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

Stocks in this article: CETV

We also delivered against our task to reduce leverage. We bought back $24 million of debt and smooth out and extended maturities by refinancing $206 million of convertible notes due 2013.

Our liquidity today is a strong, exceeding $300 million. Back to growth, we agreed to acquire the Bontonfilm distribution platform in the Czech and Slovak Republic, which will add new streams of revenue in these two countries, and will have a positive impact on our bottom line.

And now over to David, who will review the macroeconomic situation in our region and first quarter consolidated performance.

David Sach

Thank you, Adrian. Please turn to Slide 5. Our summary of the current macroeconomic situation in the region is as follows: The GDP of all countries has returned to growth, but this growth is still primarily export driven. Private consumption has lagged GDP growth, but is now stabilized in all countries. The TV ad market in following the trend of private consumption. The TV advertising market in Czech, Slovakia and Slovenia have returned to growth. But advertisers are waiting to see the impact of government austerity measures on private consumption before resuming their increased spending.

The TV advertising markets in Romania, Bulgaria and Croatia have not yet returned to growth, but the trending similar to consumer spending and should stabilize shortly. Overall, market growth was flat in the first quarter compared to the same period last year. Nonetheless, we are confident that consumer spending is on a growth trajectory.

Moving to Slide 6. Consolidated revenues for the first quarter increased by 20% at actual exchange rates or 80% on a constant currency basis to $173 million. Both three segments increased revenues.

The Broadcast division benefited from the bTV acquisition in April last year. Media Pro Entertainment generated higher third-party revenues in distribution and production. And the New Media Division grew from significantly higher traffic on the websites, which we were able to monetize.

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