com.
According to the American Diabetes Association, 1. Research studies indicate that uncontrolled
diabetes often leads to biochemical imbalances that can cause serious
complications. Readers can also learn how they might use
the Glycemic Index and discover the dietary value of fiber.0% 100. Kanal 5 and TVNorge had increased revenue of euro 4,718, or
20%, and euro 2,715, or 19%, respectively, mainly due to increased viewing
shares driven by new programming investments such as the Royal League
(Scandinavian football) and a co-produced version of Big Brother. Our Belgian Television operations had
increased net revenue of euro 374, or 2%, mainly due to the launch of VijfTV. Excluding such expenses , our selling, general and
administrative expenses increased euro 922, or 3%. Selling, general and
administrative expenses expressed as a percentage of net revenues were 16.

Corporate Expenses
Corporate expenses increased euro 2,154 from euro 3,466 in the second
quarter of 2004 to euro 5,620 in the second quarter of 2005, mainly due to an
increase in headcount and staff cost following the acquisition of C More, and
due to expenses related to Sarbanes-Oxley compliance work. Corporate expenses
expressed as a percentage of net revenues were 1.
Our Premium pay operation, C More , had subscriber fees and other revenue
of euro 65,345 in the period March 8 to June 30, 2005. Excluding such expenses, our selling, general and
administrative expenses increased euro 5,469, or 14%, mainly due to increased
marketing expenses at Kanal 5, TVNorge and TV2 related to the promotion of new
programming initiatives.
(Talpa). In the first half
of 2004, we redeemed euro 14,500 principal amount of our 12% Senior Notes. Management believes that when used in this fashion adjusted
EBITDA and adjusted EBITDA margin can be useful tools despite their
limitations.
Our Print operations improved adjusted EBITDA by euro 621 and euro 1,113
in the three and six months ended June 30, 2005, respectively .

Conference Call
The Company will host a teleconference to discuss its results on Friday,
July 29, 2005 at 10:00 am New York Time, which is 4:00 pm Luxembourg Time.sbsbroadcasting .46 0.

scandinavia recipesource

SECOND QUARTER

Net Revenue up by 30%

Adjusted EBITDA improved by 33%

Net income impacted by a non-recurring refinancing charge of euro 8.

(3) "Radio operations", which include:
* Mix Megapol, The Voice, Radio City, 106. Differences are
primarily attributable to corporate charges, eliminations between categories
and items attributable to entities that are not separately disclosed but are
included within the totals for the different categories.
The consolidated statements of operations and balance sheet have been
prepared on the basis of a preliminary purchase price allocation of the
acquisitions completed during the first quarter of 2005.0% 100.0% 4.
Excluding such revenue, net revenue decreased euro 22, reflecting decreased
revenues in Denmark , Sweden and Finland and increased net revenue at our
Norwegian Radio operations and Lampsi.4% in the second quarter of 2004 and 2005, respectively.
Our Premium pay operation, C More, which was consolidated from March 8,
2005, had operating income of euro 4,779. The Swedish holding company was used as the vehicle for the
acquisition of C More and is the current debtor of amounts drawn on the euro
325,000 Facility. Such savings
were partly offset by expenses of euro 737 at the newly acquired Romanian
Radio operations. If the loss on extinguishment had not occurred in either 2004 or
2005, our net income would have increased by euro 3,081, or 18%.
Adjusted EBITDA and adjusted EBITDA margin exclude depreciation and
amortization expenses in order to eliminate the impact of generally long-term
capital investments that cannot be significantly influenced by our management
on a short-term basis.

Cash Flow
Cash provided by operations increased euro 45,325 from euro 4,353 in the
first half of 2004 to euro 49,678 in the first half of 2005.

Forward-Looking Statements
Some of the statements in this press release are forward-looking ,
including, without limitation: the statement that we remain focused on
implementing our growth strategy and seek to expand the scope of our business,
thereby further diversifying our revenue streams while creating additional
cash flows; the statement that with a strong balance sheet, including a new
bank facility that significantly lowers our cost of capital, we believe we are
well positioned to grow our core operations and capitalize on new
opportunities to increase shareholder value; and the statement that we expect
the final purchase price allocation in respect of the acquisitions completed
during the first quarter of 2005 to be completed during the third quarter.com.
For further information visit: http://www.

cuisines eleven

The latest issue of Everyday Eating offers ideas that help people control
their diabetes.

About Nestle USA
Named one of "America's Most Admired Food Companies" in Fortune magazine
for the eighth consecutive year, Nestle USA provides quality brands and
products that bring flavor to life every day. That's what "Nestle.
Results, which are attached, are in thousands of euro (except share and
per share data) converted from local currencies .
(2) Adjusted EBITDA is defined as operating income plus non-cash
compensation, depreciation and amortization expenses.
On May 12, 2005, we entered into a euro 325,000 secured syndicated
multicurrency revolving credit facility (the "Facility") with ABN AMRO,
Citigroup Global Markets Limited, Deutsche Bank AG London and The Royal Bank
of Scotland plc, as lead arrangers.

Three months ended Six months ended
June 30, June 30,
2004 2005 2004 2005

Net revenue 100.6% 9.0%

Three months ended June 30, 2005 compared to three months ended June 30,
2004

Net Revenue
Net revenue increased euro 56,347, or 30%, from euro 187,207 in the second
quarter of 2004 to euro 243 ,554 in the second quarter of 2005.3% in the second
quarter of 2004 and 2005, respectively.V.

Selling, General and Administrative Expenses
Selling, general and administrative expenses increased euro 15,596, or
26%, from euro 59,917 in the first half of 2004 to euro 75,513 in the first
half of 2005.

