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2012 FINANCIAL REPORT- operating expenses of the M6 TV Network segment increased by €8.5 million, including €4.0 millionfor the Advertising Agency [transfer to the Advertising Agency of online activities previously managedby M6 Web and development of IT systems] and €4.9 million for M6 Créations [transfer of licencingactivities and development of M6 Interactions];- operating expenses of digital channels posted an increase of €5.5 million, primarily due to W9, whosedevelopment is driven by higher programming costs and broadcasting expenses;- operating expenses of diversification and audiovisual right activities decreased by €27.3 million: they declined by €3.7 million for the audiovisual rights following the recognition of a writedown of€3.9 million on the SCN catalogue, reflecting an improvement in the operational profitability ofother activities of this division; they declined by €2.4 million and €2.0 million in the Interactivity and Ventadis divisions,respectively, i.e. at a more rapid pace than their decline in revenue, which is a sign of improvedoperational profitability; these developments were also reflected in the Interactions division, whose operational profitabilityrose from 17.7 to 41.1%, while revenue declined by 55.7%; within the segment comprising FC Girondins de Bordeaux and its subsidiaries, the decline inoperating expenses was €0.7 million.Analysis of expenses by nature is as follows:- consumables and other operating expenses decreased by €41.2 million (down 5.2%) primarily inrelation to the decline in business of the diversification and audiovisual rights division;- personnel costs increased by €3.5 million (up 1.3%); this was due to conflicting developments: theincrease in the payroll of the F.C.G.B division was offset by the decline in personnel costs of otheroperations;- taxes and duties decreased by €0.5 million to €61.2 million;- net amortisation, depreciation and provision charges, excluding those linked to acquisition-relatedintangible assets, rose by €21.3 million to €112.2 million; This change primarily reflected increasedamortisation of audiovisual rights.Operating income and expenses related to business combinations amounted to a net expense of €12.5million. This charge primarily included an impairment charge of €11.2 million on the e-commerce goodwilland the €1.3 million amortisation of intangible assets identified as part of the acquisition ofMistergooddeal and Cyréalis (vs. €1.2 million in 2010).Group operating profit (EBIT) totalled €206.0million in 2012, less than in 2011 (€241.6 (million).Profit from recurring operations (EBITA), defined by the Group as operating profit before capital gains onthe disposal of subsidiaries and equity investments and operating income and expenses related tobusiness combinations amounted to €218.5 million in 2012, compared to €245.0 million in 2011.Net financial income was €24.4 million, compared to €3.0 million in 2010, benefiting in particular from theproceeds from the disposal of the Summit Entertainment securities (€20.2 million).The Group’s share of profit/(loss) from associates (or share of profit from equity-accounted companies)was nil in 2012, compared to a loss of €0.1 million in 2011.The consolidated income tax charge was €90.2 million, lower than in 2011 (€94.9 million).Net profit from continuing operations thus amounted to €140.2 million, a decline of €9.5 million (down6.3%) compared to 2011.After taking account of net profit from discontinued operations, which was nil in both 2012 and 2011, andprofit and loss attributable to non-controlling interests, the Group share of net profit was €140.2 million.136 - M6 GROUP - 2012 REGISTRATION DOCUMENT
2012 FINANCIAL REPORT5.1.2.2. M6 TV NetworkThe contribution of each entity to the M6 TV Network’s performance may be analysed as follows:Contribution - M6 TV Network(€ millions)Businesssegmenttotalrevenue31/12/2012 31/12/2011 2011 / 2012 changeBusinessE xternalsegmentE xternalE BITArevenuetotalrevenuerevenueBusinessE BITAsegmentE xternaltotalrevenueE BITArevenueM6 TV Net work* 735.6 649.8 138.2 765.6 679.6 173.3 (30.0) (29.8) (35.2)Audiovisual and filmproduction subsidiaries102.0 14.2 4.4 101.0 5.7 2.3 1.0 8.5 2.0Intra-group eliminat ions (131.6) - - (142.2) - - 10.6 - -Tot al M6 TV Net work 706.1 664.0 142.5 724.4 685.3 175.7 (18.4) (21.4) (33.2)including M6 Publicité (advertising agency)M6 TV network EBITA may be analysed as follows based on the M6 channel’s gross margin onprogramming:M6 TV Network: Gross margin on programming(€ millions) 31/12/2012 31/12/20112011/2012 change(€ millions) (%)Advertising revenue 647.1 675.9 (28.8) (4.3%)Advertising revenue - Group 10.5 10.3 0.2 1.7%Advertising agency cost - M6's share, taxes and copyright distribution costs (112.4) (121.3) 8.9 (17.5%)Free-to-Air net revenue 545.2 565.0 (19.8) (3.5%)Programming costs (346.9) - (333.9) - (13.0) -3.9%Gross margin on programming 198.3 231.1 (32.7) (14.2%)(%) 36.4% 40.9%Net other operating expenses (72.3) (69.6) (2.7) 3.8%Ex-segment commissions net of advertising agency costs not allocated to M6 12.1 11.9 0.2 2.0%M6 TV Network other subsidiaries EBITA 4.4 2.3 2.0 86.1%M6 TV Net work EBITA 142.5 175.7 (33.2) (18.9%)Net advertising revenues: These consist of advertising revenue earned by the M6 television network, offset by the cost ofservices provided by M6 Publicité (TV network share), mandatory charges levied as a proportion of revenue andbroadcasting costs.Programming costs: these represent the cost of programmes broadcast on M6 channel (purchased, produced orcoproduced), including charges relating to rights that are invalid or unlikely to be broadcast.Gross margin on programming: this represents the difference between Free-to-air TV net revenue and programming costs.In 2012, M6 recorded the strongest increase in audience ratings of all French channels and was the onlyhistoric channel to report growth, achieving ratings of 11.2% vs 10.8% in 2011 (4+ year olds, sourceMédiamétrie).This strategic bolstering was due to event-driven programming, including the broadcast of UEFA Euro2012, as well as the relevance of the channel’s strongest brands, which continued to achieve solidperformances (L’Amour est dans le pré, Scènes de Ménages, Bones, La France a un incroyable talent,etc.) and contributed to the channel’s higher ratings.M6 GROUP - 2012 REGISTRATION DOCUMENT - 137
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M6 GROUP PRESENTATION1. M6 Group pr
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