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Jetix Europe N.V (0K1V)

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Thursday 15 May, 2008

Jetix Europe N.V

Jetix Europe N.V. announces results for the six...





  * Revenue declined by ¤16.5 million to ¤71.2[1] million.  Excluding
    adverse exchange rate movements of ¤3.8 million, this was in line
    with management's expectations.  The fall is primarily due to
    changes in a limited number of specific deals, notably with
    channel distributors

  * At constant exchange rates, Jetix Europe is on target with the
    guidance range previously given for the full fiscal year.
     However, the appreciation of the euro against the US dollar and
    pound sterling is expected to continue to have an adverse impact

  * Advertising revenue grew by ¤2.0 million to ¤22.7 million, with
    growth in most markets

  * EBITDA[2] was down ¤10.9 million at ¤29.5 million.  A reduction
    in marketing, selling and distribution costs has helped to limit
    the impact from the decline in revenue

  * Operating profit fell by ¤5.7 million to ¤11.2 million.  A lower
    amortisation charge further reduced the impact of the revenue
    reduction

  * Net profit attributable to shareholders decreased by ¤0.6 million
    to ¤20.1 million

  * Diluted earnings per share down 0.8 cents to 23.6 cents per share

  * Channel subscribers increased by 1.8 million to 52.3 million

  * Operating cash flow increased by ¤9.5 million to ¤30.3 million


Amsterdam, The Netherlands and London, UK - Jetix Europe N.V.  (Jetix
Europe or the Company, "we",  "our") (AMEX: JETIX; Reuters  JETIX.AS;
Bloomberg:  JETIX.NA),  one  of  Europe's  leading  integrated   kids
entertainment companies, today  announced its  financial results  for
the six  months ended  March 31,  2008.  Revenue  decreased by  ¤16.5
million to  ¤71.2  million,  which  was  in  line  with  management's
expectations  excluding  adverse  exchange  rate  movements  of  ¤3.8
million.  The decline is primarily due to changes in a limited number
of specific  deals,  notably with  channel  distributors.   Operating
profit fell  by ¤5.7  million to  ¤11.2 million,  with reductions  in
marketing, selling  and distribution  costs, and  amortisation  costs
limiting the impact from reduced revenue.  Net profit attributable to
shareholders decreased by ¤0.6  million to ¤20.1 million.   Operating
cash flow increased by ¤9.5 million to ¤30.3 million.  During the six
month period, subscribers  increased by 1.8  million to 52.3  million
households.

Paul Taylor, Chief Executive Officer, said "As expected, we have seen
the impact from a number of specific deals reflected in the financial
results we are announcing today.  However, excluding adverse exchange
rate  movements,  the   results  are   broadly  in   line  with   our
expectations.

Although we  have  been affected  by  the renegotiation  of  specific
channel carriage deals  and the  decision not  to continue  producing
A.T.O.M., most of our underlying businesses have continued to perform
well.  We have increased our advertising revenue, despite a worsening
economic  environment  and  continued   stiff  competition,  we   are
investing in  our websites  in  advance of  a re-launch  planned  for
summer 2008 and  we have seen  our in-house merchandising  activities
continue to grow.

We are also in the final stages of negotiating a major new initiative
with our parent  company, The Walt  Disney Company (Disney).   Disney
has recently created an integrated television distribution  division,
which brings  together sales  of its  programming, channels  and  new
media  products,   offering   its   business   customers   a   single
point-of-sales contact.   Jetix is  negotiating to  secure access  to
this division's sales capability for  our channels and digital  media
products, which would then  be sold alongside Disney's  world-leading
content and channels.   This would  extend the  relationship that  we
already have  in place  to sell  our programming  through  Disney-ABC
International Television.  We  believe that, if  completed, this  new
deal will allow us to benefit  from Disney's strong brand and  market
presence, delivering significant  benefits to Jetix  Europe over  the
medium and long term.  Whilst  negotiations are close to  completion,
this  deal  is  still  subject  to  contract  and  supervisory  board
approval.

We  are  also  expanding  one  of  our  other  significant  strategic
relationships with Disney, our global programming alliance. Alongside
our existing hit  live-action property and  our successful  animation
co-productions, we are working with Disney  to develop up to two  new
live-action shows, to be delivered  in the next fiscal year.   Disney
has  had  significant   success  recently   with  their   live-action
productions and we are looking to build on this success by using  the
same development  and production  teams on  the new  Jetix shows.   I
believe that Jetix is  in a unique position  in being able to  access
Disney's world-class talent in this area.

I am also excited by the  first co-productions to be commissioned  by
our new programming team. The new shows, Jimmy Two Shoes and Kid  vs.
Kat, increase our focus on character driven comedies and will help to
broaden  our  audience  appeal.   The  creation  of  characters  that
entertain and  engage  with our  audience  is  at the  heart  of  our
strategy to build long-term franchises which can be exploited  across
our business lines.

We are investing in  a major re-launch of  our websites, planned  for
later this year.   Broadband online access  continues to grow  across
Europe and we are  positioning ourselves to  take advantage of  this.
 The re-launch  will  see  new applications  and  an  enhanced  video
player, all of which capitalise on these technological advances.   We
will also  be improving  our games  offering, both  through a  higher
volume and an increased specification, and we will be developing  our
community and loyalty functions.  I  am confident this will allow  us
to offer a more compelling online experience to our consumers, taking
full advantage of the new ways to interact created by broadband.

There is no  doubt that our  business faces a  number of  challenges,
such as  pay  television  consolidation,  strong  competition  and  a
declining economic outlook.   However the  actions we  are taking  to
ensure  we  have   the  best  content   possible,  to  leverage   our
relationship with Disney and to develop new businesses as  technology
allows, should enable us to return to growth as quickly as possible."

Dene Stratton, Chief Financial Officer, said "Despite the pressure on
revenue, we have achieved strong growth in cash flow. In the current
economic climate, I am also pleased that we are able to maintain the
guidance we gave last year, excluding the effect of exchange rates."