Non-cash Compensation
Non-cash compensation decreased euro 415 from euro 1,014 in the first half
of 2004 to euro 599 in the first half of 2005. Adjusted EBITDA should be considered in
addition to, but not as a substitute for, other measures of financial
performance reported in accordance with U. We do not undertake to update
any forward-looking statements that may be made by us or on our behalf, in
this press release or otherwise.

easter recipezaar

(NASDAQ: FCSE), a
worldwide leader in video production and conversion technology, today
announced the company will present at the United States Display Consortium
(USDC)/WR Hambrecht San Francisco Display Technology & Supply Chain
Investment Conference at 4:00 pm pacific time on September 22, 2005 at The
Omni San Francisco Hotel. FOCUS Enhancements'
complete line of video presentation and video production devices are sold
globally through resellers and distributors to the broadcast, education,
cable, business, industrial , presentation, Internet, gaming, home video
production and home theater markets.3% 18.
The net revenue increased euro 19,020, or 12%, at our Television
operations mainly due to revenue of euro 5,310 at Prima TV and the recently
launched television stations, The Voice TV, VijfTV and Irisz. Excluding such revenue, net
revenue increased euro 648, or 3%, mainly due to increased net revenue at our
Norwegian Radio operations arising from sales agreements with other radio
stations .
Despite operating losses of euro 6,385 at our recently launched television
stations, The Voice TV, VijfTV and Irisz, our Television operations improved
operating income by euro 6,263 from euro 38,206 in the first half of 2004 to
euro 44,469 in the first half of 2005.
Our Radio operations improved adjusted EBITDA by euro 2,363 and euro 3,821
in the three and six months ended June 30, 2005, respectively. The teleconference will also be available via live
web-cast on our web -site, located at http://www.

swedish cucumbers

FOCUS Enhancements, Inc.3 million people are
diagnosed with diabetes every year and millions more live with the symptoms
without diagnosis or treatment.9 billion. The
redemption premium plus deferred financing cost related to the Senior Notes,
euro 8,472, was recognized as a loss on extinguishment of debt in the three
months ended June 30, 2005.5, Vinyl and Lugna Melodier (in Sweden) and jointly referred to
as "our Swedish Radio operations";
* KISS FM, Radio City, Radio Sata, Radio Mega, Radio 957, Radio
Jyvaskyla and Iskelmaradio (in Finland) and jointly referred to as
"our Finnish Radio operations";
* The Voice and Radio 2 (in Denmark) and jointly referred to as "our
Danish Radio operations";
* Radio 1 and The Voice (in Norway) and jointly referred to as "our
Norwegian Radio operations";
* Since March 1, 2005, KISS FM and Radio STAR (in Romania) and jointly
referred to as "our Romanian Radio operations"; and
* Lampsi (in Greece). The following table
shows our operating expenses as a percentage of net revenues for the periods
indicated, as well as a reconciliation of adjusted EBITDA margin to operating
income margin.0% 58. Excluding such
revenue, our Television operations had increased net revenue of euro 13,710,
or 9%, mainly due to increased net revenue of euro 4,777, or 17%, at our
Hungarian Television operations, due to an increased television advertising
market and increased viewing shares mainly driven by the introduction of a new
daily soap on TV2.
Our Radio operations had decreased selling, general and administrative
expenses of euro 1,075, or 12%, mainly due to decreased third-party marketing
expenses at our Swedish, Danish and Norwegian Radio operations.2% in the second quarter of 2004 and 2005,
respectively .

Net Income
Our net income decreased euro 3,743, from euro 18,130 in the second
quarter of 2004 to euro 14,387 in the second quarter of 2005, mainly due to
the non-recurring loss on the extinguishment of our 12% Senior Notes. Our newly acquired
businesses, C More, Prima TV and the Romanian Radio stations, and the recently
launched television stations, The Voice TV, VijfTV and Irisz, had combined net
revenue of euro 54,448. C More reported net
revenue of euro 44,242, after deducting service fees of euro 21,103 paid to
the cable, satellite and other operators for carriage, marketing and
subscriber handling services.
Our Radio operations net revenue increased euro 3,004, or 11%, mainly due
to net revenue of euro 2,356 at the newly acquired Romanian Radio operations,
which we have consolidated from March 1, 2005.4% and
64. Non-cash compensation mainly
relates to the impact of our increasing share price on options to purchase
66,667 shares of common stock previously granted to our Chairman. The web-cast will be archived on our web-site for two weeks.

gl tt

For a free subscription to the magazine, call the Everyday Eating hotline
at 1-800-634-5508 or visit http:/ /www.9% 2. C More reported net revenue of
euro 35,338, after deducting service fees of euro 16 ,836 paid to the cable,
satellite and other operators for carriage, marketing and subscriber handling
services. These options are subject
to variable accounting treatment, unlike the rest of our share incentives.6% and 4.

Net Interest Expense
Net interest expense decreased euro 1,232 , or 23%, from euro 5,258 in the
second quarter of 2004 to euro 4,026 in the second quarter of 2005 . Kanal 5 and TVNorge had increased revenue of euro 8,139, or
19%, and euro 6,145, or 24%, respectively , mainly due to increased viewing
shares driven by new programming investments such as the Royal League
(Scandinavian football) and a co-produced version of Big Brother.

Net Income
As a result of the foregoing, our net income decreased euro 2,928, from
euro 14,224 in the first half of 2004 to euro 11,296 in the first half of
2005, mainly due to the non-recurring loss on the extinguishment of our 12%
Senior Notes.

Adjusted EBITDA
We use the key indicator of operating income before depreciation,
amortization and non-cash compensation ("adjusted EBITDA"), along with
adjusted EBITDA margin, primarily to evaluate the group's and our individual
subsidiaries' operating performance, and for planning and forecasting future
business operations.com, or contact:

Investors: Press:

Michael Smargiassi Jeff Pryor Catriona Cockburn
Brainerd Communicators, Inc.

tt eleven

S. dollars. Since March 1, 2005, we have
consolidated Prima TV's operations to reflect our controlling interest.0% 100. Our Dutch
Television operations had increased net revenue of euro 1,365, or 2%, mainly
due to an increase in call-TV revenues, which are generated when viewers pay
premium telephone rates to interact with programs. Our Dutch Television
operations had decreased station operating expenses of euro 3,957, or 9%.
Our Television operations had increased selling, general and
administrative expenses of euro 3,086, or 15%, mainly due to selling , general
and administrative expenses of euro 1,404 at our recently launched television
stations and Prima TV.

Other Expenses, Net
Other expenses, net, increased euro 186, from euro 825 in the second
quarter of 2004 to euro 1,011 in the second quarter of 2005, mainly due to an
increase of Hungarian municipality taxes, which are payable as a percentage of
revenues, and written-off project costs.

Station Operating Expenses
Station operating expenses increased euro 50,534 , or 24%, from euro
214,551 in the first half of 2004 to euro 265,085 in the first half of 2005.
Our newly acquired businesses, C More, Prima TV and the Romanian Radio
stations, and the recently launched television stations, The Voice TV, VijfTV
and Irisz, had station operating expenses of euro 42,203 .V.
To access the teleconference, please dial +1-973-321-1100 ten minutes
prior to the start time.

scandinavian icelandic

Nestle USA is part of Nestle S.A.2% 15. We also benefited
from recent strategic investments , including our C More and Romanian
acquisitions and the launch of our new digital entertainment services .3% 2.
Our Radio operations net revenue increased euro 1,785, or 11%, mainly due
to net revenue of euro 1,807 at the newly acquired Romanian Radio operations.

