RNS Number:8930A
RTL Group
09 September 2002


                               RTL Group (RTL.L)


9 September 2002 - RTL Group, Europe's leading broadcaster and content provider,
announces its interim results to 30 June 2002


EUR million                                               Half Year             Half Year           Change
                                                    To 30 June 2002       To 30 June 2001              (%)
Revenue                                                       2,102                 2,000              5.1


Reported EBITA(1)                                               181                   235           (23.0)
      Restructuring                                              (6)                  (22)
      Start up losses(2)                                        (10)                  (16)
Adjusted EBITA                                                  197                   273           (27.8)
Adjusted EBITA margin (%)                                       9.4                  13.7
Reported EBITA margin (%)                                       8.6                  11.8
Amortisation and impairment of goodwill (3)                    (115)               (2,438)
Gain on sale of subsidiaries, joint                               -                    75
ventures and other investments
Net financial expense                                            (8)                  (53)
Income tax expense(4)                                           (37)                 (130)

Reported net result                                              17               (2,314)


Business Headlines

Continued difficult advertising market conditions

* German market down by 7.2 per cent in gross advertising spend

* RTL Group's revenue up 5.1 per cent, due to scope changes and an increase in
  non- advertising revenue

* Underlying revenue down 2 per cent(5)

* Underlying cost base flat

* Improved diversification of revenue with non-advertising revenue contributing
  38.8 per cent of total revenue (up 20.5 per cent compared to first half 2001)

* Strong cash generation and continued healthy financial position

Focus remains on audiences, ratings and cost efficiency

* Significant progress by Channel 5 in the UK with audience share up to 6.4 per
  cent from 5.6 per cent in the first half 2001 and advertising market share up 
  to 7.3 per cent from 6.1 per cent as at 30 June 2001

* Format successes, with "Pop Idol" - produced by FremantleMedia - rolled-out in
  the UK on ITV, in the US on Fox and, in autumn, in Germany on RTL Television

* RTL Radio in France increases market leadership over rivals

* Streamlined operational management structure implemented

* Increased focus on exploitation of synergies as well as on value building and
  organic growth

1 EBITA represents earnings before interest and taxes excluding amortisation and
impairment of goodwill and gain from sale of subsidiaries, joint ventures and
other investments.  RTL Group's EBITA reported by Bertelsmann is EUR 173 million
due to a different presentation of financial results other than interest and
allocated, non re-charged, Bertelsmann overhead.

2 RTL Shop and Broadband (2001 only)

3 Impairment of goodwill in 2001 relates to the acquisition of Pearson TV (now
FremantleMedia).

4 2002 income tax expense reduced by release of tax provision; 2001 number
includes tax expense on disposal of Premiere

5 Stripping out the first time consolidation of Phoenix Productions in Germany
as well as of smaller TV, radio and content participations, the entry of
Sportfive under the proportional consolidation method, the exit of businesses
sold such as Atlantic 252, VCF and RTL 7, and the increase in the participation
in M6 from 43.8 per cent to 45.8 per cent


Didier Bellens, Chief Executive Officer (CEO) of RTL Group:

"Our proven long-term strategy of focusing on free-to-air television and radio
plus content has continued to be successful and has helped us to weather the
difficult current market conditions. We will continue to leverage the enormous
potential of our channels and programme brands to increase audience shares in
our main markets.

At the same time, our ongoing campaign to control costs and build synergies is
helping us to operate in a lean and efficient manner. We have streamlined our
operational management structure to help facilitate this and we have named a
senior creative executive to further help to identify and progress opportunities
for synergy.

Our achievements in tightening cost structures will also prove to be extremely
beneficial when the rebound of the markets eventually comes. However, the state
of the market has not changed since we issued our trading update in July.
Visibility is still extremely low, and while there are some small positive signs
in the UK and the Netherlands, the weak German market and a flat French market
do not encourage us to call any sort of recovery at this stage.

It should be noted that the first half of 2002 is compared to a relatively
strong first half of 2001. Whilst the second half of 2001 saw a dramatic
downturn, we are not foreseeing a similar picture for 2002."


Listing on London Stock Exchange

Following a review of the stock exchange listings of RTL Group, the Board of
Directors has decided that RTL Group will apply to the UK Listing Authority
(UKLA) and the London Stock Exchange (LSE) to cancel the admission of its shares
to UKLA's Official List and to trading on the LSE. This decision has been taken
in view of the continued low trading volumes in RTL Group shares on the LSE. The
intended delisting in London does not affect the existing listings at the
Luxembourg and Brussels stock exchanges.

A circular providing further details regarding the delisting will be distributed
to RTL Group shareholders in due course. It is currently expected that the
delisting in London would become effective in November 2002.

