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		<raw><![CDATA[TABLE OF CONTENT1TF1 GROUP PRESENTATION1.1 Certiﬁcate of the person responsible for the registration document 1.2 The management team 1.3 Simpliﬁed organisation chart - February 18th 2009 1.4 2008 key events 1.5 Management indicators 1.6 Market trends 1.7 Group activities34 5 6 7 9 12 172 3REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES 212.1 Composition of the Board of Directors and name of the statutory auditors 2.2 Chairman’s report 23 28MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART) 493.1 2008 activity and results 3.2 Human resources and environment update 3.3 Available information in the report of the Chairman of the Board of Directors on the corporate governance and the internal control procedures 3.4 TF1 SA subsidiaries and holdings 3.5 Capital and stock ownership 3.6 The share 3.7 Resolutions presented to the Board Meeting 3.8 Statement of company operations over the last ﬁve business years 51 60 72 73 74 82 85 864 5FINANCIAL STATEMENTS4.1 Consolidated ﬁnancial statements 4.2 Notes to the consolidated ﬁnancial statements 4.3 Parent company ﬁnancial statements 4.4 Notes to the parent company ﬁnancial statements8788 93 142 146STATUTORY AUDITORS’ REPORT5.1 Statutory Auditors’ Report on the Consolidated Financial Statements 5.2 Statutory Auditors’ Report on the Financial Statements 5.3 Statutory Auditors’ Report on the Report by the Chairman of the Board of Directors 5.4 Statutory Auditors’ report on related party agreements and commitments163164 165 166 1676LEGAL INFORMATION CONCERNING TF16.1 information concerning the TF1 company 6.2 Legal framework 6.3 Shareholders’ General Meeting 6.4 People responsible for information 6.5 Information included by reference 6.6 Addresses of main subsidiaries and participations 6.7 Registration document and cross-reference table171172 180 183 186 187 188 1]]></raw>
		<basicChars><![CDATA[TABLE OF CONTENT1TF1 GROUP PRESENTATION1.1 Certiﬁcate of the person responsible for the registration document 1.2 The management team 1.3 Simpliﬁed organisation chart - February 18th 2009 1.4 2008 key events 1.5 Management indicators 1.6 Market trends 1.7 Group activities34 5 6 7 9 12 172 3REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES 212.1 Composition of the Board of Directors and name of the statutory auditors 2.2 Chairman’s report 23 28MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART) 493.1 2008 activity and results 3.2 Human resources and environment update 3.3 Available information in the report of the Chairman of the Board of Directors on the corporate governance and the internal control procedures 3.4 TF1 SA subsidiaries and holdings 3.5 Capital and stock ownership 3.6 The share 3.7 Resolutions presented to the Board Meeting 3.8 Statement of company operations over the last ﬁve business years 51 60 72 73 74 82 85 864 5FINANCIAL STATEMENTS4.1 Consolidated ﬁnancial statements 4.2 Notes to the consolidated ﬁnancial statements 4.3 Parent company ﬁnancial statements 4.4 Notes to the parent company ﬁnancial statements8788 93 142 146STATUTORY AUDITORS’ REPORT5.1 Statutory Auditors’ Report on the Consolidated Financial Statements 5.2 Statutory Auditors’ Report on the Financial Statements 5.3 Statutory Auditors’ Report on the Report by the Chairman of the Board of Directors 5.4 Statutory Auditors’ report on related party agreements and commitments163164 165 166 1676LEGAL INFORMATION CONCERNING TF16.1 information concerning the TF1 company 6.2 Legal framework 6.3 Shareholders’ General Meeting 6.4 People responsible for information 6.5 Information included by reference 6.6 Addresses of main subsidiaries and participations 6.7 Registration document and cross-reference table171172 180 183 186 187 188 1]]></basicChars>
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		<raw><![CDATA[2008 REGISTRATION DOCUMENTThe French version of the Annual Report was ﬁled by the «Autorité des Marchés Financiers» (AMF - French stock exchange commission) on March 26, 2009, in accordance with the article 212-13 of the General Regulation of the AMF. This document may not be used to support a ﬁnancial operation unless it is accompanied by an operation note certiﬁed by the AMF. In case of discrepancy, the French version prevails.2008 REGISTRATION DOCUMEN]]></raw>
		<basicChars><![CDATA[2008 REGISTRATION DOCUMENTThe French version of the Annual Report was ﬁled by the «Autorite des Marches Financiers» (AMF - French stock exchange commission) on March 26, 2009, in accordance with the article 212-13 of the General Regulation of the AMF. This document may not be used to support a ﬁnancial operation unless it is accompanied by an operation note certiﬁed by the AMF. In case of discrepancy, the French version prevails.2008 REGISTRATION DOCUMEN]]></basicChars>
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		<raw><![CDATA[22008 REGISTRATION DOCUME]]></raw>
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		<raw><![CDATA[1TF1 GROUP PRESENTATION1.1 CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT THE MANAGEMENT TEAM SIMPLIFIED ORGANISATION CHART FEBRUARY 18th 2009 2008 KEY EVENTS MANAGEMENT INDICATORS1.5.1 Management indicators 1.5.2 Key ﬁnancial ﬁgures 1.5.3 Key trading ﬁgures4 51.2 1.36 7 99 10 111.4 1.51.6MARKET TRENDS1.6.1 Television, the preferred media of the French population 1.6.2 Adverstising trend 1.6.3 New regulatory environment1212 15 161.7GROUP ACTIVITIES1.7.1 Broadcasting France 1.7.2 International Broadcasting 1.7.3 Audiovisual rights1717 19 192008 REGISTRATION DOCUMEN]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATION1.1 CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT THE MANAGEMENT TEAM SIMPLIFIED ORGANISATION CHART FEBRUARY 18th 2009 2008 KEY EVENTS MANAGEMENT INDICATORS1.5.1 Management indicators 1.5.2 Key ﬁnancial ﬁgures 1.5.3 Key trading ﬁgures4 51.2 1.36 7 99 10 111.4 1.51.6MARKET TRENDS1.6.1 Television, the preferred media of the French population 1.6.2 Adverstising trend 1.6.3 New regulatory environment1212 15 161.7GROUP ACTIVITIES1.7.1 Broadcasting France 1.7.2 International Broadcasting 1.7.3 Audiovisual rights1717 19 192008 REGISTRATION DOCUMEN]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATIONCertiﬁcate of the person responsible for the registration document1.1 CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENTThe person assuming responsibility for the registration document: Mr. Nonce Paolini, Chairman and CEO. I hereby certify that, having taken all reasonable steps, the information contained in this registration document, reﬂects the reality, to the best of my knowledge, and contains no omission that could alter its scope. I hereby certify that, to the best of my knowledge, the accounts have been prepared in compliance with applicable accounting norms and give a faithful picture of the assets, the ﬁnancial situation and the results of the company and the consolidated companies, and that the management report (on page 49) presents a true image of the evolution of the business, the results and the situation of the company and the consolidated companies, as well as a description of the main risks and uncertainties facing them. I have received from the legal auditors of the accounts, KPMG and Mazars, a letter of completion of accounts indicating that they have veriﬁed the information concerning the ﬁnancial situation and the accounts contained in the present and read the whole of the document. The historic ﬁnancial information, presented or included by reference in this document, are the subject of the reports of the legal auditors, appearing on page 163 or included by reference on page 187 of this document, which contain some observations relative to the change in accounting policy in 2007 and 2008. Boulogne, March 26, 2009 Chairman et CEO Nonce Paolini42008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONCertiﬁcate of the person responsible for the registration document1.1 CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENTThe person assuming responsibility for the registration document: Mr. Nonce Paolini, Chairman and CEO. I hereby certify that, having taken all reasonable steps, the information contained in this registration document, reﬂects the reality, to the best of my knowledge, and contains no omission that could alter its scope. I hereby certify that, to the best of my knowledge, the accounts have been prepared in compliance with applicable accounting norms and give a faithful picture of the assets, the ﬁnancial situation and the results of the company and the consolidated companies, and that the management report (on page 49) presents a true image of the evolution of the business, the results and the situation of the company and the consolidated companies, as well as a description of the main risks and uncertainties facing them. I have received from the legal auditors of the accounts, KPMG and Mazars, a letter of completion of accounts indicating that they have veriﬁed the information concerning the ﬁnancial situation and the accounts contained in the present and read the whole of the document. The historic ﬁnancial information, presented or included by reference in this document, are the subject of the reports of the legal auditors, appearing on page 163 or included by reference on page 187 of this document, which contain some observations relative to the change in accounting policy in 2007 and 2008. Boulogne, March 26, 2009 Chairman et CEO Nonce Paolini42008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATIONThe management team11.2 THE MANAGEMENT TEAMFebruary 2009TF1 Executive CommitteeNonce Paolini, Chairman and Chief Executive Ofﬁcer of TF1 Arnaud Bosom, Director of New Media and Chairman of e-TF1 Jean-Michel Counillon, Secretary General Jean-Claude Dassier, Executive Vice President in charge of Group News and Information Philippe Denery, Executive Vice President, Finance and Chairman of TF1 International Yves Goblet, Executive Vice President, Group Marketing Martine Hollinger, Chief Executive Ofﬁcer of TF1 Publicité Jean-François Lancelier, Executive Vice President, Broadcasting Gilles Maugars, Director of Technology and IS Jean-Pierre Paoli, Director Strategy and Business Development Jean-Pierre Rousseau, Executive Vice President, Human Resources and Internal Communications Laurent Solly, Member of the Executive Committee and Chairman and CEO of TF1 Digital Laurent Storch, Executive Vice President, Broadcasting and Director of ProgrammesGroup TF1 Management CommitteeThis committee is composed of the above-mentioned ofﬁcers and the following: Édouard Boccon-Gibod, Chairman of TF1 Production Yann Boucraut, Chief Executive Ofﬁcer of Téléshopping Michel Brossard, Chief Executive Ofﬁcer of TF1 Entreprises Pierre Brossard, Chairman of TF1 Vidéo Frédéric Ivernel, Director of Group Communication Laurent-Eric Le Lay, Chairman and Chief Executive Ofﬁcer of Eurosport Benoît Louvet, Deputy Chief Executive Ofﬁcer of TF1 Publicité.2008 REGISTRATION DOCUMEN]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONThe management team11.2 THE MANAGEMENT TEAMFebruary 2009TF1 Executive CommitteeNonce Paolini, Chairman and Chief Executive Ofﬁcer of TF1 Arnaud Bosom, Director of New Media and Chairman of e-TF1 Jean-Michel Counillon, Secretary General Jean-Claude Dassier, Executive Vice President in charge of Group News and Information Philippe Denery, Executive Vice President, Finance and Chairman of TF1 International Yves Goblet, Executive Vice President, Group Marketing Martine Hollinger, Chief Executive Ofﬁcer of TF1 Publicite Jean-Francois Lancelier, Executive Vice President, Broadcasting Gilles Maugars, Director of Technology and IS Jean-Pierre Paoli, Director Strategy and Business Development Jean-Pierre Rousseau, Executive Vice President, Human Resources and Internal Communications Laurent Solly, Member of the Executive Committee and Chairman and CEO of TF1 Digital Laurent Storch, Executive Vice President, Broadcasting and Director of ProgrammesGroup TF1 Management CommitteeThis committee is composed of the above-mentioned ofﬁcers and the following: Edouard Boccon-Gibod, Chairman of TF1 Production Yann Boucraut, Chief Executive Ofﬁcer of Teleshopping Michel Brossard, Chief Executive Ofﬁcer of TF1 Entreprises Pierre Brossard, Chairman of TF1 Video Frederic Ivernel, Director of Group Communication Laurent-Eric Le Lay, Chairman and Chief Executive Ofﬁcer of Eurosport Benoit Louvet, Deputy Chief Executive Ofﬁcer of TF1 Publicite.2008 REGISTRATION DOCUMEN]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATIONSimpliﬁed organisation chart - February 18, 20091.3 SIMPLIFIED ORGANISATION CHART - FEBRUARY 18th 200962008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONSimpliﬁed organisation chart - February 18, 20091.3 SIMPLIFIED ORGANISATION CHART - FEBRUARY 18th 200962008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATION2008 key events11.4 2008 KEY EVENTSTF1 BroadcastingTF1 notched up 96 of the top 100 audiences for the year, with an outstanding audience of 12.7 million viewers watching the June 13 football match between France and the Netherlands (1). The two “TF1 Pitch” days, an original concept devised by Programmes management aimed at identifying new production ideas, led to the selection of 10 proposed projects from producers. Since August 25, TF1 has been presenting a new-format 8 o’clock News Bulletin. Now anchored by Laurence Ferrari, the TF1 8 p.m. Bulletin has maintained its lead over the other channels. The two-year global partnership agreement between TF1 and Endemol France (starting September 1, 2008) will give the TF1 Group access to the whole catalogue of rights and formats of the Endemol network. TF1 also acquired the exclusive freeview and pay “new media” rights for the acquired programmes. Since October, TF1 has been available in high-deﬁnition on DTT.Thematic channelsTMC continues to expand with an audience share of 2.1% in 2008, being thus the leader channel of the DTT. In April, Ushuaïa TV became “the channel of sustainable development and protection of the planet.” A new programming grid went live and the sustainable development website, www.ushuaia.com, “Ushuaïa, the earth and us”, went on line. Ushuaïa TV has been available in high deﬁnition on the CanalSatellite bundle since end September. Over its 12-year life span, Odyssée has evolved to become the channel of lifestyle, elegance and personal well-being. Odyssée has also been available on CanalSatellite since November. The Histoire channel has raised its public awareness by becoming the reference partner for major commemorations (90th anniversary of the 1918 armistice operation).Diversiﬁcation activitiesWith over 15.7 million individual visitors in December 2008, the TF1 Group has become the 8th ranking Internet player in France, ahead of all other French media groups on the Web. The TF1 Group websites attracted over 10 million individual visitors per month during 2008 (2). e-TF1 acquired the company Dualnet Communication, specialised in operating general-interest websites covering ﬁlm and TV series news (www.dvdrama.com et www.excessif.com). With this acquisition, the TF1 Group has strengthened its global on-line news offering. On June 20, TF1 Publicité won the bid launched by the Les Indépendants economic interest group (GIE), which brings together 113 local radio stations. This three-year contract has enabled TF1 Publicité to diversify and extend its business to a new media, radio. The contract became effective on January 1, 2009. Téléshopping launched placedestendances.com, the major on-line store for offthe-shelf clothing. It now hosts 52 brands.(1) Médiamétrie Médiamat 2008. (2) Panel NNR – Anytime anywhere – excluding Internet applications.2008 REGISTRATION DOCUMEN]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATION2008 key events11.4 2008 KEY EVENTSTF1 BroadcastingTF1 notched up 96 of the top 100 audiences for the year, with an outstanding audience of 12.7 million viewers watching the June 13 football match between France and the Netherlands (1). The two “TF1 Pitch” days, an original concept devised by Programmes management aimed at identifying new production ideas, led to the selection of 10 proposed projects from producers. Since August 25, TF1 has been presenting a new-format 8 o’clock News Bulletin. Now anchored by Laurence Ferrari, the TF1 8 p.m. Bulletin has maintained its lead over the other channels. The two-year global partnership agreement between TF1 and Endemol France (starting September 1, 2008) will give the TF1 Group access to the whole catalogue of rights and formats of the Endemol network. TF1 also acquired the exclusive freeview and pay “new media” rights for the acquired programmes. Since October, TF1 has been available in high-deﬁnition on DTT.Thematic channelsTMC continues to expand with an audience share of 2.1% in 2008, being thus the leader channel of the DTT. In April, Ushuaia TV became “the channel of sustainable development and protection of the planet.” A new programming grid went live and the sustainable development website, www.ushuaia.com, “Ushuaia, the earth and us”, went on line. Ushuaia TV has been available in high deﬁnition on the CanalSatellite bundle since end September. Over its 12-year life span, Odyssee has evolved to become the channel of lifestyle, elegance and personal well-being. Odyssee has also been available on CanalSatellite since November. The Histoire channel has raised its public awareness by becoming the reference partner for major commemorations (90th anniversary of the 1918 armistice operation).Diversiﬁcation activitiesWith over 15.7 million individual visitors in December 2008, the TF1 Group has become the 8th ranking Internet player in France, ahead of all other French media groups on the Web. The TF1 Group websites attracted over 10 million individual visitors per month during 2008 (2). e-TF1 acquired the company Dualnet Communication, specialised in operating general-interest websites covering ﬁlm and TV series news (www.dvdrama.com et www.excessif.com). With this acquisition, the TF1 Group has strengthened its global on-line news offering. On June 20, TF1 Publicite won the bid launched by the Les Independants economic interest group (GIE), which brings together 113 local radio stations. This three-year contract has enabled TF1 Publicite to diversify and extend its business to a new media, radio. The contract became effective on January 1, 2009. Teleshopping launched placedestendances.com, the major on-line store for offthe-shelf clothing. It now hosts 52 brands.(1) Mediametrie Mediamat 2008. (2) Panel NNR – Anytime anywhere – excluding Internet applications.2008 REGISTRATION DOCUMEN]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATION2008 key eventsInternational broadcastingEurosport launched the Eurosport channel in high deﬁnition in 14 languages in 26 countries. The year’s major sports events (Euro 2008, Olympic Games…) were broadcast with very high-quality images. The speed of technical development and commercial introduction of the high-deﬁnition offering illustrates the Eurosport Group’s know-how.Sustainable DevelopmentTF1, a leading corporate citizen: with a 91.43% level of compliance and awareness in environmental responsibility, TF1 is ranked n°1 among the 60 or so media companies in the survey by the Ministry of the Ecology, Energy Sustainable Development and Land Management (MEEDDAT) published in March 2008.MiscellaneousThe CSA, in its 2007 call for tenders for personal mobile television, selected TF1 and Eurosport France from among the 32 bids ﬁled. TF1 ﬁled three bids with the CSA for Digital Radio Broadcasting (RNT) on behalf of LCI Radio, WAT Radio and Plurielles Radio. This ﬁrst call for tenders involves 19 transmission zones covering France’s main cities representing around 30% of the national coverage. RNT is planned to start up in third quarter 2009. Established in 2007 with the aim of promoting diversity and professional integration, the TF1 Corporate Foundation recruited its ﬁrst members in 2008. The Pilipili magazine launched in 2007 is currently available in six French cities and will be launched in Paris in April 2009.82008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATION2008 key eventsInternational broadcastingEurosport launched the Eurosport channel in high deﬁnition in 14 languages in 26 countries. The year’s major sports events (Euro 2008, Olympic Games…) were broadcast with very high-quality images. The speed of technical development and commercial introduction of the high-deﬁnition offering illustrates the Eurosport Group’s know-how.Sustainable DevelopmentTF1, a leading corporate citizen: with a 91.43% level of compliance and awareness in environmental responsibility, TF1 is ranked n°1 among the 60 or so media companies in the survey by the Ministry of the Ecology, Energy Sustainable Development and Land Management (MEEDDAT) published in March 2008.MiscellaneousThe CSA, in its 2007 call for tenders for personal mobile television, selected TF1 and Eurosport France from among the 32 bids ﬁled. TF1 ﬁled three bids with the CSA for Digital Radio Broadcasting (RNT) on behalf of LCI Radio, WAT Radio and Plurielles Radio. This ﬁrst call for tenders involves 19 transmission zones covering France’s main cities representing around 30% of the national coverage. RNT is planned to start up in third quarter 2009. Established in 2007 with the aim of promoting diversity and professional integration, the TF1 Corporate Foundation recruited its ﬁrst members in 2008. The Pilipili magazine launched in 2007 is currently available in six French cities and will be launched in Paris in April 2009.82008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATIONManagement indicators11.5 MANAGEMENT INDICATORS1.5.1 Management indicatorsTF1 CHANNEL AUDIENCE SHARE ADVERTISING MARKET SHARE AMONG ALL TVPROPORTION OF SUB-TITLED PROGRAMMING HOURSINVESTMENT IN FRENCH PRODUCTION (in €m)NUMBER OF EMPLOYEES IN THE GROUP2008 REGISTRATION DOCUMEN]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONManagement indicators11.5 MANAGEMENT INDICATORS1.5.1 Management indicatorsTF1 CHANNEL AUDIENCE SHARE ADVERTISING MARKET SHARE AMONG ALL TVPROPORTION OF SUB-TITLED PROGRAMMING HOURSINVESTMENT IN FRENCH PRODUCTION (in €m)NUMBER OF EMPLOYEES IN THE GROUP2008 REGISTRATION DOCUMEN]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATIONManagement indicators1.5.2 Key ﬁnancial ﬁguresTURNOVER BY SECTOR PROGRAMMING COSTSEARNINGS PER SHARECURRENT OPERATING PROFIT AND NET RESULT OF CONTINUING ACTIVITIESSHAREHOLDERS’ EQUITY AND NET DEBT102008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONManagement indicators1.5.2 Key ﬁnancial ﬁguresTURNOVER BY SECTOR PROGRAMMING COSTSEARNINGS PER SHARECURRENT OPERATING PROFIT AND NET RESULT OF CONTINUING ACTIVITIESSHAREHOLDERS’ EQUITY AND NET DEBT102008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATIONManagement indicators11.5.3 Key trading ﬁguresDIVIDEND PER SHARE AND PERCENTAGE DIVIDEND DISTRIBUTION MARKET CAPITALISATION (in €m)STOCK OWNERSHIP (1)SHARE PRICE2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONManagement indicators11.5.3 Key trading ﬁguresDIVIDEND PER SHARE AND PERCENTAGE DIVIDEND DISTRIBUTION MARKET CAPITALISATION (in €m)STOCK OWNERSHIP (1)SHARE PRICE2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATIONMarket trends1.6 MARKET TRENDS1.6.1 Television, the preferred media of the French populationIn 2008, television most united viewers on a daily basis, particularly on the occasion of major events. The development of new technologies opens up more possibilities, with new vehicles for transporting television images, but also increasingly high image quality on the sets. In 2008, the offering continued to expand, with over 100 channels via free-to-air, freeview or pay DTT, cable and satellite or ADSL. multi-set households at end 2002, 47% end 2005 and 48% end 2006), the multiset trend has gained momentum (+2 points between 2007 and 2008 and +6 points between 2006 and 2008), fuelled particularly by the new screen formats. 44% of households are now equipped with a 16/9 television set and 31% with a high-deﬁnition set – these types are growing rapidly (+9 points and +14 points, respectively, in one year). While this attraction to images continues, that for sound is stable – home cinema ownership having peaked at 13% of households (+1 point in one year, +2 points in two years.)HOUSEHOLD EQUIPMENT FAVOURING TELEVISION CONSUMPTION (1)98% of French households are today equipped with at least one television set. 54% of them have at least two television sets. After a period of relative stability (47%SALES OF TELEVISION SETS IN 2008: A RECORD YEAROVER 15 CHANNELS – THE LATEST TREND (1)By end December 2008, 78% of the French population could receive 15 channels or more. This proportion is growing exponentially. It increased 18 points between 2007 and 2008 (in January 2007, 60% of French people received over 15 channels) and 38 points between 2006 and 2008 (40% in January 2006) (2). This increase is linked directly to the expansion of the means of free television reception.DTT is now the top means of reception of an expanded offering, with 36% of households connected – that is, equipped with a DTT adaptor (external or integrated in the television set) and a Yagi aerial. DTT was launched in March 2005 and has experienced very high growth rates, making it the most dynamic offering available to French viewers (+14 points between 2007 and 2008). The second most dynamic offering (+4 points between 2007 and 2008) is television via ADSL, which concerns 14% of households, now ahead of cable. The more traditional means of access to a broader offering – the subscription to a cable or satellite bundle – are now relatively stable at 16% and 10%, respectively, of subscriber households.(1) Source: Médiamétrie/Multi-media equipment reference/October-December 2008. (2) Source: Médiamétrie/MMW.122008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONMarket trends1.6 MARKET TRENDS1.6.1 Television, the preferred media of the French populationIn 2008, television most united viewers on a daily basis, particularly on the occasion of major events. The development of new technologies opens up more possibilities, with new vehicles for transporting television images, but also increasingly high image quality on the sets. In 2008, the offering continued to expand, with over 100 channels via free-to-air, freeview or pay DTT, cable and satellite or ADSL. multi-set households at end 2002, 47% end 2005 and 48% end 2006), the multiset trend has gained momentum (+2 points between 2007 and 2008 and +6 points between 2006 and 2008), fuelled particularly by the new screen formats. 44% of households are now equipped with a 16/9 television set and 31% with a high-deﬁnition set – these types are growing rapidly (+9 points and +14 points, respectively, in one year). While this attraction to images continues, that for sound is stable – home cinema ownership having peaked at 13% of households (+1 point in one year, +2 points in two years.)HOUSEHOLD EQUIPMENT FAVOURING TELEVISION CONSUMPTION (1)98% of French households are today equipped with at least one television set. 54% of them have at least two television sets. After a period of relative stability (47%SALES OF TELEVISION SETS IN 2008: A RECORD YEAROVER 15 CHANNELS – THE LATEST TREND (1)By end December 2008, 78% of the French population could receive 15 channels or more. This proportion is growing exponentially. It increased 18 points between 2007 and 2008 (in January 2007, 60% of French people received over 15 channels) and 38 points between 2006 and 2008 (40% in January 2006) (2). This increase is linked directly to the expansion of the means of free television reception.DTT is now the top means of reception of an expanded offering, with 36% of households connected – that is, equipped with a DTT adaptor (external or integrated in the television set) and a Yagi aerial. DTT was launched in March 2005 and has experienced very high growth rates, making it the most dynamic offering available to French viewers (+14 points between 2007 and 2008). The second most dynamic offering (+4 points between 2007 and 2008) is television via ADSL, which concerns 14% of households, now ahead of cable. The more traditional means of access to a broader offering – the subscription to a cable or satellite bundle – are now relatively stable at 16% and 10%, respectively, of subscriber households.(1) Source: Mediametrie/Multi-media equipment reference/October-December 2008. (2) Source: Mediametrie/MMW.122008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATIONMarket trends1EVOLUTION OF THE BREAK-DOWN OF INDIVIDUALS ACCORDING TO THE NUMBER OF CHANNELS RECEIVEDTELEVISION – THE TOP MEDIA, INCLUDING WITH 15 TO 20-YEAR-OLDS90% of the French population have at least one contact per day with television, compared to 79% for radio, 78% for printed media and 42% for the Internet. That makes television the leading media in terms of coverage (3). Concerningtime spent (4), television was the preference of the French population in their 2008 media consumption. A French person watches television for an average of 3 hours 24 minutes per day. He listens to the radio 2 hours 15 minutes and accesses the Internet for 32 minutes. This hierarchy is also valid for the 15 to 24-years-olds.2008 TV CONSUMPTION, VIEWING TIME PER INDIVIDUAL(3) Source: Médiamétrie/Media in Life. (4) Source: Médiamétrie.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONMarket trends1EVOLUTION OF THE BREAK-DOWN OF INDIVIDUALS ACCORDING TO THE NUMBER OF CHANNELS RECEIVEDTELEVISION – THE TOP MEDIA, INCLUDING WITH 15 TO 20-YEAR-OLDS90% of the French population have at least one contact per day with television, compared to 79% for radio, 78% for printed media and 42% for the Internet. That makes television the leading media in terms of coverage (3). Concerningtime spent (4), television was the preference of the French population in their 2008 media consumption. A French person watches television for an average of 3 hours 24 minutes per day. He listens to the radio 2 hours 15 minutes and accesses the Internet for 32 minutes. This hierarchy is also valid for the 15 to 24-years-olds.2008 TV CONSUMPTION, VIEWING TIME PER INDIVIDUAL(3) Source: Mediametrie/Media in Life. (4) Source: Mediametrie.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="16">
		<raw><![CDATA[1TF1 GROUP PRESENTATIONMarket trendsHOW TV IS CONSUMED – SLOW CHANGE (5)Television consumption is evolving as the result of emerging vehicles, which, however, are still very much in the minority. Television consumption via computer is beginning to take hold, with 6.9% of French people watching television on a computer in the month of December 2008 (4.9% on a desktop computer and 2.6% on a portable computer). Television via cell phone is marginal – it concerned less than 1% of French people in the past month.Off-line consumption, not including private recording, is growing; it is practiced by 28.4% of the French population, vs. 20.4 in April 2008. The medium for this type of consumption is almost exclusively the computer – via the Internet or after downloading. Only 4% of French people use Video on Demand (VOD) services. 12.7% of the French population watches television in catch-up mode (having missed the television broadcast a few days earlier). With the multiplicity of offerings and the changes to the audiovisual landscape, the market share of the main channels has evolved as shown in the following table:AUDIENCE SHARE – WOMEN UNDER 50 PURCHASING DECISION-MAKERSAUDIENCE SHARE – INDIVIDUALS OF 4 YEARS AND OVERAUDIENCE SHARE OF THE MAIN DTT CHANNELS - INDIVIDUALS OF 4 YEARS AND OVER2008 TMC W9 Gulli NT1 NRJ 12(5) Source: Médiamétrie/Global TV.2007 1.2 0.9 0.8 0.6 0.4 France 4 Direct 8 Virgin 17 BFM -TV I.Télé2008 0.9 0.7 0.5 0.4 0.32007 0.4 0.2 0.4 0.2 0.32.1 1.8 1.5 1.0 1.0142008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONMarket trendsHOW TV IS CONSUMED – SLOW CHANGE (5)Television consumption is evolving as the result of emerging vehicles, which, however, are still very much in the minority. Television consumption via computer is beginning to take hold, with 6.9% of French people watching television on a computer in the month of December 2008 (4.9% on a desktop computer and 2.6% on a portable computer). Television via cell phone is marginal – it concerned less than 1% of French people in the past month.Off-line consumption, not including private recording, is growing; it is practiced by 28.4% of the French population, vs. 20.4 in April 2008. The medium for this type of consumption is almost exclusively the computer – via the Internet or after downloading. Only 4% of French people use Video on Demand (VOD) services. 12.7% of the French population watches television in catch-up mode (having missed the television broadcast a few days earlier). With the multiplicity of offerings and the changes to the audiovisual landscape, the market share of the main channels has evolved as shown in the following table:AUDIENCE SHARE – WOMEN UNDER 50 PURCHASING DECISION-MAKERSAUDIENCE SHARE – INDIVIDUALS OF 4 YEARS AND OVERAUDIENCE SHARE OF THE MAIN DTT CHANNELS - INDIVIDUALS OF 4 YEARS AND OVER2008 TMC W9 Gulli NT1 NRJ 12(5) Source: Mediametrie/Global TV.2007 1.2 0.9 0.8 0.6 0.4 France 4 Direct 8 Virgin 17 BFM -TV I.Tele2008 0.9 0.7 0.5 0.4 0.32007 0.4 0.2 0.4 0.2 0.32.1 1.8 1.5 1.0 1.0142008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="17">
		<raw><![CDATA[TF1 GROUP PRESENTATIONMarket trends11.6.2 Adverstising trend (6)2008 TRENDS IN THE MULTIPLE-MEDIA ADVERTISING MARKET, PER SECTOR (7)In 2008, the advertisers were hit by the world economic and ﬁnancial crisis. Deregulation also impacted them. The work on the draft law, which was ﬁnally adopted at the end of the year, created a climate of uncertainty and led advertisers to take a wait-and-see stance. And the new tariff policy implemented by France Télévisions changed the playing ﬁeld. With 63.5% of its turnover coming from advertising, the TF1 channel is at the mercy of the advertising market and its ﬂuctuations. While the domestic TV market contracted by 8.4% in 2008, the TF1 channel was down 1.8%. Its market share rose 4 points to 59% among the historical channels. €24.3 billion in gross revenue were invested in the multi-media market, that is, a growth of 4.9%. This increase was mostly fuelled by the growing presence of advertisers on the Internet (revenues up by 28.8%) and on the freeview DTT channels (+101.2%). As of now, the Internet represents a 15.7% market share and the freeview DTT channels 3.4%. Excluding the Internet, the media market grew only 1.4% between 2007 and 2008. With revenues of €6.7 billion, television (national channels, regional channels, DTT, cable and satellite), was the second-ranking media in terms of advertising investment, after the printed press. Investment in television advertising, whose market share stands at 27.3%, was down 1.3%. The nationwide channels, which represented 20.8% of total gross advertising investments, saw their revenues fall by 8.4%. The audience fragmentation quite naturally meant that some of the investment shifted to thematic channels.2008 MULTIPLE-MEDIA INVESTMENT, EXCLUDING SPONSORSHIPMarket share trend (in points) 2008 vs 2007 -0.6 -1.7 -3.1 1.3 -0.3 1.6 2.9 -0.4 -0.2 -0.2Gross revenues 2008 PRESS TELEVISION NATIONAL TV THEMATIC CHANNELS of which CAB/SAT TV of which free DTT INTERNET RADIO OUTDOOR CINEMA 7,529.0 M€ 6,651.3 M€ 5,069.9 M€ 1,581.3 M€ 762.2 M€ 819.2 M€ 3,814.9 M€ 3,393.5 M€ 2,763.5 M€ 196.2 M€Revenue trend 2008 vs 2007 +3.0% -1.3% -8.4% +31.4% -4.3% +101.2% +28.8% +2.5% +3.3% -11.8%Market share 2008 30.9% 27.3% 20.8% 6.5% 3.1% 3.4% 15.7% 13.9% 11.3% 0.8%THE SECTORS CONTRIBUTING TO THE DECLINEBanking and insurance had been a powerful growth engine for national television in 2007. But the ﬁnancial crisis brought about a substantial fall in investment in 2008 (-4.2%). They fell by 7.2% on TF1, which nevertheless increased its market share by 4.3 points to 56.9%. The food sector (-14.1%) and other basic business sectors were hard hit by the slow-down in household consumption and declined considerably in 2008. With a total investment of €281 million, retail represented 5.6% of advertising investment in 2008. With an eye to the beneﬁts of a big audience, the retailers(6) Source: TNS Media Intelligence. Gross data. (7) The multiple-media market comprises the press, radio, la television, the Internet, outdoors and cinema.gave pride of place to TF1, which captured 61.2% (+2,6 points) of the investments in this sector.THE GROWTH SECTORSThe most remarkable increase came from the healthcare sector, with a growth of 15.4% over 2007 – particularly buoyed by pharmaceutical products (+18.6%). Automobile was practically stable on national TV (+0.5%) and grew 12.3% on TF1, which raised its market share 6.1 points to 58.2%.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONMarket trends11.6.2 Adverstising trend (6)2008 TRENDS IN THE MULTIPLE-MEDIA ADVERTISING MARKET, PER SECTOR (7)In 2008, the advertisers were hit by the world economic and ﬁnancial crisis. Deregulation also impacted them. The work on the draft law, which was ﬁnally adopted at the end of the year, created a climate of uncertainty and led advertisers to take a wait-and-see stance. And the new tariff policy implemented by France Televisions changed the playing ﬁeld. With 63.5% of its turnover coming from advertising, the TF1 channel is at the mercy of the advertising market and its ﬂuctuations. While the domestic TV market contracted by 8.4% in 2008, the TF1 channel was down 1.8%. Its market share rose 4 points to 59% among the historical channels. €24.3 billion in gross revenue were invested in the multi-media market, that is, a growth of 4.9%. This increase was mostly fuelled by the growing presence of advertisers on the Internet (revenues up by 28.8%) and on the freeview DTT channels (+101.2%). As of now, the Internet represents a 15.7% market share and the freeview DTT channels 3.4%. Excluding the Internet, the media market grew only 1.4% between 2007 and 2008. With revenues of €6.7 billion, television (national channels, regional channels, DTT, cable and satellite), was the second-ranking media in terms of advertising investment, after the printed press. Investment in television advertising, whose market share stands at 27.3%, was down 1.3%. The nationwide channels, which represented 20.8% of total gross advertising investments, saw their revenues fall by 8.4%. The audience fragmentation quite naturally meant that some of the investment shifted to thematic channels.2008 MULTIPLE-MEDIA INVESTMENT, EXCLUDING SPONSORSHIPMarket share trend (in points) 2008 vs 2007 -0.6 -1.7 -3.1 1.3 -0.3 1.6 2.9 -0.4 -0.2 -0.2Gross revenues 2008 PRESS TELEVISION NATIONAL TV THEMATIC CHANNELS of which CAB/SAT TV of which free DTT INTERNET RADIO OUTDOOR CINEMA 7,529.0 M€ 6,651.3 M€ 5,069.9 M€ 1,581.3 M€ 762.2 M€ 819.2 M€ 3,814.9 M€ 3,393.5 M€ 2,763.5 M€ 196.2 M€Revenue trend 2008 vs 2007 +3.0% -1.3% -8.4% +31.4% -4.3% +101.2% +28.8% +2.5% +3.3% -11.8%Market share 2008 30.9% 27.3% 20.8% 6.5% 3.1% 3.4% 15.7% 13.9% 11.3% 0.8%THE SECTORS CONTRIBUTING TO THE DECLINEBanking and insurance had been a powerful growth engine for national television in 2007. But the ﬁnancial crisis brought about a substantial fall in investment in 2008 (-4.2%). They fell by 7.2% on TF1, which nevertheless increased its market share by 4.3 points to 56.9%. The food sector (-14.1%) and other basic business sectors were hard hit by the slow-down in household consumption and declined considerably in 2008. With a total investment of €281 million, retail represented 5.6% of advertising investment in 2008. With an eye to the beneﬁts of a big audience, the retailers(6) Source: TNS Media Intelligence. Gross data. (7) The multiple-media market comprises the press, radio, la television, the Internet, outdoors and cinema.gave pride of place to TF1, which captured 61.2% (+2,6 points) of the investments in this sector.THE GROWTH SECTORSThe most remarkable increase came from the healthcare sector, with a growth of 15.4% over 2007 – particularly buoyed by pharmaceutical products (+18.6%). Automobile was practically stable on national TV (+0.5%) and grew 12.3% on TF1, which raised its market share 6.1 points to 58.2%.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="18">
		<raw><![CDATA[12004 2005 2006 2007 2008TF1 GROUP PRESENTATIONMarket trendsTV ADVERTISING MARKET FOR FREE-TO-AIR OPERATORS SINCE 2004TF1 54.8% 54.4% 54.8% 55.0% 59.0% F2 12.0% 12.1% 11.8% 11.0% 7.5% F3 7.8% 7.2% 7.3% 6.9% 4.7% Canal+ 2.3% 2.2% 2.0% 2.0% 2.6% F5 1.0% 1.1% 1.0% 1.0% 0.5% M6 22.1% 23.2% 23.1% 24.1% 25.7%2009 OUTLOOKThe advertising market trend looks uncertain in a 2009 context, where forecasters such as Xerﬁ expect corporate investments to decline by 7% and household consumption to stay practically stable. According to TNS, “after a shaky 2008, the start of 2009 is clearly shifting into the red.” In January 2009, the advertising market fell by 4.6%, and the number of advertisers declined, too (11.2%). Radio and the Internet rose 3% and 11.3%, respectively, the latter growing less than in 2008 (+19%).The beginning of this year was marked by a difﬁcult and complex context (economic difﬁculties, discontinuation of advertising after 8 p.m. on France Télévisions, negotiations with distributors, etc.), with the result that advertisers are delaying their investment decisions. This wait-and-see attitude, which changes the seasonal nature of investments, precludes a sound forecast of the trend for the coming months. Advertisers are also seeking to maximize their resources, so they increasingly weigh up the advantages of the different vehicles, giving their preference to those that offer the best sales cost/efﬁciency ratio. Under these circumstances, TF1 Publicité will support its clients in their developments, pursuing its strategy: offer exceptional exposure conditions on efﬁcient, diversiﬁed and innovative means of communication.1.6.3 New regulatory environmentOn January 8, 2008, President Sarkozy expressed the desire to eliminate advertising from the state-owned channels and review their missions, as well as their system of ﬁnancing. This announcement, causing the biggest upheaval in the French audiovisual landscape for 20 years, gave birth to various projects.TRANSPOSITION OF THE AVMS DIRECTIVE (AUDIOVISUAL MEDIA SERVICES)The purpose of the so-called “Television Without Frontiers” European Directive (TWF of October 3, 1989), revised in 2007 and now called “Audiovisual Media Services” (AVMS) is to adapt and modernise the audiovisual world by taking into consideration both technological developments and changes in the market structure. Among the various changes, a new deﬁnition of on-demand media services has been shaped, provisions of inter-professional agreements have been made to comply with legislation, and audio description has been imposed during prime viewing times. Furthermore, every year, the CSA will be required to submit a report on the actions taken by the channels on the subject of diversity, a topic dear to TF1, proposing measures to improve the effective reﬂection of diversity in the programmes (art. 1). In addition, a second advertising break is now authorized, and a decree will permit nine minutes of advertising per hour, instead of six, measured by clock hours rather than sliding hours.ORGANISATION AND OPERATIONS OF FRANCE TÉLÉVISIONSSince January 5, 2009, advertising has been disappeared from the screens of the France Télévisions channels between 8 p.m. and 6 a.m. As of the close of analogue broadcasting and at latest on November 30, 2011, advertising will disappear from these channels altogether. To ﬁnance the France Télévisions enterprise, which now brings together all the state-owned audiovisual communications services, the State will implement a form of ﬁnancial compensation.TAX ON TELEVISION ADVERTISINGTo compensate for France Télévisions’ revenue loss, a tax that could vary from 1.5% to 3% (capped at 50% of the annual advertising revenue growth) will be imposed on the advertising revenue in excess of €11 million of the private-sector channels. To calculate the taxable amount for the years 2009, 2010 and 2011, the ﬁscal year 2008 will be taken as the reference period. For the DTT channels, whose revenues are below those of the free-to-air channels but are growing rapidly, the tax is ﬁxed at 1.5% in 2009, 2% in 2010 and 2.5% in 2011. Furthermore, a tax on Internet access providers has been introduced, and €450 million will be paid to France Télévisions by the government per year. Finally, the television licence, now called “contribution to public audiovisual services” and set at €120 per year, will also constitute a source of ﬁnancing for France Télévisions.TF1 REVIEW OF THE TASCA DECREESIn the course of the year, the private-sector channels, the professional production organisations and authors should review the Tasca Decrees on the channels’ production obligations. In October 2008, TF1 signed an agreement instituting an obligation to order so-called “heritage” products for a value of 12.5% of advertising revenue, of which 9.25% from independent producers and 0.6% cartoon products.162008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[12004 2005 2006 2007 2008TF1 GROUP PRESENTATIONMarket trendsTV ADVERTISING MARKET FOR FREE-TO-AIR OPERATORS SINCE 2004TF1 54.8% 54.4% 54.8% 55.0% 59.0% F2 12.0% 12.1% 11.8% 11.0% 7.5% F3 7.8% 7.2% 7.3% 6.9% 4.7% Canal+ 2.3% 2.2% 2.0% 2.0% 2.6% F5 1.0% 1.1% 1.0% 1.0% 0.5% M6 22.1% 23.2% 23.1% 24.1% 25.7%2009 OUTLOOKThe advertising market trend looks uncertain in a 2009 context, where forecasters such as Xerﬁ expect corporate investments to decline by 7% and household consumption to stay practically stable. According to TNS, “after a shaky 2008, the start of 2009 is clearly shifting into the red.” In January 2009, the advertising market fell by 4.6%, and the number of advertisers declined, too (11.2%). Radio and the Internet rose 3% and 11.3%, respectively, the latter growing less than in 2008 (+19%).The beginning of this year was marked by a difﬁcult and complex context (economic difﬁculties, discontinuation of advertising after 8 p.m. on France Televisions, negotiations with distributors, etc.), with the result that advertisers are delaying their investment decisions. This wait-and-see attitude, which changes the seasonal nature of investments, precludes a sound forecast of the trend for the coming months. Advertisers are also seeking to maximize their resources, so they increasingly weigh up the advantages of the different vehicles, giving their preference to those that offer the best sales cost/efﬁciency ratio. Under these circumstances, TF1 Publicite will support its clients in their developments, pursuing its strategy: offer exceptional exposure conditions on efﬁcient, diversiﬁed and innovative means of communication.1.6.3 New regulatory environmentOn January 8, 2008, President Sarkozy expressed the desire to eliminate advertising from the state-owned channels and review their missions, as well as their system of ﬁnancing. This announcement, causing the biggest upheaval in the French audiovisual landscape for 20 years, gave birth to various projects.TRANSPOSITION OF THE AVMS DIRECTIVE (AUDIOVISUAL MEDIA SERVICES)The purpose of the so-called “Television Without Frontiers” European Directive (TWF of October 3, 1989), revised in 2007 and now called “Audiovisual Media Services” (AVMS) is to adapt and modernise the audiovisual world by taking into consideration both technological developments and changes in the market structure. Among the various changes, a new deﬁnition of on-demand media services has been shaped, provisions of inter-professional agreements have been made to comply with legislation, and audio description has been imposed during prime viewing times. Furthermore, every year, the CSA will be required to submit a report on the actions taken by the channels on the subject of diversity, a topic dear to TF1, proposing measures to improve the effective reﬂection of diversity in the programmes (art. 1). In addition, a second advertising break is now authorized, and a decree will permit nine minutes of advertising per hour, instead of six, measured by clock hours rather than sliding hours.ORGANISATION AND OPERATIONS OF FRANCE TELEVISIONSSince January 5, 2009, advertising has been disappeared from the screens of the France Televisions channels between 8 p.m. and 6 a.m. As of the close of analogue broadcasting and at latest on November 30, 2011, advertising will disappear from these channels altogether. To ﬁnance the France Televisions enterprise, which now brings together all the state-owned audiovisual communications services, the State will implement a form of ﬁnancial compensation.TAX ON TELEVISION ADVERTISINGTo compensate for France Televisions’ revenue loss, a tax that could vary from 1.5% to 3% (capped at 50% of the annual advertising revenue growth) will be imposed on the advertising revenue in excess of €11 million of the private-sector channels. To calculate the taxable amount for the years 2009, 2010 and 2011, the ﬁscal year 2008 will be taken as the reference period. For the DTT channels, whose revenues are below those of the free-to-air channels but are growing rapidly, the tax is ﬁxed at 1.5% in 2009, 2% in 2010 and 2.5% in 2011. Furthermore, a tax on Internet access providers has been introduced, and €450 million will be paid to France Televisions by the government per year. Finally, the television licence, now called “contribution to public audiovisual services” and set at €120 per year, will also constitute a source of ﬁnancing for France Televisions.TF1 REVIEW OF THE TASCA DECREESIn the course of the year, the private-sector channels, the professional production organisations and authors should review the Tasca Decrees on the channels’ production obligations. In October 2008, TF1 signed an agreement instituting an obligation to order so-called “heritage” products for a value of 12.5% of advertising revenue, of which 9.25% from independent producers and 0.6% cartoon products.162008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="19">
		<raw><![CDATA[TF1 GROUP PRESENTATIONGroup activities11.7 GROUP ACTIVITIESTF1 is France’s premier general-interest channel. It is also an integrated communications group developing activities in growth sectors around its core business. Today, TF1 covers all the business areas of the audiovisual value chain. TF1 was privatised in 1987. It broadcasts unscrambled 24/24 free-to-air and via cable, satellite, ADSL and over the DTT network since 2005. As a result, it covers 99.9% of the French territory. The break-down of the Group into business sectors is structured around the following three major divisions.1.7.1 Broadcasting FranceTHE TF1 CHANNELThe TF1 channel offers family-oriented, events-based programming touching on the major themes that attract a broad audience. News, light entertainment, ﬁction drama, sports, feature ﬁlms, youth, magazines and documentaries – TF1 offers viewers dynamic, convivial programmes that are constantly adapted to their expectations. During 2008, TF1 attracted 27.2% of all viewers and 30.9% of women under 50, the advertisers’ prime target. TF1 again demonstrated the dynamism of its programming by notching up 96 of the top audiences of individuals of 4 and over (1) in 2008 and attracted over nine million viewers each for 24 early evening programmes (1).SÉRIE CLUBThe Série Club channel, 50% held by TF1, airs a full palette of recent TV series of all genres. It is available by cable, satellite and ADSL.EUROSPORT FRANCEIn 2008, with a full sports agenda (Olympic Games, Euro 2008, etc.) Eurosport France underpinned its leadership position in France. The Eurosport channel held its own as the most watched and the most attractive pay thematic channel in France and conﬁrmed its status as the leading French channel on cable and satellite. Almost four years after its launch, Eurosport 2, the new-generation sports channel, is available in France on CanalSat. Finally, in 2008, Eurosport launched Eurosport HD in High Deﬁnition on Canalsat, satellite and ADSL.THEMATIC CHANNELSOn the strength of its television expertise, the TF1 Group has developed a broad offering of complementary channels for the French audiovisual landscape. Since the launch of Eurosport in 1991 and LCI in 1994, TF1 now has a direct holding in 13 channels, including the followiong thematic channels: TMC, LCI, the different Eurosport channels, TV Breizh, TF6, Série Club, TMC, Ushuaïa TV, Histoire and Odyssée. As a result, sport, news, feature ﬁlms, light entertainment, and documentaries are covered by the thematic channels. While their editorial quality is acknowledged by viewers, they complement the TF1 programmes and stand out as a pillar of news and entertainment. Thanks to them, the TF1 Group constitutes a family of channels able to satisfy the expectations of all audiences and all its customers, bet they subscribers or advertisers.TF6TF6 is a major channel for the 15-34-year-olds, in which TF1 has a 50% holding. It offers events-based entertainment and series suited to that generation that are considered “a must” and have completely swayed the target audience. The channel also offers feature ﬁlms and reality-TV. It is available by cable, satellite, ADSL or DTT.TV BREIZHTV Breizh is one of the most attractive channels for women under 50, thanks to its programming that is general-interest, popular and federative.TMCTMC is the leading DTT channel. It is ﬁrmly installed as the 7th ranking national channel, ahead of Arte and all the freeview DTT channels, thanks it its unique positioning as a general-interest, family-oriented entertainment channel. In 2008, TMC transcended the threshold of a 2% national audience share and reached 2.3% in December (1).DISCOVERY DIVISIONOdyssée, Histoire and Ushuaïa TV make up this division. They broadcast documentaries on lifestyle, discovery, history and sustainable development. On the strength of a new visual identity, the 2008 strategy helped to consolidate the distribution of these three channels. In September 2008, Ushuaïa TV became available in HD.LCILCI is the leading news channel and covers all the major current affairs events thanks to its numerous specialists. It is present by subscription on the cable, satellite, ADSL, and pay DTT and launched LCI Web Radio in January 2009.(1) Source: Médiamétrie Médiamat.DOCUMENT DE RÉFÉRENCE 20082008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONGroup activities11.7 GROUP ACTIVITIESTF1 is France’s premier general-interest channel. It is also an integrated communications group developing activities in growth sectors around its core business. Today, TF1 covers all the business areas of the audiovisual value chain. TF1 was privatised in 1987. It broadcasts unscrambled 24/24 free-to-air and via cable, satellite, ADSL and over the DTT network since 2005. As a result, it covers 99.9% of the French territory. The break-down of the Group into business sectors is structured around the following three major divisions.1.7.1 Broadcasting FranceTHE TF1 CHANNELThe TF1 channel offers family-oriented, events-based programming touching on the major themes that attract a broad audience. News, light entertainment, ﬁction drama, sports, feature ﬁlms, youth, magazines and documentaries – TF1 offers viewers dynamic, convivial programmes that are constantly adapted to their expectations. During 2008, TF1 attracted 27.2% of all viewers and 30.9% of women under 50, the advertisers’ prime target. TF1 again demonstrated the dynamism of its programming by notching up 96 of the top audiences of individuals of 4 and over (1) in 2008 and attracted over nine million viewers each for 24 early evening programmes (1).SERIE CLUBThe Serie Club channel, 50% held by TF1, airs a full palette of recent TV series of all genres. It is available by cable, satellite and ADSL.EUROSPORT FRANCEIn 2008, with a full sports agenda (Olympic Games, Euro 2008, etc.) Eurosport France underpinned its leadership position in France. The Eurosport channel held its own as the most watched and the most attractive pay thematic channel in France and conﬁrmed its status as the leading French channel on cable and satellite. Almost four years after its launch, Eurosport 2, the new-generation sports channel, is available in France on CanalSat. Finally, in 2008, Eurosport launched Eurosport HD in High Deﬁnition on Canalsat, satellite and ADSL.THEMATIC CHANNELSOn the strength of its television expertise, the TF1 Group has developed a broad offering of complementary channels for the French audiovisual landscape. Since the launch of Eurosport in 1991 and LCI in 1994, TF1 now has a direct holding in 13 channels, including the followiong thematic channels: TMC, LCI, the different Eurosport channels, TV Breizh, TF6, Serie Club, TMC, Ushuaia TV, Histoire and Odyssee. As a result, sport, news, feature ﬁlms, light entertainment, and documentaries are covered by the thematic channels. While their editorial quality is acknowledged by viewers, they complement the TF1 programmes and stand out as a pillar of news and entertainment. Thanks to them, the TF1 Group constitutes a family of channels able to satisfy the expectations of all audiences and all its customers, bet they subscribers or advertisers.TF6TF6 is a major channel for the 15-34-year-olds, in which TF1 has a 50% holding. It offers events-based entertainment and series suited to that generation that are considered “a must” and have completely swayed the target audience. The channel also offers feature ﬁlms and reality-TV. It is available by cable, satellite, ADSL or DTT.TV BREIZHTV Breizh is one of the most attractive channels for women under 50, thanks to its programming that is general-interest, popular and federative.TMCTMC is the leading DTT channel. It is ﬁrmly installed as the 7th ranking national channel, ahead of Arte and all the freeview DTT channels, thanks it its unique positioning as a general-interest, family-oriented entertainment channel. In 2008, TMC transcended the threshold of a 2% national audience share and reached 2.3% in December (1).DISCOVERY DIVISIONOdyssee, Histoire and Ushuaia TV make up this division. They broadcast documentaries on lifestyle, discovery, history and sustainable development. On the strength of a new visual identity, the 2008 strategy helped to consolidate the distribution of these three channels. In September 2008, Ushuaia TV became available in HD.LCILCI is the leading news channel and covers all the major current affairs events thanks to its numerous specialists. It is present by subscription on the cable, satellite, ADSL, and pay DTT and launched LCI Web Radio in January 2009.(1) Source: Mediametrie Mediamat.DOCUMENT DE REFERENCE 20082008 REGISTRATION DOCUMENT]]></basicChars>
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	<page id="20">
		<raw><![CDATA[1TF1 GROUP PRESENTATIONGroup activitiesADVERTISINGTF1 Publicité is the multi-discipline benchmark for the market. It offers advertisers tailored communications solutions thanks to the power and diversity of the advertising media it markets. More than ever before, TF1 is the reference vehicle of a media plan. In an environment of rapidly developing audiovisual technology and a fragmentation of the offering, TF1 assures advertisers of maximum exposure of their products with all audiences, enabling them to rapidly expand brand awareness and sales. Fifteen complementary but distinct thematic channels offer targeted, qualiﬁed communications space, while the Internet offering allows advertisers to reach 55% of Internet users (2). Digital innovation leads to advertising innovations and new distribution vectors such as the telephone, digital screens or the Ipod are equally communications vectors. But the underlying trend in the advertising market is oriented above all towards creativity and special operations designed ad-hoc for the customer. TF1 361 is a new TF1 Publicité department set up in March 2008. It designs appropriate multiple-media communications systems combining different vehicles for a particular theme or exclusive content.OTHER COMPANIESTF1 has created a number of subsidiaries that have based their growth on the strength of the TF1 channel and build their success through their own initiatives and innovation.TF1 ENTREPRISESTF1 Entreprises brings together four major businesses in the areas of publishing and merchandising: p TF1 Licences markets the brand licences, designs and distributes derivative products linked to shows and events, TF1 Games/Dujardin publishes board games derived from television shows, from original concepts or major brands in the range, TF1 Musique develops disc projects from music operations, brands or characters whose rights it owns. Une Musique, a subsidiary of TF1 Entreprises, develops and produces music for television programmes and feature ﬁlms, TF1 Publishing publishes books under the Toucan label, magazines and youth literature, comic books, prestige books and novelised television ﬁction dramas.pppPRODUCTIONThe TF1 Group, historically a programme developer, has established production subsidiaries to feed the channel with entertainment, news, ﬁction drama or documentary programmes and consequently respond to its obligations to invest in French production. Today, they are grouped together in the TF1 Production division and produce programmes for the cinema, for TF1 itself and its thematic channels.TÉLÉSHOPPINGTéléshopping is one of the main home shopping operators in France. Its business is based on the programmes broadcast on TF1, catalogues, and Internet shopping sites. In parallel, Téléshopping owns three stores, one of which opened in Lyon in 2008 (an original point-of-sale concept) and has launched an Infomercials activity on certain cable and satellite channels (RTL9, NT1, TMC and Eurosport). Finally, Téléshopping has created a partnership with Dogan TV, a Turkish television operator, to launch a home shopping joint venture in Turkey. It also took a holding in the capital of 1001 Listes, the leader in Internet “wedding lists”.E-TF1The objective of the new media department is to orchestrate the Group’s activities on the Web, mobile phone, television via ADSL (IPTV) and emerging media. Its mission is to underscore TF1’s offering on all new media. As France’s premier Internet media group, e-TF1 manages sites preferred by advertisers, such as Tf1.fr (n°1 media site), plurielles.fr (n°3 women’s site), Overblog (n°1 blog site), WAT (n°3 community site).GROUPE ABSince April 2007, TF1 continued to beneﬁt from its 33.5% holding in AB Group, which illustrates the TF1 strategy to expand in the business of content development and broadcasting.(2) Source: Panel NNR, December 2008 – Anywhere – French people above 2 years – Internet applications not included.182008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONGroup activitiesADVERTISINGTF1 Publicite is the multi-discipline benchmark for the market. It offers advertisers tailored communications solutions thanks to the power and diversity of the advertising media it markets. More than ever before, TF1 is the reference vehicle of a media plan. In an environment of rapidly developing audiovisual technology and a fragmentation of the offering, TF1 assures advertisers of maximum exposure of their products with all audiences, enabling them to rapidly expand brand awareness and sales. Fifteen complementary but distinct thematic channels offer targeted, qualiﬁed communications space, while the Internet offering allows advertisers to reach 55% of Internet users (2). Digital innovation leads to advertising innovations and new distribution vectors such as the telephone, digital screens or the Ipod are equally communications vectors. But the underlying trend in the advertising market is oriented above all towards creativity and special operations designed ad-hoc for the customer. TF1 361 is a new TF1 Publicite department set up in March 2008. It designs appropriate multiple-media communications systems combining different vehicles for a particular theme or exclusive content.OTHER COMPANIESTF1 has created a number of subsidiaries that have based their growth on the strength of the TF1 channel and build their success through their own initiatives and innovation.TF1 ENTREPRISESTF1 Entreprises brings together four major businesses in the areas of publishing and merchandising: p TF1 Licences markets the brand licences, designs and distributes derivative products linked to shows and events, TF1 Games/Dujardin publishes board games derived from television shows, from original concepts or major brands in the range, TF1 Musique develops disc projects from music operations, brands or characters whose rights it owns. Une Musique, a subsidiary of TF1 Entreprises, develops and produces music for television programmes and feature ﬁlms, TF1 Publishing publishes books under the Toucan label, magazines and youth literature, comic books, prestige books and novelised television ﬁction dramas.pppPRODUCTIONThe TF1 Group, historically a programme developer, has established production subsidiaries to feed the channel with entertainment, news, ﬁction drama or documentary programmes and consequently respond to its obligations to invest in French production. Today, they are grouped together in the TF1 Production division and produce programmes for the cinema, for TF1 itself and its thematic channels.TELESHOPPINGTeleshopping is one of the main home shopping operators in France. Its business is based on the programmes broadcast on TF1, catalogues, and Internet shopping sites. In parallel, Teleshopping owns three stores, one of which opened in Lyon in 2008 (an original point-of-sale concept) and has launched an Infomercials activity on certain cable and satellite channels (RTL9, NT1, TMC and Eurosport). Finally, Teleshopping has created a partnership with Dogan TV, a Turkish television operator, to launch a home shopping joint venture in Turkey. It also took a holding in the capital of 1001 Listes, the leader in Internet “wedding lists”.E-TF1The objective of the new media department is to orchestrate the Group’s activities on the Web, mobile phone, television via ADSL (IPTV) and emerging media. Its mission is to underscore TF1’s offering on all new media. As France’s premier Internet media group, e-TF1 manages sites preferred by advertisers, such as Tf1.fr (n°1 media site), plurielles.fr (n°3 women’s site), Overblog (n°1 blog site), WAT (n°3 community site).GROUPE ABSince April 2007, TF1 continued to beneﬁt from its 33.5% holding in AB Group, which illustrates the TF1 strategy to expand in the business of content development and broadcasting.(2) Source: Panel NNR, December 2008 – Anywhere – French people above 2 years – Internet applications not included.182008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[TF1 GROUP PRESENTATIONGroup activities11.7.2 International BroadcastingEUROSPORT INTERNATIONALEurosport International is present in 59 countries and broadcast on all pay distribution channels in Europe (cable, satellite, DTT and ADSL). It is available in 20 language versions and, since May 2008, is the leading multimedia platform in Europe. The complementary channel, Eurosport 2, launched on January 10, 2005, extends the pan-European sports channel offering with a large portfolio of live broadcasting rights, magazines and non-stop sports news ﬂashes. The sports news channel, Eurosport News, is entrenched for the long haul outside Europe (South Africa, India, Malaysia, Australia, New-Zealand) and is distributed in Europe to households, almost all of them paying subscribers. The co-operation between Eurosport and Yahoo!, which began in 2007, has led to the creation of a joint Internet site on the English, German, Spanish and Italian markets. This co-operation is an element of Eurosport’s conquest strategy aimed at becoming the n°1 Sports site in Europe, based on the editorial quality of Eurosport, and the marketing power and technical know-how of Yahoo!. In 2008, the Group expanded its offering with the May launch of the High Deﬁnition Eurosport channel in 26 countries. Most of the major events will beneﬁt from this cutting-edge technology. This launch illustrates the Group’s innovativeness, know-how and responsiveness.1.7.3 Audiovisual rightsThe Audiovisual Rights division covers trading of a catalogue of cinema and television products (TF1 International) and publishing and distribution of audiovisual content on DVD and via the Internet (TF1 Vidéo).TF1 VIDÉOOver the past 20 years, TF1 Vidéo has become a major player on the market for video publishing and distribution, thanks to an impressive catalogue of over 4,000 programmes acquired from their French or non-French owners. As the leading independent publisher-distributor TF1 Vidéo stands aloof in all genres – feature ﬁlms, comedy shows, youth programmes, TV series, and more. TF1 Vidéo, with its on-going concern for quality and innovation, is responsible for a number of developments. The creation of TF1 Vision, which has become France’s most popular Video On Demand service, is a perfect illustration. Others include pay-per-view Catch-up, original language programmes and High Deﬁnition, Season Pass, unit DVD burning from programmes, and full download/ storing. In 2008, TF1 Vidéo launched High Deﬁnition Blu-ray Discs.TF1 INTERNATIONALThe TF1 International subsidiary was established in 1995 for the acquisition and distribution of audiovisual rights in France and abroad. TF1 International is one of the biggest French rights traders internationally. In France, TF1 International is also one of the main French distributors of feature ﬁlms to cinemas in France. Finally, TF1 International has a large heritage of audiovisual rights which it leverages through its catalogues of second-cycle ﬁlms.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[TF1 GROUP PRESENTATIONGroup activities11.7.2 International BroadcastingEUROSPORT INTERNATIONALEurosport International is present in 59 countries and broadcast on all pay distribution channels in Europe (cable, satellite, DTT and ADSL). It is available in 20 language versions and, since May 2008, is the leading multimedia platform in Europe. The complementary channel, Eurosport 2, launched on January 10, 2005, extends the pan-European sports channel offering with a large portfolio of live broadcasting rights, magazines and non-stop sports news ﬂashes. The sports news channel, Eurosport News, is entrenched for the long haul outside Europe (South Africa, India, Malaysia, Australia, New-Zealand) and is distributed in Europe to households, almost all of them paying subscribers. The co-operation between Eurosport and Yahoo!, which began in 2007, has led to the creation of a joint Internet site on the English, German, Spanish and Italian markets. This co-operation is an element of Eurosport’s conquest strategy aimed at becoming the n°1 Sports site in Europe, based on the editorial quality of Eurosport, and the marketing power and technical know-how of Yahoo!. In 2008, the Group expanded its offering with the May launch of the High Deﬁnition Eurosport channel in 26 countries. Most of the major events will beneﬁt from this cutting-edge technology. This launch illustrates the Group’s innovativeness, know-how and responsiveness.1.7.3 Audiovisual rightsThe Audiovisual Rights division covers trading of a catalogue of cinema and television products (TF1 International) and publishing and distribution of audiovisual content on DVD and via the Internet (TF1 Video).TF1 VIDEOOver the past 20 years, TF1 Video has become a major player on the market for video publishing and distribution, thanks to an impressive catalogue of over 4,000 programmes acquired from their French or non-French owners. As the leading independent publisher-distributor TF1 Video stands aloof in all genres – feature ﬁlms, comedy shows, youth programmes, TV series, and more. TF1 Video, with its on-going concern for quality and innovation, is responsible for a number of developments. The creation of TF1 Vision, which has become France’s most popular Video On Demand service, is a perfect illustration. Others include pay-per-view Catch-up, original language programmes and High Deﬁnition, Season Pass, unit DVD burning from programmes, and full download/ storing. In 2008, TF1 Video launched High Deﬁnition Blu-ray Discs.TF1 INTERNATIONALThe TF1 International subsidiary was established in 1995 for the acquisition and distribution of audiovisual rights in France and abroad. TF1 International is one of the biggest French rights traders internationally. In France, TF1 International is also one of the main French distributors of feature ﬁlms to cinemas in France. Finally, TF1 International has a large heritage of audiovisual rights which it leverages through its catalogues of second-cycle ﬁlms.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[1TF1 GROUP PRESENTATIONGroup activities202008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[1TF1 GROUP PRESENTATIONGroup activities202008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES2.1 COMPOSITION OF THE BOARD OF DIRECTORS AND NAME OF THE STATUTORY AUDITORS2.1.1 Composition of the Board of Directors 2.1.2 Composition of the Board committees 2.1.3 Statutory Auditors22323 27 272.2CHAIRMAN’S REPORT2.2.1 Chairman’s report on corporate governance 2.2.2 Chairman’s report on internal control procedures 2.2.3 Risk factors2828 38 452008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES2.1 COMPOSITION OF THE BOARD OF DIRECTORS AND NAME OF THE STATUTORY AUDITORS2.1.1 Composition of the Board of Directors 2.1.2 Composition of the Board committees 2.1.3 Statutory Auditors22323 27 272.2CHAIRMAN’S REPORT2.2.1 Chairman’s report on corporate governance 2.2.2 Chairman’s report on internal control procedures 2.2.3 Risk factors2828 38 452008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESReport on the composition, the preparation and organisation of the activity of the Board of Directors and internal control and risk management procedures implemented by the company (Article L 225-37 of the French Commercial Code) Dear Ladies, Gentlemen and dear shareholders, As a complement to the Management report of the Board of Directors and in compliance with the legal and regulatory provisions, the Chairman of your Board of Directors reports herein on the composition of the TF1 Board of Directors, the preparation and organisation of its activity, the principles and rules adopted by the Board to determine the compensation and beneﬁts of any kind attributed to the executive ofﬁcers, as well as the internal control and risk management procedures implemented by the company.222008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESReport on the composition, the preparation and organisation of the activity of the Board of Directors and internal control and risk management procedures implemented by the company (Article L 225-37 of the French Commercial Code) Dear Ladies, Gentlemen and dear shareholders, As a complement to the Management report of the Board of Directors and in compliance with the legal and regulatory provisions, the Chairman of your Board of Directors reports herein on the composition of the TF1 Board of Directors, the preparation and organisation of its activity, the principles and rules adopted by the Board to determine the compensation and beneﬁts of any kind attributed to the executive ofﬁcers, as well as the internal control and risk management procedures implemented by the company.222008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors22.1 COMPOSITION OF THE BOARD OF DIRECTORS AND NAME OF THE STATUTORY AUDITORS2.1.1 Composition of the Board of DirectorsOn the occasion of the last General Meeting of April 17, 2008, the term of ofﬁce of Director Alain Pouyat was renewed for two years, and record was made of the election of Jean-Pierre Pernaut and Céline Petton as Directors representing the employees. At the preceding General Meeting of April 17, 2007, the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Patrick Le Lay and Haïm Saban had been renewed for two years. Below are the terms of ofﬁce and functions of the Directors of TF1. It is to be noted that, since the General Meeting of April 17, 2008, the Board of Directors, having obtained the opinion of the selection committee, appointed Gilles Pélisson as Director at its Meeting of February 18, 2009, replacing Claude Cohen, for the remaining duration of the latter’s term of ofﬁce. Board Director of Infomobile until August 31, 2004 Representative of TF1 – Director of Télé Monte Carlo until November 24, 2008 Member of the Board of Directors of Monte Carlo Participation SAS until November 24, 2008 Member and Vice- President of the Supervisory Board of France 24 until February 12, 2009PATRICIA BARBIZET (APRIL 17, 1955)Chairman and member of the TF1 Audit Committee Member of the TF1 Compensation Committee Co-opted Director of TF1 July 12, 2000 (expiry date of present term of ofﬁce: 2009 General Meeting) Independent Director Main appointments Member of the Supervisory Board and CEO (non-representative) of Financière Pinault SCA Director of traded company, TAWA PLC (United Kingdom) Member of the Supervisory Board of Yves Saint Laurent SAS Member of the Supervisory Board of Gucci (Netherlands) Member of the Management Board (non-representative) of Château Latour SC Director of Total Director - CEO of Artemis SA Director - Vice President of Pinault-Printemps-Redoute PPR SA Director - Deputy Director of Palazzo Grassi (Italy) Director of Théâtre Marigny SA Director of Bouygues SA Director of FNAC SA Director of Air France SA Representative of Artémis- Director of AGEFI SA Director of Piasa SA Chairman and Board Member of Christies International PLC (GB) Representative of Artémis - Director of Sebdo Le Point SA Chairman of the Investment Committee of Fonds Stratégique d’Investissement Appointments held during the last ﬁve years, but not currently Chairman of the Board of Théâtre Marigny SA until June 22, 2005 Representative of Artémis - Director of Bouygues SA until December 13, 20052008 REGISTRATION DOCUMENTNONCE PAOLINI (APRIL 1, 1949)Chairman and CEO of TF1 since July 31, 2008 Director of TF1 since May 22, 2007 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of TF1 Management SAS Chairman-Director of the TF1 Corporate Foundation Chairman of TF1 Publicité Director of Bouygues SA Director of Bouygues Telecom Director of TF1 Digital Representative TF1 Management for LCI SCS Representative of TF1 – Director of Extension TV SA Representative of TF1 – Director of Médiamétrie SA Representative of TF1 – Director of TF6 Gestion SA Representative of TF1 – Director of GIE TF1 Acquisitions de droits Representative of TF1 – Director of WB Télévision SA (Belgium) Representative of TF1 – Member of the Board of Group AB Appointments held in the last ﬁve years but not currently Chairman and CEO of TF1 Digital SA until December 7, 2007 CEO of TF1 from May 22, 2007 until July 31, 2008 Deputy General Manager of Bouygues Telecom until April 30, 2007 Chairman of Réseau Clubs Bouygues Telecom (RCBT) until April 30, 2007 Chairman of Réseau Bouygues Telecom (RCBT) until June 25, 2004 Director of Extenso Telecom until April 30, 2007 Head of Extenso Telecom until July 8, 2004]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors22.1 COMPOSITION OF THE BOARD OF DIRECTORS AND NAME OF THE STATUTORY AUDITORS2.1.1 Composition of the Board of DirectorsOn the occasion of the last General Meeting of April 17, 2008, the term of ofﬁce of Director Alain Pouyat was renewed for two years, and record was made of the election of Jean-Pierre Pernaut and Celine Petton as Directors representing the employees. At the preceding General Meeting of April 17, 2007, the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Patrick Le Lay and Haim Saban had been renewed for two years. Below are the terms of ofﬁce and functions of the Directors of TF1. It is to be noted that, since the General Meeting of April 17, 2008, the Board of Directors, having obtained the opinion of the selection committee, appointed Gilles Pelisson as Director at its Meeting of February 18, 2009, replacing Claude Cohen, for the remaining duration of the latter’s term of ofﬁce. Board Director of Infomobile until August 31, 2004 Representative of TF1 – Director of Tele Monte Carlo until November 24, 2008 Member of the Board of Directors of Monte Carlo Participation SAS until November 24, 2008 Member and Vice- President of the Supervisory Board of France 24 until February 12, 2009PATRICIA BARBIZET (APRIL 17, 1955)Chairman and member of the TF1 Audit Committee Member of the TF1 Compensation Committee Co-opted Director of TF1 July 12, 2000 (expiry date of present term of ofﬁce: 2009 General Meeting) Independent Director Main appointments Member of the Supervisory Board and CEO (non-representative) of Financiere Pinault SCA Director of traded company, TAWA PLC (United Kingdom) Member of the Supervisory Board of Yves Saint Laurent SAS Member of the Supervisory Board of Gucci (Netherlands) Member of the Management Board (non-representative) of Chateau Latour SC Director of Total Director - CEO of Artemis SA Director - Vice President of Pinault-Printemps-Redoute PPR SA Director - Deputy Director of Palazzo Grassi (Italy) Director of Theatre Marigny SA Director of Bouygues SA Director of FNAC SA Director of Air France SA Representative of Artemis- Director of AGEFI SA Director of Piasa SA Chairman and Board Member of Christies International PLC (GB) Representative of Artemis - Director of Sebdo Le Point SA Chairman of the Investment Committee of Fonds Strategique d’Investissement Appointments held during the last ﬁve years, but not currently Chairman of the Board of Theatre Marigny SA until June 22, 2005 Representative of Artemis - Director of Bouygues SA until December 13, 20052008 REGISTRATION DOCUMENTNONCE PAOLINI (APRIL 1, 1949)Chairman and CEO of TF1 since July 31, 2008 Director of TF1 since May 22, 2007 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of TF1 Management SAS Chairman-Director of the TF1 Corporate Foundation Chairman of TF1 Publicite Director of Bouygues SA Director of Bouygues Telecom Director of TF1 Digital Representative TF1 Management for LCI SCS Representative of TF1 – Director of Extension TV SA Representative of TF1 – Director of Mediametrie SA Representative of TF1 – Director of TF6 Gestion SA Representative of TF1 – Director of GIE TF1 Acquisitions de droits Representative of TF1 – Director of WB Television SA (Belgium) Representative of TF1 – Member of the Board of Group AB Appointments held in the last ﬁve years but not currently Chairman and CEO of TF1 Digital SA until December 7, 2007 CEO of TF1 from May 22, 2007 until July 31, 2008 Deputy General Manager of Bouygues Telecom until April 30, 2007 Chairman of Reseau Clubs Bouygues Telecom (RCBT) until April 30, 2007 Chairman of Reseau Bouygues Telecom (RCBT) until June 25, 2004 Director of Extenso Telecom until April 30, 2007 Head of Extenso Telecom until July 8, 2004]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of DirectorsMember of the Supervisory Board of Yves Saint Laurent Parfums SA until February 24, 2004 Chairman of the Supervisory Board of Pinault-Printemps-Redoute SA until May 19, 2005 Chairman of the Board of Piasa SA until May 27, 2008 Director of AFIPA (Switzerland) until October 31, 2006Director of Bouygues Construction SA Manager (not partner) of SIR SNC Director – Chairman of the Board of Finagestion SA Director of Ceﬁna SAS Director of Sénégalaise des Eaux SA Director of Société de Distribution d’Eau de la Cote d’Ivoire (SODECI) SADIMARTIN BOUYGUES (MAY 3, 1952)Chairman and CEO of Bouygues SA Chairman and member of TF1 Selection Committee Appointed Director of TF1 on September 1, 1987 (expiry date of term of ofﬁce: 2009 General Meeting) Director of Bouygues SA Director of Société de Distribution d’Eau de la Côte-d’Ivoire (SODECI) SA Director of Compagnie Ivoirienne d’Électricité (CIE) SA Chairman of SCDM SAS Representative of SCDM - Chairman of SCDM Invest-1 Representative of SCDM - Chairman of SCDM Invest-2 Representative of SCDM - Chairman for SCDM Participations SAS Representative of SCDM - Chairman for Actiby SAS Member of the Supervisory Committee of Paris-Orléans SADCS Appointments held during the last ﬁve years, but not currently Member of the Board of the Francis Bouygues Corporate Foundation until 2008 Director of HSBC SA until October 1, 2007Director of Compagnie Ivoirienne d’Électricité (CIE) SA Director of Alstom SA Appointments held during the last ﬁve years, but not currently Director of Novasaur SA until February 22, 2006PATRICK LE LAY (JUNE 7, 1942)Appointed TF1 Director on April 16, 1987 (expiry date of term of ofﬁce: General Meeting 2009) Chairman of Serendipity Investment SAS Director of Colas SA Chairman of Les Incunables et Co SAS Chairman of the Board and Director of SPS SA Appointments held during the last ﬁve years, but not currently Member of the Supervisory Board of France 24 SA until November 29, 2008 Director of TF1 Corporate Foundation until December 2, 2008 Chairman and CEO of TV Breizh SA until October 24, 2006 Director of TV Breizh SA until June 30, 2007 Director of Prima TV SpA until 2006OLIVIER BOUYGUES (SEPTEMBER 14, 1950)Deputy CEO of Bouygues SA CEO of SCDM SAS Appointed TF1 Director on April 12, 2005 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of SAGRI-E SAS Chairman of SAGRI-F SAS Permanent representative of the Director of SCDM for Bouygues SA Director of Eurosport SA Representative of SCDM - Chairman of SCDM Énergie SAS Representative of SCDM - Chairman of SCDM Investcan SAS Representative of SCDM - Chairman of SCDM Investur SAS Manager (not partner) of SIB SNC Chairman and CEO – Director of SECI SA Director of Bouygues Telecom SA Director of Colas SADirector of Bouygues SA until April 24, 2008 Representative of TF1 - Téléma SAS until April 27, 2006 Representative of TV Breizh SA for TVB Nantes SA until November 14, 2006 Representative of TF1 - Director of WB Télévisions SA (Belgium) until September 12, 2008 Chairman of TF1 Publicité SAS until October 15, 2004 Representative of TF1 - member of the Board of Directors of Group AB SAS until September 12, 2008 Representative of TF1 International SA for TF1 Films Production until April 28, 2005 Representative of TF1 for Film Par Film SA until March 9, 2004 Representative of TF1 for Siccis SA until March 28, 2004 CEO of TF1 until May 22, 2007 Chairman of the Board of TF1 until July 31, 2008 Representative of TF1 Développement SA for TPS Gestion SA until 2006 Representative of TPS Sport SNC for TPS MOTIVATION SA until 2006242008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of DirectorsMember of the Supervisory Board of Yves Saint Laurent Parfums SA until February 24, 2004 Chairman of the Supervisory Board of Pinault-Printemps-Redoute SA until May 19, 2005 Chairman of the Board of Piasa SA until May 27, 2008 Director of AFIPA (Switzerland) until October 31, 2006Director of Bouygues Construction SA Manager (not partner) of SIR SNC Director – Chairman of the Board of Finagestion SA Director of Ceﬁna SAS Director of Senegalaise des Eaux SA Director of Societe de Distribution d’Eau de la Cote d’Ivoire (SODECI) SADIMARTIN BOUYGUES (MAY 3, 1952)Chairman and CEO of Bouygues SA Chairman and member of TF1 Selection Committee Appointed Director of TF1 on September 1, 1987 (expiry date of term of ofﬁce: 2009 General Meeting) Director of Bouygues SA Director of Societe de Distribution d’Eau de la Cote-d’Ivoire (SODECI) SA Director of Compagnie Ivoirienne d’Electricite (CIE) SA Chairman of SCDM SAS Representative of SCDM - Chairman of SCDM Invest-1 Representative of SCDM - Chairman of SCDM Invest-2 Representative of SCDM - Chairman for SCDM Participations SAS Representative of SCDM - Chairman for Actiby SAS Member of the Supervisory Committee of Paris-Orleans SADCS Appointments held during the last ﬁve years, but not currently Member of the Board of the Francis Bouygues Corporate Foundation until 2008 Director of HSBC SA until October 1, 2007Director of Compagnie Ivoirienne d’Electricite (CIE) SA Director of Alstom SA Appointments held during the last ﬁve years, but not currently Director of Novasaur SA until February 22, 2006PATRICK LE LAY (JUNE 7, 1942)Appointed TF1 Director on April 16, 1987 (expiry date of term of ofﬁce: General Meeting 2009) Chairman of Serendipity Investment SAS Director of Colas SA Chairman of Les Incunables et Co SAS Chairman of the Board and Director of SPS SA Appointments held during the last ﬁve years, but not currently Member of the Supervisory Board of France 24 SA until November 29, 2008 Director of TF1 Corporate Foundation until December 2, 2008 Chairman and CEO of TV Breizh SA until October 24, 2006 Director of TV Breizh SA until June 30, 2007 Director of Prima TV SpA until 2006OLIVIER BOUYGUES (SEPTEMBER 14, 1950)Deputy CEO of Bouygues SA CEO of SCDM SAS Appointed TF1 Director on April 12, 2005 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of SAGRI-E SAS Chairman of SAGRI-F SAS Permanent representative of the Director of SCDM for Bouygues SA Director of Eurosport SA Representative of SCDM - Chairman of SCDM Energie SAS Representative of SCDM - Chairman of SCDM Investcan SAS Representative of SCDM - Chairman of SCDM Investur SAS Manager (not partner) of SIB SNC Chairman and CEO – Director of SECI SA Director of Bouygues Telecom SA Director of Colas SADirector of Bouygues SA until April 24, 2008 Representative of TF1 - Telema SAS until April 27, 2006 Representative of TV Breizh SA for TVB Nantes SA until November 14, 2006 Representative of TF1 - Director of WB Televisions SA (Belgium) until September 12, 2008 Chairman of TF1 Publicite SAS until October 15, 2004 Representative of TF1 - member of the Board of Directors of Group AB SAS until September 12, 2008 Representative of TF1 International SA for TF1 Films Production until April 28, 2005 Representative of TF1 for Film Par Film SA until March 9, 2004 Representative of TF1 for Siccis SA until March 28, 2004 CEO of TF1 until May 22, 2007 Chairman of the Board of TF1 until July 31, 2008 Representative of TF1 Developpement SA for TPS Gestion SA until 2006 Representative of TPS Sport SNC for TPS MOTIVATION SA until 2006242008 REGISTRATION DOCUME]]></basicChars>
