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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| MFS Multimarket Income Trust | NYSE:MMT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.70 | 4.70 | 4.68 | 4.68 | 5,741 | 14:46:36 |
From Jul 2019 to Jul 2024
REVENUES STABLE AND GROWTH IN PROFIT FROM RECURRING OPERATIONS (EBITA) IN THE 2ND QUARTER AFTER A 1ST QUARTER IN DECLINE
Regulatory News:
M6 Métropole Télévision (Paris:MMT):
(€ millions) Q2 2014 HY1 2014 Consolidated revenues 322.2 -0.2% 634.4 0.0% Consolidated EBITA 70.5 +2.3% 112.3 -13.4%At its meeting of 29 July 2014, the Supervisory Board reviewed the HY1 2014 financial statements approved by the Executive Board. 1
(€ millions) 30-Jun-14 30-Jun-13restated
% change Consolidated revenues 634.4 634.7 0.0% Group advertising revenues 400.4 416.2 -3.8% - of which free-to-air channels advertising revenues 377.8 392.4 -3.7% - of which cab-sat channels and other media advertising revenues 22.5 23.8 -5.3% Non-advertising revenues 234.0 218.5 +7.1% Consolidated profit from recurring operations (EBITA) 112.3 129.7 -13.4% Operating income and expenses related to business combinations (0.2) (0.1) 212.7% Consolidated operating profit (EBIT) of continuing operations 112.1 129.6 -13.5% Net financial income 1.8 3.9 -52.7% Share of profit of associates 0.0 (0.0) -334.6% Deferred and current taxes (48.3) (57.7) -16.2% Net profit of continuing operations 65.7 75.8 -13.3% Net profit/(loss) of discontinued operations 0.0 (2.3) -101.4% Net profit for the period 65.7 73.5 -10.6% Net profit for the period - Group share 65.8 73.5 -10.5%During the first half of 2014, M6 Group posted consolidated revenues of €634.4 million, stable year-on-year in unfavourable market conditions.
The Group’s advertising revenues (free-to-air channels, pay channels and Internet) fell by 3.8%, in line with the economic climate, whilst non-advertising revenues posted growth of 7.1%, thanks in particular to the momentum of the distance-selling activities since the acquisition of Best of TV on 7 January 2014 and the sale of Mistergooddeal on 31 March 2014.
Following a decline of €18.9 million during the first quarter, the Group’s EBITA rose in the second quarter, demonstrating the Group’s capacity to control its costs in difficult conditions. During the first half of the 2014 financial year, M6 Group’s consolidated profit from recurring operations (EBITA) thus totalled €112.3 million, down €17.4 million, primarily due to the fall in advertising revenues.As a result, the consolidated margin from recurring operations was 17.7% compared with 20.4% at 30 June 2013.
Net financial income totalled €1.8 million against €3.9 million for HY1 2013, which included a capital gain of €1.7 million on the disposal of Summit securities.
The tax charge totalled €48.3 million, down €9.4 million year-on-year, which included in particular €7.4 million due to the decrease in operating profit, and €3.8 million due to the decrease in the amount paid in tax on dividends.
Net profit therefore came to €65.7 million, i.e. a net margin of 10.4%, vs. 11.6% for HY1 2013.
