Regulatory News:
This replaces the announcement made at 5:57 p.m. CET on July 24,
2012 due to multiple revisions.
M6 Group: Consolidated Results at June 30,
2012
- Consolidated revenues: €710.8m
(-1.2%)
- Consolidated EBITA: €125.3m
(-14.7%)
- Net Profit: €94.4m (+3.1%)
M6 Group (Paris:MMT):
The Supervisory Board, held on July 24, 2012 under the
chairmanship of M. Albert Frère, reviewed the H1 2012 financial
accounts approved by the Executive Board.1
in €m
June 30, 2012 June 30, 2011
% change Consolidated
revenues 710,8 719,7 -1,2% of which
M6 channel advertising revenues 342,1 356,5 -4,0% of which other
advertising revenues 81,4 76,6 +6,3% Group advertising revenues
423,5 433,1 -2,2% of which non advertising revenues 287,3
286,7 +0,2%
Consolidated current operating
income (EBITA) 125,3 146,9 -14,7%
Consolidated operating income (EBIT) 124,6 144,5 -13,7%
Financial income 22,7 1,5 n.s Deferred and due taxes -52,9
-54,5 -2,9%
Net profit - Group share
94,4 91,5 +3,1%
*
* *
During the first half of 2012, the M6 Group recorded a decline
of 1.2% in consolidated revenue to €710.8 million. Following a
first quarter of growth, from May onwards the uncertain business
environment had a negative effect on the advertising market, which
led to a 5.7% decline in revenue over the second quarter.
M6 channel advertising revenues are down -4.0% on the half-year.
Over the first six months of the year, the Group’s advertising
revenues declined by 2.2%, while non-advertising revenues are
stable at €287.3 million.
Consolidated profit from recurring operations (EBITA) was €125.3
million, down 14.7%, reflecting the decline in advertising revenue
and investment in Euro 2012. Consolidated EBITA as a percentage of
revenue was therefore 17.6%.
At 30 June 2012, net financial income was €22.7 million (vs. an
income of €1.5 million at 30 June 2011), including a €20.2 million
capital gain (€18.4 million after tax) on the disposal in January
2012 of the Group’s equity investment in US studio Summit
Entertainment.
Thanks to this operation, the M6 Group reports its best
half-year net profit of the last five years, up 3.1% to €94.4
million, thus demonstrating the appropriateness of its investment
policy.
*
* *
1 The financial information is aimed at disclosing revenues
breakdown depending on advertising and non-advertising. The Group
advertising revenues include M6 and W9 (FTA channels) advertising
revenues, the share of advertising revenues of pay digital channels
and the share of advertising revenues generated by diversification
activities (mainly Internet). The current operating income, also
called profit from operations or EBITA, is defined as the operating
profit (EBIT) before amortisation and impairment of intangibles
assets related to acquisitions (excluding audiovisual rights) and
capital gains on the disposal of non-current assets.
In accordance with IFRS 8, the reporting of the Group is based
on 3 operating segments, which contribution to revenues and EBITA
is as follows:
1st Quarter 2nd Quarter First
Half-Year in €m
2012 2011 % 2012 2011 %
2012 2011 % M6 FTA Network 168,2 165,6
+1,6% 183,3 196,2 -6,6% 351,5 361,8 -2,8% Digital channels 43,4
39,4 +10,2% 48,1 49,4 -2,7% 91,5 88,8 +3,0% Diversification and
Audiovisual Rights 143,5 137,7 +4,2% 124,2 131,4 -5,4% 267,7 269,1
-0,5%
Consolidated revenues 355,1 342,7
+3,6% 355,7 377,0
-5,7% 710,8 719,7 -1,2%
M6 FTA Network - - - - - - 84,4 113,4 -25,6% Digital
channels - - - - - - 18,8 20,0 -5,9% Diversification and
Audiovisual Rights - - - - - - 24,0 16,0 +50,4% Eliminations and
unallocated items - - - - - - - 2,0
- 2,5 n.s
Consolidated current operating income
(EBITA) - - - -
- - 125,3 146,9
-14,7%
M6 FTA Network
In the 1st half of 2012, M6 reported the strongest audience
growth among French channels and was the only historic channel to
achieve an increase, reporting ratings of 11.4% vs 10.5% in the
first half of 2011 (4+ year olds, source Médiamétrie.)
This strategic reinforcement was partly due to event-driven
programming, with the broadcasting of UEFA’s Euro 2012, and partly
to the relevance of the channel’s strong brands, which continued to
generate excellent ratings (L’Amour est dans le pré, Scènes de
Ménages, NCIS, Top Chef, etc.) and contributed to the growth in the
channel’s audience share.
This strong audience performance rewards investment in
programming, the cost of which totalled €178.7 million. This
increase of €18.8 million was virtually entirely attributable to
the broadcasting of the European Football Cup.
Euro 2012 enabled the channel to achieve record ratings, as
exemplified by the broadcasting of the Sweden vs France match,
which attracted 12.2 million viewers, the channel’s second all-time
record audience.
M6 FTA segment (M6 channel, advertising agency and production
subsidiaries) generated a current operating margin (EBITA/Rev) of
24.0%.
Digital channels
At June 30, 2012, digital channels revenues rose by +3.0%,
mainly driven by W9 which:
- attracted an audience share of 3.1% (4+ year olds, source
Médiamétrie),
- retained its DTT leadership on the preferred marketing target
with an average audience ratings of 4.1% (Source Médiamétrie),
- confirmed its rank as leader of DTT channels over the
strategic 6pm-11pm time slot.
On the whole, the contribution of digital channels to
consolidated EBITA amounted to €18.8m, i.e. a current operating
margin of 20.6%.
Diversification and audiovisual rights
In the first half-tear of 2012, Diversification and audiovisual
rights revenues reached €267.7m (-0.5% compared to H1 2011), with a
contribution to consolidated EBITA up €8m:
o Audiovisual Rights benefited from the success of Twilight 4 in
video;
o M6 Web reinforced its positions, both on mobile telephony and
on the internet advertising market;
o Ventadis posted a revenue and an EBITA up;
o the revenues and EBITA of M6 interaction were down, due to the
streamlining of operations;
o the Girondins de Bordeaux (F.C.G.B.) ended the French League 1
championship at the 5th rank, and qualified for the Europa League.
This sportive performance allowed them to limit the level of losses
compared with the previous season.
The level of current operating margin of Diversification and
audiovisual rights reached 9.0%, vs. 5.9% at June 30, 2011.
*
* *
Change in the financial position
At June 30, 2012, Group Equity amounted to €638.8m, with a net
cash position of €254.6m, after it implemented its buyback
programme, and bought 980 000 of its own shares during the 2nd
quarter, of which 500 000 were cancelled, for a total amount of
€9.6m, therefore €9.77 per share.
H2 2012 Outlook
Due to the uncertain business environment, a recovery in the
advertising market in 2nd half of the year cannot be contemplated.
However, the Group should continue to gain market shares thanks to
its strong audience performance.
A conference call will take place on July
25, 2012 at 8:30 am (CEST). A webcast will be broadcast on the
website www.groupem6.fr (Finance section). All details to follow
the conference call are available on the website.Both slideshow and
H1 financial accounts will be online at 8:00 am. The statutory
auditors have conducted their review of the financial statements
and have issued an unqualified report.Next release: Q3 financial
information, November 6th, 2012 after market closeM6 Métropole
Télévision is listed on Euronext Paris, compartment A. Code MMT,
code ISIN: FR0000053225
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