Metropole Television Sa · EURONEXT:MMT
Metropole Television Sa — H1 2024 Earnings Presentation
43 slides from Metropole Television Sa's earnings presentation, 2024
Slide 1: Presentation of 2024 Half-Year Results
PRESENTATION OF 2024 HALF-YEAR RESULTS
Slide 2: Disclaimer
DISCLAIMER Statements contained in this document, particularly those concerning forecasts on future M6 Group performance, are forward-looking statements that are potentially subject to various risks and uncertainties. Any reference to M6 Group past performance should not be interpreted as an indicat
Slide 3: Contents
CONTENTS 11 INTRODUCTION 2 OPERATIONS 3 H1 2024 H1 20 24 PERFORMANCE 4 4 FINANCIAL STATEMENTS 5 OUTLOOK OUTLOOK 3
Slide 4: Introduction
1 INTRODUCTION 4
Slide 5: Highlights
1 INTRODUCTION LAUNCH OF THE M6+ PLATFORM HIGHLIGHTS BROADCAST OF EURO 2024 RECOVERY OF INVESTMENTS AS PART OF ADVERTISING MARKET THE STREAMING PLAN ARE ACQUISITION OF LA BOÎTE IMPACTING GROUP AUX ENFANTS, FRENCH PROFITABILITY LEADER IN KIDS’ INDOOR PLAY CENTRES MARGIN FROM RECURRING OPERATIONS STAN
Slide 6: Key figures: advertising recovery and Euro 2024 drive revenue; EBITA down
1 INTRODUCTION DRIVEN BY THE RECOVERY OF THE ADVERTISING MARKET AND THE BROADCAST OF EURO 2024 IN JUNE, ADVERTISING REVENUE GREW 4.9% OVER THE HALF-YEAR EBITA IS DOWN, IMPACTED BY INVESTMENTS IN STREAMING AND PROGRAMMES KEY FIGURES (€ m) H1 2023 H1 2024 +5.6% 656.9 +4.9% +10.2% 621.9 528.8 536.8 504
Slide 7: Operations
2 OPERATIONS 7
Slide 8: Television Video
2 OPERATIONS TELEVISION VIDEO 8
Slide 9: Total hours consumed in H1 2024
2 OPERATIONS TOTAL HOURS CONSUMED IN H1 2024 4.64 Bn 5.0 Bn Linear *Live and pre-recorded via digital recordings hours consumed in H1 2024, of which: 0.32 Bn Non-linear Source: Médiamétrie / Médiamat for the Thématik Premium DTT / MMT channels for téva, sérieclub, TiJi, CANAL J / MMT Thématik Base W
Slide 10: Linear Television Audience Ratings
2 OPERATIONS LINEAR TELEVISION AUDIENCE RATINGS 10
Slide 11: Television remains a very powerful format, reaching all French people
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS TELEVISION REMAINS A VERY POWERFUL FORMAT, REACHING ALL FRENCH PEOPLE Every day, almost ¾ of French people watch TV, including in the commercial target TV coverage in % of the target (excluding non-branded channels, excluding AIP before 2020, excludi
Slide 12: TV viewing time is stable amongst all TV owners
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS TV VIEWING TIME IS STABLE AMONGST ALL TV OWNERS (TRADITIONAL MÉDIAMÉTRIE TARGET), CAPITALISING ON THE INTEGRATION OF OTT IN THE HOME Slight growth with the inclusion of non-TV owners in the measurement Individual viewing time for TV channels Average
Slide 13: 2nd largest group on the commercial target
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS 2ND LARGEST GROUP ON THE COMMERCIAL TARGET 2023 2024 25-49 4+ 27,7 31,5 28,6 30,2 27,1 20,5 26,2 20,6 13,1 14,0 13,3 14,9 8,4 7,8 7,5 7,7 Source: Médiamétrie / Médiamat 13
Slide 14: M6 remains the most popular channel amongst French viewers
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS M6 REMAINS THE MOST POPULAR CHANNEL AMONGST FRENCH VIEWERS (1), WITH SUCCESS ACROSS ALL GENRES… Entertainment is still very powerful and Film and French drama success attracts large audiences 4.1M / 4.1M / 4.0M 27% 25-49 23% 25-49 For the 1st episode
Slide 15: On M6, Euro 2024 attracted all audience types
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS ON M6, EURO 2024 ATTRACTED ALL AUDIENCE TYPES* 12.7M for the France vs Portugal quarter final Best audience figures Peaking at14.4 M for M6 in 3 years during the penalty shoot-out Including… 87% 47M Peaking at 3.9M of French people (05/07/24) watched
Slide 16: A good start to the year for our DTT channels
