6-K 1 form6k_013105.txt REPORT OF FOREIGN PRIVATE ISSUER FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 31, 2005 ================================================================================ FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2005 ANTENNA TV S.A. (Translation of registrant's name into English) KIFISSIAS AVENUE 10-12 MAROUSSI 151 25 ATHENS, GREECE (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [_] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [_] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__________. ================================================================================ INFORMATION CONTAINED IN THIS FORM 6-K REPORT Attached as Exhibit 99.1 to this report on Form 6-K is a copy of the press release dated January 28, 2005 announcing the Company's commencement of a cash tender offer and consent solicitation for its outstanding 9 3/4% Senior Notes Due 2008. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ANTENNA TV S.A. (Registrant) By: /s/ Nikolaos Angelopoulos ------------------------------- Name: Nikolaos Angelopoulos Title: Chief Financial Officer Dated: January 31, 2005

PAGE ---- PART I FINANCIAL INFORMATION......................................................................5 ITEM 1. UNAUDITED FINANCIAL STATEMENTS.....................................................5 Consolidated Statements of Operations for the three months ended June 30, 2003 and 2004 and for the six months ended June 30, 2003 and 2004...............................................................................5 Consolidated Balance Sheets as of December 31, 2003 and June 30, 2004................6,7 Consolidated Statement of Shareholders' Equity for the six months ended June 30, 2004....................................................................8 Consolidated Statements of Cash Flows for the six months ended June 30, 2003 and 2004......................................................................9 Notes to the Consolidated Financial Statements........................................10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.....................................................................25 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK........................35 PART II OTHER INFORMATION.........................................................................37 ITEM 4. OTHER INFORMATION.................................................................37

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- ----------------------------------- NOTES 2003 2004 2003 2004 2004 ----- ------ ------- ------- ------- ------- ((EURO)) ((EURO)) ((EURO)) ((EURO)) ($) Advertising revenue.................... 45,027 45,975 72,062 76,012 92,575 Related party revenue.................. 2 1,165 1,696 3,027 2,389 2,910 Publication revenue.................... 5,801 6,371 11,809 11,960 14,566 Other revenue.......................... 5,915 10,513 10,979 15,732 19,160 -------- --------- --------- --------- --------- Total net revenue...................... 10 57,908 64,555 97,877 106,093 129,211 -------- --------- --------- --------- --------- Cost of sales.......................... 20,838 21,589 38,045 38,852 47,318 Selling, general and administrative expenses............................ 8,298 10,490 15,143 18,999 23,139 Amortization of programming costs...... 3 11,368 11,453 25,186 24,595 29,954 Depreciation and amortization.......... 10 1,734 1,594 3,432 3,193 3,889 -------- --------- --------- --------- --------- 15,670 19,429 Operating income ...................... 10 16,071 20,454 24,911 Interest expense, net.................. 7 (5,124) (4,921) (10,529) (9,776) (11,906) Foreign exchange gains (loss), net..... 8 2,986 (558) 5,158 (1,005) (1,224) Other (expense) income, net............ 9 (140) 18 109 (2,191) (2,668) Minority interest in loss of consolidated entities............... 43 15 23 33 40 -------- --------- --------- --------- --------- Earnings before income taxes.......... 13,435 13,983 10,832 7,515 9,153 Provision from income taxes............ 6 6,997 6,308 6,479 4,818 5,868 -------- --------- --------- --------- --------- Net income............................ 6,438 7,675 4,353 2,697 3,285 ======== ========= ========= ========= ========= Basic and diluted profit per share..... 0.3 0.4 0.2 0.1 0.2 ======== ========= ========= ========= =========

