Central European Media Enterprises Ltd. Reports Results for the First Quarter Ended March 31, 2013

Central European Media Enterprises Ltd. Reports Results for the First Quarter
Ended March 31, 2013

                      Net Revenues of US$ 137.0 million

                         OIBDA of US$ (20.7) million

HAMILTON, Bermuda, April 29, 2013 (GLOBE NEWSWIRE) -- Central European Media
Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock
Exchange:CETV) today announced financial results for the first quarter ended
March 31, 2013.

Net revenues for the three months ended March 31, 2013 were US$ 137.0 million
compared to US$ 167.4 million for the same period in 2012. OIBDA^1 for the
three months ended March 31, 2013 was US$ (20.7) million compared to US$ 14.1
million for the first quarter in 2012. Operating loss for the three months
ended March 31, 2013 was US$ 35.0 million compared to US$ 10.3 million in
2012. Net loss for the quarter ended March 31, 2013 was US$ 109.0 million
compared to US$ 13.8 million for the same period in 2012. Fully diluted loss
per share for the three months ended March 31, 2013 was US$ 1.22 compared to
US$ 0.21 for three months ended March 31, 2012.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "2013
is a year of bold actions to restore the value we receive for our products. We
raised advertising prices and carriage fees. The first quarter results reflect
the initial phase of implementing these actions. While successful in most of
our countries, we met some resistance from certain media agencies and
advertisers in the Czech Republic where consumption of GRPs declined,
impacting our revenues and OIBDA. Our pricing actions in the Czech Republic
and across our region will continue as we are determined to reverse the trend
of declining TV advertising spending. The proceeds we look to raise from the
equity offerings announced today will enable us to further execute our
strategy and deleverage. Post transaction we expect to have the resources in
place to accomplish our main goal: growing CME."

^1 OIBDA, which includes program rights amortization costs, is determined as
operating income / (loss) before depreciation, amortization of intangible
assets and impairments of assets as defined in "Segment Data" below.

Consolidated Results for the Three Months Ended March 31, 2013

Net revenues for the three months ended March 31, 2013 were US$ 137.0 million
compared to US$ 167.4 million for the three months ended March 31, 2012.
Operating loss for the three months ended March 31, 2013 was US$ 35.0 million
compared to US$ 10.3 million for the three months ended March 31, 2012. Net
loss for the three months ended March 31, 2013 was US$ 109.0 million compared
to US$ 13.8 million for the three months ended March 31, 2012. Fully diluted
loss per share for the three months ended March 31, 2013 was US$ 1.22 compared
to US$ 0.21 for the three months ended March 31, 2012.

OIBDA for the three months ended March31, 2013 was US$ (20.7) million
compared to US$ 14.1 million in the same period ended March31, 2012. OIBDA
margin^2 for the three months ended March31, 2013 was (15.1)% compared to
8.4% for the three months ended March31, 2012.

Headline consolidated results for the three months ended March31, 2013 and
2012 were:

                            
                            RESULTS
(US$000's)                   For the Three Months Ended March 31,
(unaudited)                  2013       2012     % Actual % Lfl^3
Net revenues                 $137,042   $167,433 (18.2)%  (16.6)%
OIBDA                        (20,665)   14,060   Nm^4     Nm^4
Operating loss               (34,999)   (10,303) Nm^4     Nm^4
Net loss                     (108,962)  (13,813) Nm^4     Nm^4
Fully diluted loss per share $(1.22)    $(0.21)  Nm^4     Nm^4

^2OIBDA margin is defined as the ratio of OIBDA to Net revenues.

^3 % Lfl (like-for-like) represents period-on-period percentage change on a
constant currency basis.

^4Number is not meaningful.

Teleconference and Video Webcast Details

CME will host a teleconference and video webcast to discuss its first quarter
results on Monday, April 29, 2013 at 8.30 a.m. New York time (1.30 p.m. London
and 2.30 p.m. Prague time). The video webcast and teleconference will refer to
presentation slides which will be available on CME's website at www.cme.net
prior to the call.

To access the teleconference, U.S. and international callers may dial +1
785-424-1825 ten minutes prior to the start time and reference passcode
CETVQ113. The conference call will also be available via www.cme.net. It can
be viewed on iPads, iPhones and a range of devices supporting Android and
Windows operating systems.

The video webcast and a digital audio replay in MP3 format will be available
for two weeks following the call at www.cme.net.

CME will post the results for the first quarter ended March31, 2013 for its
wholly-owned subsidiary CET 21 spol. s r.o. at www.cme.net by Friday, June 14,
2013.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements. For all
forward-looking statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy or are
otherwise beyond our control and some of which might not even be
anticipated.Forward-looking statements reflect our current views with
respect to future events and because our business is subject to such risks and
uncertainties, actual results, our strategic plan, our financial position,
results of operations and cash flows could differ materially from those
described in or contemplated by the forward-looking statements.