Depreciation and Amortization Expenses
Depreciation and amortization expenses increased euro 3,568, or 53%, from
euro 6 ,778 in the second quarter of 2004 to euro 10,346 in the second quarter
of 2005, mainly due to increased amortization expenses associated with
intangible assets recorded on the acquisitions of C More, Prima TV and the
Romanian Radio operations.
Despite operating losses of euro 3,929 at newly acquired Prima TV and our
recently launched television stations, The Voice TV, VijfTV and Irisz, our
Television operations improved operating income by euro 5,296 from euro 35,842
in the second quarter of 2004 to euro 41,138 in the second quarter of 2005.7 million
warrants that were exercisable into common shares of Lions Gate Entertainment
Corp.
The station operating expenses increased euro 22 ,721, or 12%, at our
Television operations, mainly due to programming expenses of euro 12,307 at
our recently launched television stations and Prima TV.
Depreciation and amortization expenses expressed as a percentage of net
revenues were 4. The increase was mainly due to
increased operating income of euro 6,347 at our Dutch Television operations,
mainly due to cost savings. The foreign exchange loss in the first half of 2005 mainly
comprises a euro 7,447 non-cash loss on amounts drawn on our Facility by our
Swedish holding company to fund the acquisition of C More. Talpa sold the company in May 2005 causing the contingencies related
to our sale, which allowed Talpa to recover certain cash amounts depending on
the grant of certain broadcasting licenses, to lapse. The change mainly reflects the euro 275,000 drawn on our
Facility to fund the C More acquisition, net of the cash required to defease
and redeem the 12% Senior Notes.

icelandic danish

, The Spring/Summer edition of the
free Nestle Everyday Eating(TM) magazine offers healthy lifestyle tips for
people living with diabetes to savor the season without missing the flavor --
or the fun. Good Food, Good
Life" is all about.

SBS Broadcasting SA Reports Second Quarter 2005 Results

Our strong performance during the
second quarter was highlighted by the improved operating results of our
television stations in Hungary, Sweden and Norway as we benefited from new
programming initiatives and improving advertising markets.
"We remain focused on implementing our growth strategy and seek to expand
the scope of our business, thereby further diversifying our revenue streams
while creating additional cash flows.1% 2.9% 11. Our Danish Television
operations had an increase in net revenue of euro 892, or 8%, mainly due to
increased viewing shares at Kanal 5 (Denmark) driven by the broadcast of the
Royal League and other sports programs.
Our Print operations had increased selling, general and administrative
expenses of euro 895, or 31%, mainly due to increased promotion activities to
increase the number of subscribers. The majority of the loss in 2004 related to our investment in Prima TV,
which has been consolidated since March 1, 2005.865%) payable on the Facility compared to the
interest paid on the 12% Senior Notes. The foreign
exchange loss in 2005 mainly comprises a euro 7,447 non-cash loss on amounts
drawn on our Facility by our Swedish holding company to fund the acquisition
of C More. In the
second quarter of 2004, we redeemed euro 14,500 principal amount of our 12%
Senior Notes.
Our Radio operations reduced operating losses by euro 2,748 from euro
3,716 in the first half of 2004 to euro 968 in the first half of 2005, mainly
due to reduced losses of euro 1 ,530 at our Norwegian Radio operations.

Other Expenses, Net
Other expenses, net, increased euro 790, from euro 1,372 in the first half
of 2004 to euro 2,162 in the first half of 2005, mainly due to an increase of
Hungarian municipality taxes, which are payable as a percentage of revenues ,
and written-off project costs in the first half of 2005.

Income Taxes
Income taxes decreased euro 436 from euro 7,033 in the first half of 2004
to euro 6,597 in the first half of 2005 , mainly due to tax savings at Kanal 5
in Sweden related to the foreign exchange loss and interest on amounts drawn
on our Facility.
All forward-looking statements in this press release are based on
information available to us on the date hereof.

finnish scandinavia

Headquartered in Campbell, CA, FOCUS Enhancements designs, develops, and
markets video solutions in two distinct markets: advanced proprietary video
conversion integrated circuits (ICs) and affordable, high quality,
digital-video conversion and video production equipment. Semiconductor IC
products include designs for PCs, game cards, Internet , set-top boxes,
Internet appliances, and interactive TV applications, and they are sold
directly to original equipment manufacturers (OEMs). It features nutritious and easy summer recipes, tips for
handling diabetes on the road, and valuable coupons for Nestle products that
may fit into a diabetes meal plan. From nutritious meals with
STOUFFER'S(R) LEAN CUISINE(R), to baking traditions with NESTLE (R) TOLL
HOUSE(R), to advancing life for pets with PURINA(R), Nestle USA makes
delicious, convenient , and nutritious food and beverage products that enrich
the very experience of life itself.
Financial highlights are as follows:

Three months ended June 30, Six months ended June 30,
2004 2005 % change 2004 2005 % change

(all in thousands of euro, except share and per share data)

Net revenue(1) 187,207 243,554 30% 327,881 414,354 26%
Adjusted
EBITDA(1)(2) 41,897 55,670 33% 46,510 63,814 37%
Operating
income(1) 34,899 45 ,070 29% 32,377 45,258 40%
Net income(3) 18,130 14,387 (21%) 14,224 11,296 (21%)

Net income per
common share
- basic 0. With a strong balance sheet, including
a new bank facility that significantly lowers our cost of capital , we believe
we are well positioned to grow our core operations and capitalize on new
opportunities to increase shareholder value."