OPERATING REVIEW

Channels and Online

  * Subscribers increased by 4% to 52.3 million households
  * New Bulgarian language track secures new distributors
  * Multi-year distribution deal signed with Canalsat in France
  * Significant re-launch of websites planned
  * Multi-territory deal extends mobile distribution

Jetix Europe reaches 58 countries  through its 15 television  channel
feeds, broadcasting local channels in 19 languages.  Alongside TV, we
also reach out to our audience whenever and wherever they would  like
to engage with our content, through online, mobile and other  digital
distribution channels.

Subscribers to our television  channels grew by  1.8 million to  52.3
million households, up 4% during  the six month period.  This  growth
was led by our Central and Eastern Europe (CEE) feed which  accounted
for  a  substantial   proportion  of  the   growth,  increasing   its
subscribers by almost 1 million  households. Our Polish channel  also
achieved good growth, increasing its households reached by more  than
300,000 homes.

We have continued to localise our presence in Eastern Europe with the
launch of a new Bulgarian language track on our CEE feed.  We are the
first dedicated kids channel to broadcast in Bulgarian, and this  has
helped us  secure our  presence  in this  market, doubling  both  the
number of  distributors that  carry  our channel  and the  number  of
households we reach.

In Western Europe we have seen continued growth in our subscribers in
Italy and France,  whilst in the  UK we have  seen subscriber  growth
from our  major distributors  being offset  by the  termination of  a
number of small distribution contracts in Ireland.

We secured strong  growth in  subscription revenue in  a key  Western
European market due to an increase in rates, and we grew subscription
revenue in  Poland and  on our  CEE feed  following the  increase  in
subscriber  numbers.   However,  overall  subscription  revenue   was
impacted by deal renewals in a limited number of markets.

We have secured a new multi-year distribution agreement with Canalsat
for  our  French  channel,   following  last  year's  resumption   of
negotiations.  This secures the long-term future of our brand in this
important market. As the  new deal has an  impact on revenue, we  are
exploring options to  reduce costs  whilst maintaining  our scale  of
operations and their profitability.

Advertising revenue grew by 9%. We achieved notably strong growth  in
Eastern Europe, where our CEE  feed increased advertising revenue  by
more than 50% and our Polish channel also made a strong start to  the
year.  Our second  largest advertising market,  Italy, continued  its
recent strong performance and  again grew revenue  by more than  10%.
 We also achieved strong growth in Scandinavia and France.

We are  investing  in  our  18 websites  and  are  planning  a  major
re-launch of these sites, scheduled to  roll out in summer 2008.   We
are developing deeper and richer  content for our audience to  enjoy,
through an increased  volume of higher  quality games, better  online
applications  and  an  improved  interactive  video-on-demand   (VOD)
service.  We will  also be  developing the community  aspects of  our
websites, with  new functionality  that should  build loyalty.   This
will ensure that we retain our audience for as long as possible,  and
offer them a compelling destination to return to.

Alongside our  own  websites  we also  distribute  our  channels  and
programmes through  online and  mobile  partners, ensuring  that  our
content is available to our audience whenever and wherever they would
like to view it.

We are distributing our channels through IPTV aggregators in a number
of markets, and we  have also been  developing our VOD  distribution.
 We have deals with a number of different VOD distributors.  In  some
markets  individual  episodes  are  offered  alongside  our  channels
through the VOD offering of the main pay-television distributors,  in
other markets specialist  VOD distributors have  emerged and we  have
recently secured our  first deal  with a generalist  retailer who  is
looking to offer digital content through its online site.

We also supply our channels, individual episodes and, in some  cases,
a customised programme loop to mobile operators and distributors.  We
have recently secured our first multi-territory deal with Orange, and
our content can now be viewed  on mobile phones in six markets,  with
further launches planned in the next few months.

Programme Distribution

  * Revenue impact from the timing of programme deliveries and
    exchange rates
  * Power Rangers continues to sell well
  * Second series of Pucca delivered to alliance partner in US
  * Two new co-productions green-lit
  * Programme pipeline of 120 episodes

As  expected,  the  programme  distribution  division  is   reporting
significantly lower revenue than  in the first  half of fiscal  2007.
 This  is  partially  due  to  the  timing  of  deliveries,  with   a
significantly higher volume of episodes  expected to be delivered  in
the second half  of the year.   As in prior  years, the weighting  of
revenue between the first and second half of the fiscal year  varies,
and this year revenue is expected  to be weighted towards the  second
half of  the year.   Revenue  has also  been  affected by  a  planned
reduction in the volume of  episodes being sold to  the US and, as  a
significant proportion of the programme sales business is denominated
in US dollars, we have been impacted by the decline in the US dollar.

Our third-party programme sales, serviced by Disney-ABC International
Television, were led by Power Rangers,  which again sold in a  number
of major markets.   We have also  seen strong sales  from our  recent
acquisitions Iggy Arbuckle and Captain Flamingo. On-air Power Rangers
continued to perform well,  leading its slot amongst  boys in all  of
the major Western European markets it aired in.  Italy was a  notable
highlight, where it  achieved a share  of more than  35%.  Pucca  and
W.I.T.C.H. both aired in a number of markets and were one of the  two
most popular shows with kids in their time slots.  Iggy Arbuckle  and
Captain Flamingo  have  launched in  the  UK, where  they  led  their
timeslots amongst  boys,  and  Yin  Yang Yo!  has  just  launched  in
Germany, where the  early episodes  have made  a good  start, with  a
share amongst boys of more than 30%.

We have continued to supply  our programming to our alliance  partner
in the US, Disney ABC Cable Networks Group, although as expected  the
volume is lower than in the comparable period. During this period  we
have delivered  the  second  series  of Pucca,  which  is  airing  on
Disney's Toon Disney channel.  The programme has continued to perform
well  and  has  been  building   its  audience  in  its  key   target
demographics.  As Jetix only buys the US rights to programming on  an
opportunistic basis, this deal brings to the end our US sales for the
immediate future.
During the period we have entered into two new co-productions.  Jimmy
Two Shoes is the first co-production green-lit by our new programming
team and will be produced  by Breakthrough Animation in Canada.   The
series follows the comedy adventures of fourteen-year-old Jimmy after
he falls  into  the  weird  world of  Miseryville.   Our  second  new
co-production is  Kid vs.  Kat, which  will be  produced by  Canada's
Studio B. Kid  vs. Kat  follows the exaggerated  conflicts between  a
malevolent cat and the  beleaguered ten-year-old boy  to whom it  has
taken a demented dislike.

