Mediaboss Marketing

FULL YEAR
- Net revenues of US$ 864.8 million up 17% -
- OIBDA of US$ 167.0 million up 56% -
- Free cash flow of US$ (3.5) million up 96% -

FOURTH QUARTER
- Net revenues of US$ 276.9 million up 8% -
- OIBDA of US$ 81.2 million up 25% -

HAMILTON, Bermuda, Feb. 22, 2012 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV - News) (Prague Stock Exchange:CETV) today announced financial results for the full year and three months ended December 31, 2011.

Net revenues for the year ended December 31, 2011 increased by US$ 127.6 million to US$ 864.8 million compared to 2010 and OIBDA1 increased by US$ 59.7 million to US$ 167.0 million. Operating income for the year was US$ 6.8 million. Net loss from continuing operations for the year was US$ (179.6) million. Free cash flow2 for the year improved to US$ (3.5) million from US$ (95.5) million for 2010.

Net revenues for the fourth quarter of 2011 increased by US$ 19.5 million to US$ 276.9 million compared to the fourth quarter of 2010. OIBDA for the quarter improved by US$ 16.4 million to US$ 81.2 million. Operating loss for the quarter was US$ (12.1) million. Net loss from continuing operations for the quarter was US$ (77.2) million.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "In a difficult year we kept our promises: our revenues grew by 17%, our OIBDA increased by 56% and our cash flow improved by 96%. We outperformed the markets following successful implementation of our new business model: One Content, Multiple Distribution. We maintained our leadership in each country and reduced like-for-like costs. We have positioned the company on a strong path for growth with revenues driven not only by advertising but also by content and digital distribution. In 2012, we will focus on deleveraging, strengthening our leadership and fuelling new revenue engines."

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.

2 Free cash flow is defined as cash flows from continuing operating activities less expenditure on property, plant and equipment, net of disposals of property, plant and equipment.

Consolidated Results for the Year Ended December 31, 2011

Net revenues for the year ended December 31, 2011 increased by 17.3% to US$ 864.8 million from US$ 737.1 million for the year ended December 31, 2010. Operating income, which included impairment losses of US$ 68.7 million, was US$ 6.8 million for the year ended December 31, 2011 compared to US$ 22.9 million for the year ended December 31, 2010. Net loss from continuing operations for the year ended December 31, 2011 was US$ (179.6) million compared to a net loss of US$ (116.9) million for the year ended December 31, 2010. Fully diluted loss from continuing operations per share for the year ended December 31, 2011 was US$ (2.71) compared to US$ (1.77) for the year ended December 31, 2010.

OIBDA for the year ended December 31, 2011 increased by 55.6% to US$ 167.0 million from US$ 107.3 million in the year ended December 31, 2010. OIBDA margin3 for the year ended December 31, 2011 increased to 19.3% from 14.6% in the year ended December 31, 2010.

Headline consolidated results for the year ended December 31, 2011 and 2010 were:

RESULTS
For the Year Ended December 31,
(US $000's)
2011 2010 $ change % change Net revenues $ 864,782 $ 737,134 $ 127,648 17.3 % OIBDA 167,002 107,323 59,679 55.6 % Operating income 6,792 22,877 (16,085) (70.3) % Net loss from continuing operations (179,604) (116,924) (62,680) (53.6) % Fully diluted loss from continuing operations per share $ (2.71) $ (1.77) $ (0.94) (53.1) %

Consolidated Results for the Three Months Ended December 31, 2011

Net revenues for the three months ended December 31, 2011 increased by 7.6% to US$ 276.9 million from US$ 257.4 million for the three months ended December 31, 2010. Operating loss for the quarter, which included impairment losses of US$ 68.7 million, was US$ (12.1) million compared to operating income of US$ 41.9 million for the three months ended December 31, 2010. Net loss for the quarter was US$ (77.2) million compared to a net loss of US$ (25.4) million for the three months ended December 31, 2010. Fully diluted loss per share for the three months ended December 31, 2011 was US$ (1.12) compared to a loss of US$ (0.41) in the same period of 2010.

OIBDA for the three months ended December 31, 2011 increased to US$ 81.2 million from US$ 64.8 million in the three months ended December 31, 2010. OIBDA margin for the three months ended December 31, 2011 increased to 29.3% from 25.2% in the three months ended December 31, 2010.

