euro adhoc: TV Loonland AG / Quarterly or Semiannual Financial Statements / TV-Loonland with positive operational cash flow -Clearer indications of an end to slack demand in the media market (E)

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Thanks to its successful implementation of a rigorous cost-savings program, TV-Loonland was able to turn the tide in operational cash flow in the third quarter of 2003: Operational cash flow was positive, at EUR 0.13 (Q2: -0.86, PY: 5.3) million. EBITDA was also positive, running at EUR 3.8 (PY: 5.9) million. The loss was narrowed considerably to EUR -1.2 (PY: -7.9) million.

Although the media market is showing the first glimmerings of normalization, TV-Loonland has yet to record a major change in revenues in the third quarter. Revenues amounted to EUR 12.3 (PY:
23.6) million. Nonetheless, the increasing number of inquiries, new customer relationships and keen interest in home entertainment are all indications that the media market may recover next year. Major TV stations have expressed growing interest in co-productions. TV-Loonland expects to be able to kick off new in-house productions in the first half-year of 2004.

The business unit Home Entertainment remained a solid performer, contributing a total of EUR 4.4 (PY: 10.3 including SRE Corporation) million to Group revenues. After adjusting for the extraordinary restructuring costs, Metrodome has already turned a net profit for the year. The restructuring steps in force at TV-Loonland since last year had a highly positive impact, bringing operational cash flow up to EUR 0.13 million, after EUR -0.86 six months ago. The measures led to an astonishing 32 percent decrease in personnel expenses to EUR 2.8 (PY: 4.2; HY: 2.2) million and to a drastic 56 percent reduction in other operating expenses to EUR 4.2 (PY: 9.5; HY: 4.4) million. This is an indication that TV-Loonland has developed an extremely lean corporate structure that would ensure a positive EBITDA in 2004, even if the market slump were to continue.

Further inquiry note:
Ilona McLean
Tel.: +49 (0)89 20 50 80
Tel: +49 (0)89 20508 0
FAX: +49 (0)89 20508 199

Emittent: TV Loonland AG Münchner Str. 16 DE-85774 Unterföhring Tel: +49 (0)89 20508 0 FAX: +49 (0)89 20508 199 Email: WWW: ISIN: DE0005348403 WKN: 534840 Indizes: CDAX, Classic All Share, Prime All Share, Prime Standard Börsen: regulated dealing Frankfurter Wertpapierbörse; free trade

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Niedersächsische Börse zu Hannover, Berliner Wertpapierbörse, Bayerische Börse, Hamburger Wertpapierbörse, Bremer Wertpapierbörse (BWB), Börse Düsseldorf, Baden-Württembergische Wertpapierbörse Branche: Media
Sprache: Englisch