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Central European Media Enterprises - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Central European Media Enterprises (ISIN: BMG200452024, WKN: 931407) Kursdatum: 21.07.2017 Kurs: 4,200 USD
Beschreibung Daten
Symbol CETV
Marktkapitalisierung 634.271.424,00 USD
Land Bermuda
Indizes NASDAQ Comp.
Sektor Medien
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2003-11-05 - 2:1 | 2003-01-10 - 2:1 | 2002-08-26 - 2:1 | 1999-12-15 - 1:8 |
Internet
Letztes Bilanz Update 09.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
145,81 18,70 0,00% -13,90 -7,75 -3,28 0,99 -5,88

Firmenbeschreibung

QUARTERLY FINANCIAL DATASelected quarterly financial data for the years ended December 31, 2016 and 2015 is as follows: For the Year Ended December 31, 2016 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited)Consolidated Statements of Operations and Comprehensive Income / Loss Data:       Net revenues$129,000 $175,206 $126,706 $207,101Cost of revenues97,777 104,962 91,141 119,946Operating income7,763 43,891 8,384 51,551(Loss) / income from continuing operations(40,694) (141,249) (19,823) 21,169Net (loss) / income(40,694) (141,249) (19,823) 21,169Net (loss) / income attributable to CME Ltd.(40,435) (141,317) (19,627) 21,088        Net (loss) / income per share:       Basic EPS$(0.31) $(0.98) $(0.14) $0.07Effect of dilutive securities— — — (0.01)Diluted EPS$(0.31) $(0.98) $(0.14) $0.06 For the Year Ended December 31, 2015 First Quarter (Unaudited) Second Quarter (Unaudited) Third Quarter (Unaudited) Fourth Quarter (Unaudited)Consolidated Statements of Operations and Comprehensive Income / Loss Data:       Net revenues$126,133 $166,834 $117,322 $195,552Cost of revenues98,828 101,229 85,832 116,654Operating (loss) / income(17,239) 36,441 28,853 46,528(Loss) / income from continuing operations(70,243) (11,669) (21,510) 1,137(Loss) / income from discontinued operations, net of tax(3,288) 2,684 (265) (12,418)Net loss(73,531) (8,985) (21,775) (11,281)

Firmenstrategie

Basis of ConsolidationThe consolidated financial statements include the accounts of CME Ltd. and our subsidiaries, after the elimination of intercompany accounts and transactions. Entities in which we hold less than a majority voting interest but over which we have the ability to exercise significant influence are accounted for using the equity method.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

Revenue is recognized when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. A bad debt provision is maintained for estimated losses resulting from our customers' subsequent inability to make payments.

Revenues are recognized net of discounts and customer sales incentives. Our principal revenue streams and their respective accounting treatments are discussed below:

Advertising revenue

Revenues primarily result from the sale of advertising time. Television advertising revenue is recognized as the commercials are aired. In many countries, we commit to provide advertisers with certain rating levels in connection with their advertising. Revenue is recorded net of estimated shortfalls, which are usually settled by providing the advertiser additional advertising time. Discounts and agency commissions are recognized at the point when the advertising is broadcast and are reflected as a reduction to gross revenue. Display advertising on our websites is recognized as impressions are delivered. Impressions are delivered when an advertisement appears in pages viewed by users.

Carriage fees and subscription revenues

Carriage fees from cable operators and direct-to-home broadcasters are recognized as revenue over the period for which the channels are provided and to which the fees relate. Subscriber revenue is recognized as contracted, based upon the number of subscribers.

Barter transactions

We enter into barter transactions which represent advertising time or other services exchanged for non-cash goods and/or other services, such as promotional items, advertising, supplies and equipment. Revenue from barter transactions is recognized as income when the services have been provided. Expenses are recognized when goods or services are received or used. We record barter transactions at the fair value of goods or services received or advertising surrendered, whichever is more readily determinable. Barter revenue amounted to US$ 2.0 million, US$ 1.5 million and US$ 1.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.

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SEGMENT DATA

We manage our business on a geographical basis, with six operating segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also our reportable segments and our main operating countries. These segments reflect how CME Ltd.’s operating performance is evaluated by our chief operating decision makers, who we have identified as our co-Chief Executive Officers; how operations are managed by segment managers; and the structure of our internal financial reporting.

Our segments generate revenues primarily from the sale of advertising and sponsorship on our channels. This is supplemented by revenues from cable and satellite television service providers to carry our channels on their platforms and from revenues through the sale of distribution rights to third parties. Intersegment revenues and profits have been eliminated in consolidation.

We evaluate our consolidated results and the performance of our segments based on net revenues and OIBDA (as defined below). We believe OIBDA is useful to investors because it provides a meaningful representation of our performance as it excludes certain items that either do not impact our cash flows or the operating results of our operations. OIBDA is also used as a component in determining management bonuses.

OIBDA includes amortization and impairment of program rights and is calculated as operating income / loss before depreciation, amortization of intangible assets, impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance. Stock-based compensation and certain other items are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their respective OIBDA.

Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets for our continuing operations by segment for the years ended December 31, 2016, 2015 and 2014 for consolidated statements of operations and comprehensive income / loss data and consolidated statements of cash flow data; and as at December 31, 2016 and 2015 for consolidated balance sheet data.

Net revenues:
For The Year Ended December 31,
 
2016

 
2015

 
2014

Bulgaria
$
72,651

 
$
73,090

 
$
87,078

Croatia
55,607

 
55,912

 
62,026

Czech Republic
190,372

 
182,636

 
202,779

Romania
172,951

 
157,578

 
178,614

Slovak Republic
90,549

 
84,434

 
90,556

Slovenia
56,912

 
54,233

 
61,370

Intersegment revenues (1)
(1,029
)
 
(2,042
)
 
(1,630
)
Total net revenues
$
638,013

 
$
605,841

 
$
680,793

(1) 
Reflects revenues earned from the sale of content to other country segments in CME Ltd. All other revenues are third party revenues.

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Earnings Per Share

Basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period.

OIBDA:
For The Year Ended December 31,
 
2016

 
2015

 
2014

Bulgaria
$
12,242

 
$
15,479

 
$
9,367

Croatia
8,578

 
7,880

 
7,835

Czech Republic
77,018

 
71,697

 
61,964

Romania
62,016

 
41,176

 
37,259

Slovak Republic
15,947

 
10,585

 
4,586

Slovenia
4,801

 
6,057

 
5,331

Elimination
2

 
(229
)
 
(16
)
Total operating segments
180,604

 
152,645

 
126,326

Corporate
(30,555
)
 
(29,830
)
 
(30,880
)
Total OIBDA
$
150,049


$
122,815


95,446

Depreciation of property, plant and equipment
(30,190
)
 
(27,943
)
 
(32,836
)
Amortization of intangibles
(8,270
)
 
(12,271
)
 
(12,348
)
Other items (1)

 
11,982

 
(11,982
)
Operating income
111,589

 
94,583

 
38,280

Interest expense (Note 14)
(132,224