Recent Developments

Refinancing
On March 7, 2005, we entered into a euro 300,000 unsecured bridge facility
agreement with ABN AMRO Bank N .
We funded the redemption of the Senior Notes with funds drawn under the
Facility and we utilized the remaining amounts under the Facility and a
portion of our cash reserves to fully repay euro 210 ,000 and accrued interest
due under the euro 300,000 bridge facility with ABN AMRO. We expect the final
purchase price allocation to be completed during the third quarter. Excluding such
expenses , our station operating expenses increased euro 1,471, or 1%. Excluding our new businesses, our net revenue
increased euro 32,025, or 10%. Our Belgian Television operations had increased net revenue of euro
1,881, or 6%, mainly due to the launch of VijfTV. Non-cash compensation expressed as a percentage of net
revenues was 0.

scandinavia tt

FOCUSinfo. GAAP"). Any resulting balance sheet
translation adjustments are recorded as accumulated other comprehensive income
(loss) within shareholders' equity. Currency translation adjustments relating
to transactions in currencies other than the functional currency of the entity
involved are reflected in the results of operations as foreign exchange gain
(loss ).6% 18.
Depreciation and amortization expenses expressed as a percentage of net
revenues were 3. In the second quarter of 2004 we recorded investment gains
of euro 2,789 mainly reflecting an increase in the fair value of 1.
Our Radio operations had increased station operating expenses of euro 198,
or 1%, mainly due to station operating expenses at the newly acquired Romanian
Radio operations. Amortization also increased due to amortization of intangible
assets recorded on the acquisition of 49% of TVNorge in July 2004.S.
These forward-looking statements include statements relating to our future
performance, competition, trends and anticipated developments in the
television and radio broadcasting, and publishing industry.58 0.44 0.40 0.

danish presenting

More information on FOCUS Enhancements
may be obtained from the company's SEC filings, or by visiting the FOCUS
Enhancements home page at http://www. The acquisition follows our
ownership increase in Prima TV to 86% in March , when we acquired an additional
48.3%
Operating income margin 18.

Station Operating Expenses
Station operating expenses increased euro 31,877, or 29%, from euro
110 ,416 in the second quarter of 2004 to euro 142,293 in the second quarter of
2005.
Our Radio operations had increased station operating expenses of euro 497,
or 7%, mainly due to station operating expenses of euro 383 at the newly
acquired Romanian Radio operations. Our newly acquired businesses , C More, Prima TV and the
Romanian Radio stations, and the recently launched television stations , The
Voice TV, VijfTV and Irisz, had selling, general and administrative expenses
of euro 7,621 . Excluding such expenses, our selling, general and
administrative expenses increased euro 1,682, or 8%, mainly due to increased
marketing expenses at Kanal 5, TVNorge and TV2 related to the promotion of new
programming initiatives.9% and 2.

Non-cash Compensation
Non-cash compensation increased euro 34 from euro 220 in the second
quarter of 2004 to euro 254 in the second quarter of 2005, mainly related to
the impact of our increasing share price on options to purchase 66,667 shares
of common stock previously granted to our Chairman. until December 31, 2004 at an exercise price of $5 per share. If the
loss on extinguishment had not occurred in either 2004 or 2005, our net income
would have increased by euro 2,266, or 11%.0% in the first half of 2004 and 2005, respectively.4 % in the first half
of 2004 and 2005, respectively. These
options are subject to variable accounting treatment, unlike the rest of our
share incentives.

Depreciation and Amortization Expenses
Depreciation and amortization expenses increased euro 4,838, or 37%, from
euro 13,119 in the first half of 2004 to euro 17,957 in the first half of
2005, mainly due to increased amortization expenses associated with intangible
assets recorded on the acquisitions of C More, Prima TV and the Romanian Radio
operations.
The majority of these losses relates to our investment in Prima TV , which has
been consolidated since March 1, 2005. until December 31, 2004 at an
exercise price of $5 per share. Although other
companies in the broadcast industry may present other financial measures , or
calculate these measures differently than we do, we believe that adjusted
EBITDA and adjusted EBITDA margin may provide some comparability in analyzing
the operating performance of companies in our industry. GAAP financial measure, for the three and six months
ended June 30, 2004 and 2005 . The improvement
was mainly due to reduced losses in our Norwegian Radio operations, and
adjusted EBITDA of euro 844 and euro 1,102, respectively, in our newly
acquired Romanian Radio operations . Forward-looking statements include
statements regarding our intent, belief or current expectations or those of
our officers (including statements preceded by, followed by or that include
forward -looking terminology such as "may," "will," "should," "believes,"
"expects," "anticipates," "estimates ," "continues" or similar expressions or
comparable terminology) with respect to various matters.

35
Net income per common
share - diluted: 0.00) 63,562 65,820
Additional paid-in capital 683,678 702 ,094
Accumulated deficit (394,965) (383,669)
Unearned compensation (1,376) (1,140)
Accumulated other comprehensive loss (5,953) (10,251)
Total shareholders' equity 344 ,946 372,854
Total liabilities and
shareholders' equity 790,747 1,015,136

SBS BROADCASTING SA
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands of euro)

Six months ended June 30,
2004 2004
Cash flows from operating activities:
Net income 14,224 11,296
Adjustments to reconcile net income to net cash
provided by operating activities:
Revenue recorded in exchange
for equity investments (916) (1,241)
Non-cash compensation 1,014 599
Depreciation and amortization 13,119 17,957
Equity in loss from unconsolidated subsidiaries 1,297 660
Non-cash interest expense 540 311
Foreign exchange loss (gain) on long-term debt (108) 9,470
Investment gain (2,789) (2,963)
Loss on extinguishments of debt 2,463 8,472
Deferred tax expense 4,611 5,386
Minority interest in income 2,348 3,970
Changes in operating assets and liabilities, net
of amounts acquired:
Accounts receivable 5,527 (18,947)
Accounts receivable, affiliates (286) (80)
Program rights inventory, net (16,197) 34,441
Other current assets (192) (1,134)
Other non-current assets (678 ) (41)
Accounts payable and accrued expenses (16,289) (5,122)
Deferred income (1,737) (12,695)
Other liabilities 1,598 (661)
Cash provided by operating activities 4,353 49,678

Cash flows from investing activities:
Proceeds from sale of short-term investments - 163
Cash capital expenditure (13,846) (15,289)
Payment for purchase of acquired business,
net of cash acquired (734) (294,297)
Cash used in investing activities (14,580) (309,423)

Cash flows from financing activities:
Proceeds from issuance of common shares 1,889 20,313
Proceeds from incurrence of debt - 270,187
Net change in restricted cash and cash in escrow (242) 914
Payment of long-term debt (18,424) (118,429 )
Cash provided by (used in)
financing activities (16,777) 172,985

Effect of exchange rate changes on cash and cash
equivalents (281) (6,141)

Net change in cash and cash equivalents (27,285) (92,901)

Cash and cash equivalents, beginning of period 245,836 196,033
Cash and cash equivalents, end of period 218,551 103 ,132

