Consolidated revenue: €621.9 m (- 4.4%
excluding scope effects1)
Consolidated EBITA: €135 m
Net profit: €106.5 m
Regulatory News:
M6 Metropole Television (Paris:MMT):
At its meeting held on 25 July 2023, the Supervisory Board
reviewed the 2023 half-year financial statements approved by the
Executive Board.
H1
(€ millions)
2023
2022 (*)
% change
Consolidated revenue1
621.9
664.2
-6.4%
Group advertising revenue
504.3
530.1
-4.9%
- of which TV advertising revenue
427.8
455.3
-6.0%
- of which other advertising revenue
76.5
74.8
+2.2% Group non-advertising revenue
117.6
134.1
-12.3%
Consolidated profit from recurring operations
(EBITA)2
135.0
161.1
-16.2%
Operating income and expenses related to business
combinations
(4.9)
(7.9)
-37.6% Capital gains on asset disposals
4.7
0.0
n.a
Operating profit (EBIT) from continuing
operations
134.7
153.3
-12.1%
Net financial income/(expense)
4.5
(0.1)
n.a Share of profit/(loss) of equity-accounted entities
4.3
(20.5)
n.a Deferred and current tax
(37.0)
(39.6)
-6.7%
Net profit/(loss) from operations sold / held for sale
0.0
0.0
n.a
Net profit for the period
106.5
93.0
+14.5% Net profit for the period - Group share
104.6
91.8
+14.0%
(*) The income statement to 30 June 2022
has been restated to reflect the final allocation of the
acquisition cost of Stéphane Plaza France.
For the first half of the 2023 financial year, M6 Group
recorded consolidated revenue2 of €621.9 million, down 6.4%
compared with H1 2022. Excluding the scope effect, the decline
was 4.4%.
Within a weaker macro-economic environment, the TV advertising
market was characterised by limited visibility and lower volumes.
In parallel, the Individual Viewing Time stood at 2 hours 16
minutes3 on the commercial target of 25-49 year olds (-17 minutes
compared with the first half of 2022). Against this backdrop, M6
Group recorded a 6.0% decline in TV advertising revenue.
Advertising revenues from other media grew by 2.2%.
Impacted by the decline in its TV advertising revenue, the
Group’s consolidated profit from recurring operations
(EBITA)4 fell 16.2% to €135.0 million, representing an
operating margin of 21.7%.
During the half-year, the Group sold its 51% stake in CTZAR,
achieving a capital gain of €4.7 million. Moreover the Group
recorded a financial income of € 4.5 million, up € 4.6 million
compared with H1 2022.
The contribution of equity-accounted entities increased by €24.8
million over the half-year to stand at €4.3 million. The
discontinuation of Salto contributed to the improvement, with a
provision established for all the winding up costs at 31/12/2022.
Moreover, GSG’s profitability improved significantly, notably as a
result of the acquisition of Pepper.com, completed in January 2023.
Lastly, investments in streaming were continued by Bedrock.
As such, net profit totalled €106.5 million, up
14.5% in comparison with the first half of 2022.
* * *
In accordance with IFRS 8, the contribution of the Group’s 4
operating segments to consolidated revenue and EBITA was as
follows:
Q1 Q2 H1 (€ millions)
2023
2022
%
2023
2022
%
2023
2022
%
TV
249.8
256.3
-2.5%
246.3
270.0
-8.8%
496.1
526.3
-5.7%
Radio
34.4
32.2
+6.8%
43.9
42.4
+3.5%
78.3
74.6
+4.9% Production & Audiovisual Rights
18.7
15.3
+22.5%
8.6
11.4
-24.8%
27.3
26.7
+2.3% Other diversification
9.8
18.5
-47.1%
10.0
17.6
-43.4%
19.7
36.1
-45.3%
Other revenue
0.2
0.2
n.a
0.2
0.2
n.a
0.5
0.5
n.a
Consolidated revenue
312.9
322.5
-3.0%
309.0
341.7
-9.6%
621.9
664.2
-6.4%
TV
99.0
129.0
-23.2%
Radio
18.5
13.3
+38.8% Production & Audiovisual Rights
10.3
12.2
-15.0%
Diversification
9.9
8.3
+19.6% Unallocated EBITA
(2.8)
(1.6)
n.a
Consolidated profit from recurring operations
(EBITA)
59.5
67.2
-11.5%
75.5
94.0
-19.6%
135.0
161.1
-16.2%
Operating margin
19.0%
20.8%
24.4%
27.5%
21.7%
24.3%
Television
Over the first six months of 2023, the Group’s free-to-air
channels (M6, W9, 6ter and Gulli) achieved an audience share of
20.6% on the commercial target of 25-49 year olds3 (20.8% in the
first half of 2022). Within an increasingly competitive
environment, the Group focused its efforts on the strategic
primetime slot in which the M6 channel continued to display strong
resilience.
