cme - hodnocení 1. čtvrtletí 2012, zpráva pro investory

8/2/2019 CME - hodnocen 1. tvrtlet 2012, zprva pro investory

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Q1 2012 EARNINGS CALL PRESENTATION

On the path to deleveraging


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CME Management attending the call

2

President andChief ExecutiveOfficer

Adrian Srbu

Chief FinancialOfficer

David Sach

Executive VicePresident,StrategicPlanning and

Operations

Anthony Chhoy

General Counsel

Daniel Penn

Vice PresidentCorporateCommunications

Romana Wyllie


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On the path to deleveraging

We started 2012 with a major task: deleveraging. The transaction announced on Monday puts us on a firm path to achieve this goal.

In the coming weeks we are targeting a decrease in our leverage ratio to below 5xNet Debt/OIBDA and a significant reduction in our cash interest cost.

We will use the most efficient means to do this, whether through debt purchases,debt conversions, equity issuances or a combination of these.

In that respect we can use the credit facility with Time Warner to purchase up to$300 million of debt.

The amount to be drawn will be contingent on the acceptance of the prices we haveoffered to debt holders.

We intend to conduct private and public equity offerings, on acceptable terms, toobtain sufficient funds to achieve our goals, including the repayment of any amountsdrawn under the Time Warner credit facility.

Following these transactions, Time Warner will hold at least 40% share on a dilutedbasis.

4


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Summary of transactions with Time Warner and Ronald Lauder

CME has launched tenders for its 2013 Convertible Notes and its 2014 Floating Rate Notes and 2016 FixedRate Notes.

Time Warner (TW) has agreed to provide CME a credit facility of up to $300 million for purposes ofrepurchasing Notes that CME accepts for payment in these tenders.

TW and Ronald Lauder (RSL) have agreed to purchase an aggregate of approximately 11.5 million of CMEs

Class A shares at a price per share of $7.51, which is the 20-day volume weighted price to the signing date.TW will purchase Class A shares in order to increase its ownership in CME to 40% on diluted basis, and atleast 9.5 million shares. RSL will purchase 2 million Class A shares.

All Class B shares will convert to Class A shares in connection with these subscriptions.

We can repay the TW Loans with proceeds from these subscriptions as well as other public or private

issuances of equity. Because our borrowing costs do not increase for the first six months after drawing theTW loans, we have a period of time to evaluate what is the best option for the Company.

If any amounts under the Time Warner loan facility remain outstanding 180 days after drawing, we also havethe option to sell to Time Warner, and Time Warner has the right to acquire from us, shares to repay suchoutstanding amounts, up to a maximum ownership interest of 49.9% by Time Warner. These commitments

are intended to enable CME to pursue its strategy of reducing its existing indebtedness on acceptable terms.

5

Improve maturity profile by repaying 2013 Convertible Notes Reduce Net Debt / OIBDA ratio from 7x to 5x Reduce annual cash interest cost from 2013 onwards by close to US$20 million

Maintain liquidity at over $200m Position CME for future growth

Benefits:


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Q1 2012: Soft TV ad markets, new revenue streams

6

Q1 ad marketsdown by 5%1

Q1 ad marketsdown by 5%1

We maintained our strong audience and marketshare leadership positions

Voyo SVOD was launched in all six countries

55,000 Voyo subscribers

Positive OIBDA

1

Note:: CME estimate

Our consolidated revenues increased by 3% andOIBDA by 9% in constant currency

Our consolidated revenues increased by 3% andOIBDA by 9% in constant currency

Voyo is the new growth story in our markets and the response of the audience confirms itspotential

Voyo is the new growth story in our markets and the response of the audience confirms itspotential


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2%

2%

4%

8%

3%

3%

3%

5%4%

5%

3%

2%2%

2% 3%2%

2%

1%

0%

2%

4%

6%

8%

Q1 2011 Q4 2011 Q1 2012F

Macroeconomic indicators Q1 2012

7

Real Private ConsumptionYear-over-Year Change Rate, % CME Q1 2012F Average: 0.0%

(0)%(1)% (1)%

(1)%

3%

2%

(0)% (0)% (1)%

(3)%

(2)%

(1)%

0%

(2)%(2)%

(0)% (0)% (0)%

(4)%

(2)%

0%

2%

4%

Q1 2011 Q4 2011 Q1 2012F

CME Q1 2011 Average:

Source: Eurostat, 2012 CME estimates based on CME consensus (ING, SG, BNP, Citi, Erste, KBC, UniCredit, IMF, CzechNational Bank, Czech Ministry of Finance, National Commission for Economic Forecasting of Romania, Raiffeisen Bank)

Source: CME internal estimates at constant currency exchange rates

Source: Eurostat, 2012 CME estimates based on CME consensus (ING, SG, UniCredit, Erste, Czech Ministry of Finance,Raiffeisen Bank) Source: National Statistical Offices

Czech Republic Romania* Slovak Republic SloveniaBulgaria Croatia

Real GDPYear-over-Year Change Rate, % CME Q1 2012F Average: 0.3%

Total TV Ad Market (nominal)Year-over-Year Change Rate, % CME Q1 2012 Average: (5)%

Consumer Price IndexAverage Year-over-Year Change Rate, % CME Q1 2012F Average: 2.9%

3%

0%

(0)%

2% 2% 2%

3% 3%

2%2%

0%0%

2%

(3)% (3)%

(1)%

(0)%(1)%

(4)%

(3)%

(2)%

(1)%

0%

1%

2%

3%

4%

Q1 2011 Q4 2011 Q1 2012F

5%3%

(4)%

2% 2%

(11)%

2%

7%6%

(4)%(3)% (3)%

6%

10%

0%

(5)%

1%

(12)%

(16)%

(8)%

0%

8%

16%

Q1 2011 Q4 2011 Q1 2012

Note: Consensus analyst forecasts and estimates are subject to change and comparative data maydiffer from those previously published* Romania market excludes Moldova

CME Total


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Q1 2012 financials: Consolidated operations

8

$172.8 $167.4

0

100

200

Q1 2011 Q1 2012

$172.8 $163.3 $167.4$5.7 $1.2

$(9.5) $(2.2) $(0.6)

