Third quarter 2014 – The M6 Group Once Again Demonstrates the Strength of Its Business Model:

Regulatory News:

M6 Métropole Télévision (Paris:MMT):

In an economic environment that is still weak, the M6 Group recorded an increase in consolidated revenues (up 0.8%) in the 3^rd quarter, following a stable first half-year.

The Group advertising revenues returned to growth (up 1.0%) with FTA TV advertising revenues stable and a strong development of online video advertising. Non-advertising revenues posted growth of 0.6%.

For the nine months to the end of September 2014, the M6 Group reported sales of €898.5 million (up 0.2%), thanks to the strong momentum in non-advertising operations, whose revenues increased by 5.1%. The Group was nevertheless affected by the decline in its advertising revenues, which totalled €563.0 million (down 2.5%).

¹ The financial information presented above is aimed at disclosing a breakdown of consolidated revenues between advertising and non-advertising revenues. The Group’s advertising revenues include revenues from the M6, W9 and 6ter free-to-air channels, the share of advertising revenues from pay digital channels and the share of advertising revenues generated by diversification activities (mainly Internet).

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Television

Over the 3^rd quarter of 2014, M6 Group’s free-to-air channels posted an average audience share of 13.5%, an increase compared with the 1^st half-year (vs. 13.3% – 4+ year olds, source Médiamétrie), and 21.0% on the commercial target (vs. 20.5%):

• the M6 channel maintained its second place ranking in the under 50s category throughout the day, thanks to its strong brands and its innovation and risk-taking policy with new programmes (Rising Star, Les Reines du shopping, etc.);
• W9 was the leading DTT channel among housewives under 50;
• 6ter was the leading new DTT channel among housewives under 50.

Within this environment, and whilst visibility remains very limited in a sluggish advertising market, the Group managed in the 3^rd quarter to achieve stability in the advertising revenues of its free-to-air channels (up 0.1%).

Production and Audiovisual Rights

Production and Audiovisual Rights revenue totalled €25.6 million in the 3^rd quarter of 2014, an increase of 5.0%.

The summer period was marked by the success of Les Vacances du petit Nicolas at the cinema (2.4 million admissions) and the good performance of Fiston and Divergente on video.

Diversification

Diversification revenue totalled €70.8 million in the 3^rd quarter of 2014, an increase of 1.7% which was primarily due to the good performance of Ventadis whose sales grew by 22.7% as a result of the integration of Best of TV, acquired in January 2014.

M6 Web revenue decreased by 3.4% due to the continued fall in revenue of the mobile games and entertainment business and the downward price pressure in the mobile phone market, whilst the number of M6 Mobile clients remained stable (2.8 million at the end of September).

Elsewhere, the F.C.G.B was adversely affected by its non-participation in the Europa League, suffering a €€4.1 million decline in revenue.

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Change in the financial position and outlook

For the 3^rd quarter of 2014, consolidated profit from recurring operations (EBITA)² totalled €28.9 million (up 2.2%); its growth was limited by the negative contribution of Girondins de Bordeaux, which reported an operating loss of €2.2 million.

A the end of September 2014, consolidated EBITA totalled €141.3 million, a decline of €16.7 million that was primarily due to the fall in advertising revenues, the impact of which was limited by cost control.

At 30 September 2014, Group equity totalled €534.7 million (compared with €551.6 million at 30 September 2013) with a net cash position of €190.3 million.

Within a business environment that is still uncertain and a TV market that is under pressure, the Group remains cautious in relation to the outlook for advertising revenues.

The Group’s indicative 2015 calendar will be published shortly on www.groupem6.fr
Next release: 2014 annual financial information on 17 February 2015 after close of trading
M6 Métropole Télévision is listed on Euronext Paris, compartment A
Ticker MMT, ISIN Code: FR0000053225

² The profit from recurring operations, also called EBITA, is defined as operating profit (EBIT) before amortisation and impairment of intangible assets related to acquisitions (excluding audiovisual rights) and capital gains on the disposal of financial assets and subsidiaries.