Headline consolidated results for the three months ended December 31, 2011 and 2010 were:

RESULTS
For the Three Months Ended December 31,
(US $000's)
2011 2010 $ change % change Net revenues $ 276,882 $ 257,413 $ 19,469 7.6 % OIBDA 81,165 64,776 16,389 25.3 % Operating (loss) / income (12,106) 41,903 (54,009) n.m.4 Net loss (77,225) (25,442) (51,783) (203.5) % Fully diluted loss per share $ (1.12) $ (0.41) $ (0.71) (173.2) %

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

4 Number is not meaningful.

Segment Results

We evaluate the performance of our operations based on Net revenues and OIBDA.

Our Net revenues and Consolidated OIBDA for the year ended December 31, 2011 and 2010 were:

SEGMENT RESULTS
For the Year Ended December 31,
(US $000's)
2011 2010 $ change % change Broadcast $ 774,978 $ 690,727 $ 84,251 12.2 % Media Pro Entertainment 187,224 140,797 46,427 33.0 % New Media 15,764 11,193 4,571 40.8 % Intersegment revenues (113,184) (105,583) (7,601) (7.2) % Net revenues $ 864,782 $ 737,134 $ 127,648 17.3 %

Broadcast $ 211,090 $ 164,415 $ 46,675 28.4 % Media Pro Entertainment 3,996 (3,005) 7,001 n.m.4 New Media (2,558) (6,542) 3,984 60.9 % Central (41,851) (44,062) 2,211 5.0 % Elimination (3,675) (3,483) (192) (5.5) % Consolidated OIBDA $ 167,002 $ 107,323 $ 59,679 55.6 %

Our Net revenues and Consolidated OIBDA for the three months ended December 31, 2011 and 2010 were:

SEGMENT RESULTS
For the Three Months Ended December 31,
(US $000's)
2011 2010 $ change % change Broadcast $ 245,062 $ 241,172 $ 3,890 1.6 % Media Pro Entertainment 60,649 47,929 12,720 26.5 % New Media 5,285 4,132 1,153 27.9 % Intersegment revenues (34,114) (35,820) 1,706 4.8 % Net revenues $ 276,882 $ 257,413 $ 19,469 7.6

Broadcast $ 88,688 $ 77,502 $ 11,186 14.4 % Media Pro Entertainment 2,293 1,058 1,235 116.7 % New Media 565 (173) 738 n.m.4 Central (9,882) (12,939) 3,057 23.6 % Elimination (499) (672) 173 25.7 % Consolidated OIBDA $ 81,165 $ 64,776 $ 16,389 25.3 %

CME will host a teleconference and video webcast to discuss its fourth quarter and full year results on Wednesday, February 22, 2012 at 9:00 a.m. New York time (2:00 p.m. London time and 3:00 p.m. Prague time). The video webcast and teleconference will refer to presentation slides which will be available on CME's website at http://www.cme.net prior to the call.

To access the teleconference, U.S. and international callers may dial +1 785-424-1051 ten minutes prior to the start time and reference passcode CETVQ411. The conference call will be video webcasted live via http://www.cme.net and can be viewed on a range of platforms including Windows, Android and Apple devices including iPhone and iPad.

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

In the coming weeks, CME will post the results for the quarter and full year ended December 31, 2011 for its wholly-owned subsidiary CET 21 spol. s r.o. at http://www.cme.net.

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.

For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in CME's Annual Report on Form 10-K for the year period ended December 31, 2011, which was filed with the Securities and Exchange Commission on February 22, 2012. 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 Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the Securities and Exchange Commission on February 22, 2012.

