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1
Modern Times Group MTG AB
“A Modern Media Group
for Modern Times”
March 2012
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0
500
1,000
1,500
2,000
2,500
3,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2
MTG = Made To Grow
+ Operationally Geared
Intr
oductio
n
Revenues (SEK million)* EBIT (SEK million)*
*Continuing operations excluding associated company income &
non-recurring items
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3
Operating 28 free-TV channels in 10 countries &
38 pay-TV channels in 34 countries
Unrivalled Broadcast Footprint
Spanning 4 continents
Intr
oductio
n
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Four Broadcasting Segments
Sweden
Norway
Denmark
Estonia
Latvia
Lithuania
Bulgaria
Czech
Hungary
Ghana
• 4 satellite platforms
• Virtual operator in 3rd
party networks
• 18 channels • 5 satellite platforms –
Baltics, Ukraine & Russia
• 20 channels on 3rd party
networks
• 9 channels
Free-TV
Scandinavia
Pay-TV
Nordic
Free-TV
Emerging Markets
Pay-TV
Emerging Markets
4 Intr
oductio
n
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5
2011 revenue mix Segmental revenue mix
• Balanced revenue mix of cyclical advertising sales & linear subscription sales
• Unparalleled efficiency due to control of content, packaging, pricing & distribution
Balanced Revenue Mix
Integrated Operator Benefits
Intr
oductio
n
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011
Free-TV Scandinavia Pay-TV Nordic Emerging Markets
44%
47%
9%
Advertising Subscription B2B / B2C
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6 Fre
e-T
V S
candin
avia
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Market Position
Macro Profile
TV as % of total Ad market TV viewing minutes per day (3+)
TV Ad spend per capita (USD) GDP growth
7 Fre
e-T
V S
candin
avia
-10.00%
-5.00%
0.00%
5.00%
10.00%
2009 2010 2011
0
50
100
150
200
Sweden Norway Denmark UK US
2009 2010 2011
10.0%
20.0%
30.0%
40.0%
50.0%
Denmark Sweden Norway UK US
2009 2010 2011
110.0
160.0
210.0
260.0
310.0
Sweden Norway Denmark UK US
2009 2010 2011
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8
Market Position
Digitalisation Complete
Sweden – 1 Feb 2008
Denmark – 1 Nov 2009
Norway – 1 Dec 2009
Fre
e-T
V S
candin
avia
Scandinavian TV landscape
(2010)
Cable; 52% Satellite;
19%
DTT; 19%
IPTV; 9%
Cable; 55%
Satellite; 19%
DTT; 7%
Analogue Terrestrial;
20%
Scandinavian TV landscape
(2005)
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Sweden Norway Denmark
Position #2 #3 #2
National penetration
Combined commercial
audience share (15-49) 35.8 22.4 24.1
Catch-up services Yes Yes Yes
Sold on ’bundled’ basis Yes Yes Yes
9
Market Position
Primary Challenger
Fre
e-T
V S
candin
avia
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The Opportunity
Breaking the Monopoly
10 Fre
e-T
V S
candin
avia
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2003 2011
11
Seizing the Opportunity
The “Media House” Model (Sweden)
Fre
e-T
V S
candin
avia
Source: MMS
Complementary channel profiles Average weekly reach (15-49)
-1%
+22%
+8%
Old & Male Old & Female
Young & Male Young & Female
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TV4; 87% MTG; 7%
Other; 6%
Print; 63% Direct advertising,
14%
Internet; 14%
Radio; 4% TV; 5%
The Next Phase
Untapped Potential
Regional share of total advertising
(NOK / DKK / SEK billion)
50% 40% 60%
Source: IRM Media, Regional market report, April 2011
0
5
10
15
12 Fre
e-T
V S
candin
avia
Total regional advertising
Regional TV advertising
SEK 14 bn
SEK 700 mn
• Expansion of number of regional broadcast zones from
6 to 19 in Q1 2012
• Bundled TV, Radio & Internet Ad sales package with
dedicated sales force of 120 people
• Local Ad prices as much as 2x national prices
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13
Free-TV Scandinavia
Operating Results
• Overall shortage of inventory supply driving up
annual contract & spot prices
• Sales only down 1% at constant exchange rates in
2009 recession & up 16% again in 2010 recovery
• Sales up 6% at constant exchange rates in 2011,
with EBIT margin of 25%
Fre
