Net cash used in investing activities totaled $1.4 million in the first quarter (net cash provided by investing activities in Q1 2012: $23.3 million) and included $1.1 million of capital expenditures mainly on purchases of cable connections and broadcasting equipment.
Net cash used in financing activities amounted to $24.9 million in the first quarter (Q1 2012: $15.8 million) and primarily reflected the payment of $17.8 million in cash dividends to the Company's stockholders, $0.1 million in dividends paid to minority shareholders and net settlement of a $7 million bank overdraft.
The Company's cash and cash equivalents and short-term investments less overdraft balance amounted to $137.9 million at March 31, 2013, compared to $173.4 million at December 31, 2012 and $111.0 million at the end of the first quarter of 2012.
DividendsThe CTC Media Board of Directors has declared a dividend of $0.16 per outstanding share of common stock, or approximately $25 million in total, to be paid on or about June 26, 2013 to stockholders of record as of June 3, 2013. The Board currently intends to pay total cash dividends of $0.63 per share (or up to $100 million in the aggregate) in 2013, a year-on-year increase of 21% compared to cash dividends of $0.52 per share (or $82.2 million in the aggregate) paid in 2012. Although it is the Board's current intention to declare and pay further dividends in the remaining quarters of 2013, there can be no assurance that such additional dividends will in fact be declared and paid. Any such declaration is at the discretion of the Board and will depend upon factors such as CTC Media's earnings, financial position and cash requirements. Full Year 2013 Outlook Approximately 90% of CTC Media's forecast full-year 2013 Russian national inventory is currently committed, at average prices higher than in 2012. The Russian TV advertising market is currently expected to grow by up to 10% year-on-year in 2013 in ruble terms. CTC Media expects its Russian television advertising revenues to grow in line with the market in ruble terms, while the Company's digital media, Channel 31, sublicensing and CTC-International revenues are expected to grow faster than the Russian TV advertising market.
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