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS A GOOD START TO THE YEAR FOR OUR DTT CHANNELS, W9 IS STILL THE MOST POPULAR DTT CHANNEL AMONGST FRENCH AUDIENCES* AND ACHIEVED ITS BEST SIX MONTHS IN 4 YEARS ON THE COMMERCIAL TARGET 7.9% audience share (up 0.5pp vs H1 23) on the commercial target fo
Slide 17: W9 still the most popular DTT channel
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS A GOOD START TO THE YEAR FOR OUR DTT CHANNELS, W9 IS STILL THE MOST POPULAR DTT CHANNEL AMONGST FRENCH AUDIENCES* AND ACHIEVED ITS BEST SIX MONTHS IN 4 YEARS ON THE COMMERCIAL TARGET Successful refresh of Primetime 3.7% 25-49 y.o. access primetime co
Slide 18: Gulli still the gold standard for kids' TV
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS STILL THE GOLD STANDARD FOR KIDS’ TV, GULLI POSTED STRONG GROWTH WITH ADULT VIEWERS, THE HIGHEST ON THE COMMERCIAL TARGET IN DTT 1.9% 25-49 y.o. Gulli - top +0.4pp year-on- channel year nationally for kids for the before and after Best half-year whol
Slide 19: Good first half for our pay-TV channels
2 OPERATIONS • LINEAR TELEVISION AUDIENCE RATINGS GOOD FIRST HALF FOR OUR PAY-TV CHANNELS, RECORD SEASON FOR PARIS PREMIÈRE 0.8% 4+ EC MOST-WATCHED 3rd MOST VIEWED PAY +0.1pp year-on-year PAY TV CHANNEL** TV CHANNEL* Audience share BY WOMEN FOR THE 5TH record for 4+* 12.7M VIEWERS PER MONTH CONSECUT
Slide 20: Non-Linear Audience Ratings
2 OPERATIONS NON-LINEAR AUDIENCE RATINGS 20
Slide 21: A record six months for the group's platform
2 OPERATIONS • NON- LINEAR AUDIENCE RATINGS A RECORD SIX MONTHS FOR THE GROUP’S PLATFORM, DRIVEN BY THE SUCCESSFUL LAUNCH OF H1 20 23 H1 20 24 Change HALF-YEAR RECORD SINCE MEASUREMENTS Monthly users* (millions) 16.1 21.3 +33% BEGAN in daily/monthly coverage MHV Streaming* (millions of hours viewed)
Slide 22: Almost half of viewing of major serials is non-linear among under 50s
2 OPERATIONS • NON- LINEAR AUDIENCE RATINGS AMONGST THE UNDER 50s, ALMOST HALF OF VIEWING OF MAJOR RECURRING SERIALS IS NON-LINEAR 34% 42% 0,1 35% 0,1 0 ,5 0,1 1,0 0 ,8 43% 48% 45% 1,9 0,1 0,1 0,1 0 ,3 0 ,5 0 ,5 1,6 1,7 0 ,7 0 ,7 0 ,7 0 ,4 0 ,2 4+ 25-49 4+ 25-49 4+ 25-49 Premiere Live Non-linear Day
Slide 23: Radio Audience Ratings
2 OPERATIONS RADIO AUDIENCE RATINGS 23
Slide 24: Radio continues to dominate the audio sector in France
2 OPERATIONS • RADIO AUDIENCES RADIO CONTINUES TO DOMINATE THE AUDIO SECTOR IN FRANCE 38.5 M daily listeners (-2% vs season 2022-23) 165 mins listening on average (+9 mins) Radio accounts for 56% of the audio market in France Source: Médiamétrie, EAR > National, Season 23-24 vs Season 22-23, Monday-
Slide 25: M6's radio division remains the top commercial group
2 OPERATIONS • RADIO AUDIENCES M6’S RADIO DIVISION REMAINS THE TOP COMMERCIAL GROUP SUCCESS OF M6 GROUP MORNING SHOWS OVER THE 2023- 2024 SEASON Top breakfast show for a commercial radio More than 2.7 M daily listeners for the breakfast show with Yves Calvi and Amandine Bégot The only young adult st
Slide 26: Growth in radio listening via digital formats
2 OPERATIONS • RADIO AUDIENCES GROWTH IN RADIO LISTENING VIA DIGITAL FORMATS Contribution of digital formats in overall Radio listening volume in % +9pp in 5 years 23% 20% MARKET GROWTH 19% 17% 15% M6 GROUP RADIO 14% 21% DIVISION GROWTH +10pp 11% Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar 2019
Slide 27: 44% of internet users listen to M6 radio podcasts each month
2 OPERATIONS • RADIO AUDIENCES 44% OF INTERNET USERS LISTEN TO M6 RADIO DIVISION PODCASTS EACH MONTH RTL is the second largest commercial podcast producer No. 2 podcast in France in France with with 12.5 million listens 27.4 million listens 39 312 000 6 RTL podcasts 30 776 000 in the TOP 30 27 378 0
Slide 28: Advertising Market
2 OPERATIONS ADVERTISING MARKET 28
Slide 29: Growth in advertising revenue driven by TV market recovery and Euro 2024
2 OPERATIONS • ADVERTISING MARKET GROWTH IN ADVERTISING REVENUE, DRIVEN BY THE RECOVERY IN THE TV ADVERTISING MARKET AND THE BROADCAST OF EURO 2024 IN JUNE; DECLINE IN RADIO ADVERTISING REVENUE M6 Group TV OTHER OPERATIONS Net advertising revenue (€ m) 528.8 504.3 458.5 500.5* 427.8 76.5 70.3 72.7*
