Central European Media Enterprises Ltd. Reports Results for the First Quarter Ended March 31, 2018
27/04/2018
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
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
25/04/2024
Peacock Subs Jump 55% YoY to 34M in Q1 2024
PHILADELPHIA Comcast beat earnings estimates in its Q1 2024 financial report, as streaming losses continued to decline and Peacock's paid subscribers spiked...
25/04/2024
Seattle Kraken Inks Deals with Tegna and Prime Video
SEATTLE The Seattle Kraken have inked new multi-year agreements with Tegna and Prime Video that will expand access to their games over broadcast stations and st...
25/04/2024
Opinion: charting a cloud driven future
M2A Medias Matt Hughes asks, is it time for news broadcasting to shift to the cloud? By Contributor Published: April 25, 2024 M2A Media's Matt Hughes ...
25/04/2024
Cintel Scanner G3 HDR+ Restores Egypt's Cinema Treasures to Their Former Glory
Cintel Scanner G3 HDR Restores Egypt's Cinema Treasures to Their Former Glo...
25/04/2024
Sinclair Names Kevin Coskren Chief Meteorologist at KTUL Tulsa
Sinclair Broadcast Group said it named Kevin Coskren chief meteorologist at KTUL, its ABC affiliate in Tulsa, Oklahoma....
25/04/2024
Attend The Business of TV News Event in D.C. on May 2
The Business of TV News, a new one-day event featuring Martha Raddatz, Shannon Bream, Glenn Kirschner and other major figures in television news, happens at Hot...
25/04/2024
Problematic FCC Conditions On Station Sale Could Create Detroit Drama
Conditions put on the proposed sale of WADL Detroit, to Mission Broadcasting have created a potential drama in the Motor City....
25/04/2024
TelevisaUnivision 1Q Loss Widens But DTC Business Expected To Turn Profit in Second Half
TelevisaUnivision reported a $52 million loss in the first quarter, up from $3 m...
25/04/2024
Comcast Earnings Flat As Video, Broadband Sub Losses Continue
Comcast reported flat first-quarter earnings as it reduced the red ink at Peacock but continued to lose video and broadband customers....
25/04/2024
Vevo Brings Music Videos To Telly's Dual Screen TVs
Music-video network Vevo said it launched its app on Telly, the company offering consumers free dual-screen TVs in return for data about what they're watchi...
25/04/2024
Future Today Redesigns Streaming App Interfaces
Future Today said it has introduced a redesigned user interface for about half of its 300 streaming apps, including Fawesome, HappyKids and iFood.TV....
25/04/2024
Czech mates
The writer and director of a hit Czech series tell Robert Shepherd about their approach to portraying real-life Pakistani kidnappings on the small screen, while...
25/04/2024
Molinaire Creative Group opens new Liverpool facility
Notorious DIT will work with the Liverpool Film Office to increase opportunities for regional talent By Matthew Corrigan Published: April 25, 2024 Notorio...
25/04/2024
Deutsche Telekom Powers New MagentaTV Service With Broadp...
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
25/04/2024
Lightware Enhances Microsoft Teams Rooms with Powerful BY...
Lightware Visual Engineering, a leading manufacturer of connectivity solutions for the professional integrated systems market and a pioneer in signal management...
25/04/2024
Net Insight secures collaboration with DMC Production to...
Net Insight has entered into a collaboration with DMC Production that positions Net Insight at the forefront of sports broadcasting in the Nordics. Net Insight ...
25/04/2024
GlobalM and scoopa announce strategic partnership to faci...
GlobalM has announced a strategic partnership with scoopa, the specialists in broadcast-quality content distribution, offering a complementary service for live ...
25/04/2024
DDish TV LLC Chooses PlayBox Neo Channel-in-a-Box for Bro...
PlayBox Neo announces the completion of a new multichannel playout system for the DDish direct-to-home satellite television network in Mongolia. Based in the na...
25/04/2024
Legendary Producer Garth Richardson Chooses PMC Monitors...
Canadian music producer and engineer Garth Richardson also known as Gggarth due to his stutter - has embraced immersive audio by installing a PMC monitoring s...
25/04/2024
Televisa transforms its broadcast ecosystem with proven t...
Leading video software provider Synamedia today announced that Televisa, the Mexican telecommunications and broadcasting company, has chosen Synamedia as its pa...
25/04/2024
OTTera partners with ThinkAnalytics to enhance personaliz...
OTTera, a leading provider of end-to-end OTT and FAST channel solutions, proudly announces its strategic partnership with ThinkAnalytics, a global leader in adv...
25/04/2024
Perfect Weather Forecast for American Tobacco Events Tonight and Saturday
The American Tobacco Campus will be hopping with activity tonight and this weekend with two fun events! Durham Night Market At last! The Durham Night Market i...
25/04/2024
Qurate Launches The Big Dish on The Roku Channel
WEST CHESTER, Pa. Video commerce provider Qurate Retail Group has launched The Big Dish, a new culinary-themed FAST channel on The Roku Channel....
25/04/2024
HPA Opens Submissions for 2024 HPA Engineering Excellence Awards
LOS ANGELES The Hollywood Professional Association has announced that submissions for the 2024 HPA Engineering Excellence Awards are now being accepted. This re...