DECEMBER 31, UNAUDITED JUNE 30, ------------ ----------------------- NOTES 2003 2004 2004 ----- -------- -------- ------- ((EURO)) ((EURO)) ($) ASSETS Current assets: Cash and cash equivalents..................... 81,395 48,320 58,849 Marketable equity securities.................. 5,10 2,852 1,315 1,601 Accounts receivable, less allowance for doubtful accounts of(euro)7,929 at December 2003 and(euro)8,293 at June 2004........... 74,304 98,140 119,525 Inventories................................... 2,036 2,523 3,073 Due from related parties...................... 2 18,878 18,049 21,982 Advances to related parties................... 2 3,376 2,794 3,403 Advances to third parties..................... 7,026 8,088 9,850 Deferred tax assets........................... 6 3,268 2,104 2,562 Prepaid expenses and other current assets..... 807 923 1,124 Income and withholding tax advances........... 1,669 1,902 2,316 --------- --------- --------- Total current assets....................... 195,611 184,158 224,285 --------- --------- --------- Investments................................... 5 12,932 12,932 15,751 Property and equipment, net................... 22,442 20,992 25,566 Broadcast, transmission and printing equipment under capital leases, net........ 3,327 2,892 3,521 Deferred charges, net......................... 1 3,999 3,299 4,018 Programming costs............................. 3 90,109 89,634 109,165 Due from related party........................ 2 7,160 7,695 9,372 Advances to related parties................... 2 53 53 65 Goodwill...................................... 5,631 5,631 6,858 Other amortizable intangible assets, net...... 378 221 269 Deferred tax assets........................... 6 18,247 15,707 19,129 Other assets.................................. 4 9,230 9,252 11,268 --------- --------- --------- Total assets............................... 369,119 352,466 429,267 ========= ========= =========

DECEMBER 31, UNAUDITED JUNE 30, ------------ ----------------------- NOTES 2003 2004 2004 ----- -------- -------- ------- ((EURO)) ((EURO)) ($) LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Bank overdrafts and short-term borrowings..... 18,767 19,054 23,206 Current portion of obligations under capital leases................................... 748 662 806 Trade accounts, notes and cheques payable..... 31,349 31,519 38,387 Program license payable....................... 26,287 21,629 26,342 Customer advances............................. 1,455 1,209 1,472 Payable to related parties.................... 2 500 338 413 Accrued interest.............................. 8,849 8,274 10,077 Accrued expenses and other current liabilities 16,187 18,699 22,773 Income taxes payable.......................... 6 2,212 1,992 2,426 Deferred tax liability........................ 6 3,563 2,063 2,512 --------- --------- --------- Total current liabilities.................. 109,917 105,439 128,414 --------- --------- --------- Long-term liabilities: Senior notes.................................. 7 193,751 179,217 218,268 Long-term obligations under capital leases.... 1,168 859 1,046 Employee retirement benefits.................. 1,974 2,068 2,519 Long-term provisions.......................... 579 582 708 --------- --------- --------- Total liabilities.......................... 307,389 288,165 350,955 --------- --------- --------- Minority interests............................... 71 38 46 --------- --------- --------- Shareholders' equity: Share capital................................. 5,955 5,955 7,253 Additional paid-in capital.................... 84,270 84,270 102,632 Accumulated (deficit)......................... (28,206) (25,509) (31,067) Accumulated other comprehensive (loss) income .................................. (360) (453) (552) --------- --------- --------- Total shareholders' equity................. 61,659 64,263 78,266 --------- --------- --------- Total liabilities and shareholders' equity. 369,119 352,466 429,267 ========= ========= =========

ACCUMULATED (DEFICIT) ----------------------------------------------------------------------------------------------- LEGAL, TAX FREE ACCUMULATED ADDITIONAL AND OTHER SHARE PAID-IN OTHER ACCUMULATED COMPREHENSIVE GRAND COMPREHENSIVE CAPITAL CAPITAL RESERVES (DEFICIT) TOTAL (LOSS)/INCOME TOTAL INCOME/(LOSS) ------- ------- -------- ----------- ----- ------------- ----- -------------- BALANCE DECEMBER 31, 2003. 5,955 84,270 5,447 (33,653) (28,206) (360) 61,659 Net profit for the six months (unaudited)...... -- -- -- 2,697 2,697 -- 2,697 2,697 Realization of other-than-temporary loss of marketable equity securities (see note 1)................. -- -- -- -- -- 361 361 361 Unrealized (loss) on available for sale equity securities, net of tax benefit(euro)245 (unaudited) -- -- -- -- -- (454) (454) (454) -------- Total comprehensive income (unaudited)...... 2,604 ------- ------- ------- --------- ------- -------- ------- ======== BALANCE JUNE 30, 2004 (UNAUDITED)............. 5,955 84,270 5,447 (30,956) (25,509) (453) 64,263 ======= ======= ======= ========= ======= ======== =======

