17 Earnings Call Presentation
Cautionary Language This presentation contains forward-looking statements, including those relating to our capital needs, business strategy, expectations and intentions. Statements that use the terms believe, anticipate, trend, expect, plan, estimate, forecast, intend and similar expressions of a future or forward-looking nature identify forward-looking statements for purposes of the U.S. federal securities laws or otherwise. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements contained in this report. Important factors that contribute to such risks include, but are not limited to, those factors set forth under "Risk Factors in our most recent Quarterly Report on Form 10-Q as well as the following: the effect of global economic uncertainty and Eurozone instability in our markets and the extent, timing and duration of any recovery; levels of television advertising spending and the rate of development of the advertising markets in the countries in which we operate; the extent to which our liquidity constraints and debt service obligations restrict our business; our exposure to additional tax liabilities as well as liabilities resulting from regulatory or legal proceedings initiated against us; our ability to refinance our existing indebtedness; our success in continuing our initiatives to diversify and enhance our revenue streams; our ability to make cost-effective investments in our television businesses, including investments in programming; our ability to develop and acquire necessary programming and attract audiences; and changes in the political and regulatory environments where we operate and in the application of relevant laws and regulations. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our filings. For a more detailed description of these uncertainties and other features, please see the Risk Factors section in our most recent Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on when they were made and we undertake no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures While CME reports its results in accordance with generally accepted accounting principles in the United States ( GAAP ), this presentation also refers to several non-gaap financial measures, including OIBDA, OIBDA margin, free cash flow and unlevered free cash flow. These non-gaap financial measures are used in managing the business, and as such management believes they may provide meaningful information to investors about underlying trends in our business. While our reporting currency is the dollar, our consolidated revenues and costs are divided across a range of European currencies and CME Ltd. s function currency is the Euro. Given the significant movement of the currencies in the markets in which we operate against the dollar, we believe that it is useful to provide percentage movements based on actual ( % Act ) percentage movements, which includes the effect of foreign exchange, as well as like-for-like percentage movements ( % Lfl ). The like-for-like percentage movement references reflect the impact of applying the current period average exchange rates to the prior period revenues and costs. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, CME s reported results prepared in accordance with GAAP. Please see the attached Financial Review for a description of non-gaap financial measures and reconciliations to the most directly comparable GAAP financial measures. 2
Management Attending the Call Michael Del Nin Co-Chief Executive Officer Christoph Mainusch Co-Chief Executive Officer David Sturgeon Chief Financial Officer Daniel Penn General Counsel Mark Kobal Head of Investor Relations 3
