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TVN revenues in the fourth quarter improved by 4.6% driving full year growth to 3.6% – meeting guidance of low-single digit increase – a result of TVN’s content schedules dominating the audience share market, steady increase in the third party advertising inventory represented through Premium TV, stronger pricing reinstalled with our new sales policy as well as continued expansion of non-linear video content offerings.

  • Advertising related revenues grew by 5.4% in the fourth quarter and improved the full year increase to 5.1% – in line with the guidance for mid-single digit growth and outperforming the estimated TV advertising market expansion of nearly 5%.

Adjusted EBITDA[1] in the fourth quarter was PLN 184 million – up by PLN 26 million, fuelled by the incremental revenue and strong cost discipline. Full year adjusted EBITDA arrived at PLN 530 million – exceeding the guidance target of PLN 520 million.

  • Reported EBITDA growth in both fourth quarter and full year reflected improvement in adjusted EBITDA coupled with impact of associates turned from impairment and share of loss in 2013 to share of profit in 2014.

The excellent programming strategy of the main channel translated into its top performance in the autumn schedule reaching average audience shares in the commercial target group of 14.6% in all day and 16.6% in peak time.

TVN thematic channels portfolio increased its combined audience share in the autumn season from 8.8% to 9.0% year-on-year, reflecting stronger content proposition and further increase in technical reach of both DTT and encrypted Pay TV channels.

nC+ – the strategic associate of TVN – reported 2.15 million post-paid subscribers at the end of December, with average monthly ARPU up by 4% to PLN 68.3 in 2014 and full year revenues of PLN 2,148 million. Full year EBITDA arrived at PLN 295 million with the TVN share of nC+ profit amounting to PLN 17.5 million in 2014.

Net result for the full year of PLN 189 million predominantly reflected the improved EBITDA and significantly lower financial expense.

Net debt to adjusted EBITDA strengthened to 3.9 at the end of 2014.

12.5 million shares were purchased in 2014 at an price of PLN 20 per share for a total cash spend of PLN 250 million within the share buyback program for 2014-2015 of up to PLN 500 million and not exceeding 10% of TVN shares approved by the Annual General Shareholders Meeting of TVN.

Within the framework of 7.875% Senior Notes repurchase program of up to EUR 60 million for 2014, TVN repurchased Notes with EUR 55 million net nominal value.

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

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