Sony Digital Rapids Pixel Power calrec Sony

Central European Media Enterprises Ltd. Reports Results for the First Quarter Ended March 31, 2018

27/04/2018

Central European Media Enterprises Ltd. Reports Results for the First Quarter Ended March 31, 2018

April 26, 2018

Download this Press Release ()

- Net revenues increased 25% at actual rates and 7% at constant rates to US$ 139.2 million -

- Operating income increased 61% at actual rates and 43% at constant rates to US$ 20.9 million -

- OIBDA increased 45% at actual rates and 26% at constant rates to US$ 30.7 million -

ANNOUNCES DEBT REPRICING, REDUCED BORROWING COST AND IMPROVED MATURITY PROFILE

WILL REPAY EUR 110.0 MILLION OF DEBT WITH PROCEEDS FROM NEWLY EXERCISED WARRANTS

HAMILTON, Bermuda--(BUSINESS WIRE)-- Central European Media Enterprises Ltd. ( CME or the Company ) (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the three months ended March 31, 2018.

Following the previously announced agreement to sell our Croatia and Slovenia operations, these businesses are classified as held for sale and presented as discontinued operations for all periods. The discussion in this release relates to our continuing operations in the four remaining operating segments.

Operational and financial highlights:

TV advertising revenues increased 26% at actual rates and 7% at constant rates.

Carriage fees and subscription revenues increased 23% at actual rates and 8% at constant rates.

OIBDA increased 45% at actual rates and 26% at constant rates, resulting in OIBDA margin expansion to 22% from 19%.

The increase in OIBDA improved operating income 61% at actual rates and 43% at constant rates.

Unlevered free cash flow for the three months ended March 31, 2018 increased 37%.

The improvement in our operations reduced our net leverage ratio to 4.8x at the end of the quarter. Following the agreed debt repricing, our cost of borrowing will decrease by nearly 200 basis points to about 4.0% beginning in May 2018.

On April 25, 2018, Time Warner exercised 100,926,996 warrants and we will apply the proceeds of US$ 100.9 million, along with excess cash on hand, to repay EUR 110.0 million of the outstanding principal balance of the 2018 Euro Term Loan.

Proceeds from the sale of our operations in Croatia and Slovenia, which we expect to close in the second quarter subject to remaining regulatory approvals and other customary closing conditions, will be used to repay debt, and together with the agreed repricing would decrease our cost of borrowing by an additional 80 basis points to approximately 3.2%.

Michael Del Nin, Co-Chief Executive Officer, commented: Today's series of announcements bode very well for the future of CME. Firstly, the financial results for Q1 represent our strongest start to any year in a decade. The increase in profitability and cash flow generation in the quarter have helped drive down our leverage ratio and, when paired with the proceeds from warrants that have now been exercised, allow us to complete another key step in our ongoing deleveraging plan. But just as importantly, the new refinancing transactions, which address the maturity profile of our debt and significantly cut our borrowing costs to record lows, put in place the capital structure that we need for the exciting next phase of the company's future.

Christoph Mainusch, Co-Chief Executive Officer, added: We won the prime time grid in each country nearly every night during the quarter, which contributed to significant revenue growth. Our channels provide extensive reach for advertisers because they continue to be the most popular source of news and entertainment in our countries. We will invest in local content, while focusing on controlling costs overall, and remain market leaders in our territories.

In this release we refer to several non-GAAP financial measures, including OIBDA, OIBDA margin, free cash flow, unlevered free cash flow and constant currency percentage movements. Please see Non-GAAP Financial Measures below for additional information, including definitions and reconciliations to US GAAP financial measures.

Consolidated results for the three months ended March 31, 2018 and 2017 were:

(US$ 000s, except per share data) For the Three Months Ended March 31,

(unaudited) 2018 2017 % Actual % Lfl (1)

Net revenues $ 139,182 $ 111,732 24.6% 6.8%

Operating income 20,945 13,024 60.8% 43.3%

Operating margin 15.0% 11.7% 3.3 p.p. 3.8 p.p.

OIBDA 30,667 21,092 45.4% 26.4%

OIBDA margin 22.0% 18.9% 3.1 p.p. 3.4 p.p.