Consolidated Results Net Revenues 0 8% 150 129.0 124.9 135.0 100 (4.1) 50 0 16 FX 16@17 rates 17 OIBDA Operating Income 10 17.1 (0.7) 16.4 35% 22.1 10 7.8 7.3 68% 12.3 (0.5) 0 16 FX 16@17 rates 17 0 16 FX 16@17 rates 17 OIBDA Margin 13% 13% 16% For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 25. 4
Net Revenues Trend by Quarter Constant Exchange Rates 1 Actual Exchange Rates Q2 Q3 Q4 Q2 Q3 Q4 2 0 180 160 140 1 100 80 +7% +3% +3% +9% 7 +8% 188 194 +11% 170 175 173 +8% +4% 158 +8% +9% 142 +5% +12% 135 1 125 +9% 127 110 111 117 98 102 Q4 13 Q3 16 Q3 15 Q3 14 Q3 13 Q2 16 Q2 15 Q2 14 Q2 13 17 16 15 14 13 2 0 180 160 140 1 100 80 141 135 124 126 129 167 193 175 167 Q4 15 Q4 14 Q4 13 Q3 16 Q3 15 Q3 14 Q3 13 Q2 16 Q2 15 Q2 14 Q2 13 17 16 15 14 13 123 131 127 117 219 216 7 196 60 60 40 40 0 Q4 16 Q4 15 Q4 14 0 Q4 16 ¹ Reflects the impact of applying the most recent quarterly period average exchange rates to the prior period revenues. 5
OIBDA Margin Trend by Quarter 40% 35% % 31% % 29% 25% 28% 25% 24% % 15% 10% 16% 13% 9% 21% 14% 7% % 14% 5% 0% -5% (2)% 2% -10% Q2 Q3 Q4 FY 14 15 16 17 For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 25. 6
Last Twelve Months (LTM) OIBDA Trend by Quarter $m @ actual rates 1 110 116 122 123 129 135 145 150 155 95 80 39 3 - (31) -70 (48) Q4 13 14 Q2 14 Q3 14 Q4 14 15 Q2 15 Q3 15 Q4 15 For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 25. 7
Audience Performance Overview Bulgaria Croatia 55 60 50 45 40 35 46 43 43 42 43 39 39 39 41 42 50 40 34 34 34 35 27 27 27 28 38 31 25 10 Czech Republic Romania 60 50 50 40 37 38 34 35 36 32 39 39 36 36 40 28 29 23 25 26 27 32 29 10 Slovakia Slovenia 45 40 35 25 33 32 32 32 31 31 31 27 26 55 45 35 25 15 42 32 49 52 50 49 37 41 42 41 All Day Audience Share Prime Time Audience Share Sources: GARB (Bulgaria), AGB Nielsen Media Research (Croatia), ATO Nielsen Admosphere; Mediaresearch (Czech Republic), Kantar Media (Romania), PMT/ TNS SK (Slovakia), AGB Nielsen Media Research (Slovenia), all shares in main TV sales target group. 8
17 Revenues by Segment Net Revenues Variance 16 17 Actual % Lfl % 1 Bulgaria 15.9 15.3 (3.5)% (0.4)% Croatia 11.6 11.1 (5.0)% (3.3)% Czech Republic 38.6 39.5 2.2 % 5.5 % Romania 32.4 38.9.3 % 25.1% Slovak Republic 19.1 18.3 (3.8)% (0.7)% Slovenia 11.7 12.2 4.8 % 8.3 % Intersegment revenues (0.2) (0.3) NM 2 NM 2 Total net revenues 129.0 135.0 4.7 % 8.1 % ¹ Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues. ² Number is not meaningful. The percentage growth figures have been derived from data included in our Form 10-Q for the period ended March 31, 17. 9
17 OIBDA by Segment OIBDA 16 17 ¹ Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. ² Number is not meaningful. The percentage growth figures have been derived from data included in our Form 10-Q for the period ended March 31, 17. See also Non-GAAP Financial Measures beginning on slide 25. Actual% Variance Lfl%¹ Bulgaria 1.1 1.4 26.9 % 31.6 % Croatia 1.4 1.1 (22.5)% (21.1)% Czech Republic 10.1 11.0 8.8 % 12.7 % Romania 9.5 14.7 55.2 % 62.0 % Slovak Republic 2.4 0.9 (63.5)% (62.1)% Slovenia (0.7) 0.0 NM 2 NM 2 Eliminations 0.0 0.0 NM 2 NM 2 Operations sub-total 23.7 29.0 22.3 % 27.0 % Central costs (6.6) (6.8) (3.8)% (6.1)% Total 17.1 22.1 29.4 % 35.2 % 10
Segment Review
Czech Republic: 17 performance Segment Results 16 17 % Act % Lfl¹ 60 Audience Performance Overview Total TV Ad Market Year-on-Year Change, % TV advertising revenues 34.8 35.1 0.9 % 4.1% Carriage fee & subscription revenues 2.5 2.6 4.4 % 7.6% 50 40 10 37 38 34 35 36 32 39 39 36 36 12 10 8 6 4 10% 6% Other revenues 1.3 1.7 33.8 % 38.1% Net revenues 38.6 39.5 2.2 % 5.5% Costs charged in arriving at OIBDA 28.5 28.5 (0.1)% 2.9% Prime Time Audience Share All Day Audience Share 2 0 16 17 Market Share TV Ad Market Share (CME Group) 17 TV Ad Market Share 70 OIBDA 10.1 11.0 8.8 % 12.7% CT Group: 4% Prima Group: 27% 65 Others: 10% OIBDA Margin 26.1% 27.8% 1.7p.p. 1.8p.p. ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. Sources: Audience share, ATO - Nielsen Admosphere; Mediaresearch (all audience share data is for the 15-54 target group). TV ad market and TV ad market share represents CME s internal estimates at constant currency exchange rates. 60 55 62% 61% 60% 59% 58% CME Group: 59% 12
