We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Central European Media Enterprises Ltd | NASDAQ:CETV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.57 | 4.58 | 4.58 | 0 | 01:00:00 |
|
|
|
|
|
|
|
|
BERMUDA
|
|
98-0438382
|
(State or other jurisdiction of incorporation and organization)
|
|
(IRS Employer Identification No.)
|
|
|
|
O'Hara House, 3 Bermudiana Road, Hamilton, Bermuda
|
|
HM 08
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
£
|
Accelerated filer
T
|
Non-accelerated filer
£
|
Smaller reporting company
£
|
Class
|
Outstanding as of July 22, 2016
|
Class A Common Stock, par value $0.08
|
142,355,060
|
|
|
|
|
|
|
|
|
|
Page
|
||
Part I Financial Information
|
|
||
|
|||
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||
|
|||
|
|||
Part II Other Information
|
|
||
|
|||
|
|||
|
|||
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
46,442
|
|
|
$
|
61,679
|
|
Accounts receivable, net (Note 6)
|
167,704
|
|
|
167,427
|
|
||
Program rights, net (Note 5)
|
89,238
|
|
|
85,972
|
|
||
Other current assets (Note 7)
|
29,999
|
|
|
43,206
|
|
||
Total current assets
|
333,383
|
|
|
358,284
|
|
||
Non-current assets
|
|
|
|
|
|
||
Property, plant and equipment, net (Note 8)
|
105,644
|
|
|
108,522
|
|
||
Program rights, net (Note 5)
|
179,342
|
|
|
169,073
|
|
||
Goodwill (Note 3)
|
632,740
|
|
|
622,243
|
|
||
Broadcast licenses and other intangible assets, net (Note 3)
|
149,675
|
|
|
151,162
|
|
||
Other non-current assets (Note 7)
|
21,169
|
|
|
31,133
|
|
||
Total non-current assets
|
1,088,570
|
|
|
1,082,133
|
|
||
Total assets
|
$
|
1,421,953
|
|
|
$
|
1,440,417
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and accrued liabilities (Note 9)
|
$
|
137,378
|
|
|
$
|
134,705
|
|
Current portion of long-term debt and other financing arrangements (Note 4)
|
1,157
|
|
|
1,155
|
|
||
Other current liabilities (Note 10)
|
24,664
|
|
|
10,448
|
|
||
Total current liabilities
|
163,199
|
|
|
146,308
|
|
||
Non-current liabilities
|
|
|
|
|
|
||
Long-term debt and other financing arrangements (Note 4)
|
1,053,443
|
|
|
908,521
|
|
||
Other non-current liabilities (Note 10)
|
56,857
|
|
|
65,749
|
|
||
Total non-current liabilities
|
1,110,300
|
|
|
974,270
|
|
||
Commitments and contingencies (Note 19)
|
|
|
|
|
|
||
TEMPORARY EQUITY
|
|
|
|
||||
200,000 shares of Series B Convertible Redeemable Preferred Stock of $0.08 each (December 31, 2015 - 200,000) (Note 12)
|
250,148
|
|
|
241,198
|
|
||
EQUITY
|
|
|
|
|
|
||
CME Ltd. shareholders’ equity (Note 13):
|
|
|
|
|
|
||
One share of Series A Convertible Preferred Stock of $0.08 each (December 31, 2015 – one)
|
—
|
|
|
—
|
|
||
141,454,534 shares of Class A Common Stock of $0.08 each (December 31, 2015 – 135,804,221)
|
11,316
|
|
|
10,864
|
|
||
Nil shares of Class B Common Stock of $0.08 each (December 31, 2015 – nil)
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
1,911,425
|
|
|
1,914,050
|
|
||
Accumulated deficit
|
(1,786,997
|
)
|
|
(1,605,245
|
)
|
||
Accumulated other comprehensive loss
|
(238,483
|
)
|
|
(242,409
|
)
|
||
Total CME Ltd. shareholders’ (deficit) / equity
|
(102,739
|
)
|
|
77,260
|
|
||
Noncontrolling interests
|
1,045
|
|
|
1,381
|
|
||
Total (deficit) / equity
|
(101,694
|
)
|
|
78,641
|
|
||
Total liabilities and equity
|
$
|
1,421,953
|
|
|
$
|
1,440,417
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Net revenues
|
$
|
175,206
|
|
|
$
|
166,834
|
|
|
$
|
304,206
|
|
|
$
|
292,967
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Content costs
|
77,282
|
|
|
73,437
|
|
|
149,260
|
|
|
144,727
|
|
||||
Other operating costs
|
17,939
|
|
|
17,422
|
|
|
34,393
|
|
|
34,460
|
|
||||
Depreciation of property, plant and equipment
|
7,627
|
|
|
6,936
|
|
|
14,912
|
|
|
13,937
|
|
||||
Amortization of broadcast licenses and other intangibles
|
2,114
|
|
|
3,434
|
|
|
4,174
|
|
|
6,933
|
|
||||
Cost of revenues
|
104,962
|
|
|
101,229
|
|
|
202,739
|
|
|
200,057
|
|
||||
Selling, general and administrative expenses
|
26,353
|
|
|
28,712
|
|
|
49,813
|
|
|
72,613
|
|
||||
Restructuring costs
|
—
|
|
|
452
|
|
|
—
|
|
|
1,095
|
|
||||
Operating income
|
43,891
|
|
|
36,441
|
|
|
51,654
|
|
|
19,202
|
|
||||
Interest expense (Note 14)
|
(29,545
|
)
|
|
(41,746
|
)
|
|
(78,699
|
)
|
|
(81,864
|
)
|
||||
Loss on extinguishment of debt (Note 4)
|
(150,158
|
)
|
|
—
|
|
|
(150,158
|
)
|
|
—
|
|
||||
Non-operating (expense) / income, net (Note 15)
|
(167
|
)
|
|
(2,904
|
)
|
|
1,249
|
|
|
(15,645
|
)
|
||||
Loss before tax
|
(135,979
|
)
|
|
(8,209
|
)
|
|
(175,954
|
)
|
|
(78,307
|
)
|
||||
Provision for income taxes
|
(5,270
|
)
|
|
(3,460
|
)
|
|
(5,989
|
)
|
|
(3,605
|
)
|
||||
Loss from continuing operations
|
(141,249
|
)
|
|
(11,669
|
)
|
|
(181,943
|
)
|
|
(81,912
|
)
|
||||
Income / (loss) from discontinued operations, net of tax
|
—
|
|
|
2,684
|
|
|
—
|
|
|
(604
|
)
|
||||
Net loss
|
(141,249
|
)
|
|
(8,985
|
)
|
|
(181,943
|
)
|
|
(82,516
|
)
|
||||
Net (income) / loss attributable to noncontrolling interests
|
(68
|
)
|
|
307
|
|
|
191
|
|
|
564
|
|
||||
Net loss attributable to CME Ltd.
|
$
|
(141,317
|
)
|
|
$
|
(8,678
|
)
|
|
$
|
(181,752
|
)
|
|
$
|
(81,952
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(141,249
|
)
|
|
$
|
(8,985
|
)
|
|
$
|
(181,943
|
)
|
|
$
|
(82,516
|
)
|
Other comprehensive income / (loss):
|
|
|
|
|
|
|
|
||||||||
Currency translation adjustment
|
(11,056
|
)
|
|
39,581
|
|
|
8,002
|
|
|
(64,183
|
)
|
||||
Unrealized (loss) / gain on derivative instruments (Note 11)
|
(2,973
|
)
|
|
533
|
|
|
(4,221
|
)
|
|
(74
|
)
|
||||
Total other comprehensive (loss) / income
|
(14,029
|
)
|
|
40,114
|
|
|
3,781
|
|
|
(64,257
|
)
|
||||
Comprehensive (loss) / income
|
(155,278
|
)
|
|
31,129
|
|
|
(178,162
|
)
|
|
(146,773
|
)
|
||||
Comprehensive (income) / loss attributable to noncontrolling interests
|
(237
|
)
|
|
639
|
|
|
336
|
|
|
(210
|
)
|
||||
Comprehensive (loss) / income attributable to CME Ltd.
|
$
|
(155,515
|
)
|
|
$
|
31,768
|
|
|
$
|
(177,826
|
)
|
|
$
|
(146,983
|
)
|
PER SHARE DATA (Note 17):
|
|
|
|
|
|
|
|
||||||||
Net (loss) / income per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to CME Ltd. - Basic and diluted
|
$
|
(0.98
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(1.29
|
)
|
|
$
|
(0.61
|
)
|
Discontinued operations attributable to CME Ltd. - Basic and diluted
|
0.00
|
|
|
0.02
|
|
|
0.00
|
|
|
(0.01
|
)
|
||||
Net loss attributable to CME Ltd. - Basic and diluted
|
(0.98
|
)
|
|
(0.09
|
)
|
|
(1.29
|
)
|
|
(0.62
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares used in computing per share amounts (000’s):
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
149,083
|
|
|
146,743
|
|
|
148,080
|
|
|
146,675
|
|
|
CME Ltd.
