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    Mtg q4 presentation final Mtg q4 presentation final Presentation Transcript

    • Modern Times Group MTG Fourth Quarter & Full year 2011 Financial Results1
    • 2Q4 2011 FINANCIAL RESULTS
    • Fourth Quarter 2011Record Sales & Increased Net Cash Flow• Sales up 3% y/y at constant & reported FX to SEK mn SEK 3,711 (3,618) mn 4.000 40%• OPEX up y/y to SEK 3,160 (2,965) mn & up 3.618 3.711 7% at constant FX 3.500 35%• EBIT before associated company income & non-recurring items of SEK 551 (653) mn 3.000 30%• Total EBIT of SEK -2,517 (746) mn incl. associated company income of SEK 114 (93) mn 2.500 25% & SEK -3,182 mn of non-recurring items, primarily related to impairment of Bulgarian broadcasting 2.000 20% goodwill 1.500 15%• PTP of SEK -2,519 (741) mn• Net income from continuing operations of 1.000 10% SEK -2,564 (634) mn & basic EPS from 653 551 continuing operations of SEK -38.87 (9.40) 500 5%• Net cash flow from operations up 10% y/y to SEK 1,107 (1,009) mn 0 0% Q4 2010 Q4 2011 Q4 2011 Financial Results • Included SEK 174 (131) mn of Revenue EBIT* EBIT margin dividends from CTC Media * EBIT excluding associated income & non-recurring items3
    • Full Year 2011Lower Gearing & Higher Dividend• Sales up 6% y/y at constant FX & up 3% at SEK mn reported FX to SEK 13,473 (13,101) mn 16.000 40%• OPEX up y/y to SEK 11,540 (11,160) mn & up 7% at constant FX 14.000 13.473 35% 13.101• EBIT of SEK 1,933 (1,941) mn when excluding associated company income & non-recurring 12.000 30% items 10.000 25%• Total EBIT of SEK -637 (2,355) mn incl. associated company income of SEK 611 (413) mn 8.000 20% & SEK -3,182 mn of non-recurring items• PTP of SEK -727 (2,321) mn 6.000 15%• Net income from continuing operations of SEK -1,289 (1,750) mn & basic EPS from 4.000 10% continuing operations of SEK -19.98 (26.22) 1.941 1.933• Net cash flow from operations up 17% y/y to 2.000 5% SEK 1,797 (1,533) mn 0 0% • Including SEK 319 (216) mn of dividends FY 2010 FY 2011 FY 2011 Financial Results from CTC Media Revenue EBIT* EBIT margin• Board of Directors to propose increased annual cash dividend of SEK 9.00 (7.50) per share & * EBIT excluding associated income & non-recurring adopts dividend policy to distribute at least 30% of items recurring net profit to shareholders as annual 4 ordinary dividend
    • Operating review
    • Free-TV ScandinaviaFinancial Highlights SEK mn• Sales of SEK 1,240 (1,229) mn in Q4 & SEK 5.000 50% 4,393 (4,247) mn for FY 4.500 4.393 45% 4.247 • Sales up 1% y/y in Q4 & 6% for full year at constant FX 4.000 40% 3.500 35%• OPEX of SEK 958 (879) mn in Q4 & SEK 3,316 (3,165) mn for full year 3.000 30% • Up y/y at constant FX for both periods 2.500 25% • Increased investments in programming 2.000 20% in all 3 countries 1.500 1.229 1.240 15% 1.082 1.077• EBIT down to SEK 282 (350) mn in Q4 & stable 1.000 10% at SEK 1,077 (1,082) mn for FY 500 350 282 5% • EBIT margin of 22.7% (28.5%) in Q4 & 24.5% (25.5%) for FY 0 0% Q4 2010 Q4 2011 FY 2010 FY 2011 Revenue EBIT EBIT margin Operating review6