We have taken delivery of new episodes from each of our major sources
of programming.  We have received episodes of Yin Yang Yo! and  Power
Rangers, produced with our US  alliance partner, as well as  episodes
of Pucca, a major production led by Jetix. We have also received  new
episodes  from  our  co-production   Combo  Ninos,  and  our   recent
acquisitions, Captain Flamingo and Urban Vermin.

During the period we received 56 new  episodes and at the end of  the
period we had 120  episodes in production, compared  with 124 at  the
end of fiscal 2007.

Consumer Products

  * Major home entertainment deal for library product
  * Power Rangers continues to be biggest selling property
  * New magazine launched in Turkey
  * Pucca success continues, notably in France
  * Consumer products rights secured on new series

The reported revenue  in the  consumer products  division has  fallen
compared  with  the  prior  year.  This  is  primarily  because,   as
previously announced, the master toy licence with Hasbro for A.T.O.M.
Alpha Teens  on  Machines  in  the prior  period  was  not  repeated,
following the decision not to produce  a third series.  We have  also
seen some decline  in Power  Rangers revenue,  following last  year's
strong  growth.    Our  in-house   consumer  products   merchandising
activities have continued to grow and our home entertainment division
has recently secured a major deal, the benefits of which will be seen
later in this financial year, and in fiscal 2009.

Power  Rangers  remains   our  biggest  selling   property,  and   is
represented by  Disney  Consumer  Products (DCP).   We  have  seen  a
significant  increase  in  the  number  of  contracts  we  have  with
licensees, up  27%  on  the prior  year.   This  is due  to  the  new
contractual arrangements we introduced last year, which allows  Power
Rangers  to  be  directly  included  in  DCP's  deals,  rather   than
contracted for separately.  During the period toys and action figures
remained the  largest category,  with  apparel and  home  furnishings
increasing their share  of total  sales.  Notably,  apparel built  on
last year's strong performance in both the UK and Italy.

Jetix  Consumer  Products  (JCP),  our  in-house  consumer   products
division,  represents  all  of  Jetix's  other  owned  and   licensed
properties.   JCP   has  two   divisions,  merchandising   and   home
entertainment.

JCP's  merchandising  division  continues  to  expand  and   recently
launched a new magazine in Turkey.   This brings our total number  of
titles to eight and increases the exposure of the Jetix brand  across
Europe.  During the  period the merchandising  division continued  to
grow revenue, with Pucca again a notable success.  In France, Pucca's
largest  market  in  Europe,  fashion  and  stationery  were  popular
categories.  In  the  Netherlands  we  had  a  successful   Christmas
promotion with a major supermarket, and  over one and a half  million
sing-along  CD's  based   on  a  special   seasonal  programme   were
distributed.

In JCP's  home  entertainment division  we  have recently  secured  a
significant deal  for  a  range of  our  Marvel  library  properties,
showing the  continued  appeal of  these  titles.  As  the  deal  was
completed towards the end of this  period, the benefits will be  seen
in the second half of this fiscal year, and in fiscal 2009.  The deal
includes promotion of  the DVDs on  the Jetix channels,  highlighting
the synergy benefits  from our multi-media  product offering.  During
the period, Power Rangers has again been popular.  Over Christmas  we
repeated last year's promotion with La Gazetta dello Sport in  Italy,
offering their readers  the exclusive opportunity  to buy the  latest
series of Power Rangers.  We have  also secured a Power Rangers  deal
covering more  than  fifteen  countries across  Western  and  Eastern
Europe.

We continue to secure the consumer products rights for the programmes
we invest in and  we have the rights  for the two new  co-productions
green-lit this period, Jimmy Two Shoes and Kid vs. Kat.

FINANCIAL REVIEW

Revenue

Revenue decreased  19%  to ¤71.2  million.   On a  constant  currency
basis, revenue would have been ¤75.0 million, a decline of 14%.

Channels  and  online   revenue  decreased  9%   to  ¤57.9   million.
 Subscription revenue decreased 16% to  ¤33.7 million as a result  of
rate reductions  in a  limited  number of  markets and  the  negative
impact of the appreciation of the euro against the pound sterling and
the US dollar[3].  This  was partially offset by  an increase in  the
subscription rate in a key Western European market and an increase in
the number of  subscribers in  CEE and  Poland.  Advertising  revenue
increased 9%  to  ¤22.7 million.   The  largest growth  markets  were
Italy, CEE and Poland.  This was partially offset by the appreciation
of the euro against  the pound sterling and  the US dollar[3].  Other
channel and online revenue, including  VOD, mobile, live events,  and
on-air production,  was  down  ¤1.0 million.   Movements  in  foreign
exchange rates contributed  ¤3.3 million  to the  overall decline  in
channel and  online revenue.   Excluding  the adverse  exchange  rate
movements, channel and online revenue would have declined by 4%.

Programme distribution revenue decreased by 44% to ¤6.4 million.  The
decrease is primarily due to the timing of deliveries of  programming
to broadcasters, lower sales to Disney ABC Cable Network Group in the
U.S. and  the depreciation  of the  US dollar  against the  euro,  as
distribution sales  are predominately  US dollar-based.   Revenue  is
expected to be weighted towards the second half of fiscal year 2008.

Our consumer products revenue decreased by 45% to ¤6.9 million.   The
decrease was primarily the result of the 2007 A.T.O.M. Alpha Teens on
Machines master  toy  license  not being  repeated  in  fiscal  2008,
increased competition in the market with respect to the Power Rangers
property, the change in recording DCP Power Rangers revenue on a  net
basis[4] and the appreciation of the euro against the pound  sterling
and US dollar.

Marketing, Selling and Distribution Costs

Marketing, selling and distribution costs  decreased by 25% to  ¤19.1
million.  This was  primarily due  to a  decrease in  participations,
which largely  resulted  from  a one-time  release  of  ¤2.0  million
following the revision  of estimates of  the ultimate performance  of
certain properties, the  appreciation of the  euro against the  pound
sterling and US dollar[3], the change in accounting for the DCP Power
Rangers arrangement (resulting in revenue being recorded net and with
no commission expense)[4],  reduced commissions  and lower  technical
costs.  Movements in foreign exchange rates contributed ¤0.8  million
to the  overall  reduction  in marketing,  selling  and  distribution
costs, of which substantially all of the impact was seen in  channels
and online.   Marketing, selling  and distribution  costs would  have
declined by 22% excluding the effects of foreign exchange.

