CME - Reports Results for the First Quarter Ended March 31, 2018
HAMILTON, Bermuda--(BUSINESS WIRE)-- Central European Media Enterprises Ltd. (“CME” or the “Company”) (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the three months ended March 31, 2018.
Following the previously announced agreement to sell our Croatia and Slovenia operations, these businesses are classified as held for sale and presented as discontinued operations for all periods. The discussion in this release relates to our continuing operations in the four remaining operating segments.
Operational and financial highlights:
- TV advertising revenues increased 26% at actual rates and 7% at constant rates.
- Carriage fees and subscription revenues increased 23% at actual rates and 8% at constant rates.
- OIBDA increased 45% at actual rates and 26% at constant rates, resulting in OIBDA margin expansion to 22% from 19%.
- The increase in OIBDA improved operating income 61% at actual rates and 43% at constant rates.
- Unlevered free cash flow for the three months ended March 31, 2018 increased 37%.
- The improvement in our operations reduced our net leverage ratio to 4.8x at the end of the quarter. Following the agreed debt repricing, our cost of borrowing will decrease by nearly 200 basis points to about 4.0% beginning in May 2018.
- On April 25, 2018, Time Warner exercised 100,926,996 warrants and we will apply the proceeds of US$ 100.9 million, along with excess cash on hand, to repay EUR 110.0 million of the outstanding principal balance of the 2018 Euro Term Loan.
- Proceeds from the sale of our operations in Croatia and Slovenia, which we expect to close in the second quarter subject to remaining regulatory approvals and other customary closing conditions, will be used to repay debt, and together with the agreed repricing would decrease our cost of borrowing by an additional 80 basis points to approximately 3.2%.
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