h1 2007 h1 2007 results resultsresults presentation

H1 2007 H1 2007 H1 2007 H1 2007 resultsresultsresultsresults presentationpresentationpresentationpresentation

M6 GroupM6 GroupM6 GroupM6 Group 24 July 2007 24 July 2007 24 July 2007 24 July 2007

2

Disclaimer

� Statements contained in this document, particularly those concerning forecasts on future M6 Group performances, are forward-looking statements that are potentially subject to various risks and uncertainties.

� Any reference to M6 Group past performances should not be interpreted as an indicator of future performances.

� The content of this document must not be considered as an offer document or a solicitation to buy or sell M6 shares.

� The financial accounts, information and statements included in this document, especially in the appendices are under review by the auditors and pending the AMF registration.

3

Contents

� Introduction

�M6 Free-to-Air

�Digital channels

�Diversification and audiovisual rights

� Financial statements

�Appendices

4

Rank nRank nRank nRank n° 6666of French League 1

+ 60 %+ 60 %+ 60 %+ 60 %Net advertising revenues growth

(all digital channels)

Record H1 audiences

3.63.63.63.6million viewers (average)

on Prime Time(+ 100 000)

AudiencesAudiencesAudiencesAudiences AdvertisingAdvertisingAdvertisingAdvertising performanceperformanceperformanceperformance

+3.9%+3.9%+3.9%+3.9%Net advertising

revenues growth (vs. H1 2006)

24.8%24.8%24.8%24.8%advertising market

share(gross data)

+ 1.1 pt+ 1.1 pt+ 1.1 pt+ 1.1 ptBest ever H1 market share

CostCostCostCost of of of of programmingprogrammingprogrammingprogramming

133.0 M133.0 M133.0 M133.0 M€Revenues of Distance

Selling

+ 22.1%+ 22.1%+ 22.1%+ 22.1%

Diversification and audiovisual rights

Commercial success

1 million1 million1 million1 million customers

expected end of July 2007

Digital television

146.5 M146.5 M146.5 M146.5 M€-9.8% vs. H1 2006

+ 8.2 % vs. H1 2006(restated from FWC impact)

M6 TV Network

M6 WebM6 WebM6 WebM6 WebDevelopment of new biz

First Half year 2007 highlights

LeadingLeadingLeadingLeading channelchannelchannelchannelin DTT in DTT in DTT in DTT

3.9%3.9%3.9%3.9% audience

share (+4 y.o) in June2007

79 79 79 79 Prime Time over 4

million viewers

(+14)(+14)(+14)(+14)

Introduction

5

+6.8%

-9.8%

+23.6%

M€

+7.6%

+8.2%Excl. FWC

Key first half-year 2007 financial results

Turnover Programming costs EBITA Net result – Group Share

663.8

162.4

122.3 100.5

HY 2006

HY 2007

709.2

146.5151.2

Introduction

108.1

6

M€

Contribution by business segment

Diversification and audiovisual rights

Digital channels

M6 Free-to-Air

Eliminations and unallocated items

Turnover EBITA

30 June 2006 30 June 2007 30 June 2006 30 June 2007

354.9 367.6

36.1 49.3

272.8 292.3

- -

663.8 709.2 +122.3 +151.2

-3.8 -4.8

+25.1 +25.1

+0.5 +4.4

+100.6 +126.6

Total

Introduction

7

M€

Financial ratios

30 June 2006 30 June 2007Change

(M€)

Operating margin (EBITA / Turnover) 18.4% 21.5%

Net margin (net profit - group share / Turnover) 15.1% 15.2%

Cash & cash equivalents 269.9 62.8 -207.1

Cash & cash equivalents - net of financial debt 218.8 63.0 -155.8

Net change in cash & cash equivalents* - 24.7 - 135.4

Self-financing capability before tax 174.8 197.6 +22.8

Free cash flow (before tax)** 135.4 43.9 -91.5

EBITA 122.3 151.2 +28.9

Cash conversion ratio (FCF/EBITA) 110.7% 29.0%

Introduction

* Restated from Vivendi advance and repayment

** Details of net capex : acquisition of intangible assets 30 M€, acquisition of tangible assets 40.5 M€, acquisition of financial assets 24.5 M€