General and Administrative Costs

General and administrative  costs increased  by 2%  to ¤23.3  million
principally due to an increase in  costs resulting from the end of  a
rental rebate period, increase in share-based compensation,  one-time
employee termination  costs  and  a  decrease in  the  release  of  a
provision for indirect  taxes.  Movements in  foreign exchange  rates
offset the  increase  in general  and  administrative costs  by  ¤1.5
million, of  which  substantially  all  of the  impact  was  seen  in
channels and  online  and  distribution.  Excluding  the  effects  of
foreign  exchange,  general  and  administrative  costs  would   have
increased by 8%.

EBITDA

EBITDA decreased by 27% to ¤29.5 million.  Channels and online EBITDA
was down  14% at  ¤24.4  million.  This  was  driven primarily  by  a
decrease  in   subscription  revenue   being  offset   by   increased
advertising revenue as described above.  Costs increased as a  result
of increased office rental costs due to the end of the rental  rebate
period and  a specific  provision for  bad debt.  The impact  of  the
appreciation of the  euro against  the pound sterling  and US  dollar
resulted in a decrease in channels and online EBITDA of ¤1.6 million.
Without the effects  of foreign exchange,  channel and online  EBITDA
would have declined by 8%.

Programme distribution EBITDA decreased by 36% to ¤5.0 million driven
primarily by timing of deliveries of programming to broadcasters, and
lower sales to Disney ABC Cable  Network Group in the U.S. offset  by
lower participations and a reduction in bad debt expense.

Consumer products EBITDA decreased by  52% to ¤3.4 million  primarily
from the 2007 A.T.O.M. Alpha Teens on Machines master toy license not
being repeated in fiscal 2008 and increased competition on one of our
major  properties.   This   was  offset  by   decreased  costs   from
participation fees.

Shared costs not allocated to segments increased by 19% primarily due
to  increased   share-based   compensation  and   one-time   employee
termination costs and a  decrease in the release  of a provision  for
indirect taxes.   This was offset by a reduction in overhead costs.

Amortisation and Impairment of Programme Rights

Amortisation and impairment of programme  rights (defined as cost  of
sales in the income statement) decreased by 22% to ¤17.7 million as a
result of the strengthening of the euro against the US dollar[5]  and
a decrease in spend on non-European rights.  Excluding the effects of
foreign exchange,  amortisation and  impairment of  programme  rights
would have decreased by 11%.

Foreign Exchange Gains

The foreign  exchange gains  recognised during  the period  of  ¤10.6
million  primarily   relate  to   non-cash  gains   on   intercompany
transactions which reflect the exchange  risk of doing business  with
foreign group members where the functional currency is not the  euro.
 Of the total  foreign exchange  gains, ¤1.6 million  relates to  the
revaluation  of   monetary   assets   and   liabilities   and   other
transactional items associated with the normal course of business.

Financial Income (net)

Financial income (net)  increased by  10% to  ¤2.6 million  due to  a
change in  the interest  rates along  with the  mix of  cash held  in
various currencies.

Profit Before Tax Expense

Profit before tax expense  and minority interest  increased by 1%  to
¤25.8 million,  resulting from  a decrease  in EBITDA,  as  discussed
above, offset by increased foreign exchange gains.

Tax Expense

The current period effective  tax rate for  the half year  (excluding
the foreign exchange gains) is 34% compared with 23% in the  previous
period.  The  primary  reason  for  the increase  is  the  change  in
distribution  of  the   lower  level   of  profits   among  the   tax
jurisdictions in which the group operates.

Minority Interest

Net profit attributable to minority interest increased by ¤0.3
million to ¤0.5 million resulting from higher profits from the Polish
channel.[6]

Earnings per Share

Basic and diluted  earnings per  share decreased to  23.6 cents  each
from 24.5 cents and 24.4 cents, respectively in the prior period.

Cash Flow

Cash and  cash  equivalents  increased by  ¤22.4  million  to  ¤121.9
million from September 30, 2007.  Net cash generated from  operations
during  the  period  increased  by  ¤9.5  million  to  ¤30.3  million
resulting from  a reduction  in the  rate of  utilisation of  working
capital.  This  was offset  by  the decrease  in net  profit,  before
amortisation and depreciation.

Outlook

If exchange  rates are  held  constant with  fiscal 2007,  we  expect
revenue for the full 2008 fiscal year to be within the guidance range
given last year, which  was a decline of  10 to 15%. However,  during
the first half of the year we  have seen the US dollar and the  pound
decline against  the  euro.  At  current  exchange rates,  we  expect
revenue for the full  2008 fiscal year  to decline by  16 to 19%.  We
expect the  EBITDA margin  to be  broadly  in line  with the  34%  we
achieved in 2005.

Financial Calendar

We will be  announcing our annual  results for the  12 months  ending
September 30, 2008 on  November 13, 2008, and  we expect to hold  our
Annual General Meeting on February 5, 2009. Further details for  both
events will be published closer to the time on our corporate website,
www.jetixeurope.com.