SBS BROADCASTING SA
OPERATING RESULTS BY SEGMENT (UNAUDITED)

(in thousands of euro)

Three months ended Six months ended
June 30, June 30,
Television 2004 2005 2004 2005
Net revenue:
SBS6, NET5 and Veronica
(in the
Netherlands) 57,681 59,046 99,594 103,137
TV2 + Irisz (in Hungary) 28,700 33,477 45,259 53,733
Kanal 5 (in Sweden ) 23,236 27,954 43,384 51,523
VT4 + VijfTV (in Belgium) 17,443 17 ,817 31,433 33,314
TV Norge (in Norway) 14,141 16,856 25,397 31 ,542
TV Danmark
and Kanal 5 (in Denmark) 11,519 12,411 21,240 23 ,810
Prima TV (in Romania) - 3,205 - 4,160
The Voice TV - 678 - 1,468
Other 1,677 1,973 2,442 3,939
Total net revenue 154,397 173,417 268,749 306,626

Station operating expenses 94,512 104,635 183,291 206 ,012
Selling, general and
administrative expenses 19,949 23,035 39 ,284 46,751
Total operating expenses 114,461 127,670 222,575 252,763

Adjusted EBITDA 39,936 45,747 46,174 53,863

Premium pay
Subscriber fees and other revenue - 52,174 - 65,345
Operator service fees - (16,836) - (21,103)
Net revenue - 35,338 - 44,242

Station operating expenses - 22,569 - 29,379
Selling, general and administrative
expenses - 5,637 - 7,143
Total operating expenses - 28 ,206 - 36,522

Adjusted EBITDA - 7,132 - 7,720

Radio
Net revenue:

Sweden 5,010 4,872 8,269 8,115
Finland 4,461 4,350 7,386 7,443
Denmark 3,046 2,377 5,704 5,101
Norway 2,666 3,237 4,472 5,569
Romania - 1,807 - 2,356
Greece 1,326 1 ,651 2,359 2,610
Total net revenue 16,509 18,294 28,190 31 ,194

Station operating expenses 6,745 7,242 13,372 13,570
Selling , general and
administrative expenses 8,633 7,558 15,471 14,456
Total operating expenses 15,378 14,800 28,843 28,026

Adjusted EBITDA 1,131 3,494 (653) 3,168

Print
Net revenue 16,301 16,505 30,942 32,292

Station operating expenses 9,159 7,847 17,888 16,124
Selling, general and
administrative expenses 2,846 3,741 5,162 7,163
Total operating expenses 12,005 11 ,588 23,050 23,287

Adjusted EBITDA 4,296 4,917 7,892 9,005

Consolidated
Net revenue: 187,207 243,554 327,881 414,354
Adjusted EBITDA from operating
segments 45,363 61,290 53,413 73,756

Corporate expenses (3,466) (5,620) (6,903 ) (9,942)
Non-cash compensation (220) (254) (1,014) (599)
Depreciation and amortization -
Television (4,094) (4,609) (7,968 ) (9,394)
Depreciation and amortization -
Premium Pay - (2,353) - (2,447)
Depreciation and amortization -
Radio (1,624) (2,395) (3,063) (4,136)
Depreciation and amortization -
Print (1,060) (989) (2,088) (1,980)

Operating income 34,899 45,070 32,377 45,258

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com or
http://NestleNewsroom. The following report should
be read in conjunction with the accompanying unaudited financial statements .35

Weighted average
common shares 31,138 32,649 31,107 32,308

Cash provided by
operating
activities 15,764 37,966 4,353 49,678

Adjusted EBITDA
margin(4) 22.

Financial Statements
We prepare our financial statements in euro and in accordance with
accounting principles generally accepted in the United States ("U.4%
Adjusted EBITDA margin 22.6% 4. Our newly
acquired businesses, C More, Prima TV and the Romanian Radio stations, and the
recently launched television stations, The Voice TV, VijfTV and Irisz, had
combined net revenue of euro 42,455. Station
operating expenses expressed as a percentage of net revenues were 59.0% and
58. Excluding such expenses,
our station operating expenses increased euro 2,669, or 3%, mainly due to our
programming investments in Royal League, the new daily soap at TV2 and a co-
produced Big Brother show in Norway and Sweden.

Selling, General and Administrative Expenses
Selling, general and administrative expenses increased euro 8,543, or 27%,
from euro 31,428 in the second quarter of 2004 to euro 39 ,971 in the second
quarter of 2005.
Non-cash compensation expressed as a percentage of net revenues was 0. Excluding such expenses, our selling, general and administrative
operating expenses increased euro 5,718, or 10%. In the first half of
2004 we recorded investment gains of euro 2,789 mainly reflecting an increase
in the fair value of 1. These key indicators provide investors the opportunity to
evaluate the group's performance as it is viewed by management. Such improvements were
partly offset by losses of euro 3,237 at our recently launched television
stations, The Voice TV, VijfTV and Irisz. In addition , we
may make forward-looking statements in future filings with the Securities and
Exchange Commission , and in written material, press releases and oral
statements issued by us or on our behalf. Some of these factors include: the
effects of, and changes in, regulation and government policy; the effects of
changes in general economic environment; the effects of changes in the
advertising and subscription spending growth; the effects of competition; our
ability to reduce costs; the timely development and acceptance of our new
channels, stations and/or services; the effects of technological changes in
broadcasting technology; and, our success at managing the risks that arise
from these factors .55 0.

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SIX MONTHS

Net Revenue up by 26%

Adjusted EBITDA improved by 37%

LUXEMBOURG , SBS Broadcasting SA
(Nasdaq: SBTV; Euronext Amsterdam N.3% 22.4%

(1) Excluding the impact of our newly acquired businesses, C More, Prima
TV and the Romanian Radio operations , and the recently launched
television stations, The Voice TV, VijfTV and Irisz, net revenue
increased euro 32,025, or 10%, adjusted EBITDA increased euro 14,937,
or 32%, and operating income increased euro 14,235, or 44%, in the six
months ended June 30, 2005 .

