Research (J&T BANKA)
Czech markets  |  February 28, 2013 09:24:04

CME - Abstract of conference call: Soon to be sold 50% of the space for the new higher prices

Management CME on yesterday's conference call did not more information on any issue of shares or to engage Time Warner. For important information from a talk we consider the following:

CME this year increased the price of advertising in the Czech Republic and the double-digit percentage in other markets single-digit pace. Management expects that it will soon have sold 50% of advertising time for this year at the new prices. This is less than last year and higher prices will be far outweighed by the effect of a smaller sold advertising time (ie lower interest advertisers). The results should thus be in the 1st mid weak.Management believes that the dominant market share of television CME in the long run will cause advertisers to adopt higher prices.

CME started with the restructuring program, which should produce more focus on individual countries and bring cost savings. Restructuring costs this year should reach 15 to 25 million USD, and from next year should bring annual savings of around $ 25 million in costs.

Management did not provide views of free cash flow, but said that to achieve a positive outcome this year will be difficult.

This year the company expects growth in television advertising spending due to weak GDP growth and consumption. Last year, ad spending fell television markets in the CME Avg. by 6% in local currencies.

Any sale of assets would apply only marginal activities, not television. Message of the conference call as neutral to slightly negative due to weak indication of the first half of the year.

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