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Maximising the Power of Entertainment

        Modern Times Group MTG AB

Financial Results for the First Quarter ended 31 March 2006

                      26 April 2006




                                                              1
Results Highlights
Continued strong Sales Growth & Record Profitability


                               First quarter 2006         Full Year



   Group net sales up 37% to SEK 2,377 million


   Group operating income more than doubled to SEK 453 million


   Double-digit sales growth & continued earnings improvements in Free-to-air
   TV Scandinavia, Pay-TV Nordic and C&E Europe


   Viasat Broadcasting net sales up 44% to SEK 1,956 million and operating profit
   up 84% to SEK 458 million


   Net income of SEK 305 million & Basic earnings per share of SEK 4.38


                                                                                    2
Free-to-air TV Scandinavia
Sales Growth & Margin improvement



                                    Net sales up 10% to SEK 723 million
                                    Operating profits more than doubled
                                    to SEK 140 million
                                    Operating margin increased from 9%
                                    in Q1 2005 to 19% in Q1 2006
                                    Stable CSOV (15-49) ratings enabled
                                    free-to-air channels to capitalise on
                                    growing advertising markets in each
                                    of the Scandinavian countries
                                    Cost base reduced by 3% year on
                                    year due to cost savings from digital
                                    distribution and temporarily lower
                                    programming spend
                                    Viasat awarded new licence in the
                                    digital terrestrial network – TV6
                                    channel to be launched in May 2006




                                                                            3
Free-to-air TV Scandinavia Profitability Trend
12 month rolling operating income & EBIT margin



(SEK million)

 700                                                                                     20%

 600
                                                                                         15%
 500

 400
                                                                                         10%
 300

 200
                                                                                         5%
 100

   0                                                                                     0%
        Q1      Q2     Q3     Q4            Q1              Q2      Q3     Q4     Q1

       2004     2004   2004   2004          2005           2005     2005   2005   2006

                                     EBIT        Operating Margin




                                                                                               4
Pay-TV Nordic
Continued High Subscriber Intake



    Net intake of 32,000 premium
    subscribers – 150,000 subs added in
    last 12 months = 30% growth in
    premium sub base
    48,000 ‘multi-room’ & ‘Viasat+’
    subscribers by end of period is
    equivalent to 7% penetration of total
    premium subscriber base
    ARPU up 5% year on year to SEK
    3,341
    Net sales up 24% year on year to SEK
    749 million
    Operating income of SEK 125 million
    and operating marging of 17%
    Cost base impacted by higher
    expensed SAC of SEK 125 (82) million
    in the quarter and the addition of
    several new channels to the platform




                                            5
Pay-TV Nordic
Growing subscriber base & ARPU


   Pay-TV Nordic subscriber base & quarterly annualized ARPU development



                                             Premium Nordic    ARPU

                 700                                                                       3400

                 650                                                                       3350

                 600                                                                       3300

                 550                                                                       3250
     '000 subs




                                                                                                  SEK
                 500                                                                       3200

                 450                                                                       3150

                 400                                                                       3100

                 350                                                                       3050

                 300                                                                       3000
                       Q1   Q2          Q3    Q4      Q1      Q2          Q3   Q4   Q1

                                 2004                              2005             2006




                                                                                                        6
Central & Eastern Europe
Rapid Growth & Increasing Profitability

    12 month rolling Sales & EBIT Margin ex CTC                                                                                           Pay-TV
                                                                                                                            DTV doubled sales and reported first ever
1 200                                                                                                                15%    quarterly operating profit
1 000                                                                                                                10%
                                                                                                                     5%
 800
                                                                                                                     0%
 600
                                                                                                                     -5%    Viasat3 more than halved its operating loss
 400
                                                                                                                     -10%   to SEK -3 million following 65% sales
 200                                                                                                                 -15%   growth
   0                                                                                                                 -20%
        Q4     Q1     Q2     Q3     Q4     Q1             Q2    Q3        Q4      Q1     Q2     Q3     Q4     Q1

        2002   2003   2003   2003   2003   2004       2004     2004      2004     2005   2005   2005   2005   2006

