Vladimír Urbánek (Kurzy.cz)
Czech markets  |  October 29, 2012 11:16:08

CME: prediction results for 3Q2012


The third quarter is for farming CME traditionally the worst. This trend, in our view, remain within or results for 3Q 2012th The deteriorating macroeconomic environment in Europe, including all the major markets for CME and poor earnings season in the U.S., which is probably the harbinger of worse results and European companies, the company does not give much room for improvement in the management or prospects for next year.

To expect big sales QoQ decline (-29%), but also decline (-8.9%).The main reason is the poor performance of European companies, which, in our opinion, among other things, will save on advertising in the media, and the annual strengthening of the U.S. dollar. Operating profit expected at -17.5 million, which was up by 4.6 million USD less. At the net income level predicted a loss of USD 38.1 million, compared with a profit of USD 4 miles in the previous quarter and -82.1 million in 3Q 2011th

In our opinion, fall sales in all major segments: traditional television advertising, new media, and Media Pro Entertainment. In the Media Pro Entertainment segment, we expect to increase the share of external revenues from 44.3% in 2Q to 55% in the previous quarter.

CME in 3Q progressed with a solution to its debt problems. During the quarter, there were two issues of debt, which were used to repay certain existing emissions. The main objective was to extend the average maturity of debt management to get more time to deal with bad debt position of the company. As the last of a series of steps CME issued senior bonds in the amount of EUR 104 million with a maturity of 2016 and 11.625% fixed coupon. Incidentally, it is a bond issue, which is already the company issued in 2009. Sales of newly issued bonds on 7 September. The funds will be used to repay the remainder of the 3.5% bonds at maturity in 2013 (21 million USD) and EUR 88.1 miles to purchase bonds with variable coupon maturing in 2014.

This step perceived positively in terms of the structure of the debt when due to poor cash flow company desperately needed to refinance its debt. His considerable part was transferred from the years 2013 and 2014 to 2016 and beyond, which gives management more time to solve debt problems. The cost of this shift are higher interest costs. According to our calculations, the company created due to this issue of additional annual interest expense of approximately USD 9.5 miles.

Since we expect the results for 3Q expressing management's current situation in the advertising market, the prospects for next year as well as any news about debt reduction.

The whole prediction results downloadpdf


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CME: predikce výsledků za 3Q2012 (2)

Diskuze a názory
29.10. 14:05  re (jirka123)
29.10. 12:39  cetv 3Q? (TONIK)

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