A conference call will be held for analysts and investors today at 9.30 AM
London time.  To participate in the conference call dial +44 (0) 20 8240-8242
quoting RTL and chairperson Didier Bellens. The call will be available on replay
until 16 September by dialling +44 (0) 20 8288-4459, passcode 735562.

Enquiries:

Media:                                                Investors:

RTL Group                                             RTL Group
Roy Addison  - Tel: +44 20 7691 6830                  Andrew Buckhurst  - Tel: +352 421 42 4875
Christian Seidenabel - Tel: +352 421 42 5020

Finsbury                                              Finsbury
Julius Duncan - Tel: +44 20 7251 3801                 Katie Lang - Tel: +44 20 7251 3801


Financial review

Revenue                Half year to    Half year to      Per cent    Underlying            Year to
EUR million            30 June 2002    30 June 2001        change        Growth      December 2001             
                                                              (%)           (%)
                                                                           
Television                   1,421           1,462          (2.8)         (2.5)             2,866
Content                        633             522          21.3          (5.9)             1,148
Radio                          108              98          10.2           5.2                213
New Media                       55              38          44.7             -                 91
Other                           48              53          (9.4)            -                 64
Eliminations                  (163)           (173)         (5.8)            -               (328)
Group revenue                2,102           2,000           5.1          (2.0)             4,054


EBITA                               Half year to       Half year to      Per cent            Year to
EUR million                         30 June 2002       30 June 2001        change      December 2001            
                                                                              (%)

Television                                  151                222         (32.0)               297
Content                                      48                 35          37.1                 48
Radio                                        20                 19           5.3                 26
New Media                                   (11)               (27)         59.3                (55)
Other                                       (27)               (14)        (92.9)               (40)
Reported Group EBITA                        181                235         (23.0)               276
Adjustments for:
Restructuring                                 6                 22                               36
Non recurring items                            -                 -                               27
Start up losses                              10                 16                               22
Adjusted Group EBITA                        197                273         (27.8)               361



RTL Group revenue rose by 5.1 per cent to EUR 2,102 million due to scope changes
and a significant increase in non-advertising related revenue. Non-advertising
revenue (diversi-fication revenue) contributed 38.8 per cent of total revenue, a
20.5 per cent improvement over the same period last year. This has helped offset
the decline of 2.8 per cent in advertising related revenue (minus 3.7 per cent
underlying).

The underlying revenue figure strips out the first time consolidation of Phoenix
Productions in Germany plus smaller TV, Radio and Content participations, the
entry of Sportfive under the proportional consolidation method, the exit of
businesses sold such as Atlantic 252, VCF and RTL 7, and the increase of the
participation in M6 from 43.8 per cent to 45.8 per cent.

Group operating expenses increased 5.1 per cent to EUR 1,985 million in the
first half of 2002 from EUR 1,888 million at 30 June 2001. Stripping out the
effects of scope changes, one-off items and restructuring, the operating
expenses were flat.

EBITA was impacted by the weakness of advertising markets in mainland Europe,
particularly Germany, which was down around 7 per cent. Before restructuring
costs of EUR 6 million and start up losses of EUR 10 million, EBITA decreased to
EUR 197 million. The EBITA margin before these costs and losses declined to 9.4
per cent from 13.7 per cent; after these items it was 8.6 per cent.

RTL Group's TV revenue fell 2.8 per cent over the period to EUR 1,421 million
with underlying TV revenue falling 2.5 per cent. Good performances at Channel 5
in the UK and M6 in France partly offset revenue declines elsewhere. The
television business continued to be the biggest contributor to Group revenue
with 67.6 per cent of total revenue. EBITA fell 32.0 per cent compared to 2001,
due primarily to a decline of adverti-sing revenue at the German stations and
the weak performance of Holland Media Group (HMG), which was impacted by
write-downs of programme rights and provisions for specific business risks.

Content revenue was up 21.3 per cent to EUR 633 million from EUR 522 million in
2001 due to the Sportfive merger in 2001, further scope changes and the
acquisitions of Phoenix Productions in Germany and Be Happy in France, both
fully consolidated from January 2002 and July 2001 respectively. Underlying
revenue declined 5.9 per cent due to the reduced scope of the FremantleMedia's
US business, following the restructuring in 2001, seasonal effects in the sports
rights businesses and a lower level of rights trading activities. EBITA
increased to EUR 48 million, up from EUR 35 million.

Radio revenue increased to EUR 108 million from EUR 98 million in the half year
to 30 June 2001. EBITA increased to EUR 20 million from EUR 19 million at 30
June 2001, mainly due to the better revenue generation.

New Media revenue rose to EUR 55 million, up from EUR 38 million in 2001. EBITA
loss was EUR 11 million compared to a loss of EUR 27 million in 2001.  This
reflects the significant reduction in the level of investments. A provision for
restructuring of EUR 2 million has also been booked as at 30 June 2002 following
the announcement earlier this year to re-align the cost base.