                                                  Sales        Operating margin
                                                                                                                            TV Prima added SEK 180 million to net
                                                                                                                            sales with operating margin of 19%
         Tripling of net sales to SEK 388 million,
         including the consolidation of TV Prima
         Q1 05 operating loss of SEK 12 million                                                                             Baltic operations generated 31% sales
         transformed into operating profit of SEK 51                                                                        growth and increased operating margin of
         million & operating margin of 13%                                                                                  17%


                                                                                                                            Baltic premium DTH satellite subscriber
                                                                                                                            base doubled year on year to 44,000



                                                                                                                                                                          7
C&E European Expansion
Now 14.2 million mini-pay subscriptions


 16 000 000




 14 000 000




 12 000 000




 10 000 000




  8 000 000




  6 000 000




  4 000 000




  2 000 000




        -
              Jan-04   March-04   June-04   Sep-04   Dec-04   March-05   June-05   Sep-05   Dec-05   March-06



                                                                                                                8
MTG Radio & Other Businesses

              MTG Radio                                Other Businesses


    MTG’s wholly owned operations profitable   Net sales for Modern Studios declined
    for second consecutive quarter following   to SEK 159 (179) following fewer new
    34% growth in net sales                    movie releases by Sonet and fewer
                                               licenses and options sales by Strix
    #1 national commercial network in
    Sweden – RIX FM has 89% national           Home shopping businesses – CDON &
    penetration in Sweden                      TV Shop – reported combined 10%
                                               sales growth to SEK 269 million
    MTG Radio operates 53 out of 86
    commercial stations in Sweden & attracts   Home Shopping reports stable profits
    more than 2 million daily listeners        despite discontinuation of TV Shop
                                               analogue PIN channel in February
    Associated company contribution of SEK
    8 million, mainly from P4                  CDON reported top line growth of 25%




                                                                                       9
Viasat Broadcasting
Operating Results

(SEK million)                    Q1 2006   Q1 2005   FY 2005
Net Sales
    Free-to-air TV Scandinavia      723       656      2,912
    Pay-TV Nordic                   749       605      2,633
    Central & Eastern Europe        388       129       813
    Other & eliminations             97        -34       80
Total net sales                    1,956     1,357     6,437

Operating income (EBIT)
    Free-to-air TV Scandinavia       140        58       492

    Operating margin                19%        9%       17%

    Pay-TV Nordic                    125       123       507

    Operating margin                17%       20%       19%

    Central & Eastern Europe          51       -12        76

    Operating margin                13%          -       9%

    Associated Companies             138        68       187

    Betting, Text TV & Other           3        12        54

Total EBIT                          458       249      1,316


                                                               10
All Business Areas
  Operating Results



(SEK million)                          Q1 2006    Q1 2005    FY 2005
Net Sales
    Viasat Broadcasting                   1,956      1,357      6,437
    Radio                                   81         60        290
    Other Business Areas                   427        424       1,629
    Parent Company & Other Companies        28         35        128
    Eliminations                           -115       -138       -473

Total net sales                          2,377      1,736      8,012

Operating income (EBIT)
    Viasat Broadcasting                    458        249       1,316
    Radio                                    8          -9        23
    Other Business Areas                    22          -1        37
    Parent Company & Other Companies        -36        -27       -163

Total EBIT                                 453        212      1,213




                                                                        11
Summary Income Statement


(SEK million)                                    Q1 2006      Q1 2005       FY 2005


Net Sales                                            2,377        1,738        8,012
Operating income (EBIT)                                453          212        1,213

    Net gain from the sale of financial assets           2          389          384
    Net interest and other financial items             -15          -25         -102
Pre-Tax profit                                         440          575        1,495

    Tax                                               -135          -74         -310

Net Income                                             305          501        1,185


Basic average number of shares outstanding       66,377,574   66,375,156   66,375,156

Basic earnings per share (SEK)                         4.38         7.55       17.78




                                                                                        12
Cash Generative

(SEK million)                                                   Q1        Q1        FY
                                                              2006      2005      2005

Cash flow from operations                                      238       131       966
Changes in Working Capital                                     -94        66        16

Net cash flow from operations                                  144       197       981
Proceeds from sales of shares                                   21       513       513

Investments in shares in subsidiaries & associates             -83       -17      -932
Investments in other fixed assets                              -30       -17       -80

