Q4 2016 Earnings call presentations2.q4cdn.com/384102709/files/doc_presentations/... · This presentation contains forward-looking statements, including those relating to our capital

2016 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 forpurposes 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-lookingstatements 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 whichmight 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-lookingstatements contained in this presentation.

Important factors that contribute to such risks include, but are not limited to, those factors set forth under "Risk Factors” in our most recent Annual Report on Form 10-K as well as thefollowing: 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 spendingand 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; oursuccess in continuing our initiatives to diversify and enhance our revenue streams; our ability to make cost-effective investments in our television businesses, including investments inprogramming; our ability to develop and acquire necessary programming and attract audiences; and changes in the political and regulatory environments where we operate and in theapplication 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. Fora more detailed description of these uncertainties and other features, please see the “Risk Factors” section in our most recent Annual Report on Form 10-K filed with the U.S. Securitiesand 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 forward-looking statements, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial MeasuresWhile CME reports its results in accordance with generally accepted accounting principles in the United States (“GAAP”), this presentation also refers to several non-GAAP financialmeasures, 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 suchmanagement believes they may provide meaningful information to investors about underlying trends in our business. While our reporting currency is the dollar, our consolidated revenuesand 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 whichwe 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 foreignexchange, 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 exchangerates 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 attachedappendix 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

OIBDA

175

150

125

100

75

50

25

0FY 2015 FX FY 2015@2016 rates FY 2016

122.8 0.8 123.6

150.0

Net Revenues

800

600

400

200

0FY 2015 FX FY 2015@2016 rates FY 2016

605.8

(0.6)

605.2 638.0

US$ m

US$ m5%

21%

OIBDA Margin 20%

For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 25.

24% 20%

Operating Income

175

150

125

100

75

50

25

0FY 2015 FX FY 2015@2016 rates FY 2016

94.6 0.5 95.1111.6

17%

4

Consolidated Results

220

200

180

160

140

120

100

80

60

40

20

0 Q1 2013

Q1 2014

Q1 2015

Q1 2016

Q2 2013

Q2 2014

Q2 2015

Q2 2016

Q3 2013

Q3 2014

Q3 2015

Q3 2016

Q4 2013

Q4 2014

Q4 2015

Q4 2016

+3%

5

Actual Exchange RatesConstant Exchange Rates1

¹ Reflects the impact of applying the most recent quarterly period average exchange rates to the prior period revenues.

Q1 Q2 Q3 Q4

102

114124

129+12%

+9%+4%

+11%+8%

+3%

+9%+5%

+9%

142

158170 175

102111

117

173

188194

US$ m

220

200

180

160

140

120

100

80

60

40

20

0 Q1 2013

Q1 2014

Q1 2015

Q1 2016

Q2 2013

Q2 2014

Q2 2015

Q2 2016

Q3 2013

Q3 2014

Q3 2015

Q3 2016

Q4 2013

Q4 2014

Q4 2015

Q4 2016

US$ m

124

141

126

167

193

167

123131

Q1 Q2 Q3

117

Q4

219 216

196

129

175

127

+8%

127

Net Revenues Trend by Quarter

207207

+7%

FY

(8)%

14%

20%

24%

2013 2014 2015 2016

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%Q1 Q2 Q3 Q4

(17)%

4%

(27)%

(1)%(2)%

21%

2%

25%

9%

28%

7%

29%

13%

31%

14%

30%

For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 25. 6

OIBDA Margin Trend by Quarter

130

80

30

-20

-70

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

(46)

(31)

3

39

95

110116

122 123129

135145 150

$m @ actual rates


7

Last Twelve Months (LTM) OIBDA Trend by Quarter

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

29 28 29 30 30

24 23 25 26 27

55

45

35

25

15

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

39 4249 52 50

32 32

41 42 41

Slovenia

55

50

45

40

35

30

25

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

42 43 43 42 43

39 39 39 39 41

Bulgaria60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

36 34 34 34 35

29 27 27 27 28

Croatia

60

50

40

30

20

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

39 37 38 3639

35 34 3532

36

Czech Republic Romania

45

40

35

30

25

20

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

34 33 32 32 32

32 31 30 31 31

Slovakia

All Day Audience SharePrime Time Audience Share 8

Audience Performance Overview

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.