Income / (loss) from continuing operations 6,084 (5,982) NM (2) NM (2)

Income / (loss) from continuing operations per share - basic 0.01 (0.05) NM (2) NM (2)

Income / (loss) from continuing operations per share - diluted $ 0.01 $ (0.05) NM (2) NM (2)

(1) % Lfl (like-for-like) variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs.

(2) Number is not meaningful.

Teleconference and Audio Webcast Details

CME will host a teleconference and audio webcast to discuss its first quarter results on Thursday, April 26, 2018 at 9 a.m. New York time (2 p.m. London and 3 p.m. Prague time). The audio webcast and teleconference will refer to presentation slides which will be available on CMEs website at www.cme.net prior to the call.

To access the teleconference, U.S. and international callers may dial +1-323-701-0225 ten minutes prior to the start time and reference passcode 7296178. The conference call will also be audio webcasted via www.cme.net. It can be heard on iPads, iPhones and a range of devices supporting Android and Windows operating systems.

A digital audio replay of the webcast will be available for two weeks following the call at www.cme.net.

Forward-Looking and Cautionary Statements

This press release contains f
LINK: http://www.cetv-net.com/company-news/press-releases/press-release-deta...
See more stories from cetv

Most recent headlines

25/05/2018

Cape Town wins SundanceTV prize

25 May, 2018 - 08:07 Cape Town filmmaker Ian Morgan has won the Jury Prize in the SundanceTV Shorts competition for his short film Good Mourning. This win t...

25/05/2018

dLive V1,7 Frimware Adds Shure Wireless Control, Prime I/O And Routing Flexibility

dLive V1,7 Frimware Adds Shure Wireless Control, Prime I/O And Routing Flexibili...

25/05/2018

TVU Networks to provide reliable equipment and top-tier connectivity throughout Russia for major international soccer tournament

TVU Networks to provide reliable equipment and top-tier connectivity throughout ...

25/05/2018

David Hasselhoff Tours Germany and Austria with Elation Lighting

David Hasselhoff Tours Germany and Austria with Elation Lighting posted: 24/05/2018 Martin Kames handles full production on Baywatch star's 30 Years ...

25/05/2018

Stage Tec AURATUS and NEXUS for the Bernama News Channel in Malaysia

Stage Tec AURATUS and NEXUS for the Bernama News Channel in Malaysia posted: 24/05/2018 The staff of Bernama News Channel and Stagetec Asia installing AURAT...

25/05/2018

Cloud is no Broadcast Cure-All: Telestream Favors Hybrid Approach to Workflow Deployment

-- In broadcasting, cloud-based workflows have been in vogue for a number of y...

25/05/2018

Ikegami APAC to Exhibit Latest Cameras, Monitors and Transmission Equipment at Broadcast Asia 2018

-- Ikegami, a leader in HD and UHD cameras and production equipment for televi...

25/05/2018

Corden and Late Late Show' Venture to London

"The Late Late Show With James Corden," with guests Amanda Peet and Johnny Knoxville on May 23, 2018 CBS/Terence Patrick The Late Late Show With James Corden ...

25/05/2018

Nashville' Back on CMT For Final Run June 7

CMT has revealed its summer schedule, with new series Bachelorette Weekend, from Jersey Shore producer SallyAnn Salsano, debuting August 2. Also on the warm-wea...

25/05/2018

Primetime Ratings: Fox Wins With Empire' Finale

"Empire" season finale, May 23. 2018 Fox Fox took top prize in the Wednesday prime ratings, as Empire led it to a 1.4 score in viewers 18-49, according to Nie...

25/05/2018

FX Orders Fourth Season of Baskets'

"Baskets" FX Offbeat comedy Baskets, executive produced by, and starring, Zach Galifianakis, has been renewed for a fourth season by FX. It will air in 2019. ...

25/05/2018

Dolby Cinema at AMC Opens Its 100th Location

Back May 24, 2018 Dolby Cinema at AMC Opens Its 100th Location Broad industry and fan support create strong momentum for the best movie-going experience in ...

25/05/2018

Dolby Laboratories Hosts LUNAFEST San Francisco with Breast Cancer Prevention Partners

Back May 24, 2018 Dolby Laboratories Hosts LUNAFEST San Francisco with Breast...

