Central European Media Enterprises

Profit Statement 2015 2016 2017
Sales USD mil 496 526 574
Gross Profit USD mil 213 233 270
EBITDA USD mil 121 137 166
EBIT USD mil 88.0 106 130
Financing Cost USD mil 151 111 70.1
Pre-Tax Profit USD mil -87.3 -158 75.5
Net Profit USD mil -115 -180 49.8
Dividends USD mil 0 0 ...
Balance Sheet 2015 2016 2017
Total Assets USD mil 1,440 1,391 1,628
Non-Current Assets USD mil 1,082 1,050 1,163
Current Assets USD mil 358 340 465
Working Capital USD mil 119 76.7 84.7
Shareholders' Equity USD mil 77.3 -108 -5.79
Liabilities USD mil 1,363 1,499 1,634
Total Debt USD mil 910 1,003 1,089
Net Debt USD mil 848 962 1,034
Ratios 2015 2016 2017
ROE % -64.4 1,181 -87.6
ROCE % -9.04 -15.5 4.19
Gross Margin % 42.9 44.3 47.1
EBITDA Margin % 24.5 26.0 28.8
EBIT Margin % 17.7 20.1 22.6
Net Margin % -23.2 -34.3 8.67
Net Debt/EBITDA 6.98 7.03 6.25
Net Debt/Equity % 1,098 -892 -17,861
Cost of Financing % 17.0 11.6 6.70
Valuation 2015 2016 2017
Market Capitalisation USD mil 395 385 1,099
Enterprise Value (EV) USD mil 1,243 1,347 2,133
Number Of Shares mil 147 151 236
Share Price USD 2.69 2.55 4.65
EV/EBITDA 10.2 9.84 12.9
EV/Sales 2.51 2.56 3.71
Price/Earnings (P/E) -3.44 -2.14 22.1
Price/Book Value (P/BV) 5.11 -3.57 -190
Dividend Yield % 0 0 ...

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales USD mil ...                     865 706 633 681 496    
Gross Profit USD mil ...                     283 161 107 237 213    
EBIT USD mil ...                     75.5 -480 -180 38.3 88.0    
Net Profit USD mil ...                     -175 -536 -278 -227 -115    
ROE % ...                     -15.4 -65.0 -51.8 -63.2 -64.4    
EBIT Margin % ...                     8.74 -68.0 -28.4 5.62 17.7    
Net Margin % ...                     -20.2 -75.9 -43.9 -33.4 -23.2    
balance sheet                                    
Total Assets USD mil                       2,682 2,175 1,962 1,619 1,440    
Non-Current Assets USD mil                       2,143 1,656 1,435 1,244 1,082    
Current Assets USD mil                       538 519 527 375 358    
Shareholders' Equity USD mil                       1,018 631 440 280 77.3    
Liabilities USD mil                       1,664 1,543 1,522 1,340 1,363    
Non-Current Liabilities USD mil                       1,408 1,252 990 668 974    
Current Liabilities USD mil                       256 291 323 451 146    
Net Debt/EBITDA ... ... ... ...               6.97 -2.73 -6.73 10.1 6.98    
Net Debt/Equity % ... ... ... ...               112 171 196 300 1,098    
Cost of Financing % ... ... ... ... ...             11.8 5.55 10.2 15.4 17.0    
cash flow                                    
Total Cash From Operations USD mil ... ... ...                 29.6 -27.7 -61.1 -65.2 79.6    
Total Cash From Investing USD mil ... ... ...                 -42.7 -31.1 -29.8 -28.5 -23.6    
Total Cash From Financing USD mil ... ... ...                 -38.2 12.6 59.2 39.0 -28.6    
Net Change In Cash USD mil ... ... ...                 -51.2 -46.1 -31.7 -54.8 27.4    
valuation                                    
Market Capitalisation USD mil                       417 445 464 439 395    
Number Of Shares mil                       64.4 76.9 126 147 147    
Share Price USD                       6.48 5.79 3.69 3.00 2.69    
Earnings Per Share (EPS) USD ...                     -2.71 -6.96 -2.21 -1.55 -0.782    
Book Value Per Share USD                       15.8 8.21 3.50 1.91 0.526    
Dividend Per Share USD ... ... ... ...               0 0 0 0 0   ...
Price/Earnings (P/E) ...                     -2.39 -0.831 -1.67 -1.93 -3.44    
Price/Book Value (P/BV)                       0.410 0.705 1.05 1.57 5.11    
Dividend Yield % ... ... ... ...               0 0 0 0 0   ...