|
|
|
|
|
|||||||||||||||||||||||||||
|
Series A Convertible Preferred Stock
|
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Number of shares
|
Par value
|
|
Number of shares
|
Par value
|
|
Number of shares
|
Par value
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interest
|
|
Total Equity / (Deficit)
|
|
||||||||||||||
BALANCE
December 31, 2015
|
1
|
|
$
|
—
|
|
|
135,804,221
|
|
$
|
10,864
|
|
|
—
|
|
$
|
—
|
|
$
|
1,914,050
|
|
$
|
(1,605,245
|
)
|
$
|
(242,409
|
)
|
$
|
1,381
|
|
$
|
78,641
|
|
Stock-based compensation
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
1,717
|
|
—
|
|
—
|
|
—
|
|
1,717
|
|
||||||||
Exercise of warrants (Note 13)
|
—
|
|
—
|
|
|
5,059,639
|
|
405
|
|
|
—
|
|
—
|
|
4,655
|
|
—
|
|
—
|
|
—
|
|
5,060
|
|
||||||||
Share issuance, stock-based compensation
|
—
|
|
—
|
|
|
590,674
|
|
47
|
|
|
—
|
|
—
|
|
(47
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Preferred dividend paid in kind
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(8,950
|
)
|
—
|
|
—
|
|
—
|
|
(8,950
|
)
|
||||||||
Net loss
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
(181,752
|
)
|
—
|
|
(191
|
)
|
(181,943
|
)
|
||||||||
Unrealized loss on derivative instruments
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,221
|
)
|
—
|
|
(4,221
|
)
|
||||||||
Currency translation adjustment
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,147
|
|
(145
|
)
|
8,002
|
|
||||||||
BALANCE
June 30, 2016
|
1
|
|
$
|
—
|
|
|
141,454,534
|
|
$
|
11,316
|
|
|
—
|
|
$
|
—
|
|
$
|
1,911,425
|
|
$
|
(1,786,997
|
)
|
$
|
(238,483
|
)
|
$
|
1,045
|
|
$
|
(101,694
|
)
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
|
2015
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(181,943
|
)
|
|
$
|
(82,516
|
)
|
Adjustments to reconcile net loss to net cash generated from continuing operating activities:
|
|
|
|
|
|||
Loss from discontinued operations, net of tax
|
—
|
|
|
604
|
|
||
Amortization of program rights
|
149,260
|
|
|
142,972
|
|
||
Depreciation and other amortization
|
38,232
|
|
|
47,044
|
|
||
Interest paid in kind
|
22,257
|
|
|
43,681
|
|
||
Loss on extinguishment of debt (Note 4)
|
150,158
|
|
|
—
|
|
||
Loss on disposal of fixed assets
|
17
|
|
|
3,280
|
|
||
Deferred income taxes
|
5,972
|
|
|
2,996
|
|
||
Stock-based compensation (Note 16)
|
1,717
|
|
|
992
|
|
||
Change in fair value of derivatives
|
11,219
|
|
|
2,241
|
|
||
Foreign currency exchange (gain) / loss, net
|
(13,177
|
)
|
|
564
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|||
Accounts receivable, net
|
1,499
|
|
|
2,774
|
|
||
Accounts payable and accrued liabilities
|
(5,914
|
)
|
|
(7,417
|
)
|
||
Program rights
|
(153,497
|
)
|
|
(148,217
|
)
|
||
Other assets and liabilities
|
(326
|
)
|
|
(850
|
)
|
||
Accrued interest
|
(18,713
|
)
|
|
2,367
|
|
||
Income taxes payable
|
(225
|
)
|
|
(263
|
)
|
||
Deferred revenue
|
14,407
|
|
|
12,948
|
|
||
VAT and other taxes payable
|
(3,394
|
)
|
|
18,322
|
|
||
Net cash generated from continuing operating activities
|
$
|
17,549
|
|
|
$
|
41,522
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Purchase of property, plant and equipment
|
$
|
(11,287
|
)
|
|
$
|
(14,462
|
)
|
Disposal of property, plant and equipment
|
32
|
|
|
74
|
|
||
Net cash used in continuing investing activities
|
$
|
(11,255
|
)
|
|
$
|
(14,388
|
)
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from debt
|
$
|
533,963
|
|
|
$
|
—
|
|
Repayment of debt
|
(540,699
|
)
|
|
—
|
|
||
Debt transaction costs
|
(9,541
|
)
|
|
(627
|
)
|
||
Payment of credit facilities and capital leases
|
(647
|
)
|
|
(26,726
|
)
|
||
Settlement of forward currency swaps
|
(12,106
|
)
|
|
—
|
|
||
Proceeds from exercise of warrants
|
5,060
|
|
|
—
|
|
||
Net cash used in continuing financing activities
|
$
|
(23,970
|
)
|
|
$
|
(27,353
|
)
|
|
|
|
|
||||
Net cash used in discontinued operations - operating activities
|
—
|
|
|
(1,630
|
)
|
||
Net cash provided by discontinued operations - investing activities
|
705
|
|
|
6,954
|
|
||
Net cash used in discontinued operations - financing activities
|
—
|
|
|
(56
|
)
|
||
|
|
|
|
||||
Impact of exchange rate fluctuations on cash and cash equivalents
|
1,734
|
|
|
(1,334
|
)
|
||
Net (decrease) / increase in cash and cash equivalents
|
$
|
(15,237
|
)
|
|
$
|
3,715
|
|
CASH AND CASH EQUIVALENTS, beginning of period
|
61,679
|
|
|
34,298
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
46,442
|
|
|
$
|
38,013
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
35,712
|
|
|
$
|
9,264
|
|
Cash paid for Guarantee Fees
|
20,000
|
|
|
—
|
|
||
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
|
|
|
|
||||
Accretion on Series B Convertible Redeemable Preferred Stock
|
$
|
8,950
|
|
|
$
|
8,405
|
|
|
Bulgaria
|
|
Croatia
|
|
Czech Republic
|
|
Romania
|
|
Slovak Republic
|
|
Slovenia
|
|
Total
|
||||||||||||||
Gross Balance, December 31, 2015
|
$
|
172,365
|
|
|
$
|
11,005
|
|
|
$
|
759,491
|
|
|
$
|
85,443
|
|
|
$
|
47,605
|
|
|
$
|
19,400
|
|
|
$
|
1,095,309
|
|
Accumulated impairment losses
|
(144,639
|
)
|
|
(10,454
|
)
|
|
(287,545
|
)
|
|
(11,028
|
)
|
|
—
|
|
|
(19,400
|
)
|
|
(473,066
|
)
|
|||||||
Balance, December 31, 2015
|
27,726
|
|
|
551
|
|
|
471,946
|
|
|
74,415
|
|
|
47,605
|
|
|
—
|
|
|
622,243
|
|
|||||||
Foreign currency
|
447
|
|
|
16
|
|
|
7,549
|
|
|
1,544
|
|
|
941
|
|
|
—
|
|
|
10,497
|
|
|||||||
Balance, June 30, 2016
|
28,173
|
|
|
567
|
|
|
479,495
|
|
|
75,959
|
|
|
48,546
|
|
|
—
|
|
|
632,740
|
|
|||||||
Accumulated impairment losses
|
(144,639
|
)
|
|
(10,454
|
)
|
|
(287,545
|
)
|
|
(11,028
|
)
|
|
—
|
|
|
(19,400
|
)
|
|
(473,066
|
)
|
|||||||
Gross Balance, June 30, 2016
|
$
|
172,812
|
|
|
$
|
11,021
|
|
|
$
|
767,040
|
|
|
$
|
86,987
|
|
|
$
|
48,546
|
|
|
$
|
19,400
|
|
|
$
|
1,105,806
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Indefinite-lived:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
|
$
|
84,641
|
|
|
$
|
—
|
|
|
$
|
84,641
|
|
|
$
|
83,188
|
|
|
$
|
—
|
|
|
$
|
83,188
|
|
Amortized:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Broadcast licenses
|
194,951
|
|
|
(133,266
|
)
|
|
61,685
|
|
|
191,860
|
|
|
(127,613
|
)
|
|
64,247
|
|
||||||
Trademarks
|
627
|
|
|
(627
|
)
|
|
—
|
|
|
614
|
|
|
(614
|
)
|
|
—
|
|
||||||
Customer relationships
|
54,099
|
|
|
(51,112
|
)
|
|
2,987
|
|
|
53,120
|
|
|
(49,672
|
)
|
|
3,448
|
|
||||||
Other
|
1,762
|
|
|
(1,400
|
)
|
|
362
|
|
|
2,138
|
|
|
(1,859
|
)
|
|
279
|
|
||||||
Total
|
$
|
336,080
|
|
|
$
|
(186,405
|
)
|
|
$
|
149,675
|
|
|
$
|
330,920
|
|
|
$
|
(179,758
|
)
|
|
$
|
151,162
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Long-term debt
|
$
|
1,051,317
|
|
|
$
|
906,028
|
|
Other credit facilities and capital leases
|
3,283
|
|
|
3,648
|
|
||
Total long-term debt and other financing arrangements
|
1,054,600
|
|
|
909,676
|
|
||
Less: current maturities
|
(1,157
|
)
|
|
(1,155
|
)
|
||
Total non-current long-term debt and other financing arrangements
|
$
|
1,053,443
|
|
|
$
|
908,521
|
|
|
Principal Amount of Liability Component
|
|
|
Debt Issuance Costs
(1)
|
|
|
Net Carrying Amount
|
|
|||
2018 Euro Term Loan
|
$
|
278,438
|
|
|
$
|
(850
|
)
|
|
$
|
277,588
|
|
2019 Euro Term Loan
|
261,269
|
|
|
(586
|
)
|
|
260,683
|
|
|||
2021 Euro Term Loan
|
520,462
|
|
|
(7,416
|
)
|
|
513,046
|
|
|||
2021 Revolving Credit Facility
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total long-term debt and credit facilities
|
$
|
1,060,169
|
|
|
$
|
(8,852
|
)
|
|
$
|
1,051,317
|
|
(1)
|
Debt issuance costs related to the 2018 Euro Term Loan, 2019 Euro Term Loan and 2021 Euro Term Loan are being amortized on a straight-line basis, which approximates the effective interest method, over the life of the respective instruments. Debt issuance costs related to the 2021 Revolving Credit Facility are classified as non-current assets in our condensed consolidated balance sheet and are being amortized on a straight-line basis over the life of the 2021 Revolving Credit Facility.
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||
|
June 30, 2016
|
|
|
December 31, 2015
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||||
2017 PIK Notes
|
$
|
—
|
|
|
$
|
359,789
|
|
|
$
|
—
|
|
|
$
|
552,338
|
|
2017 Term Loan
|
—
|
|
|
27,592
|
|
|
—
|
|
|
41,525
|
|
||||
2018 Euro Term Loan
|
277,588
|
|
|
272,189
|
|
|
278,438
|
|
|
273,046
|
|
||||
2019 Euro Term Loan
|
260,683
|
|
|
246,458
|
|
|
261,269
|
|
|
256,210
|
|
||||
2021 Euro Term Loan
|
513,046
|
|
|
—
|
|
|
520,462
|
|
|
—
|
|
||||
|
$
|
1,051,317
|
|
|
$
|
906,028
|
|
|
$
|
1,060,169
|
|
|
$
|
1,123,119
|
|
|
Base Rate
|
|
|
Rate Fixed Pursuant to Interest Rate Hedges
|
|
|
|
Guarantee Fee Rate
|
|
|
All-in Borrowing Rate
|
|
2018 Euro Term Loan
|
1.50
|
%
|
|
0.21
|
%
|
(1)
|
|
6.79
|
%
|
|
8.50
|
%
|
2019 Euro Term Loan
|
1.50
|
%
|
|
0.31
|
%
|
|
|
6.69
|
%
|
|
8.50
|
%
|
2021 Euro Term Loan
|
1.50
|
%
|
|
0.28
|
%
|
|
|
8.22
|
%
|
|
10.00
|
%
|
2021 Revolving Credit Facility
(2)
|
10.00
|
%
|
|
—
|
%
|
|
|
—
|
%
|
|
10.00
|
%
|
(1)
|
Effective until November 1, 2017. From November 1, 2017 through maturity on November 1, 2018, the rate fixed pursuant to interest rate hedges will decrease to
0.14%
, with a corresponding increase in the guarantee fee rate, such that the all-in borrowing rate remains
8.50%
.
|
(2)
|
As at
June 30, 2016
, the aggregate principal amount available under the 2021 Revolving Credit Facility was undrawn.