0

100

200

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

Broadcast MPE New Media Eliminations Q1 2012 @2012 rates

$158.6 $153.3

0

100

200

Q1 2011 Q1 2012

$158.6 $150.4 $153.3$4.7 $1.1

$(8.2) $(0.7) $(0.8) $(1.4)

0

100

200

Q1 2011 @Q1 2011 rates

FX Q1 2011 @2012 rates

Broadcast MPE New Media Eliminations Central Q1 2012 @2012 rates

$14.2 $14.1

0

10

20

Q1 2011 Q1 2012

$14.2$12.9

$14.1

$1.0 $0.1 $0.2$1.4

$(1.3)

$(1.5)

0

10

20

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

Broadcast MPE New Media Eliminations Central Q1 2012 @2012 rates

Revenues

Costs

OIBDA

US$ m US$ m

US$ m US$ m

US$ m US$ m


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Maintained strong audience share leadership withoutstanding performance of main news and local fictionseries

Increased market share by 6 pts to 55%

Sold over 50% of commercial GRPs on the market

CroatiaCroatia

49%55%

MarketsharePTaudienceshare

33% 35%

Q1

11Q1

12Q1

11Q1

12

Maintained undisputed audience share leadership withcontinued outstanding success of main news & localreality and entertainment

Increased market share by 2 pts to 80%

Sold almost 80% of commercial GRPs on the market

SloveniaSlovenia

78%80%

MarketsharePT

audienceshare

48%50%

Q1

11Q1

12Q1

11Q1

12

Maintained strong audience and market shareleadership with robust performance of main news andlocal fiction series

Market share declined by 2 pts as a result of pricingstrategy not to discount at level of competitors in the lowseason

Sold almost 55% of commercial GRPs on the market

Q1 2012 Broadcast Highlights

9

Maintained audience share leadership with strong

performance of local reality and entertainment showsand Doma channel.

Market share declined by 4 pts as a result of lowerprogramming investment and reduced GRP generationin the low season

Sold over 50% of the commercial GRPs on the market

Maintained strong audience share leadership withrobust performance of main news and local reality andentertainment shows

Increased market share by 3pts to 61%


Increased overall market share leadership by one percentage point to 65%Increased overall market share leadership by one percentage point to 65%

68%66%

MarketsharePT

audienceshare

Q111

Q112

42% 40%

Czech RepublicCzech Republic

RomaniaRomania

Slovak RepublicSlovak Republic

69%65%

Market

share

PT

audienceshare

40%36%

58%

61%

Marketshare*

PTaudienceshare*

32% 30%

NB: TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE ; Audience share results in main channel sales target group;* PT audience share and market share excludes PRO TV Chisinau Moldova

Q111

Q112

Q1

11Q1

12

Q1

11Q1

12

Q1

11Q1

12

Q1

11Q1

12

Maintained undisputed audience leadership in themarket with strong performance of main news, localfiction series, local reality and entertainment and launchof bTV Lady

Increased market share by 1 pt to 66%


BulgariaBulgaria

66%

Marketshare

PTaudienceshare

48%51%

65%

Q111

Q112

Q111

Q112


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Q1 2012 financials : Broadcast

10

$157.5$146.8

0

100

200

Q1 2011 Q1 2012

$157.5 $149.0 $146.8$0.3 $0.3 $0.5 $0.0

$(8.5)$(2.5)

$(0.8)

0

100

200

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

CzechRepublic

Romania SlovakRepublic

Bulgaria Slovenia Croatia Q1 2012 @2012 rates

$131.4 $123.9

0

100

200

Q1 2011 Q1 2012

$131.4 $124.6$123.9$0.4 $1.5 $0.8 $1.0

$(6.8) $(1.4) $(1.7) $(1.3)

0

100

200

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

CzechRepublic


Bulgaria Slovenia Croatia DivisionalQ1 2012 @2012 rates

$26.1$22.9

0

10

20

30

Q1 2011 Q1 2012

$26.1$24.4

$22.9$2.0 $1.3$(1.7)

$(1.1) $(1.2) $(1.2) $(0.3) $(1.0)

0

10

20

30

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

CzechRepublic


Bulgaria Slovenia Croatia DivisionalQ1 2012 @2012 rates

Revenues

Costs

OIBDA

US$ m US$ m

US$ m US$ m

US$ m US$ m


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11

Q1 2012 Media Pro Entertainment Highlights

1Share represents average audience share achieved in Q1 2012*Source: internal estimates.**Source::internal estimates.

TV series with outstanding performance

Successfully produced and launched the movie Sunday League, with over 300,000admissions to-date. The opening weekend was second best ever for a local movie in Czech

Republic. Theatrical distribution leadership in Romania with 32% market share.

In the Czech Republic and Slovakia: 32% market share. *

Home video distribution leadership in Romania (62% market share), Czech Republicand Slovakia (42% market share). **

DistributionThird Party Revenues (US$ m)

Strong content continues to deliver audience share while focusing on 3rd party revenues.

Fiction

277hourssold

Rose Garden Medical (CZ)Drama Series

Laras Choice (HR)Telenovela

Home Wars (BG)Sitcom

40.4% share140.4% share143.1% share143.1% share1

Las Fierbinti (RO)Comedy series

23.7% share123.7% share1

Only Love(SK)Telenovela

17.7% share1

(On Doma)

17.7% share1

(On Doma)


Reality &Entertainment

351hourssold

Got Talent (RO)Talent show


The Voice (CZ, SK)Talent show

CZ: 40.2% share1

SK: 39.0% share1CZ: 40.2% share1

SK: 39.0% share1

The Farm (SK)Reality show


Wife Swap (CZ, SK)Reality show

CZ: 39.2% share1

SK: 29.3% share1CZ: 39.2% share1

SK: 29.3% share1

Masterchef (RO)Talent show


Q1 2011 Q1 2012

12.8

17.5

TV reality and entertainment shows delivering record prime time audience share

Helena (CZ)Sitcom


X Factor (SI)Talent show



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Q1 2012 financials: Media Pro Entertainment

12

$40.2$43.4

0

20

40

60

Q1 2011 Q1 2012

$40.2 $37.7$43.4$5.7

$(2.5)

