CET 21 spol

Profit Statement 2013 2014 2015
Sales CZK mil 6,427 7,327 7,946
Gross Profit CZK mil 1,177 2,648 3,184
EBITDA CZK mil -830 1,463 2,020
EBIT CZK mil -2,172 60.9 587
Financing Cost CZK mil 1,099 1,230 676
Pre-Tax Profit CZK mil -3,272 -1,170 -89.0
Net Profit CZK mil -2,925 -1,120 -212
Dividends CZK mil 0 0 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 15,300 13,633 13,178
Non-Current Assets CZK mil 10,605 9,650 8,696
Current Assets CZK mil 1,807 1,915 2,526
Working Capital CZK mil -649 408 553
Shareholders' Equity CZK mil 2,778 4,592 4,359
Liabilities CZK mil 12,523 9,041 8,819
Total Debt CZK mil 9,205 6,838 6,286
Net Debt CZK mil 8,790 6,601 5,503
Ratios 2013 2014 2015
ROE % -116 -30.4 -4.75
ROCE % -26.8 -11.2 -2.20
Gross Margin % 18.3 36.1 40.1
EBITDA Margin % -12.9 20.0 25.4
EBIT Margin % -33.8 0.831 7.39
Net Margin % -45.5 -15.3 -2.67
Net Debt/EBITDA -10.6 4.51 2.72
Net Debt/Equity 3.16 1.44 1.26
Cost of Financing % 10.4 15.3 10.3
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 141 -77.4 1,701
Total Cash From Investing CZK mil -730 -645 -690
Total Cash From Financing CZK mil -26.7 544 -466
Net Change In Cash CZK mil -615 -178 545
Cash Conversion Cycle days -53.9 -7.55 -4.28
Cash Earnings CZK mil -1,583 282 1,220
Free Cash Flow CZK mil -589 -722 1,011

