Metropole Television Sa · EURONEXT:MMT
Metropole Television Sa — H1 2018 Earnings Presentation
35 slides from Metropole Television Sa's earnings presentation, 2018
Slide 1: Presentation of 2018 Half-Year Results
PRESENTATION OF 2018 HALF-YEAR RESULTS
Slide 2: Disclaimer
DISCLAIMER STATEMENTS CONTAINED IN THIS DOCUMENT, THE CONTENT OF THIS DOCUMENT MUST NOT BE PARTICULARLY THOSE CONCERNING FORECASTS ON CONSIDERED AS AN OFFER DOCUMENT NOR AS A FUTURE M6 GROUP PERFORMANCE, ARE FORWARD- SOLICITATION TO BUY OR SELL M6 GROUP SHARES. LOOKING STATEMENTS THAT ARE POTENTIALL
Slide 3: Presentation of 2018 Half-Year Results
M6 GROUP PRESENTATION OF 2018 HALF-YEAR RESULTS 1. KEY FIGURES 2. OPERATIONS 3. FINANCIAL STATEMENTS 3
Slide 4: Key Figures
; KEY FIGURES A
Slide 5: Increase in Results
1. KEY FIGURES KEY FIGURES (€ millions) INCREASE IN RESULTS H1 2017 H1 2018 +11.4% 738.0 662.4 +18.4% +12.5% 948.0 527.1 548.6 617.0 445.3 +9.1% 129.4 118.7 +15.1% 79.5 69.1 4.9 8.4 CONSOLIDATED ADVERTISING OTHER OPERATING OPERATING CONSOLIDATED NET PROFIT REVENUE REVENUE REVENUES EXPENSES EBITA MAR
Slide 6: Performance of TV offset by other activities; integration of RTL Radio
1. KEY FIGURES PERFORMANCE OF TV OFFSET BY OTHER ACTIVITIES INTEGRATION OF RTL RADIO TOTAL RADIO TOTAL TELEVISION PRODUCTION & DIVERSIFICATION OTHER EXCL. RADIO AUDIOVISUAL RIGHTS +€77.8M +€75.6M H1 2018 VS H1 2017 +€15.5M REVENUE GROWTH -€17.4M -€0.2M -€2.1M +€13.2M +€10.7M +€10.4M H1 2018 VS H1 20
Slide 7: Television: Audience Ratings
TELEVISION AUDIENCE RATINGS
Slide 8: H1 2018: M6 Group posts a year-on-year decline like all traditional private groups
2.TELEVISION - AUDIENCE RATINGS H1 2017 H1 2018: M6 GROUP POSTS A YEAR-ON-YEAR DECLINE LIKE ALL H1 2018 TRADITIONAL PRIVATE GROUPS AUDIENCE SHARE OF TRADITIONAL AUDIOVISUAL GROUPS’ CHANNELS +1.2PP -0.6PP 28.0 -0.4PP -0.2PP 4+ AUDIENCE SHARE 27.9 27.3 26.8 (%) 6.2 13.8 13.4 6.4 = -0.7PP +0.8PP 32.5 3
Slide 9: H1 2018: M6 channel ratings declined year-on-year
2.TELEVISION - AUDIENCE RATINGS H1 2017 H1 2018: M6 CHANNEL RATINGS DECLINED YEAR-ON-YEAR H1 2018 +0.2PP 19.9 +0.6PP 20.1 +0.8PP -0.4PP +0.3PP +0.2PP 12.6 13.2 4+ AUDIENCE SHARE 9.5 (%) 8.7 9.5 9.1 2.1 2.4 1.1 1.3 +0.4PP 21.9 22.3 -0.6PP +0.3PP +0.7PP 15.2 14.6 +0.2PP WRP <50 AUDIENCE 4.2 = 8.1 8.4
Slide 10: M6 remains the most resilient traditional channel against DTT
2.TELEVISION - AUDIENCE RATINGS M6 REMAINS THE TRADITIONAL CHANNEL THAT PROVED THE MOST RESILIENT TO THE ARRIVAL OF DTT CHANNELS H1 2008 H1 2018 -27% 27.6 -26% 20.1 -29% 17.8 -19% 13.3 13.2 CHANGE IN 4+ 11.2 -61% AUDIENCE SHARE 9.5 9.1 BETWEEN H1 2008 3.3 AND H1 2018 (%) 1.3 10 SOURCE: MÉDIAMÉTRIE M
Slide 11: M6: many primetime success stories
3.1 M 2.TELEVISION - AUDIENCE RATINGS 24% WRP<50 BEST SEASON AMONG WRP<50 M6: MANY PRIMETIME FOR 5 YEARS SUCCESS SUCCESS STORIES, OF EVENTS ACROSS ALL TYPES OF PROGRAMMES 2.7 M 19% WRP<50 RECORDS FOR BEST SEASON AMONG HIGHEST AUDIENCE OF NEWS PRO- WRP<50 FOR 10 YEARS THE HALF-YEAR ON M6 GRAMMING WIT
