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MTGQ2 2014 FINANCIAL RESULTS
“PROFITS UP ON RECORD SALES”
 Sales up 13% at constant FX & 3% on an organic basis
 Higher operating profit (excl. NRI) despite ongoing investments in channel launches and in MTGx
 PTV Nordic - healthy top-line growth combined with margin expansion + retain FY outlook
 FTV Scandi - stable margin despite all three TV ad markets being down
 FTV EM - double-digit growth in the Baltics and Bulgaria more than offset by lower sales in the Czech Rep.
 PTV EM - healthy sales growth but lower profits due to unfavourable FX and last year’s one-offs
 Nice, MTGx, Radio - strong organic growth + profitable
Q2 2014 – HIGHLIGHTS
2
3
GROUP PERFORMANCE
PROFITS UP ON RECORD SALES
SALES GROWTH (Y-O-Y) EBIT (SEK MN) AND EBIT MARGIN (%)
0
2
4
6
8
10
12
14
16
0
100
200
300
400
500
600
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
EBIT excl associated income & one-off items EBIT margin
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Sales growth at constant fx Organic sales growth
4
FREE-TV SCANDINAVIA
STABLE MARGIN DESPITE DECLINING MARKETS
Sales down 3% at constant FX
 All three TV advertising markets have declined in the quarter
Audience share gains in Denmark
 Denmark – highest CSOV level since 2001, reflecting penetration
gains from previously announced distribution agreements
 Sweden and Norway down - partly reflecting the FIFA World Cup
which was shown on rival commercial channels
Operating margin of 19%
 OpEx reduced despite the launch of TV6 in Norway as investments
continue to be balanced vs. market conditions as well as CSOV
25% of Group sales 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 1,065 1,080
Growth (at constant FX) -3% 0%
EBIT (SEKm) 200 209
EBIT margin 18.8% 19.3%
CSOV (15-49)
Sweden 30.5% 32.7%
Norway 17.9% 19.5%
Denmark 26.6% 26.2%
5
PAY-TV NORDIC
GROWTH AND MARGIN EXPANSION
Sales up 5% at constant FX
 Reflected continued strong subscriber intake at Viaplay
DTH subs down but ARPU up
 The premium DTH and third party subscriber bases declined
 Premium satellite ARPU continued to rise following price increases
Profits up - FY 2014 outlook intact
 Margin up 150 bps to 12.8%
 Continue to expect higher EBIT margin for FY14
34% of Group sales 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 1,439 1,349
Growth (at constant FX) 5% 7%
EBIT (SEKm) 184 152
EBIT margin 12.8% 11.3%
Premium subs ('000) 970 989
o/w satellite ('000) 546 569
o/w third party ('000) 425 421
Satellite premium ARPU (SEK) 5,164 4,978
Lower sales at constant FX
 Continued double digit growth in the Baltics and Bulgaria
 Offset by lower sales in the Czech Republic following the exceptional
growth levels in 2013 (Q2’13 up 47% at constant FX)
Record high audience shares in the Baltics
 Pan-Baltic CSOV reached a new all-time high for Q2
 Bulgarian and Czech Republic CSOV down
OpEx down at constant FX
 OpEx down despite entry into Tanzania and consolidation of Net Info,
as investments are balanced against market conditions and CSOV
 EBIT down as higher profits in the Baltics and Bulgaria was more than
mitigated by lower profits in the Czech Republic
6
FREE-TV EMERGING MARKETS
18% EBIT MARGIN BUT LOWER SALES
16% of Group sales 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 680 692
Growth (at constant FX) -4% 31%
EBIT (SEKm) 121 140
EBIT margin 17.8% 20.2%
CSOV
Pan-Baltic (15-49) 48.7% 47.9%
Czech Republic (15-54) 34.4% 35.9%
Bulgaria (18-49) 31.9% 32.5%
Sales up 8% at constant FX
 Driven by the mini-pay wholesale channel business
