1. Modern Times Group
MTG
Third Quarter 2011
Financial Results
1

2. 2
Q3 2011 FINANCIAL RESULTS

3. Third Quarter 2011
Sales 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 income
3

4. First Nine Months 2011
Sales & 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 income
4

5. Operating review

6. Free-TV Scandinavia
Financial 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 review
6

7. Free-TV Scandinavia
Operating 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 2011
Denmark 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 formats
7

8. Pay-TV Nordic
Financial 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 EBIT EBIT margin
Operating review
8

9. Pay-TV Nordic
Operating Highlights
Premium subscribers
1,200
• Stable premium subscriber base y/y in Q3 & down
1,000
slightly q/q
800
• Third party premium network subscriber 600
Thousands
base up y/y & stable q/q 400
200
• Performance reflected: 0
• Ongoing subscriber intake in Sweden offset Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2010 2010 2010 2011 2011 2011
by increased churn levels in Denmark due
to high competition Satellite subscribers 3'rd party network subscribers
• Premium ARPU up y/y to SEK 4,751 (4,472) mn &
up 8% y/y at constant FX
• Previously introduced price increases
• Rising penetration of value-added services 300 Value added services
250
200
Thousands
150
100
50
Operating review
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2010 2010 2010 2011 2011 2011
ViasatPlus HDTV Multi-room
9

10. Free-TV Emerging Markets
Financial Highlights
SEK mn Free-TV Emerging Markets
• Total sales of SEK 400 (357) mn in Q3 & SEK 1,500
1,418 (1,373) mn for YTD
• Up 12% y/y in Q3 & 8% for YTD at 1,000
constant FX
500
• OPEX of SEK 476 (432) mn in Q3 & SEK 1,453
(1,472) mn for YTD 0
• Up for both periods at constant FX
-500
• Continued strategic programming Q3 2010 Q3 2011 9M 2010 9M 2011
investments across all territories
Revenue EBIT
• EBIT of SEK -76 (-75) mn in Q3 & SEK 65 mn
positive swing to SEK -35 (-100) mn for YTD
SEK mn Baltics, Czech Republic & Bulgaria
• Baltic, Czech & Bulgarian sales of SEK 352 1,400
(310) mn in Q3 & SEK 1,254 (1,198) mn for YTD
1,100
• Up 14% y/y in Q3 & 9% for YTD at
constant FX 800
• EBIT of -48 (-49) mn in Q3 & SEK 45 (-22) mn
500
for YTD
• EBIT margin of 3.6% for YTD 200
-100
Q3 2010 Q3 2011 9M 2010 9M 2011
10
Revenue EBIT

11. Free-TV Emerging Markets
Operating Highlights
Baltics 50%
• Sales up 19% y/y in Q3 & 11% for YTD at
constant FX
40%
• Increased pan-Baltic target audience share of
41.4% (40.5%)
• New channel TV8 launched in Lithuania after end 30%
of Q3. Targets female 35+ audience
Czech Republic 20%
• Sales up 18% in Q3 & 19% for YTD at constant
FX & gained significant market share in Q3
10%
• Continued significant CSOV gains both y/y and Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011
q/q
• New channel Prima LOVE now fully included in Estonia (15-49) Latvia (15-49)
advertising sales bundle
Lithuania (15-49) Czech Republic (15-54)
Bulgaria
Bulgaria (18-49)
• Sales down 3% y/y in Q3 & down 12% for YTD at
constant FX due to continued decline in overall TV
Operating review
ad market & low pricing levels
• Increased programming investments with launch
on own productions to drive ratings
11

12. Pay-TV Emerging Markets
Financial Highlights
SEK mn
• Sales of SEK 240 (228) mn in Q3 & SEK 685
(671) mn for YTD 800 50%
• Up 14% y/y in Q3 & 15% for YTD at
45%
constant FX 700
• Growth primarily driven by continued y/y 40%
subscriber intake on the Ukrainian and 600
35%
Russian platforms
500
• Y/y effect on YTD sales of consolidation of 30%
50% of Raduga TV from February 2010 &
400 25%
full consolidation of Viasat Ukraine from
June 2010 20%
300
• OPEX of SEK 227 (223) in Q3 & SEK 643 (589)
15%
for YTD – even higher growth at constant FX 200
• Launch of 10 new Viasat channels since 10%
beginning of 2010 100
5%
• Consolidation of 50% of Raduga TV &
100% of Viasat Ukraine 0 0%
Q3 2010 Q3 2011 9M 2010 9M 2011
• Ongoing investments in development of
platforms & offering Revenue EBIT EBIT margin
• EBIT more than doubled to SEK 13 (6) mn in Q3
Operating review
but down to SEK 42 (82) mn for YTD
• EBIT margins of 5.5% (2.6%) in Q3 & 6.1%
(12.3%) for YTD
12

13. Pay-TV Emerging Markets
Operating Highlights
Satellite subscribers
500
• 88,000 net new subscribers added y/y
• Significant subscriber uptake in Ukraine & 450
growth in both Russian and Baltic
Thousands
400
subscriber bases
350
• Wholesale mini-pay business subscriptions up
300
31% y/y and up from Q2 2011
250
• Viasat History & Viasat Nature documentary 200
channels launched in Uganda and Tanzania Q1 Q2 Q3 Q4 Q1 Q2 Q3
after the end Q3 following signing of a 2010 2010 2010 2010 2011 2011 2011
distribution agreement with digital terrestrial
television operator StarTimes Mini-pay TV subscriptions
• Channels will also be included on 70,000
StarTimes pay-TV offering in Nigeria.
60,000
Thousands
50,000
40,000
Operating review
30,000
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
Mini-pay TV subscriptions
13