Romania: 17 performance Segment Results 16 17 % Act % Lfl¹ TV advertising revenues 21.7 28.1 29.6% 35.0% Carriage fee & subscription revenues 10.0 10.1 0.8% 4.6% Other revenues 0.7 0.8 10.0% 14.4% Net revenues 32.4 38.9.3% 25.1% Costs charged in arriving at OIBDA 22.9 24.3 5.9% 10.0% 50 40 10 65 Audience Performance Overview 28 29 23 25 26 27 Prime Time Audience Share All Day Audience Share TV Ad Market Share (CME Group) 32 29 40 10 0 Market Share Total TV Ad Market Year-on-Year Change, % 0% 32% 16 17 17 TV Ad Market Share OIBDA 9.5 14.7 55.2% 62.0% 60 60% 60% 60% 61% Kanal D: 8% Others: 9% OIBDA Margin 29.2% 37.7% 8.5 p.p. 8.6 p.p. 58% Prima Group : 2% ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 55 Intact Group: % Sources: Audience share, Kantar Media (all audience share and leadership data is for the 18-49 Urban target group).tv ad market share represents CME s internal estimates at constant currency exchange rates. 50 CME Group: 61% 13
Slovak Republic: 17 performance Segment Results 16 17 % Act % Lfl¹ 45 40 Audience Performance Overview Total TV Ad Market Year-on-Year Change, % TV advertising revenues 17.8 16.1 (10.0)% (7.1)% Carriage fee & subscription revenues 0.3 1.5 NM 2 NM 2 Other revenues 0.9 0.8 (13.8)% (11.1)% Net revenues 19.1 18.3 (3.8)% (0.7)% Costs charged in arriving at OIBDA 16.7 17.5 4.8 % 8.1 % OIBDA 2.4 0.9 (63.5)% (62.1)% 35 25 75 70 33 31 32 32 32 31 31 Prime Time Audience Share All Day Audience Share TV Ad Market Share (CME Group) 27 26 10 0-10 Market Share % 16 17 Other: 1% RTVS: 1% (4)% 17 TV Ad Market Share CME Group: 62% OIBDA Margin 12.6% 4.8% (7.8) p.p. (7.7) p.p. 65 64% 64% 65% JOJ Group: 36% ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 2 Number is not meaningful. 60 59% 62% Sources: Audience share, PMT / TNS SK (all audience share and leadership data is for the 12-54 target group). TV ad market share represents CME s internal estimates at constant currency exchange rates. 55 14
Bulgaria: 17 performance Segment Results Audience Performance Overview Total TV Ad Market Year-on-Year Change, % 16 17 % Act % Lfl¹ TV advertising revenues 10.0 9.8 (2.0)% 1.3 % Carriage fee & subscription revenues 4.6 4.7 2.2 % 5.4 % 55 50 45 40 35 25 46 43 43 42 43 41 42 39 39 39 10 5 0-5 6% Other revenues 1.3 0.9 (34.8)% (32.8)% Prime Time Audience Share All Day Audience Share -10 (7)% 16 17 Net revenues 15.9 15.3 (3.5)% (0.4)% Market Share Costs charged in arriving at OIBDA 14.8 13.9 (5.7)% (2.7)% OIBDA 1.1 1.4 26.9 % 31.6 % OIBDA Margin 6.7% 8.9% 2.2 p.p. 2.2 p.p. TV Ad Market Share (CME Group) 61 57% 57% 56 55% 55% 17 TV Ad Market Share CME Group: 52% Others: 7% BNT Group: 2% ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 51 52% MTG Group: 39% Sources: Audience share, GARB (all audience share and leadership data is for the 18-49 target group). TV ad market share represents CME s internal estimates at constant currency exchange rates. 46 15