0

20

40

60

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates

Operations Q1 2012 @2012 rates

$39.5 $41.7

0

20

40

60

Q1 2011 Q1 2012

$39.5 $37.1 $41.7$4.6

$(2.4)

0.00

20.00

40.00

60.00

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates


$0.7

$1.7

0.0

1.0

2.0

Q1 2011 Q1 2012

$0.7 $0.6

$1.7$1.1

$(0.1)

0.0

1.0

2.0

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates


Revenues

Cos

ts

OIBDA

US$ m US$ m

US$ m US$ m

US$ m US$ m


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Q1 2012 New Media Highlights

13

Voyo is growing into the leading digital distribution platform in CEE

Completed SVOD roll-out in all CME territories with 55,000 subscribers at

the end of Q1

We are focused on rapidly growing the number of subscribers

Over 1,000 library titles available in the Czech Republic, Slovak Republic

and Slovenia and over 500 in Romania, Croatia and Bulgaria

Voyo is currently available on PC, tablets, internet connected TV

Voyo reached 1.7 m visitors, driven by strong local content and sport

Completed SVOD roll-out in all CME territories with 55,000 subscribers at

the end of Q1

We are focused on rapidly growing the number of subscribers

Over 1,000 library titles available in the Czech Republic, Slovak Republic

and Slovenia and over 500 in Romania, Croatia and Bulgaria

Voyo is currently available on PC, tablets, internet connected TV

Voyo reached 1.7 m visitors, driven by strong local content and sport 20,000

30,000

40,000

50,000

60,000

December 2011 January 2012 February 2012 March 2012

Subscribers

Website traffic up by 17% year on year to 12.4 m visitors contributing to advertising revenue growth of 15% in a marketthat grew by 6%

Website traffic up by 17% year on year to 12.4 m visitors contributing to advertising revenue growth of 15% in a marketthat grew by 6%

Achieved No. 1 position in Romania driven by news (60% y/y growth) and

sports portal (31% y/y growth)

Launched news portal in Bulgaria and one thematic portal in Romania

Launched deal-of-the-day portal in Croatia to increase non-ad revenues

Achieved No. 1 position in Romania driven by news (60% y/y growth) and

sports portal (31% y/y growth)

Launched news portal in Bulgaria and one thematic portal in Romania

Launched deal-of-the-day portal in Croatia to increase non-ad revenues1,500,000

1,700,000

1,900,000

2,100,000

2,300,000

2,500,000

December January February March

Average Daily UV 2012 Average Daily UV 2011

Average daily traffic


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Q1 2012 financials: New Media

14

$2.6 $2.6

$1.1

0

1

2

3

4

Q1 2011 Q1 2012

$2.6 $2.5

$2.6

$1.1

$1.2

$(0.1)

0

1

2

3

4

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates


$4.2 $4.0

$1.1

0

2

4

6

Q1 2011 Q1 2012

$4.2$4.0

$4.0

$1.1

$1.1

$(0.2)

0

2

4

6

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates


$(1.6)$(1.4)

(2)

(1)

0

Q1 2011 Q1 2012

$(1.6)$(1.5)

$(1.4)

$0.1$0.1

(2)

(1)

0

Q1 2011 @2011 rates

FX Q1 2011 @2012 rates


Revenues

Cos

ts

OIBDA

US$ m US$ m

US$ m US$ m

US$ m US$ m

Part attributable to Voyo

$3.7 $3.7

$5.1 $5.1


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Debt maturity profile and free cash flow

151At March 31, 2012 exchange rates.

Current liquidity: US$ 214m

Free cash flow impacted by advance collection planin Q1 2011 which was not repeated in Q1 2012

130198

500

227238

302

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 2017

US$ m Maturity profile as at March 31, 2012 1

Senior debt and RCF $1,397m

2017 Fixed Rate Notes2016 Fixed Rate Notes2015 Convertible Notes2014 Floating Rate Notes2013 Convertible Notes Revolving credit facility (RCF)

Components of free cash flow Q1 2012US$ m

Q1 2011US$ m

VarianceUS$ m

OIBDA 14 14 -

Working capital 39 89 (50)

Capex (7) (6) (1)

Interest, taxes, programming andother

(86) (72) (14)

Total (40) 25 (65)


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2012: Path to growth

1616

We are comfortable with current analyst expectations for 2012 OIBDA

and we target positive free cash flow.

We built a strong business model that will enable us to outperform the markets and grow.

Our focus in broadcasting is to strengthen our audience and market leadership while

maintaining our cost discipline.

We have a strong content engine with multiple distribution platforms in each country ofoperation and we will further diversify revenues from advertising to paid and subscriptionwindows.

We will continue to grow revenues from third parties in Media Pro Entertainment.

We aim to expand Voyo into the leading digital distribution platform in our region.

2012 is expected to be a challenging year and uncertainties in Europe may impact privateconsumption and advertisers behavior in our markets.

GDP is expected to be flat across our markets which may lead to a slight decline in TV

advertising spending in 2012.

2012 Outlook


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Appendix


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Prime time audience share trends 15-54Prime time audience share trends 15-54

Czech Republic: Broadcast operations

0

10

20

30

40

50

60

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total Prima Total CT1 CT2 Others

Broadcast operationsThree months ended March 31

2012 2011 Growth %

Net revenues (CZK m) 972.5 1,020.6 (5)%

OIBDA (CZK m) 377.1 399.0 (5)%

Net revenues (US$ m) 51.7 57.7 (10)%

OIBDA (US$ m) 20.2 22.6 (11)%

OIBDA Margin % 39% 39%

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012.