8

� Introduction

�M6 Free-to-Air• Audiences

• Advertising

�Digital channels



�Appendices

Contents

9

AudiencesAudiences

10

All day trends hide different situations anda high comparison base

� January – June audience share31.6

19.3

14.8

3.4

12.8 13.3

30.9

18.4

14.4

3.7

11.7

16.1

Source: Médiamétrie

M6 FTA

Audiences

January – June 2006

January – June 2007

34.4

15.7

10.3

3.2

20

12.5

35.3

14.3

8.8

3.3

18.6

15.9

4+ year olds individuals

Housewives < 50 y.o

-0.7

+0.9

-0.9 -0.4 +0.3 -1.1 +2.8

-1.4 -1.5

+0.1

-1.4 +3.4

Excluding FWCthe H1 audience share would have

been 12.3 %In June 2006, audience share would

have been 12.2% (vs. 14.7% achieved), to compare with 11.4 %

in June 2007

11

0,16%

0,17%

0,18%

0,18%

0,20%

0,22%

0,22%

0,26%

0,26%

0,27%

0,31%

0,32%

0,33%

0,34%

0,39%

0,40%

0,50%

0,52%

0,52%

0,53%

0,57%

0,97%

1,06%

1,13%

2,93%

3,48%

8,92%

14,35%

18,82%

35,93%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Canal+ Spo rt

I Télé

Cine Cinema P remier

Canal+ Cinema

13eme Rue

Canal+ Decale

Serie C lub

Comedie

Euro spo rt

T iJi

Canal J

NRJ 12

Europe 2 TV

Teva

Paris P remière

France 4

NT1

Gulli

TF6

RTL 9

TV B reizh

W9

TM C

A rte

France 5

Canal +

France 3

France 2

M 6

TF1

Audience share :

10 leading digital

channels

30 leading digital

channels

50 leading digital

channels

101 digital channels

measured

5.80%

9.82%

11.47%

12.55%

Sources :

Wave 13 MédiaCabSat /January - June 2007

Channels’ audiences in Pay TV cable, DTH or ADSL, more than 15 channels

DTT channels mediaplanning / January – March 2007

Channels’ audience on their whole broadcasting environment

« Other TV » segment is highly fragmentedM6 FTA

Audiences

Housewives under 50 y.o

12

TV consumption comparison :Historical channels vs. Other TV

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

07:00

07:45

08:30

09:15

10:00

10:45

11:30

12:15

13:00

13:45

14:30

15:15

16:00

16:45

17:30

18:15

19:00

19:45

20:30

21:15

22:00

22:45

23:30

00:15

Pda 4+ chaînes historiques

Pda 4+ Autres TV

MATIN JOURNEE ACCESS PRIME PS 2

Source: Médiamat Médiamétrie: 1st HY 2007

M6 FTA

Audiences

� Other TV are mostly attractive in time slot where TV consumption is done mainly individually

� Historical channels are attracting people in peak time for a collective TV consumption

MORNING DAYTIME PRIME

2

Audience Share 4 y.o Historical channel

Audience Share 4 y.o Other TV

13

20.9

22.7

17.5

19.9

10.4

13.9

13

15.2

16.9

21.6

10

12

14

16

18

20

22

24

06h-

12h

17h-

21h

22h40-

24h30

Autres TV

06 – 12 a.m 12–5 p.m 5 – 9 p.m 9 – 10:40 p.m 10:40 – 00:30

In % audience shareHousewives <50 ans

3 million 10 million 16 million 24 million 11 million

Source : Médiamétrie

M6 FTA

Audiences M6 reinforces its power on key time slots

+0.4 pts

H1 2007 vs. H1 2006

Average 18.6 %

Average 15.6 %

-2.1 pts

Viewers (in million) by time slots

14

32

51

79

65

2004 2005 2006 2007

Source: Médiamat Médiamétrie: H1 2007

Audience > 4.0 million viewers in H1(week 1 – week 26)

+19+14

1 evening

Out of 3

1 evening

Out of 2

+14

1 evening

Out of 4

1 evening

Out of 5

Ever more powerful prime time

3.23.1

3.6

3.53.5

2003 2004 2005 2006 2007

M6 Prime Time audiences– in million - (8:55 – 10:40 pm)