UNAUDITED SIX MONTHS ENDED JUNE 30, --------------------------------------------- 2003 2004 2004 --------- --------- --------- ((EURO)) ((EURO)) ($) CASH FLOWS FROM OPERATING ACTIVITIES Net income.................................... 4,353 2,697 3,285 ADJUSTMENTS TO RECONCILE NET(LOSS) TO NET CASH (Gains) loss from repurchase of Senior Notes.. (183) 833 1,015 Deferred income taxes......................... 5,487 2,253 2,744 Minority interest on acquired entities........ (23) (33) (40) Amortization of debt issuance expenses........ 536 342 417 Write down in marketable equity securities -- 1,394 1,698 Depreciation of property and equipment and capital leases and amortization of programming costs and other intangibles.. 28,618 27,788 33,843 Provision for other long term liabilities..... -- 3 4 Provision for employee retirement benefits.... 20 94 114 CHANGE IN ASSETS AND LIABILITIES (Increase) in accounts receivable............ (18,464) (23,837) (29,031) (Increase) decrease from/due to related parties.................................. (1,067) 712 867 (Increase) in programming costs............... (27,006) (25,963) (31,620) Decrease in prepaid and licensed programming expenditures............................. 4,564 1,841 2,242 Increase in trade accounts, notes and cheques payable.................................. 1,710 168 205 (Decrease) in licensed program payable........ (4,745) (4,659) (5,674) (Increase) in inventories..................... (56) (488) (594) Increase (decrease) in customer advances...... 418 (246) (300) Increase in accrued expenses and other liabilities.............................. 2,075 1,937 2,359 (Decrease) in income taxes payable............ (5,757) (220) (268) Other, net.................................... 1,570 (1,426) (1,737) --------- --------- --------- Total adjustments....................... (12,303) (19,507) (23,756) --------- --------- --------- NET CASH (USED) IN OPERATING ACTIVITIES.......... (7,950) (16,810) (20,471) --------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES (Acquisition) of businesses, net of cash...... (135) (166) (202) Purchase of fixed assets...................... (4,812) (982) (1,197) --------- --------- --------- NET CASH (USED) IN INVESTING ACTIVITIES.......... (4,947) (1,148) (1,399) --------- --------- --------- CASH FLOW FROM FINANCING ACTIVITIES Redemption of Senior Notes.................... (3,470) (16,310) (19,864) (Decrease) increase in bank overdrafts and SHORT term borrowings, net............... (1,287) 288 351 Repayments of capital lease obligations....... (480) (396) (482) --------- --------- --------- NET CASH (USED) IN FINANCING ACTIVITIES.......... (5,237) (16,418) (19,996) --------- --------- --------- Effect of exchange rate changes on cash.......... (5,926) 1,301 1,584 (Decrease) in cash............................... (24,060) (33,075) (40,282) Cash at beginning of year........................ 89,815 81,395 99,131 --------- --------- --------- CASH AT END OF PERIOD............................ 65,755 48,320 58,849 ========= ========= ========= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest........................ 10,725 10,045 12,234 Cash paid for income taxes.................... 5,520 2,791 3,399

UNAUDITED UNAUDITED UNAUDITED THREE MONTHS THREE MONTHS UNAUDITED SIX SIX MONTHS ENDED ENDED MONTHS ENDED ENDED JUNE 30, 2003 JUNE 30, 200 4 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------ - ------------- ------------- Net income 6,438 7,675 4,353 2,697 Realization of other-than-temporary loss of marketable equity securities -- -- -- 361 Unrealized (loss) gain on available for sale equity securities, net 996 (454) 342 (454) ------------- ------------ - ------------- ------------- Comprehensive income 7,434 7,221 4,695 2,604 ============= ============ = ============= =============

UNAUDITED REVENUE FROM RELATED PARTIES ------------------------------------------------------------------- THREE MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Epikinonia Ltd. (Production facilities and technical and administrative services).... 215 741 363 990 Antenna Satellite TV (USA) Inc. (License and technical fees)........................... 268 214 877 424 Antenna TV Ltd. (Cyprus) (Royalties)........... 297 421 446 550 Echos and Rhythmos EPE......................... 159 161 237 255 Makedonia TV S.A............................... 226 159 1,104 170 ------------- ------------- ------------- ------------- 1,165 1,696 3,027 2,389 ============= ============= ============= =============

