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

Our Net revenues and Consolidated OIBDA for the year ended December 31, 2012 and 2011 were:

   
  SEGMENT RESULTS
  For the Year Ended December 31,
(US$000's) 2012 2011 % Actual % Lfl
Broadcast $665,355 $774,978 (14.1)% (5.5)%
Media Pro Entertainment 205,064 187,224 9.5% 21.5%
New Media 18,690 15,764 18.6% 30.3%
Intersegment revenues 5 (117,024) (113,184) (3.4)% (14.2)%
Net revenues $772,085 $864,782 (10.7)% (1.6)%
         
Broadcast $147,729 $211,090 (30.0)% (22.9)%
Media Pro Entertainment 15,912 3,996 Nm 4 Nm 4
New Media (4,225) (2,558) (65.2)% (82.6)%
Central (27,531) (41,851) 34.2% 31.6%
Elimination (6,463)    (3,675) (75.9)% (100.2)%
Consolidated OIBDA $125,422 $167,002 (24.9)% (16.2)%

Our Net revenues and Consolidated OIBDA for the three months ended December 31, 2012 and 2011 were: 

   
  SEGMENT RESULTS
  For the Three Months Ended December 31,
(US$000's) 2012 2011 % Actual % Lfl
Broadcast $221,048 $245,062 (9.8)% (5.2)%
Media Pro Entertainment 63,445 60,649 4.6% 10.1%
New Media 6,019 5,285 13.9% 19.1%
Intersegment revenues (37,174) (34,114) (9.0)% (15.0)%
Net revenues $253,338 $276,882 (8.5)% (3.8)%
         
Broadcast $66,330 $88,688 (25.2)% (21.0)%
Media Pro Entertainment 5,409 2,293 Nm 4 Nm 4
New Media (478) 565 Nm 4 Nm 4
Central (8,303) (9,882) 16.0% 14.0%
Elimination (2,216) (499) Nm 4 Nm 4
Consolidated OIBDA $60,742 $81,165 (25.2)% (20.7)%
         
5 Reflects revenues earned by the Media Pro Entertainment segment through sales to the Broadcast segment. All other revenues are third party revenues.  

Liquidity

We ended 2012 with US$ 140.4 million of cash and cash equivalents. We continue to take steps to conserve cash, including targeted reductions to our operating cost base through cost optimization programs. In addition, we are exploring further options to improve our liquidity, including new equity financings, asset sales and continuing the renegotiation of payment obligations with a number of major suppliers.  In this respect, we are in discussion with Time Warner regarding its possible participation in a public or private equity offering.

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