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TRANSCRIPT
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DisclaimerDisclaimer
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.
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INTRODUCTION
BROADCASTING FRANCE
ADVERTISING
OTHER ACTIVITIES
STRATEGY
SummarySummary
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INTRODUCTION
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TF1 Group TF1 Group -- 2006 revenue2006 revenue
TF1 Channel advertisingTheme channels in France
International broadcastingInternational broadcasting
Audiovisual rightsAudiovisual rights
TéléshoppingInternetTF1 Entreprises
2006 consolidated revenue2006 consolidated revenue
€1,708 m€154 m
€€259 m259 m
€€241 m241 m
€110 m€71 m€40 m
Other activities* €71 m
€€2,654 m2,654 m
Broadcasting FranceBroadcasting France €€2,154 m2,154 m
* Mainly : in-house production companies (incl. GLEM, Alma, TF1 Films Production, TAP, TPP), other revenue TF1 SA, TF1 Publicité ** Incl. TF1 International, TCM, Téléma
TF1 VidéoCatalogue**
€158 m€83 m
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New players on the marketNew players on the market
The Telecom operators (fixed and mobile) include audiovisual contents in their offers
An example: OrangeOrange TV screen
Copyright : France Télécom (2006)
Livebox
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December 2003December 2003Launch of TVover ADSL by
France Télécom and TPS
TPS L
December 2006December 2006
households receives TV over ADSL
Source : Médiamétrie – Q4 2006
New players on the marketNew players on the market
The Telecom operators (fixed and mobile) include audiovisual contents in their offers
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Audiovisual contents are watchedAudiovisual contents are watchedon every networkon every network
households equipped
households receives TV over ADSL
people watches TV over mobile phones
Source : GfK Q4 2006 - Médiamétrie Q4 2006 - REM - TSM
subscribers (Cable, TPS and Canalsat)
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BROADCASTING FRANCE
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The key success factorsThe key success factors
The best news contents
• Far aheadahead of its competitors(+ 4.8 m viewers vs. the 1 o’clock news bulletin of France 2 and + 3.6 m viewers vs. the 8 o’clock news bulletin of France 2)
•• Audiences aboveAudiences above news bulletin of biggest US networks.
The best sports contents
• The biggest eventsbiggest events are on TF1
Copyright : © 2007 FOA Ltd. - © Fédération Française de Football 2007 - UEFA 2007 all rights reserved - © FIFA 2007 all rights reserved - © RWCL 2007 all rights reserved
2010 2010 & 2014 2009 2007 & 2011 2012
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The best French TV dramas
• Exclusive productions strategy: Prestige dramasPrestige dramas, 52 minutes dramas52 minutes dramas and recurrent heroesrecurrent heroes
The best movies
• Contracts secured with US majors US majors
• Investments in French moviesFrench movies: €48 m in 2006
The key success factorsThe key success factors
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The best US series
The best entertainment
•• 7 out of the 10 best series7 out of the 10 best series in the US are on TF1
•• Sustainability Sustainability of TF1 eventful showsof TF1 eventful shows
•• Success of new access programmes Success of new access programmes in 2007
The key success factorsThe key success factors
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TF1 : the best US series
7 out of the 10 best series in the US are on TF1
1 GREY'S ANATOMY
2 CSI (Les Experts)
3 Desperate housewives
4 CSI : MIAMI (Les Experts Miami)
5 LOST
6 CRIMINAL MINDS (Esprits criminels)
7 CSI : NY (Les Experts Manhattan)
8 NCIS
9 HOUSE, MD (Dr House)
10 Two and a half men
CBS
CBS
CBS
CBS
CBS
CBS
Source : Source Eurodata TV, all rights of reproduction reserved, all rights reserved by Mediamétrie (season 2006-07 as December 31, 2006)
22.1 m
21.6 m
21.6 m
17.6 m
17.1 m
16.6 m
16.4 m
15.9 m
15.7 m
15.5 m
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Above
TV: the only mass media in FranceTV: the only mass media in France
Source : Médiamétrie 2006 – individuals aged 4 and above
Individuals 4+ watch every day !
