Modern Times Group

In 2015 the media group placed corporate responsibility at the core of its strategy, integrating ethical governance, sustainability and gender‑parity objectives across a global operation that spans 165 countries and includes broadcast, content localisation and e‑sports segments. The company achieved a 96 % compliance rate among 514 new hires—drawn from 38 nationalities—who signed a unified code of conduct, whistle‑blower and anti‑bribery policies aligned with the UN Global Compact and OECD guidelines, while stakeholder engagement was overseen by a dedicated board committee.

Environmental performance showed mixed results: total carbon emissions rose 13 % since 2010, driven largely by travel that accounted for 61 % of emissions, and overall energy use increased 3 %. Nevertheless, the firm earned a 95 C rating on the Dow Jones Sustainability Index for the third consecutive time, a CDP disclosure score of 95 C, and operates a “green” office equipped with more than 200 solar panels. Targets for 2016 include a 23 % reduction in employee energy use (baseline 2010), expansion of renewable energy, and comprehensive data‑privacy training in response to upcoming EU legislation.

Social impact was highlighted by a 91 % accessibility rate for

Modern Times Group positioned 2014 as a year of deepening corporate responsibility, linking its expanding digital portfolio to heightened standards in data‑privacy, child protection, freedom of expression and sanctions compliance. The narrative underscores a strategic shift toward embedding ethical, anti‑corruption and sustainability practices across a globally dispersed media operation.

Financially, the company recorded net sales of SEK 16.7 billion, up from SEK 13.3 billion in 2012, while operating income contracted, reflecting investment in new digital initiatives. Governance was reinforced through a dedicated corporate‑responsibility advisory group, multiple board committees and local representatives, ensuring that compliance mechanisms permeated all levels of the organization. A UN‑Global Compact‑aligned system saw 787 employees endorse an anti‑bribery policy, the launch of a sanctions‑risk register and an Interpol‑backed anti‑piracy project, alongside comprehensive updates to data‑protection protocols.

The workforce grew to 4,186 full‑time equivalents, achieving an 84 % appraisal completion rate and a zero‑fatality safety record, with work‑related accidents falling from ten to six. Diversity expanded to 44 nationalities and the gender‑pay gap narrowed to women earning 75

Modern Times Group recorded a solid top‑line expansion in 2014, with net sales rising 11 % to SEK 15.7 billion on a constant‑exchange‑rate basis. Growth was split between 4 % organic increase and a further 7 % generated by acquisitions, notably the 2013 purchase programme that expanded the group’s presence in the Nordic pay‑TV and emerging‑market segments. Operating profit slipped modestly, falling 3–4 % to roughly SEK 1.3 billion and delivering an 8.1 % operating margin, while cash flow remained robust and net debt was cut to 0.2 × EBITDA, half the level of the prior year. The board proposed, and shareholders approved, a cash dividend of SEK 10.50 per share—about 57 % of net income—resulting in a payout of SEK 700 million. At year‑end the market capitalisation stood at SEK 16.8 billion, with 17,721 shareholders; the ten largest owners held 47 % of the equity and 64 % of voting rights, and Swedish institutional investors owned roughly 59 % of the shares.

Segment performance was mixed. Free‑TV Scandinavia delivered flat revenue with a slight profit decline, while Pay‑TV Nordic posted an 8 % sales increase and a 14 % rise in operating profit. Broadcasting contributed SEK 13.2 billion of the total revenue and generated SEK 2.12 billion of operating profit, marginally below the previous year. The group continued to hedge virtually all USD and EUR programme‑acquisition exposures, maintaining a SEK 137 million hedging reserve, and held full‑coverage insurance on its assets.