Slide 12: Television: DTT Audience Ratings
TELEVISION DTT AUDIENCE RATINGS 12
Slide 13: W9 retakes 2nd place among DTT channels; 6ter takes 5th
2. TELEVISION – DTT AUDIENCE RATINGS H1 2017 W9 RETAKES 2ND PLACE AMONG DTT CHANNELS ON THE COMMERCIAL H1 2018 TARGET AND 6TER TAKES 5TH PLACE 3,6 3,2 3,4 3,0 3,0 2,7 2,7 2,4 2,1 2,2 2,0 1,9 1,9 1,7 1,7 1,8 1,7 1,6 1,6 1,7 1,5 1,5 1,3 1,2 1,2 1,1 1,1 1,1 1,1 1,1 4+ AUDIENCE 0,7 0,6 0,60,6 SHARE (%)
Slide 14: Solid season of W9, driven by excellent primetime performances
2. TELEVISION – DTT AUDIENCE RATINGS SOLID SEASON OF W9, DRIVEN BY ITS EXCELLENT PRIMETIME PERFORMANCES BEST SEASON MOST EVER FOR POPULAR EUROPA RANGE OF LEAGUE MAGAZINES ON DTT 2.1M IN PRIMETIME ON AVERAGE OVER THE SEASON AND UP TO 4.7M BEST SEASON EVER FOR THE FINAL BETWEEN SALZBURG AND OM, FOR TH
Slide 15: 6ter leader of the new DTT channels on the commercial target
VERY STRONG BREAKFAST AND EARLY AFTERNOON SLOTS 6TER MOST POPULAR CHANNEL ACROSS ALL DTT GENERATIONS TELEVISION – DTT AUDIENCE RATINGS 6TER LEADER OF THE NEW DTT CHANNELS RECORD AUDIENCE ON THE COMMERCIAL RATINGS IN TARGET PRIMETIME WITH THE FILM SISTER ACT 1.0M GROWING SUCCESS FOR THE NEW DAILY SHO
Slide 16: Puissance TNT, the leading DTT service
2. TELEVISION – DTT AUDIENCE RATINGS PUISSANCE TNT THE LEADING DTT SERVICE H1 2018 AUDIENCES (WRP<50) -0.1pp 6.5% -0.3pp 4.2% -0.9pp 3.4% THE LEADING ADVERTISING SERVICE ON DTT 16
Slide 17: Television: 6play Audience
TELEVISION 6play AUDIENCE RATINGS
Slide 18: 21.8 million registered users on 6play in OTT
2. TELEVISION – 6PLAY AUDIENCE 21.8 MILLION REGISTERED USERS ON 6PLAY IN OTT WITH ALMOST 22 MILLION ACCOUNTS CREATED, 6PLAY BENEFITS FROM A REAL STRENGTH ON THE ADVERTISING MARKET IN TERMS OF DATA 25 000 000 21.8M 20 000 000 15 000 000 10 000 000 5 000 000 0 18 Source: Gigya
Slide 19: High viewing figures on 6play
2. TELEVISION – 6PLAY AUDIENCE HIGH VIEWING FIGURES ON 6PLAY 34% of French 45M ** hours watched per month viewers watched M6 Group on TV, PC, mobile & tablet programmes via catch-up on up 0.9% vs H1 2017 TV over H1 2018, representing 117M 19.7 M individuals * videos viewed / month on TV, PC, mobile
Slide 20: Radio: Audience Ratings
RADIO AUDIENCE RATINGS RIL =
Slide 21: Radio division: 10-year record for an H1 audience share
2. RADIO RADIO DIVISION: 10-YEAR RECORD FOR AN H1 AUDIENCE SHARE AUDIENCE SHARE, BY RADIO GROUP (%) The Radio Division recorded strong growth. With an audience share of 19.8% (up 1 pp year-on- +1.9 pp year), the Group’s radio stations posted their best -1.6 pp performance in 10 years. -2.5 pp 17,9 1
Slide 22: Advertising Market
— ADVERTISING MARKET A
Slide 23: M6 Group advertising revenue reached an all-time high
2. ADVERTISING MARKET M6 GROUP ADVERTISING +0.9% REVENUE REACHED AN ALL-TIME HIGH 417.7 FREE-TO-AIR 413.8 CHANNELS M6 GROUP NET ADVERTISING +18.4% REVENUES (€ M) H1 2017 H1 2018 527.1 OTHER OPERATIONS +248.0% 445.3 109.4 31.4 internet H1 2017 H1 2018 H1 2017 H1 2018 23
