TVN meets full year guidance
February 13, 2014
TVN, Poland’s second-largest television network, has posted full year revenue and adjusted EBITDA arrived in line with the guidance communicated in February 2013.
Top line reached PLN 1.555 billion (€373m) in 2013 a slight year-on-year decrease of 1.8 per cent with the advertising market returning to growth in the fourth quarter.
Advertising and sponsoring revenue in 2013 decreased by 1.7 per cent year-on-year outperforming the TV advertising market which declined by 2.7 per cent last year.
Adjusted full year EBITDA was PLN 506 million, and grew 3 per cent compared to PLN 491 million in 2012, again in line with the guidance set at a comparable level year-on-year. This increase was achieved despite an increase in programming costs in the fourth quarter driven by improved demand in a turning market environment.
Markus Tellenbach, Chief Executive Officer commented: “Operating and financial results of TVN in 2013 clearly demonstrate our ability to successfully cope with difficult market conditions – revenue outperformed the market and contained cost base preserved profitability while TVN reached its highest ever audience shares. As expected and communicated in November last year, we recognize increased demand for TV advertising on the back of continued improvement of macro economy. With a good start into the year we raise guidance from low to mid single digit growth of TV advertising market and expect TVN, thanks to the successful implementation of the new sales strategy, to outperform this market.”