Disclaimer All forward-looking statements are TF1 management s present expectations of future events and are subject to a

Transcription

1 1 Disclaimer All forward-looking statements are TF1 management s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 2 1

2 FY 2006 accounts 79 TPS As of 31/08/ Further to the approval of the Minister of the Economy, Finance and Industry, TF1 does not have any more the control of TPS - Deconsolidation of TPS in the financial statements as of 31/08/2006 As of 31/12/ TF1 brings its 66% stake in TPS to Canal+ France - TF1 gets in return a 9.9% stake in Canal+ France + put option exercised in February 2010 with a floor valuation of 746 m. 04/01/ Final agreement aimed at bringing together the pay TV businesses of Group Canal+ and TPS in France, in Canal+ France, new group controlled by Vivendi - Reimbursement of the 99 m advance (interests included) to Vivendi Impact of the sale of TPS on the financial statements Profit of discontinuing operations as of 31/12/2006: m (incl. share of result of TPS as of 31/08/2006: 41,8 m). 9.9% of Canal+ France in the balance sheet under non current financial assets: 629 m. 2007, 2008, 2009: change of the fair value of the put option booked in other non current operating income and expenses

3 Key events Minority stake in AB Group December 2006: TF1 takes, under conditions, a 33.5% financial minority stake in AB Group for 230 m. Impact on the 2006 financial statements: no impact Consolidation in 2007 under associates Acquisition of 95% of 1001listes by Téléshopping Consolidation as of 31/12/2006 under the full consolidation method Impact on the balance sheet: Goodwill: 23.9 m Net debt: m Impact on the P&L: No impact 81 TF1 gross margin operational breakdown m Change % TF1 channel advertising revenue Advertising agency fees Authors CNC TDF / Satellites / Transmissions Net revenue from broadcasting Programming costs (excl. Football World Cup) 1,707.9 (81.0) (66.6) (84.8) (53.5) 1,422.0 (946.5) 1,647.5 (86.5) (63.2) (81.7) (54.9) 1,361.2 (919.4) (3.4) (3.1) (27.1) Football World Cup cost (113.6) % (6.4%) 5.4% 3.8% (2.6%) 4.5% 2.9% - Gross margin (79.9) (18.1%) 82 41

4 en millions d'euros Antenne TF1 Recettes de publicité 1 707, , ,5 Coût de la régie (81,0) (86,5) (86,3) RECETTES NETTES DIFFUSEUR 1 626, , ,2 Prélèvements obligatoires - Auteurs (66,6) (63,2) (63,9) - CNC (84,8) (81,7) (81,5) Coûts de diffusion - TDF, Satellites, Circuits (53,5) (54,9) (56,5) - TF1 - Présentation des Résultats annuels Février Coût de la grille (hors Coupe du Monde) (946,5) (919,4) (893,2) Coût de la Coupe du Monde de football (113,6) MARGE BRUTE GRILLE 361,9 441,8 464,1 83 Recettes diversifications et divers et autres produits de l activité 938,4 850,2 852,7 Autres charges opérationnelles (888,0) (815,2) (822,3) Dotations nettes aux amortissements et provisions (111,5) (123,6) (113,5) RESULTAT OPERATIONNEL 300,8 353,2 381,0 Coût de l'endettement financier net (11,6) (12,3) (17,2) Autres produits et charges financiers (4,9) 0,6 4,4 Impôts (98,7) (115,5) (137,5) Quote part des stés mises en équivalence 13,1 (5,5) (5,0) RESULTAT NET DES ACTIVITES POURSUIVIES 198,7 220,5 225,7 Résultat net des activités abandonnées 253,6 14,2 (2,5) RESULTAT NET DE L'ENSEMBLE CONSOLIDE 452,3 234,7 223,2 Part des minoritaires (0,2) (1,6) (1,5) RESULTAT NET CONSOLIDE PART DU GROUPE 452,5 236,3 224,7 83

5 TF1 channel programming costs m Change % Entertainment (7.6) (2.8%) TV dramas and series % Sports (excluding Football World Cup)) % News (2.2) (1.9%) Movies (3.4) (2.9%) Youth % Total programming costs (excl. Football World Cup) % Football World Cup Total programming costs (incl. Football World Cup) 1, % 83 Consolidated income statement (1/2) m Change % Revenue Other operating revenue External production costs Other purchases and changes in inventories Staff costs External expenses Taxes other than income taxes Depreciation and amortisation net Provision net Other operating income and expenses Current operating profit Operating margin (% of revenue) 2, , % (0.1) (20.0%) (608.7) (648.9) 40.2 (6.2%) (581.4) (395.8) (185.6) 46.9% (382.7) (362.1) (20.6) 5.7% (504.7) (475.3) (29.4) 6.2% (136.1) (130.1) (6.0) 4.6% (85.5) (80.3) (5.2) 6.5% (26.0) (43.3) 17.3 (40.0%) (28.2) (34.1) 5.9 (17.3%) (38.2) (11.3%) 11.3% 13.5% Other non-current operating income and expenses (14.2) ns Operating profit (52.4) (14.8%) 84 42