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Credit facilities
(1) – (3)
|
$
|
—
|
|
|
$
|
—
|
|
Capital leases
|
3,283
|
|
|
3,648
|
|
||
Total credit facilities and capital leases
|
3,283
|
|
|
3,648
|
|
||
Less: current maturities
|
(1,157
|
)
|
|
(1,155
|
)
|
||
Total non-current credit facilities and capital leases
|
$
|
2,126
|
|
|
$
|
2,493
|
|
(1)
|
We have a cash pooling arrangement with Bank Mendes Gans (“BMG”), a subsidiary of ING Bank N.V. (“ING”), which enables us to receive credit across the group in respect of cash balances which our subsidiaries deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited.
|
(2)
|
As at
June 30, 2016
and
December 31, 2015
, there were
no
drawings outstanding under a CZK
800.0 million
(approximately US$
32.7 million
) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK
800.0 million
(approximately US$
32.7 million
) of receivables from certain customers in the Czech Republic may be factored on a recourse or non-recourse basis. The facility has a factoring fee of
0.3%
of any factored receivable and bears interest at one-month PRIBOR plus
2.5%
per annum for the period that receivables are factored and outstanding.
|
(3)
|
As at
June 30, 2016
, there were RON
45.8 million
(approximately US$
11.3 million
) of receivables factored under a RON
75.0 million
(approximately US$
18.5 million
) factoring framework agreement with Global Funds IFN S.A. entered into in the first quarter of 2016. Under this facility, receivables from certain customers in Romania may be factored on a non-recourse basis. The facility has a factoring fee of
4.0%
of any factored receivable and bears interest at
6.0%
per annum from the date the receivables are factored to the due date of the factored receivable.
|
2016
|
$
|
—
|
|
2017
|
—
|
|
|
2018
|
278,438
|
|
|
2019
|
261,269
|
|
|
2020
|
—
|
|
|
2021 and thereafter
|
520,462
|
|
|
Total long-term debt and credit facilities
|
1,060,169
|
|
|
Debt issuance costs
|
(8,852
|
)
|
|
Carrying amount of long-term debt and credit facilities
|
$
|
1,051,317
|
|
2016
|
$
|
631
|
|
2017
|
1,186
|
|
|
2018
|
919
|
|
|
2019
|
574
|
|
|
2020
|
83
|
|
|
2021 and thereafter
|
—
|
|
|
Total undiscounted payments
|
3,393
|
|
|
Less: amount representing interest
|
(110
|
)
|
|
Present value of net minimum lease payments
|
$
|
3,283
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Program rights:
|
|
|
|
||||
Acquired program rights, net of amortization
|
$
|
184,431
|
|
|
$
|
179,632
|
|
Less: current portion of acquired program rights
|
(89,238
|
)
|
|
(85,972
|
)
|
||
Total non-current acquired program rights
|
95,193
|
|
|
93,660
|
|
||
Produced program rights – Feature Films:
|
|
|
|
|
|||
Released, net of amortization
|
1,183
|
|
|
1,298
|
|
||
Produced program rights – Television Programs:
|
|
|
|
|
|
||
Released, net of amortization
|
58,453
|
|
|
56,125
|
|
||
Completed and not released
|
1,488
|
|
|
3,500
|
|
||
In production
|
21,636
|
|
|
13,783
|
|
||
Development and pre-production
|
1,389
|
|
|
707
|
|
||
Total produced program rights
|
84,149
|
|
|
75,413
|
|
||
Total non-current acquired program rights and produced program rights
|
$
|
179,342
|
|
|
$
|
169,073
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Unrelated customers
|
$
|
176,653
|
|
|
$
|
176,628
|
|
Less: allowance for bad debts and credit notes
|
(8,949
|
)
|
|
(9,201
|
)
|
||
Total accounts receivable
|
$
|
167,704
|
|
|
$
|
167,427
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Current:
|
|
|
|
||||
Prepaid acquired programming
|
$
|
18,934
|
|
|
$
|
22,761
|
|
Other prepaid expenses
|
7,825
|
|
|
6,941
|
|
||
Deferred tax
|
—
|
|
|
10,425
|
|
||
VAT recoverable
|
476
|
|
|
733
|
|
||
Income taxes recoverable
|
253
|
|
|
249
|
|
||
Other
|
2,511
|
|
|
2,097
|
|
||
Total other current assets
|
$
|
29,999
|
|
|
$
|
43,206
|
|
|
|
|
|
||||
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Non-current:
|
|
|
|
|
|
||
Capitalized debt costs
|
$
|
17,735
|
|
|
$
|
27,060
|
|
Deferred tax
|
208
|
|
|
124
|
|
||
Other
|
3,226
|
|
|
3,949
|
|
||
Total other non-current assets
|
$
|
21,169
|
|
|
$
|
31,133
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Land and buildings
|
$
|
94,087
|
|
|
$
|
92,237
|
|
Machinery, fixtures and equipment
|
173,275
|
|
|
164,503
|
|
||
Other equipment
|
28,477
|
|
|
32,314
|
|
||
Software licenses
|
58,887
|
|
|
55,656
|
|
||
Construction in progress
|
1,386
|
|
|
3,001
|
|
||
Total cost
|
356,112
|
|
|
347,711
|
|
||
Less: accumulated depreciation
|
(250,468
|
)
|
|
(239,189
|
)
|
||
Total net book value
|
$
|
105,644
|
|
|
$
|
108,522
|
|
|
|
|
|
||||
Assets held under capital leases (included in the above)
|
|
|
|
|
|
||
Land and buildings
|
$
|
3,880
|
|
|
$
|
3,805
|
|
Machinery, fixtures and equipment
|
4,584
|
|
|
4,646
|
|
||
Total cost
|
8,464
|
|
|
8,451
|
|
||
Less: accumulated depreciation
|
(3,893
|
)
|
|
(3,556
|
)
|
||
Total net book value
|
$
|
4,571
|
|
|
$
|
4,895
|
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
|
2015
|
|
||
Opening balance
|
$
|
108,522
|
|
|
$
|
114,335
|
|
Additions
|
10,043
|
|
|
14,313
|
|
||
Disposals
|
(49
|
)
|
|
(252
|
)
|
||
Depreciation
|
(14,912
|
)
|
|
(13,937
|
)
|
||
Foreign currency movements
|
2,040
|
|
|
(8,117
|
)
|
||
Ending balance
|
$
|
105,644
|
|
|
$
|
106,342
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Accounts payable and accrued expenses
|
$
|
55,746
|
|
|
$
|
57,042
|
|
Related party accounts payable
|
68
|
|
|
53
|
|
||
Programming liabilities
|
22,948
|
|
|
24,901
|
|
||
Related party programming liabilities
|
16,320
|
|
|
14,583
|
|
||
Duties and other taxes payable
|
9,424
|
|
|
12,856
|
|
||
Accrued staff costs
|
15,900
|
|
|
20,709
|
|
||
Accrued interest payable
|
3,058
|
|
|
914
|
|
||
Related party accrued interest payable
(1)
|
10,450
|
|
|
477
|
|
||
Other
|
3,464
|
|
|
3,170
|
|
||
Total accounts payable and accrued liabilities
|
$
|
137,378
|
|
|
$
|
134,705
|
|
(1)
|
Amount represents accrued Guarantee Fees for which we have not yet paid in cash or made an election to pay in kind. See
Note 4, "Long-term Debt and Other Financing Arrangements"
.
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Current:
|
|
|
|
||||
Deferred revenue
|
$
|
22,435
|
|
|
$
|
7,546
|
|
Derivative liabilities
|
533
|
|
|
650
|
|
||
Restructuring provision
|
—
|
|
|
458
|
|
||
Legal provision
|
1,269
|
|
|
1,520
|
|
||
Other
|
427
|
|
|
274
|
|
||
Total other current liabilities
|
$
|
24,664
|
|
|
$
|
10,448
|
|
|
|
|
|
||||
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Non-current:
|
|
|
|
|
|
||
Deferred tax
|
$
|
21,741
|
|
|
$
|
25,990
|
|
Programming liabilities
|
39
|
|
|
—
|
|
||
Related party Commitment Fee payable
(1)
|
9,498
|
|
|
9,240
|
|
||
Related party Guarantee Fee payable (Note 4)
|
19,911
|
|
|
22,655
|
|
||
Accrued interest
|
—
|
|
|
977
|
|
||
Related party accrued interest
|
—
|
|
|
5,304
|
|
||
Other
|
5,668
|
|
|
1,583
|
|
||
Total other non-current liabilities
|
$
|
56,857
|
|
|
$
|
65,749
|
|
(1)
|
Represents the commitment fee ("Commitment Fee") payable to Time Warner, including accrued interest, in respect of its obligation under a commitment letter dated November 14, 2014 between Time Warner and us whereby Time Warner agreed to provide or assist with arranging a loan facility to repay our
5.0%
senior convertible notes at maturity in November 2015. The Commitment Fee is payable by November 1, 2019, the maturity date of the 2019 Euro Term Loan, or earlier if the repayment of the 2019 Euro Term Loan is accelerated. The Commitment Fee bears interest at
8.5%
per annum and such interest is payable in arrears on each May 1 and November 1, and may be paid in cash or in kind, at our election.
|
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted instruments.
|
Level 2
|
Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.
