nc+ and Onet.pl shares boost TVN results in tough advertising market

Polish broadcaster TVN Group’s share of profits from pay TV operator nc+ and ISP Onet.pl helped boost reported EBITDA for the first quarter, despite a decline in revenue as a result of the weak advertising market.

TVN Group posted first quarter EBITDA of PLN98 million, up 9%. Revenue fell by 6% to PLN343 million.

“Results of the first quarter reconfirm ability of TVN Group to preserve profitability without impacting quality of its key asset – the programming schedule and its strong performance,” said CEO Markus Tellenbach. “The management reiterates previously given guidance for mid-single digit decline of TV advertising market in full year 2013. The company is prepared to take further potential cost optimisation actions for the purpose of maintaining EBITDA performance in case market does not deliver in alignment with the guidance. At the same time however, we effectively pursue our strategic growth directions – expanding TVN Group’s position as the first choice advertising provider with increasing pricing power and the fastest growing online non-linear video platform.”