25/05/2018

Riedel at Chile's World-Renowned Song Festival

WUPPERTAL May 24, 2018 Riedel at Chile's World-Renowned Song Festival Riedel Communications once again provided a comprehensive communications and signal ...

25/05/2018

Chorus to trial new optical wavelength services using Nokia service assurance and commissioning solution

Press Release Nokia and Chorus are collaborating on an open access network infr...

25/05/2018

Creating the technology to connect the world sustainably and responsibly - Nokia publishes its 2017 People & Planet Report

Press Release 24 May, 2018 Espoo, Finland - Nokia today published its annual s...

25/05/2018

The Peacemaker

An Army Lieutenant investigates a nuclear accident he suspects was actually a terrorist attack. Publication date: June 20, 2018...

25/05/2018

ZEISS Supreme Primes : New High-End Cinema Lens Family ZEISS Supreme Primes

OBERKOCHEN/Germany, 24.05.2018. ZEISS has introduced a new family of high-speed lenses for high-end film production: The ZEISS Supreme Prime family consists of ...

25/05/2018

RT Referendum 2018 Results Coverage

RT Referendum 2018 Results Coverage RT will provide extensive coverage of the results of the Referendum to repeal the Eighth Amendment across television, r...

25/05/2018

24 May 2018

ICG rocks at Cheshire Triathlon Posted on 24 May 2018 Team ICG proved they are more than just a great bunch of marketing creatives after taking the top spot in...

25/05/2018

CBS Is America's Most-Watched Network in 2017-2018 Across Primetime, Daytime and Late Night

May 24 2018 CBS Primetime Makes up Over One Million Viewer Deficit in Three Mo...

25/05/2018

A successful trip for the South African delegates at the 71st Festival de Cannes

A successful trip for the South African delegates at the 71st Festival de Cannes The National Film and Video Foundation (NFVF), an agency of the Department of ...

24/05/2018

Spotify's Enhanced Hot Country Playlist Brings the Heat at Nashville's CMA Fest

The common thread among country music artists and fans is the ability to relate ...

24/05/2018

The passing of John Gozzard

Rycote Announcement: May 2018 It is with great sadness that we announce the passing of John Gozzard, who died at his home on 4th May 2018. John founded Rycote...

24/05/2018

Filmstruck Continues International Roll Out with Launches in France and Spain

Filmstruck Continues International Roll Out with Launches in France and Spain Joint Venture Movie Streaming Service Between Turner International's Digital ...

24/05/2018

Lagardre Travel Retail opens new foodservice outlets in Austrian railway stations

Lagard re Travel Retail opens new foodservice outlets in Austrian railway statio...

24/05/2018

GSMA Announces New Events and Programmes Taking Place at Mobile World Congress Shanghai 2018

Hong Kong: The GSMA today provided further details on the array of events and pr...

24/05/2018

Introducing the FUJIFILM X-T100, the stylish new addition to the X Series range of mirrorless cameras

Introducing the FUJIFILM X-T100, the stylish new addition to the X Series range ...

24/05/2018

How 850 Live Events Became a Rallying Cry and a Mark of Success at the Pac-12 Networks

How 850 Live Events Became a Rallying Cry and a Mark of Success at the Pac-1...

24/05/2018

Telefnica to integrate Netflix service into its TV and video platforms

Madrid/Los Gatos, Calif., May 24, 2018. Netflix Inc. (NASDAQ: NFLX), the world's leading Internet entertainment service, and Telef nica (NYSE: TEF:US), one ...

24/05/2018

Northern Rescue Coming Soon to Netflix

NORTHERN RESCUE (10x60), a Netflix original drama (excluding Canada), is a heartwarming family drama starring William Baldwin (MacGyver) and Kathleen Robertson ...

24/05/2018

Telefnica to integrate Netflix into its TV and video platforms in Latin America

Madrid/Los Gatos, Calif., May 24, 2018 - Netflix Inc. (NASDAQ: NFLX), the world's leading Internet entertainment service and Telef nica (NYSE: TEF:US), one ...

24/05/2018

Netflix re-teaming with Dee Rees for The Last Thing He Wanted

Log Line: The story is based on the 1996 novel by Joan Didion and centers on hardscrabble journalist Elena McMahon who finds herself on dangerous ground as the ...

