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TheStreet Open House

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

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, 2012 and 2011, together with a reconciliation of OIBDA to our Condensed Consolidated Statement of Operations:

 

   
  For the Year For the Three Months
  Ended December 31, Ended December 31
(US $000's) 2012 2011 2012 2011
Net revenues        
Broadcast:        
Bulgaria $83,027 $93,732 $27,293 $30,373
Croatia 54,618 61,502 18,422 19,053
Czech Republic 241,034 285,865 80,017 90,212
Romania 134,029 159,387 41,978 46,962
Slovak Republic 88,853 101,973 32,436 34,834
Slovenia 63,794 72,519 20,902 23,628
Total Broadcast $665,355 $774,978 $221,048 $245,062
Media Pro Entertainment 205,064 187,224 63,445 60,649
New Media 18,690 15,764 6,019 5,285
Intersegment revenues (117,024) (113,184) (37,174) (34,114)
Total net revenues $772,085 $864,782 $253,338 $276,882

 

     
  For the Year For the Three Months
  Ended December 31, Ended December 31,
(US $000's) 2012 2011 2012 2011
OIBDA        
Broadcast:        
Bulgaria $13,857 $12,897 $10,464 $7,682
Croatia 5,892 4,659 1,723 3,798
Czech Republic 101,677 140,386 39,082 52,795
Romania 10,156 25,939 785 8,568
Slovak Republic 6,535 9,968 8,313 8,284
Slovenia 14,213 19,602 7,208 8,205
Divisional operating costs       (4,601)     (2,361)      (1,245)       (644)
Total Broadcast $147,729 $211,090 $66,330 $88,688
Media Pro Entertainment 15,912 3,996 5,409 2,293
New Media (4,225) (2,558) (478) 565
Central (27,531) (41,851) (8,303) (9,882)
Elimination      (6,463)     (3,675)       (2,216)        (499)
Total OIBDA $125,422 $167,002 $60,742 $81,165

 

   
  For the Year For the Three Months
  Ended December 31, Ended December 31,
(US $000's) 2012 2011 2012 2011
Reconciliation to Condensed Consolidated Statement of Operations:        
         
Total OIBDA $125,422 $167,002 $60,742 $81,165
Depreciation of property, plant and equipment (44,498) (56,581) (10,160) (13,035)
Amortization of intangible assets (46,627) (34,881) (11,231) (11,488)
Impairment charge     (522,490)       (68,748)     (522,490)    (68,748)
Operating (loss) / income $(488,193) $6,792 $(483,139) $(12,106)
Interest expense, net (127,189) (158,704) (32,790) (32,150)
Foreign currency exchange gain / (loss), net 4,922 (31,124) 5,085 (32,576)
Change in fair value of derivatives 49,027 7,281 143 2,681
Other income 901 1 742 770
Credit / (provision) for income taxes 14,139         (3,850) 6,875       (3,844)
Net loss $(546,393) $(179,604) $(503,084) $(77,225)
CONTACT: Romana Wyllie
         Vice President of Corporate Communications
         Central European Media Enterprises
         +420 242 465 525
         romana.wyllie@cme.net
         www.cme.net

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