e-T
V S
candin
avia
(SEK million)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2006 2007 2008 2009 2010 2011
Revenue EBIT EBIT margin
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14 Fre
e-T
V E
merg
ing M
ark
ets
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Market Position
Macro Profile
TV viewing (minutes per day)
Fre
e-T
V E
merg
ing M
ark
ets
GDP growth
TV ad spend per capita (USD)
TV ad spend development
0
5
10
15
20
25
30
35
40
45
50
CzechRepublic
Hungary Estonia Lithuania Latvia Bulgaria
2009 2010 2011
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Czech R
epu
blic
Hu
nga
ry
Esto
nia
Lithu
ania
La
tvia
Bulg
aria
2009 2010 2011-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Czech R
epu
blic
Hu
nga
ry
Esto
nia
Lithu
ania
La
tvia
Bulg
aria
2009 2010 2011
0
50
100
150
200
250
300
350
CzechRepublic
Hungary Estonia Lithuania Latvia Bulgaria
2009 2010 2011
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16
Market Position
Incumbent or Primary Challenger
Estonia Latvia Lithuania Czech
Republic Bulgaria Hungary Ghana Russia
Position #1 #1 #1 #2 #2 #3 - #4
Combined
commercial
audience share
(target
demographic)
42.0%
(15-49)
37.2
(15-49)
44.0%
(15-49)
27.7%
(15-54)
28.1%
(18-49)
8.1%
(18-49)
18.8%
(15-49)
16.1%
(6-54)
Catch-up services Yes Yes Yes No Yes No No Yes
Sold on ’bundled’
basis Yes Yes Yes Yes Yes Yes N/A N/A
Fre
e-T
V E
merg
ing M
ark
ets
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Scale Operations in Key Markets
Baltics, Czech Republic, Bulgaria
17
Financial performance (SEK million) Commercial Audience Share
• Clear market leadership in Baltics with >43% pan-Baltic target group share of viewing as advertising
spending returned to growth in 2011
• Investments in schedule & new Prima Love channel boosted target audience share in Czech
Republic & enabled advertising market share gains in low growth environment in 2011
• Stable combined audience share in Bulgaria but no recovery in advertising spending in 2011
Fre
e-T
V E
merg
ing M
ark
ets
-5%
0%
5%
10%
15%
20%
25%
30%
0
400
800
1,200
1,600
2,000
2008 2009 2010 2011
Revenue EBIT EBIT margin
0%
10%
20%
30%
40%
50%
2006 2007 2008 2009 2010 2011
Czech Republic (15-54) Bulgaria (18-49)
Hungary (18-49) Pan-Baltic (15-49)
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18
Free-TV Emerging Markets
Operating Results
• Sales up 8% at constant exchange rates in 2011 &
profits for the full year
• Ongoing investments in Hungary, Ghana &
Slovenia off-set profits in Baltics, Czech Republic
& Bulgaria
• Anticipated return to high growth & high margins
but recovery currently lagging W Europe
• Well-positioned overall in often duopolistic markets
Fre
e-T
V E
merg
ing M
ark
ets
(SEK million)
-500
0
500
1,000
1,500
2,000
2,500
2006 2007 2008 2009 2010 2011
Revenue EBIT
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0%
5%
10%
15%
20%
25%
19
Participating in Russian Growth
CTC Media
Operating results (USD millions)
• 38.1% shareholding in Russia’s leading
independent TV broadcaster
• Equity stake acquired for USD 83 million -
equity market value of ~ USD 0.7 billion
• Co-Chairmanship & total of 4 Board seats
• 3 national Russian TV networks & 1.5x combined
power ratio = ~19% TV advertising market share
• Sales up 9% y/y in ruble terms to USD 766 million
in 2011 with OIBDA margin of 32.5%
• Cash dividend payments of USD 130 million in
2011 & USD 80 million in 2012
CTC Media Russian Ad sales growth
(RUB)
Audience share (4+)
Fre
e-T
V E
merg
ing M
ark
ets
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2007 2008 2009 2010 2011
Ad sales EBIT
48%
19%
32%
-3%
16%
33%
2006 2007 2008 2009 2010 2011
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20 Pay-T
V N
ord
ic
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21
Market Position
Premium Content Provider of
Choice
• MTG & 3rd party Free-TV channels
• MTG thematic sports channels – Viasat Football, Viasat Hockey, Viasat Motor,
Viast Golf, Viasat Sport HD
• MTG thematic movie channels – Viasat Film, Viasat Film Action, Viasat Film Nordic, Viasat
Film Family, Viasat Film Drama & Viasat Film Classic
