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2012 FINANCIAL REPORT5.3.5. Tax consolidationInformation on the Group’s tax consolidation is set out in Note 4.8 to the parent company financialstatements.5.4. 2013 outlookIn 2013, the M6 Group will continue to implement its profitable growth strategy for all its activities.In line with previous financial years, content will be at the core of growth (see section 5.4.2), with a view toconfirming the position of the family of channels, within a market environment undergoing extensivechange and marked by an increase in the number of free-to-air channels, continued audiencefragmentation, as well as concentration movements in this market.Similarly, the Group will continue its strategy aimed at establishing a balanced revenue model that allowsfor growth in non-advertising revenue (see section 5.4.3), in particular by drawing on the strength of theGroup’s brands and its expertise in terms of audiovisual rights, merchandise and licencing, interactiveservices and offerings, distance selling and ownership of a first-rate sporting club.The M6 Group will operate within a challenging business environment in 2013, marked by growing tensionconcerning the financing of public debt. Macroeconomic forecasts also point to a continued deteriorationof the labour market (Note de conjoncture de l’INSEE, December 2012), and consequently consumerspending, which may result in a weak advertising market.Against this background, the M6 Group will continue to pay particular attention to the level of its operatingexpenses, without nonetheless putting the development of its operations in jeopardy, in order to maintain,as much as possible, a satisfactory profitability level.5.4.1. Significant post-balance sheet eventsTo the knowledge of the company, except for the extension of the M6 channel’s licence by a ruling of theConseil supérieur de l’audiovisuel dated 8 January 2013, mentioned in section 1.6.2.2. of this document,no other significant events have occurred since 1 January 2013 that are likely to have or have had asignificant impact on the financial position, profitability, activities and assets of the Company or theGroup.5.4.2. Free To Air Aand Pay TVSince 2008, the M6 channel has been driven by the success of access prime-time programmes. Thechannel continues its strategy to bolster its audience ratings at key time slots of the day. Varied accesstimeprogramming (series, movies, entertainment, magazines) has been very successful and has propelledM6 into second place among nationwide channels for this time slot. The M6 Group will strive to maintainthis access prime-time success and strengthen other time slots in 2013.The Group will also strive to develop its other channels, in particular W9, the leading DTT channel for thecommercial target, and 6ter, launched on 12 December 2012.Regulatory developments introduced in 2012 and having an impact on 2013 are set out in section 1.4.3.148 - M6 GROUP - 2012 REGISTRATION DOCUMENT
2012 FINANCIAL REPORT5.4.3. Diversification and Audiovisual RightsGrowth drivers set up in recent years will continue their contribution to the dynamism of the diversificationactivities.The Group’s development strategy in new media will be continued in 2013. M6 is considered thebenchmark for catch-up TV services. Already available on many terminals (PCs, IPTV, mobile phones,tablets, HBBTV), the M6 Group’s video services still have a significant potential for increased usage andrevenue. The website portfolio (channel websites and theme-based portals) will continue to grow in thefollowing two directions: a quality content offering for users and a differentiating and powerful offering foradvertisers.At the same time, for ever greater adequacy with the viewers’ new consumption patterns, mobile andtablet applications of the “social TV” type, based on the channel’s brands should support the broadcastingof flagship programmes.The audiovisual rights business will continue its development initiated over the past few years to strengthenthe Group’s access to more secure and diversified content, while at the same time generating revenue thatdoes not depend on the advertising market.The operations of the Distance-selling business proved rather resilient in 2012 in a highly competitivesector, limiting the decline in its revenue and increasing profitability, and will continue to develop itsdifferentiation strategy. MonAlbumPhoto.fr in particular, which relocated to new premises at the end of2012, will be able to pursue its expansion strategy in 2013.Lastly, Football Club des Girondins de Bordeaux (F.C.G.B.) has extended its manager’s contract foranother two years and is delivering promising sporting results at the beginning of 2013. The club has manystrengths, including quality players, a high-performance training centre, modern infrastructure andcommitted staff.In addition, the City of Bordeaux continues the construction of a new stadium, with F.C.G.B. as theresident club. This stadium is being built as part of a Public-Private Partnership (PPP) signed between theCity of Bordeaux and a consortium led by the construction company Vinci.M6 GROUP - 2012 REGISTRATION DOCUMENT - 149
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M6 GROUP PRESENTATION1. M6 Group pr
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COMBINED GENERAL MEETING OF 13 MAY
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OTHER INFORMATION14. ADMINISTRATIVE
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OTHER INFORMATIONiv.Reports of the
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