Central European Media Enterprises Ltd. (CME) today announced financial results for the three and nine months ended September 30, 2015.

Net revenues for the third quarter ended September 30, 2015 increased 5% at constant rates to US$ 117.3 million, led by 5% like-for-like growth in television advertising revenues. OIBDA for the third quarter ended September 30, 2015 nearly tripled at constant rates to US$ 8.4 million.

Net revenues for the nine months ended September 30, 2015 increased 7% at constant rates to US$ 410.3 million, led by 8% like-for-like growth in television advertising revenues. OIBDA for the nine months ended September 30, 2015 more than doubled at constant rates to US$ 66.6 million. Free cash flow grew US$ 87.2 million to US$ 52.9 million.


Operational and financial highlights:

The television advertising markets across our six countries increased an estimated 7% in the first nine months of 2015.

TV advertising revenues increased 8% at constant rates and CME’s share of the television advertising market increased in four out of six countries in the first nine months of 2015.

CME maintained or increased year-to-date audience share in five out of six countries in primetime.

The significant improvement in free cash flow reflects operational improvements, lower cash interest, and normalized working capital requirements.

Michael Del Nin, Co-Chief Executive Officer, commented: 'Since joining CME two years ago, we have delivered on each and every one of the actions needed to turn the Company around and that turnaround phase is now behind us. The improvement in revenues, together with significant adjustments to the cost base of the company, have resulted in seven consecutive quarters of year-on-year OIBDA margin expansion.'

Christoph Mainusch, Co-Chief Executive Officer, added: 'Key programs in primetime have outperformed their slot in the prior year despite continued focus on cost control. The reach we provide to advertisers is unmatched in our markets and that positions us perfectly to capitalize on strong and growing demand for television advertising.'