M6 Métropole Télévision: First Quarter 2014: Stable Consolidated Revenues: €312.2 m
May 05 2014 - 2:00AM
Business Wire
Profit from recurring operations (EBITA) of
€41.8 m
Regulatory News:
1st Quarter
(in €m) 1
2014
2013restated
change
Group advertising revenues 190.1 194.0
-2.0% - of which free channels advertising 180.0 183.2 -1.8% - of
which cab-sat channels and other media advertising 10.1
10.7 -6.2% Non advertising revenues 122.2 117.8 +3.7%
Consolidated revenues
312.2 311.8 +0.2%
During the first quarter of the 2014 financial year, M6 Group
(Paris:MMT) achieved consolidated revenue of €312.2 million, in
line with the first quarter of 2013 (restated for
Mistergooddeal, sold on 31 March 2014, and joint ventures that are
now equity-accounted pursuant to IFRS 11).
Within an economic and competitive environment that remained
challenging, the Group’s advertising revenue (M6 channel, digital
channels, Internet) posted a slight decline of 2.0% over the first
three months of the year, totalling €190.1 million, including
€180.0 million in advertising revenues from free-to-air
channels (down 1.8%), which allowed the Group to consolidate its
positions on the television market (in the first quarter of
2013, the decline in advertising revenues had reached 3.9%).
Excluding the effect of Mistergooddeal’s exit from the
consolidation scope, the Group’s non-advertising revenues
increased by 3.7%, primarily driven by teleshopping
operations.
1 The financial information presented above is aimed at
disclosing a breakdown of consolidated revenues between advertising
and non-advertising revenues. The Group’s advertising revenues
include revenues from the M6, W9 and 6ter free-to-air channels, the
share of advertising revenues from pay digital channels and the
share of advertising revenues generated by diversification
activities (mainly Internet).
*
* *
Television
(in €m)
1st Quarter 2014 2013
r change Consolidated Revenues 195.8 199.5 -1.9% o.w.
free channels advertising 180.0 183.2 -1.8%
In line with the sluggish economic environment, and given the
wait-and-see attitude of the main advertising sectors, the Group’s
free-to-air channels recorded a limited decline in their
advertising revenue (down 1.8%), due notably to the commercial
innovation Puissance TNT (“DTT Power”), launched on 5
January, whose excellent return for advertisers enabled it to
become the leading advertising service on DTT.
In an ever more fragmented environment that was affected by the
broadcast of the Winter Olympics on rival channels in February, M6
Group’s free-to-air channels achieved an average audience
share of 13.5% over the first quarter of 2014 (source
Médiamétrie) in the 4 years and over category (down 0.8 points) and
20.9% on the commercial target (down 0.1 percentage
points):
- The M6 channel maintained its
second placed ranking in the under 50s category throughout the day,
thanks to its major brands (Scènes de Ménages, L’Amour est dans le
pré, Le 19’45, etc.), the effectiveness of its drama programmes
(Star Wars, Indiana Jones) and its programme innovations (Qu’est-ce
que je sais vraiment?);
- W9 retained its DTT leadership
both in early primetime and amongst the under 50s throughout the
day;
- 6ter became the leading new DTT
channel among under 50 year-old housewives (commercial
target).
Production & Audiovisual Rights
(in €m)
1st Quarter 2014 2013
r change Consolidated Revenues 30.7 31.7 -3.3%
For the three months to 31 March 2014, Production and
Audiovisual Rights revenue posted a decline of 3.3% due to a
less favourable release schedule than that of the first quarter of
2013 (video release of Twilight 5).The first quarter of 2014 was
distinguished by the success of Fiston (1.9 million tickets sold)
and Yves Saint Laurent (1.6 million tickets sold) at the
cinema.
Diversification
(in €m)
1st Quarter 2014 2013
r change Consolidated Revenues 85.7 80.5 +6.5%
Diversification revenue grew 6.5% over the first quarter
of the financial year:
- M6 Web revenue fell by 9.6%, due
particularly to the drop in revenues generated by mobile
entertainment and online gaming communities;
- The Interactions
Division's revenue fell €1.7 million, due to a base
effect;
- Ventadis saw its sales grow by
35.1% thanks to the strong commercial performance of its
teleshopping operations and its niche e-commerce sites
(MonAlbumphoto.fr in particular), and to the integration
of Best of TV, a company for the import and distribution to
points of sale of products whose marketing was initiated by
teleshopping, and 51% of whose capital was acquired by the Group on
7 January 2014;
- F.C.G.B suffered a decline of
16.7% in its revenue, in line with its exit from the Europa
League.
*
* *
Change in financial position and outlook
At 31 March 2014, Group equity totalled €581.7 million (€572.0
million at 31 December 2013) with a net cash position of €298.9
million.
For the first quarter of the financial year, consolidated
profit from recurring operations (EBITA)1 reached €41.8
million compared with €60.7 million at 31 March 2013, primarily
reflecting different seasonal fluctuations of operations (timing of
the cost of programmes for free-to-air channels altered for the
Television division, and a different release calendar for the
Production and Audiovisual Rights division).
EBITA was also affected by the on-pitch performance of F.C.G.B.
(down €2.8 million) and the decline in advertising revenues (down
€3.9 million).
If a decrease in the advertising market goes on in the second
half-year, the Group will record a decline in its full-year
operating profit.
*
* *
Dividend
The Combined General Meeting convened today will be asked to
approve the payment2 of a €0.85 dividend per share in respect of
the 2013 financial year, corresponding to a 5.1% yield based on the
2013 closing price.
1 The profit from recurring operations, also called EBITA, is
defined as operating profit (EBIT) before amortisation and
impairment of intangible assets related to acquisitions (excluding
audiovisual rights) and capital gains and losses on the disposal of
financial assets and subsidiaries.
2 Last trading day dividend incl.: 16 May 2014 - Ex-dividend
date: 19 May 2014 - Payment of cash dividend: 22 May 2014
*
* *
Next release: H1 revenues and earnings – 29
July 2014 after close of tradingM6 Métropole Télévision is listed
on Euronext Paris, Compartment ATicker MMT, ISIN Code:
FR0000053225
www.groupem6.fr
M6 Métropole TélévisionINVESTOR RELATIONSEric Ghestemme,
Tel +33 1 41 92 59 53eghestemme@m6.frorPRESSYann de
Kersauson, Tel +33 1 41 92 73 50ydekersauson@m6.fr
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