Slovenia: 17 performance Segment Results 16 17 % Act % Lfl¹ 55 Audience Performance Overview 52 49 50 49 10 Total TV Ad Market Year-on-Year Change, % TV advertising revenues 9.8 9.9 1.1 % 4.4 % Carriage fee & subscription revenues 1.2 1.7 41.3 % 45.7 % 45 35 25 15 42 41 42 41 37 32 8 6 4 2 5% 7% Other revenues 0.7 0.6 (4.2)% (1.1)% Net revenues 11.7 12.2 4.8 % 8.3 % Costs charged in arriving at OIBDA 12.4 12.2 (1.2)% 2.1 % Prime Time Audience Share All Day Audience Share 0 16 17 Market Share TV Ad Market Share (CME Group) 17 TV Ad Market Share 85 OIBDA (0.7) 0.0 NM 2 NM 2 80 78% 77% State TV Group: 16% Other: 5% 75 OIBDA Margin (6.1)% 0.0% 6.1 p.p. 6.1 p.p. 70 73% 70% 71% Planet TV Group: 8% ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 65 Sources: Audience share, AGB Nielsen Media Research (all audience share and leadership data is for 18-54 target group. TV ad market share represents CME s internal estimates at constant currency exchange rates. 60 CME Group: 71% 16
Croatia: 17 performance Segment Results 16 17 % Act % Lfl¹ TV advertising revenues 10.1 9.6 (5.1)% (3.5)% Carriage fee & subscription revenues 0.6 0.8 32.1% 34.2% Other revenues 0.9 0.7 (27.3)% (25.9)% Net revenues 11.6 11.1 (5.0)% (3.3)% Costs charged in arriving at OIBDA 10.2 10.0 (2.6)% (0.8)% 60 50 40 10 63 Audience Performance Overview 34 34 34 35 27 27 27 28 Prime Time Audience Share All Day Audience Share TV Ad Market Share (CME Group) 38 31 4 2 0-2 -4-6 Market Share Total TV Ad Market Year-on-Year Change, % 2% (4)% 16 17 17 TV Ad Market Share HTV Group: 7% OIBDA 1.4 1.1 (22.5)% (21.1)% 58 OIBDA Margin 12.0% 9.8% (2.2) p.p. (2.2) p.p. 55% 56% 55% RTL Group: 38% ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 53 52% 53% Sources: Audience share, AGB Nielsen Media Research (all audience share and leadership data is for the 18-54 target group). TV ad market share represents CME s internal estimates at constant currency exchange rates. 48 CME Group: 55% 17
Debt Maturity Profile and Free Cash Flow 1,000 Maturity Profile as at March 31, 17 () 1 800 600 400 501 0 268 252 0 16 17 18 19 21 18 Euro Term Loan 19 Euro Term Loan 21 Euro Term Loan 1 Translated at FX rates as at March 31, 17 Components of free cash flow Three months ended March 31, () 16 17 Variance OIBDA 17 22 5 Change in working capital 33 34 1 Interest, taxes, and other (12) (7) 5 Net investment in programming 2 6 4 Cashflow from operations 40 55 15 Capex (6) (8) (2) Free cash flow 34 47 13 Cash paid for interest (including mandatory cash-pay guarantee fees) 3 5 2 Cash paid for guarantee fees that may be paid in kind 10 (10) Unlevered free cash flow 46 52 6 See Non-GAAP Financial Measures beginning on slide 25. Amounts in table derived from data included in our Form 10-Q for the period ended March 31, 17. 18
Business Outlook Based on our view today, for 17 we expect: OIBDA growth of 13% to 17% at constant exchange rates. Unlevered free cash flow of US$ 105-110 million at actual rates. A 1% change in the average EUR/USD rate for the full year to be worth less than US$ 2 million of OIBDA. The outlook above does not include the impact of any unanticipated legal proceedings or other actions that may occur from time-to-time due to management decisions and changing business circumstances. 19
Supplemental Cash Flow Information Summary of cash payments for interest and guarantee fees anticipated in 17, compared to 16: 16 actual 17 estimate Unlevered free cash flow $96 $ 105-110 Accrued interest paid in April 16 refinancing (28) Cash paid for interest (including mandatory cash-pay guarantee fees) (26) (48) Cash paid for guarantee fees that may be paid in kind (37) (10) Free cash flow $5 $ 47-52 The Guarantee fees related to the 19 Euro Term Loan and 21 Euro Term Loan expected to be paid in kind during 17 amount to approximately US$ 25 million, compared to a total of US$ 45 million in 16. We anticipate using excess cash to begin repaying principal outstanding on 18 Euro Term Loan in November this year, which is not reflected in the 17 estimate above. Capex in 17 is expected to be consistent with the amount spent in 16. Cash paid for income taxes in 17 expected to be around US$ 10 million.
