With effect from 1 January 2005, Modern Times Group MTG AB will report its financial results in accordance with International Financial Reporting Standards (IFRS). An overview of the considerations and effects when adopting IFRS was included as an appendix to the financial results for the fourth quarter and twelve months ended 31 December 2004. The resulting changes in Group accounting principles primarily comprise the discontinuation of goodwill amortization, the reclassification of borrowing costs, ongoing impairment tests on the valuation of beneficial film rights, and the valuation of the Group’s holdings in listed companies at market price. The Group’s cash flow statements have not been materially effected by the adoption of IFRS.
The summary tables attached, the consolidated income statement and balance sheet, and the segmental operating information, provide restated financial information for each quarter of 2004, in accordance with IFRS. The restated financial information has been reviewed by KPMG, which is the Group’s auditor.
For further information, please visit www.mtg.se, email firstname.lastname@example.org, or contact:
Mia Brunell, Chief Financial Officer
tel: +46 (0) 8 562 000 50
Matthew Hooper, Corporate Communications
tel: +44 (0) 20 7321 5010
Modern Times Group is an international entertainment- broadcasting group with operations in more than 30 countries around the world. MTG is the largest Free-to-air and Pay-TV operator in Scandinavia and the Baltics, the largest shareholder in Russia’s fourth largest television network, and the number one commercial radio operator in the Nordic region. The Viasat DTH satellite TV platform offers digital multi-channel TV packages of 50 own-produced and third party entertainment channels to viewers in 15 countries across Europe and Viasat TV channels now reach over 50 million people every day.
Modern Times Group MTG AB class A and B shares are listed on the Stockholmsbörsen O-list (symbols: MTGA and MTGB).