EuroTrust Reports Unaudited Fiscal 2004 Results; Net Income Approximately US $10.7 Million

Share Name	Share Symbol	Market	Type
Eurotrust A/S ADS (MM)	NASDAQ:EURO	NASDAQ	Common Stock

Eurotrust (NASDAQ:EURO)
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EuroTrust A/S (NASDAQ:EURO) today reported unaudited results for the year ended December 31, 2004. Net income for 2004 was DKK 58.5 million (US $10.7 million) or DKK 1.85 (US $0.34) per diluted share (US $2.08 per outstanding ADR) as compared to a net loss of DKK 6.3 million or DKK 0.23 per diluted share in 2003. Revenue for 2004 decreased to DKK 112.1 million (US $20.5 million) from DKK 166.4 million for 2003 primarily as a result of the change in the Company's business focus from internet security to media operations. In 2004 EuroTrust completed the sale of the last of its operating units involved with Internet security resulting in a substantial profit for the Company, as reflected in its 2004 net income. Aldo Petersen, CEO EuroTrust said: "During 2004 we completed the process of making our Company into a dynamic media company with operations focused on the Danish and Scandinavian markets. During the year, we sold the last of our security-related operating units, realizing substantial gains and liquidity in the process. We still retain minority ownership positions and royalty entitlements from some of our prior security-related investments, but those residual interests do not require any future expenditure of either capital or management time by EuroTrust to realize future possible returns. As a result, our operating results and financial position were strongly improved in 2004 and have positioned us for further improvement in 2005. The proceeds from our divestitures in 2004 allowed us to invest more than $10 million U.S. in Prime Vision, our live event television production company. Prime Vision now owns one of Europe's first High Definition mobile production units, five fully digitalized mobile production units and two mobile analog production units that we expect to rebuild into digital units during 2005. We use these assets to produce content both for our own broadcast operations and for outside clients. In addition to our television production operations, we continued to expand our media content platforms in 2004. Our original television channel, dk4, increased its subscriber base to record levels. Late in 2004, we also added a new speciality television channel, 4SPORT, to focus on coverage of both Danish sports in cooperation with The Danish Sports Association and international sporting events of particular interest to Danish fans. The early response to 4SPORT has been very encouraging. Given this response and the response to new programming for dk4, we are focusing on the development and introduction of more speciality content platforms in 2005. All and all we look forward to the forthcoming year. If appropriate, we will further refine our focus on the opportunities that appear to offer the best prospects for adding value for our shareholders. In that regard, we are gratified that our progress in 2004 appears to have been recognized by the market." About EuroTrust A/S: EuroTrust (Nasdaq ADS: EURO) operates a cable/satellite network station DK4 in Denmark and is among the largest providers of mobile television production services in Scandinavia, operating a fleet of eight state-of-the-art mobile units including one of the few high definition production units in Northern Europe. More information about EuroTrust and its subsidiaries is available at http://www.eurotrust.dk. EuroTrust A/S Unaudited Consolidated Statements of Operations (in thousands, except per share data) -0- *T Years ended December 31, 2002 2003 2004 2004 --------- -------- --------- --------- DKK DKK DKK USD Net revenue 135,789 166,411 112,111 20,505 Operating expenses: Cost of revenue 96,018 82,215 67,714 12,385 Cost of revenue - related parties 24,988 4,204 2,082 381 Selling and marketing 48,541 44,707 25,240 4,616 Selling and marketing - related parties 908 1,074 0 0 General and administrative 43,768 40,195 22,552 4,125 General and administrative - related parties 1,115 418 962 176 Depreciation 17,006 8,317 10,827 1,980 Amortization and write down 83,768 0 0 0 Goodwill impairment 65,343 0 965 176 ------------------- --------- --------- Total operating expenses 381,455 181,130 130,342 23,839 ------------------- --------- --------- Operating income (loss) (245,666) (14,719) (18,231) (3,334) Other income (expenses) Interest income 1,859 229 507 93 Interest expense (1,076) (1,714) (1,240) (227) Foreign exchange gain (loss), net (5,291) (1,906) (1,349) (247) Gains from sales of business 0 7,449 91,671 16,766 Write-down of long term investments & marketable securities (19,126) (196) (14,942) (2,733) Equity in earnings of Mediahuset Danmark ApS 0 0 138 25 Other income (expenses), net (8,618) 693 (1,397) (255) ------------------- --------- --------- Income (Loss) before income taxes and minority interest (277,918) (10,164) 55,157 10,088 Income tax expense (2,499) 1,491 3,105 568 Minority interest in net income (loss) of subsidiaries 3,069 (257) 192 35 ------------------- --------- --------- Income (loss) from continuing operations (277,348) (8,930) 