Corporate governance was overseen by a seven‑member board, four of whom were classified as independent, supported by remuneration, audit and a newly created corporate‑responsibility advisory committee. The board approved all major investments, acquisitions and disposals above SEK 2 million. Financial statements were prepared under IFRS, with joint ventures now accounted for using the equity

In 2013 the media group embedded sustainability within its core strategy, aligning business growth with responsible practices and earning inclusion in the Dow Jones Sustainability Europe Index and FTSE 4Good. Financially, the company generated €14.1 billion in net sales and €1.9 billion in operating profit while employing 3,361 staff and expanding into new European markets through the launch of its digital platform MTGx. Its corporate‑responsibility framework is built on four pillars—media responsibility, employees and workplace, environment and community, and business ethics—each supported by concrete actions and measurable targets.

Compliance and societal impact were central to operations. A dedicated “C‑Team” ensured that broadcast and on‑demand content met EU, UK (Ofcom, ASA) and local regulations, with 85 % of programming already adapted for regional standards. The group leveraged its TV, radio and digital assets for charitable campaigns, delivering more than €4.3 million in media‑time value for Typhoon Haiyan relief, €438 k for the “Angels over Latvia” tour, €115 k for a Lithuanian zoo‑elephant project, and additional support for health, education and wildlife initiatives across Ghana, Estonia, Sweden, Bulgaria and other markets.

Environmental performance improved markedly. The new London headquarters attained a BREEAM “Excellent” rating and installed roof‑mounted solar panels that now supply the majority of its electricity, producing a quantifiable reduction in CO₂ emissions. The company’s CDP climate‑change score rose to 88, reflecting stronger governance and disclosure. A materiality analysis highlighted data integrity, privacy and child‑online‑safety as top concerns, prompting new internal policies, anti‑corruption training completed by all staff, and an updated Code of Conduct with 78 % e‑learning uptake.

Gender equity showed progress

Modern Times Group’s 2013 annual report presents a comprehensive picture of a media company in the midst of a strategic transformation aimed at “eradicating boredom globally.” The narrative emphasizes rapid scaling—over 4,000 employees operating in roughly 40 countries across four continents—and a content output of 880,000 broadcast hours, roughly twice that of its main European competitor. Expansion into emerging markets is a central theme, with new channels launched in the Czech Republic and Tanzania, the acquisition of Bulgaria’s Net Info, entry into Turkey, and further take‑overs in Norway, Latvia, Sweden and Denmark, underscoring a deliberate push to diversify geographic revenue streams.

Financially, the report details a disciplined governance framework and solid capital structure. Equity movements show a stable share‑premium of SEK 338 million and a fair‑value capital reserve of SEK 267 million, while the board proposes a cash dividend representing a notable percentage of net income. Variable remuneration is capped at 75 % of base salary, and a long‑term incentive plan granted 373,337 Class B shares, aligning executive interests with shareholder value. Debt positions and market‑risk exposures—interest‑rate, credit and currency—are disclosed with KPMG’s unqualified audit opinion confirming the fairness of the statements.

The board composition, dominated by independent non‑executive directors with extensive media, telecom and finance experience, reinforces oversight through dedicated audit, remuneration and corporate‑responsibility committees. This structure, together with an internal audit function reporting directly to the audit committee, supports robust risk‑management and internal controls.

Overall, the 2013 data illustrate a company that has successfully broadened its global footprint, strengthened its financial base, and instituted rigorous governance, positioning MTG for continued growth despite anticipated competitive pressures in key markets such as the Czech Republic.

The 2012 Modern Responsibility report positions sustainability as a central driver of long‑term growth for MTG, outlining a strategic agenda that integrates environmental, social and governance objectives across its broadcast, radio and digital operations. The company set 2012 targets that focus on benchmarking training, revising supplier policies and tightening anti‑corruption controls, while maintaining net sales of roughly SEK 13 billion and seeing operating income decline to SEK 2.1 billion.