Earnings Per Share Growth % ... ...                   -273 157 -68.3 -29.7 -49.6    
Book Value Per Share Growth % ...                     -18.9 -48.1 -57.3 -45.4 -72.5    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales USD mil ...                     865 706 633 681 496    
Cost of Goods & Services USD mil ...                     582 545 527 444 283    
Gross Profit USD mil ...                     283 161 107 237 213    
Other Cost USD mil ... ... ... ... ... ... ... ... ... ... ... ... 557 235 153 91.5    
EBITDA USD mil ...                     163 -396 -128 83.5 121    
Depreciation USD mil ...                     87.8 84.2 51.9 45.2 33.4    
EBIT USD mil ...                     75.5 -480 -180 38.3 88.0    
Financing Cost USD mil ...                     159 70.7 111 142 151    
Extraordinary Cost USD mil ...                     92.6 10.7 3.20 49.4 24.0    
Pre-Tax Profit USD mil ...                     -176 -561 -294 -153 -87.3    
Tax USD mil ...                     3.85 -14.8 -18.0 -1.36 1.15    
Minorities USD mil ...                     -4.99 -10.7 -3.88 -4.47 -0.671    
Net Profit USD mil ...                     -175 -536 -278 -227 -115    
Dividends USD mil ... ... ... ...               0 0 0 0 0   ...
growth rates                                    
Total Revenue Growth % ... ...                   17.5 -18.4 -10.3 7.53 -27.1    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... -57.9 -34.6 -40.4    
EBITDA Growth % ... ...                   57.6 -342 -67.6 -165 45.5    
EBIT Growth % ... ...                   225 -735 -62.5 -121 130    
Pre-Tax Profit Growth % ... ...                   57.1 219 -47.5 -48.1 -42.9    
Net Profit Growth % ... ...                   -274 207 -48.2 -18.1 -49.5    
ratios                                    
ROE % ...                     -15.4 -65.0 -51.8 -63.2 -64.4    
ROCE % ... ... ... ... ...             -7.61 -27.5 -17.8 -16.5 -9.04    
Gross Margin % ...                     32.7 22.8 16.8 34.8 42.9    
EBITDA Margin % ...                     18.9 -56.0 -20.2 12.3 24.5    
EBIT Margin % ...                     8.74 -68.0 -28.4 5.62 17.7    
Net Margin % ...                     -20.2 -75.9 -43.9 -33.4 -23.2    
Payout Ratio % ... ... ... ...               0 0 0 0 0   ...
Cost of Financing % ... ... ... ... ...             11.8 5.55 10.2 15.4 17.0    
Net Debt/EBITDA ... ... ... ...               6.97 -2.73 -6.73 10.1 6.98    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                    
Non-Current Assets USD mil                       2,143 1,656 1,435 1,244 1,082    
Property, Plant & Equipment USD mil ... ... ... ...               217 207 143 114 109    
Intangible Assets USD mil ... ... ... ...               1,920 1,425 1,278 1,072 942    
Goodwill USD mil ... ... ... ...               1,095 837 783 681 622    
Current Assets USD mil                       538 519 527 375 358    
Inventories USD mil ... ... ... ...               102 120 96.1 99.4 86.0    
Receivables USD mil ... ... ... ...               192 184 169 176 167    
Cash & Cash Equivalents USD mil ... ... ... ...               186 140 102 34.3 61.7    
Total Assets USD mil                       2,682 2,175 1,962 1,619 1,440    
Shareholders' Equity USD mil                       1,018 631 440 280 77.3    
Of Which Minority Interest USD mil                       16.3 5.21 0.893 -2.61 1.38    
Liabilities USD mil                       1,664 1,543 1,522 1,340 1,363    
Non-Current Liabilities USD mil                       1,408 1,252 990 668 974    
Long-Term Debt USD mil ... ... ... ...               1,323 1,199 963 621 909    
Current Liabilities USD mil                       256 291 323 451 146    
Short-Term Debt USD mil ... ... ... ...               1.06 21.9 1.46 253 1.16    
Trade Payables USD mil ... ... ... ...               240 256 278 179 135    
Equity And Liabilities USD mil                       2,682 2,175 1,962 1,619 1,440    
growth rates                                    
Total Asset Growth % ...                     -8.80 -18.9 -9.79 -17.5 -11.1    
Shareholders' Equity Growth % ...                     -18.4 -38.0 -30.3 -36.4 -72.4    
Net Debt Growth % ... ... ... ... ...             1.99 -5.06 -20.2 -2.57 0.976    
Total Debt Growth % ... ... ... ... ...             -2.60 -7.82 -21.0 -9.35 4.07    
ratios                                    
Total Debt USD mil ... ... ... ...               1,324 1,221 964 874 910    
Net Debt USD mil ... ... ... ...               1,138 1,080 862 840 848    