Slide 30: H1 2024 Performance
3 H1 2024 PERFORMANCE 30
Slide 31: TV: strong growth in revenue, lower EBITA
3 H1 20 24 PERFORMANCE TV: STRONG GROWTH IN REVENUE, LOWER EBITA DUE TO THE INCREASE IN STREAMING OPEX Revenue EBITA • Market (€ m) (€ m) +€29.2 M growth • Euro 2024 525.3 496.1 Content cost 99.0 86.5 +€22.2 M H1 2023 H1 2024 Operating margin from recurring OPEX growth in streaming operations 20.0%
Slide 32: Radio: lower revenue impacting profitability
3 H1 20 24 PERFORMANCE RADIO: LOWER REVENUE IMPACTING PROFITABILITY Decline in advertising Revenue EBITA revenues (€ m) (€ m) 78.3 18.5 74.7 15.0 Marketing and content investments financed by cost savings H1 2023 H1 2024 Operating margin from recurring operations 23.7% 20.1% H1 2023 H1 2024 32
Slide 33: Production & audiovisual rights: strong cinema business
3 H1 20 24 PERFORMANCE 5.4M admissions in France vs. 1.5 M in H1 2023 PRODUCTION & AUDIOVISUAL RIGHTS: STRONG CINEMA BUSINESS Revenue EBITA (€ m) (€ m) 40.3 16.8 10.3 2M 1.6 M admissions admissions 27.3 H1 2023 H1 2024 Operating margin from recurring operations More than 9 M H1 2023 H1 2024 37.9% 41
Slide 34: Diversification: decline in business
3 H1 20 24 PERFORMANCE DIVERSIFICATION: DECLINE IN BUSINESS, RELATED TO THE DECONSOLIDATION OF M6 DIGITAL SERVICES AND THE DOWNTURN IN THE PROPERTY MARKET Discontinued operations Revenue EBITA (€ m) (€ m) Revenue impact of scope effect: 19.7 9.9 Disposed of on €5.4 m 16.2 30/09/2023 3.2 8.8* Continu
Slide 35: Equity-accounted entities
3 H1 20 24 PERFORMANCE EQUITY-ACCOUNTED ENTITIES Main equity- Share of 2024 Comment Business Share of profit of joint accounted entities net profit ventures and associates (€ m) • Continued investment in tech Tech (3.7) • €0.8m profit from streaming SALTO liquidation • Improved operating 4.3 Digital
Slide 36: Financial Statements
4 FINANCIAL STATEMENTS 36
Slide 37: Condensed consolidated statement of comprehensive income
4 FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME % change M6 Group 30 June 2024 30 June 2023 2024 / 2023 (€ m) Revenue 656.9 621.9 35.0 Other operating revenues 4.4 5.6 (1.2) Total operating revenues 661.3 627.5 33.7 Materials and other operating expenses (354.8) (301.
Slide 38: Condensed balance sheet
4 FINANCIAL STATEMENTS CONDENSED BALANCE SHEET 2024 / 2023 change M6 Group 30 June 2024 31 December 2023 (€ m) Goodwill 287.9 287.9 - Non-current assets 588.7 593.5 (4.9) Current assets 795.1 724.9 70.2 Cash and cash equivalents 296.2 443.9 (147.7) TOTAL ASSETS 1,967.9 2,050.3 (82.4) Equity - Group
Slide 39: Cash flow statement
4 FINANCIAL STATEMENTS CASH FLOW STATEMENT 2024 / 2023 M6 Group 30 June 2024 30 June 2023 change (€ m) Self-financing capacity from operations 169.4 180.3 (10.9) Operating WCR movements (76.4) (23.2) (53.2) Income tax (38.1) (36.2) (1.9) Cash flow from operating activities 54.9 120.8 (66.0) Cash flo
Slide 40: CSR initiatives over first half of 2024
4 FINANCIAL STATEMENTS CSR INITIATIVES OVER FIRST HALF OF 2024 40% Female representation on the Executive Board 73% 46 of employees completed Journalists have completed Climate Fresco training the “Understanding and (vs 69% at 31/12/2023) covering climate and KEY CSR environmental issues” INDICATORS
Slide 41: Outlook
5 OUTLOOK 41
Slide 42: H2 2024 Targets
5 OUTLOOK H2 2024 TARGETS Continue investments Strengthen the Continue to invest in under the 2024-2028 TV and radio schedules content production streaming plan 42
Slide 43: Questions & Answers
QUESTIONS & ANSWERS Photo credits : Cécile ROGUE – Pierre OLIVIER – Arnaud SCHEID – Thomas PADILLA/Agence 1827 – Hout KOV – Sacha HERON43 – Sébastien TOUBON – Lionel GUERICOLAS – Julien THEUIL – Laura GILLI – PASCALITO – Benjamin DECOIN – Marie ETCHEGOYEN
Métropole Télévision (M6 Group) — H1 2024 Earnings Presentation on 6ix