Other EBITA loss of EUR 27 million includes a provision of EUR 20 million
relating to specific business risks covering trading and distribution rights and
Group commitments and guarantees.

The tax expense was EUR 37 million on continuing operations. It has been reduced
by the release of a tax provision and other items amounting to EUR 26 million.
The 2001 tax charge included a tax expense of EUR 26 million relating to the
disposal of Premiere. The effective tax rate was 35 per cent, an improvement on
2001.

The net interest expense in the first six months of 2002 was EUR 8 million,
which includes interest income of EUR 6 million on tax receivables. The level of
net debt (6) increased from EUR 569 million as at 31 December 2001 to EUR 624
million at 30 June 2002. This is mainly due to timing differences between tax
payments and receipts, notably in Germany, dividend payments and acquisitions.

The net profit for the six months rose to EUR 17 million, up from a loss, before
goodwill impairment, of EUR 38 million for the first half of 2001.

The combination of all of the above factors helped drive up adjusted earnings
per share (EPS) by 79.2% to EUR 0.86 per share, from EUR 0.48 per share as at 30
June 2001.

6 After restatements of Channel 5 financing and sale and leaseback restricted
cash


Television

Revenue                            6 months to      6 months to      Per cent            Year to
EUR million                       30 June 2002     30 June 2001        change      December 2001
          
Germany                                   829              894          (7.3)             1,713
- RTL Television/VOX                      766              856         (10.5)             1,592
- RTL Shop                                 32                7          >100                 32
- Others                                   31               31             -                 89
France                                    212              209           1.4                433
- M6                                      212              181          17.1                378
- VCF                                       0               28             -                 55
Holland and Belgium                       207              201           3.0                405
- HMG                                     156              149           4.7                303
- RTL Tvi                                  51               52          (1.9)               102
United Kingdom                            149              139           7.2                279
- Channel 5                               121              105          15.2                213
- London Playout Centre                    28               34         (17.6)                66
Others                                     24               19          26.3                 36

Television revenue                      1,421            1,462          (2.8)             2,866


EBITA                               6 months to      6 months to      Per cent             Year to
EUR million                        30 June 2002     30 June 2001        change       December 2001
             
Germany                                    103              163         (36.8)                232
- RTL Television/VOX                        93              164         (43.3)                230
- RTL Shop                                 (10)             (12)         16.7                 (22)
- Others                                    20               11          81.8                  24
France                                      45               53         (15.1)                 82
- M6                                        44               51         (13.7)                 78
- VCF                                        0                1             -                   1
- RTL 9                                      1               1              -                   3
Holland and Belgium                         (3)              21         >(100)                 27
- HMG                                       (8)              10         >(100)                 11
- RTL TVi                                    5               11         (54.5)                 16
United Kingdom                              (1)             (11)         90.9                 (39)
- Channel 5                                 (3)             (18)         83.3                 (49)
- London Playout Centre                      2                7         (71.4)                 10
Others                                       7               (4)         >100                  (5)

Reported Television EBITA                  151              222         (32.0)                297
Adjustments for:
Restructuring                                4                -                                 -
Non recurring items                          -                -                                 8
Start up losses                             10               12                                22

Adjusted Television EBITA                  165              234         (29.5)                327


The RTL Group family of channels maintained their leading market position in
Germany despite very difficult market conditions.  The German television market
saw a cumulative fall in gross advertising spend of 7.2 percent (source: AC
Nielsen S+P) in the first half of 2002, against a fall of 1.6 per cent over the
same period in 2001. RTL Group's share of gross advertising spend fell slightly
to 40.5 per cent, down from 41.9 per cent in 2001, and the share of the 14-49
target group declined to 29.6 per cent, from 30.4 per cent in 2001, a direct
result of the World Cup and Winter Olympics effects.

Consequently, consolidated revenue of the family fell to EUR 829 million (RTL,
VOX, Super RTL, RTL Shop)(7), from EUR 894 million in 2001. This was partially
offset by cost reductions, especially in the area of programming in both
non-prime and prime time. EBITA fell to EUR 103 million, from EUR 163 million in
the first six months of 2001.

RTL Television continued to attract mass audiences, reflected in the ratings
success of strong formats like "Who Wants to be a Millionaire" with a peak of
39.1 per cent in the target group 14-49 and "Good Times, Bad Times", with a peak
of 38.6 per cent for its 2,500th episode. Other highlights include sporting
events such as "Formula 1" which peaked at 12.6 million viewers in June and
football with the "Champions League" final being watched by 43.5 per cent of the
target market. Continued investments in film rights were made with a significant
supply deal entered into with Warner, which includes films such as "Ocean's
Eleven", "The Matrix", "Harry Potter" and "Lord of the Rings".

