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09.02.2017 07:33:00

Central European Media Enterprises Ltd. Reports Results for the Full Year and Fourth Quarter Ended December 31, 2016

FULL YEAR- Net revenues increased 5% at actual and constant rates to US$ 638.0 million -- Operating income increased 18% (17% at constant rates) to US$ 111.6 million -- OIBDA improved 22% (21% at constant rates) to US$ 150.0 million -FOURTH QUARTER- Net revenues increased 6% (7% at constant rates) to US$ 207.1 million -- Operating income increased 11% (12% at constant rates) to US$ 51.6 million -- OIBDA improved 9% (10% at constant rates) to US$ 61.3 million -HAMILTON, Bermuda, Feb. 09, 2017 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (NASDAQ: CETV) (Prague Stock Exchange:CETV) today announced financial results for the full year and three months ended December 31, 2016.Operational and financial highlights:The television advertising markets across our six countries increased an estimated 6% at constant rates in 2016.TV advertising revenues increased 5% at actual and constant rates in 2016 driven by improvement in four out of six countries, including our three largest markets, the Czech Republic, Romania and the Slovak Republic.Carriage fees and subscription revenues increased 8% at actual rates and 9% at constant rates due primarily to growth in the number of subscribers reported by carriers, as well as high definition channels and new channels available exclusively on their platforms.Costs charged in arriving at OIBDA were broadly flat at actual and constant rates, even though spending on popular local content increased, as this investment was mostly offset by savings in foreign fiction as well as reducing other operating and overhead costs.A focus on controlling costs while improving revenues led to OIBDA growth of 22% at actual rates and 21% at constant rates and OIBDA margin expansion of more than 300 basis points in 2016.Operating income increased 18% at actual rates and 17% at constant rates in 2016 primarily reflecting the year-on-year increase in OIBDA, excluding the US$ 12.0 million benefit in operating income in 2015 from the reversal of charges related to tax audits in Romania.Unlevered free cash flow in 2016 increased 30% at actual rates, reflecting the improvement in OIBDA, but cash flows from operations declined because we paid more interest in cash and elected to pay a total of US$ 37.4 million of Guarantee Fees in cash, including US$ 27.5 million of Guarantee Fees previously paid in kind.Michael Del Nin, co-Chief Executive Officer, commented: "We ended the year on a high note, with the biggest quarterly OIBDA result the Company has seen in five years, driving our highest fourth quarter OIBDA margin in almost a decade.  Our full year results exceeded our most recent guidance, and in just three years we have grown OIBDA by almost US$ 200 million even with significant FX headwinds. This reflects significant progress in executing our strategy, and positions the company for continued growth in 2017 and beyond."Christoph Mainusch, co-Chief Executive Officer, added: "We remained audience share leaders during 2016, and improved our relative position in all day in four countries, by leveraging our competitive advantages and making targeted investments in local programming amid heavy competition. Local content continues to attract larger audiences, so we continually refine our program grids and intend to maintain targeted investments in popular programming to remain the best partner for advertising on television."In this release we refer to several non-GAAP financial measures, including OIBDA, OIBDA margin, free cash flow, unlevered free cash flow and constant currency percentage movements. Please see "Non-GAAP Financial Measures" below for additional information, including definitions and reconciliations to US GAAP financial measures.Consolidated results for the years ended December 31, 2016 and 2015 were: RESULTS(US$ 000's, except per share data)For the Year Ended December 31, 2016 2015 % Actual % Lfl (1)Net revenues$638,013  $605,841  5.3%  5.4% Operating income111,589  94,583  18.0%  17.3% Operating margin17.5%  15.6%  1.9 p.p.  1.8 p.p. OIBDA150,049  122,815  22.2%  21.4% OIBDA margin23.5%  20.3%  3.2 p.p.  3.1 p.p. Loss on extinguishment of debt(150,158)  —  NM (2)  NM (2) Net loss attributable to CME Ltd.