    • Free-TV ScandinaviaOperating Highlights Commercial Audience Share (15-49)Sweden 50%• Target audience share of 34.0% (35.2%) in Q4 45% • Spring programming schedules launched 40% earlier y/y in 2012 35% • Focus on new series of popular local 30% productions & proven international 25% programmes 20% 15%Norway 10%• Target audience share of 20.1% (23.1%) 5% 0% • Investing in programming content • Spring 2012 schedules feature well- established formats launched from January onwards Sweden Norway DenmarkDenmark• Target audience share of 22.2% (24.7%) • Earlier y/y launch of Spring schedules Operating review • Focus on new seasons of successful formats7
    • Pay-TV NordicFinancial Highlights SEK mn• Sales of SEK 1,221 (1,137) mn in Q4 & SEK 4,730 (4,484) mn for FY 5.000 4.730 50% 4.484 • Up 7% y/y in Q4 & 8% for FY at 4.500 45% constant FX 4.000 40% 3.500 35%• OPEX of SEK 976 (929) mn in Q4 & SEK 3,807 (3,662) mn for FY 3.000 30% • Up y/y at constant FX 2.500 25% • Ongoing investments in Viaplay streaming 2.000 20% platform & premium content investments 1.500 1.221 15% 1.137 923• EBIT up 18% y/y to SEK 246 (208) mn in Q4 & 1.000 822 10% SEK 923 (822) mn for FY 500 208 246 5% • Increased operating margins of 20% (18%) for both periods 0 0% Q4 2010 Q4 2011 FY 2010 FY 2011 Revenue EBIT EBIT margin Operating review8
    • Pay-TV NordicOperating Highlights Premium subscribers 1.200• Premium subscriber base up by 16,000 subscribers net in Q4 & stable y/y 1.000 • Driven by third party subscriber growth 800 Thousands in all three Scandinavian countries 600 • Satellite subscribers stable q/q 400 200• Premium ARPU up by 5% y/y to SEK 4,791 0 (4,555) & stable compared to SEK 4,751 in Q4 • Price increases previously introduced • Ongoing rise in penetration of value-added Satellite subscribers 3rd party network subscribers services 350 Value added services 300 250 Thousands 200 150 100 50 Operating review 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2010 2010 2010 2011 2011 2011 20119 ViasatPlus HDTV Multi-room
    • Free-TV Emerging MarketsFinancial Highlights SEK mn Free-TV Emerging Markets• Total sales of SEK 655 (631) mn in Q4 & 2.500 2.004 2.073 SEK 2,073 (2,004) mn 2.000 • Up 7% y/y at constant FX in Q4 & 8% 1.500 for FY at constant FX• OPEX up 7% y/y in Q4 & 8% for FY at 1.000 631 655 constant FX 500• Total EBIT up 19% in Q4 to SEK 67 (56) mn & 56 67 -43 32 0 improved EBIT of SEK 32 (-43) mn for FY • EBIT margin of 10% (9%) in Q4 & 2% (-) -500 for FY Q4 2010 Q4 2011 FY 2010 FY 2011 Revenue EBIT• Baltic, Czech & Bulgarian sales of SEK 591 SEK mn Baltics, Czech Republic & Bulgaria (556) mn in Q4 & SEK 1,845 (1,754) mn for FY 2.000 1.845 1.754 • Up 9% at constant FX for both periods• Combined OPEX of SEK 512 (481) mn in Q4 & 1.500 SEK 1,721 (1,702) mn for FY • Up y/y at constant FX for both periods 1.000• EBIT margin of 13% (13%) in Q4 & 7% (3%) 556 591 for FY 500 75 79 52 124 0 Q4 2010 Q4 2011 FY 2010 FY 201110 Revenue EBIT
