Updated Mar 17, 2026 by Modern Times Group
MTG reported a net loss of SEK 1.289 billion in 2011, driven primarily by a SEK 2.998 billion write-down of the Nova business in Bulgaria and related goodwill impairments.
Despite the net loss, the company achieved record financial performance with net revenue of SEK 13.5 billion, a 6% increase at constant exchange rates, and an underlying operating profit of SEK 2.5 billion.
Growth was led by the pay-TV segment, which saw a 13% increase and helped push the Nordic premium subscriber base to over one million.
Emerging-market television operations grew by 8% in 2011, with the board signaling a strategic shift toward these markets contributing a larger share of future revenue and profit.
Technological disruption, including on-demand viewing, ad-skipping, and piracy, is forcing the company to commit significant capital toward broadcasting and satellite infrastructure.
The company maintained a positive operating cash flow of SEK 1.8 billion, though total cash and cash equivalents remained low at SEK 96 million by year-end.
Risk management for programme-acquisition costs is handled through transaction-level hedging, while the board maintains a governance structure supported by eight non-executive directors and external audit by KPMG.
MTG reported a net loss of SEK 1.289 billion in 2011, driven primarily by a SEK 2.998 billion write-down of the Nova business in Bulgaria and related goodwill impairments.
Despite the net loss, the company achieved record financial performance with net revenue of SEK 13.5 billion, a 6% increase at constant exchange rates, and an underlying operating profit of SEK 2.5 billion.
Growth was led by the pay-TV segment, which saw a 13% increase and helped push the Nordic premium subscriber base to over one million.
Emerging-market television operations grew by 8% in 2011, with the board signaling a strategic shift toward these markets contributing a larger share of future revenue and profit.
Technological disruption, including on-demand viewing, ad-skipping, and piracy, is forcing the company to commit significant capital toward broadcasting and satellite infrastructure.
The company maintained a positive operating cash flow of SEK 1.8 billion, though total cash and cash equivalents remained low at SEK 96 million by year-end.
Risk management for programme-acquisition costs is handled through transaction-level hedging, while the board maintains a governance structure supported by eight non-executive directors and external audit by KPMG.