CME Reports Lower Results

HAMILTON: Net revenues for the year at Central European Media Enterprises (CME) were down from $864.8 million to $772.1 million.

OIBDA for the year was $125.4 million, compared to the $167 million in the prior year. Operating loss for the year was $488.2 million, compared to the positive income of $6.8 million posted in 2011. Net loss for the year was $546.4 million compared to $179.6 million in 2011.

The broadcast segment contributed net revenue of $665.4 million, which was down 14.1 percent from the prior year. Consolidated OIBDA at the broadcast segment was $147.7 million, which was down 30 percent from 2011.

Adrian Sarbu, CME’s president and CEO, commented: “As guided in November, our performance this year reflected the tough market conditions in 2012. Challenging times require bold actions: increasing advertising prices and carriage fees. With strong leadership positions in all our markets, no debt due until November 2015 and the support of our major shareholders, we are looking forward into 2013 with confidence that we can build upon our strengths and increase our revenues. We are planning to restructure our operating model, to reduce the cost base and improve our capital structure and liquidity.”