6.3% growth in
TV advertising revenue to €196.4 m 4.7%1 growth in consolidated revenue to €296.0
m Consolidated EBITA: €55.8 m (stable compared with Q3
2022) Net profit: €53 m (+119.6%)
Regulatory News:
M6 METROPOLE TELEVISION (Paris:MMT):
Q3 9 months
(€ millions)
2023
2022
% change
2023
2022
% change
Consolidated revenue2
296.0
290.1
+2.1%
917.9
954.2
-3.8%
Group advertising revenue
232.3
219.8
+5.7%
736.6
749.9
-1.8%
- of which TV advertising revenue
196.4
184.8
+6.3%
624.2
640.0
-2.5%
- of which other advertising revenue
35.9
35.0
+2.6%
112.4
109.8
+2.3% Group non-advertising revenue
63.7
70.3
-9.4%
181.3
204.4
-11.3%
Consolidated
profit from recurring operations (EBITA)4
55.8
55.7
+0.1%
190.8
216.9
-12.0%
Operating income and
expenses related to business combinations
(2.8)
(6.0)
-52.6%
(7.8)
(6.0)
+29.6%
Capital gains on asset disposals
18.6
(2.1)
n.a
23.2
(10.0)
n.a
Operating profit (EBIT) from continuing
operations
71.5
47.7
+50.0%
206.2
200.9
+2.7%
Net financial income/(expense)
3.0
(0.5)
n.a
7.5
(0.6)
n.a
Share of profit/(loss) of
equity-accounted entities
(1.0)
(11.9)
n.a
3.3
(32.4)
n.a
Deferred and current tax
(20.5)
(11.1)
n.a
(57.5)
(50.8)
+13.3%
Net profit for the period
53.0
24.1
+119.6%
159.5
117.1
+36.2%
Net profit for the period - Group share
52.5
22.6
+132.4%
157.1
114.4
+37.4%
Third quarter
Over the third quarter of 2023, M6 Group posted
consolidated revenue of €296.0 million, an increase of 2.1%
(4.7% excluding changes to the consolidation scope1). The
Group’s advertising revenues increased by 5.7% over the
quarter, driven by the recovery of the TV advertising market
and the broadcast of popular sporting events, such as the FIFA
Women’s World Cup and the Men’s Rugby World Cup. Non-advertising
revenues decreased by 9.4%, due in particular to the
deconsolidation of Best Of TV. Profit from recurring
operations (EBITA) totalled €55.8 million, up 0.1% and
representing an operating margin of 18.8%.
First nine months
For the nine months to 30 September 2023, M6 Group generated
consolidated revenue2 of €917.9 million, a decline of 3.8% in
comparison with same period of 2022 and of 1.6% excluding the
scope effect1. This decrease is primarily connected with the
decline in TV advertising revenues over the first half of 2023,
which totalled €624.2 million to the end of September 2023, meaning
a dip of 2.5%.
Over the first nine months, non-linear (streaming) represented
379.6 million3 hours consumed, or 5.5% of total TV consumption and
7.5% of total TV advertising sales.
TV programming costs stood at €343.0 million for the nine
months to 30 September 2023 compared with €344.5 million to 30
September 2022, with the extra cost of the sporting events having
been absorbed. Consolidated profit from recurring operations
(EBITA)4 totalled €190.8 million, down 12.0% and
representing an operating margin of 20.8%.
Equity-accounted entities posted a healthy performance of €3.3
million compared with a loss of €32.4 million in 2022, reflecting
the operational performance of portfolio companies and benefiting
from the discontinuation of the SALTO platform. Net profit
was €159.5 million, an increase of 36.2% compared with
2022.
*
* *
Television
TV advertising revenue
(€ millions)
2023
2022
%
1st Quarter
214.0
219.2
-2.4%
2nd Quarter
213.8
236.0
-9.4%
3rd Quarter
196.4
184.8
+6.3%
Total 9 months
624.2
640.0
-2.5%
TV advertising revenue totalled €196.4 million over the
quarter, a year-on-year increase of 6.3% compared with Q3
2022. Over the third quarter of 2023, the Group’s four free-to-air
channels (M6, W9, 6ter and Gulli) achieved an audience share of
20.5%5 on the commercial target of 25-49 year olds, compared with
20.7% in Q3 2022. Within a highly competitive advertising market,
the Group has successfully achieved the monetisation during
strategic timeslots of the broadcast of its longstanding brands,
such as l’Amour est dans le pré (leader amongst 25-49 year olds
every Monday) and Les Traîtres (35% audience share amongst
WRP<50), as well as a large number of sporting events, like the
FIFA Women’s World Cup (13% audience share amongst WRP<50 and
23% amongst men under 50) and the Men’s Rugby World Cup (24%
audience share amongst 25-49 year olds).
