Company Quick10K Filing
Central European Media Enterprises
Price4.52 EPS0
Shares267 P/E10
MCap1,205 P/FCF7
Net Debt560 EBIT172
TEV1,765 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-21
10-Q 2020-03-31 Filed 2020-04-22
10-K 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-10-17
10-Q 2019-06-30 Filed 2019-07-23
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-18
10-Q 2018-06-30 Filed 2018-07-24
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-10-24
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-26
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-29
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-07-21 Earnings, Exhibits
8-K 2020-04-22
8-K 2020-02-27
8-K 2020-02-06
8-K 2019-12-03
8-K 2019-10-27
8-K 2019-10-17
8-K 2019-09-18
8-K 2019-07-23
8-K 2019-05-21
8-K 2019-04-30
8-K 2019-03-25
8-K 2019-03-20
8-K 2019-02-06
8-K 2019-01-18
8-K 2018-12-06
8-K 2018-12-04
8-K 2018-11-01
8-K 2018-10-18
8-K 2018-09-13
8-K 2018-07-31
8-K 2018-07-24
8-K 2018-07-05
8-K 2018-06-19
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-12
8-K 2018-03-27
8-K 2018-02-21
8-K 2018-02-08

CETV 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.01 ex31016302020.htm
EX-31.02 ex31026302020.htm
EX-31.03 ex31036302020.htm
EX-32.01 ex32016302020.htm

Central European Media Enterprises Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.21.71.20.80.3-0.22012201420172020
Assets, Equity
0.30.1-0.0-0.2-0.3-0.52012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 0-24796

cmelogowithouttexta18.jpg
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
(Exact name of registrant as specified in its charter)
Bermuda
 
 
98-0438382
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
O'Hara House,
 
 
 
3 Bermudiana Road,
 
 
HM 08
 Hamilton,
Bermuda
 
 
(Zip Code)
(Address of principal executive offices)
 
 
 
Registrant's telephone number, including area code: (441) 296-1431
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.08
CETV
Nasdaq Global Select Market
Indicate by check mark whether registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for each shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” or “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated Filer
 
 
Accelerated Filer
Non-accelerated Filer
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act) Yes No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class
Outstanding as of July 17, 2020
Class A Common Stock, par value $0.08
254,598,523
 
 
 
 




CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
FORM 10-Q
For the Quarterly Period Ended June 30, 2020

 
Page
Part I Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Part II Other Information
 
 
 
 



PART I.    FINANCIAL INFORMATION
Item 1.    Financial Statements
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(US$ 000’s, except share data)
(Unaudited)
 
June 30, 2020

 
December 31, 2019

ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
176,094

 
$
36,621

Accounts receivable, net of allowances for credit losses of $8,803 and $8,548
131,918

 
188,618

Program rights, net (Note 5)

 
75,909

Other current assets (Note 6)
32,883

 
48,832

Total current assets
340,895

 
349,980

Non-current assets
 

 
 

Property, plant and equipment, net (Note 7)
102,378

 
113,901

Program rights, net (Note 5)
238,096

 
166,237

Goodwill (Note 3)
639,414

 
667,988

Other intangible assets, net (Note 3)
120,838

 
127,589

Other non-current assets (Note 6)
20,921

 
22,167

Total non-current assets
1,121,647

 
1,097,882

Total assets
$
1,462,542

 
$
1,447,862

LIABILITIES AND EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities (Note 8)
$
130,913

 
$
135,650

Current portion of long-term debt and other financing arrangements (Note 4)
6,952

 
6,836

Other current liabilities (Note 9)
29,280

 
13,515

Total current liabilities
167,145

 
156,001

Non-current liabilities
 

 
 

Long-term debt and other financing arrangements (Note 4)
597,124

 
600,273

Other non-current liabilities (Note 9)
80,076

 
80,000

Total non-current liabilities
677,200

 
680,273

Commitments and contingencies (Note 19)


 


TEMPORARY EQUITY
 
 
 
200,000 shares of Series B Convertible Redeemable Preferred Stock of $0.08 each (December 31, 2019 - 200,000) (Note 12)
269,370

 
269,370

EQUITY
 

 
 
CME Ltd. shareholders’ equity (Note 13):
 

 
 
One share of Series A Convertible Preferred Stock of $0.08 each (December 31, 2019 – one)

 

254,548,180 shares of Class A Common Stock of $0.08 each (December 31, 2019 – 253,607,026)
20,364

 
20,288

Nil shares of Class B Common Stock of $0.08 each (December 31, 2019 – nil)

 

Additional paid-in capital
2,008,860

 
2,007,275

Accumulated deficit
(1,418,722
)
 
(1,458,942
)
Accumulated other comprehensive loss
(262,061
)
 
(226,916
)
Total CME Ltd. shareholders’ equity
348,441

 
341,705

Noncontrolling interests
386

 
513

Total equity
348,827

 
342,218

Total liabilities and equity
$
1,462,542

 
$
1,447,862

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / LOSS
(US$ 000’s, except per share data)
(Unaudited)

