Note 8 Financial items

Group      
(SEK million)    20092008
       
Gain from CTC Media new share issue    057
Total    057
       
Interest revenue    1968
Net exchange rate differences    17-
Other    -15
Total    3683
       
Interest expense    -190-96
Revaluation of Metro shares    --26
Net exchange rate differences    --79
Other    -44-
Total    -234-201
       
Net financial items    -197-61
       
Parent Company      
Dividends from subsidiaries    1,305-
Total    1,305-
       
Write-down of shares in subsidiaries    -10-99
Total    -10-99
       
Interest revenue from external parties    1736
Interest revenue from subsidiaries    250328
Exchange rate differences    29107
Other financial revenues    07
Total    297479
       
Interest expense to external parties    -139-94
Interest expense to subsidiaries    -18-80
Revaluation of Metro shares    --26
Exchange rate differences    -148-
Other    -27-2
Total    -332-202
       
Net financial items    1,259178
       
Hedging positions are taken to protect the Group against the effects of transaction exposures in the main part of contracted outflow for programme acquisitions in US dollars, British pounds, and Swiss francs on a rolling twelve month basis. The hedging reserve at year end was SEK 21 (33) million. The total value of the forward contracts were SEK -70 (122) million at year-end.
MTG has financed part of the investment in Nova Televizia in euros, recognising the euro loan as a hedging instrument. The loan was repaid in its entirety during 2009.
Other financial expenses in the Group and the Parent Company include amortisation of capitalised borrowing costs for loans and costs for guarantees, in total these costs amounted to SEK 23 million in 2009 and SEK 2 million in 2008.
The gain from the equity stake of CTC Media is a consequence of the dilution from options exercised in 2009 and 2008. The gain is calculated as the difference between the MTG book value and the option exercise value.

Download documents

Download the chapters of your choice from the Annual Report.

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

Learn more about