Earnings call EARNINGS CALL Segment Review CALL Appendix Appendix Appendix 21
Summary Consolidated Statements of Operations Three months ended (except per share data) March 31, 16 17 Net revenues 129.0 135.0 Content costs 72.0 73.4 Other operating costs 16.5 14.6 Depreciation and amortization 9.3 9.9 Selling, general and administrative costs 23.5 24.9 Operating income 7.8 12.3 Interest expense (49.2) (23.8) Non-operating income, net 1.4 2.3 Provision for income taxes (0.7) (2.1) Net loss (40.7) (11.3) Net loss attributable to noncontrolling interests 0.3 0.2 Net loss attributable to CME Ltd. (40.4) (11.1) Net loss attributable to CME Ltd. per share - basic and diluted (0.31) (0.09) Please refer to our Form 10-Q for the period ended March 31, 17 for the full financial statements and related notes and disclosures. 22
Summary Consolidated Balance Sheet As at December 31, 16 As at March 31, 17 Current assets 340.4 358.0 Non-current assets 1,050.3 1,062.3 Total assets 1,390.7 1,4.3 Current liabilities 171.6 194.4 Non-current liabilities 1,070.8 1,084.3 Total liabilities 1,242.4 1,278.7 Series B Convertible Redeemable Preferred Stock 254.9 257.3 CME Ltd. shareholders' deficit (107.8) (116.7) Noncontrolling interests 1.3 1.0 Total liabilities and equity 1,390.7 1,4.3 Cash & cash equivalents 43.5 91.0 Gross debt 1 (1,055.3) (1,069.7) Net debt (1,011.8) (978.7) ¹ Gross debt is the full face value of all outstanding debt and related payables. Please refer to our Form 10-Q for the period ended March 31, 17 for the full financial statements and related notes and disclosures. 23
Summary Cash Flow Three months ended March 31, 16 17 Net cash generated from continuing operating activities 39.7 55.0 Net cash used in continuing investing activities (6.1) (7.6) Net cash used in continuing financing activities (0.7) (0.1) Net cash provided by discontinued operations 0.3 0.2 Impact of exchange rate fluctuations 3.5 0.1 Net increase in cash and cash equivalents 36.7 47.5 Supplemental disclosure of cash flow information: Cash paid for interest (including mandatory cash-pay Guarantee Fees) 2.6 4.9 Cash paid for Guarantee Fees that may be paid in kind 10.0 Accretion on Series B Convertible Redeemable Preferred Stock 4.5 2.4 Cash paid for income taxes, net of refunds 0.0 2.4 Please refer to our Form 10-Q for the period ended March 31, 17 for the full financial statements and related notes and disclosures. 24
Non-GAAP Financial Measures In this presentation we refer to several non-gaap financial measures, including OIBDA, OIBDA margin, free cash flow and unlevered free cash flow. We believe that each of these metrics is useful to investors for the reasons outlined below. Non-GAAP financial measures may not be comparable to similar measures reported by other companies. Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, US GAAP financial measures. We evaluate our consolidated results and the performance of our segments based on net revenues and OIBDA. We believe OIBDA is useful to investors because it provides a meaningful representation of our performance, as it excludes certain items that do not impact either our cash flows or the operating results of our operations. OIBDA and unlevered free cash flow are also used as components in determining management bonuses. OIBDA includes amortization and impairment of program rights and is calculated as operating income / loss before depreciation, amortization of