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Central European Media Enterprises' CEO Discusses Q2 2011 Results - Earnings Call Transcript

Adrian Sarbu

Good afternoon and bonjour.

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 finally, 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 statement. 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 to 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 to our financial statements on Page 26 of our 10-Q. And now, over to Adrian.

Adrian Sarbu

Good morning and good afternoon, everyone, and thank you for joining us today. We are very pleased with the results of the second quarter. Please turn to Slide 4.

Our revenues increased by 24% year-on-year to $250 million, and our OIBDA grew by 36% to $63 million. Our results came in ahead of analyst expectations, putting us firmly on track to deliver on our targets for the full year. CME operations performed better than the advertising markets, which in the second quarter contracted by 3%. The strong results were driven by our powerful brands, leading Golean [ph] shares in broadcasting and fast growth in the Media Pro Entertainment and New Media divisions.

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