    • Free-TV Emerging MarketsOperating HighlightsBaltics Commercial Audience Share 50%• Sales up 1% y/y in Q4 & up 8% for FY at constant FX• Increased pan-Baltic target audience share 40% of 43.4% (42.0%) following programming investments• New channel TV8 in Lithuania reached 1% CSOV 30% in 15-49 demographic by year endCzech Republic 20%• Sales up 22% y/y in Q4 & 20% for FY at constant FX following viewing and ad market share gains• Continued significant CSOV gains both y/y and 10% q/q, from 25.9% in Q4 2010 to 30.0% in Q4 2011Bulgaria• Sales down 11% y/y in Q4 & down 12% for FY at constant FX, following decline in overall TV ad market & low prevailing ad prices Estonia (15-49) Latvia (15-49)• Combined CSOV reflected ongoing programming Lithuania (15-49) Czech Republic (15-54) Operating review investments Bulgaria (18-49)11
    • Pay-TV Emerging MarketsFinancial Highlights SEK mn• Sales* of SEK 237 (225) mn in Q4 & SEK 922 (896) mn for FY 1.200 50% • Up 6% y/y in Q4 & 13% for FY at constant 45% FX 1.000 922 • Continued subscriber intake on Ukrainian 896 40% Russian & Baltic platforms + minipay 35% • Y/Y effect on YTD sales of consolidation 800 of 50% of Raduga TV from February 2010 30% & full consolidation of Viasat Ukraine from 600 25% June 2010• OPEX of SEK 231 (196) mn in Q4 & SEK 874 20% (784) mn for FY & also up y/y at constant FX 400 15% • Launch of 10 new mini-pay Viasat channels 225 237 since beginning of 2010 10% 200 • Ongoing investments in Ukrainian & 112 5% Russian platforms 29 49 7 • Consolidation of 50% of Raduga TV & 0 0% Q4 2010 Q4 2011 FY 2010 FY 2011 100% of Viasat Ukraine• EBIT* of SEK 7 (29) mn in Q4 & SEK 49 (112) Revenue EBIT EBIT margin for FY Operating review • EBIT margins of 3% (13%) in Q4 & 5% (12%) for FY12 * Including the effect from the Q4 alignment of the accounting treatment of the Group’s Ukrainian satellite pay-TV business’ results. This alignment generated a revenue impact of SEK -29 mn and an EBIT impact of SEK -18 mn
    • Pay-TV Emerging MarketsOperating Highlights 600 Satellite subscribers• 102,000 net new subscribers added y/y & 72,000 subscribers added in Q4 500 • Accelerating subscriber intake in Thousands 400 Ukraine and Russia • Growing Baltic subscriber base 300 200• Wholesale mini-pay business subscriptions up 28% y/y & 5% q/q to 64.3 million in Q4 from 100 50.2 million in Q4 2010 0 • Reflected signing of new contracts in Russia in particular Mini-pay TV subscriptions 80.000 70.000 Thousands 60.000 50.000 40.000 30.000 Operating review13
    • Other BusinessesHighlights SEK mn• Comprises MTG’s Radio, Bet24 and Modern 2.000 30% Studios operations 1.804 1.800• Sales of SEK 450 (455) mn in Q4 & SEK 1,675 1.675 25% (1,804) mn for FY 1.600 • Down 1% y/y & down 5% for FY at 1.400 constant FX 20% 1.200• Combined OPEX of SEK 418 (404) mn in Q4 & 1.000 15% SEK 1,566 (1,636) mn for FY 800 10% 600• EBIT before associated company income of SEK 455 450 31 (52) mn in Q4 & 109 (168) mn for FY 400 5% • EBIT margins of 7% (12%) in Q4 & 7% 200 168 (10%) for FY 109 52 31 • Total EBIT of SEK 32 (53) mn in Q4 & SEK 0 0% 114 (175) mn for FY when including SEK 1 Q4 2010 Q4 2011 FY 2010 FY 2011 (1) mn & SEK 5 (6) mn of associated Revenue EBIT EBIT margin company income for the two periods Operating review14
    • 15Financial Review