US$ mNet Revenues

2015 2016

Variance

Actual % Lfl %1

Bulgaria 73.1 72.7 (0.6)% (0.3)%

Croatia 55.9 55.6 (0.5)% (1.6)%

Czech Republic 182.6 190.4 4.2 % 3.5 %

Romania 157.6 173.0 9.8 % 11.3 %

Slovak Republic 84.4 90.5 7.2 % 7.5 %

Slovenia 54.2 56.9 4.9 % 5.2 %

Intersegment revenues (2.0) (1.1) NM² NM²

Total net revenues 605.8 638.0 5.3 % 5.4 %

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-K for the year ended December 31, 2016.

9

2016 Revenues by Segment

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.3 Includes 2.4 million and 3.5 million of non-cash charges for stock-based compensation in 2015 and 2016, respectively.The percentage growth figures have been derived from data included in our Form 10-K for the year ended December 31, 2016.

US$ mOIBDA

2015 2016Variance

Actual % Lfl %1

Bulgaria 15.5 12.2 (20.9)% (20.7)%

Croatia 7.9 8.6 8.9 % 5.6 %

Czech Republic 71.7 77.0 7.4 % 6.2 %

Romania 41.2 62.0 50.6 % 51.7 %

Slovak Republic 10.6 15.9 50.7 % 47.8 %

Slovenia 6.1 4.8 (20.7)% (20.6)%

Eliminations (0.2) 0.1 NM2 NM2

Operations sub-total 152.6 180.6 18.3 % 17.7 %

Central costs3 (29.8) (30.6) (2.4)% (2.4)%

Total 122.8 150.0 22.2 % 21.4 %

10

2016 OIBDA by Segment


11

Segment Review

12

¹ Like for-Like currency variance reflects the impact of applying the current periodaverage exchange rates to the prior period revenues and costs.

Sources: Audience share, ATO - Nielsen Admosphere; Mediaresearch (all audienceshare data is for the 15-54 target group). TV ad market and TV ad market sharerepresents CME’s internal estimates at constant currency exchange rates.

US$ m 2015 2016 % Act % Lfl¹

TV advertising revenues 166.2 172.4 3.8 % 3.0 %

Carriage fees &subscription revenues 7.2 10.3 43.9 % 43.0 %

Other revenues 9.2 7.7 (17.7)% (18.1)%

Net revenues 182.6 190.4 4.2 % 3.5 %

Total costs 110.9 113.4 2.2 % 1.7 %

OIBDA 71.7 77.0 7.4 % 6.2 %

OIBDA Margin 39.3% 40.5% 1.2 p.p. 1.1 p.p.

Prima Group: 27%

CME: 60% (2015: 61%)

CT Group: 4%

Others: 9%

Prime Time Audience Share

All Day Audience Share

60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

39 37 38 3639

35 34 3532

36

Audience Performance Overvieww Total TV Ad Market Year-on-Year Change, % Lfl¹

8

6

4

2

0

2015 2016

4% 4%

Czech Republic: 2016 performance

TV Ad Market Share 2016 TV Ad Market Share

70

65

60

55Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

63%

60%

58%

61%62%

Full year segment results

¹ Like for-Like currency variance reflects the impact of applying the current period averageexchange rates to the prior period revenues and costs.

Sources: Audience share, Kantar Media (all audience share and leadership data is for the 18-49Urban target group).TV ad market share represents CME’s internal estimates at constantcurrency exchange rates. 13

Intact Group: 24%

CME: 59% (2015: 58%)

Prima Group : 2%

Others: 7%

Kanal D: 8%



60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

29 28 29 30 30

24 23 25 26 27

15

10

5

0

2015 2016

8%

13%

Audience Performance Overview Total TV Ad Market Year-on-Year Change, % Lfl¹


65

60

55

50Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

58%

60%60%

60%

58%

Romania: 2016 performance

US$ m 2015 2016 % Act % Lfl¹


Carriage fees &subscription revenues 40.3 40.2 (0.2)% 1.5 %

Other revenues 3.8 4.0 2.8 % 4.2 %

Net revenues 157.6 173.0 9.8 % 11.3 %

Total costs 116.4 111.0 (4.7)% (3.2)%

OIBDA 41.2 62.0 50.6 % 51.7 %




Sources: Audience share, PMT / TNS SK (all audience share and leadership data is for the12-54 target group). TV ad market share represents CME’s internal estimates at constantcurrency exchange rates. 14