Corporate responsibility is organized around four pillars—Business, Community, Colleague, and Broadcast & Marketing—and is anchored in the UN Global Compact, OECD guidelines and local legislation. A publicly available Code of Conduct, anti‑corruption and whistle‑blower policies, and supplier principles support implementation across more than 30 broadcast markets. Content accessibility is emphasized, with 85 % of programming offered in subtitles, dubbing or voice‑over, and continuous e‑learning, including the MTG Academy’s sales and leadership programmes, is provided to staff.

Environmental performance improved markedly: CO₂ emissions fell 6 % per employee, surpassing the 5 % reduction goal, and 80 % of employees completed green‑thinking training. Power‑down measures limited standby consumption to under 0.5 W, while the Carbon Disclosure Project score rose from a D‑grade to a B‑grade. Partnerships with NGOs such as London Wildlife Trust, Earth Hour and Latvia’s “Big Clean‑up” mobilised 210 000 volunteers and removed 100 t of litter, illustrating the use of MTG’s media reach to promote greener consumer behaviour.

External assurance by Ethos International under AA1000AS granted a C+ rating, confirming overall confidence in the self‑reported data while noting minor data‑entry errors, incomplete site‑level reporting and a need for deeper stakeholder engagement and materiality analysis. The report therefore concludes that MTG largely met its 2012 sustainability targets, identified climate‑related risks, and instituted processes to mitigate them, reinforcing its commitment to responsible growth across a global, multi‑segment media portfolio.

The 2012 annual report presents Modern Times Group AB’s financial performance, strategic actions and sustainability initiatives, positioning the company as a financially robust, diversified media operator seeking growth through acquisitions and digital expansion. Net sales reached SEK 13.3 billion, operating profit rose to SEK 2.1 billion and net profit recovered to SEK 1.6 billion, delivering basic earnings per share of SEK 17 after a loss‑making 2011. Free‑cash‑flow increased 6 % to SEK 1.8 billion, enabling a 20 % dividend rise to SEK 600 million and leaving net debt essentially at zero, while capital spending remained modest at 1 % of revenue.

Revenue growth was uneven across segments. Nordic pay‑TV sales grew 4 % to SEK 4.4 billion with a 4 % lift in ARPU, yet operating profit fell; free‑TV Scandinavia declined 4 % and margins contracted. In contrast, emerging‑market free‑TV sales were flat on a constant‑currency basis but operating profit surged nearly five‑fold, reflecting the impact of new pay‑TV investments. The year featured several strategic acquisitions—including TV Sport, a majority stake in Zitius Service Delivery, Paprika Latino and Latvia’s Latvijas Neatkarīgā Televīzija—and the divestiture of Bet24

The 2011 Modern Responsibility Report demonstrates how Modern Times Group (MTG) has integrated a comprehensive sustainability framework across its operations in 39 countries, targeting employee welfare, anti‑corruption, climate action and community engagement. By the end of 2011 the company achieved a 5 % reduction in carbon footprint per employee—equating to a 16 % total cut in emissions—and a 6 % per‑employee decline in CO₂ versus the 2009 baseline, while overall office energy use fell by the same 16 % margin. These environmental gains were accompanied by a record‑low incidence of work‑related accidents (zero) and consistently low absenteeism around one percent.

MTG’s expansion strategy in 2011 combined geographic and product growth, acquiring stakes in TV Prima, Darial TV and Balkan Media Group, launching Viasat HD, History HD and Nature HD in 22 Central‑ and Eastern‑European markets, and entering four African nations (Ghana, Uganda, Tanzania, Kenya). The broadcasting arm, including Strix, continued to produce and co‑produce TV formats sold in more than 80 territories, while its gambling subsidiary Bet24 remained a marginal revenue source subject to strict responsible‑gaming controls.

Stakeholder dialogue was institutionalised through a GRI‑aligned materiality analysis, enabling MTG to meet 14 of 15 short‑term sustainability targets for the year. Employee turnover averaged 18 % among 3,031 staff (mean age 34) and training participation rose, though the rollout of anti‑bribery e‑learning was deferred for policy refinement. The whistle‑blower system recorded only two operational reports, underscoring a relatively clean compliance environment.

