Endemol buy helps cut Admira’s losses

Full-year revs hit $1.3 billion

MADRID — Spain’s biggest film and TV conglom Admira halved full-year net losses to 347.3 million euros ($310.1 million). Admira full-year revenues reached $1.3 billion.

“They’re far better results, but thanks to Endemol,” said Glen Spencer Chapman, an analyst at Ibersecurities. Purchased 18 months ago, Endemol only figured in Admira results from August 2000.

In line with expectations, over 2001, Endemol saw consolidated revenues rise spectacularly by 63% to $816.5 million. Endemol cash flow stood at $134.6 million.

That was the good news. Beyond Endemol, Telefonica subsid Admira was hit by Argentina’s recession, which frustrated a turnaround at Argentine holding ATCO, whose assets include broadcaster Telefe. ATCO posted revenues of $211.9 million, down 24% from 2000, for a cash flow loss of $1.9 million.

Bruised by Spain’s ad slump, revenues tumbled 11% at Spanish broadcaster Antena 3 to $475.4 million, while net profits slumped 60% to $42.8 million.

Admira’s major sore spot remains satcaster Via Digital, which recorded a full-year $297.6 million loss, despite a gain in subs from 173,320 to 806,379.

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