Central European Media Enterprises (CME) ended 2017 on a high, with its operations in four markets in the region having performed exceptionally well during the year.
Latest figures released by the company show that combined net revenues for the four markets – Bulgaria, Czech Republic, Romania and Slovakia – in 2017 amounted to $574,212,000, up 9.1% (5.5% like-for-like) on a year earlier. Meanwhile, OIBDA amounted to $165,532,000, or 20.9% more (16.5% like-for-like) than in 2016. Net income for 2017 was $49,768,000, compared to a loss of $180,291,000 a year earlier.
CME expects the proceeds from the sale of its operations in Croatia and Slovenia to enhance its results in 2018.
Commenting on the latest figures, Michael Del Nin, co-CEO, said: “Our 2017 results represent our fourth straight year of both uninterrupted margin expansion and actual OIBDA growth above 20%. We anticipate that revenue growth, combined with our ongoing focus on cost containment, will drive another year of robust growth in profitability and continued margin expansion in 2018. Together with lower debt and reduced borrowing costs, this sets us up for a process of accelerated deleveraging that we think will characterise the year ahead.”
Christoph Mainusch, co-CEO, added: “2017 was another outstanding year for CME and the positioning of our operations sets us up for additional success in 2018. We increased our audience share in three out of four countries, driving the gap between us and our closest commercial competition wider, both in prime time and all day. We also made important progress in diversifying our revenues. We expect to continue building on these successes, as we invest and innovate to remain the best partner for advertisers in our countries.”
