The new multi-modal system will connect bus and rail services
in Skane, the largest county in southern Sweden./Baltimore/Virginia region, Los Angeles region, San Diego region,
San Francisco, Minneapolis/St.
Financial highlights are as follows:

Three months ended March 31,
2004 2005 % change
(unaudited) (unaudited)
Net revenue(1) euro 140 ,674 euro 175,067 24%
Adjusted EBITDA(1)(2) 4,613 8,144 77%
Operating income (loss)(1) (2,522) 188 -
Net loss (3,906) (3,091) 21%

Net loss per common share euro (0. Moreover, we are executing
this growth strategy in a manner that enables us to continue to expand our
cash generating ability. Excluding such expenses,
our selling, general and administrative operating expenses increased euro
4,796, or 17%. The majority of these losses relates to
our investment in Prima TV, which has been consolidated since March 1, 2005.

Foreign Exchange Gain
Foreign exchange gain decreased euro 461, from euro 775 in 2004 to
euro 314 in 2005. We recorded no investment gains in 2004. In 2004 we recorded an

income tax expense of euro 251, mainly related to pre-tax income in VT4 and
Lampsi.
All forward-looking statements in this press release are based on
information available to us on the date hereof.

scandinavian lapland

The company was established in May 2000 and is present in
Sweden, Norway, Denmark and the Netherlands.
NWR also are the force behind Minradio, MinTV and the Swedish radio
community SPRAYdio.

Cubic Awarded $21.8 Million Contract for New Smart Card Fare Collection System for Bus and Rail Transport in Southern Sweden

ScanPoint had long been a major supplier of automatic fare collection
systems in Scandinavia . Certain
wholly owned subsidiaries in these jurisdictions also guarantee the Facility.

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.
The net revenue increased euro 18,857, or 16%, at our Television
operations mainly due to increased net revenue of euro 3,697, or 22%, 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.S.com.

Our Premium pay operations, which were consolidated from March 8, 2005,
generated adjusted EBITDA of euro 588.

woolens scandinavians

Big Brother viewers can buy pay-media vouchers at outlets such as
coffee bars and service stations in Norway or can pay by credit card
over the web.
Joakim Jansson, General Manager NWR Sweden commented: "Big Brother
is the largest web-TV production in Scandinavia and has been for some
years now. Entriq clients include some of the world's largest
content, network and service providers in the media industry,
including leading TV broadcasters and producers, sports rights holders
and owners, music labels and artists, and general entertainment firms. For more information about
Cubic, see the company's Web site at www. Our Danish Television
operations had an increase in net revenue of euro 1,678, or 17%, mainly due to
increased viewing shares at Kanal 5 (Denmark ) driven by the broadcast of the
Royal League and other sports programs. Station operating expenses expressed as
a percentage of net revenues were 74. 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 6,524.
Our Print operations increased operating income by euro 529 from
euro 2,568 in 2004 to euro 3,097 in 2005.

dollar- denominated program liabilities.

Net Loss
As a result of the foregoing, our net loss decreased euro 815, from a loss
of euro 3,906 in 2004 to a loss of euro 3,091 in 2005.

scandinavia longstocking

There is also an increasing
acceptance by consumers to pay for web content so it was essential
that we implement a reliable solution. A reality program like Big
Brother lends itself to many new opportunities with broadband as well
as mobile and we are pleased to be working with NWR on this
opportunity .
Entriq is based in San Diego, California, USA and has European staff
located in France, Germany , the UK, Spain and the Netherlands, where
the company also has a regional service centre. For
more information please visit Entriq's corporate website at
www. The company's mission is
to create long-term and sustainable business models for distribution
of multimedia content on new platforms . NWR
also tailor-make radio and TV services for IDG, Dagens Naeringsliv,
Aftenposten, Chello, Telenors iCanal, TeliaSonera, Hi3G (3) and TV2. Cubic Nordic, a
division of Cubic Transportation Systems, Ltd. Current projects include
Scandinavia, London, New York/New Jersey region, Washington ,
D.
(3) Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage
of net revenue. 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.

Net Interest Expense
Net interest expense increased euro 1,264, or 67%, from euro 1,897 in 2004
to euro 3,161 in 2005.