    • Income Statement• Depreciation & amortisation charges Q4 Q4 FY FY of SEK 38 (57) mn in Q4 & SEK 183 (SEK mn) 2011 2010 2011 2010 (218) mn for FY Net sales 3,711 3,618 13,473 13,101 EBIT before associated company 551 653 1,933 1,941• Y/Y reduction in net interest charges income & non-recurring items to SEK -12 (-22) mn in Q4 & SEK -59 (-115) mn for FY Associated company income 114 93 611 413 Recurring EBIT 665 746 2,544 2,355• Y/Y change in other financial items Non-recurring items -3,182 - -3,182 - in included Net interest & other financial items -2 -5 -90 -34 • SEK 43 (2) mn of non-cash financial gain in Q4 & SEK 14 Income before tax -2,519 741 -727 2,321 (2) mn for FY from the change Net income from continuing in value of the option element -2,564 634 -1,289 1,750 operations of the SEK 250 mn CDON Net income from discontinued Group convertible bond - 1,724 - 1,790 operations • Non-cash financial gain of Net income -2,564 2,359 -1,289 3,541 following new share issues by Basic EPS from continuing CTC Media and the resulting -38.87 9.40 -19.98 26.22 operations dilution of MTG’s ownership in -38.87 35.43 -19.98 53.34 Total basic EPS the company of SEK 2 (17) Financial Review mn in Q4 & SEK 22 (69) mn for FY16
    • Cash Flow• Cash flow from operations included Q4 Q4 FY FY (SEK mn) 2011 2010 2011 2010 receipt of SEK 174 (131) mn of dividend payments from CTC Media in Q4 & Cash flow from SEK 319 (216) mn for FY 519 578 1,853 1,810 operations Changes in working 588 431 -56 -277• No investments in businesses during capital 2011, compared to SEK 275 mn during 2010, which primarily comprised the Net cash flow from 1,107 1,009 1,797 1,533 acquisition of shares in Raduga TV & operations Viasat Ukraine Cash flow used in -29 -300 -115 -683 investing activities• CAPEX of SEK 34 (38) mn in Q4 & Cash flow used in SEK 120 (157) mn for FY = less than 1% -966 -660 -1,737 -897 financing activities of Group net sales for both periods Cash flow from discontinued operations - -46 - -88 – CDON Group Net change in cash & 112 2 -55 -135 cash equivalents Financial Review17
    • Financial Position • SEK 1,542 (2,700) mn of the Group’s available 31 Dec 31 Dec credit was drawn down as at 31 Dec 2011 (SEK mn) 2011 2010 • Net debt of SEK down to SEK 797 (2,026) mn as at 31 Dec 2011 & compared to net debt of Non-current assets 5,612 8,648 SEK 1,861 mn as at 30 Sep 2011 5,668 5,354 • SEK 5,528 (4,400) mn of available liquid funds Current assets (cash & undrawn facilities) 11,281 14,002 • SEK 1,878 (1,785) mn book value of 38.1% Total assets shareholding in CTC Media had public equity value of SEK 3,618 mn as at 31 Dec 2011 Shareholders’ equity 4,350 6,239 Long-term liabilities 2,168 3,311 Net debt / EBITDA1,2 1,2 1,1 Current liabilities 4,763 4,452 0,8 0,7 0,7 0,6 0,3 Total equity & liabilities 11,281 14,002 Financial Review 18
    • Summary• Record sales following growth across all four broadcasting businesses• Best in class margins and 14% full year underlying margin despite investments• Adding subscribers in Nordic & Emerging Markets• Well positioned in the emerging advertising markets BUT market recovery is still lagging Western markets• High cash conversion levels & low gearing = increased proposed full year dividend + adopted dividend policy• Solid financial position & continue to invest in businesses that will drive long-term growth & development Summary19
    • For further information, please visit www.mtg.se or contact: MTG Investor Relations Tel: +44 7768 440 414 / +44 7590 098 188 Email: investor.relations@mtg.se Contact information20