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TVN revenues in the third quarter increased by 7.1% resulting in 3.2% nine months growth and reflecting the excellent performance of the autumn programming schedule at the opening of the season coupled with continuing strong contribution of Premium TV.

  • Advertising related revenues accelerated as expected and grew by 8.3% in the third quarter with a year-to-date improvement reaching 4.9% - TVN is on track to meet the full year mid-single digit growth target.

Adjusted EBITDA1 in the third quarter reached PLN 84 million – in line with the result in same period last year, excluding distribution from associates received at the time - reflecting investments in quality productions and their promotion. Nine-month adjusted EBITDA was stable year-on-year at PLN 347 million.

  • Reported EBITDA improved further in the third quarter and in the nine months period increasing by 9.3% and 9.0%, respectively as associates shifted from loss to profit.

TVN main channel outperformed the other main stations on the opening of the autumn high season in September – a result of the excellent programming dominating 70% of the time slots and reaching audience shares in the commercial target group of 14.7% in all day and 16.7% in peak time.

TVN channels portfolio all day audience share in the commercial target group grew year-on-year to 21.9% in the third quarter driven by a rebound of the main channel as well as strong results of TVN7, TTV and TVN24 BiŚ.

nC+ – the strategic associate of TVN – reported 2.15 million post-paid subscribers at the end of September, with monthly year-to-date ARPU up by 4% to PLN 68.0 and revenues of PLN 1,606 million in the first nine months of the year. EBITDA for the period arrived at PLN 280 million with the TVN share of nC+ profit amounting to PLN 26.4 million.

Net result for the third quarter and the nine-month period predominantly reflected the improved financial result and reached PLN 17 million and PLN 143 million, respectively.

Net debt to adjusted EBITDA was stable quarter-on-quarter at 4.1.

The Annual General Shareholders Meeting of TVN approved a share buyback program of up to PLN 500 million and not exceeding 10% of TVN shares for the years 2014 to 2015.

  • On June 11th TVN settled the first phase of the share buyback: a total of 5,000,000 shares repurchased, of which 2,445,500 were sold by minority shareholders, at PLN 20 per share and total cash spend of PLN 100 million.
  • Today TVN have launched the second phase of the share buyback for this year with a total of 7,500,000 shares to be repurchased proportionally from all shareholders at an offer price of PLN 20 per share for a total cash spend of PLN 150 million.
  • Full description of the share purchase offer is enclosed to the current report no. 104/2014.

Within the framework of 7.875% Senior Notes repurchase program of up to EUR 60 million for 2014, TVN in the first quarter repurchased Notes with EUR 33 million net nominal value, while today the second tranche has been launched targeting repurchase of 7.875% Senior Notes with net nominal value of EUR 22 million.

 

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Contact: TVN S.A.
Phone:: +48 22 8566060
e-mail: widzowie@tvn.pl

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