TVN reports record income, disappoints investors with forecasts

APA - Austria Presse Agentur
opublikowano: 21-02-2006, 16:17

Warsaw (Puls Biznesu) – The management of TVN, the listed TV broadcaster, reported record results for 2005 and presented lower than expected forecasts for this year. Shares fell.

Warsaw (Puls Biznesu) – The management of TVN, the listed TV broadcaster, reported record results for 2005 and presented lower than expected forecasts for this year. Shares fell.

In 2005, TVN had PLN 860m (EUR 227.9m) of sales, or 20 percent more than a year earlier. The sales grew faster than the market of TV commercials (12 percent). Net income grew 7 percent to PLN 209m, EBITDA margin amounted to 34 percent. In the fourth quarter, sales grew 27 percent to PLN 275m, while the net income fell 27 percent to PLN 68m, mainly due to higher financial costs. EBITDA margin amounted to 36 percent. Despite these results, TVN stock fell 3.1 percent yesterday to PLN 91.5.

“All positive elements have already been discounted before. Investors had high expectations for the forecasts”, Piotr Wisniewski, Amerbrokers analyst commented.

TVN management expects that sales growth this year will amount to 16-18 percent. EBITDA margin should fall to 29-31 percent, mainly due to incentive programs for key employees, which will cost PLN 44m this year.

“Investors may be also upset with higher costs. Apart from the incentive program, TVN will spend 1.5 percent of sales for the film art institute”, Piotr Wisniewski added.

TVN plans to pay out dividend and buy back its stock. Last year it bought shares for PLN 120m.

(PLN 1 = EUR 0.265)

 

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Podpis: APA - Austria Presse Agentur

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