Audienceshare

%

Week Source: ATO Mediaresearch

18

2011 2012


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CZECH REPUBLIC - BROADCAST OVERVIEW1.1.2011 - 31.3.2011 CZECH REPUBLIC - BROADCAST OVERVIEW1.1.2012 - 31.3.2012

Time Mon Tue Wed Thu Fri Sat Sun Time Mon Tue Wed Thu Fri Sat Sun

06:00 - 06:30 06:00 - 06:30

06:30 - 07:00 06:30 - 07:00

07:00 - 07:30 07:00 - 07:30

07:30 - 08:00 07:30 - 08:00

08:00 - 08:30 08:00 - 08:30

08:30 - 09:00 08:30 - 09:00

09:00 - 09:30 09:00 - 09:30

09:30 - 10:00 09:30 - 10:00

10:00 - 10:30 10:00 - 10:3010:30 - 11:00 10:30 - 11:00

11:00 - 11:30 11:00 - 11:30

11:30 - 12:00 11:30 - 12:00

12:00 - 12:30 12:00 - 12:30

12:30 - 13:00 12:30 - 13:00

13:00 - 13:30 13:00 - 13:30

13:30 - 14:00 13:30 - 14:00

14:00 - 14:30 14:00 - 14:30

14:30 - 15:00 14:30 - 15:00

15:00 - 15:30 15:00 - 15:30

15:30 - 16:00 15:30 - 16:00

16:00 - 16:30 16:00 - 16:30

16:30 - 17:00 16:30 - 17:00

17:00 - 17:30 17:00 - 17:30

17:30 - 18:00 17:30 - 18:00

18:00 - 18:30 18:00 - 18:30

18:30 - 19:00 18:30 - 19:00

19:00 - 19:30 19:00 - 19:30

19:30 - 20:00 19:30 - 20:00

20:00 - 20:30 20:00 - 20:30

20:30 - 21:00 20:30 - 21:00

21:00 - 21:30 21:00 - 21:30

21:30 - 22:00 21:30 - 22:00

22:00 - 22:30 22:00 - 22:30

22:30 - 23:00 22:30 - 23:00

23:00 - 23:30 23:00 - 23:30

23:30 - 24:00 23:30 - 24:00

Czech Republic: Broadcast operations

CMEGroup42%

PrimaGroup21%

CTGroup22%

Others15%

19

CMEGroup40%

PrimaGroup24%

CTGroup23%

Others13%

CMEGroup68%

PrimaGroup22%

CTGroup

7%

Others3%

CMEGroup66%

PrimaGroup27%

CTGroup

2%

Others5%

Q1 2011 PT Audience Share (%) Q1 2012 PT Audience Share (%)

Q1 2011 TV Ad Market Share (%) Q1 2012 TV Ad Market Share (%)

Source: ATO Mediaresearch (all audience share and leadership data is for the 15-54 target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE.

CME Group CT GroupPrima Group

Maintained strong leadership in the marketMaintained strong leadership in the market

Prime time 19:00-23:00


20/46

Prime time audience share trends 18-49 Urban*Prime time audience share trends 18-49 Urban*

Romania: Broadcast operations

0

5

10

15

20

25

30

35

40

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total Intact Group Prima Group TVR 1 TVR 2 Realitatea Group Kanal D Others

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012* PT audience share excludes Pro Chisinau channel in Moldova.

Audienceshare

%

Week Source: Kantar Media

20

2011 2012


2012 2011 Growth %

Net revenues (RON m) 102.1 104.8 (3)%

OIBDA (RON m) 6.1 10.2 (40)%

Net revenues (US$ m) 31.2 34.4 (9)%

OIBDA (US$ m) 1.9 3.4 (45)%



21/46

ROMANIA - BROADCAST OVERVIEW1.1.2011 - 31.3.2011

ROMANIA - BROADCAST OVERVIEW1.1.2012 - 31.3.2012


06:00 - 06:30 06:00 - 06:30

06:30 - 07:00 06:30 - 07:00

07:00 - 07:30 07:00 - 07:30

07:30 - 08:00 07:30 - 08:00

08:00 - 08:30 08:00 - 08:30

08:30 - 09:00 08:30 - 09:00

09:00 - 09:30 09:00 - 09:30

09:30 - 10:00 09:30 - 10:00

10:00 - 10:30 10:00 - 10:30

10:30 - 11:00 10:30 - 11:00

11:00 - 11:30 11:00 - 11:30

11:30 - 12:00 11:30 - 12:00

12:00 - 12:30 12:00 - 12:30

12:30 - 13:00 12:30 - 13:00

13:00 - 13:30 13:00 - 13:30

13:30 - 14:00 13:30 - 14:00

14:00 - 14:30 14:00 - 14:30

14:30 - 15:00 14:30 - 15:00

15:00 - 15:30 15:00 - 15:30

15:30 - 16:00 15:30 - 16:00

16:00 - 16:30 16:00 - 16:30

16:30 - 17:00 16:30 - 17:00

17:00 - 17:30 17:00 - 17:30

17:30 - 18:00 17:30 - 18:00

18:00 - 18:30 18:00 - 18:30

18:30 - 19:00 18:30 - 19:00

19:00 - 19:30 19:00 - 19:30

19:30 - 20:00 19:30 - 20:00

20:00 - 20:30 20:00 - 20:30

20:30 - 21:00 20:30 - 21:00

21:00 - 21:30 21:00 - 21:30

21:30 - 22:00 21:30 - 22:00

22:00 - 22:30 22:00 - 22:30

22:30 - 23:00 22:30 - 23:00

23:00 - 23:30 23:00 - 23:30

23:30 - 24:00 23:30 - 24:00

Romania: Broadcast operations*

CMEGroup32%

IntactGroup18%

PrimaGroup

7%

Kanal D6%

Others37%

21

CMEGroup30%

IntactGroup17%Prima

Group6%

Kanal D6%

Others41%

CMEGroup58%

IntactGroup20%

PrimaGroup

6%

Kanal D5%

Others11%

CMEGroup61%

IntactGroup19%

PrimaGroup

5%

Kanal D6%

Others9%



Source: Kantar Media (all audience share and leadership data is for the 18-49 Urban target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE* PT audience share and market share excludes Pro Chisinau channel in Moldova

CME Group Intact Group

Strengthened market share leadershipStrengthened market share leadership


Kanal D


22/46


Slovak Republic: Broadcast operations

0

5

10

15

20

25

30

35

40

45

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total JOJ Total Jednotka (STV1) Dvojka (STV2) Trojka (STV3) Others

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012.

