Central European Media Enterprises Puts Positive Spin on Poor 2013 Financial Results
MOSCOW -- Central European Media Enterprises put a positive spin on sobering financial results for last year, when its network of TV stations posted pre-tax losses of $46.5 million on $691 million in revenue, down $80 million from 2012.
The network, which runs commercial stations that include Prague-based TV Nova and outlets in Bulgaria, Romania, Croatia, Slovenia and the Slovak Republic, and whose long-term president and CEO Adrian Sarbu stepped down last August, admitted it had been "a difficult year financially."
Michael Del Nin, co-CEO, said in a statement: "While this has been a difficult year for the company financially, we are encouraged by the progress we are making on our operating priorities."
He added the company was in the process of closing a "series of financing transactions that, following closing, will comprehensively address the company's liquidity needs, improve our debt maturity profile, and set us on a path to being free cash flow positive starting in 2015."
Christoph Mainusch, co-CEO, added: "Our results from 2013 demonstrate that we continue to be clear market leaders in terms of audience share in all of our territories and we expect to maintain this position in 2014. We remain committed to our focus on the efficiency of our operations by identifying opportunities to reduce content and operating costs. However, we will not jeopardize our leading audience share positions."