We make available free of charge on our website at http://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 broadcast 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 and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro, MTV Romania and PRO TV Chisinau Moldova), the Slovak Republic (TV Markiza and Doma) and Slovenia (POP TV, Kanal A and the POP NON STOP subscription package). CME's broadcast operations are supported by its production and distribution division, Media Pro Entertainment, as well as its New Media division, which 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 http://www.cme.net.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (US$ 000's, except share and per share data)

For the Year Ended
December 31,
2011 2010 Net revenues $ 864,782 $ 737,134 Operating expenses:

Operating costs 136,018 123,339 Cost of programming 445,802 390,303 Depreciation of property, plant and equipment 52,954 54,415 Amortization of broadcast licenses and other intangibles 34,881 25,987 Cost of revenues 669,655 594,044 Selling, general and administrative expenses 119,587 119,816 Impairment charge 68,748 397 Operating income 6,792 22,877 Interest expense, net (158,704) (131,267) Foreign currency exchange loss, net (31,124) (5,030) Change in fair value of derivatives 7,281 1,164 Other income 1 357 Loss from continuing operations before tax (175,754) (111,899) Provision for income taxes (3,850) (5,025) Loss from continuing operations (179,604) (116,924) Discontinued operations, net of tax -- (3,922) Gain on disposal of discontinued operations -- 217,619 Income from discontinued operations -- 213,697 Net (loss) / income (179,604) 96,773 Net loss attributable to noncontrolling interests 4,993 3,402 Net (loss) / income attributable to CME Ltd. $ (174,611) $ 100,175

PER SHARE DATA:

Net (loss) / income per share

Continuing operations attributable to CME Ltd. - Basic and diluted $ (2.71) $ (1.77) Discontinued operations attributable to CME Ltd. - Basic and diluted -- 3.34 Net (loss) / income attributable to CME Ltd - Basic and diluted $ (2.71) $ 1.57

Weighted average common shares used in computing per share amounts (000's):

Basic 64,385 64,029 Diluted 64,385 64,029
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (continued) (US$ 000's, except share and per share data)

For the Three Months Ended
December 31,
2011 2010 Net revenues $ 276,882 $ 257,413 Operating expenses:

Operating costs 33,282 39,513 Cost of programming 132,058 121,693 Depreciation of property, plant and equipment 11,969 13,885 Amortization of broadcast licenses and other intangibles 11,488 7,297 Cost of revenues 188,797 182,388 Selling, general and administrative expenses 31,443 32,725 Impairment charge 68,748 397 Operating (loss) / income (12,106) 41,903 Interest expense, net (32,150) (38,701) Foreign currency exchange loss, net (32,576) (28,872) Change in fair value of derivatives 2,681 3,425 Other income 770 557 Loss before tax (73,381) (21,688) Provision for income taxes (3,844) (3,754) Net loss (77,225) (25,442) Net loss / (income) attributable to noncontrolling interests 4,834 (674) Net loss attributable to CME Ltd. $ (72,391) $ (26,116)

PER SHARE DATA:

Net loss per share

Net loss attributable to CME Ltd - Basic and diluted $ (1.12) $ (0.41)

Weighted average common shares used in computing per share amounts (000's):

Basic 64,393 64,358 Diluted 64,393 64,358
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (US$ 000's)

December 31,
2011 December 31,
2010 ASSETS

Cash and cash equivalents $ 186,386 $ 244,050 Other current assets 351,903 368,035 Total current assets 538,289 612,085 Property, plant and equipment, net 217,367 250,902 Goodwill and other intangible assets, net 1,633,388 1,816,943 Other non-current assets 292,725 260,620 Total assets $ 2,681,769 $ 2,940,550 LIABILITIES AND EQUITY

Accounts payable and accrued liabilities $ 240,048 $ 224,058 Current portion of long-term debt and other financing arrangements 1,058 13,562 Other current liabilities 14,469 5,456 Total current liabilities 255,575 243,076 Long-term portion of long-term debt and other financing arrangements 1,323,311 1,346,222 Other non-current liabilities 84,941 103,500 Total liabilities $ 1,663,827 $ 1,692,798

EQUITY

Common Stock $ 5,151 $ 5,149 Additional paid-in capital 1,404,648 1,377,803 Accumulated deficit (425,702) (233,818) Accumulated other comprehensive income 17,595 77,745 Total CME Ltd. shareholders' equity 1,001,692 1,226,879 Noncontrolling interests 16,250 20,873 Total equity $ 1,017,942 $ 1,247,752 Total liabilities and equity $ 2,681,769 $ 2,940,550
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (US$ 000's)