VOX was by far the strongest performer amongst the German family of channels in
2002 due to successful programme launches such as "Dark Angel" and strong
audience demographs and profiles. This has enabled VOX to drive up both
advertising market share and audience share by 0.8 and 0.2 percentage points
respectively.

Against a gross advertising market that rose 2.7 per cent year-on-year (source:
SECODIP), M6 in France has consolidated its position as the second most popular
channel over the six months to 30 June 2002 through the success of formats like
"Loft Story" and "IQ Test". M6 has generated strong diversification revenue,
primarily from L5 ("Popstars" winners), the Jean-Paul Belmondo video and CD
sales. The channel maintained its high audience share (15-34) at 21.8 per cent
(2001: 22.8 per cent) and pushed its share of advertising spend to 23.2 per cent
from 23.1 per cent.  RTL Group's share of M6's revenue went up 17.1 per cent to
EUR 212 million; EBITA fell 13.7 per cent to EUR 44 million. Underlying revenue
was up 7.1 per cent and EBITA down 17.6 per cent respectively. The reduced EBITA
reflects increased programme investment, scope changes and increased
merchandising.

In a market that continues to be impacted by the advertising downturn, down net
1.8 per cent (source: BARB) in the first half of this year, Channel 5 succeeded
in driving its advertising market share up to 7.3 per cent from 6.2 per cent a
year earlier. Audience share increased to 6.4 per cent, from 5.6 per cent as at
30 June 2001, reflecting all-round improvements in the programme schedule.
Access to better film stock helped drive up audiences with films such as "
Independence Day" and "Armageddon" which generated audience shares of 22 per
cent and 21 per cent respectively, being particularly successful. The continued
halo effect of "Home & Away" on the schedule has also contributed to the success
of the channel. As a consequence, revenue increased to EUR 121 million, up 15.2
per cent, and the EBITA loss fell to EUR 3 million from EUR 18 million a year
earlier. Channel 5 continues to invest in programming and a significant deal
with Columbia was signed during the first half of this year, which will result
in free-to-air premiere's for films such as "Spiderman" and "Men In Black 2".

HMG channels in the Netherlands lost 1.1 per cent audience share and 2.4 per
cent share of advertising spend (source: Infomart, BBC) compared to 30 June
2001. This partly reflects the impact of one-off events such as the Royal
Wedding, the Winter Olympics and the World Cup. Yorin continued to under-perform
due in part to unsuccessful programming such as "Starmaker" and "The Bar", and
further action is being taken to arrest the decline. Revenue increased to EUR
156 million or 4.7 per cent, while EBITA fell to EUR minus 8 million. EBITA was
impacted by the write-off of unsuccessful programmes and provisions for specific
business risks.

RTL TVi in Belgium was negatively impacted by the strength of the French
channels, notably TF1 with the "Star Academy" effect and the launch of a new
competitor, AB3. A new management team was put in place to re-vitalise the
schedule. Revenue was stable at EUR 51 million but EBITA was down to EUR 5
million, due mainly to restructuring costs of EUR 4 million.


7 RTL II is equity accounted.


Content

EUR million                        6 months to      6 months to        Per cent            Year to
                                  30 June 2002     30 June 2001          change      December 2001

Content revenue                            633              522            21.3              1,148

Reported Content EBITA                      48               35            37.1                 48

Adjustments for:
Restructuring                                -               22                                 23
Non recurring items                          -                -                                  9
Adjusted Content EBITA                      48               57           (15.8)                80


Content revenue was up 21.3 per cent to EUR 633 million, from EUR 522 million in
2001. Underlying revenue fell by 5.9 per cent, after stripping out the impact of
the accounting change resulting from the Sportfive merger in December 2001,
further scope changes and the acquisitions of Phoenix Productions in Germany and
Be Happy in France, both fully consolidated from January 2002 and July 2001
respectively. EBITA rose to EUR 48 million from EUR 35 million in 2001.

The outstanding success has been the launch of "Pop Idol" both in the UK and
internationally. The final episode in the UK attracted over 13 million viewers
(57.4 per cent audience share) and set the record for the most number of
telephone votes in a two-hour period (9 million). In the US, Fremantle has been
successful both with its' on-going productions such as "Price Is Right", where a
number of one-off specials have been produced for CBS, but also in securing new
deals such as with Fox for "American Idol" and with "Whammy! The All New Press
Your Luck" which was launched on the Game Show Network. As a result, the US
business contributed an EBITA of EUR 8 million.

