TF1 (EPA:TFI) - UNIFY: GOODWILL WRITE-DOWN, WITH NO IMPACT ON THE GROUP’S CASH POSITION

Transparency directive : regulatory news

23/12/2020 07:45

[23.12.20]
PRESS RELEASE

UNIFY: GOODWILL WRITE-DOWN, WITH NO IMPACT ON THE GROUP'S CASH POSITION

The TF1 Board of Directors has noted that the restructuring phase is taking
longer than initially anticipated, due in part to the circumstances prevailing
in 2020, and that this is likely to have an adverse impact on margins at the
Unify division and hence on its value. Consequently, the Board of Directors,
after the validation of the Audit Committee, has decided to take a write-down
against the intangible assets of the Unify division for EUR75 million.

This non-deductible write-down will be recognised in the consolidated financial
statements of the TF1 group for the fourth quarter of 2020.

This value adjustment has no impact on the TF1 group's cash flow or net cash
position. Nor does it have any impact on the Group's ability to pay dividends,
and hence on the dividend that may be submitted for approval at the Annual
General Meeting on 15 April 2021.

We retain full confidence in these activities, and the TF1 group's digital
ambitions are as strong as ever.

The Unify division offers substantial potential for growth and profitability,
built on solid online brands (Aufeminin, Marmiton, Doctissimo, My Little Paris,
Les Numériques) that every day attract millions of internet users, for whom
these brands are part of their daily lives.

Initiatives mentioned below will help Unify to grow, and ultimately return to
good performance levels:

* new governance structure implemented in 2020, giving closer oversight of
  action plans and key performance indicators;
* rollout of new tools developed in 2019 and 2020;
* asset review within the division;
* investment from 2019 onwards in consolidating web publisher brands and
  developing a one-of-a-kind ad sales house with new high added value
  solutions;
* unlocking synergies with other TF1 group divisions;
* leveraging Unify's strong brands.

Our 2020 fourth-quarter and full-year results will be published on 11 February
2021, and the financial documents setting out our results will be available on
that day from 08.00 CET at
https://groupe-tf1.fr/en/investors/results-and-publications.

About Unify:

Unify brings together the TF1 group's expanding digital operations. Operating
in France and internationally, Unify is home to a range of media brands and
services: Aufeminin, Marmiton, Doctissimo, Parole de mamans, MyLittleParis,
Beauté Test, Les Numériques, Cnet, Zdnet, Gamekult, Vertical Station,
Studio71, Magnetism, Ykone, Gamned!, and Unify Digital Factory. A leader in key
verticals (women, health, food and lifestyle), Unify reaches 48 million unique
visitors in France through its brands (91% reach), and more than 100 million
unique visitors in other countries.

As a top-rank digital group built around engaged communities, original
productions, and popular events, Unify can leverage its strong expertise to
help brands re-invent themselves through media, e-commerce, influencers, data,
content, and social networks. Unify companies operate in three core businesses:
publishers, brand solutions and services, and social e-commerce. The in-house
ad sales arm, Unify Advertising, is a one-stop shop for agencies and
advertisers to access all of Unify's media brands and services.

                                   TF1 GROUP
                       INVESTOR RELATIONS - comfi@tf1.fr
                  CORPORATE COMMUNICATIONS - mcarcabal@tf1.fr

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TF1 (EPA:TFI) - UNIFY: GOODWILL WRITE-DOWN, WITH NO IMPACT ON THE GROUP’S CASH POSITION

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