Other Expenses, Net
Other expenses, net, increased euro 604, from euro 547 in 2004 to euro
1,151 in 2005, mainly due to written-off project costs in 2005.
To access the teleconference, please dial +1-973-321-1100 ten minutes
prior to the start time.

sweaters lapland

Business Editors

LONDON----

Entriq to Secure the Delivery of Live Streaming Content for Big
Brother in Sweden and Norway

Entriq(TM) Inc.
It is the first time Big Brother in Sweden and Norway has offered
live video simultaneously. The live streaming
from the Big Brother house is an essential part of the multi-platform
format that Big Brother is about and it is important that consumers
that pay for content can rely on a technical solution that gives them
access to the streaming. It also will reduce the risk of fraud and keep
distractions to a minimum for the bus drivers and train conductors,
freeing them to focus on fast, safe, on-time service to the travelers. The five other counties in Southern
Sweden: Blekingetrafiken, Lanstrafiken Kronoberg, Hallandstrafiken,
Jonkoping Lanstrafik and Kalmar Lantrafik, have indicated their intent
to sign on to be part of a regional system."
The "Resekortet" system for Skane is scheduled to be in operation
by the end of 2006. We also continued to invest in popular programming, start-up
operations and complementary activities.

Premium Pay
On March 8, 2005, we acquired all of the shares of C More Group AB for
euro 269,600 in cash. The acquired net assets of C More included approximately
euro 20,000 in cash at December 31, 2004. The initial
margin is 0. From July 2001 until February
28, 2005, we held a minority interest in the station and were unable to
exercise control over the operations.5%
Adjusted EBITDA margin 3 .3% 4.0% and 70. 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.

Conference Call
The Company will host a teleconference to discuss its results on Monday,
May 23, 2005 at 10:30 am New York Time, which is 4:30 pm Luxembourg Time.

scandinavians iittala

Eva-Lotta Almkvist, MD of Big Brother KB is
pleased with the co-operation with Nordic Web Radio on the streaming
of Big Brother 2005 in Sweden and Norway., will handle all
aspects of the contract .
This contract is the latest element in Cubic's presence and
commitment to the Scandinavian transit industry. Cubic Nordic is headquartered in Glostrup, Denmark, with
four customer service centers in Sweden, one in Norway and one in
Denmark.

(3) "Radio operations", which include:
* Mix Megapol, The Voice, Radio City, 106.

Three months ended
March 31 ,
2004 2005
Net revenue 100. TVNorge and Kanal 5 had increased revenue of euro 3,430, or
30%, and euro 3,421, or 17%, 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 . Selling, general and administrative expenses expressed as a
percentage of net revenues were 20. In 2005 we recorded non-cash compensation of euro 345, mainly
related to options to purchase 66,667 of the options to purchase shares of
common stock still subject to variable accounting treatment . Amortization also increased due to amortization of intangible assets
recorded on the acquisition of 49% of TVNorge in 2004. GAAP financial measure, for the three months ended
March 31, 2004 and 2005.
Cash used in investing activities was euro 296,536 in 2005, compared to
euro 2,645 in 2004. 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.

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Cubic acquired the
Danish company ScanPoint in 1994 and renamed it Cubic Nordic. Cubic will
also supply and install its Nextfare(TM) Central System for
Skanetrafiken's back office computing system.13) euro (0.
As we are not heavily leveraged based on our cash flows and total net debt, we
are in a strong position to capitalize on the rapidly developing digital
content market while continuing to seek prudent expansion opportunities to
drive growth .
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. 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).5% 4.1% in 2004 and 2005,
respectively .
Our Radio operations reduced operating losses by euro 1,096 from
euro 3,223 in 2004 to euro 2,127 in 2005, mainly due to reduced losses of
euro 675 at our Danish Radio operations.

Investment Gain
In 2005 we recorded a gain of euro 61 on the sale of our equity interest
in QXL.
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.
Our Radio operations improved adjusted EBITDA by euro 1,398, mainly due to
decreasing losses in our Danish and Norwegian Radio operations .

sweaters dala

Created
by NWR, this is the first time Nordic Big Brother viewers have been
able to have such flexibility and control.
Entriq and NWR, along with payment provider partner, Payex,
developed a selection of pay-per-view content streams whereby users
can pay for premium content by the hour , week, month or for the
4-month duration of the show. The Entriq solution enables NWR to offer a new viewing
experience to Big Brother viewers as well as monetising their content
for the first time.com

About NWR

Nordic Web Radio (NWR) is fully owned by the Norwegian Aller
Group . - Net Revenue up by 24%

- Adjusted EBITDA improved by 77%

- Margin improvement of 42%

- Net loss decreased 21%

LUXEMBOURG, SBS Broadcasting SA
(Nasdaq: SBTV; Euronext Amsterdam N.: SBS) today reported financial results
for the three months ended March 31, 2005. We financed the
remainder of the purchase price from the Company's cash balances. GAAP ").