Sportfive continued to do well although the results in the first half of 2002
are down on 2001 due to the timing of World Cup and European Cup qualification
matches.  The June 2001 comparative results included these qualification
matches. Another factor that impacted the Sportfive business in 2002 was the
bankruptcy of PSN, one of Sportfive's customers for the South American sales of
the Italian soccer rights.


Radio


Revenue                          6 months to      6 months to         Per cent           Year to
EUR million                     30 June 2002     30 June 2001           change     December 2001

France                                    91               86             5.8                186
- RTL                                     62               61             1.6                133
- RTL2                                    15               14             7.1                 27
- Fun                                     14               11            27.3                 26
Germany                                    7                7               -                 15
Netherlands                                4                4               -                 10
Belgium                                    6                0            >100                  0
United Kingdom                             0                1               -                  2
Total Radio                              108               98            10.2                213


EBITA                             6 months to      6 months to Per cent change            Year to

EUR million                      30 June 2002     30 June 2001                      December 2001
France                                    16               16               -                 21
- RTL                                      7                9           (22.2)                8
- RTL2                                     6                5            20.0                 8
- Fun                                      3                2            50.0                 5
Germany                                    1                2           (50.0)                3
Netherlands                                1                2           (50.0)                4
Belgium                                    2                0               -                 0
United Kingdom                             0               (1)              -                 (2)
Reported Radio EBITA                      20               19             5.3                26
Adjustments for:
Restructuring                              -                -                -                8

Adjusted Radio EBITA                      20               19             5.3                34



RTL Group's radio revenue increased by 10.2 per cent to EUR 108 million with
EBITA increasing to EUR 20 million. A provision against specific litigation
risks, amounting to EUR 3 million, has been included in the results.

RTL Radio maintained its market leadership position as number one commercial
station with an audience share of 13.0 per cent(8), - a lead of 5.3 points over
its nearest commercial rival. This increasing lead is due to the actions taken
by the new management team, particularly in the fields of improved programming.

RTL Group's other French radio stations, RTL2 and Fun Radio, maintained
relatively stable audience shares at 2.6 per cent and 4.5 per cent respectively.
RTL2 increased its revenue by 7.1 per cent to EUR 15 million, and its EBITA by
20 per cent to EUR 6 million. Fun Radio generated revenue of EUR 14 million, up
by 27.3 per cent, and an EBITA of EUR 3 million.


8 Mediametrie figures 15 July 2002


New Media


EUR million                           6 months to     6 months to      Per cent            Year to
                                     30 June 2002    30 June 2001        change      December 2001
            
New media revenue                             55              38          44.7                 91

Reported EBITA                               (11)            (27)         59.3                (55)



RTL Group continued to enhance its strong position over the period and its
approach of controlled investment in New Media, building on strong brands like
RTL World (www.rtl.de) and M6 Web (www.m6.fr). Accordingly, New Media EBITA
losses for the first half of the year were reduced sharply to EUR 11 million
from EUR 27 million in 2001. The review of investments and cost base is ongoing,
in particular at RTL NewMedia. The New media activities are set to be close to
break-even at EBITA level in 2003.


Net debt / cash position

EUR million                                             30 June 2002              31 December 2001

Cash , cash equivalents and restricted                          436                           378
cash (9)
Loans receivable(10)                                            190                           187
Marketable securities and other short                            60                            78
term investments
Loans and bank overdraft                                     (1,310)                       (1,212)
(Net debt) / cash position                                     (624)                         (569)


Net debt increased from EUR 569 million to EUR 624 million, due primarily to tax
pre-payments in Germany, increased tax receivables from EUR 157 million to EUR
418 million as well as the dividend payments in respect of the 2001 results.
Operating cash before tax payments but after investments in programme and sports
rights as well as other tangible and intangible assets was EUR 253 million,
resulting in an EBITA cash conversion of more than 100 per cent. Cash used for
acquisitions was EUR 54 million, mainly for the purchase of M6 shares, the
purchase of Sportfive shares from Canal Plus (following the offer to the
minority shareholders to achieve the same level of shareholding), the German
production company Phoenix and some other smaller acquisitions. The net working
capital remained broadly stable.

On 26 March 2002, Standard & Poor's lowered the long-term corporate credit
rating of RTL Group to BBB+, from A-.  RTL Group's short-term A-2 rating was
re-affirmed and the outlook was stable.

On 26 July 2002, Moody's lowered RTL Group's long term-rating from A3 to Baa1,
with a stable outlook.

9 The restricted cash relates to the cash held for sale and leaseback
transactions in the UK regarding programme production costs (2002: EUR 120
million; 2001: EUR 76 million)

10 Loans receivable relate to the Channel 5 financing


Consolidated interim financial statements of RTL Group S.A. for the six months
ended 30 June 2002


Auditors' report on the consolidated interim financial statements
for the six months ended 30 June 2002

To the Shareholders of RTL Group S.A.


