Metropole Television SA · EURONEXT:MMT
Metropole Television SA — M6 Group — H1 2017 Earnings Presentation
37 slides from Metropole Television SA's earnings presentation, 2017
Slide 1: 2017 Presentation of Half-Year Results
2017 PRESENTATION OF half-year RESULTS
Slide 2: Disclaimer
disclaimer statements contained in this document, particularly the content of this document must not be those concerning forecasts on future m6 group considered as an offer document nor as a performance, are forward-looking statements that solicitation to buy or sell m6 group shares. are potentially
Slide 3: Presentation of 2017 half-year results
m6 group presentation of 2017 half-year results 1. introduction 2. television 3. production and audiovisual rights 4. diversification 5. financial statements 6. appendices 3
Slide 4: Introduction
introduction 4
Slide 5: Programmes and financial performance
23 21.8% audience ratings programmes programmes launched audience share wrp<50 in the 2016-2017 season (up 0.1% year on year) financial performance advertising €118.7m up 27.1% year on year (restated for the 2016 impact of m6 mobile) up 3.8% year-on-year growth in free-to-air channels’ advertising r
Slide 6: Robust results: key figures
key figures key figures (€ millions) robust results h1 2016 h1 2017 +27.1% +2.6% 93.4 118.7 645.5 662.4 ebita exc. impact -5.3% of m6 mobile exit 579.4 548.6 -12.7% 136.0 118.7 -17.2% 83.5 69.1 69.9 4.9 consolidated revenue other operating operating expenses consolidated ebita net profit revenues ma
Slide 7: Momentum of TV and impact of M6 Mobile
key figures momentum of tv and impact of m6 mobile television production & audiovisual rights diversification other total +€18.2m h1 2017 +€16.9m vs. h1 2016 revenue +€1.8m growth -€3.1m +€31.8m h1 2017 vs. h1 2016 +€5.7m ebita growth -€1.3m -€53.5m -€17.3m 7
Slide 8: Television: Audience Ratings
TELEVISION AUDIENCE RATINGS 8
Slide 9: M6 Group stable across 4+ and grew among WRP<50
television - audience ratings h1 2016 h1 2017: m6 group was stable across 4+ and grew year on year H1 2017 among wrp<50 audience share of traditional audiovisual groups’ channels +0.7pp -1.0pp = 28.5 -1.6pp 4+ 27.2 27.9 27.5 13.8 13.8 audience share 8.0 6.4 (%) +1.0pp +0.1pp -0.9pp 31.5 32.5 17.3 16
Slide 10: M6 declined year on year amid eventful political background
television - audience ratings h1 2016 h1 2017: m6 declined year on year, notably impacted by an H1 2017 eventful political background -0.9pp 20.8 -0.9pp 19.9 -0.6pp -0.2pp 13.5 4+ 12.6 10.1 -0.2pp -1.0pp audience share 9.5 8.9 8.7 2.3 2.1 2.1 1.1 (%) -0.6pp 22.5 21.9 -0.6pp 15.8 15.2 -0.5pp -0.2pp w
Slide 11: M6 most resilient traditional channel against DTT channels
television - audience ratings h1 2007 m6 remains the traditional channel most resilient to the H1 2017 advent of dtt channels -36% 30.9 -32% 19.9 -40% 18.4 -19% 14.4 11.7 12.6 change in 4+ -70% audience share 9.5 8.7 between h1 2007 3.7 and h1 2017 (%) 1.1 11 source: mmw médiamétrie
Slide 12: M6 leader in access prime time
television - audience ratings 0.7 m m6 leader in 21% wrp<50 access prime time wrp<50 audience 1.1 m share (%) monday-friday 19% wrp<50 6pm-9pm in h1 2017 1.7 m 16% wrp<50 16.9% 2.6 m 18% wrp<50 16.8% 3.7 m 19% wrp<50 12 source: mmw médiamétrie – Monday-Friday
Slide 13: M6: numerous prime time successes
television - audience ratings m6: numerous prime success time successes of events 4.6 m 31% wrp<50 audience share wrp<50 (%) monday-sunday 9pm- 10.30pm 28.9 spin-off 28.1 entertainment programmes very well received 2.9 m 63% 64% 23% wrp<50 18.2 18.0 strength of french h1 2016 h1 2017 drama 5.7 m for
Slide 14: Television: DTT Audience Ratings
TELEVISION DTT AUDIENCE RATINGS 14
Slide 15: W9 and 6ter both grew over the first half-year
television – dtt audience ratings h1 2016 w9 and 6ter both grew over the 1st half-year H1 2017 3.7 3.6 3.4 2.8 3.0 2.7 2.4 2.1 2.1 1.7 1.82.0 1.6 1.9 1.9 1.8 1.8 1.7 1.6 1.5 1.5 1.3 1.2 1.2 1.1 4+ 0.9 0.9 1.1 0.7 1.1 0.7 0.80.7 1.0 0.6 audience share (%) 0.2 4.5 4.5 4.3 4.1 3.7 3.7 3.4 3.4 2.82.7 2.