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TOP 100: a record since 1991 !TOP 100: a record since 1991 !
out of the 100 best audiences for TF1 in 2006
Source : Médiamétrie – Top 100 2006 – individuals 4+ 16
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TF1: 98 positions in the top 100
French TV dramas
Movies
Sports
News*
Entertainments
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12
20
3
2
Source : Médiamétrie – Top 100 2006 – individuals 4+ * Only the first audience of the news bulletin (1 o’clock and 8 o’clock) taken into account over the period
RIS - 26 January11.3 million viewers
World Cup semi-final - 5 July22.2 million viewers
Les Bronzés font du ski - 31 January12.4 million viewers
8 o’clock news bulletin - 12 March11.5 million viewers
Le Village des Enfoirés - 7 April10.9 million viewers
US Series 14 CSI Miami - 10 May10.3 million viewers
2 programmes complete this 2006 top 100:Les Choristes on France 2 (15(15thth)) and Louis la brocante on France 3 (75(75thth))
M6 first programme ranks 256256thth
Prison Break broadcast on November 8, 2006
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Indiv. 4+Indiv. 4+
An unchallenged leadershipAn unchallenged leadershipon every network ...on every network ...
Médiamétrie – Médiamat - Indiv. 4+(Audience share TF1)
Médiamat environment
DTT environment
Cable-satenvironment
Médiamétrie - Nov-Dec 06 - Indiv. 4+(Audience share TF1 + TMC)
Mediacabsat 11 - Dec 05 / June 06 – Indiv. 4+(PdA TF1 + TF1 Group theme channels) 18
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31,5
20,5
16,1
3,7
1,8
12,6
2,9
10,9
15,2
3,8
31,8
11,2
3,0
12,5
2,0
20,5
12,1
3,1
12,6
1,83,6
14,7
19,8
32,3
13,8
3,1
12,5
1,73,4
14,7
19,2
31,6
TF1: an unchallenged leadership ...
F2 F3 C+ Arte M6 F5 Other TV
+0.1 pt Audience share 2003 to 2005 Audience share 2006
Individuals 4+Individuals 4+
Source : Médiamétrie - Médiamat
-1.3 pt-1.4 pt
-0.3 pt -0.1 pt
-0.1 pt
+0.2 pt
+2.9 pts
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2.3%
1.3%1.1%0.9%0.8%
0.4%0.2%
0.2%0.1%
0.1%0.1%
Cable-sat environment
TF1 Group channels audience share
GROUP
Médiacabsat 11 - Dec 05 / June 06 – Indiv. 4+ (Audience share TF1 + TF1 Group theme channels) 20
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... and on the main... and on the mainadvertising target advertising target
Médiamétrie – Audience share 2006 Mediacabsat 11 - Dec 05 / June 06(Audience share TF1) (Audience share TF1 + TF1 Group theme channels)
Médiamat environment
Cable-satenvironment
Women < 50Women < 50
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34,4
17,0
12,2
3,9
1,4
18,5
2,7
10,011
,3
3,6
35,5
9,7
2,7
18,6
1,4
17,1
10,6
3,0
19,1
1,3
3,3
10,3
16,3
36,2
12,7
2,7
19,3
1,03,1
10,1
15,7
35,3
F2 F3 C+ Arte M6 F5 Other TV
+0.9 ptAudience share 2003 to 2005 Audience share 2006
Women < 50Women < 50
Source : Médiamétrie - Médiamat
-1.3 pt
-2.1 pts
-0.8 pt -0.4 pt 0 pt
+2.7 pts
+0.8 pt
... and the main advertising targets
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32,4
17,2
12,5
5,0
1,5
17,1
2,5
11,6
11,8
4,8
17,3
1,7
16,8
2,6
11,7
33,3
33,8
16,6
11,0
4,5
1,6
17,1
2,7
12,7
33,6
15,7
10,7
4,21,3
17,1
2,6
14,7
F2 F3 C+ Arte M6 F5 Other TV
+1.2 pt
Individuals 25Individuals 25--4949
Source : Médiamétrie - Médiamat
-1.5 pt-1.8 pt
-0.8 pt -0.2 pt +0.1 pt
+3.1 pts0 pt
... and the main advertising targets
Audience share 2003 to 2005 Audience share 2006
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TF1: Leader on every target
Advance of TF1
F2
M6
M6
M6
F2
F2
F2
M6
M6
F2
F2
TF1 audience share TF1 audience share -- 20062006
Source : Médiamétrie – Médiamat * Responsible Of Purchases
+12.4 pts
+16.0 pts
+14.2 pts
+12.6 pts
+16.0 pts
+10.1 pts
+2.8 pts
+18.9 pts
+16.5 pts
+15.5 pts
+9.3 pts
Challenger
31,6
35,3
30,7
33,9
33,1
32,0
29,2
37,4
33,6
33,5
28,6
4+
Wom<50
4-14
15-34
35-49
50-59
60+
Wom+child.
