MTG Annual Report 2002 - Modern Times Group MTG AB

Five-year figures
SEK million 1998 1999 2000 2001 2002
Net sales 3,595 4,491 5,431 6,402 6,023
Income from corporate development 45 –3 8 –
Income from sales of securities 50 – 106 – 163
Expensed option premium for TV1000 –91 –68 – – –
Result in Metro Sweden’s sales company – – 32 – –
Viasat Digital project – – –555 –15 –
Non-recurring costs – –126
Operating income/loss –45 87 –227 360 267
Income /loss after financial items, excluding interest on convertible debentures –40 63 –271 317 60
Net income/loss –125 –50 –296 121 –67
Balance sheets
Fixed assets 930 1,599 2,905 3,109 3,070
Current assets 2,048 2,525 3,135 3,832 3,114
Total assets 2,978 4,124 6,040 6,941 6,184
Shareholders’ equity 774 918 1,790 1,948 1,885
Minority interests 27 23 7 5 16
Provisions 87 125 124 132 173
Long-term liabilities 771 687 1,321 1,518 1,565
Short-term liabilities 1,319 2,371 2,798 3,338 2,545
Total shareholders’ equity and liabilities 2,978 4,124 6,040 6,941 6,184
Personnel
Average number of employees 1,166 1,164 1,445 1,451 1,451
Key figures
Return on total assets % neg neg neg 2 neg
Return on equity % neg neg neg 6 neg
Operating margin % neg 2 neg 6 4
Profit margin % neg neg neg 2 neg
Equity/assets ratio including convertible % 44 36 30 44 49
Equity/assets ratio excluding convertible % 31 27 30 28 30
Debt/equity ratio 1.10 1.31 0.78 0.95 0.93
Interest coverage ratio –2.17 2.13 –2.32 3.67 1.25
Net sales per employee (SEK thousand) 3,083 3,858 3,758 4,412 4,151
Operating income per employee (SEK thousand) neg 75 neg 248 184
Capital expenditure
Investments in fixed assets 62 166 233 106 98
Investments in shares and convertible bonds 97 142 164 161 481
Per share data
Number of shares outstanding at year-end, including convertible** 64,685,967 64,685,967 66,375,156 66,375,156 66,375,156
Number of shares outstanding at year-end, excluding convertible 59,697,732 59,697,732 66,375,156 66,375,156 66,375,156
Market price on the last day of the year 120.0* 422.0* 250.0 231.00 71
Basic earnings per share –2.09 –0.84 –4.62 1.82 –1.00
Diluted earnings per share –2.09 –0.84 –4.62 1.82 –1.00
Basic shareholders’ equity per share 12.97 15.38 28.00 29.35 28.40
Diluted shareholders’ equity per share 11.97 14.19 27.15 29.35 28.40
Cash dividend/proposed cash dividend – – – – –
* Market prices before August 15, 2000, include the value of Metro International S.A.
** The Group has issued convertible debenture loans that may be converted into 2,790,994 new class B shares, and a share option program that may be converted into 2,052,840 new class B shares.
These have not been included in the dilution as the conversion prices are higher than the market price as at December 31, 2002.
6 MTG Annual report and accounts 2002