|
Level 3
|
Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|
Trade Date
|
|
Number of Contracts
|
|
|
Description
|
|
Aggregate Notional Amount
|
|
|
Maturity Date
|
|
Objective
|
|
Fair Value as at June 30, 2016
|
|
||
April 5, 2016
|
|
5
|
|
|
Interest rate swap
|
|
€
|
468,800
|
|
|
February 21, 2021
|
|
Interest rate hedge underlying 2021 Euro Term Loan
|
|
$
|
(2,534
|
)
|
April 5, 2016
|
|
4
|
|
|
Interest rate swap
|
|
€
|
250,800
|
|
|
November 1, 2018
|
|
Interest rate hedge underlying 2018 Euro Term Loan, forward starting on November 1, 2017
|
|
$
|
(216
|
)
|
November 10, 2015
|
|
3
|
|
|
Interest rate swap
|
|
€
|
235,335
|
|
|
November 1, 2019
|
|
Interest rate hedge underlying 2019 Euro Term Loan
|
|
$
|
(2,041
|
)
|
November 14, 2014
|
|
2
|
|
|
Interest rate swap
|
|
€
|
250,800
|
|
|
November 1, 2017
|
|
Interest rate hedge underlying 2018 Euro Term Loan
|
|
$
|
(767
|
)
|
|
Accumulated Other Comprehensive Loss
|
|
|
BALANCE December 31, 2015
|
$
|
(1,420
|
)
|
Loss on interest rate swaps
|
(5,217
|
)
|
|
Reclassified to interest expense
|
996
|
|
|
BALANCE June 30, 2016
|
$
|
(5,641
|
)
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Currency swaps
|
$
|
2,544
|
|
|
$
|
(2,220
|
)
|
|
$
|
(11,506
|
)
|
|
$
|
(3,230
|
)
|
Trade Date
|
|
Number of Contracts
|
|
|
Description
|
|
Aggregate Notional Amount
|
|
|
Maturity Date
|
|
Objective
|
|
Fair Value as at June 30, 2016
|
|
||
February 11, 2016
|
|
1
|
|
|
EUR / USD forward
|
|
$
|
32,940
|
|
|
December 21, 2016
|
|
USD-denominated operating payments
|
|
$
|
791
|
|
December 3, 2015
|
|
2
|
|
|
EUR / USD forward
|
|
$
|
18,736
|
|
|
December 21, 2016
|
|
USD-denominated operating payments
|
|
$
|
(533
|
)
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Interest on long-term debt and other financing arrangements
|
$
|
26,901
|
|
|
$
|
28,072
|
|
|
$
|
59,553
|
|
|
$
|
55,690
|
|
Amortization of capitalized debt issuance costs
|
2,302
|
|
|
3,864
|
|
|
6,201
|
|
|
7,701
|
|
||||
Amortization of debt issuance discount
|
342
|
|
|
9,810
|
|
|
12,945
|
|
|
18,473
|
|
||||
Total interest expense
|
$
|
29,545
|
|
|
$
|
41,746
|
|
|
$
|
78,699
|
|
|
$
|
81,864
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Interest income
|
$
|
285
|
|
|
$
|
118
|
|
|
$
|
393
|
|
|
$
|
230
|
|
Foreign currency exchange (loss) / gain, net
|
(3,002
|
)
|
|
2,289
|
|
|
12,420
|
|
|
(9,200
|
)
|
||||
Change in fair value of derivatives (Note 11)
|
2,544
|
|
|
(2,220
|
)
|
|
(11,506
|
)
|
|
(3,230
|
)
|
||||
Other income / (expense), net
|
6
|
|
|
(3,091
|
)
|
|
(58
|
)
|
|
(3,445
|
)
|
||||
Total other non-operating (expense) / income
|
$
|
(167
|
)
|
|
$
|
(2,904
|
)
|
|
$
|
1,249
|
|
|
$
|
(15,645
|
)
|
|
Shares
|
|
|
Weighted Average Exercise Price per Share
|
|
|
Weighted Average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value
|
|
||
Outstanding at December 31, 2015
|
1,666,000
|
|
|
$
|
3.53
|
|
|
9.07
|
|
$
|
640
|
|
Granted
|
411,392
|
|
|
2.46
|
|
|
|
|
|
|||
Expired
|
(63,000
|
)
|
|
32.62
|
|
|
|
|
|
|||
Outstanding at June 30, 2016
|
2,014,392
|
|
|
$
|
2.40
|
|
|
9.07
|
|
$
|
—
|
|
Vested and expected to vest
|
2,014,392
|
|
|
2.40
|
|
|
9.07
|
|
—
|
|
||
Exercisable at June 30, 2016
|
403,000
|
|
|
$
|
2.69
|
|
|
8.87
|
|
$
|
—
|
|
|
Number of
Shares / Units
|
|
|
Weighted Average
Grant Date
Fair Value
|
|
|
Unvested at December 31, 2015
|
2,554,597
|
|
|
$
|
2.72
|
|
Granted
|
705,166
|
|
|
2.41
|
|
|
Vested
|
(626,126
|
)
|
|
2.83
|
|
|
Unvested at June 30, 2016
|
2,633,637
|
|
|
$
|
2.61
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Loss from continuing operations
|
$
|
(141,249
|
)
|
|
$
|
(11,669
|
)
|
|
$
|
(181,943
|
)
|
|
$
|
(81,912
|
)
|
Net (income) / loss attributable to noncontrolling interests
|
(68
|
)
|
|
307
|
|
|
191
|
|
|
564
|
|
||||
Less: preferred share accretion paid in kind (Note 12)
|
(4,440
|
)
|
|
(4,264
|
)
|
|
(8,950
|
)
|
|
(8,405
|
)
|
||||
Loss from continuing operations available to common shareholders, net of noncontrolling interest
|
(145,757
|
)
|
|
(15,626
|
)
|
|
(190,702
|
)
|
|
(89,753
|
)
|
||||
Income / (loss) from discontinued operations, net of tax
|
—
|
|
|
2,684
|
|
|
—
|
|
|
(604
|
)
|
||||
Net loss attributable to CME Ltd. available to common shareholders - Basic
|
$
|
(145,757
|
)
|
|
$
|
(12,942
|
)
|
|
$
|
(190,702
|
)
|
|
$
|
(90,357
|
)
|
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities
|
|
|
|
|
|
|
|
||||||||
Preferred share accretion paid in kind
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss attributable to CME Ltd. available to common shareholders - Diluted
|
$
|
(145,757
|
)
|
|
$
|
(12,942
|
)
|
|
$
|
(190,702
|
)
|
|
$
|
(90,357
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average outstanding shares of common stock - Basic
(1)
|
149,083
|
|
|
146,743
|
|
|
148,080
|
|
|
146,675
|
|
||||
Dilutive effect of employee stock options and RSUs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average outstanding shares of common stock - Diluted
|
149,083
|
|
|
146,743
|
|
|
148,080
|
|
|
146,675
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net (loss) / income per share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to CME Ltd. - Basic and diluted
|
$
|
(0.98
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(1.29
|
)
|
|
$
|
(0.61
|
)
|
Discontinued operations attributable to CME Ltd. - Basic and diluted
|
0.00
|
|
|
0.02
|
|
|
0.00
|
|
|
(0.01
|
)
|
||||
Net loss attributable to CME Ltd. - Basic and diluted
|
(0.98
|
)
|
|
(0.09
|
)
|
|
(1.29
|
)
|
|
(0.62
|
)
|
(1)
|
For the purpose of computing basic earnings per share, the
11,211,449
shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock.
|
Net revenues:
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Bulgaria
|
$
|
20,455
|
|
|
$
|
19,420
|
|
|
$
|
36,314
|
|
|
$
|
36,204
|
|
Croatia
|
16,559
|
|
|
16,242
|
|
|
28,204
|
|
|
28,235
|
|
||||
Czech Republic
|
50,919
|
|
|
52,131
|
|
|
89,527
|
|
|
87,096
|
|
||||
Romania
|
48,929
|
|
|
44,034
|
|
|
81,299
|
|
|
77,556
|
|
||||
Slovak Republic
|
22,540
|
|
|
20,236
|
|
|
41,602
|
|
|
37,774
|
|
||||
Slovenia
|
16,116
|
|
|
15,063
|
|
|
27,769
|
|
|
26,543
|
|
||||
Intersegment revenues
(1)
|
(312
|
)
|
|
(292
|
)
|
|
(509
|
)
|
|
(441
|
)
|
||||
Total net revenues
|
$
|
175,206
|
|
|
$
|
166,834
|
|
|
$
|
304,206
|
|
|
$
|
292,967
|
|
(1)
|
Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues.
|
OIBDA and reconciliation of OIBDA to condensed consolidated statements of operations and comprehensive income / loss:
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Bulgaria
|
$
|
5,954
|
|
|
$
|
4,045
|
|
|
$
|
7,023
|
|
|
$
|
6,243
|
|
Croatia
|
4,501
|
|
|
4,972
|
|
|
5,902
|
|
|
6,834
|
|
||||
Czech Republic
|
23,099
|
|
|
24,238
|
|
|
33,173
|
|
|
34,329
|
|
||||
Romania
|
22,962
|
|
|
15,419
|
|
|
32,424
|
|
|
18,780
|
|
||||
Slovak Republic
|
3,158
|
|
|
3,627
|
|
|
5,551
|
|
|
3,482
|
|
||||
Slovenia
|
1,624
|
|
|
963
|
|
|
916
|
|
|
1,323
|
|
||||
Elimination
|
(62
|
)
|
|
15
|
|
|
(68
|
)
|
|
(35
|
)
|
||||
Total operating segments
|
61,236
|
|
|
53,279
|
|
|
84,921
|
|
|
70,956
|
|
||||
Corporate
|
(7,604
|
)
|
|
(6,468
|
)
|
|
(14,181
|
)
|
|
(12,697
|
)
|
||||
Total OIBDA
|
53,632
|
|
|
46,811
|
|
|
70,740
|
|
|
58,259
|
|
||||
Depreciation of property, plant and equipment
|
(7,627
|
)
|
|
(6,936
|
)
|
|
(14,912
|
)
|
|
(13,937
|
)
|
||||
Amortization of broadcast licenses and other intangibles
|
(2,114
|
)
|
|
(3,434
|
)
|
|
(4,174
|
)
|
|
(6,933
|
)
|
||||
Other items
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,187
|
)
|
||||
Operating income
|
43,891
|
|
|
36,441
|
|
|
51,654
|
|
|
19,202
|
|
||||
Interest expense (Note 14)
|
(29,545
|
)
|
|
(41,746
|
)
|
|
(78,699
|
)
|
|
(81,864
|
)
|
||||
Loss on extinguishment of debt (Note 4)
|
(150,158
|
)
|
|
—
|
|
|
(150,158
|
)
|
|
—
|
|
||||
Non-operating (expense) / income, net (Note 15)
|
(167
|
)
|
|
(2,904
|
)
|
|
1,249
|
|
|
(15,645
|
)
|
||||
Loss before tax
|
$
|
(135,979
|
)
|
|
$
|
(8,209
|
)
|
|
$
|
(175,954
|
)
|
|
$
|
(78,307
|
)
|
(1)
|
Other items for the six months ended June 30, 2015 consists solely of a charge related to a tax audit of Pro TV in Romania which was subsequently reversed in the third quarter of 2015.
