Increase in revenue and EBITA
Advertising revenue: €427.1 m (up
5.3%)
Profit from recurring operations (EBITA):
€136.0 m (up 32.6%)
of which non-recurring profit of €42.6
m
Regulatory News:
M6 Metropole Television (Paris:MMT):
At its meeting held on 26 July 2016, the Supervisory Board
reviewed the 2016 half-year financial statements approved by the
Executive Board.
(€ millions) 1
HY1 2016 HY1 2015
% change Consolidated revenue
645.5 629.9 +2.5% Group advertising
revenue 427.1 405.6 +5.3% - of which free-to-air channels
advertising revenue 398.8 381.0 +4.7% - of which cab-sat channels
and other media advertising revenue 28.3 24.5 +15.3%
Non-advertising revenue 218.3 224.4 -2.7%
Consolidated profit from recurring operations (EBITA)
136.0 102.6 +32.6% Operating income and
expenses related to business combinations (0.5) (0.5) n.a
Consolidated operating profit (EBIT) of continuing
operations 135.4 102.0 +32.7% Net
financial income 0.1 0.4 n.a Share of profit of associates
0.9 0.9 n.a Deferred and current taxes (52.9) (45.0) +17.6%
Net profit for the period 83.5
58.3 +43.1% Net profit for the period - Group
share 83.5 58.3 +43.1%
*
* *
Over the course of the first half of the 2016 financial year,
M6 Group recorded growth of 5.3% in its advertising revenue,
including 6.3% in the second quarter, reflecting the strength of
its TV and online audience figures.The less buoyant home
shopping business impacted the Group’s non-advertising revenue,
which totalled €218.3 million, representing a 2.7% decline over the
first six months of the year.Consolidated Group revenue thus stood
at €645.5 million (up 2.5%).
M6 Group’s profit from recurring operations (EBITA)
reached €136.0 million, an increase of €33.4 million,
reflecting:
- The €10.1 million fall in Television activities, due to the net
effect of the broadcast of Euro 2016 and investments in programmes
for both free-to-air and pay TV channels,
- The non-recurring operating profit of €42.6 million
corresponding to €50 million in contractual compensation related to
the gradual stoppage of the M6 mobile contract, less its automatic
impact of €7.4 million on operating expenses,
- The stability of other activities (down €0.1 million).
1 The information provided is intended to highlight the
breakdown of consolidated revenue between advertising and
non-advertising revenue. Group advertising revenue includes the
advertising revenue of free-to-air channels M6, W9 and 6ter, the
share of advertising revenue from pay channels and the share of
advertising revenue generated by diversification activities (mainly
Internet).2 Profit from recurring operations (EBITA) is defined as
operating profit (EBIT) before operating income and expenses from
business combinations and capital gains on the disposal of
financial assets and subsidiaries.
The tax charge totalled €52.9 million, up €7.9 million
year-on-year due to the increase in operating profit and a lower
tax rate.
Net profit was €83.5 million, representing a
net margin of 12.9%.
*
* *
In accordance with IFRS 8, the contribution of the Group's 3
operating segments to consolidated revenue and EBITA was as
follows:
Q1 Q2 HY1
(€ millions)
2016 2015
% 2016 2015 % 2016 2015
% TV 201.0 196.1 +2.5% 228.5 215.7 +5.9% 429.5 411.8
+4.3% Production & Audiovisual Rights 30.5 27.0 +12.9% 25.0
21.6 +15.5% 55.5 48.6 +14.1% Diversification 80.2 84.3 -4.8% 80.1
85.1 -5.9% 160.3 169.4 -5.3% Other revenue 0.1 0.1 n.a 0.1 0.1 n.a
0.2 0.2 n.a
Consolidated revenue 311.8 307.4
+1.4% 333.7 322.5 +3.4%
645.5 629.9 +2.5% TV 69.6
79.7 -12.7% Production & Audiovisual Rights 5.0 3.8 +33.7%
Diversification 70.6 21.4 +230.5% Unallocated revenues (9.2) (2.3)
n.a
Consolidated
profit from recurring operations (EBITA) 136.0
102.6 +32.6%
TELEVISION
Within an environment that continues to be characterised by the
fragmentation process (the six new DTT channels increased their
audience share by a further 1.6% over the half-year), the Group
continued to invest in programmes across all its free-to-air and
pay channels.As such, programming costs for its free-to-air
channels rose by €24.0 million to €232.6 million, including the
Euro 2016 matches broadcast in June.
Thanks to its improved programme line-up, M6 Group’s
family of free-to-air channels made progress and over the first
six months of 2016 achieved an average audience share of
13.8% (source - Médiamétrie) in the 4+ years old category (up
0.4 pps) and of 21.7% on the commercial target (up 1.2 pps),
making it the only historical group to achieve year-on-year growth
on each of the two targets:
- The M6 channel recorded an audience share of
10.1% across the entire viewing public, an increase
of 0.3 pps, and of 15.8% on the commercial target (up 0.9
pps).This strategic reinforcement was due to:
- The success of its access primetime viewing schedule
(Les Reines du Shopping, Chasseurs d’appart, Le 19’45 and Scènes de
ménages),
- The relevance of its range of evening programmes, which
combines new shows (A l’état sauvage, Garde à vous, etc.) with
major brands (The Island, Top Chef, Zone Interdite, etc.),
- Its event programming, notable for the broadcast of
the UEFA Euro 2016 Championships, whose exceptional audience
figures were the crowning glory of the strategy to buy a limited
number of matches while benefiting significantly from the
event.Euro 2016 enabled the channel to achieve record audiences, as
with the broadcast of the France – Portugal final which had 20.8
million viewers, equating to its best figures since its
creation, and the fifth best historical television
audience.