• MTG thematic documentary channels – Viasat History, Viasat Nature,
Viasat Explorer, Viasat Crime
• Leading 3rd party premium channels – music, news, documentaries, kids, nature etc
• MTG & 3rd party HD channels
Pay-T
V N
ord
ic
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22
The Evolving Opportunity
Technology Changes Consumer
Behaviour
Owned & Operated
Satellite Platform
Viasat Channels in
3rd Party Networks
Virtual Operator
in 3rd Party B’band Networks
Gatekeeper
Independent
Internet
Environment
Pay-T
V N
ord
ic
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0
200
400
600
800
1,000
1,200
2006 2007 2008 2009 2010 2011
DTH Satellite 3'rd party network
23
Seizing the Opportunity
The “Platform Agnostic” Approach
Pay-T
V N
ord
ic
Premium subscriber development (000’s)
*IPTV subscribers only for 2006-2008; total 3’rd party network subscribers for 2009 and 2010
Jun 2008 Oct 2009 Mar 2010 Jun 2010 1991
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24
Seizing the Opportunity
Growing Viasat...ellite
Pay-T
V N
ord
ic
Premium satellite ARPU (SEK)
Value-added services (000’s)
Premium satellite subscribers (000’s)
• Operating in Europe’s most competitive &
digitalised pay-TV market
• Satellite gradually losing share to other
distribution forms BUT Viasat gaining market
share in the satellite environment
• Clear premium pay-TV market leader
• Low churn levels following acquisition of key
sports rights + new channel launches
• Steadily rising premium satellite ARPU due to
price rises & increasing penetration of VAS
0
1,000
2,000
3,000
4,000
5,000
6,000
2006 2007 2008 2009 2010 2011
0
200
400
600
800
1,000
2006 2007 2008 2009 2010 2011
0
50
100
150
200
250
300
350
dec-11dec-10dec-09dec-08dec-07
Multi-room PVR HD
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25
Seizing the Opportunity
Entertainment “at your Command”
First to Market with Full Service
‘Over-The-Top’ Solution
• Anytime Access all services ‘on demand’
• Anywhere Access subscription online
• Any Device Enjoy subscription on multiple
devices in and out of home
Pay-T
V N
ord
ic
Set -Top Box
PC/Mac
Mobile
Tablet Media
Players
OTT Set-Top box
Game consoles Embedded
TV Set
Applications
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26
Pay-TV Nordic
Operating Results
• Top line growth driven by 3rd party subscriber
acquisition & rising satellite premium ARPU
• Margins stable due to combination of underlying
improvement with investments in sports rights,
new technologies & additional channels
• Highly cash generative & proven resilience to
economic cycle
• Revenues up 8% at constant exchange rates in
2011 with increased operating margin of 20%
Pay-T
V N
ord
ic
(SEK million)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2006 2007 2008 2009 2010 2011
Revenue EBIT EBIT margin
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27 Pay-T
V E
merg
ing M
ark
ets
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Market Position
Pioneering New Frontiers
28
2003 2004 2005 2006 2007 2008 2009 2010 2011
Countries 7 11 15 22 23 24 25 25 28
Channels 2 3 5 6 7 8 10 15 19
Satellite
platforms Baltics Ukraine Russia
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29
Seizing the Opportunity
Growing the Subscriber Base
• Viasat is the only satellite Pay-TV operator in the
Baltics – premium offering with stable subscriber
base & ARPU
• Includes Ukrainian platform since Q1 2008 &
Russian platform since Q1 2010
Pay-T
V E
merg
ing M
ark
ets
Mini-pay subscriptions (millions) Satellite subscribers (000’s)
• Business launched in 2003 with sale of Viasat
movie & documentary channels to
3rd party networks in C&E Europe
• Nearly 65 million subscriptions to
19 Viasat movie, documentary and sports
channels to ~2,500 3rd party networks in
28 countries including US
• Launch of 4 pay-TV channels in Africa &
2 HD channels in CEE, Russia & CIS
0
100
200
300
400
500
600
2006 2007 2008 2009 2010 201110,000
20,000
30,000
40,000
50,000
60,000
70,000
2006 2007 2008 2009 2010 2011
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30
Pay-TV Emerging Markets
Operating Results
• Top line growth currently driven by volume
(addition of satellite subscribers & mini-pay