Audienceshare

%

Week Source: PMT/TNS SK

22

2011 2012


2012 2011 Growth %

Net revenues (EUR m) 14.0 13.8 2%

OIBDA (EUR m) (0.4) (2.0) 80%


OIBDA (US$ m) (0.5) (2.5) 82%

OIBDA Margin % (2)% (13)%


23/46

SLOVAKIA - BROADCAST OVERVIEW1.1.2011 - 31.3.2011

SLOVAKIA - BROADCAST OVERVIEW1.1.2012 - 31.3.2012


06:00 - 06:30 06:00 - 06:30

06:30 - 07:00 06:30 - 07:00

07:00 - 07:30 07:00 - 07:30

07:30 - 08:00 07:30 - 08:00

08:00 - 08:30 08:00 - 08:30

08:30 - 09:00 08:30 - 09:00

09:00 - 09:30 09:00 - 09:30

09:30 - 10:00 09:30 - 10:00

10:00 - 10:30 10:00 - 10:30

10:30 - 11:00 10:30 - 11:00

11:00 - 11:30 11:00 - 11:30

11:30 - 12:00 11:30 - 12:00

12:00 - 12:30 12:00 - 12:30

12:30 - 13:00 12:30 - 13:00

13:00 - 13:30 13:00 - 13:30

13:30 - 14:00 13:30 - 14:00

14:00 - 14:30 14:00 - 14:30

14:30 - 15:00 14:30 - 15:00

15:00 - 15:30 15:00 - 15:30

15:30 - 16:00 15:30 - 16:00

16:00 - 16:30 16:00 - 16:30

16:30 - 17:00 16:30 - 17:00

17:00 - 17:30 17:00 - 17:30

17:30 - 18:00 17:30 - 18:00

18:00 - 18:30 18:00 - 18:30

18:30 - 19:00 18:30 - 19:00

19:00 - 19:30 19:00 - 19:30

19:30 - 20:00 19:30 - 20:00

20:00 - 20:30 20:00 - 20:30

20:30 - 21:00 20:30 - 21:00

21:00 - 21:30 21:00 - 21:30

21:30 - 22:00 21:30 - 22:0022:00 - 22:30 22:00 - 22:30

22:30 - 23:00 22:30 - 23:00

23:00 - 23:30 23:00 - 23:30

23:30 - 24:00 23:30 - 24:00

Slovak Republic: Broadcast operations

CMEGroup40%

JOJGroup25%

STVGroup

10%

Others25%

23

CMEGroup36%

JOJGroup31%

STVGroup

8%

Others25%

CMEGroup69%

JOJGroup30%

STVGroup

0%

Others1%

CMEGroup65%JOJ

Group34%

STVGroup

0%

Others1%



Source: PMT / TNS SK (all audience share and leadership data is for the 12-54 target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE. .

Maintained leadership in the marketMaintained leadership in the market

CME Group JOJ Group


CME = JOJ


24/46


Bulgaria: Broadcast operations

0

10

20

30

40

50

60

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total MTG Total BNT Total Other

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012.1 Number not meaningful.

Audienceshare

%

Week Source: TNS TV Plan / GARB

24

2011 2012


2012 2011 Growth %

Net revenues (BGN m) 27.9 27.4 2%

OIBDA (BGN m) (1.7) 0.2 Nm1


OIBDA (US$ m) (1.1) 0.2 Nm1

OIBDA Margin % (6)% 1%


25/46

BULGARIA - BROADCAST OVERVIEW

1.1.2011 - 31.3.2011

BULGARIA - BROADCAST OVERVIEW

1.1.2012 - 31.3.2012


06:00 06:30 06:00 06:30

06:30 07:00 06:30 07:00

07:00 07:30 07:00 07:30

07:30 08:00 07:30 08:00

08:00 08:30 08:00 08:30

08:30 09:00 08:30 09:00

09:00 09:30 09:00 09:30

09:30 10:00 09:30 10:00

10:00 10:30 10:00 10:30

10:30 11:00 10:30 11:00

11:00 11:30 11:00 11:30

11:30 12:00 11:30 12:00

12:00 12:30 12:00 12:30

12:30 13:00 12:30 13:00

13:00 13:30 13:00 13:30

13:30 14:00 13:30 14:00

14:00 14:30 14:00 14:30

14:30 15:00 14:30 15:00

15:00 15:30 15:00 15:30

15:30 16:00 15:30 16:00

16:00

16:30 16:00

16:30

16:30 17:00 16:30 17:00

17:00 17:30 17:00 17:30

17:30 18:00 17:30 18:00

18:00 18:30 18:00 18:30

18:30 19:00 18:30 19:00

19:00 19:30 19:00 19:30

19:30 20:00 19:30 20:00

20:00 20:30 20:00 20:30

20:30 21:00 20:30 21:00

21:00 21:30 21:00 21:30

21:30 22:00 21:30 22:00

22:00 22:30 22:00 22:30

22:30 23:00 22:30 23:00

23:00 23:30 23:00 23:30

23:30 24:00 23:30 24:00

Bulgaria: Broadcast operations

CMEGroup51%

MTGGroup24%

BNTGroup

6%

Others19%

25

CMEGroup48%

MTGGroup24%

BNTGroup

6%

Others22%

CMEGroup65%

MTGGroup30%

BNTGroup

4%

Others1%

CMEGroup66%

MTGGroup29%

BNTGroup

3%Others

2%



Source: TNS TV Plan/ GARB (all audience share and leadership data is for the 18-49 target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE.

Maintained undisputed leadership in the marketMaintained undisputed leadership in the market

CME Group Nova Group



26/46


Slovenia: Broadcast operations

0

10

20

30

40

50

60

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total TV3 SLO1 SLO2 Others

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10K for the period ended March 31, 2012.

