MTG Annual Report 2002 - Modern Times Group MTG AB

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Jan Hugo Stenbeck 1942–2002 2 MTG Annual report and accounts 2002
Dear Shareholder, Modern Times Group MTG AB Jan Hugo Stenbeck was Chairman of the Board of Directors of Modern Times Group MTG AB for five years from 1997 to 2002. He was also Chairman of Industriförvaltnings AB Kinnevik, Invik & Co.AB,Tele2 AB, Millicom International Cellular S.A., Metro International S.A. and Transcom WorldWide S.A. Jan passed away on 19 August 2002. He possessed a seldom-rivaled energy, panache, ambition and sense of fun. His dynamism, curiosity and restlessness, combined with a charm, determination and healthy fear, drove him to create one of Europe’s most innovative and successful group of companies. He would not compromise on quality or efficiency and never ceased to surprise by breaking with convention. His insight – the ability to grasp the key elements of an issue and articulate his views clearly – was his greatest attribute. Loyalty was the quality that he valued most in others. Born in Stockholm in 1942, Jan graduated in Law from Uppsala University in 1968 and with an MBA from Harvard Business School in 1970. He then joined US investment bank Morgan Stanley and rose to become a Vice President in the bank’s Corporate Finance department. He became a member of the Board of Directors of Industriförvaltnings AB Kinnevik in 1971 and became Chairman in 1993, taking over at the helm of the group that his father, the prominent lawyer Hugo Stenbeck, and the Klingspor and von Horn families had built into one of Sweden’s largest industrial investment companies.With uncanny foresight, Jan built a multinational information empire from this industrial foundation and transformed Kinnevik into a holding company for new telecommunications, media and service businesses whose brands are now household names not just in his native Sweden but a large number of markets around the world. As one of the leading entrepreneurs and visionaries of his generation, he started hundreds of companies in his lifetime.They ranged from a college sweatshirt business established in 1963 with 10,000 customers and less than US$1 million in annual sales to Europe’s leading alternative telecommunications provider with over 16.8 million customers and US$3.7 billion in annual sales.All the businesses share several common features – they all break monopolies in order to provide people with choice, grow sales aggressively, are highly competitive businesses with low cost structures, and they all aspire to be “best in class”. MTG Annual report and accounts 2002 3
Page 1 and 2: MTG Annual Report 2002 “Coca-Cola
Page 3: MTG’s business objective is to pr
Page 7 and 8: and won its place in the Guinness B
Page 9 and 10: Chief Executive’s review “Early
Page 11 and 12: 3 1 2 1 Victory Challenge helmsman
Page 13 and 14: Executive management Hans-Holger Al
Page 15 and 16: Group history 2002 ● Acquisition
Page 17 and 18: TV3 and ZTV Sweden TV3 was the firs
Page 19 and 20: 7 8 9 TV3 and ZTV Norway TV3 is the
Page 21 and 22: 7 Viasat pay-TV Viasat also sells p
Page 23 and 24: 10 V3 Hungary host of hit reality T
Page 25 and 26: expenditure increased to US$2.7 bil
Page 27 and 28: TV-Shop was turned around during th
Page 29 and 30: its first year and proves the enhan
Page 31 and 32: 5 1 Elisabet Carlsson, star of 2002
Page 33 and 34: movies, which it sells to both US d
Page 35 and 36: 2 1 The hosts of Sweden’s number-
Page 37 and 38: 1 1 RIX FM’s official James Bond
Page 39 and 40: 2 Countries Denmark Estonia Finland
Page 41 and 42: Publishing PUBLISHING 3 3 Tio Rivj
Page 43 and 44: The publishing business area has be
Page 45 and 46: The MTG share On New Year’s Eve 1
Page 47 and 48: ● Broadcasting ● TV-Shop ● Mo
Page 49 and 50: Consolidated balance sheet At Decem
Page 51 and 52: Consolidated statement of cash flow
Page 53 and 54: Parent company balance sheet For th
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Parent company cash flow statement
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Fixed assets Fixed assets are repor
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Note 2 Business segments continued
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Note 6 Interest revenue and similar
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Note 8 Taxes continued 2002 2001 20
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Note 11 Long-term financial assets
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Note 14 Short-term investments Dece
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Note 19 Accrued expense and prepaid
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Note 22 Salaries, other remuneratio
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Note 24 Supplemental cash flow info
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Note 25 Related party transactions
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Note 26 Generally accepted accounti
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Auditor’s report Stockholm, March
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Addresses Headquarters Modern Times
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Photography: Åke Gunnarsson/Vue, S
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MTG Annual Report 2002 - Modern Times Group MTG AB

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