Important factors that contribute to such risks include, but are not limited
to, the following: the effect of the economic downturn and Eurozone
instability in our markets and the extent and timing of any recovery; our
ability to access external sources of capital in light of our current severe
liquidity constraints and the successful completion of equity offerings we
have announced or may undertake; decreases in TV advertising spending and the
rate of development of the advertising markets in the countries in which we
operate; the extent to which our debt service obligations restrict our
business; our success in implementing our initiatives to diversify and enhance
our revenue streams; our ability to make cost-effective investments in
television broadcast operations, including investments in programming; our
ability to develop and acquire necessary programming and attract audiences;
changes in the political and regulatory environments where we operate and
application of relevant laws and regulations; and the timely renewal of
broadcasting licenses and our ability to obtain additional frequencies and
licenses.

The foregoing review of important factors should not be construed as
exhaustive. For a more detailed description of these uncertainties and other
factors, please see the "Risk Factors" and "Forward-looking Statements"
sections in CME's Quarterly Report on Form 10-Q for the period ended March31,
2013, which was filed with the Securities and Exchange Commission on April 29,
2013. We undertake no obligation to publicly update or review any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

This press release should be read in conjunction with our Quarterly Report on
Form 10-Q for the three months ended March31, 2013, which was filed with the
Securities and Exchange Commission on April 29, 2013.

We make available free of charge on our website at www.cme.net our Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K and amendments to those reports as soon as reasonably practicable after we
electronically file such material with, or furnish it to, the Securities and
Exchange Commission.

CME is a media and entertainment company operating leading businesses in six
Central and Eastern European markets with an aggregate population of
approximately 50 million people. CME's operations are located in Bulgaria
(bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.bg), Croatia (Nova
TV, Doma and Nova World), the Czech Republic (TV Nova, Nova Cinema, Nova
Sport, Fanda, Smichov, Telka and MTV Czech), Romania (PRO TV, PRO TV
International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania, PRO TV
Chisinau Moldova and Acasa Moldova), the Slovak Republic (TV Markíza, Doma,
Dajto and Fooor), and Slovenia (POP TV, Kanal A, Brio, Oto and Kino). CME also
operates Voyo, the pan-regional video-on-demand service. CME is traded on the
NASDAQ Global Select Market and the Prague Stock Exchange under the ticker
symbol "CETV".

For additional information, please visit www.cme.net.

                                      

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ 000's, except per share data)
(unaudited)
                                                   
                                                   For the Three Months Ended
                                                   March31,
                                                   2013          2012
Net revenues                                        $137,042      $167,433
Operating expenses:                                              
Content costs                                       89,193        86,931
Other operating costs                               34,510        29,987
Depreciation of property, plant and equipment       10,234        11,880
Amortization of broadcast licenses and other        4,100         12,483
intangibles
Cost of revenues                                    138,037       141,281
Selling, general and administrative expenses        34,004        36,455
Operating loss                                      (34,999)      (10,303)
Interest expense, net                               (31,836)      (31,610)
Foreign currency exchange (loss) / gain, net        (49,874)      23,394
Change in fair value of derivatives                 104           927
Other (expense) / income                            (36)          209
Loss before tax                                     (116,641)     (17,383)
Credit for income taxes                             7,679         3,570
Net loss                                            (108,962)     (13,813)
Net loss attributable to noncontrolling interests   682           421
Net loss attributable to CME Ltd.                   $(108,280)    $(13,392)
                                                                
PER SHARE DATA:                                                  
Net loss per share                                               
Net loss per share - Basic and diluted              $(1.22)       $(0.21)
                                                                
Weighted average common shares used in computing                 
per share amounts (000's):
Basic and diluted                                   88,397        64,393

                                      

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(US$ 000's)
(unaudited)

                                                     March31,   December31,
                                                      2013        2012
ASSETS                                                           
Cash and cash equivalents                             $123,103    $140,393
Other current assets                                  325,584     378,158
Total current assets                                  448,687     518,551
Property, plant and equipment, net                    193,650     206,706
Goodwill and other intangible assets, net             1,068,985   1,121,479
Other non-current assets                              323,862     327,979
Total assets                                          $2,035,184  $2,174,715
LIABILITIES AND EQUITY                                           
Accounts payable and accrued liabilities              $255,455    $255,681
Current portion of long-term debt and other financing 1,597       21,918
arrangements
Other current liabilities                             28,789      13,765
Total current liabilities                             285,841     291,364
Long-term portion of long-term debt and other         1,171,552   1,198,873
financing arrangements
Other non-current liabilities                         52,475      53,211
Total liabilities                                     $1,509,868  $1,543,448
                                                                