First Half-Year 2007 : 1 evening out of two with more

than 4 million viewers

First Half-Year 2007 Best-ever Prime Time audience

level

M6 FTA

Audiences

15

News

Successes in all kind of programmesM6 FTA

Audiences

+200 000viewers

4.3 million

in average

Season

2006/07

+500 000viewers

4.1 million

in average

1.9 million

in average

Season

2006/07

+400 000viewers

Season

2006/07

1.3 million

in average

+300 000viewers

Season

2006/07

Drama - Series - Movies

4.0 million 3.9 million 6.2 million

Entertainment

3.9 million 3.9 million 4.5 million 5.0 million

Source: Médiamat Médiamétrie: H1 2007

16

In day time, high potential time slots to exploit

Antenne M6

Audiences

Successful access Prime Time on Sundays

2.2 million

in average

3.2 million

in average

High potential time slots

Access Prime Time Access Prime Time Access Prime Time Access Prime Time duringduringduringduringthe the the the weekweekweekweek

Lunch Time Lunch Time Lunch Time Lunch Time

Source: Médiamat Médiamétrie H1 2007

17

� A successful Prime Time Strategy

� Advertising revenues up +3.9% despite a flat Q2

(FWC comp’ base)

� Opening of advertising to the retail sector since

January 1st

� Good performance of FMCG

� Decline of Telco & Publishing sectors expenditures

� Dynamism of Bank and Insurance sectors

� EBITA up +25.8%

�Operating margin : 34.4% vs. 28.3%

� Cost of programming

�Down by -9.8%

�Up +8.2% (based on H1 2006 excluding

FWC costs)

� Turnover (€ millions) � EBITA (€ millions)

M6 FTA : a strong operating leverage

+3.6%

30 June 2006 30 June 2007

+25.8 %

30 June 2006 30 June 2007

354.9

100.6

367.6

126.6

M6 FTA

18

M€

* Free-to-Air net revenues = Advertising revenues – taxes and royalties – broadcasting costs – advertising agency costs

Programming costs - BreakdownM6 FTA

30 June 2006 30 June 2007% change

2006/07

Free-to-A ir net revenues* 294.9 305.5 +3.6%

News and local break news 8.0 7.3 -8.8%

Sport 31.3 5.0 -84.0%

Magazines and entertainment 63.7 74.3 +16.6%

Drama 59.4 59.8 +0.7%

Total programming costs 162.4 146.5 -9.8%

Gross margin on programming 132.5 159.1 +20.1%

Gross margin on programming (in %) 44.9% 52.1%

Programming costs

19

French advertising market

20

24.8%

54.8%

18.3%

2.1%

M6 advertising revenue increased by 5.3% in a flat TV market

Terrestrial TV advertising market is flat : +0.7% to € 2 819 MillionJan-June 2007 vs Jan-June 2006

ExpenditureJan-June 2007

TV advertising market shares and evolutionJan-June 2007 vs Jan-June 2006

Gross data: Jan-June 2007 vs Jan-June 2006

EvolutionJan-June 2007

vs Jan-June 2006

1545.5 M€

515.9 M€

59.0 M€

698.7 M€

+2.0%

+4.2%

-8.4%

+5.3%

(+0.6 pt)

(-1.8 pt)

(+1.1 pt)

(+0.1 pt)

Source: TNS Media Intelligence

Gross turnover for nationwide terrestrial analogue TV channels

Best ever marketshare for the first six months of a

year

M6 FTA

Advertising market

21

+5.3%

+0.7%

+3.8%Volume effect

+1.4%

Significant increase in average rates for M6 : +3.8%

Source: TNS Media Intelligence-M6

Gross turnover for nationwide terrestrial analogue TV channels

Change – M6 Gross Ad Revenues

Change – TTV Gross Ad Revenues

Rate effect

M6 advertising revenue growth mainlydriven by the rate effect

January-June 2007 vs January-June 2006

M6 FTA

Advertising market

22

= + 5.3% +20.0%-15.4%

Average full-day GRP 25-49 y.o upper-middle classes viewers, change Jan-June 2007 / Jan-June 2006

- 5.9%

175 172

Jan-June 2006 Jan-June 2007

----1.7%1.7%1.7%1.7%

N° advertising slots > 10 GRP

on < 50 y.o. housewives

Significant full day power increase on 25-49 y.o upper-middle classes viewers.

