Fourth quarter Highlights 
Full Year Highlights 
Hans-Holger Albrecht, President and Chief Executive Officer, commented: “All four of our broadcasting businesses reported growing revenues in the quarter and for the full year, as we reported record sales for both periods despite the broader economic uncertainty that has prevailed during the year. Our net cash flow from operations was up 17% year on year in 2011 and we ended the year with substantially reduced borrowings, which is why the Board is proposing an increased dividend and adopting a dividend policy moving forward. We are a growth company and are investing in our existing operations, as well as seeking opportunities to establish and acquire new businesses.”
“Sales for our Scandinavian free-TV operations were up year on year as the advertising markets continued to grow. We have some ratings issues, which are being addressed, and our 2012 Spring schedules are now being launched. Our Nordic pay-TV subscriber base continues to grow and our Viaplay online service is developing according to plan. The emerging market free-TV operations have taken share and outperformed in advertising markets that are still lagging the recovery in western Europe, whilst our emerging market pay-TV operations are reporting continued strong subscriber intake. Our businesses have some of the highest margins in the European broadcasting industry despite the fact that we are continuing to invest in programming content, new technologies and subscriber acquisition.”
“Our fourth quarter results were impacted by a number of non-recurring and primarily non-cash items following our year-end impairment tests, but our underlying profitability and cash flows remain healthy and we are continuing to explore new growth opportunities.”
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Conference CallThe company will host a conference call today at 15.00 Stockholm local time, 14.00 London local time and 09.00 New York local time. To participate in the conference call, please dial:
Sweden: +46 (0)8 5876 9445UK: +44 (0)20 7136 2051US: +1 646 254 3367
The access pin code for the call is 6818049
To listen to the conference call online and for further information please go to www.mtg.se.
For further information, please visit www.mtg.se, or contact:
Hans-Holger Albrecht, President & Chief Executive OfficerMathias Hermansson, Chief Financial OfficerTel: +46 (0) 8 562 000 50
London, 9 February 2012
Hans-Holger Albrecht, President and CEOModern Times Group MTG ABSkeppsbron 18P.O. Box 2094SE-103 13 Stockholm, SwedenRegistration number: 556309-9158
Modern Times Group is an international entertainment broadcasting Group with the largest geographical broadcast footprint in Europe. MTG's Viasat Broadcasting operates 29 free-TV channels in 11 countries and 38 pay-tv channels in 34 countries. The pay-tv channels are distributed on Viasat’s own satellite platforms in 9 countries, as well as on third party broadcast networks (including cable, satellite and IPTV) and over the open internet. MTG is also the largest shareholder in Russia’s leading independent television broadcaster (CTC Media – Nasdaq: CTCM).
Modern Times Group is a growth company and generated SEK 13.5 billion of sales and SEK 2.5 billion of operating income excluding non-recurring items in 2011. MTG’s Class A and B shares are listed on Nasdaq OMX Stockholm’s Large Cap index under the symbols ‘MTGA’ and ‘MTGB’.
The information in this Full Year 2011 report is that which Modern Times Group MTG AB is required to disclose under the Securities Market Act and/or the Financial Instruments Trading Act. It was released for publication at 13.00 CET on 9 February 2012.
 This financial report includes the effects of the demerger and distribution of former MTG subsidiary CDON Group in December 2010. CDON Group’s results have been excluded from MTG’s operating results and cash flows for 2010, with the exception of the reported net income from discontinued operations in the Group’s income statements and the net cash flow to financing activities in the Group’s cash flow statements.