to download the 2012 registration document. - Groupe M6

2012 FINANCIAL STATEMENTS AND RELATED NOTESThe internal management reporting prepared on a monthly basis and communicated to the principaloperational decision-maker, i.e. the Executive Board, as well as to other operational decision makers isbased on these segments.Revenue and EBITA, defined as operating profit before income and expenses relating to businesscombinations and proceeds from the disposal of subsidiaries and investments, are the most closelymonitored performance indicators. Capital employed and investments made by each segment are alsoanalysed on a regular basis in order to assess the profitability of resources allocated to each segment andmake decisions about the future investment policy.The operating segments presented are as follows:M6 TV NETWORKThis segment includes the M6 TV channel, based on a business model entirely financed by advertisingand extensive broadcasting (terrestrial SD and HD digital networks, broadband, cable and satellite), aswell as all the main associated activities, such as the production, co-production and advertising agencyactivities.DIGITAL CHANNELSThis segment includes Group channels that are broadcast on the DTT network or as part of packagesbroadcast by broadband, cable or satellite. These channels were originally termed thematic channels;they have considerably increased their market share, both in terms of audience ratings and advertisingrevenue over the past few years.The business model of the so-called “pay channels” is based on mixed financing (advertising revenue andincome from cable operators), whereas that of free channels (free SD DTT broadcasting) is fullydependent on advertising.DIVERSIFICATION AND AUDIOVISUAL RIGHTSThis segment includes all activities considered independent, in part or in full, from the TV channelbroadcasting business. Their main features notably include the distribution of physical or intangible goodsto consumers, merchandise inventory building, buying and reselling and event organisation.Revenues primarily originate from sales to consumers and ticket sales, as well as sales to specialiseddistributors and vendors. The contribution of advertising revenue, although remaining marginal for thissegment, is growing rapidly.ELIMINATIONS AND UNALLOCATED ITEMS relate to the cost of the share purchase and subscription plans, thecost of the free share allocation plans, the net profit of property companies and dormant companies, aswell as unallocated consolidation restatements primarily corresponding to the elimination of intra-Groupgains on the disposal of non-current assets or inventories.176 - M6 GROUP - 2012 REGISTRATION DOCUMENT