In This Article:
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Advertising Revenue: Up 4.5% year on year, with linear growth of 2.2% and T Plus growth of 39.5%.
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Current Operating Profit: EUR198 million, close to the figure of 2023.
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Current Operating Margin: 12.4%, compared with 13.2% last year.
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Net Cash: EUR364 million at the end of September 2024.
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Consolidated Revenue: EUR1.6 billion for the first nine months, up 3% year on year.
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Media Segment Non-Advertising Revenue: EUR252 million.
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New Studios Revenue: EUR192 million, down 3% year on year.
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Net Profit Attributable to the Group: EUR145 million, up EUR6 million.
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Free Cash Flow: EUR109 million, EUR51 million after changes in working capital.
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Acquisitions and Disposals: EUR72 million, including the acquisition of JPG for around EUR65 million.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Television Francaise 1 SA maintained its leadership in commercial targets, with stable audience shares year-on-year despite competition from major events like the Paris Olympics.
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The group's advertising revenue increased by 4.5% year-on-year, with a notable 39.5% growth in digital streaming platform T Plus.
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The company reported a strong financial position with a net cash of EUR364 million at the end of September 2024.
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The group's streaming platform, T Plus, continues to grow, with a 40% increase in advertising revenue compared to last year.
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Television Francaise 1 SA confirmed its 2024 objectives, aiming for a stable current operating margin and continued cash flow generation to support a growing dividend policy.
Negative Points
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The advertising market is showing signs of tension, particularly due to political and tax situations in France, which could impact future revenue.
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Current operating margin from activities decreased slightly to 12.4% from 13.2% last year.
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The production segment's revenue decreased by 3% year-on-year, with significant activity skewed towards the fourth quarter.
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Net cash decreased by EUR141 million over the first nine months, partly due to acquisitions and dividend payments.
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The company faces potential challenges from increased taxes in France, which could affect the effective tax rate and financial performance.
Q & A Highlights
Q: Can you elaborate on the tension in the advertising market for Q4 in France? Do you expect a weaker performance compared to Q3? A: Visibility remains low in the advertising market, and advertisers are cautious for the end of the year. We expect some tightening, especially considering potential tax changes.