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2012 FINANCIAL STATEMENTS AND RELATED NOTESBroadcasting rightsCommercial inventoryNet book value at 1 January 2012 165.5 29.3 194.8Acquisitions 270.1 148.4 418.5Expensed (239.7) (155.4) (395.2)Writedown (charge)/reversal 2012 (27.7) 1.6 (26.1)Net book value at 31 December 2012 168.2 23.9 192.1At 31 December 2011Cost or fair value 239.6 36.2 275.8Accumulated writedown (74.1) (6.9) (81.0)Net book value at 31 December 2011 165.5 29.3 194.8At 31 December 2012Cost or fair value 269.9 29.2 299.1Accumulated writedown (101.7) (5.3) (107.1)Net book value at 31 December 2012 168.2 23.9 192.1Total201222. Financial instrumentsThis note presents information on the Group’s exposure to each of the following risks, as well as itsobjectives, policy and assessment procedures and risk management.22.1. Credit riskThe credit risk represents the risk of financial loss for the Group in the event a customer was to fail tomeet its contractual duties.TRADE RECEIVABLESRisk assessment differs across Group operations.Advertising revenueIn order to secure its advertising revenues, the main step taken by the M6 Publicité advertising agency isto carry out credit inquiries. These are systematically carried out with the support of specialised externalcompanies on new customers and on an on-going basis on recurring customers.The latter represent the large majority of advertisers. The advertiser base thus appears relatively stable,with more than 90% of revenue being generated from the same customers from one year to the next.Furthermore, it comprises a majority of quoted French companies and French subsidiaries of majorinternational corporations.Based on the results of credit enquiries and the amounts incurred in relation to the campaign, differentpayment terms are granted to customers. In particular, M6 demands that advertisers who do not meet itssolvency criteria pay their campaigns in advance. These provisions are included in the terms andconditions of sale of the M6 Publicité advertising agency.Due to this prudent policy, the risk of non-payment of advertising campaigns remained less than 0.5% ofadvertising revenue (0.4% in 2011).In order to further curtail this risk, the M6 Publicité advertising agency imposes late payment penalties onunpaid invoices and has an internal team dedicated to recovering trade receivables.Non-advertising revenueAs regards non-advertising revenue, no single customer risk is material enough to significantly impair theGroup’s profitability.192 - M6 GROUP - 2012 REGISTRATION DOCUMENT
2012 FINANCIAL STATEMENTS AND RELATED NOTESNonetheless, personnel dedicated to collecting trade receivables guarantee throughout the year thateverything is done to reduce bad debts. In addition to follow-up by this dedicated team, the Group maycall upon the services of specialised debt collectors.BANKING COUNTERPARTIESThe Group neither securitises, nor assigns nor factors trade receivables.The Group pays particular attention to the quality of its banking counterparties, especially after theNovember 2011 and June 2012 waves of downgrades of Euro Zone banks by rating agencies. TheGroup strives to diversify its mutual fund depositories, in which excess cash is invested in accordancewith the cash management policy described in Note 22.3.The Group works with leading European banks that benefit from an investment grade rating.ASSET FINANCIAL INSTRUMENTS POSTED TO THE BALANCE SHEETThe book value of financial assets represents the maximum exposure to the credit risk at year-end, asfollows:Gross Writedowns Book value Fair valueAvailable-for-sale financial assets 31.8 (8.2) 23.6 23.6- 23.6 - - - -Other non-current financial assets 2.7 - 2.7 2.7- - - 2.7 - -Trade receivables 322.8 (30.1) 292.7 292.7- - - 292.7 - -Derivative financial instruments 0.9 - 0.9 0.9- - - - - 0.9Other current financial assets 0.9 - 0.9 0.9- - - 0.9 - -Cash and cash equivalents 328.6 - 328.6 328.6 328.6- - - - -Other current assets 173.7 (3.9) 169.8 169.8- - - 169.8 --Assets 861.4 (42.3) 819.2 819.22011 Analysis by category of instrumentsFair valuethrough profitand lossAvailable forsale financialassetsInvestmentsheld untilmaturityLoans andreceivablesDebt atamortised costDerivativeinstruments328.6 23.6 - 466.1 - 0.9Gross Writedowns Book value Fair valueAvailable-for-sale financial assets 6.8 (2.4) 4.5 4.5- 4.5 - - - -Other non-current financial assets 22.4 - 22.4 22.4- - - 22.4 - -Trade receivables 301.9 (30.9) 271.0 271.0- - - 271.0 - -Derivative financial instruments - - - -- - - - - -Other current financial assets 1.7 - 1.7 1.7- - - 1.7 - -Cash and cash equivalents 315.6 - 315.6 315.6 315.6- - - - -Other current assets 172.2 (6.1) 166.1 166.1- - - 166.1 --Assets 820.7 (39.4) 781.3 781.32012 Analysis by category of instrumentsFair valuethrough profitand lossAvailable forsale financialassetsInvestmentsheld untilmaturityLoans andreceivablesDebt atamortised costDerivativeinstruments315.6 4.5 - 461.2 - -MATURITY OF FINANCIAL ASSETSThe maturity dates of financial assets were as follows at the balance sheet date:Year endNeither written down nordue
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DisclaimerThis report is an English
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M6 GROUP PRESENTATION1. M6 Group pr
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M6 GROUP PRESENTATION1.4.2. 2012 fi
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M6 GROUP PRESENTATION• Another am
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M6 GROUP PRESENTATIONIn total, the
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M6 GROUP PRESENTATIONIndividual Wat
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M6 GROUP PRESENTATION Historic chan
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M6 GROUP PRESENTATIONThe top ten M6
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M6 GROUP PRESENTATIONChange in the
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M6 GROUP PRESENTATIONshown-before s
