adjusted EBITA margin (%) 15.7 12.6 n.a 15.6 13.3 n.a
             
Reported EBITA 711 487 +46.0 717 594 +20.7
Amortisation and impairment of goodwill and fair value adjustments on acquisitions[4] (19) (317) >100.0 (20) (333) >100.0
Gain/(loss) from sale of subsidiaries, joint ventures and other investments (18) 3 n.a (18) 3 n.a
Net financial expense (44) (55) (20.0) (44) (54) (18.5)
Income tax expense (196) (95) >100.0 (198) (128) +54.7
Minority interest (67) (9) >100.0 (70) (72) (2.8)
Reported net result 367 14 >100.0 367 10 >100.0
Adjusted EPS (EUR) [5] 2.63 2.14 +22.9 2.64 2.21 +19.5
Proposed / paid dividend per share (EUR) 0.95 0.80 +18.8 n.a n.a n.a

 

Strong operational performance produces record levels of profit and margin

[1]  Following the change in consolidation method for M6, which has been fully consolidated from February 2004, pro forma un-audited numbers have been provided as if M6 had been fully consolidated as of 1 January 2003
[2] EBITA represents earnings before interest and income tax expense excluding amortisation and impairment of goodwill and fair value adjustments on acquisitions and gain/(loss) from sale of subsidiaries, joint ventures and other investments
[3]  RTL Shop, RTL Televizija, Traumpartner TV, Yorin FM and RTL FM (2003 : RTL Shop, RTL Televizija, RTL FM and Plug TV)
[4]  No amortisation of goodwill has been recognised for the year ended December 2004 as a result of the early adoption of IFRS 3 as from 1 January 2004
[5]  Adjusted earnings per share represents the net profit/(loss) for the year adjusted for amortisation and impairment of goodwill and fair value adjustments on acquisitions and gain or loss from sale of subsidiaries, joint ventures and other investments, net of income tax expense

 

 

 

Profit centre highlights

 

Strategic developments

Gerhard Zeiler, Chief Executive Officer of RTL Group said “2004 has been a record year for RTL Group and most of our profit centres.  We have continued to actively manage our portfolio of assets, expanded geographically into Croatia and Portugal and further strengthened our families of channels in France and Belgium.

In 2004 advertising market conditions continued to be mixed in Europe. Spain was the out- performer with the UK and France strong and Belgium showing moderate growth. Germany and the Netherlands continued to be weak. In the first two months of 2005 the picture remains mixed with low forward visibility. We are therefore cautious on how the advertising markets will develop this year.     

The broadcasting industry has gone through a testing period over the last few years. We have taken the necessary measures to improve our profitability, generate cash, and build a strong balance sheet with no financial debt. We are thus well placed to seize internal and external growth opportunities.

Our strategy remains consistent and based upon three themes - the development of the families of channels to counter audience fragmentation, growth and exploitation of diversification businesses and geographic expansion. We are convinced that this continues to be the right approach to further strengthen our unique position as the only truly pan-European television company.”