Leader on the 25-49 year old target for four of its flagship
entertainment programmes – Pékin Express (25% audience share), Top
Chef (25%), Qui veut être mon associé ? (23%), and Mariés au
premier regard (22%), its Sunday evening magazine shows also posted
record performances, including Capital (21% audience share) which
had its best season in 25 years, Enquête Exclusive (21%) which
recorded its second best ever season and Zone Interdite, which
posted its best season in 15 years amongst 25-49 year olds (18%
audience share).
The DTT channels (W9, 6ter and Gulli) recorded an audience share
of 8.1% amongst 25-49 year olds (up 0.1 percentage points), with
the 6ter channel recording its second best season ever amongst
25-49 year olds.
In line with the overall decline of the TV advertising market,
the TV division’s advertising revenue fell 6.0% in relation
to the first half of 2022.
Operational costs were stable over the half-year. TV
programming costs were €234.5 million, compared with €240.5
million in the first half of 2022.
The TV activity contributed €99.0 million to consolidated
EBITA and 20% to the segment’s margin from recurring
operations.
Radio
Over the first half of 2023, the RTL radio division recorded an
audience share of 18.0% with listeners aged 13 and over5 and
thereby maintained its position as the leading commercial radio
group.
The Group consolidated its audience share on the commercial
target of 25-49 year olds, recording 15.3%6 (up 0.2 pp).
Over the first six months of the year, Radio revenue stood at
€78.3 million, an increase of 4.9% compared with H1 2022
including a 2.9% increase in advertising revenue.
EBITA totalled €18.5 million, compared with €13.3 million
during the first half of 2022, thus achieving an operating margin
of 23.7%, compared with 17.9% over H1 2022. This improvement
notably reflects the increase in synergies developed with the
Group’s other media.
Production and audiovisual rights
The revenue from the Production & Audiovisual Rights
activity stood at €27.3 million, an increase of 2.3% over the
first six months, driven by the healthy sales momentum of
audiovisual rights over the first quarter which offset the decline
in the film activity over the half-year (1.5 million admissions7
compared with 2.5 million over the first half of 2022).
Divisional EBITA was €10.3 million, compared with €12.2
million for the first half of 2022.
Diversification
Diversification revenue stood at €19.7 million, down
€16.4 million, including €13.8 million due to the deconsolidation
of Best of TV, sold in November 2022.
EBITA from Diversification stood at €9.9 million, against
€8.3 million over the first half of 2022, reflecting the Group’s
healthy diversification portfolio and notably Stéphane Plaza
Immobilier which once again demonstrated its strength.
* * *
Financial position
The Group had shareholders’ equity of €1,175.5 million at 30
June 2023, compared with €1,199.2 million at 31 December 2022. The
net cash position was positive and stood at €199.2 million8 against
€282.0 million at 31 December 2022, thereby reflecting the rapid
rebuilding of the cash position following the payment of the
dividend of €126.3 million in May 2023 (€1.0 per share). The net
cash position stood at €162.9 million at 30 June 2022.