Subscription growth affected by the geopolitical situation
 Mini-pay subscriptions up c. 4m y-o-y but down q-o-q, due to
discontinuation of 2 contracts (Slovakia) and higher churn in Ukraine
Margin down to 7%
 EBIT down y-o-y due to unfavourable FX movements (c. SEK 10m)
and positive one-off and timing items in Q2’13 (c. SEK 25m)
 Currently analysing the impact from the proposed Russian legislation
to ban advertising on pay-TV channels from 2015
 Russian advertising sales totalled SEK 103m in 2013
7
PAY-TV EMERGING MARKETS
IMPACTED BY UNFAVOURABLE FX MOVEMENTS
6% of Group sales 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 271 269
Growth (at constant FX) 8% 10%
EBIT (SEKm) 19 52
EBIT margin 6.9% 19.3%
Subscribers / subscriptions ('000)
Satellite 541 565
Mini-pay wholesale 94,197 89,915
Organic + acquisition led growth
 24% organic sales growth driven by strong performance of the
content production and radio businesses
 Overall sales boosted by the consolidation of Nice, DRG and
Novemberfilm in H2 2013
 Sales up significantly vs. Q1 primarily due to normal seasonality of
Nice and Radio but also due to strong performance in Drama
productions and Events
Combined profits despite ongoing investments
 OpEx significantly up following consolidation of the acquired
businesses, the growth in the content production businesses and
the ongoing investments in MTGx
8
NICE, MTGX, RADIO
24% ORGANIC SALES GROWTH & PROFITABLE
19% of Group sales 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 799 336
Growth (at constant FX) 140% -15%
Growth (organic) 24% 2%
EBIT (SEKm) 11 3
EBIT margin 1.4% 0.9%
9
INCOME STATEMENT
PROFITABLE GROWTH
Sales up 13% at constant FX
 3% organic growth
 Acquisitions add ~ 11 percentage points of growth
12% EBIT margin (excl. associates and NRI)
 OpEx up 15% at constant FX and excl. NRI & 3% organically
 Primarily reflected the growth in the pay-TV businesses and the
consolidation of acquired businesses
 Total EBIT includes non-recurring items of SEK -155m,
primarily due to impairment charge relating to the Ukrainian
DTH platform
Effective tax rate of 27% for the quarter
 Continue to expect FY14 rate to be in 25-30% range
Q2 in brief 2014 2013
Apr-Jun Apr-Jun
Sales (SEKm) 4,109 3,605
Sales growth (at constant FX) 13% 6%
Organic growth (at constant FX) 3% 6%
EBIT excl. associates and NRI 472 465
Margin excl. associates and NRI 11.5% 12.9%
Total EBIT 434 578
10
CASH FLOW
WELL-POSITIONED FOR THE FUTURE
Cash flow generation remains good
 81% of EBITDA (excl. NRI) converted into operating CF
 SEK 71m cash dividend payments received from CTCM
Strong financial position
 Net debt to trailing twelve month EBITDA ratio of just 0.5x
 SEK 6.1bn of available liquid funds
 SEK 4.4bn market value of CTC stake as at end of period
with a book value of SEK 1.8bn
Well-positioned to continue to invest in order to drive future
earnings and returns
(SEKm) 2014 2013
Apr-Jun Apr-Jun
Cash flow from operations 491 472
Changes in working capital -55 207
Net cash flow from operations 436 680
Cash flow used in investing activities -80 -227
Cash flow used in financing activities -518 -359
Net change in cash & cash equivalents -163 93
 Sales up 13% at constant FX & 3% on an organic basis
 Higher operating profit (excl. NRI) despite ongoing investments in channel launches and in MTGx
 PTV Nordic - healthy top-line growth combined with margin expansion + retain FY outlook
 FTV Scandi - stable margin despite all three TV ad markets being down
 FTV EM - double-digit growth in the Baltics and Bulgaria more than offset by lower sales in the Czech Rep.