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	<page id="27">
		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors2PHILIPPE MARIEN (JUNE 18, 1956)Member of the TF1 Audit Committee Permanent representative of Bouygues, Director of TF1 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of the TF1 Compensation Committee CEO of SCDM SAS Representative of Bouygues – Director of Colas Representative of Bouygues – Director of Bouygues Telecom Representative of Bouygues – Director of Alstom Representative of Bouygues – Director of Bouygues Immobilier Representative of Bouygues – Director of Bouygues Construction Liquidator of Finamag SC Bouygues SA 32, avenue Hoche – 75008 Paris TF1 Director represented by Philippe Marien Bouygues Telecom Director represented by Philippe Marien Alstom Director represented by Philippe Marien Bouygues Construction Director represented by Philippe Marien C2S SA Director represented by Pierre Marfaing Bouygues Immobilier SA Director represented by Philippe Marien Colas SA Director represented by Philippe Marien 32 Hoche GIE Director represented by Philippe MetgesChairman and CEO of Bouygues Télécom until November 29, 2007 Société Française de Participation et de Gestion (SFPG) 32, avenue Hoche – 75008 Paris TF1 Director represented by Philippe Montagner, until February 18, 2009GILLES PÉLISSON (MAY 26, 1957)Co-opted TF1 Director on February 18, 2009 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman and CEO, Director of ACCOR SA Director of BIC SA Vice President and Member of the Supervisory Board of Groupe Lucien Barrière Chairman of the Accor Corporate Foundation Representative of ACCOR in the Supervisory Board of Lenôtre Chairman of the Supervisory Board of ESSEC Director of Accor Services Italia Director of Sagar (Italy) Director of Accor Hospitality Italia Appointments held during the last ﬁve years, but not currently Director of Club Méditerranée until June 30, 2006 Director of SCAPA Italia until October 10, 2007 Director of TPS until June 27, 2005 Chairman, Director and CEO of Bouygues Telecom SA until October 12, 2005 CEO - Deputy CEO of Bouygues Telecom SA until February 19, 2004 Director of Réseau Bouygues Telecom RCBT until November 24, 2005PHILIPPE MONTAGNER (DECEMBER 4, 1942)Director, Chairman of the Board of Directors of Bouygues Télécom SA Representative (until February 18, 2009) of the Société Française de Participation et de Gestion (SFPG), TF1 Director since July 31, 2007 (expiry date of term of ofﬁce: 2009 General Meeting) Manager of Philconseil EURL Supervisor of Bouygues SA Director of Bouygues Immobilier SA Chairman – Member of the Supervisory Board of Ginger Groupe Ingénierie Europe Director of ETDE SA until November 28, 2008 Director of Réseau Clubs Bouygues Telecom SA until January 1, 2009 Appointments held during the last ﬁve years, but not currently Director – Chairman and CEO of Infomobile SA until 2005 Director of Société d’Aménagement Urbain et Rural (SAUR) until 2005 Director of TPS Gestion SA until 2006 Director of TF1 until May 22, 2007 Chairman of the Francis Bouygues Corporate Foundation until 2008JEAN-PIERRE PERNAUT (APRIL 8, 1950)Vice President since February 1993 Elected February 23, 1988 as Employee Representative (expiry date of term of ofﬁce: 2010 General Meeting)CÉLINE PETTON (FEBRUARY 20, 1971)Senior logistics technician (as of March 1, 2009) Elected March 19, 2002 as Employee Representative (expiry date of term of ofﬁce: 2010 General Meeting)ALAIN POUYAT (FEBRUARY 28, 1944)CEO of Information Systems and New Technologies of Bouygues Member of the TF1 Selection Committee Co-opted TF1 Director on March 18, 1998 (expiry date of term of ofﬁce: 2010 General Meeting) Supervisor of Bouygues SA Director of Bouygues Telecom SA Director of ETDE SA2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors2PHILIPPE MARIEN (JUNE 18, 1956)Member of the TF1 Audit Committee Permanent representative of Bouygues, Director of TF1 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman of the TF1 Compensation Committee CEO of SCDM SAS Representative of Bouygues – Director of Colas Representative of Bouygues – Director of Bouygues Telecom Representative of Bouygues – Director of Alstom Representative of Bouygues – Director of Bouygues Immobilier Representative of Bouygues – Director of Bouygues Construction Liquidator of Finamag SC Bouygues SA 32, avenue Hoche – 75008 Paris TF1 Director represented by Philippe Marien Bouygues Telecom Director represented by Philippe Marien Alstom Director represented by Philippe Marien Bouygues Construction Director represented by Philippe Marien C2S SA Director represented by Pierre Marfaing Bouygues Immobilier SA Director represented by Philippe Marien Colas SA Director represented by Philippe Marien 32 Hoche GIE Director represented by Philippe MetgesChairman and CEO of Bouygues Telecom until November 29, 2007 Societe Francaise de Participation et de Gestion (SFPG) 32, avenue Hoche – 75008 Paris TF1 Director represented by Philippe Montagner, until February 18, 2009GILLES PELISSON (MAY 26, 1957)Co-opted TF1 Director on February 18, 2009 (expiry date of term of ofﬁce: 2009 General Meeting) Chairman and CEO, Director of ACCOR SA Director of BIC SA Vice President and Member of the Supervisory Board of Groupe Lucien Barriere Chairman of the Accor Corporate Foundation Representative of ACCOR in the Supervisory Board of Lenotre Chairman of the Supervisory Board of ESSEC Director of Accor Services Italia Director of Sagar (Italy) Director of Accor Hospitality Italia Appointments held during the last ﬁve years, but not currently Director of Club Mediterranee until June 30, 2006 Director of SCAPA Italia until October 10, 2007 Director of TPS until June 27, 2005 Chairman, Director and CEO of Bouygues Telecom SA until October 12, 2005 CEO - Deputy CEO of Bouygues Telecom SA until February 19, 2004 Director of Reseau Bouygues Telecom RCBT until November 24, 2005PHILIPPE MONTAGNER (DECEMBER 4, 1942)Director, Chairman of the Board of Directors of Bouygues Telecom SA Representative (until February 18, 2009) of the Societe Francaise de Participation et de Gestion (SFPG), TF1 Director since July 31, 2007 (expiry date of term of ofﬁce: 2009 General Meeting) Manager of Philconseil EURL Supervisor of Bouygues SA Director of Bouygues Immobilier SA Chairman – Member of the Supervisory Board of Ginger Groupe Ingenierie Europe Director of ETDE SA until November 28, 2008 Director of Reseau Clubs Bouygues Telecom SA until January 1, 2009 Appointments held during the last ﬁve years, but not currently Director – Chairman and CEO of Infomobile SA until 2005 Director of Societe d’Amenagement Urbain et Rural (SAUR) until 2005 Director of TPS Gestion SA until 2006 Director of TF1 until May 22, 2007 Chairman of the Francis Bouygues Corporate Foundation until 2008JEAN-PIERRE PERNAUT (APRIL 8, 1950)Vice President since February 1993 Elected February 23, 1988 as Employee Representative (expiry date of term of ofﬁce: 2010 General Meeting)CELINE PETTON (FEBRUARY 20, 1971)Senior logistics technician (as of March 1, 2009) Elected March 19, 2002 as Employee Representative (expiry date of term of ofﬁce: 2010 General Meeting)ALAIN POUYAT (FEBRUARY 28, 1944)CEO of Information Systems and New Technologies of Bouygues Member of the TF1 Selection Committee Co-opted TF1 Director on March 18, 1998 (expiry date of term of ofﬁce: 2010 General Meeting) Supervisor of Bouygues SA Director of Bouygues Telecom SA Director of ETDE SA2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="28">
		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of DirectorsDirector of C2S SA Director of Société Parisienne d’Études d’Informatique et de Gestion SA Appointments held during the last ﬁve years, but not currently Director of Bouygues SA until 2006 Supervisor of Wanadoo SA until end 2004 Representative of Bouygues for Infomobile SA until August 31, 2004Director of The National Mentoring Partnership Inc. (USA) Director of the Management Committee of The Brookings Institution Inc (USA) Member of the Board of Directors of Friends of the Israel Defense forces Inc. (USA) Appointments held during the last ﬁve years, but not currently Chairman – Director of ProsiebenSat.1 Media AG (Germany) Member – Board of Directors of The University of California, Board of Regents until 2004 Member of the Management Committee of GT Brands Holdings, LLC (USA) until 2005HAÏM SABAN (OCTOBER 15, 1944)Appointed TF1 Director on April 23, 2003 (expiry date of term of ofﬁce: 2009 General Meeting) Director – CEO of Saban Capital Group Inc (USA) Independent Director Director of SCG Investment Holdings (USA) Chairman and CEO of Broadcast Media Partners Inc et Univision Communications Inc Director of The Directv Group, Inc. (USA) Director – CEO of Saban Capital Group Inc. (USA) CEO – Member of the Management Committee of German Media Partners, LP (British Virgin Islands) Director – Treasurer of Saban Family Foundation Inc (USA) Director – Treasurer of 50 Ways To Save Our Children Inc (USA) Chairman and Director of The Saban Charitable Suppot Fund, a support fund of the Jewish community foundation Inc (USA)PROPOSALS FOR THE COMPOSITION OF THE BOARD OF DIRECTORS SUBMITTED TO THE COMBINED GENERAL MEETING OF APRIL 17, 2009RATIFICATION OF THE APPOINTMENT OF A DIRECTOROn the recommendation of the Board of Directors and following the review of the Selection Committee, the Combined General Meeting of April 17, 2009 is asked to ratify the appointment of Gilles Pélisson as Director made by the Board Meeting of February 18, 2009 replacing resigning Director Claude Cohen. His term of ofﬁce will be for the remaining duration of the term of ofﬁce of his predecessor.RENEWAL OF THE TERM OF OFFICE OF NINE DIRECTORSOn the recommendation of the Board of Directors and following the review of the Selection Committee, the Combined General Meeting of April 17, 2009 is ask to renew, for a period of two years, the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the Bouygues company, Patrick Le Lay, Nonce Paolini, Gilles Pélisson, the Société Française de Participation et de Gestion – SFPG and Haïm Saban.262008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of DirectorsDirector of C2S SA Director of Societe Parisienne d’Etudes d’Informatique et de Gestion SA Appointments held during the last ﬁve years, but not currently Director of Bouygues SA until 2006 Supervisor of Wanadoo SA until end 2004 Representative of Bouygues for Infomobile SA until August 31, 2004Director of The National Mentoring Partnership Inc. (USA) Director of the Management Committee of The Brookings Institution Inc (USA) Member of the Board of Directors of Friends of the Israel Defense forces Inc. (USA) Appointments held during the last ﬁve years, but not currently Chairman – Director of ProsiebenSat.1 Media AG (Germany) Member – Board of Directors of The University of California, Board of Regents until 2004 Member of the Management Committee of GT Brands Holdings, LLC (USA) until 2005HAIM SABAN (OCTOBER 15, 1944)Appointed TF1 Director on April 23, 2003 (expiry date of term of ofﬁce: 2009 General Meeting) Director – CEO of Saban Capital Group Inc (USA) Independent Director Director of SCG Investment Holdings (USA) Chairman and CEO of Broadcast Media Partners Inc et Univision Communications Inc Director of The Directv Group, Inc. (USA) Director – CEO of Saban Capital Group Inc. (USA) CEO – Member of the Management Committee of German Media Partners, LP (British Virgin Islands) Director – Treasurer of Saban Family Foundation Inc (USA) Director – Treasurer of 50 Ways To Save Our Children Inc (USA) Chairman and Director of The Saban Charitable Suppot Fund, a support fund of the Jewish community foundation Inc (USA)PROPOSALS FOR THE COMPOSITION OF THE BOARD OF DIRECTORS SUBMITTED TO THE COMBINED GENERAL MEETING OF APRIL 17, 2009RATIFICATION OF THE APPOINTMENT OF A DIRECTOROn the recommendation of the Board of Directors and following the review of the Selection Committee, the Combined General Meeting of April 17, 2009 is asked to ratify the appointment of Gilles Pelisson as Director made by the Board Meeting of February 18, 2009 replacing resigning Director Claude Cohen. His term of ofﬁce will be for the remaining duration of the term of ofﬁce of his predecessor.RENEWAL OF THE TERM OF OFFICE OF NINE DIRECTORSOn the recommendation of the Board of Directors and following the review of the Selection Committee, the Combined General Meeting of April 17, 2009 is ask to renew, for a period of two years, the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the Bouygues company, Patrick Le Lay, Nonce Paolini, Gilles Pelisson, the Societe Francaise de Participation et de Gestion – SFPG and Haim Saban.262008 REGISTRATION DOCUME]]></basicChars>
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	<page id="29">
		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors22.1.2 Composition of the Board committeesAUDIT COMMITTEESince February 20, 2008, it is made up of Patricia Barbizet, Chairman, and Philippe Marien.COMPENSATION COMMITTEESince February 18, 2009, it is made up of Patricia Barbizet, Chairman, and Philippe Marien.DIRECTOR SELECTION COMMITTEESince July 31, 2008, it is made up of Martin Bouygues and Alain Pouyat.2.1.3 Statutory AuditorsPermanent KPMG Immeuble Le Palatin 3, Cours du Triangle 92939 La Défense cedex MAZARS Immeuble Exaltis 61, rue Henri Regnault 92075 La Défense cedex Alternate auditors Bertrand Vialatte Immeuble Le Palatin 3, Cours du Triangle 92939 La Défense cedex Thierry Colin Immeuble Exaltis 61, rue Henri Regnault 92075 La Défense cedex Date of ﬁrst appointment General Meeting of January 14, 1988 General Meeting of May 15, 2001 Date of ﬁrst appointment General Meeting of April 12, 2005 General Meeting of May 15, 2001 Expiry date of present term of ofﬁce General Meeting approving the 2010 accounts General Meeting approving the 2012 accounts Expiry date of present term of ofﬁce General Meeting approving the 2010 accounts General Meeting approving the 2012 accounts2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESComposition of the Board of Directors22.1.2 Composition of the Board committeesAUDIT COMMITTEESince February 20, 2008, it is made up of Patricia Barbizet, Chairman, and Philippe Marien.COMPENSATION COMMITTEESince February 18, 2009, it is made up of Patricia Barbizet, Chairman, and Philippe Marien.DIRECTOR SELECTION COMMITTEESince July 31, 2008, it is made up of Martin Bouygues and Alain Pouyat.2.1.3 Statutory AuditorsPermanent KPMG Immeuble Le Palatin 3, Cours du Triangle 92939 La Defense cedex MAZARS Immeuble Exaltis 61, rue Henri Regnault 92075 La Defense cedex Alternate auditors Bertrand Vialatte Immeuble Le Palatin 3, Cours du Triangle 92939 La Defense cedex Thierry Colin Immeuble Exaltis 61, rue Henri Regnault 92075 La Defense cedex Date of ﬁrst appointment General Meeting of January 14, 1988 General Meeting of May 15, 2001 Date of ﬁrst appointment General Meeting of April 12, 2005 General Meeting of May 15, 2001 Expiry date of present term of ofﬁce General Meeting approving the 2010 accounts General Meeting approving the 2012 accounts Expiry date of present term of ofﬁce General Meeting approving the 2010 accounts General Meeting approving the 2012 accounts2008 REGISTRATION DOCUMENT]]></basicChars>
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	<page id="30">
		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2.2 CHAIRMAN’S REPORT2.2.1 Chairman’s report on corporate governanceTHE ROLE OF THE BOARD OF DIRECTORSYour company’s Board of Directors has its natural place side by side with that of its executives and shareholders. The Board carries out a key role in deﬁning your company and Group strategy and major directions, monitoring their execution and scrutinising the company’s practices. Your Directors carry out their discussions on the company’s corporate governance while ensuring the respect of the demands they consider crucial, that is, compliance with legislative provisions, respect for equality among shareholders, and the quest for the efﬁciency of the Board of Directors. Right from the beginning of a privatised TF1 in 1987, and in the interest of its shareholders, TF1 and its Directors have innovated by setting down a certain number of rules that are reﬂected in today’s recommendations for corporate governance and which can be considered as best corporate governance practices, such as creating a compensation committee and settling on two years for the term of ofﬁce of Directors and the Chairman and CEO. In 2003, the Directors strengthened the resources at their disposal to enhance the transparency of their management by taking the following steps: p adopting the text of the internal procedures of the Board of Directors which, for example, imposes new obligations on the Directors as well as a certain number of ethics rules (holding shares based on their function and registered, declaration of the operations concerning TF1 shares, diligence in attending Board Meetings, presence at the General Meeting, information on conﬂict of interest situations, etc.), creating an Audit Committee and a Director Selection Committee, designating an independent Director. p by adding provisions prohibiting the attribution of options or free shares on the departure of an executive and the use of hedging operations with the aim of exercising options or selling free shares.In July 2008, the Board of Directors modiﬁed the corporate governance rules by discontinuing the separation of functions of Chairman and CEO, which was decided upon a year earlier on the occasion of the change in executive management, and on the recommendation of Patrick Le Lay, appointed Nonce Paolini Chairman and CEO of TF1. In November 2008, the Directors again complemented the internal procedures by deciding to align itself with the Corporate Governance Code resulting from the consolidation of the combined reports of the AFEP and MEDEF of October 2003, January 2007 and October 2008. The Directors are responsible for ensuring that they have the resources and information at their disposal needed for the decision-making process. Their recommendations follow discussions, their decisions are joint. For large projects, the Directors may request that some of their number form ad hoc committees to validate projects and assess the impact they have on the accounts and ﬁnancial situation of the Group. Internal procedures describe the modus operandi, the powers, attributions and assignments of the Board and the Board committees established within it. They also set the principles of the annual assessment of how the Board works. The assessment focuses on the composition of the Board, the schedule and length of Meetings, the subjects covered, the quality of the discussions, the work of the committees and the information of the Directors. The internal procedures are accessible via the website, www.tf1ﬁnance.frp pIn 2007, p as of ﬁnancial year 2007, the Directors have taken into consideration the recommendations on compensation for executives of listed companies formulated on January 9, 2007 by the Mouvement des Entreprises de France (MEDEF) and the Association Française des Entreprises Privées (AFEP). The Board of Directors has included these recommendations in its internal procedures and those of the Director Selection Committee, on the recommendation of Patrick Le Lay, the Directors decided to separate the functions of Chairman and CEO and nominated Nonce Paolini as CEO. This allows for a smooth operational transition in the executive management of your company.TF1’S POSITION ON THE CURRENTLY PREVAILING CORPORATE GOVERNANCE AND THE BOARD ASSESSMENTEach year, in accordance to the AFEP-MEDEF report, the Directors scrutinise their practices and in particular the modus operandi of their Board, they assess the true role of the Board and evaluate the appropriateness of its organisation. They do the same with its committees. Internal procedures stipulate that a Director Selection Committee makes periodic checks on questions of composition, organisation and operation of the Board with a view to making proposals. Each year the Board of Directors assesses its composition. Formerly, in order to prepare this assessment, a detailed questionnaire is sent to all the Board. As a whole, answers stated a positive or very positive assessment by the Board on composition and operation. The Directors considered released information on TF1 activity, accounting, ﬁnancial, legal areas to be satisfactory. However, some Directors stated that areas such as Human Resources, sustainable development, RetD, prevention, risk management could be more taken into consideration.pEarly 2008, during the February 20 Board Meeting, the Directors again complemented the internal procedures: p by arranging for the Board to determine the number of free actions or actions from the redemption of options that the Chairman of the Board and the CEO are required to hold for the duration of their functions. This provision was ﬁrst applied at the time of the attribution of deferred options during the same Meeting,282008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2.2 CHAIRMAN’S REPORT2.2.1 Chairman’s report on corporate governanceTHE ROLE OF THE BOARD OF DIRECTORSYour company’s Board of Directors has its natural place side by side with that of its executives and shareholders. The Board carries out a key role in deﬁning your company and Group strategy and major directions, monitoring their execution and scrutinising the company’s practices. Your Directors carry out their discussions on the company’s corporate governance while ensuring the respect of the demands they consider crucial, that is, compliance with legislative provisions, respect for equality among shareholders, and the quest for the efﬁciency of the Board of Directors. Right from the beginning of a privatised TF1 in 1987, and in the interest of its shareholders, TF1 and its Directors have innovated by setting down a certain number of rules that are reﬂected in today’s recommendations for corporate governance and which can be considered as best corporate governance practices, such as creating a compensation committee and settling on two years for the term of ofﬁce of Directors and the Chairman and CEO. In 2003, the Directors strengthened the resources at their disposal to enhance the transparency of their management by taking the following steps: p adopting the text of the internal procedures of the Board of Directors which, for example, imposes new obligations on the Directors as well as a certain number of ethics rules (holding shares based on their function and registered, declaration of the operations concerning TF1 shares, diligence in attending Board Meetings, presence at the General Meeting, information on conﬂict of interest situations, etc.), creating an Audit Committee and a Director Selection Committee, designating an independent Director. p by adding provisions prohibiting the attribution of options or free shares on the departure of an executive and the use of hedging operations with the aim of exercising options or selling free shares.In July 2008, the Board of Directors modiﬁed the corporate governance rules by discontinuing the separation of functions of Chairman and CEO, which was decided upon a year earlier on the occasion of the change in executive management, and on the recommendation of Patrick Le Lay, appointed Nonce Paolini Chairman and CEO of TF1. In November 2008, the Directors again complemented the internal procedures by deciding to align itself with the Corporate Governance Code resulting from the consolidation of the combined reports of the AFEP and MEDEF of October 2003, January 2007 and October 2008. The Directors are responsible for ensuring that they have the resources and information at their disposal needed for the decision-making process. Their recommendations follow discussions, their decisions are joint. For large projects, the Directors may request that some of their number form ad hoc committees to validate projects and assess the impact they have on the accounts and ﬁnancial situation of the Group. Internal procedures describe the modus operandi, the powers, attributions and assignments of the Board and the Board committees established within it. They also set the principles of the annual assessment of how the Board works. The assessment focuses on the composition of the Board, the schedule and length of Meetings, the subjects covered, the quality of the discussions, the work of the committees and the information of the Directors. The internal procedures are accessible via the website, www.tf1ﬁnance.frp pIn 2007, p as of ﬁnancial year 2007, the Directors have taken into consideration the recommendations on compensation for executives of listed companies formulated on January 9, 2007 by the Mouvement des Entreprises de France (MEDEF) and the Association Francaise des Entreprises Privees (AFEP). The Board of Directors has included these recommendations in its internal procedures and those of the Director Selection Committee, on the recommendation of Patrick Le Lay, the Directors decided to separate the functions of Chairman and CEO and nominated Nonce Paolini as CEO. This allows for a smooth operational transition in the executive management of your company.TF1’S POSITION ON THE CURRENTLY PREVAILING CORPORATE GOVERNANCE AND THE BOARD ASSESSMENTEach year, in accordance to the AFEP-MEDEF report, the Directors scrutinise their practices and in particular the modus operandi of their Board, they assess the true role of the Board and evaluate the appropriateness of its organisation. They do the same with its committees. Internal procedures stipulate that a Director Selection Committee makes periodic checks on questions of composition, organisation and operation of the Board with a view to making proposals. Each year the Board of Directors assesses its composition. Formerly, in order to prepare this assessment, a detailed questionnaire is sent to all the Board. As a whole, answers stated a positive or very positive assessment by the Board on composition and operation. The Directors considered released information on TF1 activity, accounting, ﬁnancial, legal areas to be satisfactory. However, some Directors stated that areas such as Human Resources, sustainable development, RetD, prevention, risk management could be more taken into consideration.pEarly 2008, during the February 20 Board Meeting, the Directors again complemented the internal procedures: p by arranging for the Board to determine the number of free actions or actions from the redemption of options that the Chairman of the Board and the CEO are required to hold for the duration of their functions. This provision was ﬁrst applied at the time of the attribution of deferred options during the same Meeting,282008 REGISTRATION DOCUME]]></basicChars>
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	<page id="31">
		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2According to the decision taken at the Meeting of the Board of Directors of November 13, 2008 and announced in a press release of December 23, 2008, TF1 aligns itself with the Corporate Governance Code resulting from the consolidation of the combined reports of the AFEP and the MEDEF of October 2003, January 2007 and October 2008. This code is accessible via the MEDEF website, www.medef.fr. In accordance with the provisions of paragraph 8 of Article L. 225-68 of the French Commercial Code, this report speciﬁes the provisions of the AFEP-MEDEF recommendations that were not implemented (Meeting of external Directors without the presence of internal Directors; composition of committees of at least three members; number of independent Directors; number of independent Director). The reasons are listed below: p the Directors consider the functioning of the Board and its committees to be satisfactory, the Board considers that its current composition, with a relatively high proportion of Directors representing Bouygues – TF1’s principal shareholder – or exercising executive functions at Bouygues or TF1, takes into account that, in application of the privatisation law of September 30, 1986, a group of acquirers led by Bouygues was designated as holder of 50% of TF1’s share capital. Bouygues therefore became the key participant in the TF1 privatisation and as such took on a number of obligations, notably that of the continuity of operations of TF1. This justiﬁes the fact that Bouygues determines the governance policy of TF1.To the best knowledge of the company, during the past ﬁve years, no member of the Board of Directors has been: p p p condemned for fraud, associated with a bankruptcy, impoundment or liquidation, incriminated or publicly sanctioned by any statutory or regulatory authority, including professional organisations, with the exception of Patricia Barbizet in the Executive Life case, prevented by a Court from acting as a member of a Board of Directors, a Management Board or a Supervisory Board of a broadcaster or from acting in the management of a broadcaster.ppA proposal will be made to the General Meeting of April 17, 2009 to renew, for a period of two years, the terms of ofﬁce of Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the company Bouygues, Patrick Le Lay, Nonce Paolini, Gilles Pélisson, Société Française de participation et de gestion – SFPG and Haïm Saban, which expire at the end of said General Meeting and to ratify the appointment of Gilles Pélisson decided at the Board Meeting of February 18, 2009, as Director replacing Claude Cohen.ORGANISATION AND ACTIONS OF THE BOARD OF DIRECTORSThe Board of Directors’ function is to: p p determine the company’s and the Group’s direction and strategy, conduct signiﬁcantly-sized operations, undertake major investments and carry out internal restructuring, monitor their execution, provide shareholders and the ﬁnancial markets with information, carry out any checks and veriﬁcations which it considers appropriate, decide the compensation of executive ofﬁcers.Having examined the situation of each Director, the Board considers that Patricia Barbizet and Haïm Saban are “Independent Directors” according to the AFEPMEDEF report, which imposes criteria of independence which include not being a client, service provider or business banker for the company. The TF1 Board of Directors is currently composed of 12 Directors, of whom two are women, and includes: p 6 Directors representing the sole remaining shareholder of the group of acquirers and responsible for the respect of the obligations agreed to by the group of acquirers, 1 Director representing executive management, 2 Directors qualiﬁed as independent according to the MEDEF deﬁnition and that of the European Commission, 1 Director not qualiﬁed as independent according to the MEDEF deﬁnition and that of the European Commission, 2 Directors representing employees, elected, in conformance with Article 10 of the Articles of Incorporation, by electoral colleges of employees in application of Article 66 of the 86-1067 Law of September 30, 1986.p p p pp ppTogether with the invitation to a Board Meeting and at least eight days prior to it, the Directors receive the minutes of the previous Meeting. All documents and pertinent information necessary for deliberations and decision-making (subject to regulatory and social constraints and with potential risks identiﬁed) are made available to them during Meetings. Directors are also provided with the minutes of the Meetings of the Audit Committee, the Compensation Committee and the Director Selection Committee. Information received periodically by Directors covers the company and the Group, including strategic and business plans, information for monitoring activity, revenue, the ﬁnancial situation, cash ﬂow and liabilities, events affecting or likely to affect signiﬁcantly the Group’s consolidated proﬁts and signiﬁcant issues pertaining to human resources and headcount changes. Each Director can, moreover, provide supplementary information on his/her own initiative; the Chairman and CEO is permanently available to the Board to provide explanations and substantive information. Each Director has one vote. In the case of a tie, the Chairman of the Meeting has the casting vote. The employee representatives designated by the works council, the Secretary General, The Director of Legal Affairs, the Director of Finance and Administration and the Director of Human Resources attend Board Meetings. The statutory auditors are invited to all Board Meetings convened to examine the ﬁnancial accounts.pThe Board has not nominated a censor. The complementary competencies of your Directors bring to the Board of Directors the qualities that coincide with its rules of organisation and composition. The Board of Directors is balanced, diverse, experienced and responsible. It should be noted that Martin Bouygues, Olivier Bouygues, Patricia Barbizet, Nonce Paoline and Alain Pouyat are ofﬁcers or Directors of various companies of the Bouygues Group. Two Directors, Jean-Pierre Pernaut and Céline Peton, are employee representatives, elected by electoral colleges of employees in application of Article 66 of the law of September 30, 1986.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2According to the decision taken at the Meeting of the Board of Directors of November 13, 2008 and announced in a press release of December 23, 2008, TF1 aligns itself with the Corporate Governance Code resulting from the consolidation of the combined reports of the AFEP and the MEDEF of October 2003, January 2007 and October 2008. This code is accessible via the MEDEF website, www.medef.fr. In accordance with the provisions of paragraph 8 of Article L. 225-68 of the French Commercial Code, this report speciﬁes the provisions of the AFEP-MEDEF recommendations that were not implemented (Meeting of external Directors without the presence of internal Directors; composition of committees of at least three members; number of independent Directors; number of independent Director). The reasons are listed below: p the Directors consider the functioning of the Board and its committees to be satisfactory, the Board considers that its current composition, with a relatively high proportion of Directors representing Bouygues – TF1’s principal shareholder – or exercising executive functions at Bouygues or TF1, takes into account that, in application of the privatisation law of September 30, 1986, a group of acquirers led by Bouygues was designated as holder of 50% of TF1’s share capital. Bouygues therefore became the key participant in the TF1 privatisation and as such took on a number of obligations, notably that of the continuity of operations of TF1. This justiﬁes the fact that Bouygues determines the governance policy of TF1.To the best knowledge of the company, during the past ﬁve years, no member of the Board of Directors has been: p p p condemned for fraud, associated with a bankruptcy, impoundment or liquidation, incriminated or publicly sanctioned by any statutory or regulatory authority, including professional organisations, with the exception of Patricia Barbizet in the Executive Life case, prevented by a Court from acting as a member of a Board of Directors, a Management Board or a Supervisory Board of a broadcaster or from acting in the management of a broadcaster.ppA proposal will be made to the General Meeting of April 17, 2009 to renew, for a period of two years, the terms of ofﬁce of Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the company Bouygues, Patrick Le Lay, Nonce Paolini, Gilles Pelisson, Societe Francaise de participation et de gestion – SFPG and Haim Saban, which expire at the end of said General Meeting and to ratify the appointment of Gilles Pelisson decided at the Board Meeting of February 18, 2009, as Director replacing Claude Cohen.ORGANISATION AND ACTIONS OF THE BOARD OF DIRECTORSThe Board of Directors’ function is to: p p determine the company’s and the Group’s direction and strategy, conduct signiﬁcantly-sized operations, undertake major investments and carry out internal restructuring, monitor their execution, provide shareholders and the ﬁnancial markets with information, carry out any checks and veriﬁcations which it considers appropriate, decide the compensation of executive ofﬁcers.Having examined the situation of each Director, the Board considers that Patricia Barbizet and Haim Saban are “Independent Directors” according to the AFEPMEDEF report, which imposes criteria of independence which include not being a client, service provider or business banker for the company. The TF1 Board of Directors is currently composed of 12 Directors, of whom two are women, and includes: p 6 Directors representing the sole remaining shareholder of the group of acquirers and responsible for the respect of the obligations agreed to by the group of acquirers, 1 Director representing executive management, 2 Directors qualiﬁed as independent according to the MEDEF deﬁnition and that of the European Commission, 1 Director not qualiﬁed as independent according to the MEDEF deﬁnition and that of the European Commission, 2 Directors representing employees, elected, in conformance with Article 10 of the Articles of Incorporation, by electoral colleges of employees in application of Article 66 of the 86-1067 Law of September 30, 1986.p p p pp ppTogether with the invitation to a Board Meeting and at least eight days prior to it, the Directors receive the minutes of the previous Meeting. All documents and pertinent information necessary for deliberations and decision-making (subject to regulatory and social constraints and with potential risks identiﬁed) are made available to them during Meetings. Directors are also provided with the minutes of the Meetings of the Audit Committee, the Compensation Committee and the Director Selection Committee. Information received periodically by Directors covers the company and the Group, including strategic and business plans, information for monitoring activity, revenue, the ﬁnancial situation, cash ﬂow and liabilities, events affecting or likely to affect signiﬁcantly the Group’s consolidated proﬁts and signiﬁcant issues pertaining to human resources and headcount changes. Each Director can, moreover, provide supplementary information on his/her own initiative; the Chairman and CEO is permanently available to the Board to provide explanations and substantive information. Each Director has one vote. In the case of a tie, the Chairman of the Meeting has the casting vote. The employee representatives designated by the works council, the Secretary General, The Director of Legal Affairs, the Director of Finance and Administration and the Director of Human Resources attend Board Meetings. The statutory auditors are invited to all Board Meetings convened to examine the ﬁnancial accounts.pThe Board has not nominated a censor. The complementary competencies of your Directors bring to the Board of Directors the qualities that coincide with its rules of organisation and composition. The Board of Directors is balanced, diverse, experienced and responsible. It should be noted that Martin Bouygues, Olivier Bouygues, Patricia Barbizet, Nonce Paoline and Alain Pouyat are ofﬁcers or Directors of various companies of the Bouygues Group. Two Directors, Jean-Pierre Pernaut and Celine Peton, are employee representatives, elected by electoral colleges of employees in application of Article 66 of the law of September 30, 1986.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportBoard Meetings are in principle held quarterly, with the possibility of additional Meetings being convened for particular presentations or to examine exceptional issues. In 2008, the TF1 Board of Directors met on ﬁve occasions. The Board’s main decisions in 2008 were: p Meeting of February 20: approval of the 2007 annual accounts and preparation of the General Shareholders’ Meeting. Four Group ofﬁcers, four members of the works council and the statutory auditors were present, Meeting of April 17: authorisation to implement a proﬁt-sharing agreement for the beneﬁt of Group TF1 employees. Two Directors were absent, four Group ofﬁcers and four members of the works council were present, Meeting of May 14: review of the ﬁrst quarter 2008 accounts. Two Directors were absent, four Group ofﬁcers, four members of the works committee and the statutory auditors were present, Meeting of July 31: review of the ﬁrst half 2008 accounts; end of the separation of the functions of Chairman and CEO and appointment of Nonce Paolini as Chairman and CEO. One Director was absent, three Group ofﬁcers, two members of the works council and the statutory auditors were present, Meeting of November 13: review of the third quarter 2008 accounts, analysis of the business and the estimated results for 2008, three-year plan. One Director was absent, four Group ofﬁcers, four members of the works council and the statutory auditors were present.OTHER INFORMATIONNo restrictions are imposed on the members of the Board of Directors concerning the disposal of their holding in the capital of the issuer, with the exception of: p the statutory obligation of the Chairman and CEO to retain a number of free shares or shares from exercised options until the end of the term of ofﬁce, the statutory obligation of each Director to own at least one share in the company. The internal procedures of the Board of Directors recommend that each Director not representing employees owns at least 100 shares of the issuer for the duration of his/her term in ofﬁce; they also contain rules to prevent insider dealing.pppWith the exception of the employment contracts of the employee representatives, there is no service contract linking the members of the Board of Directors to TF1 or to any of its subsidiaries and stipulating the granting of beneﬁts. Directors have received neither loan nor guarantee from TF1. Directors have been informed of the obligation that came into effect on November 25, 2004, to declare any dealing in TF1 shares undertaken by them, or by persons having close personal links with them. These dealings should be reported within ﬁve days of the trade in accordance with Article 222-14 of the General Rules of the French stock exchange authority (Autorité des marchés financiers - AMF). TF1 continues to communicate this information, which includes the individual’s name, to the AMF, and makes it public in a press release.ppThe Directors and any other person invited to attend Board of Directors’ Meetings are obliged to treat as strictly conﬁdential any information disclosed at the Meeting.BOARD COMMITTEESThe three specialised committees within the Board are: the Audit Committee, the Compensation Committee, and the Director Selection Committee. The Board determines the composition and powers of the committees, which carry out their activities under the Board’s responsibility, and designates their members from among the Directors. The committees are presided over by personalities who are not members of executive management of the company and have a casting vote. The committees are composed of two to three Directors. Any individual occupying the function of President, CEO or Deputy CEO of TF1 is not entitled to be a member of the Audit Committee nor the Compensation Committee. The Directors consider that these provisions guarantee the independence and efﬁciency of said committees. The three committees meet at the initiative of their respective chairmen or at the request of the Chairman of the Board of Directors and can deliberate provided two of their members are present. Decisions are made by simple majority of the members and they report on their work at the subsequent Meeting of the Board of Directors. Any discussion of the Board on an area of competence of one of the committees is preceded by its submission to that committee and takes place after a report from that committee.END OF SEPARATION OF THE FUNCTIONS OF CHAIRMAN OF THE BOARD AND CEOTo enable a smooth operational transition in the executive management of the company, the Directors, on the recommendation of Patrick Le Lay, decided to separate the functions of Chairman of the Board and CEO and appointed Nonce Paolini as CEO. It was not deemed appropriate to impose limits to the powers of the CEO. At the Meeting of July 31, 2008, the Board of Directors discontinued this separation of the functions of Chairman of the Board and CEO and appointed Nonce Paolini Chairman and CEO of the Group. The Board did not apply any particular limit to the powers of the CEO. The age limit for exercising the functions of Chairman of the Board is set at 68, that of CEO, in compliance with the law, is 65.POTENTIAL CONFLICTS OF INTERESTArticle 5 of the Board’s internal procedures speciﬁcally raises the issue of conﬂict of interest situations: “Directors are required to inform the Chairman of the Board of any conﬂict of interest situation, even a potential one, and do not take part in a vote or deliberation which concerns them either directly or indirectly.” To the knowledge of TF1, there are no potential conﬂicts of interest of any member of the Board of Directors between their duties to TF1 and their private interests and/or other duties.302008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportBoard Meetings are in principle held quarterly, with the possibility of additional Meetings being convened for particular presentations or to examine exceptional issues. In 2008, the TF1 Board of Directors met on ﬁve occasions. The Board’s main decisions in 2008 were: p Meeting of February 20: approval of the 2007 annual accounts and preparation of the General Shareholders’ Meeting. Four Group ofﬁcers, four members of the works council and the statutory auditors were present, Meeting of April 17: authorisation to implement a proﬁt-sharing agreement for the beneﬁt of Group TF1 employees. Two Directors were absent, four Group ofﬁcers and four members of the works council were present, Meeting of May 14: review of the ﬁrst quarter 2008 accounts. Two Directors were absent, four Group ofﬁcers, four members of the works committee and the statutory auditors were present, Meeting of July 31: review of the ﬁrst half 2008 accounts; end of the separation of the functions of Chairman and CEO and appointment of Nonce Paolini as Chairman and CEO. One Director was absent, three Group ofﬁcers, two members of the works council and the statutory auditors were present, Meeting of November 13: review of the third quarter 2008 accounts, analysis of the business and the estimated results for 2008, three-year plan. One Director was absent, four Group ofﬁcers, four members of the works council and the statutory auditors were present.OTHER INFORMATIONNo restrictions are imposed on the members of the Board of Directors concerning the disposal of their holding in the capital of the issuer, with the exception of: p the statutory obligation of the Chairman and CEO to retain a number of free shares or shares from exercised options until the end of the term of ofﬁce, the statutory obligation of each Director to own at least one share in the company. The internal procedures of the Board of Directors recommend that each Director not representing employees owns at least 100 shares of the issuer for the duration of his/her term in ofﬁce; they also contain rules to prevent insider dealing.pppWith the exception of the employment contracts of the employee representatives, there is no service contract linking the members of the Board of Directors to TF1 or to any of its subsidiaries and stipulating the granting of beneﬁts. Directors have received neither loan nor guarantee from TF1. Directors have been informed of the obligation that came into effect on November 25, 2004, to declare any dealing in TF1 shares undertaken by them, or by persons having close personal links with them. These dealings should be reported within ﬁve days of the trade in accordance with Article 222-14 of the General Rules of the French stock exchange authority (Autorite des marches financiers - AMF). TF1 continues to communicate this information, which includes the individual’s name, to the AMF, and makes it public in a press release.ppThe Directors and any other person invited to attend Board of Directors’ Meetings are obliged to treat as strictly conﬁdential any information disclosed at the Meeting.BOARD COMMITTEESThe three specialised committees within the Board are: the Audit Committee, the Compensation Committee, and the Director Selection Committee. The Board determines the composition and powers of the committees, which carry out their activities under the Board’s responsibility, and designates their members from among the Directors. The committees are presided over by personalities who are not members of executive management of the company and have a casting vote. The committees are composed of two to three Directors. Any individual occupying the function of President, CEO or Deputy CEO of TF1 is not entitled to be a member of the Audit Committee nor the Compensation Committee. The Directors consider that these provisions guarantee the independence and efﬁciency of said committees. The three committees meet at the initiative of their respective chairmen or at the request of the Chairman of the Board of Directors and can deliberate provided two of their members are present. Decisions are made by simple majority of the members and they report on their work at the subsequent Meeting of the Board of Directors. Any discussion of the Board on an area of competence of one of the committees is preceded by its submission to that committee and takes place after a report from that committee.END OF SEPARATION OF THE FUNCTIONS OF CHAIRMAN OF THE BOARD AND CEOTo enable a smooth operational transition in the executive management of the company, the Directors, on the recommendation of Patrick Le Lay, decided to separate the functions of Chairman of the Board and CEO and appointed Nonce Paolini as CEO. It was not deemed appropriate to impose limits to the powers of the CEO. At the Meeting of July 31, 2008, the Board of Directors discontinued this separation of the functions of Chairman of the Board and CEO and appointed Nonce Paolini Chairman and CEO of the Group. The Board did not apply any particular limit to the powers of the CEO. The age limit for exercising the functions of Chairman of the Board is set at 68, that of CEO, in compliance with the law, is 65.POTENTIAL CONFLICTS OF INTERESTArticle 5 of the Board’s internal procedures speciﬁcally raises the issue of conﬂict of interest situations: “Directors are required to inform the Chairman of the Board of any conﬂict of interest situation, even a potential one, and do not take part in a vote or deliberation which concerns them either directly or indirectly.” To the knowledge of TF1, there are no potential conﬂicts of interest of any member of the Board of Directors between their duties to TF1 and their private interests and/or other duties.302008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2AUDIT COMMITTEEThis committee was created on February 24, 2003. Its mission is to: p examine the parent company accounts and consolidated accounts before presentation to the Board, ensure the appropriateness and consistency of accounting methods adopted to prepare the accounts, verify internal procedures for collecting and monitoring the information leading to their preparation, report and make recommendations on the above when the accounts are approved or whenever an event occurs to justify it, express an opinion on the re-appointment or appointment of statutory auditors, take note of the conclusion of internal audit assignments, validate its annual programme, steadly be informed of internal control deployment and be updating on the follow-up of risk approach.pThe committee met twice in 2008 and once during the ﬁrst two months of 2009. The level of presence of its members was 100%. For the beneﬁt of the members of the Board, the committee prepared the elements concerning the compensation trend of its ofﬁcers as well as recommendations on the granting options to subscribe to TF1 shares. After each meeting, Directors were provided with its minutes.DIRECTOR SELECTION COMMITTEEThe committee was created on February 24, 2003. Its mission is to: p periodically examine questions concerning the composition, organisation and operation of the Board of Directors and to make recommendations to the latter, examine: − possible candidatures for an ofﬁce as Director, ensuring that independent personalities sit on the Board of Directors, − projects to create Board committees and propose their responsibilities and members, − all measures to be taken to ensure the necessary succession in case an ofﬁce becomes vacant. The committee met three times in 2008 and once in the ﬁrst two months of 2009. The level of attendance of its members was 100%. It gave its position on the renewal of Directors’ term of ofﬁce. The Directors were provided with minutes.pppppFour meetings a year are foreseen to examine the quarterly, half-yearly or annual accounts as well as monitor cash ﬂow and internal audit, before being submitted to the Board. The committee met four times in 2008 and once in the ﬁrst two months of 2009. Each meeting brought together the Executive Vice President, Finance, the Accounting Director, the head of Internal Audit and the statutory auditors. The level of presence of members was 100%. After each meeting, Directors were provided with its minutes.ATTENDANCE OF DIRECTORS AT BOARD MEETINGS IN 2008Patricia Barbizet - 100% Martin Bouygues - 80% Olivier Bouygues - 80% Philippe Marien* (BOUYGUES) - 100% Philippe Montagner (SFPG) - 100% Patrick Le Lay - 100% Nonce Paolini - 100% Jean-Pierre Pernaut - 80% Céline Petton - 100% Alain Pouyat - 100% Haim Saban - 60%* Attendance since his nomination.COMPENSATION COMMITTEEThe committee was created in 1989. Its role is to: p propose to the Board of Directors the compensation for executive ofﬁcers and the beneﬁts of whatever kind made available to them, examine the share option subscription(s) for executive ofﬁcers and employees, make proposals for systems of compensation and incentives for the group’s executives, submit to the Board of Directors the proposed report required by the French Commercial Code: − on compensation and beneﬁts of any kind granted to the executive ofﬁcers by the company and controlled companies, − on share options granted to and exercised by the executive ofﬁcers and the 10 company employees who are the main beneﬁciaries, − on options granted to and exercised by employees of companies majority controlled by TF1.ppp2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2AUDIT COMMITTEEThis committee was created on February 24, 2003. Its mission is to: p examine the parent company accounts and consolidated accounts before presentation to the Board, ensure the appropriateness and consistency of accounting methods adopted to prepare the accounts, verify internal procedures for collecting and monitoring the information leading to their preparation, report and make recommendations on the above when the accounts are approved or whenever an event occurs to justify it, express an opinion on the re-appointment or appointment of statutory auditors, take note of the conclusion of internal audit assignments, validate its annual programme, steadly be informed of internal control deployment and be updating on the follow-up of risk approach.pThe committee met twice in 2008 and once during the ﬁrst two months of 2009. The level of presence of its members was 100%. For the beneﬁt of the members of the Board, the committee prepared the elements concerning the compensation trend of its ofﬁcers as well as recommendations on the granting options to subscribe to TF1 shares. After each meeting, Directors were provided with its minutes.DIRECTOR SELECTION COMMITTEEThe committee was created on February 24, 2003. Its mission is to: p periodically examine questions concerning the composition, organisation and operation of the Board of Directors and to make recommendations to the latter, examine: − possible candidatures for an ofﬁce as Director, ensuring that independent personalities sit on the Board of Directors, − projects to create Board committees and propose their responsibilities and members, − all measures to be taken to ensure the necessary succession in case an ofﬁce becomes vacant. The committee met three times in 2008 and once in the ﬁrst two months of 2009. The level of attendance of its members was 100%. It gave its position on the renewal of Directors’ term of ofﬁce. The Directors were provided with minutes.pppppFour meetings a year are foreseen to examine the quarterly, half-yearly or annual accounts as well as monitor cash ﬂow and internal audit, before being submitted to the Board. The committee met four times in 2008 and once in the ﬁrst two months of 2009. Each meeting brought together the Executive Vice President, Finance, the Accounting Director, the head of Internal Audit and the statutory auditors. The level of presence of members was 100%. After each meeting, Directors were provided with its minutes.ATTENDANCE OF DIRECTORS AT BOARD MEETINGS IN 2008Patricia Barbizet - 100% Martin Bouygues - 80% Olivier Bouygues - 80% Philippe Marien* (BOUYGUES) - 100% Philippe Montagner (SFPG) - 100% Patrick Le Lay - 100% Nonce Paolini - 100% Jean-Pierre Pernaut - 80% Celine Petton - 100% Alain Pouyat - 100% Haim Saban - 60%* Attendance since his nomination.COMPENSATION COMMITTEEThe committee was created in 1989. Its role is to: p propose to the Board of Directors the compensation for executive ofﬁcers and the beneﬁts of whatever kind made available to them, examine the share option subscription(s) for executive ofﬁcers and employees, make proposals for systems of compensation and incentives for the group’s executives, submit to the Board of Directors the proposed report required by the French Commercial Code: − on compensation and beneﬁts of any kind granted to the executive ofﬁcers by the company and controlled companies, − on share options granted to and exercised by the executive ofﬁcers and the 10 company employees who are the main beneﬁciaries, − on options granted to and exercised by employees of companies majority controlled by TF1.ppp2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportDIRECTORS’ COMPENSATIONReport on compensation in accordance with Article L. 225-102-1 and L. 225-37 Paragraph 9 of the French Commercial Code Overall compensation of TF1 executive ofﬁcers is detailed below, as recommended by the corporate Governance Code by the AFEP/MEDEF of December 2008, and the AMF Recommendation dated December 22, 2008 with respect to compensation of executive ofﬁcers of listed companies.Nonce Paolini changed positions during the course of the year, being appointed Chairman and CEO of TF1 on July 31, 2008.Variable remunerationPatrick Le LayPatrick Le Lay’s variable remuneration for 2008 was determined on a ﬁxed rate for the period ending July 31, 2008.Nonce PaoliniNonce Paolini’s variable remuneration is based on the performance of the following major indicators: a) consolidated net proﬁt (Group share) of Bouygues, b) consolidated net proﬁt (Group share) of TF1, c) qualitative criteria. Depending on the nature of such bonuses, they are weighted and individually capped, insofar as the variable compensation corresponding with the cumulative value of such bonuses shall not exceed 150% of the ﬁxed salary.DESCRIPTION OF PROCEDURES FOR DETERMINING COMPENSATION FOR TF1 EXECUTIVE OFFICERS FOR 2008Following consultation with the Compensation Committee, which takes into account the AFEP/MEDEF recommendations concerning the compensation of executive ofﬁcers of listed companies, the Board of Directors deﬁnes the criteria for allocating the variable element and decides the amount of compensation to be paid to TF1 executive ofﬁcers.Fixed remuneration and beneﬁts in kindPatrick Le LayPatrick Le Lay’s ﬁxed remuneration for 2007 and 2008 remained equal at €920,000. He resigned as Chairman on July 31, 2008 and the sum due for 2008 is a straight-line basis over the period.Other information regarding remuneration Additional retirement provisionPatrick Le LayUnder a contract governed by the French Insurance Code, Bouygues offers the members of its executive management committee a complementary pension of 0.92% of the reference salary for each year of membership of the scheme. Patrick Le Lay is a member of that committee. A payment of €579,259 relative to collective agreement applicable to the company was made to Patrick Le Lay.Nonce PaoliniFixed remuneration awarded to Nonce Paolini was determined at his arrival in TF1 at €700,000 dependent upon the following criteria: level and difﬁculty of the individual’s responsibilities, job experience, seniority in the Group, and also the wage policy of groups or companies in similar sectors. The sum due for 2007 is a straight-line basis over the period starting May 22, 2007 during which he was acting CEO of TF1. 2008 compensation remained unchanged. Nonce Paolini’s beneﬁts in kind involve the use of a company car, the part-time assignment of an assistant and a chauffeur/security guard.Nonce PaoliniUnder a contract governed by the the French Insurance Code, Bouygues offers the members of its executive management committee a complementary pension of 0.92% of the reference salary for each year of membership of the scheme. Nonce Paolini is a member of that committee.Table 1 – Summary of compensation, benefits in kind and share options allocated to each executive officers in 2008 in euros2007 LE LAY Patrick – Chairman and CEO then Chairman from 22/05/2007 to 31/07/2008 Compensation with respect to the year in question (details in Table 2) Value of options allocated during the ﬁscal year (details in Table 4) Value of performance-related shares allocated during the ﬁscal year (details in Table 6) TOTAL 1,939,042 626,347 1,939,042 626,347 2008322008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportDIRECTORS’ COMPENSATIONReport on compensation in accordance with Article L. 225-102-1 and L. 225-37 Paragraph 9 of the French Commercial Code Overall compensation of TF1 executive ofﬁcers is detailed below, as recommended by the corporate Governance Code by the AFEP/MEDEF of December 2008, and the AMF Recommendation dated December 22, 2008 with respect to compensation of executive ofﬁcers of listed companies.Nonce Paolini changed positions during the course of the year, being appointed Chairman and CEO of TF1 on July 31, 2008.Variable remunerationPatrick Le LayPatrick Le Lay’s variable remuneration for 2008 was determined on a ﬁxed rate for the period ending July 31, 2008.Nonce PaoliniNonce Paolini’s variable remuneration is based on the performance of the following major indicators: a) consolidated net proﬁt (Group share) of Bouygues, b) consolidated net proﬁt (Group share) of TF1, c) qualitative criteria. Depending on the nature of such bonuses, they are weighted and individually capped, insofar as the variable compensation corresponding with the cumulative value of such bonuses shall not exceed 150% of the ﬁxed salary.DESCRIPTION OF PROCEDURES FOR DETERMINING COMPENSATION FOR TF1 EXECUTIVE OFFICERS FOR 2008Following consultation with the Compensation Committee, which takes into account the AFEP/MEDEF recommendations concerning the compensation of executive ofﬁcers of listed companies, the Board of Directors deﬁnes the criteria for allocating the variable element and decides the amount of compensation to be paid to TF1 executive ofﬁcers.Fixed remuneration and beneﬁts in kindPatrick Le LayPatrick Le Lay’s ﬁxed remuneration for 2007 and 2008 remained equal at €920,000. He resigned as Chairman on July 31, 2008 and the sum due for 2008 is a straight-line basis over the period.Other information regarding remuneration Additional retirement provisionPatrick Le LayUnder a contract governed by the French Insurance Code, Bouygues offers the members of its executive management committee a complementary pension of 0.92% of the reference salary for each year of membership of the scheme. Patrick Le Lay is a member of that committee. A payment of €579,259 relative to collective agreement applicable to the company was made to Patrick Le Lay.Nonce PaoliniFixed remuneration awarded to Nonce Paolini was determined at his arrival in TF1 at €700,000 dependent upon the following criteria: level and difﬁculty of the individual’s responsibilities, job experience, seniority in the Group, and also the wage policy of groups or companies in similar sectors. The sum due for 2007 is a straight-line basis over the period starting May 22, 2007 during which he was acting CEO of TF1. 2008 compensation remained unchanged. Nonce Paolini’s beneﬁts in kind involve the use of a company car, the part-time assignment of an assistant and a chauffeur/security guard.Nonce PaoliniUnder a contract governed by the the French Insurance Code, Bouygues offers the members of its executive management committee a complementary pension of 0.92% of the reference salary for each year of membership of the scheme. Nonce Paolini is a member of that committee.Table 1 – Summary of compensation, benefits in kind and share options allocated to each executive officers in 2008 in euros2007 LE LAY Patrick – Chairman and CEO then Chairman from 22/05/2007 to 31/07/2008 Compensation with respect to the year in question (details in Table 2) Value of options allocated during the ﬁscal year (details in Table 4) Value of performance-related shares allocated during the ﬁscal year (details in Table 6) TOTAL 1,939,042 626,347 1,939,042 626,347 2008322008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report220082007 PAOLINI Nonce – CEO from 22/05/2007 then Chairman and CEO from 01/08/2008 Compensation with respect to the year in question (details in Table 2) Value of options allocated during the ﬁscal year (details in Table 4) Value of performance-related shares allocated during the ﬁscal year (details in Table 6) TOTAL 491,787 491,7871,308,707 334,830 1,643,537Table 2 – Summary of compensation paid to each executive officers in euros2007 LE LAY Patrick – Chairman and CEO then Chairman from 22/05/2007 to 31/07/2008 Fixed salary Variable compensation Exceptional bonus Directors’ fees (2) Beneﬁts in kind TOTAL 95,250 3,792 1,939,042 95,250 3,792 2,399,042 626,347 1,278,013 89,680 89,680 Sums due 920,000 920,000 Sums allocated 920,000 1,380,000 Sums due 536,667 2008 Sums allocated 536,667 651,666 (1)(1) In view of the reorganisation of TF1 management during 2008, only €651,666 of the variable compensation due for 2007, amounting to €920,000, was paid. In addition, severance pay of €579,259 relative to collective agreement applicable was paid out. (2) 57,484 in respect of TF1, 12,196 in respect of Bouygues, 20,000 in respect of Colas.2007 PAOLINI Nonce - CEO from 22/05/2007 then Chairman and CEO from 01/08/2008 Fixed salary Variable compensation Exceptional bonus Directors’ fees (1) Beneﬁts in kind TOTAL(1) 21,650 in respect of TF1, 18,294 in respect of Bouygues, 12,196 in respect of Bouygues Telecom.2008 Sums allocated 379,167 (2) Sums due 700,000 551,530 (3) 12,747 3,358 395,272 52,140 5,037 1,308,707 Sums allocated 700,000 96,515 (2) 52,140 5,037 853,692Sums due 379,167 (2) 96,515 (2) 12,747 3,358 491,787(2) Sum relative to the period 22/05/2007 to 31/12/2007 during which Nonce Paolini was acting CEO of TF1. In 2007 the major share of variable compensation was funded by Bouygues Telecom in respect of former responsibilities undertaken between 01/01/2007 and 22/05/2007. (3) As CEO of the TF1 Group from 01/01/2008 to 31/07/2008 then as Chairman and CEO for the period 01/08/2008 to 31/12/2008. His variable remuneration for 2008, paid in March 2009, was €551,530, or 47.47% less than the maximum allowed (150% of fixed remuneration) owing to TF1’s performances.Table 3 – Directors’ fees and other compensation received by other non executive officersDirectors’ fees paid to members were allocated in 2008 as follow: p to each Director: theoretical Director’s fee paid per year is €18,500. 50% are allocated considering Director responsibility, 50% considering Director’s attendance to Board Meeting, to each Committee member: − Audit Committee: €2,250 per member per quarter, p− Compensation Committee: €1,350 per member per quarter, − Director Selection Committee: €1,350 per member per quarter, to the Chairman for his speciﬁc contract, €6,000 was allocated per month until July 31, 2008 when Patrick Le Lay relinquished his functions with the Group.pThe €350,000 total amount of Directors’ fees to be allocated to executive ofﬁcers and Directors was not used in 2008. Directors’ fees were allocated to all Directors as mentioned below, amounting €301,418.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report220082007 PAOLINI Nonce – CEO from 22/05/2007 then Chairman and CEO from 01/08/2008 Compensation with respect to the year in question (details in Table 2) Value of options allocated during the ﬁscal year (details in Table 4) Value of performance-related shares allocated during the ﬁscal year (details in Table 6) TOTAL 491,787 491,7871,308,707 334,830 1,643,537Table 2 – Summary of compensation paid to each executive officers in euros2007 LE LAY Patrick – Chairman and CEO then Chairman from 22/05/2007 to 31/07/2008 Fixed salary Variable compensation Exceptional bonus Directors’ fees (2) Beneﬁts in kind TOTAL 95,250 3,792 1,939,042 95,250 3,792 2,399,042 626,347 1,278,013 89,680 89,680 Sums due 920,000 920,000 Sums allocated 920,000 1,380,000 Sums due 536,667 2008 Sums allocated 536,667 651,666 (1)(1) In view of the reorganisation of TF1 management during 2008, only €651,666 of the variable compensation due for 2007, amounting to €920,000, was paid. In addition, severance pay of €579,259 relative to collective agreement applicable was paid out. (2) 57,484 in respect of TF1, 12,196 in respect of Bouygues, 20,000 in respect of Colas.2007 PAOLINI Nonce - CEO from 22/05/2007 then Chairman and CEO from 01/08/2008 Fixed salary Variable compensation Exceptional bonus Directors’ fees (1) Beneﬁts in kind TOTAL(1) 21,650 in respect of TF1, 18,294 in respect of Bouygues, 12,196 in respect of Bouygues Telecom.2008 Sums allocated 379,167 (2) Sums due 700,000 551,530 (3) 12,747 3,358 395,272 52,140 5,037 1,308,707 Sums allocated 700,000 96,515 (2) 52,140 5,037 853,692Sums due 379,167 (2) 96,515 (2) 12,747 3,358 491,787(2) Sum relative to the period 22/05/2007 to 31/12/2007 during which Nonce Paolini was acting CEO of TF1. In 2007 the major share of variable compensation was funded by Bouygues Telecom in respect of former responsibilities undertaken between 01/01/2007 and 22/05/2007. (3) As CEO of the TF1 Group from 01/01/2008 to 31/07/2008 then as Chairman and CEO for the period 01/08/2008 to 31/12/2008. His variable remuneration for 2008, paid in March 2009, was €551,530, or 47.47% less than the maximum allowed (150% of fixed remuneration) owing to TF1’s performances.Table 3 – Directors’ fees and other compensation received by other non executive officersDirectors’ fees paid to members were allocated in 2008 as follow: p to each Director: theoretical Director’s fee paid per year is €18,500. 50% are allocated considering Director responsibility, 50% considering Director’s attendance to Board Meeting, to each Committee member: − Audit Committee: €2,250 per member per quarter, p− Compensation Committee: €1,350 per member per quarter, − Director Selection Committee: €1,350 per member per quarter, to the Chairman for his speciﬁc contract, €6,000 was allocated per month until July 31, 2008 when Patrick Le Lay relinquished his functions with the Group.pThe €350,000 total amount of Directors’ fees to be allocated to executive ofﬁcers and Directors was not used in 2008. Directors’ fees were allocated to all Directors as mentioned below, amounting €301,418.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
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		<raw><![CDATA[2TOTALREPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportDIRECTORS’ FEES ALLOCATED TO EXECUTIVE OFFICERSSums disbursed in 2007 95,250.00 12,747.00 107,997.00 Sums disbursed in 2008 89,680.00 52,140.00 141,820.00Executive ofﬁcers LE LAY Patrick PAOLINI NonceDIRECTORS’ FEES AND OTHER COMPENSATION ALLOCATED TO NON EXECUTIVE OFFICERSSums disbursed in 2007 27,625.00 23,250.00 14,531.25 18,000.00 Sums disbursed in 2008 32,900.00 22,358.00 16,958.00 16,187.00 6,166.00 (2) 22,423.00 12,383.93 16,843.75 18,000.00 32,000.00 19,350.00 13,375.00 198,271.93 22,550.00 18,500.00 18,500.00 6,426.00 23,900.00 15,416.00 222,284.00Non Executive ofﬁcers BARBIZET Patricia BOUYGUES Martin BOUYGUES Olivier COHEN Claude LE LAY Patrick MARIEN Philippe MONTAGNER Philippe PERNAUT Jean-Pierre (1) (staff representative) PETTON Céline (1) (staff representative) POUPART LAFARGE Olivier POUYAT Alain SABAN Haïm TOTAL(1) Directors’ fees payable to staff representatives were paid to the trade unions CFTC (€18,500) and FO (€18,500). (2) Fees paid to Patrick Le Lay after the ending of his function as Chairman.Claude Cohen quitted her group functions at the end of 2008. Sum due for 2008 relative to her former group functions amounted €863,252. A €1,375,638 contractual retirement allowance was paid out. Martin Bouygues, Olivier Bouygues, Philippe Montagner and Alain Pouyat’s allocated compensations are mentioned in Bouygues registration document. Salaried Directors, Jean-Pierre Pernaut and Céline Petton, did not receive any other special compensation relative to their corporate ofﬁce in TF1.2009In 2009, Nonce Paolini is the only executive ofﬁcer. The Board of Directors which took place in February 18, 2009 decided that no increase in ﬁxed remuneration will be granted in 2009. The theoretical level of and criteria for allocating variable portions remain the same. 50,000 options (giving the right to subscribe for new shares in TF1) were granted to Nonce Paolini by the Board of Directors. As of starting March 20, 2009, these options will give the right to subscribe for new shares in TF1. This stock option plan represented 2.5% of the total amount of the new plan at expiry date March 20, 2016. Original exercise price is calculated on the average of the opening prices quoted on the 20 trading days prior to the option grant March 20, 2009, with no discount.December 22, 2008 on the information to be provided in registration documents concerning the remuneration of executive ofﬁcers.PRINCIPLES AND RULES FOR GRANTING STOCK OPTIONS AND FREE SHARESThe 29th resolution of the Annual General Meeting on April 17, 2007 authorised the Board of Directors on one or more occasions to grant options conferring a right to subscribe for new shares or to purchase existing shares. This authorisation, granted for 26 months, requires the beneﬁciaries of these options to be employees and/or executive ofﬁcers of TF1 or of companies or economic interest groupings directly or indirectly associated with TF1. The Annual General Meeting granted to the Board of Directors the current power to ﬁx applicable rules to grants of stock options. The 15th resolution of the Annual General Meeting on April 17, 2008 also authorised the Board of Directors on one or more occasions to allot bonus shares whether in existence or to be issued in the future. This authorisation was conferred for a period of thirty-eight months and requires the beneﬁciaries of these shares to be employees and/or executive ofﬁcers of TF1 or of companies or economic interest groupings directly or indirectly associated with TF1.2008 REPORT ON STOCK OPTIONS AND PERFORMANCE SHARESAccording to Articles L. 225-184 and L. 225-197-4 of the French Commercial Code This chapter contains the reports required under the the French Commercial Code. It also includes the tables called for by the AFEP-MEDEF Corporate Governance Code of December 2008 and by the AMF Recommendation of342008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2TOTALREPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportDIRECTORS’ FEES ALLOCATED TO EXECUTIVE OFFICERSSums disbursed in 2007 95,250.00 12,747.00 107,997.00 Sums disbursed in 2008 89,680.00 52,140.00 141,820.00Executive ofﬁcers LE LAY Patrick PAOLINI NonceDIRECTORS’ FEES AND OTHER COMPENSATION ALLOCATED TO NON EXECUTIVE OFFICERSSums disbursed in 2007 27,625.00 23,250.00 14,531.25 18,000.00 Sums disbursed in 2008 32,900.00 22,358.00 16,958.00 16,187.00 6,166.00 (2) 22,423.00 12,383.93 16,843.75 18,000.00 32,000.00 19,350.00 13,375.00 198,271.93 22,550.00 18,500.00 18,500.00 6,426.00 23,900.00 15,416.00 222,284.00Non Executive ofﬁcers BARBIZET Patricia BOUYGUES Martin BOUYGUES Olivier COHEN Claude LE LAY Patrick MARIEN Philippe MONTAGNER Philippe PERNAUT Jean-Pierre (1) (staff representative) PETTON Celine (1) (staff representative) POUPART LAFARGE Olivier POUYAT Alain SABAN Haim TOTAL(1) Directors’ fees payable to staff representatives were paid to the trade unions CFTC (€18,500) and FO (€18,500). (2) Fees paid to Patrick Le Lay after the ending of his function as Chairman.Claude Cohen quitted her group functions at the end of 2008. Sum due for 2008 relative to her former group functions amounted €863,252. A €1,375,638 contractual retirement allowance was paid out. Martin Bouygues, Olivier Bouygues, Philippe Montagner and Alain Pouyat’s allocated compensations are mentioned in Bouygues registration document. Salaried Directors, Jean-Pierre Pernaut and Celine Petton, did not receive any other special compensation relative to their corporate ofﬁce in TF1.2009In 2009, Nonce Paolini is the only executive ofﬁcer. The Board of Directors which took place in February 18, 2009 decided that no increase in ﬁxed remuneration will be granted in 2009. The theoretical level of and criteria for allocating variable portions remain the same. 50,000 options (giving the right to subscribe for new shares in TF1) were granted to Nonce Paolini by the Board of Directors. As of starting March 20, 2009, these options will give the right to subscribe for new shares in TF1. This stock option plan represented 2.5% of the total amount of the new plan at expiry date March 20, 2016. Original exercise price is calculated on the average of the opening prices quoted on the 20 trading days prior to the option grant March 20, 2009, with no discount.December 22, 2008 on the information to be provided in registration documents concerning the remuneration of executive ofﬁcers.PRINCIPLES AND RULES FOR GRANTING STOCK OPTIONS AND FREE SHARESThe 29th resolution of the Annual General Meeting on April 17, 2007 authorised the Board of Directors on one or more occasions to grant options conferring a right to subscribe for new shares or to purchase existing shares. This authorisation, granted for 26 months, requires the beneﬁciaries of these options to be employees and/or executive ofﬁcers of TF1 or of companies or economic interest groupings directly or indirectly associated with TF1. The Annual General Meeting granted to the Board of Directors the current power to ﬁx applicable rules to grants of stock options. The 15th resolution of the Annual General Meeting on April 17, 2008 also authorised the Board of Directors on one or more occasions to allot bonus shares whether in existence or to be issued in the future. This authorisation was conferred for a period of thirty-eight months and requires the beneﬁciaries of these shares to be employees and/or executive ofﬁcers of TF1 or of companies or economic interest groupings directly or indirectly associated with TF1.2008 REPORT ON STOCK OPTIONS AND PERFORMANCE SHARESAccording to Articles L. 225-184 and L. 225-197-4 of the French Commercial Code This chapter contains the reports required under the the French Commercial Code. It also includes the tables called for by the AFEP-MEDEF Corporate Governance Code of December 2008 and by the AMF Recommendation of342008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2The Annual General Meeting granted to the Board of Directors the current power to ﬁx applicable rules to grants of stock options.pGeneral rules applicable to grants of stock options and bonus sharesFor the record: p stock options or bonus shares are granted to attract senior executives and employees, secure their loyalty, reward them and give them a mediumand long-term interest in the company’s development, in the light of their contribution to value creation, more than 150 employees are beneﬁciaries under each plan. The beneﬁciaries are selected and individual allotments are decided by reference to each beneﬁciary’s responsibility and performance, with particular attention being paid to executives with potential, in the case of grants of options and shares, no discount is applied, a rule precise the periods during employees are prohibited from exercising their options. Options may not be exercised in the ﬁfteen calendar days leading up to the quarterly, half year and full year release results, and in the two trading days following each of these releases.executives ofﬁcers are obliged to retain until the expiry of their term of ofﬁce a number of bonus shares or shares resulting from the exercise of stock options number of stock options.This provision was applied to stock options granted in 2008. The Board decided on the executive Directors obligation to retain until the expiry of their term 25% of shares resulting from the exercise of their stock options, after selling the number of shares required to cover the costs of exercising the options and paying any related taxes or social charges.General information: characteristics of stock subscription optionsAll the stock options granted by the Board of Directors have the following characteristics: p exercise price: average of the opening prices quoted on the 20 trading days prior to the option grant, with no discount, validity period: seven years as from the date the stock options are granted, lock-up period: three years following the date the stock options are granted (Negotiable as from fourth anniversary), exercise period: the four years after expiry of the lock-up, automatic cancellation if employment contract or appointment as corporate ofﬁcer is terminated, unless given special authorisation, or in the event of invalidity, departure or retirement.pp pp pp pSpeciﬁc rules applicable to executive ofﬁcersThe Board of Directors has incorporated the following AFEP/MEDEF recommendations into its rules of procedure: p stock options or bonus shares shall not be granted to senior executives leaving the company, risk hedging transactions relating to the exercise of stock options or the sale of bonus shares are forbidden,STOCK OPTIONS GRANTED TO OR EXERCISED BY EXECUTIVE OFFICERS AND SALARIED OFFICERS IN 2008In February 20, 2008, the Board of Directors decided that 50,000 stock options would be granted to Nonce Paolini in March 20, 2008.pTable 4 – Options allocated to executive officersOPTIONS TO SUBSCRIBE OR PURCHASE SHARES EXERCISED DURING THE YEAR BY EACH EXECUTIVE OFFICER BY THE ISSUER AND BY ANY OF THE GROUP’S COMPANYValuation of options according to method used for consolidated accountsName of executive ofﬁcerPlan N° and date N°: 10 Date of Board Meeting 20/02/2008 Allocation date 20/03/2008 Plan Bouygues Date of Board Meeting 26/02/2008 Allocation date 31/03/2008Nature of option (purchase or subscription)Number of options granted during the yearPricePeriod from 20/03/2011 to 20/03/2015 from 31/03/2012 to 30/09/2015PAOLINI NonceSubscription1.4150,00015.35PAOLINI Nonce TOTALSubscription5.2950,000 100,00043.232008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2The Annual General Meeting granted to the Board of Directors the current power to ﬁx applicable rules to grants of stock options.pGeneral rules applicable to grants of stock options and bonus sharesFor the record: p stock options or bonus shares are granted to attract senior executives and employees, secure their loyalty, reward them and give them a mediumand long-term interest in the company’s development, in the light of their contribution to value creation, more than 150 employees are beneﬁciaries under each plan. The beneﬁciaries are selected and individual allotments are decided by reference to each beneﬁciary’s responsibility and performance, with particular attention being paid to executives with potential, in the case of grants of options and shares, no discount is applied, a rule precise the periods during employees are prohibited from exercising their options. Options may not be exercised in the ﬁfteen calendar days leading up to the quarterly, half year and full year release results, and in the two trading days following each of these releases.executives ofﬁcers are obliged to retain until the expiry of their term of ofﬁce a number of bonus shares or shares resulting from the exercise of stock options number of stock options.This provision was applied to stock options granted in 2008. The Board decided on the executive Directors obligation to retain until the expiry of their term 25% of shares resulting from the exercise of their stock options, after selling the number of shares required to cover the costs of exercising the options and paying any related taxes or social charges.General information: characteristics of stock subscription optionsAll the stock options granted by the Board of Directors have the following characteristics: p exercise price: average of the opening prices quoted on the 20 trading days prior to the option grant, with no discount, validity period: seven years as from the date the stock options are granted, lock-up period: three years following the date the stock options are granted (Negotiable as from fourth anniversary), exercise period: the four years after expiry of the lock-up, automatic cancellation if employment contract or appointment as corporate ofﬁcer is terminated, unless given special authorisation, or in the event of invalidity, departure or retirement.pp pp pp pSpeciﬁc rules applicable to executive ofﬁcersThe Board of Directors has incorporated the following AFEP/MEDEF recommendations into its rules of procedure: p stock options or bonus shares shall not be granted to senior executives leaving the company, risk hedging transactions relating to the exercise of stock options or the sale of bonus shares are forbidden,STOCK OPTIONS GRANTED TO OR EXERCISED BY EXECUTIVE OFFICERS AND SALARIED OFFICERS IN 2008In February 20, 2008, the Board of Directors decided that 50,000 stock options would be granted to Nonce Paolini in March 20, 2008.pTable 4 – Options allocated to executive officersOPTIONS TO SUBSCRIBE OR PURCHASE SHARES EXERCISED DURING THE YEAR BY EACH EXECUTIVE OFFICER BY THE ISSUER AND BY ANY OF THE GROUP’S COMPANYValuation of options according to method used for consolidated accountsName of executive ofﬁcerPlan N° and date N°: 10 Date of Board Meeting 20/02/2008 Allocation date 20/03/2008 Plan Bouygues Date of Board Meeting 26/02/2008 Allocation date 31/03/2008Nature of option (purchase or subscription)Number of options granted during the yearPricePeriod from 20/03/2011 to 20/03/2015 from 31/03/2012 to 30/09/2015PAOLINI NonceSubscription1.4150,00015.35PAOLINI Nonce TOTALSubscription5.2950,000 100,00043.232008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportTable 5 – Exercised options by executive officers of TF1 in 2008OPTIONS TO SUBSCRIBE OR PURCHASE SHARES EXERCISED DURING THE YEAR BY EACH EXECUTIVE OFFICERNumber of options exercised during the year 500 500Name of executive ofﬁcer PAOLINI Nonce TOTALPlan N° and date Bouygues Plan granted 15/03/2004Price 25.15FREE ALLOCATION OF TF1 SHARES – PLAN N° 9Date of General Meeting Date of Board Meeting Date of allocation Type of shares Number of shares allocated - to executive ofﬁcers - to 10 employees receiving the most shares Acquisition period Retention period Disposal date Fair value of probable number of shares allocated according to original estimate Presence criteria Performance criteria Number of shares acquired as at 31/12/2006 Number of allocated shares cancelled Number of shares under acquisition minimum: 191,025 minimum: 82,500 minimum: 52,875 April 12, 2005 February 21, 2006 March 8, 2006 Existing shares maximum: 445,725 maximum: 192,500 maximum: 123,375March 8, 2006 to March 31, 2008 April 1, 2008 to March 31, 2010 As from April 1, 2010 €7.5 million Minimum of 191,025 shares allocated on condition that beneﬁciaries are present in the company on March 31, 2008 254,700 additional shares allocated, depending on performance determined from consolidated net income for business year 2007 and the relative performance of the TF1 shares with respect to the SBF 120 index, these 2 criteris being independent of each other minimum: 0 minimum: 14,625 minimum: 176,400 maximum: 0 maximum: 34,125 maximum: 411,600PERFORMANCES SHARES Table 6 – Performances shares attributed to each executive officerThe company granted no performance shares in 2008.Table 7 – Performance shares that became available to executive officers during the financial yearNo performance shares became available in 2008. On April 1, 2008, since criteria performances were not reached, performances shares relative to Plan n° 9 became lapsed.362008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportTable 5 – Exercised options by executive officers of TF1 in 2008OPTIONS TO SUBSCRIBE OR PURCHASE SHARES EXERCISED DURING THE YEAR BY EACH EXECUTIVE OFFICERNumber of options exercised during the year 500 500Name of executive ofﬁcer PAOLINI Nonce TOTALPlan N° and date Bouygues Plan granted 15/03/2004Price 25.15FREE ALLOCATION OF TF1 SHARES – PLAN N° 9Date of General Meeting Date of Board Meeting Date of allocation Type of shares Number of shares allocated - to executive ofﬁcers - to 10 employees receiving the most shares Acquisition period Retention period Disposal date Fair value of probable number of shares allocated according to original estimate Presence criteria Performance criteria Number of shares acquired as at 31/12/2006 Number of allocated shares cancelled Number of shares under acquisition minimum: 191,025 minimum: 82,500 minimum: 52,875 April 12, 2005 February 21, 2006 March 8, 2006 Existing shares maximum: 445,725 maximum: 192,500 maximum: 123,375March 8, 2006 to March 31, 2008 April 1, 2008 to March 31, 2010 As from April 1, 2010 €7.5 million Minimum of 191,025 shares allocated on condition that beneﬁciaries are present in the company on March 31, 2008 254,700 additional shares allocated, depending on performance determined from consolidated net income for business year 2007 and the relative performance of the TF1 shares with respect to the SBF 120 index, these 2 criteris being independent of each other minimum: 0 minimum: 14,625 minimum: 176,400 maximum: 0 maximum: 34,125 maximum: 411,600PERFORMANCES SHARES Table 6 – Performances shares attributed to each executive officerThe company granted no performance shares in 2008.Table 7 – Performance shares that became available to executive officers during the financial yearNo performance shares became available in 2008. On April 1, 2008, since criteria performances were not reached, performances shares relative to Plan n° 9 became lapsed.362008 REGISTRATION DOCUME]]></basicChars>
