RTL Group

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PRESS INFORMATION

RTL Group announces its interim results to 30 June 2004

Luxembourg, 31 August 2004 - RTL Group, Europes leading broadcaster and content provider, announces its interim results to 30 June 2004.

EUR million

Half
year
to 30 June
2003

Half year
to 30 June
2002

Per cent
Change
(%)

PRO
FORMA^1
Half year to
30 June 2004

PRO
FORMA^1
Half year to
30 June 2003

Per cent
Change
(%)
Revenue


2,457


2,212


+11.1

2,505

2,520

(0.6)
Reported EBITA 2

397

253


+56.9

403

318


+26.7
Restructuring charges

(9)

(29)

(69.0)

(9)

(29)

(69.0)
Start up losses 3

(10)

(5)


+100.0

(10)

(5)


+100.0
Adjusted EBITA

416

287


+44.9

422

352


+19.9
EBITA margin (%)

16.2

11.4

n.a

16.1

12.6

n.a
Adjusted EBITA margin (%)

16.9

13.0

n.a

16.8

14.0

n.a
Reported EBITA

397

253


+56.9

403

318


+26.7
Amortisation and impairment of
goodwill 4

(1)

(143)

n.a

(1)
(145)

n.a
Gain/(loss) from sale of
subsidiairies, joint ventures
and other investments

(19)


1

n.a

(19)


1

n.a
Net financial expense

(24)

(26)

(7.7)

(24)

(27)

(11.1)
Income tax expense

(114)

(53)

>100.0

(116)

(74)


+56.8
Minority interest

(44)

(7)

>100.0

(48)

(49)

(2.0)
Profit for the period


195


25
>100.0


195


24

>100.0
Adjusted EPS EUR 5


1.40


1.09


+28.4


1.40


1.09


+28.4


---

1 Following the change in consolidation method for M6, which has been fully consolidated from February 2004, pro forma 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 gain from sale of subsidiaries, joint ventures and other investments, net of income tax expense

3 RTL Shop, RTL Televizija and RTL FM

4 No amortisation of goodwill has been recognised for the period ended
30 June 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 for the period adjusted for amortisation and impairment of goodwill and gain or loss from sale of subsidiaries, joint ventures and other investments, net of income tax expense

Headlines

RTL Group Headlines

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Record reported EBITA of EUR 397 million up 56.9 per cent. Pro forma EBITA of EUR 403 million, up 26.7 per cent





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RTL Group channels maintained strong positions in terms of audience and advertising shares in all markets, despite the effects of the Euro
2004 championships
?
Mixed advertising market conditions across Europe, with modest growth in Germany and the Netherlands, moderate growth in the United Kingdom and Belgium and strong growth in Spain and France

?

Group revenue EUR 2,457 million, up 11.1 per cent. Pro forma revenue EUR 2,505 million, down slightly 0.6 per cent but with underlying revenue up 3.6 per cent

?
Continued cost control, pro forma cost base down 2.9 per cent

?
Positive net result of EUR 195 million

?
Operating cash conversion of 92 per cent, adjusted for one-off cash payments

?
Net cash position of EUR 30 million compared to a net debt at 31 December 2003 of EUR 298 million

Profit Centre Highlights

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All Profit Centres EBITA positive

?
Record results at RTL Television, M6, Five, Antena 3 and FremantleMedia

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RTL Television delivers 17.1 per cent audience share, significantly ahead of nearest competitor

?
Five continues to outperform, gaining audience and advertising market share

?
FremantleMedias record results driven by format successes

?
Strong turnaround at RTL Nederland and Antena 3 in Spain

Strategic developments

?
Full consolidation of M6 following the exit of Suez

?
Excellent start to new television operations in Belgium and Croatia

?
Completion of restructuring of the technical services division with the sale of London Playout Centre

?
Partial sale of Sportfive, our sport rights trading business

Gerhard Zeiler, Chief Executive Officer of RTL Group, said: RTL Group has delivered a solid performance in the first half of this year with record results from our major businesses. RTL Television re-confirmed its leading position in Germany, M6 outperformed its market in France and five once again grew market share in the UK. Management actions in Spain and the Netherlands have delivered a significantly improved result and we have also increased the strength and quality of our portfolio.

We successfully launched a new television channel in Croatia, set up our third channel in Belgium, Plug TV, and M6 acquired Paris Premiere in France.

Due to our strong operational performance, combined with the positive financial effects of the disposals, RTL Group became debt free in June
2004. This is a solid base to take the Group to the next phase of internal and external growth based on our three-pronged strategy: to further strengthen the family of channels in the markets in which we already operate, to increase non-advertising revenue and to expand geographically.

For the remainder of 2004 we continue to see mixed advertising market conditions across Europe with visibility remaining limited. Despite this we remain confident on the outcome for the full year.

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For further information

Andrew Buckhurst
Senior Vice President
External Communications and Investor Relations
RTL Group
Phone: 00352/2486 5075 or 5130
E-mail: andrew.buckhurst@rtlgroup.com

Julius Duncan / Katie Lang
Finsbury
Phone: 0044/207 251 3801
Julius.Duncan@finsbury.com / Katie.lang@finsbury.com