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In accordance with IFRS 8, the contribution to revenues and EBITA of the Group’s 3 operating segments is as follows:
Q1 Q2 HY1 (€ millions) 2014 2013 r % 2014 2013 r % 2014 2013 r % TV 195.8 199.5 -1.9% 212.3 226.5 -6.3% 408.1 426.0 -4.2% Production & Audiovisual Rights 30.7 31.7 -3.3% 24.8 17.9 +38.4% 55.4 49.6 +11.8% Diversification 85.7 80.5 +6.5% 85.0 78.4 +8.4% 170.7 158.9 +7.4% Other revenues 0.1 0.1 n.a 0.1 0.1 n.a 0.2 0.2 n.a Consolidated revenues 312.2 311.8 +0.2% 322.2 322.9 -0.2% 634.4 634.7 0.0% TV 80.1 96.0 -16.6% Production & Audiovisual Rights 2.8 5.9 -51.8% Diversification 31.5 28.2 +11.8% Eliminations and unallocated items (2.1) (0.4) n.a Consolidated profit from recurring operations (EBITA) 41.8 60.7 -31.1% 70.5 68.9 +2.3% 112.3 129.7 -13.4%Television
During the first half of 2014, the advertising revenues for the free-to-air channels recorded a fall of 3.7%, in a television advertising market characterised by limited visibility and unfavourable price effects.Against this backdrop, the Group pursued its commercial innovations, such as the Puissance TNT offer, launched on 5 January, which was very well received by advertisers and has become the leading DTT advertising platform.
In an environment marked by growing fragmentation (gains in market share for the 6 new HD DTT channels) and by the broadcast of exceptional sporting events on rival channels (Winter Olympics in February and the FIFA World Cup in June), M6 Group’s free-to-air channels achieved an average audience share of 13.3% over the first half of 2014 (source - Médiamétrie) in the 4+ years old category (down 0.7 pp) and of 20.5% on the commercial target (down 0.3 pp):
The TV division contributed €80.1 million to EBITA, against €96.0 million at 30 June 2013, equating a margin from recurring operations of 19.6%, which includes the investment effort in 6ter and a programming cost for the free-to-air channels totalling €205.3 million, an increase of 1.1%.
Production and Audiovisual Rights
In the first half of 2014, revenues from Production and Audiovisual Rights operations totalled €55.4 million (up 11.8% compared with HY1 2013), with a €3.0 million fall in EBITA due to a less favourable video release schedule than in the first half of 2013, which was marked by the release of the video Twilight 5.
The first half of 2014 was notable for the box-office success of Fiston (1.9 million admissions), Yves-Saint Laurent (1.6 million), Divergente (1.5 million) and Le Crocodile du Botswanga (1.2 million admissions), all co-produced and/or distributed by the Group.
Diversification
During the first half of 2014, Diversification revenues totalled €170.7 million (up 7.4% compared with the first half of 2013), with an increase in contribution to EBITA (up €3.3 million), primarily due to:
The profit from recurring operations from Diversification reached 18.5% in the first half of 2014.
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Change in the financial position
At 30 June 2014, Group equity amounted to €516.9 million, with a net cash position of €174.7 million (down €20.5 million in comparison with 30 June 2013, due to investments made over the period).
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HY2 2014 outlook
The Group remains cautious in the absence of any visibility over the advertising market for the final 5 months of 2014.
A conference call will take place on 29 July 2014 at 6.30pm (CEST). A webcast will be broadcast on the website www.groupem6.fr (Finance section). .
All details to follow the conference call by phone are available on the website. Both slideshow and HY1 consolidated financial statements will be online at 6:00 pm. The statutory auditors have conducted their limited review of the financial statements and have issued an unqualified report.
Next release: Q3 financial information on 28 October 2014 after close of trading
M6 Métropole Télévision is listed on Euronext Paris, compartment A. Ticker MMT, ISIN Code: FR0000053225
www.groupem6.fr
1 The financial information is aimed at disclosing consolidated revenues breakdown depending on advertising and non-advertising. The Group advertising revenues include M6, W9 and 6ter (FTA channels) advertising revenues, the share of advertising revenues of pay channels and the share of advertising revenues generated by diversification activities (mainly Internet). The profit from recurring operations, also called EBITA, is defined as operating profit (EBIT) before amortisation and impairment of intangible assets related to acquisitions (excluding audiovisual rights) and capital gains and losses on the disposal of financial assets and subsidiaries.
M6 Métropole TélévisionINVESTOR RELATIONS CONTACTEric Ghestemme, Tel +33 1 41 92 59 53eghestemme@m6.frorPRESS CONTACTYann de Kersauson, Tel +33 1 41 92 73 50ydekersauson@m6.fr
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