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2005 In brief 2 THE M6 GROUP Simplified Group structure at 31 December 2005 Key dates • 1987 - Métropole Télévision is de Bordeaux, with 66% of the granted the authorisation to capital (increased to 100% in exploit France’s 6th analogue TV 2002) Diversification and Discontinuing M6 Free to Air Digital channels channel on 1 March. Audiovisual Rights activity At 11:15 am, M6 broadcasts its • 2000 - Record growth in st 1 image. advertising with an increase of 100 % 100 % 100 % 34 % over 20% of advertising revenues st • 1989 - 1 local news station 100 % at Bordeaux, broadcast • 2001 - Launch of Loft Story, 100 % 100 % at 8:54 pm. The 1st of a long 1st French venture into reality TV. 51 % series of local news station 95 % openings at Grenoble, Lille, • 2002 - With the 2nd season of 100 % 100 % Lyon, Marseille, Montpellier, Loft Story, M6 sets an all time 100 % Nancy, Nantes, Nice, Rennes record prime time network 100 % and Toulouse. viewing audience of 8.2 million. 100 % 100 % • 1992 - Creation of M6 Inter- • 2004 - Suez disengages itself 100 % 50 % actions, which commercialises from the M6 group, 100 % derived products. M6 conclu- maintaining a 5% shareholding. 50 % des its 1st profitable year of 100 % operation. • 2005 - M6 becomes the lea- 100 % ding free to air broadcaster for • 1994 - M6 shares are laun- the FIFA 2006 World Cup 50 % ched on the Second Marché of (in number of matches). the Paris Stock Exchange. M6 becomes the majority share- 100 % holder in the free magazine Citato Keys figures • 1996 - M6 sets up its Internet and launches, as co-publisher, site: www.m6.fr the Auto Turbo magazine. TPS, television by satellite, is Acquisition of mistergooddeal.com, Consolidated Turnover Operating profit Net profit (Group share) launched. one of the leaders in e e e e-commerce in France. 1,274.7 M 242.3 M 156.2 M • 1999 - M6 takes over the Advertising Turnover Permanent staff Cash dividend per share Football Club des Girondins e 625.5 M 1,518 e 0.95 M6 Group - 2005 In brief 3 Corporate Governance Message from the Chairman of the Management Board In 2005, the Group had the opportunity of both pro- the first steps of the Group in the mobile phone ving the efficiency of its profitable growth model and industry. The Group created a Home Shopping busi- asserting its development project for the coming years. ness with a critical size, following the acquisition of Group financial performances established new record Mistergooddeal.com. Moreover, the growth recorded levels: Group turnover increased by 6.4% to Û1,274.7 by M6 Web reflected the relevance of the Group’s million (Û1,079.9 million excluding TPS) while net pro- strategy built around its brand, by combining a power- fit grew by 21.3% to Û 156.2 million. ful channel with proximity and interactivity. In addition, Concerning audience rating, M6 progressed in all the Group focused on strengthening the develop- audience categories (4+ year-old individuals) and ment prospects of the Interaction business, notably confirmed its status as France’s 2nd most popular TV with the acquisition of the Citato newspaper and the network for housewives under 50 years old, with an launch of the Auto Turbo magazine. Finally, efforts Management Board average audience share of 19.1%. made in 2004 in relation to the Football Club des High audience ratings and the relevance of the net- Girondins de Bordeaux bore fruits, enabling to return Nicolas de Tavernost - Chairman work positioning have won over an increasing num- to financial profitability and to fulfill its sports ambi- Thomas Valentin - Deputy-Chairman Head of Programming ber of advertisers. Gross advertising market share tions. reached 23.2%, the historical record for the network As regards TPS, 2005 was a decisive turning point. Catherine Lenoble - Head of Advertising since its creation. M6 succeeded in increasing its TPS and Canal+ Group shareholders took into consi- advertising revenues by 4.0% in a stable market. deration developments in the pay TV economic envi- Éric d’Hotelans - Deputy-Chairman Head of Administration M6 is moving toward a wider, more family oriented ronment and recognised the necessity of joining for- Jean d’Arthuys- Head of Digital TV Operations programming and offers more sport, more news and ces by signing an agreement for the combination of more French drama to its audience, as testified by the the two entities. The objective of this agreement, sub- acquisition of the rights to 31 FIFA World Cup 2006 ject to approval by competition authorities, is to give Supervisory Board matches. new and better prospects to the pay TV market. The strategy of content enhancement is being imple- The M6 Group is ready to face numerous challenges, Albert Frère Bernard Arnault mented within an audiovisual environment affected including the opening up of the advertising