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 CEE
CME releases financial results for the full year and three months ended December 31, 2018
 06 Feb 2019
Central European Media Enterprises Ltd. (“CME”) today announced financial results for the full year and three months ended December 31, 2018.

FULL YEAR

- Net revenues increased 10% at actual rates and 5% at constant rates to US$ 703.9 million -
- Operating income increased 27% at actual rates and 25% at constant rates to US$ 177.6 million -
- OIBDA increased 24% at actual rates and 21% at constant rates to US$ 222.7 million

FOURTH QUARTER

- Net revenues increased 3% at actual rates and 7% at constant rates to US$ 228.3 million -
- Operating income increased 23% at actual rates and 28% at constant rates to US$ 80.8 million -
- OIBDA increased 19% at actual rates and 23% at constant rates to US$ 90.7 million

Operational and financial highlights in 2018:

TV advertising revenues increased 7% at actual rates and 3% at constant rates.
Carriage fees and subscription revenues increased 19% at actual rates and 15% at constant rates.
OIBDA increased 24% at actual rates and 21% at constant rates.
OIBDA margins expanded approximately 400 basis points to 32%.
Cash generated from continuing operating activities increased 17% at actual rates to US$ $109 million.
Unlevered free cash flow in 2018 increased 29% at actual rates to US$ $156 million.
CME repaid approximately US$ 312 million of debt and related payables in 2018.
The net leverage ratio decreased to 3.5x, down from 5.4x at the start of the year.
The average cost of borrowing declined about 250 basis points to 3.5%.

On July 31, 2018, we completed the previously announced sale of our operations in Croatia. Accordingly, the Croatian operations are presented as discontinued operations for all periods in this release. The agreement to sell our operations in Slovenia was terminated on January 18, 2019. As a result, the Slovenian operations are not presented as held for sale, and the discussion in this release relates to our continuing operations in all five operating segments.

Michael Del Nin, co-Chief Executive Officer, commented: "For the fifth consecutive year we have achieved OIBDA growth of more than 20%, continuing a lengthy streak of margin expansion that has resulted in 20 consecutive quarters of growth in trailing twelve month OIBDA. Just as remarkable, cash flow generation surged by almost 30% in 2018. This increasing level of cash generated by the business allowed us to make a further EUR 60 million debt repayment last week, adding to the now nearly $440 million reduction in gross debt over the last 18 months. With expectations of further strong growth in profitability and run-rate debt service obligations now less than $27 million annually, we start 2019 in a significantly better financial position than at any point in CME's history."

Christoph Mainusch, co-Chief Executive Officer, added: "We couldn't be happier with the results of our operations and strength of the business. Strong TV ad markets and a second consecutive year of double digit growth in carriage fees and subscription revenues have improved both profitability and our financial position. Production of original local content remains a key pillar of our strategy. It is an important factor in attracting large audiences not just on television, but also on other non-linear sources of entertainment. We believe growth in TV ad revenues in 2019 will be supplemented by a higher proportion of income from other sources."

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.
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