Stability on <50 y.o. housewives

40

47

Jan-June 2006 Jan-June 2007

+17.5%+17.5%+17.5%+17.5%

Number of advertising slots >10

GRP on 25-49 y.o upper-middle

classes

M6 recorded a +5.3% increase in GRP on 25-49 y.o upper-middle classes viewers(full– day figures)

Source: PopCorn –Fr2 and Fr3 offers include CINEPs, C+ offer includes TEMPORIS

M6 FTA

Advertising market

23

-11%-13%

-7%

+7% +7%

+3%

Janv-Juin 2005 Janv-Juin 2006 Janv-Juin 2007

GRP cost * spread Housewives < 50 y.o vs. average TV

Source: PopCorn, January- June 2005, 2006 and 2007 * Gross average rate / average audience

January-June 2005 January-June 2006 January-June 2007

A narrowing spread, still favorable to growth

M6 FTA

Advertising market

24

153 549 K€

40 584 K€

Retail sector share in M6 advertising revenues, excludingMistergooddeal : 5.9%

103 out of 115 retail sector campaigns were broadcast on M6

Nearly 90% are broadcast on M6

Retail gross expenditures Advertising market share breakdown, excluding Mistergooddeal (gross data)

1.4%

12.3%

59.9%

26.4%

Arrival of retail on analogue TVJanuary – June 2007

All TV excl. Mistergooddeal

M6 average gross retail market share exceeds its average gross market share

Sources: TNS Media Intelligence / 1 January – 30 June 2007

M6 FTA

Advertising market

25

Contents

� Introduction

�M6 Free-to-Air

�Digital channels



�Appendices

26

11.9 10.2 11.6 11.3

3.2

3.7

0

2

4

6

8

10

12

14

16

M 6 M 6 + W9 M 6 M 6 + W9

� Audience performance comparison : M6 (whole France / national audience share) vs . cumulated M6 + W9 performance on DTT equipped householdsAudience Share (in %)

Source : Médiamétrie / Mediamat

13.4

15.0

+1.5 pt

+3.4 pts

4+ DTT4+

NATIONAL

January - March 2007

4+ DTT4+

NATIONAL

April – June 2007

M6 Group is strengthened in Free DTT : M6 postsa higher resilience, W9 improves its ratings

Digital channels

27Source : Médiamat – Univers équipés TNT – Médiamétrie

3.8%

3.4%

3.8%

2.4%

1.3% 1.3%

3.7%

3.5%3.1%

3.3%

3.0%

3.2%

3.5%

3.5%

4.3%

2.5%

2.8%2.5%

3.1%2.4%

1.5%

1.6%1.4%

1.3%

2.2%

1.3%1.1%

1.5%

1.2%

1.6%

0.9%

0.7%

0.9%

1.5%

1.1%

0.8%0.7%0.7%0.7%

January - March 2006 April - June 2006 Sept - October 2006 Nov - December 2006 January - March 2007 April - June 2007

W9 TMC NT1 NRJ 12 EUROPE 2TV DIRECT 8 France 4

Audience shares in % - + 4 y.o equipped with Free DTT

Digital channels W9, a steady growth …

28

Audience shares (in %) – + 4 y.o equipped with

3.93.6

3.3

2.5 2.4

1.91.6

1.00.8 0.8

June 2007

By reaching in June 2007 the record level of 3.9% audience share on equipped DTT individuals, W9

ranks n°1 channel among all new DTT channels.

W9 positions itself as the 5th most watched channel by DTT equipped individuals (FTA historicalchannels included).