                          Jetix Europe N.V.
                  Consolidated Statements of Income
     for the six months ended March 31, 2008 and March 31, 2007



+-------------------------------------------------------------------+
|                                | 6 Months  | 6 Months  | % Change |
| In Euro' 000                   |   ended   |   ended   |          |
| Unaudited                      | March 31, | March 31, |          |
|                                |   2008    |   2007    |          |
|                                |           |           |          |
|--------------------------------+-----------+-----------+----------|
|                                |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Revenue                        |    71,210 |    87,674 |  (19)%   |
|--------------------------------+-----------+-----------+----------|
| Cost of sales                  |  (17,670) |  (22,552) |   22%    |
|--------------------------------+-----------+-----------+----------|
| Gross profit                   |    53,540 |    65,122 |  (18)%   |
|--------------------------------+-----------+-----------+----------|
| Marketing, selling and         |  (19,070) |  (25,356) |   25%    |
| distribution costs             |           |           |          |
|--------------------------------+-----------+-----------+----------|
| General and administrative     |  (23,256) |  (22,858) |   (2)%   |
| costs                          |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Operating profit               |    11,214 |    16,908 |  (34)%   |
|--------------------------------+-----------+-----------+----------|
|                                |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Analysed as:                   |           |           |          |
|--------------------------------+-----------+-----------+----------|
| EBITDA                         |    29,462 |    40,386 |  (27)%   |
|--------------------------------+-----------+-----------+----------|
| Amortisation and impairment of |  (17,670) |  (22,552) |   22%    |
| programme rights               |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Depreciation of property and   |     (160) |     (454) |   65%    |
| equipment                      |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Amortisation of other          |     (418) |     (472) |   11%    |
| intangibles                    |           |           |          |
|--------------------------------+-----------+-----------+----------|
|                                |    11,214 |    16,908 |  (34)%   |
|--------------------------------+-----------+-----------+----------|
|                                |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Finance income                 |     5,874 |     4,905 |   20%    |
|--------------------------------+-----------+-----------+----------|
| Finance expense                |   (3,293) |   (2,549) |  (29)%   |
|--------------------------------+-----------+-----------+----------|
| Foreign exchange gains         |    10,598 |     4,952 |   114%   |
|--------------------------------+-----------+-----------+----------|
| Share of net profits from      |     1,419 |     1,358 |    4%    |
| joint ventures                 |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Profit before tax expense      |    25,812 |    25,574 |    1%    |
|--------------------------------+-----------+-----------+----------|
| Tax expense                    |   (5,197) |   (4,744) |  (10)%   |
|--------------------------------+-----------+-----------+----------|
| Net profit                     |    20,615 |    20,830 |   (1)%   |
|--------------------------------+-----------+-----------+----------|
| Attributable to minority       |     (533) |     (163) |  (227)%  |
| interest                       |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Net profit attributable to     |    20,082 |    20,667 |   (3)%   |
| shareholders                   |           |           |          |
|--------------------------------+-----------+-----------+----------|
|                                |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Earnings per share for profit  |           |           |          |
| attributable                   |           |           |          |
| to the equity shareholders of  |           |           |          |
| the Group                      |           |           |          |
| during the period (expressed   |           |           |          |
| in Euro cents per share)       |           |           |          |
|--------------------------------+-----------+-----------+----------|
| Basic                          |      23.6 |      24.5 |          |
|--------------------------------+-----------+-----------+----------|
| Diluted                        |      23.6 |      24.4 |          |
+-------------------------------------------------------------------+

The notes on pages 15 to 16 are an integral part of the consolidated
interim financial information.


                          Jetix Europe N.V.

 Consolidated Balance Sheets as at March 31, 2008 and September 30,
                                2007



+-------------------------------------------------------------------+
| In Euro' 000                | March 31, 2008 | September 30, 2007 |
| Unaudited                   |                |                    |
|                             |                |                    |
| ASSETS                      |                |                    |
|-----------------------------+----------------+--------------------|
| Non-current assets          |                |                    |
|-----------------------------+----------------+--------------------|
| Intangible assets           |                |                    |
|-----------------------------+----------------+--------------------|
|     Programme rights        |         68,065 |             81,647 |
|-----------------------------+----------------+--------------------|
|     Goodwill                |          9,834 |              9,834 |
|-----------------------------+----------------+--------------------|
|     Other                   |          1,657 |              1,896 |
|-----------------------------+----------------+--------------------|
| Total intangible assets     |         79,556 |             93,377 |
|-----------------------------+----------------+--------------------|
| Property and equipment, net |            865 |              1,022 |
|-----------------------------+----------------+--------------------|
| Investment in joint         |          1,266 |                649 |
| ventures                    |                |                    |
|-----------------------------+----------------+--------------------|
| Deferred tax assets         |          6,961 |              7,589 |
|-----------------------------+----------------+--------------------|
| Total non-current assets    |         88,648 |            102,637 |
|-----------------------------+----------------+--------------------|
| Current assets              |                |                    |
|-----------------------------+----------------+--------------------|
| Trade and other             |         43,625 |             47,053 |
| receivables, net            |                |                    |
|-----------------------------+----------------+--------------------|
| Related party receivables   |          4,538 |             11,278 |
|-----------------------------+----------------+--------------------|
| Cash and cash equivalents   |        121,915 |             99,488 |
|-----------------------------+----------------+--------------------|
| Total current assets        |        170,078 |            157,819 |
|-----------------------------+----------------+--------------------|
|                             |                |                    |
|-----------------------------+----------------+--------------------|
| Total assets                |        258,726 |            260,456 |
|-----------------------------+----------------+--------------------|
| EQUITY                      |                |                    |
|-----------------------------+----------------+--------------------|
| Capital and reserves        |                |                    |
| attributable                |                |                    |
| to the Company's equity     |                |                    |
|-----------------------------+----------------+--------------------|
| Share capital               |         21,310 |             21,303 |
|-----------------------------+----------------+--------------------|
| Share premium               |        409,231 |            408,948 |
|-----------------------------+----------------+--------------------|
| Other reserves              |       (48,280) |           (27,906) |
|-----------------------------+----------------+--------------------|
| Retained losses             |      (176,869) |          (196,951) |
|-----------------------------+----------------+--------------------|
| Total shareholders' equity  |        205,392 |            205,394 |
|-----------------------------+----------------+--------------------|
| Minority interest           |          1,852 |              1,542 |
|-----------------------------+----------------+--------------------|
| Total equity                |        207,244 |            206,936 |
|-----------------------------+----------------+--------------------|
|                             |                |                    |
|-----------------------------+----------------+--------------------|
| LIABILITIES                 |                |                    |
|-----------------------------+----------------+--------------------|
| Current liabilities         |                |                    |
|-----------------------------+----------------+--------------------|
| Trade and other payables    |         40,399 |             44,913 |
|-----------------------------+----------------+--------------------|
| Current income tax          |          4,614 |              3,159 |
| liabilities                 |                |                    |
|-----------------------------+----------------+--------------------|
| Related party payables      |          5,336 |              3,227 |
|-----------------------------+----------------+--------------------|
| Provisions for other        |          1,133 |              2,221 |
| liabilities                 |                |                    |
|-----------------------------+----------------+--------------------|
| Total current liabilities   |         51,482 |             53,520 |
|-----------------------------+----------------+--------------------|
|                             |                |                    |
|-----------------------------+----------------+--------------------|
| Total equity and            |        258,726 |            260,456 |
| liabilities                 |                |                    |
+-------------------------------------------------------------------+

The notes on pages 15 to 16 are an integral part of the consolidated
interim  financial information.