|
Total assets
(1)
:
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Bulgaria
|
$
|
134,480
|
|
|
$
|
134,418
|
|
Croatia
|
54,494
|
|
|
52,306
|
|
||
Czech Republic
|
720,949
|
|
|
746,269
|
|
||
Romania
|
268,733
|
|
|
261,984
|
|
||
Slovak Republic
|
123,627
|
|
|
121,122
|
|
||
Slovenia
|
74,732
|
|
|
70,911
|
|
||
Total operating segments
|
1,377,015
|
|
|
1,387,010
|
|
||
Corporate
|
44,938
|
|
|
53,407
|
|
||
Total assets
|
$
|
1,421,953
|
|
|
$
|
1,440,417
|
|
(1)
|
Segment assets exclude any intercompany balances.
|
Capital expenditures:
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Bulgaria
|
$
|
806
|
|
|
$
|
764
|
|
|
$
|
988
|
|
|
$
|
1,463
|
|
Croatia
|
803
|
|
|
407
|
|
|
1,080
|
|
|
935
|
|
||||
Czech Republic
|
1,312
|
|
|
2,080
|
|
|
2,863
|
|
|
4,576
|
|
||||
Romania
|
605
|
|
|
1,867
|
|
|
2,334
|
|
|
2,587
|
|
||||
Slovak Republic
|
291
|
|
|
601
|
|
|
824
|
|
|
1,747
|
|
||||
Slovenia
|
455
|
|
|
626
|
|
|
1,715
|
|
|
1,560
|
|
||||
Total operating segments
|
4,272
|
|
|
6,345
|
|
|
9,804
|
|
|
12,868
|
|
||||
Corporate
|
939
|
|
|
636
|
|
|
1,483
|
|
|
1,594
|
|
||||
Total capital expenditures
|
$
|
5,211
|
|
|
$
|
6,981
|
|
|
$
|
11,287
|
|
|
$
|
14,462
|
|
Long-lived assets
(1)
:
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Bulgaria
|
$
|
5,462
|
|
|
$
|
5,602
|
|
Croatia
|
5,742
|
|
|
5,497
|
|
||
Czech Republic
|
38,028
|
|
|
39,907
|
|
||
Romania
|
21,180
|
|
|
20,873
|
|
||
Slovak Republic
|
15,224
|
|
|
15,606
|
|
||
Slovenia
|
14,227
|
|
|
15,082
|
|
||
Total operating segments
|
99,863
|
|
|
102,567
|
|
||
Corporate
|
5,781
|
|
|
5,955
|
|
||
Total long-lived assets
|
$
|
105,644
|
|
|
$
|
108,522
|
|
(1)
|
Reflects property, plant and equipment.
|
Consolidated revenue by type:
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Television advertising
|
$
|
149,012
|
|
|
$
|
141,557
|
|
|
$
|
253,183
|
|
|
$
|
243,172
|
|
Carriage fees and subscriptions
|
19,862
|
|
|
18,427
|
|
|
39,071
|
|
|
37,205
|
|
||||
Other
|
6,332
|
|
|
6,850
|
|
|
11,952
|
|
|
12,590
|
|
||||
Total net revenues
|
$
|
175,206
|
|
|
$
|
166,834
|
|
|
$
|
304,206
|
|
|
$
|
292,967
|
|
|
Programming purchase obligations
|
|
|
Other
commitments
|
|
|
Operating
leases
|
|
|
Capital
expenditures
|
|
||||
2016
|
$
|
31,173
|
|
|
$
|
15,999
|
|
|
$
|
1,846
|
|
|
$
|
2,245
|
|
2017
|
35,289
|
|
|
10,169
|
|
|
2,727
|
|
|
—
|
|
||||
2018
|
22,620
|
|
|
5,507
|
|
|
2,098
|
|
|
—
|
|
||||
2019
|
20,212
|
|
|
11,251
|
|
|
939
|
|
|
—
|
|
||||
2020
|
10,444
|
|
|
330
|
|
|
452
|
|
|
—
|
|
||||
2021 and thereafter
|
4,431
|
|
|
340
|
|
|
1,422
|
|
|
—
|
|
||||
Total
|
$
|
124,169
|
|
|
$
|
43,596
|
|
|
$
|
9,484
|
|
|
$
|
2,245
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Net revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Cost of revenues
|
4,750
|
|
|
9,565
|
|
|
11,446
|
|
|
11,864
|
|
||||
Interest expense
|
23,994
|
|
|
30,419
|
|
|
65,499
|
|
|
59,585
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
||
Programming liabilities
|
$
|
16,320
|
|
|
$
|
14,583
|
|
Other accounts payable and accrued liabilities
|
68
|
|
|
53
|
|
||
Long-term debt and other financing arrangements
|
—
|
|
|
324,979
|
|
||
Accrued interest payable
(1)
|
10,450
|
|
|
5,781
|
|
||
Other non-current liabilities
(2)
|
29,409
|
|
|
31,895
|
|
(1)
|
Amount represents accrued Guarantee Fees for which we have not yet paid in cash or made an election to pay in kind. See
Note 4, "Long-term Debt and Other Financing Arrangements"
.
|
(2)
|
Amount represents the Commitment Fee, as well as the Guarantee Fees for which we have made an election to pay in kind. See
Note 4, "Long-term Debt and Other Financing Arrangements"
.
|
•
|
the term "
2017 PIK Notes
" refers to our 15.0% senior secured notes due 2017, redeemed in April 2016;
|
•
|
the term "
2017 Term Loan
" refers to our 15.0% term loan facility due 2017, dated as of February 28, 2014, as amended and restated on November 14, 2014, repaid in April 2016;
|
•
|
the term "
2018 Euro Term Loan
" refers to our floating rate senior unsecured term credit facility guaranteed by Time Warner, dated as of November 14, 2014 and amended on February 19, 2016 to, among other things, extend the maturity to 2018 with effect from the drawing of the 2021 Euro Term Loan;
|
•
|
the term "
2019 Euro Term Loan
" refers to our floating rate senior unsecured term credit facility due 2019 guaranteed by Time Warner, dated as of September 30, 2015 and amended on February 19, 2016;
|
•
|
the term "
2021 Euro Term Loan
" refers to our floating rate senior unsecured term credit facility due 2021 entered into by CME BV, guaranteed by Time Warner and CME Ltd., dated as of February 19, 2016;
|
•
|
the term "
Euro Term Loans
" refers collectively to the 2018 Euro Term Loan, 2019 Euro Term Loan and 2021 Euro Term Loan;
|
•
|
the term "
2021 Revolving Credit Facility
" refers to our amended and restated revolving credit facility dated as of February 28, 2014, as amended and restated as of November 14, 2014 and further amended and restated on February 19, 2016 to, among other things, extend the maturity to 2021 with effect from the drawing of the 2021 Euro Term Loan;
|
•
|
the term "
Guarantee Fees
" refers to amounts accrued and payable to Time Warner as consideration for Time Warner's guarantees of the 2018 Euro Term Loan, 2019 Euro Term Loan and 2021 Euro Term Loan;
|
•
|
the term "
Reimbursement Agreement
" refers to an agreement with Time Warner which provides that we will reimburse Time Warner for any amounts paid by them under any guarantee or through any loan purchase right exercised by Time Warner, dated as of November 14, 2014 and amended and restated on February 19, 2016;
|
•
|
the term "
CME BV
" refers to CME Media Enterprises B.V., our 100% owned subsidiary;
|
•
|
the term "
CME NV
" refers to Central European Media Enterprises N.V., our 100% owned subsidiary;
|
•
|
the term "
Time Warner
" refers to Time Warner Inc.; and
|
•
|
the term "
TW Investor
" refers to Time Warner Media Holdings B.V.
|
|
For the Three Months Ended June 30, (US$ 000's)
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||||||||||||||
|
|
|
|
|
Movement
|
|
|
|
|
|
Movement
|
||||||||||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||||
Net revenues
|
$
|
175,206
|
|
|
$
|
166,834
|
|
|
5.0
|
%
|
|
2.8
|
%
|
|
$
|
304,206
|
|
|
$
|
292,967
|
|
|
3.8
|
%
|
|
3.4
|
%
|
Operating income
|
43,891
|
|
|
36,441
|
|
|
20.4
|
%
|
|
17.9
|
%
|
|
51,654
|
|
|
19,202
|
|
|
169.0
|
%
|
|
150.8
|
%
|
||||
Operating margin
|
25.1
|
%
|
|
21.8
|
%
|
|
3.3 p.p.
|
|
|
3.3 p.p.
|
|
|
17.0
|
%
|
|
6.6
|
%
|
|
10.4 p.p.
|
|
|
10.0 p.p.
|
|
||||
OIBDA
|
$
|
53,632
|
|
|
$
|
46,811
|
|
|
14.6
|
%
|
|
12.1
|
%
|
|
$
|
70,740
|
|
|
$
|
58,259
|
|
|
21.4
|
%
|
|
18.4
|
%
|
OIBDA margin
|
30.6
|
%
|
|
28.1
|
%
|
|
2.5 p.p.
|
|
|
2.5 p.p.
|
|
|
23.3
|
%
|
|
19.9
|
%
|
|
3.4 p.p.
|
|
|
2.9 p.p.
|
|
•
|
The new EUR 468.8 million 2021 Euro Term Loan was used, together with corporate cash, to repay the US$ 502.5 million aggregate principal amount of the 2017 PIK Notes and repay the US$ 38.2 million 2017 Term Loan, as well as accrued and unpaid interest.
|
•
|
The maturity date of the existing EUR 250.8 million term loan was extended by one year so the Company’s nearest debt maturity is November 2018.
|
•
|
The maturity date of our existing US$ 115.0 million revolving credit facility was extended from 2017 to 2021, with access to US$ 50.0 million of liquidity from 2018.
|
•
|
All outstanding long-term debt is denominated in Euros.
|
•
|
The all-in rate applicable to the 2021 Euro Term Loan and associated guarantee by Time Warner currently stands at 10.0% and can go as low as 7.0%, depending on our net leverage ratio, decreasing the cost of borrowing as the Company’s net leverage ratio improves.
