CME EBITDA In Romania Up 20% On Yr In 2008, To $112M

Earnings before interest, tax, depreciation and amortization for operations in Romania stood at $93.07 million in 2007. The group’s EBITDA stood at $323.45 million, CME said in its earnings report.

"2008 was an outstanding year for our core stations despite a difficult fourth quarter. I am particularly pleased with the performance of our Czech and Romanian operations which both delivered their best ever results. In an environment where companies all over the world are struggling, we remain leaders in our markets,” said CME president and CEO Adrian Sarbu.

The group’s net earnings in Romania increased 27.5% last year, to $274.63 million, from $215.4 million in 2007.

In Romania, CME owns TV stations Pro TV, Pro TV International, Pro Cinema, Acasa, Sport.ro and MTV Romania, the latter of which was taken over at the end of 2007.

CME posted in 2008 net earnings of $1.02 billion, up 20.5% from $838.85 million in 2007.

In the fourth quarter of 2008, EBITDA in Romania decreased 16.6% to $30 million, compared to $36 million in the fourth quarter of 2007.

The group’s EBITDA decreased 27.8% in the fourth quarter, to $93.6 million, from $129.76 million in the same period the year before.

Net revenues of operations in Romania in the last quarter of 2008 decreased slightly to $77.5 million from $79.4 million in the same period the year before, while the group reported net revenues of $291.5 million, down 3% compared to the $300.5 million posted for the last quarter of 2007.

In 2009, CME expects a difficult economic environment, but is confident it will remain leader on its markets due to measures reducing operating costs and investments.

"2009 will be challenging as we face adverse macroeconomic conditions and reduced visibility across our markets. We have taken aggressive measures to reduce our operating costs and capital expenditures and will take steps to maximize our revenues and liquidity. We expect to emerge from the current economic crisis with our leadership positions intact and to return to our path of growth,” Sarbu said.

The group’s television stations reach a total 97 million people in six countries in Central and Eastern Europe.

Central European Media Enterprises is the largest media group in Central and Eastern Europe with 22 television stations in seven countries: TV Nova, Nova Cinema, Nova Sport and MTV in the Czech Republic, PRO TV, PRO TV International, ACASA, PRO CINEMA, Sport.ro and MTV in Romania, Markiza, Nova Sport and MTV Czech Republic in Slovakia, POP TV and Kanal A in Slovenia, Studio 1+1, Studio 1+1 International, Kino and City in Ukraine, Nova TV in Croatia and TV2 and Ring TV in Bulgaria.

CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol “CETV”.