Audienceshare

%

Week Source: AGB Nielsen Media Research

26

2011 2012


2012 2011 Growth %

Net revenues (EUR m) 10.9 10.5 4%

OIBDA (EUR m) 2.1 2.3 (10)%

Net revenues (US$ m) 14.5 14.5 0%

OIBDA (US$ m) 2.8 3.2 (14)%



27/46

SLOVENIA - BROADCAST OVERVIEW1.1.2011 - 31.3.2011

SLOVENIA - BROADCAST OVERVIEW1.1.2012 - 31.3.2012


06:00 - 06:30 06:00 - 06:30

06:30 - 07:00 06:30 - 07:00

07:00 - 07:30 07:00 - 07:30

07:30 - 08:00 07:30 - 08:00

08:00 - 08:30 08:00 - 08:30

08:30 - 09:00 08:30 - 09:00

09:00 - 09:30 09:00 - 09:30

09:30 - 10:00 09:30 - 10:00

10:00 - 10:30 10:00 - 10:3010:30 - 11:00 10:30 - 11:00

11:00 - 11:30 11:00 - 11:30

11:30 - 12:00 11:30 - 12:00

12:00 - 12:30 12:00 - 12:30

12:30 - 13:00 12:30 - 13:00

13:00 - 13:30 13:00 - 13:30

13:30 - 14:00 13:30 - 14:00

14:00 - 14:30 14:00 - 14:30

14:30 - 15:00 14:30 - 15:00

15:00 - 15:30 15:00 - 15:30

15:30 - 16:00 15:30 - 16:00

16:00 - 16:30 16:00 - 16:30

16:30 - 17:00 16:30 - 17:00

17:00 - 17:30 17:00 - 17:30

17:30 - 18:00 17:30 - 18:00

18:00 - 18:30 18:00 - 18:30

18:30 - 19:00 18:30 - 19:00

19:00 - 19:30 19:00 - 19:30

19:30 - 20:00 19:30 - 20:00

20:00 - 20:30 20:00 - 20:30

20:30 - 21:00 20:30 - 21:00

21:00 - 21:30 21:00 - 21:30

21:30 - 22:00 21:30 - 22:00

22:00 - 22:30 22:00 - 22:30

22:30 - 23:00 22:30 - 23:00

23:00 - 23:30 23:00 - 23:30

23:30 - 24:00 23:30 - 24:00

Slovenia: Broadcast operations

CMEGroup48%

TV36%

RTVGroup20%

Others26%

27

CMEGroup50%

TV33%

RTVGroup21%

Others26%

CMEGroup78%

TV35%

RTVGroup17%

CMEGroup80%

TV32%

RTVGroup17%

Others1%



Source: AGB Nielsen Media Research (all audience share and leadership data is for the 18-49 target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE.

Maintained undisputed leadership in the marketMaintained undisputed leadership in the market

CME Group RTV Group


TV 3


28/46


Croatia: Broadcast operations

0

5

10

15

20

25

30

35

40

45

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15

CME Total RTL total HTV1 HTV 2 Others

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012.1 Number not meaningful.

Audienceshare

%

WeekSource: AGB Nielsen Media Research

28

2011 2012


2012 2011 Growth %

Net revenues (HRK m) 67.1 67.1 0%

OIBDA (HRK m) 5.7 (1.9) Nm1


OIBDA (US$ m) 1.0 (0.3) Nm1

OIBDA Margin % 9% (3)%


29/46

CROATIA - BROADCAST OVERVIEW1.1.2011 - 31.3.2011

CROATIA - BROADCAST OVERVIEW1.1.2012 - 31.3.2012


06:00 - 06:30 06:00 - 06:30

06:30 - 07:00 06:30 - 07:00

07:00 - 07:30 07:00 - 07:30

07:30 - 08:00 07:30 - 08:00

08:00 - 08:30 08:00 - 08:30

08:30 - 09:00 08:30 - 09:00

09:00 - 09:30 09:00 - 09:30

09:30 - 10:00 09:30 - 10:00

10:00 - 10:30 10:00 - 10:30

10:30 - 11:00 10:30 - 11:00

11:00 - 11:30 11:00 - 11:30

11:30 - 12:00 11:30 - 12:00

12:00 - 12:30 12:00 - 12:30

12:30 - 13:00 12:30 - 13:00

13:00 - 13:30 13:00 - 13:30

13:30 - 14:00 13:30 - 14:00

14:00 - 14:30 14:00 - 14:30

14:30 - 15:00 14:30 - 15:00

15:00 - 15:30 15:00 - 15:30

15:30 - 16:00 15:30 - 16:00

16:00 - 16:30 16:00 - 16:3016:30 - 17:00 16:30 - 17:00

17:00 - 17:30 17:00 - 17:30

17:30 - 18:00 17:30 - 18:00

18:00 - 18:30 18:00 - 18:30

18:30 - 19:00 18:30 - 19:00

19:00 - 19:30 19:00 - 19:30

19:30 - 20:00 19:30 - 20:00

20:00 - 20:30 20:00 - 20:30

20:30 - 21:00 20:30 - 21:00

21:00 - 21:30 21:00 - 21:30

21:30 - 22:00 21:30 - 22:00

22:00 - 22:30 22:00 - 22:30

22:30 - 23:00 22:30 - 23:00

23:00 - 23:30 23:00 - 23:30

23:30 - 24:00 23:30 - 24:00

Croatia: Broadcast operations

CMEGroup33%

RTLGroup26%

HTVGroup

27%

Others14%

29

CMEGroup35%

RTLGroup27%

HTVGroup24%

Others14%

CMEGroup49%

RTLGroup35%

HTVGroup16%

CMEGroup55%

RTL

Group34%

HTVGroup11%



Source: AGB Nielsen Media Research (all audience share and leadership data is for the 18-54 target group) and CME estimates.TV ad market share represents CMEs share of the net spot and sponsorship revenues including the proportion of product placement revenues in MPE.

