The financial profile of Polish media group TVN has improved this year as the Polish TV ad market has shown signs of stabilisation and recovery, according to analysts.
Credit ratings agency MoodyÂs noted that TVN has successfully diversified its revenue base, largely thanks to the acquisition of pay TV platform ÂnÂ, and that it has exceeded expectations in terms of subscriber and financial growth. However, it added that ÂnÂ is still a drain on TVNÂs cash flow.
MoodyÂs noted: ÂThe stable outlook reflects Moody’s expectation that TVN will gradually return to sustainable positive free cash flow generation – having taken into account the company’s current dividend policy of distributing 30% of net profits – as the market continues to recover, ‘n’ gradually becomes EBITDA breakeven and improves its cash flow profile.Â
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