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Annual Report & Accounts

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Annual Report & Accounts LA CHAINE DOCUMENTAIRE LA CHAINE DOCUMENTAIRE Annual report & accounts . ARIS , P Télévision Française 1 A public limited company (“Société Anonyme”) with a share capital of FF 210, 000, 000 - R.C.S. Paris B 326 300 159 UADRATIN Mailing address : TF1 - 1, quai du Point du Jour - 92656 Boulogne Cedex - Tél. : 33 1 41 41 12 34 : Q Registered Head Office : 33, rue Vaugelas - 75015 Paris - France ESIGN AND PRODUCTION D CREDITS / Front page, all rights reserved : JL. Allégre, S. Botterill, R. Burkel, E. Chognard, G. Galud, JC. Roca, JM. Sureau. Other pages, all rights reserved : G. Bosio, S. Boustani - Protécréa/Ushuaïa, S. Bruty, C. Chevalin, F. Darmigny, D. Maestracci, JM. Mazeau - Pandora Lola Lola, F. Pages, JM. Sureau, TM & Co 1996 - Marvel Characters Inc. The French version of this document was filed with the Commission des Opérations de Bourse (French Stock Exchange Commission) All rights reserved - Formula One Constructors Association on May 14, 1997 under the number R 97 - 144 CONTENTS CONTENTS CONTENTS CONTENTS I CHAIRMAN’S STATEMENT 2 I 1987-1997, 10 YEARS OF SUCCESS ! 4 I TF1 GROUP FINANCIAL HIGHLIGHTS 5 I TF1 GROUP ORGANISATION CHART 6 I BOARD OF DIRECTORS, AUDITORS 7 I GROUP MANAGEMENT 8 I REVIEW OF GROUP OPERATIONS 10 I DIRECTORS’ REPORT 12 I FIVE-YEAR FINANCIAL RECORD 21 I RESOLUTIONS SUBMITTED TO THE COMBINED GENERAL MEETING OF JUNE 12, 1997 22 I COMBINED GENERAL MEETING - EXTRAORDINARY PART 24 I FINANCIAL STATEMENTS AND GENERAL INFORMATION 25 I CONSOLIDATED PROFIT AND LOSS ACCOUNT - OPERATIONAL BREAKDOWN 27 I STATUTORY AUDITORS’ REPORTS 28 I CONSOLIDATED FINANCIAL STATEMENTS 30 BALANCE SHEET 30 PROFIT AND LOSS ACCOUNT 32 CASH FLOW STATEMENT 33 NOTES TO THE ACCOUNTS 34 I COMPANY FINANCIAL STATEMENTS 42 BALANCE SHEET 42 PROFIT AND LOSS ACCOUNT 44 CASH FLOW STATEMENT 45 NOTES TO THE ACCOUNTS 46 I INFORMATION CONCERNING TF1 SA 57 I TF1 STOCK: MARKET AND YIELD 60 I PEOPLE RESPONSIBLE FOR FINANCIAL INFORMATION 62 I POSTAL ADDRESSES OF MAIN SUBSIDIARIES 63 1 CHAIRMAN’ S STATEMENT CHAIRMAN’ S STATEMENT TF1, a leading communications group looking to the future Dear shareholders, This success comes from our readiness to On April 4, 1987, TF1 was privatised. The take up the daily challenge to reach and to n°.1 French TV channel thus became a fully capture the French public. We succeed by commercial business. A group of investors led offering our viewers a generalist and inventive by the Bouygues Group was selected by the programme, close to their daily life. The French Government to acquire half the capital. audience ratings of our French TV dramas The other half was purchased by hundreds of show our ability to create high quality and thousands of individual shareholders and imaginative products which satisfy ever more numerous French and international investment demanding viewers. funds. Sales of advertising space, managed by We acquired an institution and have turned TF1 Publicité, are the main source of it into a modern, dynamic and forward looking revenue for TF1. In 10 years, TF1 Publicité has enterprise which is now one of the most developed powerful and innovative marketing important French and European communica- tools, and has created a real partnership with tions groups. more than 700 advertisers, large and small. TF1 is a growing and profitable group Television is a powerful media capable of striving to optimise its shareholders’ interests. reaching millions of viewers simultaneously. Since the privatisation, TF1 has multiplied its Audiences are directly measured against seve- consolidated turnover by five (to around FRF ral specific targets set by advertisers. Thus, 10 billion) and tripled its net profit (to around television continues as the driving force in FRF 600 million). In 10 years, TF1 has yielded developing the advertising market. a 16% annual return to its shareholders. Since 1987, TF1 has been the leading TF1 has more than 2,000 employees today French generalist channel in terms of audience as against 1,200 in 1987. It has created more market share and advertising revenue. In spite than 20 subsidiaries and invested around of the increasing number of thematic channels FRF 12 billion in French production in the last and the zapping habit, very few national domes- 10 years. tic channels have equalled this performance. 