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RISK FACTORS AND MANAGEMENT4.2. Market risks4.2.1. Foreign exchange risksThe foreign exchange risk management policy and related data are set out in Note 22.3 to theconsolidated financial statements of this document.4.2.2. Interest rate risksThe Group is naturally exposed to risks from movements in interest rates. This risk is detailed in Note22.3 to the consolidated financial statements.This risk is of little significance however as the Group has very little debt. Liabilities at 31 December 2012are made up of a lease for production equipment (€1.3 million) advances subject to terms and conditionsfor the production of feature films (€0.2 million) and the share of liabilities of jointly-owned entities (€0.6million).4.2.3. Share riskTo the extent that the Group does not own any listed financial assets, share risk exposure only relates totreasury shares.In the consolidated financial statements, treasury shares are recorded at their acquisition cost as areduction of equity. Therefore, M6 Group share price movements have no impact on the Group’sconsolidated financial statements.In the parent company financial statements, the net value of treasury shares is aligned with thecorresponding asset at the listed share price, except for treasury shares held with a view to funding freeshare allocation plans, the net value of which is written down to zero over the period of the plans.In the case of the Group, only shares held as part of the liquidity contract are therefore currently exposedto share risk. Their net value was €1.5 million at 31 December 2012 for 128,548 shares. A 10%movement in the M6 share price would have a €0.2 million impact on the net value of treasury shares.4.2.4. Raw material riskThe Group has only little and indirect exposure to the risk of fluctuations in raw material prices.Only a number of providers and suppliers (logistics, diversification product sub-contractors) mayexperience a variation in their operating costs as a result of changes in raw material prices (primarily petroland paper) and if necessary pass them on their selling prices.The effect on the Group’s financial statements that would result from such price adjustments is notsignificant.4.3. Credit and counterparty riskThe credit risk for the Group is the bankruptcy of a customer, a supplier or a banking counterparty.4.3.1. Trade receivablesConcerning customer risk, the Group applies a cautious prevention and monitoring procedure describedin Note 22 to the consolidated financial statements.122 - M6 GROUP - 2012 REGISTRATION DOCUMENT
RISK FACTORS AND MANAGEMENTIt is pointed out in this note that, as regards revenue, no single customer risk is material enough tosignificantly impair the Group’s profitability.The Group’s top 1, 5 and 10 customers represent less than 5%, 10% and 15% of total revenue,respectively.4.3.2. Trade payablesAs part of the purchase and co-production of programmes, the Group has to pay advance paymentswhich may be deemed significant over a full-year. The Group strives to pay advances or makeprepayments as close to the delivery date of the programmes to be broadcast as possible. In allinstances, the Group implements an active policy of selecting the most sound suppliers, or failing that,monitors the financial health of its suppliers.4.3.3. Banking counterpartiesFinancial transactions are negotiated with carefully selected counterparties as described in this documentin Note 22.3 to the consolidated financial statements, market risks, in the section dedicated to theinvestment policy.The Group pays particular attention to the quality of its banking counterparties, which are all “investmentgrade” rated.A prudent diversification was thus undertaken for the deposits with mutual funds where surplus cash isinvested.4.4. Liquidity riskThe liquidity risk management policy is set out in Note 22.2 to the consolidated financial statements ofthis report.The Group’s liquidity must therefore be considered in the light of its cash position and its unusedconfirmed credit lines.At December 2012, the Group’s cash position was €317.5 million and it had €85.0 million in undrawncredit lines.These lines include early enforceability clauses (covenants) based on the relative level of financialexpenses and the ratio between net debt, equity and the equivalent of Ebitda. Since no credit line hadbeen drawn down at year-end, these clauses did not apply.In addition, due to the Group’s current financial situation, these covenants will definitely not apply.4.5. Legal risks4.5.1. Regulatory risksa) Risks related to regulatory and contractual obligationsAs part of its broadcasting authorisation, the main features of which are specified in section 1.6.2. of thisdocument, M6 is subject to legal and regulatory authorisations provided by the Law of 30 September1986 and related application decrees.The channels are also bound to the regulatory body (CSA) in application of Article 28 of the Law of 30September 1986.These agreements set out the specific rules applicable to the channels, due to the extent of the areaserviced, of the channel’s share of the advertising market, of the obligation of equal treatment between allTV networks and competitive conditions specific to each of them, as well as the development of digitalterrestrial radio and television.M6 GROUP - 2012 REGISTRATION DOCUMENT - 123
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DisclaimerThis report is an English
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M6 GROUP PRESENTATION1. M6 Group pr
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OTHER INFORMATION14. ADMINISTRATIVE
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OTHER INFORMATIONiv.Reports of the
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288 - M6 GROUP - 2012 REGISTRATION
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