In This Article:
-
Consolidated Revenue: EUR1.1 billion in H1 2024, up 6.3% year-on-year.
-
Advertising Revenue: EUR802 million, a growth of 7.4% in linear and digital advertising.
-
TF1+ Advertising Revenue: EUR65 million, a 40% increase year-on-year.
-
Current Operating Profit: EUR129 million, with a margin of 11.7%.
-
Net Cash Position: EUR446 million at end June 2024, up EUR81 million year-on-year.
-
Newen Studios Revenue: EUR120 million, down 10% year-on-year.
-
Net Profit: EUR96 million, broadly stable year-on-year.
-
Free Cash Flow: EUR76 million.
-
Net CapEx: EUR142 million, an increase of circa EUR30 million year-on-year.
Release Date: July 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Television Francaise 1 SA (FRA:FSE) strengthened its audience leadership with increases in both linear and streaming, achieving a 34.6% audience share among women under 50 and 31.5% among individuals aged 25 to 49.
-
The Group's advertising revenue increased by more than 7% year-on-year, driven by strong performance in both linear and digital platforms.
-
TF1+ launched successfully, with a 40% increase in advertising revenue, reaching EUR65 million in the first half of 2024.
-
The Group maintains a strong financial position with a net cash of EUR446 million at the end of June 2024, up EUR81 million compared to a year ago.
-
Television Francaise 1 SA confirmed its growth potential and digital acceleration strategy, with TF1+ establishing itself as a leader in terms of reach, recording 35.4 million streamers in May.
Negative Points
-
Current operating margin from activities decreased to 11.7% compared to 14.7% in H1 2023, reflecting increased programming costs and non-recurring expenses.
-
Newen Studios revenue declined by 10% year-on-year, with expectations for activity skewed to the fourth quarter.
-
The Group's net cash position decreased by approximately EUR60 million from the end of December 2023, partly due to a dividend payment of EUR116 million.
-
There was a slight deceleration in digital revenue growth in Q2, although it was not attributed to cannibalization from linear advertising.
-
The non-renewal of the DTT license for a competitor channel is expected to have only a minor impact on Television Francaise 1 SA's market share.
Q & A Highlights
Q: Could you provide an indication of advertising trends for the upcoming months? A: Rodolphe Belmer, CEO, stated that advertising demand remains solid, with no signs of deceleration. The consensus for the French advertising market in 2024 is around a 3% increase, and TF1 concurs with this estimate.