Radio
(€ millions)
2023
2022
%
1st Quarter
34.4
32.2
+6.8%
2nd Quarter
43.9
42.4
+3.5%
3rd Quarter
34.9
34.5
+1.2%
Total 9 months
113.2
109.1
+3.7%
Over the third quarter of 2023, Radio revenue amounted to
€34.9 million, an increase of 1.2% in comparison with Q3
of 2022, despite a challenging comparison base (radio revenue was
up 3.8% in Q3 2022).
Production and audiovisual rights
(€ millions)
2023
2022
%
1st Quarter
18.7
15.3
+22.5% 2nd Quarter
8.6
11.4
-24.8%
3rd Quarter
21.6
15.8
+36.5%
Total 9 months
48.9
42.5
+15.0%
Revenue from the Production and Audiovisual Rights division
was €21.6 million for the third quarter of 2023, an increase
of €5.8 million driven by the momentum of film revenues over
the period. The number of cinema admissions for films distributed
by SND stood at 4.5 million6 for the third quarter of 2023 (against
1.7 million for the third quarter of 2022), with the film
Miraculous: Ladybug & Cat Noir, which achieved the best ever
launch for a French animated film when it was released in July,
consolidating its success with 1.6 million admissions in Q3
2023.
Diversification
(€ millions)
2023
2022
%
1st Quarter
9.8
18.5
-47.1%
2nd Quarter
10.0
17.6
-43.4%
3rd Quarter
9.5
19.8
-51.7%
Total 9 months
29.3
55.9
-47.6%
Diversification revenue stood at €9.5 million for the third
quarter of 2023, down €10.2 million, €7.3 million of which
related to the deconsolidation of Best of TV, sold in November
2022, with the remaining amount mainly driven by the slowdown in
the property market, which impacted revenues at Stéphane Plaza
Immobilier.
*
* *
Financial position
The Group had shareholders’ equity of €1,227.3 million at 30
September 2023, compared with €1,199.2 million at 31 December 2022,
reflecting the performance over the first nine months and the
transaction to dispose of the online special interest media and
services division to Prisma Média Group.
The net cash position was positive, standing at €229.6 million7,
compared with €188.1 million at 30 September 2022.
Miscellaneous
M6 Publicité, M6 Group’s TV ad sales house has concluded a
5-year marketing partnership with the station M Radio, to begin on
1 January 2024. M Radio, a 100% French songs radio station, is
complementary due to its positioning with the radio stations owned
by the Group and marketed by M6 Publicité.
Outlook
In a still uncertain economic environment, the Group expects the
TV advertising market to follow the trend of the first nine months,
while radio should see growth over the same period.
Neuilly sur Seine, 30 October 2023
Next release: Full-year financial information
on 13 February 2024 after close of trading
M6 Métropole Télévision is listed on Euronext
Paris, Compartment A. Ticker: MMT, ISIN Code: FR0000053
1 Excluding the deconsolidation of Best Of TV which was sold on
30 November 2022
2 The information provided is intended to highlight the
breakdown of consolidated revenue between advertising and
non-advertising revenue. Group advertising revenue includes TV
advertising revenue (advertising revenue of free-to-air channels
M6, W9, 6ter and Gulli, and the platforms 6play and Gulli Replay,
as well as the share of advertising revenue from pay channels), the
advertising revenue of radio stations RTL, RTL2 and Fun, and the
share of advertising revenue generated by diversification
activities.
3 Médiamétrie – TV 4 screens (channels) – not including
consumption of exclusive 6play programs
4 Profit from recurring operations (EBITA) is defined as
operating profit (EBIT) before amortisation and impairment of
intangible assets (excluding audiovisual rights) related to
acquisitions and capital gains and losses on the disposal of
financial assets and subsidiaries.
5 Médiamétrie Mediamat
6 Source: CBO Box-office
7 The net cash position does not take into account lease
liabilities resulting from the application of IFRS 16 - Leases
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030178097/en/
INVESTOR RELATIONS Myriam Pinot +33 (0)1 41 92 57 73
/ myriam.pinot@m6.fr
PRESS Paul Mennesson +33 (0)1 41 92 61 36
/ paul.mennesson@m6.fr
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