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Central European Media Enterprises Reports Results For The Fourth Quarter And Full Year Ended December 31, 2010

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 and amortization of intangible assets. In the past, our definition of EBITDA excluded foreign currency exchange gains and losses and changes in the fair value of derivatives. In effect, the amount arrived at by excluding those two items as well as interest and taxes from earnings is equal to OIBDA. 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 unusual or infrequent items (e.g., impairments of assets or investments). We believe OIBDA is useful to investors because it provides a more meaningful representation of our performance as it excludes certain items that either do not impact 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 each of our Net Revenues and OIBDA by segment for the three months and full year ended December 31, 2010 and 2009, together with a reconciliation of OIBDA to our Consolidated Statement of Operations:

(US $000's) For the Three Months Ended December 31, For the Full Year Ended December 31,
  2010 2009 2010 2009
Net Revenues        
Broadcast:        
Bulgaria $ 29,313 $ 1,120 $ 61,753 $ 3,517
Croatia 16,659 17,718 51,350 48,543
Czech Republic 91,878 92,782 265,018 271,733
Romania 48,241 55,484 157,416 175,409
Slovak Republic 31,532 38,962 90,391 106,479
Slovenia 23,549 22,033 64,799 63,385
Total Broadcast 241,172 228,099 690,727 669,066
Media Pro Entertainment 47,929 42,271 140,797 107,683
New Media 4,132 3,489 11,193 9,935
Intersegment revenues (35,820) (39,436) (105,583) (104,739)
Total Net Revenues $ 257,413 $ 234,423 $ 737,134 $ 681,945
         
     
(US $000's) For the Three Months Ended December 31, For the Full Year Ended December 31,
  2010 2009 2010 2009
OIBDA        
Broadcast:        
Bulgaria $ 9,049 $ (15,284) $ (2,071) $ (44,471)
Croatia 948 1,491 2,368 634
Czech Republic 48,371 47,794 122,818 130,739
Romania 6,408 9,791 25,997 39,935
Slovak Republic 3,954 6,663 (1,001) 14,965
Slovenia 9,578 7,844 18,427 15,579
Divisional operating costs (806) (725) (2,123) (2,410)
Total Broadcast 77,502 57,574 164,415 154,971
Media Pro Entertainment 1,058 3,484 (3,005) 7,538
New Media (173) (2,341) (6,542) (8,651)
Central (12,939) (13,975) (44,062) (38,151)
Elimination (672) (333) (3,483) (333)
Total OIBDA $ 64,776 $ 44,409 $ 107,323 $ 115,374
     
     
(US $000's) Reconciliation to Consolidated Statement of Operations: For the Three Months Ended December 31, For the Full Year Ended December 31,
  2010 2009 2010 2009
         
Total OIBDA $ 64,776 $ 44,409 $ 107,323 $ 115,374
Depreciation of property, plant and equipment (15,179) (14,992) (58,062) (52,583)
Amortization of intangible assets (7,297) (5,129) (25,987) (19,919)
Impairment charge (397) -- (397) (81,843)
Operating income / (loss) 41,903 24,288 22,877 (38,971)
Interest expense, net (38,701) (44,025) (131,267) (112,895)
Foreign currency exchange (loss) / gain, net (28,872) (33,002) (5,030) 82,920
Change in fair value of derivatives 3,425 5,759 1,164 1,315
Other income 557 1,139 357 1,385
Provision for income taxes (3,754) (4,439) (5,025) (4,737)
Loss from continuing operations $ (25,442) $ (50,280) $ (116,924) $ (70,983)
CONTACT: Romana Wyllie
         Vice President of Corporate Communications
         Central European Media Enterprises
         +420 242 465 525
         romana.wyllie@cme-net.com

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