TVN pro-forma results incl. full consolidation of ‘n’
PLN m
Revenues
Operating profit
Net financial income /
(expense)
2008 pro-forma
2,110
355
(293)
Profit before tax
61
Profit for the period
51
- profit for the period
attributable to equity
holders of TVN S.A.
229
- non controlling interest
(178)
Cash available and liquid
available-for-sale
financial instruments
313
EBITDA
503
Net debt
1,250
Net debt/EBITDA
Pro-forma assumptions:
1.
Profit and loss figures are calculated as if the investment was made at the beginning of the period
2.
Balance sheet figures are calculated as if the investment was made at December 31, 2008
3.
Business combination was achieved in one stage
4.
Investment is financed through long-term PLN debt at WIBOR6M + 2.75% p.a.
5.
TVN acquired 51% of shareholders’ loans at ITI Neovision which are denominated in EUR with 8.25% interest p.a.
6.
Early adoption of IFRS 3 (revised) by TVN Group. IFRS 3 (revised) is expected to be endorsed by EU in Q2 2009
7.
Results based on published 2008 financial statements of TVN Group and unaudited 2008 financial statements of ITI Neovision Group
8.
Net debt does not include shareholder loans
2.49
1