W9 is also the new DTT channels’ leader on the entire Second Quarter of 2007

Source : Médiamétrie / Mediamat

Digital channels… to become the leading Free DTT channelin June 2007

29

� Sharp increase in advertising revenues : +60%

� W9 stands out as a leading channel on free DTT

� W9, Téva and Paris Première takeadvantage of their original, identifyingand targeted positionning

� EBITA is up �despite significant investments in W9

(-1.9 M€)

� All other digital channels are profitable


Digital channelsA strong first half-year performance

+36.5%

30 June 2006 30 June 2007

x 8.8

30 June 2006 30 June 2007

36.1

0.5

49.3

4.4

Digital channels

30

Contents

� Introduction

�M6 Free-to-Air

�Digital channels



�Appendices

31


Operating margin (EBITA/Turnover) : 8.6 %

Distance

Selling branch

Interactions

branch

Interactivity

branch

Audiovisual

Rights branchFCGB

Diversification and audiovisual rights : a mixed first half-year

30 June 2006 30 June 2007

272.9

+7.1%

30 June 2006 30 June 2007

25.1

=

292.3

25.1

Diversification and

Audiovisual rights

3.9% 1.1% 22.0% 25.2% 4.7%Operating

margin

32

� EBITA is up +40.5%� Operating margin is close to 4% in H1 2007

� Revenues of the branch are up 22.1%, driven by :�Good performance of HSS (+ 12.5%), notably

thanks to M6 Boutique channel and the success of the Paris Fair

�Mistergooddeal’s revenues increased by 36.0%


Dont MGD : 13,2

� Mistergooddeal ranks n°1 of a large panel of e-

commerce website in terms of satisfaction,

purchase intention and recommendation

intention (source : Direct Panel)

� Favorite website of Internet users for technical

products (source : Médiamétrie/Fevad)

� Increased traffic (approx +50%) and recognition

thanks to ad campaigns

The distance – selling branch confirmsits dynamism

108.9

+22.1%

3.7 +40.5%


133.0

5.2

Diversification and

Audiovisual rights

33

� Revenues’ decrease due to� a difficult market for musical activities

� less collections releases and decliningsales

� an adjustement of magazines frequency


M6 Interactions faces tough marketconditions

Dont MGD : 13,251.9

- 9.2 %

3.1 - 83.9%


47.1

0.5

� EBITA contribution declines by 83.9%, reflecting :� the decrease in revenues,

� the failure of some collections releases.

Diversification and

Audiovisual rights

34

� Revenues up 8.8% �Confirmed success of M6 Mobile, with

approx. 927 K subscribers at end of June

� Turnover incl. M6 Mobile (€ millions) � EBITA incl. M6 Mobile (€ millions)

Interactivity : growth is driven by M6 Mobile

Dont MGD : 13,231.7

+ 8.8 % 12.6

-39.7%


� M6 Mobile will reach 1 million subscribers at the end of July, only two years after launch vs. 3 years in the initial plan

34.5

� EBITA is down -39.7%, �Reflecting new biz development costs and

launch losses

7.6

Diversification and

Audiovisual rights

35


� A significant improvement of EBITA

thanks to :

�the Champions’League TV rights

�the good French League ranking

�the victory in the French League Cup

� The H1 EBITA level will not be sustained

on a full year basis

� Sport performance

� 2006/2007 season

• Rank n° 6 in League 1

• F.C.G.B won end of March 2007 the French

League Cup against Olympique Lyonnais

• Qualified for the UEFA Cup

�

Football Club des Girondins de Bordeaux (F.C.G.B), a satisfactory season

Dont MGD : 13,235.5

+ 10.5 %

4.8 X 2


39.3

9.9

Diversification and

Audiovisual rights

36


� Substantial increase in EBITA�SND increased its profitability

� Positive contribution of Mandarin’s librairies and M6 Studio

�A tough base of comparison�With in H1 2006 the theater release of

Astérix et les Vikings, Lord of War and the video sales of Mr & Mrs Smith

�Good performances however�Sales of Pay TV rights

Audiovisual rights, a good performance with a demanding comparison base

Dont MGD : 13,244.8

- 14.1 %

30 June 2006 30 June 2007

1.0+80%

30 June 2006 30 June 2007

38.5

1.8

� Some of H1 new releases

Diversification and

Audiovisual rights

37

Contents

� Introduction

�M6 Free-to-Air

�Digital channels



�Appendices

38

M€

Summary consolidated balance sheetFinancial

statements

31 December 2006* 30 juin 2007Change H1

2007/FY

2006 (M€)