Strengthened leadership in the marketStrengthened leadership in the market

CME Group HTV GroupRTL Group


CME = RTL RTL = HTV


30/46

Czech Republic: MPE Production Operations in Q1 2012

30Note: The number of hours sold differs from the number of hours broadcast due to timing.*Average audience share (expressed as percentage), January March 2012

CSI: Andel (Drama Series) Season 3

Rose Garden Medical (Drama Series) Season 9

First Step (Soap) Season 1

The Street (Soap) Season 11

The Voice of CzechoSlovakia (Talent Show) Season 1

Q1 2012 Fiction Performance(average audience share*)

Helena (Sitcom) Season 1

Wife Swap (Reality Show) Season 5

44.633.5

29.533.5

28.8

33.5

32.7 29.7

37.2

33.5

40.233.5

39.2

33.5

0

20

4060

80

100

120

Fiction R&E

98118

99

52

Q1 2011 Q1 2012

Program Channels Prime Time

Program




Program Channels Access


Q1 2012 R&E Performance(average audience share*)

Number of MPE hours sold(Q1 2012 vs. Q1 2011)

Channels Prime Time


31/46

51.822.1

Romania: MPE Production Operations in Q1 2012

31

Divertis - Romania's Comedy Service(Comedy Series) Season 6

Bet with Life (Drama Series) Season 2

Romanias Got Talent (Talent Show) Season 2

Happy Hour(Variety Show) Season 10

Las Fierbinti (Comedy Series) Season 1

Masterchef(Talent Show) Season 1

17.5 22.1

16.422.1

23.7

22.1

26.0

22.1

18.215.1

0

50

100

Fiction R&E

9789

29

100

Q1 2011 Q1 2012







Q1 2012 Fiction Performance

(average audience share*)


Number of MPE hours sold

(Q1 2012 vs. Q1 2011)

Note: The number of hours sold differs from the number of hours broadcast due to timing.*Average audience share (expressed as percentage), January March 2012


32/46

Slovakia: MPE Production Operations in Q1 2012

32

Rose Garden Medical (Drama Series) Season 6

Only Love (Telenovela) Season 1

The Voice of CzechoSlovakia(Talent Show) Season 1

Come Dine with Me (Reality Show) Season 4

Farm (Reality Show) Season 2

Wife Swap (Reality Show) Season 6

20.628.1

17.7

7.5

23.0

26.3

39.0

28.1

32.8

28.1

29.3

28.1

0

20

40

60

80

100

Fiction R&E

29 20

88 78

Q1 2011 Q1 2012





Program Channels Prime Time(Doma)


Q1 2012 Fiction Performance



Number of MPE hours sold

(Q1 2012 vs. Q1 2011)



33/46

Croatia: MPE Production Operations in Q1 2012

33

Laras Choice (Telenovela) Season 1

In Magazine (Magazine Show) Season 4

Red Carpet (Variety Show) Season 9

0

2040

60

80

100

120

Fiction R&E

36

83

53

105

Q1 2011 Q1 2012

43.1

31.1

24.531.1

24.2

21.5





Q1 2012 R&E Performance





34/46

54.6

33.3

Slovenia

34

Bulgaria and Slovenia: MPE Production Operations in Q1 2012

Home Wars (Sitcom) Season 2

Bulgaria

X-Factor(Talent Show) Season 1

Minute to Win It (Game Show) Season 3

35.233.3

40.4

42.2

0

2

4

6

8

Fiction R&E

0 0

88

Q1 2011 Q1 2012

0

2

4

6

8

10

12

Fiction R&E

11

7

0

8

Q1 2011 Q1 2012










35/46

Q1 New Media Highlights

35

Czech RepublicCzech Republic

Audience: 635,000 Real Users

Average monthly video views per subscriber: 10.4

Average time spent per subscriber monthly: 2h 50m

No. of titles online: 800 (SVOD)

Price for subscription: US$8.35 (w/o VAT)

Distribution: PC, Panasonic TV

Subscription launch: December 2011



Average time spent per subscriber monthly: 2h 50m



Distribution: PC, Panasonic TV


Websites portfolio: 15 websites and 2 mobile apps

Monthly audience: 2.5m Real Users

Average daily audience: 636,000 Unique Visitors Key product development:

Re-launched News Portal

Integrated ICQ (instant messenger) with 330,000 Real Users / month




Re-launched News Portal


WebsitesWebsites

0

4,000

8,000

12,000

16,000


Voyo Subscriptions

6,000,000

7,000,000

8,000,000

9,000,000

December2011

January 2012 February 2012 March 2012

Monthly Unique Visitors

Monthly UV 2012 Monthly UV 2011

Q1 N M di Hi hli h


36/46


36

Audience: 800,000 Unique Visitors


Average time spent per subscriber: 4h 22m



Distribution: PC







Distribution: PC



Monthly audience: 5.7m Unique Visitors

Average daily audience: 645,000 Unique Visitors

Key product development:

Launched 2 regional versions of news portal (stirileprotv.ro)

Launched cooking portal (foodstory.ro)

Re-launched radio portal (profm.ro)


Monthly audience: 5.7m Unique Visitors



Launched 2 regional versions of news portal (stirileprotv.ro)

Launched cooking portal (foodstory.ro)

Re-launched radio portal (profm.ro)

WebsitesWebsites

RomaniaRomania

0

4,000

8,000

12,000

16,000


Voyo Subscriptions

4,000,000

5,000,000

6,000,000




Q1 N M di Hi hli ht


37/46


37


Average monthly video views per subscriber: 35

No. of titles online: 1,200 (SVOD) Price for subscription: US$6.7 (w/o VAT)

Distribution: PC, Samsung TV, iPad

Subscription launch: September 2011 as Voyo (pay wall introduced in October 2010

as proplus.si)


Average monthly video views per subscriber: 35

No. of titles online: 1,200 (SVOD) Price for subscription: US$6.7 (w/o VAT)

Distribution: PC, Samsung TV, iPad

Subscription launch: September 2011 as Voyo (pay wall introduced in October 2010

as proplus.si)




