MTG Q1 2008 Results for Period Ending 31 March 2008Tuesday, April 22nd, 2008
- Group net sales up 16% year on year to SEK 3,042 million
- Group operating income (EBIT) up 27% year on year to SEK 596 million with increased operating margin of 20%
- Viasat Broadcasting net sales up 20% year on year to SEK 2,402 million and operating income up 24% to SEK 596 million, with increased operating margin of 25%
- Net income up 26% year on year to SEK 397 million
- Basic earnings per share up 29% year on year to SEK 5.85
- Completion of sale of DTV to CTC Media for a cash consideration of USD 395 million on a cash and debt free basis on 16 April
- Viasat Ukraine DTH satellite platform launched on 21 April
Modern Times Group MTG AB (publ.) (“MTG” or “the Group”) (The OMX Nordic Exchange Large Cap market: MTGA, MTGB) today announced its financial results for the three months ended 31 March 2008.
Hans-Holger Albrecht, President and Chief Executive Officer, commented: “We are delighted to report another quarter of record results. The first quarter results demonstrate continued healthy levels of growth across our core broadcasting assets and increased group profitability levels, which are in line with our five year strategic goals. The sale of DTV illustrates the substantial value that has been created in our emerging market asset base, whilst our free-TV business in Scandinavia has continued to outperform the market following penetration increases, new channel launches and our overall multi-channel media houseÂ´ approach.
“We are the largest digital entertainment broadcaster in Scandinavia and the Baltics, and the recent launch into Ukraine is further evidence of our desire to extend our footprint into high growth emerging markets. We have invested in adding new channels to our Nordic pay platform and launching HDTV services, in order to enhance our offering to subscribers, and the ARPU growth indicates the potential in the business.
“We have continued buying back shares, and the proposals to the AGM regarding dividends and a new buy-back mandate emphasize our ongoing commitment to optimizing our capital structure, whilst maintaining the flexibility to invest in our existing and new operations as the engine of future growth.”