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Central European Media Enterprises Ltd. Reports Results For The Full Year And Fourth Quarter Ended December 31, 2012

 

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(US$ 000's, except per share data)
   
  For the Three Months Ended
  December 31,
  2012 2011
Net revenues $ 253,338 $ 276,882
Operating expenses:    
Operating costs 61,020 33,282
Cost of programming 106,153 132,058
Depreciation of property, plant and equipment 9,557 11,969
Amortization of broadcast licenses and other intangibles 11,231 11,488
Cost of revenues 187,961 188,797
Selling, general and administrative expenses 26,026 31,443
Impairment charge 522,490 68,748
Operating loss (483,139) (12,106)
Interest expense, net (32,790) (32,150)
Foreign currency exchange gain / (loss), net 5,085 (32,576)
Change in fair value of derivatives 143 2,681
Other income 742 770
Loss before tax (509,959) (73,381)
Credit / (provision) for income taxes 6,875                (3,844)
Net loss (503,084) (77,225)
Net loss attributable to noncontrolling interests 8,889 4,834
Net loss attributable to CME Ltd. $ (494,195) $ (72,391)
     
PER SHARE DATA:    
Net loss per share    
Net loss per share - Basic and diluted $ (5.59) $ (1.12)
     
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)
     
  December 31, 2012 December 31, 2011
ASSETS    
Cash and cash equivalents $140,393 $186,386
Other current assets 378,158 351,903
Total current assets 518,551 538,289
Property, plant and equipment, net 206,706 217,367
Goodwill and other intangible assets, net 1,121,479 1,633,388
Other non-current assets 327,979 292,725
Total assets $2,174,715 $2,681,769
LIABILITIES AND EQUITY    
Accounts payable and accrued liabilities $255,681 $240,048
Current portion of long-term debt and other financing arrangements 21,918 1,058
Other current liabilities 13,765 14,469
Total current liabilities 291,364 255,575
Long-term portion of long-term debt and other financing arrangements 1,198,873 1,323,311
Other non-current liabilities 53,211 84,941
Total liabilities $1,543,448 $1,663,827
     
EQUITY    
Common Stock $6,174 $5,151
Additional paid-in capital 1,556,250 1,404,648
Accumulated deficit (982,513) (425,702)
Accumulated other comprehensive income 46,150 17,595
Total CME Ltd. shareholders' equity 626,061 1,001,692
Noncontrolling interests 5,206 16,250
Total equity $631,267 $1,017,942
Total liabilities and equity $2,174,715 $2,681,769

 

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(US$ 000's)
   
  For the Year Ended
  December 31,
  2012 2011
Net cash (used in) / generated from operating activities $ (30,027) $ 29,638
Net cash used in investing activities (32,426) (42,698)
Net cash generated from / (used in) financing activities 11,896 (38,168)
Impact of exchange rate fluctuations on cash and cash equivalents 4,564 (6,436)
Net decrease in cash and cash equivalents $ (45,993) $ (57,664)
     
     
Net cash (used in) / generated from operating activities $ (30,027) $ 29,638
Capital expenditure, net of proceeds from disposals     (32,426)     (33,101)
Free cash flow $ (62,453) $ (3,463)
     
     
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 104,650 $ 111,802
Cash paid for income taxes (net of refunds) $ 6,442 $ 6,315

Segment Data

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

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