25-49
Rop<60
AB+
*
AgeAgebracketbracket
Adv
ertis
ing
Adv
ertis
ing
targ
ets
targ
ets
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Source : Médiamétrie – July 5, 2006 – Individuals 4+
Historical record of audienceHistorical record of audiencefor the World Cup semifor the World Cup semi--final France final France -- PortugalPortugal
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A more and more attractive prime timeA more and more attractive prime time
Source : Médiamétrie – 2006 vs. 2005 – individuals 4+
viewers on average vs. 2005with 7.5 million Individuals on average (32.8% audience share) - best audience in prime time since 1994 !
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ed• TF1 : leader on 95% of prime-time (vs. 92% in 2005)
• + 300 000 viewers in Prime-time (vs. 2005)with 7.5 million Individuals on average (32.8% audience share)i.e. the best audience recorded since 1994
• A RECORD of audience for the Second-timesince the creation of the Médiamat (1989)with 3.4 million Individuals on average (with 35.0% audience share)
TF1 strengthened its leadership in evening …
20062006
Source : Médiamétrie – Médiamat (Prime-time : TH 21h00-22h45 – Second-time : 22h45-24h30)
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… and it lasts over the first weeks of 2007*
Source : Médiamétrie / Médiamat - * from Jan 1st to Feb 12, 2007 (temporary figures before the update of the INSEE data base)
2007 best audience*TF1 8 o’clock news bulletin
11.0 m viewers on January 24
• The 25 best audiences of 2007 are on TF1*(vs. 24 in 2006)
• Already 16 programmes above 9 million viewers
Record for a US Series*since 1995
CSI Manhattan10.9 m viewers on February 6
Best audience of movie*(4th place in the top 2007)
Tais-toi !10.5 m viewers on January 28
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Leading theme channels
Source : Médiamétrie – Mediacabsat 11 (Dec 05 – June 06) – Ind 4+
8
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Theme channels : a multi-channel strategy
1st DTT channel
1st cable and satellite channel
1st news channel on AB+
3rd cable and satellite channelon 15-49
1st cable and satellite channelon Women < 50
Source : Médiamétrie – Médiamat and Médiacabsat 11 30
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TOP 10 - theme channels
Source : Médiamétrie – Mediacabsat 11 (Dec 05 – June 06) – Ind 4+
RTL 9
Canal J
Paris Première
Tiji
Canal+ Sport
2.3%
1.5%
1.3%
1.1%
1.1%
1.0%
1.0%
0.9%
0.9%
0.8%
Channels Audience share
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TF1 Grouptheme channels in France
2006 revenue
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TF1 Group theme channelsrevenue
2008 revenue target
2004 2005 2006 2007 2008
€154 m€139 m
€128 m
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TF1 Group theme channelsoperating profit
2008 operating margin target
2004 2005 20062007 2008
- €13.4 m- €16.8 m
- €17.1 m
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TV: the only mass media in France
The best of every genre of programmes on TF1
An unchallenged leadership on every network and every target
Records of audience in 2006
A more and more attractive prime time
Leading theme channels
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ADVERTISING
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2006 advertising growth
GDPGDPgrowthgrowthin 2006in 2006
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TF1 : an advertising market sharein increase
Source : TNS Media intelligence - 2006 38
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2006 advertising market share
France 211.8%- 0.2 pt
Canal+2.0% (- 0.2 pt)
France 51.0% (-)
54.8%+ 0.4 ptFrance 3
7.3%+ 0.1 pt
M623.1%
-
Source : TNS Media intelligence - 2006
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TF1 : exclusivity of powerful ad breaks
of the ad breaks above 12 GRP on