|
•
|
The cost of the 2021 Revolving Credit Facility, which is currently undrawn, ranges from 10.0% to 7.0%, depending on our net leverage ratio, also decreasing the cost of borrowing as the Company’s net leverage ratio improves.
|
•
|
We recorded a non-cash loss on extinguishment of debt amounting to US$
150.2 million
in the second quarter of 2016.
|
•
|
Savings from a lower cost of borrowing, together with improving unlevered free cash flow and expected proceeds from future warrant exercises, should allow us to substantially repay the principal amount of our nearest debt maturity in November 2018.
|
|
For the Six Months Ended June 30, 2016
|
|||||||
Country
|
Real GDP Growth
|
|
|
Real Private Consumption Growth
|
|
|
Net TV Ad Market Growth
|
|
Bulgaria
|
2.6
|
%
|
|
2.3
|
%
|
|
(1
|
)%
|
Croatia
|
2.1
|
%
|
|
2.1
|
%
|
|
1
|
%
|
Czech Republic
|
2.4
|
%
|
|
2.7
|
%
|
|
2
|
%
|
Romania*
|
4.3
|
%
|
|
7.0
|
%
|
|
7
|
%
|
Slovak Republic
|
3.4
|
%
|
|
2.8
|
%
|
|
20
|
%
|
Slovenia
|
2.2
|
%
|
|
1.3
|
%
|
|
4
|
%
|
Total CME Ltd. Markets
|
3.0
|
%
|
|
3.7
|
%
|
|
5
|
%
|
|
NET REVENUES
|
||||||||||||
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Bulgaria
|
$
|
20,455
|
|
|
$
|
19,420
|
|
|
5.3
|
%
|
|
3.4
|
%
|
Croatia
|
16,559
|
|
|
16,242
|
|
|
2.0
|
%
|
|
(1.6
|
)%
|
||
Czech Republic
|
50,919
|
|
|
52,131
|
|
|
(2.3
|
)%
|
|
(5.4
|
)%
|
||
Romania
|
48,929
|
|
|
44,034
|
|
|
11.1
|
%
|
|
10.4
|
%
|
||
Slovak Republic
|
22,540
|
|
|
20,236
|
|
|
11.4
|
%
|
|
9.2
|
%
|
||
Slovenia
|
16,116
|
|
|
15,063
|
|
|
7.0
|
%
|
|
4.9
|
%
|
||
Intersegment revenues
|
(312
|
)
|
|
(292
|
)
|
|
NM
(1)
|
|
|
NM
(1)
|
|
||
Total net revenues
|
$
|
175,206
|
|
|
$
|
166,834
|
|
|
5.0
|
%
|
|
2.8
|
%
|
|
OIBDA
|
||||||||||||
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Bulgaria
|
$
|
5,954
|
|
|
$
|
4,045
|
|
|
47.2
|
%
|
|
44.8
|
%
|
Croatia
|
4,501
|
|
|
4,972
|
|
|
(9.5
|
)%
|
|
(12.7
|
)%
|
||
Czech Republic
|
23,099
|
|
|
24,238
|
|
|
(4.7
|
)%
|
|
(7.7
|
)%
|
||
Romania
|
22,962
|
|
|
15,419
|
|
|
48.9
|
%
|
|
48.2
|
%
|
||
Slovak Republic
|
3,158
|
|
|
3,627
|
|
|
(12.9
|
)%
|
|
(15.1
|
)%
|
||
Slovenia
|
1,624
|
|
|
963
|
|
|
68.6
|
%
|
|
66.4
|
%
|
||
Eliminations
|
(62
|
)
|
|
15
|
|
|
NM
(1)
|
|
|
NM
(1)
|
|
||
Total operating segments
|
61,236
|
|
|
53,279
|
|
|
14.9
|
%
|
|
12.4
|
%
|
||
Corporate
|
(7,604
|
)
|
|
(6,468
|
)
|
|
(17.6
|
)%
|
|
(15.2
|
)%
|
||
Consolidated OIBDA
|
$
|
53,632
|
|
|
$
|
46,811
|
|
|
14.6
|
%
|
|
12.1
|
%
|
|
OIBDA
|
||||||||||||
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Bulgaria
|
$
|
7,023
|
|
|
$
|
6,243
|
|
|
12.5
|
%
|
|
12.0
|
%
|
Croatia
|
5,902
|
|
|
6,834
|
|
|
(13.6
|
)%
|
|
(16.5
|
)%
|
||
Czech Republic
|
33,173
|
|
|
34,329
|
|
|
(3.4
|
)%
|
|
(6.0
|
)%
|
||
Romania
|
32,424
|
|
|
18,780
|
|
|
72.7
|
%
|
|
72.1
|
%
|
||
Slovak Republic
|
5,551
|
|
|
3,482
|
|
|
59.4
|
%
|
|
48.8
|
%
|
||
Slovenia
|
916
|
|
|
1,323
|
|
|
(30.8
|
)%
|
|
(32.7
|
)%
|
||
Eliminations
|
(68
|
)
|
|
(35
|
)
|
|
NM
(1)
|
|
|
NM
(1)
|
|
||
Total operating segments
|
84,921
|
|
|
70,956
|
|
|
19.7
|
%
|
|
17.1
|
%
|
||
Corporate
|
(14,181
|
)
|
|
(12,697
|
)
|
|
(11.7
|
)%
|
|
(11.3
|
)%
|
||
Consolidated OIBDA
|
$
|
70,740
|
|
|
$
|
58,259
|
|
|
21.4
|
%
|
|
18.4
|
%
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
14,682
|
|
|
$
|
13,864
|
|
|
5.9
|
%
|
|
3.9
|
%
|
Carriage fees and subscriptions
|
4,641
|
|
|
4,473
|
|
|
3.8
|
%
|
|
1.9
|
%
|
||
Other
|
1,132
|
|
|
1,083
|
|
|
4.5
|
%
|
|
2.5
|
%
|
||
Net revenues
|
20,455
|
|
|
19,420
|
|
|
5.3
|
%
|
|
3.4
|
%
|
||
Costs charged in arriving at OIBDA
|
14,501
|
|
|
15,375
|
|
|
(5.7
|
)%
|
|
(7.5
|
)%
|
||
OIBDA
|
$
|
5,954
|
|
|
$
|
4,045
|
|
|
47.2
|
%
|
|
44.8
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
29.1
|
%
|
|
20.8
|
%
|
|
8.3 p.p.
|
|
|
8.3 p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
24,646
|
|
|
$
|
25,125
|
|
|
(1.9
|
)%
|
|
(2.0
|
)%
|
Carriage fees and subscriptions
|
9,212
|
|
|
8,973
|
|
|
2.7
|
%
|
|
3.3
|
%
|
||
Other
|
2,456
|
|
|
2,106
|
|
|
16.6
|
%
|
|
16.7
|
%
|
||
Net revenues
|
36,314
|
|
|
36,204
|
|
|
0.3
|
%
|
|
0.4
|
%
|
||
Costs charged in arriving at OIBDA
|
29,291
|
|
|
29,961
|
|
|
(2.2
|
)%
|
|
(2.0
|
)%
|
||
OIBDA
|
$
|
7,023
|
|
|
$
|
6,243
|
|
|
12.5
|
%
|
|
12.0
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
19.3
|
%
|
|
17.2
|
%
|
|
2.1 p.p.
|
|
|
2.0 p.p.
|
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
14,707
|
|
|
$
|
14,720
|
|
|
(0.1
|
)%
|
|
(3.6
|
)%
|
Carriage fees and subscriptions
|
643
|
|
|
559
|
|
|
15.0
|
%
|
|
11.3
|
%
|
||
Other
|
1,209
|
|
|
963
|
|
|
25.5
|
%
|
|
21.4
|
%
|
||
Net revenues
|
16,559
|
|
|
16,242
|
|
|
2.0
|
%
|
|
(1.6
|
)%
|
||
Costs charged in arriving at OIBDA
|
12,058
|
|
|
11,270
|
|
|
7.0
|
%
|
|
3.2
|
%
|
||
OIBDA
|
$
|
4,501
|
|
|
$
|
4,972
|
|
|
(9.5
|
)%
|
|
(12.7
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
27.2
|
%
|
|
30.6
|
%
|
|
(3.4) p.p.
|
|
|
(3.4) p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
24,779
|
|
|
$
|
25,021
|
|
|
(1.0
|
)%
|
|
(2.6
|
)%
|
Carriage fees and subscriptions
|
1,267
|
|
|
1,160
|
|
|
9.2
|
%
|
|
8.8
|
%
|
||
Other
|
2,158
|
|
|
2,054
|
|
|
5.1
|
%
|
|
4.7
|
%
|
||
Net revenues
|
28,204
|
|
|
28,235
|
|
|
(0.1
|
)%
|
|
(1.6
|
)%
|
||
Costs charged in arriving at OIBDA
|
22,302
|
|
|
21,401
|
|
|
4.2
|
%
|
|
3.3
|
%
|
||
OIBDA
|
$
|
5,902
|
|
|
$
|
6,834
|
|
|
(13.6
|
)%
|
|
(16.5
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
20.9
|
%
|
|
24.2
|
%
|
|
(3.3) p.p.
|
|
|
(3.8) p.p.
|
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
46,673
|
|
|
$
|
48,097
|
|
|
(3.0
|
)%
|
|
(6.1
|
)%
|
Carriage fees and subscriptions
|
2,604
|
|
|
2,005
|
|
|
29.9
|
%
|
|
25.7
|
%
|
||
Other
|
1,642
|
|
|
2,029
|
|
|
(19.1
|
)%
|
|
(21.4
|
)%
|
||
Net revenues
|
50,919
|
|
|
52,131
|
|
|
(2.3
|
)%
|
|
(5.4
|
)%
|
||
Costs charged in arriving at OIBDA
|
27,820
|
|
|
27,893
|
|
|
(0.3
|
)%
|
|
(3.5
|
)%
|
||
OIBDA
|
$
|
23,099
|
|
|
$
|
24,238
|
|
|
(4.7
|
)%
|
|
(7.7
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
45.4
|
%
|
|
46.5
|
%
|
|
(1.1) p.p.