(4) "Print operations", which include the Veronica Magazine and the
Satellite Magazine in The Netherlands.0% 70.1%
Selling, general and administrative expenses 20 . Excluding such expenses selling, general and
administrative expenses decreased by euro 37. The measures also exclude non-cash compensation because
it does not reflect the operating results that we achieve from servicing our
customers.S.

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Broadband is creating many new avenues to exploit and monetise
content in a convenient form for consumers. Entriq's products and services give
content and service providers the complete tools needed to manage and
protect valuable media assets that they wish to track and /or sell over
the Internet.8 million from
Swedish transport operator Skanetrafiken for the design , delivery and
implementation of the "Resekortet" smart card-based fare collection
system. Cubic has strengthened Cubic Nordic, and is
committed to supporting the Scandinavian industry.cubic.V. Holders of the Senior Notes will receive a redemption
price of 106% of the principal amount of the Senior Notes plus accrued and
unpaid interest on the Senior Notes on the redemption date, which will be June
15, 2005. We deposited with the trustee for the Senior Notes cash sufficient
to fund the redemption and thereby defeased the covenants contained in the
indenture for the Senior Notes until their redemption.

Financial Statements
We prepare our financial statements in euro and in accordance with
accounting principles generally accepted in the United States ("U. We expect the final
purchase price allocation to be completed during the second quarter.7%
Non-cash compensation 0.S. If you cannot listen to the teleconference
at its scheduled time, there will be a replay available through May 30, 2005
that can be accessed by dialing +1-877 -519-4471 (U.10)

Weighted average common shares (thousands) 31,075 31,963

SBS BROADCASTING SA
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands of euro)

December 31, March 31,
ASSETS 2004 2005
Current assets:
Cash and cash equivalents euro 196,033 euro 129,666
Short-term investments 354 252
Trade accounts receivable, net of allowance
for doubtful accounts of euro 5,070
(euro 4,294 in 2004) 88,398 101,586
Accounts receivable, affiliates 1,475 1,583
Restricted cash and cash in escrow 2,451 1,636
Program rights inventory, current 117,544 144,431
Deferred tax assets, current 2,372 11,509
Other current assets 23,702 43,519
Total current assets 432,329 434,182

Buildings, improvements , technical and other
equipment, net of accumulated depreciation 41,256 43,519
Goodwill and other intangible assets, net of
accumulated amortization 245,274 499,809
Program rights inventory, non-current 62,928 73,940
Deferred financing cost, net of accumulated
amortization 2,600 3,290
Investments in and advances to unconsolidated
subsidiaries 5,972 3,299
Other assets 388 614
Total assets euro 790,747 euro 1,058,653

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable euro 33,698 euro 39,715
Accrued expenses 66,702 75,606
Program rights payable, current 46,674 73,774
Income taxes payable 3,763 3,068
Current portion of long-term debt 2,550 8,815
Deferred income, current 40,785 41,506
Deferred taxes, current 9,271 9,613
Other current liabilities 19,780 23,137
Total current liabilities 223,223 275,234

Program rights payable, non-current 22,651 32,103
Bridge facility -- 210,000
12% senior notes due 2008 103,655 103,655
Other long-term debt 6,784 153
Deferred tax, non -current 23,109 22,447
Other non-current liabilities 7,588 8,093
Minority interest 58,791 58,873
Shareholders' equity:
Common Shares (authorized 75,000,000 issued
32,241,729 (31,780,895 in 2004) at
par value euro 2.

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Nordic Big Brother viewers can access
content 24 hours a day, choosing which stream to watch. Using Entriq,
Big Brother can access real time statistics on its viewing audience
including user behaviour, user preferences in terms of time spent in
premium content areas, and ultimately which business models are
preferable . SBS has held a minority
ownership interest in Prima TV since July 2001 and originally invested in
Prima TV in March 2000. To provide security, the Company and certain of its
subsidiaries have pledged shares of certain wholly owned group companies in
Belgium, The Netherlands, Norway, Sweden and the United Kingdom.S.7 Rockklassiker, Studio
107.0%
Operating expenses:
Station operating expenses 74. These options
are subject to variable accounting treatment, unlike the rest of our share
incentives.5% and
4. Although other
companies in the broadcast industry may present other financial measures, we
believe that adjusted EBITDA and adjusted EBITDA margin provide some
comparability in analyzing the operating performance of companies in our
industry.
Cash provided by financing activities was euro 219,686 in 2005, compared
to euro 1,814 in 2004. The webcast will be archived
on the Company's website for two weeks.