Community contributions

The 2011 Modern Times Group (MTG) Annual Report presents a comprehensive assessment of the company’s financial performance, strategic direction, and governance during a year of record revenue but substantial impairment losses. While net revenue reached SEK 13.5 billion—a 6 % increase at constant exchange rates—and underlying operating profit rose 8 % to SEK 2.5 billion, a SEK 2.998 billion write‑down of the Nova business in Bulgaria and related goodwill impairments drove the consolidated group to a net loss of SEK 1.289 billion and an operating loss of SEK 637 million. Total assets declined to SEK 11.3 billion and equity fell to SEK 4.1 billion, leaving cash and cash equivalents at SEK 96 million despite positive operating cash flow of SEK 1.8 billion.

Growth was strongest in emerging‑market television and pay‑TV, which posted 8 % and 13 % increases respectively and lifted the Nordic premium subscriber base above one million. The board expects emerging‑market operations to contribute an expanding share of revenue and profit while preserving robust returns on capital employed and equity, subject to a minimum performance threshold. Nevertheless, the Directors’ Report flags accelerating technological disruption—on‑demand viewing, ad‑skipping, and low‑cost channel launches—as a source of audience fragmentation and heightened piracy risk, necessitating significant investment in broadcasting and satellite infrastructure.

Corporate governance is overseen by a twelve‑member board, including eight non‑executive directors and dedicated remuneration, audit and nomination committees, with external audit provided by KPMG and an independent internal audit function. Risk management relies on transaction‑level hedging of programme‑acquisition costs, leaving translation‑level foreign‑

The 2010 Modern Responsibility report presents Modern Times Group’s first GRI‑aligned disclosure, expanding the reporting perimeter to encompass all subsidiaries and leased assets that employ staff. It establishes a comprehensive materiality analysis, stakeholder survey, and a crisis‑support team, framing corporate responsibility as a strategic pillar that underpins responsible broadcasting across MTG’s television, radio and digital platforms. The document’s thesis is that transparent governance, measurable sustainability targets, and inclusive social initiatives can drive long‑term value for both the business and its broader stakeholder community.

Governance is overseen by a seven‑member board—six independent non‑executives, five men and two women—supported by audit, remuneration and Modern Responsibility committees. The report sets concrete performance goals, including training 50 % of relevant staff on compliance by the end of 2010 and achieving full coverage by 2012, reducing per‑employee CO₂ emissions by 5 % versus the 2009 baseline by February 2012, and extending a supplier self‑check system to half of MTG’s partners. Parallel gender‑equity objectives launch a women‑in‑leadership network in Sweden and benchmark gender‑pay gaps in Scandinavia by June 2011 and globally by February 2012.

Operational outcomes for 2010 demonstrate strong social and environmental stewardship. MTG achieved 100 % subtitling/closed‑captioning for Swedish output, delivered 110 hours of compliance training, recorded only 21 internal complaints and incurred no fines. Philanthropic activity leveraged media assets to donate roughly 111 million SEK of airtime and raise over €58 million for health, disaster relief and child‑health campaigns across more than 20 countries. The United for Peace football tournament engaged 130 youths from 12 nations, with 88 % reporting new friendships and a near‑universal endorsement of sport as a conflict‑resolution tool, while the Playing for Change initiative secured a Social Capitalist award and raised 160 k SEK.