US$ m 2015 2016 % Act % Lfl¹



Other revenues 4.0 3.6 (7.7)% (7.5)%

Net revenues 84.4 90.5 7.2 % 7.5 %

Total costs 73.8 74.6 1.0 % 1.6 %

OIBDA 10.6 15.9 50.7 % 47.8 %


Other: 4%

CME: 63% (2015: 64%)

JOJ Group: 33%



60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

34 33 32 32 32

32 31 30 31 31

20

15

10

5

0

2015 2016

16%

8%

Audience Performance Overview Total TV Ad Market Year-on-Year Change, % Lfl¹

Slovak Republic: 2016 performance


70

65

60

55Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

62%

64%

59%

64%65%



Sources: Audience share, GARB (all audience share and leadership data is for the 18-49target group). TV ad market share represents CME’s internal estimates at constant currencyexchange rates.

15

Others: 5%

CME: 56%(2015: 58%)

BNT Group: 3%

MTG Group: 36%

4

2

0

-2

-4

-6

2015 2016

(3)%

0%

Total TV Ad Market Year-on-Year Change, % Lfl¹

Bulgaria: 2016 performance


US$ m 2015 2016 % Act % Lfl¹

TV advertising revenues 50.7 49.1 (3.2)% (3.0)%

Carriage fees &subscription revenues 17.9 18.7 4.8% 5.3%

Other revenues 4.5 4.9 7.0% 7.3%

Net revenues 73.1 72.7 (0.6)% (0.3)%

Total costs 57.6 60.5 4.9% 5.2%

OIBDA 15.5 12.2 (20.9)% (20.7)%

OIBDA Margin 21.2% 16.9% (4.3) p.p. (4.3) p.p.


65

60

55

50Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

60%

55%

57%

55%

57%




70

60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

42 43 43 42 43

39 39 39 39 41


Sources: Audience share, AGB Nielsen Media Research (all audience share andleadership data is for the 18-54 target group). TV ad market share represents CME’sinternal estimates at constant currency exchange rates.

US$ m 2015 2016 % Act % Lfl¹

TV advertising revenues 49.6 49.1 (1.0)% (2.2)%


Other revenues 4.0 3.9 (0.4)% (0.9)%

Net revenues 55.9 55.6 (0.5)% (1.6)%

Total costs 48.0 47.0 (2.1)% (2.8)%

OIBDA 7.9 8.6 8.9 % 5.6 %


16

HTV Group: 8%

CME: 54%(2015: 56%)

RTL Group: 38%



60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

36 34 34 34 35

29 27 27 27 28

8

6

4

2

0

2015 2016

4%

2%


Croatia: 2016 performance



60

58

56

54

52

50Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

56%

55%

52%

56%

53%



Sources: Audience share, AGB Nielsen Media Research (all audience share andleadership data is for 18-54 target group. TV ad market share represents CME’s internalestimates at constant currency exchange rates. 17

US$ m 2015 2016 % Act % Lfl¹

TV advertisingrevenues 46.4 48.4 4.3% 4.5%

Carriage fees &subscription revenues 4.1 4.7 15.5% 16.0%

Other revenues 3.7 3.8 1.4% 1.6%

Net revenues 54.2 56.9 4.9% 5.2%

Total costs 48.1 52.1 8.2% 8.4%

OIBDA 6.1 4.8 (20.7)% (20.6)%

OIBDA Margin 11.2% 8.4% (2.8) p.p. (2.8) p.p.

Others: 3%Pink SI: 1%

State TV Group: 12%

Planet TV Group: 9%

CME: 75%(2015: 77%)



70

60

50

40

30

20

10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

3942

4952 50

32 32

41 42 41

8

6

4

2

0

2015 2016

7% 7%


Slovenia: 2016 performance



85

80

75

70

65Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

80%

73%

78%

70%

77%


18

1 Translated at FX rates as at December 31, 2016.

See also Non-GAAP Financial Measures beginning on slide 25.

