Germany's EM.TV & Merchandising has reacted to 'the weak advertising market and current changes in the media landscape' by undertaking Euros 240m of extraordinary write-offs.

As a result of these write-offs, the consolidated earnings before tax amounted to minus Euros 331m (compared to minus Euros 1.34bn the previous year) and the net profit to minus Euros 374m (2000: minus Euros 1.35 bn).

At the same time, however, the consolidated turnover rose by 10.1% from Euros 656m to Euros 722m, with operating profit (EBITDA) climbing by 608% from Euros 40m to Euros 286m, and Wallstreet Online's Robert Sopella noted in an initial analysis that 'at last the concern is again registering a solid positive cash flow' [Euros 55m compared to minus Euros 58m in 2000]. 'The lights are on green', Sopella declared, although it was 'still too early for boundless jubilation.

EM.TV's shares jumped by over 11% on trading at Frankfurt's Neuer Markt after the publication of the figures.