Source : Médiamétrie - 2006 - Women < 50 40
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% of ad breaks split by audiences
41
6476
85 88
26
13
8
3
23
1712
13
31 3326 20
12
718
20
4
3
8
21
916
<2 2 to 3.9 4 to 5.9 6.0 to 7.9 8.0 to 9.9 10.0 to 11.9 >=12
TF1 France 2 France 3 Canal + France 5 M6
Source : Médiamétrie - 2006 - Women < 50
11
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ad breaks :efficient on every target
0
1
2
3
4
5
6
7Wom < 50
15-34
15-49
25-49
AB+
Wom with child.
Men < 50
25-59
Average audience (%) of ad breaks per channel and per target in 2006 – whole day
Source : Mediamétrie / year 2006 / average audience in % of the targeted population
6
7
France 2
France 3
M6
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Launch of Windows Vista™ in France
Copyright : © 2007 Microsoft Corporation. All Rights Reserved.
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Innovation: live TV advertising
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January 2007: first stepsfor retailers on TV
TF1 advertising market shareon the retail sector (excl. Mistergooddeal)*Investments on TF1Investments on TF1**
€16.6 m (gross)invested in January 2007
Coverage rate: 100%*
15 advertisers on TF1
Source : TNSMI – January 2007 * Coverage rate and market share calculated excluding Mistergooddeal (M6 Group)
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Sofres survey in 2 waves / end Dec 06 and Jan 07 / 250 people interviewed
=> A high level of memorisation by viewers => A high level of memorisation by viewers
=> Strong increase of the retailers=> Strong increase of the retailers’’ brand awarenessbrand awareness
Up to +10 points of Up to +10 points of ““spontaneous brand awarenessspontaneous brand awareness””
Retail on TV : an efficient start
January 2007: first stepsfor retailers on TV
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Source : LSA Conference – February 2007
December 2006
TV advertising generated an increase of retailers’ brand awareness
January 2007
Auchan
Carrefour
Casino
Marque Repère (Leclerc)
Système U
47%
14%
42%
18%
32%
Increase of retailers’ brand awareness
35%
42%
23%
22%
9%
Spontaneous brand awareness:
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Source : TNS MI
Market share: close to 1/3 of the theme channels market
An exclusive choice for 361 advertisers
TF1 Pub revTF1 Pub rev2006 vs. 20052006 vs. 2005
+ 14%+ 14%
Sectors
Market: 3.8% of the total gross investments
Rank on TF1
Transport
Food
Services
Culture and leisure
Telecommunications
1
4
5
6
TF1 Publicité advertising agency:
Complementary portfolio of sectors
9
Theme channels: a market by itself
1
2
3
4
5
Rank on theme channels
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Internet: a booming market
9th most invested advertising agency of the market
Market: 10.1% of the total gross investments
Position of TF1 Publicité:
Complementary portfolio of sectors
376 advertisers on TF1 network i.e. +144 advertisers in 2006
Sectors Rank on TF1
Retail
Telecommunications
Services
Cosmetics
Transport
4
5
-
6
2
1
2
3
4
5
Rank on Internet
TF1 Pub revTF1 Pub rev2006 vs. 20052006 vs. 2005
+ 125%+ 125%
Source : TNS MI
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OTHER ACTIVITIES
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AUDIOVISUAL RIGHTS
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DVD sold in 2006 (+13%)
2001 2002 2003 2004 2005 2006Number of DVD/K7 sold in million
13.2 m
23.1 m
2nd editor of the French market*
* Source : SEV 2006 (rent and sale). 52
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A new way of video consumption
End 2005: launch of the TF1 VOD website www.tf1vision.fr
End 2006: agreements signed with Neuf Cegetel and Free
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One of the first distributors in theatre
Hors de Prix: 2.0 million viewersHors de Prix: 2.0 million viewers