Goodwill 53,7 54,5 0,8

Non-current assets 523,3 582,7 59,4

Current assets 778,3 839,2 60,9

Cash and cash equivalents 250,7 62,8 -187,9

Discontinuing operations assets - -

TOTAL ASSETS 1 606,0 1 539,2 -66,8

Equity 799,7 754,6 -45,1

Non-current liabilities 43,0 37,1 -5,9

Current liabilities 763,3 747,5 -15,8

Discontinuing operations liabilities - -

TOTAL EQUITY AND LIABILITIES 1 606,0 1 539,2 -66,8

* The comparable period has been restated to take into account the IAS 19 amendment

39

M€

Summary cash flow statementFinancial

statements

Cash Flow Statement 30 June 2006 30 June 2007Change

(M€)

Cash Flow from operations (self-financing capability) 174.8 197.6 22.8

WCR movements -30.0 -59.2 -29.2

Taxes -36.3 -43.1 -6.8

Cash flow from operating activities 108.4 95.4 -13.0

Cash flow from investing activities -9.3 -94.5 -85.2

Cash flow from financing activities -72.3 -188.8 -116.5

of which dividends paid -125.0 -125.0 0.0

of which cash flow from discontinuing activities 51.0 -52.5 -103.5

Net change in cash and cash equivalents 26.8 -187.9

Cash and cash equivalents - opening balance 243.1 250.7 7.6

Cash and cash equivalents - closing balance 269.9 62.8 -207.1

40

Contents

� Introduction

�M6 Free-to-Air

�Digital channels



�Appendices

41

Analytical consolidated income statementSegment

Information

M€ %

M6 Free-to-air

Turnover - Advertising revenues 365.0 351.4 13.6 3.9%

Turnover - Other 2.7 3.5 (0.9) -24.3%

EBITA 126.6 100.6 26.0 25.8%

Digital Channels

Turnover 49.3 36.1 13.2 36.5%

EBITA 4.4 0.5 3.9 851.6%

Diversification and Audiovisual Rights

Turnover 292.3 272.8 19.5 7.1%

EBITA 25.1 25.1 - -0.1%

Eliminations and unallocated items (4.8) (3.8) (1.0) 25.5%

Turnover from continuing operations 709.2 663.8 45.4 6.8%

EBITA from continuing operations 151.2 122.3 28.9 23.6%

Trademark amortisation (0.5) (0.5) -

Non-depreciable/amortisable asset writedowns (0.9) - (0.9)

Non-current asset disposal gains - - -

Operating profit (EBIT) from continuing operations 149.8 121.8 28.0 23.0%

Net financial income /(expenses) from continuing operations 12.4 3.2 9.2

Share of associates' net profit - - -

Profit before tax from continuing operations 162.2 125.0 37.2 29.7%

Income tax from continuing operations (54.0) (34.6) (19.4)

Net profit from continuing operations 108.2 90.5 17.7 19.6%

Net profit from discontinuing operations - 10.5 (10.5) N/S

Net profit 108.2 101.0 7.2 7.1%

Minority interest (0.1) (0.5) 0.3

Net profit - Group share 108.1 100.5 7.5 7.5%

Change 2006/200706/30/2007 06/30/2006(M€)

42

Details of M6 FTA Contribution Segment

Information

(M€)

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

M6 TV channel 372.7 365.0 101.3 358.2 351.4 76.6 14.5 13.6 24.7

M6 Publicité (Advertis ing) 36.5 0.5 23.5 34.3 1.2 22.7 2.2 (0.8) 0.8

M6 Films 0.5 0.4 0.1 0.7 0.6 (0.7) (0.2) (0.2) 0.8

Production companies 44.8 1.8 0.2 39.6 1.6 0.8 5.2 0.2 (0.6)

