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Central European Media Enterprises Ltd. Reports Results For The Full Year And Fourth Quarter Ended December 31, 2012

Adrian Sarbu, CME's President and CEO, commented: "As guided in November, our performance this year reflected the tough market conditions in 2012. Challenging times require bold actions: increasing advertising prices and carriage fees. With strong leadership positions in all our markets, no debt due until November 2015 and the support of our major shareholders, we are looking forward into 2013 with confidence that we can build upon our strengths and increase our revenues. We are planning to restructure our operating model, to reduce the cost base and improve our capital structure and liquidity."

1 OIBDA, which includes program rights amortization costs, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets as defined in "Segment Data" below.    

Consolidated Results for the Year Ended December 31, 2012

Net revenues for the year ended December 31, 2012 were US$ 772.1 million compared to US$ 864.8 million for the year ended December 31, 2011. For the year ended December 31, 2012, a non-cash impairment charge of US$ 522.5 million was incurred compared to US$ 68.7 million for the year ended December 31, 2011. Operating loss for the year ended December 31, 2012 was US$ 488.2 million compared to operating income of US$ 6.8 million for the year ended December 31, 2011. Net loss for the year ended December 31, 2012 was US$ 546.4 million from US$ 179.6 million for the year ended December 31, 2011. Fully diluted loss per share for the year ended December 31, 2012 was US$ 6.96 from US$ 2.71 for the year ended December 31, 2011.

OIBDA for the year ended December 31, 2012 was US$ 125.4 million compared to US$ 167.0 million in 2011. OIBDA margin 2 for the year ended December 31, 2012 was 16.2% compared to 19.3% for the year ended December 31, 2011.

Headline consolidated results for the year ended December 31, 2012 and 2011 were: 

   
  RESULTS
(US$000's) For the Year Ended December 31,
  2012 2011 % Actual % Lfl 3
Net revenues $ 772,085 $ 864,782 (10.7)% (1.6)%
OIBDA 125,422 167,002 (24.9)% (16.2)%
Operating (loss) / income (488,193) 6,792 Nm 4 Nm 4
Net loss (546,393) (179,604) Nm 4 Nm 4
Fully diluted loss per share $ (6.96) $ (2.71) Nm 4 Nm 4

Consolidated Results for the Three Months Ended December 31, 2012

Net revenues for the three months ended December 31, 2012 were US$ 253.3 million compared to US$ 276.9 million for the three months ended December 31, 2011. Operating loss for the quarter was US$ 483.1 million compared to US$ 12.1 million for the three months ended December 31, 2011. Net loss for the quarter was US$ 503.1 million compared to of US$ 77.2 million for the three months ended December 31, 2011. Fully diluted loss per share for the three months ended December 31, 2012 was US$ 5.59 compared to US$ 1.12 for the three months ended December 31, 2011.

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