Slide 16: Puissance TNT - the leading DTT service
television – dtt audience ratings PUISSANCE TNT - THE LEADING DTT SERVICE h1 2017 audience ratings (wrp<50) +0.7 pp 6.6% +1.1 pp -0.2 pp 4.5% 4.3% the leading advertising service on DTT 16
Slide 17: W9 grew by 0.4pp on the commercial target
television – dtt audience ratings w9 grew by 0.4pp on the commercial target record levels for w9 in best season access prime ever for the time europa league 1.5m prime-time viewers 6% 4+ / 11% men<50 5% 4+ / 9% wrp<50 and up to 2.2m for the besiktas-lyon quarter final excellent strongest performance
Slide 18: 6ter leader of the new DTT channels on the commercial target
a strong succession of daytime programmes television – dtt audience ratings 6ter leader of the new dtt channels on the commercial all-time prime time audience record target for norbert commis d’office excellent performance for original series “once upon a time” 18
Slide 19: Television: Advertising
TELEVISION ADVERTISING 19
Slide 20: Strong growth in advertising revenue in first half of 2017
television - advertising market +3.8% strong growth in m6 group’s advertising revenue in the 413.8 first half of 2017 398.8 free-to-air channels m6 group net advertising revenue h1 2016 h1 2017 (€ millions) +4.2% 445.3 427.1 +11.1% 31.4 other 28.3 activities Portals h1 2016 h1 2017 h1 2016 h1 2017 2
Slide 21: Television: EBITA
TELEVISIONS — EBITA Mi
Slide 22: A high-performance TV division
television a high-performance tv division tv ebita h1 2017 vs. h1 2016 (€ m) +2.5 +4.9 101.4 +11.4 +13.0 69.6 h1 2016 free-to-air tv advertising programming costs of free- broadcasting costs other costs h1 2017 revenue to-air (impact on ebita) channels 22
Slide 23: Production and Audiovisual Rights
PRODUCTION AND AUDIOVISUAL RIGHTS 23
Slide 24: A less busy cinema release schedule
production & audiovisual rights cinema a less busy cinema release schedule h1 2016 revenue (€ m) 8 films released h1 2017 in cinemas vs. -5.6% 11 in h1 2016 2.7 m 55.5 52.3 6.3 m admissions 1.8 m 1.0 m admissions admissions admissions ebita (€ m) -27.5% 4 films financed 5.0 3.7 3.8 m 1.1 m admission
Slide 25: Diversification
DIVERSIFICATION ack _entadis Sy Pon
Slide 26: M6 Web excl. M6 Mobile: online video advertising and iGraal
DIVERSIFICATION m6 web exc. m6 mobile: dynamic online video advertising revenue and integration of igraal catch up the group continues to develop its digital platform more than 17m almost h1 2016 h1 2017 revenue (€ m) +26.6% registered users 4m videos viewed per day in h1 2017 (up 11% year on year)
Slide 27: Ventadis: decline in business volume in challenging market
DIVERSIFICATION ventadis: decline in business volume in a challenging market ongoing restructuring of the business market under pressure h1 2016 revenue (€ m) h1 2017 decline in both revenue and margin -14.3% 76.0 65.1 ongoing renewal of the range and different seasonality in 2017 than in 2016 ebita
Slide 28: FCGB: reduced player trading activity compared with 2016
DIVERSIFICATION f.c.g.b: reduced player trading activity compared with 2016 h1 2016 improved sporting results h1 2017 revenue (€ m) 36.0 31.0 group stage 2015/2016 11th ebita (€ m) +0.3 2016/2017 6th failed to qualify preliminary round 2017/2018 -4.1 28
Slide 29: Financial Statements
FINANCIAL STATEMENTS 29
Slide 30: Condensed consolidated statement of comprehensive income
M6 Group 30 June 2016 30 June 2017 change (€ m) Revenue 645.5 662.4 16.9 Other operating revenues 69.9 4.9 (65.0) Total operating revenues 715.4 667.3 (48.1) Materials and other operating expenses (344.6) (336.8) 7.8 Personnel costs (including profit sharing plan (132.9) (125.9) 7.0 contributions) T
Slide 31: Condensed balance sheet
M6 Group 31 December 2016 30 June 2017 change (€ m) Goodwill 101.5 100.9 (0.7) Non-current assets 304.7 292.3 (12.4) Current assets 680.6 768.6 87.9 Cash and cash equivalents 174.4 61.1 (113.3) financial statements TOTAL ASSETS 1,261.3 1,222.8 (38.4) condensed balance sheet Group equity 616.3 575.8
Slide 32: Cash flow statement
M6 Group 30 June 2016 30 June 2017 Change (€ m) Self-financing capacity from operations 191.3 175.5 (15.8) Operating WCR movements (54.5) (84.9) (30.4) Income tax (33.8) (50.6) (16.8) Cash flow from operating activities 103.1 40.0 (63.1) Cash flow from investment activities (78.5) (44.9) 33.7 Recurr
Slide 33: Appendices
APPENDICES GROUPE
Slide 34: Analytical consolidated income statement
(€ millions) 30/06/2017 30/06/2016 % change (€ m) % TV Advertising revenue - Free-to-air channels 413.8 398.8 15.0 3.8% Revenue - Other operations 33.9 30.7 3.2 10.5% EBITA 101.4 69.6 31.8 45.7% Production and Audiovisual Rights Revenue 52.3 55.5 (3.1) -5.6% EBITA 3.7 5.0 (1.4) -27.5% Diversificatio
Slide 35: Segment contribution analysis
appendices segment contribution analysis 30/06/2017 30/06/2016 2017/2016 change profit from profit from profit from business business business external recurring external recurring external recurring Television (€ millions) segment total revenues revenues operations segment total revenues revenues o
Slide 36: Analytical presentation of free-to-air TV segment
2017/2016 change (€ millions) 30/06/2017 30/06/2016 (€ m) % external advertising revenues 413.8 398.8 15.0 3.8% appendices analytical intra-group advertising revenues 3.9 4.6 (0.7) -15.6% presentation of segment advertising agency costs, operating taxes and broadcasting costs (90.2) (91.4) 1.1 -1.2%
Slide 37: Questions & Answers
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