Dear Sirs,

We have reviewed the consolidated balance sheet  of RTL Group S.A. (the "Group")
and its subsidiaries as at 30 June 2002, and the related consolidated income and
cash flow statements for the period then ended. These consolidated interim
financial statements  are the responsibility of the Board of Directors. Our
responsibility is to issue a report on these consolidated interim financial
statements based on our review.

We conducted our review in accordance with the International Standard on
Auditing applicable to review engagements. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the interim
financial statements are free of material misstatement. A review is limited
primarily to inquiries of company personnel and analytical procedures applied to
financial data and thus provides less assurance than an audit. We have not
performed an audit and, accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe
that the accompanying consolidated interim financial statements do not give a
true and fair view of the financial position of the Group as at 30 June 2002,
and of the result of its operations and its cash flows for the period then
ended, in accordance with International Financial Reporting Standards, including
International Accounting Standards and Interpretations issued by the IASB.


Luxembourg, 3 September 2002


PricewaterhouseCoopers S.a r.l.                        KPMG Audit s.c.
Reviseur d'entreprises                                 Reviseurs d'entreprises

Pascal Rakovsky                                        Philippe Meyer


Consolidated income statement
for the period ended 30 June 2002
in EUR million
                                                               2002        2001        2001
                                                  Note    Half year   Half year   Full Year


Revenue                                             2        2,102       2,000       4,054
Other operating income                                          44         115          87
Consumption of current programme rights                       (668)       (669)     (1,453)
Depreciation, amortisation and impairment                     (154)       (171)       (420)
Other operating expense                                     (1,163)     (1,048)     (2,005)
Amortisation and impairment of goodwill                       (115)     (2,438)     (2,840)
Gain from sale of subsidiaries, joint ventures and              -           75         228
other investments
Profit / (loss) from operating activities                      46       (2,136)     (2,349)

Share of results of associates                                  20           8          13
Earnings before interest and taxes ("EBIT")                     66      (2,128)     (2,336)

EBITA                                               2          181         235         276
Amortisation and impairment of goodwill                       (115)     (2,438)     (2,840)
Gain from sale of subsidiaries, joint ventures and               -          75         228
other investments
Earnings before interest and taxes ("EBIT")                     66      (2,128)     (2,336)

Net interest income / (expense)                                 (8)        (14)        (33)
Financial results other than interest                            -         (39)        (55)
Profit / (loss) before taxes                        3           58      (2,181)     (2,424)

Income tax expense                                             (37)       (130)        (67)
Profit / (loss) from ordinary activities                        21      (2,311)     (2,491)

Minority interest                                               (4)         (3)         (8)
Net profit / (loss) for the period/year                         17      (2,314)     (2,499)

Earnings per share (in EUR)
- Basic and diluted                                           0.11      (15.06)     (16.27)

Adjusted earnings per share (in EUR)
- Basic and diluted                                           0.86        0.48        0.90


The adjusted earnings per share represent net earnings adjusted for amortisation
and impairment of goodwill and gain or loss for sale of subsidiaries, joint
ventures and other investments, net of tax.


Consolidated balance sheet
as at 30 June 2002
in EUR million
                                                                   2002           2001              2001
                                                              Half year      Half year         Full year

Non-current assets
Programme and sport rights                                         305            421               365
Goodwill                                                         3,478          3,309             3,527
Other intangible assets                                             23             26                25
Property, plant and equipment                                      322            369               351
Investments in associates                                          122             46               121
Loans and other financial assets                                   406            885               483
Deferred tax assets                                                133            131               112
                                                                 4,789          5,187             4,984

Current assets
Programme rights                                                 1,094          1,047             1,061
Other inventories                                                   17             16                11
Income tax receivable                                              418            157               274
Accounts receivable                                              1,185          1,186             1,343
Marketable securities and other short-term investments              60            133                78
Cash and cash equivalents                                          316            288               302
                                                                 3,090          2,827             3,069

Current liabilities
Loans and bank overdrafts                                          670            746               926
Income tax payable                                                 102            111               100
Accounts payable                                                 1,506          1,457             1,665
                                                                 2,278          2,314             2,691

Net current assets                                                 812            513               378

Non-current liabilities
Loans                                                              640            428               286
Accounts payable                                                   205            211               205
Provisions                                                         225            228               223
Deferred tax liabilities                                            46            114                45
                                                                 1,116            981               759

Net assets                                                       4,485          4,719             4,603

Shareholders' equity                                             4,466          4,704             4,585

Minority interest                                                   19             15                18

                                                                 4,485          4,719             4,603


Consolidated cash flow statement
for the period ended 30 June 2002
in EUR million
                                                                      2002        2001      2001
                                                                 Half year   Half year Full Year

