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 three months ended March 31, 2016 and 2015 for condensed consolidated statements of operations and comprehensive income / loss data and condensed consolidated statements of cash flow data; and as at March 31, 2016 and December 31, 2015 for condensed consolidated balance sheet data.



Net revenues:	For the Three Months Ended March 31,
	2016			2015
Bulgaria	$	15,859		$	16,784
Croatia	11,645			11,993
Czech Republic	38,608			34,965
Romania	32,370			33,522
Slovak Republic	19,062			17,538
Slovenia	11,653			11,480
Intersegment revenues ⁽¹⁾	(197		)	(149		)
Total net revenues	$	129,000		$	126,133


⁽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 Three Months Ended March 31,
	2016			2015
Bulgaria	$	1,069		$	2,198
Croatia	1,401			1,862
Czech Republic	10,074			10,091
Romania	9,462			3,361
Slovak Republic	2,393			(145		)
Slovenia	(708		)	360
Elimination	(6		)	(50		)
Total operating segments	23,685			17,677
Corporate	(6,577		)	(6,229		)
Total OIBDA	$	17,108		$	11,448



Reconciliation to condensed consolidated statements of operations and comprehensive income / loss:	For the Three Months Ended March 31,
	2016			2015
Total OIBDA	$	17,108		$	11,448
Depreciation of property, plant and equipment	(7,285		)	(7,001		)
Amortization of broadcast licenses and other intangibles	(2,060		)	(3,499		)
Other items ⁽¹⁾	—			(18,187		)
Operating income / (loss)	7,763			(17,239		)
Interest expense (Note 14)	(49,154		)	(40,118		)
Non-operating income / (expense), net (Note 15)	1,416			(12,741		)
Loss before tax	$	(39,975	)	$	(70,098	)


⁽¹⁾	Other items for the three months ended March 31, 2015 consists solely of a charge related to a tax audit of Pro TV in Romania which was subsequently reversed in the third quarter of 2015.



Total assets ⁽¹⁾:	March 31, 2016		December 31, 2015
Bulgaria	$	134,293	$	134,418
Croatia	54,592		52,306
Czech Republic	738,334		746,269
Romania	266,944		261,984
Slovak Republic	124,258		121,122
Slovenia	74,618		70,911
Total operating segments	1,393,039		1,387,010
Corporate	101,759		53,407
Total assets	$	1,494,798	$	1,440,417


⁽¹⁾	Segment assets exclude any intercompany balances.



Capital expenditures:	For the Three Months Ended March 31,
	2016		2015
Bulgaria	$	182	$	699
Croatia	277		528
Czech Republic	1,551		2,496
Romania	1,729		720
Slovak Republic	533		1,146
Slovenia	1,260		934
Total operating segments	5,532		6,523
Corporate	544		958
Total capital expenditures	$	6,076	$	7,481



Long-lived assets ⁽¹⁾:	March 31, 2016		December 31, 2015
Bulgaria	$	5,672	$	5,602
Croatia	5,433		5,497
Czech Republic	40,500		39,907
Romania	22,489		20,873
Slovak Republic	16,190		15,606
Slovenia	15,260		15,082
Total operating segments	105,544		102,567
Corporate	6,204		5,955
Total long-lived assets	$	111,748	$	108,522


⁽¹⁾	Reflects property, plant and equipment.



Revenue by type:	For the Three Months Ended March 31,
	2016		2015
Television advertising	$	104,171	$	101,615
Carriage fees and subscriptions	19,209		18,778
Other	5,620		5,740
Total net revenues	$	129,000	$	126,133