market to Chairman Vincent de Dorlodot by profound charges, with DSL and DTT. distribution in 2007, the development of new broad- Gérard Worms Axel Ganz The Group was able to anticipate these developments casting mediums and technological and competitive Deputy-Chairman Constantin Lange by creating or acquiring new channels, such as Paris developments. The Group is now in a position to seize Jean Laurent Première, in order to secure the Group’s position. In new opportunities and valorise the significant growth Guy de Panafieu addition, by launching W9, M6 Group possesses a margins and levers at its disposal. free-to-air DTT channel, which will progressively become Remy Sautter a second free-to-air core asset for the Group. Yves-Thibault de Silguy M6 Group diversification operations experienced a Nicolas de Tavernost Ignace Van Meenen dynamic year 2005: new growth drivers were laun- M6 Group Chairman of the Board Gerhard Zeiler ched or integrated. M6 Mobile by Orange marks M6 Group - 2005 In brief 4 CONSOLIDATED Consolidated Income Statement (e millions) 12/31/2004 IFRS 12/31/2005 IFRS FINANCIAL STATEMENTS Continuing Discontinuing Total Continuing Discontinuing Total operations operations operations operations In 2005, M6 Group experienced continued growth in all its opera- tions. Consolidated turnover progressed by 6.4% to Û1,274.7 mil- Turnover 1,012.2 185.4 1,197.6 1,079.9 194.8 1,274.7 lion, including Û625.5 million from M6 TV network advertising (+4%), Other operating income 53.2 2.6 55.8 50.8 1.3 52.1 Û 454.4 million from other activities (digital channels, diversification and audiovisual right activities up by 10.6%) and Û 194.8 million Total operating revenues 1,065.4 188,0 1,253.4 1,130.7 196.1 1,326.8 from discontinuing operations (TPS +5.1%). Group operating pro- Total operating expenses (857.6) (187.4) (1,045.0) (897.1) (187.4) (1,084.5) Û fit was 242.3 million, a 16.3 % increase over 2004. Profit from operation 207.8 0.6 208.4 233.6 8.7 242.3 Net profit (Group share) amounted to Û 156.2 million, compared to Û 128.8 million in 2004. This 21.3% increase represents a new Net financial income (expenses) 4.0 (3.9) 0.1 2.7 (0.9) 1.8 Group’s record. Share of associates results (0.6) 0.0 (0.6) 0.0 0.0 0.0 As a consequence of the rise in profitability, M6 had Group equity Profit before tax 211.2 (3.3) 207.9 236.3 7.8 244.1 of Û 504.1 million, at 31 December 2005. Total assets increased Income tax (80.8) 1.2 (79.6) (85.1) (2.7) (87.8) by 12.6% to Û 1,390.3 million: this change reflects both the inclu- sion of new companies in the Group’s consolidation scope, in par- Profit before minority interest 130.4 (2.1) 128.3 151.2 5.1 156.3 ticular Mistergooddeal and SNC and the development of Group acti- Minority interest 0.5 0.0 0.5 (0.1) 0.0 (0.1) vities Net profit (Group share) 130.9 (2.1) 128.8 151.1 5.1 156.2 At 31 December 2005, Cash and cash equivalents net of financial Û debt amounted to 242.8 million in respect of continuing activities. Consolidated Cash Flow Statement (e millions) Including TPS, it amounted to Û 188.7 million, compared to Û 203.2 2004 2005 million at 31 December 2004. Self-financing capability (before tax) 286.0 324.8 Net movement in working capital requirements 17.9 (38.9) Tax (107.5) (75.4) Consolidated Balance Sheet (e millions) Cash flow from operations 196.4 210.5 12/31/2004 12/31/2005 Relating to discontinuing operations 44.5 16.2 Goodwill 114.6 61.3 Net cash used in short-term investing activities (100.8) (120.9) Non-current assets 228.2 206.6 Current assets 680.8 677.5 Relating to discontinuing operations (8.8) (12.4) Cash 211.5 243.1 Net cash used in financing and long-term investing activities (113.3) (56.0) Assets used in discontinuing operations 0 201.8 Relating to discontinuing operations (35.7) (3.4) TOTAL ASSETS 1235.1 1390.3 Net change in cash and cash equivalents (17.7) 33.6 Equity 440.9 504.3 Relating to discontinuing operations - 0.4 Non-current liabilities 76.2 27.4 Cash and cash equivalents - start of the year 229.2 211.5 Current liabilities 718.0 639.3 Liabilities used in discontinuing operations 0 219.3 Cash and cash equivalents - end of the year 211.5 245.1 Relating to continuing operations 211.5 243.1 TOTAL LIABILITIES AND EQUITY 1235.1 1390.3 Relating to discontinuing operations 2.0 M6 Group - 2005 In brief 5 KEY Permanent Workforce FIGURES 1,074 1,280 1,518 191 Mistergooddeal Breakdown of sales by segment Diversification and Audiovisual Rights 2005 key figures 1,327 29.8 % Operating profit margin TPS (held for disposal) 19.0 % 15.3 % Net profit margin M6 Free to Air Digital channels 12.3 % 49.8 % 5.1 % 2003 2004 2005 Consolidated Turnover (Û millions) Operating Profit (Û millions) Consolidated Net Profit (Û millions) Earnings per share (Û) 981.5 1,071.3 1,176.9 1,197.6 1,274.7 213.2 190.7 213.3 208.4 242.3 116.2 111 131.6 128.8 156.2 0.88 0.84 1.00 0.98 1.19 Incl.