SEGMENT DATA

In the first quarter of 2013, the Company changed the composition of its operating segments. From January 1, 2013, 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 the countries where we mainly operate. These new operating segments reflect how CME Ltd.’s operations are managed by segment managers, how operating performance within the Company is evaluated by senior management and the structure of our internal financial reporting. We have recast all prior periods presented to conform to the new segment presentation.

Our country segments generate revenues primarily from the sale of advertising and sponsorship. This is supplemented by revenues from cable and satellite television service providers to carry our channels on their platforms. The country segments also generate third party revenues through the sale of broadcast and distribution rights to third parties, the sale of DVD and Blu-ray discs to wholesale and retail clients primarily in Romania and the Czech Republic, display and video advertising on our websites, and subscriptions on Voyo.

We evaluate the performance of our segments based on Net Revenues and OIBDA. OIBDA, which includes program rights amortization costs, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets. Items that are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their OIBDA, include stock-based compensation and certain other items.

Our key performance measure of the efficiency of our segments is OIBDA margin. OIBDA margin is the ratio of OIBDA to net revenues.

We believe OIBDA is useful to investors because it provides a more 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. Intersegment revenues and profits have been eliminated in consolidation.

OIBDA may not be comparable to similar measures reported by other companies.

Below are tables showing our net revenues, OIBDA, total assets, capital expenditures and long-lived assets by segment for the three months ended March 31, 2013 and 2012 for condensed consolidated statements of operations and comprehensive income data and as at March 31, 2013 and December 31, 2012 for condensed consolidated balance sheet data:



	For the Three Months Ended March 31,
Net revenues	2013			2012

Bulgaria	$	16,424		$	19,331
Croatia	12,093			12,879
Czech Republic	36,801			58,958
Romania	42,031			43,351
Slovak Republic	16,923			19,372
Slovenia	14,476			15,524
Intersegment revenues⁽¹⁾	(1,706		)	(1,982		)
Total net revenues	$	137,042		$	167,433

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



	For the Three Months Ended March 31,
OIBDA	2013			2012

Bulgaria	$	(2,427	)	$	(1,221	)
Croatia	(607		)	1,568
Czech Republic	(6,690		)	23,264
Romania	959			1,152
Slovak Republic	(3,568		)	(498		)
Slovenia	1,837			2,770
Elimination	6			(478		)
Total Operating Segments	(10,490		)	26,557
Corporate	(10,175		)	(12,497		)
Total OIBDA	$	(20,665	)	$	14,060



Reconciliation to consolidated statements of operations and comprehensive income:	For the Three Months Ended March 31,
	2013			2012
Total OIBDA	$	(20,665	)	$	14,060
Depreciation of property, plant and equipment	(10,234		)	(11,880		)
Amortization of intangible assets	(4,100		)	(12,483		)
Operating loss	(34,999		)	(10,303		)
Interest expense, net	(31,836		)	(31,610		)
Foreign currency exchange (loss) / gain, net	(49,874		)	23,394
Change in fair value of derivatives	104			927
Other (expense) / income	(36		)	209
Credit for income taxes	7,679			3,570
Net loss	$	(108,962	)	$	(13,813	)



Total assets⁽¹⁾:	March 31, 2013		December 31, 2012

Bulgaria	$	208,970	$	230,563
Croatia	60,984		68,205
Czech Republic	980,822		1,040,371
Romania	455,536		465,417
Slovak Republic	160,326		160,866
Slovenia	118,241		119,497
Total Operating Segments	1,984,879		2,084,919
Corporate	50,305		89,796
Total	$	2,035,184	$	2,174,715

(1) Segment assets exclude any intercompany balances.



Capital Expenditures:	For the Three Months Ended March 31,
	2013	2012
Bulgaria	294	790
Croatia	502	510
Czech Republic	4,667	2,481
Romania	1,432	1,427
Slovak Republic	417	480
Slovenia	1,529	1,288
Total Operating Segments	8,841	6,976
Corporate	1,389	363
Total	10,230	7,339



Long-lived assets⁽¹⁾:	March 31, 2013		December 31, 2012

Bulgaria	$	12,840	$	13,796
Croatia	6,260		7,267
Czech Republic	47,891		51,673
Romania	80,468		84,505
Slovak Republic	19,599		21,315
Slovenia	21,284		23,146
	188,342		201,702
Corporate	5,308		5,004
Total long-lived assets	$	193,650	$	206,706

(1) Reflects property, plant and equipment.



	For the Three Months Ended March 31,
Revenue by type:	2013	2012
TV advertising revenue	102,392	134,199
Subscription and carriage fees	13,046	10,090
Other	21,604	23,144
Total net revenues	137,042	167,433