candleholders tablecloths

Entriq Selected by Nordic Web Radio for Hit Reality TV Show Big Brother

"
Entriq has been providing pay-media infrastructure solutions and
services to leading content providers, ISPs and cable operators for
over 20 years and has recently launched its Wireless Solutions
business.V.
Cubic's open architecture system design allows the other transport
operators in southern Sweden to join the "Resekortet" smart card-based
system now or in the future.
Cubic Transportation Systems, Inc. The channels are distributed primarily by direct-
to-home satellite (DTH), cable, broadband and, increasingly, by digital
terrestrial transmission (DTT).
The Facility is a fully revolving facility with a term of five years,
although we have the right during the first twelve months to request a one-
year extension.
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 . 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 16 ,260. Our Belgian Television operations had
increased net revenue of euro 1,507, or 11%, approximately half of which came
from newly launched VijfTV. The increase was mainly due to the absence of a
euro 1,681 non- cash gain in 2004 on an interest rate swap related to 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.00) 63,562 64,483
Additional paid-in capital 683,678 691,793
Accumulated deficit (394,965) (398,056)
Unearned compensation (1,376) (1,258)
Accumulated other comprehensive loss (5,953) (8 ,867)
Total shareholders' equity 344,946 348,095
Total liabilities and shareholders'
equity euro 790,747 euro 1,058,653

SBS BROADCASTING SA
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands of euro)

Three months ended March 31,
2004 2005
Cash flows from operating activities:
Net loss euro (3,906) euro (3,091)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Revenue recorded in exchange for equity
investments (703) (1,241)
Non-cash compensation 794 345
Depreciation and amortization 6,341 7,611
Equity in loss from unconsolidated subsidiaries 576 597
Non-cash interest expense (income ) (1,966) 350
Foreign exchange gain on long-term debt (183 ) (167)
Investment gain -- (61)
Deferred tax expense (benefit) 251 (1,155)
Minority interest in losses (1,112) (100)

Changes in operating assets and liabilities,
net of amounts acquired:

Accounts receivable 10,484 (1,619)
Program rights inventory, net (2,124 ) 18,799
Other current assets 826 2,033
Other non-current assets (43) (1,229)
Accounts payable and accrued expenses (17,117) (7,327)
Deferred income (3,055) (518)
Other liabilities (474) (1,515)
Cash provided by (used in) operating
activities (11,411) 11,712

Cash flows from investing activities:
Proceeds from sale of short-term investments -- 163
Cash capital expenditures (2,645) (4,056)
Payments for purchase of acquired businesses,
net of cash acquired -- (292,643)
Cash used in investing activities (2,645) (296,536)

Cash flows from financing activities:
Proceeds from issuance of common shares 1,893 8,811
Proceeds from issuance of debt -- 210,000
Net change in restricted cash and cash in escrow 56 1,026
Payment of long-term debt (135) (151)
Cash provided by financing activities 1,814 219,686

Effect of exchange rate changes on cash and cash
equivalents (433) (1,229)
Net change in cash and cash equivalents (12,675) (66,367)

Cash and cash equivalents, beginning of period 245 ,836 196,033
Cash and cash equivalents, end of period euro 233,161 euro 129,666

SBS BROADCASTING SA
OPERATING RESULTS BY SEGMENT (UNAUDITED)
(in thousands of euro)

Three months ended March 31,
2004 2005
Television
Net revenue:
SBS6, NET5 and Veronica (in the Netherlands) euro 41,913 euro 44,091
TV2 + Irisz (in Hungary) 16,559 20,256
Kanal 5 (in Sweden) 20,148 23,569
VT4 + VijfTV (in Belgium) 13,990 15,497
TV Norge (in Norway) 11,256 14,686
TV Danmark and Kanal 5 (in Denmark) 9,721 11,399
Prima TV (in Romania) -- 955
The Voice TV -- 790
Other 765 1,966
Total net revenue 114,352 133,209

Station operating expenses 88,779 101,377
Selling, general and administrative expenses 19,335 23,656
Depreciation and amortization 3,874 4,785
Total operating expenses 111,988 129,818
Income from segment euro 2,364 euro 3,391

Premium pay
Net revenue: -- euro 13,171
Station operating expenses -- 6,810
Selling, general and administrative expenses -- 5,773
Depreciation and amortization -- 94
Total operating expenses -- 12,677
Income from segment -- euro 494

Radio
Net revenue:
Sweden euro 3,259 euro 3,243
Finland 2,925 3,093
Denmark 2,658 2,724
Norway 1,806 2,332
Romania -- 549
Greece 1,033 959
Total net revenue 11,681 12,900