US$ m 2015 2016 Variance

OIBDA 123 150 27Change in working capital 12 (16) (28)Interest, taxes, and other (38) (89) (51)Net investment in programming (11) (11) 0Cashflow from operations 86 34 (52)Capex (31) (29) 2Free cash flow 55 5 (50)Cash paid for interest (including mandatory cash-pay guarantee fees) 19 54 35Cash paid for Guarantee Fees that may be paid in kind — 37 37Unlevered free cash flow 74 96 22

1,000

800

600

400

200

02017 2018 2019 2020 2021

Maturity as at December 31, 2016(US$ m)1

2021 Euro Term Loan 2019 Euro Term Loan 2018 Euro Term Loan

Debt Maturity Profile and Free Cash Flow

264 248

494

19

Appendix

EARNINGS CALL

19

Segment Review

Earnings call Appendix

20


US$ mNet Revenues

Q4 2015 Q4 2016

Variance

Actual % Lfl %1

Bulgaria 22.2 22.5 1.5 % 2.2 %

Croatia 17.7 17.6 (0.9)% (1.3)%

Czech Republic 60.0 61.8 3.1 % 3.5 %

Romania 48.0 54.7 13.9 % 16.2 %

Slovak Republic 29.4 31.1 5.6 % 6.3 %

Slovenia 19.1 19.6 2.6 % 3.3 %

Intersegment revenues (0.8) (0.2) NM² NM²

Total net revenues 195.6 207.1 5.9 % 6.8 %

Q4 2016 Revenues by Segment

21


US$ mOIBDA

Q4 2015 Q4 2016

Variance

Actual % Lfl %1

Bulgaria 7.0 3.3 (53.3)% (52.9)%

Croatia 2.0 3.2 63.3 % 61.9 %

Czech Republic 27.9 30.7 10.0 % 10.5 %

Romania 15.4 17.0 10.0 % 12.1 %

Slovak Republic 6.7 10.8 59.8 % 60.4 %

Slovenia 6.3 4.6 (26.4)% (25.8)%

Eliminations 0.1 0.0 NM2 NM2

Operations sub-total 65.4 69.6 6.5 % 7.4 %

Central costs (9.2) (8.3) 9.5 % 9.0 %

Total 56.2 61.3 9.1 % 10.0 %

Q4 2016 OIBDA by Segment

See also Non-GAAP Financial Measures beginning on slide 25.

22

US$ mYear ended December 31,

2015 2016Net revenues 605.8 638.0Content costs 292.6 306.0Other operating costs 69.7 69.4Depreciation and amortization 40.2 38.4Selling, general and administrative costs 107.0 112.6Restructuring costs 1.7 —Operating income 94.6 111.6Interest expense (171.4) (132.2)

Loss on extinguishment of debt — (150.2)Non-operating expenses (26.0) (2.5)Credit / (provision) for income taxes 0.5 (7.3)Loss from continuing operations (102.3) (180.6)Loss from discontinued operations, net of tax (13.3) —Net loss (115.6) (180.6)Net loss attributable to noncontrolling interests 0.7 0.3

Net loss attributable to CME Ltd. (114.9) (180.3)

Net loss attributable to CME Ltd. per share (0.90) (1.28)Please refer to our Form 10-K for the year ended December 31, 2016 for the full financial statements and related notes and disclosures.

Summary Consolidated Statements of Operations

¹ Gross debt is the full face value of all outstanding debt and related payables.Please refer to our Form 10-K for the year ended December 31, 2016 for the full financial statements and related notes and disclosures.

US$ m As at December 31, 2015 As at December 31, 2016

Current assets 358.3 340.4Non-current assets 1,082.1 1,050.3

Total assets 1,440.4 1,390.7Current liabilities 146.3 171.6

Non-current liabilities 974.3 1,070.8

Total liabilities 1,120.6 1,242.4Series B Convertible Redeemable Preferred Stock 241.2 254.9CME Ltd. shareholders' equity 77.3 (107.8)Noncontrolling interests 1.3 1.2Total liabilities and equity 1,440.4 1,390.7

Cash & cash equivalents 61.7 43.5Gross debt1 (1,107.2) (1,055.3)

Net debt (1,045.5) (1,011.8)

23

Summary Consolidated Balance Sheet

24


2015 2016Net cash generated from operating activities 85.9 33.9

Net cash used in investing activities (30.4) (29.4)

Net cash used in financing activities (28.9) (22.7)

Net cash provided by discontinued operations 3.5 1.2

Impact of exchange rate fluctuations (2.7) (1.2)

Net increase / (decrease) in cash and cash equivalents 27.4 (18.2)

Supplemental disclosure of cash flow information and non-cash items:Cash paid for interest (including mandatory cash-pay Guarantee Fees) 18.4 54.0Cash paid for Guarantee Fees that may be paid in kind — 37.4

Interest and Guarantee Fees paid in kind 81.5 45.3

Accretion on Series B Convertible Redeemable Preferred Stock 17.3 13.7

Cash paid for income taxes, net of refunds 0.8 0.3

Please refer to our Form 10-K for the year ended December 31, 2016 for the full financial statements and related notes and disclosures.

