mtg q3 2011 presentation final

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  • 1. Modern Times Group MTG Third Quarter 2011 Financial Results1
  • 2. 2Q3 2011 FINANCIAL RESULTS
  • 3. Third Quarter 2011Sales Growth & Higher Margins SEK mn Sales up 4% y/y at constant FX & up 3% y/y at reported FX to SEK 3,106 (3,017) mn 3,500 40% OPEX up y/y to SEK 2,748 (2,681) mn & up 4% 35% y/y at constant FX 3,000 EBIT before associated company income up 6% 30% 2,500 y/y to SEK 358 (336) mn Increased operating margin of 12% (11%) 25% 2,000 Total EBIT of SEK 514 (427) mn 20% Including SEK 156 (91) mn of associated 1,500 company income 15% Income before tax of SEK 439 (472) mn 1,000 10% Net income from continuing operations of SEK 306 (339) mn & total net income of SEK 306 500 5% (359) mn Basic EPS of SEK 4.71 (5.31) & total basic EPS 0 0% of SEK 4.71 (5.63) Q3 2010 Q3 2011 Q3 2011 Financial Results Revenue EBIT* EBIT margin * EBIT excluding associated income3
  • 4. First Nine Months 2011Sales & EBIT Growth SEK mn Sales up 8% y/y at constant FX & up 3% at 12,000 40% reported FX to SEK 9,762 (9,484) mn OPEX of SEK 8,380 (8,195) mn up 7% y/y at 35% 10,000 constant FX 30% EBIT before associated company income up 7% y/y to SEK 1,382 (1,288) mn 8,000 25% Stable operating margin of 14% (14%) Total EBIT up 17% SEK 1,879 (1,608) mn 6,000 20% Including SEK 497 (320) mn of associated company income 15% 4,000 Income before tax of SEK 1,791 (1,579) mn 10% Net income from continuing operations up 14% y/y 2,000 to SEK 1,276 (1,116) mn & total net income of 5% SEK 1,276 (1,182) mn Basic EPS from continuing operations of SEK 0 0% 18.90 (16.80) 9M 2010 9M 2011 9M 2011 Financial Results Total basic EPS of SEK 18.90 (17.81) Revenue EBIT* EBIT margin * EBIT excluding associated income4
  • 5. Operating review
  • 6. Free-TV ScandinaviaFinancial Highlights SEK mn Sales of SEK 984 (922) mn in Q3 & SEK 3,153 3,500 50% (3,018) mn for YTD 45% Up 7% y/y in Q3 & 8% for YTD at 3,000 constant FX 40% OPEX of SEK 768 (703) mn in Q3 & SEK 2,358 2,500 35% (2,286) mn for YTD Up y/y at constant FX for both periods 30% 2,000 Investments in local productions and other 25% programming & y/y effect of launch of TV10 1,500 in Sweden in Sep 2010 20% EBIT slightly down y/y to SEK 216 (219) mn in 1,000 15% Q3 & up 9% y/y to SEK 795 (732) mn for YTD 10% EBIT margin of 21.9% (23.8%) in Q3 & 500 25.2% (23.8%) for YTD 5% 0 0% Q3 2010 Q3 2011 9M 2010 9M2011 Revenue EBIT EBIT margin Operating review6
  • 7. Free-TV ScandinaviaOperating Highlights Commercial Audience Share (15-49)Sweden Target audience share of 38.4% (38.8%) in Q3 45% Up from 37.6% in Q2 40% Launch of Fall programming schedules 35% Audience share gains for TV8 & TV10 30% 25%Norway 20% Target audience share of 22.0% (29.1%) 15% Down from 24.8% in Q2 Performance reflected impact of new 10% commercial channels launched in Q4 2010 5% Ongoing investments in programming 0% content with focus on local productions Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2009 2010 2010 2010 2010 2011 2011 2011Denmark Sweden Norway Denmark Target audience share of 23.1% (24.8%) Down from 25.7% in Q2 Performance reflects impact of Danish Operating review general elections Fall schedules strengthened with new & returning formats7
  • 8. Pay-TV NordicFinancial Highlights SEK mn Sales of SEK 1,184 (1,140) mn in Q3 & SEK 4,000 50% 3,509 (3,347) mn for YTD 45% Up 4% y/y in Q3 & 8% for YTD at 3,500 constant FX 40% 3,000 OPEX of SEK 949 (939) mn in Q3 & SEK 2,831 35% (2,733) mn for YTD 2,500 Up y/y at constant exchange rates 30% Ongoing investments in premium sports 2,000 25% content 20% Addition of 7 Viasat channels since the 1,500 beginning of 2010 15% 1,000 EBIT up 17% y/y to SEK 234 (201) mn in Q3 & up 10% 10% to SEK 677 (614) mn for YTD 500 5% Increased operating margins of 19.8%(17.6%) in Q3 & 19.3% (18.3%) for YTD 0 0% Q3 2010 Q3 2011 9M 2010 9M 2011 Revenue E