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CME net income helped by foreign currency gains

5.8.2005 9:45
Autor: Tomáš Gatěk, Patria Finance

CME reported 1H2005 net income of USD 19.6m vs. an expected loss of USD 3.0m. The difference was however caused by a currency gain of USD 29.4m. We believe that the currency gain arose from a debt issue of around USD 470m denominated in EUR. In 1H05 the EUR strengthened vs. the USD by 8.5%. CME issued the debt to finance the acquisition of TV Nova in the Czech Republic. Sales doubled from last year to USD 161m, 25% above our expectations, helped by TV Nova Czech Republic. Operating costs and programming costs increased by 119% yoy and 84% yoy respectively, affected by the acquisition of TV Nova; these were in line with expectations. As a result, operating profit decreased by 69% yoy and was 13% above our forecast. Based on the above, income jumped by 39% yoy, significantly helped by the currency gains of USD 29.4m. Excluding the currency gains, net income would be in line with our forecast.


US GAAP consolidated (USD 000s)	1H05A	1H04A	change	Patria est.
Sales				161,413	80,734	99.9%	128,767
Operating cots			29,402	13,409	119.3%	29,792
Costs of programming		54,403	29,563	84.0%	54,507
EBIT 				4,610	14,793	-68.8%	4,099
Pre-tax				25,258	13,445	87.9%	-96
Net income			19,554	11,248	73.8%	-2,987
EPS annualized (fully diluted)	0.54	0.39	38.5%	-0.23
				
Segment sales	1H05A	1H04A	change	Patria est.
Czech Republic	47,767	-	n.m.	39,619
Croatia		12,607	-	n.m.	10,246
Romania		45,648	32,787	39.2%	45,847
Slovakia	32,270	29,343	10.0%	32,933
Slovenia	23,853	23,408	1.9%	21,978
Ukraine		31,538	25,354	24.4%	32,337
Total		193,683	110,892	74.7%	182,960


Also, the Senate moved its debate on TV ads on state television to today. The possibility of a gradual ban on TV ads on public TV channels from 2008 should benefit TV Nova and TV Prima (the two private channels), which would stand to share part of the USD 40m per year currently spent on state TV ads, thereby increasing their respective market shares. This would raise our fair value of CME by USD 2 per share.


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