The Departed: 1.8 million viewersThe Departed: 1.8 million viewers
2006 2007
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Eurosport International key figures
Revenue: €259.1 m (+ 6.5%)
Operating result: €29.7 m (- 0.7%)
Operating margin: 11.5%
2006 key figures*
* Contribution of Eurosport International to TF1 Group consolidated financial statements 56
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A 4.9% increase of the number ofhouseholds receiving the channel in Europe
households receive Eurosport in Europe* as of December 2006 including 62.6 million paying subscribers
* Including Eurosport France
15
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An extending coverage
58
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Successful developments
households as of December 2006 (mainly paying subs)
7 linguistic versions
18.8 million of visitors per month (December 2006)
59
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Organiser of sports events
Target : All media rightsNew revenue (field marketing)
Through major international events
A world championship
WORLD TOURING CAR CHAMPIONSHIP: 11 stages of car races
New events in 2007
INTERCONTINENTAL RALLY CHALLENGE: 9 rallies on 3 continents
INTERNATIONAL FORMULA MASTER: 8 races of single-seaters on circuit
GLOBAL CHAMPIONS TOUR: 8 jumping horse-riding shows “5 stars”
revenue in 2006revenue in 2006
60
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Target: South-East Asia
A successful implementation of the channel Eurosportnews
Launch in 2006 of a channel dedicated the Asia/Pacific**
* Number of subs to Eurosportnews in Asia at end 2006 ** Hong-Kong, Singapore, Malaysia, Australia, Indonesia ...
=> Target: position Eurosport on the multisport and live events channels
subs in Asiasubs in Asiaat end 2006at end 2006**
Make a worldwide brand with Make a worldwide brand with Eurosport and set up a sustainable Eurosport and set up a sustainable
group in this promising areagroup in this promising area
16
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European sports website
1 BBC UK (excl. homepage)
2 Yahoo! Sports
33 EurosportEurosport
4 Yahoo! FIFA World Cup
5 Sky Sports
6 Sport 1 online
7 AOL Sports
5,802
5,469
3,8343,834
3,495
3,406
2,963
2,577
8.3%
7.9%
5.5%5.5%
5.0%
4.9%
4.3%
3.7%
UniqueUniquevisitorsvisitors**
SportsSportsreachreach****
Eurosport.com: 3rd sports website in Europe
Source : comScore * Monthly average in thousands ** Audience share among sports websites in Europe (sports reach)
Year 2006Year 2006
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Copyright : © 2007 Yahoo Inc. All Rights Reserved.
Target: become the n°1sports website in Europe !
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TELESHOPPING
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Internet activity in 2006: + 52%
2006 revenue from new businesses: > €10 m(surinvitation.com, Infomercials, shops)
2006 revenue
Success of Internet and other developments
17
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Strong growth prospects
Aggregated revenueof the last 3 years
Target of aggregated revenuefor the next 3 years
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INTERNET
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Outperforms the market
*January 2007
** Number of unique visitors - Source : Médiamétrie / Xiti / panel NielsenNetRatings / Cyberstat – Dec 06 vs. Dec 05
tf1.fr network: 13th French website* in terms of audience
Strong growth of advertising revenue
Audience: Internet market: + 21% - tf1.fr network: + 72%**
Audience of the Network*
Medium termoperating margin
target> 10%> 10%
68
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The Internet revolution !
18
69
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70
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Copyright : © 2007 Microsoft Corporation. All Rights Reserved.