 PTV EM - healthy sales growth but lower profits due to unfavourable FX and last year’s one-offs
 Nice, MTGx, Radio - strong organic growth + profitable
Q2 2014 – HIGHLIGHTS
11
MTG INVESTOR RELATIONS
FOR FURTHER INFORMATION
VISIT WWW.MTG.SE
TEL: +46 (0) 73 699 2714
EMAIL: INVESTOR.RELATIONS@MTG.SE

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Q2 2014 presentation final

  • 1. MTGQ2 2014 FINANCIAL RESULTS “PROFITS UP ON RECORD SALES”
  • 2.  Sales up 13% at constant FX & 3% on an organic basis  Higher operating profit (excl. NRI) despite ongoing investments in channel launches and in MTGx  PTV Nordic - healthy top-line growth combined with margin expansion + retain FY outlook  FTV Scandi - stable margin despite all three TV ad markets being down  FTV EM - double-digit growth in the Baltics and Bulgaria more than offset by lower sales in the Czech Rep.  PTV EM - healthy sales growth but lower profits due to unfavourable FX and last year’s one-offs  Nice, MTGx, Radio - strong organic growth + profitable Q2 2014 – HIGHLIGHTS 2
  • 3. 3 GROUP PERFORMANCE PROFITS UP ON RECORD SALES SALES GROWTH (Y-O-Y) EBIT (SEK MN) AND EBIT MARGIN (%) 0 2 4 6 8 10 12 14 16 0 100 200 300 400 500 600 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 EBIT excl associated income & one-off items EBIT margin -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% Q32012 Q42012 Q12013 Q22013 Q32013 Q42013 Q12014 Q22014 Sales growth at constant fx Organic sales growth
  • 4. 4 FREE-TV SCANDINAVIA STABLE MARGIN DESPITE DECLINING MARKETS Sales down 3% at constant FX  All three TV advertising markets have declined in the quarter Audience share gains in Denmark  Denmark – highest CSOV level since 2001, reflecting penetration gains from previously announced distribution agreements  Sweden and Norway down - partly reflecting the FIFA World Cup which was shown on rival commercial channels Operating margin of 19%  OpEx reduced despite the launch of TV6 in Norway as investments continue to be balanced vs. market conditions as well as CSOV 25% of Group sales 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 1,065 1,080 Growth (at constant FX) -3% 0% EBIT (SEKm) 200 209 EBIT margin 18.8% 19.3% CSOV (15-49) Sweden 30.5% 32.7% Norway 17.9% 19.5% Denmark 26.6% 26.2%
  • 5. 5 PAY-TV NORDIC GROWTH AND MARGIN EXPANSION Sales up 5% at constant FX  Reflected continued strong subscriber intake at Viaplay DTH subs down but ARPU up  The premium DTH and third party subscriber bases declined  Premium satellite ARPU continued to rise following price increases Profits up - FY 2014 outlook intact  Margin up 150 bps to 12.8%  Continue to expect higher EBIT margin for FY14 34% of Group sales 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 1,439 1,349 Growth (at constant FX) 5% 7% EBIT (SEKm) 184 152 EBIT margin 12.8% 11.3% Premium subs ('000) 970 989 o/w satellite ('000) 546 569 o/w third party ('000) 425 421 Satellite premium ARPU (SEK) 5,164 4,978
  • 6. Lower sales at constant FX  Continued double digit growth in the Baltics and Bulgaria  Offset by lower sales in the Czech Republic following the exceptional growth levels in 2013 (Q2’13 up 47% at constant FX) Record high audience shares in the Baltics  Pan-Baltic CSOV reached a new all-time high for Q2  Bulgarian and Czech Republic CSOV down OpEx down at constant FX  OpEx down despite entry into Tanzania and consolidation of Net Info, as investments are balanced against market conditions and CSOV  EBIT down as higher profits in the Baltics and Bulgaria was more than mitigated by lower profits in the Czech Republic 6 FREE-TV EMERGING MARKETS 18% EBIT MARGIN BUT LOWER SALES 16% of Group sales 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 680 692 Growth (at constant FX) -4% 31% EBIT (SEKm) 121 140 EBIT margin 17.8% 20.2% CSOV Pan-Baltic (15-49) 48.7% 47.9% Czech Republic (15-54) 34.4% 35.9% Bulgaria (18-49) 31.9% 32.5%