intangible assets and impairments of assets and certain unusual or infrequent items that are not considered by our co- CEOs when evaluating our performance. Stock-based compensation and certain other items are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their respective OIBDA. Our key performance measure of the efficiency of our consolidated operations and our segments is OIBDA margin. We define OIBDA margin as the ratio of OIBDA to net revenues. Following recent refinancing transactions, the amount of interest and related Guarantee Fees on our outstanding indebtedness that must be paid in cash has increased. In addition to this obligation to pay more interest and related Guarantee Fees in cash, we expect to use cash generated by the business to pay Guarantee Fees that are payable in kind. These cash payments are all reflected in free cash flow; accordingly we believe unlevered free cash flow, defined as free cash flow before cash payments for interest and Guarantee Fees, best illustrates the cash generated by our operations when comparing periods. We define free cash flow as net cash generated from continuing operating activities less purchases of property, plant and equipment, net of disposals of property, plant and equipment and excluding the cash impact of certain unusual or infrequent items that are not included in costs charged in arriving at OIBDA because they are not considered by our co-ceos when evaluating performance. For additional information regarding our business segments, see Part 1, Item 1, Note 18, "Segment Data" in our Form 10-Q. 25
Non-GAAP Financial Measures - Reconciliation Three months ended March 31, 16 17 Operating income 7.8 12.3 Depreciation of property, plant and equipment 7.3 7.8 Amortization of intangible assets 2.1 2.1 OIBDA 17.1 22.1 Three months ended March 31, 16 17 Net cash generated from continuing operating activities 39.7 55.0 Capex additions, net of disposals (6.1) (7.6) Free cash flow 33.6 47.4 Cash paid for interest (includes mandatory cash-pay Guarantee Fees) 2.6 4.9 Cash paid for Guarantee Fees that may be paid in kind 10.0 Unlevered free cash flow 46.2 52.3 Please refer to our Form 10-Q for the year ended March 31, 17 for the full financial statements and related notes and disclosures. Amounts in table derived from data included in our Form 10-Q for the period ended March 31, 17. 26
Non-GAAP Financial Measures - Reconciliation LTM operating (loss) / income Depreciation of property, plant and equipment Amortization of intangible assets Q4 13 14 Q2 14 Q3 14 Q4 14 Last Twelve Months (LTM) 1 Other items reflects accruals that were subsequently reversed related to tax audits in Romania, and a fine that was later overturned in Slovenia. Since the charges recorded were not included in OIBDA, our subsequent reversal of these charges were similarly excluded from OIBDA. 15 Q2 15 Please refer to our Form 10-Q for the period ended March 31, 17 for the full financial statements and related notes and disclosures. Q3 15 Q4 15 16 Q2 16 Q3 16 Q4 16 17 (180.0) (160.9) (133.5) (97.0) 38.3 35.7 49.5 86.4 94.6 119.6 127.0 106.6 111.6 116.1 37.1 36.0 36.0 36.1 32.8 31.8.7 29.7 27.9 28.2 28.9 29.5.2.7 14.8 14.1 13.7 13.1 12.3 12.6 12.9 12.5 12.3 10.9 9.6 8.8 8.2 8.3 1 Other items 6.9 6.9 12.0.2 23.3 (6.9) (12.0) (.2) (.2) Impairment charge LTM OIBDA 79.7 79.7 79.7 79.7 (48.4) (31.1) 2.8 38.8 95.4 110.3 116.3 121.7 122.8 128.5 135.3 144.9 150.0 155.1 27