Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 27, 2013 09:55:53

CETV shares after results for r.2012 loses nearly 9%


Central European Enterprises (CME) today reported results for 4Q12 and for the past year. In reaction to disappointing earnings outlook and shares of the company after the opening exchange trading significantly decrease by almost 10% and range on the border of CZK 94.

According to reports, J & T Bank corporate sales in Q4 declined by 9% to USD 253.3 million, which was above our estimate and an estimate of the market. Contrary to our expectations CME had slightly higher sales in the segment of television advertising (across countries) and the segment of film production Media Pro. He failed, however, EBITDA of EUR 60.7 million
USD, below our estimate of 63.2 million USD and below market expectations 66.2 million USD. The strong decline is partly due to increased investments in programs and also long-term contracts with suppliers who do not allow for flexibility to reduce costs in response to the decline in sales. EBITDA margin fell by 5.3%. In annual terms the company with sales of 772.1 million USD respected the views of 750 to 800 million, but failed to fulfill views EBITDA (125.4 million vs.. Outlook 130-140 million).

According to our expectations, EBIT was negatively impacted by significant non-cash write-off of goodwill. The company wrote off nearly half of goodwill (522.5 million) and reported an operating loss so deep USD 483 million, which was below our expectation of 181 million and well below market expectations of 80.4 millionThe company fulfilled our expectations about slight loss on a financial level, but it has not significantly affect the net loss for the quarter -503.1 million and total net loss for the year of 546.4 million USD, which was again well below expectations. Was only slightly better free cash flow, which reached - 62.5 million USD, while the company expected -90 to -70 million USD. For better results among others contributed refund.

In an accompanying commentary company said after 3Q12 as it works to improve liquidity and considers the issue of shares, sale of assets and renegotiating contracts with suppliers. This time also added that it is the largest shareholder in Time Warner about a possible share in the private or public offering of shares.

Results evaluated negatively mainly due to a much weaker EBITDA and record net loss, which reflects the depreciation of assets.

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Akcie CETV po výsledcích za r.2012 ztrácí téměř 9%

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