Working Capital USD mil ... ... ... ...               53.9 48.8 -12.5 96.0 119    
Capital Employed USD mil ... ... ... ...               2,197 1,705 1,422 1,340 1,201    
Net Debt/Equity % ... ... ... ...               112 171 196 300 1,098    
Cost of Financing % ... ... ... ... ...             11.8 5.55 10.2 15.4 17.0    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                    
Net Profit USD mil ...                     -175 -536 -278 -227 -115    
Depreciation USD mil ...                     87.8 84.2 51.9 45.2 33.4    
Non-Cash Items USD mil ... ... ... ... ...             105 419 103 226 184    
Change in Working Capital USD mil ... ... ... ... ...             11.4 5.01 61.4 -109 -22.7    
Total Cash From Operations USD mil ... ... ...                 29.6 -27.7 -61.1 -65.2 79.6    
Capital Expenditures USD mil ... ... ...                 -34.2 -31.1 -30.1 -28.7 -26.7    
Other Investments USD mil ... ... ...                 -8.51 0 0.283 0.137 3.09    
Total Cash From Investing USD mil ... ... ...                 -42.7 -31.1 -29.8 -28.5 -23.6    
Dividends Paid USD mil ... ... ... ...               0 0 0 0 0   ...
Issuance Of Debt USD mil ... ... ... ... ...             -35.4 -104 -257 -90.2 35.6    
Total Cash From Financing USD mil ... ... ...                 -38.2 12.6 59.2 39.0 -28.6    
Net Change In Cash USD mil ... ... ...                 -51.2 -46.1 -31.7 -54.8 27.4    
ratios                                    
Days Sales Outstanding days ... ... ... ...               81.1 95.4 97.5 94.3 123    
Days Sales Of Inventory days ... ... ... ...               63.8 80.4 66.6 81.7 111    
Days Payable Outstanding days ... ... ... ...               151 171 192 147 174    
Cash Conversion Cycle days ... ... ... ...               -5.66 4.50 -28.4 28.6 60.4    
Cash Earnings USD mil ...                     -86.8 -451 -226 -182 -81.5    
Cash Earnings Per Share USD ...                     -1.35 -5.87 -1.80 -1.24 -0.555    
Price/Cash Earnings (P/CE) ...                     -4.81 -0.986 -2.06 -2.41 -4.85    
Free Cash Flow USD mil ... ... ...                 -13.1 -58.8 -90.9 -93.8 56.0    
Free Cash Flow Yield % ... ... ...                 -3.13 -13.2 -19.6 -21.4 14.2    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA % ...                     -6.21 -22.1 -13.4 -12.7 -7.51    
Gross Margin % ...                     32.7 22.8 16.8 34.8 42.9    
Effective Tax Rate % ...                     -2.19 2.63 6.11 0.889 -1.32    
Enterprise Value (EV) USD mil ... ... ... ...               1,555 1,525 1,326 1,279 1,243    
EV/EBITDA ... ... ... ...               9.52 -3.86 -10.4 15.3 10.2    
EV/Capital Employed ... ... ... ...               0.708 0.895 0.932 0.954 1.04    
EV/Sales ... ... ... ...               1.80 2.16 2.09 1.88 2.51    
EV/EBIT ... ... ... ...               20.6 -3.18 -7.37 33.4 14.1    
Domestic Sales USD mil ... ... ... ... ... ... ... ...       286 252 175 203 183    
Capital Expenditures (As % of Sales) % ... ... ...                 3.95 4.40 4.76 4.21 5.37    
Revenues From Abroad USD mil ... ... ... ... ... ... ... ...       579 454 458 478 314    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ...       66.9 64.3 72.4 70.2 63.2    
Sales in Bulgaria USD mil ... ... ... ... ... ... ... ...       94.0 85.2 87.4 87.1 73.1    
Sales in Croatia USD mil ... ... ... ... ... ... ... ...       62.0 59.3 61.9 62.0 0    
Sales in the Czech Republic USD mil ... ... ... ... ... ... ... ...       286 252 175 203 183    
Sales in Romania USD mil ... ... ... ... ... ... ... ...       159 153 162 179 158    
Sales in Slovakia USD mil ... ... ... ... ... ... ... ...       102 96.2 82.4 90.6 84.4    
Sales in Slovenia USD mil ... ... ... ... ... ... ... ...       73.0 68.9 66.7 61.4 0    
Bulgaria (As % of Total Sales) % ... ... ... ... ... ... ... ...       10.9 12.1 13.8 12.8 14.7    
Croatia (As % of Total Sales) % ... ... ... ... ... ... ... ...       7.17 8.40 9.77 9.11 0    
Czech Republic (As % of Total Sales) % ... ... ... ... ... ... ... ...       33.1 35.7 27.6 29.8 36.8    
Romania (As % of Total Sales) % ... ... ... ... ... ... ... ...       18.4 21.7 25.6 26.2 31.8    
Slovakia (As % of Total Sales) % ... ... ... ... ... ... ... ...       11.8 13.6 13.0 13.3 17.0    
Slovenia (As % of Total Sales) % ... ... ... ... ... ... ... ...       8.44 9.76 10.5 9.01 0    
Market Share in Bulgaria % ... ... ... ... ... ... ... ...       67.0 67.0 ... ... ... ... ...