                          Jetix Europe N.V.
            Consolidated Statements of Changes in Equity



In Euro     Share   Share    Currency    Other    Share   Retained  Minority Total
'000        capital premium  translation Reserves option  losses    interest equity
Unaudited                    adjustment           reserve

Balance at   21,199  456,799    (11,383)        -   2,875 (234,258)    1,627  236,859
September
30, 2006
Currency          -        -     (9,898)        -       -         -       11  (9,887)
translation
differences
Net profit        -        -     (9,898)        -       -         -       11  (9,887)
recognised
directly in
equity
Profit for        -        -           -        -       -    20,667      163   20,830
the
period
Total             -        -     (9,898)        -       -    20,667      174   10,943
recognised
income for
period

Employee
share
option
scheme
Value of          -        -           -      175     117         -        -      292
employee
services
Proceeds         25      645           -        -       -         -        -      670
from shares
issued
Change in         -        -           -        -   (251)         -        -    (251)
settlement
from equity
to cash for
restricted
shares
Total            25      645           -      175   (134)         -        -      711
employee
share
option
scheme

Redemption        -        -           -        -       -         -    (596)    (596)
of shares

Balance at   21,224  457,444    (21,281)      175   2,741 (213,591)    1,205  247,917
March 31,
2007

Movement
for the          79 (48,496)     (9,888)      254      93    16,640      337 (40,981)
period
April 1,
2007
to
September
30,
2007

Balance at   21,303  408,948    (31,169)      429   2,834 (196,951)    1,542  206,936
September
30, 2007

Currency          -        -    (20,672)        -       -         -    (223) (20,895)
translation
differences
Net profit        -        -    (20,672)        -       -         -    (223) (20,895)
recognised
directly in
equity
Profit for        -        -           -        -       -    20,082      533   20,615
the period
Total             -        -    (20,672)        -       -    20,082      310    (280)
recognised
income for
 period

Employee
share
option
scheme
Value of          -        -           -      287      11         -        -      298
employee
services
Proceeds          7      283           -        -       -         -        -      290
from shares
issued
Total             7      283           -      287      11         -        -      588
employee
share
option
scheme

Balance at   21,310  409,231    (51,841)      716   2,845 (176,869)    1,852  207,244
March 31,
2008


The notes on pages 15 to 16 are an integral part of the consolidated
interim financial information.


                          Jetix Europe N.V.

              Consolidated Cash Flow Statements for the
         six months ended March 31, 2008 and March 31, 2007


+-------------------------------------------------------------------+
| In Euro' 000                      | Notes | 6 Months  | 6 Months  |
| Unaudited                         |       |   ended   |   ended   |
|                                   |       | March 31, | March 31, |
|                                   |       |   2008    |   2007    |
|                                   |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash flows from operating         |       |           |           |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Net profit                        |       |    20,615 |    20,830 |
|-----------------------------------+-------+-----------+-----------|
|        Depreciation               |       |       160 |       454 |
|-----------------------------------+-------+-----------+-----------|
|        Amortisation               |       |    18,088 |    23,024 |
|-----------------------------------+-------+-----------+-----------|
|         Loss on disposal of       |       |         - |       191 |
| assets                            |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Share-based compensation   |   2   |       934 |       686 |
| charge                            |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Equity income of joint     |       |     (617) |     (255) |
| ventures                          |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Finance income             |       |   (5,874) |   (4,905) |
|-----------------------------------+-------+-----------+-----------|
|        Finance expense            |       |     3,293 |     2,549 |
|-----------------------------------+-------+-----------+-----------|
|        Increase in provision for  |       |       353 |       635 |
| bad and doubtful debts            |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Decrease in other          |       |         - |     (727) |
| liabilities                       |       |     5,197 |     4,744 |
|        Deferred and current       |       |           |           |
| taxation                          |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Decrease in amounts due    |       |         - |       540 |
| from related parties              |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Decrease in provision for  |       |     (920) |   (1,415) |
| other liabilities                 |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|        Non-cash foreign exchange  |       |   (8,989) |   (5,166) |
| gains on intercompany balances    |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Operating cash flows before       |       |    32,240 |    41,185 |
| changes in working capital        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|                                   |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Change in working capital         |   3   |     6,660 |  (10,503) |
|-----------------------------------+-------+-----------+-----------|
|                                   |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash generated from operations    |       |    38,900 |    30,682 |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-------+---------------------------+-------+-----------+-----------|
|       | Purchase of programme     |       |   (7,585) |   (8,395) |
|       | rights                    |       |           |           |
|-------+---------------------------+-------+-----------+-----------|
|       | Interest received         |       |     5,390 |     4,905 |
|-------+---------------------------+-------+-----------+-----------|
|       | Interest paid             |       |   (3,293) |   (2,549) |
|-------+---------------------------+-------+-----------+-----------|
|       | Income tax paid           |       |   (3,112) |   (3,834) |
|-------+---------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|                                   |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Net cash generated from operating |       |    30,300 |    20,809 |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash flows from investing         |       |           |           |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Purchases of property and         |       |      (88) |     (102) |
| equipment                         |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Purchases of software             |       |     (160) |      (33) |
|-----------------------------------+-------+-----------+-----------|
| Net cash from investing           |       |     (248) |     (135) |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash flows from financing         |       |           |           |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Proceeds from exercise of         |       |       290 |       670 |
| employee share options            |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Redemption of shares to minority  |       |         - |     (596) |
| interests                         |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Net cash from financing           |       |       290 |        74 |
| activities                        |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|                                   |       |           |           |
|-----------------------------------+-------+-----------+-----------|
|       |                           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Increase in cash and cash         |       |    30,342 |    20,748 |
| equivalents                       |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash and cash equivalents at the  |       |    99,488 |   127,126 |
| beginning of the period           |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Effects of exchange rate changes  |       |   (7,915) |   (1,797) |
| on cash and cash equivalents      |       |           |           |
|-----------------------------------+-------+-----------+-----------|
| Cash and cash equivalents at the  |       |   121,915 |   146,077 |
| end of the interim period         |       |-----------+-----------|
|                                   |       |           |           |
|                                   |       |           |           |
|                                   |       |           |           |
+-------------------------------------------------------------------+


The notes on pages 15 to 16 are an integral part of the consolidated
interim financial information.