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	<page id="39">
		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Table 8 – History of allocations of stock subscription or purchase optionsPlan n° 6 Date of Annual General Meetings Date of Board of Directors’ Meetings Total number of options available for subscription or purchase: number of which can be subscribed or purchased by executive ofﬁcers COHEN Claude LE LAY Patrick MOUGEOTTE Étienne PAOLINI Nonce PERNAUT Jean-Pierre to 10 employees receiving the most shares Options exercisable as from Expiry date Subscription or purchase price 10,000 370,000 11/12/2004 11/12/2008 27.80 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 2,071,300 10,000 390,000 12/03/2006 12/03/2010 20.20 or 21.26 (1) Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 524,900 281,000 1,494,600 100,000 16/09/2007 16/09/2011 23.46 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 107,500 900,500 18/04/2000 11/12/2001 2,071,300 560,000 100,000 300,000 150,000 Plan n° 7 23/04/2002 24/02/2003 2,300,500 560,000 100,000 300,000 150,000 50,000 6,000 340,000 20/03/2011 20/03/2015 15.35 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 68,000 1,932,000 Plan n° 8 23/04/2002 31/08/2004 1,008,000 0 Plan n° 10 17/04/2007 20/03/2008 2,000,000 86,000 30,000Exercise procedure (for plans with more than one tranche)Number of shares subscribed as at 31/12/2008 Total number of cancelled or null and void subscription or purchase options Subscription or purchase options remaining at the end of the year(1) 5% discount was not applied to executive officers’ stock options.The options for the subscription of shares and the free attribution of shares described above are currently the only instruments issued by TF1 having a potentially dilutive effect. In view of average TF1 share price in 2008, no dilutive impact has been taken into account. Early matured plans: p p p p p plan n° 1 lapsed on October 10, 2002, plan n° 2 lapsed on April 8, 2004, plan n° 3 lapsed on March 18, 2005, plan n° 4 lapsed on September 20, 2006, plan n° 5 lapsed on December 6, 2007.Table 9 – Stock options granted to the ten TF1 employees (non executive officers) having received the largest number of options in 2008The ten TF1 employees (not executive ofﬁcers) having received the largest number of options in 2008 are the following ones: Employees Philippe DENERY Jean-François LANCELIER Jean-Pierre ROUSSEAU Laurent STORCH Patrick BINET Arnaud BOSOM Pierre BROSSARD Jean-Michel COUNILLON Yves GOBLET Martine HOLLINGER There were no exercise options in 2008. Number of granted options 40,000 40,000 40,000 40,000 30,000 30,000 30,000 30,000 30,000 30,000 Exercise price in € 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 Expiry date March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 20152008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Table 8 – History of allocations of stock subscription or purchase optionsPlan n° 6 Date of Annual General Meetings Date of Board of Directors’ Meetings Total number of options available for subscription or purchase: number of which can be subscribed or purchased by executive ofﬁcers COHEN Claude LE LAY Patrick MOUGEOTTE Etienne PAOLINI Nonce PERNAUT Jean-Pierre to 10 employees receiving the most shares Options exercisable as from Expiry date Subscription or purchase price 10,000 370,000 11/12/2004 11/12/2008 27.80 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 2,071,300 10,000 390,000 12/03/2006 12/03/2010 20.20 or 21.26 (1) Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 524,900 281,000 1,494,600 100,000 16/09/2007 16/09/2011 23.46 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 107,500 900,500 18/04/2000 11/12/2001 2,071,300 560,000 100,000 300,000 150,000 Plan n° 7 23/04/2002 24/02/2003 2,300,500 560,000 100,000 300,000 150,000 50,000 6,000 340,000 20/03/2011 20/03/2015 15.35 Exercisable as from 3rd anniversary. Negotiable as from 4th anniversary. 0 68,000 1,932,000 Plan n° 8 23/04/2002 31/08/2004 1,008,000 0 Plan n° 10 17/04/2007 20/03/2008 2,000,000 86,000 30,000Exercise procedure (for plans with more than one tranche)Number of shares subscribed as at 31/12/2008 Total number of cancelled or null and void subscription or purchase options Subscription or purchase options remaining at the end of the year(1) 5% discount was not applied to executive officers’ stock options.The options for the subscription of shares and the free attribution of shares described above are currently the only instruments issued by TF1 having a potentially dilutive effect. In view of average TF1 share price in 2008, no dilutive impact has been taken into account. Early matured plans: p p p p p plan n° 1 lapsed on October 10, 2002, plan n° 2 lapsed on April 8, 2004, plan n° 3 lapsed on March 18, 2005, plan n° 4 lapsed on September 20, 2006, plan n° 5 lapsed on December 6, 2007.Table 9 – Stock options granted to the ten TF1 employees (non executive officers) having received the largest number of options in 2008The ten TF1 employees (not executive ofﬁcers) having received the largest number of options in 2008 are the following ones: Employees Philippe DENERY Jean-Francois LANCELIER Jean-Pierre ROUSSEAU Laurent STORCH Patrick BINET Arnaud BOSOM Pierre BROSSARD Jean-Michel COUNILLON Yves GOBLET Martine HOLLINGER There were no exercise options in 2008. Number of granted options 40,000 40,000 40,000 40,000 30,000 30,000 30,000 30,000 30,000 30,000 Exercise price in € 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 15.35 Expiry date March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 2015 March 20, 20152008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportTable 10 – Other information concerning executive officersCompensation or beneﬁts due or likely to be due Supplementary in connection with Pension Scheme relinquishing or changing Compensation in relation to (§ 1.3) post (2) a no-competition clause Yes X X No Yes No X X Yes No X XEmployment Contract (1) Executive ofﬁcers LE LAY Patrick - Chairman - Term of ofﬁce end date 31/07/2008 PAOLINI Nonce - Chairman and CEO - Term of ofﬁce start date 01/08/2008(1) Patrick Le Lay and Nonce Paolini have an employment contract with Bouygues SA and not with TF1 SA.Yes X XNo(2) Golden parachutes : the company and its subsidiaries did not take any commitment or promise to allocate a leaving compensation neither for executive officers nor for salaried Directors.This two executive ofﬁcers are covered by the collective agreement applicable to the company (Paris region construction company executives’ collective agreement for Bouygues SA), which provides for certain compensation if aDirector’s employment contract is terminated. Nonce Paolini is eligible for such compensation. Previously, Patrick Le Lay was eligible too.2.2.2 Chairman’s report on internal control proceduresINTRODUCTIONCONTEXTThe purpose of this report is to describe the internal control procedures set up by the company. It covers TF1 SA as producer and broadcaster of the TF1 channel, but also its mission of co-ordination and participation in the control procedures in the subsidiaries over which it exercises exclusive or majority control. In particular, TF1 monitors the harmonisation of the main ﬁnancial procedures of the whole Group while respecting the speciﬁc characteristics of each business to preserve the appropriateness of the analyses and the speed of decisions. It also implements procedures for identifying risks for the whole scope of its responsibilities to work out appropriate procedures and controls for each critical cycle. The TF1 Group is particularly sensitive to the importance of internal controls, especially concerning accounting or ﬁnancial matters, where reliability of information is crucial. This report is the result of a the collection of information and analyses carried out in co-operation with the different contributors to internal control in TF1 and its subsidiaries, resulting in the factual description of the control environment and the procedures in place. This document has been co-ordinated by the internal audit department. The report has been subjected to a validation process by the Finance department and Legal Affairs. The document has also been communicated to the statutory auditors and subsequently presented to the Audit committee and the Board by the Chairman for their approval.INTERNAL CONTROL OBJECTIVES AND PRINCIPLESSince the 2007 business year, TF1 has chosen to base itself on the framework of internal control published on January 22, 2007 subsequent to the work carried out by the task force set up under the aegis of the French stock exchange authority (AMF) to analyse its internal control system and present the report on internal control procedures. According to that framework, which is compatible with the “COSO” (Committee of Sponsoring Organizations of the Treadway Commission) benchmark used in previous years, internal controls are deﬁned as a method to ensure: p p p compliance with laws and regulations, application of instructions and directions set by governance bodies, proper functioning of company internal processes, for example those concerned with safeguarding assets, reliability of ﬁnancial reporting (its key control factors being set out in detail in the “Application guide on control of accounting and ﬁnancial information published by their issuers”).pIn addition, this system should also contribute to monitoring the activity, effectiveness of operations and efﬁcient use of the company’s resources. However, no such system can provide an absolute guarantee of achieving targets and overall control of the risks the Group might be subjected to. The TF1 Group is committed to the continuous and dynamic adaptation of its internal control system to its activity that will enable its appropriateness and efﬁciency to be gauged.382008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportTable 10 – Other information concerning executive officersCompensation or beneﬁts due or likely to be due Supplementary in connection with Pension Scheme relinquishing or changing Compensation in relation to (§ 1.3) post (2) a no-competition clause Yes X X No Yes No X X Yes No X XEmployment Contract (1) Executive ofﬁcers LE LAY Patrick - Chairman - Term of ofﬁce end date 31/07/2008 PAOLINI Nonce - Chairman and CEO - Term of ofﬁce start date 01/08/2008(1) Patrick Le Lay and Nonce Paolini have an employment contract with Bouygues SA and not with TF1 SA.Yes X XNo(2) Golden parachutes : the company and its subsidiaries did not take any commitment or promise to allocate a leaving compensation neither for executive officers nor for salaried Directors.This two executive ofﬁcers are covered by the collective agreement applicable to the company (Paris region construction company executives’ collective agreement for Bouygues SA), which provides for certain compensation if aDirector’s employment contract is terminated. Nonce Paolini is eligible for such compensation. Previously, Patrick Le Lay was eligible too.2.2.2 Chairman’s report on internal control proceduresINTRODUCTIONCONTEXTThe purpose of this report is to describe the internal control procedures set up by the company. It covers TF1 SA as producer and broadcaster of the TF1 channel, but also its mission of co-ordination and participation in the control procedures in the subsidiaries over which it exercises exclusive or majority control. In particular, TF1 monitors the harmonisation of the main ﬁnancial procedures of the whole Group while respecting the speciﬁc characteristics of each business to preserve the appropriateness of the analyses and the speed of decisions. It also implements procedures for identifying risks for the whole scope of its responsibilities to work out appropriate procedures and controls for each critical cycle. The TF1 Group is particularly sensitive to the importance of internal controls, especially concerning accounting or ﬁnancial matters, where reliability of information is crucial. This report is the result of a the collection of information and analyses carried out in co-operation with the different contributors to internal control in TF1 and its subsidiaries, resulting in the factual description of the control environment and the procedures in place. This document has been co-ordinated by the internal audit department. The report has been subjected to a validation process by the Finance department and Legal Affairs. The document has also been communicated to the statutory auditors and subsequently presented to the Audit committee and the Board by the Chairman for their approval.INTERNAL CONTROL OBJECTIVES AND PRINCIPLESSince the 2007 business year, TF1 has chosen to base itself on the framework of internal control published on January 22, 2007 subsequent to the work carried out by the task force set up under the aegis of the French stock exchange authority (AMF) to analyse its internal control system and present the report on internal control procedures. According to that framework, which is compatible with the “COSO” (Committee of Sponsoring Organizations of the Treadway Commission) benchmark used in previous years, internal controls are deﬁned as a method to ensure: p p p compliance with laws and regulations, application of instructions and directions set by governance bodies, proper functioning of company internal processes, for example those concerned with safeguarding assets, reliability of ﬁnancial reporting (its key control factors being set out in detail in the “Application guide on control of accounting and ﬁnancial information published by their issuers”).pIn addition, this system should also contribute to monitoring the activity, effectiveness of operations and efﬁcient use of the company’s resources. However, no such system can provide an absolute guarantee of achieving targets and overall control of the risks the Group might be subjected to. The TF1 Group is committed to the continuous and dynamic adaptation of its internal control system to its activity that will enable its appropriateness and efﬁciency to be gauged.382008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2INTERNAL CONTROL PROCEDURESORGANISATION AND MODUS OPERANDIThe principles of the Group’s corporate governance, its organisational structure through the deﬁnition of modus operandi and the widespread transmission of its values and rules constitute the general internal audit environment.A summary of these plans is presented to the Chairman and CEO and to the TF1 Board. During the third quarter of the year, a document summarising the whole of the TF1 Group three-year plan process is submitted to the Board of Directors for approval.Rules and principlesThe TF1 Group focuses on the respect of rules and values distributed through internal procedures (those of TF1 SA and of its subsidiaries), operating guidelines (the Eticnet guidelines, etc.) as well as through the dissemination of the Code of Conduct deployed by the Bouygues Group. The aim of the Group’s Code of Conduct is to induce managers and staff to adhere to a set of key common values, without replacing common sense, respect and the sense of responsibility of everyone. With this code, the Group is committed to respecting the most stringent standards of business conduct. It also includes an alarm mechanism to enable Group employees to point out irregularities appearing in certain pre-deﬁned areas that they have become aware of in carrying out their jobs. It is also to be noted that in 2006, TF1 joined the United Nations’ Global Compact, demonstrating its will to adopt and promote and encourage respect of the principles and values of human rights, the environment, working standards and the ﬁght against corruption. TF1 is active in a sector that is subject to constant change, mainly as a result of technology advances. It therefore ensures a high level of skills among its employees, notably through an ambitious policy of selection and on-going training, which contributes to a positive internal control environment. Finally, the Bouygues Management Institute organises regular seminars which TF1 executives attend. The objective of these seminars is to encourage managers to reﬂect on their role, responsibilities and the respect of ethical principles in their daily work and to rally all Group leaders around common values. Above and beyond the various control processes in place, the Group makes a constant effort to continuously improve its internal control system. In this respect, as of 2007, the TF1 Group adhered to an approach initiated by Bouygues combining its main businesses, including TF1. The purpose was to build an internal control system based on the reference framework proposed by the AMF and including the best practices the Group has implemented for several years as part of its business activity. This approach works through an organisation that is made up of two workgroups that meet monthly and comprising representatives of each business unit. These groups cover: p “internal ﬁnance and accounting control”, specialised in processes linked to managing the organisation and developing ﬁnance and accounting information, and “internal control general principles”, specialised in the ﬁve key elements of internal control speciﬁed in the AMF reference framework.OrganisationThe organisation, composition and functioning of the Board of Directors and specialised committees which assist it (Audit Committee, Compensation Committee and Director Selection Committee), as described in the section of the report on the preparation and organisation of the work of the Board of Directors, are compliant with corporate governance rules and conducive to effective internal controls. The Board, under the authority of its Chairman, determines the company’s directions and ensures, with the help of the audit committee, the proper institution of internal control systems within the Group. The key decisions, for example, the acquisition of sports events rights or more generally audiovisual rights (football rights, contracts with major ﬁlm studios, etc.) are subject to clear approval processes, the decisions being taken by General Management based on recommendations of the different ad-hoc committees. The Board is kept updated. On July 31, 2008, the Board of Directors appointed Nonce Paolini as Chairman and CEO of the TF1 Group. In this quality, he takes operational and functional responsibility for the Group activities to implement the strategy established by the Board of Directors. Speciﬁcally, he arranges for implementation of internal control systems in the Group. In this mission, he is supported by the executive committee, which brings together the Directors of each Group division and functional Directors bi-monthly. The executive committee enables the CEO to cascade the major internal control directions and to make each member accountable for implementation and monitoring of internal control systems in their area of responsibility. Furthermore, powers are delegated on the basis of guidelines set by the Group to achieve the twin objective of making operational staff accountable and controlling commitments at the appropriate level. With regard to the latter point, a separation of functions is designed to permit an independent control by making every effort to dissociate functions related to operations, protection of assets and their recording in the accounts.ObjectivesThe three-year plan reﬂects the mid-term strategic directions, and the resulting annual plan makes up the framework of commitments made by the managers of the different Group entities. As such, this plan is also a key element of the internal control environment. It deﬁnes the objectives in terms of sales levels and costs, as well as the resources, entities and organisation to be mobilised. The process of building the three-year plan also implies the respect of a structured approach aimed at ensuring the quality of the objectives. This approach is determined by the TF1 SA Financial Control and Strategic Planning department. The plans from the various TF1 Group entities and companies are reviewed by Finance and Executive Management.pA parent company project team animates these work groups, with the help of a Group statutory auditor in the area of internal control of ﬁnance and accounting information. A co-ordinating committee and a steering committee complement this mechanism.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2INTERNAL CONTROL PROCEDURESORGANISATION AND MODUS OPERANDIThe principles of the Group’s corporate governance, its organisational structure through the deﬁnition of modus operandi and the widespread transmission of its values and rules constitute the general internal audit environment.A summary of these plans is presented to the Chairman and CEO and to the TF1 Board. During the third quarter of the year, a document summarising the whole of the TF1 Group three-year plan process is submitted to the Board of Directors for approval.Rules and principlesThe TF1 Group focuses on the respect of rules and values distributed through internal procedures (those of TF1 SA and of its subsidiaries), operating guidelines (the Eticnet guidelines, etc.) as well as through the dissemination of the Code of Conduct deployed by the Bouygues Group. The aim of the Group’s Code of Conduct is to induce managers and staff to adhere to a set of key common values, without replacing common sense, respect and the sense of responsibility of everyone. With this code, the Group is committed to respecting the most stringent standards of business conduct. It also includes an alarm mechanism to enable Group employees to point out irregularities appearing in certain pre-deﬁned areas that they have become aware of in carrying out their jobs. It is also to be noted that in 2006, TF1 joined the United Nations’ Global Compact, demonstrating its will to adopt and promote and encourage respect of the principles and values of human rights, the environment, working standards and the ﬁght against corruption. TF1 is active in a sector that is subject to constant change, mainly as a result of technology advances. It therefore ensures a high level of skills among its employees, notably through an ambitious policy of selection and on-going training, which contributes to a positive internal control environment. Finally, the Bouygues Management Institute organises regular seminars which TF1 executives attend. The objective of these seminars is to encourage managers to reﬂect on their role, responsibilities and the respect of ethical principles in their daily work and to rally all Group leaders around common values. Above and beyond the various control processes in place, the Group makes a constant effort to continuously improve its internal control system. In this respect, as of 2007, the TF1 Group adhered to an approach initiated by Bouygues combining its main businesses, including TF1. The purpose was to build an internal control system based on the reference framework proposed by the AMF and including the best practices the Group has implemented for several years as part of its business activity. This approach works through an organisation that is made up of two workgroups that meet monthly and comprising representatives of each business unit. These groups cover: p “internal ﬁnance and accounting control”, specialised in processes linked to managing the organisation and developing ﬁnance and accounting information, and “internal control general principles”, specialised in the ﬁve key elements of internal control speciﬁed in the AMF reference framework.OrganisationThe organisation, composition and functioning of the Board of Directors and specialised committees which assist it (Audit Committee, Compensation Committee and Director Selection Committee), as described in the section of the report on the preparation and organisation of the work of the Board of Directors, are compliant with corporate governance rules and conducive to effective internal controls. The Board, under the authority of its Chairman, determines the company’s directions and ensures, with the help of the audit committee, the proper institution of internal control systems within the Group. The key decisions, for example, the acquisition of sports events rights or more generally audiovisual rights (football rights, contracts with major ﬁlm studios, etc.) are subject to clear approval processes, the decisions being taken by General Management based on recommendations of the different ad-hoc committees. The Board is kept updated. On July 31, 2008, the Board of Directors appointed Nonce Paolini as Chairman and CEO of the TF1 Group. In this quality, he takes operational and functional responsibility for the Group activities to implement the strategy established by the Board of Directors. Speciﬁcally, he arranges for implementation of internal control systems in the Group. In this mission, he is supported by the executive committee, which brings together the Directors of each Group division and functional Directors bi-monthly. The executive committee enables the CEO to cascade the major internal control directions and to make each member accountable for implementation and monitoring of internal control systems in their area of responsibility. Furthermore, powers are delegated on the basis of guidelines set by the Group to achieve the twin objective of making operational staff accountable and controlling commitments at the appropriate level. With regard to the latter point, a separation of functions is designed to permit an independent control by making every effort to dissociate functions related to operations, protection of assets and their recording in the accounts.ObjectivesThe three-year plan reﬂects the mid-term strategic directions, and the resulting annual plan makes up the framework of commitments made by the managers of the different Group entities. As such, this plan is also a key element of the internal control environment. It deﬁnes the objectives in terms of sales levels and costs, as well as the resources, entities and organisation to be mobilised. The process of building the three-year plan also implies the respect of a structured approach aimed at ensuring the quality of the objectives. This approach is determined by the TF1 SA Financial Control and Strategic Planning department. The plans from the various TF1 Group entities and companies are reviewed by Finance and Executive Management.pA parent company project team animates these work groups, with the help of a Group statutory auditor in the area of internal control of ﬁnance and accounting information. A co-ordinating committee and a steering committee complement this mechanism.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportThis effort culminated in the deﬁnition of simple and measurable control principles covering the company’s prime businesses. In 2008, these common principles were subjected to a test of validity and appropriateness covering a suitable scope so as to verify the assessment potential. This common approach is a ﬁrst step and, since the end of 2008, has been supplemented by internal control principles speciﬁc to TF1’s business and environment. The project will continue in 2009 and is closely linked to the work on risk deﬁnition so that the two processes fuel each other. In 2009, an optimal organisation and appropriate tools will be deployed so as to extend and systematise the whole process.The Bouygues Group has initiated a wide-ranging risk management process, particularly in the areas of quality, safety and the environment and sustainable development. In this context, Bouygues leads two committees, which regularly bring together the business managers of the group to discuss these questions. To continue to improve the risk management system, in the course of 2007, TF1 set up a work group comprised of representatives of the main TF1 activities. Its aim is to update and enrich the work started in 2004. This work group has developed proposals to ﬁne tune the organisation and the risk management and monitoring processes across the whole TF1 Group. 2008 saw the ﬁrst stage of identiﬁcation and speciﬁcation of major risks based on a methodology deﬁned in association with the Bouygues Group. This was done with the help of interviews carried out with around 100 Group managers. The process will continue in 2009, culminating in a hierarchical structure and operational overview of the main risks for the TF1 Group. This will lead to a regular, targeted monitoring of the resources invested in better controlling these risks. The main risks and the systems designed to control them are described below in section “2.2.3. Risk factors”, which also includes the Group’s policy concerning insurance. In addition, ﬁnancial market risks (rates, exchange, etc.) are covered in paragraph 29 of the notes to the consolidated accounts. The main business risks that TF1 tries to identify and constantly cover are linked to major processes – the acquisition and conformance control of audiovisual content, control of broadcasting and the activities.INTERNAL DISSEMINATION OF INFORMATIONTo ensure that staff receive information on the Group and its development, the Human Resources and Internal Communications department issues 3 times a year a magazine (Regards) and a monthly newsletter (Coups d’œil). In addition an Intranet portal, Déclic, allows employees to understand the environment in which they operate and that of the Group. It enables all employees to access information on the Group (organisation, programmes, etc.), information about the audiovisual sector published in the press, as well as offers of mobility and training and the Intranet sites of the other companies in the Group or the parent company. The tool also enables managers to gather information necessary for managing their teams, notably on skills training or to prepare the annual interview, etc. Also, the organisation of employee conventions from time to time, the introduction (in 2007) of an annual conference and the monthly and quarterly committees of the TF1 Group’s top managers help share and communicate information on trends, challenges and Group strategy. The IS function of TF1 SA’s Technical and IS department, together with operations and functions, deﬁnes the information systems required to generate information and securely and efﬁciently manage operations. TF1 uses speciﬁc applications developed in-house and also software packages available on the market. These applications are analysed, monitored and operated rigorously to ensure their availability, integrity, security, and compliance with legal obligations. With regard to applications dedicated to ﬁnancial and accounting data, this work is carried out in close co-operation with the central Accounting and Tax department, Financial Control and Strategic Planning department and the Treasury and Financing department.Procurement processesThrough a process of standardisation of procurement contracts, TF1 secures supply of tangible and intangible products and their ﬁnancial conditions, guarantees service continuity, and ensures that suppliers subscribe to an insurance policy. TF1 decided to set up a Procurement department in November 2007. The prime goal is to implement a procurement policy to enable operational and ﬁnancial improvement of the process across all the business units and respecting the Procurement Guidelines deﬁned by the Bouygues Group. Contracts for the purchase of broadcasting rights are signed by TF1 to secure programme grids for the coming years. These contracts are legally and economically complex and involve substantial amounts. These investment projects are initiated based on the channel’s editorial policy and are subject to a procedure of approval and investment authorisation for each type of programme. Furthermore, and where possible, framework agreements are signed upstream of the procurement process so as to control the costs of certain programmes and ensure supply. The Group centralizes and shares its multi-channel rights (free-toair, cable and satellite, video and new media) as much as possible. With this in mind, at the end of 2007, TF1 decided to create an Economic Interest Group (GIE) charged with acquiring audiovisual rights for the Group’s broadcasting companies.RISK MANAGEMENTFor the past few years, the IS department has been working on the formalisation of a data security policy to build a common security benchmark for the Group. This effort continues on a daily basis as the constant technology advances are fed into the security principles and rules. Furthermore, in 2004, TF1 set up a process, in collaboration with external consultants, to identify risks and deﬁne a decision-making system for crisis management. This effort gave birth to an organisation called “RÉAGIR” whose aim is to design and update the main systems to resume key processes in the event of an incident.Programme compliance controlThe programmes broadcast by the channel are subject to control by the CSA in the framework of the convention signed by the channel. Consequently, TF1 set up a programme compliance department which carries out upstream control of programmes to be broadcast. This effort, which receives the support of the Secretary General’s advice, also helps to minimise the various legal risks inherent in broadcasting television programmes.402008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportThis effort culminated in the deﬁnition of simple and measurable control principles covering the company’s prime businesses. In 2008, these common principles were subjected to a test of validity and appropriateness covering a suitable scope so as to verify the assessment potential. This common approach is a ﬁrst step and, since the end of 2008, has been supplemented by internal control principles speciﬁc to TF1’s business and environment. The project will continue in 2009 and is closely linked to the work on risk deﬁnition so that the two processes fuel each other. In 2009, an optimal organisation and appropriate tools will be deployed so as to extend and systematise the whole process.The Bouygues Group has initiated a wide-ranging risk management process, particularly in the areas of quality, safety and the environment and sustainable development. In this context, Bouygues leads two committees, which regularly bring together the business managers of the group to discuss these questions. To continue to improve the risk management system, in the course of 2007, TF1 set up a work group comprised of representatives of the main TF1 activities. Its aim is to update and enrich the work started in 2004. This work group has developed proposals to ﬁne tune the organisation and the risk management and monitoring processes across the whole TF1 Group. 2008 saw the ﬁrst stage of identiﬁcation and speciﬁcation of major risks based on a methodology deﬁned in association with the Bouygues Group. This was done with the help of interviews carried out with around 100 Group managers. The process will continue in 2009, culminating in a hierarchical structure and operational overview of the main risks for the TF1 Group. This will lead to a regular, targeted monitoring of the resources invested in better controlling these risks. The main risks and the systems designed to control them are described below in section “2.2.3. Risk factors”, which also includes the Group’s policy concerning insurance. In addition, ﬁnancial market risks (rates, exchange, etc.) are covered in paragraph 29 of the notes to the consolidated accounts. The main business risks that TF1 tries to identify and constantly cover are linked to major processes – the acquisition and conformance control of audiovisual content, control of broadcasting and the activities.INTERNAL DISSEMINATION OF INFORMATIONTo ensure that staff receive information on the Group and its development, the Human Resources and Internal Communications department issues 3 times a year a magazine (Regards) and a monthly newsletter (Coups d’œil). In addition an Intranet portal, Declic, allows employees to understand the environment in which they operate and that of the Group. It enables all employees to access information on the Group (organisation, programmes, etc.), information about the audiovisual sector published in the press, as well as offers of mobility and training and the Intranet sites of the other companies in the Group or the parent company. The tool also enables managers to gather information necessary for managing their teams, notably on skills training or to prepare the annual interview, etc. Also, the organisation of employee conventions from time to time, the introduction (in 2007) of an annual conference and the monthly and quarterly committees of the TF1 Group’s top managers help share and communicate information on trends, challenges and Group strategy. The IS function of TF1 SA’s Technical and IS department, together with operations and functions, deﬁnes the information systems required to generate information and securely and efﬁciently manage operations. TF1 uses speciﬁc applications developed in-house and also software packages available on the market. These applications are analysed, monitored and operated rigorously to ensure their availability, integrity, security, and compliance with legal obligations. With regard to applications dedicated to ﬁnancial and accounting data, this work is carried out in close co-operation with the central Accounting and Tax department, Financial Control and Strategic Planning department and the Treasury and Financing department.Procurement processesThrough a process of standardisation of procurement contracts, TF1 secures supply of tangible and intangible products and their ﬁnancial conditions, guarantees service continuity, and ensures that suppliers subscribe to an insurance policy. TF1 decided to set up a Procurement department in November 2007. The prime goal is to implement a procurement policy to enable operational and ﬁnancial improvement of the process across all the business units and respecting the Procurement Guidelines deﬁned by the Bouygues Group. Contracts for the purchase of broadcasting rights are signed by TF1 to secure programme grids for the coming years. These contracts are legally and economically complex and involve substantial amounts. These investment projects are initiated based on the channel’s editorial policy and are subject to a procedure of approval and investment authorisation for each type of programme. Furthermore, and where possible, framework agreements are signed upstream of the procurement process so as to control the costs of certain programmes and ensure supply. The Group centralizes and shares its multi-channel rights (free-toair, cable and satellite, video and new media) as much as possible. With this in mind, at the end of 2007, TF1 decided to create an Economic Interest Group (GIE) charged with acquiring audiovisual rights for the Group’s broadcasting companies.RISK MANAGEMENTFor the past few years, the IS department has been working on the formalisation of a data security policy to build a common security benchmark for the Group. This effort continues on a daily basis as the constant technology advances are fed into the security principles and rules. Furthermore, in 2004, TF1 set up a process, in collaboration with external consultants, to identify risks and deﬁne a decision-making system for crisis management. This effort gave birth to an organisation called “REAGIR” whose aim is to design and update the main systems to resume key processes in the event of an incident.Programme compliance controlThe programmes broadcast by the channel are subject to control by the CSA in the framework of the convention signed by the channel. Consequently, TF1 set up a programme compliance department which carries out upstream control of programmes to be broadcast. This effort, which receives the support of the Secretary General’s advice, also helps to minimise the various legal risks inherent in broadcasting television programmes.402008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Furthermore, programmes targeting children are submitted to psychologists who are responsible for pre-viewing the most sensitive programmes. A TF1 Publicité team pre-views all advertising spots after receiving the position from the ARPP (Authority for professionnal regulation of Advertising). TF1 Publicité ensures respect of the various regulatory provisions concerning advertising messages on multiple media. This includes: p advertising ﬁlm compliance to the regulations and the editorial policy of the medium, for the maximum duration of advertising space broadcast daily and by sliding hour, respect of invoicing rules (the so-called Sapin law N°93-122 of January 29, 1993).CONTROL ACTIVITIESOther than the risk management mechanism, the TF1 Group also has a number of processes and systems that contribute to implementing the directions deﬁned by General Management and which enable the goals the be achieved. The Group gives particular focus to ﬁnancial, legal and human resource processes through assignments fulﬁlled by TF1 SA functions. They monitor and support the various TF1 Group entities in their areas of expertise. They also disseminate the cross-functional procedures, monitor their respect, and participate in approving procedures that are speciﬁc to the different Group business lines.pFinance Department (DGAF)The Finance Department includes the central ﬁnancial departments and plays a control role through cross-functional procedures, methods and the principles it spreads throughout the Group.pControl of broadcasting and activitiesTF1’s Technical and IS department is responsible for creating the programmes it is given charge of, for designing, implementing and maintaining technical and information systems, and for managing the property, logistics and central services. The department guarantees broadcasting continuity by assuring the availability and implementation of the necessary human and technical resources. For several years, it has also been responsible for managing the identiﬁcation, control and prevention of major risks to TF1, and continues to analyse and manager risks operationally, for example through the “Reagir” committee. The “Reagir” committee monitors and prevents major risks associated with the Group’s key processes. It maintains and upgrades the various procedures based on the principle of continuous improvement covering the security of the people, assets, infrastructure, systems and data. It also updates and regularly tests the plans for rapid resumption of activities that could be discontinued by an exceptional event such as the interruption of the broadcast signal or nonaccessibility of the TF1 building. An external, protected back-up site has been operational since 2001 for the following three processes: programme broadcasting, production of the television news programmes (TF1 et LCI), and development of publicity spots for the TF1 channel. In 2006, this back-up facility was improved with the installation of a digital process similar to that of the main broadcasting facility on a second external site. This installation and associated procedures make it possible, if necessary, to switch over from the main site with no noticeable disturbance of programmes. In the course of 2008, all back-up resources have been brought together at this single new external site. The company’s vital functions are included in the security plan through a process of resumption of activity, for example, for the various departments concerned with broadcasting, selling advertising space, accounting, treasury, payroll and IS operation. Procedures are tested from time to time so as to adapt the system if necessary. The team in charge of this project also extended the range of risk factors to health risks that could hamper normal operations. They have been quantiﬁed and their impact assessed. The associated safety procedures are also tested. Furthermore, the implementation of a website and a (no-charge) telephone number enables employees to be informed in real time in case of an emergency and to keep in touch with the company when the situation requires.Central Accounts and Tax Department (DCF)The Central Accounts and Tax Department is responsible for deﬁning the accounting principles, guaranteeing the reliability of the processes for collating and processing ﬁnancial information and the consistency of accounting methods. It ensures that parent company and consolidated ﬁnancial statements give a true and fair view of the activity of Group companies and in compliance with existing standards and regulations. The DCF ensures that this information is supplied in the correct format and in a sufﬁciently timely manner for its effective use. The DCF includes the TF1 SA accounting department and the consolidation department as well as giving functional guidance to the subsidiaries’ accounting departments. It helps to co-ordinate and constantly update the teams by setting and distributing rules, procedures and methods applicable throughout the Group. The DCF ensures implementation of the principle of separation of tasks between authorisers and payers.Financial Control and Strategic Planning DepartmentTF1 and its exclusively controlled subsidiaries are subject to a ﬁnancial and strategic planning process as well as a centralised budget control. For subsidiaries controlled jointly with a partner, this process is adjusted on a case by case basis while respecting the Group’s principles. The TF1 Group’s three-year ﬁnancial and strategic planning process constitutes a commitment from the Group’s unit managers to General Management. This process is decentralised at each company/unit level and is organised and led by Group Financial Control and Strategic Planning. The three-year plan and the annual budget are updated at least twice a year to adjust for end-year trends and review, if necessary, the three-year forecasts. Each structure and activity produces a monthly dashboard and presents it to Financial Control at Meetings that are scheduled at the beginning of each year. After a control, validation and analysis, the Financial Control and Strategic Planning department produces a Group consolidated dashboard that is annotated and presented to General Management. A summary of this document is then sent to Group Bouygues General Management. In 2008, TF1 instituted a management cockpit, a performance measurement tool, using appropriate operational indicators and including the follow-up of objectives and the means applied to achieve them.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Furthermore, programmes targeting children are submitted to psychologists who are responsible for pre-viewing the most sensitive programmes. A TF1 Publicite team pre-views all advertising spots after receiving the position from the ARPP (Authority for professionnal regulation of Advertising). TF1 Publicite ensures respect of the various regulatory provisions concerning advertising messages on multiple media. This includes: p advertising ﬁlm compliance to the regulations and the editorial policy of the medium, for the maximum duration of advertising space broadcast daily and by sliding hour, respect of invoicing rules (the so-called Sapin law N°93-122 of January 29, 1993).CONTROL ACTIVITIESOther than the risk management mechanism, the TF1 Group also has a number of processes and systems that contribute to implementing the directions deﬁned by General Management and which enable the goals the be achieved. The Group gives particular focus to ﬁnancial, legal and human resource processes through assignments fulﬁlled by TF1 SA functions. They monitor and support the various TF1 Group entities in their areas of expertise. They also disseminate the cross-functional procedures, monitor their respect, and participate in approving procedures that are speciﬁc to the different Group business lines.pFinance Department (DGAF)The Finance Department includes the central ﬁnancial departments and plays a control role through cross-functional procedures, methods and the principles it spreads throughout the Group.pControl of broadcasting and activitiesTF1’s Technical and IS department is responsible for creating the programmes it is given charge of, for designing, implementing and maintaining technical and information systems, and for managing the property, logistics and central services. The department guarantees broadcasting continuity by assuring the availability and implementation of the necessary human and technical resources. For several years, it has also been responsible for managing the identiﬁcation, control and prevention of major risks to TF1, and continues to analyse and manager risks operationally, for example through the “Reagir” committee. The “Reagir” committee monitors and prevents major risks associated with the Group’s key processes. It maintains and upgrades the various procedures based on the principle of continuous improvement covering the security of the people, assets, infrastructure, systems and data. It also updates and regularly tests the plans for rapid resumption of activities that could be discontinued by an exceptional event such as the interruption of the broadcast signal or nonaccessibility of the TF1 building. An external, protected back-up site has been operational since 2001 for the following three processes: programme broadcasting, production of the television news programmes (TF1 et LCI), and development of publicity spots for the TF1 channel. In 2006, this back-up facility was improved with the installation of a digital process similar to that of the main broadcasting facility on a second external site. This installation and associated procedures make it possible, if necessary, to switch over from the main site with no noticeable disturbance of programmes. In the course of 2008, all back-up resources have been brought together at this single new external site. The company’s vital functions are included in the security plan through a process of resumption of activity, for example, for the various departments concerned with broadcasting, selling advertising space, accounting, treasury, payroll and IS operation. Procedures are tested from time to time so as to adapt the system if necessary. The team in charge of this project also extended the range of risk factors to health risks that could hamper normal operations. They have been quantiﬁed and their impact assessed. The associated safety procedures are also tested. Furthermore, the implementation of a website and a (no-charge) telephone number enables employees to be informed in real time in case of an emergency and to keep in touch with the company when the situation requires.Central Accounts and Tax Department (DCF)The Central Accounts and Tax Department is responsible for deﬁning the accounting principles, guaranteeing the reliability of the processes for collating and processing ﬁnancial information and the consistency of accounting methods. It ensures that parent company and consolidated ﬁnancial statements give a true and fair view of the activity of Group companies and in compliance with existing standards and regulations. The DCF ensures that this information is supplied in the correct format and in a sufﬁciently timely manner for its effective use. The DCF includes the TF1 SA accounting department and the consolidation department as well as giving functional guidance to the subsidiaries’ accounting departments. It helps to co-ordinate and constantly update the teams by setting and distributing rules, procedures and methods applicable throughout the Group. The DCF ensures implementation of the principle of separation of tasks between authorisers and payers.Financial Control and Strategic Planning DepartmentTF1 and its exclusively controlled subsidiaries are subject to a ﬁnancial and strategic planning process as well as a centralised budget control. For subsidiaries controlled jointly with a partner, this process is adjusted on a case by case basis while respecting the Group’s principles. The TF1 Group’s three-year ﬁnancial and strategic planning process constitutes a commitment from the Group’s unit managers to General Management. This process is decentralised at each company/unit level and is organised and led by Group Financial Control and Strategic Planning. The three-year plan and the annual budget are updated at least twice a year to adjust for end-year trends and review, if necessary, the three-year forecasts. Each structure and activity produces a monthly dashboard and presents it to Financial Control at Meetings that are scheduled at the beginning of each year. After a control, validation and analysis, the Financial Control and Strategic Planning department produces a Group consolidated dashboard that is annotated and presented to General Management. A summary of this document is then sent to Group Bouygues General Management. In 2008, TF1 instituted a management cockpit, a performance measurement tool, using appropriate operational indicators and including the follow-up of objectives and the means applied to achieve them.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportAbout 100 indicators have been established to reﬂect the corporate strategy and to act as a support for possible action plans. They are presented graphically and intuitively and discussed monthly at the Group executive committee. This mechanism helps bring about joint, and where appropriate, cross-functional solutions. In 2009, this system is to be gradually introduced in the main Group entities so as to leverage all existing performance drivers at all operational levels.General Secretariat and Legal Affairs DepartmentThe Group General Secretariat co-ordinates and drives two main functions that are organised as follows: p the Legal Affairs Department, which is responsible for deﬁning and supervising the group’s policy on contracts, monitoring the various aspects of company law and development within the Group, as well as centrally co-ordinating insurance and property matters, for example, by ensuring coverage, premiums and franchises correspond to the risks in question, the Regulatory and Judicial Affairs Department, which co-ordinates relations with external organisations and authorities, ensures that TF1’s regulatory obligations are met and closely follows all litigation. Risks and litigation and monitored in close co-operation with Finance so that they are reﬂected in the ﬁnancial statements.Treasury and Finance DepartmentThe Treasury and Finance Department is responsible for managing operations connected with ﬁnance, investment, hedging of foreign exchange and interest rate risks and secure payment methods for all companies in the Group, with the exception of some subsidiaries in which TF1 does not have exclusive or majority control. This centralised organisation enables: p p p p the consolidation of interest and exchange rate risks, the maintenance of a level of expertise equal to the complexity of the issues, the guarantee of security of payment, the delegation of powers to a limited number of employees who alone are authorised by General Management to handle a limited number of ﬁnancial operations for the entire Group companies according to authorisation thresholds and procedures. pFor several years, the General Secretariat and Legal Affairs Department have been involved in a process to secure and control commitments. This is manifested, for example, by the deﬁnition of a Group contract policy and the standard contract models for all recurring commitments. Furthermore, Legal Affairs pays particular attention to optimising and conserving the insurance policies signed by TF1 and its subsidiaries so as to be covered against the consequences of potential risks in partnership with brokers acting for leading companies. Finally, the General Secretariat monitors and participates in the application of a consistent policy of delegation of powers. In particular, the subsidiaries over which TF1 exercises exclusive control are granted delegation of power based on guiding principles deﬁned at Group level. With regard to subsidiaries with joint control, internal control is organised based on the TF1 Group’s expertise and in compliance with agreements between shareholders.The Treasury and Finance Department is responsible for ensuring that the Group has sufﬁcient long-term sources of ﬁnancing at its disposal: p through monthly analysis and update of cash forecasts and reporting to General Management, through negotiation and maintenance of lines of sufﬁcient back-up credit with an average of two to three years’ maturity.pMONITORING THE CONTROL SYSTEMInternal control systems must themselves be monitored continuously by corporate management and by means of ad hoc assessments, carried out by people who have no direct authority over, or responsibility for, the operation in question.Human Resources and Internal CommunicationsThe Human Resources Department plays a key role in the selection, induction and development of human resources necessary for the efﬁcient functioning of the various TF1 Group entities. It monitors compliance with the French Labour Code and changes in labour policy in conjunction with the various employee representative bodies. It also coordinates the Group’s professional training, which has the objective of developing the technical, interpersonal and managerial skills required in the exercise of each employee’s responsibilities. Within the framework of the management cycle, the Human Resources department, together with operations and functions, plans human resources needs. These needs are formalised and are an integral part of the three-year ﬁnancial and strategic planning process ﬁxed by General Management. Any request for hiring a permanent employee is subject to a formal approval procedure.Audit CommitteeCreated in 2003, the Audit Committee is composed of at least two Directors. TF1 Directors who are executives or employee representatives are excluded. Before presentation to the Board of Directors, it examines the quarterly, halfyearly and annual accounts and receives a presentation of the conclusions of the statutory auditors. It takes this opportunity to ensure the appropriateness and the consistency of accounting methods adopted to draw up the accounts and verify the internal procedures for the collection and control of the information used. In addition, it notes the conclusions of the Internal Audit assignments and validates the Internal Audit annual work plan. Furthermore, the Audit Committee is kept updated on the deployment of the internal control process and the system of risk monitoring. The statutory auditors’ role is to ensure the fair presentation of the company’s ﬁnancial and net asset statements according to accounting rules and principles. In so doing, they are made aware of the organisation and operation of the information systems and internal control procedures with regard to accounting and ﬁnancial information, which they take into account in their audit activity.422008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportAbout 100 indicators have been established to reﬂect the corporate strategy and to act as a support for possible action plans. They are presented graphically and intuitively and discussed monthly at the Group executive committee. This mechanism helps bring about joint, and where appropriate, cross-functional solutions. In 2009, this system is to be gradually introduced in the main Group entities so as to leverage all existing performance drivers at all operational levels.General Secretariat and Legal Affairs DepartmentThe Group General Secretariat co-ordinates and drives two main functions that are organised as follows: p the Legal Affairs Department, which is responsible for deﬁning and supervising the group’s policy on contracts, monitoring the various aspects of company law and development within the Group, as well as centrally co-ordinating insurance and property matters, for example, by ensuring coverage, premiums and franchises correspond to the risks in question, the Regulatory and Judicial Affairs Department, which co-ordinates relations with external organisations and authorities, ensures that TF1’s regulatory obligations are met and closely follows all litigation. Risks and litigation and monitored in close co-operation with Finance so that they are reﬂected in the ﬁnancial statements.Treasury and Finance DepartmentThe Treasury and Finance Department is responsible for managing operations connected with ﬁnance, investment, hedging of foreign exchange and interest rate risks and secure payment methods for all companies in the Group, with the exception of some subsidiaries in which TF1 does not have exclusive or majority control. This centralised organisation enables: p p p p the consolidation of interest and exchange rate risks, the maintenance of a level of expertise equal to the complexity of the issues, the guarantee of security of payment, the delegation of powers to a limited number of employees who alone are authorised by General Management to handle a limited number of ﬁnancial operations for the entire Group companies according to authorisation thresholds and procedures. pFor several years, the General Secretariat and Legal Affairs Department have been involved in a process to secure and control commitments. This is manifested, for example, by the deﬁnition of a Group contract policy and the standard contract models for all recurring commitments. Furthermore, Legal Affairs pays particular attention to optimising and conserving the insurance policies signed by TF1 and its subsidiaries so as to be covered against the consequences of potential risks in partnership with brokers acting for leading companies. Finally, the General Secretariat monitors and participates in the application of a consistent policy of delegation of powers. In particular, the subsidiaries over which TF1 exercises exclusive control are granted delegation of power based on guiding principles deﬁned at Group level. With regard to subsidiaries with joint control, internal control is organised based on the TF1 Group’s expertise and in compliance with agreements between shareholders.The Treasury and Finance Department is responsible for ensuring that the Group has sufﬁcient long-term sources of ﬁnancing at its disposal: p through monthly analysis and update of cash forecasts and reporting to General Management, through negotiation and maintenance of lines of sufﬁcient back-up credit with an average of two to three years’ maturity.pMONITORING THE CONTROL SYSTEMInternal control systems must themselves be monitored continuously by corporate management and by means of ad hoc assessments, carried out by people who have no direct authority over, or responsibility for, the operation in question.Human Resources and Internal CommunicationsThe Human Resources Department plays a key role in the selection, induction and development of human resources necessary for the efﬁcient functioning of the various TF1 Group entities. It monitors compliance with the French Labour Code and changes in labour policy in conjunction with the various employee representative bodies. It also coordinates the Group’s professional training, which has the objective of developing the technical, interpersonal and managerial skills required in the exercise of each employee’s responsibilities. Within the framework of the management cycle, the Human Resources department, together with operations and functions, plans human resources needs. These needs are formalised and are an integral part of the three-year ﬁnancial and strategic planning process ﬁxed by General Management. Any request for hiring a permanent employee is subject to a formal approval procedure.Audit CommitteeCreated in 2003, the Audit Committee is composed of at least two Directors. TF1 Directors who are executives or employee representatives are excluded. Before presentation to the Board of Directors, it examines the quarterly, halfyearly and annual accounts and receives a presentation of the conclusions of the statutory auditors. It takes this opportunity to ensure the appropriateness and the consistency of accounting methods adopted to draw up the accounts and verify the internal procedures for the collection and control of the information used. In addition, it notes the conclusions of the Internal Audit assignments and validates the Internal Audit annual work plan. Furthermore, the Audit Committee is kept updated on the deployment of the internal control process and the system of risk monitoring. The statutory auditors’ role is to ensure the fair presentation of the company’s ﬁnancial and net asset statements according to accounting rules and principles. In so doing, they are made aware of the organisation and operation of the information systems and internal control procedures with regard to accounting and ﬁnancial information, which they take into account in their audit activity.422008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Internal AuditSince 2004, the TF1 Group has had its own internal audit department, which took over the assignments previously handled by the central audit system of the Bouygues Group, with the exception of assignments covering the reliability, security and operation of information systems, which are still the responsibility of the latter. The TF1 Group’s Internal Audit carries out assignments in the different group entities and in various areas (ﬁnance, operations, organisation) according to an annual plan approved by General Management and the Audit Committee. Assignments are carried out according to a rigorous methodology. They result in a report containing recommendations, which in turn give rise to an action plan and follow-up. Internal audit is an analysis, control and information tool that enables the identiﬁcation, control and improvement of risk control. As part of its programme and schedule of assignments, Internal Audit veriﬁes the application of internal control principles and rules. How they are introduced and applied remains the direct responsibility of the Group departments. In addition, Internal Audit actively monitors best practices in control and helps make employees aware of internal control principles.TF1 SA has developed and deployed at Group level its own management tool, which interfaces with the accounting software. It is based on the principle of a unique record of operations necessary for ﬁnancial information. Processes for automated handling provide for the generation of data tailored to the needs of ﬁnancial control, accounting and treasury. The IT management system guarantees the control of commitments and payments, thanks to: p the approval cycle for commitments, pre-deﬁned in the IT application and limited to only those who are authorised, the electronic validation cycle for sourced and digitised invoices reﬂecting the said commitments.pThis management tool is complemented and/or fuelled by several applications that respond to different business needs of the Group, such as the system dedicated to the processes of monitoring contracts for the acquisition and management of broadcasting rights. All the Group’s means of payment are subject to security procedures, which themselves are complemented by a banking interface, accounted for daily and formalised monthly. All means of payment require a double signature, with an annual update of powers reserved for all bank accounts. Since the end of 2008, TF1 has launched an important project called SIGMA. Its aim is to facilitate and streamline the preparation of information while optimising the processes in the areas of human resources, ﬁnance and purchasing. The applications currently dedicated to these three functions will migrate, entirely or in part, to an ERP (integrated management software package). With this approach, the aim of process optimization is to enhance the crossfunctional capability, harmonise the preparation of information and facilitate the analysis of the data for all the TF1 businesses.PUBLISHED ACCOUNTING AND FINANCIAL INFORMATION CONTROL PROCESSESTF1 is particularly sensitive to the challenges of internal control, especially in the areas of ﬁnance and accounting, where the reliability of information is of major importance. This section summarises the main control processes in the generation of published ﬁnance and accounting information.FINANCE ISThe IS Department works closely with the Finance Department to deploy and supervise the TF1 Group’s major ﬁnancial information systems, notably the accounting, management, treasury and consolidation tools. Also business applications are deployed in certain entities. In the areas of ﬁnance and accounting, TF1 operates speciﬁc internally developed systems as well as packaged software. The latter are subject to rigorous analysis, monitoring and operation to ensure their availability, integrity, security and compliance with legal obligations. In the broad framework of its Data Security Policy, the Group has set up systems integrating technical ﬁrewalls against attacks from outside (notably an anti-virus emergency plan). And, since 2003, the TF1 Group has embarked on a process to make the top technical, legal and human resources managers aware of data security and the systems they will need to use. In 2006, a compulsory workshop on data security was introduced for all company employees. Finally, the increasing use of advanced information technologies makes corporate data protection and conﬁdentiality crucial. The Eticnet guidelines take this factor into consideration; its dissemination and regular updating tend to strengthen the process of making employees accountable.PROCESS OF PREPARATION AND CONSOLIDATION OF ACCOUNTSThe tools and processes up-stream of the closing of the accounts are there to guarantee that events are accounted for correctly and according to principles of reality, comprehensiveness and their correct accounting representation.Process for quarterly closing of TF1 accountsUsing the Group’s management application, quarterly automated processing enables the Central Accounts and Tax Department to validate and then automatically generate the inventory entries in the accounting software, guaranteeing the convergence of the results from management and accounting processing. As part of the procedure for closing the TF1 accounts, the inventory entries are jointly analysed and validated by the accounting and ﬁnancial control departments. Periodically, the management data used for steering (reporting, etc.) are merged with the accounting system data. Noting provisions follows an analysis of risks carried out jointly by Finance, the Secretariat General, Legal Affairs and Human Resources and the operational/ functional departments concerned. The Central Accounts and Tax department ensures respect of the process for handling of intangible ﬁxed assets and goodwill in Group accounts. With regard2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2Internal AuditSince 2004, the TF1 Group has had its own internal audit department, which took over the assignments previously handled by the central audit system of the Bouygues Group, with the exception of assignments covering the reliability, security and operation of information systems, which are still the responsibility of the latter. The TF1 Group’s Internal Audit carries out assignments in the different group entities and in various areas (ﬁnance, operations, organisation) according to an annual plan approved by General Management and the Audit Committee. Assignments are carried out according to a rigorous methodology. They result in a report containing recommendations, which in turn give rise to an action plan and follow-up. Internal audit is an analysis, control and information tool that enables the identiﬁcation, control and improvement of risk control. As part of its programme and schedule of assignments, Internal Audit veriﬁes the application of internal control principles and rules. How they are introduced and applied remains the direct responsibility of the Group departments. In addition, Internal Audit actively monitors best practices in control and helps make employees aware of internal control principles.TF1 SA has developed and deployed at Group level its own management tool, which interfaces with the accounting software. It is based on the principle of a unique record of operations necessary for ﬁnancial information. Processes for automated handling provide for the generation of data tailored to the needs of ﬁnancial control, accounting and treasury. The IT management system guarantees the control of commitments and payments, thanks to: p the approval cycle for commitments, pre-deﬁned in the IT application and limited to only those who are authorised, the electronic validation cycle for sourced and digitised invoices reﬂecting the said commitments.pThis management tool is complemented and/or fuelled by several applications that respond to different business needs of the Group, such as the system dedicated to the processes of monitoring contracts for the acquisition and management of broadcasting rights. All the Group’s means of payment are subject to security procedures, which themselves are complemented by a banking interface, accounted for daily and formalised monthly. All means of payment require a double signature, with an annual update of powers reserved for all bank accounts. Since the end of 2008, TF1 has launched an important project called SIGMA. Its aim is to facilitate and streamline the preparation of information while optimising the processes in the areas of human resources, ﬁnance and purchasing. The applications currently dedicated to these three functions will migrate, entirely or in part, to an ERP (integrated management software package). With this approach, the aim of process optimization is to enhance the crossfunctional capability, harmonise the preparation of information and facilitate the analysis of the data for all the TF1 businesses.PUBLISHED ACCOUNTING AND FINANCIAL INFORMATION CONTROL PROCESSESTF1 is particularly sensitive to the challenges of internal control, especially in the areas of ﬁnance and accounting, where the reliability of information is of major importance. This section summarises the main control processes in the generation of published ﬁnance and accounting information.FINANCE ISThe IS Department works closely with the Finance Department to deploy and supervise the TF1 Group’s major ﬁnancial information systems, notably the accounting, management, treasury and consolidation tools. Also business applications are deployed in certain entities. In the areas of ﬁnance and accounting, TF1 operates speciﬁc internally developed systems as well as packaged software. The latter are subject to rigorous analysis, monitoring and operation to ensure their availability, integrity, security and compliance with legal obligations. In the broad framework of its Data Security Policy, the Group has set up systems integrating technical ﬁrewalls against attacks from outside (notably an anti-virus emergency plan). And, since 2003, the TF1 Group has embarked on a process to make the top technical, legal and human resources managers aware of data security and the systems they will need to use. In 2006, a compulsory workshop on data security was introduced for all company employees. Finally, the increasing use of advanced information technologies makes corporate data protection and conﬁdentiality crucial. The Eticnet guidelines take this factor into consideration; its dissemination and regular updating tend to strengthen the process of making employees accountable.PROCESS OF PREPARATION AND CONSOLIDATION OF ACCOUNTSThe tools and processes up-stream of the closing of the accounts are there to guarantee that events are accounted for correctly and according to principles of reality, comprehensiveness and their correct accounting representation.Process for quarterly closing of TF1 accountsUsing the Group’s management application, quarterly automated processing enables the Central Accounts and Tax Department to validate and then automatically generate the inventory entries in the accounting software, guaranteeing the convergence of the results from management and accounting processing. As part of the procedure for closing the TF1 accounts, the inventory entries are jointly analysed and validated by the accounting and ﬁnancial control departments. Periodically, the management data used for steering (reporting, etc.) are merged with the accounting system data. Noting provisions follows an analysis of risks carried out jointly by Finance, the Secretariat General, Legal Affairs and Human Resources and the operational/ functional departments concerned. The Central Accounts and Tax department ensures respect of the process for handling of intangible ﬁxed assets and goodwill in Group accounts. With regard2008 REGISTRATION DOCUMENT]]></basicChars>
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	<page id="46">
		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportto the latter, whenever necessary and at least once a year depending on the information provided by the Financial Control Department and the various operational entities, Central Accounts and Tax identiﬁes the loss in value of intangible assets and potential depreciation of the representative ﬁnancial assets. This process and its results are validated together with the statutory auditors and presented to the Audit Committee. All items in the balance sheet and income statement are rigorously analysed by comparing them with the same period of the previous year. Changes are commented, and this clariﬁes the activity of the companies.This department generates the activity summaries of TF1 and its subsidiaries for the Board of Directors. It distributes and communicates ﬁnancial information on the TF1 Group and its strategy through, for example: p p p p management reports of the Board of Directors, registration documents, quarterly and half-yearly reports, ﬁnancial press releases, presentations for ﬁnancial analysts and investors.Consolidation processThe Central Accounts and Tax Department consolidates all TF1 Group companies at each quarterly closing on the basis of a pre-deﬁned scope, schedule and instructions communicated to the Group’s different organisations and units and the statutory auditors. The accounting options decided on are validated with the statutory auditors in advance of quarterly closing and presented to the Audit Committee. As of January 1, 2005, the TF1 Group accounts are prepared in compliance with IFRS standards adopted by the European Union. Depending on local standards and tax regulations, reclassiﬁcations and adjustments are carried out by certain Group subsidiaries. The consolidation tool deployed throughout the TF1 Group is a software package used by a large number of listed companies. The use of this consolidation tool allows for a rigorous analysis and control of the preparation of the accounts, which are therefore regulated by standard procedures. The Central Accounts and Tax Department also has a monitoring and coordination role. It regularly distributes to Group accounting staff the applicable rules and methods in preparing company and consolidated accounts.These documents are drawn up according to a structured process which respects the obligations concerning ﬁnancial information and using ﬁnancial information coming from the Group’s subsidiaries and departments. Before distribution, they are monitored and approved by Legal Affairs, Human Resources, Finance and, in some cases, by the Board of Directors. Before being submitted to the Financial Markets Authority in compliance with general regulations, the registration document is monitored by the statutory auditors, who verify the coherence of ﬁnancial information and the accounts with historic data and who review the totality of the document. Each subject to be communicated is accompanied by an explanation approved by General Management, updated regularly and acting as a support to relations with the various stakeholders in the market. To guarantee investors equal access to information, the various communications products are also made available in English and distributed through the following channels: p information for an outside audience, once published, is put on line on the www.tf1ﬁnance.fr website. However, anyone requesting this information, will receive it free of charge, all press releases are published in a national business daily, a national weekly and on a general-public ﬁnancial website and on the AMF website. As of January 2007, TF1 complies with the so-called European “Transparency” directive covering new obligations on publishing ﬁnancial information, analyst Meetings and General Meetings are re-transmitted fully direct on the Internet or by telephone, with no access restrictions. A recording of these Meetings is put on line on the group’s website, two people from the TF1 Group travel abroad where Meetings are held to guarantee the correct information is delivered with strictly equal access. The documents presented at these Meetings are immediately published on the www.tf1ﬁnance.fr website.pPROCESS FOR VALIDATING THE ACCOUNTSThe quarterly consolidated accounts are presented to the Chairman and CEO by the Finance Department. At December 31 of each year, the accounts of TF1 and all its subsidiaries are audited by the statutory auditors. Each quarter, the consolidated accounts and the accounts of the main subsidiaries are subject to a review. Before presentation to the Board of Directors, the Audit Committee reviews the consolidated accounts and receives a presentation of the conclusions of the statutory auditors. Subsequently, the Group accounts are presented and closed by the Board of Directors. In addition, the Audit Committee reviews the proposed announcement of the quarterly results prior to validation by the Board of Directors and release. ppCONCLUSION AND OUTLOOKIn the course of 2008, the TF1 Group has endeavoured to continue to enhance its mechanism for assessing its internal control processes. In particular, it has leveraged the system managed and animated by the Bouygues Group, which has led to the deﬁnition of a detailed catalogue on internal control common to all the Group’s entities. It has also proﬁted from the continued in-depth work on identifying risks. The Group has also endeavoured to improve certain processes within its organisation (rights acquisition, purchasing, etc.) so as to gain in efﬁciency and cross-functional co-operation between the different entities. These initiatives will continue throughout the coming year, as will the work on assessing risks and enhancing the internal control catalogue.PROCESS FOR MANAGING THE PUBLISHING OF FINANCIAL INFORMATIONBesides the Chairman and CEO, only duly authorised persons may communicate ﬁnancial information to the market. These are, in particular, the Executive VP Finance and the staff of the Financial Communications and Investor Relations department.442008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportto the latter, whenever necessary and at least once a year depending on the information provided by the Financial Control Department and the various operational entities, Central Accounts and Tax identiﬁes the loss in value of intangible assets and potential depreciation of the representative ﬁnancial assets. This process and its results are validated together with the statutory auditors and presented to the Audit Committee. All items in the balance sheet and income statement are rigorously analysed by comparing them with the same period of the previous year. Changes are commented, and this clariﬁes the activity of the companies.This department generates the activity summaries of TF1 and its subsidiaries for the Board of Directors. It distributes and communicates ﬁnancial information on the TF1 Group and its strategy through, for example: p p p p management reports of the Board of Directors, registration documents, quarterly and half-yearly reports, ﬁnancial press releases, presentations for ﬁnancial analysts and investors.Consolidation processThe Central Accounts and Tax Department consolidates all TF1 Group companies at each quarterly closing on the basis of a pre-deﬁned scope, schedule and instructions communicated to the Group’s different organisations and units and the statutory auditors. The accounting options decided on are validated with the statutory auditors in advance of quarterly closing and presented to the Audit Committee. As of January 1, 2005, the TF1 Group accounts are prepared in compliance with IFRS standards adopted by the European Union. Depending on local standards and tax regulations, reclassiﬁcations and adjustments are carried out by certain Group subsidiaries. The consolidation tool deployed throughout the TF1 Group is a software package used by a large number of listed companies. The use of this consolidation tool allows for a rigorous analysis and control of the preparation of the accounts, which are therefore regulated by standard procedures. The Central Accounts and Tax Department also has a monitoring and coordination role. It regularly distributes to Group accounting staff the applicable rules and methods in preparing company and consolidated accounts.These documents are drawn up according to a structured process which respects the obligations concerning ﬁnancial information and using ﬁnancial information coming from the Group’s subsidiaries and departments. Before distribution, they are monitored and approved by Legal Affairs, Human Resources, Finance and, in some cases, by the Board of Directors. Before being submitted to the Financial Markets Authority in compliance with general regulations, the registration document is monitored by the statutory auditors, who verify the coherence of ﬁnancial information and the accounts with historic data and who review the totality of the document. Each subject to be communicated is accompanied by an explanation approved by General Management, updated regularly and acting as a support to relations with the various stakeholders in the market. To guarantee investors equal access to information, the various communications products are also made available in English and distributed through the following channels: p information for an outside audience, once published, is put on line on the www.tf1ﬁnance.fr website. However, anyone requesting this information, will receive it free of charge, all press releases are published in a national business daily, a national weekly and on a general-public ﬁnancial website and on the AMF website. As of January 2007, TF1 complies with the so-called European “Transparency” directive covering new obligations on publishing ﬁnancial information, analyst Meetings and General Meetings are re-transmitted fully direct on the Internet or by telephone, with no access restrictions. A recording of these Meetings is put on line on the group’s website, two people from the TF1 Group travel abroad where Meetings are held to guarantee the correct information is delivered with strictly equal access. The documents presented at these Meetings are immediately published on the www.tf1ﬁnance.fr website.pPROCESS FOR VALIDATING THE ACCOUNTSThe quarterly consolidated accounts are presented to the Chairman and CEO by the Finance Department. At December 31 of each year, the accounts of TF1 and all its subsidiaries are audited by the statutory auditors. Each quarter, the consolidated accounts and the accounts of the main subsidiaries are subject to a review. Before presentation to the Board of Directors, the Audit Committee reviews the consolidated accounts and receives a presentation of the conclusions of the statutory auditors. Subsequently, the Group accounts are presented and closed by the Board of Directors. In addition, the Audit Committee reviews the proposed announcement of the quarterly results prior to validation by the Board of Directors and release. ppCONCLUSION AND OUTLOOKIn the course of 2008, the TF1 Group has endeavoured to continue to enhance its mechanism for assessing its internal control processes. In particular, it has leveraged the system managed and animated by the Bouygues Group, which has led to the deﬁnition of a detailed catalogue on internal control common to all the Group’s entities. It has also proﬁted from the continued in-depth work on identifying risks. The Group has also endeavoured to improve certain processes within its organisation (rights acquisition, purchasing, etc.) so as to gain in efﬁciency and cross-functional co-operation between the different entities. These initiatives will continue throughout the coming year, as will the work on assessing risks and enhancing the internal control catalogue.PROCESS FOR MANAGING THE PUBLISHING OF FINANCIAL INFORMATIONBesides the Chairman and CEO, only duly authorised persons may communicate ﬁnancial information to the market. These are, in particular, the Executive VP Finance and the staff of the Financial Communications and Investor Relations department.442008 REGISTRATION DOCUME]]></basicChars>