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------- ------------- ------------ ------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------ ------------- Current........................... 920 2,565 992 2,565 Deferred income taxes............. 6,077 3,743 5,487 2,253 ------------- ------------- ------------ ------------- Provision for income taxes........ 6,997 6,308 6,479 4,818 ============= ============= ============ =============

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------- ------------------------------ JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Tax provision at statutory rate.................. 4,693 4,893 3,791 2,630 Effect of rate differentiation of foreign 6 79 108 258 entities.................................... Effect of change in tax rate of foreign entity... -- -- -- 238 Interest income.................................. (51) (26) (64) (51) Effect of minority interest...................... 8 (6) (8) (12) Disallowed expenses, non-deductible general expenses and additional taxes............... 1,631 1,272 1,790 1,528 (Income) not subject to income tax............... (85) (67) (125) (70) Increase in valuation allowance.................. 795 163 987 297 ------------- ------------- ------------- ------------- 6,997 6,308 6,479 4,818 ============= ============= ============= =============

UNAUDITED DECEMBER 31, JUNE 30, 2003 2004 ------------ --------- Senior Notes due 2007 (the "2007 Notes") issued on August 12, 1997. Interest on the 2007 Notes is paid semi-annually in February and August, commencing February 1, 1998, at a rate of 9% per annum. The 2007 Notes are redeemable, in whole or in part, at the option of the Company at any time on or after August 1, 2002...................... 55,001 40,467 Senior Notes due 2008 (the "2008 Notes") issued on June 18, 2001. Interest on the Senior notes is paid semi-annually in July and January, commencing July 1, 2001 at a rate of 9.75% per annum. The 2008 Notes are redeemable, in whole or in part, at the option of the company at any time on or after 2005................................ 138,750 138,750 ------------ --------- 193,751 179,217 ============ =========

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------ ------------------------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Discount on prepayment of Senior Notes.... -- -- 300 -- Write-off of related unamortized debt -- -- (76) -- issuance costs....................... ------------- ------------- ------------- ------------- Gain ..................................... -- -- 224 -- ============= ============= ============= =============

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------ ------------------------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Discount on prepayment of Senior Notes.. 137 -- 137 (475) Write-off of related unamortized debt (178) -- (178) (358) issuance costs..................... ------------- ------------- ------------- ------------- (Loss).................................. (41) -- (41) (833) ============= ============= ============= =============

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------ ------------------------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Unrealized foreign exchange gain (loss) on Senior Notes (US$)................... 3,290 (372) 5,926 (1,301) Unrealized foreign exchange (loss) and gain and on cash, receivables and payables denominated in foreign currencies (US$) and realized (losses) gains on transactions, net....................... (304) (186) (768) 296 ------------- ------------- ------------- ------------- 2,986 (558) 5,158 (1,005) ============= ============= ============= =============

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------ ------------------------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- Other than temporary (loss) from marketable securities (see note 5) ............... -- -- -- (1,394) Other (loss), net........................... (99) 18 (74) 36 Gain (loss) on repurchase of senior notes (see note 7)........................... (41) -- 183 (833) ------------- ------------- ------------- ------------- (140) 18 109 (2,191) ============= ============= ============= =============

