CEO's Review

"MTG is Made To Grow and that is exactly what we have continued to do with record full year sales, whilst at the same time delivering best in class margins for our developed operations. 2011 was a year in which we saw changes in the industry begin to take shape and in which we adjusted our structure to meet these challenges and create new opportunities."

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CEO's Review

CFO's Review

"Given the strong cash flow generation and healthy financial position of the business, the Board has proposed a 20% higher annual dividend of SEK 9 per share, or approximately SEK 600 million in total, and we have also adopted a dividend policy for the first time in the Group’s history."

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CFO's Review

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Modern Times Group MTG AB Box 2094 SE-103 13 Stockholm Sweden Visiting: Skeppsbron 18 Tel: +46 8 562 000 50

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