	</page>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2In addition, in line with TF1’s determination to continuously improve, 2009 will also represent a new step in the optimisation of its processes, particularly thanks to various major projects that have been undertaken. For example, the Group will make every effort to make its ﬁnancial information and human resources information systems more powerful with the implementation of an EFP common to all these departments. This project, called SIGMA, will helpto facilitate and streamline the preparation of information while optimising the Group’s processes in human resources and purchasing. Ultimately, some of the current information systems in these areas will be replaced by an ERP. All of these objectives will be targeted in a spirit of maintaining a dynamic vision of internal control, based above all on the competencies, sense of responsibility and involvement of all employees.2.2.3 Risk factorsINDUSTRIAL AND ENVIRONMENTAL RISKSThe “Réagir” committee set up in 2003 continues its work of monitoring and prevention of major risks associated with the Group’s key processes. It also regularly updates the rapid recovery plans that could be set in motion subsequent to any exceptional event that would, for example, cause the transmission signal to be interrupted or prevent access to the TF1 building. In 2006, the risk management organisation added resources and strengthened its structure. An outside, protected back-up site is operational for the three following processes: broadcasting programmes, producing the TV news (TF1 et LCI), creating the advertising screens for the TF1 channel. The company’s vital functions are included in the security plan via processes of recovery of the activity for the different services linked to the channel – selling advertising space, accounting, cash, wages, and IT operations. Procedural tests are carried out from time to time so that any necessary adjustments can be made. The outside back-up facility underwent a technical modiﬁcation during 2005 and 2006, including the installation of a new back-up control room at a second outside location when the digital ﬁnal control room was launched. At the end of ﬁrst quarter 2008, all back-up resources were brought together at a single location. p by satellite in digital standard deﬁnition in the Canalsatellite (ASTRA 1 from SES) and AB bundles (AB3 on EUTELSAT), by ADSL and by optical ﬁbre if necessary in digital standart deﬁnition for broadcast via Internet access providers, ORANGE, FREE, NEUF, SFR, BOUYGUES TELECOM, DARTY, by cable, satellite, ADSL in digital high deﬁnition on more numerous networks.ppTDF ensures the transmission (providing broadcasting sites with the TF1 signal) and broadcasting of programmes for TF1 (and all the national channels) jointly via its free-to-air network. Globecast ensures the satellite broadcasts. TDF is by far the main national operator broadcasting the television signal and there is no really comparable alternative to the TDF network and technical resources. TF1 is therefore dependent on TDF for the broadcasting of its signal and if the TDF network breaks down cannot call on other terrestrial transmission methods offering a full, quick and economically acceptable coverage. Little by little, the multiplatform terrestrial broadcast (analogue, DTT standard Deﬁnition and DTT High Deﬁnition) will reduce the effects of potential failures, these networks being independent and using separate teams. Broadcasting sites are largely secure as a result of the redundant broadcasting transmitters. However, incidents can occur with the antenna system (antenna, wave guides and frequency multiplexers), while the electricity supply can escape TDF’s notice (responsibility of EDF). Power cuts have therefore occurred in the broadcasting of our signal for either technical reasons (defective transmitters/electricity supply). The penalties provided for in the contract are in no way commensurate with TF1’s potential operating losses during these incidents (loss of audience, impact on TF1’s image, advertisers requesting reductions, loss of merchandising rights, etc.). The loss that TF1 could suffer if a transmitter fails is obviously proportional to the number of television viewers served by the defective transmitter. A failure in the Paris region (10 million viewers) could have major economic repercussions. This is why TF1 has negotiated a deal to ensure that TDF’s services intervene very quickly in the event of a failure and requested the strengthening of backup measures. Recently a failure of the terrestrial analogue signal during a few minutes occurred on the Eiffel Tower transmitter. Eurosport has an entity in the UK that secures the broadcasting of its programmes.BROADCASTING OF TF1 PROGRAMMES – RISK OF INTERRUPTION IN SIGNAL TRANSMISSIONTF1’s programmes are currently broadcast to French homes: p by radio waves, via the 112 main transmission sites and 3,070 TDF retransmission stations, by satellite, namely Atlantic Bird 3 of Eutelstat, operated by Globecast for unscrambled broadcasts in Secam, by Free-to-air DTT, free-view standard deﬁnition via the 112 main transmission sites and 210 secondary sites operated by TDF, TowerCast and OneCast, Free-to-air DTT, free-view high deﬁnition via the 51 main transmission sites operated by TDF, Towercast and Onecast, by satellite in free-view digital on the ASTRA 1 position from SES in the DTT SAT offering, by cable (the cable operators’ “must-carry analogue” obligation) in Secam, by cable in digital standard deﬁnition,ppppp p2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2In addition, in line with TF1’s determination to continuously improve, 2009 will also represent a new step in the optimisation of its processes, particularly thanks to various major projects that have been undertaken. For example, the Group will make every effort to make its ﬁnancial information and human resources information systems more powerful with the implementation of an EFP common to all these departments. This project, called SIGMA, will helpto facilitate and streamline the preparation of information while optimising the Group’s processes in human resources and purchasing. Ultimately, some of the current information systems in these areas will be replaced by an ERP. All of these objectives will be targeted in a spirit of maintaining a dynamic vision of internal control, based above all on the competencies, sense of responsibility and involvement of all employees.2.2.3 Risk factorsINDUSTRIAL AND ENVIRONMENTAL RISKSThe “Reagir” committee set up in 2003 continues its work of monitoring and prevention of major risks associated with the Group’s key processes. It also regularly updates the rapid recovery plans that could be set in motion subsequent to any exceptional event that would, for example, cause the transmission signal to be interrupted or prevent access to the TF1 building. In 2006, the risk management organisation added resources and strengthened its structure. An outside, protected back-up site is operational for the three following processes: broadcasting programmes, producing the TV news (TF1 et LCI), creating the advertising screens for the TF1 channel. The company’s vital functions are included in the security plan via processes of recovery of the activity for the different services linked to the channel – selling advertising space, accounting, cash, wages, and IT operations. Procedural tests are carried out from time to time so that any necessary adjustments can be made. The outside back-up facility underwent a technical modiﬁcation during 2005 and 2006, including the installation of a new back-up control room at a second outside location when the digital ﬁnal control room was launched. At the end of ﬁrst quarter 2008, all back-up resources were brought together at a single location. p by satellite in digital standard deﬁnition in the Canalsatellite (ASTRA 1 from SES) and AB bundles (AB3 on EUTELSAT), by ADSL and by optical ﬁbre if necessary in digital standart deﬁnition for broadcast via Internet access providers, ORANGE, FREE, NEUF, SFR, BOUYGUES TELECOM, DARTY, by cable, satellite, ADSL in digital high deﬁnition on more numerous networks.ppTDF ensures the transmission (providing broadcasting sites with the TF1 signal) and broadcasting of programmes for TF1 (and all the national channels) jointly via its free-to-air network. Globecast ensures the satellite broadcasts. TDF is by far the main national operator broadcasting the television signal and there is no really comparable alternative to the TDF network and technical resources. TF1 is therefore dependent on TDF for the broadcasting of its signal and if the TDF network breaks down cannot call on other terrestrial transmission methods offering a full, quick and economically acceptable coverage. Little by little, the multiplatform terrestrial broadcast (analogue, DTT standard Deﬁnition and DTT High Deﬁnition) will reduce the effects of potential failures, these networks being independent and using separate teams. Broadcasting sites are largely secure as a result of the redundant broadcasting transmitters. However, incidents can occur with the antenna system (antenna, wave guides and frequency multiplexers), while the electricity supply can escape TDF’s notice (responsibility of EDF). Power cuts have therefore occurred in the broadcasting of our signal for either technical reasons (defective transmitters/electricity supply). The penalties provided for in the contract are in no way commensurate with TF1’s potential operating losses during these incidents (loss of audience, impact on TF1’s image, advertisers requesting reductions, loss of merchandising rights, etc.). The loss that TF1 could suffer if a transmitter fails is obviously proportional to the number of television viewers served by the defective transmitter. A failure in the Paris region (10 million viewers) could have major economic repercussions. This is why TF1 has negotiated a deal to ensure that TDF’s services intervene very quickly in the event of a failure and requested the strengthening of backup measures. Recently a failure of the terrestrial analogue signal during a few minutes occurred on the Eiffel Tower transmitter. Eurosport has an entity in the UK that secures the broadcasting of its programmes.BROADCASTING OF TF1 PROGRAMMES – RISK OF INTERRUPTION IN SIGNAL TRANSMISSIONTF1’s programmes are currently broadcast to French homes: p by radio waves, via the 112 main transmission sites and 3,070 TDF retransmission stations, by satellite, namely Atlantic Bird 3 of Eutelstat, operated by Globecast for unscrambled broadcasts in Secam, by Free-to-air DTT, free-view standard deﬁnition via the 112 main transmission sites and 210 secondary sites operated by TDF, TowerCast and OneCast, Free-to-air DTT, free-view high deﬁnition via the 51 main transmission sites operated by TDF, Towercast and Onecast, by satellite in free-view digital on the ASTRA 1 position from SES in the DTT SAT offering, by cable (the cable operators’ “must-carry analogue” obligation) in Secam, by cable in digital standard deﬁnition,ppppp p2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="48">
		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportENVIRONMENTAL RISKS(Source: Médiamétrie) For the full-year 2008, despite a multiplication of the offerings and the evolution of the audiovisual landscape (in January 2007, 40% of the French population captured DTT channels and at end December 2008, they were 78%), the TF1 channel achieved a 27.2% market share for individuals of four years and over and 30.9% for women under 50. TF1 conﬁrmed its leadership position and obtained 96 of the top 100 audiences in 2008. The DTT market has become mature. The penetration with French people receiving 15 channels or more should increase from 80% at end 2008 to 86% at end 2009. Seen from this angle, the Group considers that DTT does not constitute a risk: p On the one hand, the greatest growth in DTT is now behind us. Within this trend, the TF1 Group has seen an erosion of its market share, but hardly different from that of its competitors: for example, between 2006 and 2008, which corresponds to the greatest growth of DTT, TF1 lost a 12% market share, compared to 9% for M6 and 17% for France 2 in the category women under 50, purchasing decision-makers. On the other hand, in a ﬁeld that counts new players, the TF1 Group is pursuing its strategy of underpinning its leadership in unscrambled television, notably its position in free DTT.MODERNISING AUDIOVISUAL REGULATIONSIt is to be noted that, in the course of 2008, the Government has initiated several reforms concerning the modernisation of audiovisual regulations.Modiﬁcation to Decree No. 92-280 of March 27, 1992 setting the overall principles deﬁning the obligations of service providers of advertising, sponsorship and home shopping.Decree No. 2008-1392 of December 19, 2008 became effective on January 1, 2009 and makes the following modiﬁcations for the TF1 channel: p relaxation of the capping of the duration of daily advertising from 144 to 216 minutes, rising from six to nine minutes per hour on average per day for the whole day and 12 minutes per clock hour (plus the elimination of accounting for advertising by sliding hour), sponsorship authorisation for pharmaceutical laboratories, opening of new broadcasting windows for home shopping.p pIntroduction of new rules on the TF1 channels obligation to produce audiovisual products.On October 22, 2008, TF1 signed an agreement with the USPA, SPFA, SACD and SCAM to replace the regulatory mechanism on the obligation to order audiovisual products covered by Decree No. 3001-609 of July 9, 2001. To become effective, this agreement must be transposed into the regulations and conventions applicable to TF1.pREGULATION-RELATED RISKSAUTHORISATION TO TRANSMITTF1 is an audiovisual communications service subject to authorisation. The company’s initial authorisation to use frequencies for a duration of 10 years starting April 4, 1987 (Law of September 30, 1986) expired in 1997. Based on decision No. 96-614 of September 17, 1996, the channel received a ﬁrst ﬁve-year renewal of this authorisation, without a bid for candidatures, effective starting April 16, 1997. The TF1 channel’s authorisation to transmit was automatically renewed for the years 2002 to 2007 by a decision of the CSA of November 20, 2001. Under the provisions of Article 82 of the modiﬁed Law of September 30, 1986, this authorisation could be automatically extended to 2012 on the basis of the “simulcast” broadcast of the digital terrestrial free-to-air channel. The CSA, by a decision dated June 10, 2003, modiﬁed the TF1 authorisation and its convention to integrate the speciﬁcations relative to DTT broadcast of the programme. The March 5, 2007 law on modernising future audiovisual and television broadcasting introduced two automatic ﬁve-year extensions of TF1’s authorisation. The ﬁrst compensates for the premature discontinuation of analogue broadcasting by November 30, 2011 providing the channel is a member of a Public Interest Group implementing the measures necessary for such discontinuation. The second is relative to the channel’s commitment to cover 95% of the French population with DTT. It should be noted that the TF1 Group is subject to a variety of commitments covering general obligations to broadcast and invest in production, either through its schedule of conditions or as a result of regulations applicable to its activity. A change to the regulations could raise the current constraints imposed on TF1, with a possible negative impact on the company’s proﬁtability.Modiﬁcation of law No. 86-1067 of September 30, 1986 on freedom of communication.on March 5, 2008 a law relative to audiovisual communication and the new public service television made the following modiﬁcations: p organisation and operation of France Télévisions: − creation of a single France Télévisions enterprise, − nomination of the presidents of the public audiovisual entities by decree, − elimination of advertising: as of January 5, 2009 between 8 p.m. and 6 a.m., and entirely as of the discontinuation of analogue broadcasting (end 2011). Implementation will be subject to ﬁnancial compensation by the State, p introduction of new taxes, the ﬁrst on television advertising, the second on services provided by electronic communications operators, transposition of the European SMA Directive by: − the introduction of a new deﬁnition of on-demand media services, − the authorisation to place products in programmes under conditions determined by the CSA, − the authorisation to introduce a second break in programmes, p the draft ”Internet and Creation” law, currently in debate in Parliament, should provide some answers to the problem of pirating Group TF1 content on the Internet.pAny increase in the constraints currently imposed on TF1 by prevailing regulations could have a negative impact on the company’s proﬁtability.462008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportENVIRONMENTAL RISKS(Source: Mediametrie) For the full-year 2008, despite a multiplication of the offerings and the evolution of the audiovisual landscape (in January 2007, 40% of the French population captured DTT channels and at end December 2008, they were 78%), the TF1 channel achieved a 27.2% market share for individuals of four years and over and 30.9% for women under 50. TF1 conﬁrmed its leadership position and obtained 96 of the top 100 audiences in 2008. The DTT market has become mature. The penetration with French people receiving 15 channels or more should increase from 80% at end 2008 to 86% at end 2009. Seen from this angle, the Group considers that DTT does not constitute a risk: p On the one hand, the greatest growth in DTT is now behind us. Within this trend, the TF1 Group has seen an erosion of its market share, but hardly different from that of its competitors: for example, between 2006 and 2008, which corresponds to the greatest growth of DTT, TF1 lost a 12% market share, compared to 9% for M6 and 17% for France 2 in the category women under 50, purchasing decision-makers. On the other hand, in a ﬁeld that counts new players, the TF1 Group is pursuing its strategy of underpinning its leadership in unscrambled television, notably its position in free DTT.MODERNISING AUDIOVISUAL REGULATIONSIt is to be noted that, in the course of 2008, the Government has initiated several reforms concerning the modernisation of audiovisual regulations.Modiﬁcation to Decree No. 92-280 of March 27, 1992 setting the overall principles deﬁning the obligations of service providers of advertising, sponsorship and home shopping.Decree No. 2008-1392 of December 19, 2008 became effective on January 1, 2009 and makes the following modiﬁcations for the TF1 channel: p relaxation of the capping of the duration of daily advertising from 144 to 216 minutes, rising from six to nine minutes per hour on average per day for the whole day and 12 minutes per clock hour (plus the elimination of accounting for advertising by sliding hour), sponsorship authorisation for pharmaceutical laboratories, opening of new broadcasting windows for home shopping.p pIntroduction of new rules on the TF1 channels obligation to produce audiovisual products.On October 22, 2008, TF1 signed an agreement with the USPA, SPFA, SACD and SCAM to replace the regulatory mechanism on the obligation to order audiovisual products covered by Decree No. 3001-609 of July 9, 2001. To become effective, this agreement must be transposed into the regulations and conventions applicable to TF1.pREGULATION-RELATED RISKSAUTHORISATION TO TRANSMITTF1 is an audiovisual communications service subject to authorisation. The company’s initial authorisation to use frequencies for a duration of 10 years starting April 4, 1987 (Law of September 30, 1986) expired in 1997. Based on decision No. 96-614 of September 17, 1996, the channel received a ﬁrst ﬁve-year renewal of this authorisation, without a bid for candidatures, effective starting April 16, 1997. The TF1 channel’s authorisation to transmit was automatically renewed for the years 2002 to 2007 by a decision of the CSA of November 20, 2001. Under the provisions of Article 82 of the modiﬁed Law of September 30, 1986, this authorisation could be automatically extended to 2012 on the basis of the “simulcast” broadcast of the digital terrestrial free-to-air channel. The CSA, by a decision dated June 10, 2003, modiﬁed the TF1 authorisation and its convention to integrate the speciﬁcations relative to DTT broadcast of the programme. The March 5, 2007 law on modernising future audiovisual and television broadcasting introduced two automatic ﬁve-year extensions of TF1’s authorisation. The ﬁrst compensates for the premature discontinuation of analogue broadcasting by November 30, 2011 providing the channel is a member of a Public Interest Group implementing the measures necessary for such discontinuation. The second is relative to the channel’s commitment to cover 95% of the French population with DTT. It should be noted that the TF1 Group is subject to a variety of commitments covering general obligations to broadcast and invest in production, either through its schedule of conditions or as a result of regulations applicable to its activity. A change to the regulations could raise the current constraints imposed on TF1, with a possible negative impact on the company’s proﬁtability.Modiﬁcation of law No. 86-1067 of September 30, 1986 on freedom of communication.on March 5, 2008 a law relative to audiovisual communication and the new public service television made the following modiﬁcations: p organisation and operation of France Televisions: − creation of a single France Televisions enterprise, − nomination of the presidents of the public audiovisual entities by decree, − elimination of advertising: as of January 5, 2009 between 8 p.m. and 6 a.m., and entirely as of the discontinuation of analogue broadcasting (end 2011). Implementation will be subject to ﬁnancial compensation by the State, p introduction of new taxes, the ﬁrst on television advertising, the second on services provided by electronic communications operators, transposition of the European SMA Directive by: − the introduction of a new deﬁnition of on-demand media services, − the authorisation to place products in programmes under conditions determined by the CSA, − the authorisation to introduce a second break in programmes, p the draft ”Internet and Creation” law, currently in debate in Parliament, should provide some answers to the problem of pirating Group TF1 content on the Internet.pAny increase in the constraints currently imposed on TF1 by prevailing regulations could have a negative impact on the company’s proﬁtability.462008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2CUSTOMER RISKTF1 Publicité regularly monitors the ﬁnancial health of advertisers wishing to invest on the media it is in charge of (channels, Internet sites of the TF1 Group and other developers). For any new advertiser or one that has experienced payment incidents, TF1 Publicité systematically demands advance payment of the full amount before broadcasting any advertising. In the eventuality of unpaid invoices for past orders, TF1 Publicité demands full payment of unpaid invoices as well as advanced payment of future orders. Otherwise, TF1 Publicité can refuse to sell services to an insolvent advertiser. It is thanks to these conditions that TF1 Publicité has managed to keep its risk of non-payment by advertisers at less than 0.15% of annual turnover. Eurosport has efﬁcient processes in place to recover cable and satellite operator debts. The risk of non-payment by distributors is historically low thanks to the processes implemented to verify the ﬁnancial health of its clients. TF1 Vidéo and TF1 Entreprises have taken out credit insurance to protect themselves against customer bad debts. There are no other signiﬁcant single customer risks in the group’s other subsidiaries which could durably affect the group’s proﬁtability.ppublic liability insurance covers the consequences if the public liability of TF1 and its existing or future subsidiaries are called in question due to injury caused to third parties for coverage amounts appropriate to the risks.In addition to the compulsory insurance policies, TF1 has subscribed to a liability insurance for company ofﬁcers since 1997. The insured are TF1 executive ofﬁcers and its representatives in the Board of Directors of subsidiaries or associated companies (companies in which TF1 hold, directly or indirectly, 50% of the voting rights). In addition, the insurance provides cover for de facto managers and employees who would be liable for any professional error committed in their executive, supervisory or management capacity. The deductibles of each of these policies have been deﬁned in function of the risks and the possible premium reductions so as to optimise the overall cost of the Group’s risk cover. At the present time, TF1 does not cover any of its risks through captive insurance or re-insurance companies.LITIGATIONExternal counsel analyses individual disputes likely to harm TF1’s interests. Where necessary, litigation gives rise to risk provisioning. At this point in time, there is no government, judicial or arbitration procedure, including any pending or anticipated procedure or one likely to have, or have had in the past 12 months, any signiﬁcant effect on the ﬁnancial situation or proﬁtability of the company or Group. Any litigation of which the company or the group is aware has been fully provisioned in the accounts. Provision amounts are conservatively evaluated. Provision charges in respect of litigation are detailed in the notes to the consolidated accounts. The main risks of litigation are summarised below:MARKET RISKSFor Group TF1, exchange-rate risk is limited. For 2008, over 95% of turnover was made in euros. 2% were made in dollars. Furthermore, it should be noted that 90% of purchasing (including acquisition of audiovisual rights) was paid in euros, 7% in dollars. A detailed analysis of market risks (rates, exchange, liquidity, shares) can be found in the notes to the consolidated accounts.INSURANCE/RISK COVERAs indicated in the report on internal control procedures, the Group has instituted a pro-active policy of risk identiﬁcation and prevention and a corresponding unit has been established. This unit implements a regularly updated prevention plan. The group’s insurance policies are then negotiated through brokers dealing with major international companies well-known for their solvency. The existence of this prevention plan makes it easier for TF1 Group to obtain insurance contracts with these ﬁrst-rate insurance companies. The means of identifying and preventing risks developed for the Group and its subsidiaries by this dedicated unit are aimed at improving control of risks of damage but also at optimising contracts and the relations with insurers with regard to the premiums and the guarantee conditions. The TF1 Group has two main types of insurance policy, which were put up for tender in 2008: p non-life insurance, which insures TF1 and its existing or future subsidiaries in France and throughout the world wherever the TF1 Group does business. This policy provides cover against material damage to TF1 Group assets for amounts that are generally equal to the value of the assets insured. These guarantees are applicable also in the case of terrorist acts,RISKS ASSOCIATED WITH THE RIGHTS OF INDIVIDUALS (PRIVACY, LIBEL)No case currently in progress presents a major ﬁnancial risk for TF1.RISKS ASSOCIATED WITH INTELLECTUAL PROPERTY (AUTHOR RIGHTS, RELATED RIGHTS)After the case brought against it in 2007 by the SPPF, made up of disc producers, TF1 was sued by a second civil society, the SCPP, in June 2008. These organisations dispute the fact that TF1 could use discs under the legal licence instituted in French law in 1985 and demand reparation of the damages they claim to have suffered in the period 1997 to 2005 (€33 million for SPPF and €57 million for SCCP). In the framework of these cases, TF1 has asked the SPRE to reimburse the sums paid to it during this period in accordance with the legal licence and called on a number of audiovisual producers as guarantors. The negotiations with all the organizations of this sector started in 2007 and continued in 2008. Their aim is to settle the past conﬂict in compliance with provisions appearing in the accounts, but also to agree on new arrangements for the future.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s report2CUSTOMER RISKTF1 Publicite regularly monitors the ﬁnancial health of advertisers wishing to invest on the media it is in charge of (channels, Internet sites of the TF1 Group and other developers). For any new advertiser or one that has experienced payment incidents, TF1 Publicite systematically demands advance payment of the full amount before broadcasting any advertising. In the eventuality of unpaid invoices for past orders, TF1 Publicite demands full payment of unpaid invoices as well as advanced payment of future orders. Otherwise, TF1 Publicite can refuse to sell services to an insolvent advertiser. It is thanks to these conditions that TF1 Publicite has managed to keep its risk of non-payment by advertisers at less than 0.15% of annual turnover. Eurosport has efﬁcient processes in place to recover cable and satellite operator debts. The risk of non-payment by distributors is historically low thanks to the processes implemented to verify the ﬁnancial health of its clients. TF1 Video and TF1 Entreprises have taken out credit insurance to protect themselves against customer bad debts. There are no other signiﬁcant single customer risks in the group’s other subsidiaries which could durably affect the group’s proﬁtability.ppublic liability insurance covers the consequences if the public liability of TF1 and its existing or future subsidiaries are called in question due to injury caused to third parties for coverage amounts appropriate to the risks.In addition to the compulsory insurance policies, TF1 has subscribed to a liability insurance for company ofﬁcers since 1997. The insured are TF1 executive ofﬁcers and its representatives in the Board of Directors of subsidiaries or associated companies (companies in which TF1 hold, directly or indirectly, 50% of the voting rights). In addition, the insurance provides cover for de facto managers and employees who would be liable for any professional error committed in their executive, supervisory or management capacity. The deductibles of each of these policies have been deﬁned in function of the risks and the possible premium reductions so as to optimise the overall cost of the Group’s risk cover. At the present time, TF1 does not cover any of its risks through captive insurance or re-insurance companies.LITIGATIONExternal counsel analyses individual disputes likely to harm TF1’s interests. Where necessary, litigation gives rise to risk provisioning. At this point in time, there is no government, judicial or arbitration procedure, including any pending or anticipated procedure or one likely to have, or have had in the past 12 months, any signiﬁcant effect on the ﬁnancial situation or proﬁtability of the company or Group. Any litigation of which the company or the group is aware has been fully provisioned in the accounts. Provision amounts are conservatively evaluated. Provision charges in respect of litigation are detailed in the notes to the consolidated accounts. The main risks of litigation are summarised below:MARKET RISKSFor Group TF1, exchange-rate risk is limited. For 2008, over 95% of turnover was made in euros. 2% were made in dollars. Furthermore, it should be noted that 90% of purchasing (including acquisition of audiovisual rights) was paid in euros, 7% in dollars. A detailed analysis of market risks (rates, exchange, liquidity, shares) can be found in the notes to the consolidated accounts.INSURANCE/RISK COVERAs indicated in the report on internal control procedures, the Group has instituted a pro-active policy of risk identiﬁcation and prevention and a corresponding unit has been established. This unit implements a regularly updated prevention plan. The group’s insurance policies are then negotiated through brokers dealing with major international companies well-known for their solvency. The existence of this prevention plan makes it easier for TF1 Group to obtain insurance contracts with these ﬁrst-rate insurance companies. The means of identifying and preventing risks developed for the Group and its subsidiaries by this dedicated unit are aimed at improving control of risks of damage but also at optimising contracts and the relations with insurers with regard to the premiums and the guarantee conditions. The TF1 Group has two main types of insurance policy, which were put up for tender in 2008: p non-life insurance, which insures TF1 and its existing or future subsidiaries in France and throughout the world wherever the TF1 Group does business. This policy provides cover against material damage to TF1 Group assets for amounts that are generally equal to the value of the assets insured. These guarantees are applicable also in the case of terrorist acts,RISKS ASSOCIATED WITH THE RIGHTS OF INDIVIDUALS (PRIVACY, LIBEL)No case currently in progress presents a major ﬁnancial risk for TF1.RISKS ASSOCIATED WITH INTELLECTUAL PROPERTY (AUTHOR RIGHTS, RELATED RIGHTS)After the case brought against it in 2007 by the SPPF, made up of disc producers, TF1 was sued by a second civil society, the SCPP, in June 2008. These organisations dispute the fact that TF1 could use discs under the legal licence instituted in French law in 1985 and demand reparation of the damages they claim to have suffered in the period 1997 to 2005 (€33 million for SPPF and €57 million for SCCP). In the framework of these cases, TF1 has asked the SPRE to reimburse the sums paid to it during this period in accordance with the legal licence and called on a number of audiovisual producers as guarantors. The negotiations with all the organizations of this sector started in 2007 and continued in 2008. Their aim is to settle the past conﬂict in compliance with provisions appearing in the accounts, but also to agree on new arrangements for the future.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportThe TF1 Group was victim of pirated content for which it held the rights. Legal action was taken in 2008 to put a halt to these acts and demand reparation for damages from a certain number of platforms, such as Dailymotion or Youtube, but also sites such as Wizzgo; on November 25, 2008, the latter’s on-line video copying service was judged to be illegal by the Paris tribunal. Glem, which, on January 1, 2009, became TF1 Production, TF1’s audiovisual production subsidiary, is the subject of a number of proceedings for the programme Ile de la Tentation, their purpose is not only to convert the “participation contracts” into “work contracts”, but also to have the participants recognised as “actors”. To date, these cases have resulted in diverging legal decisions. While three rulings of the Paris Court of Appeal (11/02/2008) concluded that three participants in the programme were salaried employees of the producer, Glem, though without recognizing their quality as actors, the Saint Étienne industrial tribunal excluded the existence of a work contract (ruling of 22/12/2008). Glem has lodged an appeal to the Court of Cassation against these three rulings. The decision is expected in ﬁrst half 2009. Other procedures are in process before the industrial tribunal of Boulogne Billancourt for other seasons and other candidates in l’Ile de la Tentation. They also target other programmes of which TF1 has acquired the rights from external producers, such as the programme Koh Lanta. Certain cases concern the producer and the TF1 channel (as acquirer of the broadcasting rights of the programme) as possible “co-employers”. To date, TF1 has been subject to no legal decision.The future of the cases in process will depend on the position taken by the Court of Cassation, in particular, a certain number of points: (i) the existence or not of a work contract, (ii) the conditions of application of the legal work duration, and (iii) the recognition or not of undeclared work. In the case of a global cassation of the rulings of the Paris appeals court, it is likely that the procedures in process will cease. On the other hand, if the Court of Cassation upholds the appeal rulings, the cases could be extended to other audiovisual producers of past reality-TV programmes, though it should be noted that each programme has its own particularities, so that they could result in different legal decisions. As far as the TF1 Group is concerned, its subsidiary TF1 Production is not specialised in reality-TV (even though it has produced l’Ile de la Tentation or Greg le Millionnaire), but rather in so-called “studio” entertainment programmes, magazines and ﬁction drama.RISKS RELATED TO COMPETITION RIGHTSM6, having lodged a complaint with the Competition Council, the latter considers that at the beginning of 2008, two of the commitments agreed to by TF1 and the AB Group on the occasion of the acquisition of TMC (autonomous operation of the advertising unit, space selling independent of TF1 Publicité) had not been respected. On the basis of this decision, the Minister of the Economy, though a ruling of November 17, 2008, imposed a ﬁne of €250,000 on TF1.482008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[2REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURESChairman’s reportThe TF1 Group was victim of pirated content for which it held the rights. Legal action was taken in 2008 to put a halt to these acts and demand reparation for damages from a certain number of platforms, such as Dailymotion or Youtube, but also sites such as Wizzgo; on November 25, 2008, the latter’s on-line video copying service was judged to be illegal by the Paris tribunal. Glem, which, on January 1, 2009, became TF1 Production, TF1’s audiovisual production subsidiary, is the subject of a number of proceedings for the programme Ile de la Tentation, their purpose is not only to convert the “participation contracts” into “work contracts”, but also to have the participants recognised as “actors”. To date, these cases have resulted in diverging legal decisions. While three rulings of the Paris Court of Appeal (11/02/2008) concluded that three participants in the programme were salaried employees of the producer, Glem, though without recognizing their quality as actors, the Saint Etienne industrial tribunal excluded the existence of a work contract (ruling of 22/12/2008). Glem has lodged an appeal to the Court of Cassation against these three rulings. The decision is expected in ﬁrst half 2009. Other procedures are in process before the industrial tribunal of Boulogne Billancourt for other seasons and other candidates in l’Ile de la Tentation. They also target other programmes of which TF1 has acquired the rights from external producers, such as the programme Koh Lanta. Certain cases concern the producer and the TF1 channel (as acquirer of the broadcasting rights of the programme) as possible “co-employers”. To date, TF1 has been subject to no legal decision.The future of the cases in process will depend on the position taken by the Court of Cassation, in particular, a certain number of points: (i) the existence or not of a work contract, (ii) the conditions of application of the legal work duration, and (iii) the recognition or not of undeclared work. In the case of a global cassation of the rulings of the Paris appeals court, it is likely that the procedures in process will cease. On the other hand, if the Court of Cassation upholds the appeal rulings, the cases could be extended to other audiovisual producers of past reality-TV programmes, though it should be noted that each programme has its own particularities, so that they could result in different legal decisions. As far as the TF1 Group is concerned, its subsidiary TF1 Production is not specialised in reality-TV (even though it has produced l’Ile de la Tentation or Greg le Millionnaire), but rather in so-called “studio” entertainment programmes, magazines and ﬁction drama.RISKS RELATED TO COMPETITION RIGHTSM6, having lodged a complaint with the Competition Council, the latter considers that at the beginning of 2008, two of the commitments agreed to by TF1 and the AB Group on the occasion of the acquisition of TMC (autonomous operation of the advertising unit, space selling independent of TF1 Publicite) had not been respected. On the basis of this decision, the Minister of the Economy, though a ruling of November 17, 2008, imposed a ﬁne of €250,000 on TF1.482008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009(ORDINARY PART)3.1 2008 ACTIVITY AND RESULTS3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 The Group The TF1 parent company Outlook Research and development expenditure Post balance-sheet events35152 56 57 58 593.2HUMAN RESOURCES AND ENVIRONMENT UPDATE3.2.1 Human resources 3.2.2 Report on the environment6060 673.3AVAILABLE INFORMATION IN THE REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES3.3.1 Risks factors 3.3.2 Director’s compensation7272 723.4TF1 SA SUBSIDIARIES AND HOLDINGS3.4.1 Main acquisitions and disposals 3.4.2 Other commitments7373 733.5CAPITAL AND STOCK OWNERSHIP3.5.1 Evolution of capital as at December 31, 2008 3.5.2 Bond issue 3.5.3 Financial resolutions submitted for approval to the Combined General Meeting of April 17, 2009 3.5.4 Share Amount/Category 3.5.5 Purchase on the Stock Market 3.5.6 Share management 3.5.7 Shareholders 3.5.8 Shareholders’ agreement 3.5.9 Potential capital 3.5.10 Concerted Action7474 77 77 79 79 79 79 81 81 813.6THE SHARE3.6.1 Dividends and returns 3.6.2 Development of prices and volumes8282 823.7 3.8RESOLUTIONS PRESENTED TO THE BOARD MEETING STATEMENT OF COMPANY OPERATIONS OVER THE LAST FIVE BUSINESS YEARS85 86492008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009(ORDINARY PART)3.1 2008 ACTIVITY AND RESULTS3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 The Group The TF1 parent company Outlook Research and development expenditure Post balance-sheet events35152 56 57 58 593.2HUMAN RESOURCES AND ENVIRONMENT UPDATE3.2.1 Human resources 3.2.2 Report on the environment6060 673.3AVAILABLE INFORMATION IN THE REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES3.3.1 Risks factors 3.3.2 Director’s compensation7272 723.4TF1 SA SUBSIDIARIES AND HOLDINGS3.4.1 Main acquisitions and disposals 3.4.2 Other commitments7373 733.5CAPITAL AND STOCK OWNERSHIP3.5.1 Evolution of capital as at December 31, 2008 3.5.2 Bond issue 3.5.3 Financial resolutions submitted for approval to the Combined General Meeting of April 17, 2009 3.5.4 Share Amount/Category 3.5.5 Purchase on the Stock Market 3.5.6 Share management 3.5.7 Shareholders 3.5.8 Shareholders’ agreement 3.5.9 Potential capital 3.5.10 Concerted Action7474 77 77 79 79 79 79 81 81 813.6THE SHARE3.6.1 Dividends and returns 3.6.2 Development of prices and volumes8282 823.7 3.8RESOLUTIONS PRESENTED TO THE BOARD MEETING STATEMENT OF COMPANY OPERATIONS OVER THE LAST FIVE BUSINESS YEARS85 86492008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Ladies, Gentlemen and dear shareholders, We are assembled here today at the Ordinary General Meeting, as required by French law and by our Articles of Incorporation, to report to you on our management during the past business year, submit the accounts for the 2008 business year for your approval, and review the situation and growth prospects of the company and the Group. This report also includes information on our social and environmental management as well as on the structure and composition of your company’s Board of Directors. As in previous years, the accounts for 2008 are presented for both the TF1 Group (consolidated accounts) and for the parent company, Télévision Française 1. The consolidated accounts have been prepared in accordance with IFRS, while the accounts for TF1 SA according to accounting rules and principles applicable in France (French GAAP).502008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Ladies, Gentlemen and dear shareholders, We are assembled here today at the Ordinary General Meeting, as required by French law and by our Articles of Incorporation, to report to you on our management during the past business year, submit the accounts for the 2008 business year for your approval, and review the situation and growth prospects of the company and the Group. This report also includes information on our social and environmental management as well as on the structure and composition of your company’s Board of Directors. As in previous years, the accounts for 2008 are presented for both the TF1 Group (consolidated accounts) and for the parent company, Television Francaise 1. The consolidated accounts have been prepared in accordance with IFRS, while the accounts for TF1 SA according to accounting rules and principles applicable in France (French GAAP).502008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1 2008 ACTIVITY AND RESULTSChanges in accounting and reporting methods – accounts comparability The development of some of the Group’s activities has led the Group to reﬁne its accounting methods, based on the proposed minor improvements to IAS 18 published in August 2008 (1) by the IASB. This text provides criteria for analysing services rendered in such a way as to determine whether the entity operates as main supplier or intermediary, so that the associated revenue and expenses to be entered into the accounts can be separated out. In the context of its operations as an advertising sales structure, the Group takes its turnover as consisting of its advertising commission (i.e., the amount charged to the advertiser minus purchase of the advertising space), where the company does not offer any guaranteed revenue from marketing advertising space with respect to the platform owner. When such a guarantee is offered, the Group recognises its turnover as being the gross amount charged to the advertisers for advertising space. For services involving technical intermediaries (e.g., VOD, interactive services etc.), the Group’s turnover is considered to be the price paid for the ﬁnal product by the consumer insofar as the Group assumes responsibility for after-sales service risks as well as legal and ﬁnancial risks associated with such services. In addition, an analysis of the current contractual framework for the “Listes de mariage” (wedding lists) activity with the company 1001 Listes has led the Group to limit payment for services rendered to the amount of commission earned by 1001 Listes. This change in method, whilst not impacting the results, necessitates an adjustment, by one and the same sum, to the Group’s turnover and operating expenses. The net effect on these entries is a decrease of €25.7 million for the 2008 business year and €24.7 million for 2007. In compliance with standard IAS 8, the 2007 accounts presented in the 2008 ﬁnancial statements have been restated accordingly.(1) IASB Publication dated August 7, 2008: Exposure draft of proposed Improvements to IFRSs (www.iasb.org) and, more particularly, provisions relative to IAS 18 pages 24-29 of the publication.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1 2008 ACTIVITY AND RESULTSChanges in accounting and reporting methods – accounts comparability The development of some of the Group’s activities has led the Group to reﬁne its accounting methods, based on the proposed minor improvements to IAS 18 published in August 2008 (1) by the IASB. This text provides criteria for analysing services rendered in such a way as to determine whether the entity operates as main supplier or intermediary, so that the associated revenue and expenses to be entered into the accounts can be separated out. In the context of its operations as an advertising sales structure, the Group takes its turnover as consisting of its advertising commission (i.e., the amount charged to the advertiser minus purchase of the advertising space), where the company does not offer any guaranteed revenue from marketing advertising space with respect to the platform owner. When such a guarantee is offered, the Group recognises its turnover as being the gross amount charged to the advertisers for advertising space. For services involving technical intermediaries (e.g., VOD, interactive services etc.), the Group’s turnover is considered to be the price paid for the ﬁnal product by the consumer insofar as the Group assumes responsibility for after-sales service risks as well as legal and ﬁnancial risks associated with such services. In addition, an analysis of the current contractual framework for the “Listes de mariage” (wedding lists) activity with the company 1001 Listes has led the Group to limit payment for services rendered to the amount of commission earned by 1001 Listes. This change in method, whilst not impacting the results, necessitates an adjustment, by one and the same sum, to the Group’s turnover and operating expenses. The net effect on these entries is a decrease of €25.7 million for the 2008 business year and €24.7 million for 2007. In compliance with standard IAS 8, the 2007 accounts presented in the 2008 ﬁnancial statements have been restated accordingly.(1) IASB Publication dated August 7, 2008: Exposure draft of proposed Improvements to IFRSs (www.iasb.org) and, more particularly, provisions relative to IAS 18 pages 24-29 of the publication.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3(€m)MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3.1.1 The GroupCONSOLIDATED PROFIT AND LOSS ACCOUNT – ANALYTICAL BREAKDOWN – RESTATED2008 1,647.3 (79.0) 1,568.3 (63.6) (87.3) (54.0) (978.2) (53.9) 331.3 946.0 (953.7) (147.1) 176.5 (22.4) 40.9 (40.8) 9.6 163.8 402.1 1,013.3 (980.9) (129.3) 305.2 (21.4) 28.7 (93.0) 8.3 227.8 2007 1,718.3 (81.1) 1,637.2 (66.4) (90.3) (54.2) (974.3) (49.9) TF1 Channel Advertising revenue Advertising costs NET BROADCASTING REVENUE Royalties and contributions Authors CNC Broadcasting costs TDF, Satellites, Transmissions Programming costs (excl. World Cup and Euro 2008) Rugby World Cup Cost Euro 2008 Grid Costs GROSS MARGIN Diversiﬁcation and miscellaneous revenue and other products Other operating charges Net allocation to depreciation, amortisation and provisions OPERATING PROFIT Cost of net debt Other ﬁnancial income and expenses Corporate income tax Share of net income of companies consolidated under the equity method NET RESULT FROM CONTINUING ACTIVITIESProfit of discontinuing operationsNET PROFIT Net proﬁt attributable to the Group Minority interests In 2008, TF1 Group consolidated revenue fell by 5.3% to €2,594.7 million. The TF1 channel’s net advertising revenue was down by 4.1%, at €1,647.3 million, chieﬂy as a result of the continued world economic downturn. Rapid changes in the audiovisual sector and a lack of certainty concerning changes in the regulatory framework also affected spending by advertisers, who were more hesitant than in the past. Turnover resulting from other activities amounted to €947.4 million, down by 7.2%, primarily as a result of a decline in income from the Audiovisual Rights department, which, in 2007, had beneﬁted from the aftermath of the ﬁlm La Vie en rose. If this is not taken into account, the decline in revenue of the diversiﬁcation activities branch is reduced to 4.4%. In an uncertain, difﬁcult situation such as we are currently experiencing, the activities of Téléshopping, TF1 Entreprises and TF1 Vidéo have been directly affected by the economic situation i.e., reduced buying power and reduced private consumption. Eurosport International continues to show a rise in revenue thanks to the channel’s continued development on all platforms (satellite, broadband and DTT), the launch of the Eurosport HD channel and a year that had a plethora of sporting events.0.0163.8 163.8 (0.0)0.0227.8 227.8 (0.0)Operating income as at December 31, 2008 amounted to €176.5 million, as compared with €305.2 million the previous year. Leaving aside the decline in turnover and the cost of the Olympic Games for Eurosport, this result was positively impacted by the three-strand expenses optimisation plan: p p p decreased outside expenses: + €15 million, discontinuation of unproﬁtable activities (JET, TFou…): + €9.2 million, gains achieved through Group contract renegotiation (not including audiovisual rights): + €7.6 million.It was negatively impacted by reorganisation costs (€41.6 million) and a cost overrun for the TF1 channel concerning Euro 2008 as compared to the 2007 Rugby World Cup (€4 million). The operating margin is 6.8%. The TF1 channel’s grid costs increased by 0.8% to €1,032.1 million. Not including sporting events (Euro 2008 and the 2007 Rugby World Cup), grid costs rose by 0.4%, to €978.2 million.522008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3(€m)MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3.1.1 The GroupCONSOLIDATED PROFIT AND LOSS ACCOUNT – ANALYTICAL BREAKDOWN – RESTATED2008 1,647.3 (79.0) 1,568.3 (63.6) (87.3) (54.0) (978.2) (53.9) 331.3 946.0 (953.7) (147.1) 176.5 (22.4) 40.9 (40.8) 9.6 163.8 402.1 1,013.3 (980.9) (129.3) 305.2 (21.4) 28.7 (93.0) 8.3 227.8 2007 1,718.3 (81.1) 1,637.2 (66.4) (90.3) (54.2) (974.3) (49.9) TF1 Channel Advertising revenue Advertising costs NET BROADCASTING REVENUE Royalties and contributions Authors CNC Broadcasting costs TDF, Satellites, Transmissions Programming costs (excl. World Cup and Euro 2008) Rugby World Cup Cost Euro 2008 Grid Costs GROSS MARGIN Diversiﬁcation and miscellaneous revenue and other products Other operating charges Net allocation to depreciation, amortisation and provisions OPERATING PROFIT Cost of net debt Other ﬁnancial income and expenses Corporate income tax Share of net income of companies consolidated under the equity method NET RESULT FROM CONTINUING ACTIVITIESProfit of discontinuing operationsNET PROFIT Net proﬁt attributable to the Group Minority interests In 2008, TF1 Group consolidated revenue fell by 5.3% to €2,594.7 million. The TF1 channel’s net advertising revenue was down by 4.1%, at €1,647.3 million, chieﬂy as a result of the continued world economic downturn. Rapid changes in the audiovisual sector and a lack of certainty concerning changes in the regulatory framework also affected spending by advertisers, who were more hesitant than in the past. Turnover resulting from other activities amounted to €947.4 million, down by 7.2%, primarily as a result of a decline in income from the Audiovisual Rights department, which, in 2007, had beneﬁted from the aftermath of the ﬁlm La Vie en rose. If this is not taken into account, the decline in revenue of the diversiﬁcation activities branch is reduced to 4.4%. In an uncertain, difﬁcult situation such as we are currently experiencing, the activities of Teleshopping, TF1 Entreprises and TF1 Video have been directly affected by the economic situation i.e., reduced buying power and reduced private consumption. Eurosport International continues to show a rise in revenue thanks to the channel’s continued development on all platforms (satellite, broadband and DTT), the launch of the Eurosport HD channel and a year that had a plethora of sporting events.0.0163.8 163.8 (0.0)0.0227.8 227.8 (0.0)Operating income as at December 31, 2008 amounted to €176.5 million, as compared with €305.2 million the previous year. Leaving aside the decline in turnover and the cost of the Olympic Games for Eurosport, this result was positively impacted by the three-strand expenses optimisation plan: p p p decreased outside expenses: + €15 million, discontinuation of unproﬁtable activities (JET, TFou…): + €9.2 million, gains achieved through Group contract renegotiation (not including audiovisual rights): + €7.6 million.It was negatively impacted by reorganisation costs (€41.6 million) and a cost overrun for the TF1 channel concerning Euro 2008 as compared to the 2007 Rugby World Cup (€4 million). The operating margin is 6.8%. The TF1 channel’s grid costs increased by 0.8% to €1,032.1 million. Not including sporting events (Euro 2008 and the 2007 Rugby World Cup), grid costs rose by 0.4%, to €978.2 million.522008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3Net cost of debt increased between 2007 and 2008, from €21.4 million to €22.4 million, principally because of a rise in the average debt over the full year owing to the acquisition of a 33.5% share in the AB group in April 2007. Other products and expenses amounted to €40.9 million as at December 31, 2008. This sum arises mainly from a re-evaluation of the fair value of the TF1 Group’s 9.9% share in Canal+ France, provisions for depreciation of non-recurring assets, and the positive effect of US dollar currency hedges.The Group’s net income has fallen by 28.1% to €163.8 million as a result of the downturn in activity, costs underwritten in 2008 relating to broadcasting major sports events, and reorganisation expenses. As at December 31, 2008, total shareholders’ funds amounted to €1,376.9 million on total balance sheet of €3,740.2 million. Net debt stood at 51.2% of total shareholders’ funds, or €704.5 million, €500 million of which are linked to a bond loan which matures in November 2010, the remainder consisting mainly of drawdowns from Bouygues Relais. In addition, TF1 can sell to Vivendi its shares in Canal+ France as from February 2010, for a guaranteed sum of €745.8 million. Consolidated revenue Current operating proﬁt 2007 2,195.8 1,729.3 136.5 188.6 40.5 28.1 65.1 7.7 268.1 101.4 166.7 274.8 272.6 2.2 0.2 2,738.9 2008 164.3 136.4 5.4 3.6 (0.4) 2.7 (4.1) 20.7 (10.8) (12.9) 2.1 26.6 26.6 0.0 (3.6) 176.5 2007 252.0 221.1 7.9 2.0 1.8 2.1 (1.4) 18.5 17.2 6.1 11.1 38.2 32.3 0.0 5.9 (2.2) 305.2(€m) Broadcasting France TF1 Channel Téléshopping Group Thematic channels in France TF1 Entreprises and subsidiaries In-house production companies e-TF1 Other Audiovisual rights Catalogue Video International broadcasting Eurosport International France 24 Europa TV Total other activities CONTINUING ACTIVITIES2008 2,103.5 1,655.0 126.3 187.9 36.0 31.1 60.4 6.8 174.0 54.7 119.3 316.2 311.9 4.3 1.0 2,594.7BROADCASTING FRANCERevenue for the Broadcasting France division fell by 4.2% in 2008, to €2,103.5 million. Operating income declined by 34.8% to €164.3 million, achieving an operating margin of 7.8%. The TF1 channel’s advertising income was down by 4.1% and that of other activities in this division by 4.5%.Headed by Euro 2008, sports programmes restated their exclusive, event-driven nature on TF1 with the Holland-France match attracting 12.7 million viewers on June 13, 2008. Feature ﬁlms have remained as popular as ever with the French public, thanks, in particular, to French family comedies (Les Bronzés 3 – Amis pour la vie attracted 11.2 million viewers) and American blockbusters (La Légende de Zorro, Benjamin Gates et le Trésor des Templiers which respectively achieved totals of 8.8 million and 8.6 million viewers). Also included in this hit-parade of successful TV programmes are specials like Les Secrets des Enfoirés, l’Élection de Miss France or the NRJ Music Awards, as well as documentaries and French ﬁctional drama, such as Julie Lescaut or Joséphine Ange Gardien, which attracted over 8 million viewers in 2008.TF1 CHANNEL(Source: Médiamétrie)Throughout 2008, despite the increasingly wide choice of offering and the changes in the audiovisual sector (in January 2007, 40% of French audiences were receiving DTT channels, by the end of December 2008 this ﬁgure had risen to 78%), TF1 achieved a 27.2% share of the audience with respect to individuals aged 4 years and over, and 30.9% women under 50. TF1 reafﬁrmed its place as market leader, achieving 96 of the 100 top audiences in 2008. In keeping with TF1’s vocation as a general interest channel, all kinds of programme appeared in this ranking, in particular American television series (including franchises such as Experts and Esprits Criminels as well as Grey’s Anatomy, Dr House etc.) which continued to attract large audiences, including a record 10.2 million viewers for Les Experts Miami on January 8, 2008.ADVERTISING(Source: TNS Media Intelligence)Over the past 12 months, the advertising sector has felt the effects of President Nicolas Sarkozy’s announcement, on January 8, 2008, concerning the suppression of advertising on all national television channels, as well as those of the new price structure introduced by France Télévision at the beginning of 2008. The combination of these factors with a declining economic climate resulted in2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3Net cost of debt increased between 2007 and 2008, from €21.4 million to €22.4 million, principally because of a rise in the average debt over the full year owing to the acquisition of a 33.5% share in the AB group in April 2007. Other products and expenses amounted to €40.9 million as at December 31, 2008. This sum arises mainly from a re-evaluation of the fair value of the TF1 Group’s 9.9% share in Canal+ France, provisions for depreciation of non-recurring assets, and the positive effect of US dollar currency hedges.The Group’s net income has fallen by 28.1% to €163.8 million as a result of the downturn in activity, costs underwritten in 2008 relating to broadcasting major sports events, and reorganisation expenses. As at December 31, 2008, total shareholders’ funds amounted to €1,376.9 million on total balance sheet of €3,740.2 million. Net debt stood at 51.2% of total shareholders’ funds, or €704.5 million, €500 million of which are linked to a bond loan which matures in November 2010, the remainder consisting mainly of drawdowns from Bouygues Relais. In addition, TF1 can sell to Vivendi its shares in Canal+ France as from February 2010, for a guaranteed sum of €745.8 million. Consolidated revenue Current operating proﬁt 2007 2,195.8 1,729.3 136.5 188.6 40.5 28.1 65.1 7.7 268.1 101.4 166.7 274.8 272.6 2.2 0.2 2,738.9 2008 164.3 136.4 5.4 3.6 (0.4) 2.7 (4.1) 20.7 (10.8) (12.9) 2.1 26.6 26.6 0.0 (3.6) 176.5 2007 252.0 221.1 7.9 2.0 1.8 2.1 (1.4) 18.5 17.2 6.1 11.1 38.2 32.3 0.0 5.9 (2.2) 305.2(€m) Broadcasting France TF1 Channel Teleshopping Group Thematic channels in France TF1 Entreprises and subsidiaries In-house production companies e-TF1 Other Audiovisual rights Catalogue Video International broadcasting Eurosport International France 24 Europa TV Total other activities CONTINUING ACTIVITIES2008 2,103.5 1,655.0 126.3 187.9 36.0 31.1 60.4 6.8 174.0 54.7 119.3 316.2 311.9 4.3 1.0 2,594.7BROADCASTING FRANCERevenue for the Broadcasting France division fell by 4.2% in 2008, to €2,103.5 million. Operating income declined by 34.8% to €164.3 million, achieving an operating margin of 7.8%. The TF1 channel’s advertising income was down by 4.1% and that of other activities in this division by 4.5%.Headed by Euro 2008, sports programmes restated their exclusive, event-driven nature on TF1 with the Holland-France match attracting 12.7 million viewers on June 13, 2008. Feature ﬁlms have remained as popular as ever with the French public, thanks, in particular, to French family comedies (Les Bronzes 3 – Amis pour la vie attracted 11.2 million viewers) and American blockbusters (La Legende de Zorro, Benjamin Gates et le Tresor des Templiers which respectively achieved totals of 8.8 million and 8.6 million viewers). Also included in this hit-parade of successful TV programmes are specials like Les Secrets des Enfoires, l’Election de Miss France or the NRJ Music Awards, as well as documentaries and French ﬁctional drama, such as Julie Lescaut or Josephine Ange Gardien, which attracted over 8 million viewers in 2008.TF1 CHANNEL(Source: Mediametrie)Throughout 2008, despite the increasingly wide choice of offering and the changes in the audiovisual sector (in January 2007, 40% of French audiences were receiving DTT channels, by the end of December 2008 this ﬁgure had risen to 78%), TF1 achieved a 27.2% share of the audience with respect to individuals aged 4 years and over, and 30.9% women under 50. TF1 reafﬁrmed its place as market leader, achieving 96 of the 100 top audiences in 2008. In keeping with TF1’s vocation as a general interest channel, all kinds of programme appeared in this ranking, in particular American television series (including franchises such as Experts and Esprits Criminels as well as Grey’s Anatomy, Dr House etc.) which continued to attract large audiences, including a record 10.2 million viewers for Les Experts Miami on January 8, 2008.ADVERTISING(Source: TNS Media Intelligence)Over the past 12 months, the advertising sector has felt the effects of President Nicolas Sarkozy’s announcement, on January 8, 2008, concerning the suppression of advertising on all national television channels, as well as those of the new price structure introduced by France Television at the beginning of 2008. The combination of these factors with a declining economic climate resulted in2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and resultsadvertisers taking a “wait and see” approach. This caused a 4.1% reduction in the channel’s net advertising turnover for 2008. TF1’s share of the advertising market was 59.0% in 2008, as against 55.0% in 2007 (among historical Televisions). TF1’s market share amounted to 44.7% in 2008, compared with 44.9% in 2007 (on the whole television market). Of the mass consumption sectors, “food products”, (TF1’s biggest advertising client generating 21.8% of gross advertising revenue) has fallen by 9.4%. This sector has suffered the effects of a complex economic situation, particularly with respect to volatility in the price of raw materials and a decrease in consumer spending in France. The “beauty products” sector held up better with a fall of only 1.1% while “household products” managed to increase by 3.3%. Other sectors hit by the economic turndown include “publishing” and “telecommunications”, whose takings fell by 5.9% and 2.9% respectively. Lastly, the repercussions of the ﬁnancial crisis also impacted advertising investment in the “ﬁnancial institutions and insurance” sector, down by 7.2%. In contrast, the “automobile” sector (up by 12.3%) was positively affected throughout the year by spin-offs from the Salon Mondial de l’Automobile (World Car Exhibition) and the Eco labelling system that encourages drivers to buy vehicles that cause less pollution. The “health sector” remained on a strong upward trend, progressing by 24.3%, to become TF1’s 8th biggest investor in advertising.THEMATIC CHANNELS FRANCE(Source: Médiamétrie - Médiamétrie Press Release - 29/12/2008)In 2008, Thematic Channels France generated revenue of €187.9 million, a decrease of 0.4%, to consolidated revenue. The group’s various channels achieved equally varied results. While DTT freeview channels saw their distribution make rapid progress (TMC was received by 82% of French households at the end of 2008 as against only 60% at the end of 2007), the pay-to-view channels available via cable, satellite and broadband suffered from reduced spending on the part of advertisers because of the economic climate. TMC’s clear position as a general interest channel for family viewing resulted in steady growth throughout 2008, with an end-of-year audience share of 2.3%. TMC is French DTT’s leading channel with weekly audience ﬁgures of over 27 million, having increased its audience by 10 million in the course of one year. Eurosport France, with its 1.6% audience share, remains the most watched and most attractive complementary channel in France, not including DTT channels (source: Médiamétrie MédiaCabSat, survey of thematic channel audiences between December 31, 2007 and June 15, 2008). Eurosport France can be viewed in High Deﬁnition on Canalsat since December 5, 2008. As at December 31, 2008, the group’s operating margin had improved to record a result of + €3.6 million as against + €2.0 million the previous year.Channels TMC (1) Eurosport France TV Breizh TF6 LCI Série Club Odyssée Ushuaia TV HistoireNo. of households receiving the channel on December 31, 2008 (in millions) 18.2 7.3 5.9 5.9 7.1 4.9 2.5 2.2 4.4No. of households receiving the channel on December 31, 2007 (in millions) 14.7 7.3 6.0 6.0 6.9 5.2 2.0 2.6 4.6Change +23.8% -1.7% -1.7% +2.9% -5.8% +25.0% -15.4% -4.3%Audience share (2) 2.1% 1.6% 1.0% 0.9% 0.9% 0.8% 0.3% 0.3% 0.2%(1) Including terrestrial in south east France (around 2.2 million households) and DTT. (2) Sources: Médiamat and MédiaCabsat wave 15 for the group’s other channels - Extended offer, initialised base.AB GROUPThe AB Group owns a catalogue of French-language television programme rights for over 1,300 programmes representing 37,000 hours of programming, including, for example, episodes from series such as Navarro and Femme d’Honneur. Moreover, the Group operates 22 television channels, including: RTL9 (65%), AB1, NT1, TMC (40%) with TF1 in France and AB3 and AB4 in Belgium... The AB Group share of TF1’s 2008 consolidated accounts amounted to €11.2 million.Stores branch of the operation has continued to thrive and has beneﬁted from the opening of a third store in Lyon. In a generally adverse advertising situation, the group’s Infomercial operation has recorded a 12% growth in turnover, thanks chieﬂy to increased audiences for DTT (TMC and NT1). In Turkey, Dogan Téléshopping has seen turnover increase by 33%, due primarily to the optimisation of commercial offers and sustained growth of its Internet platform, plus the fact that it is now broadcast on a new 24/24 channel. In this context, the Téléshopping group’s operational results amounted to + €5.4 million.THE TF1 CHANNEL’S DIVERSIFICATION ACTIVITIESTéléshoppingThe Téléshopping group’s contribution to the 2008 consolidated revenue fell by 7.5%, to €126.3 million (€136.5 million in 2007), primarily because of the unfavourable economic situation and the downturn in household consumption. Programme support and Catalogue business has suffered most from the economic downturn, while Internet sales have held up more successfully. TheTF1 EntreprisesRevenue for TF1 Entreprises and its subsidiaries was down by 11.1% in 2008. The decline is primarily attributable to Music and Publishing activities which have been suffering the effects of reduced consumer spending in their sector (-15% for the music market, according to the French National Union of Phonographic Publishers, or SNEP).542008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and resultsadvertisers taking a “wait and see” approach. This caused a 4.1% reduction in the channel’s net advertising turnover for 2008. TF1’s share of the advertising market was 59.0% in 2008, as against 55.0% in 2007 (among historical Televisions). TF1’s market share amounted to 44.7% in 2008, compared with 44.9% in 2007 (on the whole television market). Of the mass consumption sectors, “food products”, (TF1’s biggest advertising client generating 21.8% of gross advertising revenue) has fallen by 9.4%. This sector has suffered the effects of a complex economic situation, particularly with respect to volatility in the price of raw materials and a decrease in consumer spending in France. The “beauty products” sector held up better with a fall of only 1.1% while “household products” managed to increase by 3.3%. Other sectors hit by the economic turndown include “publishing” and “telecommunications”, whose takings fell by 5.9% and 2.9% respectively. Lastly, the repercussions of the ﬁnancial crisis also impacted advertising investment in the “ﬁnancial institutions and insurance” sector, down by 7.2%. In contrast, the “automobile” sector (up by 12.3%) was positively affected throughout the year by spin-offs from the Salon Mondial de l’Automobile (World Car Exhibition) and the Eco labelling system that encourages drivers to buy vehicles that cause less pollution. The “health sector” remained on a strong upward trend, progressing by 24.3%, to become TF1’s 8th biggest investor in advertising.THEMATIC CHANNELS FRANCE(Source: Mediametrie - Mediametrie Press Release - 29/12/2008)In 2008, Thematic Channels France generated revenue of €187.9 million, a decrease of 0.4%, to consolidated revenue. The group’s various channels achieved equally varied results. While DTT freeview channels saw their distribution make rapid progress (TMC was received by 82% of French households at the end of 2008 as against only 60% at the end of 2007), the pay-to-view channels available via cable, satellite and broadband suffered from reduced spending on the part of advertisers because of the economic climate. TMC’s clear position as a general interest channel for family viewing resulted in steady growth throughout 2008, with an end-of-year audience share of 2.3%. TMC is French DTT’s leading channel with weekly audience ﬁgures of over 27 million, having increased its audience by 10 million in the course of one year. Eurosport France, with its 1.6% audience share, remains the most watched and most attractive complementary channel in France, not including DTT channels (source: Mediametrie MediaCabSat, survey of thematic channel audiences between December 31, 2007 and June 15, 2008). Eurosport France can be viewed in High Deﬁnition on Canalsat since December 5, 2008. As at December 31, 2008, the group’s operating margin had improved to record a result of + €3.6 million as against + €2.0 million the previous year.Channels TMC (1) Eurosport France TV Breizh TF6 LCI Serie Club Odyssee Ushuaia TV HistoireNo. of households receiving the channel on December 31, 2008 (in millions) 18.2 7.3 5.9 5.9 7.1 4.9 2.5 2.2 4.4No. of households receiving the channel on December 31, 2007 (in millions) 14.7 7.3 6.0 6.0 6.9 5.2 2.0 2.6 4.6Change +23.8% -1.7% -1.7% +2.9% -5.8% +25.0% -15.4% -4.3%Audience share (2) 2.1% 1.6% 1.0% 0.9% 0.9% 0.8% 0.3% 0.3% 0.2%(1) Including terrestrial in south east France (around 2.2 million households) and DTT. (2) Sources: Mediamat and MediaCabsat wave 15 for the group’s other channels - Extended offer, initialised base.AB GROUPThe AB Group owns a catalogue of French-language television programme rights for over 1,300 programmes representing 37,000 hours of programming, including, for example, episodes from series such as Navarro and Femme d’Honneur. Moreover, the Group operates 22 television channels, including: RTL9 (65%), AB1, NT1, TMC (40%) with TF1 in France and AB3 and AB4 in Belgium... The AB Group share of TF1’s 2008 consolidated accounts amounted to €11.2 million.Stores branch of the operation has continued to thrive and has beneﬁted from the opening of a third store in Lyon. In a generally adverse advertising situation, the group’s Infomercial operation has recorded a 12% growth in turnover, thanks chieﬂy to increased audiences for DTT (TMC and NT1). In Turkey, Dogan Teleshopping has seen turnover increase by 33%, due primarily to the optimisation of commercial offers and sustained growth of its Internet platform, plus the fact that it is now broadcast on a new 24/24 channel. In this context, the Teleshopping group’s operational results amounted to + €5.4 million.THE TF1 CHANNEL’S DIVERSIFICATION ACTIVITIESTeleshoppingThe Teleshopping group’s contribution to the 2008 consolidated revenue fell by 7.5%, to €126.3 million (€136.5 million in 2007), primarily because of the unfavourable economic situation and the downturn in household consumption. Programme support and Catalogue business has suffered most from the economic downturn, while Internet sales have held up more successfully. TheTF1 EntreprisesRevenue for TF1 Entreprises and its subsidiaries was down by 11.1% in 2008. The decline is primarily attributable to Music and Publishing activities which have been suffering the effects of reduced consumer spending in their sector (-15% for the music market, according to the French National Union of Phonographic Publishers, or SNEP).542008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3Although penalised by a declining games market (-4.6% at the end of November, according to NPD), Games operations beneﬁted from the acquisition of the Dujardin company and its 1000 Bornes range, including the introduction in 2008 of 1000 Bornes Plateau which was a resounding success, selling 90,000 copies, as were 1000 Bornes de Poche (85,000 copies), Nain Jaune (35,000 copies), and the various boxed sets (70,000 units). The TF1 Entreprises Group’s operational result was (€0.4) million in 2008.The complementary channel Eurosport 2, launched in January 2005, now broadcasts to 34.4 million households in 46 countries, achieving an increase of 25.9% in one year. Showing Hungarian and Romanian Premier League matches and now the new Serbian version, Eurosport 2 has been able to maintain its growth in Eastern Europe. Eurosport News, the sports news channel, is received by 5.6 million households, practically all of which are paying subscribers. Eurosport Events, a company specialising in organising sporting events and marketing non-media merchandise, extended its offer to include the new World Series of Snooker in June 2008. Internet business continues to beneﬁt from the Eurosport-Yahoo! Partnership through a site launched on the English, German, Spanish and Italian markets in 2007. Internet advertising revenue increased by 16.5%. This partnership has consolidated our position as the top sports site in Europe, supported by Eurosprt’s editorial quality, marketing power and Yahoo!’s technical expertise. International investments are also proving to be fruitful, as Eurosport has consolidated its position in the Asia/Paciﬁc market, with 2.5 million households receiving the channel at the end of September 2008. The operational result was €26.6 million, down by 17.6% because of the lavish programming (the Olympic Games in particular) as well as investment in the major development areas (High Deﬁnition, strengthening Eurosport2 in the UK etc.). France 24 (in which TF1 has a 50% share), contributed €4.3 million to the division’s revenue in 2008 and maintained a balanced operational result. TF1 sold its share of France 24 to Audiovisuel Extérieur de la France (AEF) on February 12, 2009.ProductionThe Production division (comprising TF1 Films Production, TF1 Publicité Production, Alma and the Glem Group) generated revenue of €31.1 million in 2008 and improved its operational result to €2.7 million.e-TF1Turnover for e-TF1 amounted to €60.4 million in 2008, a fall of 7.2% compared with 2007. Despite the great success of e-TF1 activities related to the Channel’s television programmes (such as Secret Story), fewer interactive operations and a signiﬁcantly less dynamic advertising market were responsible for the decline. Other e-TF1 activities continued to prosper and beneﬁted from the increasing number of visitors to the TF1 Network site (15.7 million individual visitors in December 2008, source: Nielsen NetRatings). e-TF1’s operational result for 2008 was (€4.1) million.AUDIOVISUAL RIGHTSThe revenue of the Audiovisual Rights division fell by 35.1% to €174.0 million, with a negative operational result of (€10.8) million. Catalogue business amounted to €54.7 million, due primarily to an unfavourable basis for comparison (La Môme released in 2007), box-ofﬁce success being less than expected and ﬁlms not being released on schedule. The operational result was (€12.9) million. The TF1 Vidéo contribution (including CIC) was €119.3 million, down by 28.4%. TF1 Vidéo is operating in a receding DVD market and sales volume has declined by 19.8% owing to the lack of major ﬁlms being released on DVD. The kind of performance seen in 2007 by titles such as La Vie en Rose, Indigènes and Les Infiltrés has not been repeated in 2008. Although they are still quite low, the VOD, or Video on Demand, sector has continued to make good progress compared with 2007. The operational result was €2.1 million.MISCELANEOUS ACTIVITIESMÉTRO FRANCEThe Métro France company, in which TF1 has a 34% share, had an average daily circulation of 750,000 in 10 French towns in 2008. The Métro France Publications share of TF1’s 2008 accounts is (€0.8) million.PILIPILI – TOP TICKET.SIn September 2007, TF1, Artémis (Pinault group) and Recruit (Japanese leader in the advertising press sector) launched a free urban monthly magazine and website dedicated primarily to publishing store advertisements that include invitations and special offers for customers. The magazine is currently available in six French cities: Lille, Lyon, Toulouse, Strasbourg, Rennes and Grenoble.INTERNATIONAL BROADCASTINGEurosport International’s turnover rose by 14.4%, to €311.9 million in 2008. This increase was mainly due to increased subscriber receipts (+11.4%) and advertising income (+16.7%). At the end of December 2008, the Eurosport International channel was being received by 108.9 million households in 59 countries (+3.4%). On the international front, Eurosport had 66.4 million paying subscribers on December 31, 2008, an increase of 9.4%, some 68% of whom were from Central and Eastern Europe. In May 2008 the group’s offer was strengthened with the launch of the Eurosport High Deﬁnition channel in 26 countries. Most of the major sporting events were broadcast using this cutting-edge technology. The launch illustrates the group’s capacity for innovation, its expertise and its responsiveness.THE ROLE OF TF1 VIS-À-VIS ITS SUBSIDIARIES AND RELATIONS WITH THE PARENT COMPANY(With regard to functions carried out by executives in the main subsidiaries, see pages 5 and 23). The TF1 Group comprises around 50 operating subsidiaries held directly or indirectly (see the group organisation chart on page 6). Most of them are located in France.