Other cash flow from investing activities                        -         -        22

Cash flow from/to investing activities                         -92       480      -477

Cash flow from/to financing activities                          -3        25        55

Net change in cash and cash equivalents for the period          50       701       559



          Cash proceeds of SEK 513 million from sale of TV4 AB shares in Q1 05
          Change in Working Capital reflected increase in programming inventory

                                                                                         13
Financial Muscle
(SEK million)                                  31 Mar 2006          31 Mar 2005          31 Dec 2005

Non-current assets                                     5,520                4,792                  5,481

Current assets                                         4,703                4,125                  4,314

Total assets                                          10,223                8,917                  9,795
Shareholders’ equity                                   5,549                5,065                  5,306

Long-term liabilities                                    296                1,198                   249

Current liabilities                                    4,377                2,654                  4,240

Total equity & liabilities                            10,223                8,917                  9,795




         Euros 120 m convertible moved to Current Liabilities (repayable in June 06)
         SEK 4.9 billion of available liquid funds including new SEK 3.5 billion credit facility
         arranged in February 2006
         Net cash position of SEK 70 million
         Proposed distribution of shares in Metro International
                                                                                                           14
Strategic Objectives
Set in June 2004


                 Objective                               On Track

                                            Viasat Broadcasting sales up 44% in Q1
    Double Viasat Broadcasting revenues     and 24% in 2005
    in 5 years
                                            Penetration increases in Sweden &
    TV3 to become #1 commercial free-to-    ratings improvements in Norway and
    air channel in Sweden and #2            Denmark
    commercial free-to-air channel in
    Norway within 5 years                   Net sales in C&E Europe tripled for Q1
                                            and last year’s Q1 loss was transformed
    Export integrated model into new high   into operating profit of SEK 51 million for
    growth territories - C & E European     Q1 2006 – DTV in Russia profitable for
    businesses to generate same level of    the first time ever on a quarterly basis,
    revenues & profits as Scandinavian      TV Prima fully consolidated; continued
    operations within 5 years               roll-out of mini-pay business; & 30%
    >15% operating margins in 3 core        growth in Baltics in Q1
    businesses - Free-to-air TV             First quarter operating margins of 19%
    Scandinavia; Pay-TV Nordic; C&E         for Free-to-air TV Scandinavia; 17% for
    Europe                                  Pay-TV Nordic; & 13% for C&E Europe
                                            (excluding participation in CTC Media)
    Consolidate Swedish commercial radio
    market                                  Done



                                                                                          15
Moving Forward

    Developing Core Businesses                       Innovation

 Continue to take market share in        New channels – SportN, TV1000 Kino
 growing markets

                                         New businesses – BET24 more than
 Invest in premium subscriber            doubled net sales in Q1 to SEK 124
 acquisition & take advantage of price   million
 and content leadership

                                         New products – Viasat+ launched
 Continue to capitalize on structural    across Scandinavia in Q4 05
 shifts in Scandinavia to increase
 penetration and share of advertising
 revenues                                New platforms – IPTV / 3G mobile


 Benefit from high incremental margins   New territories – entrance into the
 due to largely fixed cost base          Czech TV Market in Q4 05


