to download the 2012 registration document. - Groupe M6

2012 FINANCIAL STATEMENTS AND RELATED NOTESDEBT SCHEDULEGroup debt may be analysed as follows by maturity date:< 1 year 1 - 5 years > 5 years Total2012 2011 2012 2011 2012 2011 2012 2011Financial debt 0.5 1.5 1.7 1.4 - - 2.2 2.9Derivative instruments 0.2 0.0 - - - - 0.2 0.0Other financial liabilities 3.6 6.3 - 3.4 - - 3.6 9.7Trade payables 373.8 341.1 - - - - 373.8 341.1Other liabilities 59.5 95.7 0.7 - - - 60.3 95.7Tax and social contribution payable 89.4 101.0 - - - - 89.4 101.0Liabilities relating to non-current assets 10.4 16.2 1.8 1.4 - - 12.2 17.6TOTAL 537.4 561.7 4.2 6.3 - - 541.6 568.022.3. Market riskMarket risk is the risk that movements in market prices, such as foreign exchange rates, interest ratesand equity instrument prices may adversely affect the Group’s financial performance or the value of itsfinancial instruments. The objective of market risk management is to define a strategy that limits theGroup’s exposure to the market risk, while at the same time ensuring that this strategy does not come ata significant cost.FOREIGN EXCHANGE RISKSThe Group is exposed to foreign exchange risk through audiovisual rights purchase contracts, particularlythrough its cinema distribution activity and purchases of the distance-selling division.These purchases are primarily denominated in US dollars, and to a lesser extent in Canadian dollars.In order to protect itself from random currency market movements that could adversely impact itsfinancial income and the value of its assets, the Group decided to hedge all its purchases. The coverageis undertaken at the signing of supplier contracts and is weighted as a function of the underlying duedate. Commitments to purchase rights are fully hedged.The Group only uses simple financial products that guarantee the amount covered and a set rate ofcoverage. These are forward purchases, for the most part.As in 2011, foreign currency purchase flows represented approximately 6.7% of 2012 total purchases.Foreign currency-denominated sales are not hedged as they are not significant (less than 0.1% ofrevenue).Analysis of exposure to foreign exchange risk at 31 December 2012USD CAD(€ millions) (1) (€ millions) (1)TotalAssets 5.0 0.9 5.9Liabilities (3.2) (0.0) (3.2)Off-balance sheet (26.4) - (26.4)Unhedged position (24.7) 0.9 (23.8)Forex hedges 21.8 (0.7) 21.1Net exposed position (2.9) 0.2 (2.7)(1) at closing rate: 1.3163 1.297490% of the Group’s exposure is hedged.M6 GROUP - 2012 REGISTRATION DOCUMENT - 195