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summary Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 8,460 7,759 8,041 7,934 6,427    
Gross Profit CZK mil 3,830 3,475 3,889 3,377 1,177    
EBIT CZK mil 636 397 936 -2,763 -2,172    
Net Profit CZK mil -235 -930 -472 -3,868 -2,925    
ROE % -2.47 -10.3 -6.06 -82.6 -116    
EBIT Margin % 7.52 5.11 11.6 -34.8 -33.8    
Net Margin % -2.77 -12.0 -5.87 -48.8 -45.5    
Employees 1,240 1,279 1,221 1,138 1,040    
balance sheet              
Total Assets CZK mil 25,069 23,795 22,748 17,526 15,300    
Non-Current Assets CZK mil 18,760 17,472 16,197 11,879 10,605    
Current Assets CZK mil 2,273 2,494 6,552 5,647 1,807    
Shareholders' Equity CZK mil 9,499 8,500 7,078 2,287 2,778    
Liabilities CZK mil 15,569 15,295 15,671 15,239 12,523    
Non-Current Liabilities CZK mil 11,963 12,989 11,609 12,252 9,461    
Current Liabilities CZK mil 2,110 2,184 2,434 2,719 2,800    
Net Debt/EBITDA 5.45 5.91 4.61 -7.67 -10.6    
Net Debt/Equity 1.20 1.33 1.52 4.76 3.16    
Cost of Financing % ... 10.8 11.2 8.34 10.4    
cash flow              
Total Cash From Operations CZK mil 1,541 781 2,158 1,257 141    
Total Cash From Investing CZK mil -916 -749 -603 -656 -730    
Total Cash From Financing CZK mil 757 63.6 -1,016 -669 -26.7    
Net Change In Cash CZK mil 1,382 95.2 539 -68.7 -615    
income statement Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 8,460 7,759 8,041 7,934 6,427    
Cost of Goods & Services CZK mil 4,630 4,284 4,152 4,557 5,250    
Gross Profit CZK mil 3,830 3,475 3,889 3,377 1,177    
Staff Cost CZK mil 990 1,082 1,180 1,023 1,052    
Other Cost CZK mil 742 480 367 3,773 955    
EBITDA CZK mil 2,098 1,913 2,343 -1,419 -830    
Depreciation CZK mil 1,461 1,517 1,407 1,343 1,342    
EBIT CZK mil 636 397 936 -2,763 -2,172    
Financing Cost CZK mil 665 1,284 1,332 993 1,099    
Extraordinary Cost CZK mil 0.512 0.964 0.200 0.340 0.141    
Pre-Tax Profit CZK mil -28.9 -888 -397 -3,756 -3,272    
Tax CZK mil 206 40.8 73.2 119 -347    
Minorities CZK mil 0 0.885 2.15 -7.09 0    
Net Profit CZK mil -235 -930 -472 -3,868 -2,925    
Dividends CZK mil 808 0 950 900 0   ...
growth rates              
Total Revenue Growth % ... -8.28 3.64 -1.34 -19.0    
Operating Cost Growth % ... -9.86 -0.974 210 -58.2    
EBITDA Growth % ... -8.78 22.4 -161 -41.5    
EBIT Growth % ... -37.6 136 -395 -21.4    
Pre-Tax Profit Growth % ... 2,970 -55.3 846 -12.9    
Net Profit Growth % ... 296 -49.2 719 -24.4    
ratios              
ROE % -2.47 -10.3 -6.06 -82.6 -116    
ROCE % ... -4.89 -2.72 -27.4 -26.8    
Gross Margin % 45.3 44.8 48.4 42.6 18.3    
EBITDA Margin % 24.8 24.7 29.1 -17.9 -12.9    
EBIT Margin % 7.52 5.11 11.6 -34.8 -33.8    
Net Margin % -2.77 -12.0 -5.87 -48.8 -45.5    
Payout Ratio % -344 0 -201 -23.3 0   ...
Cost of Financing % ... 10.8 11.2 8.34 10.4    
Net Debt/EBITDA 5.45 5.91 4.61 -7.67 -10.6    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015
balance sheet              
Non-Current Assets CZK mil 18,760 17,472 16,197 11,879 10,605    
Property, Plant & Equipment CZK mil 6,656 6,071 5,485 4,808 4,310    
Intangible Assets CZK mil 4,130 3,959 3,740 3,595 3,252    
Current Assets CZK mil 2,273 2,494 6,552 5,647 1,807    
Inventories CZK mil 270 228 222 220 222    
Receivables CZK mil 1,396 1,413 1,086 834 688    
Cash & Cash Equivalents CZK mil 459 560 1,099 1,031 415    
Total Assets CZK mil 25,069 23,795 22,748 17,526 15,300    
Shareholders' Equity CZK mil 9,499 8,500 7,078 2,287 2,778    
Of Which Minority Interest CZK mil 0 -26.6 2.20 -4.89 0    
Liabilities CZK mil 15,569 15,295 15,671 15,239 12,523    
Non-Current Liabilities CZK mil 11,963 12,989 11,609 12,252 9,461    
Long-Term Debt CZK mil 10,211 11,693 11,753 11,436 9,145    
Deferred Tax Liabilities CZK mil 681 610 566 541 195    
Current Liabilities CZK mil 2,110 2,184 2,434 2,719 2,800    
Short-Term Debt CZK mil 1,671 177 135 484 59.4    
Trade Payables CZK mil 685 785 1,122 1,042 1,560    
Provisions CZK mil 45.1 61.3 41.7 45.7 37.8    
Equity And Liabilities CZK mil 25,069 23,795 22,748 17,526 15,300    
growth rates              
Total Asset Growth % ... -5.08 -4.40 -23.0 -12.7    
Shareholders' Equity Growth % ... -10.5 -16.7 -67.7 21.4    
Net Debt Growth % ... -0.986 -4.61 0.933 -19.3    
Total Debt Growth % ... -0.095 0.150 0.269 -22.8    
ratios              
Total Debt CZK mil 11,881 11,870 11,888 11,920 9,205    
Net Debt CZK mil 11,423 11,310 10,789 10,889 8,790    
Working Capital CZK mil 981 856 187 12.6 -649    
Capital Employed CZK mil 19,741 18,328 16,383 11,892 9,955    
Net Debt/Equity 1.20 1.33 1.52 4.76 3.16    
Cost of Financing % ... 10.8 11.2 8.34 10.4    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015
cash flow              
Net Profit CZK mil -235 -930 -472 -3,868 -2,925    
Depreciation CZK mil 1,461 1,517 1,407 1,343 1,342    
Non-Cash Items CZK mil ... 68.9 554 3,608 1,062    
Change in Working Capital CZK mil ... 125 669 174 662    
Total Cash From Operations CZK mil 1,541 781 2,158 1,257 141    
Capital Expenditures CZK mil -916 -749 -603 -656 -730    
Other Investments CZK mil 0 0 0 0 0    
Total Cash From Investing CZK mil -916 -749 -603 -656 -730    
Dividends Paid CZK mil -808 0 -950 -900 0   ...
Issuance Of Debt CZK mil ... -11.2 17.8 32.0 -2,715    
Total Cash From Financing CZK mil 757 63.6 -1,016 -669 -26.7    
Net Change In Cash CZK mil 1,382 95.2 539 -68.7 -615    
ratios              
Days Sales Outstanding days 60.2 66.5 49.3 38.4 39.1    
Days Sales Of Inventory days 21.3 19.4 19.6 17.6 15.5    
Days Payable Outstanding days 54.0 66.9 98.7 83.5 108    
Cash Conversion Cycle days 27.5 19.0 -29.8 -27.4 -53.9    
Cash Earnings CZK mil 1,227 587 935 -2,525 -1,583    
Free Cash Flow CZK mil 625 31.7 1,555 601 -589    
other data Unit 2009 2010 2011 2012 2013 2014 2015
other data              
ROA % -0.936 -3.81 -2.03 -19.2 -17.8    
Gross Margin % 45.3 44.8 48.4 42.6 18.3    
Employees 1,240 1,279 1,221 1,138 1,040    
Cost Per Employee USD per month 3,492 3,688 4,553 3,830 4,308    
Cost Per Employee (Local Currency) CZK per month 66,543 70,477 80,518 74,907 84,288    
Staff Cost (As % Of Total Cost) % 12.7 14.7 16.6 9.56 12.2    
Effective Tax Rate % -711 -4.60 -18.4 -3.18 10.6    
Capital Expenditures (As % of Sales) % 10.8 9.65 7.50 8.27 11.4    
Sales from TV Advertising Time CZK mil 6,875 6,478 6,607 6,106 4,571    
Sale from Cable Television Programme CZK mil 152 190 199 186 99.9    
Sales from Internet Advertising CZK mil 81.8 63.4 79.1 63.5 90.5    
Sales from Other Services CZK mil 135 101 221 268 322    

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CET 21 spol.s r.o. is a Czech Republic-based TV operator and an entertainment company. The Company operates TV NOVA, a general entertainment channel; FANDA, a male-oriented channel; SMICHOV, a comedy channel; TELKA, a classics channel; and other channels comprising NOVA CINEMA and NOVA SPORT in the Czech Republic. It also operates TV MARKIZA, a general entertainment channel; DOMA, a female-oriented channel; and DAJTO, a male-oriented channel in the Slovak Republic. The company was incorporated in 1992 and is based in Prague, the Czech Republic. CET 21 spol. s r.o. is a subsidiary of CME Media Enterprises B.V.