Q2 2019 Earnings Call

Let me see in Western Europe , and in the U.S., where where you have spending on on you know categories. Like you know financial services. For example, you know.

A much larger piece of the pie than is the case today. So I think that you've identified it right. I mean, there are certain categories you know associated with.

With you know spending in western Europe , or the U.S. that I think over the longer term provides more growth opportunity in these markets.

Thanks, Michael Please post Doc.

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Thank you.

Next question follow up coming from <unk>. Please go ahead <unk>.

Oh. Thank you again, so one more question just popped up in my head, which was related to the net leverage ratio and their potential dividend payment or share buy back. So I remember it was back on the conference call have to queue for O. Q1, I'm not sure no. So I think Michael said that further down the road, India, you would be able to comment better on the potential too.

Stand with the net leverage ratio below the the the level required by the debt covenants for a potential payment to shareholders. So given that this net leverage ratio declined so fast over the last two quarters.

As you say two 2.6 at the end of June So do you find it likely that at the end of the year.

Also the gross leverage ratio should stand below two point 75, so that theoretically a potential payment to shareholders would be possible.

Thank you call I'll take that again this time of the look.

You're absolutely right and I'm personally thing you know <unk>.

Surprise with the speed with which that net leverage ratio has declined just in the first six months of this year right moving that by it.

Given where we're at is.

Is you know is is significant and and you're right. We've got a you know an ability to issue dividends one's gross debt reach 2.75 time.

But but you know our policy is relates to did it ends obviously is caught up in you know the strategic review that that's underway and so.

When we reach the tail end of that review I think that you know have it. It comes out I think you know included in that would be a you know a a a careful analysis of.

What target members should be what we should do with excess cash and you know I think that the expectation would be that that that we would be you know providing more clarity on that at that point.

Okay. Thank you.

Okay. Thank you around for joining us today as a quick reminder, you can keep up to date follow our progress between earnings calls on her website you me dot net since we routinely posted an important information there about the company and its operation.

We're also available for your feedback and additional questions anytime.

Thank you. This concludes the central European Media Enterprises second quarter 2019 earnings Conference call.

Please disconnect your lines at this time and have a wonderful day.