CME narrows loss in Q4
March 4, 2014
By Chris Forrester
Central European Media Enterprise (CME), which broadcasts 35 network TV channels in central Europe and is backed by Time Warner, has reported Q4 and full year numbers. Its net loss for the full year was $281.5 million (an improvement on 2012’s $546m), and based on lower revenues y-o-y ($691 million in 2013, $77million in 2012).
However, stripping out CME’s Q4 numbers and the picture improved. Net revenues for period were $237.9 million compared to $253.3 million for the same period in 2012. Operating loss for the quarter was $97.5 million compared to $483.1 million in 2012. Net loss for Q4 was $108.2 million compared to $503.1 million in 2012.
Michael Del Nin, co-CEO, commented: “While this has been a difficult year for the company financially, we are encouraged by the progress we are making on our operating priorities. In addition, today we announced a series of related financing transactions that, following closing, will comprehensively address the company’s liquidity needs, improve our debt maturity profile, and set us on a path to being free cash flow positive starting in 2015.”
Christoph Mainusch, co-CEO, added: “Our results from 2013 demonstrate that we continue to be clear market leaders in terms of audience share in all of our territories and we expect to maintain this position in 2014. We remain committed to our focus on the efficiency of our operations by identifying opportunities to reduce content and operating costs. However, we will not jeopardize our leading audience share positions.”
CME operates in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia. It transmits 35 television channels as well Voyo, a pan-regional subscription video-on-demand service and a portfolio of more than 70 websites. CME says it broadcast to approximately 50 million people across six markets. Founder Ron Lauder remains Chairman of the group.