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3Although penalised by a declining games market (-4.6% at the end of November, according to NPD), Games operations beneﬁted from the acquisition of the Dujardin company and its 1000 Bornes range, including the introduction in 2008 of 1000 Bornes Plateau which was a resounding success, selling 90,000 copies, as were 1000 Bornes de Poche (85,000 copies), Nain Jaune (35,000 copies), and the various boxed sets (70,000 units). The TF1 Entreprises Group’s operational result was (€0.4) million in 2008.The complementary channel Eurosport 2, launched in January 2005, now broadcasts to 34.4 million households in 46 countries, achieving an increase of 25.9% in one year. Showing Hungarian and Romanian Premier League matches and now the new Serbian version, Eurosport 2 has been able to maintain its growth in Eastern Europe. Eurosport News, the sports news channel, is received by 5.6 million households, practically all of which are paying subscribers. Eurosport Events, a company specialising in organising sporting events and marketing non-media merchandise, extended its offer to include the new World Series of Snooker in June 2008. Internet business continues to beneﬁt from the Eurosport-Yahoo! Partnership through a site launched on the English, German, Spanish and Italian markets in 2007. Internet advertising revenue increased by 16.5%. This partnership has consolidated our position as the top sports site in Europe, supported by Eurosprt’s editorial quality, marketing power and Yahoo!’s technical expertise. International investments are also proving to be fruitful, as Eurosport has consolidated its position in the Asia/Paciﬁc market, with 2.5 million households receiving the channel at the end of September 2008. The operational result was €26.6 million, down by 17.6% because of the lavish programming (the Olympic Games in particular) as well as investment in the major development areas (High Deﬁnition, strengthening Eurosport2 in the UK etc.). France 24 (in which TF1 has a 50% share), contributed €4.3 million to the division’s revenue in 2008 and maintained a balanced operational result. TF1 sold its share of France 24 to Audiovisuel Exterieur de la France (AEF) on February 12, 2009.ProductionThe Production division (comprising TF1 Films Production, TF1 Publicite Production, Alma and the Glem Group) generated revenue of €31.1 million in 2008 and improved its operational result to €2.7 million.e-TF1Turnover for e-TF1 amounted to €60.4 million in 2008, a fall of 7.2% compared with 2007. Despite the great success of e-TF1 activities related to the Channel’s television programmes (such as Secret Story), fewer interactive operations and a signiﬁcantly less dynamic advertising market were responsible for the decline. Other e-TF1 activities continued to prosper and beneﬁted from the increasing number of visitors to the TF1 Network site (15.7 million individual visitors in December 2008, source: Nielsen NetRatings). e-TF1’s operational result for 2008 was (€4.1) million.AUDIOVISUAL RIGHTSThe revenue of the Audiovisual Rights division fell by 35.1% to €174.0 million, with a negative operational result of (€10.8) million. Catalogue business amounted to €54.7 million, due primarily to an unfavourable basis for comparison (La Mome released in 2007), box-ofﬁce success being less than expected and ﬁlms not being released on schedule. The operational result was (€12.9) million. The TF1 Video contribution (including CIC) was €119.3 million, down by 28.4%. TF1 Video is operating in a receding DVD market and sales volume has declined by 19.8% owing to the lack of major ﬁlms being released on DVD. The kind of performance seen in 2007 by titles such as La Vie en Rose, Indigenes and Les Infiltres has not been repeated in 2008. Although they are still quite low, the VOD, or Video on Demand, sector has continued to make good progress compared with 2007. The operational result was €2.1 million.MISCELANEOUS ACTIVITIESMETRO FRANCEThe Metro France company, in which TF1 has a 34% share, had an average daily circulation of 750,000 in 10 French towns in 2008. The Metro France Publications share of TF1’s 2008 accounts is (€0.8) million.PILIPILI – TOP TICKET.SIn September 2007, TF1, Artemis (Pinault group) and Recruit (Japanese leader in the advertising press sector) launched a free urban monthly magazine and website dedicated primarily to publishing store advertisements that include invitations and special offers for customers. The magazine is currently available in six French cities: Lille, Lyon, Toulouse, Strasbourg, Rennes and Grenoble.INTERNATIONAL BROADCASTINGEurosport International’s turnover rose by 14.4%, to €311.9 million in 2008. This increase was mainly due to increased subscriber receipts (+11.4%) and advertising income (+16.7%). At the end of December 2008, the Eurosport International channel was being received by 108.9 million households in 59 countries (+3.4%). On the international front, Eurosport had 66.4 million paying subscribers on December 31, 2008, an increase of 9.4%, some 68% of whom were from Central and Eastern Europe. In May 2008 the group’s offer was strengthened with the launch of the Eurosport High Deﬁnition channel in 26 countries. Most of the major sporting events were broadcast using this cutting-edge technology. The launch illustrates the group’s capacity for innovation, its expertise and its responsiveness.THE ROLE OF TF1 VIS-A-VIS ITS SUBSIDIARIES AND RELATIONS WITH THE PARENT COMPANY(With regard to functions carried out by executives in the main subsidiaries, see pages 5 and 23). The TF1 Group comprises around 50 operating subsidiaries held directly or indirectly (see the group organisation chart on page 6). Most of them are located in France.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="58">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and resultsThe role of TF1 is the upstream deﬁnition of the group’s main strategic directions. It gives guidance to the various structures, in particular seeking synergies and harmonising procedures. From a ﬁnancial point of view, TF1 veriﬁes the level of capitalisation of its subsidiaries. The TF1 Group treasury department manages and consolidates the cash-ﬂow of all group subsidiaries, with the exception of TMC, TCM, Metro France and Série Club, which manage their own cash-ﬂow and ﬁnancing. The regulated contracts between TF1 and its subsidiaries, described in the special report of the statutory auditors, cover: p the permanent availability to subsidiaries of TF1 functions (general secretariat, legal monitoring, internal communications, research and statistics, management control, etc.). This availability is invoiced to each subsidiary on a prorata basis of headcount and revenue. In ﬁnancial year 2008, the total invoiced was €18.8 million. Other services requested by subsidiaries are invoiced at market rates, by virtue of an agreement dated October 12, 2005, effective January 1, 2005, LCI can, when major events occur, switch its channel to that of TF1, enablingit to assure immediate coverage. In 2008, LCI received a ﬁxed annual fee of €5.0 million, p the other agreements (notably the long-term loan to Eurosport) are detailed in the special report of the Statutory Auditors.The regulated contracts between TF1 and Bouygues, described in the special report of the statutory auditors, cover: p the permanent availability of Bouygues functions (human resources, ﬁnance, IT, communications, social development, etc.). This availability is invoiced on a prorata basis of TF1 headcount, permanent capital and consolidated revenue compared to those of Bouygues. In ﬁnancial year 2008, the amount invoiced was €4.0 million. Other services requested are invoiced at market rates, the other agreements with Bouygues (share management, institutional campaign, plus use of aeroplanes) are detailed in the special report of the statutory auditors.pp3.1.2 The TF1 parent companyIn 2008, TF1 SA recorded revenue of €1,578.1 million, comprising advertising business amounting to €1,568.3 million and miscellaneous revenues of €9.8 million. Operating income totalled €151.0 million, a fall of 37.7%. Financial income amounted to €3.7 million. Net proﬁts for the ﬁnancial year were €138.9 million, a decline of 31.8%. Expenses not allowable as deductions in calculating corporate income tax, as identiﬁed by Article 223 of the General Tax Code (GTC), amounted in 2008 to €252,052. No expenses fell within the terms of Articles 39-4 and 39-5 of the GTC. p €105,417,985.28, you are also asked to vote on the following appropriation and breakdown proposed by the Board of Directors: p distribution of a cash dividend of €100,302,931.24 (i.e., a dividend of €0.47 per share with a nominal value of €0.2), attribution of the remaining €144,036,552.53 to Retained Earnings.The dividend detachment date (ex-rights date) for the Euronext Paris market shall be 22 April 2009. The dividend shall be paid in cash on 27 April 2009 and the cut-off date for positions qualifying for payment shall be the evening of 24 April 2009. In accordance with paragraph 2, section 3 of Article 158 of the General Tax Code, this dividend is eligible for a 40% tax allowance for individuals ﬁscally domiciled in France. You are asked to authorise the appropriation of the dividends arising on the TF1 treasury shares to Retained Earnings, in accordance with Article L. 225-210 of the French Commercial code.APPROPRIATION AND BREAKDOWN OF TF1 PROFITSIn the resolutions submitted for your approval, you are asked to approve the parent company and consolidated accounts for ﬁnancial year 2008. Having noted the existence of distributable proﬁt of €244,339,483.77, taking into account net income for the period of €138,921,498.49 and the Retained Earnings ofYou are reminded that the dividends distributed for the three preceding ﬁnancial years were as follows: Dividend paid per share €0.65 €0.85 €0.85Year ended: 31/12/2005 31/12/2006 31/12/2007* Dividend eligible for a 40% allowance for individuals fiscally domiciled in France in accordance with Article 158.3.2 of the GTC.Allowance* yes yes yes562008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and resultsThe role of TF1 is the upstream deﬁnition of the group’s main strategic directions. It gives guidance to the various structures, in particular seeking synergies and harmonising procedures. From a ﬁnancial point of view, TF1 veriﬁes the level of capitalisation of its subsidiaries. The TF1 Group treasury department manages and consolidates the cash-ﬂow of all group subsidiaries, with the exception of TMC, TCM, Metro France and Serie Club, which manage their own cash-ﬂow and ﬁnancing. The regulated contracts between TF1 and its subsidiaries, described in the special report of the statutory auditors, cover: p the permanent availability to subsidiaries of TF1 functions (general secretariat, legal monitoring, internal communications, research and statistics, management control, etc.). This availability is invoiced to each subsidiary on a prorata basis of headcount and revenue. In ﬁnancial year 2008, the total invoiced was €18.8 million. Other services requested by subsidiaries are invoiced at market rates, by virtue of an agreement dated October 12, 2005, effective January 1, 2005, LCI can, when major events occur, switch its channel to that of TF1, enablingit to assure immediate coverage. In 2008, LCI received a ﬁxed annual fee of €5.0 million, p the other agreements (notably the long-term loan to Eurosport) are detailed in the special report of the Statutory Auditors.The regulated contracts between TF1 and Bouygues, described in the special report of the statutory auditors, cover: p the permanent availability of Bouygues functions (human resources, ﬁnance, IT, communications, social development, etc.). This availability is invoiced on a prorata basis of TF1 headcount, permanent capital and consolidated revenue compared to those of Bouygues. In ﬁnancial year 2008, the amount invoiced was €4.0 million. Other services requested are invoiced at market rates, the other agreements with Bouygues (share management, institutional campaign, plus use of aeroplanes) are detailed in the special report of the statutory auditors.pp3.1.2 The TF1 parent companyIn 2008, TF1 SA recorded revenue of €1,578.1 million, comprising advertising business amounting to €1,568.3 million and miscellaneous revenues of €9.8 million. Operating income totalled €151.0 million, a fall of 37.7%. Financial income amounted to €3.7 million. Net proﬁts for the ﬁnancial year were €138.9 million, a decline of 31.8%. Expenses not allowable as deductions in calculating corporate income tax, as identiﬁed by Article 223 of the General Tax Code (GTC), amounted in 2008 to €252,052. No expenses fell within the terms of Articles 39-4 and 39-5 of the GTC. p €105,417,985.28, you are also asked to vote on the following appropriation and breakdown proposed by the Board of Directors: p distribution of a cash dividend of €100,302,931.24 (i.e., a dividend of €0.47 per share with a nominal value of €0.2), attribution of the remaining €144,036,552.53 to Retained Earnings.The dividend detachment date (ex-rights date) for the Euronext Paris market shall be 22 April 2009. The dividend shall be paid in cash on 27 April 2009 and the cut-off date for positions qualifying for payment shall be the evening of 24 April 2009. In accordance with paragraph 2, section 3 of Article 158 of the General Tax Code, this dividend is eligible for a 40% tax allowance for individuals ﬁscally domiciled in France. You are asked to authorise the appropriation of the dividends arising on the TF1 treasury shares to Retained Earnings, in accordance with Article L. 225-210 of the French Commercial code.APPROPRIATION AND BREAKDOWN OF TF1 PROFITSIn the resolutions submitted for your approval, you are asked to approve the parent company and consolidated accounts for ﬁnancial year 2008. Having noted the existence of distributable proﬁt of €244,339,483.77, taking into account net income for the period of €138,921,498.49 and the Retained Earnings ofYou are reminded that the dividends distributed for the three preceding ﬁnancial years were as follows: Dividend paid per share €0.65 €0.85 €0.85Year ended: 31/12/2005 31/12/2006 31/12/2007* Dividend eligible for a 40% allowance for individuals fiscally domiciled in France in accordance with Article 158.3.2 of the GTC.Allowance* yes yes yes562008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="59">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1.3 Outlook2008 was a pivotal year for the TF1 Group. The four watchwords were: reorganisation, renewal, repositioning, returns. These actions will be further strengthened in 2009. This leading product(1) (17.7% of commercial radio listeners aged 25-49) is complemented by the twinning of Sud Radio and Wit FM, which add the ﬁnal link to the geographical radio coverage of the Indépendants group. TF1 Publicité will also be offering its clients online advertising in 2009.REORGANISATIONIn 2009, reorganisation will chieﬂy affect four main areas: p governance: a new bonus system will be established and staff costs will be controlled by a policy of no longer systematically replacing staff who leave, management, via the implementation of Sigma, an Information Systems management tool, which will be common to the whole group, purchasing, by exploiting the Group’s synergies, news, by pursuing the process begun in 2008.The group will be pursuing the multi-platform strategy launched in 2008, which enables all channels and brands to be represented on all the media and each platform to strengthen and be strengthened by the others. A new TF1.fr website will be launched before the end of the ﬁrst half of 2009. Corresponding closely with the television channel, the website will be a perfect example of the TF1 Group’s bounce-back strategy, enriching and prolonging viewers’ enjoyment with entertainment, news and interaction. Throughout the day, the new TF1.fr website will provide the opportunity to communicate with visitors to the site via videos, games, news stories, and dialogue (blogs, forums etc.).pp pThe News Department will be one of the areas most involved in the reorganisation, with the aim of both strengthening synergies and continuing cost reduction without impacting negatively on programme quality. The principal agent of this reorganisation will be Process News et Sports 2 (PNS2). PNS2 is a tool enabling channels to share the acquisition, management and production of stories, thus strengthening each channel’s responsiveness. By facilitating the implementation of shared methods, PNS2 will improve the productivity of the news/sport division. The tool will be set up during the summer at LCI and in the autumn at TF1. These reforms affecting methods and tools will also be beneﬁcial in that they will enable TF1 to consolidate its competitive advantage by using new technologies, whereby TF1 news items will be produced and broadcast in High Deﬁnition. This reorganisation should also result in more efﬁcient management for the TF1 Group as a whole.RETURNSIn such a profoundly worrying economic situation, TF1 sees its likely consolidated turnover for 2009 as declining by 9%. A plan to reduce costs by €60 million, which will affect all the Group’s activities, is to be implemented in response to this outlook. This unprecedented cost-reduction programme has been decided in response to an exceptional economic situation: an international recession, an economic forecast of around -2% growth in France (IMF) for 2009, advertisers in ﬁnancial difﬁculty, reduced investment in advertising, downturn in household consumption, growing presence of DTT, an imbalance in supply and demand for television sets and signiﬁcant pressure on prices and proﬁt margins. This ambitious, but nevertheless realistic, savings programme, which will be followed in all the Group’s various structures, consists of six major strategies: p p p p p p limiting investment, strengthening purchasing policy, no longer systematically replacing departing staff, decreasing programming costs without affecting audiences, accelerating overall reorganisation, reducing general expenses (assignment and entertainment expenses, IT costs, structure simpliﬁcation etc.).RENEWALIn 2009 the TF1 Group will continue its policy of renewal regarding all kinds of programme: dramas and comedies, with new regularly appearing heroes, promising American TV series, game shows and light entertainment, reality shows for all audiences. TF1 will also continue to innovate and introduce new concepts. Once again, this is a ﬁeld where High Deﬁnition will be a major advantage both for entertainment and topical programmes on TF1.REPOSITIONINGIn 2009, the TF1 Group will pursue its strategic positioning as 360° media. The TF1 Publicité advertising department which began this repositioning in 2008 is now operational. Since January 1, 2009, TF1 Publicité has been marketing the advertising airtime for all 113 local radio stations (having won the tender issued by GIE Les Indépendants in June 2008).The objective of this plan is to respond to the effects of the current world economic climate without, however, sacriﬁcing the medium-term to the short-term. Firstly, the savings made will not endanger in any way the TF1 tool or the TF1 brand. Secondly, the teams employed by the channel and its subsidiaries will continue to work on future projects, thus enabling TF1 to meet its proﬁtability targets and consolidate its leading position. In 2009, the TF1 Group strategy will continue to focus on two main areas: maintaining its position as leading unencrypted television service, for both TF1 and TMC, and establishing itself as a 360° medium. TF1 will also continue its actions regarding sustainable development in 2009, with the aim of increasing public awareness of environmental, cultural diversity and solidarity issues.(1) Source: Médiamétrie 126,000 Radio Oct.-Nov. 2008/Monday-Friday/5 a.m. - midnight.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1.3 Outlook2008 was a pivotal year for the TF1 Group. The four watchwords were: reorganisation, renewal, repositioning, returns. These actions will be further strengthened in 2009. This leading product(1) (17.7% of commercial radio listeners aged 25-49) is complemented by the twinning of Sud Radio and Wit FM, which add the ﬁnal link to the geographical radio coverage of the Independants group. TF1 Publicite will also be offering its clients online advertising in 2009.REORGANISATIONIn 2009, reorganisation will chieﬂy affect four main areas: p governance: a new bonus system will be established and staff costs will be controlled by a policy of no longer systematically replacing staff who leave, management, via the implementation of Sigma, an Information Systems management tool, which will be common to the whole group, purchasing, by exploiting the Group’s synergies, news, by pursuing the process begun in 2008.The group will be pursuing the multi-platform strategy launched in 2008, which enables all channels and brands to be represented on all the media and each platform to strengthen and be strengthened by the others. A new TF1.fr website will be launched before the end of the ﬁrst half of 2009. Corresponding closely with the television channel, the website will be a perfect example of the TF1 Group’s bounce-back strategy, enriching and prolonging viewers’ enjoyment with entertainment, news and interaction. Throughout the day, the new TF1.fr website will provide the opportunity to communicate with visitors to the site via videos, games, news stories, and dialogue (blogs, forums etc.).pp pThe News Department will be one of the areas most involved in the reorganisation, with the aim of both strengthening synergies and continuing cost reduction without impacting negatively on programme quality. The principal agent of this reorganisation will be Process News et Sports 2 (PNS2). PNS2 is a tool enabling channels to share the acquisition, management and production of stories, thus strengthening each channel’s responsiveness. By facilitating the implementation of shared methods, PNS2 will improve the productivity of the news/sport division. The tool will be set up during the summer at LCI and in the autumn at TF1. These reforms affecting methods and tools will also be beneﬁcial in that they will enable TF1 to consolidate its competitive advantage by using new technologies, whereby TF1 news items will be produced and broadcast in High Deﬁnition. This reorganisation should also result in more efﬁcient management for the TF1 Group as a whole.RETURNSIn such a profoundly worrying economic situation, TF1 sees its likely consolidated turnover for 2009 as declining by 9%. A plan to reduce costs by €60 million, which will affect all the Group’s activities, is to be implemented in response to this outlook. This unprecedented cost-reduction programme has been decided in response to an exceptional economic situation: an international recession, an economic forecast of around -2% growth in France (IMF) for 2009, advertisers in ﬁnancial difﬁculty, reduced investment in advertising, downturn in household consumption, growing presence of DTT, an imbalance in supply and demand for television sets and signiﬁcant pressure on prices and proﬁt margins. This ambitious, but nevertheless realistic, savings programme, which will be followed in all the Group’s various structures, consists of six major strategies: p p p p p p limiting investment, strengthening purchasing policy, no longer systematically replacing departing staff, decreasing programming costs without affecting audiences, accelerating overall reorganisation, reducing general expenses (assignment and entertainment expenses, IT costs, structure simpliﬁcation etc.).RENEWALIn 2009 the TF1 Group will continue its policy of renewal regarding all kinds of programme: dramas and comedies, with new regularly appearing heroes, promising American TV series, game shows and light entertainment, reality shows for all audiences. TF1 will also continue to innovate and introduce new concepts. Once again, this is a ﬁeld where High Deﬁnition will be a major advantage both for entertainment and topical programmes on TF1.REPOSITIONINGIn 2009, the TF1 Group will pursue its strategic positioning as 360° media. The TF1 Publicite advertising department which began this repositioning in 2008 is now operational. Since January 1, 2009, TF1 Publicite has been marketing the advertising airtime for all 113 local radio stations (having won the tender issued by GIE Les Independants in June 2008).The objective of this plan is to respond to the effects of the current world economic climate without, however, sacriﬁcing the medium-term to the short-term. Firstly, the savings made will not endanger in any way the TF1 tool or the TF1 brand. Secondly, the teams employed by the channel and its subsidiaries will continue to work on future projects, thus enabling TF1 to meet its proﬁtability targets and consolidate its leading position. In 2009, the TF1 Group strategy will continue to focus on two main areas: maintaining its position as leading unencrypted television service, for both TF1 and TMC, and establishing itself as a 360° medium. TF1 will also continue its actions regarding sustainable development in 2009, with the aim of increasing public awareness of environmental, cultural diversity and solidarity issues.(1) Source: Mediametrie 126,000 Radio Oct.-Nov. 2008/Monday-Friday/5 a.m. - midnight.2008 REGISTRATION DOCUMENT]]></basicChars>
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	<page id="60">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3.1.4 Research and development expenditureTF1’s RetD activity primarily involves experimental development, aimed at launching a new product or broadcasting a new programme. In parallel, TF1 is also developing software and systems designed to increase performance. In 2008, TF1 Group RetD expenditure totalled €13.5 million. These new products, services and programmes developed for the TF1 Group are distributed in the following way. p carry out marketing, consumer and economic studies, etc. In 2008, the team chieﬂy focused on: p p p p interactive services for “triple-play set-top-boxes”, internet-connected television sets, new internet video advertising products, internet video broadcasting (streaming, web players, Content Delivery Networks), content protection and ﬁghting fakes, digitising cinemas.RetD COSTS RELATED TO PROGRAMMESTF1 Group activity includes signiﬁcant creation and innovation in terms of entertainment programmes, TV dramas and the production of ﬁlms, whose results are difﬁcult to forecast. This innovation and creation of new programme concepts can include the following phases: p p p p acquisition of a format, programme concept, literary convention, execution of a sociological study of these new programmes among viewers, consulting service, ﬁnding a shooting location, casting, set design, production of an episode, etc. p pThese new activities are based on innovative concepts, thus implying investment and launch costs: In 2008, the TF1 Group launched TF1 Outdoor, which broadcasts on outdoor screens in public places. It also successfully applied for permission to carry out digital wireless radio broadcasts in three new innovative formats: LCI Radio, Wat Radio and Plurielles Radio.Therefore, RetD costs related to programmes include: p these different costs assuming that these new formats (TV drama, shows, entertainment, etc.) have never been broadcast in this form, whether or not they are broadcastable, insofar as they impact the costs for the ﬁscal year (scrapped or broadcast), the cost of literary conventions related to new concepts (not previously broadcast), scrapped during the ﬁscal year.RetD COSTS RELATED TO DEVELOPING SOFTWARE FOR USE IN-HOUSEIn 2008, the Department of Technology and Information Systems (DTSI) worked on the implementation of the Process News et Sports 2 (PNS2) software, whose objective is to modernise the system for producing news bulletins and sports magazine programmes. In 2009, this new system will replace PNS1, which had been introduced in 1999. In addition, the DTSI teams have developed a new tool, Jade, which will improve staff and technical equipment planning. TF1 has also invested signiﬁcantly in developing a very high quality system of broadcasting from Lorient, intended for use by the Discovery division. This system will enable automated management of format (16/9e, 4/3 etc.) and catchup television. Lastly, the Study and Development team from the DTSI’s Broadcasting division has been working on High Deﬁnition DTT, which started at the end of October, TMP (Personal Mobile Television) and the switch-off (end of analogue broadcasting, due at the end of 2011).pRetD COSTS RELATED TO INNOVATIVE TECHNOLOGY PROJECTSThe TF1 Group has set up a team dedicated to studying and developing technological innovations. Its mission is to: p p p stay abreast of general-public technologies and their usage, propose new ideas for products leveraging emerging technologies, produce and test prototypes,582008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results3.1.4 Research and development expenditureTF1’s RetD activity primarily involves experimental development, aimed at launching a new product or broadcasting a new programme. In parallel, TF1 is also developing software and systems designed to increase performance. In 2008, TF1 Group RetD expenditure totalled €13.5 million. These new products, services and programmes developed for the TF1 Group are distributed in the following way. p carry out marketing, consumer and economic studies, etc. In 2008, the team chieﬂy focused on: p p p p interactive services for “triple-play set-top-boxes”, internet-connected television sets, new internet video advertising products, internet video broadcasting (streaming, web players, Content Delivery Networks), content protection and ﬁghting fakes, digitising cinemas.RetD COSTS RELATED TO PROGRAMMESTF1 Group activity includes signiﬁcant creation and innovation in terms of entertainment programmes, TV dramas and the production of ﬁlms, whose results are difﬁcult to forecast. This innovation and creation of new programme concepts can include the following phases: p p p p acquisition of a format, programme concept, literary convention, execution of a sociological study of these new programmes among viewers, consulting service, ﬁnding a shooting location, casting, set design, production of an episode, etc. p pThese new activities are based on innovative concepts, thus implying investment and launch costs: In 2008, the TF1 Group launched TF1 Outdoor, which broadcasts on outdoor screens in public places. It also successfully applied for permission to carry out digital wireless radio broadcasts in three new innovative formats: LCI Radio, Wat Radio and Plurielles Radio.Therefore, RetD costs related to programmes include: p these different costs assuming that these new formats (TV drama, shows, entertainment, etc.) have never been broadcast in this form, whether or not they are broadcastable, insofar as they impact the costs for the ﬁscal year (scrapped or broadcast), the cost of literary conventions related to new concepts (not previously broadcast), scrapped during the ﬁscal year.RetD COSTS RELATED TO DEVELOPING SOFTWARE FOR USE IN-HOUSEIn 2008, the Department of Technology and Information Systems (DTSI) worked on the implementation of the Process News et Sports 2 (PNS2) software, whose objective is to modernise the system for producing news bulletins and sports magazine programmes. In 2009, this new system will replace PNS1, which had been introduced in 1999. In addition, the DTSI teams have developed a new tool, Jade, which will improve staff and technical equipment planning. TF1 has also invested signiﬁcantly in developing a very high quality system of broadcasting from Lorient, intended for use by the Discovery division. This system will enable automated management of format (16/9e, 4/3 etc.) and catchup television. Lastly, the Study and Development team from the DTSI’s Broadcasting division has been working on High Deﬁnition DTT, which started at the end of October, TMP (Personal Mobile Television) and the switch-off (end of analogue broadcasting, due at the end of 2011).pRetD COSTS RELATED TO INNOVATIVE TECHNOLOGY PROJECTSThe TF1 Group has set up a team dedicated to studying and developing technological innovations. Its mission is to: p p p stay abreast of general-public technologies and their usage, propose new ideas for products leveraging emerging technologies, produce and test prototypes,582008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1.5 Post balance-sheet eventsREGULATIONSThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009. (IetD) in exchange for convertible bonds for its subsidiary Global Technologies, at a nominal value of €2 million. At the same time, Téléshopping has the right to sell back the bonds received or the shares obtained in exchange, if certain conditions are not met in the next few years, namely those relating to appreciation in value.FRANCE 24On February 12, 2009, TF1 SA completed the sale to AEF (Audiovisuel Extérieur de la France) of its shares in France 24, which represented 50% of the capital and voting rights. The sale generated a net proﬁt of around €2 million, which will be entered into the accounts for the ﬁrst quarter of 2009.LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement. There were no other post balance-sheet events to report.SHOPPING À LA UNEOn February 12, 2009, Téléshopping SAS completed the transfer of all its shares in its subsidiary Shopping à la une to the company Initiatives et développements2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)2008 activity and results33.1.5 Post balance-sheet eventsREGULATIONSThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009. (IetD) in exchange for convertible bonds for its subsidiary Global Technologies, at a nominal value of €2 million. At the same time, Teleshopping has the right to sell back the bonds received or the shares obtained in exchange, if certain conditions are not met in the next few years, namely those relating to appreciation in value.FRANCE 24On February 12, 2009, TF1 SA completed the sale to AEF (Audiovisuel Exterieur de la France) of its shares in France 24, which represented 50% of the capital and voting rights. The sale generated a net proﬁt of around €2 million, which will be entered into the accounts for the ﬁrst quarter of 2009.LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement. There were no other post balance-sheet events to report.SHOPPING A LA UNEOn February 12, 2009, Teleshopping SAS completed the transfer of all its shares in its subsidiary Shopping a la une to the company Initiatives et developpements2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3.2 HUMAN RESOURCES AND ENVIRONMENT UPDATE3.2.1 Human resourcesWORKFORCEThe breakdown of the TF1 Group workforce was as follows (as at December 31, 2008):CDI (PERMANENT CONTRACTS)Employees 77* Of whom 213 work abroad.Supervisory staff 734Managers 2,323Journalists 597Total 3,731*CDD (FIXED-TERM CONTRACTS)Number of staff on ﬁxed-term contracts Number of staff with a qualiﬁcation contract Number of staff with an apprenticeship contract 234 57 50 that only 1.75% of the total number of workers at TF1 SA are now temporary ﬁxed-fee contract workers. At the same time, TF1 has been setting up a genuine social beneﬁts policy for this category of staff: p concerning proﬁt-sharing: access to TF1 or Bouygues share capital schemes, according to the conditions described in the agreement, concerning health: non-permanent associates can, in certain conditions, access a health insurance scheme. The expanded inter-branch agreement dated April 1, 2007 led to a reworking of the group’s insurance scheme for this category of employees. A new scheme has been set up that incorporates the agreement’s basic minimum service whilst maintaining the chief guarantees (illness, maternity etc.) already included in the TF1 contracts for this group of workers. TF1 was keen to keep the social beneﬁts already in place for this category of workers, other: speciﬁc agreements relating to the use of such temporary workers (via de facto CDDs), annual re-evaluation of wage scales, access to social and cultural events organised by the Works Council.SHORT-TERM CONTRACT WORKERSBranch negotiations, concerning the establishment of a national professional agreement to give a collective status to ﬁxed contract temporary workers employed by the broadcasting industry, resulted on December 22, 2006, in an agreement being signed between the Private Television Union (consisting of Canal+, M6 and TF1), all broadcasters including the national service, and most of the trade unions (CFDT, CFTC, CGC and FO). Following this, harmonisation agreements concerning the use of standard CDDs and de facto CDDs (Fixed Term Contracts) by TF1, LCI and Eurosport were concluded with the trade unions during 2007. Throughout 2008, TF1 pursued its consistent, pro-active policy of integrating temporary workers, which was introduced in 2002 to try and reduce job insecurity for those employed on standard and de facto CDDs, and other temporary contracts. Since 1922 this policy has resulted in the hiring of 606 nonpermanent workers (technical temporary workers, honorarium artists, freelancers and Directors). The TF1 Group is below the 10% of total employees threshold with respect to using temporary ﬁxed-fee contract workers. It should be notedppThus, for the Group as a whole, the break-down of full-time equivalent workforce over the 12 months, represented by non-permanent employees, was as follows: Temporary ﬁxed contract workers 287 Freelancers 46.2 Honorarium artists 58.94 Directors 11.66HIRING AND DEPARTURES IN 2008Number of staff hired on permanent contracts Number of retirement departures Number of retirements Number of redundancies Number of negotiated departures 496 2 3 22 164602008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3.2 HUMAN RESOURCES AND ENVIRONMENT UPDATE3.2.1 Human resourcesWORKFORCEThe breakdown of the TF1 Group workforce was as follows (as at December 31, 2008):CDI (PERMANENT CONTRACTS)Employees 77* Of whom 213 work abroad.Supervisory staff 734Managers 2,323Journalists 597Total 3,731*CDD (FIXED-TERM CONTRACTS)Number of staff on ﬁxed-term contracts Number of staff with a qualiﬁcation contract Number of staff with an apprenticeship contract 234 57 50 that only 1.75% of the total number of workers at TF1 SA are now temporary ﬁxed-fee contract workers. At the same time, TF1 has been setting up a genuine social beneﬁts policy for this category of staff: p concerning proﬁt-sharing: access to TF1 or Bouygues share capital schemes, according to the conditions described in the agreement, concerning health: non-permanent associates can, in certain conditions, access a health insurance scheme. The expanded inter-branch agreement dated April 1, 2007 led to a reworking of the group’s insurance scheme for this category of employees. A new scheme has been set up that incorporates the agreement’s basic minimum service whilst maintaining the chief guarantees (illness, maternity etc.) already included in the TF1 contracts for this group of workers. TF1 was keen to keep the social beneﬁts already in place for this category of workers, other: speciﬁc agreements relating to the use of such temporary workers (via de facto CDDs), annual re-evaluation of wage scales, access to social and cultural events organised by the Works Council.SHORT-TERM CONTRACT WORKERSBranch negotiations, concerning the establishment of a national professional agreement to give a collective status to ﬁxed contract temporary workers employed by the broadcasting industry, resulted on December 22, 2006, in an agreement being signed between the Private Television Union (consisting of Canal+, M6 and TF1), all broadcasters including the national service, and most of the trade unions (CFDT, CFTC, CGC and FO). Following this, harmonisation agreements concerning the use of standard CDDs and de facto CDDs (Fixed Term Contracts) by TF1, LCI and Eurosport were concluded with the trade unions during 2007. Throughout 2008, TF1 pursued its consistent, pro-active policy of integrating temporary workers, which was introduced in 2002 to try and reduce job insecurity for those employed on standard and de facto CDDs, and other temporary contracts. Since 1922 this policy has resulted in the hiring of 606 nonpermanent workers (technical temporary workers, honorarium artists, freelancers and Directors). The TF1 Group is below the 10% of total employees threshold with respect to using temporary ﬁxed-fee contract workers. It should be notedppThus, for the Group as a whole, the break-down of full-time equivalent workforce over the 12 months, represented by non-permanent employees, was as follows: Temporary ﬁxed contract workers 287 Freelancers 46.2 Honorarium artists 58.94 Directors 11.66HIRING AND DEPARTURES IN 2008Number of staff hired on permanent contracts Number of retirement departures Number of retirements Number of redundancies Number of negotiated departures 496 2 3 22 164602008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3Recruitment policies stem directly from the three-year strategic plans set out by General Management, after discussion with the various operational and functional structures within the group. They are adapted in real time to suit actual conditions in the company and aim to deliver the extremely high professional standards required for the company to maintain its position as market leader in its different activities and continue to motivate individuals and teams. Recruitment involves integrating young talent (and equipping it for the jobs of tomorrow) and seeking seasoned professionals (to bolster existing teams or to launch new lines of business) on an on-going basis. Number of hours of overtime 63,846.60 Very little use was made of workers from outside the TF1 Group (temporary workers) in 2008, as they amounted only to 13.7 full-time equivalents, or 0.36% of the group’s permanent workforce.Equal numbers of staff left and were hired in the TF1 Group in 2008, due to General Management’s determination to reorganise services in such a way as to develop synergies. Overtime hours remained stable, mainly because of the inclusion of hours worked by temporary workers when ﬁlming ﬁction dramas produced by Alma Productions (RIS and Seconde Chance).Total cost €1,875,997.54 All TF1 Group companies are governed by ARTT (“35 hour working week”) agreements, which enable staff to manage their time off, the only proviso being that it does not undermine the smooth running of operations. A year after the signing of an addendum (Annex 7) to the agreement on adapting and reducing working hours, applicable to staff in the technical department, for services operating seven days a week, it is clear that the agreement has given employees a better view of and increased conﬁdence in their time planning. It has also improved salary conditions for various constraints such as Sunday work and fairer sharing of weekend work. To ensure that all staff have the opportunity to acquire new skills, and this for their own personal development and with no speciﬁc links to their jobs, they can convert supplementary workdays off into personal development time. This is not considered to be part of the company training plan. All TF1 companies decided to maintain Whit Monday as paid holiday in 2008, and pay the associated contribution to “Solidarity Day”.ORGANISATION OF WORKING HOURSAgreements on adapting and reducing working hours have been reached in all group companies. They govern the different staff categories according to their status (agreements on permanent staff – production, technical and administrative staff and journalists – and temporary staff). Non-management staff work 37 hours a week and beneﬁt from 14 supplementary work days off per year. Management staff work 213 to 216 days annually and beneﬁt from 12 or 13 supplementary work days off per year. Supplementary workdays off do not apply to executives.ANNUAL WORK TIME: THE TABLE BELOW IS A SUMMARY OF THE DIFFERENT AGREEMENTS ON ADAPTING AND REDUCING WORKING HOURS THAT APPLY IN THE TF1 GROUP OF COMPANIESPTAS status* PTAS* status Non-management in constant hours and cycles (employees and supervisory staff) Managers in cycles Managers with a ﬁxed number of annual days* Production, technical and administrative staff.PTAS* annual work time 1,569 hours – 1,576 hours 1,584 hours - 1,591 hours 213 days - 216 days N/AJournalist status Journalists with a ﬁxed number of annual days ExecutivesJournalists’ annual work time 208 days - 215 days N/A2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3Recruitment policies stem directly from the three-year strategic plans set out by General Management, after discussion with the various operational and functional structures within the group. They are adapted in real time to suit actual conditions in the company and aim to deliver the extremely high professional standards required for the company to maintain its position as market leader in its different activities and continue to motivate individuals and teams. Recruitment involves integrating young talent (and equipping it for the jobs of tomorrow) and seeking seasoned professionals (to bolster existing teams or to launch new lines of business) on an on-going basis. Number of hours of overtime 63,846.60 Very little use was made of workers from outside the TF1 Group (temporary workers) in 2008, as they amounted only to 13.7 full-time equivalents, or 0.36% of the group’s permanent workforce.Equal numbers of staff left and were hired in the TF1 Group in 2008, due to General Management’s determination to reorganise services in such a way as to develop synergies. Overtime hours remained stable, mainly because of the inclusion of hours worked by temporary workers when ﬁlming ﬁction dramas produced by Alma Productions (RIS and Seconde Chance).Total cost €1,875,997.54 All TF1 Group companies are governed by ARTT (“35 hour working week”) agreements, which enable staff to manage their time off, the only proviso being that it does not undermine the smooth running of operations. A year after the signing of an addendum (Annex 7) to the agreement on adapting and reducing working hours, applicable to staff in the technical department, for services operating seven days a week, it is clear that the agreement has given employees a better view of and increased conﬁdence in their time planning. It has also improved salary conditions for various constraints such as Sunday work and fairer sharing of weekend work. To ensure that all staff have the opportunity to acquire new skills, and this for their own personal development and with no speciﬁc links to their jobs, they can convert supplementary workdays off into personal development time. This is not considered to be part of the company training plan. All TF1 companies decided to maintain Whit Monday as paid holiday in 2008, and pay the associated contribution to “Solidarity Day”.ORGANISATION OF WORKING HOURSAgreements on adapting and reducing working hours have been reached in all group companies. They govern the different staff categories according to their status (agreements on permanent staff – production, technical and administrative staff and journalists – and temporary staff). Non-management staff work 37 hours a week and beneﬁt from 14 supplementary work days off per year. Management staff work 213 to 216 days annually and beneﬁt from 12 or 13 supplementary work days off per year. Supplementary workdays off do not apply to executives.ANNUAL WORK TIME: THE TABLE BELOW IS A SUMMARY OF THE DIFFERENT AGREEMENTS ON ADAPTING AND REDUCING WORKING HOURS THAT APPLY IN THE TF1 GROUP OF COMPANIESPTAS status* PTAS* status Non-management in constant hours and cycles (employees and supervisory staff) Managers in cycles Managers with a ﬁxed number of annual days* Production, technical and administrative staff.PTAS* annual work time 1,569 hours – 1,576 hours 1,584 hours - 1,591 hours 213 days - 216 days N/AJournalist status Journalists with a ﬁxed number of annual days ExecutivesJournalists’ annual work time 208 days - 215 days N/A2008 REGISTRATION DOCUMENT]]></basicChars>
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	<page id="64">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateTF1 GROUP ABSENTEEISM AND REASONSAbsentee rate (as a % of the no. of employees) Total days of absence Number of days absent without pay Number of days absent for sickness Number of days absent for occupational accident or work-related travel accident Number of days absent on maternity/paternity leave Number of days absent for special leave As at December 31, 2008, 232 permanent staff were employed part time – 81% of them women and 19% men. Part-time at TF1 is a personal choice in practically all cases. 4.10 45,693 986 22,379 3,020 15,625 3,820 The maximum company contribution is €3,750 gross per employee per year, making a net total contribution for 2008 of €7.9 million. To help employees prepare to fund their retirement, the Bouygues group has set up a retirement savings fund, providing for a company contribution equal to 20% to 100% of the sums deposited, depending on the amount paid in by the employee. 11.90% of eligible employees were members of the scheme on December 31, 2008. Proﬁt-sharing has been paid out to all employees since 1989. In 2008, the proﬁtsharing reserve (relating to 2007) amounted to €11.1 million, or an average net amount per employee of €2,036. The law dated February 8, 2008, aiming to improve consumer purchasing power, enabled 743 of the group’s employees to redeem in advance share certiﬁcates held since before December 31, 2007, amounting to a total of €3.08 million. To involve employees in measures related to respecting the group’s ﬁnancial commitments and improving personal and collective performance, management has set up a proﬁt-sharing agreement for the whole of the TF1 Group, which has been signed for 2008, 2009 and 2010, with the actual objectives to be negotiated annually.COMPENSATIONCompensation is reviewed each year through a mechanism that can combine general increases and merit increases with means and possibilities of tailored employee savings. At privatisation of TF1 in 1987, 10% of its capital was offered to employees under preferential conditions. Consequently, 1,384 employees or former employees became shareholders, representing 2.33% of the capital. Currently, employee shareholding represents 4.3% of the capital. In 1988, TF1 set up a company savings plan for all group employees. As at December 31, 2008, 2,942 employees were members of the TF1 company savings plan, representing 82.55% of eligible employees of those companies of the TF1 Group belonging to the plan. Since May 1, 2008, the company contribution has been increased from 100% to 200% for the ﬁrst €300 deposited.AVERAGE GROSS MONTHLY COMPENSATION FOR PERMANENT EMPLOYEES PER PROFESSIONAL CATEGORY IN THE TF1 GROUP IN 2008 (IN €)Employees 1,778 Supervisory staff 3,183 Managers 5,268 Journalists 5,747 All categories 4,855In 2008, the average annual salary increase was 4% for the TF1 Group. This ﬁgure corresponds to the comparison of employees’ salaries who were in service on both December 31, 2007 and December 31, 2008. It should be noted that, over the same period, social charges expenditure remained stable.Employee contributions €63.98 millionEmployer contributions €113.37 millionTotal €177.35 million622008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateTF1 GROUP ABSENTEEISM AND REASONSAbsentee rate (as a % of the no. of employees) Total days of absence Number of days absent without pay Number of days absent for sickness Number of days absent for occupational accident or work-related travel accident Number of days absent on maternity/paternity leave Number of days absent for special leave As at December 31, 2008, 232 permanent staff were employed part time – 81% of them women and 19% men. Part-time at TF1 is a personal choice in practically all cases. 4.10 45,693 986 22,379 3,020 15,625 3,820 The maximum company contribution is €3,750 gross per employee per year, making a net total contribution for 2008 of €7.9 million. To help employees prepare to fund their retirement, the Bouygues group has set up a retirement savings fund, providing for a company contribution equal to 20% to 100% of the sums deposited, depending on the amount paid in by the employee. 11.90% of eligible employees were members of the scheme on December 31, 2008. Proﬁt-sharing has been paid out to all employees since 1989. In 2008, the proﬁtsharing reserve (relating to 2007) amounted to €11.1 million, or an average net amount per employee of €2,036. The law dated February 8, 2008, aiming to improve consumer purchasing power, enabled 743 of the group’s employees to redeem in advance share certiﬁcates held since before December 31, 2007, amounting to a total of €3.08 million. To involve employees in measures related to respecting the group’s ﬁnancial commitments and improving personal and collective performance, management has set up a proﬁt-sharing agreement for the whole of the TF1 Group, which has been signed for 2008, 2009 and 2010, with the actual objectives to be negotiated annually.COMPENSATIONCompensation is reviewed each year through a mechanism that can combine general increases and merit increases with means and possibilities of tailored employee savings. At privatisation of TF1 in 1987, 10% of its capital was offered to employees under preferential conditions. Consequently, 1,384 employees or former employees became shareholders, representing 2.33% of the capital. Currently, employee shareholding represents 4.3% of the capital. In 1988, TF1 set up a company savings plan for all group employees. As at December 31, 2008, 2,942 employees were members of the TF1 company savings plan, representing 82.55% of eligible employees of those companies of the TF1 Group belonging to the plan. Since May 1, 2008, the company contribution has been increased from 100% to 200% for the ﬁrst €300 deposited.AVERAGE GROSS MONTHLY COMPENSATION FOR PERMANENT EMPLOYEES PER PROFESSIONAL CATEGORY IN THE TF1 GROUP IN 2008 (IN €)Employees 1,778 Supervisory staff 3,183 Managers 5,268 Journalists 5,747 All categories 4,855In 2008, the average annual salary increase was 4% for the TF1 Group. This ﬁgure corresponds to the comparison of employees’ salaries who were in service on both December 31, 2007 and December 31, 2008. It should be noted that, over the same period, social charges expenditure remained stable.Employee contributions €63.98 millionEmployer contributions €113.37 millionTotal €177.35 million622008 REGISTRATION DOCUME]]></basicChars>
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	<page id="65">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3EQUAL OPPORTUNITIES FOR MEN AND WOMEN2008 STATISTICS FOR THE WHOLE TF1 GROUPAverage gross monthly starting salary (in €)* Women Men* Employees aged between 18 and 26 and with less than one year’s service.Employees 1,514 1,336Supervisory staff 1,871 1,838Managers 2,401 2,525Journalists 2,466 2,500New hires Women Men TOTALTotal 243 253 496Promotions* Women Men TOTAL* With or without change of professional category.Total 206 250 456Number of trainees in 2008* Women Men TOTAL* In occupational training.Total 1,124 1,211 2,335Number of training hours in 2008 Women Men TOTAL In addition, TF1 continues to pursue its long-term policy of not discriminating between men and women and respecting equality between the sexes in accordance with the law, regarding recruitment, career development and salaries. Signiﬁcant work has been accomplished by the “Male/Female Professional Equality Committee” of the Works Council, with regard to comparing the situations of male and female workers employed by TF1 SA according to various criteria (numbers, holidays, training, compensation). Any differences noted that were based on precise indicators were then corrected (cf. 2008 business report). Thus, in a sector where there were traditionally far more men than women (technical professions), for some years now the TF1 Group has succeeded in maintaining an equal balance, as it now employs 47.6% women and 52.4% men. The same can be said of the supervisory staff, 47.7% of whom are women. The same results are to be found with respect to promotions made in 2008 (almost 14% of each sex) and training courses attended (63.4% of women and 62% of men). The differences in compensation noted between men and women are primarily due to the fact that the technical professions needed by the TF1 Group consistTotal 55,156 53,983 109,139 mainly of men. Thus, for employees with the same level of qualiﬁcations (2 years of tertiary education), there is no denying that the starting salary for an employee with a technical qualiﬁcation, most of whom are men, is generally higher on the job market than that of an employee with a secretarial qualiﬁcation, nearly all of whom are women. On the other hand, employees with the same qualiﬁcations all start at the same salary, so that male and female journalists, and male and female managers, of the same age and with the same level of training, will receive the same salaries in their ﬁrst jobs. Moreover, the company and the trade unions have decided to allocate the negotiated rates of collective and individual wage increases to all TF1 female employees who took maternity leave during the preceding year. Thus any women who took maternity leave in 2008 received a wage-increase of at least 2.5% in January 2009. Lastly, in 2008, 25% of women whose maternity leave began in 2007 received a wage-increase that was above the rates negotiated with the trade-unions (collective and individual taken jointly).2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3EQUAL OPPORTUNITIES FOR MEN AND WOMEN2008 STATISTICS FOR THE WHOLE TF1 GROUPAverage gross monthly starting salary (in €)* Women Men* Employees aged between 18 and 26 and with less than one year’s service.Employees 1,514 1,336Supervisory staff 1,871 1,838Managers 2,401 2,525Journalists 2,466 2,500New hires Women Men TOTALTotal 243 253 496Promotions* Women Men TOTAL* With or without change of professional category.Total 206 250 456Number of trainees in 2008* Women Men TOTAL* In occupational training.Total 1,124 1,211 2,335Number of training hours in 2008 Women Men TOTAL In addition, TF1 continues to pursue its long-term policy of not discriminating between men and women and respecting equality between the sexes in accordance with the law, regarding recruitment, career development and salaries. Signiﬁcant work has been accomplished by the “Male/Female Professional Equality Committee” of the Works Council, with regard to comparing the situations of male and female workers employed by TF1 SA according to various criteria (numbers, holidays, training, compensation). Any differences noted that were based on precise indicators were then corrected (cf. 2008 business report). Thus, in a sector where there were traditionally far more men than women (technical professions), for some years now the TF1 Group has succeeded in maintaining an equal balance, as it now employs 47.6% women and 52.4% men. The same can be said of the supervisory staff, 47.7% of whom are women. The same results are to be found with respect to promotions made in 2008 (almost 14% of each sex) and training courses attended (63.4% of women and 62% of men). The differences in compensation noted between men and women are primarily due to the fact that the technical professions needed by the TF1 Group consistTotal 55,156 53,983 109,139 mainly of men. Thus, for employees with the same level of qualiﬁcations (2 years of tertiary education), there is no denying that the starting salary for an employee with a technical qualiﬁcation, most of whom are men, is generally higher on the job market than that of an employee with a secretarial qualiﬁcation, nearly all of whom are women. On the other hand, employees with the same qualiﬁcations all start at the same salary, so that male and female journalists, and male and female managers, of the same age and with the same level of training, will receive the same salaries in their ﬁrst jobs. Moreover, the company and the trade unions have decided to allocate the negotiated rates of collective and individual wage increases to all TF1 female employees who took maternity leave during the preceding year. Thus any women who took maternity leave in 2008 received a wage-increase of at least 2.5% in January 2009. Lastly, in 2008, 25% of women whose maternity leave began in 2007 received a wage-increase that was above the rates negotiated with the trade-unions (collective and individual taken jointly).2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateINDUSTRIAL RELATIONS AND REPORT ON COLLECTIVE AGREEMENTSPractically all Group companies have organisations of employee delegates, works councils, health and safety committees and trade union delegates. As a sign of sustained, constructive dialogue with union organisations, 56 negotiation Meetings took place in the TF1 Group in 2008, and twenty-ﬁve company agreements were signed.As a result of the agreement concerning resources to be made available to TF1 SA unions signed in July 2006, union representatives undertook speciﬁc training at the start of 2007 in how to use the IT equipment allocated to them (speciﬁcally, for building and running their Intranet website), thus providing the trade union organisations with a more suitable, up-to-date means of communication. In general, the agreements within the group offer social beneﬁts in the area of social protection, departure bonus, time off, union rights, etc. that go well beyond guarantees provided by the Labour Code.UNION LANDSCAPE WITHIN THE GROUP IN 2008 (PERMANENT MEMBERS)Personnel delegates 22 9 1 6 1 39 Individual delegates 33 1 0 1 0 35 Board of Directors 22 5 0 1 0 28Works Council CFTC CFTC/FO/CGC CGT CFDT Independent TOTAL 14 6 1 3 0 24Total 91 21 2 11 1 126Number of Meetings with employee representatives (Works Council + Personnel delegates + Health et Safety Committee + Board of Directors) Number of negotiations with union delegates Number of collective agreements during the year341 56 252008 Number of occupational accidents with time off Number of fatal occupational accidents (work or work-related travel) Number of health and safety Meetings Employees trained in safety 58 1 58 373 For TF1, the good health of its employees is a top priority. The two medical teams comprising two company doctors and four nurses provide daily care (nurses treated staff on 8,388 occasions, and the doctors examined 3,470 employees in 2008) and speciﬁc care for employees with jobs involving particular risks (they vaccinated 1,163 employees and prepared 150 ﬁrst-aid kits for staff bound for high-risk zones in 2006). This service also covers freelancers working for the group, as the professional bodies representing this staff category do not have a medical centre. The two medical teams run signiﬁcant prevention campaigns, providing a service that is well beyond the legal requirements, including anti-inﬂuenza vaccination, prevention of cardio-vascular disease, monitoring of avian ﬂu with the creation of speciﬁc protocols, awareness-raising regarding respiratory disease etc. In 2008, a stress-monitoring initiative was launched, whereby employees are asked to complete a questionnaire when visiting the doctor. The aim of the initiative is to identify sources of stress or worry and set up collective actions according to the results obtained. The master occupational-hazard documents have been updated with the aid of the company doctors and the members of the CHSCT (health, safety and hygiene committee). These documents list all the hazards in each of the companies’ work units and record the monitoring of preventive measures that have been established for each of the risks listed (instructions, training courses, etc.).HEALTH, HYGIENE AND SAFETY CONDITIONSAs in previous years, in 2008 TF1 continued its policy of preventing occupational hazards, by raising the awareness of all parties involved. Health and safety training courses were run for 378 employees from different staff categories in 2008. Fire-prevention training courses accessible to all members of staff are held on a regular basis, and ﬁre drills for all staff are conducted as required by relevant legislation. There are also job-speciﬁc risk management courses: ﬁrst aid courses, driving in difﬁcult situations (for News and Technical staff entrusted with assignments). Other training programmes covering speciﬁc risks have also been implemented – accreditation for electrical risks and training in manipulation and posture, for example. There are also courses aimed at improving employee working conditions: p “managing personal equilibrium in a professional context” (understanding stress mechanisms, identifying their origins so as to better control stress), “eye relax” enabling employees to acquire the right reﬂexes to avoid visual and physical fatigue.pThese courses meet employee expectations and have been a great success. Lastly, a course on IT security has been run for all staff since late 2006. Each group employee can follow this training.642008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateINDUSTRIAL RELATIONS AND REPORT ON COLLECTIVE AGREEMENTSPractically all Group companies have organisations of employee delegates, works councils, health and safety committees and trade union delegates. As a sign of sustained, constructive dialogue with union organisations, 56 negotiation Meetings took place in the TF1 Group in 2008, and twenty-ﬁve company agreements were signed.As a result of the agreement concerning resources to be made available to TF1 SA unions signed in July 2006, union representatives undertook speciﬁc training at the start of 2007 in how to use the IT equipment allocated to them (speciﬁcally, for building and running their Intranet website), thus providing the trade union organisations with a more suitable, up-to-date means of communication. In general, the agreements within the group offer social beneﬁts in the area of social protection, departure bonus, time off, union rights, etc. that go well beyond guarantees provided by the Labour Code.UNION LANDSCAPE WITHIN THE GROUP IN 2008 (PERMANENT MEMBERS)Personnel delegates 22 9 1 6 1 39 Individual delegates 33 1 0 1 0 35 Board of Directors 22 5 0 1 0 28Works Council CFTC CFTC/FO/CGC CGT CFDT Independent TOTAL 14 6 1 3 0 24Total 91 21 2 11 1 126Number of Meetings with employee representatives (Works Council + Personnel delegates + Health et Safety Committee + Board of Directors) Number of negotiations with union delegates Number of collective agreements during the year341 56 252008 Number of occupational accidents with time off Number of fatal occupational accidents (work or work-related travel) Number of health and safety Meetings Employees trained in safety 58 1 58 373 For TF1, the good health of its employees is a top priority. The two medical teams comprising two company doctors and four nurses provide daily care (nurses treated staff on 8,388 occasions, and the doctors examined 3,470 employees in 2008) and speciﬁc care for employees with jobs involving particular risks (they vaccinated 1,163 employees and prepared 150 ﬁrst-aid kits for staff bound for high-risk zones in 2006). This service also covers freelancers working for the group, as the professional bodies representing this staff category do not have a medical centre. The two medical teams run signiﬁcant prevention campaigns, providing a service that is well beyond the legal requirements, including anti-inﬂuenza vaccination, prevention of cardio-vascular disease, monitoring of avian ﬂu with the creation of speciﬁc protocols, awareness-raising regarding respiratory disease etc. In 2008, a stress-monitoring initiative was launched, whereby employees are asked to complete a questionnaire when visiting the doctor. The aim of the initiative is to identify sources of stress or worry and set up collective actions according to the results obtained. The master occupational-hazard documents have been updated with the aid of the company doctors and the members of the CHSCT (health, safety and hygiene committee). These documents list all the hazards in each of the companies’ work units and record the monitoring of preventive measures that have been established for each of the risks listed (instructions, training courses, etc.).HEALTH, HYGIENE AND SAFETY CONDITIONSAs in previous years, in 2008 TF1 continued its policy of preventing occupational hazards, by raising the awareness of all parties involved. Health and safety training courses were run for 378 employees from different staff categories in 2008. Fire-prevention training courses accessible to all members of staff are held on a regular basis, and ﬁre drills for all staff are conducted as required by relevant legislation. There are also job-speciﬁc risk management courses: ﬁrst aid courses, driving in difﬁcult situations (for News and Technical staff entrusted with assignments). Other training programmes covering speciﬁc risks have also been implemented – accreditation for electrical risks and training in manipulation and posture, for example. There are also courses aimed at improving employee working conditions: p “managing personal equilibrium in a professional context” (understanding stress mechanisms, identifying their origins so as to better control stress), “eye relax” enabling employees to acquire the right reﬂexes to avoid visual and physical fatigue.pThese courses meet employee expectations and have been a great success. Lastly, a course on IT security has been run for all staff since late 2006. Each group employee can follow this training.642008 REGISTRATION DOCUME]]></basicChars>
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	<page id="67">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3PROFESSIONAL DEVELOPMENTThe TF1 Group ensures that all employees receive individual professional guidance with respect to career development throughout their working lives. The reception and integration mechanism for new staff quickly helps them understand the workings of their new environment as well as the various activities of the Group. The annual interview enables employees to have a one-to-one conversation with their line managers, during which they will discuss how the past year has gone, their objectives for the coming year, their professional development plans and any training needs that have arisen. Professional development training is an excellent channel for expanding employees’ skills, as well as improving the technical, people-based and managerial expertise needed to carry out the tasks assigned. It also aims to prepare associates for new responsibilities. The work that has gone into Process News et Sports 2 (PNS2), with the aim of modernising the system for producing news bulletins and sports magazines, has resulted in an acceleration of the Group’s efforts to train technical and editorial teams. As has been the case for several years now, management and human relations continue to be a priority, and there are now specialist training tracks for new managers and team leaders. New modules have been introduced this year, particularly in the ﬁelds of the role of management lines and maintaining personal balance in the professional environment. Technical training for IT staff was one of the priority areas to receive major funding. We should also mention the “professional skills” courses, enabling staff to develop their speciﬁc expertise in ﬁelds as diverse as journalism, management, law and marketing. Finally, language courses and theme days for learning about the professions practised within the Group were continued. In 2008, a budget of €8.3 million was dedicated to training within the TF1 Group, i.e., 3.25% of total wage costs. 2,335 TF1 Group employees received training during 2008. The training plan involved a total of 55,459 hours of training in the TF1 Group in 2008. Moreover, 35,661 hours of additional training were given to 84 TF1 Group employees through sandwich courses and individual training leave. As a result of the Individual Training Entitlement (DIF), a total of 273,640 hours were released by the TF1 Group. 289 requests for training were accepted in 2008, i.e. a total of 13,082 were consumed by 289 employees, making an average of 45.26 hours per employee. The Group’s apprenticeship tax for 2008 amounted to €1,808,580 With respect to newly qualiﬁed staff recruitment, the TF1 Group has an active policy of offering work placements, thus creating not only an excellent recruitment pool for the company but also establishing high-quality relationships with schools and universities. This framework enabled the TF1 Group to offer placements to 784 individuals in 2008 (school work experience, ﬁxed-term holiday contracts and shadowing placements).TF1 has built up close relationships with a number of teaching establishments, including: p p p p p Lycée Jacques Prévert, Boulogne (Audiovisual diploma), Lycée René Cassin, Bayonne (Audiovisual diploma), University of Paris I – Panthéon - Sorbonne (Masters), ESCP-EAP, Paris (Masters, Media), University of Paris IX- Dauphine (Masters, Telecommunications and New Media), Institut National des Telecommunications), Télécommunications, Evry (Management andpp pÉcole Nationale Supérieure des Télécoms, Paris, AUDENCIA, NantesAnother priority area in the group’s HR policy is professional mobility, meaning the wish to promote the career development of each employee through individual monitoring and deliberate management of the career path. All HR managers meet twice monthly to discuss the mobility requests submitted by employees. Similar Meetings are held regarding staff on ﬁxed-term contracts. The TF1 Group is currently negotiating an HR Planning agreement.DISABLED WORKERSTF1 has strengthened its procedures for welcoming and integrating disabled staff and further increased its use of services provided by the adapted businesses sector, by signing a Group agreement with social partners relative to the integration and retention of disabled workers. The Actions Handicap Committee, created in December 2007, is responsible for coordinating the various actions. The six main themes of the agreement are: p a hiring and integration plan, preferably involving permanent contracts (take on at least 30 disabled workers over the next three years), professional training, management of disabled employees, accessibility and adaptability of tools, use of adapted sector services, information and communication.p p p p pIn 2008, the group hired 9 disabled workers on different kinds of contract (permanent/temporary/sandwich contracts) in the Audiovisual Technical department, Production, Computer Graphics, Secretarial Services, Accounts and Management. The Group also offered 3 work-placements with the possibility of a sandwich contract or ﬁxed-term contract at the end of the placement. The TF1 Group regularly uses the adapted sector for services such as cocktail parties, media product recycling (cassettes, DVDs), printing (information leaﬂets, sourcing tools, catalogue CE), mail-shots (unsuccessful job applications, competitions), boxed games packaging, DVD wrapping, goodies, staff availability (dispatch of literature, distribution of Christmas cards and gifts), etc.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3PROFESSIONAL DEVELOPMENTThe TF1 Group ensures that all employees receive individual professional guidance with respect to career development throughout their working lives. The reception and integration mechanism for new staff quickly helps them understand the workings of their new environment as well as the various activities of the Group. The annual interview enables employees to have a one-to-one conversation with their line managers, during which they will discuss how the past year has gone, their objectives for the coming year, their professional development plans and any training needs that have arisen. Professional development training is an excellent channel for expanding employees’ skills, as well as improving the technical, people-based and managerial expertise needed to carry out the tasks assigned. It also aims to prepare associates for new responsibilities. The work that has gone into Process News et Sports 2 (PNS2), with the aim of modernising the system for producing news bulletins and sports magazines, has resulted in an acceleration of the Group’s efforts to train technical and editorial teams. As has been the case for several years now, management and human relations continue to be a priority, and there are now specialist training tracks for new managers and team leaders. New modules have been introduced this year, particularly in the ﬁelds of the role of management lines and maintaining personal balance in the professional environment. Technical training for IT staff was one of the priority areas to receive major funding. We should also mention the “professional skills” courses, enabling staff to develop their speciﬁc expertise in ﬁelds as diverse as journalism, management, law and marketing. Finally, language courses and theme days for learning about the professions practised within the Group were continued. In 2008, a budget of €8.3 million was dedicated to training within the TF1 Group, i.e., 3.25% of total wage costs. 2,335 TF1 Group employees received training during 2008. The training plan involved a total of 55,459 hours of training in the TF1 Group in 2008. Moreover, 35,661 hours of additional training were given to 84 TF1 Group employees through sandwich courses and individual training leave. As a result of the Individual Training Entitlement (DIF), a total of 273,640 hours were released by the TF1 Group. 289 requests for training were accepted in 2008, i.e. a total of 13,082 were consumed by 289 employees, making an average of 45.26 hours per employee. The Group’s apprenticeship tax for 2008 amounted to €1,808,580 With respect to newly qualiﬁed staff recruitment, the TF1 Group has an active policy of offering work placements, thus creating not only an excellent recruitment pool for the company but also establishing high-quality relationships with schools and universities. This framework enabled the TF1 Group to offer placements to 784 individuals in 2008 (school work experience, ﬁxed-term holiday contracts and shadowing placements).TF1 has built up close relationships with a number of teaching establishments, including: p p p p p Lycee Jacques Prevert, Boulogne (Audiovisual diploma), Lycee Rene Cassin, Bayonne (Audiovisual diploma), University of Paris I – Pantheon - Sorbonne (Masters), ESCP-EAP, Paris (Masters, Media), University of Paris IX- Dauphine (Masters, Telecommunications and New Media), Institut National des Telecommunications), Telecommunications, Evry (Management andpp pEcole Nationale Superieure des Telecoms, Paris, AUDENCIA, NantesAnother priority area in the group’s HR policy is professional mobility, meaning the wish to promote the career development of each employee through individual monitoring and deliberate management of the career path. All HR managers meet twice monthly to discuss the mobility requests submitted by employees. Similar Meetings are held regarding staff on ﬁxed-term contracts. The TF1 Group is currently negotiating an HR Planning agreement.DISABLED WORKERSTF1 has strengthened its procedures for welcoming and integrating disabled staff and further increased its use of services provided by the adapted businesses sector, by signing a Group agreement with social partners relative to the integration and retention of disabled workers. The Actions Handicap Committee, created in December 2007, is responsible for coordinating the various actions. The six main themes of the agreement are: p a hiring and integration plan, preferably involving permanent contracts (take on at least 30 disabled workers over the next three years), professional training, management of disabled employees, accessibility and adaptability of tools, use of adapted sector services, information and communication.p p p p pIn 2008, the group hired 9 disabled workers on different kinds of contract (permanent/temporary/sandwich contracts) in the Audiovisual Technical department, Production, Computer Graphics, Secretarial Services, Accounts and Management. The Group also offered 3 work-placements with the possibility of a sandwich contract or ﬁxed-term contract at the end of the placement. The TF1 Group regularly uses the adapted sector for services such as cocktail parties, media product recycling (cassettes, DVDs), printing (information leaﬂets, sourcing tools, catalogue CE), mail-shots (unsuccessful job applications, competitions), boxed games packaging, DVD wrapping, goodies, staff availability (dispatch of literature, distribution of Christmas cards and gifts), etc.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="68">