UNAUDITED THREE MONTHS ENDED JUNE 30, 2003 ----------------------------------------------------------------------------------------------------- PAY MUSIC INTERSEGMENT TOTAL TELEVISION RADIO TELEVISION PUBLICATIONS INTERNET RECORDING OTHER ELIMINATION CONSOLIDATED ----------------------------------------------------------------------------------------------------- Advertising revenue........ 41,386 1,293 -- 2,348 -- -- -- -- 45,027 Related party sales........ 2,036 164 -- 64 280 -- -- (1,379) 1,165 Publication revenue........ -- -- -- 5,801 -- -- -- -- 5,801 Other revenue.............. 1,209 4 128 626 1,082 1,063 1,804 (1) 5,915 ------------------------------------------------------------------------------------------------------ Total revenues............. 44,631 1,461 128 8,839 1,362 1,063 1,804 (1,380) 57,908 Cost of Sales.............. 11,165 590 38 7,539 98 604 870 (66) 20,838 Related party cost of sales............ 3 -- -- 13 404 86 420 (926) -- Selling, general and administrative expenses................. 5,271 462 7 1,459 186 288 625 -- 8,298 Related party selling, general and administrative expenses.................. 284 4 -- 32 125 -- 9 (454) -- Depreciation and amortization 859 14 24 530 185 2 36 84 1,734 Amortization of programming costs..................... 11,368 -- -- -- -- -- -- -- 11,368 ------------------------------------------------------------------------------------------------------ Operating income (loss)..... 15,681 391 59 (734) 364 83 (156) (18) 15,670 Interest expense, net....... (4,798) (18) (11) (302) -- (1) 6 -- (5,124) Foreign exchange gains (losses), net............. 2,660 132 194 -- -- -- -- -- 2,986 Other income (expense), net (73) -- -- (68) -- -- 1 -- (140) Minority interest in profit of consolidated entities, net.... -- -- -- (3) -- -- -- 46 43 ------------------------------------------------------------------------------------------------------ Income (loss) before tax... 13,470 505 242 (1,107) 364 82 (149) 28 13,435 Net Income (loss).......... 7,374 325 242 (1,576) 544 (185) (314) 28 6,438 ======================================================================================================

UNAUDITED THREE MONTHS ENDED JUNE 30, 2003 ------------------------------------------------------------------------------------------------------ PAY MUSIC INTERSEGMENT TOTAL TELEVISION RADIO TELEVISION PUBLICATIONS INTERNET RECORDING OTHER ELIMINATION CONSOLIDATED ------------------------------------------------------------------------------------------------------ Advertising revenue......... 66,165 2,048 -- 3,849 -- -- -- -- 72,062 Related party sales......... 4,114 242 -- 128 420 29 -- (1,906) 3,027 Publication revenue......... -- -- -- 11,809 -- -- -- -- 11,809 Other revenue............... 2,536 4 238 1,099 1,628 1,866 3,612 (4) 10,979 ------------------------------------------------------------------------------------------------------- Total revenues.............. 72,815 2,294 238 16,885 2,048 1,895 3,612 (1,910) 97,877 Cost of Sales............... 19,319 1,169 79 14,466 227 1,042 1,877 (134) 38,045 Related party cost of sales 6 -- -- 36 457 103 628 ( 1,230) -- Selling, general and administrative expenses... 9,631 1,176 13 2,551 342 523 907 -- 15,143 Related party selling, general and administrative expenses.................. 453 8 -- 70 125 3 21 (680) -- Depreciation and amortization.............. 1,678 43 51 1,062 350 5 63 180 3,432 Amortization of programming costs..................... 25,186 -- -- -- -- -- -- -- 25,186 ------------------------------------------------------------------------------------------------------- Operating income (loss)..... 16,542 (102) 95 (1,300) 547 219 116 (46) 16,071 Interest expense, net....... (9,782) (34) (24) (700) -- -- 11 -- (10,529) Foreign exchange gains (losses), net............. 4,704 171 285 (2) -- -- -- -- 5,158 Other income (expense), net....................... 163 -- -- (71) -- (1 ) -- 18 109 Minority interest in profit of consolidated entities, net....................... -- -- -- (1) -- -- -- 24 23 ------------------------------------------------------------------------------------------------------- Income (loss) before tax.... 11,627 35 356 (2,074) 547 218 127 (4) 10,832 Net Income (loss)........... 5,735 21 356 (2,302) 802 (97 ) (158) (4) 4,353 ------------------------------------------------------------------------------------------------------- Segment assets Total assets at June 30, 2003............. 386,459 6,690 790 41,635 5,422 3,050 10,768 (75,478) 379,336 =======================================================================================================