71
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Copyright : © 2007 Microsoft Corporation. All Rights Reserved. 72
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STRATEGY
19
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Target
Be leaderon every business
With contents customizedto each and every platform
74
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Sport
News
Cinema/SeriesDramas
Music / GamesEntertainment
Youth
Genres
TVTVTF1 channel n°1
5 theme channels in the top 10
InternetInternet
1st media website13th website in France
MobilityMobility3rd editor
of mobile contents
Mobile & Podcast
Launch ofyouth Podcasts
1st youthwebsite
An organisation by line of products
CommerceCommerceNetworks
75
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News
TV
Internet
Mobility
Podcasts
76
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DVD-VOD
TV
Theatre
Cinema
20
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Reinforce the “share of voice” of the Group
Develop new activities
Secure the access to multi-platforms rights
Implement a strategy of multi-supports contents around key genres (news, sport, cinema ...)
Dynamise the International development
Strategic issues
78
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Increase the Group profitability
Be leader on every business
Conclusion
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FY 2006accounts
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TPS
As of 31/08/2006- 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 31/12/2006- 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.
04/01/2007- 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: €253.6 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.
21
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Key events
Minority stake in AB GroupAB 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 1001listes1001listes by Téléshopping
Consolidation as of 31/12/2006 under the full consolidation method
Impact on the balance sheet:
Goodwill: €23.9 mNet debt: + €4.5 m
Impact on the P&L:
No impact
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TF1 channel advertising revenueTF1 channel advertising revenue
Programming costs (excl. Football World Cup)
Net revenue from broadcastingNet revenue from broadcasting
Gross marginGross margin
1.4
60.860.8
(27.1)
(79.9)(79.9)
TDF / Satellites / Transmissions
2006€m
Advertising agency fees
AuthorsCNC
60.460.4
5.5
(3.4)(3.1)
TF1 gross margin – operational breakdown
(53.5)
361.9361.9
1,422.01,422.0
(946.5)
1,707.91,707.9
(66.6)(84.8)
2005
(54.9)
441.8441.8
1,361.21,361.2
(919.4)
1,647.51,647.5
(86.5)
(63.2)(81.7)
(81.0)
Football World Cup cost -(113.6) -
(2.6%)
4.5%4.5%
2.9%
(18.1%)(18.1%)
3.7%3.7%
(6.4%)
5.4%3.8%
-
Change %
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TF1 channel programming costs
€m 2006 2005 Change %
Movies 114.7 118.1 (3.4) (2.9%)
TV dramas and series 279.1 270.6 8.5 3.1%
Entertainment 265.3 272.9 (7.6) (2.8%)
Youth 26.5 24.0 2.5 10.3%
News 114.4 116.6 (2.2) (1.9%)
Sports (excluding Football World Cup)) 146.5 117.2 29.3 25.0%
Total programming costsTotal programming costs (excl. Football World Cup)(excl. Football World Cup) 946.5946.5 919.4919.4 27.127.1 2.9%2.9%
Football World Cup 113.6
Total programming costs Total programming costs (incl. Football World Cup)(incl. Football World Cup) 1,060.11,060.1 919.4919.4 140.7140.7 15.3%15.3%
22
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Consolidated income statement (1/2)
€m 2006 2005 Change %
Current operating profitCurrent operating profitOperating margin (% of revenue)
Other non-current operating income and expenses
Operating profitOperating profit
