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2012 FINANCIAL STATEMENTS AND RELATED NOTESFAIR VALUENet balance sheet positions of derivatives were as follows:2012 2011Forward call contracts Fair valueFair valueMétropole Télévision - -SND (0.2) 0.7HSS (0.0) 0.2TOTAL (0.2) 0.9MATURITIESThe maturity of hedge instruments (measured in euro at the year-end forward hedge rate) was as follows:2012 2011Total< 1 year 1 to 5 years Total< 1 year 1 to 5 yearsMétropole Télévision - - - 0.3 0.3 -SND 18.0 18.0 23.6 23.1 0.5HSS 4.6 4.6 - 4.5 4.5 -TOTAL 22.6 22.6 - 28.4 27.9 0.522.4. Financial instrument effect on Income StatementEffects on profit and loss of financial instruments were as follows:2011 Analysis by category of instrumentsEffect on income statementFair value through profitand lossAvailable for sale financialassetsInvestments held untilmaturityLoans and receivables Debt at amortised cost Derivative instrumentsImpact on net financial income/(expense) 10.5Total interest incomeTotal interest expenseRevaluationsNet income/(expensesIncome/(loss) on disposals5.1(0.1)(0.5)6.0-0.0-0.0(1.5)----7.5------5.1-----(0.1)-----(0.6)--Impact on EBIT (10.9)Net capital gains/(losses)- - - - - - -Impairment(10.9) - (7.5) - (3.4) - -Net income/(loss)(0.5) (1.4) (0.0) - 1.6 (0.1)(0.6)2012 Analysis by category of instrumentsEffect on income statementFair value through profitand lossAvailable for sale financialassetsInvestments held untilmaturityLoans and receivables Debt at amortised cost Derivative instrumentsImpact on net financial income/(expense) 24.9Total interest incomeTotal interest expenseRevaluationsNet income/(expenses)Income/(loss) on disposals5.7(0.1)(0.2)(0.8)20.2--(0.1)(0.8)-----20.2-----5.7-----(0.1)-----(0.2)--Impact on EBIT (6.6)Net capital gains/(losses) 0.1 - - - 0.1 - -Impairment(6.7) -- - (6.7) --Net income/(loss)18.2 (0.8) 20.2 - (0.9) (0.1) (0.2)23. Cash and cash equivalents198 - M6 GROUP - 2012 REGISTRATION DOCUMENT
2012 FINANCIAL STATEMENTS AND RELATED NOTES2012 2011Deposit with Bayard d'Antin - 35.0FCP and SICAV mutual funds 302.8 280.8Cash at bank 12.8 12.8Total cash and cash equivalents 315.6 328.6Cash and marketable securities are financial assets held for trading and as such are measured at fairvalue (fair value through income statement) in accordance with IAS 7.The FCP and SICAV mutual funds do not contain any unrealised capital gains, as these were realised at31 December 2012.In application of the deposit policy described above, virtually all cash is invested in cash mutual funds withan average term of less than 90 days, in commercial papers and in term deposits with investment gradecounterparts.At 31 December 2012, no cash was deposited with Bayard d’Antin, a related party, as part of thetreasury management agreement renewed on 15 November 2012.24. Equity24.1. Share capital management policyManagement of the Group’s shareholders’ equity primarily refers to the dividend distribution policy andmore generally to the remuneration of Métropole Télévision shareholders. As part of this policy, the Groupstrives to retain sufficient cash holdings to meet its day to day financing needs and fund acquisitions.Since the disposal of the Canal+ France shares, the Group avails of substantial surplus cash, well inexcess of the above-mentioned requirements, giving rise to a significant investment potential.To that end, and to exercise caution in light of the liquidity risk, during 2008 M6 put into place twobanking credit facilities totalling €85 million; one of these facilities of €35 million matured during 2011 andhas not been renewed to date. In addition, the Group also implemented a credit line of a maximum of €50million with its main shareholder (Bayard d’Antin).None of these credit lines were drawn down in 2012.As regards remuneration of the shareholders, the Group has set itself the objective of distributing adividend of approximately 80% of net earnings per share (from continuing operations, Group share).However, an exceptional dividend distribution may be considered when the Group generates profits of anon-recurring nature, in particular due to the disposal of discontinued assets or operations.Furthermore, the Executive Board of Métropole Télévision was granted an authorisation to buy back itsown shares by the Ordinary General Meeting of 4 May 2011, with a view to:- stimulate the secondary market or the liquidity of the Métropole Télévision share through anintermediary investment service provider, through a liquidity contract in compliance with the AMAFI’sethical code approved by the AMF,- retain the shares purchased and ultimately use them via exchange or payment within the frameworkof potential acquisitions, provided that the shares acquired for this purpose do not exceed 5% of theCompany’s share capital,- provide adequate coverage for share option plans and other forms of share allocations to Groupemployees and/or executive officers within the conditions and according to the methods permitted bylaw, notably in order to share the profits of the Company, through a company savings plan or by thegranting of free shares,- provide adequate coverage of marketable securities giving right to Company shares within theframework of current regulations,M6 GROUP - 2012 REGISTRATION DOCUMENT - 199
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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 GOVERNANCEAppointments an
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CORPORATE GOVERNANCEDelphine ARNAUL
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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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2012 FINANCIAL REPORT- the disposal
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2012 FINANCIAL REPORTthe reliabilit
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2012 FINANCIAL REPORTIt sets and de
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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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