Market Share in Croatia % ... ... ... ... ... ... ... ...       48.0 52.0 ... ... ... ... ...
Market Share in the Czech Republic % ... ... ... ... ... ... ... ...       67.0 65.0 ... ... ... ... ...
Market Share in Romania % ... ... ... ... ... ... ... ...       58.0 59.0 ... ... ... ... ...
Market Share in Slovakia % ... ... ... ... ... ... ... ...       68.0 66.0 ... ... ... ... ...
Market Share in Slovenia % ... ... ... ... ... ... ... ...       79.0 79.0 ... ... ... ... ...
EBITDA in Bulgaria USD mil ... ... ... ... ... ... ... ...       13.0 13.1 13.4 9.37 15.5    
EBITDA in Croatia USD mil ... ... ... ... ... ... ... ...       5.00 7.92 8.26 7.84 0    
EBITDA in the Czech Republic USD mil ... ... ... ... ... ... ... ...       140 104 -9.60 62.0 71.7    
EBITDA in Romania USD mil ... ... ... ... ... ... ... ...       26.0 15.4 2.45 37.3 41.2    
EBITDA in Slovakia USD mil ... ... ... ... ... ... ... ...       10.0 8.60 -19.9 4.59 10.6    
EBITDA in Slovenia USD mil ... ... ... ... ... ... ... ...       20.0 14.9 9.25 5.33 0    
Bulgaria (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       7.96 -3.32 -10.5 11.2 12.7    
Croatia (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       3.06 -2.00 -6.45 9.39 0    
Czech Republic (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       85.7 -26.3 7.50 74.2 59.0    
Romania (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       15.9 -3.89 -1.92 44.6 33.9    
Slovakia (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       6.12 -2.18 15.5 5.49 8.72    
Slovenia (As % of Total EBITDA) % ... ... ... ... ... ... ... ...       12.2 -3.78 -7.23 6.39 0    
EBITDA Margin in Bulgaria % ... ... ... ... ... ... ... ... ... ...   13.8 15.4 15.3 10.8 21.2    
EBITDA Margin in Croatia % ... ... ... ... ... ... ... ...       8.06 13.4 13.3 12.6 ... ... ...
EBITDA Margin in the Czech Republic % ... ... ... ... ... ... ... ...       49.0 41.2 -5.49 30.6 39.3    
EBITDA Margin in Romania % ... ... ... ... ... ... ... ...       16.4 10.1 1.51 20.9 26.1    
EBITDA Margin in Slovakia % ... ... ... ... ... ... ... ...       9.80 8.95 -24.1 5.06 12.5    
EBITDA Margin in Slovenia % ... ... ... ... ... ... ... ...       27.4 21.7 13.9 8.69 ... ... ...

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Central European Media Enterprises Ltd. (CETV) is a media and entertainment company operating in Central and Eastern Europe. The business is managed on a geographical basis, with six operating segment, Bulgaria, Croatia, the Czech Republic, Romania, The Slovak Republic and Slovenia. CETV is the broadcast market leader in every country where it has stations present and reaches the homes of over 50 mil people. It started life as a single channel in the Czech Republic in 1994. Nowadays, the Company operates a total of 36 television channels and over 70 Websites across its markets and the video-on-demand service Voyo. The company is listed on NASDAQ and Prague Stock Exchange. Time Warner holds a 49.8% economic interest in the Company.