 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020

 
2019

 
2020


2019

Net revenues
$
135,545

 
$
183,599

 
$
279,361

 
$
330,158

Operating expenses:
 
 
 
 
 
 
 
Content costs
43,693

 
70,356

 
108,725

 
140,716

Other operating costs
12,549

 
13,806

 
26,196

 
27,054

Depreciation of property, plant and equipment
7,972

 
8,154

 
15,899

 
16,380

Amortization of broadcast licenses and other intangibles
2,110

 
2,113

 
4,277

 
4,307

Cost of revenues
66,324

 
94,429

 
155,097

 
188,457

Selling, general and administrative expenses
25,047

 
28,708

 
53,893

 
53,602

Operating income
44,174

 
60,462

 
70,371

 
88,099

Interest expense (Note 14)
(5,754
)
 
(7,735
)
 
(12,349
)
 
(15,977
)
Other non-operating income / (expense), net (Note 15)
328

 
2,237

 
(5,808
)
 
(860
)
Income before tax
38,748

 
54,964

 
52,214

 
71,262

Provision for income taxes
(7,646
)
 
(10,886
)
 
(12,142
)
 
(15,433
)
Net income
31,102

 
44,078

 
40,072

 
55,829

Net loss / (income) attributable to noncontrolling interests
77

 
(119
)
 
148

 
(112
)
Net income attributable to CME Ltd.
$
31,179

 
$
43,959

 
$
40,220

 
$
55,717

 
 
 
 
 
 
 
 
Net income
$
31,102

 
$
44,078

 
$
40,072

 
$
55,829

Other comprehensive income / (loss):
 
 
 
 
 
 
 
Currency translation adjustment
25,583

 
17,002

 
(35,466
)
 
1,159

Unrealized gain / (loss) on derivative instruments (Note 13)
122

 
(1,220
)
 
342

 
(4,551
)
Total other comprehensive income / (loss)
25,705

 
15,782

 
(35,124
)
 
(3,392
)
Comprehensive income
56,807

 
59,860

 
4,948

 
52,437

Comprehensive loss / (income) attributable to noncontrolling interests
230

 
(28
)
 
127

 
(158
)
Comprehensive income attributable to CME Ltd.
$
57,037

 
$
59,832

 
$
5,075

 
$
52,279

PER SHARE DATA (Note 17):
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Attributable to CME Ltd. — basic
$
0.08

 
$
0.12

 
$
0.11

 
$
0.15

Attributable to CME Ltd. — diluted
0.08

 
0.12

 
0.11

 
0.15

 
 
 
 
 
 
 
 
Weighted average common shares used in computing per share amounts (000’s):
 
 
 
 
 
 
 
Basic
265,649

 
264,570

 
265,342

 
264,385

Diluted
266,776

 
265,932

 
266,790

 
265,628

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(US$ 000’s, except share data)
(Unaudited)


 
CME Ltd.
 
 

 
 

 
Series A Convertible Preferred Stock
 
Class A
Common Stock
 
Class B
Common Stock
 

 

 

 
 

 
 

 
Number of shares
Par value
 
Number
of shares
Par value
 
Number of shares
Par value
Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

 
Noncontrolling Interest

 
Total Equity

BALANCE
March 31, 2020
1

$

 
254,298,255

$
20,343

 

$

$
2,008,151

$
(1,449,901
)
$
(287,919
)
 
$
616

 
$
291,290

Stock-based compensation


 


 


733



 

 
733

Share issuance, stock-based compensation


 
249,925

21

 


(21
)


 

 

Withholding tax on net share settlement of stock-based compensation


 


 


(3
)


 

 
(3
)
Net income / (loss)


 


 



31,179


 
(77
)
 
31,102

Unrealized gain on derivative instruments


 


 




122

 

 
122

Currency translation adjustment


 


 




25,736

 
(153
)
 
25,583

BALANCE
June 30, 2020
1

$

 
254,548,180

$
20,364

 

$

$
2,008,860

$
(1,418,722
)
$
(262,061
)
 
$
386

 
$
348,827

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CME Ltd.
 
 

 
 

 
Series A Convertible Preferred Stock
 
Class A
Common Stock
 
Class B
Common Stock
 

 

 

 
 

 
 

 
Number of shares
Par value
 
Number
of shares
Par value
 
Number of shares
Par value
Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

 
Noncontrolling Interest

 
Total Equity

BALANCE
March 31, 2019
1

$

 
253,279,975

$
20,262

 

$

$
2,004,188

$
(1,566,318
)
$
(235,961
)
 
$
431

 
$
222,602

Stock-based compensation


 


 


1,124



 

 
1,124

Share issuance, stock-based compensation


 
279,323

23

 


(23
)


 

 

Withholding tax on net share settlement of stock-based compensation


 


 


(74
)


 

 
(74
)
Net income


 


 



43,959


 
119

 
44,078

Unrealized loss on derivative instruments


 


 




(1,220
)
 

 
(1,220
)
Currency translation adjustment


 


 




17,093

 
(91
)
 
17,002

BALANCE
June 30, 2019
1

$

 
253,559,298

$
20,285

 

$

$
2,005,215

$
(1,522,359
)
$
(220,088
)
 
$
459

 
$
283,512


3


CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(US$ 000’s, except share data)
(Unaudited)


 
CME Ltd.
 