UNAUDITED THREE MONTHS ENDED JUNE 30, 2004 ------------------------------------------------------------------------------------------------------ PAY MUSIC INTERSEGMENT TOTAL TELEVISION RADIO TELEVISION PUBLICATIONS INTERNET RECORDING OTHER ELIMINATION CONSOLIDATED ------------------------------------------------------------------------------------------------------ Advertising revenue........ 42,002 1,274 -- 2,699 -- -- -- 45,975 Related party sales........ 3,672 186 -- 95 270 -- -- (2,527) 1,696 Publication revenue........ -- -- -- 6,371 -- -- -- -- 6,371 Other revenue.............. 1,714 1 1,052 479 3,228 1,143 2,898 (2) 10,513 ------------------------------------------------------------------------------------------------------ Total revenues............. 47,388 1,461 1,052 9,644 3,498 1,143 2,898 (2,529) 64,555 Cost of Sales.............. 11,588 631 37 7,261 115 953 1,111 (107) 21,589 Related party cost of sales.................... 3 -- 723 7 (105) 43 914 (1,585) -- Selling, general and administrative expenses................. 6,813 321 5 1,914 377 280 780 -- 10,490 Related party selling, general and administrative expenses................. 274 2 -- 38 616 1 12 (943) -- Depreciation and amortization............. 817 10 24 434 78 6 40 185 1,594 Amortization of programming costs........ 11,453 -- -- -- -- -- -- -- 11,453 ------------------------------------------------------------------------------------------------------ Operating income (loss).... 16,440 497 263 (10) 2,417 (140) 41 (79) 19,429 Interest expense, net...... (4,406) (14) (9) (497) 2 1 2 -- (4,921) Foreign exchange gains (losses), net (659) 35 66 -- -- -- -- -- (558) Other income (expense), net 17 -- -- 1 -- (1) 1 -- 18 Minority interest in loss (profit) of consolidated entities, net............ -- -- -- (9) -- -- -- 24 15 ------------------------------------------------------------------------------------------------------ Income (loss) before tax... 11,392 518 320 (515) 2,419 (140) 44 (55) 13,983 Net Income (loss).......... 6,574 337 274 (922) 1,582 (194) (8) 32 7,675 ======================================================================================================

UNAUDITED THREE MONTHS ENDED JUNE 30, 2004 ------------------------------------------------------------------------------------------------------- PAY MUSIC INTERSEGMENT TOTAL TELEVISION RADIO TELEVISION PUBLICATIONS INTERNET RECORDING OTHER ELIMINATION CONSOLIDATED ------------------------------------------------------------------------------------------------------- Advertising revenue....... 69,131 2,249 -- 4,632 -- -- -- -- 76,012 Related party sales....... 4,596 282 -- 185 417 -- -- (3,091) 2,389 Publication revenue....... -- -- -- 11,960 -- -- -- -- 11,960 Other revenue............. 2,885 1 1,152 1,188 3,887 1,773 4,848 (2) 15,732 ------------------------------------------------------------------------------------------------------- Total revenues............ 76,612 2,532 1,152 17,965 4,304 1,773 4,848 (3,093) 106,093 Cost of sales............. 19,821 1,231 74 14,207 214 1,503 1,969 (167) 38,852 Related party cost of sales................ 3 -- 723 26 1 74 1,104 (1,931) -- Selling, general and and administrative expenses................ 12,632 690 12 3,291 612 560 1,202 -- 18,999 Related party selling, general and administrative expenses................ 427 4 -- 68 639 1 23 (1,162) -- Depreciation and amortization........... 1,628 32 48 851 223 10 78 323 3,193 Amortization of programming costs....... 24,595 -- -- -- -- -- -- -- 24,595 ------------------------------------------------------------------------------------------------------- Operating income (loss)... 17,506 575 295 (478) 2,615 (375) 472 (156) 20,454 Interest expense, net..... (8,880) (28) (18) (856) 2 1 3 -- (9,776) Foreign exchange (losses), net.................... (1,039) (18) 51 -- -- -- -- -- (1,005) Other income, (expense), net(1) ................ (799) -- -- 1 1 (1) (1,393) -- (2,191) Minority interest in (profit) losses of consolidated entities.. -- -- -- (10) -- -- -- 43 33 ------------------------------------------------------------------------------------------------------- (Loss) income before tax.. 6,788 530 328 (1,343) 2,618 (375) (918) (113) 7,515 Net (loss) income......... 3,788 294 283 (1,594) 1,689 (347) (1,151) (265) 2,697 ------------------------------------------------------------------------------------------------------- Segment assets Total assets at June 30, 2004................ 355,427 6,716 1,898 42,609 9,076 3,832 11,719 (78,811) 352,466 =======================================================================================================