58,454 10,691 Loss from discontinued Print/On line Media division, net of tax, 0 in 2002, 2003 and 2004 (6,000) 2,600 0 0 --------- -------- --------- --------- Net income (loss) (283,348) (6,330) 58,454 10,691 Basic income (loss) per weighted average common share (Loss) income from continuing operations (10.60) (0.32) 1.97 0.36 =================== ========= ========= (Loss) income from discontinued operations (0.23) 0.09 0.00 0.00 ========= ======== ========= ========= Net (loss) income (10.83) (0.23) 1.97 0.36 ========= ======== ========= ========= Weighted average common shares outstanding, basic 26,162 28,025 29,684 29,684 ============================== ========= Diluted income (loss) per weighted average common share (Loss) Income from continuing operations (10.60) (0.32) 1.85 0.34 =================== ========= ========= (Loss) income from discontinued operations (0.23) 0.09 0.00 0.00 ========= ======== ========= ========= Net (loss) income (10.83) (0.23) 1.85 0.34 ========= ======== ========= ========= Weighted average common shares outstanding, assuming dilution 26,162 28,025 31,598 31,598 =================== ========= ========= *T EuroTrust A/S Unaudited Balance Sheets as of -0- *T December 31, ---------------------------- 2003 2004 2004 -------- -------- -------- DKK DKK USD ASSETS Current assets: Cash and cash equivalents 9,363 6,750 1,234 Restricted cash 0 5,352 979 Accounts receivable trade, net of allowances for doubtful accounts of DKK 2,239 in 2003 and DKK 592 in 2004 25,150 17,173 3,141 Notes receivables 0 2,200 402 Broadcasting programming rights, current 952 2,928 535 Inventories 128 0 0 Deferred tax assets, current 2,036 3,625 663 VAT receivables 184 332 61 Prepaid expenses and deposits 12,568 3,863 707 Other receivables 3,994 2,748 503 -------- -------- -------- Total current assets 54,375 44,971 8,225 Investment securities - available for sale 304 197 36 Notes receivables, net of current portion 0 8,800 1,609 Broadcasting programming rights, net of current portion 0 2,898 530 Rent and other deposits 1,379 1,656 303 Other receivables 64 588 108 Long term investments at cost 2,494 0 0 Investment in affiliated companies - equity method 1,500 1,638 299 Property, plant and equipment, net 55,341 92,592 16,935 Goodwill 23,941 24,561 4,492 Deferred tax assets, net of current portion 347 347 63 License rights, net 1,100 0 0 -------- -------- -------- Total assets 140,845 178,248 32,600 ======== ======== ======== *T Unaudited Balance Sheets as of -0- *T December 31, ------------------------------- 2003 2004 2004 --------- --------- --------- DKK DKK USD LIABILITIES AND SHAREHOLDERS` EQUITY Current liabilities: Secure Line of Credit, current 0 8,417 1,540 Bank loan, current 0 741 135 Lease obligations, current 1,176 1,352 247 Accounts payable 26,914 24,026 4,394 Accounts payable, related parties 477 0 0 Accrued expenses 26,282 12,613 2,307 Equipment purchase obligation, current 0 12,152 2,223 Deferred revenue 35,139 0 0 Income tax payable 61 0 0 --------- --------- --------- Total current liabilities 90,049 59,301 10,846 Long term liabilities: Long term equipment purchase obligation, net of current portion 0 9,749 1,783 Deferred revenue, long term 1,576 0 0 Bank loan, long term 0 3,099 566 Lease obligations, long term 0 4,477 819 --------- --------- --------- Total long term liabilities 1,576 17,325 3,168 Minority interest in subsidiaries 2,860 56 10 Shareholders' equity: Common shares - par value DKK 1,25, 49,050,000 and 47,946,000 authorized, 31,753,474 and 30,649,604 issued at December 31, 2003 and 2004 39,693 38,312 7,007 Additional paid-in capital 526,040 519,844 95,077 Accumulated deficit (515,840) (457,386) (83,654) Cumulative other comprehensive income 512 796 146 Treasury stock, 426,562 and no common shares in 2003 and 2004 respectively, at cost (4,045) 0 0 --------- --------- --------- Total shareholders' equity 46,360 101,566 18,576 --------- --------- --------- Total liabilities and shareholders' equity 140,845 178,248 32,600 ========= ========= ========= *T Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates", "expects", "projects", "intends", "plans", "believes", "seeks", "estimates", "may", "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, our expectations regarding the continuing demand for our media products and services and our ability to respond to that demand. Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Important factors that may cause such a difference include, but are not limited to, our ability to identify new under valued opportunities for investment or acquisition; the potential unforeseen impact of product or service offerings from competitors; our ability to raise additional capital should it be required to finance our growth aspirations; our ability to negotiate appropriate strategic relationships; our ability to control costs and expenses; and general economic and political conditions and specific conditions in the markets we address. Further information on EuroTrust A/S, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 20-F, Quarterly Reports on Form 6-K and our other SEC filings that are available through the SEC's website (www.sec.gov).

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EURO Eurotrust A/S ADS (MM)