|
|
|
(1.1) p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
81,463
|
|
|
$
|
79,545
|
|
|
2.4
|
%
|
|
0.5
|
%
|
Carriage fees and subscriptions
|
5,131
|
|
|
4,024
|
|
|
27.5
|
%
|
|
26.0
|
%
|
||
Other
|
2,933
|
|
|
3,527
|
|
|
(16.8
|
)%
|
|
(18.3
|
)%
|
||
Net revenues
|
89,527
|
|
|
87,096
|
|
|
2.8
|
%
|
|
0.9
|
%
|
||
Costs charged in arriving at OIBDA
|
56,354
|
|
|
52,767
|
|
|
6.8
|
%
|
|
5.5
|
%
|
||
OIBDA
|
$
|
33,173
|
|
|
$
|
34,329
|
|
|
(3.4
|
)%
|
|
(6.0
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
37.1
|
%
|
|
39.4
|
%
|
|
(2.3) p.p.
|
|
|
(2.7) p.p.
|
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
37,797
|
|
|
$
|
32,917
|
|
|
14.8
|
%
|
|
14.1
|
%
|
Carriage fees and subscriptions
|
10,178
|
|
|
10,004
|
|
|
1.7
|
%
|
|
1.2
|
%
|
||
Other
|
954
|
|
|
1,113
|
|
|
(14.3
|
)%
|
|
(14.9
|
)%
|
||
Net revenues
|
48,929
|
|
|
44,034
|
|
|
11.1
|
%
|
|
10.4
|
%
|
||
Costs charged in arriving at OIBDA
|
25,967
|
|
|
28,615
|
|
|
(9.3
|
)%
|
|
(9.9
|
)%
|
||
OIBDA
|
$
|
22,962
|
|
|
$
|
15,419
|
|
|
48.9
|
%
|
|
48.2
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
46.9
|
%
|
|
35.0
|
%
|
|
11.9 p.p.
|
|
|
11.9 p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
59,493
|
|
|
$
|
55,264
|
|
|
7.7
|
%
|
|
8.6
|
%
|
Carriage fees and subscriptions
|
20,164
|
|
|
20,374
|
|
|
(1.0
|
)%
|
|
0.9
|
%
|
||
Other
|
1,642
|
|
|
1,918
|
|
|
(14.4
|
)%
|
|
(13.4
|
)%
|
||
Net revenues
|
81,299
|
|
|
77,556
|
|
|
4.8
|
%
|
|
6.0
|
%
|
||
Costs charged in arriving at OIBDA
|
48,875
|
|
|
58,776
|
|
|
(16.8
|
)%
|
|
(15.5
|
)%
|
||
OIBDA
|
$
|
32,424
|
|
|
$
|
18,780
|
|
|
72.7
|
%
|
|
72.1
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
39.9
|
%
|
|
24.2
|
%
|
|
15.7 p.p.
|
|
|
15.3 p.p.
|
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
21,246
|
|
|
$
|
18,793
|
|
|
13.1
|
%
|
|
10.8
|
%
|
Carriage fees and subscriptions
|
559
|
|
|
360
|
|
|
55.3
|
%
|
|
52.3
|
%
|
||
Other
|
735
|
|
|
1,083
|
|
|
(32.1
|
)%
|
|
(33.5
|
)%
|
||
Net revenues
|
22,540
|
|
|
20,236
|
|
|
11.4
|
%
|
|
9.2
|
%
|
||
Costs charged in arriving at OIBDA
|
19,382
|
|
|
16,609
|
|
|
16.7
|
%
|
|
14.5
|
%
|
||
OIBDA
|
$
|
3,158
|
|
|
$
|
3,627
|
|
|
(12.9
|
)%
|
|
(15.1
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
14.0
|
%
|
|
17.9
|
%
|
|
(3.9) p.p.
|
|
|
(4.0) p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
39,091
|
|
|
$
|
35,099
|
|
|
11.4
|
%
|
|
11.4
|
%
|
Carriage fees and subscriptions
|
876
|
|
|
660
|
|
|
32.7
|
%
|
|
32.7
|
%
|
||
Other
|
1,635
|
|
|
2,015
|
|
|
(18.9
|
)%
|
|
(18.8
|
)%
|
||
Net revenues
|
41,602
|
|
|
37,774
|
|
|
10.1
|
%
|
|
10.2
|
%
|
||
Costs charged in arriving at OIBDA
|
36,051
|
|
|
34,292
|
|
|
5.1
|
%
|
|
5.9
|
%
|
||
OIBDA
|
$
|
5,551
|
|
|
$
|
3,482
|
|
|
59.4
|
%
|
|
48.8
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
13.3
|
%
|
|
9.2
|
%
|
|
4.1 p.p.
|
|
|
3.4 p.p.
|
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
13,907
|
|
|
$
|
13,166
|
|
|
5.6
|
%
|
|
3.6
|
%
|
Carriage fees and subscriptions
|
1,237
|
|
|
1,026
|
|
|
20.6
|
%
|
|
18.3
|
%
|
||
Other
|
972
|
|
|
871
|
|
|
11.6
|
%
|
|
9.6
|
%
|
||
Net revenues
|
16,116
|
|
|
15,063
|
|
|
7.0
|
%
|
|
4.9
|
%
|
||
Costs charged in arriving at OIBDA
|
14,492
|
|
|
14,100
|
|
|
2.8
|
%
|
|
0.7
|
%
|
||
OIBDA
|
$
|
1,624
|
|
|
$
|
963
|
|
|
68.6
|
%
|
|
66.4
|
%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
10.1
|
%
|
|
6.4
|
%
|
|
3.7 p.p.
|
|
|
3.7 p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Television advertising
|
$
|
23,711
|
|
|
$
|
23,118
|
|
|
2.6
|
%
|
|
2.4
|
%
|
Carriage fees and subscriptions
|
2,421
|
|
|
2,014
|
|
|
20.2
|
%
|
|
20.8
|
%
|
||
Other
|
1,637
|
|
|
1,411
|
|
|
16.0
|
%
|
|
15.8
|
%
|
||
Net revenues
|
27,769
|
|
|
26,543
|
|
|
4.6
|
%
|
|
4.5
|
%
|
||
Costs charged in arriving at OIBDA
|
26,853
|
|
|
25,220
|
|
|
6.5
|
%
|
|
6.6
|
%
|
||
OIBDA
|
$
|
916
|
|
|
$
|
1,323
|
|
|
(30.8
|
)%
|
|
(32.7
|
)%
|
|
|
|
|
|
|
|
|
||||||
OIBDA margin
|
3.3
|
%
|
|
5.0
|
%
|
|
(1.7) p.p.
|
|
|
(1.8) p.p.
|
|
|
For the Six Months Ended June 30, (US$ 000's)
|
|||||||||
|
2016
|
|
|
2015
|
|
|
Movement
|
|
||
Net cash generated from continuing operating activities
|
$
|
17,549
|
|
|
$
|
41,522
|
|
|
(57.7
|
)%
|
Capital expenditures, net
|
(11,255
|
)
|
|
(14,388
|
)
|
|
21.8
|
%
|
||
Free cash flow
|
6,294
|
|
|
27,134
|
|
|
(76.8
|
)%
|
||
Cash paid for interest
|
35,712
|
|
|
9,264
|
|
|
NM
(1)
|
|
||
Cash paid for Guarantee Fees
|
20,000
|
|
|
—
|
|
|
NM
(1)
|
|
||
Unlevered free cash flow
|
$
|
62,006
|
|
|
$
|
36,398
|
|
|
70.4
|
%
|
(US$ 000's)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
|
Movement
|
|
||
Cash and cash equivalents
|
$
|
46,442
|
|
|
$
|
61,679
|
|
|
(24.7
|
)%
|
|
For the Three Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Revenue:
|
|
|
|
|
|
|
|
||||||
Television advertising
|
$
|
149,012
|
|
|
$
|
141,557
|
|
|
5.3
|
%
|
|
2.9
|
%
|
Carriage fees and subscriptions
|
19,862
|
|
|
18,427
|
|
|
7.8
|
%
|
|
6.3
|
%
|
||
Other revenue
|
6,332
|
|
|
6,850
|
|
|
(7.6
|
)%
|
|
(9.6
|
)%
|
||
Net Revenues
|
175,206
|
|
|
166,834
|
|
|
5.0
|
%
|
|
2.8
|
%
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Content costs
|
77,282
|
|
|
73,437
|
|
|
5.2
|
%
|
|
3.0
|
%
|
||
Other operating costs
|
17,939
|
|
|
17,422
|
|
|
3.0
|
%
|
|
0.6
|
%
|
||
Depreciation of property, plant and equipment
|
7,627
|
|
|
6,936
|
|
|
10.0
|
%
|
|
7.3
|
%
|
||
Amortization of broadcast licenses and other intangibles
|
2,114
|
|
|
3,434
|
|
|
(38.4
|
)%
|
|
(39.8
|
)%
|
||
Cost of revenues
|
104,962
|
|
|
101,229
|
|
|
3.7
|
%
|
|
1.4
|
%
|
||
Selling, general and administrative expenses
|
26,353
|
|
|
28,712
|
|
|
(8.2
|
)%
|
|
(10.0
|
)%
|
||
Restructuring costs
|
—
|
|
|
452
|
|
|
(100.0
|
)%
|
|
(100.0
|
)%
|
||
Operating income
|
$
|
43,891
|
|
|
$
|
36,441
|
|
|
20.4
|
%
|
|
17.9
|
%
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||||||||
|
|
|
|
|
Movement
|
||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
% Lfl
|
|
||
Revenue:
|
|
|
|
|
|
|
|
||||||
Television advertising
|
$
|
253,183
|
|
|
$
|
243,172
|
|
|
4.1
|
%
|
|
3.5
|
%
|
Carriage fees and subscriptions
|
39,071
|
|
|
37,205
|
|
|
5.0
|
%
|
|
6.1
|
%
|
||
Other revenue
|
11,952
|
|
|
12,590
|
|
|
(5.1
|
)%
|
|
(5.4
|
)%
|
||
Net Revenues
|
304,206
|
|
|
292,967
|
|
|
3.8
|
%
|
|
3.4
|
%
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Content costs
|
149,260
|
|
|
144,727
|
|
|
3.1
|
%
|
|
3.3
|
%
|
||
Other operating costs
|
34,393
|
|
|
34,460
|
|
|
(0.2
|
)%
|
|
(0.1
|
)%
|
||
Depreciation of property, plant and equipment
|
14,912
|
|
|
13,937
|
|
|
7.0
|
%
|
|
6.9
|
%
|
||
Amortization of broadcast licenses and other intangibles
|
4,174
|
|
|
6,933
|
|
|
(39.8
|
)%
|
|
(39.9
|
)%
|
||
Cost of revenues
|
202,739
|
|
|
200,057
|
|
|
1.3
|
%
|
|
1.5
|
%
|
||
Selling, general and administrative expenses
|
49,813
|
|
|
72,613
|
|
|
(31.4
|
)%
|
|
(31.4
|
)%
|
||
Restructuring costs
|
—
|
|
|
1,095
|
|
|
(100.0
|
)%
|
|
(100.0
|
)%
|
||
Operating income
|
$
|
51,654
|
|
|
$
|
19,202
|
|
|
169.0
|
%
|
|
150.8
|
%
|
|
For the Three Months Ended June 30, (US$ 000's)
|
|
For the Six Months Ended June 30,
(US$ 000's)
|
||||||||||||||||||
|
2016
|
|
|
2015
|
|
|
% Act
|
|
|
2016
|
|
|
2015
|
|
|
% Act
|
|
||||
Interest expense
|
$
|
(29,545
|
)
|
|
$
|
(41,746
|
)
|
|
29.2
|
%
|
|
$
|
(78,699
|
)
|
|
$
|
(81,864
|
)
|
|
3.9
|
%
|
Loss on extinguishment of debt
|
(150,158
|
)
|
|
—
|
|
|
NM
(1)
|
|
|
(150,158
|
)
|
|
—
|
|
|
NM
(1)
|
|
||||
Non-operating income / (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
285
|
|
|
118
|
|
|
141.5
|
%
|
|
393
|
|
|
230
|
|
|
70.9
|
%
|
||||
Foreign currency exchange (loss) / gain, net
|
(3,002
|
)
|
|
2,289
|
|
|
NM
(1)
|
|
|
12,420
|
|
|
(9,200
|
)
|
|
NM
(1)
|
|
||||
Change in fair value of derivatives
|
2,544
|
|
|
(2,220
|
)
|
|
NM
(1)
|
|
|
(11,506
|
)
|
|
(3,230
|
)
|
|
NM
(1)
|
|
||||
Other income / (expense), net
|
6
|
|
|
(3,091
|
)
|
|
NM
(1)
|
|
|
(58
|
)
|
|
(3,445
|
)
|
|
98.3
|
%
|
||||
Provision for income taxes
|
(5,270
|
)
|
|
(3,460
|
)
|
|
(52.3
|
)%
|
|
(5,989
|
)
|
|
(3,605
|
)
|
|
(66.1
|
)%
|
||||
Income / (loss) from discontinued operations, net of tax
|
—
|
|
|
2,684
|
|
|
(100.0
|
)%
|
|
—
|
|
|
(604
|
)
|
|
100.0
|
%
|
||||
Net (income) / loss attributable to noncontrolling interests
|
(68
|
)
|
|
307
|
|
|
NM
(1)
|
|
|
191
|
|
|
564
|
|
|
(66.1
|
)%
|
||||
Other comprehensive income / (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment, net
|
(11,056
|
)
|
|
39,581
|
|
|
NM
(1)
|
|
|
8,002
|
|
|
(64,183
|
)
|
|
NM
(1)
|
|
||||
Unrealized (loss) / gain on derivative instruments
|
(2,973
|
)
|
|
533
|
|
|
NM
(1)
|
|
|
(4,221
|
)
|
|
(74
|
)
|
|
NM
(1)
|
|
(1)
|
Number is not meaningful.
