RTL Group announces its audited results for the year ended 31 December 2003

RTL Group, Europe’s leading broadcaster and content provider, announces its audited preliminary results for the year ended 31 December 2003  

 EUR, million

 Year to 31 

 Year to 31 

Per cent 
 change (%)





 Reported EBITA [1]




 Restructuring charges



 Non recurring items



 Start up losses [2]



 Adjusted EBITA




 Reported EBITA margin (%)




 Adjusted EBITA margin (%)




 Reported EBITA




 Amortisation and impairment of 



 Gain/ (loss) from sale of subsidiaries, joint ventures 
 and other investments



 Net financial expense



 Income tax expense [3]



 Minority interest



 Profit/(loss) for the year



 Reported EPS EUR



 Adjusted EPS EUR




 Proposed/paid dividend per share 





Business Headlines

Improved operating performance


[1] EBITA represents earnings before interest and income tax expense excluding amortisation and impairment of goodwill and gain from sale of subsidiaries, joint ventures and other investments
[2] RTL Shop, Plug TV, Croatia and RTL FM (2002 RTL Shop only)
[3]  2002 income tax expense reduced by release of tax provision


Turnaround of under performing businesses 

Strategic developments

Robust finances and strong cash generation

Gerhard Zeiler, Chief executive RTL Group, said: “In 2003 we continued to deliver on our strategic goals and are proud of the improved results despite advertising market conditions which remained tough. We have focused keenly on diversification and our success in driving revenue and profit from non-advertising related activities is apparent in these numbers. We will continue to pursue these revenues, and to maintain tight cost control in 2004.  On the back of these results we now have the opportunity to focus more attention on enhancing our portfolio either through internal or external growth.

Going into 2004 we continue to remain cautious on how advertising market conditions will develop.  Whilst there are the first signs of growth in some of our markets, visibility remains limited and weak consumer confidence and retail sales remain a concern. 

We are focused on developing, or maintaining, leadership positions in the markets in which we operate, in terms of both audience and advertising market share.  Our success is based on the creativity of our people and the strength of our programming schedules.

The RTL Group strategy remains consistent and based upon three themes -geographic expansion, growth and exploitation of diversification revenue streams and development of the family of channels concept to counter increasing audience fragmentation.  We are confident that, as in the past, this strategy will prove itself to be a successful one.”

[4] Earnings for dividend payout ratio calculation defined as profit/(loss) for the year before amortisation and impairment of goodwill, gain or loss from sale of subsidiaries, joint-ventures, associates and other investments, net of taxes, and extraordinary items.