Cash flows from operating activities
Profit / (loss) from ordinary activities                               21      (2,311)   (2,491)
Adjustments for :
- Depreciation and amortisation                                       231         316       623
- Value adjustments, impairment and provisions                         87       2,343     2,738
- Gain on disposal of assets                                            7         (77)     (219)
- Financial results including share of results of associates           13          33        68
Working capital changes                                               (30)         27        24
Income taxes paid                                                    (143)         31      (172)

Net cash from operating activities                                    186         362       571

Cash flows from investing activities
Acquisitions of :
- Programme and sport rights                                          (54)       (136)     (275)
- Subsidiaries and joint ventures net of cash acquired                (54)          5       (45)
- Other intangible and tangible assets                                (22)        (40)      (76)
- Other investments and financial assets                              (95)       (134)     (227)
                                                                     (225)       (305)     (623)
Proceeds from the sale of intangible and tangible assets                1           5         8
Disposal of subsidiaries and joint ventures net of cash                12          10         9
disposed of
Proceeds from the sale of other investments and financial              36         137       192
assets
Interest received                                                      22          18        41
                                                                       71         170       250

Net cash from / (used in) investing activities                       (154)       (135)     (373)

Cash flows from financing activities
Interest paid                                                         (31)        (36)      (82)
Proceeds from loans                                                   953         481     1,355
Net (acquisition) / disposal of treasury shares                          -           -       (6)
Reimbursement of loans                                               (728)       (416)   (1,217)
Net change in bank overdraft                                         (129)        (47)      (24)
Dividends paid                                                        (86)       (134)     (135)

Net cash used in financing activities                                 (21)       (152)     (109)

Net increase in cash and cash equivalents                              11          75        89

Cash and cash equivalents at beginning of year                        302         218       218
Effect of exchange rate fluctuation on cash held                        3          (5)       (5)
Cash and cash equivalents at end of period                            316         288       302


Consolidated statement of changes in equity
for the half year ended 30 June 2002


                                                                 Non                                           Total
                                       Share     Share   distributable   Treasury      Other   Retained   shareholders
  In EUR million                     capital   Premium        reserves     shares   reserves   earnings         equity
  Balance at 31 December 2000            192     6,428              26       (39)        (2)        649          7,254

  Adjustment for the adoption of           -         -               -          -        125          -            125
  IAS 39                                                                                                              
  Restated balance at 1 January          192     6,428              26       (39)        123        649          7,379
  2001                                                                                                                
  Net acquisition of treasury              -         -               -        (7)          -          -            (7)
  shares                                                                                                              
  Currency translation adjustment          -         -               -          -       (12)          -           (12)
  Net change on cash flow hedging          -         -               -          -        (3)          -            (3)
  instruments                                                                                                         
  Net change on available-for              -         -               -          -      (208)          -          (208)
  sale assets                                                                                                         
  Dividends                                -         -               -          -          -      (131)          (131)
  Net loss for the period                  -         -               -          -          -    (2,314)        (2,314)

  Balance at 30 June 2001                192     6,428              26       (46)      (100)    (1,796)          4,704


  Balance at 31 December 2001            192     6,428              26       (44)       (36)    (1,981)          4,585


  Currency translation adjustment          -         -               -          -       (12)          -           (12)
  Net change on cash flow hedging          -         -               -          -       (16)          -           (16)
  instruments                                                                                                         
  Net change on available-for              -         -               -          -       (31)          -           (31)
  sale assets                                                                                                         
  Dividends (see note 5)                   -         -               -          -          -       (77)           (77)
  Transfer (see note 5)                    -   (2,900)               -          -          -      2,900              -
  Net profit for the period                -         -               -          -          -         17             17


  Balance at 30 June 2002                192     3,528              26       (44)       (95)        859          4,466



Notes to the interim consolidated financial statements


1.   Basis of preparation
     
RTL Group S.A., the parent company, is domiciled and incorporated in Luxembourg.
These interim consolidated financial statements are presented in accordance with
the requirements of the London Stock Exchange as well as of IAS 34 Interim
Financial Reporting. The accounting policies used in the preparation of the
interim financial statements are consistent with those used in the annual
financial statements for the year ended 31 December 2001 and comply with the
International Financial Reporting Standards (IFRS) including International
Accounting Standards and Interpretations issued by the International Accounting
Standards Board ("IASB").

Costs that incur unevenly during the financial year are anticipated or deferred
in the interim report only if it would be also appropriate to anticipate or
defer such costs at the end of the financial year.

Income tax expense is recognised based on the best estimate of the weighted
average annual income tax rate expected for the full financial year. The
estimated average annual tax rate used for 2002 is 35 per cent (the estimated
tax rate used for the first half-year of 2001 was 36 per cent).

