Earnings release
Page 1
PRESS RELEASE . 61 GROUPE THIRD QUARTER 2021 Advertising revenue : € 239.5m , up 5.9 % EBITA : € 58.4m , up 8.2 % FIRST NINE MONTHS OF 2021 Advertising revenue : € 768.6m , up 22.6 % EBITA : € 223.5 m , up 61.5 % vs 2020 / up 22.5 % vs 2019 Operating margin : 23.4 % ( up 7.3 pp ) H1 Q3 9 months ( € millions ) 2021 2020 % 2019 % 2021 2020 % 2019 % 2021 2020 % 2019 % Multimedia advertising revenue - of which TV advertising revenue - of which other advertising revenue 529.1 400.6 + 32.1 % 453.8 338.6 + 34.0 % 75.3 62.0 + 21.4 % 539.3 -1.9 % 454.3 -0.1 % 85.0 -11.4 % 239.5 226.2 + 5.9 % 205.0 188.0 + 9.0 % 34.5 38.2 -9.6 % 220.5 182.6 37.9 + 8.6 % + 12.3 % -8.9 % 768.6 626.8 + 22.6 % 658.8 526.6 + 25.1 % 109.8 100.2 + 9.6 % 759.8 + 1.2 % 636.9 + 3.4 % 122.9 -10.6 % Non advertising revenue 115.9 156.7 -26.1 % 175.3 -33.9 % 68.5 72.5 -5.6 % 74.1 -7.6 % 184.4 229.2 -19.6 % 249.4 -26.1 % Consolidated revenue¹ 645.0 557.3 + 15.7 % 714.6 -9.7 % 308.0 298.7 + 3.1 % 294.5 + 4.6 % 953.0 856.1 + 11.3 % 1,009.1 -5.6 % Profit from recurring operations ( EBITA² ) 165.0 84.4 Operating margin from recurring operations + 95.7 % 25.6 % 15.1 % +10.5 pp 148.3 + 11.3 % 20.7 % +4.8 pp 58.4 19.0 % 54.0 18.1 % + 8.2 % +0.9 pp 34.2 11.6 % + 70.9 % 223.5 138.3 + 61.5 % 182.4 +7.4 pp 23.4 % 16.2 % +7.3 pp 18.1 % + 22.5 % +5.4 pp M6 Group recorded consolidated revenues of € 308.0 million , an increase of 3.1 % ( € 9.2 million ) over the third quarter of 2021 compared with the third quarter of 2020 , driven by advertising revenue , which grew 5.9 % ( € 13.3 million ) due to healthy investments in television by advertisers against the backdrop of a sustained recovery in consumer spending over the summer . Restated for scope effects ( Home Shopping Service contributed to Q3 2020 revenue prior to its sale on 1 October 2020 ) , non - advertising revenue grew 16.9 % ( € 9.9 million ) , fuelled by the film distribution activity . Consolidated profit from recurring operations ( EBITA ) reached € 58.4 million , an increase of 8.2 % ( € 4.4 million ) in comparison with the third quarter of 2020 , the Group having stepped up its investments in programmes , notably in French drama , thanks to the savings generated in the first half - year . Over the first nine months of 2021 , M6 Group recorded revenues of € 953.0 million , up 11.3 % ( € 96.9 million ) thanks to advertising activity bouncing back to the same levels as the first nine months of 2019 ( up 22.6 % at the end of September 2021 ) . For the nine months to the end of September 2021 , consolidated EBITA stood at € 223.5 million , compared with € 138.3 million for the nine months to the end of September 2020 and € 182.4 million for the same period in 2019. It includes € 18.7 million in government support ( of which € 1.7 million in the third quarter ) and € 4.5 million in charges relating to the planned merger between M6 and TF1 ( of which € 1.0 million in the third quarter ) . Operating margin thus stood at 23.4 % ( 22.0 % excluding exceptional items - government support and charges relating to the proposed M6 / TF1 merger ) , against 16.2 % in 2020 and 18.1 % in 2019. This performance reflects the relevance of the Group's strategic refocusing on TV and Radio ( acquisition of the Youth TV division on 1 September 2019 ) , and optimised management of its programming costs ( despite the overspend in relation to Euro 2020 ) and other expenses . INVESTOR RELATIONS PRESS Guillaume Couturié + 33 ( 0 ) 1 41 92 28 03 / guillaume.couturie@m6.fr Paul Mennesson + 33 ( 0 ) 1 41 92 61 36/paul.mennesson@m6.fr