                                                                               16
17

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Q1 2006 Presentation

  • 1. Maximising the Power of Entertainment Modern Times Group MTG AB Financial Results for the First Quarter ended 31 March 2006 26 April 2006 1
  • 2. Results Highlights Continued strong Sales Growth & Record Profitability First quarter 2006 Full Year Group net sales up 37% to SEK 2,377 million Group operating income more than doubled to SEK 453 million Double-digit sales growth & continued earnings improvements in Free-to-air TV Scandinavia, Pay-TV Nordic and C&E Europe Viasat Broadcasting net sales up 44% to SEK 1,956 million and operating profit up 84% to SEK 458 million Net income of SEK 305 million & Basic earnings per share of SEK 4.38 2
  • 3. Free-to-air TV Scandinavia Sales Growth & Margin improvement Net sales up 10% to SEK 723 million Operating profits more than doubled to SEK 140 million Operating margin increased from 9% in Q1 2005 to 19% in Q1 2006 Stable CSOV (15-49) ratings enabled free-to-air channels to capitalise on growing advertising markets in each of the Scandinavian countries Cost base reduced by 3% year on year due to cost savings from digital distribution and temporarily lower programming spend Viasat awarded new licence in the digital terrestrial network – TV6 channel to be launched in May 2006 3
  • 4. Free-to-air TV Scandinavia Profitability Trend 12 month rolling operating income & EBIT margin (SEK million) 700 20% 600 15% 500 400 10% 300 200 5% 100 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2004 2004 2004 2004 2005 2005 2005 2005 2006 EBIT Operating Margin 4
  • 5. Pay-TV Nordic Continued High Subscriber Intake Net intake of 32,000 premium subscribers – 150,000 subs added in last 12 months = 30% growth in premium sub base 48,000 ‘multi-room’ & ‘Viasat+’ subscribers by end of period is equivalent to 7% penetration of total premium subscriber base ARPU up 5% year on year to SEK 3,341 Net sales up 24% year on year to SEK 749 million Operating income of SEK 125 million and operating marging of 17% Cost base impacted by higher expensed SAC of SEK 125 (82) million in the quarter and the addition of several new channels to the platform 5
  • 6. Pay-TV Nordic Growing subscriber base & ARPU Pay-TV Nordic subscriber base & quarterly annualized ARPU development Premium Nordic ARPU 700 3400 650 3350 600 3300 550 3250 '000 subs SEK 500 3200 450 3150 400 3100 350 3050 300 3000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2004 2005 2006 6
  • 7. Central & Eastern Europe Rapid Growth & Increasing Profitability 12 month rolling Sales & EBIT Margin ex CTC Pay-TV DTV doubled sales and reported first ever 1 200 15% quarterly operating profit 1 000 10% 5% 800 0% 600 -5% Viasat3 more than halved its operating loss 400 -10% to SEK -3 million following 65% sales 200 -15% growth 0 -20% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2002 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 Sales Operating margin TV Prima added SEK 180 million to net sales with operating margin of 19% Tripling of net sales to SEK 388 million, including the consolidation of TV Prima Q1 05 operating loss of SEK 12 million Baltic operations generated 31% sales transformed into operating profit of SEK 51 growth and increased operating margin of million & operating margin of 13% 17% Baltic premium DTH satellite subscriber base doubled year on year to 44,000 7
  • 8. C&E European Expansion Now 14.2 million mini-pay subscriptions 16 000 000 14 000 000 12 000 000 10 000 000 8 000 000 6 000 000 4 000 000 2 000 000 - Jan-04 March-04 June-04 Sep-04 Dec-04 March-05 June-05 Sep-05 Dec-05 March-06 8
  • 9. MTG Radio & Other Businesses MTG Radio Other Businesses MTG’s wholly owned operations profitable Net sales for Modern Studios declined for second consecutive quarter following to SEK 159 (179) following fewer new 34% growth in net sales movie releases by Sonet and fewer licenses and options sales by Strix #1 national commercial network in Sweden – RIX FM has 89% national Home shopping businesses – CDON & penetration in Sweden TV Shop – reported combined 10% sales growth to SEK 269 million MTG Radio operates 53 out of 86 commercial stations in Sweden & attracts Home Shopping reports stable profits more than 2 million daily listeners despite discontinuation of TV Shop analogue PIN channel in February Associated company contribution of SEK 8 million, mainly from P4 CDON reported top line growth of 25% 9
