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Central European Media Enterprises' CEO Discusses Q1 2011 Results - Earnings Call Transcript

Adrian Sarbu

[French] and good afternoon.

Romana Wyllie

Chief Financial Officer, David Sach.

David Sach

Good afternoon.

Romana Wyllie

Anthony Chhoy, Executive Vice President, Strategic Planning & Operations.

Anthony Chhoy

Good afternoon.

Romana Wyllie

And our General Counsel, Daniel Penn.

Daniel Penn

Hello.

Romana Wyllie

Before I turn to Adrian, let me read the usual Safe Harbor Statement. Our presentation today will contain forward-looking statements. For these statements, we claim the protection of the Safe Harbor contained in the U.S. Private Securities Litigation Reform Act of 1995, and refer you to the Forward-looking Statements section in our Form 10-Q filed with the Securities and Exchange Commission earlier today for a list of such statements and the factors which could cause future results to differ from those presented in this call.

During this call, we will refer to certain financial information that is not in U.S. GAAP. Please see the appendix of the presentation for a reconciliation to U.S. GAAP financial measures. In addition, our segment financial information that is presented in local currency is not in U.S. GAAP. We do not provide a reconciliation to these numbers as the U.S. GAAP amounts are expressed in U.S. dollars in our financial statements. Additional information on our segment data is provided in Note 17 of our financial statements on Page 30 of our 10-Q. And now over to Adrian.

Adrian Sarbu

Good afternoon, and good morning. A few months ago, on our fourth quarter 2010 earnings call, I pointed out that our priority in 2011 will be to deliver growth in revenues, OIBDA and positive free cash flow.

Today, I am pleased to announce that we are back onto growth. Our revenues increased by 20% and our OIBDA grew by 17x from $0.8 million to $14 million.

We also delivered positive free cash flow and are on track to meet our target for the full year. Our strong results are built on our continued audience and market leadership, rigorous cost control, the positive contribution from bTV in Bulgaria and growth in both Media Pro Entertainment and the New Media Division.

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