Romania
In June we increased our ownership in Prima TV in Romania to 100%,
following the purchase of the remaining 14% equity stake from our three former
Romanian minority partners for euro 2,200.7 Rockklassiker, Studio
107.
When analyzing results within the different categories of operations for
any particular period, the sums of the individual items reported within each
category may differ from the total reported for such category.4% 64.2%
Corporate expenses 1.
Our Print operations had increased net revenues of euro 204, or 1%, mainly
due to increased subscription income coming from an increase in magazine
prices.752 in the second quarter of 2005, mainly due to increased tax
charges at our Dutch operations reflecting the increased profit compared to
last year. Excluding such
revenue, our Television operations had increased net revenue of euro 30,027,
or 11%, mainly due to increased net revenue of euro 8,474 , or 19%, at our
Hungarian Television operations, due to an increased television advertising
market and increased viewing shares mainly driven by the introduction of a new
daily soap on TV2.

Corporate Expenses
Corporate expenses increased euro 3,039 from euro 6,903 in the first half
of 2004 to euro 9,942 in the first half of 2005, mainly due to an increase in
headcount and staff cost following the acquisition of C More, and due to
expenses related to Sarbanes-Oxley compliance work.

Net Interest Expense
Net interest expense increased euro 32, from euro 7,155 in the first half
of 2004 to euro 7,187 in the first half of 2005. GAAP, such as operating income
and net income. The following table shows the changes in the
adjusted EBITDA by segment:

Three months ended Six months ended
June 30, June 30,
2004 2005 2004 2005

Television operations euro 39,936 euro 45,747 euro 46,174 euro 53,863
Premium pay operations - 7,132 - 7,720
Radio operations 1,131 3,494 (653) 3,168
Print operations 4,296 4,917 7,892 9,005
Cash corporate expenses (3,466) (5,620 ) (6,903) (9,942)
Adjusted EBITDA euro 41,897 euro 55,670 euro 46,510 euro 63 ,814

In the three months ended June 30, 2005, adjusted EBITDA increased euro
5,811, or 15%, at our Television operations, mainly due to improved results
from our Dutch and Hungarian Television operations.S. Countries where SBS currently
has broadcasting assets include: Belgium (Flanders), Denmark, Finland, Greece,
Hungary, The Netherlands, Norway, Romania and Sweden.

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(2) "Premium pay operation ", which includes C More Group AB in Sweden,
Norway, Finland and Denmark.

Operating Income
Operating income increased euro 10,171, or 29%, from euro 34,899 in the
second quarter of 2004 to euro 45,070 in the second quarter of 2005.
Our Radio operations improved operating income by euro 1,592, from a loss
of euro 493 in the second quarter of 2004 to an income of euro 1,099 in the
second quarter of 2005, mainly due to reduced losses of euro 1,093 at our
Norwegian Radio operations. The
decrease was mainly due to the absence in the second quarter of 2005 of a euro
1,179 non-cash loss in the second quarter of 2004 on an interest rate swap
related to our 12% Senior Notes. Station
operating expenses expressed as a percentage of net revenues were 65. Our newly acquired businesses, C More, Prima TV and the Romanian
Radio stations, and the recently launched television stations, The Voice TV,
VijfTV and Irisz, had selling, general and administrative expenses of euro
9,878.3% and 0. The Swedish holding
company was used as the vehicle for the acquisition of C More and is the
current debtor of amounts drawn on the Facility. callers) or +1-973-341-3080 (International callers),
passcode 6234742.sbsbroadcasting.

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We had owned a minority stake in Prima TV since July
2001 and originally invested in Prima TV in March 2000. Balance sheet
accounts are translated from foreign currencies into euro at the period-end
exchange rates and statement of operations accounts are translated at the
weighted average exchange rates for the period.4% 18 .9% 14.2% 15.3% in the first half of 2004 and 2005, respectively.
Our Premium pay operation , C More, which was consolidated from March 8,
2005, had operating income of euro 5,273.
We provide below, on a consolidated basis, a reconciliation of the
non-GAAP measure adjusted EBITDA to operating income (loss), which is the most
directly comparable U. In the six months ended June 30,
2005, adjusted EBITDA increased euro 7,689, or 17%, despite losses of euro
6,015 at our recently launched television stations.
Cash provided by financing activities was euro 172,985 in the first half
of 2005, compared to cash used in financing activities of euro 16,777 in the
first half of 2004.

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58 0. Financing costs paid for the bridge
facility were refunded to us in full when we executed the Facility agreement. We also incur
significant operating expenses for programming in U.

Operating Expenses as a Percentage of Revenue
We monitor our operating expenses as a percentage of our net revenue as
part of our cost management efforts. Our newly acquired businesses , C More, Prima TV and the Romanian Radio
stations, and the recently launched television stations , The Voice TV, VijfTV
and Irisz, had station operating expenses of euro 30,406.4% in the second quarter of 2004 and 2005, respectively.
Our Print operations increased income by euro 692 from euro 3 ,236 in the
second quarter of 2004 to euro 3,928 in the second quarter of 2005. Our Danish Television operations had an increase in net revenue of
euro 2,570, or 12%, mainly due to increased viewing shares at Kanal 5
(Denmark) driven by the broadcast of the Royal League and other sports
programs .
Our Print operations had increased net revenues of euro 1,350, or 4%,
mainly due to increased subscription income coming from an increase in
magazine prices.2% in the first half of 2004 and 2005 , respectively.S.32

Weighted average common
shares - basic 31,138 32,649 31,107 32,308

Weighted average common
shares - diluted 33,693 35,883 33,163 35,495

SBS BROADCASTING SA
CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands of euro)

December 31, June 30,
ASSETS 2004 2005
Current assets:
Cash and cash equivalents 196,033 103,132
Short-term investments 354 252
Trade accounts receivable, net of allowance for
doubtful accounts of euro 6,006
(euro 4,294 in 2004) 88,398 125,135
Accounts receivable, affiliates 1,475 1 ,788
Restricted cash and cash in escrow 2,451 1,792
Program rights inventory, current 117,544 124,075
Deferred tax assets, current 2,372 9,274
Other current assets 23,702 32,056
Total current assets 432,329 397,504

Buildings, improvements, technical and other
equipment, net of accumulated depreciation 41,256 43,147
Goodwill and other intangible assets, net of
accumulated amortization 245,274 495,100
Program rights inventory, non-current 62,928 61,808
Deferred financing cost, net of accumulated
amortization 2,600 4,685
Investments in and advances to unconsolidated
subsidiaries 5,972 3,564
Other assets 388 9,328
Total assets 790,747 1,015,136

Current liabilities:
Accounts payable 33,698 44,681
Accrued expenses 66,702 78,153
Program rights payable, current 46,674 64,070
Income taxes payable 3,763 3,956
Current portion of long-term debt 2,550 543
Deferred income, current 40,785 29,540
Deferred taxes, current 9,271 7,043
Other current liabilities 19,780 16,105
Total current liabilities 223,223 244,091

Program rights payable, non-current 22,651 23,811
euro 325 million revolving
multicurrency credit facility - 275,000
12% senior notes due 2008 103,655 -
Other long-term debt 6,784 867
Deferred tax, non-current 23,109 30,830
Other non-current liabilities 7,588 4,815
Minority interest 58,791 62,868
Shareholders' equity:
Common Shares (authorized 75,000,000 issued
32,909,890 (31,780,895 in 2004) at par
value euro 2.