Environmental performance shows a 7 % rise in total greenhouse‑gas emissions to 15,032 t CO₂e, driven mainly by facility energy (5,496 t) and business travel (8,727 t), raising per‑employee emissions to 5.6 t CO₂e. In response, MTG plans greener travel options, country‑specific green‑action lists, 80 % employee training in “green thinking,” and supplier CO₂ assessments to meet the 5 % per‑employee reduction target. The report thus captures a global, multi‑segment (broadcasting, digital, philanthropy, sports) snapshot of MTG’s 2010 responsibility performance and its forward‑looking commitments through

Modern Times Group (MTG) delivered a decisive financial turnaround in 2010, achieving its strategic aim of double‑digit organic growth while reinforcing a balanced capital structure. Net sales rose 12 % to SEK 13.1 bn, driven by strong advertising and subscription performance, and operating income increased 27 % to SEK 2.36 bn, delivering an 18 % margin. The group generated a free‑cash‑flow surplus of SEK 1 bn, converted 70 % of EBITDA into cash, and reduced net debt to roughly SEK 2 bn—below one times EBITDA. A 10 % dividend uplift to SEK 5.50 per share and a proposed 36 % increase for 2011 reflected the improved cash position, while the CDON spin‑off contributed a SEK 1.7 bn non‑cash gain. Content investments, notably Premier League rights, HD/3D and OTT services, together with expanded ownership in Eastern‑European satellite platforms, positioned MTG for continued growth across mature Scandinavian markets and emerging regions.

Governance was strengthened through a newly constituted Nomination Committee representing over half the voting rights, an eight‑member board with four independents, and robust audit and internal‑control functions. Shareholder composition was diversified, with Swedish institutions, international investors and private holders each accounting for roughly 40 % of capital, and a share‑buy‑back mandate covering up to 10 % of issued shares. The 2010 financial statements were prepared under IFRS, incorporating recent standard changes that affected earnings per share and income‑statement presentation, and detailed fair‑value treatment of derivatives, assets and liabilities.

Risk management emphasized a credit exposure of SEK 2.2 bn, primarily trade receivables, and comprehensive FX hedging via twelve‑month forwards. Although operating cash generation fell sharply to SEK 60 m from SEK 3.3 bn the prior year, interest and tax outflows were halved, underscoring disciplined cost control. Overall, the 2010 results illustrate MTG’s successful transition from a loss‑making position in 2009 to a profitable, cash‑generating, and strategically positioned media group.

The 2009 Modern Responsibility Report presents Modern Times Group’s (MTG) effort to embed corporate responsibility across its broadcasting and media operations while navigating the aftermath of the 2008‑09 financial crisis. The report’s thesis is that a structured, multi‑pillar responsibility programme can coexist with commercial growth, even as the group expands its channel portfolio and geographic reach.

In 2009 MTG recorded net sales of SEK 14.2 billion and launched three new channels—TV3 Puls, Prima COOL and Viasat Hockey—while completing a major restructuring of its Bulgarian assets. Despite revenue growth, operating income fell to a loss of SEK 1.4 billion and basic earnings per share turned negative at ‑30.86 SEK. The responsibility framework, introduced in 2004, is now governed by the CEO, board directors, a central committee and local “Green Ambassadors,” with KPIs, internal audits and external consultancy guiding progress. Targets for 2010 include broader KPI coverage, reduced carbon emissions and enhanced stakeholder communication across business, broadcast‑marketing, colleague and community dimensions.

Employee engagement proved strong: 86 % of the 2,906 staff across 38 national markets completed the annual survey, 88 % expressed enthusiasm for their work and 90 % embraced the company’s three lead words. Gender balance approached parity overall (52 % male, 48 % female) though managerial levels remained skewed (63 % male, 37 % female). Internal recruitment accounted for 40 % of hires.

The carbon footprint for 2009 amounted to roughly 13 000 t CO₂e across 19 countries, split evenly between facilities and office‑supply material use, with an intensity of 4.2 t CO₂e per employee (0.9 t per MSEK turnover). ISO 14001 certification for the Swedish radio division and energy‑efficient headquarters illustrate concrete mitigation steps. Partnerships with WWF and Sweden’s BLICC, together with expanded carbon‑footprint audits, underscore MTG’s commitment to environmental stewardship within the