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CME in best-ever financial position

February 6, 2019 09.50 Europe/London By Chris Dziadul

Central European Media Enterprise (CME) saw strong growth in its regional TV markets in 2018.

Results published by the company show that its net revenues amounted to $703,906,000, or 9.5% more (+5.3% lfl) than a year earlier.

OIBDA was $222,674,000 (+23.9%, +20.9% lfl), while net income, at $157,692,000, was three times higher than the $49,768,000 posted a year earlier.

Of its five operations, the one in Slovenia, which is no longer for sale, saw the highest revenue growth (15.9% actual, 12% lfl) in 2018, though the Czech Republic, closely followed by Romania, remained the most lucrative.

Commenting on the results, Michael Del Nin, co-CEO, said: “For the fifth consecutive year we have achieved OIBDA growth of more than 20%, continuing a lengthy streak of margin expansion that has resulted in 20 consecutive quarters of growth in trailing twelve month OIBDA. Just as remarkable, cash flow generation surged by almost 30% in 2018. This increasing level of cash generated by the business allowed us to make a further €60 million debt repayment last week, adding to the now nearly $440 million reduction in gross debt over the last 18 months. With expectations of further strong growth in profitability and run-rate debt service obligations now less than $27 million annually, we start 2019 in a significantly better financial position than at any point in CME’s history.”

Christoph Mainusch, co-CEO, added: “We couldn’t be happier with the results of our operations and strength of the business. Strong TV ad markets and a second consecutive year of double digit growth in carriage fees and subscription revenues have improved both profitability and our financial position. Production of original local content remains a key pillar of our strategy. It is an important factor in attracting large audiences not just on television, but also on other non-linear sources of entertainment. We believe growth in TV ad revenues in 2019 will be supplemented by a higher proportion of income from other sources.”

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Filed Under: Central & East Europe, Newsline Tagged With: CME Edited: 6 February 2019 09:50

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