                          Jetix Europe N.V.

            Operating Results by Business Segment for the
         six months ended March 31, 2008 and March 31, 2007


In Euro' 000               6 Months ended   6 Months ended   % Change
Unaudited                  March 31, 2008   March 31, 2007

BUSINESS SEGMENT

Segment Revenue

Channels & online                  57,840           63,436     (9)%
Programme distribution              6,424           11,553    (44)%
Consumer products                   6,946           12,685    (45)%
Total revenue                      71,210           87,674    (19)%

EBITDA

Channels & online                  24,395           28,285    (14)%
Programme distribution              5,026            7,849    (36)%
Consumer products                   3,403            7,069    (52)%
Shared costs not allocated        (3,362)          (2,817)    (19)%
to segments
Total EBITDA                       29,462           40,386    (27)%

Segment Results

Channels & online                   9,286           12,044    (23)%
Programme distribution              2,463            3,985    (38)%
Consumer products                   2,686            3,608    (26)%
Shared costs not allocated        (3,221)          (2,729)    (18)%
to segments
      Operating profit             11,214           16,908    (34)%



                          Jetix Europe N.V.

           Operating Results by Geographic Segment for the
         six months ended March 31, 2008 and March 31, 2007


In Euro '000               6 Months ended   6 Months ended   % Change
Unaudited                  March 31, 2008   March 31, 2007

GEOGRAPHIC SEGMENT

Revenue

Italy                              15,521           14,617      6%
United Kingdom & Ireland           14,674           23,603    (38)%
Benelux                             9,185           10,822    (15)%
Central and Eastern Europe          8,812            9,200     (4)%
France                              6,678            9,538    (30)%
Germany                             4,261            5,268    (19)%
Poland                              4,228            3,668     15%
Nordic Region                       2,802            2,746      2%
Middle East                         2,336            3,750    (38)%
Spain & Portugal                    1,749            2,397    (27)%
Other                                 964            2,065    (53)%
Total revenue                      71,210           87,674    (19)%


EBITDA

Italy                               8,666            6,889     26%
United Kingdom & Ireland            7,285           15,105    (52)%
Benelux                             2,512            3,545    (29)%
Central and Eastern Europe          3,439            3,799     (9)%
France                              2,927            4,407    (34)%
Germany                             1,514            2,289    (34)%
Poland                              2,983            1,964     52%
Nordic Region                         645              636      1%
Middle East                         1,331            2,027    (34)%
Spain & Portugal                      821            1,116    (26)%
Other                                 701            1,426    (51)%
Shared costs not allocated        (3,362)          (2,817)    (19)%
to segments
EBITDA                             29,462           40,386    (27)%

Less: amortisation,              (18,248)         (23,478)     22%
impairment and
depreciation

Operating profit                   11,214           16,908    (34)%


Notes to the consolidated financial information
Unaudited

1             Basis of preparation

This consolidated  interim financial  information has  been  prepared
using accounting policies that are consistent with the policies  used
in preparing the 2007 annual consolidated financial statements and in
accordance with IAS 34 "Interim  Financial Statements" as adopted  by
the  European  Union  (EU).    The  consolidated  interim   financial
information  should   be  read   in  conjunction   with  the   annual
consolidated financial statements  for the year  ended September  30,
2007 which  have  been  prepared  in  accordance  with  International
Financial Reporting Standards (IFRS) as adopted by the EU.

The preparation  of financial  information requires  that  management
make estimates  in  reporting the  amounts  of certain  revenues  and
expenses for each financial year  and certain assets and  liabilities
at the end of each financial  year.  On an ongoing basis,  management
reviews its estimates, including  those related to revenue,  accruals
for costs incurred but  not billed by  vendors, bad debts,  potential
impairment and useful  lives of assets,  income taxes, certain  other
accrued liabilities and share-based compensation.  Actual results may
differ from these estimates.

The consolidated  interim  financial information  presented  in  this
document is for the six months ended March 31, 2008.  This period  is
compared to the corresponding six months ended March 31, 2007, unless
otherwise stated.

Weighted average exchange  rates used  in the  translation of  income
statement accounts were US dollar  - ¤1 = $1.47  (2007 - ¤1 =  $1.30)
and pound sterling  ¤1 =  £0.7316 (2007  - ¤1  - £0.6715).   Exchange
rates used to translate assets  and liabilities at the balance  sheet
date were US dollar -  ¤1 = $1.58 (September 30,  2007 - ¤1 =  $1.41)
and pound sterling ¤1 = £0.7930 (September 30, 2007 - ¤1 =  £0.6983).



2             Share-based compensation

During the  six  months  ended  March 31,  2008,  there  were  74,952
restricted shares issued.  The restricted shares vest in two tranches
at January 9,  2010 and January  9, 2012.  There  are no  performance
related criteria associated with  the restricted shares.  During  the
six month period  there were  27,072 options  exercised.  There  were
6,403 restricted shares and 8,194 options forfeited.

The total share-based compensation expense  for the six months  ended
March 31, 2008 is ¤0.9 million (¤0.7 million for the six months ended
March 31,  2007),  of which  ¤0.3  million related  to  Disney  share
options (¤0.2 million for the six months ended March 31, 2007).