Restructured product portfolio for better support of Voyo




Restructured product portfolio for better support of Voyo

WebsitesWebsites

SloveniaSlovenia

18,000

19,000

20,000

21,000

22,000

23,000


Voyo Subscriptions

2,000,000

2,500,000

3,000,000

3,500,000




Q1 N M di Hi hli ht

Sl k R bli

Sl k R bli


38/46


38






Distribution: PC

Subscription launch: February 2011






Distribution: PC


Websites portfolio: 5 websites and 2 mobile app



Number of online clients grew by 19% year-on-year



Launched news app for iOS

Websites portfolio: 5 websites and 2 mobile app






Launched news app for iOS

WebsitesWebsites

Slovak RepublicSlovak Republic

2,000

4,000

6,000

February 2012 March 2012

Voyo Subscriptions

1,500,000

2,000,000

2,500,000


Monthly Unique visitors



C ti

C ti


39/46


39






Distribution: PC







Distribution: PC







Integrate blog platform in news portal

Built news app for Panasonic TV






Integrate blog platform in news portal

Built news app for Panasonic TV

WebsitesWebsites

CroatiaCroatia

3,000,000

3,500,000

4,000,000

4,500,000

December2011

January 2012 February 2012 March 2012



0

1,000

2,000

February 2012 March 2012

Voyo Subscriptions


Bulgaria

Bulgaria


40/46


40




Distribution: PC

Subscription launch: March 9, 2012




Distribution: PC

Subscription launch: March 9, 2012

Websites portfolio: 8 websites





Launched News Portal (btv.bg) with average 60,000 Unique Visitors / day

Websites portfolio: 8 websites





Launched News Portal (btv.bg) with average 60,000 Unique Visitors / day

WebsitesWebsites

BulgariaBulgaria

1,500,000

2,000,000

2,500,000


Monthly Unique VisitorsMonthly UV 2012 Monthly UV 2011

0

500

1,000

March 2012

Voyo Subscriptions


41/46

FINANCIAL REVIEW

Q1 2012 divisional and country analysis


42/46

Q1 2012 divisional and country analysis

42

US$ mNet Revenues OIBDA

2012 2011 Growth %Like-for-Like

growth12012 2011 Growth %

Like-for-likegrowth1

Bulgaria 18.9 19.3 (2)% 2% (1.1) 0.2 Nm2 Nm2

Croatia 11.9 12.5 (5)% 0% 1 (0.3) Nm2 Nm2

Czech Republic 51.7 57.7 (10)% (5)% 20.2 22.6 (11)% (5)%

Romania 31.2 34.4 (9)% (3)% 1.9 3.4 (45)% (40)%

Slovak Republic 18.6 19.1 (2)% 2% (0.5) (2.5) 82% 81%

Slovenia 14.5 14.5 0% 4% 2.8 3.2 (14)% (10)%

Divisional costs - - - - (1.4) (0.5) (186)% (203)%

Broadcast sub-total 146.8 157.5 (7)% (2)% 22.9 26.1 (13%) (6)%

OIBDA Margin3 16% 17%

Media Pro Entertainment 43.4 40.2 8% 15% 1.7 0.7 131% 160%

New Media 3.7 2.6 40% 48% (1.4) (1.6) 10% 5%

Central costs - - - - (8.2) (9.8) 16% 14%

Intersegment

revenues/eliminations (26.5) (27.5) 4% (2)% (0.8) (1.2) 32% 26%

Total All Operations 167.4 172.8 (3)% 3% 14.1 14.2 (1)% 9%

OIBDA Margin 8% 8%

The percentage growth and OIBDA margin figures have been derived from data included in our Form 10-Q for the period ended March 31, 2012.1 Like-for-like currency growth reflects the impact of applying the current period average exchange rates to the prior period revenues and costs.2 Number not meaningful.3 Ratio of OIBDA to Net Revenues.

Summary consolidated income statement


43/46

Summary consolidated income statement

43

US$ mThree months ended March 31

2012 2011

Net revenues 167.4 172.8

Operating costs 29.1 33.7

Cost of programming 97.7 96.0

Depreciation and amortisation 23.6 21.1

Selling, general and administrative costs 27.3 29.7

Operating loss (10.3) (7.7)

Net interest expense (31.6) (54.9)

Foreign currency gain 24.3 43.2

Other income / (expense) 0.2 (0.7)

Income tax credit / (provision) 3.6 (0.9)

Net loss from continuing operations (13.8) (21.0)

Net loss / (income) attributable to noncontrolling interests 0.4 (0.1)

Net loss attributable to CME Ltd. (13.4) (21.1)

Earnings per share (0.21) (0.33)

Please refer to our Form 10-Q for the period ended March 31, 2012 for the full financial statements and related notes and disclosures.

Summary consolidated balance sheet


44/46

Summary consolidated balance sheet

44

US$ m As at March 31, 2012 As at December 31, 2011Current assets 513.2 538.3

Non-current assets 2,260.1 2,143.5

Total assets 2,773.3 2,681.8

Current liabilities 376.9 255.6

Non-current liabilities 1,324.8 1,408.3

Total liabilities 1,701.7 1,663.9

Shareholders' equity 1,056.3 1,001.7

Noncontrolling interests 15.3 16.2

Total liabilities & shareholders' equity 2,773.3 2,681.8

Cash & cash equivalents 150.0 186.4

Gross debt1 (1,406.8) (1,372.1)

Net Debt (1,256.8) (1,185.7)

Cash and cash equivalents 150.0 186.4

Undrawn committed facilities and 2013 Notes2 64.3 60.1

Liquidity 214.3 246.5

Please refer to our Form 10-Q for the period ended March 31, 2012 for the full financial statements and related notes and disclosures.1 Gross debt shown is the full face value of all outstanding debt, which is US$ 43 million greater than the accounting value as at March 31, 2012.2 Includes repurchased 2013 Notes at market value.

Summary cash flow


45/46

Summary cash flow

45

Three months ended March 31

US$ m 2012 2011

Net cash (used in) / generated from operating activities (33.1) 30.2

Net cash used in investing activities (7.2) (6.4)

Net cash used in financing activities (1.2) (57.2)

Impact of exchange rate fluctuations 5.1 6.1

Net decrease in cash and cash equivalents (36.4) (27.3)

Net cash (used in) / generated from operating activities (33.1) 30.2

Capex additions, net of disposals (7.2) (5.5)

Free cash flow (40.3) 24.7

Supplemental disclosure of cash flow information

Cash paid for interest 33.1 39.1

Cash paid for income taxes (net of refunds) 2.3 3.7

Please refer to our Form 10-Q for the period ended March 31, 2012 for the full financial statements and related notes and disclosures.

OIBDA reconciliation


46/46

OIBDA reconciliation

46

US$ m

Three months endedMarch 31

2012 2011

Reconciliation to Consolidated Statement of Operations:

Operating loss (10.3) (7.7)

Depreciation of property, plant and equipment 11.9 14.3

Amortization of intangible assets 12.5 7.6OIBDA 14.1 14.2

cme - hodnocení 1. čtvrtletí 2012, zpráva pro investory

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