subscriptions) rather than value (low prevailing
ARPU levels)
• Profitability of mini-pay channels business
supports ongoing investments in Ukrainian &
Russian satellite platforms
• Profitability impacted by full consolidation &
ongoing investments in Ukrainian platform from
July & inclusion of Russian platform from February
• Business highly geared to subscriber growth &
ARPU increases
• Revenues up 13% at constant exchange rates in
2011, with operating margin of 5%
Pay-T
V E
merg
ing M
ark
ets
(SEK million)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
100
200
300
400
500
600
700
800
900
1,000
2006 2007 2008 2009 2010 2011
Revenue EBIT EBIT margin
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31
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32
Financial Performance
Flexible Position
SEK millions FY 2010
Sales 13,473
EBIT (incl. Associates) 2,544
Pre-tax profit -727
Net income from
continuing operations -1,289
Total net incl
discontinued ops -1,289
SEK millions FY 2011
Net cash flow from
operations 1,797
Cash flow to investing -115
Cash flow to financing -1,737
Net change in cash &
cash equivalents -55
SEK millions FY 2011
Total debt 1,592
Cash & equivalents 795
Net debt 797
Net debt / LTM
underlying EBITDA 0.3x
Available liquid funds 5,528
Income Cash flow Financial position
• FY2011 results impacted by SEK -
3,182 million of non-recurring items
• Annual tax rate of 25-30%
• Cash flow from operations stable y/y in
2011
• Receipt of USD 49 mn (SEK 319 mn)
of dividends from CTC Media in 2011
& intention to pay USD 80 mn in 2012
• SEK 1.5 billion of SEK 6.5 billion
unsecured 5 year revolving multi-
currency credit facility drawn as at
31 December 2011
• CAPEX running at <1% of sales
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33
Capital Allocation
Reinvesting in Growth
Cash flows from Scandinavia invested into
Emerging Markets
• 1997: Launch of Baltic Free-TV operations
• 2000: Acquisition of 95% of Hungarian operation
• 2001: Acquisition of 75% of DTV in Russia
• 2002: Acquisition of 36% of CTC Media in Russia
• 2003: Launch of Mini-Pay business
• 2004: Launch of Baltic Pay-TV platform
• 2005: Acquisition of 50% of Prima TV in Czech Republic
• 2006: Acquisition of 100% of Slovenian operation
• 2007: Acquisition of 50% of Diema channels in Bulgaria
• 2008: Acquisition of 50% of pay-TV platform in Ukraine
• 2008: Acquisition of 100% of Nova TV in Bulgaria
• 2008: Launch of channel in Ghana (W Africa)
• 2010: Acquisition of 50% of pay-TV platform in Russia
• 2010: Acquisition of additional 35% of Viasat Ukraine
- Combined with ongoing launch of Free-TV & Pay-TV
channels every year
Fin
ancia
l R
esourc
es
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34
Capital Allocation
Shareholder Returns
• 29% Return On Capital Employed for 2011
• 30% Return On Equity for 2011
• Increased cash dividend of SEK 9.00 per
share proposed to AGM in May 2012
• Board of Directors has adopted dividend
policy to distribute at least 30% of recurring
net profit to shareholders as annual
ordinary dividend
Fin
ancia
l R
esourc
es
Annual Cash dividends (SEK)
0
2
4
6
8
10
12
14
16
2007 2008 2009 2010 2011
Ordinary Extraordinary Proposed
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36
The Lean & Mean
Broadcasting Machine
• Operationally geared growth company with balanced & diversified revenue mix
• Driving growth primarily through organic expansion & start-ups
• Challenger to incumbents in structurally evolving markets
• Successful multi-channel, multi-platform, multi-territory media house model
• Efficient integrated operating structure yields competitive advantage & synergies
• Investing healthy cash flows from Nordic region into emerging markets
• Strict cost control, cash management & capital allocation
• Strong & flexible financial position
• Delivering enhanced shareholder returns
Sum
mary
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37
For Further Information, please visit www.mtg.se or contact:
MTG Investor Relations
Tel: +44 7768 440 414 / +44 759 009 8188
Email: [email protected]
Nasdaq OMX: ‘MTGA’, ‘MTGB’
Conta
ct
info
rmatio
n