Station operating expenses 6,627 6,328
Selling, general and administrative expenses 6,838 6,958
Depreciation and amortization 1,439 1,741
Total operating expenses 14,904 15,027
Loss from segment euro (3,223) euro (2,127)

Print
Net revenue: euro 14,641 euro 15,787
Station operating expenses 8,729 8,277
Selling, general and administrative expenses 2,316 3,422
Depreciation and amortization 1,028 991
Total operating expenses 12,073 12,690
Income from segment euro 2,568 euro 3,097

Consolidated
Net revenue: euro 140,674 euro 175,067
Income from operating segments 1,709 4,855
Corporate expenses (3,437) (4,322)
Non-cash compensation (794) (345 )
Operating income (loss) euro (2,522) euro 188

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The use of
common design and engineering standards in developing smart card-based
ticketing systems is a growing phenomenon, as it provides a common
platform for fare collection among multiple transport operators for
large geographic regions, such as Scandinavia.
Results, which are attached, are in thousands of euro (except share and
per share data) converted from local currencies.
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. Any resulting balance sheet
translation adjustments are recorded as accumulated other comprehensive income
(loss) within shareholders' equity.

(2) "Premium pay operations", which include C More Group AB in Sweden ,
Norway, Finland and Denmark.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). Our Dutch
Television operations had increased net revenue of euro 2,178, or 5%, mainly
due to an increase in the television advertising market. The increase in net revenue at VT4 was 6%, mainly
due to an increase in viewer -interactive TV programming revenues, which are
generated when viewers pay premium telephone rates to interact with programs.
The station operating expenses increased euro 12,598, or 14%, at our
Television operations, mainly due to programming expenses of euro 4,853 at our
recently launched television stations and Prima TV. Excluding such expenses,
our station operating expenses increased euro 7,745, or 9%, 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.13) euro (0.

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, a wholly owned subsidiary of Naspers (Nasdaq:NPSN).
The new system will provide South Sweden's rail and bus commuters
with greater convenience by speeding up boarding times and allowing
them the option of using the Internet to automatically reload value
onto their smart cards. Our experience in developing and
operating a complex system, such as the PRESTIGE/Oyster Card project
for London Transport, proves we can meet the requirements and
challenges facing transport operators today.
Every year, nearly 10 billion rides are taken worldwide using
Cubic fare collection systems. Cubic has delivered over 400 projects
in 40 major markets on five continents. Paul, Chicago, Houston, Atlanta, South
Florida, Vancouver and Edmonton, Canada, Brisbane, Australia, Italy,
Singapore and Thailand. Through the successful launch of new
digital channels and the acquisition of the C More Group we are rapidly
expanding and diversifying our revenue streams.
C More is the leading Nordic pay entertainment provider , with over 770,000
subscribers in Sweden, Norway, Finland and Denmark. In 2004, C More Group had revenues of SEK
1,657,000 (euro 181,000) from channel subscriptions and other sources.

Operating Income (Loss)
Operating income (loss) improved euro 2,710 from a loss of euro 2,522 in
2004 to an income of euro 188 in 2005.
Our Premium pay operations, which were consolidated from March 8, 2005,
had operating income of euro 494.

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Entriq is a division
of MIH Ltd. The following report should
be read in conjunction with the accompanying unaudited financial statements.

Financing
On March 7, 2005, we entered into a euro 300,000 unsecured bridge facility
agreement with ABN AMRO Bank N. Since March 1, 2005, we have
consolidated Prima TV's operations to reflect our 86% controlling interest. Excluding
our new businesses, our net revenue increased euro 18,133 , or 13%.3% and 22.
Our Television operations had increased selling, general and
administrative expenses of euro 4,321, or 22%, mainly due to increased
marketing expenses at Kanal 5, TVNorge and TV2 related to the promotion of new
programming initiatives. Depreciation and
amortization expenses expressed as a percentage of net revenues were 4.

Forward-Looking Statements
Some of the statements in this press release are forward-looking,
including, without limitation: the statement that our revenue growth outpaced
the market in most of our territories; the statement that through the
successful launch of new digital channels and the acquisition of the C More
Group we are rapidly expanding and diversifying our revenue streams; the
statement that we are executing this growth strategy in a manner that enables
us to continue to expand our cash generating ability; the statement that the
Company will benefit from the significant reduction in interest rates compared
to our 12% Senior Notes that was achieved based on our strengthened balance
sheet and improving cash flows; the statement that as we are not heavily
leveraged based on our cash flows and total net debt, we are in a strong
position to capitalize on the rapidly developing digital content market while
continuing to seek prudent expansion opportunities to drive growth; and the
statement that holders of the Senior Notes will receive a redemption price of
106% of the principal amount of the Senior Notes plus accrued and unpaid
interest on the Senior Notes on the redemption date, which will be June 15,
2005.

