Half Year 2024 Television Francaise 1 SA Earnings Call Transcript
Key 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.
- 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.
Hello, and welcome to TF1 H1 2024 results. My name is Zach, and I will be your coordinator for today's event. (Operator Instructions) I will now hand you over to Rodolphe Belmer, CEO; and Pierre-Alain Gerard, CFO. Please go ahead.
Good evening and thank you for joining us for our H1 2024 results presentation. On today's agenda, I will first give you an update on our H1 activity and business highlights on our two operating segments. Then Pierre-Alain Gerard, TF1's Group CFO, will present our financial results. After that, I will conclude with an update on our outlook, and we'll then close with a Q&A session.
First of all, we are happy to share that LCI, TMC and TFX have been selected by ARCOM, the French regulator, as part of the tender process for five DTT licenses. This milestone reflects the seriousness of our project and the contribution of these channels to the French media landscape. Then the key highlights of the first half of
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