Central European Media Enterprises Ltd. Reports Results for the 2Q and 6M Ended June 30, 2018
Year-to-date operational and financial highlights:
- TV advertising revenues increased 16% at actual rates and 3% at constant rates in the first half of 2018.
- Carriage fees and subscription revenues increased 15% at actual rates and 4% at constant rates.
- OIBDA increased 19% at actual rates and 8% at constant rates, resulting in OIBDA margin expansion to 29% from 28%.
- Unlevered free cash flow for the six months ended June 30, 2018 increased 39% to US$ 89.3 million.
- CME repaid a total of €160 million (approximately US$ 187 million) of debt in the first half of 2018 using proceeds from warrant exercises and cash generated by the business, which together with the improvement in our operations reduced our net leverage ratio to 4.4x at the end of June.
- Following the repricing of our guarantee fees in April, our 4.1% average cost of borrowing is about 190 basis points lower than the start of the year, and will fall another 50 basis points once our net leverage is less than 4x.
RM-SYSTÉM, česká burza cenných papírů a.s.
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