6 Consolidated income statement (2/2) m Change % Operating profit Cost of net debt Other financial income and expenses Income tax expense Tax rate Share of profits / losses of associates Net result from continuing operations Profit of discontinuing operations Net profit Minority interests (52.4) (14.8%) (11.6) (12.3) 0.7 (5.7%) (4.9) 0.6 (5.5) ns (98.7) (115.5) 16.8 (14.5%) 34.7% 33.8% 13.1 (5.5) 18.6 (338.2%) (21.8) (9.9%) ns % (0.2) (1.6) 1.4 (87.5%) Net profit attributable to the Group % 85 Consolidated revenue by sector m Change % Broadcasting France Audiovisual rights International broadcasting Other activities 2, , % TF1 SA 1, , % Theme channels in France % Group Téléshopping % TF1 Entreprises % e-tf % In-house production companies % Others % % TF1 Vidéo (2.6) (1.6%) Catalogue % % 0.0 (5.1) 5.1 ns Total revenue 2, , % 86 43

7 Current operating profit by sector m Change % Broadcasting France (46.0) (15.8%) TF1 SA (38.5) (14.6%) Theme channels in France (13.4) (16.8) 3.4 (20.2%) Group Téléshopping % TF1 Entreprises (0.7) (10.6%) e-tf (2.5) (39.7%) In-house production companies (1.2) 3.3 (4.5) ns Others (3.7) (17.4%) Audiovisual rights International broadcasting Other activities % TF1 Vidéo (1.2) (7,1%) Catalogue % % 0.0 (5.4) 5.4 ns Current operating profit (38.2) (11.3%) 87 Consolidated balance sheet ASSETS ( m) 31/12/06 31/12/05 Intangible fixed assets Goodwill Property, plant and equipment Investments in associates Other financial assets Non current tax assets Non current assets 1, Inventories Trade and other debtors 1, ,252.7 Current tax assets Derivative instruments Cash and cash equivalents Current assets 2, ,975.8 Assets of held-for-sale operations Total assets 3, ,

8 Consolidated balance sheet SHAREHOLDERS EQUITY AND LIABILITIES ( m) 31/12/06 31/12/05 Shareholders funds (attributable to the Group) 1, ,051.1 Minority interest (0.1) (1.3) Shareholders funds 1, ,049.8 Long term debt Non current provisions Non current tax liabilities Non current liabilities Short term debt Derivative instruments Trade and other creditors 1, ,403.5 Current tax liabilities Current provisions Current liabilities 1, ,476.2 Liabilities of held-for-sale operations Total equity and liabilities 3, ,470.0 Financial net debt TOTAL GROUP Consolidated cash flow statement Cash flow statement summary ( m) Net profit Net cash inflow from operating activities Incl. held-for-sale operations Net cash inflow from investing activities Incl. held-for-sale operations Net cash inflow from financing operations Incl. held-for-sale operations Total change in cash position Incl. held-for-sale operations Operating cash flow after cost of net debt and income taxes Income tax paid (112.0) (156.4) Change in operating working capital needs 42.4 (47.0) (135.4) (114.4) (23.8) (33.8) (159.1) (9.5) (24.7) 0.8 Cash position at beginning of period Cash position at end of period

9 Key ratios Key ratios 31/12/06 31/12/05 31/12/04 Financial net debt (1) / Shareholders funds (Gearing) Financial net debt (1) / Cost of net debt (1) Cash flow (2) / Financial debt (1) Diluted earnings per share ( ) continuing operations Diluted earnings per share ( ) incl. profit of discontinuing operations Dividend per share ( ) 27.9% * 43.5% % Pay-out ratio (%) (3) 92% 59% 62% (1) Continuing activities + discontinuing operations (2) Continuing activities only in 2006 and 2005 (3) Compared to the diluted earnings (continuing activities) in 2006 and compared to the diluted earnings (incl. profit of discontinuing operations) in 2004 and 2005 * Dividend proposed by the Board of Directors to shareholders met in AGM on April 17, Shareholding structure as of December 31, 2006 Others (excl. Europe) Europe (excl. France) Treasury shares (2) 0.1% 17.4% 12.5% 27.1% 42.9% Others France (1) (1) Incl. non identified holders (2) Shares cancelled on February 20 th, 2007 Source : Euroclear as of 31 December

10 The TF1 share Evolution of the TF1 share in 2006: % 0 18 janv Jan févr Feb mars Mar Apr avr May mai June juin Jul juil août Aug Sept sept Oct oct Nov nov déc Dec Volume TF1 20 days moving average CAC 40 rebased 93 Contacts Albin de BEAUREGARD Manager : : adebeauregard@tf1.fr Pia DOMMERGUE Assistant : : pdommergue@tf1.fr Jean-Pierre MOREL Deputy General Manager Chief Financial Officer : : jpmo@tf1.fr IR department : : comfi@tf1.fr Anne BLAZY Head of Investor Relations : : ablazy@tf1.fr Aurélie GASNOT Assistant : : agasnot@tf1.fr Valérie FRESCHEL Manager : : vfreschel@tf1.fr 1 quai du Point du Jour Boulogne Cedex France

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