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CTC Media Financial Results For The First Quarter Ended March 31, 2013

Stocks in this article: CTCM

"CTC Media continues to be on the cutting edge of the entertainment media in Russia and to actively develop digital media projects, which grew their revenues by 1.5 times in the first quarter. We are very pleased with a remarkable success of our recent transmedia project "Real Love," which reached over 50 million people in Russia, including 30 million of CTC channel viewers and over 20 million of Internet users. CTC Media is open for new ideas and opportunities in the cross platform area, and we are encouraged by the results of the transmedia projects competition organized together with our partners as a part of MIPTV spring 2013 content market."

"We paid out a quarterly cash dividend of $0.15 per share in March 2013 and ended the quarter with net cash of $138 million. As previously announced, during 2013, we intend to pay out quarterly dividends in an aggregate of $0.63 per share, which is a more than a 20% year-on-year increase compared to 2012. This is in line with our stated philosophy to return surplus free cash flow to shareholders."

"Looking ahead, our full year outlook remains unchanged. We continue to expect the Russian television advertising market in 2013 to grow by up to 10% year-on-year in ruble terms, our Russian television ad revenues to grow in line with the market, and our revenues from other businesses to grow at a higher rate. Our Russian channels' inventory is now approximately 90% contracted for 2013 at higher average prices than last year. We also continue to expect to deliver an OIBDA margin similar to the 2012 level of 32%."

Operating Review
Share of Viewing
  Average Target Audience Shares (%)
  Q1 2012   Q4 2012 Q1 2013
CTC Channel (all 10-45) 12.7 11.0 11.3
Domashny Channel (females 25-59) 3.7 3.1 3.0
Peretz Channel (all 25-49) 2.8 2.3 2.5
Channel 31 (all 6-54) 14.5 13.8 13.4

As previously announced, starting from January 1, 2013, the target audiences of the CTC and Peretz channels have been slightly adjusted as part of the Company's overall positioning strategy for these channels, reflecting advertiser demand. Thus, CTC's target audience has been modified from "all 6-54" to "all 10-45;" Peretz's target audience has been modified from "all 25-59" to "all 25-49."

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