2,653.72,653.7 2,508.42,508.4 145.3145.3 5.8%5.8%
0.4 0.5 (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%)
300.8300.8 339.0339.0 (38.2)(38.2) (11.3%)(11.3%)11.3% 13.5%
0.0 14.2 (14.2) ns
300.8300.8 353.2353.2 (52.4)(52.4) (14.8%)(14.8%)
RevenueRevenue
Other operating revenueExternal production costsOther purchases and changes in inventoriesStaff costs
External expensesTaxes other than income taxesDepreciation and amortisation netProvision netOther operating income and expenses
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Consolidated income statement (2/2)
Operating profitOperating profit
Cost of net debtOther financial income and expenses
Income tax expenseTax rate
Share of profits / losses of associates
Net result from continuing operationsNet result from continuing operations
Profit of discontinuing operations
Net profitNet profit
Minority interests
Net profit attributable to the GroupNet profit attributable to the Group
€m 2006 2005 Change %
300.8300.8 353.2353.2 (52.4)(52.4) (14.8%)(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%)
198.7198.7 220.5220.5 (21.8)(21.8) (9.9%)(9.9%)
253.6 14.2 239.4 ns
452.3452.3 234.7234.7 217.6217.6 92.7%92.7%
(0.2) (1.6) 1.4 (87.5%)
452.5452.5 236.3236.3 216.2216.2 91.5%91.5%
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Consolidated revenue by sector
€m 2006 2005 Change %
Broadcasting FranceBroadcasting France
Audiovisual rightsAudiovisual rights
International broadcastingInternational broadcasting
Other activitiesOther activities
Total revenueTotal revenue
2,153.62,153.6 2,037.22,037.2 116.4116.4 5.7%5.7%
240.9240.9 232.9232.9 8.08.0 3.4%3.4%
259.2259.2 243.4243.4 15.815.8 6.5%6.5%
0.00.0 (5.1)(5.1) 5.15.1 nsns
2,653.72,653.7 2,508.42,508.4 145.3145.3 5.8%5.8%
TF1 SA 1,724.3 1,661.5 62.8 3.8%
Theme channels in France 153.9 139.4 14.5 10.4%
Group Téléshopping 110.3 89.4 20.9 23.4%
TF1 Entreprises 40.3 32.4 7.9 24.4%
e-tf1 71.3 69.2 2.1 3.0%
In-house production companies 31.1 30.2 0.9 3.0%
Others 22.4 15.1 7.3 48.3%
TF1 Vidéo 157.9 160.5 (2.6) (1.6%)
Catalogue 83.0 72.4 10.6 14.6%
88
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Current operating profit by sector
€m
Broadcasting FranceBroadcasting France
Audiovisual rightsAudiovisual rights
International broadcastingInternational broadcasting
Other activitiesOther activities
2006 2005 Change %
Current operating profitCurrent operating profit
245.9245.9 291.9291.9 (46.0)(46.0) (15.8%)(15.8%)
24.924.9 22.622.6 2.32.3 10.2%10.2%
30.030.0 29.929.9 0.10.1 0.3%0.3%
0.00.0 (5.4)(5.4) 5.45.4 nsns
300.8300.8 339.0339.0 (38.2)(38.2) (11.3%)(11.3%)
TF1 SA 224.5 263.0 (38.5) (14.6%)Theme channels in France
Group Téléshopping
TF1 Entreprises
e-tf1
In-house production companies
Others
(13.4) (16.8) 3.4 (20.2%)
8.7 8.2 0.5 6.1%
5.9 6.6 (0.7) (10.6%)
3.8 6.3 (2.5) (39.7%)
(1.2) 3.3 (4.5) ns
17.6 21.3 (3.7) (17.4%)
TF1 Vidéo 15.6 16.8 (1.2) (7,1%)
Catalogue 9.3 5.8 3.5 60.3%
23
89
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Consolidated balance sheet
ASSETS (€m) 31/12/06 31/12/05
Intangible fixed assets 179.8
Property, plant and equipment 151.7Investments in associates 39.6
Non current tax assets 57.1
Non current assetsNon current assets 930.6930.6
Inventories 523.1
Assets of held-for-sale operations 563.6
Total assetsTotal assets 3,470.03,470.0
158.3
153.040.2
56.4
1,570.21,570.2
569.1
0.0
3,698.23,698.2
Goodwill 481.4505.2
Other financial assets 21.0657.1
Trade and other debtors 1,252.71,278.7Current tax assets 9.11.7Derivative instruments 15.13.3Cash and cash equivalents 175.8275.2
Current assetsCurrent assets 1,975.81,975.82,128.02,128.0
90
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SHAREHOLDERS’ EQUITY AND LIABILITIES (€m) 31/12/06 31/12/05
