Central European Media Enterprises Ltd. Reports Results For The Full Year And Fourth Quarter Ended December 31, 2014 March 12, 2015, HAMILTON, BERMUDA Download copy (PDF, 737 kB)
HAMILTON, BERMUDA, March 12, 2015 - Central European Media Enterprises Ltd. ("CME" or the "Company") (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the full year and three months ended December 31, 2014.
After adjusting for discontinued operations, net revenues for the year ended December 31, 2014 were US$ 680.8 million compared to US$ 633.1 million in 2013. OIBDA (as defined below) for the year ended December 31, 2014 was US$ 95.4 million compared to an OIBDA loss of US$ (48.4) million in 2013. Operating income for the year ended December 31, 2014 was US$ 38.3 million compared to an operating loss of US$ (180.0) million in 2013. Loss from continuing operations for the year ended December 31, 2014 was US$ (151.5) million compared to US$ (276.4) million in 2013.
Net revenues for the fourth quarter of 2014 were US$ 216.2 million compared to US$ 219.3 million for the fourth quarter of 2013. OIBDA for the quarter was US$ 55.1 million compared to an OIBDA loss of US$ (1.6) million in 2013. Operating income for the quarter was US$ 38.3 million compared to an operating loss of US$ (97.0) million in 2013. Loss from continuing operations for the quarter was US$ (17.8) million compared to US$ (106.8) million in 2013.
OIBDA, which includes amortization and impairment of program rights, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance as defined in "Segment Data and Non-GAAP Financial Measures" below. Costs charged in arriving at OIBDA for 2014 exclude a charge of US$ 12.0 million which we recorded in the fourth quarter related to ongoing tax audits in Romania. When those audits are completed, it is likely that there will be additional charges, which may be material, but it is currently not possible to estimate how much they will be. The US$ 6.9 million fine the competition agency in Slovenia was seeking to impose relating to operations there prior to 2012 was overturned in the fourth quarter. Since the charge, accrued in the second quarter of 2014, was not included in OIBDA, our reversal of this charge has similarly been excluded from OIBDA.
Michael Del Nin, Co-Chief Executive Officer, commented: "We are very pleased to report that we accomplished all of the ambitious goals that we set for ourselves this year. Our financial performance continued to reflect the ongoing operational turnaround, and we delivered the strongest like-for-like revenue growth in six years, which, combined with our company-wide cost cutting initiatives, resulted in a very significant improvement in OIBDA."
Christoph Mainusch, Co-Chief Executive Officer, added: "We are committed to delivering the best content to our audiences and maintaining audience share leadership while controlling costs. Our programming set records in 2014, and our operations have maintained their momentum in 2015. We expect to regain additional market share in the Czech Republic and will build on our success in 2014 to continue improving margins in 2015."
Consolidated Results for the Year Ended December 31, 2014
Net revenues for the year ended December 31, 2014 were US$ 680.8 million compared to US$ 633.1 million for the year ended December 31, 2013. Operating income for the year ended December 31, 2014 was US$ 38.3 million compared to an operating loss of US$ (180.0) million for the year ended December 31, 2013. Loss from continuing operations for the year ended December 31, 2014 was US$ (151.5) million compared to US$ (276.4) million for the year ended December 31, 2013. Fully diluted loss from continuing operations per share for the year ended December 31, 2014 was US$ (1.11) compared to US$ (2.23) for the year ended December 31, 2013.
OIBDA for the year ended December 31, 2014 was US$ 95.4 million compared to US$ (48.4) million in 2013. OIBDA margin1 for the year ended December 31, 2014 was 14.0% compared to (7.6)% for the year ended December 31, 2013.
Headline consolidated results for the years ended December 31, 2014 and 2013 were:
RESULTS
(US$000s, except per share data) For the Year Ended December 31,
2014 2013 % Actual % Lfl2
Net revenues $680,793 $633,134 7.5% 10.4%
OIBDA 95,446 (48,405) NM3 NM3
Operating income / (loss) 38,280 (180,017) NM3 NM3
Loss from continuing operations (151,465) (276,434) 45.2% 49.6%
Fully diluted loss from continuing operations per share $(1.11) $(2.23) 50.2% 53.5%
Consolidated Results for the Three Months Ended December 31, 2014
Net revenues for the three months ended December 31, 2014 were US$ 216.2 million compared to US$ 219.3 million for the three months ended December 31, 2013. Operating income for the quarter was US$ 38.3 million compared to an operating loss of US$ (97.0) million for the three months ended December 31, 2013. Loss from continuing operations for the quarter was US$ (17.8) million compared to US$ (106.8) million for the three months ended December 31, 2013. Fully diluted loss from continuing operations per share for the three months ended December 31, 2014 was US$ (0.13) compared to US$ (0.74) for the three months ended December 31, 2013.
OIBDA for the three months ended December 31, 2014 was US$ 55.1 million compared to an OIBDA loss of US$ (1.6) million for the three months ended December 31, 2013. OIBDA margin1 for the three months ended December 31, 2014 was 25.5% compared to (0.7)% for the three months ended December 31, 2013.
Headline consolidated results for the three months ended December 31, 2014 and 2013 were:
RESULT
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Central European Media Enterprises Ltd. Reports Results For The Full Year And Fourth Quarter Ended December 31, 2014 March 12, 2015, HAMILTON, BERMUDA Download copy (PDF, 737 kB)