- W9 was the second ranked DTT channel in the women under
50 responsible for purchases category throughout the entire day
with a 3.7% audience share.
- 6ter was the leading new DTT channel on the commercial
target (women under 50 responsible for purchases) with a 2.2%
audience share.
Within a TV advertising market that remained volatile and which
posted moderate growth driven by Euro 2016 over the first six
months, advertising revenue from the free-to-air channels recorded
a 4.7% increase thanks to higher audience figures.
The TV division thus contributed €69.6 million to EBITA,
against €79.7 million for the six months to 30 June 2015, enabling
M6 Group to maintain the current operating margin of its core
business at a high level (16.2%) despite the exceptional costs
related to the broadcast of Euro 20162.
PRODUCTION & AUDIOVISUAL RIGHTS
In the first half of 2016, revenue from Production and
Audiovisual Rights operations totalled €55.5 million, up
14.1% year on year, due to a busier cinema release schedule than in
the first half of 2015 (11 films released in cinemas by SND, vs. 4
films in the first half of 2015), and marked by the success of The
Divergent Series: Allegiant (2.2 million admissions), The Hateful
Eight (1.8 million) and Adopte un veuf (1.1 million).
The first half-year was also notable for the release of three
films co-produced by M6 Films (Chocolat, Amis publics, and Un Homme
à la hauteur) recording a combined 3.3 million cinema
admissions.
These healthy performances helped achieve EBITA of €5.0
million, an increase of €1.2 million.
DIVERSIFICATION
During the first half of 2016, Diversification revenue
totalled €160.3 million (down 5.3% compared with the first half
of 2015), with a contribution to EBITA of €70.6 million,
including €50 million from the non-recurring contribution from the
M6 mobile agreement, corresponding to the contractual compensation
paid by Orange upon agreement of the gradual stoppage of the
marketing of the offer.
Recurring activities, whose operating margin reached an average
of 12.9%, contributed €20.6 million to EBITA, a year-on-year fall
of €1.2 million, which was the result of:
- A €2.4 million reduction in the business contribution made by
M6 mobile,
- A €0.4 million increase in the profit from recurring operations
of M6 Web’s other activities, which reached €5.8
million before €2.2 million in launch-related losses for its
network of online channels (Golden Moustache, Rose Carpet, etc.)
were taken into account,Revenue from M6 Web excluding M6 Mobile
grew €2.8 million and reached €35.2 million thanks to the
strong growth in online video advertising revenues. The new version
of 6play has proved a success: six months after its launch,
it already has more than 10 million registered users, with a
rapidly growing audience and an average of 110 million videos
viewed per month across all screens (50% growth year-on-year,
source - Médiamétrie, December to May).
- Ventadis, which is gradually renewing its home shopping
product range, and which saw its sales and EBITA fall by €7.2
million and €4.4 million respectively;
- F.C.G.B, which ended the French Ligue 1 Championship in
11th place and posted a €5.9 million increase in EBITA, thanks to
the sale of players during the winter transfer window.
UNALLOCATED ITEMS
Unallocated expenses fell €7 million, as a result of the
automatic impact of the non-recurring M6 mobile compensation on
operating expenses.
2 Matches broadcast in July will however yield a positive
margin
CHANGE IN FINANCIAL POSITION
At 30 June 2016, Group equity stood at €561.9 million, with a
cash usage of €85.5 million over the first half-year of 2016,
compared with a usage of €133.1 million for the first six months of
2015.
OUTLOOK FOR THE 2ND HALF OF 2016
Following a first half-year energised by Euro 2016, advertising
market visibility remains limited within an uncertain macroeconomic
market.Over the second half of the year, M6 Group will pursue its
policy of investing in its viewing schedules in order to continue
improving its audience figures and market share.
A conference call will be held on 26 July 2016
at 6.30pm (CEST). A webcast will be broadcast on the site
www.groupem6.fr (Finance section).
Details on how to access the conference call
are available at the same address. Both the slideshow presentation
and the consolidated half-year financial statements will be
accessible online from 6.00 pm, it being specified that the
Statutory Auditors have completed a limited review of the financial
statements and issued an unqualified report.
Next release: Third quarter financial
information on 8 November 2016 after close of trading
M6 Métropole Télévision is listed on Euronext
Paris, Compartment A.Ticker: MMT, ISIN code: FR0000053225
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160726005882/en/
M6 METROPOLE TELEVISIONINVESTOR RELATIONSEric
Ghestemme, +33 (0)1 41 92 59
53eric.ghestemme@m6.frorPRESSAdélaïde Stella, +33 (0)1 41 92
61 36adelaide.stella@m6.fr
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