Central European Media Enterprises Group (CME), which controls the Romanian TV channels part of the Pro network, have recorded in Romania net incomes worth of 176.50 million dollars in 2009, in contrast with 274.62 million dollars in 2008. The official financial data released by CME on Tuesday, February 23 2010, indicate that the Company earned 55.87 million dollars in the first quarter of last year.
The revenue before taking into account interest rates, taxes, currency depreciation and liquidation (EBITDA) amounted to 38.51 million dollars in Romania and 9.31 millions in Q4. The operating income was 5.49 million dollars in Romania in September to December and 24.20 million dollars per year.
The results are considerably lower than the 2008 performance. When CME recorded incomes worth of 77.50 million dollars in Romania during the last quarter, 274.60 million dollars incomes for the entire year, and a EBITDA worth of 29.99 million dollars during September-December and worth 111.78 million dollars for the year. The Company's operating income in Romania in 2008 was 96.63 million dollars and 26.43 dollars in Q4.
At a group level, CME recorded a 30% drop in 2009 incomes, from 1.01 billion dollars in 2008 to 713.97 millions and a 74.90 million dollars EBITDA, namely a 75% drop compared with the previous year.
Adrian Sarbu, President and Chief Executive Officer of CME, commented: "An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. US$ 800m of TV ad spend vanished in one year, dramatically reducing our revenues. In this difficult environment we strengthened our operations by maintaining audience share leadership, increasing market share and redefining ourselves as a vertically integrated media company. We are making the necessary corrections to our portfolio to achieve positive EBITDA in all our operations in 2010. This year we will focus our energy on increasing profitability across our three new divisions – broadcasting, internet and content."