		<raw><![CDATA[3Group GroupMANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateNumber of disabled workers employed by TF1 SA Pre-tax amount paid to sheltered workshops TF1 SA €149,473.20 €221,793.58 TF1 is also keen to give its employees a pleasant working environment and to this end has provided workers with on-site services such as an “orange card” machine (for buying public transport passes), a travel agency, a cash-machine and a hairdresser. A sports doctor, health insurance representative and social worker are also regularly available for consultation. Employees have access to a sports room and gym for a very reasonable sum (€12 per month), where classes are held on Saturday mornings as well as on weekday mornings, lunchtimes and evenings. All employees wishing to participate in these activities are seen by the sports doctor ﬁrst, as the company takes investing in its employees’ health and ﬁtness very seriously. In the context of the “1% Logement” housing assistance programme, TF1 offers “social housing” solutions to employees in need of emergency help. Over the past 20 years, the Group has provided just over 550 such homes to members of its workforce. 25 employees were housed in 2008, a ﬁgure that remains stable despite the national housing shortage and increasingly restrictive allocation conditions. In addition, a new mechanism was set up in 2008 providing temporary accommodation in a residence in Boulogne, for 3 under thirty year olds with a professional project. Moreover, the Group offers its employees the whole range of schemes provided for in the “1% Logement” housing assistance programme: 55 Loca-pass (loans to pay rental deposits etc.), 58 Pass-travaux (loans to carry out renovations etc.), 17 ﬁrst-home loans, 2 Mobili-Pass (support for employees whose professional development incurs moving to a different location). Loans to adapt accommodation for disabled employees, or employees who have a disabled family member, are made available by the collecting bodies. Lastly, a representative of the “1% logement” organisations is regularly available to employees, to help them with the procedures involved and give advice about ﬁnancing their property plans. TF1 regularly convenes the Works Council Housing Committee to inform it of all operations undertaken in the context of the “1% logement” programme. In concurrence with new laws passed in December 2008, the organisations involved in the “1% logement” initiative will no longer be advancing loans for help with renovation costs (Pass-travaux). 29 49To help achieve its aim of integrating 30 disabled workers, the TF1 Group has developed its sourcing and now works with specialised recruitment agencies, temporary agencies and organisations working in the ﬁeld of ﬁnding jobs for young people with disabilities (Tremplin, Aﬁj, Adapt etc.). All buildings used by the TF1 Group meet the regulations concerning establishments open to the public and are adapted to suit the disabled, while in the second half of 2009 work is due to begin on making the lifts more accessible. TF1 is committed to Meeting its responsibilities with respect to the content of its broadcasts and other products, particularly concerning programme accessibility: in 2008, over 80% of its programmes were sub-titled and many beneﬁted from audio-description.SOCIAL BENEFITSThe Group has a highly developed policy in favour of promoting family life (bonuses of €915 for staff when they marry or have children, places reserved in a crèche). At the request of the works councils, they have been responsible for the payment of child care beneﬁts since January 1, 2005. This is allocated to staff whose children are under four years old and looked after in a crèche, or by a nursery nurse or by a childminder (€8 net per full day worked, up to a maximum of €1,830 per year). Expectant mothers continue to receive normal wages throughout their maternity leave, and, from the sixth month of pregnancy, work 10 hours less per week. Moreover, they can also take a further four weeks nursing leave. Fathers who have a PACS agreement will henceforth have an extra day’s paid leave. TF1 provides a staff canteen for all employees through a company specialising in group catering and subsidises meals by €4.80. The restaurant itself was designed and renovated with the services of an architect, to the satisfaction of all staff. A collective group agreement concerning a holiday savings account has been signed by the ﬁve trade union organisations represented in the TF1 Group. Set up in 2007, the holiday savings account contains the employees’ paid leave “capital”, consisting of any paid leave (annual entitlement, extra days per year of service, ARTT days) that has not been taken by the end of the year and/or conversion of all or part of their annual bonus into days off. Employees can then use this capital either to take time off when it suits them or a maximum of ﬁve days per year can be converted into extra pay. It can also be used by the company to arrange transitional holiday periods for employees approaching retirement. Employees beneﬁt from very high quality medical expenses insurance (particularly regarding dental prostheses and optical expenses), half of the premiums being paid by the company. The scheme provides for a high level of services and is a government approved scheme. A collective group agreement relating to complementary health insurance for the TF1 Group has been signed by four of the trade union organisations and came into effect in January 2008. Several different kinds of insurance contract are available to Group employees. There is a speciﬁc contract for all employees who travel to high-risk zones (war, earthquake etc.). This agreement is monitored by an insurance committee which includes representatives of the trade union organisations signatory to the agreement.EXAMPLE OF THE TERRITORIAL IMPACT OF THE TF1 GROUP’S ACTIVITIESTF1 encourages its employees to participate in actions of social solidarity, by organising in-house events in collaboration with jeveuxaider.com, a charitable organisations portal. On March 31 and April 1, 2008, Eurosport made a one-off donation of nearly 11,000 new items, which were distributed to charitable organisations operating in France that focused on sports activities. The work of these associations is aimed at at-risk young people and adults and sick children. The 2008 “Christmas Solidarity” collection was in aid of local projects and sustainable development. 436 boxes were prepared, using donations from662008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3Group GroupMANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateNumber of disabled workers employed by TF1 SA Pre-tax amount paid to sheltered workshops TF1 SA €149,473.20 €221,793.58 TF1 is also keen to give its employees a pleasant working environment and to this end has provided workers with on-site services such as an “orange card” machine (for buying public transport passes), a travel agency, a cash-machine and a hairdresser. A sports doctor, health insurance representative and social worker are also regularly available for consultation. Employees have access to a sports room and gym for a very reasonable sum (€12 per month), where classes are held on Saturday mornings as well as on weekday mornings, lunchtimes and evenings. All employees wishing to participate in these activities are seen by the sports doctor ﬁrst, as the company takes investing in its employees’ health and ﬁtness very seriously. In the context of the “1% Logement” housing assistance programme, TF1 offers “social housing” solutions to employees in need of emergency help. Over the past 20 years, the Group has provided just over 550 such homes to members of its workforce. 25 employees were housed in 2008, a ﬁgure that remains stable despite the national housing shortage and increasingly restrictive allocation conditions. In addition, a new mechanism was set up in 2008 providing temporary accommodation in a residence in Boulogne, for 3 under thirty year olds with a professional project. Moreover, the Group offers its employees the whole range of schemes provided for in the “1% Logement” housing assistance programme: 55 Loca-pass (loans to pay rental deposits etc.), 58 Pass-travaux (loans to carry out renovations etc.), 17 ﬁrst-home loans, 2 Mobili-Pass (support for employees whose professional development incurs moving to a different location). Loans to adapt accommodation for disabled employees, or employees who have a disabled family member, are made available by the collecting bodies. Lastly, a representative of the “1% logement” organisations is regularly available to employees, to help them with the procedures involved and give advice about ﬁnancing their property plans. TF1 regularly convenes the Works Council Housing Committee to inform it of all operations undertaken in the context of the “1% logement” programme. In concurrence with new laws passed in December 2008, the organisations involved in the “1% logement” initiative will no longer be advancing loans for help with renovation costs (Pass-travaux). 29 49To help achieve its aim of integrating 30 disabled workers, the TF1 Group has developed its sourcing and now works with specialised recruitment agencies, temporary agencies and organisations working in the ﬁeld of ﬁnding jobs for young people with disabilities (Tremplin, Aﬁj, Adapt etc.). All buildings used by the TF1 Group meet the regulations concerning establishments open to the public and are adapted to suit the disabled, while in the second half of 2009 work is due to begin on making the lifts more accessible. TF1 is committed to Meeting its responsibilities with respect to the content of its broadcasts and other products, particularly concerning programme accessibility: in 2008, over 80% of its programmes were sub-titled and many beneﬁted from audio-description.SOCIAL BENEFITSThe Group has a highly developed policy in favour of promoting family life (bonuses of €915 for staff when they marry or have children, places reserved in a creche). At the request of the works councils, they have been responsible for the payment of child care beneﬁts since January 1, 2005. This is allocated to staff whose children are under four years old and looked after in a creche, or by a nursery nurse or by a childminder (€8 net per full day worked, up to a maximum of €1,830 per year). Expectant mothers continue to receive normal wages throughout their maternity leave, and, from the sixth month of pregnancy, work 10 hours less per week. Moreover, they can also take a further four weeks nursing leave. Fathers who have a PACS agreement will henceforth have an extra day’s paid leave. TF1 provides a staff canteen for all employees through a company specialising in group catering and subsidises meals by €4.80. The restaurant itself was designed and renovated with the services of an architect, to the satisfaction of all staff. A collective group agreement concerning a holiday savings account has been signed by the ﬁve trade union organisations represented in the TF1 Group. Set up in 2007, the holiday savings account contains the employees’ paid leave “capital”, consisting of any paid leave (annual entitlement, extra days per year of service, ARTT days) that has not been taken by the end of the year and/or conversion of all or part of their annual bonus into days off. Employees can then use this capital either to take time off when it suits them or a maximum of ﬁve days per year can be converted into extra pay. It can also be used by the company to arrange transitional holiday periods for employees approaching retirement. Employees beneﬁt from very high quality medical expenses insurance (particularly regarding dental prostheses and optical expenses), half of the premiums being paid by the company. The scheme provides for a high level of services and is a government approved scheme. A collective group agreement relating to complementary health insurance for the TF1 Group has been signed by four of the trade union organisations and came into effect in January 2008. Several different kinds of insurance contract are available to Group employees. There is a speciﬁc contract for all employees who travel to high-risk zones (war, earthquake etc.). This agreement is monitored by an insurance committee which includes representatives of the trade union organisations signatory to the agreement.EXAMPLE OF THE TERRITORIAL IMPACT OF THE TF1 GROUP’S ACTIVITIESTF1 encourages its employees to participate in actions of social solidarity, by organising in-house events in collaboration with jeveuxaider.com, a charitable organisations portal. On March 31 and April 1, 2008, Eurosport made a one-off donation of nearly 11,000 new items, which were distributed to charitable organisations operating in France that focused on sports activities. The work of these associations is aimed at at-risk young people and adults and sick children. The 2008 “Christmas Solidarity” collection was in aid of local projects and sustainable development. 436 boxes were prepared, using donations from662008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="69">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3employees and company services, and 13 associations were to receive these gifts, three of which were suggested by group employees. Established in 2007 with the aim of promoting diversity and professional integration, the TFI Corporate Foundation started its work in 2008 by recruiting its ﬁrst members (www.fondationtf1.fr). In January 2008 a call for proposals was published, aimed at 18 to 30 year olds living in sensitive districts. Judged on a video presentation of their reasons for wanting to work in the audiovisual industry, 8 candidates were selected by a jury consisting of members of the profession, and then offered the chance to join TF1 on two-year apprenticeships, which would also include training and individual tutoring. The operation will be repeated each year. The current trainees are working as journalists, Directors, graphic artists, editing technicians, sound technicians and trafﬁc managers. Each is supported by a mentor, who gives him or her the beneﬁt of their own network and experience. The operation will be renewed each year. Younger people (aged 12 to 17) are given the opportunity to get to know the company through sport-related activities (www.fondationtf1.fr). So that people from the media can meet people living in disadvantaged areas in circumstances other than those that prevail at times of crisis, the TF1 Corporate Foundation has determined to establish a dialogue between the two byaccompanying members of the editorial staff on visits to schools in the suburbs. Journalists, presenters, editors-in-chief etc. explain the work of the various teams and answer questions, at secondary schools in Paris and the provinces. In 2006, TF1 and the TBWA France Group set up a communications agency in La Courneuve, called Nouvelle Cour. The agency offers students who have been awarded the Courneuve BTS in Communications, a ﬁrst temporary job in the industry (one or two years at the most). The main purpose of the venture is to discover potential talent that may be lying in the suburbs and give the youngsters concerned some professional experience. This unusual initiative has been a great success: the ﬁrst people to have taken advantage of this opportunity have since been taken on by well-known agencies. Moreover, Nouvelle Cour was responsible for the TF1 Business Report layout…ROLE OF SUB-CONTRACTINGThe TF1 Group makes almost no use of sub-contracting. However, it does entrust third parties with some services such as security, building maintenance, catering etc. Within the framework of these different partnerships, the TF1 Group asks each of its service providers to contractually adhere to the social and environmental regulations etc. in force.3.2.2 Report on the environmentTF1 GROUP AWARENESS OF ENVIRONMENTAL ISSUESToday, there is consensus amongst members of the international scientiﬁc community concerning the dangers of climate change and loss of biodiversity. In France, national debate was inspired by the “Grenelle de l’Environnement”, a kind of environmental summit held in 2007, with the purpose of developing a new ecology policy and ﬁnding a way to make continued growth compatible with the limits of a ﬁnite planet. This resulted in the general mobilisation of private, national and charitable organisations and led to the beginnings of a new legislative framework. It was made clear that the role of the media in this respect was to raise public awareness of issues related to sustainable development, via news bulletins, special programmes and advertising spots telling the public how to be environmentally aware consumers. Whereas the environmental footprint of the media had previously been seen as quite light in comparison with other sectors, it was in fact demonstrated to be similar to that of other economic activities, when looked at from the point of view of greenhouse gas emissions: the sector generates transport, use of electronic products and electricity consumption. Companies in this area of business must therefore set an example for all involved, particularly their viewers. The TF1 Group is committed to raising public awareness through its broadcasts and websites: practical information concerning the environment is included in daily weather forecasts, major prime-time programmes like Ushuaia Nature, dedicated programmes on thematic channels such as Ushuaia TV, whose editorial policy is entirely dedicated to sustainable development, LCI’s talk show, news items and awareness campaigns targeting children (Bouge-toi pour ta planète ! – Get moving for your planet - on tfou.fr) etc. Throughout the year, the Group’s various companies carry out awareness and educational activities to inform viewers about respecting the environment. Since 2006, with the assistance and expertise of the Bouygues Group, the TF1 Group has been taking steps to measure and reduce its impact on the environment. In 2006 and 2007, in partnership with ADEME (French Agency for the Environment and Sustainable Energy), TF1 carried out a Carbon Assessment, to estimate greenhouse gas emissions caused by its main channel. The resulting action plan aims to reduce emissions from every source identiﬁed, whether internal or external. With respect to other environmental issues, the Group implements a pro-active policy in all the properties it owns: energy consumption, liquid consumption, raw materials consumption (e.g., paper) and responsible waste management. The Group’s action and improvement plans always go well beyond legal requirements, and measures introduced echo management’s determination to implement best practices, including the mobilisation of suppliers and raising employee awareness.THE ENVIRONMENTAL MANAGEMENT SYSTEM (SME)Management of General Services, responsible for the environmental policy at the Group’s Paris region sites, has been implementing a management system dedicated to the environment since 2005. Based on a commitment to continuous prevention and improvement, the Environmental Management System leverages TF1’s quality processes and in particular the dynamics of the “plan/do/check/act” cycle of the ISO 9001 system and the like. The “environment” road map is scrutinised every month by a dedicated committee that approves objectives, ensures implementation of actions, measures their efﬁciency and provides feedback.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3employees and company services, and 13 associations were to receive these gifts, three of which were suggested by group employees. Established in 2007 with the aim of promoting diversity and professional integration, the TFI Corporate Foundation started its work in 2008 by recruiting its ﬁrst members (www.fondationtf1.fr). In January 2008 a call for proposals was published, aimed at 18 to 30 year olds living in sensitive districts. Judged on a video presentation of their reasons for wanting to work in the audiovisual industry, 8 candidates were selected by a jury consisting of members of the profession, and then offered the chance to join TF1 on two-year apprenticeships, which would also include training and individual tutoring. The operation will be repeated each year. The current trainees are working as journalists, Directors, graphic artists, editing technicians, sound technicians and trafﬁc managers. Each is supported by a mentor, who gives him or her the beneﬁt of their own network and experience. The operation will be renewed each year. Younger people (aged 12 to 17) are given the opportunity to get to know the company through sport-related activities (www.fondationtf1.fr). So that people from the media can meet people living in disadvantaged areas in circumstances other than those that prevail at times of crisis, the TF1 Corporate Foundation has determined to establish a dialogue between the two byaccompanying members of the editorial staff on visits to schools in the suburbs. Journalists, presenters, editors-in-chief etc. explain the work of the various teams and answer questions, at secondary schools in Paris and the provinces. In 2006, TF1 and the TBWA France Group set up a communications agency in La Courneuve, called Nouvelle Cour. The agency offers students who have been awarded the Courneuve BTS in Communications, a ﬁrst temporary job in the industry (one or two years at the most). The main purpose of the venture is to discover potential talent that may be lying in the suburbs and give the youngsters concerned some professional experience. This unusual initiative has been a great success: the ﬁrst people to have taken advantage of this opportunity have since been taken on by well-known agencies. Moreover, Nouvelle Cour was responsible for the TF1 Business Report layout…ROLE OF SUB-CONTRACTINGThe TF1 Group makes almost no use of sub-contracting. However, it does entrust third parties with some services such as security, building maintenance, catering etc. Within the framework of these different partnerships, the TF1 Group asks each of its service providers to contractually adhere to the social and environmental regulations etc. in force.3.2.2 Report on the environmentTF1 GROUP AWARENESS OF ENVIRONMENTAL ISSUESToday, there is consensus amongst members of the international scientiﬁc community concerning the dangers of climate change and loss of biodiversity. In France, national debate was inspired by the “Grenelle de l’Environnement”, a kind of environmental summit held in 2007, with the purpose of developing a new ecology policy and ﬁnding a way to make continued growth compatible with the limits of a ﬁnite planet. This resulted in the general mobilisation of private, national and charitable organisations and led to the beginnings of a new legislative framework. It was made clear that the role of the media in this respect was to raise public awareness of issues related to sustainable development, via news bulletins, special programmes and advertising spots telling the public how to be environmentally aware consumers. Whereas the environmental footprint of the media had previously been seen as quite light in comparison with other sectors, it was in fact demonstrated to be similar to that of other economic activities, when looked at from the point of view of greenhouse gas emissions: the sector generates transport, use of electronic products and electricity consumption. Companies in this area of business must therefore set an example for all involved, particularly their viewers. The TF1 Group is committed to raising public awareness through its broadcasts and websites: practical information concerning the environment is included in daily weather forecasts, major prime-time programmes like Ushuaia Nature, dedicated programmes on thematic channels such as Ushuaia TV, whose editorial policy is entirely dedicated to sustainable development, LCI’s talk show, news items and awareness campaigns targeting children (Bouge-toi pour ta planete ! – Get moving for your planet - on tfou.fr) etc. Throughout the year, the Group’s various companies carry out awareness and educational activities to inform viewers about respecting the environment. Since 2006, with the assistance and expertise of the Bouygues Group, the TF1 Group has been taking steps to measure and reduce its impact on the environment. In 2006 and 2007, in partnership with ADEME (French Agency for the Environment and Sustainable Energy), TF1 carried out a Carbon Assessment, to estimate greenhouse gas emissions caused by its main channel. The resulting action plan aims to reduce emissions from every source identiﬁed, whether internal or external. With respect to other environmental issues, the Group implements a pro-active policy in all the properties it owns: energy consumption, liquid consumption, raw materials consumption (e.g., paper) and responsible waste management. The Group’s action and improvement plans always go well beyond legal requirements, and measures introduced echo management’s determination to implement best practices, including the mobilisation of suppliers and raising employee awareness.THE ENVIRONMENTAL MANAGEMENT SYSTEM (SME)Management of General Services, responsible for the environmental policy at the Group’s Paris region sites, has been implementing a management system dedicated to the environment since 2005. Based on a commitment to continuous prevention and improvement, the Environmental Management System leverages TF1’s quality processes and in particular the dynamics of the “plan/do/check/act” cycle of the ISO 9001 system and the like. The “environment” road map is scrutinised every month by a dedicated committee that approves objectives, ensures implementation of actions, measures their efﬁciency and provides feedback.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="70">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateSCOPE AND NATURE OF THE MEASURESIn 2006, the Environmental Management System, the deﬁned objectives and the consumption measures were applied to the buildings occupied by TF1 SA, TF1 Publicité, e-TF1, LCI and Eurosport, and the subsidiaries sharing the buildings with them. These buildings are located at Boulogne and Issy-les-Moulineaux and represent a total surface area of around 62,000 m2, not including car parks. This area is going to change signiﬁcantly in 2009, as three nearby buildings in Boulogne are to accommodate most of employees, some of whom are currently employed at Seine Saint Denis. This reorganisation will not only beneﬁt the company, it will also reduce travel between the two sites to a minimum and enable improved management of the buildings.Electricity consumption increased by 3% in 2008, following several years of decline. This one-off over-consumption was caused by the installation of a double technical platform prior to replacing the newsroom equipment. Surveys conducted in 2007 have led to total re-lamping of the Point du Jour site, using more efﬁcient, low-energy lights. Energy savings on lighting should amount to over 50%. Gas is now only used in one building, which will itself no longer be used after company reorganisation in 2009. Gas consumption in 2008 was 32,000 cubic metres, considerably less than in 2007 (50,000 cubic metres).MEASURES FOR IMPROVING ENERGY EFFICIENCYMany different steps have been taken within the framework of the “Environment” roadmap so as to keep up the work achieved so far: p p reduction of car park lighting, optimisation of lighting periods, programmed studio switch-off, facilitated by new technical management installation in the building, completion of installation of presence detectors in washrooms, plans to reduce studio lighting and air-conditioning, televisions and computers switched off by security staff on their rounds, lighting and air-conditioning in stand-by mode on the non-technical ﬂoors from 10 p.m., re-lamping of the whole site, using more efﬁcient, low-energy lights, replacement of dichroic lamps by LED lamps, which will reduce unit consumption from 35 W to 8 W, whilst at the same time signiﬁcantly lengthening the life expectancy of each lamp (from one to ﬁve years), trialling of reduced thermostat variation for ofﬁce air-conditioning systems.METHOD OF MEASURING INDICATORSp Electricity and water meters installed in the buildings are read and the readings compared with supplier invoices. Waste is measured by the service-provider (invoicing by weight).pTo better target in-house consumer proﬁles, TF1 will continue upgrading its buildings management tool in 2009 by installing more meters throughout the supply networks (electricity, water, air-conditioning etc.) and as a result control consumption by more accurate management of these installations.p p pNRE LAW DATAWATER CONSUMPTIONIn 2008, water consumption (primarily used in the air-conditioning system, washrooms and kitchens) was 61,658 m3, down by 4% since 2007. Repair of the heat pump circuits and converting air-cooling towers from sprinkling to ventilation between the seasons were behind this decrease. Automatic detectors and electrically operated ﬂow control valves have been installed on the wash-room basins to reduce consumption. In 2006, service providers using water and gas (cleaners, kitchen) were made aware of the importance of reducing consumption through a contract modiﬁcation. p ppUSE OF RENEWABLE ENERGY SOURCESA survey is still ongoing in 2009 into turning the studio roofs into a green roofgarden and installing photovoltaic panels.CONSUMPTION OF RAW MATERIALSFor an audiovisual sector group like TF1, the main raw material consumed is paper. Various means of reducing consumption have been implemented – shifting to electronic publications, encouragement to print less and the use of the two-side printing facility of the multifunction copiers. The paper used is now recycled or from certiﬁed forests. Its weight has been reduced (from 90 g per sheet to 75 g). 114 tons of paper were used in 2008, as against 120 in 2006.CONDITIONS RELATING TO SOIL USENot applicable.EMISSIONS INTO AIR, WATER AND SOILA ﬁrst carbon assessment of TF1 broadcasting was carried out with the assistance of ADEME in 2006 and 2007. Greenhouse gas emissions arise from external factors, such as the electricity consumed by television sets, or caused by bought-in programs, and internal factors (programme production, purchase of IT and broadcasting equipment, electricity consumption etc.). The action plan concerns both kinds of source. Downstream external greenhouse gas emissions, caused by electricity consumption by viewers watching TF1 programmes, have been calculated to represent the equivalent of 52,000 tons of carbon. Bought-in programmes (purchases excluding capital assets) generate around 8,000 tons. Annual greenhouse gas emissions from internal sources, from programme production through to broadcast, have been estimated at the equivalent of around 6,000 tons of carbon, distributed as illustrated below.ENERGY CONSUMPTIONThe TF1 Group uses electricity for the company’s everyday activity, the air conditioning systems in the various buildings and for its broadcasting business (studio lighting, machine rooms, ﬁnal production, etc.).682008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateSCOPE AND NATURE OF THE MEASURESIn 2006, the Environmental Management System, the deﬁned objectives and the consumption measures were applied to the buildings occupied by TF1 SA, TF1 Publicite, e-TF1, LCI and Eurosport, and the subsidiaries sharing the buildings with them. These buildings are located at Boulogne and Issy-les-Moulineaux and represent a total surface area of around 62,000 m2, not including car parks. This area is going to change signiﬁcantly in 2009, as three nearby buildings in Boulogne are to accommodate most of employees, some of whom are currently employed at Seine Saint Denis. This reorganisation will not only beneﬁt the company, it will also reduce travel between the two sites to a minimum and enable improved management of the buildings.Electricity consumption increased by 3% in 2008, following several years of decline. This one-off over-consumption was caused by the installation of a double technical platform prior to replacing the newsroom equipment. Surveys conducted in 2007 have led to total re-lamping of the Point du Jour site, using more efﬁcient, low-energy lights. Energy savings on lighting should amount to over 50%. Gas is now only used in one building, which will itself no longer be used after company reorganisation in 2009. Gas consumption in 2008 was 32,000 cubic metres, considerably less than in 2007 (50,000 cubic metres).MEASURES FOR IMPROVING ENERGY EFFICIENCYMany different steps have been taken within the framework of the “Environment” roadmap so as to keep up the work achieved so far: p p reduction of car park lighting, optimisation of lighting periods, programmed studio switch-off, facilitated by new technical management installation in the building, completion of installation of presence detectors in washrooms, plans to reduce studio lighting and air-conditioning, televisions and computers switched off by security staff on their rounds, lighting and air-conditioning in stand-by mode on the non-technical ﬂoors from 10 p.m., re-lamping of the whole site, using more efﬁcient, low-energy lights, replacement of dichroic lamps by LED lamps, which will reduce unit consumption from 35 W to 8 W, whilst at the same time signiﬁcantly lengthening the life expectancy of each lamp (from one to ﬁve years), trialling of reduced thermostat variation for ofﬁce air-conditioning systems.METHOD OF MEASURING INDICATORSp Electricity and water meters installed in the buildings are read and the readings compared with supplier invoices. Waste is measured by the service-provider (invoicing by weight).pTo better target in-house consumer proﬁles, TF1 will continue upgrading its buildings management tool in 2009 by installing more meters throughout the supply networks (electricity, water, air-conditioning etc.) and as a result control consumption by more accurate management of these installations.p p pNRE LAW DATAWATER CONSUMPTIONIn 2008, water consumption (primarily used in the air-conditioning system, washrooms and kitchens) was 61,658 m3, down by 4% since 2007. Repair of the heat pump circuits and converting air-cooling towers from sprinkling to ventilation between the seasons were behind this decrease. Automatic detectors and electrically operated ﬂow control valves have been installed on the wash-room basins to reduce consumption. In 2006, service providers using water and gas (cleaners, kitchen) were made aware of the importance of reducing consumption through a contract modiﬁcation. p ppUSE OF RENEWABLE ENERGY SOURCESA survey is still ongoing in 2009 into turning the studio roofs into a green roofgarden and installing photovoltaic panels.CONSUMPTION OF RAW MATERIALSFor an audiovisual sector group like TF1, the main raw material consumed is paper. Various means of reducing consumption have been implemented – shifting to electronic publications, encouragement to print less and the use of the two-side printing facility of the multifunction copiers. The paper used is now recycled or from certiﬁed forests. Its weight has been reduced (from 90 g per sheet to 75 g). 114 tons of paper were used in 2008, as against 120 in 2006.CONDITIONS RELATING TO SOIL USENot applicable.EMISSIONS INTO AIR, WATER AND SOILA ﬁrst carbon assessment of TF1 broadcasting was carried out with the assistance of ADEME in 2006 and 2007. Greenhouse gas emissions arise from external factors, such as the electricity consumed by television sets, or caused by bought-in programs, and internal factors (programme production, purchase of IT and broadcasting equipment, electricity consumption etc.). The action plan concerns both kinds of source. Downstream external greenhouse gas emissions, caused by electricity consumption by viewers watching TF1 programmes, have been calculated to represent the equivalent of 52,000 tons of carbon. Bought-in programmes (purchases excluding capital assets) generate around 8,000 tons. Annual greenhouse gas emissions from internal sources, from programme production through to broadcast, have been estimated at the equivalent of around 6,000 tons of carbon, distributed as illustrated below.ENERGY CONSUMPTIONThe TF1 Group uses electricity for the company’s everyday activity, the air conditioning systems in the various buildings and for its broadcasting business (studio lighting, machine rooms, ﬁnal production, etc.).682008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="71">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3EMISSIONS BY ITEM (CARBON EQUIVALENT TONS)performance levels in terms of noise pollution. An acoustics specialist is called in to verify the quality of these products. When renovating the headquarters generators, a “Venturi” ventilation system will be installed on the generator exhausts to improve the air mixture and consequently reduce the impact of exhaust gases.WASTE HANDLINGMiscellaneous waste, such as paper, salvaged neon light bulbs etc., decreased signiﬁcantly in 2008, amounting to 1,216 tons as compared with the 1,600 tons produced in 2007.Ofﬁce wasteTaking into consideration the speciﬁcs of the TF1 Group sites, waste sorting has been developed wherever feasible. Eurosport has installed dual-container waste bins (paper/other waste). At TF1 Headquarters, the calculation of waste volume to be removed and the logistics necessary has led to Management of General Services installing a waste compressor that has been in operation since August 2003. Sorting is then managed by a service company (La Corbeille Bleue), which re-sells the waste collected for recycling. The service provided includes detailed sorting by hand and recycling 80% of the content. Only plastics are excluded. A special container has been installed for sorted paper.Action plan regarding greenhouse gas emissions from external sources: p in 2008, TF1 worked with other players in the sector to promote energetically eco-friendly television set design and the point-of-sale display of information concerning this energy consumption, programme production, whether in-house or external, was the second largest source of greenhouse gas emissions found by the assessment. However, there is little awareness in this sector in France of the idea of the carbon footprint and how it can be reduced. At the end of 2008, therefore, TF1, assisted by institutional partners such as the Chamber of Commerce, DRIRE, ADEME and the Ile-de-France Film Commission, launched an information campaign for producers. This involves publishing information on the Internet concerning best practices in each of the professions, as well as the provision of an environmental footprint calculator. The two tools will be presented to companies working in the sector at the beginning of April, during Sustainable Development week.Neon light bulbs and tonersThe Exprimm company (responsible for on-site electrical maintenance) collects the used neon light bulbs. 100% of changed neon light bulbs are recuperated and sent for recycling. Toner cartridges are also collected and recycled. Copier ﬁlters are changed regularly.pBatteriesA battery collection point has been installed in all reprographics areas. Employees are encouraged to use them for both professional and personal battery collection. The weight of batteries collected remains stable, at 1 ton. The reporting department has replaced the 50,000 batteries used each year by rechargeable ones.Cooking oilThis is stored in special containers and removed by a specialist company.Action plan concerning in-house greenhouse gas emissions, with the assistance of the Bouygues Group: p new purchasing and liquidation policy for IT equipment, incorporating ecological criteria, incentives to use cars with low emissions and to offset carbon emissions, continued efforts to reduce energy consumption.Treated industrial wasteThis is handled by the Boulogne Billancourt local authority. Service providers are aware of the issues concerning waste disposal. They do not use disposable wipes or non-biodegradable products for cleaning.p pGrey goodsSome of the overhauled IT, broadcast and telephone equipment is still in working order. It is given to associations on condition that they respect the regulations on waste management when it is no longer in working order. Some items are also sold to a broker who takes charge of the destruction of non-usable parts according to legal standards.In anticipation of the impact of regulations concerning the gradual elimination of gases that damage the ozone layer (EC regulation No. 2037/2000 of the European Parliament and of the Council of June 29, 2000, with a 2015 deadline), TF1 decided to replace the air-conditioning equipment involved (around 1,600 heat pumps and air-conditioning cabinets and ﬁve iced water production systems) starting in 2006. This 5-year programme is part of a plan to completely overhaul the building. Gas used in cooling equipment is one of the ﬂuids recommended by the prevailing regulations. Every precaution is taken when purging worn-out equipment and before scrapping.DVDTF1 Vidéo ensures collection by the distributor of unsold and returned DVDs, which are then completely recycled by sheltered workshops or specialised companies. In the sheltered workshops, the box is resold and reused, the paper insert is recycled and the discs are transformed into plastic bottles or ﬂeeces. In 2008, some 4 million DVDs were recycled in this way.NOISE AND ODOUR POLLUTIONEurosport is based in a housing area. It therefore insulated noisy roof-top equipment as of 2001. Supplier equipment (cooling systems, air-refrigeration towers, air treatment facilities, generators) is now expected to achieve speciﬁc2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3EMISSIONS BY ITEM (CARBON EQUIVALENT TONS)performance levels in terms of noise pollution. An acoustics specialist is called in to verify the quality of these products. When renovating the headquarters generators, a “Venturi” ventilation system will be installed on the generator exhausts to improve the air mixture and consequently reduce the impact of exhaust gases.WASTE HANDLINGMiscellaneous waste, such as paper, salvaged neon light bulbs etc., decreased signiﬁcantly in 2008, amounting to 1,216 tons as compared with the 1,600 tons produced in 2007.Ofﬁce wasteTaking into consideration the speciﬁcs of the TF1 Group sites, waste sorting has been developed wherever feasible. Eurosport has installed dual-container waste bins (paper/other waste). At TF1 Headquarters, the calculation of waste volume to be removed and the logistics necessary has led to Management of General Services installing a waste compressor that has been in operation since August 2003. Sorting is then managed by a service company (La Corbeille Bleue), which re-sells the waste collected for recycling. The service provided includes detailed sorting by hand and recycling 80% of the content. Only plastics are excluded. A special container has been installed for sorted paper.Action plan regarding greenhouse gas emissions from external sources: p in 2008, TF1 worked with other players in the sector to promote energetically eco-friendly television set design and the point-of-sale display of information concerning this energy consumption, programme production, whether in-house or external, was the second largest source of greenhouse gas emissions found by the assessment. However, there is little awareness in this sector in France of the idea of the carbon footprint and how it can be reduced. At the end of 2008, therefore, TF1, assisted by institutional partners such as the Chamber of Commerce, DRIRE, ADEME and the Ile-de-France Film Commission, launched an information campaign for producers. This involves publishing information on the Internet concerning best practices in each of the professions, as well as the provision of an environmental footprint calculator. The two tools will be presented to companies working in the sector at the beginning of April, during Sustainable Development week.Neon light bulbs and tonersThe Exprimm company (responsible for on-site electrical maintenance) collects the used neon light bulbs. 100% of changed neon light bulbs are recuperated and sent for recycling. Toner cartridges are also collected and recycled. Copier ﬁlters are changed regularly.pBatteriesA battery collection point has been installed in all reprographics areas. Employees are encouraged to use them for both professional and personal battery collection. The weight of batteries collected remains stable, at 1 ton. The reporting department has replaced the 50,000 batteries used each year by rechargeable ones.Cooking oilThis is stored in special containers and removed by a specialist company.Action plan concerning in-house greenhouse gas emissions, with the assistance of the Bouygues Group: p new purchasing and liquidation policy for IT equipment, incorporating ecological criteria, incentives to use cars with low emissions and to offset carbon emissions, continued efforts to reduce energy consumption.Treated industrial wasteThis is handled by the Boulogne Billancourt local authority. Service providers are aware of the issues concerning waste disposal. They do not use disposable wipes or non-biodegradable products for cleaning.p pGrey goodsSome of the overhauled IT, broadcast and telephone equipment is still in working order. It is given to associations on condition that they respect the regulations on waste management when it is no longer in working order. Some items are also sold to a broker who takes charge of the destruction of non-usable parts according to legal standards.In anticipation of the impact of regulations concerning the gradual elimination of gases that damage the ozone layer (EC regulation No. 2037/2000 of the European Parliament and of the Council of June 29, 2000, with a 2015 deadline), TF1 decided to replace the air-conditioning equipment involved (around 1,600 heat pumps and air-conditioning cabinets and ﬁve iced water production systems) starting in 2006. This 5-year programme is part of a plan to completely overhaul the building. Gas used in cooling equipment is one of the ﬂuids recommended by the prevailing regulations. Every precaution is taken when purging worn-out equipment and before scrapping.DVDTF1 Video ensures collection by the distributor of unsold and returned DVDs, which are then completely recycled by sheltered workshops or specialised companies. In the sheltered workshops, the box is resold and reused, the paper insert is recycled and the discs are transformed into plastic bottles or ﬂeeces. In 2008, some 4 million DVDs were recycled in this way.NOISE AND ODOUR POLLUTIONEurosport is based in a housing area. It therefore insulated noisy roof-top equipment as of 2001. Supplier equipment (cooling systems, air-refrigeration towers, air treatment facilities, generators) is now expected to achieve speciﬁc2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="72">
		<raw><![CDATA[3Product PaperMANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateWhat becomes of it? Paper handkerchiefs and tablecloths Re-used by industry after extraction of iron, manganese, zinc and mercury Used as fuel after ﬁltering Made into plastic transport pallets (18 kg of tops = 1 pallet) Container is dismantled, cleaned, reﬁlled and sold Equipment in fair condition is renovated and given to charitable associations, otherwise destroyed Unusable items are destroyed and materials recycled. Items in satisfactory condition are donated to charitable associations Destroyed Box resold and reused, paper insert recycled and discs transformed into plastic bottles or ﬂeecesBatteries and car batteries Used cooking oil Bottle tops Printer toner Used IT equipment Furniture Wet waste DVDsMEASURES TO LIMIT IMPACT ON ECO-BALANCEThe group’s activities, which take place primarily in France, have no impact on eco-balance.Assessment results showed that all these installations complied with ICPE regulations and do not cause any pollution or other nuisance whatsoever. At the start of 2009, TF1 will be declaring new installations to the local environmental department – those shortly to be in service at its MSS and Atrium sites,.EXPENDITURE TO ANTICIPATE THE CONSEQUENCES OF THE GROUP’S ACTIVITIES ON THE ENVIRONMENT AND SPENDING ON REDUCING ENVIRONMENTAL HAZARDSThe total renovation of the Point du Jour building will have a signiﬁcant impact on energy consumption as well as improving the environmental performance of the site overall.ENVIRONMENTAL ASSESSMENT AND CERTIFICATIONAbove and beyond its legal obligations, TF1 has the quality of the air (dust content, hygrometry) and water (coffee machines) checked ﬁve or six times a year. TF1 works on environmental issues with certiﬁed service providers (ISO 9001 and/or 14001 for waste, electrical systems maintenance, purchase of furniture, etc.). It is not intended that the Environmental Management System itself be audited, even though it is based on recognised standards. It should, however, be noted that TF1 is already included in the four main stock market indices relating to socially responsible investment: the DJSI, FTSE4Good, Aspi Eurozone and Ethibel. While TF1’s inclusion in these stock market indices does not constitute an assessment or certiﬁcation, it nevertheless provides a positive indication of TF1’s consideration of social and environmental demands.STRUCTURES IN PLACE IN CASE OF ACCIDENTAL POLLUTION OCCURRING OFF COMPANY PROPERTYNot applicableMEASURES TAKEN TO ENSURE COMPLIANCE WITH LEGAL PROVISIONSUpstream of action plans, there is thorough legal monitoring of environmental issues, as well as those relating to safety, hygiene and security. A cross-functional group has been set up for this purpose, involving the Legal Department, Social Affairs, General Services and Safety. TF1 continues to regularly update the technical/regulatory documents concerning Listed Installations for the Protection of the Environment (ICPE). The installations affected by this legislation are classiﬁed according to activity, extent of activity and level of risk or nuisance involved, resulting in their being subject either to authorisation or declaration. TF1 has several installations subject to ICPE regulations, including: p p p electricity generators, cooling units, cooling towers.Effects of radio-waves on healthThe CHSCT has been informed of steps taken in 2007 regarding the broadcasting aerials located on the roof of the main TF1 building in Boulogne. These demonstrate that authorised levels in the approach area around the aerials are not exceeded. Entrance to this area is reserved for a few technicians only, and the danger zone is clearly indicated: no-one is allowed within this zone. Mobile aerials (broadcasting vehicles, air-transportable aerials), have been assessed by APAVE, who found no anomalies to report. Operators must follow safety procedures when installing such aerials and a one and a half metre safety zone is marked out around such equipment when on the ground.702008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3Product PaperMANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment updateWhat becomes of it? Paper handkerchiefs and tablecloths Re-used by industry after extraction of iron, manganese, zinc and mercury Used as fuel after ﬁltering Made into plastic transport pallets (18 kg of tops = 1 pallet) Container is dismantled, cleaned, reﬁlled and sold Equipment in fair condition is renovated and given to charitable associations, otherwise destroyed Unusable items are destroyed and materials recycled. Items in satisfactory condition are donated to charitable associations Destroyed Box resold and reused, paper insert recycled and discs transformed into plastic bottles or ﬂeecesBatteries and car batteries Used cooking oil Bottle tops Printer toner Used IT equipment Furniture Wet waste DVDsMEASURES TO LIMIT IMPACT ON ECO-BALANCEThe group’s activities, which take place primarily in France, have no impact on eco-balance.Assessment results showed that all these installations complied with ICPE regulations and do not cause any pollution or other nuisance whatsoever. At the start of 2009, TF1 will be declaring new installations to the local environmental department – those shortly to be in service at its MSS and Atrium sites,.EXPENDITURE TO ANTICIPATE THE CONSEQUENCES OF THE GROUP’S ACTIVITIES ON THE ENVIRONMENT AND SPENDING ON REDUCING ENVIRONMENTAL HAZARDSThe total renovation of the Point du Jour building will have a signiﬁcant impact on energy consumption as well as improving the environmental performance of the site overall.ENVIRONMENTAL ASSESSMENT AND CERTIFICATIONAbove and beyond its legal obligations, TF1 has the quality of the air (dust content, hygrometry) and water (coffee machines) checked ﬁve or six times a year. TF1 works on environmental issues with certiﬁed service providers (ISO 9001 and/or 14001 for waste, electrical systems maintenance, purchase of furniture, etc.). It is not intended that the Environmental Management System itself be audited, even though it is based on recognised standards. It should, however, be noted that TF1 is already included in the four main stock market indices relating to socially responsible investment: the DJSI, FTSE4Good, Aspi Eurozone and Ethibel. While TF1’s inclusion in these stock market indices does not constitute an assessment or certiﬁcation, it nevertheless provides a positive indication of TF1’s consideration of social and environmental demands.STRUCTURES IN PLACE IN CASE OF ACCIDENTAL POLLUTION OCCURRING OFF COMPANY PROPERTYNot applicableMEASURES TAKEN TO ENSURE COMPLIANCE WITH LEGAL PROVISIONSUpstream of action plans, there is thorough legal monitoring of environmental issues, as well as those relating to safety, hygiene and security. A cross-functional group has been set up for this purpose, involving the Legal Department, Social Affairs, General Services and Safety. TF1 continues to regularly update the technical/regulatory documents concerning Listed Installations for the Protection of the Environment (ICPE). The installations affected by this legislation are classiﬁed according to activity, extent of activity and level of risk or nuisance involved, resulting in their being subject either to authorisation or declaration. TF1 has several installations subject to ICPE regulations, including: p p p electricity generators, cooling units, cooling towers.Effects of radio-waves on healthThe CHSCT has been informed of steps taken in 2007 regarding the broadcasting aerials located on the roof of the main TF1 building in Boulogne. These demonstrate that authorised levels in the approach area around the aerials are not exceeded. Entrance to this area is reserved for a few technicians only, and the danger zone is clearly indicated: no-one is allowed within this zone. Mobile aerials (broadcasting vehicles, air-transportable aerials), have been assessed by APAVE, who found no anomalies to report. Operators must follow safety procedures when installing such aerials and a one and a half metre safety zone is marked out around such equipment when on the ground.702008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="73">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3IN-HOUSE ENVIRONMENTAL MANAGEMENT STRUCTURESTo handle issues concerning “risk management”, “health and safety” and “the environment”, TF1 has opted for a “networked” system rather than dedicated departments. This structure enables the operations staff to be involved and suits the cross-functional nature of these issues. The same principle applies to the task force responsible for implementing actions subsequent to the Carbon Assessment. A co-ordinator is responsible for ensuring that task force members have complementary skills, and supervising and reviewing progress.STAFF TRAINING AND COMMUNICATIONAn internal communications plan covering subjects linked to sustainable development has been launched. Related subjects appear regularly in in-house publications (Coups d’Œil, Regards, etc.) and on the Intranet. In anticipation and support of the lifestyle changes needed to protect the environment and conserve resources, a dialogue has been established with employees via the Mygreentv Club. Transport, food, energy and ofﬁce supplies are some of the issues addressed, by way of equipment or service testing, surveys, brain-storming and encouraging others to follow the example of staff who are already active in the protection of the environment, both at home and at work. The aim of the club is to promote real-life examples of good practice that can be repeated within the company. This dialogue platform is an interactive Intranet service. Each year, a number of events are organised with the aim of ﬁxing the approach more ﬁrmly in the group ethos.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Human resources and environment update3IN-HOUSE ENVIRONMENTAL MANAGEMENT STRUCTURESTo handle issues concerning “risk management”, “health and safety” and “the environment”, TF1 has opted for a “networked” system rather than dedicated departments. This structure enables the operations staff to be involved and suits the cross-functional nature of these issues. The same principle applies to the task force responsible for implementing actions subsequent to the Carbon Assessment. A co-ordinator is responsible for ensuring that task force members have complementary skills, and supervising and reviewing progress.STAFF TRAINING AND COMMUNICATIONAn internal communications plan covering subjects linked to sustainable development has been launched. Related subjects appear regularly in in-house publications (Coups d’Œil, Regards, etc.) and on the Intranet. In anticipation and support of the lifestyle changes needed to protect the environment and conserve resources, a dialogue has been established with employees via the Mygreentv Club. Transport, food, energy and ofﬁce supplies are some of the issues addressed, by way of equipment or service testing, surveys, brain-storming and encouraging others to follow the example of staff who are already active in the protection of the environment, both at home and at work. The aim of the club is to promote real-life examples of good practice that can be repeated within the company. This dialogue platform is an interactive Intranet service. Each year, a number of events are organised with the aim of ﬁxing the approach more ﬁrmly in the group ethos.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="74">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Available information in the report of the Chairman of the Board of Directors on the corporate governance and the internal control procedures3.3 AVAILABLE INFORMATION IN THE REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES3.3.1 Risks factorsWith regard to risk factors, see page 45.3.3.2 Directors’ compensationWith regard to Directors’ compensation, see page 32.722008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Available information in the report of the Chairman of the Board of Directors on the corporate governance and the internal control procedures3.3 AVAILABLE INFORMATION IN THE REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON THE CORPORATE GOVERNANCE AND THE INTERNAL CONTROL PROCEDURES3.3.1 Risks factorsWith regard to risk factors, see page 45.3.3.2 Directors’ compensationWith regard to Directors’ compensation, see page 32.722008 REGISTRATION DOCUME]]></basicChars>
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	<page id="75">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)TF1 SA subsidiaries and holdings33.4 TF1 SA SUBSIDIARIES AND HOLDINGS3.4.1 Main acquisitions and disposalsThis paragraph appears in Chapter 4.2, note 4, paragraphs 4.1 and 4.2.3.4.2 Other commitmentsNone.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)TF1 SA subsidiaries and holdings33.4 TF1 SA SUBSIDIARIES AND HOLDINGS3.4.1 Main acquisitions and disposalsThis paragraph appears in Chapter 4.2, note 4, paragraphs 4.1 and 4.2.3.4.2 Other commitmentsNone.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="76">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3.5 CAPITAL AND STOCK OWNERSHIPRef. Article. 6 of the Articles of Incorporation.3.5.1 Evolution of capital as at December 31, 2008Shares issued represent 100% of existing capital and voting rights. There is no founder share, nor beneﬁciary share, nor convertible or exchangeable bond, nor voting right certiﬁcate, nor double voting right. No clause in the Articles of Incorporation limits the free negotiability of shares making up the capital. Operation 24/07/87 29/10/99 Privatisation of TF1 Increase of employee capital Issue price per share Nominal FRF 10 FRF 10 Premium 0 FRF 969.21 The company is authorised to make use of legal provisions for identiﬁcation of holders of shares, granting the right to vote in its own Shareholder Meetings immediately or at a later date. To know the geographical location of holders of its capital, TF1 periodically reviews its registered and bearer shareholder base, identiﬁed through Euroclear.Number of shares Issued 0 118,316 Total 21,000,000 21,118,316Total share capital after increase FRF 210,000,000 FRF 211,183,160Operation Conversion of capital to Euro a) Capital increase b) Conversion 20/06/00 Division of nominal valueNominal value per share Nominal IncreaseNumber of shares Issued Total Total share capital01/01/00FRF 10 €2 €0.2FRF 3.12 0 00 0 021,118,316 21,118,316 211,183,160FRF 277,054,144.17 €42,236,632 €42,236,632Operation Increase of employee capitalIssue price per share Nominal Premium €23.21Number of shares Issued 812,919 Total 211,996,079Total share capital after increase €42,399,21620/12/01€0.2Operation From 01/01/02 to 30/06/02 certiﬁed on 04/09/02 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 1,249,000 260,000 TotalTotal share capital after increase213,505,079€42,701,016Operation From 01/07/02 to 31/12/02 certiﬁed on 24/02/03 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 275,500 270,000 TotalTotal share capital after increase214,050,579€42,810,116742008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3.5 CAPITAL AND STOCK OWNERSHIPRef. Article. 6 of the Articles of Incorporation.3.5.1 Evolution of capital as at December 31, 2008Shares issued represent 100% of existing capital and voting rights. There is no founder share, nor beneﬁciary share, nor convertible or exchangeable bond, nor voting right certiﬁcate, nor double voting right. No clause in the Articles of Incorporation limits the free negotiability of shares making up the capital. Operation 24/07/87 29/10/99 Privatisation of TF1 Increase of employee capital Issue price per share Nominal FRF 10 FRF 10 Premium 0 FRF 969.21 The company is authorised to make use of legal provisions for identiﬁcation of holders of shares, granting the right to vote in its own Shareholder Meetings immediately or at a later date. To know the geographical location of holders of its capital, TF1 periodically reviews its registered and bearer shareholder base, identiﬁed through Euroclear.Number of shares Issued 0 118,316 Total 21,000,000 21,118,316Total share capital after increase FRF 210,000,000 FRF 211,183,160Operation Conversion of capital to Euro a) Capital increase b) Conversion 20/06/00 Division of nominal valueNominal value per share Nominal IncreaseNumber of shares Issued Total Total share capital01/01/00FRF 10 €2 €0.2FRF 3.12 0 00 0 021,118,316 21,118,316 211,183,160FRF 277,054,144.17 €42,236,632 €42,236,632Operation Increase of employee capitalIssue price per share Nominal Premium €23.21Number of shares Issued 812,919 Total 211,996,079Total share capital after increase €42,399,21620/12/01€0.2Operation From 01/01/02 to 30/06/02 certiﬁed on 04/09/02 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 1,249,000 260,000 TotalTotal share capital after increase213,505,079€42,701,016Operation From 01/07/02 to 31/12/02 certiﬁed on 24/02/03 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 275,500 270,000 TotalTotal share capital after increase214,050,579€42,810,116742008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="77">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3Operation From 01/01/03 to 31/12/03 certiﬁed on 23/02/04 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 242,070 861,500 TotalTotal share capital after increase215,154,149€43,030,830Operation From 01/01/04 to 30/11/04 certiﬁed on 30/11/04 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 263,430 156,100 TotalTotal share capital after increase215,573,679€43,114,736Amount of capital change Operation Cancellation of treasury shares 30/11/04 Cancellation of shares bought by the company Nominal €0.2 €0.2 Premium -Number of shares Issued 313,950 500,000 TotalTotal share capital after reduction214,759,729€42,951,946Operation Cancellation of shares bought by the companyIssue price per share Nominal PremiumNumber of shares Issued 700,000 Total 214,059,729Total share capital after reduction €42,811,94615/02/05€0.2Operation From 16/02/05 to 27/05/05 certiﬁed on 27/05/05 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 30,000 632,400 TotalTotal share capital after reduction214,722,129€42,944,426Operation Cancellation of shares bought by the companyAmount of capital change Nominal PremiumNumber of shares Issued 670,000 Total 214,052,129Total share capital after reduction €42,810,42627/05/05€0.2Operation From 22/02/06 to 19/05/06 certiﬁed on 22/05/06 Exercise of share options in plan n°4 Exercise of share options in plan n°7Issue price per share Nominal €0.2 €0.2 Premium €23.07 €20.00Number of shares Issued 382,000 15,000 TotalTotal share capital after increase214,449,129€42,889,826Operation Cancellation of shares bought by the companyAmount of capital change Nominal PremiumNumber of shares Issued 200,000 Total 214,249,129Total share capital after reduction €42,849,82622/05/06€0.22008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3Operation From 01/01/03 to 31/12/03 certiﬁed on 23/02/04 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 242,070 861,500 TotalTotal share capital after increase215,154,149€43,030,830Operation From 01/01/04 to 30/11/04 certiﬁed on 30/11/04 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 263,430 156,100 TotalTotal share capital after increase215,573,679€43,114,736Amount of capital change Operation Cancellation of treasury shares 30/11/04 Cancellation of shares bought by the company Nominal €0.2 €0.2 Premium -Number of shares Issued 313,950 500,000 TotalTotal share capital after reduction214,759,729€42,951,946Operation Cancellation of shares bought by the companyIssue price per share Nominal PremiumNumber of shares Issued 700,000 Total 214,059,729Total share capital after reduction €42,811,94615/02/05€0.2Operation From 16/02/05 to 27/05/05 certiﬁed on 27/05/05 Exercise of share options in plan n°2 Exercise of share options in plan n°3Issue price per share Nominal €0.2 €0.2 Premium €7.77 €9.82Number of shares Issued 30,000 632,400 TotalTotal share capital after reduction214,722,129€42,944,426Operation Cancellation of shares bought by the companyAmount of capital change Nominal PremiumNumber of shares Issued 670,000 Total 214,052,129Total share capital after reduction €42,810,42627/05/05€0.2Operation From 22/02/06 to 19/05/06 certiﬁed on 22/05/06 Exercise of share options in plan n°4 Exercise of share options in plan n°7Issue price per share Nominal €0.2 €0.2 Premium €23.07 €20.00Number of shares Issued 382,000 15,000 TotalTotal share capital after increase214,449,129€42,889,826Operation Cancellation of shares bought by the companyAmount of capital change Nominal PremiumNumber of shares Issued 200,000 Total 214,249,129Total share capital after reduction €42,849,82622/05/06€0.22008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="78">
		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipOperation From 05/07/06 to 20/09/06 certiﬁed on 21/11/06Issue price per share Nominal PremiumNumber of shares Issued TotalTotal share capital after increaseExercise of share options in plan n°4€0.2€23.071,731,000215,980,129€43,196,026Amount of capital change Operation 21/11/06 Cancellation of shares bought by the company Nominal €0.2 PremiumNumber of shares Issued 1,928,000 Total 214,052,129Total share capital after reduction €42,810,426Issue price per share Operation From 22/11/06 to 31/12/06 Exercise of share options in plan n°7 Nominal €0.2 Premium €20.00Number of shares Issued 70,000 Total 214,122,129Total share capital after increase €42,824,426Amount of capital change Operation 20/02/07 Cancellation of shares owned by the company Nominal €0.2 PremiumNumber of shares Issued 251,537 Total 213,870,592Total share capital after reduction €42,774,118Issue price per share Operation From 24/01/07 to 16/07/07 Exercise of share options in plan n°7 Nominal €0.2 Premium €20.00 €21.06Number of shares Issued 339,900 100,000 Total 214,310,492Total share capital after increase €42,862,098Amount of capital change Operation 12/11/07 Cancellation of shares owned by the company Nominal €0.2 PremiumNumber of shares Issued 900,000 Total 213,410,492Total share capital after reduction €42,682,098762008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipOperation From 05/07/06 to 20/09/06 certiﬁed on 21/11/06Issue price per share Nominal PremiumNumber of shares Issued TotalTotal share capital after increaseExercise of share options in plan n°4€0.2€23.071,731,000215,980,129€43,196,026Amount of capital change Operation 21/11/06 Cancellation of shares bought by the company Nominal €0.2 PremiumNumber of shares Issued 1,928,000 Total 214,052,129Total share capital after reduction €42,810,426Issue price per share Operation From 22/11/06 to 31/12/06 Exercise of share options in plan n°7 Nominal €0.2 Premium €20.00Number of shares Issued 70,000 Total 214,122,129Total share capital after increase €42,824,426Amount of capital change Operation 20/02/07 Cancellation of shares owned by the company Nominal €0.2 PremiumNumber of shares Issued 251,537 Total 213,870,592Total share capital after reduction €42,774,118Issue price per share Operation From 24/01/07 to 16/07/07 Exercise of share options in plan n°7 Nominal €0.2 Premium €20.00 €21.06Number of shares Issued 339,900 100,000 Total 214,310,492Total share capital after increase €42,862,098Amount of capital change Operation 12/11/07 Cancellation of shares owned by the company Nominal €0.2 PremiumNumber of shares Issued 900,000 Total 213,410,492Total share capital after reduction €42,682,098762008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="79">
		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership33.5.2 Bond issueIn compliance with the authorisation granted by the shareholders at the Combined General Meeting of April 23, 2002 (9th resolution of the ordinary part of the Meeting) and by decision of the Board at the Meeting of September 8, 2003, TF1 issued, on November 12, 2003 on the international market, bonds with a nominal amount of €500 million represented by 500,000 bonds in the denomination of €1,000 each, with the following conditions: Amount Settlement date Date from which interest runs Maturity Issue price Coupon Normal redemption Early redemption Nature and form of bonds €500 million November 12, 2003 November 12, 2003 November 12, 2010 99.381% of the total nominal amount. 4.375% per annum, payable in arrears on November 12 of each year with the ﬁrst payment on November 12, 2004. at par in full at maturity. Except in case of change of tax regime applicable to bonds, TF1 refrains during the whole term from making early reimbursement of bonds. TF1 reserves the right to proceed to purchase bonds on or off the market. Bonds bought in this way will be cancelled. In bearer and registered form. The bonds – issued under French legislation – will be accepted through Euroclear France, Clearstream Luxembourg and Euroclear. The bonds constitute direct, unconditional, unsubordinated and unsecured obligations of TF1 and rank and will rank equally and rateably both among themselves and (subject to such exceptions as are from time to time mandatory under French law) with all other present and future unsecured and unsubordinated obligations of TF1.Rank of debt3.5.3 Financial resolutions submitted for approval to the Combined General Meeting of April 17, 2009The table below sets out the ﬁnancial operations the company may implement subsequent to the Combined General Meeting of April 17, 2009, providing said Meeting gives the company its authorisations and delegations. The notes following this table detail the use made during the year of delegations with the same object granted previously. The maximum nominal amount of immediate and/or deferred capital increases that can be made by virtue of authorisations granted is ﬁxed at €15 million. The maximum nominal amount of securities that may be issued by virtue of authorisations granted is ﬁxed at €900 million.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership33.5.2 Bond issueIn compliance with the authorisation granted by the shareholders at the Combined General Meeting of April 23, 2002 (9th resolution of the ordinary part of the Meeting) and by decision of the Board at the Meeting of September 8, 2003, TF1 issued, on November 12, 2003 on the international market, bonds with a nominal amount of €500 million represented by 500,000 bonds in the denomination of €1,000 each, with the following conditions: Amount Settlement date Date from which interest runs Maturity Issue price Coupon Normal redemption Early redemption Nature and form of bonds €500 million November 12, 2003 November 12, 2003 November 12, 2010 99.381% of the total nominal amount. 4.375% per annum, payable in arrears on November 12 of each year with the ﬁrst payment on November 12, 2004. at par in full at maturity. Except in case of change of tax regime applicable to bonds, TF1 refrains during the whole term from making early reimbursement of bonds. TF1 reserves the right to proceed to purchase bonds on or off the market. Bonds bought in this way will be cancelled. In bearer and registered form. The bonds – issued under French legislation – will be accepted through Euroclear France, Clearstream Luxembourg and Euroclear. The bonds constitute direct, unconditional, unsubordinated and unsecured obligations of TF1 and rank and will rank equally and rateably both among themselves and (subject to such exceptions as are from time to time mandatory under French law) with all other present and future unsecured and unsubordinated obligations of TF1.Rank of debt3.5.3 Financial resolutions submitted for approval to the Combined General Meeting of April 17, 2009The table below sets out the ﬁnancial operations the company may implement subsequent to the Combined General Meeting of April 17, 2009, providing said Meeting gives the company its authorisations and delegations. The notes following this table detail the use made during the year of delegations with the same object granted previously. The maximum nominal amount of immediate and/or deferred capital increases that can be made by virtue of authorisations granted is ﬁxed at €15 million. The maximum nominal amount of securities that may be issued by virtue of authorisations granted is ﬁxed at €900 million.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipAuthorised operations concerning the capital of TF1(subsequent to the AGM of April 17, 2009 if it endorses the authorisations and delegations submitted to it) Maximum nominal amount of capital increases Securities entitling the holder to debt securities (delegation of powers) Shares or securities with maintained PSR (3) (delegation of powers) Shares or securities with elimination of PSR (3) (delegation of powers) Shares to be issued through attribution of free shares following incorporation of any sum whose capitalisation is possible (delegation of powers) Shares and securities remunerating shares tendered (delegation of powers) Shares and securities remunerating shares tendered in share exchange offers (delegation of powers) Shares reserved for employees participating in a company savings scheme (PEE) Shares to be issued for attribution of free shares Shares to be issued for options to subscribe to shares Share buy-back programme Capital reduction through cancellation of buy-back shares €15 million €15 millionMaximum nominal amount of debt instruments €900 million €900 million €900 millionValidity of authorisation 26 months 26 months 26 monthsTime remaining (2) 26 months 26 months 26 monthsGeneral Meeting AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2008 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009Resolution No. 24 17 19€400 million(1) (4)(1) (4)26 months 26 months 26 months 26 months 38 months 26 months 18 months 18 months26 months 26 months 26 months 26 months 26 months 26 months 18 months 18 months18 22 23 25 15 26 15 16(1)(1)(4)(4)(4)(4)(4)(4)per 24 month period (4)(4)per 24 month period (4)(4)(1) It is specified that: - the total nominal amount of capital increases authorised (resolutions n°17, 19, 22, and 23 of the AGM of April 17, 2009) may not exceed €15 million even if the Board of Directors decides to increase the number of shares to be issued (20th resolution of the AGM of April 17, 2009 – to a maximum equal to 15% of the initial issue, during a period of 30 days following the closure of subscriptions), - the total nominal amount of securities (resolutions n°17 and 19 of the AGM of April 17, 2009) may not exceed €900 million. (2) As of the vote of the AGM of April 17, 2009. (3) PSR: Preferential Subscription Rights. (4) Not exceeding an aggregate limit of 10% of the capital. (5) The Board of Directors is authorised (resolution n° 21 of the AGM of April 17, 2009), for a period of twenty-six months following the AGM of April 17, 2009, to derogate from the conditions – with respect to 10% of the capital – relating to fixing the price of shares (and/or securities), set out in the 19th resolution presented to the AGM on April 17, 2009, to be issued through public offerings, without preferential right to subscription, in one of two possible ways.Use of delegation of ﬁnancial authorisations previously grantedDuring the year 2008: p in the scope of the 2006 attribution of free shares, the company exercised the forward purchase concluded in 2006 with a banking counterparty for a total of 191,025 TF1 shares at a unit price of €25.76 representing a total amount of €4.9 million: at April 1, 2008, following delivery to the beneﬁciaries, the company held 14,625 TF1 shares. Situation at February 18, 2009: percentage of capital held by the company: 0.00006%; accounting value of the portfolio: €0.4 million; market value of the portfolio: €0.1 million (closing share price on February 18, 2009: €7.75) - resolution n° 20 of the General Shareholders’ Meeting of April 12, 2005,pa share option subscription plan (plan n°10) was launched on March 20, 2008, enabling 170 beneﬁciaries to subscribe to 2,000,000 shares (exercise price without reduction: €15.35) - resolution n° 29 of the General Meeting of April 17, 2007, the company has not undertaken any other purchases of its own shares, the company has not used prior authorisations to issue securities through public offerings.p pFurthermore, during 2009, the Board decided to launch an option subscription plan (Plan n°11) on March 20, enabling 140 beneﬁciaries to subscribe to two million shares; the price of exercising the option to subscribe shall be equal to the average opening price during the 20 stock market sessions preceding the date of March 20, 2009, with no discount applied.782008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipAuthorised operations concerning the capital of TF1(subsequent to the AGM of April 17, 2009 if it endorses the authorisations and delegations submitted to it) Maximum nominal amount of capital increases Securities entitling the holder to debt securities (delegation of powers) Shares or securities with maintained PSR (3) (delegation of powers) Shares or securities with elimination of PSR (3) (delegation of powers) Shares to be issued through attribution of free shares following incorporation of any sum whose capitalisation is possible (delegation of powers) Shares and securities remunerating shares tendered (delegation of powers) Shares and securities remunerating shares tendered in share exchange offers (delegation of powers) Shares reserved for employees participating in a company savings scheme (PEE) Shares to be issued for attribution of free shares Shares to be issued for options to subscribe to shares Share buy-back programme Capital reduction through cancellation of buy-back shares €15 million €15 millionMaximum nominal amount of debt instruments €900 million €900 million €900 millionValidity of authorisation 26 months 26 months 26 monthsTime remaining (2) 26 months 26 months 26 monthsGeneral Meeting AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2008 AGM 17/04/2009 AGM 17/04/2009 AGM 17/04/2009Resolution No. 24 17 19€400 million(1) (4)(1) (4)26 months 26 months 26 months 26 months 38 months 26 months 18 months 18 months26 months 26 months 26 months 26 months 26 months 26 months 18 months 18 months18 22 23 25 15 26 15 16(1)(1)(4)(4)(4)(4)(4)(4)per 24 month period (4)(4)per 24 month period (4)(4)(1) It is specified that: - the total nominal amount of capital increases authorised (resolutions n°17, 19, 22, and 23 of the AGM of April 17, 2009) may not exceed €15 million even if the Board of Directors decides to increase the number of shares to be issued (20th resolution of the AGM of April 17, 2009 – to a maximum equal to 15% of the initial issue, during a period of 30 days following the closure of subscriptions), - the total nominal amount of securities (resolutions n°17 and 19 of the AGM of April 17, 2009) may not exceed €900 million. (2) As of the vote of the AGM of April 17, 2009. (3) PSR: Preferential Subscription Rights. (4) Not exceeding an aggregate limit of 10% of the capital. (5) The Board of Directors is authorised (resolution n° 21 of the AGM of April 17, 2009), for a period of twenty-six months following the AGM of April 17, 2009, to derogate from the conditions – with respect to 10% of the capital – relating to fixing the price of shares (and/or securities), set out in the 19th resolution presented to the AGM on April 17, 2009, to be issued through public offerings, without preferential right to subscription, in one of two possible ways.Use of delegation of ﬁnancial authorisations previously grantedDuring the year 2008: p in the scope of the 2006 attribution of free shares, the company exercised the forward purchase concluded in 2006 with a banking counterparty for a total of 191,025 TF1 shares at a unit price of €25.76 representing a total amount of €4.9 million: at April 1, 2008, following delivery to the beneﬁciaries, the company held 14,625 TF1 shares. Situation at February 18, 2009: percentage of capital held by the company: 0.00006%; accounting value of the portfolio: €0.4 million; market value of the portfolio: €0.1 million (closing share price on February 18, 2009: €7.75) - resolution n° 20 of the General Shareholders’ Meeting of April 12, 2005,pa share option subscription plan (plan n°10) was launched on March 20, 2008, enabling 170 beneﬁciaries to subscribe to 2,000,000 shares (exercise price without reduction: €15.35) - resolution n° 29 of the General Meeting of April 17, 2007, the company has not undertaken any other purchases of its own shares, the company has not used prior authorisations to issue securities through public offerings.p pFurthermore, during 2009, the Board decided to launch an option subscription plan (Plan n°11) on March 20, enabling 140 beneﬁciaries to subscribe to two million shares; the price of exercising the option to subscribe shall be equal to the average opening price during the 20 stock market sessions preceding the date of March 20, 2009, with no discount applied.782008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership33.5.4 Share Amount/CategoryThere are no investment certiﬁcates, preference shares nor shares with double voting rights.3.5.5 Purchase on the Stock MarketThe Combined General Meetings of April 17, 2008 and prior years authorised the Board of Directors to buy shares in the company up to a limit of 10% of the number of shares making up the company capital on the date of exercise of the share buy-back programme. These authorisations permit the Board of Directors to buy shares in the company to cancel them. By virtue of these authorisations, TF1 did not purchase TF1 shares. However, following the exercise of the forward purchase in the scope of the 2006 attribution of free shares, up to the delivery of the shares to their beneﬁciaries, TF1 owned 14,625 TF1 shares. As of November 12, 2007, the TF1 capital stands at €42,682,098.40 and at 213,410,492 shares.3.5.6 Share managementTF1, as issuing company, manages its own securities department and ﬁnancial department.3.5.7 ShareholdersEVOLUTION OF SHARE OWNERSHIP STRUCTURETo the best knowledge of the Board of Directors, the Company’s share ownership is broken down as follows: Situation at December 31, 2008 Number of shares % of capital Bouygues Total Core shareholders (1) Others France (2) (3) of which employees (4) Treasury shares Europe (ex France) (3) Others (3) TOTAL(1) Concert declared by Euronext in December, 31, 2008. (2) Including non-identified holders. (3) Estimates by Euroclear. (4) Employee shareholders members of the company savings scheme. The FCPE TF1 Shares Supervisory Board exercises the voting rights attached to the securities in the portfolio and decides how many securities to include in the case of a public share issue.Situation at December 31, 2007 Number of shares % of capital 91,806,565 91,806,565 51,062,880 7,645,335 0 35,506,507 35,034,540 43.0% 43.0% 23.9% 3.6% 0.00% 16.6% 16.4% 100.0% % of voting rights 43.0% 43.0% 23.9% 3.6% 0.00% 16.6% 16.4%Situation at December 31, 2006 Number of shares % of capital 91,797,585 91,797,585 58,065,839 7,275,885 251,537 37,318,765 26,688,403 42.9% 42.9% 27.1% 3.4% 0.1% 17.4% 12.5% 100.0% % of voting rights 42.9% 42.9% 27.1% 3.4% 0.1% 17.4% 12.5% 100.0%% of voting rights 43.0% 43.0% 25.3% 4.3% 0.01% 14.4% 17.3%91,806,565 91,806,565 53,938,394 9,174,435 14,625 30,767,327 36,883,581 213,410,49243.0% 43.0% 25.3% 4.3% 0.01% 14.4% 17.3% 100.0%100.0% 213,410,492100.0% 214,122,129The number of shareholders is estimated at more than 100,000. There is no double voting right. To the best knowledge of the company, there are no TF1 shares pledged and TF1 has pledged none of its subsidiaries’ shares.The 14,625 treasury shares were acquired, following a forward purchase of 191,025 TF1 shares, made on March 22, 2006 at a unit price of €25.76, to cover the allocation decided in 2006, of free TF1 shares, to be granted to the beneﬁciaries on April 1, 2009.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership33.5.4 Share Amount/CategoryThere are no investment certiﬁcates, preference shares nor shares with double voting rights.3.5.5 Purchase on the Stock MarketThe Combined General Meetings of April 17, 2008 and prior years authorised the Board of Directors to buy shares in the company up to a limit of 10% of the number of shares making up the company capital on the date of exercise of the share buy-back programme. These authorisations permit the Board of Directors to buy shares in the company to cancel them. By virtue of these authorisations, TF1 did not purchase TF1 shares. However, following the exercise of the forward purchase in the scope of the 2006 attribution of free shares, up to the delivery of the shares to their beneﬁciaries, TF1 owned 14,625 TF1 shares. As of November 12, 2007, the TF1 capital stands at €42,682,098.40 and at 213,410,492 shares.3.5.6 Share managementTF1, as issuing company, manages its own securities department and ﬁnancial department.3.5.7 ShareholdersEVOLUTION OF SHARE OWNERSHIP STRUCTURETo the best knowledge of the Board of Directors, the Company’s share ownership is broken down as follows: Situation at December 31, 2008 Number of shares % of capital Bouygues Total Core shareholders (1) Others France (2) (3) of which employees (4) Treasury shares Europe (ex France) (3) Others (3) TOTAL(1) Concert declared by Euronext in December, 31, 2008. (2) Including non-identified holders. (3) Estimates by Euroclear. (4) Employee shareholders members of the company savings scheme. The FCPE TF1 Shares Supervisory Board exercises the voting rights attached to the securities in the portfolio and decides how many securities to include in the case of a public share issue.Situation at December 31, 2007 Number of shares % of capital 91,806,565 91,806,565 51,062,880 7,645,335 0 35,506,507 35,034,540 43.0% 43.0% 23.9% 3.6% 0.00% 16.6% 16.4% 100.0% % of voting rights 43.0% 43.0% 23.9% 3.6% 0.00% 16.6% 16.4%Situation at December 31, 2006 Number of shares % of capital 91,797,585 91,797,585 58,065,839 7,275,885 251,537 37,318,765 26,688,403 42.9% 42.9% 27.1% 3.4% 0.1% 17.4% 12.5% 100.0% % of voting rights 42.9% 42.9% 27.1% 3.4% 0.1% 17.4% 12.5% 100.0%% of voting rights 43.0% 43.0% 25.3% 4.3% 0.01% 14.4% 17.3%91,806,565 91,806,565 53,938,394 9,174,435 14,625 30,767,327 36,883,581 213,410,49243.0% 43.0% 25.3% 4.3% 0.01% 14.4% 17.3% 100.0%100.0% 213,410,492100.0% 214,122,129The number of shareholders is estimated at more than 100,000. There is no double voting right. To the best knowledge of the company, there are no TF1 shares pledged and TF1 has pledged none of its subsidiaries’ shares.The 14,625 treasury shares were acquired, following a forward purchase of 191,025 TF1 shares, made on March 22, 2006 at a unit price of €25.76, to cover the allocation decided in 2006, of free TF1 shares, to be granted to the beneﬁciaries on April 1, 2009.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipTHRESHOLD CROSSINGSDeclarations of threshold crossings by listed intermediaries or fund managers brought to the notice of the Financial Markets Authority in 2008 were as follows: Listed intermediary or fund manager Artisan Partners Orbis Investments Management Ltd Statutory threshold crossing 1% 4% 1% 1% Nature of threshold crossing Increasing Increasing Decreasing DecreasingDate of declaration 25/02/2008 26/02/2008 28/02/2008 18/04/2008Date of operation No communicated 26/02/2008Number of shares 2,326,506 8,543,930 322,154 2,085,077% of capital 1.09% 4.00% 0.15% 0.97%Total number of votes 2,326,506 8,543,930 322,154 2,085,077% of total votes 1.09% 4.00% 0.15% 0.97%Crédit Agricole Asset 26/02/2008 Management 17/04/2008 UBS Investments Bank Latham et Watkins on behalf of GLG Partners LP SG Asset Management Latham et Watkins on behalf of GLG Partners LP Artisan Partners30/04/2008 14/05/200828/04/2008 13/05/20082% 4%Increasing Increasing4,611,095 8,604,3802.16% 4.03%4,611,095 8,604,2842.16% 4.03%20/05/2008 11/06/2008 19/06/2008 24/06/200815/05/2008 No communicated3% 2% 1% 3%Increasing Increasing Increasing Increasing6,568,459 4,332,773 2,637,389 6,435,4503.08% 2.03% 1.24% 3.02%6,568,459 4,332,773 2,637,389 6,435,4503.08% 2.03% 1.24% 3.02%MFS (Massachusetts 17/06/2008 Financial Services) 20/06/2008 DNCA Finance/ Leonardo Latham et Watkins on behalf of GLG Partners LP Latham et Watkins on behalf of GLG Partners LP Edmond de Rothschild Asset Management Latham et Watkins on behalf of GLG Partners LP Harris Associates Artisan Partners Artisan Partners Orbis Investment Management Limited MFS Investment Management MFS Investment Management MFS Investment Management Harris Associates21/07/200816/07/20083%Decreasing6,058,8052.84%6,058,8052.84%20/08/200814/08/20082%Decreasing4,267,9351.99%4,267,9351.99%05/09/2008No communicated1%Increasing2,629,6361.23%2,629,6361.23%09/09/2008 17/09/2008 10/10/2008 28/10/200804/09/2008 15/09/2008 No communicated No communicated1% 10% 2% 2%Decreasing Increasing Decreasing Increasing1,950,851 21,521,000 4,268,061 4,322,2050.91% 10.08% 1.99% 2.03%1,950,851 21,521,000 4,268,061 4,322,2050.91% 10.08% 1.99% 2.03%04/11/2008 17/11/2008 21/11/2008 15/12/2008 15/01/200903/11/2008 13/11/2008 17/11/2008 12/12/2008 29/12/20084% 1% 1% 1% 10%Decreasing Decreasing Increasing Decreasing Decreasing8,409,588 2,133,815 2,145,803 1,931,640 21,319,7083.94% 0.99% 1.01% 0.91% 9.99%8,409,588 1,711,412 1,718,791 1,422,732 21,319,7083.94% 0.80% 0.81% 0.67% 9.99%802008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownershipTHRESHOLD CROSSINGSDeclarations of threshold crossings by listed intermediaries or fund managers brought to the notice of the Financial Markets Authority in 2008 were as follows: Listed intermediary or fund manager Artisan Partners Orbis Investments Management Ltd Statutory threshold crossing 1% 4% 1% 1% Nature of threshold crossing Increasing Increasing Decreasing DecreasingDate of declaration 25/02/2008 26/02/2008 28/02/2008 18/04/2008Date of operation No communicated 26/02/2008Number of shares 2,326,506 8,543,930 322,154 2,085,077% of capital 1.09% 4.00% 0.15% 0.97%Total number of votes 2,326,506 8,543,930 322,154 2,085,077% of total votes 1.09% 4.00% 0.15% 0.97%Credit Agricole Asset 26/02/2008 Management 17/04/2008 UBS Investments Bank Latham et Watkins on behalf of GLG Partners LP SG Asset Management Latham et Watkins on behalf of GLG Partners LP Artisan Partners30/04/2008 14/05/200828/04/2008 13/05/20082% 4%Increasing Increasing4,611,095 8,604,3802.16% 4.03%4,611,095 8,604,2842.16% 4.03%20/05/2008 11/06/2008 19/06/2008 24/06/200815/05/2008 No communicated3% 2% 1% 3%Increasing Increasing Increasing Increasing6,568,459 4,332,773 2,637,389 6,435,4503.08% 2.03% 1.24% 3.02%6,568,459 4,332,773 2,637,389 6,435,4503.08% 2.03% 1.24% 3.02%MFS (Massachusetts 17/06/2008 Financial Services) 20/06/2008 DNCA Finance/ Leonardo Latham et Watkins on behalf of GLG Partners LP Latham et Watkins on behalf of GLG Partners LP Edmond de Rothschild Asset Management Latham et Watkins on behalf of GLG Partners LP Harris Associates Artisan Partners Artisan Partners Orbis Investment Management Limited MFS Investment Management MFS Investment Management MFS Investment Management Harris Associates21/07/200816/07/20083%Decreasing6,058,8052.84%6,058,8052.84%20/08/200814/08/20082%Decreasing4,267,9351.99%4,267,9351.99%05/09/2008No communicated1%Increasing2,629,6361.23%2,629,6361.23%09/09/2008 17/09/2008 10/10/2008 28/10/200804/09/2008 15/09/2008 No communicated No communicated1% 10% 2% 2%Decreasing Increasing Decreasing Increasing1,950,851 21,521,000 4,268,061 4,322,2050.91% 10.08% 1.99% 2.03%1,950,851 21,521,000 4,268,061 4,322,2050.91% 10.08% 1.99% 2.03%04/11/2008 17/11/2008 21/11/2008 15/12/2008 15/01/200903/11/2008 13/11/2008 17/11/2008 12/12/2008 29/12/20084% 1% 1% 1% 10%Decreasing Decreasing Increasing Decreasing Decreasing8,409,588 2,133,815 2,145,803 1,931,640 21,319,7083.94% 0.99% 1.01% 0.91% 9.99%8,409,588 1,711,412 1,718,791 1,422,732 21,319,7083.94% 0.80% 0.81% 0.67% 9.99%802008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3To the best knowledge of the company, there are no shareholders other than Bouygues and Harris Associates L.P. holding more than 5% of the capital or voting rights. Harris Associates L.P. has declared that its intentions with respect to TF1 have the sole purpose of investment.3.5.8 Shareholders’ agreementSHAREHOLDERS’ AGREEMENT BETWEEN VIVENDI, TF1 AND M6According to the shareholder agreement signed on January 4, 2007, TF1 and M6 have a right of joint exit in case of the disposal of exclusive control of Canal+ France by Vivendi/Canal+ Group and the right to dispose of their shares in priority on the market in case of a stock market introduction of Canal+ France. TF1 and M6 are not represented on the Supervisory Board of Canal+ France and have no right whatsoever concerning the management of the company. Until April 2, 2009, AB Group securities are non-transferable. Moreover, TF1 has right of veto concerning all transfers of assets included in shares held by the AB Group that the AB Group might sell. After this date, TF1 has direct pre-emptive rights regarding the assets sold. After the initial period of non-transferability, if the Berda Family intends to dispose of its shares in the AB Group, TF1 has the right to ﬁrst make an offer and then dispose of the shares jointly. Should the Berda Family decide to dispose of its shares in the AB Group to certain competitors, TF1 also has the right to buy all AB Group shareholdings in Télé Monte Carlo SA (TMC).AB GROUPAccording to the agreement, TF1 has the right to designate one third of the AB Group’s Board members.3.5.9 Potential capitalIf all the options granted were to be exercised and if all allocated shares were to be acquired, the share capital of TF1 would increase by 6,502,100 shares to comprise 219,912,592 shares after this gross dilution. There is no other form of potential capital. Options remaining valid appears in chapitre 4.2, Note 30.2.3.5.10 Concerted ActionThere is no concerted action relative to TF1.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Capital and stock ownership3To the best knowledge of the company, there are no shareholders other than Bouygues and Harris Associates L.P. holding more than 5% of the capital or voting rights. Harris Associates L.P. has declared that its intentions with respect to TF1 have the sole purpose of investment.3.5.8 Shareholders’ agreementSHAREHOLDERS’ AGREEMENT BETWEEN VIVENDI, TF1 AND M6According to the shareholder agreement signed on January 4, 2007, TF1 and M6 have a right of joint exit in case of the disposal of exclusive control of Canal+ France by Vivendi/Canal+ Group and the right to dispose of their shares in priority on the market in case of a stock market introduction of Canal+ France. TF1 and M6 are not represented on the Supervisory Board of Canal+ France and have no right whatsoever concerning the management of the company. Until April 2, 2009, AB Group securities are non-transferable. Moreover, TF1 has right of veto concerning all transfers of assets included in shares held by the AB Group that the AB Group might sell. After this date, TF1 has direct pre-emptive rights regarding the assets sold. After the initial period of non-transferability, if the Berda Family intends to dispose of its shares in the AB Group, TF1 has the right to ﬁrst make an offer and then dispose of the shares jointly. Should the Berda Family decide to dispose of its shares in the AB Group to certain competitors, TF1 also has the right to buy all AB Group shareholdings in Tele Monte Carlo SA (TMC).AB GROUPAccording to the agreement, TF1 has the right to designate one third of the AB Group’s Board members.3.5.9 Potential capitalIf all the options granted were to be exercised and if all allocated shares were to be acquired, the share capital of TF1 would increase by 6,502,100 shares to comprise 219,912,592 shares after this gross dilution. There is no other form of potential capital. Options remaining valid appears in chapitre 4.2, Note 30.2.3.5.10 Concerted ActionThere is no concerted action relative to TF1.