  • 10. Viasat Broadcasting Operating Results (SEK million) Q1 2006 Q1 2005 FY 2005 Net Sales Free-to-air TV Scandinavia 723 656 2,912 Pay-TV Nordic 749 605 2,633 Central & Eastern Europe 388 129 813 Other & eliminations 97 -34 80 Total net sales 1,956 1,357 6,437 Operating income (EBIT) Free-to-air TV Scandinavia 140 58 492 Operating margin 19% 9% 17% Pay-TV Nordic 125 123 507 Operating margin 17% 20% 19% Central & Eastern Europe 51 -12 76 Operating margin 13% - 9% Associated Companies 138 68 187 Betting, Text TV & Other 3 12 54 Total EBIT 458 249 1,316 10
  • 11. All Business Areas Operating Results (SEK million) Q1 2006 Q1 2005 FY 2005 Net Sales Viasat Broadcasting 1,956 1,357 6,437 Radio 81 60 290 Other Business Areas 427 424 1,629 Parent Company & Other Companies 28 35 128 Eliminations -115 -138 -473 Total net sales 2,377 1,736 8,012 Operating income (EBIT) Viasat Broadcasting 458 249 1,316 Radio 8 -9 23 Other Business Areas 22 -1 37 Parent Company & Other Companies -36 -27 -163 Total EBIT 453 212 1,213 11
  • 12. Summary Income Statement (SEK million) Q1 2006 Q1 2005 FY 2005 Net Sales 2,377 1,738 8,012 Operating income (EBIT) 453 212 1,213 Net gain from the sale of financial assets 2 389 384 Net interest and other financial items -15 -25 -102 Pre-Tax profit 440 575 1,495 Tax -135 -74 -310 Net Income 305 501 1,185 Basic average number of shares outstanding 66,377,574 66,375,156 66,375,156 Basic earnings per share (SEK) 4.38 7.55 17.78 12
  • 13. Cash Generative (SEK million) Q1 Q1 FY 2006 2005 2005 Cash flow from operations 238 131 966 Changes in Working Capital -94 66 16 Net cash flow from operations 144 197 981 Proceeds from sales of shares 21 513 513 Investments in shares in subsidiaries & associates -83 -17 -932 Investments in other fixed assets -30 -17 -80 Other cash flow from investing activities - - 22 Cash flow from/to investing activities -92 480 -477 Cash flow from/to financing activities -3 25 55 Net change in cash and cash equivalents for the period 50 701 559 Cash proceeds of SEK 513 million from sale of TV4 AB shares in Q1 05 Change in Working Capital reflected increase in programming inventory 13
  • 14. Financial Muscle (SEK million) 31 Mar 2006 31 Mar 2005 31 Dec 2005 Non-current assets 5,520 4,792 5,481 Current assets 4,703 4,125 4,314 Total assets 10,223 8,917 9,795 Shareholders’ equity 5,549 5,065 5,306 Long-term liabilities 296 1,198 249 Current liabilities 4,377 2,654 4,240 Total equity & liabilities 10,223 8,917 9,795 Euros 120 m convertible moved to Current Liabilities (repayable in June 06) SEK 4.9 billion of available liquid funds including new SEK 3.5 billion credit facility arranged in February 2006 Net cash position of SEK 70 million Proposed distribution of shares in Metro International 14
  • 15. Strategic Objectives Set in June 2004 Objective On Track Viasat Broadcasting sales up 44% in Q1 Double Viasat Broadcasting revenues and 24% in 2005 in 5 years Penetration increases in Sweden & TV3 to become #1 commercial free-to- ratings improvements in Norway and air channel in Sweden and #2 Denmark commercial free-to-air channel in Norway within 5 years Net sales in C&E Europe tripled for Q1 and last year’s Q1 loss was transformed Export integrated model into new high into operating profit of SEK 51 million for growth territories - C & E European Q1 2006 – DTV in Russia profitable for businesses to generate same level of the first time ever on a quarterly basis, revenues & profits as Scandinavian TV Prima fully consolidated; continued operations within 5 years roll-out of mini-pay business; & 30% >15% operating margins in 3 core growth in Baltics in Q1 businesses - Free-to-air TV First quarter operating margins of 19% Scandinavia; Pay-TV Nordic; C&E for Free-to-air TV Scandinavia; 17% for Europe Pay-TV Nordic; & 13% for C&E Europe (excluding participation in CTC Media) Consolidate Swedish commercial radio market Done 15
  • 16. Moving Forward Developing Core Businesses Innovation Continue to take market share in New channels – SportN, TV1000 Kino growing markets New businesses – BET24 more than Invest in premium subscriber doubled net sales in Q1 to SEK 124 acquisition & take advantage of price million and content leadership New products – Viasat+ launched Continue to capitalize on structural across Scandinavia in Q4 05 shifts in Scandinavia to increase penetration and share of advertising revenues New platforms – IPTV / 3G mobile Benefit from high incremental margins New territories – entrance into the due to largely fixed cost base Czech TV Market in Q4 05 16
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