Summary Cash Flow

In this presentation we refer to several non-GAAP financial measures, including OIBDA, OIBDA margin, free cash flow and unleveredfree cash flow. We believe that each of these metrics is useful to investors for the reasons outlined below. Non-GAAP financial measuresmay not be comparable to similar measures reported by other companies. Non-GAAP financial measures should be evaluated inconjunction 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 isuseful to investors because it provides a meaningful representation of our performance, as it excludes certain items that do not impacteither our cash flows or the operating results of our operations. OIBDA and unlevered free cash flow are also used as components indetermining 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 forpurposes of evaluating their performance and therefore are not included in their respective OIBDA. Our key performance measure ofthe efficiency of our consolidated operations and our segments is OIBDA margin. We define OIBDA margin as the ratio of OIBDA to netrevenues.

We have previously used free cash flow as a measure of the ability of our operations to generate cash. We define free cash flow as netcash generated from continuing operating activities less purchases of property, plant and equipment, net of disposals of property, plantand equipment and excluding the cash impact of certain unusual or infrequent items that are not included in costs charged in arrivingat OIBDA because they are not considered by our co-CEOs when evaluating performance. Following the refinancing transaction completedin April 2016, the amount of interest and related guarantee fees on our outstanding indebtedness that is paid in cash has increased. Inaddition to this obligation to pay more interest and related Guarantee Fees in cash, we expect to use cash generated by the businessto pay Guarantee Fees that are payable in kind, including accrued Guarantee Fees. These cash payments are all reflected in free cashflow; accordingly we believe unlevered free cash flow, defined as free cash flow before cash payments for interest and Guarantee Fees,better illustrates the cash generated by our operations when comparing periods.

For additional information regarding our business segments, see Part II, Item 8, Note 19, "Segment Data" in our Form 10-K.

25

Non-GAAP Financial Measures

26

US$ mThree months ended December 31, Year ended December 31,

2015 2016 2015 2016Operating income 46.5 51.6 94.6 111.6

Depreciation of property, plant and equipment 7.0 7.7 27.9 30.2

Amortization of intangible assets 2.7 2.0 12.3 8.2

Other items1 — — (12.0) —

OIBDA 56.2 61.3 122.8 150.0

Please refer to our Form 10-K for the year ended December 31, 2016 for the full financial statements and related notes and disclosures.

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.


2015 2016Net cash generated from operating activities 85.9 33.9

Capex additions, net of disposals (30.4) (29.3)

Free cash flow 55.5 4.6Cash paid for interest (including mandatory cash-pay guarantee fees) 18.4 54.0Cash paid for Guarantee Fees that may be paid in kind — 37.4

Unlevered free cash flow 73.9 96.0

Non-GAAP Financial Measures - Reconciliation

27

1Other 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, oursubsequent reversal of these charges were similarly excluded from OIBDA.

Please refer to our Form 10-K for the period ended December 31, 2016 for the full financial statements and related notes and disclosures.

US$ mLast Twelve Months (LTM)

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

LTM operating (loss) /income (183.1) (160.9) (133.5) (97.0) 38.3 35.7 49.5 86.4 94.6 119.6 127.0 106.6 111.6

Depreciation of property,plant and equipment

40.8 36.0 36.0 36.1 32.8 31.8 30.7 29.7 27.9 28.2 28.9 29.5 30.2

Amortization of intangibleassets

16.1 14.1 13.7 13.1 12.3 12.6 12.9 12.5 12.3 10.9 9.6 8.8 8.2

Other items1 — — 6.9 6.9 12.0 30.2 23.3 (6.9) (12.0) (30.2) (30.2) — —

Impairment charge 79.7 79.7 79.7 79.7 — — — — — — — — —

LTM OIBDA (46.5) (31.1) 2.8 38.8 95.4 110.3 116.3 121.7 122.8 128.5 135.3 144.9 150.0

Non-GAAP Financial Measures - Reconciliation

Documents

Q4 2016 Earnings call presentations2.q4cdn.com/384102709/files/doc_presentations/... · This presentation contains forward-looking statements, including those relating to our capital