to download the 2012 registration document. - Groupe M6

RISK FACTORS AND MANAGEMENT4.1.5. Payment terms risksThe provisions of the Law for Modernisation of the Economy in respect of terms of payment betweencustomer and supplier came into force on 1 January 2009: since that date, customers are obliged to paytheir suppliers within 60 days or within 45 days of the end of the month.Companies that do not comply with the new payment terms imposed are exposed to certain financial risksand penalties, including late payment penalties, fines and proceedings initiated by the French Ministry ofEconomy following the filing of a report by the Statutory Auditors.This law affects M6 as it does any other company. More specifically, since a significant part of contractssigned with its suppliers relate to the purchase of audiovisual rights, featuring very specific and very precisepayment terms, meeting these payment terms is of particular importance for the Group.Risk management and follow-upIn order to meet its settlement terms and to ensure that it always complies with applicable laws, the Groupimplements a number of steps.Supplier payment proceduresThe Group has put into place a supplier payment procedure governed by internal controls and an ITsystem to process invoices received that is adapted to the new legal provisions. Moreover, every supplier’spayment terms to the Group are checked frequently.Follow up of late paymentsTwo alert and monitoring tools are available to the Group’s financial management to deal with paymentterms: a summary of invoices that are due and not yet paid and a summary of every accountingdepartment’s payment terms. In addition, the consolidated WCR of each Group entity is monitored on aquarterly basis.The maturity of the Group’s trade payables (excluding audiovisual rights and intra-group suppliers) was asfollows:(€ millions) 31/12/2011 31/12/2012Trade payables falling due before 1 February 39.9 49.9Trade payables falling due between 1 February and 28February6.6 2.8Trade payables falling due after 1 March 0.0 0.0TOTAL 46.5 52.7This data is consolidated and does not include liabilities relating to the purchase of audiovisual rights,since these liabilities primarily fall due on the basis of operational milestones (including "ready tobroadcast”, “first broadcast”, etc.) and not on calendar dates.For the Group’s main company (Métropole Télévision), the trade payables outstanding, rights excludedbut including intra-group payables may be analysed as follows:(€ millions) 31/12/2011 31/12/2012Trade payables falling due before 1 February 42.1 62.2Trade payables falling due between 1 February and 28February31.6 22.7Trade payables falling due after 1 March 0.0 0.0TOTAL 73.7 84.9M6 GROUP - 2012 REGISTRATION DOCUMENT - 121