SEGMENT DATA

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 our main operating countries. These operating segments reflect how CME Ltd.’s operating performance is evaluated by our chief operating decision makers, who we have identified as our co-Chief Executive Officers; how our operations are managed by segment managers; and the structure of our internal financial reporting.

Our segments generate revenues primarily from the sale of advertising and sponsorship on our channels. This is supplemented by revenues from cable and satellite television service providers to carry our channels on their platforms and from revenues through the sale of distribution rights to third parties.

We evaluate the performance of our segments based on net revenues and OIBDA. OIBDA, which includes amortization and impairment of program rights, 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 for our continuing operations by segment for the three months ended March 31, 2014 and 2013 for condensed consolidated statements of operations and comprehensive income data and condensed consolidated statements of cash flow data; and as at March 31, 2014 and December 31, 2013 for condensed consolidated balance sheet data.



Net revenues:	For the Three Months Ended March 31,
	2014			2013
Bulgaria	$	19,276		$	16,424
Croatia	13,497			12,093
Czech Republic	39,033			32,083
Romania	49,659			42,031
Slovak Republic	18,146			16,923
Slovenia	14,261			14,476
Intersegment revenues⁽¹⁾	(822		)	(1,315		)
Total net revenues	$	153,050		$	132,715

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



OIBDA:	For the Three Months Ended March 31,
	2014			2013
Bulgaria	$	(2,746	)	$	(2,427	)
Croatia	671			(607		)
Czech Republic	2,713			(6,878		)
Romania	5,413			959
Slovak Republic	(3,162		)	(3,568		)
Slovenia	515			1,837
Elimination	308			19
Total operating segments	3,712			(10,665		)
Corporate	(6,032		)	(10,175		)
Total OIBDA	$	(2,320	)	$	(20,840	)



Reconciliation to condensed consolidated statements of operations and comprehensive income:	For the Three Months Ended March 31,
	2014			2013
Total OIBDA	$	(2,320	)	$	(20,840	)
Depreciation of property, plant and equipment	(8,722		)	(10,196		)
Amortization of intangible assets	(3,352		)	(4,049		)
Operating loss	(14,394		)	(35,085		)
Interest expense, net	(27,775		)	(31,778		)
Foreign currency exchange loss, net	(460		)	(49,882		)
Change in fair value of derivatives	(50		)	104
Other income / (expense), net	—			(16		)
Credit for income taxes	2,110			7,618
(Loss) / income from discontinued operations, net of tax	(8,064		)	77
Net loss	$	(48,633	)	$	(108,962	)



Total assets⁽¹⁾:	March 31, 2014		December 31, 2013
Bulgaria	$	175,932	$	172,189
Croatia	73,769		72,301
Czech Republic	922,017		920,630
Romania	459,667		463,775
Slovak Republic	161,918		150,562
Slovenia	92,669		99,619
Total operating segments	1,885,972		1,879,076
Corporate	65,820		71,035
Assets held for sale	2,989		11,762
Total assets	$	1,954,781	$	1,961,873

⁽¹⁾Segment assets exclude any intercompany balances.



Capital Expenditures:	For the Three Months Ended March 31,
	2014		2013
Bulgaria	$	523	$	294
Croatia	465		502
Czech Republic	4,622		4,667
Romania	830		1,432
Slovak Republic	793		417
Slovenia	784		1,529
Total operating segments	8,017		8,841
Corporate	965		1,389
Total capital expenditures	$	8,982	$	10,230



Long-lived assets⁽¹⁾:	March 31, 2014		December 31, 2013
Bulgaria	$	13,748	$	13,742
Croatia	5,662		6,234
Czech Republic	46,524		47,683
Romania	80,587		81,165
Slovak Republic	19,401		20,299
Slovenia	19,587		20,226
Total operating segments	185,509		189,349
Corporate	9,075		8,997
Total long-lived assets	$	194,584	$	198,346

⁽¹⁾ Reflects property, plant and equipment.



Revenue by type:	For the Three Months Ended March 31,
	2014		2013
Television advertising	$	113,388	$	102,392
Carriage fees and subscriptions	19,826		13,046
Other	19,836		17,277
Total net revenues	$	153,050	$	132,715