Television Francaise 1 Sa · EURONEXT:TFI
Television Francaise 1 Sa — TF1 Group — H1 2024 Earnings Presentation
20 slides from Television Francaise 1 Sa's earnings presentation, Jul 25, 2024
Slide 1: H1 2024 Results
H1 2024 RESULTS 25 JULY 2024 Plus belle la vie, encore plus belle
Slide 2: Disclaimer
DISCLAIMER This presentation contains rounded figures and contains forward-looking information and statements about the TF1 group. Forward-looking statements are statements that are not historical facts, and include, but are not limited to: financial projections, forecasts and estimates and their un
Slide 3: Agenda
1 ACTIVITY REVIEW P.5 2 FINANCIALS P.11 3 OUTLOOK P.17 Q&A Star Academy 4 P.20 3
Slide 4: H1 2024 Highlights
HIGHLIGHTS ADVERTISING REVENUE GROWTH STRONG DYNAMIC FOR GROWTH IN LINEAR IN LINEAR AND STREAMING ADVERTISING REINFORCED AUDIENCE LEADERSHIP Group advertising revenue Digital advertising revenue Linear advertising revenue +7.4% +40.4% +5.3% W<50PDM 25-49 Y/O vs H1 2023 vs H1 2023 vs H1 2023 34.6% 31
Slide 5: Activity Review
1 ACTIVITY REVIEW UEFA EURO 2024 5
Slide 6: Reinforced leadership on commercial targets in H1
REINFORCED LEADERSHIP ON COMMERCIAL TARGETS IN H1 UNRIVALLED DAILY REACH GAP WIDENED WITH MAIN COMPETITOR 78% 34.6 +10.1 pts vs main competitor, W<50PDM 54% 23.3 WIDEST GAP IN 14 YEARS 13.2 32% 8.3 4.7 4.3 3.4 2.8 2.6 2.5 2.2 1.9 0.4 0.4 18% TF1 M6 F2 TMC W9 TFX TF1SF F3 6ter Gulli F5 LCI F.info +1.
Slide 7: Solid line-up in H1, performing well both in linear and in streaming
SOLID LINE-UP IN H1, PERFORMING WELL BOTH IN LINEAR AND IN STREAMING STRONG PERFORMANCE ACROSS ALL DAY-PARTS VIRTUOUS LINEAR & STREAMING STRATEGY 25-49 Y/O LINEAR NON-LINEAR* 78% 22% +8 pts yoy 1:40pm 2pm 6:45pm 8pm 9pm 11pm Daily soaps Unscripted French series 57% 43% 68% 32% 65% 35% 26% 18% 19% Da
Slide 8: Successful launch of TF1+: on track on all building blocks
SUCCESSFUL LAUNCH OF : ON TRACK ON ALL BUILDING BLOCKS H1 priority Current focus Awareness Visibility Consumption Ad Inventories CPM Streamed hours 3 Aided awareness First visibility 594m Ad load CPM +10% (Médiamétrie) 77% 1 for 54% 2 +58% (Site centric 4) 5min/hour €12/CPM Streamers 3 at end-May of
Slide 9: Newen Studios H1 highlights: strong assets to build the future
H1 HIGHLIGHTS STRONG ASSETS TO BUILD THE FUTURE Revenue of €120.4m in H1 2024, with activity mostly skewed to H2; COPA at €3.9m Historical DRAMA/ENTERTAINMENT CINEMA records for daily soaps UNSCRIPTED New talents joining the Studios Theatrical Distribution Co-production Theatrical Theatrical Normali
Slide 10: Binding agreement to acquire 63% of Johnson Production Group
SIGNING OF A BINDING AGREEMENT TO ACQUIRE 63% OF JOHNSON PRODUCTION GROUP1 • Strategic move enabling Newen Studios, which already owns Reel One2, to further strengthen its ambition in the dynamic and resilient TV Packaging, financing, production movie market and distribution • Romances Privileged, l
Slide 11: Financials
2 FINANCIALS Mademoiselle Holmes 11
Slide 12: Consolidated revenue
CONSOLIDATED REVENUE (€m) Q2 2024 Q2 2023 CHG.% H1 2024 H1 2023 CHG.% MEDIA MEDIA 530.4 485.3 9.3% 983.5 904.4 8.7% Solid growth in linear and digital advertising revenue in H1 (+7.4%) ADVERTISING REVENUE 438.2 405.7 8.0% 801.5 746.4 7.4% Strong advertising revenue growth for TF1+ (+40.4%), reflecti
Slide 13: Current operating profit from activities per segment
CURRENT OPERATING PROFIT FROM ACTIVITIES PER SEGMENT MEDIA (€m) Q2 2024 Q2 2023 CHG.% H1 2024 H1 2023 CHG.% Programming costs up €55m, including Euro 2024 MEDIA 88.3 104.9 (15.8%) 124.9 146.3 (14.6%) TF1+: O/W PROGRAMMING COSTS (241.7) (203.3) 18.9% (458.9) (403.9) 13.6% • One-off costs related to t
Slide 14: Update on optimisation plan
UPDATE ON OPTIMISATION PLAN TARGETS SAVINGS €40m+ More than BY 2025 RATIONALE GRADUALLY REACH €40m+ OPERATIONAL COSTS SAVINGS 55% Savings to originate mostly from secured at end-June real estate, IT, procurement and GENERATE organisation SAVINGS AND REALLOCATE RESOURCES REINVESTMENT TO BOOST OUR DIG
Slide 15: Consolidated income statement
CONSOLIDATED INCOME STATEMENT (€m) Q2 2024 Q2 2023 CHG.% H1 2024 H1 2023 CHG.% CONSOLIDATED REVENUE 592.0 558.4 6.0% 1,103.9 1,038.1 6.3% COSTS OF PROGRAMMES (241.7) (203.3) 18.9% (458.9) (403.9) 13.6% OTHER CHARGES. DEPRECIATION, AMORTISATION AND PROVISIONS (258.8) (242.7) 6.6% (516.2) (481.9) 7.1%
Slide 16: Solid net cash position at end-June 2024
SOLID NET CASH POSITION AT END-JUNE 2024 Free cash flow before changes in WCR €75.5 million 222.6 (5.3) 505.1 (141.8) (10.2) (7.8) 446.5 €m (116.1) Free cash flow after changes in WCR €65.3 million Opening net cash Operating Lease Net capital Change in Acquisitions Dividends, Closing net cash positi
Slide 17: Outlook
3 OUTLOOK HPI H1 2024 FINANCIAL RESULTS 17
Slide 18: Outlook: roadmap for TF1+ and strong line-up
OUTLOOK ROADMAP FOR A STRONG LINE-UP FOR LINEAR AND STREAMING 1) Unlock additional potential from operational optimisation 7 FRENCH SERIES (vs. 5 last year), of which: Keep improving awareness, visibility and daily consumption, and focus on ad load and CPM increase 2) Become France’s first free-to-v
Slide 19: Guidance confirmed 2024
GUIDANCE CONFIRMED GROWTH IN DIGITAL 2024 BROADLY STABLE COPA MARGIN A DEFINING YEAR FOR THE GROUP’S TRANSFORMATION AIMING AT A GROWING DIVIDEND POLICY H1 2024 FINANCIAL RESULTS 19
Slide 20: Le nouveau streaming gratuit
LE NOUVEAU STREAMING GRATUIT H1 2024 FINANCIAL RESULTS 20