Viva Media AG
VIVA Media AG announces results for fiscal year 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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VIVA Media group 2003: reorientation
The phase of reorientation within the VIVA Media group continued in 2003. After
the clear return to the profit zone in the TV production segment, adjustments
and measures were carried out in the music TV segment. The positive development
in the TV production segment was mirrored by an increase in consolidated sales
from EUR 113 million to EUR 114 million in 2003. The downward trend in
advertising revenues and the non-operating measures in the music TV segment led
to consolidated EBITA of EUR -4.4 million (prior year: EUR 26.0 million). In
this context, it should be noted that a provision of EUR -6.4 million for the
purchase price adjustment for VIVA PLUS dampened the result in 2003 while the
result in 2002 was boosted by extraordinary income of EUR 29.7 million from the
purchase price payment made by Time Warner for the 49% shareholding in VIVA
PLUS. Without these distortions, EBITA would have increased from EUR -3.7
million (2002) to EUR 2.0 million (2003). Extraordinary goodwill amortization of
EUR -18.3 million was recognized for the music TV segment owing to the
conservative accounting approach. This resulted in the group disclosing EBIT of
EUR -27.2 million (2002: EUR 18.0 million) and a loss after tax of EUR -42.3
million (2002: EUR 0.9 million). This represents a loss per share of EUR -1.73
(2002: EUR +0.04). Adjusted for the non-operating effects, a loss per share of
EUR -0.55 would have been achieved (prior year: EUR -0.45). Sales in the TV
production segment in 2003 were up 9% from EUR 55.4 million to EUR 60.3 million.
EBITA rose considerably from EUR -1.5 million to EUR 9.7 million. Earnings of
EUR 2.4 million after taxes and minorities were thus disclosed (prior year: EUR
-12.6 million). The impact from the weak advertising market due to the poor
economic climate and from the structural crisis in the music industry had a
negative effect on VIVA’s music TV activities in 2003. This resulted in a
decline in sales from EUR 56.0 million to EUR 53.4 million. EBITA came to EUR –
14.1 million in 2003 due to the purchase price adjustment for VIVA PLUS (prior
year: EUR 28.5 million). Due to goodwill amortization totaling EUR -20.7
million, EBIT stood at EUR -34.7 million (prior year: EUR 25.7 million) and the
loss after tax stood at EUR -44.5 million (prior year: EUR 14.4 million).
VIVA Media expects consolidated sales to remain stable in 2004 and EBITA to
improve significantly against the prior year. Depending on the advertising
environment, a slight increase in sales in the music TV segment is forecast and
EBITA is expected to rise. In light of the very good order backlog, the TV
production segment of BRAINPOOL TV GmbH again expects to have a strong fiscal
year in 2004.
end of ad-hoc-announcement (c)DGAP 30.03.2004
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WKN: 617106; ISIN: DE0006171069; Index: SDAX
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
300704 Mär 04
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