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Cologne (pte030/26.03.2003/12:46) - Viva Media AG http://www.vivamediaag.com , the German company behind Cologne music channel Viva, has closed the year 2002 with a profit.
The TV company attributes its positive results to improvements in operating business and the consolidation of its TV production company Brainpool. In an ad hoc release the company said it had also profited from the 30m euro sale of its 49 per cent share in Viva Plus Fernsehen GmbH to AOL Time Warner.
Earnings before interest and taxes (ebit) leapt from minus 31.5m euros (pro forma) in 2001 to 18m euros by the end of 2002. Earnings before interest, taxes, depreciation and amortisation climbed from minus 13.5m euros to 30m euros. Turnover increased slightly from 112.8m to 113m euros. The number of employees decreased from 770 to 580 as a result of restructuring.
Proceeds from the music TV segment sank to 56m euros as a result of weak advertising, while TV production revenues climbed to 55.4m euros. Turnover in the international music TV segment reached 10.8m euros compared to 6.4m euros the year before. International business made up 9.5 per cent of total turnover.
The German TV company intends to use its liquid assets (about 44.2m euros) to expand in 2003.
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