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Cubic 's solutions and
services include system design, central computer systems, equipment
design and manufacturing, device-level software, integration, test,
installation, warranty, maintenance, computer hosting services, call
center services, card management and distribution services, financial
clearing and settlement, multi-application support and outsourcing
services.

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.3%
Operating income (loss) margin (1.
Our Print operations had decreased expenses of euro 452, or 5%, mainly due
to reduced printing cost.

Selling, General and Administrative Expenses
Selling, general and administrative expenses increased euro 11,320, or
40%, from euro 28,489 in 2004 to euro 39,809 in 2005.
Despite operating losses of euro 2,921 at our recently launched television
stations, The Voice TV, VijfTV and Irisz, our Television operations improved
operating income by euro 1,027 from euro 2,364 in 2004 to euro 3,391 in 2005.

Income Taxes
In 2005 we recorded an income tax benefit of euro 1,155 corresponding to a
27% effective tax rate applied to our pre-tax loss. The improvement was mainly due to improved
results from our Dutch Television operations.sbsbroadcasting.

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Such a service is a
significant investment for NWR to create and operate , so in order to
protect their revenue stream, Entriq has provided a security solution
that enables NWR to monetise this content in a consumer-friendly way.
As an added bonus, the new ticketing system will also be
compatible with Denmark's national TravelCard system.

SBS Broadcasting SA Reports First Quarter 2005 Results

Commenting on the results, Markus Tellenbach, Chief Executive Officer of
SBS, said: "In the first quarter we continued to improve our operating
performance and our revenue growth outpaced the market in most of our
territories. As a provider of both
premium sports and premium movies in the Nordic region, which it provides
under the Canal+ and C More brands, C More enjoys market-leading positions in
Sweden, Norway and Finland.
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.2%
Depreciation and amortization 4. Excluding such revenue, net
revenue increased euro 670, or 6 %, mainly due to increased net revenue at our
Norwegian Radio operations, arising from sales agreements with other radio
stations. Our Dutch Television
operations and VT4 had decreased station operating expenses of euro 871 and
euro 126, respectively.6% and 0.
We provide below, on a consolidated basis, a reconciliation of the
non-GAAP term adjusted EBITDA to operating income (loss), which is the most
directly comparable U.

Scandinavia as defined here consists of Denmark, Norway, Sweden, Iceland , the Faeroe Islands, and Finland.

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Nordic Web Radio clients
include; SBS, Bonnier, MTG, NRJ, Fria Media in Sweden, Norwegian
Broadcasting Corporation, Kanal24, P4, Radio1, Klem fm in Norway.
"With the successful conclusion of our recent euro 325 million bank
refinancing, we have repaid our C More acquisition debt and defeased and
called for redemption our 12% Senior Notes.
We also acquired Romania's leading FM radio network Kiss FM, and FM radio
network Radio Star from MG Media Group Holding S. The sellers were primarily private
equity funds represented by Baker Capital and Nordic Capital.
In the discussions of the results for the three months ended March 31,
2005 compared to the three months ended March 31, 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.
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. 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.4% 2 . Excluding such expenses, our station operating
expenses increased euro 6,860, or 7%. The foreign exchange gain in both years relates mainly to
our U.
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 Print operations improved adjusted EBITDA by euro 492 to euro 4,088. The teleconference will also be available via live
webcast on the Company's website. callers) or +1-973-341-
3080 (International callers), passcode 5989479 .

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Big Brother viewers can browse the Big Brother website and watch
six different live video streams from the Big Brother house. As the penetration of broadband rises, live web streaming
is a vital part of the Big Brother format. Not only are we able to
offer new business models (including pay per hour), but also we are
sure that the content is completely safe from theft, and we get
terrific information about consumer behaviour. The format has now been
produced in over 30 countries around the world.