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M6 GROUP PRESENTATIONIn order to co
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M6 GROUP PRESENTATIONSND was the le
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M6 GROUP PRESENTATIONa) Business pr
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M6 GROUP PRESENTATIONExcerpt of Top
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M6 GROUP PRESENTATIONMistergooddeal
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M6 GROUP PRESENTATIONwill be built
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M6 GROUP PRESENTATIONSTATUTORY ALLO
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M6 GROUP PRESENTATIONHowever, a Gen
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M6 GROUP PRESENTATIONAs a network w
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M6 GROUP PRESENTATIONb) Provisions
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M6 GROUP PRESENTATIONThe amendment
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CORPORATE GOVERNANCECORPORATE GOVER
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CORPORATE GOVERNANCEMembers of the
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CORPORATE GOVERNANCE- Chairman of t
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CORPORATE GOVERNANCE- Manager of P7
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CORPORATE GOVERNANCEAppointments an
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CORPORATE GOVERNANCEDelphine ARNAUL
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CORPORATE GOVERNANCEThe missions an
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CORPORATE GOVERNANCE- Director of C
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CORPORATE GOVERNANCEcharge of imple
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CORPORATE GOVERNANCEJérôme Leféb
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CORPORATE GOVERNANCEa) Basis of com
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CORPORATE GOVERNANCEtwo years of ad
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CORPORATE GOVERNANCEb) Free shares
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CORPORATE GOVERNANCERobin LEPROUX 2
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CORPORATE GOVERNANCE- no family con
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CORPORATE GOVERNANCEEight of these
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CORPORATE GOVERNANCEMinutes are pre
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CORPORATE GOVERNANCEonce a year and
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CORPORATE GOVERNANCE• matters rel
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CORPORATE GOVERNANCE- Excluding Rob
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CORPORATE GOVERNANCE5.1.3 Allocatio
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CORPORATE GOVERNANCE- an Ethics Cha
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CORPORATE GOVERNANCEAt the balance
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CORPORATE GOVERNANCEbecoming famili
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CORPORATE GOVERNANCESHARE CAPITAL33
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SHARE CAPITALStock market performan
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SHARE CAPITAL3.4. Cash dividend pol
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SHARE CAPITAL- At least one third o
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SHARE CAPITALChange in the number o
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SHARE CAPITALTreasury shares alloca
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SHARE CAPITALDate of General Meetin
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SHARE CAPITALDate of General Meetin
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SHARE CAPITALControlled companies h
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SHARE CAPITAL3.10.4.4. Identificati
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RISK FACTORS AND MANAGEMENTRISK FAC
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RISK FACTORS AND MANAGEMENT4.1.2. D
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RISK FACTORS AND MANAGEMENT4.1.5. P
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RISK FACTORS AND MANAGEMENTIt is po
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RISK FACTORS AND MANAGEMENT4.5.3. R
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RISK FACTORS AND MANAGEMENTc) Exclu
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RISK FACTORS AND MANAGEMENT• the
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RISK FACTORS AND MANAGEMENT4.7. Ind
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2012 FINANCIAL REPORT2012 FINANCIAL
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2012 FINANCIAL REPORT5.1.1.2. Conso
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2012 FINANCIAL REPORT5.1.2.2. M6 TV
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2012 FINANCIAL REPORTAdvertising an
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SUSTAINABLE DEVELOPMENT AND CORPORA
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COMBINED GENERAL MEETING OF 13 MAY
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COMBINED GENERAL MEETING8.2. Report
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COMBINED GENERAL MEETING8.3. Report
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COMBINED GENERAL MEETINGIn ordinary
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COMBINED GENERAL MEETING- ensure ad
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COMBINED GENERAL MEETINGOTHER INFOR
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OTHER INFORMATION9.4. Person respon
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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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