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The share3.6 THE SHAREThe TF1 share is quoted on Eurolist, compartment A; ISIN Code: FR0000054900. There is currently no request for admission to another stock exchange. At December 31, 2008, the TF1 share was included in the following stock market indices: CACnext20, SBF 120 and FTSE Euroﬁrst 300. The TF1 share is also included in the following sustainable development indices: DJSI STOXX, FTSE4Good Ethibel Europe and ASPI Eurozone. In November 2008, SetP downgraded the TF1 rating to BBB+ / A-2, outlook negative. Dividends are available to shareholders from their date of payment, either at TF1 for registered shares or at ﬁnancial institutions for managed registered shares and bearer shares. Dividends that are not claimed within ﬁve years are remitted to the Government.3.6.1 Dividends and returnsGross return based on last price Last 9.4 15.2 52.0 57.5 28.4 25.5 27.7 24.0 23.4 28.1 18.3 10.4 3.9% 3.3% 1.3% 1.7% 3.4% 3.8% 3.5% 2.7% 2.8% 3.0% 4.6% 8.1%Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008Dividends (1) paid in euros in the business year Net 0.24 0.34 0.46 0.65 0.65 0.65 0.65 0.65 0.65 0.85 0.85 0.47 (2) Tax credit 0.12 0.17 0.23 0.325 0.325 0.325 0.325 Overall revenue 0.36 0.51 0.69 0.975 0.975 0.975 0.975 0.65 0.65 0.85 0.85 0.47 (2)Stock market price in euros (closing price) (1) Highest 9.4 1.1 54.9 94.2 63.1 36.9 29.8 31.1 26.1 29.1 28.5 19.2 Lowest 7.4 9.4 14.8 45.9 19.1 19.6 18.6 21.3 20.5 23.3 17.5 9.1(1) Re-calculated taking into account division of nominal by 10. (2) Dividends submitted to General Meeting for approval.3.6.2 Development of prices and volumesAt December 31, 2008, the TF1 share closed at €10.44, representing a fall of 43.0% since the start of the year, as against a fall of 42.3% in the CAC 40 index and 47.0% in the CACnext 20 index. Between January 1 and December 31, 2008, daily exchange of TF1 securities amounted to an average of 1.6 million (compared to 1.5 million in 2007). On April 29, more than 13 million securities were exchanged, which was the highest level reached during the period in question. The stock market valuation of the TF1 Group was €2.2 billion on December 31, 2008, representing a PER (calculated on the basis of net 2008 revenue of €163.8 million) of 13.5 compared to a PER of 17.3 at December 31, 2007.822008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The share3.6 THE SHAREThe TF1 share is quoted on Eurolist, compartment A; ISIN Code: FR0000054900. There is currently no request for admission to another stock exchange. At December 31, 2008, the TF1 share was included in the following stock market indices: CACnext20, SBF 120 and FTSE Euroﬁrst 300. The TF1 share is also included in the following sustainable development indices: DJSI STOXX, FTSE4Good Ethibel Europe and ASPI Eurozone. In November 2008, SetP downgraded the TF1 rating to BBB+ / A-2, outlook negative. Dividends are available to shareholders from their date of payment, either at TF1 for registered shares or at ﬁnancial institutions for managed registered shares and bearer shares. Dividends that are not claimed within ﬁve years are remitted to the Government.3.6.1 Dividends and returnsGross return based on last price Last 9.4 15.2 52.0 57.5 28.4 25.5 27.7 24.0 23.4 28.1 18.3 10.4 3.9% 3.3% 1.3% 1.7% 3.4% 3.8% 3.5% 2.7% 2.8% 3.0% 4.6% 8.1%Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008Dividends (1) paid in euros in the business year Net 0.24 0.34 0.46 0.65 0.65 0.65 0.65 0.65 0.65 0.85 0.85 0.47 (2) Tax credit 0.12 0.17 0.23 0.325 0.325 0.325 0.325 Overall revenue 0.36 0.51 0.69 0.975 0.975 0.975 0.975 0.65 0.65 0.85 0.85 0.47 (2)Stock market price in euros (closing price) (1) Highest 9.4 1.1 54.9 94.2 63.1 36.9 29.8 31.1 26.1 29.1 28.5 19.2 Lowest 7.4 9.4 14.8 45.9 19.1 19.6 18.6 21.3 20.5 23.3 17.5 9.1(1) Re-calculated taking into account division of nominal by 10. (2) Dividends submitted to General Meeting for approval.3.6.2 Development of prices and volumesAt December 31, 2008, the TF1 share closed at €10.44, representing a fall of 43.0% since the start of the year, as against a fall of 42.3% in the CAC 40 index and 47.0% in the CACnext 20 index. Between January 1 and December 31, 2008, daily exchange of TF1 securities amounted to an average of 1.6 million (compared to 1.5 million in 2007). On April 29, more than 13 million securities were exchanged, which was the highest level reached during the period in question. The stock market valuation of the TF1 Group was €2.2 billion on December 31, 2008, representing a PER (calculated on the basis of net 2008 revenue of €163.8 million) of 13.5 compared to a PER of 17.3 at December 31, 2007.822008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The share3Stock market prices and transaction volumes over the last three years and the current year have developed as follows for the TF1 share: Highest (1) Year 2004 Month January February March April May June July August September October November December 2005 January February March April May June July August September October November December 2006 January February March April May June July August September October November December 2007 January February March April May June July August September October November December Euros 31.4 29.5 28.6 27.8 26.7 26.7 26.3 23.8 25.2 24.3 24.8 24.1 25.6 26.1 25.3 24.6 22.7 22.9 23.5 23.2 22.1 22.8 21.9 24.3 26.6 27.8 26.5 26.8 27.1 26.3 26.2 26.1 25.7 27.2 28.6 29.2 28.6 27 26.0 26.3 27.2 27.2 26.2 22.2 21.7 22.6 19.3 19.5 Lowest (1) Euros 27.5 27.4 24.5 25.5 23.8 24.8 23.0 21.1 22.4 22.2 23.2 22.8 23.9 24.2 23.9 21.4 21.3 21.5 21.1 21.3 21.4 20.5 20.8 21.2 23.2 24.2 24.9 24.1 24.7 23.9 24.3 24.4 24.1 24.9 26.4 27.6 25.9 24.6 24.1 24.4 24.2 25.1 24.1 19.5 18.7 18.5 17.4 17.9 Last Euros 29.0 27.7 25.8 25.8 25.4 25.9 23.7 23.1 22.8 23.6 24.0 23.9 24.6 24.5 24.4 21.9 22.0 22.0 23.0 21.8 22.1 21.4 21.3 23.4 26.1 25.3 25.0 26.3 25.8 25.5 24.9 25.0 25.2 26.6 27.9 28.1 26.0 25.4 25.1 25.3 26.4 25.7 24.7 21.4 18.8 19.1 18.9 18.3 Number of securities exchanged (2) 28,489,074 26,108,348 27,522,667 34,864,258 24,092,844 23,261,329 21,711,933 22,966,019 28,604,328 26,326,170 24,121,214 24,372,189 22,718,500 23,749,674 17,955,057 32,457,198 24,366,144 24,254,582 26,359,466 17,686,990 25,913,716 23,589,013 20,492,835 43,245,715 33,088,384 27,557,444 22,569,684 20,838,349 31,547,069 18,022,954 19,585,520 16,297,638 18,802,734 24,205,681 17,336,124 17,345,711 24,322,641 40,876,799 29,942,991 27,198,680 36,505,319 33,113,504 22,184,538 59,150,231 30,724,167 52,025,746 40,912,297 17,972,877 Capitalisation (3) (in €m) 6,239.5 5,959.6 5,559.6 5,546.4 5,471.9 5,577.6 5,104.4 4,975.2 4,921.3 5,083.2 5,163.0 5,143.5 5,293.8 5,248.6 5,222.9 4,687.7 4,711.3 4,704.9 4,927.5 4,662.1 4,724.1 4,580.7 4,563.6 5,017.4 5,582.5 5,411.2 5,351.3 5,629.6 5,520.4 5,458.3 5,340.6 5,344.9 5,392.0 5,698.1 5,980.6 6,019.0 5,563.2 5,432.3 5,368.2 5,410.9 5,646.2 5,507.0 5,292.7 4,585.6 4,028.4 4,092.7 4,033.5 3,905.42008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The share3Stock market prices and transaction volumes over the last three years and the current year have developed as follows for the TF1 share: Highest (1) Year 2004 Month January February March April May June July August September October November December 2005 January February March April May June July August September October November December 2006 January February March April May June July August September October November December 2007 January February March April May June July August September October November December Euros 31.4 29.5 28.6 27.8 26.7 26.7 26.3 23.8 25.2 24.3 24.8 24.1 25.6 26.1 25.3 24.6 22.7 22.9 23.5 23.2 22.1 22.8 21.9 24.3 26.6 27.8 26.5 26.8 27.1 26.3 26.2 26.1 25.7 27.2 28.6 29.2 28.6 27 26.0 26.3 27.2 27.2 26.2 22.2 21.7 22.6 19.3 19.5 Lowest (1) Euros 27.5 27.4 24.5 25.5 23.8 24.8 23.0 21.1 22.4 22.2 23.2 22.8 23.9 24.2 23.9 21.4 21.3 21.5 21.1 21.3 21.4 20.5 20.8 21.2 23.2 24.2 24.9 24.1 24.7 23.9 24.3 24.4 24.1 24.9 26.4 27.6 25.9 24.6 24.1 24.4 24.2 25.1 24.1 19.5 18.7 18.5 17.4 17.9 Last Euros 29.0 27.7 25.8 25.8 25.4 25.9 23.7 23.1 22.8 23.6 24.0 23.9 24.6 24.5 24.4 21.9 22.0 22.0 23.0 21.8 22.1 21.4 21.3 23.4 26.1 25.3 25.0 26.3 25.8 25.5 24.9 25.0 25.2 26.6 27.9 28.1 26.0 25.4 25.1 25.3 26.4 25.7 24.7 21.4 18.8 19.1 18.9 18.3 Number of securities exchanged (2) 28,489,074 26,108,348 27,522,667 34,864,258 24,092,844 23,261,329 21,711,933 22,966,019 28,604,328 26,326,170 24,121,214 24,372,189 22,718,500 23,749,674 17,955,057 32,457,198 24,366,144 24,254,582 26,359,466 17,686,990 25,913,716 23,589,013 20,492,835 43,245,715 33,088,384 27,557,444 22,569,684 20,838,349 31,547,069 18,022,954 19,585,520 16,297,638 18,802,734 24,205,681 17,336,124 17,345,711 24,322,641 40,876,799 29,942,991 27,198,680 36,505,319 33,113,504 22,184,538 59,150,231 30,724,167 52,025,746 40,912,297 17,972,877 Capitalisation (3) (in €m) 6,239.5 5,959.6 5,559.6 5,546.4 5,471.9 5,577.6 5,104.4 4,975.2 4,921.3 5,083.2 5,163.0 5,143.5 5,293.8 5,248.6 5,222.9 4,687.7 4,711.3 4,704.9 4,927.5 4,662.1 4,724.1 4,580.7 4,563.6 5,017.4 5,582.5 5,411.2 5,351.3 5,629.6 5,520.4 5,458.3 5,340.6 5,344.9 5,392.0 5,698.1 5,980.6 6,019.0 5,563.2 5,432.3 5,368.2 5,410.9 5,646.2 5,507.0 5,292.7 4,585.6 4,028.4 4,092.7 4,033.5 3,905.42008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3Year 2008MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The shareHighest (1) Month January February March April May June July August September October November DecemberSource: Euronext Paris SA. NB: Prices re-calculated taking into account division of nominal by 10 in June 2000. (1) The highest and lowest prices quoted refer to extreme values achieved during the session.Lowest (1) Euros 15.1 15.6 13.1 13.0 12.3 10.1 9.3 10.8 11.6 9.1 9.3 10.0Last Euros 16.9 15.7 13.9 13.6 12.7 10.6 11.1 11.9 12.4 10.0 10.8 10.4Euros 19.2 18.3 15.6 15.5 14.6 13.9 11.7 12.9 14.3 13.2 10.9 11.8Number of securities exchanged (2) 38,060,113 28,027,004 30,341,403 47,935,335 42,028,531 37,815,213 33,720,087 28,756,060 51,537,118 39,300,313 23,026,515 19,793,969Capitalisation (3) (in €m) 3,597.9 3,350.4 2,906.5 2,972.7 2,714.4 2,268.4 2,360.2 2,537.3 2,648.3 2,131.9 2,298.3 2,227.9(2) Volumes exchanged refer to transactions taking place both on the CAC central trading system and outside said system. (3) Calculation based on last price of the month multiplied by the number of shares reported at the end of the month.842008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3Year 2008MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)The shareHighest (1) Month January February March April May June July August September October November DecemberSource: Euronext Paris SA. NB: Prices re-calculated taking into account division of nominal by 10 in June 2000. (1) The highest and lowest prices quoted refer to extreme values achieved during the session.Lowest (1) Euros 15.1 15.6 13.1 13.0 12.3 10.1 9.3 10.8 11.6 9.1 9.3 10.0Last Euros 16.9 15.7 13.9 13.6 12.7 10.6 11.1 11.9 12.4 10.0 10.8 10.4Euros 19.2 18.3 15.6 15.5 14.6 13.9 11.7 12.9 14.3 13.2 10.9 11.8Number of securities exchanged (2) 38,060,113 28,027,004 30,341,403 47,935,335 42,028,531 37,815,213 33,720,087 28,756,060 51,537,118 39,300,313 23,026,515 19,793,969Capitalisation (3) (in €m) 3,597.9 3,350.4 2,906.5 2,972.7 2,714.4 2,268.4 2,360.2 2,537.3 2,648.3 2,131.9 2,298.3 2,227.9(2) Volumes exchanged refer to transactions taking place both on the CAC central trading system and outside said system. (3) Calculation based on last price of the month multiplied by the number of shares reported at the end of the month.842008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Resolutions presented to the Board Meeting33.7 RESOLUTIONS PRESENTED TO THE BOARD MEETINGYour statutory auditors will provide you with their reports on the accounts for the year 2008 and on agreements relative to Article L. 225-38 of the French Commercial Code. In the resolutions that are submitted to you, we propose that you: p approve the company accounts and consolidated accounts for 2008, the appropriation and distribution of earnings and the agreements and operations stipulated in Article L. 225-38 of the Commercial Code, as mentioned in the special report of the statutory auditors, discharge the Directors, endorse the co-opting of Gilles Pélisson to the Board of Directors, executed by the Board of Directors at its Meeting on February 18, 2009, renew for two years the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the Bouygues company, Patrick Le Lay, Nonce Paolini, Gilles Pélisson, the SFPG (Société Française de Participation et de Gestion) and Haïm Saban, which expire at the end of the present Meeting, p authorise implementation of a share buy-back programme allowing your company to buy its own shares on the stock market. The purpose of the buy-back programme is either appropriation to employees or their cancellation, subject to adoption of the 16th resolution (extraordinary part) to buy back a number of shares corresponding to those to be issued in the framework of share option plans or one or several capital increases reserved for employees. Such a purchase would be limited to 10% of the capital. The maximum purchase price per share would be set at €25 and the minimum sale price per share would be €15. The maximum amount of funds destined for the execution of this share purchase scheme will be €533 million.p pYou are kindly requested to cast your vote on the resolutions proposed. The Board of Directorsp2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Resolutions presented to the Board Meeting33.7 RESOLUTIONS PRESENTED TO THE BOARD MEETINGYour statutory auditors will provide you with their reports on the accounts for the year 2008 and on agreements relative to Article L. 225-38 of the French Commercial Code. In the resolutions that are submitted to you, we propose that you: p approve the company accounts and consolidated accounts for 2008, the appropriation and distribution of earnings and the agreements and operations stipulated in Article L. 225-38 of the Commercial Code, as mentioned in the special report of the statutory auditors, discharge the Directors, endorse the co-opting of Gilles Pelisson to the Board of Directors, executed by the Board of Directors at its Meeting on February 18, 2009, renew for two years the terms of ofﬁce of Directors Patricia Barbizet, Martin Bouygues, Olivier Bouygues, the Bouygues company, Patrick Le Lay, Nonce Paolini, Gilles Pelisson, the SFPG (Societe Francaise de Participation et de Gestion) and Haim Saban, which expire at the end of the present Meeting, p authorise implementation of a share buy-back programme allowing your company to buy its own shares on the stock market. The purpose of the buy-back programme is either appropriation to employees or their cancellation, subject to adoption of the 16th resolution (extraordinary part) to buy back a number of shares corresponding to those to be issued in the framework of share option plans or one or several capital increases reserved for employees. Such a purchase would be limited to 10% of the capital. The maximum purchase price per share would be set at €25 and the minimum sale price per share would be €15. The maximum amount of funds destined for the execution of this share purchase scheme will be €533 million.p pYou are kindly requested to cast your vote on the resolutions proposed. The Board of Directorsp2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Statement of company operations over the last ﬁve business years3.8 STATEMENT OF COMPANY OPERATIONS OVER THE LAST FIVE BUSINESS YEARSNature of indicators (in €) I - End of year ﬁnancial position a) Company capital b) Number of shares issued c) Number of convertible bonds II - Overall operational results a) Turnover excluding taxes b) Proﬁts before tax, employee participation, liquidations and provisions c) Tax on proﬁts d) Employee participation e) Proﬁts after tax, employee participation, liquidations and provisions f) Amount of proﬁts distributed III - Operational results per share a) Proﬁts after tax and employee participation but before liquidations and provisions b) Aggregate employment earnings c) Expenditure on beneﬁts IV - Employees a) Number of employees b) Total payroll costs c) Total of employee beneﬁt costs(1) Dividend submitted to AGM for approval.2004 42,951,946 214,759,7292005 42,810,426 214,052,1292006 42,824,426 214,122,1292007 42,682,098 213,410,4922008 42,682,098 213,410,4921,572,077,137 388,424,004 130,525,658 12,885,824 155,794,175 138,639,275 1.14 0.73 0.65 1,485 101,314,664 48,465,0211,579,618,085 410,573,959 104,129,231 10,146,927 182,330,515 138,970,385 1.38 0.85 0.65 1,508 105,746,613 51,454,5101,649,601,932 355,728,097 76,931,481 8,185,797 250,816,043 181,790,003 1.26 1.17 0.85 1,540 111,770,510 52,182,5911,651,380,074 331,000,742 71,971,099 7,978,095 203,747,738 181,386,487 1.18 0.95 0.85 1,573 116,739,407 57,127,1301,578,094,919 231,461,449 23,176,898 3,605,647 138,921,498 100,302,931 (1) 0.96 0.65 0.47 (1) 1,536 121,186,526 54,153,178862008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[3MANAGEMENT REPORT OF THE BOARD OF DIRECTORS AT THE COMBINED ANNUAL GENERAL MEETING ON APRIL 17, 2009 (ORDINARY PART)Statement of company operations over the last ﬁve business years3.8 STATEMENT OF COMPANY OPERATIONS OVER THE LAST FIVE BUSINESS YEARSNature of indicators (in €) I - End of year ﬁnancial position a) Company capital b) Number of shares issued c) Number of convertible bonds II - Overall operational results a) Turnover excluding taxes b) Proﬁts before tax, employee participation, liquidations and provisions c) Tax on proﬁts d) Employee participation e) Proﬁts after tax, employee participation, liquidations and provisions f) Amount of proﬁts distributed III - Operational results per share a) Proﬁts after tax and employee participation but before liquidations and provisions b) Aggregate employment earnings c) Expenditure on beneﬁts IV - Employees a) Number of employees b) Total payroll costs c) Total of employee beneﬁt costs(1) Dividend submitted to AGM for approval.2004 42,951,946 214,759,7292005 42,810,426 214,052,1292006 42,824,426 214,122,1292007 42,682,098 213,410,4922008 42,682,098 213,410,4921,572,077,137 388,424,004 130,525,658 12,885,824 155,794,175 138,639,275 1.14 0.73 0.65 1,485 101,314,664 48,465,0211,579,618,085 410,573,959 104,129,231 10,146,927 182,330,515 138,970,385 1.38 0.85 0.65 1,508 105,746,613 51,454,5101,649,601,932 355,728,097 76,931,481 8,185,797 250,816,043 181,790,003 1.26 1.17 0.85 1,540 111,770,510 52,182,5911,651,380,074 331,000,742 71,971,099 7,978,095 203,747,738 181,386,487 1.18 0.95 0.85 1,573 116,739,407 57,127,1301,578,094,919 231,461,449 23,176,898 3,605,647 138,921,498 100,302,931 (1) 0.96 0.65 0.47 (1) 1,536 121,186,526 54,153,178862008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="89">
		<raw><![CDATA[4FINANCIAL STATEMENTS4.1 CONSOLIDATED FINANCIAL STATEMENTS4.1.1 Consolidated balance sheet 4.1.2 Consolidated income statement 4.1.3 Consolidated statement of changes in shareholders’ equity 4.1.4 Consolidated cash ﬂow statement8888 90 91 924.2NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS93 1424.3 4.4146TF1 Group consolidated ﬁnancial statements for the year ending December 31, 2008 are completed by audited consolidated ﬁnancial statements for the year ending December 31, 2007 and 2006 as presented in registration document 2007 ﬁled with Autorité des Marchés Financiers on March 26, 2008 and March 23, 2007 (D. 08-0152 and D. 07-0216). The consolidated accounts have been prepared in accordance with IFRS.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTS4.1 CONSOLIDATED FINANCIAL STATEMENTS4.1.1 Consolidated balance sheet 4.1.2 Consolidated income statement 4.1.3 Consolidated statement of changes in shareholders’ equity 4.1.4 Consolidated cash ﬂow statement8888 90 91 924.2NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS93 1424.3 4.4146TF1 Group consolidated ﬁnancial statements for the year ending December 31, 2008 are completed by audited consolidated ﬁnancial statements for the year ending December 31, 2007 and 2006 as presented in registration document 2007 ﬁled with Autorite des Marches Financiers on March 26, 2008 and March 23, 2007 (D. 08-0152 and D. 07-0216). The consolidated accounts have been prepared in accordance with IFRS.2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="90">
		<raw><![CDATA[4FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1 CONSOLIDATED FINANCIAL STATEMENTS4.1.1 Consolidated balance sheetAssets (€m) Goodwill Intangible assets Audiovisual rights Other intangible assets Property, plant and equipment Investments in associates Non-current ﬁnancial assets Non-current tax assets Total non-current assets Inventories Programmes and broadcasting rights Other inventories Trade and other debtors Current tax assets Other current ﬁnancial assets Cash and cash equivalents Total current assets Held-for-sale assets TOTAL ASSETS 4 12.1, 12.2 12.4 12.3 11 8.1 8.2 9 5, 10 12.2 26.2 Note 7 Dec. 31, 2008 506.1 168.0 132.8 35.2 178.0 259.3 741.0 17.2 1,869.6 558.4 542.0 16.4 1,226.8 46.8 14.0 9.8 1,855.8 14.8 3,740.2 Dec. 31, 2007 509.7 209.7 179.8 29.9 158.3 253.4 691.6 21.8 1,844.5 520.4 499.8 20.6 1,232.5 14.4 5.0 34.9 1,807.2 3,651.7882008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1 CONSOLIDATED FINANCIAL STATEMENTS4.1.1 Consolidated balance sheetAssets (€m) Goodwill Intangible assets Audiovisual rights Other intangible assets Property, plant and equipment Investments in associates Non-current ﬁnancial assets Non-current tax assets Total non-current assets Inventories Programmes and broadcasting rights Other inventories Trade and other debtors Current tax assets Other current ﬁnancial assets Cash and cash equivalents Total current assets Held-for-sale assets TOTAL ASSETS 4 12.1, 12.2 12.4 12.3 11 8.1 8.2 9 5, 10 12.2 26.2 Note 7 Dec. 31, 2008 506.1 168.0 132.8 35.2 178.0 259.3 741.0 17.2 1,869.6 558.4 542.0 16.4 1,226.8 46.8 14.0 9.8 1,855.8 14.8 3,740.2 Dec. 31, 2007 509.7 209.7 179.8 29.9 158.3 253.4 691.6 21.8 1,844.5 520.4 499.8 20.6 1,232.5 14.4 5.0 34.9 1,807.2 3,651.7882008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="91">
		<raw><![CDATA[FINANCIAL STATEMENTSConsolidated ﬁnancial statements4Shareholders’ equity et liabilities (€m) Share capital Share premium and reserves Net proﬁt attributable to the Group Shareholders’ equity attributable to the Group Minority interests Total shareholders’ equity Non-current debt Non-current provisions Non-current tax liabilities Total non-current liabilities Current debt Trade and other creditors Current provisions Current tax liabilities Other current ﬁnancial liabilities Total current liabilities Liabilities relating to held-for-sale assets TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES Net debt (continuing operations) Held-for sale assets and liabilities Total net debtNote 13-1Dec. 31, 2008 42.7 1,170.4 163.8Dec. 31, 2007 42.7 1,123.5 227.8 1,394.0 1,394.0 617.6 34.7 0.8 653.1 14.8 1,513.1 60.4 4.5 11.8 1,604.6 3,651.7 597.3 597.3131,376.9 1,376.914, 15 16-1 26-2 15 14-2 16-2 29-2 4 15695.5 57.2 2.9 755.6 22.9 1,514.9 43.5 1.2 10.2 1,592.7 15.0 3,740.2 704.5 704.52008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSConsolidated ﬁnancial statements4Shareholders’ equity et liabilities (€m) Share capital Share premium and reserves Net proﬁt attributable to the Group Shareholders’ equity attributable to the Group Minority interests Total shareholders’ equity Non-current debt Non-current provisions Non-current tax liabilities Total non-current liabilities Current debt Trade and other creditors Current provisions Current tax liabilities Other current ﬁnancial liabilities Total current liabilities Liabilities relating to held-for-sale assets TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES Net debt (continuing operations) Held-for sale assets and liabilities Total net debtNote 13-1Dec. 31, 2008 42.7 1,170.4 163.8Dec. 31, 2007 42.7 1,123.5 227.8 1,394.0 1,394.0 617.6 34.7 0.8 653.1 14.8 1,513.1 60.4 4.5 11.8 1,604.6 3,651.7 597.3 597.3131,376.9 1,376.914, 15 16-1 26-2 15 14-2 16-2 29-2 4 15695.5 57.2 2.9 755.6 22.9 1,514.9 43.5 1.2 10.2 1,592.7 15.0 3,740.2 704.5 704.52008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="92">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1.2 Consolidated income statementNote 17 2008 1,833.6 1,647.3 186.3 761.1 2,594.7 0.2 18 19 20 21 (641.2) (524.6) (445.3) (527.4) (138.4) (94.5) (52.6) 22 5.6 176.5 176.5 13.4 (35.8) 23 24 26 10 (22.4) 40.9 (40.8) 9.6 163.8 163.8 163.8 27 27 27 213,400 0.77 0.77 2007 1,884.3 1,718.3 166.0 854.6 2,738.9 0.2 (627.6) (529.7) (437.5) (554.3) (141.5) (88.4) (40.9) (14.0) 305.2 305.2 9.6 (31.0) (21.4) 28.7 (93.0) 8.3 227.8 227.8 227.8 213,763 1.07 1.06 Net advertising revenue TF1 channel Other channels Diversiﬁcation revenue Revenue Other operating revenue External production costs Other purchases and changes in inventory Staff costs External expenses Taxes other than income taxes Depreciation and amortisation, net Provisions and impairment, net Other operating income and expenses Current operating proﬁt Other non-current operating income and expenses Operating proﬁt Income associated with net debt Expenses associated with net debt Cost of net debt Other ﬁnancial income and expenses Income tax expense Share of proﬁts/losses of associates Net proﬁt from continuing operations Post-tax proﬁt from discontinued/held-for-sale operations Net proﬁt attributable to the Group attributable to minority interests Weighted average number of shares outstanding (in thousands) Basic earnings per share (in euros) Diluted earnings per share (in euros)STATEMENT OF RECOGNISED INCOME AND EXPENSE(€m) Consolidated net proﬁt for the period Fair value adjustments to ﬁnancial instruments and other ﬁnancial assets Change in cumulative translation difference Actuarial gains and losses on employee beneﬁts Taxes on items credited or debited directly to equity Share of proﬁts and losses of associates recognised directly in equity Other movements, net Income and expense recognised directly in equity TOTAL RECOGNISED INCOME AND EXPENSE attributable to the Group attributable to minority interests (0.2) 163.6 163.6 (4.8) 223.0 223.0 2008 163.8 1.0 (0.6) 0.3 (0.9) 2007 227.8 (3.9) (0.2) (1.1) 0.4902008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1.2 Consolidated income statementNote 17 2008 1,833.6 1,647.3 186.3 761.1 2,594.7 0.2 18 19 20 21 (641.2) (524.6) (445.3) (527.4) (138.4) (94.5) (52.6) 22 5.6 176.5 176.5 13.4 (35.8) 23 24 26 10 (22.4) 40.9 (40.8) 9.6 163.8 163.8 163.8 27 27 27 213,400 0.77 0.77 2007 1,884.3 1,718.3 166.0 854.6 2,738.9 0.2 (627.6) (529.7) (437.5) (554.3) (141.5) (88.4) (40.9) (14.0) 305.2 305.2 9.6 (31.0) (21.4) 28.7 (93.0) 8.3 227.8 227.8 227.8 213,763 1.07 1.06 Net advertising revenue TF1 channel Other channels Diversiﬁcation revenue Revenue Other operating revenue External production costs Other purchases and changes in inventory Staff costs External expenses Taxes other than income taxes Depreciation and amortisation, net Provisions and impairment, net Other operating income and expenses Current operating proﬁt Other non-current operating income and expenses Operating proﬁt Income associated with net debt Expenses associated with net debt Cost of net debt Other ﬁnancial income and expenses Income tax expense Share of proﬁts/losses of associates Net proﬁt from continuing operations Post-tax proﬁt from discontinued/held-for-sale operations Net proﬁt attributable to the Group attributable to minority interests Weighted average number of shares outstanding (in thousands) Basic earnings per share (in euros) Diluted earnings per share (in euros)STATEMENT OF RECOGNISED INCOME AND EXPENSE(€m) Consolidated net proﬁt for the period Fair value adjustments to ﬁnancial instruments and other ﬁnancial assets Change in cumulative translation difference Actuarial gains and losses on employee beneﬁts Taxes on items credited or debited directly to equity Share of proﬁts and losses of associates recognised directly in equity Other movements, net Income and expense recognised directly in equity TOTAL RECOGNISED INCOME AND EXPENSE attributable to the Group attributable to minority interests (0.2) 163.6 163.6 (4.8) 223.0 223.0 2008 163.8 1.0 (0.6) 0.3 (0.9) 2007 227.8 (3.9) (0.2) (1.1) 0.4902008 REGISTRATION DOCUME]]></basicChars>
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	<page id="93">
		<raw><![CDATA[FINANCIAL STATEMENTSConsolidated ﬁnancial statements44.1.3 Consolidated statement of changes in shareholders’ equityIncome and expense recognised directly in equity (4.8) (4.8) (0.2) (5.0) Shareholders’ equity attributable to the Group 1,358.1 9.0 4.7 (18.7) 0.0 (181.8) (0.3) 227.8 (4.8) 1,394.0 0.7 (181.4) 163.8 (0.2) 1,376.9 Consolidated shareholders’ equity 1,358.0 9.0 4.7 (18.7) 0.0 (181.8) (0.2) 227.8 (4.8) 1,394.0 0.7 (181.4) 163.8 (0.2) 1,376.9(€m) Balance at December 31, 2006 Capital increase (share options exercised) Share-based payment Purchase of treasury shares Cancellation of treasury shares Dividends paid Other transactions with shareholders Net income attributable to the Group Income and expense recognised directly in equity Balance at December 31, 2007 Capital increase (share options exercised) Share-based payment Purchase of treasury shares Cancellation of treasury shares Dividends paid Other transactions with shareholders Net income attributable to the Group Income and expense recognised directly in equity BALANCE AT DECEMBER 31, 2008Share capital 42.8 0.1 (0.2) 42.7 42.7Share premium 19.8 8.9 (25.9) 2.8 2.8Treasury shares (12.1) (18.7) 26.1 (4.7) 4.3 (0.4)Reserves 1,307.6 4.7 (181.8) (0.3) 227.8 1,358.0 (3.6) (181.4) 163.8 1,336.8Minority interests (0.1) 0.1 -2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSConsolidated ﬁnancial statements44.1.3 Consolidated statement of changes in shareholders’ equityIncome and expense recognised directly in equity (4.8) (4.8) (0.2) (5.0) Shareholders’ equity attributable to the Group 1,358.1 9.0 4.7 (18.7) 0.0 (181.8) (0.3) 227.8 (4.8) 1,394.0 0.7 (181.4) 163.8 (0.2) 1,376.9 Consolidated shareholders’ equity 1,358.0 9.0 4.7 (18.7) 0.0 (181.8) (0.2) 227.8 (4.8) 1,394.0 0.7 (181.4) 163.8 (0.2) 1,376.9(€m) Balance at December 31, 2006 Capital increase (share options exercised) Share-based payment Purchase of treasury shares Cancellation of treasury shares Dividends paid Other transactions with shareholders Net income attributable to the Group Income and expense recognised directly in equity Balance at December 31, 2007 Capital increase (share options exercised) Share-based payment Purchase of treasury shares Cancellation of treasury shares Dividends paid Other transactions with shareholders Net income attributable to the Group Income and expense recognised directly in equity BALANCE AT DECEMBER 31, 2008Share capital 42.8 0.1 (0.2) 42.7 42.7Share premium 19.8 8.9 (25.9) 2.8 2.8Treasury shares (12.1) (18.7) 26.1 (4.7) 4.3 (0.4)Reserves 1,307.6 4.7 (181.8) (0.3) 227.8 1,358.0 (3.6) (181.4) 163.8 1,336.8Minority interests (0.1) 0.1 -2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="94">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1.4 Consolidated cash ﬂow statementNote 2008 163.8 110.0 76.7 24.4 5.7 3.2 (18.7) (43.7) 0.7 1.3 (4.7) (2.0) 206.7 22.4 40.8 269.9 (68.0) 5.8 207.7 (87.7) 1.3 (4.6) 0.3 28-2 (3.4) 2.0 (12.3) (104.4) (181.4) 28-3 28-3 197.0 (126.0) (27.0) (137.4) (34.1) 29.9 (34.1) 28-1 (4.2) 2007 227.8 97.7 74.9 21.2 3.0 (1.4) (10.3) (33.1) 4.7 (0.6) (8.3) (2.1) 275.8 23.9 93.0 392.7 (99.8) 32.5 325.4 (102.0) 3.2 (1.3) 0.2 (233.2) 2.1 (1.3) (332.3) 9.0 (18.7) (181.8) 119.7 (140.5) (22.7) (235.0) (241.9) 271.8 (241.9) 29.9 Consolidated net proﬁt (including minority interests) Depreciation, amortisation, provisions et impairment (excluding current assets) Intangible assets and goodwill Property, plant et equipment Financial assets Provisions Other non-cash income and expenses Effect of fair value remeasurement Share-based payment expense Net (gain)/loss on asset disposals Share of (proﬁts)/losses and dividends of associates Dividend income from non-consolidated companies Sub-total Net interest expense Income tax expense (including deferred taxes) Operating cash ﬂow Income taxes paid Change in operating working capital needs Net cash generated by operating activities Cash outﬂows on acquisitions of property, plant et equipment and intangible assets Cash inﬂows from disposals of property, plant et equipment and intangible assets Cash outﬂows on acquisitions of ﬁnancial assets Cash inﬂows from disposals of ﬁnancial assets Effect of changes in scope of consolidation Dividends received Change in loans and advances receivable Net cash used in investing activities Cash received on exercise of share options Purchases and sales of treasury shares Dividends paid during the year Cash inﬂows from new debt contracted Repayment of debt (including ﬁnance leases) Net interest paid (including ﬁnance leases) Net cash used in ﬁnancing activities CHANGE IN CASH POSITION OF CONTINUING OPERATIONS Cash position at beginning of period Change in cash position during the period Cash position at end of period922008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSConsolidated ﬁnancial statements4.1.4 Consolidated cash ﬂow statementNote 2008 163.8 110.0 76.7 24.4 5.7 3.2 (18.7) (43.7) 0.7 1.3 (4.7) (2.0) 206.7 22.4 40.8 269.9 (68.0) 5.8 207.7 (87.7) 1.3 (4.6) 0.3 28-2 (3.4) 2.0 (12.3) (104.4) (181.4) 28-3 28-3 197.0 (126.0) (27.0) (137.4) (34.1) 29.9 (34.1) 28-1 (4.2) 2007 227.8 97.7 74.9 21.2 3.0 (1.4) (10.3) (33.1) 4.7 (0.6) (8.3) (2.1) 275.8 23.9 93.0 392.7 (99.8) 32.5 325.4 (102.0) 3.2 (1.3) 0.2 (233.2) 2.1 (1.3) (332.3) 9.0 (18.7) (181.8) 119.7 (140.5) (22.7) (235.0) (241.9) 271.8 (241.9) 29.9 Consolidated net proﬁt (including minority interests) Depreciation, amortisation, provisions et impairment (excluding current assets) Intangible assets and goodwill Property, plant et equipment Financial assets Provisions Other non-cash income and expenses Effect of fair value remeasurement Share-based payment expense Net (gain)/loss on asset disposals Share of (proﬁts)/losses and dividends of associates Dividend income from non-consolidated companies Sub-total Net interest expense Income tax expense (including deferred taxes) Operating cash ﬂow Income taxes paid Change in operating working capital needs Net cash generated by operating activities Cash outﬂows on acquisitions of property, plant et equipment and intangible assets Cash inﬂows from disposals of property, plant et equipment and intangible assets Cash outﬂows on acquisitions of ﬁnancial assets Cash inﬂows from disposals of ﬁnancial assets Effect of changes in scope of consolidation Dividends received Change in loans and advances receivable Net cash used in investing activities Cash received on exercise of share options Purchases and sales of treasury shares Dividends paid during the year Cash inﬂows from new debt contracted Repayment of debt (including ﬁnance leases) Net interest paid (including ﬁnance leases) Net cash used in ﬁnancing activities CHANGE IN CASH POSITION OF CONTINUING OPERATIONS Cash position at beginning of period Change in cash position during the period Cash position at end of period922008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="95">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements44.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSNote 1 Note 2 Note 3 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9Signiﬁcant events of 2008 Accounting policies Signiﬁcant changes in scope of consolidation Operations held for sale at December 31, 2008 Interests in jointly controlled entities Segment information Goodwill Intangible assets Property, plant and equipment94 94 103 104 105 106 107 108 109 110 111 112 115 116 117 118 120 120Note 19 Other purchases and changes in inventory 120 Note 20 Staff costs Note 21 External expenses Note 22 Other operating income and expenses Note 23 Cost of net debt Note 24 Other ﬁnancial income and expenses Note 25 Net income and expense on ﬁnancial assets and ﬁnancial liabilities Note 26 Income tax expense Note 27 Earnings per share Note 28 Notes to the consolidated cash ﬂow statement Note 29 Risk management Note 30 Share options Note 31 Off balance sheet commitments Note 32 Related-party information Note 33 Auditors’ fees Note 34 Dependence on licences Note 35 Post balance sheet events Note 36 Detailed list of companies included in the consolidation 121 122 122 123 123 123 124 125 126 128 135 136 137 138 138 138 139Note 10 Investments in associates Note 11 Programmes and broadcasting rights Note 12 Financial assets Note 13 Consolidated shareholders’ equity Note 14 Financial liabilities Note 15 Net debt Note 16 Provisions Note 17 Operating revenues Note 18 External production costs2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements44.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSNote 1 Note 2 Note 3 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9Signiﬁcant events of 2008 Accounting policies Signiﬁcant changes in scope of consolidation Operations held for sale at December 31, 2008 Interests in jointly controlled entities Segment information Goodwill Intangible assets Property, plant and equipment94 94 103 104 105 106 107 108 109 110 111 112 115 116 117 118 120 120Note 19 Other purchases and changes in inventory 120 Note 20 Staff costs Note 21 External expenses Note 22 Other operating income and expenses Note 23 Cost of net debt Note 24 Other ﬁnancial income and expenses Note 25 Net income and expense on ﬁnancial assets and ﬁnancial liabilities Note 26 Income tax expense Note 27 Earnings per share Note 28 Notes to the consolidated cash ﬂow statement Note 29 Risk management Note 30 Share options Note 31 Off balance sheet commitments Note 32 Related-party information Note 33 Auditors’ fees Note 34 Dependence on licences Note 35 Post balance sheet events Note 36 Detailed list of companies included in the consolidation 121 122 122 123 123 123 124 125 126 128 135 136 137 138 138 138 139Note 10 Investments in associates Note 11 Programmes and broadcasting rights Note 12 Financial assets Note 13 Consolidated shareholders’ equity Note 14 Financial liabilities Note 15 Net debt Note 16 Provisions Note 17 Operating revenues Note 18 External production costs2008 REGISTRATION DOCUMENT]]></basicChars>
	</page>
	<page id="96">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 1 Significant events of 2008No signiﬁcant events with an impact on the consolidated ﬁnancial statements of the TF1 Group occurred during the year ended December 31, 2008. During the year ended December 31, 2007, TF1 acquired a 33.5% interest in the AB Group for €230 million (refer to the notes to the consolidated ﬁnancial statements for the year ended December 31, 2007 for details).Note 2 Accounting policies2.1 DECLARATION OF COMPLIANCE AND BASIS OF PREPARATIONThe consolidated ﬁnancial statements of the TF1 Group for the year ended December 31, 2008 have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, as required under EC Regulation 1606/2002 of July 19, 2002. They include the ﬁnancial statements of TF1 SA and its subsidiaries and jointly controlled entities, and the TF1 Group’s interests in associated undertakings. The consolidated ﬁnancial statements are presented in millions of euros. They were adopted by the Board of Directors on February 18, 2009 and will be submitted for approval by the shareholders at the forthcoming Ordinary General Meeting to be held on April 17, 2009.2.2 NEW AND AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS2.2.1 New standards, amendments and interpretations effective within the European Union and mandatorily applicable to periods beginning on or after January 1, 2008The TF1 Group has adopted all the new and amended standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and endorsed by the European Union that are applicable to the Group’s operations with effect from January 1, 2008. The TF1 Group has elected to apply the speciﬁc provisions of EC Regulation 611-2007, which allows the adoption of IFRIC 11 (IFRS 2 – Group and Treasury Share Transactions) to be postponed until January 1, 2009. The new standards, amendments and interpretations that apply to the TF1 Group are described below: Standard/Interpretation IFRIC 11 IFRS 2 – Group and Treasury Share Transactions Effective Date EU * March 1, 2008 TF1 January 1, 2009 Impact on TF1 The cost of employee beneﬁts under plans awarded to TF1 Group employees by the Bouygues Group for the year ended December 31, 2008 was immaterial. No impact on the consolidated ﬁnancial statements of the TF1 GroupAmendment to IAS 39 et IFRS 7*Reclassiﬁcation of ﬁnancial assetsReclassiﬁcation from July 1, 2008July 1, 2008Unless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.942008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 1 Significant events of 2008No signiﬁcant events with an impact on the consolidated ﬁnancial statements of the TF1 Group occurred during the year ended December 31, 2008. During the year ended December 31, 2007, TF1 acquired a 33.5% interest in the AB Group for €230 million (refer to the notes to the consolidated ﬁnancial statements for the year ended December 31, 2007 for details).Note 2 Accounting policies2.1 DECLARATION OF COMPLIANCE AND BASIS OF PREPARATIONThe consolidated ﬁnancial statements of the TF1 Group for the year ended December 31, 2008 have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, as required under EC Regulation 1606/2002 of July 19, 2002. They include the ﬁnancial statements of TF1 SA and its subsidiaries and jointly controlled entities, and the TF1 Group’s interests in associated undertakings. The consolidated ﬁnancial statements are presented in millions of euros. They were adopted by the Board of Directors on February 18, 2009 and will be submitted for approval by the shareholders at the forthcoming Ordinary General Meeting to be held on April 17, 2009.2.2 NEW AND AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS2.2.1 New standards, amendments and interpretations effective within the European Union and mandatorily applicable to periods beginning on or after January 1, 2008The TF1 Group has adopted all the new and amended standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and endorsed by the European Union that are applicable to the Group’s operations with effect from January 1, 2008. The TF1 Group has elected to apply the speciﬁc provisions of EC Regulation 611-2007, which allows the adoption of IFRIC 11 (IFRS 2 – Group and Treasury Share Transactions) to be postponed until January 1, 2009. The new standards, amendments and interpretations that apply to the TF1 Group are described below: Standard/Interpretation IFRIC 11 IFRS 2 – Group and Treasury Share Transactions Effective Date EU * March 1, 2008 TF1 January 1, 2009 Impact on TF1 The cost of employee beneﬁts under plans awarded to TF1 Group employees by the Bouygues Group for the year ended December 31, 2008 was immaterial. No impact on the consolidated ﬁnancial statements of the TF1 GroupAmendment to IAS 39 et IFRS 7*Reclassiﬁcation of ﬁnancial assetsReclassiﬁcation from July 1, 2008July 1, 2008Unless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.942008 REGISTRATION DOCUME]]></basicChars>
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	<page id="97">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.2.2 New standards, amendments and interpretations for which early adoption is allowedThe TF1 Group has decided not to early adopt the following pronouncements: Standard/Interpretation Revised IAS 1 Amended IAS 23 IFRIC 13 IFRIC 14 IFRS 8 IFRS 2 Amendment*Effective Date EU * Presentation of Financial Statements Borrowing Costs Customer Loyalty Programmes IAS 19 – The Limit on a Deﬁned Beneﬁt Asset, Minimum Funding Requirements and their Interaction Operating Segments Share-Based Payment – Vesting Conditions and Cancellations January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 TF1 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009Expected impact on the TF1 Group Change in the presentation of the ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No material impact on the TF1 Group consolidated ﬁnancial statements Impact assessment ongoing, no material impact identiﬁed to date No impact on the TF1 Group consolidated ﬁnancial statementsUnless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.2.2.3Standards, amendments and interpretations issued by the IASB but not yet endorsed by the European UnionIASB Effective Date * Financial Instruments – Eligibility of Hedged Items Business Combinations July 1, 2009 July 1, 2009 Expected impact on the TF1 Group No material impact on the TF1 Group consolidated ﬁnancial statements for the year ended December 31, 2008 No impact on the TF1 Group consolidated ﬁnancial statements given that no business combinations have occurred Change in the presentation of the ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements Impact assessment ongoingStandard/Interpretation IAS 39 amendment Revised IFRS 3Revised IAS 27 IAS 32 and IAS 1 amendment IFRIC 12 IFRIC 16 IFRIC 17 First Annual Improvements to IFRS*Consolidated and Separate Financial Statements Puttable ﬁnancial instruments and obligations arising on liquidation Service Concession Arrangements Hedges of a Net Investment in a Foreign Operation Distributions of Non-cash Assets to OwnersJuly 1, 2009 January 1, 2009 January 1, 2008 October 1, 2008 July 1, 2009 January 1, 2009Unless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.2.3 CHANGE IN ACCOUNTING POLICYThe expansion of some of the Group’s activities has led TF1 to reassess certain accounting policies on the basis of the proposed amendment to IAS 18 published by the IASB in August 2008 (1). This proposal establishes criteria for determining whether an entity is acting as a principal or as an agent, and hence for determining how revenues and the associated expenses are recognised in the ﬁnancial statements. For the advertising airtime sales agency business, TF1 recognises the agency commission (i.e. the gross amount billed to the advertiser less the cost of buying the media) as revenue in cases where TF1 offers no guarantee that the media owner will collect any revenue for selling the advertising airtime. If the agency offers such a guarantee, TF1 recognises as revenue the gross amount of advertising airtime sales invoiced to the advertiser.In the case of services requiring recourse to technical service-providers, such as VoD or interactive services, TF1 recognises the price paid by the end user as revenue in cases where the Group bears the after-sales, legal and ﬁnancial risks associated with these services. Based on a review of the contractual framework currently in place for the “Wedding Lists” business of the subsidiary 1001 Listes, TF1 has decided to limit the revenue recognised on the provision of these services to the commission collected by 1001 Listes. This change in accounting policy has no impact on net proﬁt, but has resulted in matching adjustments to revenues and operating expenses, both of which have been reduced by €25.7 million for the year ended December 31, 2008 and by €24.7 million for the year ended December 31, 2007. In accordance with IAS 8, the 2007 ﬁgures presented for comparative purposes in the 2008 ﬁnancial statements have been restated.(1) See “Exposure Draft of Proposed Improvements to IFRSs”, issued by the IASB on August 7, 2008 (www.iasb.org), and speciﬁcally the proposed amendments to IAS 18 on pages 24 to 29 of the Exposure Draft.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.2.2 New standards, amendments and interpretations for which early adoption is allowedThe TF1 Group has decided not to early adopt the following pronouncements: Standard/Interpretation Revised IAS 1 Amended IAS 23 IFRIC 13 IFRIC 14 IFRS 8 IFRS 2 Amendment*Effective Date EU * Presentation of Financial Statements Borrowing Costs Customer Loyalty Programmes IAS 19 – The Limit on a Deﬁned Beneﬁt Asset, Minimum Funding Requirements and their Interaction Operating Segments Share-Based Payment – Vesting Conditions and Cancellations January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 TF1 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009 January 1, 2009Expected impact on the TF1 Group Change in the presentation of the ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No material impact on the TF1 Group consolidated ﬁnancial statements Impact assessment ongoing, no material impact identiﬁed to date No impact on the TF1 Group consolidated ﬁnancial statementsUnless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.2.2.3Standards, amendments and interpretations issued by the IASB but not yet endorsed by the European UnionIASB Effective Date * Financial Instruments – Eligibility of Hedged Items Business Combinations July 1, 2009 July 1, 2009 Expected impact on the TF1 Group No material impact on the TF1 Group consolidated ﬁnancial statements for the year ended December 31, 2008 No impact on the TF1 Group consolidated ﬁnancial statements given that no business combinations have occurred Change in the presentation of the ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements No impact on the TF1 Group consolidated ﬁnancial statements Impact assessment ongoingStandard/Interpretation IAS 39 amendment Revised IFRS 3Revised IAS 27 IAS 32 and IAS 1 amendment IFRIC 12 IFRIC 16 IFRIC 17 First Annual Improvements to IFRS*Consolidated and Separate Financial Statements Puttable ﬁnancial instruments and obligations arising on liquidation Service Concession Arrangements Hedges of a Net Investment in a Foreign Operation Distributions of Non-cash Assets to OwnersJuly 1, 2009 January 1, 2009 January 1, 2008 October 1, 2008 July 1, 2009 January 1, 2009Unless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.2.3 CHANGE IN ACCOUNTING POLICYThe expansion of some of the Group’s activities has led TF1 to reassess certain accounting policies on the basis of the proposed amendment to IAS 18 published by the IASB in August 2008 (1). This proposal establishes criteria for determining whether an entity is acting as a principal or as an agent, and hence for determining how revenues and the associated expenses are recognised in the ﬁnancial statements. For the advertising airtime sales agency business, TF1 recognises the agency commission (i.e. the gross amount billed to the advertiser less the cost of buying the media) as revenue in cases where TF1 offers no guarantee that the media owner will collect any revenue for selling the advertising airtime. If the agency offers such a guarantee, TF1 recognises as revenue the gross amount of advertising airtime sales invoiced to the advertiser.In the case of services requiring recourse to technical service-providers, such as VoD or interactive services, TF1 recognises the price paid by the end user as revenue in cases where the Group bears the after-sales, legal and ﬁnancial risks associated with these services. Based on a review of the contractual framework currently in place for the “Wedding Lists” business of the subsidiary 1001 Listes, TF1 has decided to limit the revenue recognised on the provision of these services to the commission collected by 1001 Listes. This change in accounting policy has no impact on net proﬁt, but has resulted in matching adjustments to revenues and operating expenses, both of which have been reduced by €25.7 million for the year ended December 31, 2008 and by €24.7 million for the year ended December 31, 2007. In accordance with IAS 8, the 2007 ﬁgures presented for comparative purposes in the 2008 ﬁnancial statements have been restated.(1) See “Exposure Draft of Proposed Improvements to IFRSs”, issued by the IASB on August 7, 2008 (www.iasb.org), and speciﬁcally the proposed amendments to IAS 18 on pages 24 to 29 of the Exposure Draft.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2.4 SELECTION OF ACCOUNTING TREATMENTS, EXERCISE OF JUDGMENT AND USE OF ESTIMATESPreparation of the consolidated ﬁnancial statements requires TF1 management to exercise judgement in the selection of accounting treatments and to use estimates for the measurement of assets, liabilities, income and expenses, which may have a material impact on the amounts reported in the ﬁnancial statements.2.5 CONSOLIDATION METHODSSubsidiariesSubsidiaries are companies over which TF1 exercises control. Control is presumed to exist where the parent company has the power directly or indirectly to govern the ﬁnancial and operating policies of an enterprise so as to obtain beneﬁts from its activities. Subsidiaries are included in the consolidation from the date on which control is effectively transferred to the Group. Divested subsidiaries are excluded from the consolidation from the date on which the Group ceases to have control. TF1 accounts for investees over which it exercises exclusive control using the full consolidation method. Under this method, all assets, liabilities, equity, income and expenses of each subsidiary are combined on a line-by-line basis in the consolidated ﬁnancial statements. Minority interests in equity and in net proﬁt are identiﬁed separately under “Minority interests” in the consolidated balance sheet and the consolidated income statement.2.4.1 Accounting treatmentsThe principal accounting treatments involving the exercise of judgment are listed below, along with a reference to the note that describes the main analytical methods used in applying each treatment: p p p goodwill and impairment testing (notes 2.7 and 2.10); recognition and measurement of audiovisual rights (note 2.8.1); recognition and measurement of programmes, broadcasting rights and sports transmission rights (note 2.12); classiﬁcation of ﬁnancial instruments (notes 2.11 and 2.17); revenue recognition (notes 2.3 and 2.20).p pJointly controlled entitiesA jointly controlled entity is one in which the power to govern the ﬁnancial and operating policies of the entity is contractually shared by TF1 with one or more other parties, none of which exercises control. TF1 accounts for interests in such entities using the proportionate consolidation method. Under this method, TF1 includes its own share of the subsidiary’s assets, liabilities, equity, income and expenses in the relevant lines of its own consolidated ﬁnancial statements.2.4.2 Use of estimatesPreparation of the consolidated ﬁnancial statements requires the TF1 Group to make various estimates and use various assumptions regarded as realistic and reasonable. Events or circumstances may result in changes to these estimates or assumptions, which could affect the value of the Group’s assets, liabilities, equity or net proﬁt. The principal accounting policies requiring the use of estimates are: p impairment of goodwill (note 7): the carrying amount of goodwill in the TF1 consolidated ﬁnancial statements is reviewed annually using the method described in note 2.10. These impairment tests are sensitive to medium-term ﬁnancial forecasts and to the discount rates used to estimate the value in use of cash-generating units (CGUs); impairment of audiovisual rights (note 8.1): impairment testing of audiovisual rights is based on an analysis of projected future revenues; impairment of programmes and broadcasting rights (note 11): impairment testing of programmes and broadcasting rights is based on the probability of transmission, assessed mainly on the basis of future programming schedules; measurement of provisions for retirement beneﬁt obligations (note 16.1.2): these provisions are calculated by the TF1 Group itself using the projected unit credit method, as described in note 2.19.1. This calculation is sensitive to assumptions regarding the discount rate, the salary inﬂation rate and the employee turnover rate; provisions (note 16): provisions are established to cover probable outﬂows of resources to third parties with no corresponding inﬂow of resources for the Group. They include provisions for all kinds of litigation and claims, the amount of which is estimated based on assumptions regarding the most likely outcomes. In determining these assumptions, TF1 management may rely on the assessments of external advisors; fair value of ﬁnancial instruments (notes 12.5 and 14.3): the fair value of ﬁnancial instruments is determined by reference to market prices. In the case of derivative instruments, market prices are determined and supplied to the TF1 Group by its bankers. Where no quoted market price is available, fair value is estimated using other valuation methods such as the discounted cash ﬂow method.AssociatesAn associate is an enterprise in which TF1 exercises signiﬁcant inﬂuence, which means that TF1 has the power to participate in the ﬁnancial and operating policy decisions of the investee without exercising control. Signiﬁcant inﬂuence is presumed to exist if the parent company holds, directly or indirectly, 20% or more of the voting power of the investee. TF1 accounts for investments in associates using the equity method. Under this method, the investment in the associate is initially recorded in the balance sheet at acquisition cost. The carrying amount is then increased or decreased by the Group’s share of the associate’s proﬁts or losses and of other changes in the equity of the associate subsequent to the acquisition date.pp2.6 FOREIGN CURRENCY TRANSLATION2.6.1 Translation of the financial statements of foreign entitiesThe ﬁnancial statements of foreign operations are translated into euros, the reporting currency of the TF1 Group. All assets and liabilities of foreign entities are translated at the closing exchange rate; income and expenses are translated at the average rate for the period. Translation differences arising from this treatment, and from retranslating the opening equity of foreign entities at the closing exchange rate, are taken to equity under “Share premium and reserves”. On disposal of a foreign entity, these differences are taken to proﬁt or loss as part of the gain or loss on disposal.ppSpecific treatment on transition to IFRSThe TF1 Group applied the option allowed under IFRS 1, under which existing cumulative translation differences arising from the translation of the ﬁnancial statements of foreign subsidiaries into euros were deemed to be zero. The balance as of January 1, 2004 under French generally accepted accounting principles (“French GAAP”) was reclassiﬁed to reserves, with no impact on shareholders’ equity attributable to the Group. Consequently, the gain or loss on a subsequent disposal of any consolidated entity or associate will exclude translation differences that arose before the date of transition to IFRS.p962008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2.4 SELECTION OF ACCOUNTING TREATMENTS, EXERCISE OF JUDGMENT AND USE OF ESTIMATESPreparation of the consolidated ﬁnancial statements requires TF1 management to exercise judgement in the selection of accounting treatments and to use estimates for the measurement of assets, liabilities, income and expenses, which may have a material impact on the amounts reported in the ﬁnancial statements.2.5 CONSOLIDATION METHODSSubsidiariesSubsidiaries are companies over which TF1 exercises control. Control is presumed to exist where the parent company has the power directly or indirectly to govern the ﬁnancial and operating policies of an enterprise so as to obtain beneﬁts from its activities. Subsidiaries are included in the consolidation from the date on which control is effectively transferred to the Group. Divested subsidiaries are excluded from the consolidation from the date on which the Group ceases to have control. TF1 accounts for investees over which it exercises exclusive control using the full consolidation method. Under this method, all assets, liabilities, equity, income and expenses of each subsidiary are combined on a line-by-line basis in the consolidated ﬁnancial statements. Minority interests in equity and in net proﬁt are identiﬁed separately under “Minority interests” in the consolidated balance sheet and the consolidated income statement.2.4.1 Accounting treatmentsThe principal accounting treatments involving the exercise of judgment are listed below, along with a reference to the note that describes the main analytical methods used in applying each treatment: p p p goodwill and impairment testing (notes 2.7 and 2.10); recognition and measurement of audiovisual rights (note 2.8.1); recognition and measurement of programmes, broadcasting rights and sports transmission rights (note 2.12); classiﬁcation of ﬁnancial instruments (notes 2.11 and 2.17); revenue recognition (notes 2.3 and 2.20).p pJointly controlled entitiesA jointly controlled entity is one in which the power to govern the ﬁnancial and operating policies of the entity is contractually shared by TF1 with one or more other parties, none of which exercises control. TF1 accounts for interests in such entities using the proportionate consolidation method. Under this method, TF1 includes its own share of the subsidiary’s assets, liabilities, equity, income and expenses in the relevant lines of its own consolidated ﬁnancial statements.2.4.2 Use of estimatesPreparation of the consolidated ﬁnancial statements requires the TF1 Group to make various estimates and use various assumptions regarded as realistic and reasonable. Events or circumstances may result in changes to these estimates or assumptions, which could affect the value of the Group’s assets, liabilities, equity or net proﬁt. The principal accounting policies requiring the use of estimates are: p impairment of goodwill (note 7): the carrying amount of goodwill in the TF1 consolidated ﬁnancial statements is reviewed annually using the method described in note 2.10. These impairment tests are sensitive to medium-term ﬁnancial forecasts and to the discount rates used to estimate the value in use of cash-generating units (CGUs); impairment of audiovisual rights (note 8.1): impairment testing of audiovisual rights is based on an analysis of projected future revenues; impairment of programmes and broadcasting rights (note 11): impairment testing of programmes and broadcasting rights is based on the probability of transmission, assessed mainly on the basis of future programming schedules; measurement of provisions for retirement beneﬁt obligations (note 16.1.2): these provisions are calculated by the TF1 Group itself using the projected unit credit method, as described in note 2.19.1. This calculation is sensitive to assumptions regarding the discount rate, the salary inﬂation rate and the employee turnover rate; provisions (note 16): provisions are established to cover probable outﬂows of resources to third parties with no corresponding inﬂow of resources for the Group. They include provisions for all kinds of litigation and claims, the amount of which is estimated based on assumptions regarding the most likely outcomes. In determining these assumptions, TF1 management may rely on the assessments of external advisors; fair value of ﬁnancial instruments (notes 12.5 and 14.3): the fair value of ﬁnancial instruments is determined by reference to market prices. In the case of derivative instruments, market prices are determined and supplied to the TF1 Group by its bankers. Where no quoted market price is available, fair value is estimated using other valuation methods such as the discounted cash ﬂow method.AssociatesAn associate is an enterprise in which TF1 exercises signiﬁcant inﬂuence, which means that TF1 has the power to participate in the ﬁnancial and operating policy decisions of the investee without exercising control. Signiﬁcant inﬂuence is presumed to exist if the parent company holds, directly or indirectly, 20% or more of the voting power of the investee. TF1 accounts for investments in associates using the equity method. Under this method, the investment in the associate is initially recorded in the balance sheet at acquisition cost. The carrying amount is then increased or decreased by the Group’s share of the associate’s proﬁts or losses and of other changes in the equity of the associate subsequent to the acquisition date.pp2.6 FOREIGN CURRENCY TRANSLATION2.6.1 Translation of the financial statements of foreign entitiesThe ﬁnancial statements of foreign operations are translated into euros, the reporting currency of the TF1 Group. All assets and liabilities of foreign entities are translated at the closing exchange rate; income and expenses are translated at the average rate for the period. Translation differences arising from this treatment, and from retranslating the opening equity of foreign entities at the closing exchange rate, are taken to equity under “Share premium and reserves”. On disposal of a foreign entity, these differences are taken to proﬁt or loss as part of the gain or loss on disposal.ppSpecific treatment on transition to IFRSThe TF1 Group applied the option allowed under IFRS 1, under which existing cumulative translation differences arising from the translation of the ﬁnancial statements of foreign subsidiaries into euros were deemed to be zero. The balance as of January 1, 2004 under French generally accepted accounting principles (“French GAAP”) was reclassiﬁed to reserves, with no impact on shareholders’ equity attributable to the Group. Consequently, the gain or loss on a subsequent disposal of any consolidated entity or associate will exclude translation differences that arose before the date of transition to IFRS.p962008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.6.2 Translation of transactions denominated in foreign currenciesTransactions denominated in foreign currencies carried out by subsidiaries and jointly controlled entities are initially translated into the functional currency of the subsidiary or entity using the exchange rate at the transaction date. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate. Any resulting translation differences are taken to proﬁt or loss. Non-monetary assets and liabilities denominated in a foreign currency are recognised at historical cost and translated using the exchange rate at the transaction date.2.8 INTANGIBLE ASSETSSeparately acquired intangible assets are initially recognised at acquisition cost or (if acquired in a business combination) at fair value as of the acquisition date. Subsequent to the acquisition date, intangible assets are measured at initial recognition cost less accumulated amortisation and impairment losses. Intangible assets with ﬁnite useful lives are amortised over their expected useful lives. Intangible assets with indeﬁnite useful lives are not amortised.2.7 BUSINESS COMBINATIONS AND GOODWILLBusiness combinations subsequent to January 1, 2004Business combinations are accounted for using the purchase method. Under this method, the identiﬁable assets, liabilities and contingent liabilities of the acquiree that satisfy the IFRS recognition criteria are recognised at their fair value at the acquisition date, except for non-current assets held for sale which are recognised at fair value less costs to sell in accordance with IFRS 5. The cost of a business combination is the aggregate of: p the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquiree; plus any costs directly attributable to the business combination.2.8.1 Audiovisual rightsThis item includes shares in ﬁlms and audiovisual programmes produced or coproduced by TF1 Films Production, TF1 Vidéo, Glem and Téléma; distribution and trading rights owned by TF1 International, TCM DA and TF1 Entreprises; and music rights owned by Une Musique and Baxter. Audiovisual rights are recognised as an asset in the balance sheet at historical cost under “Audiovisual rights” on the following dates: p p date of end of shooting or censor’s certiﬁcate for ﬁlm co-productions; date of signature of contract for acquired audiovisual distribution and/or trading rights and music rights.Amortisation periods for these categories of audiovisual rights are as follows: p shares in ﬁlm co-productions: amortised in line with revenues, with a minimum of three years straight-line; audiovisual distribution rights: amortised in line with revenues, with a minimum of three years straight-line; audiovisual trading rights: straight-line basis over ﬁve years; music rights: amortised over two years, 75% in the ﬁrst year and the remaining 25% in the second year.pAny excess of the cost of a business combination over the acquirer’s interest in the net fair value of the identiﬁable assets, liabilities and contingent liabilities at the acquisition date is recognised as goodwill. If the initial accounting for a business combination can be determined only provisionally by the end of the period in which the combination is effected, the TF1 Group recognises any adjustments to these provisional values within twelve months following the acquisition date. If the adjustment between provisional and ﬁnal fair value accounting materially affects the presentation of the ﬁnancial statements, the comparative information for the period preceding the ﬁnal accounting for the combination is restated as though the ﬁnal accounting had been completed at the acquisition date. If the share of the fair value of the identiﬁable assets and liabilities acquired exceeds the cost of the combination, the excess is recognised immediately in the income statement as negative goodwill. Subsequent to initial recognition, goodwill is measured at cost less any impairment losses, determined using the method described in note 2.10. Any impairment losses are charged as an operating item in the income statement, and may not be subsequently reversed.pp pThe amortisation method used for ﬁlms co-produced by TF1 Films Production and Téléma is consistent with industry practice (amortisation in line with revenues subject to a minimum of straight-line amortisation over three years). A provision for impairment is recorded individually if estimated future revenues do not cover the net carrying amount.2.8.2 Other intangible assetsOther acquired intangible assets are carried at acquisition cost less accumulated amortisation and impairment losses. These mainly comprise operating licences (other than broadcasting licences and audiovisual rights), trademarks and similar rights, and software. These assets are amortised on a straight-line basis over their expected useful lives, except for certain trademarks owned by the TF1 Group and regarded as having an indeﬁnite useful life, which are not amortised.Specific treatment on transition to IFRSIn accordance with the option allowed under IFRS 1, the TF1 Group elected not to remeasure goodwill arising on business combinations effected prior to January 1, 2004.2.9 PROPERTY, PLANT AND EQUIPMENT2.9.1. Property, plant and equipment owned outrightProperty, plant and equipment is carried at acquisition cost net of accumulated depreciation and impairment losses.2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.6.2 Translation of transactions denominated in foreign currenciesTransactions denominated in foreign currencies carried out by subsidiaries and jointly controlled entities are initially translated into the functional currency of the subsidiary or entity using the exchange rate at the transaction date. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate. Any resulting translation differences are taken to proﬁt or loss. Non-monetary assets and liabilities denominated in a foreign currency are recognised at historical cost and translated using the exchange rate at the transaction date.2.8 INTANGIBLE ASSETSSeparately acquired intangible assets are initially recognised at acquisition cost or (if acquired in a business combination) at fair value as of the acquisition date. Subsequent to the acquisition date, intangible assets are measured at initial recognition cost less accumulated amortisation and impairment losses. Intangible assets with ﬁnite useful lives are amortised over their expected useful lives. Intangible assets with indeﬁnite useful lives are not amortised.2.7 BUSINESS COMBINATIONS AND GOODWILLBusiness combinations subsequent to January 1, 2004Business combinations are accounted for using the purchase method. Under this method, the identiﬁable assets, liabilities and contingent liabilities of the acquiree that satisfy the IFRS recognition criteria are recognised at their fair value at the acquisition date, except for non-current assets held for sale which are recognised at fair value less costs to sell in accordance with IFRS 5. The cost of a business combination is the aggregate of: p the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquiree; plus any costs directly attributable to the business combination.2.8.1 Audiovisual rightsThis item includes shares in ﬁlms and audiovisual programmes produced or coproduced by TF1 Films Production, TF1 Video, Glem and Telema; distribution and trading rights owned by TF1 International, TCM DA and TF1 Entreprises; and music rights owned by Une Musique and Baxter. Audiovisual rights are recognised as an asset in the balance sheet at historical cost under “Audiovisual rights” on the following dates: p p date of end of shooting or censor’s certiﬁcate for ﬁlm co-productions; date of signature of contract for acquired audiovisual distribution and/or trading rights and music rights.Amortisation periods for these categories of audiovisual rights are as follows: p shares in ﬁlm co-productions: amortised in line with revenues, with a minimum of three years straight-line; audiovisual distribution rights: amortised in line with revenues, with a minimum of three years straight-line; audiovisual trading rights: straight-line basis over ﬁve years; music rights: amortised over two years, 75% in the ﬁrst year and the remaining 25% in the second year.pAny excess of the cost of a business combination over the acquirer’s interest in the net fair value of the identiﬁable assets, liabilities and contingent liabilities at the acquisition date is recognised as goodwill. If the initial accounting for a business combination can be determined only provisionally by the end of the period in which the combination is effected, the TF1 Group recognises any adjustments to these provisional values within twelve months following the acquisition date. If the adjustment between provisional and ﬁnal fair value accounting materially affects the presentation of the ﬁnancial statements, the comparative information for the period preceding the ﬁnal accounting for the combination is restated as though the ﬁnal accounting had been completed at the acquisition date. If the share of the fair value of the identiﬁable assets and liabilities acquired exceeds the cost of the combination, the excess is recognised immediately in the income statement as negative goodwill. Subsequent to initial recognition, goodwill is measured at cost less any impairment losses, determined using the method described in note 2.10. Any impairment losses are charged as an operating item in the income statement, and may not be subsequently reversed.pp pThe amortisation method used for ﬁlms co-produced by TF1 Films Production and Telema is consistent with industry practice (amortisation in line with revenues subject to a minimum of straight-line amortisation over three years). A provision for impairment is recorded individually if estimated future revenues do not cover the net carrying amount.2.8.2 Other intangible assetsOther acquired intangible assets are carried at acquisition cost less accumulated amortisation and impairment losses. These mainly comprise operating licences (other than broadcasting licences and audiovisual rights), trademarks and similar rights, and software. These assets are amortised on a straight-line basis over their expected useful lives, except for certain trademarks owned by the TF1 Group and regarded as having an indeﬁnite useful life, which are not amortised.Specific treatment on transition to IFRSIn accordance with the option allowed under IFRS 1, the TF1 Group elected not to remeasure goodwill arising on business combinations effected prior to January 1, 2004.2.9 PROPERTY, PLANT AND EQUIPMENT2.9.1. Property, plant and equipment owned outrightProperty, plant and equipment is carried at acquisition cost net of accumulated depreciation and impairment losses.2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[4p p pFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsDepreciation is charged on a straight-line basis over the expected useful life of the asset, taking account of any residual value of the asset: buildings: 25 to 50 years technical installations: 3 to 7 years other property, plant and equipment: 2 to 10 yearsAn impairment loss is recognised where the recoverable amount of an asset or CGU is less than its carrying amount. Impairment losses on ﬁnite-lived and indeﬁnite-lived items of property, plant and equipment and intangible assets may be reversed subsequently if the recoverable amount of the asset becomes greater than its carrying amount again. The only impairment losses that may not be reversed are those relating to goodwill.Land is not depreciated. Where an asset is made up of components with different useful lives, these components are recorded as separate items within property, plant and equipment. Gains or losses on disposals of property, plant and equipment represent the difference between the sale proceeds and the net carrying amount of the asset, and are included in “Other operating income and expenses”.2.10.2Investments in associatesBecause goodwill included in the carrying amount of investments in associates is not presented separately, this goodwill is not tested individually for impairment, in accordance with IAS 36. The total carrying amount is tested for impairment by comparing its recoverable amount to its carrying amount if there is evidence that the investment is impaired.2.10.3Other non-current assets2.9.2 Property, plant and equipment acquired under finance leasesProperty, plant and equipment held under leases which transfer substantially all the risks and rewards of ownership of the asset to the TF1 Group is recognised as an asset in the balance sheet at the inception date of the lease, at the lower of the fair value of the leased asset or the present value of the minimum lease payments. Lease payments are apportioned between the ﬁnance charge and the reduction of the outstanding liability; the ﬁnance charge is recognised in the income statement under “Expenses associated with net debt”, a component of “Cost of net debt”. Assets held under ﬁnance leases are depreciated over the same periods as assets of the same type owned outright.The methods used to test other non-current assets (in particular, audiovisual rights) for impairment are described in the relevant sections below.2.11 FINANCIAL ASSETSFinancial assets may be classiﬁed in one of four categories: available-for-sale ﬁnancial assets, loans and receivables measured at amortised cost, held-tomaturity investments, and assets at fair value through proﬁt or loss. In accordance with IAS 1, ﬁnancial assets are classiﬁed as either current assets or non-current assets. Financial assets are recognised at the settlement date.2.11.1Available-for-sale financial assets2.10 IMPAIRMENT OF NON-CURRENT ASSETSAt each balance sheet date, TF1 assesses whether there are internal or external events or circumstances which indicate that a non-current asset may have been impaired. If there is such an indication, or if the asset is required to be tested for impairment annually (goodwill, and intangible assets with indeﬁnite useful lives), the recoverable amount of the asset is estimated.These assets are initially recognised at fair value, which corresponds to acquisition cost plus transaction costs. At subsequent balance sheet dates, availablefor-sale ﬁnancial assets are remeasured at fair value. Changes in fair value are recognised in equity, and are not transferred to the income statement until the asset in question is sold. The TF1 Group classiﬁes in this category equity interests in companies over which the Group exercises neither control nor signiﬁcant inﬂuence. The fair value of listed securities is determined using the fair value measurement principles described in note 12.5. Unlisted securities whose fair value cannot be measured reliably are carried at cost. Available-for-sale ﬁnancial assets are tested individually for impairment. If there is objective evidence of impairment, an impairment loss is recognised in the income statement; these impairment losses may not be subsequently reversed.2.10.1Goodwill and indefinite-lived intangible assetsThe recoverable amount of an asset is the higher of value in use or fair value less costs to sell. If fair value less costs to sell cannot be reliably measured, the recoverable amount of an asset is its value in use. The value in use of assets to which independent cash ﬂows can be directly allocated is determined individually. All other assets are grouped within cashgenerating units (CGUs) to determine their value in use. A CGU is the smallest identiﬁable group of assets that generates cash inﬂows that are largely independent of the cash inﬂows from other assets or groups of assets. The value in use of an asset or a CGU is measured using the discounted cash ﬂow (DCF) method, based on 3-year cash ﬂow projections approved by TF1 management and the Board of Directors plus a standard annual cash ﬂow ﬁgure for the time horizon beyond the 3-year business plan. The cash ﬂows used are determined on an after-tax basis. These cash ﬂow projections are discounted using an after-tax discount rate, determined on the basis of the weighted average cost of capital of a sample of companies representative of the business sector to which the asset being tested belongs. The fair value less costs to sell of an asset or CGU is measured, where possible, by reference to the price in a binding sale agreement in an arm’s length transaction.2.11.2Loans and receivablesThese ﬁnancial assets are initially recognised at fair value plus directly attributable transaction costs. At each subsequent balance sheet date, they are measured at amortised cost using the effective interest method. This category includes trade debtors, other debtors, loans receivable, deposits and caution money, loans and advances to non-consolidated equity investments, cash, and current account advances to associates and non-consolidated entities. Loans and receivables are assessed individually for objective evidence of impairment. An asset is regarded as impaired if the carrying amount is greater than the estimated recoverable amount as determined in impairment tests. Impairment losses are recognised in proﬁt or loss, but may be reversed if the recoverable amount increases in subsequent periods.982008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4p p pFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsDepreciation is charged on a straight-line basis over the expected useful life of the asset, taking account of any residual value of the asset: buildings: 25 to 50 years technical installations: 3 to 7 years other property, plant and equipment: 2 to 10 yearsAn impairment loss is recognised where the recoverable amount of an asset or CGU is less than its carrying amount. Impairment losses on ﬁnite-lived and indeﬁnite-lived items of property, plant and equipment and intangible assets may be reversed subsequently if the recoverable amount of the asset becomes greater than its carrying amount again. The only impairment losses that may not be reversed are those relating to goodwill.Land is not depreciated. Where an asset is made up of components with different useful lives, these components are recorded as separate items within property, plant and equipment. Gains or losses on disposals of property, plant and equipment represent the difference between the sale proceeds and the net carrying amount of the asset, and are included in “Other operating income and expenses”.2.10.2Investments in associatesBecause goodwill included in the carrying amount of investments in associates is not presented separately, this goodwill is not tested individually for impairment, in accordance with IAS 36. The total carrying amount is tested for impairment by comparing its recoverable amount to its carrying amount if there is evidence that the investment is impaired.2.10.3Other non-current assets2.9.2 Property, plant and equipment acquired under finance leasesProperty, plant and equipment held under leases which transfer substantially all the risks and rewards of ownership of the asset to the TF1 Group is recognised as an asset in the balance sheet at the inception date of the lease, at the lower of the fair value of the leased asset or the present value of the minimum lease payments. Lease payments are apportioned between the ﬁnance charge and the reduction of the outstanding liability; the ﬁnance charge is recognised in the income statement under “Expenses associated with net debt”, a component of “Cost of net debt”. Assets held under ﬁnance leases are depreciated over the same periods as assets of the same type owned outright.The methods used to test other non-current assets (in particular, audiovisual rights) for impairment are described in the relevant sections below.2.11 FINANCIAL ASSETSFinancial assets may be classiﬁed in one of four categories: available-for-sale ﬁnancial assets, loans and receivables measured at amortised cost, held-tomaturity investments, and assets at fair value through proﬁt or loss. In accordance with IAS 1, ﬁnancial assets are classiﬁed as either current assets or non-current assets. Financial assets are recognised at the settlement date.2.11.1Available-for-sale financial assets2.10 IMPAIRMENT OF NON-CURRENT ASSETSAt each balance sheet date, TF1 assesses whether there are internal or external events or circumstances which indicate that a non-current asset may have been impaired. If there is such an indication, or if the asset is required to be tested for impairment annually (goodwill, and intangible assets with indeﬁnite useful lives), the recoverable amount of the asset is estimated.These assets are initially recognised at fair value, which corresponds to acquisition cost plus transaction costs. At subsequent balance sheet dates, availablefor-sale ﬁnancial assets are remeasured at fair value. Changes in fair value are recognised in equity, and are not transferred to the income statement until the asset in question is sold. The TF1 Group classiﬁes in this category equity interests in companies over which the Group exercises neither control nor signiﬁcant inﬂuence. The fair value of listed securities is determined using the fair value measurement principles described in note 12.5. Unlisted securities whose fair value cannot be measured reliably are carried at cost. Available-for-sale ﬁnancial assets are tested individually for impairment. If there is objective evidence of impairment, an impairment loss is recognised in the income statement; these impairment losses may not be subsequently reversed.2.10.1Goodwill and indefinite-lived intangible assetsThe recoverable amount of an asset is the higher of value in use or fair value less costs to sell. If fair value less costs to sell cannot be reliably measured, the recoverable amount of an asset is its value in use. The value in use of assets to which independent cash ﬂows can be directly allocated is determined individually. All other assets are grouped within cashgenerating units (CGUs) to determine their value in use. A CGU is the smallest identiﬁable group of assets that generates cash inﬂows that are largely independent of the cash inﬂows from other assets or groups of assets. The value in use of an asset or a CGU is measured using the discounted cash ﬂow (DCF) method, based on 3-year cash ﬂow projections approved by TF1 management and the Board of Directors plus a standard annual cash ﬂow ﬁgure for the time horizon beyond the 3-year business plan. The cash ﬂows used are determined on an after-tax basis. These cash ﬂow projections are discounted using an after-tax discount rate, determined on the basis of the weighted average cost of capital of a sample of companies representative of the business sector to which the asset being tested belongs. The fair value less costs to sell of an asset or CGU is measured, where possible, by reference to the price in a binding sale agreement in an arm’s length transaction.2.11.2Loans and receivablesThese ﬁnancial assets are initially recognised at fair value plus directly attributable transaction costs. At each subsequent balance sheet date, they are measured at amortised cost using the effective interest method. This category includes trade debtors, other debtors, loans receivable, deposits and caution money, loans and advances to non-consolidated equity investments, cash, and current account advances to associates and non-consolidated entities. Loans and receivables are assessed individually for objective evidence of impairment. An asset is regarded as impaired if the carrying amount is greater than the estimated recoverable amount as determined in impairment tests. Impairment losses are recognised in proﬁt or loss, but may be reversed if the recoverable amount increases in subsequent periods.982008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.11.3Held-to-maturity investmentsHeld-to-maturity investments are non-derivative ﬁnancial assets with ﬁxed or determinable payments and ﬁxed maturity that an entity has the positive intention and ability to hold until maturity. They are measured and carried at amortised cost calculated using the effective interest method. Held-to-maturity investments are assessed individually for objective evidence of impairment, and regarded as impaired if the carrying amount is greater than the estimated recoverable amount as determined in impairment tests. Impairment losses are recognised in proﬁt or loss.consumption is calculated according to the type of programme using the rules described below (unless speciﬁc valuation): Drama with a running time of at least 52 minutes 80% 20% Other programmes and broadcasting rights 100% -TF1 rules by programme type 1st transmission 2nd transmissionFilms, TV movies, serials and cartoons 50% 50%2.11.4Financial assets at fair value through profit or lossThese assets are measured at fair value, with changes in fair value recognised in proﬁt or loss. This category includes: p assets classiﬁed as held for trading, which comprise assets acquired for the purpose of reselling them in the near term at a proﬁt or which are part of a portfolio of ﬁnancial instruments that are managed together and for which there is a pattern of short-term proﬁt taking; assets designated by the Group on initial recognition as ﬁnancial instruments at fair value through proﬁt or loss.