CETV just posted weaker 2Q13 figures as results of Czech unit Nova weighed negatively on earnings.
CETV - 2Q13 results
|Total revenues ||211,2 ||180,2 ||182,7 ||-14,7% ||-1,3% |
|OIBDA ||47,1 ||7,0 ||13,6 ||-85,0% ||-48,2% |
|EBIT ||23,7 ||-5,7 ||-3,9 ||n.a. ||n.a. |
|Net profit ||4,0 ||-41,1 ||-25,2 ||n.a. ||n.a. |
Conference call: Wednesday, July 31, 2013 @ 3 pm CET
Revenues in the Czech Republic declined in 2Q by 40.3% as certain key advertisers have only recently accepted higher prices. Revenues in other markets either declined in 2Q13 or showed only low single digit growth. OIBDA margin declined in all markets except Bulgaria, most notably in the Czech rep. to 0.4% from 40.9% year ago. CETV expects declining trend of TV advertising spending to reverse in the fall of 2013 building on pricing initiatives. We see the results as moderately negative for the stock and expects some improvement in 2H13 financials on better performance in Czech as advertisers has begun to return recently.