ShareholdersShareholders’’ fundsfunds 1,049.81,049.8
Minority interest (1.3)
Liabilities of held-for-sale operations 349.6
Total equity and liabilitiesTotal equity and liabilities 3,470.03,470.0
1,358.01,358.0
(0.1)
0.0
3,698.23,698.2
Consolidated balance sheet
ShareholdersShareholders’’ funds (attributable to the Group)funds (attributable to the Group) 1,051.11,051.11,358.11,358.1
Long term debt 513.3505.6Non current provisions 32.534.7
Non current tax liabilities 48.638.1
Non current liabilitiesNon current liabilities 594.4594.4578.4578.4
Short term debt 26.0148.7Derivative instruments 0.03.9
Trade and other creditors 1,403.51,554.5Current tax liabilities 0.71.6Current provisions 46.053.1
Current liabilitiesCurrent liabilities 1,476.21,476.21,761.81,761.8
Financial net debt TOTAL GROUP 457.6378.5
91
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Consolidated cash flow statement
Cash flow statement summary (€m) 2006 2005
Net profitNet profit
Net cash inflow from operating activitiesNet cash inflow from operating activitiesIncl. held-for-sale operations
Net cash inflow from investing activities Net cash inflow from investing activities Incl. held-for-sale operations
Net cash inflow from financing operationsNet cash inflow from financing operationsIncl. held-for-sale operations
Total change in cash positionTotal change in cash positionIncl. held-for-sale operations
Cash position at beginning of periodCash position at beginning of period
Cash position at end of periodCash position at end of period
452.3452.3 234.6234.6
323.4323.4 248.8248.834.1
(135.4)(135.4) (114.4)(114.4)(23.8)
(33.8)(33.8) (159.1)(159.1)(9.5)
154.2154.2 (24.7)(24.7)0.8
117.6117.6 142.3142.3
271.8271.8 117.6117.6
Operating cash flow after cost of net debt and income taxes 393.0 452.2
Change in operating working capital needs 42.4 (47.0)Income tax paid (112.0) (156.4)
92
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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
(1) Continuing activities + discontinuing operations
(2) Continuing activities only in 2006 and 2005
27.9% 43.5% 42.4%
32.6 29.3 24.1
0.7 0.6 0.8
0.92 1.03 1.06
2.11 1.10 1.04
Dividend per share (€) 0.85* 0.65 0.65
Pay-out ratio (%)(3) 92% 59% 62%
(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, 2007
24
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Source : Euroclear as of 31 December 2006.
42.9%
27.1%
0.1%
17.4%
12.5%
Others France (1)
Europe (excl. France)
Treasury shares (2)
Others (excl. Europe)
Shareholding structure as of December 31, 2006
(1) Incl. non identified holders (2) Shares cancelled on February 20th, 2007
94
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The TF1 share
0
1 000 000
2 000 000
3 000 000
4 000 000
5 000 000
6 000 000
7 000 000
8 000 000
janv févr mars avr mai juin juil août sept oct nov déc18
20
22
24
26
28
30
Volume TF1 20 days moving average CAC 40 rebased
€
Evolution of the TF1 share in 2006: + 19.9%Evolution of the TF1 share in 2006: + 19.9%
Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec
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Contacts
Jean-Pierre MORELDeputy General Manager Chief Financial Officer
: 33-1 41 41 25 99: 33-1 41 41 29 10
Anne BLAZYHead of Investor Relations
: 33-1 41 41 42 57: 33-1 41 41 29 10
Albin de BEAUREGARDManager
: 33-1 41 41 37 82: 33-1 41 41 29 10
Valérie FRESCHELManager
: 33-1 41 41 25 68: 33-1 41 41 29 10
Pia DOMMERGUEAssistant
: 33-1 41 41 27 32: 33-1 41 41 29 10
Aurélie GASNOTAssistant
: 33-1 41 41 44 97: 33-1 41 41 29 10
IR department: 33-1 41 41 27 32: 33-1 41 41 29 10
1 quai du Point du Jour92656 Boulogne Cedex – France
http://www.tf1finance.fr96
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