3             Change in working capital


Euro' 000                               6 Months ended 6 Months ended
Unaudited                               March 31, 2008 March 31, 2007
Change in working capital

       Decrease in trade and other                 798           636
receivables
       Decrease in amounts due from              5,956            450
related parties
       Decrease in trade and other             (2,577)        (8,242)
payables
       Increase/(decrease) in amounts            2,483        (3,347)
due to related parties
                                                 6,660       (10,503)


The Consolidated  Statement of  Cash Flows  reflects the  cash  flows
arising from the activities of  Group companies as measured in  their
own currencies,  translated  to euros  at  monthly average  rates  of
exchange.  Therefore,  the cash  flows recorded  in the  Consolidated
Statement of Cash Flows exclude the currency translation  differences
which arise as a result of translating the assets and liabilities  of
non-euro Group companies  to euros at  period-end rates of  exchange,
with the exception of  those arising on  cash and cash  equivalents.
These currency translation differences must therefore be added to the
cash flow  movements at  average  rates in  order  to arrive  at  the
movements derived from the Consolidated Balance Sheet, resulting in a
¤7.9 million foreign exchange impact on cash and cash equivalents for
the six months ended March 31, 2008 (¤1.8 million for the six  months
ended March 31, 2007).

4             Earnings per share

Basic  earnings  per  share  (EPS)  is  net  profit  attributable  to
shareholders  divided  by  the  weighted  average  number  of  shares
outstanding.  Diluted EPS reflects the potential dilution that  could
occur if dilutive share options and non-vested restricted shares were
exercised.  A reconciliation of the weighted average number of shares
is as follows:



(000's of shares)                  6 Months ended   6 Months ended
Unaudited                          March 31, 2008      March 31, 2007
Weighted average number of common
shares used                                84,948              84,386
in calculating basic EPS

Effect of dilutive securities
- Share options                                 3                 227
- Unvested restricted shares                   41                  20
Weighted average number of common
shares used                                84,992              84,633
in calculating diluted EPS



                       ABOUT JETIX EUROPE N.V.


Jetix  Europe  N.V.  is  one  of  Europe's  leading  integrated  kids
entertainment companies with localised television channels, programme
distribution and consumer products businesses.  Jetix Europe N.V.  is
listed on Euronext  Amsterdam Stock  Exchange and  is majority  owned
(approximately 73%) by The Walt Disney Company.  In 2004 Jetix Europe
and  The  Walt   Disney  Company  launched   Jetix,  a  global   kids
entertainment brand  which brings  a  unique combination  of  action,
adventure and cheeky humour to kids aged 6-14 worldwide.

Channels
Jetix Europe broadcasts 15 channels to 58 countries across Europe and
the Middle East,  reaching more  than 52  million households.   These
channels are broadcast in 19 languages, with content tailored to suit
each market.  The 13 Jetix branded channels entertain kids ages 6-14,
whilst Jetix  Play targets  a  younger audience,  and in  Italy,  GXT
targets teenage  boys.  Jetix  Europe also  runs localised  websites,
supporting all  of  Jetix Europe's  activities  by enabling  kids  to
interact with  their  favourite characters  through  video-on-demand,
games and exclusive content.

Programme Distribution
Jetix Europe owns one of the largest libraries of kids programming in
the world  with approximately  6,000 episodes.   Distributed to  more
than 110    terrestrial, cable  and  satellite channels  in  over  50
markets across Europe and the Middle East, the library includes major
global  programming  franchises  such  as  Power  Rangers,  Sonic  X,
Spiderman, X-Men and W.I.T.C.H.  Jetix Europe also has branded blocks
that appear on terrestrial TV  channels across Europe, reaching  over
100 million  households.  The  Jetix Europe  library is  serviced  by
Disney-ABC International Television.

Consumer Products
Jetix  Consumer  Products  International  (JCP)  is  Jetix   Europe's
consumer  products   and  home   entertainment  business.   JCP   has
representation  in  over  40  European  countries,  including   fully
integrated offices in the UK,  France, Germany, Israel, Italy,  Spain
and the  Netherlands, as  well as  third party  agents in  other  key
markets. JCP's properties are sourced  from the Jetix Europe  library
and include Sonic X  and  the  Jetix brand,  as  well as third  party
representation for properties such as Pucca and Totally Spies.


FORWARD-LOOKING STATEMENTS

This  press  release  contains  forward-looking  statements.    These
statements may be  identified by  words such  as "expect",  "should",
"could", "shall"  and  similar  expressions.   These  statements  are
subject to risks  and uncertainties,  and actual  results and  events
could  differ   materially  from   what   is  contemplated   by   the
forward-looking statement.  Factors which could cause actual  results
to differ from these forward-looking statements may include,  without
limitation, general economic conditions, competition for viewers  and
ratings, changes to our channel distribution deals, the popularity of
our content  and  characters, technology  issues  or changes  in  the
distribution of  television, regulatory  change,  the timing  of  new
programme  deliveries   and  foreign   exchange  fluctuations.    The
foregoing list  of factors  should not  be construed  as  exhaustive.
 Jetix Europe  disclaims any  intention or  obligation to  update  or
revise these forward-looking statements, whether  as a result of  new
information, future events or otherwise.

[1] All comparisons are stated versus the six months ended March 31,
2007; except channel subscribers stated versus September 30, 2007.
[2] Consistent with  prior years, EBITDA  is operating profit  stated
before programme amortisation, impairment and depreciation.
[3] In certain markets revenues  and costs are denominated in  either
pound sterling  or  US dollar,  including  the UK,  CEE,  Poland  and
Israel.
[4] Reported revenue  was unfavourably  impacted by a  change in  our
Power Rangers  representation contract  with DCP,  which resulted  in
revenue being recorded net of DCP's share of revenue.  Measured on  a
like-for-like basis against  the prior year,  the impact on  revenues
was a decline of ¤0.7 million. Revenue had been recorded gross  along
with  the  related   DCP  commissions  in   marketing,  selling   and
distribution costs under the  previous arrangement.  This change  was
phased in during the first half of fiscal 2007.
[5] The majority of  the central programme  library is purchased  and
held in US dollars.
[6] Minority  interest relates  to a  third party's  20% interest  in
Jetix Poland LimitedBergweg 50, 1217 SC Hilversum, The Netherlands.

           PO Box 901, 1200 AX Hilversum, The Netherlands.
     Official Seat: Rotterdam. Trade Register Number: 32076694.
                         www.jetixeurope.com


The report can be downloaded from the following link:






                                                                                                                                                                                        

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