(180,291)  (114,901)  (56.9)%  (58.0)% Net loss attributable to CME Ltd. per share - basic and diluted$(1.28)  $(0.90)  (42.2)%  (43.8)% Consolidated results for the three months ended December 31, 2016 and 2015 were: RESULTS(US$ 000's, except per share data)For the Three Months Ended December 31, 2016 2015 % Actual % Lfl (1)Net revenues$207,101  $195,552  5.9%  6.8% Operating income51,551  46,528  10.8%  11.8% Operating margin24.9%  23.8%  1.1 p.p.  1.1 p.p. OIBDA61,295  56,203  9.1%  10.0% OIBDA margin29.6%  28.7%  0.9 p.p.  0.9 p.p. Net income / (loss) attributable to CME Ltd.21,088  (11,427)  NM (2)  NM (2) Net income / (loss) attributable to CME Ltd. per share - basic0.07  (0.11)  NM (2)  NM (2) Net income / (loss) attributable to CME Ltd. per share - diluted$0.06  $(0.11)  NM (2)  NM (2) (1) % Lfl (like-for-like) variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs.(2) Number is not meaningful.Teleconference and Audio Webcast DetailsCME will host a teleconference and audio webcast to discuss its fourth quarter and full year results on Thursday, February 9, 2017 at 9:00 a.m. New York time (2:00 p.m. London time and 3:00 p.m. Prague time). The audio webcast and teleconference will refer to presentation slides which will be available on CME's website at www.cme.net prior to the call.To access the teleconference, U.S. and international callers may dial +1 212 444 0895 ten minutes prior to the start time and reference passcode 4720289. The conference call will be audio webcasted live via www.cme.net. It can be heard on iPads, iPhones and a range of devices supporting Android and Windows operating systems.A digital audio replay will be available for two weeks following the call at www.cme.net.Forward-Looking and Cautionary StatementsThis press release contains forward-looking statements. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated.  Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements.Important factors that contribute to such risks include, but are not limited to, those factors set forth under "Risk Factors" in CME's Annual Report on Form 10-K for the period ended December 31, 2016 as well as the following: the effect of global economic uncertainty and Eurozone instability in our markets and the extent, timing and duration of any recovery; levels of television advertising spending and the rate of development of the advertising markets in the countries in which we operate; the extent to which our liquidity constraints and debt service obligations restrict our business; our exposure to additional tax liabilities as well as liabilities resulting from regulatory or legal proceedings initiated against us; our ability to refinance our existing indebtedness; our success in continuing our initiatives to diversify and enhance our revenue streams; our ability to make cost-effective investments in our television businesses, including investments in programming; our ability to develop and acquire necessary programming and attract audiences; and changes in the political and regulatory environments where we operate and in the application of relevant laws and regulations.The foregoing review of important factors should not be construed as exhaustive. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" and "Forward-looking Statements" sections in CME's Annual Report on Form 10-K for the period ended December 31, 2016, which was filed with the Securities and Exchange Commission on February 9, 2017. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.This press release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on February 9, 2017.We make available free of charge on our website at www.cme.net our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. Please note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and posts to our website, www.cme.net. In the future, we will continue to use these channels to communicate important information about CME and our operations. Information that we post on our website could be deemed material. Therefore, we encourage investors, the media, our customers and others interested in CME to review the information we post at www.cme.net.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 36 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 (Nova, Nova 2, Nova Cinema, Nova Sport 1, Nova Sport 2, Nova International, Nova Action and Nova Gold), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania, PRO TV Chisinau and Acasa in Moldova), the Slovak Republic (TV Markíza, Markíza International, Doma and Dajto), and Slovenia (POP TV, Kanal A, Brio, Oto and Kino). CME is traded on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol "CETV". CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(US$ 000's, except per share data)  For the Year Ended December 31, 2016  2015 Net revenues638,013Full story available on Benzinga.com
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