Property companies 4.3 - 1.4 4.0 0.0 1.1 0.3 (0.0) 0.3

Other 0.8 - - 0.5 0.0 - 0.3 (0.0) -

Intra-group e lim inations (73.9) (69.5) - - (4.4) - -

M6 Free-to-Air business 385.7 367.6 126.6 367.7 354.9 100.6 18.0 12.7 26.0

06/30/2007 06/30/2006 Change 2006/2007

43

Details of M6 FTA Analytical contribution Segment

Information

M€ %

Turnover - External advertising revenues 365.0 351.4 13.6 3.9%

Turnover - Intra-group advertising revenues 6.5 5.9 0.6 9.7%

Advertising agency cost - M6's share (10.9) (10.0) (1.0) 9.7%

Taxes and royalties (37.2) (34.8) (2.5) 7.1%

Broadcasting costs (17.8) (17.7) (0.1) 0.3%

Free-to-air net revenues 305.5 294.9 10.7 3.6%

Programming costs (146.5) (162.4) 15.9 -9.8%

Gross margin on programming 159.1 132.5 26.6 20.1%

In % 52.1% 44.9%

Net other operating revenue/(expenses) (38.2) (36.4) (1.7) 4.7%

Ex-segment commissions net advertising

agency costs not allocated to M6

3.9 3.3 0.6 18.7%

M6 Free-to-Air other subsidiaries EBITA 1.8 1.3 0.5

M6 Free-to-Air EBITA 126.6 100.6 26.0 25.8%

(M€) 06/30/2007 06/30/2006Change 2006/2007

44

Digital channels contribution Segment

Information

M€

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

Paris Première 17.0 16.8 2.3 15.2 15.1 1.4 1.7 1.7 0.9

W9 11.0 10.9 (1.9) 2.0 2.0 (4.2) 9.0 8.9 2.3

Teva 9.5 9.4 2.3 7.9 7.9 1.0 1.5 1.5 1.3

M6 Music 3.1 3.0 1.2 2.6 2.6 1.0 0.5 0.5 0.2

Fun TV 1.4 1.3 0.0 1.7 1.7 0.1 (0.4) (0.3) (0.1)

TF6 5.6 5.6 0.5 5.0 4.9 1.1 0.6 0.7 (0.6)

Série Club 2.1 2.1 0.2 1.9 1.9 0.2 0.2 0.2 0.0

Other 2.2 0.1 (0.1) 1.6 0.1 - 0.6 0.0 (0.1)

Intra-group eliminations (2.0) - - (1.2) - - (0.8) - -

Total Digital channels 49.9 49.3 4.4 36.8 36.1 0.5 13.0 13.2 3.9

06/30/2007 06/30/2006 Change 2006/2007

45

Diversification and audiovisual rightscontribution

Segment

Information

M€

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

Business

segment

total

turnover

External

turnoverEBITA

SND 37.2 32.3 1.3 43.7 40.8 1.2 (6.6) (8.6) 0.1

SNC 0.5 0.5 (0.4) 0.6 0.6 (0.4) (0.1) (0.1) 0.0

TCM 2.0 1.8 (0.1) 5.2 3.3 2.9 (3.2) (1.5) (3.0)

Mandarin 0.8 0.8 0.3 0.0 0.0 (0.1) 0.8 0.8 0.5

M6 Studio 3.1 3.1 0.7 0.2 0.0 (2.6) 2.9 3.1 3.3

Audiovisual rights 43.5 38.5 1.8 49.7 44.8 1.0 (6.1) (6.3) 0.8

Interactions 54.2 47.1 0.5 57.3 51.9 3.1 (3.1) (4.8) (2.6)

Groupe HSS 74.1 72.7 3.1 65.5 64.6 3.0 8.6 8.1 0.1

Mistergooddeal 62.4 60.3 2.1 45.4 44.3 0.6 16.9 16.0 1.5

Distance Selling 136.4 133.0 5.2 110.9 108.9 3.7 25.5 24.1 1.6

Interactivity 41.8 34.5 7.6 35.6 31.7 12.6 6.1 2.8 (5.0)

FCGB 39.4 39.3 9.9 35.6 35.5 4.8 3.8 3.7 5.2

Other - - - - - - - - -

Intra-group e lim inations (9.9) - - (8.6) - - (1.3) - -

Total Diversification and

audiovisual r ights

305.5 292.3 25.1 280.5 272.8 25.1 25.0 19.5 (0.0)

06/30//2007 06/30/2006 Change 2006/2007

h1 2007 h1 2007 results resultsresults presentation

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