 

 
 

 
Series A Convertible Preferred Stock
 
Class A
Common Stock
 
Class B
Common Stock
 

 

 

 
 

 
 

 
Number of shares
Par value
 
Number
of shares
Par value
 
Number of shares
Par value
Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

 
Noncontrolling Interest

 
Total Equity

BALANCE
December 31, 2019
1

$

 
253,607,026

$
20,288

 

$

$
2,007,275

$
(1,458,942
)
$
(226,916
)
 
$
513

 
$
342,218

Stock-based compensation


 


 


1,672



 

 
1,672

Share issuance, stock-based compensation


 
941,154

76

 


(76
)


 

 

Withholding tax on net share settlement of stock-based compensation


 


 


(11
)


 

 
(11
)
Net income / (loss)


 


 



40,220


 
(148
)
 
40,072

Unrealized gain on derivative instruments


 


 




342

 

 
342

Currency translation adjustment


 


 




(35,487
)
 
21

 
(35,466
)
BALANCE
June 30, 2020
1

$

 
254,548,180

$
20,364

 

$

$
2,008,860

$
(1,418,722
)
$
(262,061
)
 
$
386

 
$
348,827

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CME Ltd.
 
 

 
 

 
Series A Convertible Preferred Stock
 
Class A
Common Stock
 
Class B
Common Stock
 

 

 

 
 

 
 

 
Number of shares
Par value
 
Number
of shares
Par value
 
Number of shares
Par value
Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

 
Noncontrolling Interest

 
Total Equity

BALANCE
December 31, 2018
1

$

 
252,853,554

$
20,228

 

$

$
2,003,518

$
(1,578,076
)
$
(216,650
)
 
$
301

 
$
229,321

Stock-based compensation


 


 


2,127



 

 
2,127

Share issuance, stock-based compensation


 
705,744

57

 


(57
)


 

 

Withholding tax on net share settlement of stock-based compensation


 


 


(373
)


 

 
(373
)
Net income


 


 



55,717


 
112

 
55,829

Unrealized loss on derivative instruments


 


 




(4,551
)
 

 
(4,551
)
Currency translation adjustment


 


 




1,113

 
46

 
1,159

BALANCE
June 30, 2019
1

$


253,559,298

$
20,285



$

$
2,005,215

$
(1,522,359
)
$
(220,088
)

$
459


$
283,512

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(US$ 000’s)
(Unaudited)


 
For the Six Months Ended June 30,
 
2020

 
2019

CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
40,072

 
$
55,829

Adjustments to reconcile net income to net cash generated from operating activities:
 

 
 
Amortization of program rights and other content costs
108,725

 
140,716

Depreciation and other amortization
21,817

 
22,414

Loss on extinguishment of debt

 
235

Gain on disposal of fixed assets
(100
)
 
(11
)
Deferred income taxes
2,847

 
(46
)
Stock-based compensation (Note 16)
1,672

 
2,127

Change in fair value of derivatives

 
36

Foreign currency exchange loss, net
5,218

 
(198
)
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
53,463

 
16,551

Accounts payable and accrued liabilities
(1,693
)
 
1,349

Program rights
(103,588
)
 
(120,040
)
Other assets and liabilities
1,070

 
(918
)
Accrued interest
(76
)
 
(229
)
Income taxes payable
839

 
4,153

Deferred revenue
16,017

 
18,508

VAT and other taxes payable
8,712

 
(196
)
Net cash generated from operating activities
$
154,995

 
$
140,280

 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Purchase of property, plant and equipment
$
(8,759
)
 
$
(8,272
)
Disposal of property, plant and equipment
101

 
6

Net cash used in investing activities
$
(8,658
)
 
$
(8,266
)
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Repayment of debt
$

 
$
(113,988
)
Settlement of derivative instruments

 
(1,173
)
Payment of credit facilities and finance leases
(3,918
)
 
(3,395
)
Payments of withholding tax on net share settlement of share-based compensation
(11
)
 
(373
)
Net cash used in financing activities
$
(3,929
)
 
$
(118,929
)
 
 
 
 
Impact of exchange rate fluctuations on cash and cash equivalents
(2,935
)
 
(477
)
Net increase in cash and cash equivalents
$
139,473

 
$
12,608

CASH AND CASH EQUIVALENTS, beginning of period
36,621

 
62,031

CASH AND CASH EQUIVALENTS, end of period
$
176,094

 
$
74,639

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
Cash paid for interest (including Guarantee Fees)
$
10,507

 
$
14,017

Cash paid for income taxes, net of refunds
8,427

 
11,348

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in US$ 000’s, except share and per share data)
(Unaudited)


1.    ORGANIZATION AND BUSINESS
Central European Media Enterprises Ltd., a Bermuda company limited by shares, is a media and entertainment company operating in Central and Eastern Europe. Our assets are held through a series of Dutch holding companies. We manage our business on a geographical basis, with five ope