Modern Times Group (MTG) net sales rose by 12% year-on-year at constant exchange rates in Q4 2010 to SEK3,618 million (€411.5 million), while its operating income was up by 14% to SEK653 million.
Its pre-tax profit amounted to SEK741 million, as opposed to a loss of SEK2,772 million in Q4 2009, and total net income SEK2,359 million (-SEK2,845 million) including discontinued operations.
The number of premium subscribers in the Nordic region stood at 1,057,000 at the end of 2010, up from 1,041,000 three months earlier. Of these, 663,000 (666,000) were DTH and 394,000 (375,000) third party. Of the DTH satellite value added subscribers, 158,000 (153,000) took ViasatPlus, 235,000 (229,000) Multiroom and 210,000 (183,000) HD.
In the emerging markets, Viasat had 245,000 premium subscribers (225,000) at year’s end, while its basic DTH subscriber total stood at 185,000 (148,000).
Commenting on the results, Hans-Holger Albrecht, president and CEO said: “MTG has delivered another year of record sales and profits. We generated 12% year on year sales growth at constant exchange rates in 2010 following advertising market growth, further advertising market share gains and net subscriber intake. Operating profits were up 27% for the year when excluding associated company income and the one-off items in 2009, with an increased operating margin of 15%. This demonstrates the significant operating leverage in the business, with our free-TV Scandinavia and pay-TV Nordic businesses reporting increased full year margins of 25% and 18%, respectively.”
He added: “We continue to benefit from our balanced mix of advertising and subscription revenues and the synergies of being an integrated free and pay-TV operator with the largest broadcast footprint in Europe. The Scandinavian advertising markets have performed well throughout the year with rising volume and pricing levels, and we also grew our sales at constant exchange rates in the emerging markets where the recovery is still lagging. We now have more than one million premium pay-TV subscribers in the Nordic region and 50 million subscriptions to our mini-pay channels in Central and Eastern Europe and the US. We have added new channels and platforms to our portfolio during the year and our free and pay-TV channels are now more widely available on more broadcast platforms than ever. We have also selectively invested in programming and in our HD, 3D and video-on-demand services.”