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The presentation will be webcast live and archived at the company's web
site, www.44 0.
(3) The net income for the three and six months ended June 30 , 2005
include a loss on the extinguishment of our 12% Senior Notes of euro
8,472 , compared to a loss of euro 2,463 on the extinguishment of
euro 14.5 million of our 12% Senior Notes in the three and six months
ended June 30, 2004. ("ABN AMRO") and then drew down euro 210,000
in order to finance in part our acquisition of C More.S.0%
Operating expenses:
Station operating expenses 59.4%
Non-cash compensation 0.1%
Depreciation and Amortization 3.2% 4. Amortization also increased due to amortization of
intangible assets recorded on the acquisition of 49% of TVNorge in July 2004. The decrease was also due to the lower
interest rate (currently 2.3%
and 18.

Investment Gain
Investment gains in the first half of 2005, of euro 2,963, mainly comprise
the recognition of a deferred gain of euro 2,902 recorded in 2002 on the sale
of our equity interest in Publimusic (Radio Noordzee) to Talpa Management B. The measures also exclude non-cash compensation because
it does not reflect the operating results that we achieve from servicing our
customers. The change also reflected the proceeds of
euro 20,313 from 1,119,945 stock options exercised in the first half of 2005. If you
cannot listen to the teleconference at its scheduled time, there will be a
replay available through August 5, 2005 that can be accessed by dialing
+1-877-519-4471 (U.43 0.

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In connection with the Facility , we called for redemption all of our 12%
Senior Notes due 2008 (the "Senior Notes"), which had an outstanding principal
amount of euro 103,655.4% 65.0%
Selling, general and
administrative expenses 16.
Our Premium pay operation, C More, had subscriber fees and other revenue
of euro 52,174 in the second quarter of 2005.
The station operating expenses increased euro 10,123 , or 11%, at our
Television operations, mainly due to programming expenses of euro 7,454 at our
recently launched television stations and Prima TV.
Our Print operations had decreased expenses of euro 1,312, or 14%, mainly
due to reduced printing cost.

Foreign Exchange Gain (Loss)
Foreign exchange loss increased euro 8,142, from euro 49 in the second
quarter of 2004 to euro 8,191 in the second quarter of 2005.

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Results from Prima TV in Romania, through February 28, 2005, are not
included in the operations referred to above, but are included in equity
in income (loss) from unconsolidated subsidiaries.
The increase was mainly due to increased operating income of euro 3,994 at our
Dutch Television operations, mainly due to cost savings, and increased
operating income of euro 2,732 at our Hungarian Television operations driven
by growth in the Hungarian television advertising market. (Talpa). Our Dutch Television
operations had decreased station operating expenses of euro 4,828, or 6%. Selling, general and
administrative expenses expressed as a percentage of net revenues were 18.

Operating Income
Operating income increased euro 12,881 from euro 32,377 in the first half
of 2004 to euro 45,258 in the first half of 2005.

There are material limitations to using measures such as adjusted EBITDA
and adjusted EBITDA margin, including the aforementioned difficulties
associated with comparing these performance measures as we calculate them to
similar performance measures presented by other companies, and the fact that
these performance measures do not take into account significant items, such as
depreciation and amortization.
Our Premium pay operation, C More, which was consolidated from March 8,
2005 , generated adjusted EBITDA of euro 7,132 and euro 7,720 in the three and
six months ended June 30 , 2005, respectively. The increase was
primarily due to timing differences related to programming payments and the
improved operating performance of the Company.
SBS is a European commercial television and radio broadcasting company
with operations in Western and Central Europe.

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About FOCUS Enhancements, Inc.com.com . in Vevey, Switzerland --
the world's largest food company with 2004 sales of $69.V.
In the discussions of the results for the three and six months ended June
30, 2005 compared to the three and six months ended June 30, 2004, we divide
our operations into four segments:

(1) "Television operations", which include:
* SBS6, NET5 and Veronica (in The Netherlands) and jointly referred to
as "our Dutch Television operations";
* TV2 and, since September 2004, Irisz (in Hungary) and jointly
referred to as "our Hungarian Television operations";
* Kanal 5 (in Sweden);
* VT4 and, since October 2004, VijfTV (in Flemish Belgium) and jointly
referred to as "our Belgian Television operations";
* TVNorge (in Norway);
* TvDanmark and Kanal 5 (in Denmark) and jointly referred to as "our
Danish Television operations";
* since March 1, 2005, Prima TV (in Romania);
* since August 2004, The Voice TV (in Denmark, Norway, Sweden and
Finland); and
* other related operations that are not material. We acquired C More on March 8, 2005 and,
accordingly, the results of operations have been reflected in our
consolidated financial statements since that date.

(4) "Print operations", which include the Veronica Magazine and the
Satellite Magazine in The Netherlands.1% 0.1 % 0.

Income Taxes
Income taxes increased euro 970 from euro 6,782 in the second quarter of
2004 to euro 7. Excluding such
expenses, our station operating expenses increased euro 8,331, or 4%.1% and 2.
Our Print operations increased income by euro 1,221, from euro 5,804 in
the first half of 2004 to euro 7,025 in the first half of 2005.

Loss on Extinguishment of Debt
Loss on extinguishment of debt increased euro 6,009 from euro 2,463 in the
first half of 2004 to euro 8,472 in the first half of 2005.

Three months ended Six months ended
June 30, June 30,
2004 2005 2004 2005

Operating income euro 34,899 euro 45,070 euro 32,377 euro 45,258

Add: Non-cash compensation 220 254 1,014 599
Depreciation 3,250 3,548 6,383 7,114
Amortization 3,528 6,798 6,736 10 ,843
Adjusted EBITDA euro 41,897 euro 55,670 euro 46,510 euro 63,814

Adjusted EBITDA increased euro 13,773, or 33%, for the three months ended
June 30, 2005 compared to the three months ended June 30, 2004, and euro
17,304, or 37%, for the six months ended June 30, 2005 compared to the six
months ended June 30, 2004.
Cash used in investing activities increased euro 294 ,843 from euro 14,580
in the first half of 2004 to euro 309,423 in the first half of 2005 mainly due
to our investments in C More, Prima TV and the Romanian radio operations.