24/05/2018

Hotstar and Akamai create Internet history.

Hotstar and Akamai create Internet history. Set new world record for online streaming with 8.26 million concurrent viewers Mumbai/Bangalore | May 24, 2018...

24/05/2018

AFP adds more countries to its fact-checking collaboration with Facebook

The sites in English, Spanish and Portuguese will be based on the current Factuel (factuel.afp.com), a site dedicated to verifying and debunking fake news and d...

24/05/2018

Frankie Drake Mysteries roars into production on season two of 1920s-set drama

Wednesday 23rd May Production has begun on the second season of Shaftesburys 1920s-set Frankie Drake Mysteries, a co-production with CBC and UKTV and distribute...

24/05/2018

Dolby Cinema at AMC Opens Its 100th Location

All Press Releases Back May 24, 2018 Dolby Cinema at AMC Opens Its 100th Location Broad industry and fan support create strong momentum for the best movie...

24/05/2018

Dolby Laboratories Hosts LUNAFEST San Francisco with Breast Cancer Prevention Partners

All Press Releases Back May 24, 2018 Dolby Laboratories Hosts LUNAFEST San ...

24/05/2018

TVN is Host Broadcaster for the 2017/18 UEFA Champions League final in Kyiv

TVN is Host Broadcaster for the 2017/18 UEFA Champions League final in Kyiv posted: 24/05/2018 The UEFA Champions League final - the biggest match in club...

24/05/2018

Editor Alan Edward Bell Uses Fusion 9 On Red Sparrow

FREMONT, CA - Editor Alan Edward Bell recently used Blackmagic Design's Fusion 9 Studio visual effects and motion graphics software during the editing the 2...

24/05/2018

Serious Play Conference Set For July 10-12

PRINCE WILLIAM COUNTY, VA - The 10th annual Serious Play Conference will take place from July 10th through 12th at the Hylton Performing Arts Center in Prince W...

24/05/2018

How friction-less technology is giving newsgatherers their freedom back

Stuart Almond, Head of Marketing and Communications, Media Solutions at Sony Professional Solutions Europe, investigates Author: ContributorPublish date: May...

24/05/2018

ARRI Reflects on an Eventful Cannes 2018

ARRI Reflects on an Eventful Cannes 2018 ARRI's presence, products, and services behind the 71th Cannes International Film Festival-a summary. Every spr...

24/05/2018

RAFIKI DP Christopher Wessels in Cannes

RAFIKI DP Christopher Wessels in Cannes ARRI caught up with cinematographer Christopher Wessels at the Cannes International Film Festival. In our video he ta...

24/05/2018

Spielzeug und Mode mit dem Powfactor: 2018 kommen neue Produkte zu den Powerpuff Girls auf den Markt

Spielzeug und Mode mit dem Powfactor: 2018 kommen neue Produkte zu den Powerpuff...

24/05/2018

FilmStruck continues international roll out with launches in France and Spain

FilmStruck continues international roll out with launches in France and Spain Thursday, May 24, 2018 Share: Share on facebook Share on Twitter Email this a...

24/05/2018

Bandit Lites And C3 Presents Bring The Lights To The NFL Draft Experience

Bandit Lites And C3 Presents Bring The Lights To The NFL Draft Experience posted: 24/05/2018 All 50 states and 32 NFL teams turned out in Texas, where more ...

24/05/2018

CPL Invests in New Projectors for Arcadia London Extravaganza

CPL Invests in New Projectors for Arcadia London Extravaganza posted: 24/05/2018 Central Presentations Ltd (CPL) has invested in six brand new Barco UDX-4...

24/05/2018

Clear-Com's 50TH Anniversary Celebration Continues at BroadcastAsia 2018

Clear-Com's 50TH Anniversary Celebration Continues at BroadcastAsia 2018 posted: 24/05/2018 Five decades of intercom innovation, connecting people whe...

24/05/2018

Solotech Goes On The Road with Ultrix-FR5 from Ross Video

Solotech Goes On The Road with Ultrix-FR5 from Ross Video posted: 24/05/2018 Live and touring AV giant chooses Ultrix-FR5 for major international music arti...