  • 7. Sales up 8% at constant FX  Driven by the mini-pay wholesale channel business Subscription growth affected by the geopolitical situation  Mini-pay subscriptions up c. 4m y-o-y but down q-o-q, due to discontinuation of 2 contracts (Slovakia) and higher churn in Ukraine Margin down to 7%  EBIT down y-o-y due to unfavourable FX movements (c. SEK 10m) and positive one-off and timing items in Q2’13 (c. SEK 25m)  Currently analysing the impact from the proposed Russian legislation to ban advertising on pay-TV channels from 2015  Russian advertising sales totalled SEK 103m in 2013 7 PAY-TV EMERGING MARKETS IMPACTED BY UNFAVOURABLE FX MOVEMENTS 6% of Group sales 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 271 269 Growth (at constant FX) 8% 10% EBIT (SEKm) 19 52 EBIT margin 6.9% 19.3% Subscribers / subscriptions ('000) Satellite 541 565 Mini-pay wholesale 94,197 89,915
  • 8. Organic + acquisition led growth  24% organic sales growth driven by strong performance of the content production and radio businesses  Overall sales boosted by the consolidation of Nice, DRG and Novemberfilm in H2 2013  Sales up significantly vs. Q1 primarily due to normal seasonality of Nice and Radio but also due to strong performance in Drama productions and Events Combined profits despite ongoing investments  OpEx significantly up following consolidation of the acquired businesses, the growth in the content production businesses and the ongoing investments in MTGx 8 NICE, MTGX, RADIO 24% ORGANIC SALES GROWTH & PROFITABLE 19% of Group sales 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 799 336 Growth (at constant FX) 140% -15% Growth (organic) 24% 2% EBIT (SEKm) 11 3 EBIT margin 1.4% 0.9%
  • 9. 9 INCOME STATEMENT PROFITABLE GROWTH Sales up 13% at constant FX  3% organic growth  Acquisitions add ~ 11 percentage points of growth 12% EBIT margin (excl. associates and NRI)  OpEx up 15% at constant FX and excl. NRI & 3% organically  Primarily reflected the growth in the pay-TV businesses and the consolidation of acquired businesses  Total EBIT includes non-recurring items of SEK -155m, primarily due to impairment charge relating to the Ukrainian DTH platform Effective tax rate of 27% for the quarter  Continue to expect FY14 rate to be in 25-30% range Q2 in brief 2014 2013 Apr-Jun Apr-Jun Sales (SEKm) 4,109 3,605 Sales growth (at constant FX) 13% 6% Organic growth (at constant FX) 3% 6% EBIT excl. associates and NRI 472 465 Margin excl. associates and NRI 11.5% 12.9% Total EBIT 434 578
  • 10. 10 CASH FLOW WELL-POSITIONED FOR THE FUTURE Cash flow generation remains good  81% of EBITDA (excl. NRI) converted into operating CF  SEK 71m cash dividend payments received from CTCM Strong financial position  Net debt to trailing twelve month EBITDA ratio of just 0.5x  SEK 6.1bn of available liquid funds  SEK 4.4bn market value of CTC stake as at end of period with a book value of SEK 1.8bn Well-positioned to continue to invest in order to drive future earnings and returns (SEKm) 2014 2013 Apr-Jun Apr-Jun Cash flow from operations 491 472 Changes in working capital -55 207 Net cash flow from operations 436 680 Cash flow used in investing activities -80 -227 Cash flow used in financing activities -518 -359 Net change in cash & cash equivalents -163 93
  • 11.  Sales up 13% at constant FX & 3% on an organic basis  Higher operating profit (excl. NRI) despite ongoing investments in channel launches and in MTGx  PTV Nordic - healthy top-line growth combined with margin expansion + retain FY outlook  FTV Scandi - stable margin despite all three TV ad markets being down  FTV EM - double-digit growth in the Baltics and Bulgaria more than offset by lower sales in the Czech Rep.  PTV EM - healthy sales growth but lower profits due to unfavourable FX and last year’s one-offs  Nice, MTGx, Radio - strong organic growth + profitable Q2 2014 – HIGHLIGHTS 11
  • 12. MTG INVESTOR RELATIONS FOR FURTHER INFORMATION VISIT WWW.MTG.SE TEL: +46 (0) 73 699 2714 EMAIL: INVESTOR.RELATIONS@MTG.SE