Entry into exclusive negotiations
Groupe M6 and Prisma Media have signed an exclusive negotiation
agreement for the sale of Groupe M6’s thematic online media and
services division, which comprises 8 main brands : Cuisine AZ,
Passeport Santé, Fourchette & Bikini, Déco, Turbo, M6 météo,
Croq’Kilos, Croq’Body.
Over the past eight years, Groupe M6 has significantly developed
this digital portfolio, which now represents more than 18 million
unique monthly visitors, while increasing its sales and
profitability.
Faced with major international digital players and social
networks, consolidation is necessary. Against this backdrop, the M6
Group is enabling its digital division to grow stronger by joining
Prisma Media which is rapidly expanding internationally.
The proposed transaction is expected to close after the summer
and will make a positive contribution to Group net profit, allowing
it to generate additional investment margins for the transformation
of its activity.
Completion of the transaction remains subject to the usual
conditions precedent.
CSR and Ethics
The Group has been committed to improving gender equality in
managerial and leadership roles for several years. As a result of
the action taken, female representation on leadership bodies9 stood
at 34% at 30 June 2023, a figure the Group intends to continue
improving.
In addition, the M6 Foundation, which has been committed to the
social and professional reintegration of prisoners since 2010,
received the Grand Prix de la Responsabilité des Médias in the
Diversity and Inclusion category, on account of its
awareness-raising days for employees and companies regarding the
recruitment of ex-prisoners.
In accordance with the commitments made by M6 Group as part of
the agreement signed with Arcom to broadcast the M6 frequency in
DTT, at its meeting of 25 July 2023 the Supervisory Board of
Métropole Télévision appointed Marie Cheval, Vice Chair of the
Supervisory Board, as Independent Director responsible for ethics
and the independence of information for a period of three years.
Her role, which complements that of the Ethics Committee, chaired
by Louis de Broissia, will notably include ensuring receipt of the
deliberations of the Ethics Committee and monitoring their
effects.
Outlook
The Group will continue to develop its content offering,
particularly 6play and 6play Max, which are key to its
transformation.
The advertising market is currently uncertain given the present
economic environment even positive elements are beginning to appear
in the 2nd half.
A conference call will be held on 25 July 2023
at 6.30pm (CET). 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 24 October 2023 after close of trading
M6 Métropole Télévision is listed on Euronext
Paris, Compartment A. Ticker: MMT, ISIN Code: FR0000053
_______________________________ 1 Excluding the
deconsolidation of Best Of TV which was sold on 30 November 2022 2
The information provided is intended to highlight the breakdown of
consolidated revenue between advertising and non-advertising
revenue. Group advertising revenue includes TV advertising revenue
(advertising revenue of free-to-air channels M6, W9, 6ter and
Gulli, and the platforms 6play and Gulli Replay, as well as the
share of advertising revenue from pay channels), the advertising
revenue of radio stations RTL, RTL2 and Fun, and the share of
advertising revenue generated by diversification activities. 3
Source: Médiamétrie Médiamat 4 Profit from recurring operations
(EBITA) is defined as operating profit (EBIT) before amortisation
and impairment of intangible assets (excluding audiovisual rights)
related to acquisitions and capital gains and losses on the
disposal of financial assets and subsidiaries. 5 Source:
Médiamétrie National Radio Audience Study - January-June 23 - In
combination with M6 Group - Monday-Friday, 05:00-24:00 6 Source:
Médiamétrie National Radio Audience Study - January-June 23 - In
combination with M6 Publicité Radio - Monday-Friday 7 Source: CBO
Box-office 8 The net cash position does not take into account lease
liabilities resulting from the application of IFRS 16 - Leases 9
Excluding Executive Board members, in accordance with the Rixain
Law
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version on businesswire.com: https://www.businesswire.com/news/home/20230725847170/en/
INVESTOR RELATIONS Myriam Pinot +33 (0)1 41 92 57 73 /
myriam.pinot@m6.fr
PRESS Paul Mennesson +33 (0)1 41 92 61 36 /
paul.mennesson@m6.fr
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