Business Editors

SAN DIEGO----Cubic Transportation
Systems Limited, a subsidiary of Cubic Corporation (AMEX:CUB), has
received a contract valued at approximately US$21. The contract also
includes an option for customer services and maintenance. is the world's leading
full-service solution provider of automated fare collection systems
for public transport, including bus, bus rapid transit, light rail,
commuter rail, heavy rail, ferry and parking.10) 23%

Weighted average common shares (000) 31,075 31,963

Cash provided by (used in) operating
activities (11,411) 11,712

Adjusted EBITDA margin (3) 3.
We funded the defeasance and 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 also incur
significant operating expenses for programming in U . The following table
shows our operating expenses as a percentage of net revenues for the periods
indicated.0% 100.6% 0.
Our Radio operations had decreased station operating expenses of euro 299,
or 5%, mainly due to cost savings of euro 716 at our Danish Radio operations
as a result of the closing of our news station and POP FM. Adjusted EBITDA should be considered in
addition to, but not as a substitute for, other measures of financial
performance reported in accordance with U. Management believes that when used in this fashion adjusted
EBITDA and adjusted EBITDA margin can be useful tools despite their
limitations. The following table shows the changes in the adjusted EBITDA by
segment:

Three months ended
March 31,

2004 2005

Television operations euro 6,238 euro 8,176
Premium pay operations -- 588
Radio operations (1,784) (386)
Print operations 3,596 4,088
Cash corporate expenses (3,437) (4,322)
Adjusted EBITDA euro 4,613 euro 8,144

Despite losses of euro 2,778 at our recently launched television stations,
The Voice TV, VijfTV and Irisz, our Television operations improved adjusted
EBITDA by euro 1,938 to euro 8,176. The change mainly reflects the euro 210,000 drawn on
the bridge facility to fund the C More acquisition and the proceeds of euro
8,811 from stock options exercised in 2005. 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.

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, a leader in the field of content security for pay
media services to leading content providers, ISPs and cable operators
worldwide, has been selected by Nordic Web Radio (NWR) AB for
delivering secure Live and On Demand content for hit reality
television show Big Brother in Sweden and Norway.

About Entriq, Inc.
In fact, this contract replaces Skanetrafiken 's existing
ScanPoint-supplied, magnetics-based fare collection system for the
transport operator 's 56 rail stations and 950 buses.
"Resekortet is the most crucial and important public transport
ticketing project in Southern Sweden in many years," said Claus
Klitholm, managing director of Cubic Nordic. Amounts borrowed under the Facility bear interest at a rate of
EURIBOR plus a margin based on our senior net debt leverage ratio. dollars.
Our Radio operations net revenue increased euro 1,219, or 10%, mainly due
to net revenue of euro 549 at the newly acquired Romanian Radio operations ,
which we have consolidated from March 1, 2005.

Station Operating Expenses
Station operating expenses increased euro 18,657, or 18%, from
euro 104,135 in 2004 to euro 122,792 in 2005 .
Our Print operations had increased selling, general and administrative
expenses of euro 1 ,106, or 48%, mainly due to increased promotion activities
to increase the number of subscribers.

Corporate expenses expressed as a
percentage of net revenues were 2.

Non-cash Compensation
In 2004 we recorded non-cash compensation of euro 794, mainly related to
the impact of our increasing share price on options to purchase 466,667 shares
of common stock previously granted to certain of our employees. Non-cash
compensation expressed as a percentage of net revenues was 0.com

SBS BROADCASTING SA
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands of euro, except share and per share data)

Three months ended
March 31,

2004 2005

Net revenue euro 140,674 euro 175,067

Operating expenses:
Station operating expenses (exclusive of
depreciation and amortization) 104,135 122,792
Selling, general and administrative expenses
(exclusive of depreciation and amortization) 28,489 39,809
Corporate expenses 3,437 4,322
Non-cash compensation 794 345
Depreciation 3,133 3,566
Amortization 3,208 4,045
Total operating expenses 143,196 174,879

Operating income (loss) (2,522) 188

Equity in loss from unconsolidated subsidiaries (576) (597)
Interest income 1,072 933
Interest expense (2,969) (4,094)
Foreign exchange gain 775 314
Investment gain -- 61
Other expense, net (547) (1,151)

Loss before income taxes and minority interest (4 ,767) (4,346)

Income taxes (251) 1 ,155

Loss before minority interest (5,018) (3,191)

Minority interest in losses, net 1,112 100

Net loss euro (3,906) euro (3,091)

Net loss per common share (basic and diluted) euro (0.

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provides the
only comprehensive management and protection solution for Pay Media
worldwide.
The company's other major business segment, Cubic Defense
Applications, is a world leader in realistic combat training systems,
mission support services and defense electronics .S.2%

Three months ended March 31, 2005 compared to three months ended March 31,
2004

Net Revenue
Net revenue increased euro 34,393, or 24%, from euro 140,674 in 2004 to
euro 175,067 in 2005. Such savings were
partly offset by station operating expenses of euro 134 at the newly acquired
Romanian Radio operations. 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.S.
SBS is a European commercial television and radio broadcasting company
with operations in Western and Central Europe.