EQUITY                                                           
Common Stock                                          $6,174      $6,174
Additional paid-in capital                            1,559,996   1,556,250
Accumulated deficit                                   (1,093,545) (982,513)
Accumulated other comprehensive income                48,470      46,150
Total CME Ltd. shareholders' equity                   521,095     626,061
Noncontrolling interests                              4,221       5,206
Total equity                                          $525,316    $631,267
Total liabilities and equity                          $2,035,184  $2,174,715

                                      

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(US$ 000's)
(unaudited)


                                                   
                                                   For the Three Months Ended
                                                   March31,
                                                   2013          2012
Net cash used in operating activities               $(875)        $(33,065)
Net cash used in investing activities               (10,063)      (7,177)
Net cash used in financing activities               (962)         (1,251)
Impact of exchange rate fluctuations on cash and    (5,390)       5,139
cash equivalents
Net decrease in cash and cash equivalents           $(17,290)     $(36,354)
                                                                
                                                                
Net cash used in operating activities               $(875)        $(33,065)
Capital expenditure, net of proceeds from disposals (10,063)      (7,177)
Free cash flow                                      $(10,938)     $(40,242)
                                                                
                                                                
Supplemental disclosure of cash flow information:                
Cash paid for interest                              $36,371       $33,084
Cash paid for income taxes (net of refunds)         $1,613        $2,285

Segment Data

From January 1, 2013 we manage our business on a geographical basis, with six
reportable segments: Bulgaria, Croatia, The Czech Republic, Romania, The
Slovak Republic and Slovenia.

We evaluate the performance of our segments based on Net revenues and OIBDA.
OIBDA, which includes program rights amortization costs, is determined as
operating income / (loss) before depreciation, amortization of intangible
assets and impairments of assets. Items that are not allocated to our segments
for purposes of evaluating their performance and therefore are not included in
their OIBDA, include stock-based compensation and certain other items. We
believe OIBDA is useful to investors because it provides a more meaningful
representation of our performance, as it excludes certain items that do not
impact either our cash flows or the operating results of our operations.OIBDA
is also used as a component in determining management bonuses. Intersegment
revenues and profits have been eliminated in consolidation.OIBDA may not be
comparable to similar measures reported by other companies.

Below are tables showing our Net revenues and OIBDA by segment for the three
months ended March31, 2013 and 2012, together with a reconciliation of OIBDA
to our Condensed Consolidated Statements of Operations:

                     
                     For the Three Months
(US $000's)           Ended March 31,
(unaudited)           2013       2012
Net revenues                    
                               
Bulgaria              $16,424    $19,331
Croatia               12,093     12,879
Czech Republic        36,801     58,958
Romania               42,031     43,351
Slovak Republic       16,923     19,372
Slovenia              14,476     15,524
Intersegment revenues (1,706)    (1,982)
Total net revenues    $137,042   $167,433

                                      

                                                         
                                                         For the Three Months
(US $000's)                                               Ended March 31,
(unaudited)                                               2013       2012
OIBDA                                                               
                                                                   
Bulgaria                                                  $(2,427)   $(1,221)
Croatia                                                   (607)      1,568
Czech Republic                                            (6,690)    23,264
Romania                                                   959        1,152
Slovak Republic                                           (3,568)    (498)
Slovenia                                                  1,837      2,770
Elimination                                               $6         $(478)
Total Operating Segments                                  $(10,490)  $26,557
Central                                                   (10,175)   (12,497)
Total OIBDA                                               $(20,665)  $14,060
                                                         
                                                         
                                                         For the Three Months
(US $000's)                                               Ended March 31,
(unaudited)                                               2013       2012
Reconciliation to Condensed Consolidated Statements of              
Operations:
                                                                   
Total OIBDA                                               $(20,665)  $14,060
Depreciation of property, plant and equipment             (10,234)   (11,880)
Amortization of intangible assets                         (4,100)    (12,483)
Operating loss                                            $(34,999)  $(10,303)
Interest expense, net                                     (31,836)   (31,610)
Foreign currency exchange (loss) / gain, net              (49,874)   23,394
Change in fair value of derivatives                       104        927
Other (expense) / income                                  (36)       209
Credit for income taxes                                   7,679      3,570
Net loss                                                  $(108,962) $(13,813)

CONTACT: David Sach
         Chief Financial Officer
         Central European Media Enterprises
         +420 242 465 525
         david.sach@cme.net