RTL Group's revenue is generally lower in the summer months due to a reduction
in advertising spend although this is compensated by higher advertising revenues
in the run up to the Christmas period.

These interim financial statements should be read in conjunction with the 2001
consolidated financial statements.

To comply with the requirements of IAS 34 and the UKLA, the interim financial
statements include statutory consolidated results for the six months ended 30
June 2002 and 2001 as well as for the 12 months ended 31 December 2001.


2.   Segmental information
     
Business Segments
in EUR million                    Revenue from external      Inter-segment        Total        EBITA
                                              customers            revenue      Revenue
Television
2002 Half Year                                   1,396                 25        1,421          151
2001 Half Year                                   1,433                 29        1,462          222

Content
2002 Half Year                                     519                114          633           48
2001 Half Year                                     411                111          522           35

Radio
2002 Half Year                                     108                  -          108           20
2001 Half Year                                      98                  -           98           19

New Media
2002 Half Year                                      53                  2           55          (11)
2001 Half Year                                      36                  2           38          (27)

Other
2002 Half Year                                      26                 22           48          (27)
2001 Half Year                                      22                 31           53          (14)

Eliminations
2002 Half Year                                       -               (163)        (163)           -
2001 Half Year                                       -               (173)        (173)           -

Total
2002 Half Year                                   2,102                  -        2,102          181
2001 Half Year                                   2,000                  -        2,000          235



3.   Profit / (loss) before taxes
     
The following items of an unusual nature have been charged in the interim
period:

-    Financial results other than interest includes a EUR 12 million gain on 
     disposal of the Group's investment in Luxair offset by losses on disposal / 
     impairment of other investments;

-    The June 2001 result includes a goodwill impairment of EUR 2,276 million in 
     respect of the FremantleMedia acquisition, in July 2000.


4.   Changes of scope and acquisitions
     
Sportfive

Following the merger in December 2001 of UFA Sports (99.7% owned by RTL Group)
and Sport +, the sports rights trading subsidiary of Groupe Canal + with Groupe
Jean-Claude Darmon (28% owned by RTL Group), RTL Group held as at 31 December
2001 44.4% of Sportfive. In line with the shareholders' agreement between Groupe
Canal + and RTL Group, the acquisition has been accounted for as a joint venture
and has been proportionately consolidated in 2002.

Following the completion of the public offer to Sportfive's minority
shareholders in January 2002, RTL Group has acquired an additional 2.2% interest
in Sportfive from Canal +. Following this, RTL Group and Groupe Canal + own
equal stakes (46.6%) in Sportfive.


Antena 3

With effect from 31 December 2001, RTL Group's 17.2% investment in Antena 3
Group is equity accounted reflecting RTL Group's significant influence over
Antena 3. The share of results of associates for the period ending 30 June 2002
includes the results of Antena 3.


Acquisitions

The Group acquired Phoenix Productions in Germany as well as a number of smaller
television, radio and content participations during the first half of 2002.


5.   Dividends and transfer to Share Premium
     
A dividend in respect of the financial year 2001 of EUR 0.50 per share has been
declared by the Annual General Meeting held on 17 April 2002 (2000: EUR 0.85 per
share).

RTL Group's dividend amounts to EUR 77 million (2001: EUR 131 million).

The Annual General Meeting approved the transfer of the loss of RTL Group S.A.
for the year ended 31 December 2001 amounting to EUR 2,823 million and the 2001
dividend amounting to EUR 77 million to the share premium account in accordance
with article 28 of the Articles of Association.


6.   Put option on RTL Group shares
     
On April 6, 2000, RTL Group S.A. granted to Vivendi an option to acquire 600,000
RTL Group shares. The option was granted in consideration of Vivendi waving
certain rights against Groupe Bruxelles Lambert and RTL Group. The option which
was exercisable until April 2002 has not been exercised and has lapsed.


7.   Related party transaction
     
In April 2002, RTL Group entered into a loan agreement with Bertelsmann AG for
an amount of EUR 300 million. The loan is granted to RTL Group for a period of 3
years. The loan bears interest on the basis of the three-year Euro Swap rate.
The loan is repayable in full by April 2005.

The interest expense for the period ending 30 June 2002 amounts to EUR 3
million.


8.   Subsequent events
              
In August 2002, RTL Group has entered into a EUR 170 million agreement to
acquire the television and radio assets of the German publishing Group Georg von
Holtzbrinck's 47.3% stake in the German commercial news channel n-tv as well as
the Group's activities in 12 German radio stations. The acquisition is subject
to the approval by the control and regulatory authorities and agreement of the
current shareholders to waive their pre-emption rights.

--------------------------


                      This information is provided by RNS
            The company news service from the London Stock Exchange


END
IR ILFLAALIRIIF

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