25/04/2024
DV Earns MRC Accreditation for CTV Viewability
NEW YORK The digital media measurement and analytics firm DoubleVerify has announced that it has received Media Rating Council (MRC) accreditation for Video Vie...
25/04/2024
DAZN FAST Channels to Launch on Tubi
SAN FRANCISCO Fox Corp.'s ad-supported streaming service Tubi has announced a licensing agreement with the sports platform DAZN that will see DAZN Ringside ...
25/04/2024
IAB Makes Three Appointments to Its Leadership Team
NEW YORK In the runup to the 2024 IAB NewFronts, the IAB has announced three key appointments to its leadership team....
25/04/2024
Epic Games releases Unreal Engine 5.4 with new Motion Design Mode, Unreal VCam for Android, and more
Epic Games releases Unreal Engine 5.4 with new Motion Design Mode, Unreal VCam f...
25/04/2024
Content Creation, Production, Distribution Is In a State of Flux
Content Creation, Production, Distribution Is In a State of Flux Andy Marken April 24, 2024 0 Comments My empathy is creeping towards what I would de...
25/04/2024
Capitol Broadcasting Company to Air Carolina Panthers Games on Triangle's Strongest Broadcast Signal
The Carolina Panthers and Capitol Broadcasting Company (CBC) announced they have...
25/04/2024
Berklee Student Riko Sasaski Named 2024 Yamaha Young Performing Artist
Berklee Student Riko Sasaski Named 2024 Yamaha Young Performing Artist The accomplished saxophonist secured a spot among the elite winners of this year's ...
25/04/2024
Local News Close-Up: St. Louis Born and Bred
Stations everywhere take pride in having a main anchor who comes from the market they represent. That applies in St. Louis, too, but it also pertains to general...
25/04/2024
Edward Moody Joins WBTW Myrtle Beach Anchor Team
Edward Moody is joining the WBTW Myrtle Beach, South Carolina, anchor crew, and will anchor the 5, 6 and 11 p.m. newscasts alongside Trish Williford. He comes f...
25/04/2024
MTV Moving VMAs To New UBS Arena in New York
MTV said the 2024 Video Music Awards will return to New York and take place at the new UBS Arena....
25/04/2024
Offbeat Comedy The Outlaws' Returns to Prime Video Next Month
Season three of comedy The Outlaws premieres on Prime Video May 31. Stephen Merchant co-created the show, and stars. There are five episodes....
25/04/2024
Bidders Interested in Buying Bounce, Says Scripps CEO Adam Symson
The E.W. Scripps Co. is evaluating offers for Bounce, its multicast channel for African-American viewers, according to a report from CNBC....
25/04/2024
Paramount Plus Renews Dora'
Paramount Plus has ordered a second season for Dora, the animated preschool show based on Dora the Explorer. The show, featuring Dora on a rainforest adventure ...
25/04/2024
Socio-ecological impact through reuse of IT hardware
Social and Ecological Impact through Reuse of IT Hardware Social & green IT: Arvato Systems and AfB Securing three jobs for people with disabilities Savings...
25/04/2024
Prison Journalism: Understanding recidivism in South African prisons
Prison Journalism: Understanding recidivism in South African prisonsDean Mashimbwe, a Zimbabwean migrant residing in Cape Town, was incarcerated at Pollsmoor Co...
25/04/2024
Prison Journalism: A glimpse inside Barberton Prison
Prison Journalism: A glimpse inside Barberton PrisonJean-Pierre Le-Roux is a divorced father of two beautiful children. He was incarcerated for 20 months for po...
25/04/2024
Riverside Studios presents world premiere of MOFFIE' stage play
Riverside Studios presents world premiere of MOFFIE' stage play MOFFIE delves into toxic masculinity and trauma in post-apartheid South Africa, reflecting...
25/04/2024
Tonight on Skeem Saam: Kobus assigns Pretty a big case
Tonight on Skeem Saam: Kobus assigns Pretty a big caseDon't miss Thuresday, 25 April's riveting episode of South African soapie Skeem Saam on SABC 1 on ...
25/04/2024
AMATEUR DRAMA TAKES CENTRE STAGE AS RT ALL IRELAND DRAMA FESTIVAL LAUNCHES IN THE ABBEY THEATRE
Amateur drama took centre stage as the All Ireland Drama Festival was officially...
25/04/2024
Into the Omniverse: Unlocking the Future of Manufacturing With OpenUSD on Siemens Teamcenter X
Editor's note: This post is part of Into the Omniverse, a series focused on ...
25/04/2024
Blast From the Past: Stream StarCraft' and Diablo' on GeForce NOW
Support for Battle.net on GeForce NOW expands this GFN Thursday, as titles from the iconic StarCraft and Diablo series come to the cloud. StarCraft Remastered,...
25/04/2024
AI-assisted optronics: an unprecedented European project to increase combat perception capabilities
Facebook Twitter LinkedIn The European Commission signed the Grant Agreeme...
24/04/2024
UKTV's pay TV channel Alibi joins forces with S4C and All3Media International for new legal crime drama series Mudtown
Cast set to star include Erin Richards and Tom Cullen Wednesday 24 April 2024 ...