TF1 : Management Report for the first nine months of 2020

Management Report First nine months of 2020

Financial Information - First nine months of 2020

1. Financial Information - First nine months of 2020	............................... 3
1.1.	Consolidated results............................................................................................................	3
1.2. Significant events of the first nine months of 2020 ............................................................	5
1.3. Analysis of consolidated results ..........................................................................................	8
1.4.	Segment information ..........................................................................................................	9
1.5.	Outlook..............................................................................................................................	12
1.6. Events after the reporting period .....................................................................................	12
1.7.	Corporate social responsibility..........................................................................................	13
1.8.	Human resources update ..................................................................................................	13
1.9.	Diary dates.........................................................................................................................	13

2. Condensed consolidated financial statements: First nine months of

2020 ............................................................................................................

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TF1 - Financial Information - First nine months of 2020

1. Financial Information - First nine months of 2020

1.1. Consolidated results

Financial indicators

These key figures are extracted from TF1 group consolidated financial data. The results below are presented in accordance with IFRS 16, applicable from 1 January 2019.

(€m)		9m 2020		9m 2019
Revenue			1,614.6
1,361.4
Group advertising revenue	962.9	1,158.4
Revenue from other activities	398.5	456.2
Current operating profit/(loss)	125.6	184.4
Operating profit/(loss)	125.6	184.4
Net profit/(loss) from continuing operations	77.1	117.8
Operating cash flow after cost of net debt/income from net
surplus cash, interest expense on lease obligations, and income	229.7	290.8
taxes paid
Basic earnings per share from continuing operations (€)	0.37	0.56
Diluted earnings per share from continuing operations (€)	0.37	0.56
Shareholders' equity attributable to the Group	1,627.9	1,581.1
	Net surplus cash/(net debt) of continuing operations1	(70.7)	(53.3)
			9m 2020		9m 2019
	Weighted average number of ordinary shares outstanding ('000)		210,311		210,321
				8.06
	Closing share price at end of period (€)		5.23
	Market capitalisation at end of period (€bn)		1.1		1.7

1 Excluding lease obligations (IFRS 16).

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TF1 - Financial Information - First nine months of 2020

Income statement contributions - continuing operations

The results below are presented using the segmental reporting structure as described in Note 3 to the consolidated financial statements.

	€m	Q3 2020		Q3 2019	Chg. %	9m 2020	9m 2019	Chg. €m	Chg. %
	TF1 group advertising revenue	346.5		322.4	7.5%	962.9	1,158.4		(195.5)	-16.9%
	Revenue from other activities	131.4		147.0	-10.6%	398.5	456.2		(57.7)	-12.6%
	Consolidated revenue
	Broadcasting	372.8		354.8	5.1%	1,056.1	1,245.6		(189.5)	-15.2%
	o/w Advertising	328.4		303.4	8.2%	914.5	1,094.8		(180.3)	-16.5%
	Studios & Entertainment	67.8		76.5	-11.4%	199.6	245.3		(45.7)	-18.6%
	Unify	37.3		38.1	-2.1%	105.7	123.7		(18.0)	-14.6%
	Consolidated revenue	477.9		469.4	1.8%	1,361.4	1,614.6		(253.2)	-15.7%
	Cost of programmes	(183.0)		(213.5)	-14.3%	(521.8)	(659.7)		137.9	-20.9%
	Broadcasting	51.7		14.1	x3.5	127.6	156.6		(29.0)	-18.5%
	Studios & Entertainment	7.2		7.7	-6.5%	7.2	25.0		(17.8)	-71.2%
	Unify	(1.1)		(0.4)	x2.5	(9.2)	2.8		(12.0)	N/A
	Current operating profit	57.8		21.4	x2.5	125.6	184.4		(58.8)	-31.9%
	Current operating margin	12.1%		4.6%	+7.5pts	9.2%	11.4%		-	-2.2pts
	Net profit attributable to the Group	38.7		10.5	x3.5	77.1	117.8		(40.7)	-34.6%
Analysis of cost of programmes
			(€m)			9m 2020		9m 2019
		Total cost of programmes			521.8		659.7
		Dramas / TV movies / Series / Plays		170.5		209.7
		Variety / Gameshows / Magazines		146.9		195.8
		News (including LCI)			96.0		101.4
		Movies					88.0		95.6
		Children's programmes			7.2		7.3
		Sports					13.1		49.9

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