|
|
Condensed Consolidated Balance Sheet (US$ 000’s)
|
|||||||||
|
June 30, 2016
|
|
|
December 31, 2015
|
|
|
% Act
|
|
||
Current assets
|
$
|
333,383
|
|
|
$
|
358,284
|
|
|
(7.0
|
)%
|
Non-current assets
|
1,088,570
|
|
|
1,082,133
|
|
|
0.6
|
%
|
||
Current liabilities
|
163,199
|
|
|
146,308
|
|
|
11.5
|
%
|
||
Non-current liabilities
|
1,110,300
|
|
|
974,270
|
|
|
14.0
|
%
|
||
Temporary equity
|
250,148
|
|
|
241,198
|
|
|
3.7
|
%
|
||
CME Ltd. shareholders’ (deficit) / equity
|
(102,739
|
)
|
|
77,260
|
|
|
NM
(1)
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
1,045
|
|
|
1,381
|
|
|
(24.3
|
)%
|
(1)
|
Number is not meaningful.
|
|
For the Six Months Ended June 30, (US$ 000's)
|
||||||
|
2016
|
|
|
2015
|
|
||
Net cash generated from continuing operating activities
|
$
|
17,549
|
|
|
$
|
41,522
|
|
Net cash used in continuing investing activities
|
(11,255
|
)
|
|
(14,388
|
)
|
||
Net cash used in continuing financing activities
|
(23,970
|
)
|
|
(27,353
|
)
|
||
Net cash provided by discontinued operations
|
705
|
|
|
5,268
|
|
||
Impact of exchange rate fluctuations on cash and cash equivalents
|
1,734
|
|
|
(1,334
|
)
|
||
Net (decrease) / increase in cash and cash equivalents
|
$
|
(15,237
|
)
|
|
$
|
3,715
|
|
|
Payments due by period (US$ 000’s)
|
||||||||||||||||||
|
Total
|
|
|
Less than 1 year
|
|
|
1-3 years
|
|
|
3-5 years
|
|
|
More than 5 years
|
|
|||||
Long-term debt – principal
|
$
|
1,060,169
|
|
|
$
|
—
|
|
|
$
|
278,438
|
|
|
$
|
781,731
|
|
|
$
|
—
|
|
Long-term debt – interest
|
458,006
|
|
|
37,274
|
|
|
134,953
|
|
|
285,779
|
|
|
—
|
|
|||||
Unconditional purchase obligations
|
126,414
|
|
|
53,700
|
|
|
54,937
|
|
|
15,506
|
|
|
2,271
|
|
|||||
Operating leases
|
9,484
|
|
|
3,324
|
|
|
3,907
|
|
|
994
|
|
|
1,259
|
|
|||||
Capital lease obligations
|
3,393
|
|
|
1,222
|
|
|
1,854
|
|
|
317
|
|
|
—
|
|
|||||
Other long-term obligations
|
43,596
|
|
|
22,151
|
|
|
10,904
|
|
|
10,381
|
|
|
160
|
|
|||||
Total contractual obligations
|
$
|
1,701,062
|
|
|
$
|
117,671
|
|
|
$
|
484,993
|
|
|
$
|
1,094,708
|
|
|
$
|
3,690
|
|
Expected Maturity Dates
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
2019
|
|
|
2020
|
|
|
Thereafter
|
|||
Long-term Debt (000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Variable rate (EUR)
|
|
—
|
|
|
—
|
|
|
250,800
|
|
|
|
235,335
|
|
|
—
|
|
|
468,800
|
|
Average interest rate
(1)
|
|
—
|
|
|
—
|
|
|
1.50
|
%
|
|
|
1.50
|
%
|
|
—
|
|
|
1.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swaps (000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Variable to fixed (EUR)
|
|
—
|
|
|
250,800
|
|
|
250,800
|
|
(2)
|
|
235,335
|
|
|
—
|
|
|
468,800
|
|
Average pay rate
|
|
—
|
|
|
0.21
|
%
|
|
0.14
|
%
|
|
|
0.31
|
%
|
|
—
|
|
|
0.28
|
%
|
Average receive rate
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
(1)
|
As discussed in Item 1,
Note 4, "Long-term Debt and Other Financing Arrangements"
, as consideration for Time Warner's guarantee of the Euro Term Loans, we pay Guarantee Fees to Time Warner based on the amounts outstanding on the Euro Term Loans, each calculated such that the all-in borrowing rate on each the 2018 Euro Term Loan and the 2019 Euro Term Loan is 8.5% per annum and the all-in borrowing rate on the 2021 Euro Term Loan is 10.0% per annum.
|
(2)
|
The interest rate swaps maturing in 2018 are forward starting to coincide with the maturity date of the interest rate swaps maturing in 2017. See Item 1,
Note 11, "Financial Instruments and Fair Value Measurements"
.
|
Expected Maturity Dates
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
Thereafter
|
|
Long-term Debt (000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Variable rate (EUR)
1
|
|
—
|
|
|
250,800
|
|
|
—
|
|
|
235,335
|
|
|
—
|
|
|
—
|
|
Average interest rate
|
|
—
|
|
|
1.50
|
%
|
|
—
|
|
|
1.50
|
%
|
|
—
|
|
|
—
|
|
Fixed rate (US$)
|
|
—
|
|
|
540,698
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Average interest rate
|
|
—
|
|
|
15.00
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swaps (000's):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Variable to fixed (EUR)
|
|
—
|
|
|
250,800
|
|
|
—
|
|
|
235,335
|
|
|
—
|
|
|
—
|
|
Average pay rate
|
|
—
|
|
|
0.21
|
%
|
|
—
|
|
|
0.31
|
%
|
|
—
|
|
|
—
|
|
Average receive rate
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
(1)
|
As discussed in Item 8,
Note 4, "Long-term Debt and Other Financing Arrangements"
, as consideration for Time Warner's guarantee of the Euro Term Loans, we pay Guarantee Fees to Time Warner based on the amounts outstanding on the 2018 Euro Term Loan and the 2019 Euro Term Loan, each calculated such that the all-in borrowing rate on each is 8.5%.
|
Exhibit Number
|
|
Description
|
10.01*+
|
|
Amended and Restated Contract of Employment between CME Media Services Limited and Michael Del Nin, dated July 1, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 1, 2016).
|
|
|
|
10.02*+
|
|
Amended and Restated Contract of Employment between CME Media Services Limited and Christoph Mainusch, dated July 1, 2016 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 1, 2016).
|
|
|
|
31.01
|
|
Certification of Co-Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.02
|
|
Certification of Co-Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.03
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.01
|
|
Certifications of co-Principal Executive Officers and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only).
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
Central European Media Enterprises Ltd.
|
Date:
|
July 26, 2016
|
/s/ David Sturgeon
David Sturgeon
Executive Vice President and Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer
|
Exhibit Number
|
|
Description
|
10.01*+
|
|
Amended and Restated Contract of Employment between CME Media Services Limited and Michael Del Nin, dated July 1, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 1, 2016).
|
|
|
|
10.02*+
|
|
Amended and Restated Contract of Employment between CME Media Services Limited and Christoph Mainusch, dated July 1, 2016 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 1, 2016).
|
|
|
|
31.01
|
|
Certification of Co-Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.02
|
|
Certification of Co-Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.03
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.01
|
|
Certifications of co-Principal Executive Officers and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only).
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
1 Year Central European Media E... Chart |
1 Month Central European Media E... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions