Q1 2009 Interim Report

Q1 2009 Interim Report

22 April 2009 - Modern Times Group MTG AB (publ.) (“MTG” or “the Group”) (Nasdaq
OMX Stockholm's Large Cap market: MTGA, MTGB) today announced its financial
results for the first quarter and three months ended 31 March 2009.

First Quarter Highlights
• Group net sales up 10% year on year to SEK 3,336 (3,042) million
• Group operating income up 15% year on year to SEK 688 (596) million with an
operating margin of 21% (20%) when excluding SEK -454 million participation in
non-cash intangible asset impairment by associated company CTC Media
• Total Group operating income of SEK 233 (596) million
• Total pre-tax profit of SEK 195 (583) million, and SEK 649 (583) million when
excluding MTG's SEK -454 million share in CTC Media's asset impairment charge
• Net income of SEK 146 (397) million 
• Basic earnings per share of SEK 2.19 (5.85)
• SEK 5 per share ordinary dividend proposed to AGM

Hans-Holger Albrecht, President and Chief Executive Officer, commented: “These
results illustrate the benefits of operating a balanced broadcasting business,
which combines content ownership and distribution, and generates an almost equal
mix of subscription and advertising revenues from multiple channels in multiple
territories. Despite the deterioration in the market environment, this
successful model has delivered another quarter of double digit sales growth, a
15% increase in the Group's underlying operating profitability and an operating
margin of over 20%.”  

“Our media house strategy and increased penetration levels in Scandinavia have
enabled us to grow in declining markets, and we are selectively investing to
take share in the emerging markets. We continue to adjust our operations to the
challenging market conditions, but our position as the primary challenger in
most of the markets where we operate provides opportunities to enhance our
longer term potential and performance through the downturn. We have strong
operating cash flows and our financial position is comfortable with low levels
of borrowing and no debt maturities in 2009.”  
The 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:
International: +44 (0) 20 7138 0825
Sweden: +46 (0) 8 5352 6439
US: +1 212 444 0481
The access pin code for the conference is 6332254

To listen to the conference call online, please go to www.mtg.se.

A replay facility will be made available for 7 days after the conference call. 

To access the replay, please dial:
International: +44 (0) 20 7806 1970
Sweden: +46 (0) 8 5876 9441
US: +1 718 354 1112
The access pin code for the replay facility is 6332254#

***


For further information, please visit www.mtg.se, or contact:

Hans-Holger Albrecht, President & Chief Executive Officer
Mathias Hermansson, Chief Financial Officer
Tel: +46 (0) 8 562 000 50
Investor & Analyst Enquiries:
Matthew Hooper: +44 (0) 7768 440 414
Email: investor.relations@mtg.se 
Press Enquiries:
Bert Willborg +44 (0) 791 2280 850
Email: bert.willborg@mtg.se   

Modern Times Group is a leading international entertainment broadcasting group
with the second largest geographical broadcast footprint in Europe. MTG's Viasat
Broadcasting is the largest free-TV and satellite premium pay-TV operator in
Scandinavia and the Baltics, and also operates free-TV channels in the Czech
Republic, Hungary, Slovenia, Bulgaria, Macedonia and Ghana. MTG's TV assets are
broadcast in a total of 29 countries and reach over 100 million people. MTG is
also the major shareholder in Russia's largest independent television
broadcaster (CTC Media - Nasdaq: CTCM), and the number one commercial radio
operator in the Nordic and Baltic regions.

Modern Times Group MTG AB class A and B shares are listed on Nasdaq OMX
Stockholm's Large Cap market (‘MTGA' and ‘MTGB').

The information in this Interim Report is that which Modern Times Group MTG AB
is required to disclose under the Securities Markets Act. This information was
released for publication at 13.00 CET on 22 April 2009.