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| Antenna TV S.A. |
| Kifissias Avenue 10-12 Maroussi 151 25, Athens, Greece |
| Business Description | The Company owns and operates ANTENNA TV, which is one of the leading television broadcast networks and producers of television programming in Greece. |
| Offering Information Company has | |||
| Trading As | ANTV (NASNTL) | Industry | Telecommunications (SIC 4833) |
| Type of Stock Offered | American Depositary Receipts | Filing Date | 02/12/1999 |
| Domestic Shares Offered | 7,700,000 | Offer Date | 03/03/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 6,160,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 1,540,000 | Gross Spread | $0.637 |
| Gross Proceeds | $115,500,000 | Selling | $0.350 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 19,849,440 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | ||||||
| Revenues | - | - | - | - | 113.600 | - | - |
| Income from Oper. | - | - | - | - | 35.400 | - | - |
| Net Income | - | - | - | - | 3.500 | - | - |
| E.P.S | - | - | - | - | 0.200 | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 31.16 | - | - |
| Net Profit Margin (%) | - | - | - | - | 3.08 | - | - |
| Cash Flow - Oper. | 14.80 | - | - | ||||
| Cash Flow - Inv. | -1.40 | - | - | ||||
| Cash Flow - Fin. | -14.20 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 210.40 | Current Assets | 159.72 | Current Ratio | 2.36 |
| Total Liab. | 191.20 | Current Liab. | 67.79 | Debt Ratio | 90.87% |
| Total Equity | 19.20 | Working Cap. | 91.93 | Debt to Equity Ratio | 9.96 |
| Cash | 40.32 | Return on Assets | 1.66% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund acquisitions, to fund its investment in digital production, news gathering and transmission equipment, the acquisition of new offices and production facilities, the distribution of programming in Europe and South Africa, to fund the company's investment in a DTH venture and to develop DTH programming and channels. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Paul, Weiss, Rifkind, Wharton & Garrison |
| Bank's Law Firm | Cahill Gordon & Reindel |
| Auditor | KPMG Accountants N.V. |
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| Industry Competition |
Antenna competes for advertising revenue with Mega Channel and, to a lesser extent, with the other national private commercial networks operating in Greece, including Star TV, Skai TV, New Channel, Macedonia TV, TV5, the subscription channels operated by NetHold Mediterranean and the three government-run channels (ET1, NET (formerly ET2) and ET3) that occasionally air commercial advertisements and with other advertising media, such as radio, newspapers and magazines and outdoor advertising. There are currently no subscription cable services operating in Greece, and satellite services have a negligible presence. |
| Business Plan |
The Company will continue to focus on its core activities and expand into new media-related activities to maximize its operating performance and profitability. The strategies to achieve these objectives include the following: (i) Maximizing Audience Share, (ii) Successfully Targeting Attractive Demographic Groups, (iii) Building and Capitalizing on Programming Library, (iv) Increasing Efficiency, Cost Control and Synergies, (v) Capitalizing on Market Leadership to Expand into Related Media and (vi) Pursuing Complementary Business Opportunities. |