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Share Name | Share Symbol | Market | Type |
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MFS Multimarket Income Trust | NYSE:MMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 4.75 | 0 | 09:09:53 |
Increase in revenue and EBITA
Advertising revenue: €427.1 m (up 5.3%)
Profit from recurring operations (EBITA): €136.0 m (up 32.6%)
of which non-recurring profit of €42.6 m
Regulatory News:
M6 Metropole Television (Paris:MMT):
At its meeting held on 26 July 2016, the Supervisory Board reviewed the 2016 half-year financial statements approved by the Executive Board.
(€ millions) 1 HY1 2016 HY1 2015 % change Consolidated revenue 645.5 629.9 +2.5% Group advertising revenue 427.1 405.6 +5.3% - of which free-to-air channels advertising revenue 398.8 381.0 +4.7% - of which cab-sat channels and other media advertising revenue 28.3 24.5 +15.3% Non-advertising revenue 218.3 224.4 -2.7% Consolidated profit from recurring operations (EBITA) 136.0 102.6 +32.6% Operating income and expenses related to business combinations (0.5) (0.5) n.a Consolidated operating profit (EBIT) of continuing operations 135.4 102.0 +32.7% Net financial income 0.1 0.4 n.a Share of profit of associates 0.9 0.9 n.a Deferred and current taxes (52.9) (45.0) +17.6% Net profit for the period 83.5 58.3 +43.1% Net profit for the period - Group share 83.5 58.3 +43.1%*
* *
Over the course of the first half of the 2016 financial year, M6 Group recorded growth of 5.3% in its advertising revenue, including 6.3% in the second quarter, reflecting the strength of its TV and online audience figures.The less buoyant home shopping business impacted the Group’s non-advertising revenue, which totalled €218.3 million, representing a 2.7% decline over the first six months of the year.Consolidated Group revenue thus stood at €645.5 million (up 2.5%).
M6 Group’s profit from recurring operations (EBITA) reached €136.0 million, an increase of €33.4 million, reflecting:
1 The information provided is intended to highlight the breakdown of consolidated revenue between advertising and non-advertising revenue. Group advertising revenue includes the advertising revenue of free-to-air channels M6, W9 and 6ter, the share of advertising revenue from pay channels and the share of advertising revenue generated by diversification activities (mainly Internet).2 Profit from recurring operations (EBITA) is defined as operating profit (EBIT) before operating income and expenses from business combinations and capital gains on the disposal of financial assets and subsidiaries.
The tax charge totalled €52.9 million, up €7.9 million year-on-year due to the increase in operating profit and a lower tax rate.
Net profit was €83.5 million, representing a net margin of 12.9%.
*
* *
In accordance with IFRS 8, the contribution of the Group's 3 operating segments to consolidated revenue and EBITA was as follows:
Q1 Q2 HY1 (€ millions) 2016 2015 % 2016 2015 % 2016 2015 % TV 201.0 196.1 +2.5% 228.5 215.7 +5.9% 429.5 411.8 +4.3% Production & Audiovisual Rights 30.5 27.0 +12.9% 25.0 21.6 +15.5% 55.5 48.6 +14.1% Diversification 80.2 84.3 -4.8% 80.1 85.1 -5.9% 160.3 169.4 -5.3% Other revenue 0.1 0.1 n.a 0.1 0.1 n.a 0.2 0.2 n.a Consolidated revenue 311.8 307.4 +1.4% 333.7 322.5 +3.4% 645.5 629.9 +2.5% TV 69.6 79.7 -12.7% Production & Audiovisual Rights 5.0 3.8 +33.7% Diversification 70.6 21.4 +230.5% Unallocated revenues (9.2) (2.3) n.a Consolidated profit from recurring operations (EBITA) 136.0 102.6 +32.6%TELEVISION
Within an environment that continues to be characterised by the fragmentation process (the six new DTT channels increased their audience share by a further 1.6% over the half-year), the Group continued to invest in programmes across all its free-to-air and pay channels.As such, programming costs for its free-to-air channels rose by €24.0 million to €232.6 million, including the Euro 2016 matches broadcast in June.
Thanks to its improved programme line-up, M6 Group’s family of free-to-air channels made progress and over the first six months of 2016 achieved an average audience share of 13.8% (source - Médiamétrie) in the 4+ years old category (up 0.4 pps) and of 21.7% on the commercial target (up 1.2 pps), making it the only historical group to achieve year-on-year growth on each of the two targets:
Within a TV advertising market that remained volatile and which posted moderate growth driven by Euro 2016 over the first six months, advertising revenue from the free-to-air channels recorded a 4.7% increase thanks to higher audience figures.
The TV division thus contributed €69.6 million to EBITA, against €79.7 million for the six months to 30 June 2015, enabling M6 Group to maintain the current operating margin of its core business at a high level (16.2%) despite the exceptional costs related to the broadcast of Euro 20162.
PRODUCTION & AUDIOVISUAL RIGHTS
In the first half of 2016, revenue from Production and Audiovisual Rights operations totalled €55.5 million, up 14.1% year on year, due to a busier cinema release schedule than in the first half of 2015 (11 films released in cinemas by SND, vs. 4 films in the first half of 2015), and marked by the success of The Divergent Series: Allegiant (2.2 million admissions), The Hateful Eight (1.8 million) and Adopte un veuf (1.1 million).
The first half-year was also notable for the release of three films co-produced by M6 Films (Chocolat, Amis publics, and Un Homme à la hauteur) recording a combined 3.3 million cinema admissions.
These healthy performances helped achieve EBITA of €5.0 million, an increase of €1.2 million.
DIVERSIFICATION
During the first half of 2016, Diversification revenue totalled €160.3 million (down 5.3% compared with the first half of 2015), with a contribution to EBITA of €70.6 million, including €50 million from the non-recurring contribution from the M6 mobile agreement, corresponding to the contractual compensation paid by Orange upon agreement of the gradual stoppage of the marketing of the offer.
Recurring activities, whose operating margin reached an average of 12.9%, contributed €20.6 million to EBITA, a year-on-year fall of €1.2 million, which was the result of:
UNALLOCATED ITEMS
Unallocated expenses fell €7 million, as a result of the automatic impact of the non-recurring M6 mobile compensation on operating expenses.
2 Matches broadcast in July will however yield a positive margin
CHANGE IN FINANCIAL POSITION
At 30 June 2016, Group equity stood at €561.9 million, with a cash usage of €85.5 million over the first half-year of 2016, compared with a usage of €133.1 million for the first six months of 2015.
OUTLOOK FOR THE 2ND HALF OF 2016
Following a first half-year energised by Euro 2016, advertising market visibility remains limited within an uncertain macroeconomic market.Over the second half of the year, M6 Group will pursue its policy of investing in its viewing schedules in order to continue improving its audience figures and market share.
A conference call will be held on 26 July 2016 at 6.30pm (CEST). 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 8 November 2016 after close of trading
M6 Métropole Télévision is listed on Euronext Paris, Compartment A.Ticker: MMT, ISIN code: FR0000053225
View source version on businesswire.com: http://www.businesswire.com/news/home/20160726005882/en/
M6 METROPOLE TELEVISIONINVESTOR RELATIONSEric Ghestemme, +33 (0)1 41 92 59 53eric.ghestemme@m6.frorPRESSAdélaïde Stella, +33 (0)1 41 92 61 36adelaide.stella@m6.fr
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