Research (J&T BANKA)
Czech markets  |  February 26, 2013 09:08:55

CME tomorrow publish the results for 4Q and FY12 - waiting for the annual loss of around 250 mill.USD

Central European Media Enterprises (CME) will publish its results for 4Q12 and full year 2012 before the market opens tomorrow. We expect full-year sales decline of 13% y / y to 755.6 million USD, and will be so at the lower end of management outlook 750-800 million is caused by the decline in ad spending in all markets, slight loss of market share and relatively significant weakening of European currencies against the dollar. The decline in the markets has an even greater effect on EBITDA, we expect a decrease of 25% y / y to 125.8 million USD.The company, in our opinion does not comply with its outlook for EBITDA of between 130 to 140 million USD. EBIT by us will also significantly influenced by the write-off of goodwill, which is estimated at 220 million USD. CME would be reported an operating loss of $ 186 million. At the financial level, the CME profit from the positive revaluation of derivatives and debt, and the financial loss will be lower than last year. The total net loss is estimated at USD 248 million, the highest since 2008. Investors will also focus on free cash flow, which the company estimates for the full year to -70 to -90 million (our estimate of -74 million USD). Overall, we expect a negative market reaction.

On a conference call (15:00 CET), in our first focus is on the outlook for this year and the possible involvement of the largest Time Warner shareholder in the company's solutions, which we believe is unsustainable.

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