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"
Jan Steenkamp, CEO Entriq, commented: "We are delighted to be
working with NWR on the hit reality show Big Brother in Sweden and
Norway.
The new system will consist of operating software, communications,
driver control units and validators for buses; and ticket vending
machines, station validators and handheld devices for rail. "It will also provide a
link between Sweden's and Denmark's new, contactless, smart card-based
systems, which will add even greater convenience for commuters who
travel on both sides of the border.7% 42%

(1) Excluding the impact of 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, net revenue
increased euro 18,133 , or 13%, adjusted EBITDA increased euro 5,592,
or 121%, and operating income (loss) improved euro 5,027.
(2) Adjusted EBITDA is defined as operating income (loss) plus non-cash
compensation, depreciation and amortization expenses (see page 9)."

Recent Developments

Romania
On March 1, 2005, we increased our equity stake in Prima TV to 86%
following the purchase of an additional 48. 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. 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.7%
Corporate expenses 2.

Depreciation and Amortization Expenses
Depreciation and amortization expenses increased euro 1,270, or 20%, from
euro 6,341 in 2004 to euro 7,611 in 2005, mainly due to increased amortization
expenses associated with our broadcasting licenses in Hungary and Radio
Sweden.
The increase was mainly due to increased operating income of euro 2 ,353 at our
Dutch Television operations driven by the growth in the Dutch television
advertising market.
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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Entriq provides security, billing, and customer care for
both broadcast and online media.entriq .

3% 4.A. for a total of euro 22,500
on a debt-free basis. Amounts
outstanding under the bridge facility bore interest at a rate of EURIBOR plus
0.7% per annum.75%.4% and 2.5% in 2004 and 2005, respectively. These key indicators provide investors the opportunity to
evaluate the group's performance as it is viewed by management.

Cash Flow
Cash provided by operations was euro 11,712 in 2005, compared to cash used
in operations of euro 11,411 in 2004. 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. Countries where SBS currently
has broadcasting assets include: Belgium (Flanders), Denmark, Finland, Greece ,
Hungary, The Netherlands, Norway, Romania and Sweden.

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8% indirect equity stake for euro
7,800 from Romanian Investment and Development srl. C More
has had positive net income for the last three years and has no debt. ("ABN AMRO") and then drew down euro 210,000
in order to finance in part our acquisition of C More.8%) 0. 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 11,797.
Three months ended
March 31,
2004 2005
Operating income (loss) euro (2,522) euro 188

Add: Non-cash compensation 794 345
Depreciation 3,133 3,566
Amortization 3,208 4,045
Adjusted EBITDA euro 4,613 euro 8,144

Adjusted EBITDA increased euro 3,531, or 77%, from euro 4,613 euro 8,
in 2005.
For further information visit: http://www.

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We will benefit from the
significant reduction in interest rates compared to our 12% Senior Notes, that
was achieved based on our strengthened balance sheet and improving cash flows .V.
Our Print operations had increased net revenues of euro 1,146, or 8%,
mainly due to increased subscription income coming from a combination of an
increase in subscribers and an increase in magazine prices.7% in 2004 and 2005,
respectively.

Corporate Expenses
Corporate expenses increased euro 885 from euro 3,437 in 2004 to
euro 4,322 in 2005, mainly due to an increase in headcount and expenses
related to Sarbanes-Oxley compliance work.2% in
2004 and 2005, respectively.3% in 2004 and 2005, respectively.

Equity in Income (Loss) from Unconsolidated Subsidiaries
Equity in loss from unconsolidated subsidiaries increased euro 21, from
euro 576 in 2004 to euro 597 in 2005. GAAP, such as operating income
and net income.

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Entriq's solution gives us
great control over our pay media services.

With 25 years of pay media experience, Entriq, Inc.

About Big Brother

Big Brother is one of the world's most successful reality formats,
developed by Endemol International B.C. Cubic has
approximately 5,950 employees worldwide.com

The bridge facility had a term of six-months.3% 22.
Our Radio operations had increased selling , general and administrative
expenses of euro 120, or 2%, due to expenses of euro 157 at the newly acquired
Romanian Radio operations. The improvement, euro 23,123, was
primarily due to timing differences related to programming payments. The increase was mainly due to our investments in C More ,
Prima TV and the Romanian radio operations.