2 CHAIRMAN’ S STATEMENT CHAIRMAN’ S STATEMENT TF1 Group has also grown by diversifying Broadcasting digital programmes and its activities to maximise synergy with its main interactive services on this expanding new channel. These diversification activities repre- market is therefore a strategic imperative for sent new and expanding means of developing your company. That’s why we launched TPS, from its core business: television and movie “the most beautiful invention since televi- production, acquisition and exploitation of sion”. We did this jointly with other major audiovisual rights, publishing and distribution players in the market so as to combine all the (video, music, on-line services, merchandising, skills needed to make a success of this ambi- homeshopping), and thematic channels tious challenge. (Eurosport, LCI and Odyssée) and recently digital television. TPS has positioned itself as a complete and straightforward offering with a good price / These activities now represent 25% of quality ratio. In four months this has attracted consolidated turnover, making TF1 a fully inte- more than 130,000 subscribers, well above our grated communications group. initial expectations. In recent years, technological advances In 10 years, we have accumulated consi- have led to the digital revolution, the impact derable expertise and knowledge in pro- of which in music and computers will be fami- gramming and new technologies, and have liar to you all. This revolution permits the deli- created a strong financial structure. These will very direct to viewers’ homes of a very large be key elements in meeting the challenges of number of programmes and services combi- the next millennium while also continuing to ned with extremely high sound and picture deliver value to shareholders. quality, all at lower cost. It opens up a new world for consumers and new ways of financing television deve- Patrick Le Lay lopment. At present, the French market is Chairman & Managing Director essentially dominated by six terrestrial chan- nels. Cable and satellite have made little inroads. Moreover, terrestrial television - whi- ch is principally financed by advertising reve- nue - has limited growth potential as compa- red with 10 years ago. 3 1987-1997, 10 YEARS OF SUCCESS ! 1987-1997, 10 YEARS OF SUCCESS ! I Launch of STAR, a multi-media I Agreement between TF1 and 1987 desktop computer system for the France Télévision for the launch of I Privatisation of TF1: the Bouygues News Department. This software a Direct To Home (DTH) digital Group chosen to operate the was completely developed by package of programmes. channel. TF1. It allows journalists to have I The library of TF1 International I Francis Bouygues appointed direct access on their computer (formerly Syalis DA) totals more Chairman of TF1. screens to many sources of infor- than 8,000 hours of programmes. I Creation of TF1 Publicité and mation (TV channels, news-flashes, The company becomes a new Télé-Shopping, marking the first picture library, etc). player on the international rights stage of the Group’s diversifica- I “La neige et le feu“, co-produced market. tion. by TF1 Films Production awarded I The Bouygues Group raises its the “César“ for most promising ownership in TF1 from 37.5% to 1988 actress with Géraldine Pailhas. 39%. I Patrick Le Lay appointed Chairman of TF1 in succession to Francis Bouygues. 1993 1996 I Diversification continues with the I TF1 forms Syalis Droits I The CSA renews TF1’s licence formation of Une Musique (music Audiovisuels (later to become granted in 1987 for a further per- recording and publishing) and TF1 TF1 International) in order to iod of 5 years. After this period, Editions (book publishing). develop further in the acquisition the licence is expected to be rene- and exploitation of audiovisual wed under the same conditions. rights. 1989 I Creation and launch of I TF1 Films Production awarded I The TF1 Group expands its deve- TPS/Télévision Par Satellite,in seven “Césars“, including five for lopment with TF1 Entreprises partnership with M6, CLT, “Indochine“ (best actress for (video, merchandising, etc). Lyonnaise des Eaux, France Catherine Deneuve), and one I TF1 Films Production awarded Télécom and France Télévision. each for “Talons aiguilles“ and the “César” for the best actor with I Creation of TCM, in partnership “La crise“. Jean-Paul Belmondo in “Itinéraire with CLT and M6, for the acquisi- d’un enfant gâté”. tion and exploitation of audiovi- sual rights. 1990 1994 I Eurosport, available in 43 coun- I La Chaîne Info/LCI, the first tries and 13 languages, reaches I New logo: 24-hour French language news more than 72 million households I TF1 Group develops in production channel launched on cable. throughout Europe and records its activities with the creation of I The Bouygues Group raises its first profit. Banco Production (which pro- ownership in TF1 from 25% to I LCI received by 1.2 million sub- duces movies made for TV and 37.5%. scribers and is regarded as the lea- magazines), TF1 Publicité I TF1 takes a 24.5% interest in ding news channel. Production (advertising films) and Multivision (first European opera- I TF1 takes a participation in Film the acquisition of Protécréa tor of pay-per-view services). Par Film, a movie production (audiovisual production). I TF1 for the first time broadcasts company. I “Trop belle pour toi”, directed by part of its programmes in digital I TF1 Films Production awarded Bertrand Blier and co-produced sound and stereo. five “Césars“, including two for by TF1 Films Production, awar- I Success of “Un indien dans la vil- “Nelly et Mr Arnaud“ and one ded five “Césars“, including that le“, co-produced by TF1 Films each for “Elisa“, “Gazon maudit“ for the best film.
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