UNAUDITED THREE MONTHS ENDED UNAUDITED SIX MONTHS ENDED ------------------------------ ------------------------------- JUNE 30, 2003 JUNE 30, 2004 JUNE 30, 2003 JUNE 30, 2004 ------------- ------------- ------------- ------------- REVENUES: Greece............ 55,340 61,350 93,464 101,003 United States..... 268 214 877 424 Australia......... 128 202 238 302 Cyprus............ 297 421 446 550 Bulgaria.......... 1,875 2,368 2,852 3,814 ------------- ------------- ------------- ------------- 57,908 64,555 97,877 106,093 ============= ============= ============= =============

----------------------------------------------------------------------------------------------------------------------------- PAYMENTS DUE BY PERIOD ----------------------------------------------------------------------------------------------------------------------------- 01/07/2004- 01/07/2005- 01/07/2006- 1/07/2007- 01/07/2008- CONTRACTUAL OBLIGATIONS TOTAL 30/06/2005 30/06/2005 30/06/2007 30/06/2008 30/06/2009 THEREAFTER ----------------------------------------------------------------------------------------------------------------------------- LONG-TERM DEBT (1) 179,217 -- -- -- 179,217 -- -- ----------------------------------------------------------------------------------------------------------------------------- CAPITAL LEASE OBLIGATIONS 1,521 662 595 261 3 -- -- ----------------------------------------------------------------------------------------------------------------------------- OPERATING LEASES 18,707 3,371 3,541 3,726 3,926 4,143 -- ----------------------------------------------------------------------------------------------------------------------------- OTHER LONG-TERM OBLIGATIONS (2) 2,649 -- 581 -- -- -- 2,068 ----------------------------------------------------------------------------------------------------------------------------- TOTAL CONTRACTUAL CASH OBLIGATIONS 202,094 4,033 4,717 3,987 183,146 4,143 2,068 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- 01/07/2004- 01/07/2005- 01/07/2006- 1/07/2007- 01/07/2008 CONTRACTUAL COMMITMENTS TOTAL 30/06/2005 30/06/2005 30/06/2007 30/06/2008 30/06/2009 THEREAFTER ----------------------------------------------------------------------------------------------------------------------------- UTILIZED LINES OF CREDIT (3) 19,054 19,054 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------- LETTERS OF GUARANTEE (4) 9,076 5,738 3,338 -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------- OTHER COMMITMENTS (5) 10,751 611 451 4,968 4,721 -- -- ----------------------------------------------------------------------------------------------------------------------------- TOTAL COMMERCIAL COMMITMENTS 38,881 25,403 3,789 4,968 4,721 -- -- -----------------------------------------------------------------------------------------------------------------------------

DECEMBER 31, 2003 ----------------- FINANCIAL INSTRUMENT MATURITY (2007) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2007 ($69.3 million) 55.0 55.8 70.3 Average interest rate 10.2% -- -- JUNE 30, 2004 ------------- FINANCIAL INSTRUMENT MATURITY (2007) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2007 ($49.3 million).................. 40.5 41.0 49.9 Average interest rate.................................. 9.3% -- -- The average interest rate represents the stated interest rate of 9% plus amortization of deferred issuance costs. DECEMBER 31, 2003 ----------------- FINANCIAL INSTRUMENT MATURITY (2008) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2008 ((euro)138.7 million) 138.7 141.5 178.2 Average interest rate 10.2% -- -- JUNE 30, 2004 ------------- FINANCIAL INSTRUMENT MATURITY (2008) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2008 ((euro)138.7 million)................ 138.7 134.9 164.3 Average interest rate.................................. 10.2% -- --

DECEMBER 31, 2003 ----------------- FINANCIAL INSTRUMENT MATURITY (2008) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2008 ((euro)138.7 million) 138.7 141.5 178.2 Average interest rate 10.2% -- -- JUNE 30, 2004 ------------- FINANCIAL INSTRUMENT MATURITY (2008) FAIR VALUE --------------- ---------- ((EURO)) ((EURO)) ($) (IN MILLIONS) Senior notes due 2008 ((euro)138.7 million)................. 138.7 134.9 164.3 Average interest rate....................................... 10.2% -- --

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