December 31,
2003

June 30,
2004

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

€

245,836

€

218,551

Short-term investments

528

3,226

Accounts receivable trade, net of allowance for doubtful accounts of €5,070 (€4,990 in 2003)

95,533

90,553

Accounts receivable, affiliates

1,404

1,764

Restricted cash and cash in escrow

1,853

2,095

Program rights inventory, current

102,880

111,083

Other current assets

18,149

21,646

Total current assets

466,183

448,918

Buildings, improvements, technical and other equipment, net of accumulated depreciation

35,581

35,179

Goodwill

149,480

148,140

Other intangible assets, net of accumulated amortization

73,517

75,150

Program rights inventory, non-current

65,079

58,066

Deferred financing cost, net of accumulated amortization

4,447

3,519

Investments in and advances to unconsolidated subsidiaries

3,791

3,334

Other assets

1,200

1,678

Total assets

€

799,278

€

773,984

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

€

34,537

€

30,892

Accrued expenses

65,459

58,673

Program rights payable, current

58,921

51,129

Income taxes payable

4,378

5,883

Current portion of long-term debt

3,328

7,295

Deferred income, current

41,862

39,212

Other current liabilities

20,031

30,983

Total current liabilities

228,516

224,067

Program rights payable, non-current

31,190

23,403

12% senior notes due 2008

134,700

120,200

Other long-term debt

8,909

7,901

Deferred tax, non-current

27,440

31,167

Other non-current liabilities

29,405

8,278

Minority interest

61,051

63,117

Shareholders’ equity:

Common Shares (authorized 75,000,000 issued 31,145,883 (31,016,834 in 2003) at par value €2.00)

62,034

62,292

Additional paid-in capital

669,835

672,592

Accumulated deficit

(444,749

)

(430,525

)

Unearned compensation

(1,499

)

(1,612

)

Treasury shares (997 common shares)

(28

)

(28

)

Accumulated other comprehensive loss

(7,526

)

(6,868

)

Total shareholders’ equity

278,067

295,851

Total liabilities and shareholders’ equity

€

799,278

€

773,984