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 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 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. Intersegment revenues and profits have been eliminated in consolidation.

We evaluate the performance of our segments based on net revenues and OIBDA. OIBDA, which includes amortization and impairment of program rights, is defined as operating income / loss before depreciation, amortization of intangible assets, impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance. 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. 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 years ended December 31, 2015, 2014 and 2013 for consolidated statements of operations and comprehensive income data and consolidated statements of cash flow data; and as at December 31, 2015 and 2014 for consolidated balance sheet data.



Net revenues:	For The Year Ending December 31,
	2015			2014			2013
Bulgaria	$	73,090		$	87,078		$	87,448
Croatia	55,912			62,026			61,864
Czech Republic	182,636			202,779			174,939
Romania	157,578			178,614			162,305
Slovak Republic	84,434			90,556			82,404
Slovenia	54,233			61,370			66,656
Intersegment revenues ⁽¹⁾	(2,042		)	(1,630		)	(2,482		)
Total net revenues	$	605,841		$	680,793		$	633,134


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



OIBDA:	For The Year Ending December 31,
	2015			2014			2013
Bulgaria	$	15,479		$	9,367		$	13,391
Croatia	7,880			7,835			8,258
Czech Republic	71,697			61,964			(9,604		)
Romania	41,176			37,259			2,454
Slovak Republic	10,585			4,586			(19,859		)
Slovenia	6,057			5,331			9,254
Elimination	(229		)	(16		)	(46		)
Total operating segments	152,645			126,326			3,848
Corporate	(29,830		)	(30,880		)	(52,253		)
Total OIBDA	$	122,815		$	95,446		(48,405		)



Reconciliation to consolidated statements of operations and comprehensive income:	For The Year Ending December 31,
	2015			2014			2013
Total OIBDA:	$	122,815		$	95,446		$	(48,405	)
Depreciation of property, plant and equipment	(27,943		)	(32,836		)	(37,175		)
Amortization of broadcast licenses and other intangibles	(12,271		)	(12,348		)	(14,761		)
Impairment charge	—			—			(79,676		)
Other items ⁽¹⁾	11,982			(11,982		)	—
Operating income / (loss)	94,583			38,280			(180,017		)
Interest expense (Note 16)	(171,444		)	(142,005		)	(111,709		)
Loss on extinguishment of debt	—			(39,203		)	(23,115		)
Non-operating (expense) / income, net (Note 17)	(25,939		)	(9,895		)	20,414
Credit for income taxes	515			1,358			17,993
Loss from continuing operations	$	(102,285	)	$	(151,465	)	$	(276,434	)


⁽¹⁾	Other items consists solely of the charges related to tax audits of our Romanian operations, which were accrued in the fourth quarter of 2014 and fully released in the third quarter of 2015 (see Note 22, "Commitments and Contingencies").



Total assets ⁽¹⁾:	December 31, 2015		December 31, 2014
Bulgaria	$	134,418	$	141,055
Croatia	52,306		58,000
Czech Republic	746,269		803,361
Romania	261,984		297,256
Slovak Republic	121,122		134,544
Slovenia	70,911		78,403
Total operating segments	1,387,010		1,512,619
Corporate	67,191		76,875
Assets held for sale	—		29,866
Total assets	$	1,454,201	$	1,619,360


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital Expenditures:	For The Year Ending December 31,
	2015		2014		2013
Bulgaria	$	3,517	$	2,627	$	2,798
Croatia	3,215		2,701		2,574
Czech Republic	10,982		9,139		7,727
Romania	5,794		4,686		5,194
Slovak Republic	2,921		2,240		1,590
Slovenia	3,197		3,502		4,018
Total operating segments	29,626		24,895		23,901
Corporate	3,891		3,790		6,217
Total capital expenditures	$	33,517	$	28,685	$	30,118



Long-lived assets ⁽¹⁾:	December 31, 2015		December 31, 2014
Bulgaria	$	5,602	$	4,187
Croatia	5,497		5,579
Czech Republic	39,907		40,940
Romania	20,873		22,110
Slovak Republic	15,606		17,374
Slovenia	15,082		16,647
Total operating segments	102,567		106,837
Corporate	5,955		7,498
Total long-lived assets	$	108,522	$	114,335


⁽¹⁾	Reflects property, plant and equipment.



Revenue by type:	For The Year Ending December 31,
	2015		2014		2013
Television advertising	$	505,498	$	565,601	$	528,778
Carriage fees and subscriptions	73,058		80,487		58,990
Other	27,285		34,705		45,366
Total net revenues	$	605,841	$	680,793	$	633,134

We do not rely on any single major customer or group of major customers.