Central European Media Enterprises (CME) ended 2016 on a high note, posting a net income of $21,088,000 for the last quarter, compared to a net loss of $11,427,000 in the corresponding period in 2015.
However, for 2016 as a whole its net loss amounted to $180,291,000, compared to a net loss of $114,901,000 in the previous year.
Full year net revenues in 2016 amounted to $638,013,000 ($605,841,000 in 2015, while OIBDA was $150,049,000 ($122,815,000).
CME’s actual full year revenues in Bulgaria and Croatia were 0.6% and 0.5% down on those in 2015, while its four other markets (Czech Republic, Romania, Slovakia and Slovenia) all posted growth. In terms of revenue, the Czech Republic and Romania remain by far the most important markets for the company.
Commenting on the results, Michael Del Nin, co-CEO, said: “We ended the year on a high note, with the biggest quarterly OIBDA result the company has seen in five years, driving our highest fourth quarter OIBDA margin in almost a decade. Our full year results exceeded our most recent guidance, and in just three years we have grown OIBDA by almost US$ 200 million even with significant FX headwinds. This reflects significant progress in executing our strategy, and positions the company for continued growth in 2017 and beyond.”
Christoph Mainusch, co-CEO, added: “We remained audience share leaders during 2016, and improved our relative position in all day in four countries, by leveraging our competitive advantages and making targeted investments in local programming amid heavy competition. Local content continues to attract larger audiences, so we continually refine our program grids and intend to maintain targeted investments in popular programming to remain the best partner for advertising on television.”