For the Year Ended
December 31,
2011 2010 Net cash generated from / (used in) continuing operating activities $ 29,638 $ (49,614) Net cash used in continuing investing activities (42,698) (456,770) Net cash (used in) / generated from financing activities (38,168) 7,338 Net cash used in discontinued operations - operating activities -- (5,921) Net cash generated from discontinued operations - investing activities -- 307,790 Impact of exchange rate fluctuations on cash and cash equivalents (6,436) (4,727) Net decrease in cash and cash equivalents $ (57,664) $ (201,904)

Net cash generated from / (used in) continuing operating activities $ 29,638 $ (49,614) Capital expenditure, net of proceeds from disposals (33,101) (45,872) Free cash flow $ (3,463) $ (95,486)

Supplemental disclosure of cash flow information:

Cash paid for interest $ 111,802 $ 100,901 Cash paid for income taxes (net of refunds) $ 6,315 $ 14,714

Segment Data

We manage our business on a divisional basis, with three reportable segments: Broadcast, Media Pro Entertainment (our production and distribution division) and New Media.

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 and twelve months ended December 31, 2011 and 2010, together with a reconciliation of OIBDA to our Condensed Consolidated Statement of Operations:

(US $000'S) For the Year
Ended December 31, For the Three Months
Ended December 31,
2011 2010 2011 2010 Net revenues

Broadcast:

Bulgaria $ 93,732 $ 61,753 $ 30,373 $ 29,313 Croatia 61,502 51,350 19,053 16,659 Czech Republic 285,865 265,018 90,212 91,878 Romania 159,387 157,416 46,962 48,241 Slovak Republic 101,973 90,391 34,834 31,532 Slovenia 72,519 64,799 23,628 23,549 Total Broadcast $ 774,978 $ 690,727 $ 245,062 $ 241,172 Media Pro Entertainment $ 187,224 $ 140,797 $ 60,649 $ 47,929 New Media $ 15,764 $ 11,193 $ 5,285 $ 4,132 Intersegment revenues5 (113,184) (105,583) (34,114) (35,820) Total net revenues $ 864,782 $ 737,134 $ 276,882 $ 257,413

5 Reflects revenues earned by the Media Pro Entertainment segment through sales to the Broadcast segment. All other revenues are third party revenues.

(US $000's) For the Year
Ended December 31, For the Three Months
Ended December 31,
2011 2010 2011 2010 OIBDA

Broadcast:

Bulgaria $ 12,897 $ (2,071) $ 7,682 $ 9,049 Croatia 4,659 2,368 3,798 948 Czech Republic 140,386 122,818 52,795 48,371 Romania 25,939 25,997 8,568 6,408 Slovak Republic 9,968 (1,001) 8,284 3,954 Slovenia 19,602 18,427 8,205 9,578 Divisional operating costs (2,361) (2,123) (644) (806) Total Broadcast $ 211,090 $ 164,415 $ 88,688 $ 77,502 Media Pro Entertainment $ 3,996 $ (3,005) $ 2,293 $ 1,058 New Media $ (2,558) $ (6,542) $ 565 $ (173) Central (41,851) (44,062) (9,882) (12,939) Elimination (3,675) (3,483) (499) (672) Total OIBDA $ 167,002 $ 107,323 $ 81,165 $ 64,776

(US $000's)
Reconciliation to Condensed Consolidated Statement of For the Year
Ended December 31, For the Three Months
Ended December 31, Operations: 2011 2010 2011 2010

Total OIBDA $ 167,002 $ 107,323 $ 81,165 $ 64,776 Depreciation of property, plant and equipment (56,581) (58,062) (13,035) (15,179) Amortization of intangible assets (34,881) (25,987) (11,488) (7,297) Impairment charge (68,748) (397) (68,748) (397) Operating income / (loss) $ 6,792 $ 22,877 $ (12,106) $ 41,903 Interest expense, net (158,704) (131,267) (32,150) (38,701) Foreign currency exchange loss, net (31,124) (5,030) (32,576) (28,872) Change in fair value of derivatives 7,281 1,164 2,681 3,425 Other income 1 357 770 557 Provision for income taxes (3,850) (5,025) (3,844) (3,754) Loss from continuing operations $ (179,604) $ (116,924) $ (77,225) $ (25,442)

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Central European Media Enterprises Ltd. Reports Results for the Full Year and Fourth Quarter Ended December 31, 2011