TVN hit by one-off acquisition costs

Markus Tellenbach

Polish broadcaster TVN’s EBITDA for the first three months of the year was hit by one-off costs related to the acquisition of the company by Scripps Networks Interactive, with the reported figure of PLN59 million (€14.6 million), 38% down on the figure for 2014. TVN said an increase to PLN16 million in the share of profit of associates was offset by one-off costs of PLN48 million related to the acquisition. 

nC+, the Polish pay TV operator majority-owned by TVN and Canal+, had 2.12 million post-paid subscribers at the end of the quarter, with  monthly ARPU of PLN68.20 and overall first-quarter revenues of PLN525 million for the quarter. EBITDA for the three-month period was PLN105 million. TVN’s share of nC+’s profit came to PLN14.4 million.

TVN’s revenues for the quarter grew by 3.6%, boosted by 4.5% growth in advertising revenue. Adjusted EBITDA was up by 5.3% to PLN92 million in the first quarter.

”TVN performance in the first quarter delivered revenue and adjusted EBITDA matching our expectations. We have improved operating and financial results across all major business lines
– our own and operated TV channels, third party representation services and online video offerings – in a continuously strengthening macro environment with low inflation, declining unemployment and growing retail sales. With a firm outlook for the market we uphold our full year guidance for mid- to high- single digit consolidated revenue growth and adjusted EBITDA of approximately PLN 590 million,” said Markus Tellenbach, CEO.