Central European Media Enterprises released info on its financials for Q2 2013 and its business during the 1st half of the year, according to a press release published on company’s website.
Net revenues for Q2 were US$ 180.2M, down from US$ 211.2M in the same period last year. OIBDA for the quarter was $7M, down from $ 47.1M in the same period of 2012. Operating loss for the trimester mounted to $5.7M, while, last year, the operating income was of $23.7M for the same period. Net loss reached to $41.1M, down from a net income of $3.1M in the same period of last year.
For the entire S1, net revenues reached to $317.3M, down around 60M compared to the first half of 2012($378.7M). Operating loss was of $40.7M and net loss – $150.1M
In the first half of 2013 we stood firm on the execution of our strategy. We secured double digit TV advertising price increases in the Czech Republic and single digit increases in the other countries on commitments signed. We raised carriage fees in Romania and Bulgaria which for the coming years are expected to more than double compared to 2012. We also repurchased EUR 206 million of debt with proceeds from our successful equity offerings during the quarter. Our products are performing better than last year.
Looking back, lower revenues in the Czech Republic impacted our financial results in the second quarter and first half of 2013 as certain key advertisers have only recently accepted our higher prices.
Looking forward, we expect the declining trend of TV advertising spending to reverse in the fall of 2013 building on our pricing initiatives. We believe the successful execution of our strategy puts the Company back on the path to growth in 2014.
President & CEO CME
For each market, tables showing CME’s Net revenues and OIBDA by segment for the three and six months ended June 30, 2013 and 2012, together with a reconciliation of OIBDA to CME’s Condensed Consolidated Statements of Operations:
CME is a media and entertainment company operating leading businesses in six Central and Eastern European markets with an aggregate population of approximately 50 million people. CME broadcasts television channels in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.bg), Croatia (Nova TV, Doma, Nova World and MiniTV), the Czech Republic (TV Nova, Nova Cinema, Nova Sport, Fanda, Smichov, Telka and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania, PRO TV Chisinau and Acasa Moldova), the Slovak Republic (TV Markíza, Doma, Dajto and Fooor), and Slovenia (POP TV, Kanal A, Brio, Oto and Kino). CME also operates Voyo, the pan-regional video-on-demand service.