Slide 24: All the channels in the market have a long advertising time
2. ADVERTISING MARKET ALL THE CHANNELS IN THE MARKET HAVE A LONG ADVERTISING TIME H1 2018 AVERAGE DAILY ADVERTISING TIME 03:50 03:21 02:52 02:24 01:55 03:36 03:28 03:25 03:25 03:23 03:23 03:18 03:17 03:15 03:14 03:12 03:11 03:11 01:26 02:57 02:56 02:49 00:57 00:28 00:00 TF1 TMC TFX CNEWS NRJ12 CHERI
Slide 25: Television & Radio: EBITA
TELEVISION & RADIO EBITA
Slide 26: Key Figures: TV & Radio
2. TV & RADIO KEY FIGURES TV REVENUE (€ M) RADIO REVENUE (€ M) +3.3% GROWTH IN ADVERTISING REVENUE H1 2017 H1 2018 482.7 467.2 SIGNIFICANT IMPACT OF NEW DISTRIBUTION AGREEMENTS 77.8 TV EBITA (€ M) +12.3% PROGRAMMING COST OF FREE-TO- RADIO EBITA (€ M) AIR CHANNELS WAS €224.5M (VS €221.1 OVER H1 2017)
Slide 27: Production and Audiovisual Rights
PRODUCTION AND AUDIOVISUAL RIGHTS
Slide 28: Production & Audiovisual Rights Distribution
2. PRODUCTION & AUDIOVISUAL RIGHTS DISTRIBUTION REVENUE (€ M) A WEAKER LINE-UP OF SND FILMS THAN LAST YEAR H1 2017 -35.3% 9 FILMS RELEASED IN CINEMAS 49.3 H1 2018 31.9 2.9 M ADMISSIONS IN FRANCE (VS 6.3 M OVER H1 2017) 600 K 545 K ADMISSIONS ADMISSIONS PRODUCTION EBITA (€ M) IMPROVED PERFORMANCE OF
Slide 29: Diversification
DIVERSIFICATION |
Slide 30: Diversification: stable volume of business, EBITA impacted by F.C.G.B losses
2. DIVERSIFICATION STABLE VOLUME OF BUSINESS – EBITA IMPACTED BY F.C.G.B’S LOSSES PORTALS END OF 2017-18 M6BOUTIQUE ADVERTISING HOLDING SEASON: 6TH (ALSO CELEBRATES ITS UP WELL, MORE THAN 6TH IN 2016-2017) REVENUE (€ M) 30TH ANNIVERSARY OFFSET BY THE DECLINE IN MARKETPLACE QUALIFICATION FOR BUSINESS
Slide 31: Financial Statements
FINANCIAL STATEMENTS 2
Slide 32: Condensed consolidated statement of comprehensive income
2018 / 2017 M6 GROUP 30 JUNE 2018 30 JUNE 2017 CHANGE (€ M) REVENUE 738.0 662.4 75.6 OTHER OPERATING REVENUES 8.4 4.9 3.6 TOTAL OPERATING REVENUE 746.5 667.3 79.2 MATERIALS AND OTHER OPERATING EXPENSES (22.5) (359.3) (336.8) PERSONNEL COSTS (INCL. PROFIT SHARING PLAN (48.8) CONTRIBUTIONS) (174.6) (1
Slide 33: Condensed balance sheet
2018 / 2017 M6 GROUP 30 JUNE 2018 30 JUNE 2017 CHANGE (€ M) GOODWILL 215.1 235.6 (20.5) NON-CURRENT ASSETS 1.6 406.9 405.3 CURRENT ASSETS 6.3 828.3 822.0 CASH & CASH EQUIVALENTS 20.6 54.3 (33.7) 3. FINANCIAL STATEMENTS ASSETS HELD FOR SALE 29.1 - 29.1 CONDENSED TOTAL ASSETS 1,500.1 1,517.1 (17.0) BA
Slide 34: Cash flow statement
2018 / 2017 M6 GROUP 30 JUNE 2018 30 JUNE 2017 CHANGE (€ M) SELF-FINANCING CAPACITY FROM OPERATIONS 174.2 175.5 (1.2) OPERATING WCR MOVEMENTS (64.9) (84.9) 20.0 INCOME TAX (10.7) (50.6) 39.9 CASH FLOW FROM OPERATING ACTIVITIES 98.7 40.0 58.6 CASH FLOW FROM INVESTMENT (64.2) (44.9) (19.4) ACTIVITIES
Slide 35: Questions & Answers
wwii _— dia y Tae | QUESTIONS: ANSWERS _ |
Métropole Télévision (M6 Group) — H1 2018 Earnings Presentation on 6ix