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Nestle USA, with 2004 sales of $12.9% 14.8% equity interest. Talpa sold the company in May
2005, causing the contingencies related to our sale, which allowed Talpa to
recover certain cash amounts depending on the grant of certain broadcasting
licenses, to lapse.

Loss on Extinguishment of Debt
Loss on extinguishment of debt increased euro 6,009 from euro 2,463 in the
second quarter of 2004 to euro 8,472 in the second quarter of 2005. Excluding such
expenses, our station operating expenses increased euro 10,414, or 6%, mainly
due to our programming investments in Royal League, the new daily soap at TV2
and a co-produced Big Brother show in Norway and Sweden. Corporate expenses
expressed as a percentage of net revenues were 2.
It is important to note that our actual results in the future could differ
materially from those anticipated in these forward-looking statements
depending on various important factors.

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Commenting on the results, Markus Tellenbach, Chief Executive Officer of
SBS, said: "We continued to produce solid operating results and strong cash
flow generation across our asset base.8% 16.3% 0. Excluding our new businesses, our net
revenue increased euro 13,892, or 7%.8%
and 16.

Investment Gain
In the second quarter of 2005 we recognized the deferred gain of euro
2,902 recorded in 2002 on the sale of our equity interest in Publimusic (Radio
Noordzee) to Talpa Management B.

Six months ended June 30, 2005 compared to six months ended June 30, 2004

Net Revenue
Net revenue increased euro 86,473, or 26%, from euro 327,881 in the first
half of 2004 to euro 414,354 in the first half of 2005.
The net revenue increased euro 37,877, or 14%, at our Television
operations mainly due to revenue of euro 7,850 at Prima TV and the recently
launched television stations, The Voice TV , VijfTV and Irisz.
Our Television operations had increased selling, general and
administrative expenses of euro 7,467, or 19%, mainly due to selling, general
and administrative expenses of euro 1,998 at our recently launched television
stations and Prima TV.

Foreign Exchange Gain (Loss)
Foreign exchange gain (loss) had a negative impact of euro 8,603, from a
gain of euro 726 in the first half of 2004 to a loss of euro 7,877 in the
first half of 2005.7 million warrants that were exercisable into common
shares of Lions Gate Entertainment Corp. Pryor Associates Citigate Dewe Rogerson
Tel: +1 212 986 6667 Tel: +1 818 338 3555 Tel: +44 207 282 2924

SBS BROADCASTING SA
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands of euro, except share and per share data)

Three months ended Six months ended
June 30, June 30,
2004 2005 2004 2005

Net revenue 187,207 243,554 327,881 414,354

Operating expenses:
Station operating
expenses (exclusive
of depreciation
and amortization) 110,416 142,293 214,551 265,085
Selling, general and
administrative expenses
(exclusive of depreciation
and amortization) 31,428 39,971 59,917 75,513
Corporate expenses 3,466 5,620 6,903 9,942
Non-cash compensation 220 254 1,014 599
Depreciation 3,250 3,548 6,383 7,114
Amortization 3,528 6,798 6,736 10,843
Total operating
expenses 152,308 198,484 295,504 369,096

Operating income 34,899 45,070 32,377 45,258

Equity in loss from
unconsolidated
subsidiaries (721) (63) (1,297 ) (660)
Interest income 938 1,077 2,010 2,010
Interest expense (6,196) (5,103) (9,165) (9,197)
Foreign exchange gain (loss) (49) (8,191) 726 (7,877)
Investment gain 2,789 2,902 2,789 2,963
Loss on extinguishments
of debt (2 ,463) (8,472) (2,463) (8,472)
Other expense, net (825) (1,011) (1,372) (2,162)

Income before income
taxes and minority
interest 28,372 26,209 23,605 21,863

Income taxes (6,782) (7,752) (7,033) (6,597)

Income before
minority interest 21,590 18,457 16,572 15,266

Minority interest in
income, net (3,460) (4,070) (2,348) (3,970)

Net income 18,130 14,387 14,224 11,296

Net income per common
share - basic: 0.

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: SBS) today reported financial results
for the three and six months ended June 30 , 2005.
(4) Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of
net revenue.V. Holders of the Senior Notes received a redemption
price of 106% plus accrued and unpaid interest on June 15, 2005.
Our consolidated broadcasting operations generate revenues primarily in
euro, Hungarian forint, Swedish kronor, Norwegian kroner and Danish kroner and
incur substantial operating expenses in these currencies. We rely on this measurement, in
particular, to help plan and implement the expansion of our existing
businesses and the development of new revenue streams .3% 22.1% in
both quarters. Our Dutch
Television operations had increased net revenue of euro 3,543, or 5%, mainly
due to an increase in the television advertising market in the first quarter
of 2005.
Our Print operations had increased selling, general and administrative
expenses of euro 2,001, or 39%, mainly due to increased promotion activities
to increase the number of subscribers . In
the first half of 2005, we defeased the remaining outstanding Senior Notes and
subsequently redeemed them on June 15, 2005.

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From July 2001 until
February 28, 2005, we held a minority interest in the station and were unable
to exercise control over the operations.

Equity in Loss from Unconsolidated Subsidiaries
Equity in loss from unconsolidated subsidiaries decreased euro 658, from
euro 721 in the second quarter of 2004 to euro 63 in the second quarter of
2005. In the second quarter of 2005, we defeased the remaining
outstanding Senior Notes and subsequently redeemed them on June 15, 2005.
Our Print operations had decreased expenses of euro 1,764, or 10%, mainly
due to reduced printing cost .
Our Radio operations had decreased selling, general and administrative
expenses of euro 1 ,015, or 7%, mainly due to decreased third-party marketing
expenses at our Swedish, Danish and Norwegian Radio operations.1% in the first half of 2004 and 2005, respectively.0% and 4.

Equity in Loss from Unconsolidated Subsidiaries
Equity in loss from unconsolidated subsidiaries decreased euro 637, from
euro 1,297 in the first half of 2004 to euro 660 in the first half of 2005.