14. Other Businesses
Highlights
SEK mn
• Comprises MTG’s Radio, Bet24 and Modern
1,600 40%
Studios operations
• Sales of SEK 372 (456) mn in Q3 & SEK 1,225 1,400 35%
(1,349) mn for YTD – down 18% y/y & 6% for YTD
at constant exchange rates 1,200 30%
• Lower licensing and production revenues 1,000 25%
for Modern Studios & Strong Q3 2010 for
Bet24 due to 2010 World Cup 800 20%
• Combined OPEX of 358 (406) mn in Q3 1,143
(1,232) mn for YTD 600 15%
• EBIT before associated company income of SEK 400 10%
14 (51) mn in Q3 & SEK 78 (117) mn for YTD
• EBIT margins of 3.8% (11.1%) in Q3 & 200 5%
6.4% (8.7%) for YTD
0 0%
• Total EBIT of SEK 18 (50) mn in Q3 & 82 Q3 2010 Q3 2011 9M 2010 9M 2011
(122) mn for YTD including associated Revenue EBIT EBIT margin
company income of SEK 4 (-1) mn in Q3 &
4 (5) mn for YTD
Operating review
14

15. 15
Financial Review

16. Income Statement
• Depreciation & amortisation charges Q3 Q3 9M 9M
of SEK 47 (53) mn in Q3 & SEK 145 (SEK mn) 2011 2010 2011 2010
(160) mn for YTD
Net sales 3,106 3,017 9,762 9,484
• Net interest and other financial items
of SEK -75 (45) mn in Q3& SEK -88 EBIT before associated company
358 336 1,382 1,288
(-29) mn for YTD income & non-recurring items
• Y/y reduction in net interest charges Associated company income 156 91 497 320
to SEK 17 (24) mn in Q3 &
Total EBIT 514 427 1,879 1,608
SEK 45 (55) mn for YTD
• Y/y change in other financial items Net interest & other financial items -75 45 -88 -29
also included SEK -64 (-) y/y non-
Income before tax 439 472 1,791 1,579
cash financial gain from the change
in value of the option element of the Net income from continuing
306 339 1,276 1,116
SEK 250 mn CDON Group operations
convertible bond & a non-cash Net income from discontinued
- 20 - 66
financial gain of SEK 12 (71) mn operations
following the new share issues by Net income 306 359 1,276 1,182
CTC Media and the resulting dilution
Basic EPS from continuing
of MTG’s ownership in the company 4.71 5.31 18.90 16.80
operations
Total basic EPS 4.71 5.63 18.90 17.81
Financial Review
16

17. Cash Flow
• Change in working capital reflected Q3 Q3 9M 9M
(SEK mn) 2011 2010 2011 2010
timing of payments for key sports rights
& cash tax payments Cash flow from
345 371 1,334 1,231
operations
• No investments in businesses during
9M 2011, compared to SEK 136 mn
Changes in working
investment in Raduga TV in Q1 2010 & capital
-483 -216 -645 -708
SEK 132 mn investment in Viasat
Ukraine in Q2 2010 Net cash flow from
-138 155 689 523
• CAPEX = less than1% of Group net operations
sales for the period
Cash flow to/from
-34 -47 -86 -383
• Cash flow from financing activities investing activities
included net loan increase of SEK 68
(-90) mn Cash flow to/from
64 -105 -770 -236
financing activities
• Cash flow to financing activities of
SEK -770 (-236) mn for YTD Cash flow from
primarily reflected SEK 498 (363) discontinued operations - 32 - -42
mn dividend payment to MTG – CDON Group
shareholders in Q2
Net change in cash &
-108 35 -167 -138
cash equivalents
Financial Review
17

18. Financial Position
• SEK 2,417 (3,500) mn of the Group’s available 30 Sep 30 Sep
credit drawn down as at 30 Sep 2011 (SEK mn) 2011 2010
• Net debt of SEK 1,861 (3,031) mn, compared
to net debt of SEK 1,716 mn as at 30 Jun 2011 Non-current assets 9,156 8,727
• SEK 4,499 (3,631) mn of available liquid funds
Current assets 5,802 6,641
(cash & undrawn facilities)
• SEK 2,253 mn book value of 38.2%
Total assets 14,958 15,368
shareholding in CTC Media had public equity
market value of SEK 3,674 mn at end of Sep
2011
Shareholders’ equity 7,391 5,857
Net debt / EBITDA
Long-term liabilities 3,090 4,232
1.2 1.2 1.1
0.8 Current liabilities 4,476 5,278
0.7 0.6 0.7
Total equity & liabilities 14,958 15,368
Financial Review
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
18

19. Summary
• Record sales following growth for all four broadcasting divisions
• Continued ad market growth & market share gains in Scandinavia
• Lagging recovery in emerging advertising markets but ongoing audience &
market share gains
• Nordic pay-TV revenues up with best in class margins
• Emerging market pay-TV on track with healthy subscriber & revenue growth
• Increased Group operating margins despite ongoing investments in
programming & platforms
• Healthy cash flow & strong financial position from which to invest further in
future growth
Summary
19

20. 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 information
20