(Boursier.com) — TF1 returned to its levels of two years ago on the stock market, up 6.8% to 8.75 euros this Friday. The group’s 2023 consolidated turnover amounted to 2.297 billion euros, or -6.7% compared to 2022 (at constant scope). In 2023, the advertising market was impacted by the macroeconomic context in the first half and experienced a rebound in the second half. In this context, the Group’s advertising turnover stands at 1.606 billion euros, or -2.1% compared to 2022 (at constant scope), reflecting an increase of +1.7% (at constant scope) over the second semester.
Current operating income from activities (ROCA) stood at 287.4 million euros, or -10.8% over one year. In line with the objectives announced during the 2022 annual results, the current operating margin of the activities amounts to 12.5%, close to that of 2022 (-0.3 pt).
Rationalization
The operating profit amounts to 253.2 ME and includes -29.5 ME of non-current income and expenses, mainly linked to the rationalization of the Group’s real estate and the strengthening of the pre-existing GEPP system (Employment and Employee Management). Professional Pathways) to support the Group’s digital acceleration ambition). These non-current items are linked to the implementation of an optimization plan aimed at gradually achieving more than 40 ME in operational cost savings from 2025, of which 10 to 15 ME will be reinvested in the acceleration plan. digital. 30% of savings have been made by the end of 2023.
Net profit, Group share, stands at €191.9 million, up +9% compared to 2022, benefiting in particular from the discontinuation of SALTO. The net financial surplus stands at 505.1 ME at the end of December 2023 (325.7 ME at the end of December 2022), an increase of 179.4 ME.
Quoting…
A dividend of 0.50 euros per share
The TF1 group’s free cash flow before WCR amounts to €178.1 million, confirming the Group’s ability to convert its results into cash. The free cash flow after WCR of the TF1 group amounts to 313.1 ME, an increase of 186 ME. The TF1 group benefits from a solid financial situation and displays a net financial surplus of €505.1 million as of December 31, 2023, an increase of €179.4 million compared to the end of December 2022.
The TF1 Board of Directors will propose to the General Meeting of Shareholders on April 17, 2024 the payment of a dividend of 0.50 euros per share, i.e. +10% compared to 2022.
Perspectives displayed
The group’s ambition is to establish itself as the “reference free destination on the television screen for family entertainment and quality information in France”.
In this context, the Group’s 2024 outlook is as follows:
– Continue the growth of digital based on the promising launch of TF1+;
– Maintain a current operating margin rate for activities close to that of 2023;
– Continue to generate solid cash flow allowing us to aim for a growing dividend policy over the coming years.