“Other programmes and broadcasting rights” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, sport, and dramas with a running time of less than 52 minutes. A provision for impairment is recorded once it becomes probable that a programme will not be transmitted, or if the contractual value at which it was recognised in inventory exceeds the value attributable to it using the rules described above. Probability of transmission is assessed on the basis of the most recent programming schedules approved by management. External productions that have not been broadcast, and the rights to which have expired, are expensed as a component of current operating proﬁt. Rights ordered under irrevocable contracts but not yet available for transmission (see above) are disclosed in the notes to the consolidated ﬁnancial statements, and valued as follows: p Programmes and broadcasting rights: Rights acquisition contracts not yet recognised in inventory at the balance sheet date are priced at the contractual amount (or the estimated future cash outﬂow in the case of output deal contracts), less any advance payments made under the contract. Advance payments are recognised in the balance sheet as a supplier prepayment in “Trade and other debtors”. p Sports transmission rights: Acquisitions of sports transmission rights under irrevocable orders placed before the balance sheet date are priced at the contractual amount less any sums already paid at that date.p2.12 PROGRAMMES AND BROADCASTING RIGHTSIn order to secure programming schedules for future years, the TF1 Group enters into binding contracts, sometimes for a period of several years, under which the Group acquires (and the other party agrees to deliver) programme rights and sports transmission rights. A programme is treated as ready for transmission and recognised in inventory under “Programmes and broadcasting rights” when the following two conditions are met: technical acceptance (for in-house and external productions), and opening of rights (for external productions). Any programme acquisition advance payments made before these conditions are met are treated as supplier prepayments. The line “Programmes and broadcasting rights” in the balance sheet includes: p p in-house productions, made by TF1 Group companies for TF1 channels; external productions, comprising broadcasting rights acquired by the TF1 Group’s channels and co-production shares of broadcasts made for the TF1 Group’s channels.2.13 FINANCIAL ASSETS USED FOR TREASURY MANAGEMENT PURPOSESFinancial assets used for treasury management purposes are securities held for trading purposes which although they are monetary investments do not qualify as cash equivalents. They are classiﬁed as ﬁnancial assets at fair value through proﬁt or loss held for trading.The value of programmes and broadcasting rights is measured as follows: p in-house production: at overall production cost (direct costs plus a portion of indirect production costs); broadcasting rights and co-productions: at purchase cost, less consumption for the year calculated at each balance sheet date.p2.14 CASH AND CASH EQUIVALENTSThe line “Cash and cash equivalents” in the balance sheet comprises cash, cash equivalents, and debit balances on treasury current accounts. Cash consists of bank current accounts and sight deposits. Cash equivalents are assets held in order to meet short-term treasury needs. Investments qualify as cash equivalents if they are readily convertible into cash, are subject to an insigniﬁcant risk of changes in value, and have a maturity of less than three months. Treasury current accounts represent cash invested with non-consolidated equity investees or with associates, plus the uneliminated portion of treasury current accounts with companies consolidated by the proportionate consolidation method.TF1 SA programmes (which account for most of the Group’s programme inventory) are deemed to have been consumed as transmitted. If they are acquired for a single transmission, they are regarded as having been consumed in full at the time of this transmission. If they are acquired for two or more transmissions,2008 REGISTRATION DOCUMENT]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.11.3Held-to-maturity investmentsHeld-to-maturity investments are non-derivative ﬁnancial assets with ﬁxed or determinable payments and ﬁxed maturity that an entity has the positive intention and ability to hold until maturity. They are measured and carried at amortised cost calculated using the effective interest method. Held-to-maturity investments are assessed individually for objective evidence of impairment, and regarded as impaired if the carrying amount is greater than the estimated recoverable amount as determined in impairment tests. Impairment losses are recognised in proﬁt or loss.consumption is calculated according to the type of programme using the rules described below (unless speciﬁc valuation): Drama with a running time of at least 52 minutes 80% 20% Other programmes and broadcasting rights 100% -TF1 rules by programme type 1st transmission 2nd transmissionFilms, TV movies, serials and cartoons 50% 50%2.11.4Financial assets at fair value through profit or lossThese assets are measured at fair value, with changes in fair value recognised in proﬁt or loss. This category includes: p assets classiﬁed as held for trading, which comprise assets acquired for the purpose of reselling them in the near term at a proﬁt or which are part of a portfolio of ﬁnancial instruments that are managed together and for which there is a pattern of short-term proﬁt taking; assets designated by the Group on initial recognition as ﬁnancial instruments at fair value through proﬁt or loss.“Other programmes and broadcasting rights” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, sport, and dramas with a running time of less than 52 minutes. A provision for impairment is recorded once it becomes probable that a programme will not be transmitted, or if the contractual value at which it was recognised in inventory exceeds the value attributable to it using the rules described above. Probability of transmission is assessed on the basis of the most recent programming schedules approved by management. External productions that have not been broadcast, and the rights to which have expired, are expensed as a component of current operating proﬁt. Rights ordered under irrevocable contracts but not yet available for transmission (see above) are disclosed in the notes to the consolidated ﬁnancial statements, and valued as follows: p Programmes and broadcasting rights: Rights acquisition contracts not yet recognised in inventory at the balance sheet date are priced at the contractual amount (or the estimated future cash outﬂow in the case of output deal contracts), less any advance payments made under the contract. Advance payments are recognised in the balance sheet as a supplier prepayment in “Trade and other debtors”. p Sports transmission rights: Acquisitions of sports transmission rights under irrevocable orders placed before the balance sheet date are priced at the contractual amount less any sums already paid at that date.p2.12 PROGRAMMES AND BROADCASTING RIGHTSIn order to secure programming schedules for future years, the TF1 Group enters into binding contracts, sometimes for a period of several years, under which the Group acquires (and the other party agrees to deliver) programme rights and sports transmission rights. A programme is treated as ready for transmission and recognised in inventory under “Programmes and broadcasting rights” when the following two conditions are met: technical acceptance (for in-house and external productions), and opening of rights (for external productions). Any programme acquisition advance payments made before these conditions are met are treated as supplier prepayments. The line “Programmes and broadcasting rights” in the balance sheet includes: p p in-house productions, made by TF1 Group companies for TF1 channels; external productions, comprising broadcasting rights acquired by the TF1 Group’s channels and co-production shares of broadcasts made for the TF1 Group’s channels.2.13 FINANCIAL ASSETS USED FOR TREASURY MANAGEMENT PURPOSESFinancial assets used for treasury management purposes are securities held for trading purposes which although they are monetary investments do not qualify as cash equivalents. They are classiﬁed as ﬁnancial assets at fair value through proﬁt or loss held for trading.The value of programmes and broadcasting rights is measured as follows: p in-house production: at overall production cost (direct costs plus a portion of indirect production costs); broadcasting rights and co-productions: at purchase cost, less consumption for the year calculated at each balance sheet date.p2.14 CASH AND CASH EQUIVALENTSThe line “Cash and cash equivalents” in the balance sheet comprises cash, cash equivalents, and debit balances on treasury current accounts. Cash consists of bank current accounts and sight deposits. Cash equivalents are assets held in order to meet short-term treasury needs. Investments qualify as cash equivalents if they are readily convertible into cash, are subject to an insigniﬁcant risk of changes in value, and have a maturity of less than three months. Treasury current accounts represent cash invested with non-consolidated equity investees or with associates, plus the uneliminated portion of treasury current accounts with companies consolidated by the proportionate consolidation method.TF1 SA programmes (which account for most of the Group’s programme inventory) are deemed to have been consumed as transmitted. If they are acquired for a single transmission, they are regarded as having been consumed in full at the time of this transmission. If they are acquired for two or more transmissions,2008 REGISTRATION DOCUMENT]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsCash and treasury current accounts are classiﬁed in the “Loans and receivables” category and carried at amortised cost.2.15 HELD-FOR-SALE ASSETSA non-current asset or a group of assets and liabilities is classiﬁed as “held-forsale” if its carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is highly probable. If material, such assets and asset groups are reported separately from other assets or asset groups, and are measured at the lower of their carrying amount or fair value less costs to sell. An operation is treated as discontinued or held-for-sale when it is a separate line of business that is material to the Group, and either (i) the criteria for classiﬁcation as a held-for-sale asset are met or (ii) it has been sold by the TF1 Group. Discontinued and held-for-sale operations are presented on a separate line in the income statement for each of the periods reported, showing the post-tax proﬁt or loss of discontinued or held-for-sale operations until the date of sale and the post-tax gain or loss arising from the sale of such operations or from remeasuring the assets and liabilities of such operations at fair value less costs to sell. If material, cash ﬂows relating to discontinued and held-for-sale operations are shown in a separate section at the foot of the consolidated cash ﬂow statement for all the periods reported.redemption premium, which are recognised in the balance sheet as a deduction from the nominal value of the bond issue and amortised using the effective interest method over the term of the bond issue. Amortisation and interest charges are recognised in the income statement under “Expenses associated with net debt”. The portion of accrued interest falling due within less than one year is recorded in “Current debt”.2.17.2Other financial liabilitiesOther current and non-current ﬁnancial liabilities comprise borrowings, treasury current accounts with credit balances, bank overdrafts and ﬁnance lease obligations, and are measured at amortised cost. Commitments to buy out minority shareholders are recognised as a ﬁnancial liability. Any excess of the amount of the liability over the carrying amount of the related minority interests is recognised as goodwill.2.18 DERIVATIVE FINANCIAL INSTRUMENTSDerivative ﬁnancial instruments are initially recognised at fair value as of the inception date of the contract, and are subsequently measured at fair value in accordance with IAS 39. The TF1 Group uses derivative ﬁnancial instruments such as swaps, interest rate options, forward currency purchases and currency options to hedge its exposure to ﬂuctuations in interest rates and exchange rates. Group policy is to trade on the ﬁnancial markets solely for hedging purposes related to its business activities, and not to trade for speculative purposes.2.16 TREASURY SHARESTreasury shares acquired by the TF1 Group are deducted from consolidated equity. No gains or losses arising on the purchase, sale or cancellation of treasury shares are recognised in the income statement.2.18.1Derivative financial instruments designated as hedgesFor hedge accounting purposes, a hedge may be classiﬁed into one of two categories: p fair value hedges, which hedge the exposure to changes in fair value of a recognised asset or liability, or a ﬁrm commitment, such as a ﬁxed-rate loan or borrowing or an asset or liability denominated in a foreign currency; cash ﬂow hedges, which hedge the exposure to variability in cash ﬂows attributable to: − an asset or liability such as a ﬂoating-rate loan or borrowing; − a highly probable forecast transaction; or − foreign exchange risk relating to a ﬁrm commitment. At the inception of a hedge, TF1 formally designates the ﬁnancial instrument to which hedge accounting will apply, and documents: p p the hedging relationship; the effectiveness of the hedging relationship, by conducting effectiveness tests both at inception and throughout all the ﬁnancial reporting periods during which the hedge is designated.2.17 FINANCIAL LIABILITIESFinancial liabilities are classiﬁed in one of two categories: ﬁnancial liabilities at fair value through proﬁt or loss and ﬁnancial liabilities at amortised cost.p Financial liabilities at fair value through proﬁt or loss comprise: p liabilities regarded as held for trading, comprising liabilities incurred principally with a view to repurchasing them in the near term; liabilities designated by the Group on initial recognition as ﬁnancial instruments at fair value through proﬁt or loss.pThe TF1 Group’s non-derivative ﬁnancial liabilities mainly comprise a bond issue, borrowings (including credit facilities contracted with banks or with the Group), treasury current accounts with credit balances, bank overdrafts, and ﬁnance lease obligations. These liabilities are measured at amortised cost. Where a ﬁnancial liability is wholly or partially hedged by an interest rate instrument, the hedged portion is accounted for under hedge accounting rules (see note 2.18.1).Hedging instruments that qualify for hedge accounting are accounted for as follows: p fair value hedges: changes in the fair value of the hedging instrument are recognised in proﬁt or loss for the period symmetrically with changes in the fair value of the hedged item. The hedging instrument and the hedged item are both recognised in the balance sheet at fair value; cash ﬂow hedges: the gain or loss (net of taxes) arising on the effective portion of the hedging instrument is recognised in equity, and the gain or2.17.1Bond issuesBond issues are initially recognised at the amount of the issue proceeds net of issue costs. Subsequently, bond issues are measured at amortised cost using the effective interest method. The effective interest rate takes account of issue costs and p1002008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsCash and treasury current accounts are classiﬁed in the “Loans and receivables” category and carried at amortised cost.2.15 HELD-FOR-SALE ASSETSA non-current asset or a group of assets and liabilities is classiﬁed as “held-forsale” if its carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is highly probable. If material, such assets and asset groups are reported separately from other assets or asset groups, and are measured at the lower of their carrying amount or fair value less costs to sell. An operation is treated as discontinued or held-for-sale when it is a separate line of business that is material to the Group, and either (i) the criteria for classiﬁcation as a held-for-sale asset are met or (ii) it has been sold by the TF1 Group. Discontinued and held-for-sale operations are presented on a separate line in the income statement for each of the periods reported, showing the post-tax proﬁt or loss of discontinued or held-for-sale operations until the date of sale and the post-tax gain or loss arising from the sale of such operations or from remeasuring the assets and liabilities of such operations at fair value less costs to sell. If material, cash ﬂows relating to discontinued and held-for-sale operations are shown in a separate section at the foot of the consolidated cash ﬂow statement for all the periods reported.redemption premium, which are recognised in the balance sheet as a deduction from the nominal value of the bond issue and amortised using the effective interest method over the term of the bond issue. Amortisation and interest charges are recognised in the income statement under “Expenses associated with net debt”. The portion of accrued interest falling due within less than one year is recorded in “Current debt”.2.17.2Other financial liabilitiesOther current and non-current ﬁnancial liabilities comprise borrowings, treasury current accounts with credit balances, bank overdrafts and ﬁnance lease obligations, and are measured at amortised cost. Commitments to buy out minority shareholders are recognised as a ﬁnancial liability. Any excess of the amount of the liability over the carrying amount of the related minority interests is recognised as goodwill.2.18 DERIVATIVE FINANCIAL INSTRUMENTSDerivative ﬁnancial instruments are initially recognised at fair value as of the inception date of the contract, and are subsequently measured at fair value in accordance with IAS 39. The TF1 Group uses derivative ﬁnancial instruments such as swaps, interest rate options, forward currency purchases and currency options to hedge its exposure to ﬂuctuations in interest rates and exchange rates. Group policy is to trade on the ﬁnancial markets solely for hedging purposes related to its business activities, and not to trade for speculative purposes.2.16 TREASURY SHARESTreasury shares acquired by the TF1 Group are deducted from consolidated equity. No gains or losses arising on the purchase, sale or cancellation of treasury shares are recognised in the income statement.2.18.1Derivative financial instruments designated as hedgesFor hedge accounting purposes, a hedge may be classiﬁed into one of two categories: p fair value hedges, which hedge the exposure to changes in fair value of a recognised asset or liability, or a ﬁrm commitment, such as a ﬁxed-rate loan or borrowing or an asset or liability denominated in a foreign currency; cash ﬂow hedges, which hedge the exposure to variability in cash ﬂows attributable to: − an asset or liability such as a ﬂoating-rate loan or borrowing; − a highly probable forecast transaction; or − foreign exchange risk relating to a ﬁrm commitment. At the inception of a hedge, TF1 formally designates the ﬁnancial instrument to which hedge accounting will apply, and documents: p p the hedging relationship; the effectiveness of the hedging relationship, by conducting effectiveness tests both at inception and throughout all the ﬁnancial reporting periods during which the hedge is designated.2.17 FINANCIAL LIABILITIESFinancial liabilities are classiﬁed in one of two categories: ﬁnancial liabilities at fair value through proﬁt or loss and ﬁnancial liabilities at amortised cost.p Financial liabilities at fair value through proﬁt or loss comprise: p liabilities regarded as held for trading, comprising liabilities incurred principally with a view to repurchasing them in the near term; liabilities designated by the Group on initial recognition as ﬁnancial instruments at fair value through proﬁt or loss.pThe TF1 Group’s non-derivative ﬁnancial liabilities mainly comprise a bond issue, borrowings (including credit facilities contracted with banks or with the Group), treasury current accounts with credit balances, bank overdrafts, and ﬁnance lease obligations. These liabilities are measured at amortised cost. Where a ﬁnancial liability is wholly or partially hedged by an interest rate instrument, the hedged portion is accounted for under hedge accounting rules (see note 2.18.1).Hedging instruments that qualify for hedge accounting are accounted for as follows: p fair value hedges: changes in the fair value of the hedging instrument are recognised in proﬁt or loss for the period symmetrically with changes in the fair value of the hedged item. The hedging instrument and the hedged item are both recognised in the balance sheet at fair value; cash ﬂow hedges: the gain or loss (net of taxes) arising on the effective portion of the hedging instrument is recognised in equity, and the gain or2.17.1Bond issuesBond issues are initially recognised at the amount of the issue proceeds net of issue costs. Subsequently, bond issues are measured at amortised cost using the effective interest method. The effective interest rate takes account of issue costs and p1002008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4loss on the ineffective portion is recognised in proﬁt or loss. The amounts recognised in equity are taken to proﬁt or loss in the period in which the hedged transaction affects the income statement.and loss directly in equity (net of deferred taxes) in the period in which they occur, in accordance with the option offered by the amendment to IAS 19.Provisions for long-service leaveThese provisions cover entitlement to additional compensated absence awarded by some TF1 Group companies to employees based on length of service. The calculation of the cost of vested compensated absence rights takes into account length of service, salary at the time the rights will be taken up, and staff turnover. The provision is discounted at the same rate as the provision for retirement beneﬁt obligations.2.18.2Derivative financial instruments not designated as hedgesGains and losses arising from changes in the fair value of derivative instruments not designated as hedges as deﬁned in IAS 39 are recognised in the income statement.2.19 PROVISIONS AND CONTINGENT LIABILITIESA provision is recorded when a legal or constructive obligation to a third party arising from a past event will certainly or probably result in an outﬂow of resources that can be measured reliably. Provisions are reviewed at each balance sheet date, and adjusted where necessary to reﬂect the best estimate of the obligation as of that date. Contingent liabilities are obligations whose existence will be conﬁrmed only by the occurrence of future events or for which the outﬂow of resources cannot be measured reliably. No provision is recorded for contingent liabilities.Provisions for litigation, claims and risksThese provisions cover litigation, claims and non-recurring risks for which settlement occurs outside the normal operating cycle. They are measured as the probable outﬂow of resources resulting from ongoing litigation or claims arising from an event prior to the balance sheet date. Provisions for litigation and claims include the estimated amount payable to third parties in respect of litigation and claims. They also include provisions for charges relating to disputes with tax and social security authorities; in such cases, the amount shown on reassessment notices issued by the authorities is provided for unless the company concerned regards it as highly probable that it will successfully defend its position against the authorities.2.19.1Non-current provisionsThe main types of non-current provisions are:Provisions for retirement benefitsThe Group’s employees are entitled to retirement beneﬁts under deﬁnedcontribution and deﬁned-beneﬁt plans, which may be partially managed by the Group’s pension funds. The employees of TF1 Group subsidiaries in France belong to general and top-up French pension schemes. These are deﬁned-contribution plans, under which the TF1 Group’s obligation is limited to the payment of a periodic contribution based on a speciﬁed percentage of staff costs. These contributions are expensed in proﬁt or loss for the period under “Staff costs”. The pension cost recognised for deﬁned-beneﬁt plans is determined using the projected unit credit method at the expected retirement date, based on ﬁnal salary, and taking account of: p vested beneﬁt entitlements under collective agreements for each category of employee based on length of service; staff turnover rate, calculated using historical average data for employees leaving the Group; salaries and wages, including a coefﬁcient for employer’s social security charges as currently payable; an annual salary inﬂation rate; life expectancy of employees, determined using statistical tables; a discount rate, applied to the obligation and reviewed annually.2.19.2Current provisionsCurrent provisions mainly comprise provisions for litigation and claims arising in the normal operating cycle and for which settlement will probably occur within twelve months. They are measured in the same way as non-current provisions (see above).2.20 REVENUE RECOGNITIONThe TF1 Group recognises revenue when: p it is probable that the economic beneﬁts associated with the transaction will ﬂow to the Group; the amount of revenue can be measured reliably; at the transaction date, it is probable that the amount of the sale will be recovered.p ppThe speciﬁc revenue recognition policies applied to each business line are as follows: p sales of advertising airtime are recognised on transmission of the advertisement or commercial. For sales of advertising airtime on media not owned by the Group, TF1 recognises the agency commission as revenue unless it has offered the media owner a recovery guarantee for selling the airtime, in which case TF1 recognises as revenue the gross amount of airtime sales invoiced to the advertisers; fees charged by theme channels to cable and satellite operators that broadcast them are calculated on a per subscriber basis or as a ﬁxed annual fee invoiced to the operator. Subscriber-based fees are recognised monthly on the basis of statements received from the operator. Fixed annual fees are recognised as revenue on a straight-line basis over the course of the year; sales of audiovisual rights under licence are recognised when the licensee has acknowledged that the programme conforms with the terms of the licence (technical acceptance);pp p ppThe Group’s obligation is partially covered by an insurance contract. The provision for retirement beneﬁts recognised in the balance sheet represents the total obligation less the value of this contract. Actuarial gains and losses arise on deﬁned-beneﬁt post-employment beneﬁt plans as a result of changes in the actuarial assumptions used to measure the obligation and plan assets from one period to the next, and of differences between actual market conditions and the expected market conditions used in the assumptions. With effect from January 1, 2007, the TF1 Group has recognised actuarial gainsp2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4loss on the ineffective portion is recognised in proﬁt or loss. The amounts recognised in equity are taken to proﬁt or loss in the period in which the hedged transaction affects the income statement.and loss directly in equity (net of deferred taxes) in the period in which they occur, in accordance with the option offered by the amendment to IAS 19.Provisions for long-service leaveThese provisions cover entitlement to additional compensated absence awarded by some TF1 Group companies to employees based on length of service. The calculation of the cost of vested compensated absence rights takes into account length of service, salary at the time the rights will be taken up, and staff turnover. The provision is discounted at the same rate as the provision for retirement beneﬁt obligations.2.18.2Derivative financial instruments not designated as hedgesGains and losses arising from changes in the fair value of derivative instruments not designated as hedges as deﬁned in IAS 39 are recognised in the income statement.2.19 PROVISIONS AND CONTINGENT LIABILITIESA provision is recorded when a legal or constructive obligation to a third party arising from a past event will certainly or probably result in an outﬂow of resources that can be measured reliably. Provisions are reviewed at each balance sheet date, and adjusted where necessary to reﬂect the best estimate of the obligation as of that date. Contingent liabilities are obligations whose existence will be conﬁrmed only by the occurrence of future events or for which the outﬂow of resources cannot be measured reliably. No provision is recorded for contingent liabilities.Provisions for litigation, claims and risksThese provisions cover litigation, claims and non-recurring risks for which settlement occurs outside the normal operating cycle. They are measured as the probable outﬂow of resources resulting from ongoing litigation or claims arising from an event prior to the balance sheet date. Provisions for litigation and claims include the estimated amount payable to third parties in respect of litigation and claims. They also include provisions for charges relating to disputes with tax and social security authorities; in such cases, the amount shown on reassessment notices issued by the authorities is provided for unless the company concerned regards it as highly probable that it will successfully defend its position against the authorities.2.19.1Non-current provisionsThe main types of non-current provisions are:Provisions for retirement benefitsThe Group’s employees are entitled to retirement beneﬁts under deﬁnedcontribution and deﬁned-beneﬁt plans, which may be partially managed by the Group’s pension funds. The employees of TF1 Group subsidiaries in France belong to general and top-up French pension schemes. These are deﬁned-contribution plans, under which the TF1 Group’s obligation is limited to the payment of a periodic contribution based on a speciﬁed percentage of staff costs. These contributions are expensed in proﬁt or loss for the period under “Staff costs”. The pension cost recognised for deﬁned-beneﬁt plans is determined using the projected unit credit method at the expected retirement date, based on ﬁnal salary, and taking account of: p vested beneﬁt entitlements under collective agreements for each category of employee based on length of service; staff turnover rate, calculated using historical average data for employees leaving the Group; salaries and wages, including a coefﬁcient for employer’s social security charges as currently payable; an annual salary inﬂation rate; life expectancy of employees, determined using statistical tables; a discount rate, applied to the obligation and reviewed annually.2.19.2Current provisionsCurrent provisions mainly comprise provisions for litigation and claims arising in the normal operating cycle and for which settlement will probably occur within twelve months. They are measured in the same way as non-current provisions (see above).2.20 REVENUE RECOGNITIONThe TF1 Group recognises revenue when: p it is probable that the economic beneﬁts associated with the transaction will ﬂow to the Group; the amount of revenue can be measured reliably; at the transaction date, it is probable that the amount of the sale will be recovered.p ppThe speciﬁc revenue recognition policies applied to each business line are as follows: p sales of advertising airtime are recognised on transmission of the advertisement or commercial. For sales of advertising airtime on media not owned by the Group, TF1 recognises the agency commission as revenue unless it has offered the media owner a recovery guarantee for selling the airtime, in which case TF1 recognises as revenue the gross amount of airtime sales invoiced to the advertisers; fees charged by theme channels to cable and satellite operators that broadcast them are calculated on a per subscriber basis or as a ﬁxed annual fee invoiced to the operator. Subscriber-based fees are recognised monthly on the basis of statements received from the operator. Fixed annual fees are recognised as revenue on a straight-line basis over the course of the year; sales of audiovisual rights under licence are recognised when the licensee has acknowledged that the programme conforms with the terms of the licence (technical acceptance);pp p ppThe Group’s obligation is partially covered by an insurance contract. The provision for retirement beneﬁts recognised in the balance sheet represents the total obligation less the value of this contract. Actuarial gains and losses arise on deﬁned-beneﬁt post-employment beneﬁt plans as a result of changes in the actuarial assumptions used to measure the obligation and plan assets from one period to the next, and of differences between actual market conditions and the expected market conditions used in the assumptions. With effect from January 1, 2007, the TF1 Group has recognised actuarial gainsp2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4p pFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsrevenue from sales of merchandise and products by the Group’s publishing and distribution activities is reported net of (i) provisions for expected goods returns and (ii) paybacks made in connection with some distribution contracts; in the case of services that require recourse to technical service-providers, the Group recognises as revenue the cost of the service borne by the end user if the Group bears the ﬁnancial, after-sales and legal risks associated with the service. In other cases, where the Group regards itself as acting purely as agent, only the net fee collected is recognised as revenue.pexpenses arising from the remeasurement of ﬁnancial assets and ﬁnancial liabilities at fair value, such as changes in the fair value of interest rate derivative instruments and changes in the fair value of cash equivalents and ﬁnancial assets used for treasury management purposes; expenses arising on the disposal of assets used for treasury management purposes.pInterest expense is recognised in the income statement in the period in which it is incurred. Income associated with net debt comprises: p interest income associated with cash and cash equivalents and with ﬁnancial assets used for treasury management purposes; other revenues generated by cash equivalents and ﬁnancial assets used for treasury management purposes; expenses arising from the remeasurement of ﬁnancial assets and ﬁnancial liabilities at fair value, such as changes in the fair value of interest rate derivative instruments and changes in the fair value of cash equivalents and ﬁnancial assets used for treasury management purposes; income generated by the disposal of assets used for treasury management purposes.Other operating revenues mainly comprise sales-based royalties invoiced under licence agreements.2.21 GRANTSGrants received by the TF1 Group mainly comprise grants received by the Group’s production companies from funds set up to support the audiovisual industry (in particular grants awarded by the French National Centre for Cinematography), and investment and operating grants awarded by the French State to the France 24 news channel. Grants are recognised in the balance sheet of the receiving entity once the grant has been deﬁnitively awarded, except for operating grants made to France 24 approved at the end of one ﬁnancial year for the subsequent ﬁnancial year. Grants awarded by audiovisual industry support funds are initially recorded as deferred income in “Trade and other creditors” on the liabilities side of the balance sheet once the grant has been deﬁnitively awarded. They are taken to the income statement under “Other operating income and expenses” in line with the amortisation of the productions to which they relate, starting from the date on which the production is completed or licensed for distribution. Investment grants awarded to France 24 are deducted from the carrying amount of the assets they ﬁnance. These grants are recognised as the asset is depreciated, by means of a reduction in the depreciation charge. Operating grants awarded to France 24 are initially recognised in “Trade and other creditors”, and are taken to the income statement as and when the expenses they offset are recognised.ppp2.24 DEFERRED TAXATIONDeferred taxation is recognised using the liability method on all temporary differences existing at the balance sheet date between the carrying amount of assets and liabilities in the consolidated balance sheet and their tax base, except in the speciﬁc cases mentioned in IAS 12 (primarily goodwill). Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets arising on deductible temporary differences and on the carryforward of unused tax losses are recognised only to the extent that it is probable that they can be offset against future taxable proﬁts. Taxes on items recognised directly in equity are taken to consolidated reserves.2.22 OTHER NON-CURRENT OPERATING INCOME AND EXPENSESThis item comprises a very limited number of income and expense items, which are unusual and occur infrequently but are material to the consolidated ﬁnancial statements. TF1 reports these items on a separate line in order to give users of the ﬁnancial statements a better understanding of the Group’s ongoing operational performance.2.25 EARNINGS PER SHAREBasic earnings per share is obtained by dividing net proﬁt for the period by the weighted average number of shares outstanding during the period. All shares conferring unrestricted rights upon the shareholder are included. Shares in the parent company held by the company itself or by consolidated companies are excluded from the average number of shares outstanding. Diluted earnings per share is calculated by including all ﬁnancial instruments giving future access to the capital of the parent company, whether these instruments are issued by the parent company itself or by a subsidiary. The dilutive effect is calculated separately for each instrument, based on the conditions prevailing at the balance sheet date. Anti-dilutive instruments are excluded. Non-dilutive share subscription option plans are excluded from this calculation.2.23 COST OF NET DEBTCost of net debt represents expenses associated with net debt, net of income associated with net debt. Expenses associated with net debt comprise: p p p interest expense on current and non-current debt; amortisation of ﬁnancial assets and liabilities measured at amortised cost; gains or losses arising on interest rate hedges;1022008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4p pFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsrevenue from sales of merchandise and products by the Group’s publishing and distribution activities is reported net of (i) provisions for expected goods returns and (ii) paybacks made in connection with some distribution contracts; in the case of services that require recourse to technical service-providers, the Group recognises as revenue the cost of the service borne by the end user if the Group bears the ﬁnancial, after-sales and legal risks associated with the service. In other cases, where the Group regards itself as acting purely as agent, only the net fee collected is recognised as revenue.pexpenses arising from the remeasurement of ﬁnancial assets and ﬁnancial liabilities at fair value, such as changes in the fair value of interest rate derivative instruments and changes in the fair value of cash equivalents and ﬁnancial assets used for treasury management purposes; expenses arising on the disposal of assets used for treasury management purposes.pInterest expense is recognised in the income statement in the period in which it is incurred. Income associated with net debt comprises: p interest income associated with cash and cash equivalents and with ﬁnancial assets used for treasury management purposes; other revenues generated by cash equivalents and ﬁnancial assets used for treasury management purposes; expenses arising from the remeasurement of ﬁnancial assets and ﬁnancial liabilities at fair value, such as changes in the fair value of interest rate derivative instruments and changes in the fair value of cash equivalents and ﬁnancial assets used for treasury management purposes; income generated by the disposal of assets used for treasury management purposes.Other operating revenues mainly comprise sales-based royalties invoiced under licence agreements.2.21 GRANTSGrants received by the TF1 Group mainly comprise grants received by the Group’s production companies from funds set up to support the audiovisual industry (in particular grants awarded by the French National Centre for Cinematography), and investment and operating grants awarded by the French State to the France 24 news channel. Grants are recognised in the balance sheet of the receiving entity once the grant has been deﬁnitively awarded, except for operating grants made to France 24 approved at the end of one ﬁnancial year for the subsequent ﬁnancial year. Grants awarded by audiovisual industry support funds are initially recorded as deferred income in “Trade and other creditors” on the liabilities side of the balance sheet once the grant has been deﬁnitively awarded. They are taken to the income statement under “Other operating income and expenses” in line with the amortisation of the productions to which they relate, starting from the date on which the production is completed or licensed for distribution. Investment grants awarded to France 24 are deducted from the carrying amount of the assets they ﬁnance. These grants are recognised as the asset is depreciated, by means of a reduction in the depreciation charge. Operating grants awarded to France 24 are initially recognised in “Trade and other creditors”, and are taken to the income statement as and when the expenses they offset are recognised.ppp2.24 DEFERRED TAXATIONDeferred taxation is recognised using the liability method on all temporary differences existing at the balance sheet date between the carrying amount of assets and liabilities in the consolidated balance sheet and their tax base, except in the speciﬁc cases mentioned in IAS 12 (primarily goodwill). Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets arising on deductible temporary differences and on the carryforward of unused tax losses are recognised only to the extent that it is probable that they can be offset against future taxable proﬁts. Taxes on items recognised directly in equity are taken to consolidated reserves.2.22 OTHER NON-CURRENT OPERATING INCOME AND EXPENSESThis item comprises a very limited number of income and expense items, which are unusual and occur infrequently but are material to the consolidated ﬁnancial statements. TF1 reports these items on a separate line in order to give users of the ﬁnancial statements a better understanding of the Group’s ongoing operational performance.2.25 EARNINGS PER SHAREBasic earnings per share is obtained by dividing net proﬁt for the period by the weighted average number of shares outstanding during the period. All shares conferring unrestricted rights upon the shareholder are included. Shares in the parent company held by the company itself or by consolidated companies are excluded from the average number of shares outstanding. Diluted earnings per share is calculated by including all ﬁnancial instruments giving future access to the capital of the parent company, whether these instruments are issued by the parent company itself or by a subsidiary. The dilutive effect is calculated separately for each instrument, based on the conditions prevailing at the balance sheet date. Anti-dilutive instruments are excluded. Non-dilutive share subscription option plans are excluded from this calculation.2.23 COST OF NET DEBTCost of net debt represents expenses associated with net debt, net of income associated with net debt. Expenses associated with net debt comprise: p p p interest expense on current and non-current debt; amortisation of ﬁnancial assets and liabilities measured at amortised cost; gains or losses arising on interest rate hedges;1022008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.26 SHARE-BASED PAYMENTTF1 has awarded share subscription option plans and consideration-free share allotment plans to its employees (see note 30). In accordance with IFRS 2, the cost of these equity-settled share-based payment plans is recognised as an expense in “Staff costs”, with the credit entry recognised in equity. The total expense relating to share subscription option plans is measured at the grant date of the options using the Black-Scholes-Merton model, and is recognised over the vesting period. The total expense relating to consideration-free shares is measured at the allotment date (taking into account any speciﬁc terms and conditions liable to affect fair value), and recognised over the vesting period on a straight line basis. In accordance with IFRS 1 and IFRS 2, only plans granted after November 7, 2002 and not vested as of January 1, 2004 are measured and recognised as an expense (in “Staff costs”).total acquisitions of property, plant and equipment and intangible assets as recognised in the corresponding balance sheet line items. Inter-segment sales and transfers are conducted on an arm’s length basis. The business segments used in primary-level segment reporting are:Broadcasting FranceThis segment includes the TF1 channel, associated and spin-off activities regarded as inseparable from this channel, and other free-to-air or pay-TV channels broadcasting primarily to France. Activities inseparable from TF1 include the inhouse advertising airtime sales agency, and companies involved in the production or co-production of programmes intended for the TF1 channel.Broadcasting InternationalThis segment comprises subsidiaries involved in the development and broadcasting of pay-TV programmes primarily broadcast outside France, in particular Eurosport and France 24.Audiovisual Rights2.27 SEGMENT REPORTINGTF1 organises its operating activities into strategic business units, each of which is managed appropriately to the nature of the products and services sold and the speciﬁc economic environment. The primary level of segment reporting adopted by TF1 is the business segment, because risks and returns on investment are affected by the nature of the products or services sold. The secondary level of segment reporting is the geographical segment. Management assesses performance on the basis of current operating proﬁt. Segmental results, assets and liabilities include items directly or indirectly attributable to the relevant segment. Segmental capital expenditure representsSubsidiaries whose principal activity is the production, publishing or distribution of audiovisual rights not exclusively intended for TF1 Group channels are included in this segment. Production activities include delegated productions or co-productions of ﬁlms. Publishing and distribution activities include all media (CD, DVD, etc) and all channels (cinemas, TV channels and all retail distribution channels).Other activitiesThis segment comprises all activities not included in any of the segments described above.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42.26 SHARE-BASED PAYMENTTF1 has awarded share subscription option plans and consideration-free share allotment plans to its employees (see note 30). In accordance with IFRS 2, the cost of these equity-settled share-based payment plans is recognised as an expense in “Staff costs”, with the credit entry recognised in equity. The total expense relating to share subscription option plans is measured at the grant date of the options using the Black-Scholes-Merton model, and is recognised over the vesting period. The total expense relating to consideration-free shares is measured at the allotment date (taking into account any speciﬁc terms and conditions liable to affect fair value), and recognised over the vesting period on a straight line basis. In accordance with IFRS 1 and IFRS 2, only plans granted after November 7, 2002 and not vested as of January 1, 2004 are measured and recognised as an expense (in “Staff costs”).total acquisitions of property, plant and equipment and intangible assets as recognised in the corresponding balance sheet line items. Inter-segment sales and transfers are conducted on an arm’s length basis. The business segments used in primary-level segment reporting are:Broadcasting FranceThis segment includes the TF1 channel, associated and spin-off activities regarded as inseparable from this channel, and other free-to-air or pay-TV channels broadcasting primarily to France. Activities inseparable from TF1 include the inhouse advertising airtime sales agency, and companies involved in the production or co-production of programmes intended for the TF1 channel.Broadcasting InternationalThis segment comprises subsidiaries involved in the development and broadcasting of pay-TV programmes primarily broadcast outside France, in particular Eurosport and France 24.Audiovisual Rights2.27 SEGMENT REPORTINGTF1 organises its operating activities into strategic business units, each of which is managed appropriately to the nature of the products and services sold and the speciﬁc economic environment. The primary level of segment reporting adopted by TF1 is the business segment, because risks and returns on investment are affected by the nature of the products or services sold. The secondary level of segment reporting is the geographical segment. Management assesses performance on the basis of current operating proﬁt. Segmental results, assets and liabilities include items directly or indirectly attributable to the relevant segment. Segmental capital expenditure representsSubsidiaries whose principal activity is the production, publishing or distribution of audiovisual rights not exclusively intended for TF1 Group channels are included in this segment. Production activities include delegated productions or co-productions of ﬁlms. Publishing and distribution activities include all media (CD, DVD, etc) and all channels (cinemas, TV channels and all retail distribution channels).Other activitiesThis segment comprises all activities not included in any of the segments described above.2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 3 Significant changes in scope of consolidationThe consolidated ﬁnancial statements of the TF1 Group for the year ended December 31, 2008 include the ﬁnancial statements of the companies listed in note 36. No signiﬁcant changes in the scope of consolidation occurred in 2008. Operations held for sale are reported separately in accordance with IFRS 5 (see note 4). The cash impact of signiﬁcant changes in the scope of consolidation is described in note 28.2.3.1.4 Top Ticket.sTF1 SA formed an alliance with the Artemis Group and the Recruit investment fund to create Top Tickets, a company that produces PiliPili, a freesheet carrying advertisements for local businesses and events, launched in September 2007.3.2 FINALISATION OF THE SALE OF EUROPA TV DURING 2007The 29% interest in Europa TV held by TF1 SA was sold to Holland Coordinator et Service Company Italia, subject to conditions, on December 20, 2006 at a provisional valuation of €26.7 million. Following approval by AGCOM (the Italian communications authority) on June 6, 2007, the sale was completed on June 14, 2007 at a ﬁnal valuation of €32.6 million, generating an additional gain on disposal of €5.9 million. This gain was recognised in the ﬁrst half of 2007, and was reported in “Other operating income and expenses”.3.1 NEWLY-CONSOLIDATED ENTITIES AND INCREASES IN PERCENTAGE INTEREST IN 20073.1.1 Acquisition by TF1 of a 33.5% interest in the AB GroupWith effect from April 2, 2007, the TF1 Group has exercised signiﬁcant inﬂuence over the AB Group, as demonstrated by its interest of 33.5% in the capital and its representation on the Board of Directors. Consequently, the Group has accounted for AB Group as an associate (i.e. by the equity method) since that date, in accordance with IAS 28. This investment is shown in the balance sheet under “Investments in associates” at the acquisition cost of €230.3 million, including goodwill, directly attributable acquisition costs and the effect of deferred settlement terms.3.3 INTERNAL REORGANISATIONS WITH NO IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTSAs part of the ongoing rationalisation of the legal structure of the TF1 Group, the following transactions were carried out: p 2008: merger of RCV into TF1 Vidéo, merger of Dujardin International into Dujardin, merger of Ciby DA into TF1 International, merger of TF1 VOD into TF1 Vidéo, merger of TF1 Hors Média into TF1 Publicité, and merger of Alma, TF1 Publicité Production, Tout Audiovisuel Productions, Quai Sud and Yagan into Glem; 2007: merger of Eurosales into Eurosport SA and merger of Glem Films into TF1 Films Production.3.1.2 Acquisition of exclusive control over TélémaTF1 International SAS, which since April 17, 2000 had held a 49% interest in the capital of Téléma, acquired the remaining 51% of the capital and voting rights in 2007 for €5.6 million.p3.1.3 Acquisition of a 100% interest in DujardinIn July 2007, TF1 Entreprises acquired a 100% interest in the capital of Dujardin, one of France’s leading producers of card and board games, for €5.4 million.Note 4 Operations held for sale at December 31, 20084.1 FRANCE 24At the end of 2008, the TF1 Group began negotiations with Audiovisuel Extérieur de la France with a view to the sale of TF1’s interest in France 24. As of December 31, 2008, the assets of France 24 and France 24 Advertising were classiﬁed in “Held-for-sale assets” and the related liabilities in “Liabilities relating to held-for-sale assets” in accordance with IFRS 5. See note 35, “Post balance sheet events”.4.2 SHOPPING À LA UNESince 2004, the TF1 Group has been developing, via its subsidiary Shopping à la Une, a web-based exclusive shopping promotion business offering leading products and brands on the “surinvitation.com” website. In December 2008, the Group signed an agreement to sell this business to Initiatives et Développements. Under the terms of the agreement, the sale will be completed during the ﬁrst quarter of 2009. As of December 31, 2008, the assets of Shopping à la Une were classiﬁed in “Held-for-sale assets” and the related liabilities in “Liabilities relating to held-forsale assets” in accordance with IFRS 5. See note 35, “Post balance sheet events”.1042008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 3 Significant changes in scope of consolidationThe consolidated ﬁnancial statements of the TF1 Group for the year ended December 31, 2008 include the ﬁnancial statements of the companies listed in note 36. No signiﬁcant changes in the scope of consolidation occurred in 2008. Operations held for sale are reported separately in accordance with IFRS 5 (see note 4). The cash impact of signiﬁcant changes in the scope of consolidation is described in note 28.2.3.1.4 Top Ticket.sTF1 SA formed an alliance with the Artemis Group and the Recruit investment fund to create Top Tickets, a company that produces PiliPili, a freesheet carrying advertisements for local businesses and events, launched in September 2007.3.2 FINALISATION OF THE SALE OF EUROPA TV DURING 2007The 29% interest in Europa TV held by TF1 SA was sold to Holland Coordinator et Service Company Italia, subject to conditions, on December 20, 2006 at a provisional valuation of €26.7 million. Following approval by AGCOM (the Italian communications authority) on June 6, 2007, the sale was completed on June 14, 2007 at a ﬁnal valuation of €32.6 million, generating an additional gain on disposal of €5.9 million. This gain was recognised in the ﬁrst half of 2007, and was reported in “Other operating income and expenses”.3.1 NEWLY-CONSOLIDATED ENTITIES AND INCREASES IN PERCENTAGE INTEREST IN 20073.1.1 Acquisition by TF1 of a 33.5% interest in the AB GroupWith effect from April 2, 2007, the TF1 Group has exercised signiﬁcant inﬂuence over the AB Group, as demonstrated by its interest of 33.5% in the capital and its representation on the Board of Directors. Consequently, the Group has accounted for AB Group as an associate (i.e. by the equity method) since that date, in accordance with IAS 28. This investment is shown in the balance sheet under “Investments in associates” at the acquisition cost of €230.3 million, including goodwill, directly attributable acquisition costs and the effect of deferred settlement terms.3.3 INTERNAL REORGANISATIONS WITH NO IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTSAs part of the ongoing rationalisation of the legal structure of the TF1 Group, the following transactions were carried out: p 2008: merger of RCV into TF1 Video, merger of Dujardin International into Dujardin, merger of Ciby DA into TF1 International, merger of TF1 VOD into TF1 Video, merger of TF1 Hors Media into TF1 Publicite, and merger of Alma, TF1 Publicite Production, Tout Audiovisuel Productions, Quai Sud and Yagan into Glem; 2007: merger of Eurosales into Eurosport SA and merger of Glem Films into TF1 Films Production.3.1.2 Acquisition of exclusive control over TelemaTF1 International SAS, which since April 17, 2000 had held a 49% interest in the capital of Telema, acquired the remaining 51% of the capital and voting rights in 2007 for €5.6 million.p3.1.3 Acquisition of a 100% interest in DujardinIn July 2007, TF1 Entreprises acquired a 100% interest in the capital of Dujardin, one of France’s leading producers of card and board games, for €5.4 million.Note 4 Operations held for sale at December 31, 20084.1 FRANCE 24At the end of 2008, the TF1 Group began negotiations with Audiovisuel Exterieur de la France with a view to the sale of TF1’s interest in France 24. As of December 31, 2008, the assets of France 24 and France 24 Advertising were classiﬁed in “Held-for-sale assets” and the related liabilities in “Liabilities relating to held-for-sale assets” in accordance with IFRS 5. See note 35, “Post balance sheet events”.4.2 SHOPPING A LA UNESince 2004, the TF1 Group has been developing, via its subsidiary Shopping a la Une, a web-based exclusive shopping promotion business offering leading products and brands on the “surinvitation.com” website. In December 2008, the Group signed an agreement to sell this business to Initiatives et Developpements. Under the terms of the agreement, the sale will be completed during the ﬁrst quarter of 2009. As of December 31, 2008, the assets of Shopping a la Une were classiﬁed in “Held-for-sale assets” and the related liabilities in “Liabilities relating to held-forsale assets” in accordance with IFRS 5. See note 35, “Post balance sheet events”.1042008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Total 0.3 14.5 14.8 0.3 14.7 15.0 7.1 (1.3)4.3 BREAKDOWN OF “HELD-FOR-SALE ASSETS” AND “LIABILITIES RELATING TO HELD-FOR-SALE ASSETS”2008 (€m) Non-current assets Current assets TOTAL HELD-FOR-SALE ASSETS Non-current liabilities Current liabilities TOTAL LIABILITIES RELATING TO HELD-FOR-SALE ASSETS Revenue Operating proﬁt/(loss) France 24 0.2 14.3 14.5 0.3 13.9 14.2 4.4 Shopping à la Une 0.1 0.2 0.3 0.8 0.8 2.7 (1.3)Note 5 Interests in jointly controlled entitiesThe TF1 Group owns interests in jointly controlled entities, a list of which is provided in note 36. The table below shows the share of the assets, liabilities, revenue and operating proﬁt of these entities as included in the consolidated ﬁnancial statements. TF1 share (€m) Non-current assets Current assets TOTAL ASSETS Shareholders’ equity Non-current liabilities Current liabilities TOTAL LIABILITIES et EQUITY Revenue Current operating proﬁt/(loss) TF6/Série Club 2008 22.4 10.1 32.5 22.7 0.7 9.1 32.5 15.1 0.3 2007 22.2 8.8 31.0 23.4 0.5 7.1 31.0 16.9 1.3 2008 15.9 17.4 33.3 10.0 11.2 12.1 33.3 27.6 5.5 TMC 2007 15.6 12.5 28.1 5.1 11.1 11.9 28.1 12.7 0.9 France 24 2008 4.4 2007 0.2 18.2 18.4 0.1 18.3 18.4 2.2 2008 9.8 0.2 10.0 5.1 6.0 (1.1) 10.0 4.8 4.5 TCM 2007 12.4 3.7 16.1 2.8 6.0 7.3 16.1 3.9 0.4 2008 0.5 2.0 2.5 (4.9) (0.6) 8.3 2.8 4.7 (3.8) Other 2007 0.4 1.4 1.8 (3.0) (1.1) 5.9 1.8 3.8 (3.2)2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Total 0.3 14.5 14.8 0.3 14.7 15.0 7.1 (1.3)4.3 BREAKDOWN OF “HELD-FOR-SALE ASSETS” AND “LIABILITIES RELATING TO HELD-FOR-SALE ASSETS”2008 (€m) Non-current assets Current assets TOTAL HELD-FOR-SALE ASSETS Non-current liabilities Current liabilities TOTAL LIABILITIES RELATING TO HELD-FOR-SALE ASSETS Revenue Operating proﬁt/(loss) France 24 0.2 14.3 14.5 0.3 13.9 14.2 4.4 Shopping a la Une 0.1 0.2 0.3 0.8 0.8 2.7 (1.3)Note 5 Interests in jointly controlled entitiesThe TF1 Group owns interests in jointly controlled entities, a list of which is provided in note 36. The table below shows the share of the assets, liabilities, revenue and operating proﬁt of these entities as included in the consolidated ﬁnancial statements. TF1 share (€m) Non-current assets Current assets TOTAL ASSETS Shareholders’ equity Non-current liabilities Current liabilities TOTAL LIABILITIES et EQUITY Revenue Current operating proﬁt/(loss) TF6/Serie Club 2008 22.4 10.1 32.5 22.7 0.7 9.1 32.5 15.1 0.3 2007 22.2 8.8 31.0 23.4 0.5 7.1 31.0 16.9 1.3 2008 15.9 17.4 33.3 10.0 11.2 12.1 33.3 27.6 5.5 TMC 2007 15.6 12.5 28.1 5.1 11.1 11.9 28.1 12.7 0.9 France 24 2008 4.4 2007 0.2 18.2 18.4 0.1 18.3 18.4 2.2 2008 9.8 0.2 10.0 5.1 6.0 (1.1) 10.0 4.8 4.5 TCM 2007 12.4 3.7 16.1 2.8 6.0 7.3 16.1 3.9 0.4 2008 0.5 2.0 2.5 (4.9) (0.6) 8.3 2.8 4.7 (3.8) Other 2007 0.4 1.4 1.8 (3.0) (1.1) 5.9 1.8 3.8 (3.2)2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 6 Segment information6.1 INFORMATION ON BUSINESS SEGMENTSThe contribution of each business segment to the consolidated ﬁnancial statements was as follows: Broadcasting International 2008 316.2 26.7 (8.0) (1.6) (0.6) 378.7 3.9 13.3 2007 274.8 38.2 (6.7) (3.1) 0.1 373.8 6.3 0.5 8.0Broadcasting France (€m) REVENUE Proﬁt Current operating proﬁt/(loss) Depreciation and amortisation, net Provisions and impairment, net Other non-current operating income and expenses Share of proﬁts/(losses) of associates (1) Post-tax proﬁt from discontinued and held-for-sale operations BALANCE SHEET Segmental assets (2) Segmental liabilities (3) Investments in associates Capital expenditure (4)*Audiovisual Rights 2008 174.0 (10.8) (48.7) (23.2) 113.6 19.6 49.2 2007 268.1 17.2 (50.1) (17.4) 121.7 14.9 58.4Other Activities 2008 1.0 (3.6) (0.1) (0.8) 0.4 11.2 0.3 2007 0.2 (2.2) (0.1) 0.2 0.3 12.0 0.4 9.6 852.1 100.7 259.3 77.8 2008Total 2007 2,738.9 * 305.2 (88.4) (40.9) 8.3 877.7 95.1 253.4 148.2 2,594.7 176.5 (94.5) (52.6)2008 2,103.5 164.2 (37.7) (27.8) 11.0 359.4 77.2 248.1 15.02007 2,195.8 * 252.0 (31.5) (20.4) 8.0 381.9 73.9 240.9 81.4Negative impact of change in accounting policy on 2007 revenue: €24.7 million (see notes 2.3 and 2.20).(1) The share of profits/losses of associates recorded for each segment is as follows: - broadcasting France: the €11 million share of profits for 2008 (€8 million for 2007) relates to the AB Group; - broadcasting International: the share of losses for 2008 relates to Sailing One; - other Activities: the share of profits/losses relates to Metro France Publications. (2) Segmental assets include audiovisual rights, other intangible assets, goodwill, and property, plant and equipment. (3) Segmental shareholders’ equity and liabilities include current and non-current provisions. (4) See the Capital Expenditure table below for a reconciliation of capital expenditure with the consolidated cash flow statement.Capital expenditureReconciliation with the consolidated cash ﬂow statement: (€m) Capital expenditure Investment grants received Change in creditors related to acquisitions of intangible assets Change in creditors related to acquisitions of property, plant et equipment Cash outﬂows on acquisitions of property, plant et equipment and intangible assets 2008 77.8 (18.5) 30.6 (2.2) 87.7 2007 148.2 (15.5) (34.0) 3.3 102.06.2 INFORMATION ON GEOGRAPHICAL SEGMENTSFor geographical segment reporting purposes, segmental revenue is allocated according to the location of the customer, while segmental assets and capital expenditure are allocated according to the location of the asset. France (€m) Revenue Segmental assets Capital expenditure* Negative impact of change in accounting policy on revenue: €24.7 million (see notes 2.3 and 2.20).Continental Europe 2007 2008 294.2 2.4 1.6 2007 268.2 16.8 1.0 2008 43.9 0.3 0.1Other 2007 33.6 0.4 0.1 2008 2,594.7 852.1 77.8Total 2007 2,738.9 * 877.7 148.22008 2,256.6 849.4 76.12,437.1 * 860.5 147.11062008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 6 Segment information6.1 INFORMATION ON BUSINESS SEGMENTSThe contribution of each business segment to the consolidated ﬁnancial statements was as follows: Broadcasting International 2008 316.2 26.7 (8.0) (1.6) (0.6) 378.7 3.9 13.3 2007 274.8 38.2 (6.7) (3.1) 0.1 373.8 6.3 0.5 8.0Broadcasting France (€m) REVENUE Proﬁt Current operating proﬁt/(loss) Depreciation and amortisation, net Provisions and impairment, net Other non-current operating income and expenses Share of proﬁts/(losses) of associates (1) Post-tax proﬁt from discontinued and held-for-sale operations BALANCE SHEET Segmental assets (2) Segmental liabilities (3) Investments in associates Capital expenditure (4)*Audiovisual Rights 2008 174.0 (10.8) (48.7) (23.2) 113.6 19.6 49.2 2007 268.1 17.2 (50.1) (17.4) 121.7 14.9 58.4Other Activities 2008 1.0 (3.6) (0.1) (0.8) 0.4 11.2 0.3 2007 0.2 (2.2) (0.1) 0.2 0.3 12.0 0.4 9.6 852.1 100.7 259.3 77.8 2008Total 2007 2,738.9 * 305.2 (88.4) (40.9) 8.3 877.7 95.1 253.4 148.2 2,594.7 176.5 (94.5) (52.6)2008 2,103.5 164.2 (37.7) (27.8) 11.0 359.4 77.2 248.1 15.02007 2,195.8 * 252.0 (31.5) (20.4) 8.0 381.9 73.9 240.9 81.4Negative impact of change in accounting policy on 2007 revenue: €24.7 million (see notes 2.3 and 2.20).(1) The share of profits/losses of associates recorded for each segment is as follows: - broadcasting France: the €11 million share of profits for 2008 (€8 million for 2007) relates to the AB Group; - broadcasting International: the share of losses for 2008 relates to Sailing One; - other Activities: the share of profits/losses relates to Metro France Publications. (2) Segmental assets include audiovisual rights, other intangible assets, goodwill, and property, plant and equipment. (3) Segmental shareholders’ equity and liabilities include current and non-current provisions. (4) See the Capital Expenditure table below for a reconciliation of capital expenditure with the consolidated cash flow statement.Capital expenditureReconciliation with the consolidated cash ﬂow statement: (€m) Capital expenditure Investment grants received Change in creditors related to acquisitions of intangible assets Change in creditors related to acquisitions of property, plant et equipment Cash outﬂows on acquisitions of property, plant et equipment and intangible assets 2008 77.8 (18.5) 30.6 (2.2) 87.7 2007 148.2 (15.5) (34.0) 3.3 102.06.2 INFORMATION ON GEOGRAPHICAL SEGMENTSFor geographical segment reporting purposes, segmental revenue is allocated according to the location of the customer, while segmental assets and capital expenditure are allocated according to the location of the asset. France (€m) Revenue Segmental assets Capital expenditure* Negative impact of change in accounting policy on revenue: €24.7 million (see notes 2.3 and 2.20).Continental Europe 2007 2008 294.2 2.4 1.6 2007 268.2 16.8 1.0 2008 43.9 0.3 0.1Other 2007 33.6 0.4 0.1 2008 2,594.7 852.1 77.8Total 2007 2,738.9 * 877.7 148.22008 2,256.6 849.4 76.12,437.1 * 860.5 147.11062008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 7 GoodwillFor impairment testing purposes, goodwill has been allocated to cash generating units (CGUs) as follows:(€m) Goodwill at Jan 1, 2008 Acquisitions Disposals Impairment Other Goodwill at Dec 31, 2008 Gross value Accumulated impairmentBroadcasting France 173.4 (3.6) 169.8 180.1 (10.3)Broadcasting International 336.3 336.3 336.3 -Audiovisual Rights -Other Activities -Total 509.7 (3.6) 506.1 516.4 (10.3)(€m) Goodwill at Jan 1, 2007 Acquisitions Disposals Impairment Other Goodwill at Dec 31, 2007 Gross value Accumulated impairmentBroadcasting France 168.9 5.8 (0.3) (1.0) 173.4 183.7 (10.3)Broadcasting International 336.3 336.3 336.3 -Audiovisual Rights -Other Activities -Total 505.2 5.8 (0.3) (1.0) 509.7 520.0 (10.3)In 2007, TF1 acquired the Dujardin Group, and provisionally recognised goodwill on the acquisition of €3.5 million. During 2008, as part of the ﬁnal purchase price allocation, TF1 adjusted the provisional amounts recognised on this acquisition, as a result of which the provisional goodwill of €3.5 million was reallocated in full to the “1000 Bornes” trademark (gross value of €5.3 million less the deferred tax impact of €1.8 million). Based on impairment tests conducted using the method described in note 2.10, no material impairment of goodwill was identiﬁed as of December 31, 2008. The recoverable amount of the Broadcasting France CGU and the Broadcasting International CGU was determined by calculating the value in use using thediscounted cash ﬂow (DCF) method, based on three-year cash ﬂow projections compiled from plans and budgets approved by the TF1 Group Board of Directors. Cash ﬂows beyond the projection time-frame were extrapolated at a perpetual growth rate consistent with the growth potential of the markets in which each CGU operates, and with their competitive positions in those markets. The after-tax discount rate applied (6.28%) was determined using the method described in note 2.10.1. An analysis of the sensitivity of this calculation to changes in key parameters identiﬁed no probable scenario in which the recoverable amount of either CGU would fall below its carrying amount.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 7 GoodwillFor impairment testing purposes, goodwill has been allocated to cash generating units (CGUs) as follows:(€m) Goodwill at Jan 1, 2008 Acquisitions Disposals Impairment Other Goodwill at Dec 31, 2008 Gross value Accumulated impairmentBroadcasting France 173.4 (3.6) 169.8 180.1 (10.3)Broadcasting International 336.3 336.3 336.3 -Audiovisual Rights -Other Activities -Total 509.7 (3.6) 506.1 516.4 (10.3)(€m) Goodwill at Jan 1, 2007 Acquisitions Disposals Impairment Other Goodwill at Dec 31, 2007 Gross value Accumulated impairmentBroadcasting France 168.9 5.8 (0.3) (1.0) 173.4 183.7 (10.3)Broadcasting International 336.3 336.3 336.3 -Audiovisual Rights -Other Activities -Total 505.2 5.8 (0.3) (1.0) 509.7 520.0 (10.3)In 2007, TF1 acquired the Dujardin Group, and provisionally recognised goodwill on the acquisition of €3.5 million. During 2008, as part of the ﬁnal purchase price allocation, TF1 adjusted the provisional amounts recognised on this acquisition, as a result of which the provisional goodwill of €3.5 million was reallocated in full to the “1000 Bornes” trademark (gross value of €5.3 million less the deferred tax impact of €1.8 million). Based on impairment tests conducted using the method described in note 2.10, no material impairment of goodwill was identiﬁed as of December 31, 2008. The recoverable amount of the Broadcasting France CGU and the Broadcasting International CGU was determined by calculating the value in use using thediscounted cash ﬂow (DCF) method, based on three-year cash ﬂow projections compiled from plans and budgets approved by the TF1 Group Board of Directors. Cash ﬂows beyond the projection time-frame were extrapolated at a perpetual growth rate consistent with the growth potential of the markets in which each CGU operates, and with their competitive positions in those markets. The after-tax discount rate applied (6.28%) was determined using the method described in note 2.10.1. An analysis of the sensitivity of this calculation to changes in key parameters identiﬁed no probable scenario in which the recoverable amount of either CGU would fall below its carrying amount.2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 8 Intangible assets8.1 AUDIOVISUAL RIGHTSMovements during the year ended December 31, 2008 were as follows: 2008 (€m) Gross value Amortisation Impairment Audiovisual rights*January 1 1,070.9 (851.6) (39.5) 179.8Increases 71.8 (64.0) (21.9) (14.1)Decreases (11.0) 3.4 15.2 7.6Change in scope of consolidation, reclassiﬁcation * (40.5) (40.5)December 31 1,091.2 (912.2) (46.2) 132.8As of December 31, 2007, the TF1 Group recognised €40.5 million for rights acquisition contracts entered into by TF1 SA in anticipation of the formation of the TF1 Acquisitions economic interest grouping. In 2008, these rights were transferred to TF1 Acquisitions and reclassified as broadcasting rights inventories, in line with their intended use.Movements during the year ended December 31, 2007 were as follows:2007 (€m) Gross value Amortisation Impairment Audiovisual rights*January 1 898.7 (729.6) (41.3) 127.8Increases 113.9 (62.6) (15.6) 35.7Decreases (7.3) 1.6 7.8 2.1Change in scope of consolidation, reclassiﬁcation 65.6 (61.0) 9.6 14.2December 31 1,070.9 * (851.6) (39.5) 179.8This item includes €40.5 million relating to the acquisition contracts carried by TF1 on behalf of the TF1 Acquisitions economic interest grouping (see note above).The tables below show the maturities of audiovisual rights acquisition contracts entered into by TF1 to secure future programming schedules:Audiovisual rights (€m) 2008 2007Less than 1 year 11.9 16.71-5 years -More than 5 years -Total 11.9 16.78.2 OTHER INTANGIBLE ASSETSChange in scope of consolidation, reclassiﬁcation 6.6 (2.9) 3.7 2.4 2.4 6.12008 (€m) Astra satellite advance Concessions, patents and similar rights * Other Gross value Astra satellite advance Amortisation Impairment Amortisation and impairment Other intangible assets, net*January 1 18.9 41.9 8.5 69.3 (9.7) (28.3) (1.4) (39.4) 29.9Increases 2.9 2.4 5.3 (2.7) (3.3) (0.1) (6.1) (0.8)Decreases (0.2) (1.6) (1.8) 1.8 1.8 -December 31 18.9 51.2 6.4 76.5 (12.4) (27.4) (1.5) (41.3) 35.2In 2008, the TF1 Group recognised the “1000 Bornes” trademark as an intangible asset with a value of €5.3 million as part of the final purchase price allocation in connection with the acquisition of the Dujardin Group.1082008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 8 Intangible assets8.1 AUDIOVISUAL RIGHTSMovements during the year ended December 31, 2008 were as follows: 2008 (€m) Gross value Amortisation Impairment Audiovisual rights*January 1 1,070.9 (851.6) (39.5) 179.8Increases 71.8 (64.0) (21.9) (14.1)Decreases (11.0) 3.4 15.2 7.6Change in scope of consolidation, reclassiﬁcation * (40.5) (40.5)December 31 1,091.2 (912.2) (46.2) 132.8As of December 31, 2007, the TF1 Group recognised €40.5 million for rights acquisition contracts entered into by TF1 SA in anticipation of the formation of the TF1 Acquisitions economic interest grouping. In 2008, these rights were transferred to TF1 Acquisitions and reclassified as broadcasting rights inventories, in line with their intended use.Movements during the year ended December 31, 2007 were as follows:2007 (€m) Gross value Amortisation Impairment Audiovisual rights*January 1 898.7 (729.6) (41.3) 127.8Increases 113.9 (62.6) (15.6) 35.7Decreases (7.3) 1.6 7.8 2.1Change in scope of consolidation, reclassiﬁcation 65.6 (61.0) 9.6 14.2December 31 1,070.9 * (851.6) (39.5) 179.8This item includes €40.5 million relating to the acquisition contracts carried by TF1 on behalf of the TF1 Acquisitions economic interest grouping (see note above).The tables below show the maturities of audiovisual rights acquisition contracts entered into by TF1 to secure future programming schedules:Audiovisual rights (€m) 2008 2007Less than 1 year 11.9 16.71-5 years -More than 5 years -Total 11.9 16.78.2 OTHER INTANGIBLE ASSETSChange in scope of consolidation, reclassiﬁcation 6.6 (2.9) 3.7 2.4 2.4 6.12008 (€m) Astra satellite advance Concessions, patents and similar rights * Other Gross value Astra satellite advance Amortisation Impairment Amortisation and impairment Other intangible assets, net*January 1 18.9 41.9 8.5 69.3 (9.7) (28.3) (1.4) (39.4) 29.9Increases 2.9 2.4 5.3 (2.7) (3.3) (0.1) (6.1) (0.8)Decreases (0.2) (1.6) (1.8) 1.8 1.8 -December 31 18.9 51.2 6.4 76.5 (12.4) (27.4) (1.5) (41.3) 35.2In 2008, the TF1 Group recognised the “1000 Bornes” trademark as an intangible asset with a value of €5.3 million as part of the final purchase price allocation in connection with the acquisition of the Dujardin Group.1082008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="111">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements418.9 41.9 8.5 69.3 (9.7) (28.3) (1.4)2007 (€m) Astra satellite advance Concessions, patents and similar rights * Other Gross value Astra satellite advance Amortisation Impairment Amortisation and impairment Other intangible assets, net*January 1 18.9 40.2 9.0 68.1 (7.0) (29.3) (1.3) (37.6) 30.5Increases 1.6 2.8 4.4 (2.7) (1.8) (0.1) (4.6) (0.2)Decreases (3.2) (3.2) 3.0 3.0 (0.2)Change in scope of consolidation, reclassiﬁcation 3.3 (3.3) (0.2) (0.2) (0.2)December 31(39.4) 29.9No trademarks of material value were owned as at December 31, 2007.Note 9 Property, plant and equipmentMovements in property, plant and equipment during the year ended December 31, 2008 were as follows: Change in scope of consolidation, reclassiﬁcation (0.3) 4.3 (2.2) 0.92008 (€m) Land Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Property, plant and equipment under construction Gross value Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Depreciation Net valueJanuary 1 45.7 58.3 165.9 14.3 105.5Increases 0.2 16.9 12.3Decreases (4.7) (6.5) (5.9)December 31 45.7 58.2 182.4 5.6 112.83.2 392.9 (11.7) (136.6) (13.0) (73.3) (234.6) 158.315.5 44.9 (2.5) (13.1) (0.7) (10.0) (26.3) 18.6(17.1) 1.6 4.6 6.5 5.6 18.3 1.2(7.2) (4.5) 0.1 1.4 2.3 0.6 4.4 (0.1)11.5 416.2 (12.5) (143.7) (4.9) (77.1) (238.2) 178.02008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements418.9 41.9 8.5 69.3 (9.7) (28.3) (1.4)2007 (€m) Astra satellite advance Concessions, patents and similar rights * Other Gross value Astra satellite advance Amortisation Impairment Amortisation and impairment Other intangible assets, net*January 1 18.9 40.2 9.0 68.1 (7.0) (29.3) (1.3) (37.6) 30.5Increases 1.6 2.8 4.4 (2.7) (1.8) (0.1) (4.6) (0.2)Decreases (3.2) (3.2) 3.0 3.0 (0.2)Change in scope of consolidation, reclassiﬁcation 3.3 (3.3) (0.2) (0.2) (0.2)December 31(39.4) 29.9No trademarks of material value were owned as at December 31, 2007.Note 9 Property, plant and equipmentMovements in property, plant and equipment during the year ended December 31, 2008 were as follows: Change in scope of consolidation, reclassiﬁcation (0.3) 4.3 (2.2) 0.92008 (€m) Land Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Property, plant and equipment under construction Gross value Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Depreciation Net valueJanuary 1 45.7 58.3 165.9 14.3 105.5Increases 0.2 16.9 12.3Decreases (4.7) (6.5) (5.9)December 31 45.7 58.2 182.4 5.6 112.83.2 392.9 (11.7) (136.6) (13.0) (73.3) (234.6) 158.315.5 44.9 (2.5) (13.1) (0.7) (10.0) (26.3) 18.6(17.1) 1.6 4.6 6.5 5.6 18.3 1.2(7.2) (4.5) 0.1 1.4 2.3 0.6 4.4 (0.1)11.5 416.2 (12.5) (143.7) (4.9) (77.1) (238.2) 178.02008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="112">
		<raw><![CDATA[4LandFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsMovements in property, plant and equipment during the year ended December 31, 2007 were as follows:2007 (€m) Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Other property, plant and equipment held under ﬁnance leases Property, plant and equipment under construction Gross value Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Other property, plant and equipment held under ﬁnance leases Depreciation Net valueJanuary 1 45.7 58.3 154.7 13.8 93.3 1.6 1.5 368.9 (10.8) (127.2) (11.7) (64.9) (1.3) (215.9) 153.0Increases 10.1 11.7 4.5 26.3 (2.5) (10.5) (0.8) (8.9) (0.1) (22.8) 3.5Decreases (1.3) (1.9) (1.1) (4.3) 1.6 1.3 1.5 0.9 5.3 1.0Change in scope of consolidation, reclassiﬁcation 2.4 2.4 (2.8) 2.0 (0.2) (1.0) (1.2) 0.8December 31 45.7 58.3 165.9 13.8 105.5 0.5 3.2 392.9 (11.7) (136.6) (12.5) (73.3) (0.5) (234.6) 158.3Note 10 Investments in associatesThe table below gives a breakdown of investments in associates: Metro France Publications France 11.8 0.2 12.0 (0.8) 11.2(€m) Country January 1, 2007 Share of net proﬁt/(loss), net of dividends received Change in scope of consolidation December 31, 2007 Share of net proﬁt/(loss), net of dividends received Change in scope of consolidation December 31, 2008AB Group France/Belgium 8.0 230.3 238.3 6.0 244.3Europa TV (1) Italy 26.7 (26.7) -Other (2) France 1.7 0.1 1.3 3.1 (0.6) 1.3 3.8Total 40.2 8.3 204.9 253.4 4.6 1.3 259.3(1) The 29% interest in Europa TV was accounted for as an associate in the consolidated financial statements for the year ended December 31, 2006. The conditions for the sale of this interest having been fulfilled in June 2007, the effects of the sale were finally recognised in the financial statements as of that date (see note 3.2). (2) Other associates comprise JFG Networks, Sky Art Media and Sailing One.1102008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4LandFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsMovements in property, plant and equipment during the year ended December 31, 2007 were as follows:2007 (€m) Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Other property, plant and equipment held under ﬁnance leases Property, plant and equipment under construction Gross value Buildings Technical facilities Technical facilities held under ﬁnance leases Other property, plant and equipment Other property, plant and equipment held under ﬁnance leases Depreciation Net valueJanuary 1 45.7 58.3 154.7 13.8 93.3 1.6 1.5 368.9 (10.8) (127.2) (11.7) (64.9) (1.3) (215.9) 153.0Increases 10.1 11.7 4.5 26.3 (2.5) (10.5) (0.8) (8.9) (0.1) (22.8) 3.5Decreases (1.3) (1.9) (1.1) (4.3) 1.6 1.3 1.5 0.9 5.3 1.0Change in scope of consolidation, reclassiﬁcation 2.4 2.4 (2.8) 2.0 (0.2) (1.0) (1.2) 0.8December 31 45.7 58.3 165.9 13.8 105.5 0.5 3.2 392.9 (11.7) (136.6) (12.5) (73.3) (0.5) (234.6) 158.3Note 10 Investments in associatesThe table below gives a breakdown of investments in associates: Metro France Publications France 11.8 0.2 12.0 (0.8) 11.2(€m) Country January 1, 2007 Share of net proﬁt/(loss), net of dividends received Change in scope of consolidation December 31, 2007 Share of net proﬁt/(loss), net of dividends received Change in scope of consolidation December 31, 2008AB Group France/Belgium 8.0 230.3 238.3 6.0 244.3Europa TV (1) Italy 26.7 (26.7) -Other (2) France 1.7 0.1 1.3 3.1 (0.6) 1.3 3.8Total 40.2 8.3 204.9 253.4 4.6 1.3 259.3(1) The 29% interest in Europa TV was accounted for as an associate in the consolidated financial statements for the year ended December 31, 2006. The conditions for the sale of this interest having been fulfilled in June 2007, the effects of the sale were finally recognised in the financial statements as of that date (see note 3.2). (2) Other associates comprise JFG Networks, Sky Art Media and Sailing One.1102008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="113">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 0.2 10.9 11.1 1.0 0.1 10.0 11.1 13.7 0.2The table below gives summary information about material investments in associates:TF1 Group share (€m) Non-current assets Current assets TOTAL ASSETS Shareholders’ equity Non-current liabilities Current liabilities TOTAL LIABILITIES AND EQUITY Revenue Operating proﬁt/(loss)AB Group (1) 2008 40.5 47.1 87.6 33.2 11.7 42.7 87.6 56.8 16.0 2007 43.2 38.7 81.9 27.2 14.1 40.6 81.9 53.5 14.1Métro France Publications 2008 0.3 12.5 12.8 0.2 0.2 12.4 12.8 13.3 (0.8)(1) The 2008 figures are based on the September 30, 2008 financial statements (the most recent accounts available) and a 33.5% interest. The 2007 figures are based on the September 30, 2007 financial statements and a 33.5% interest.Data relating to other associates are not material for the years ended December 31, 2008 and 2007. No evidence of impairment of the investment in the AB Group was identiﬁed as of December 31, 2008.An analysis of evidence of impairment led TF1 to test the investment in Métro France Publications for impairment. The after-tax discount rate applied (7.98%) was determined using the method described in note 2.10.1. An analysis of the sensitivity of this calculation to changes in key parameters identiﬁed no material risk. No impairment loss was recognised against this investment.Note 11 Programmes and broadcasting rightsThe table below shows the movement in programme and broadcasting rights inventory, valued in accordance with the accounting policy described in note 2.12. Change in scope of consolidation, reclassiﬁcation 1.2 0.6 1.8 1.8 Change in scope of consolidation, reclassiﬁcation 0.4 40.5 40.9 (0.4) 40.5(€m) TF1 channel TF6 Série Club Odyssée Histoire TV Breizh TFOU JET Ushuaïa TV TMC TF1 Acquisitions (EIG) Gross value Impairment Net valueJanuary 1, 2007 672.9 4.0 1.8 0.7 0.5 10.0 0.6 0.8 0.5 1.7 693.5 (141.9) 551.6Other movements, net (27.3) (1.2) (0.6) (0.5) (0.1) (2.0) 0.3 (0.8) 0.5 0.6 (31.1) (22.5) (1) (53.6)December 31, 2007 646.8 2.8 1.2 0.2 0.4 8.0 0.9 1.0 2.9 664.2 (164.4) 499.8Other movements, net 8.8 (0.3) (0.2) 0.6 (4.3) (0.9) (0.2) 0.1 13.4 17.0 (15.3) (2) 1.7December 31, 2008 656.0 2.5 1.0 0.8 0.4 3.7 0.8 3.0 53.9 722.1 (180.1) 542.0(1) €82.0 million of charges to impairment losses, net of €59.5 million of reversals of impairment losses. (2) €85.8 million of charges to impairment losses, net of €70.5 million of reversals of impairment losses.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 0.2 10.9 11.1 1.0 0.1 10.0 11.1 13.7 0.2The table below gives summary information about material investments in associates:TF1 Group share (€m) Non-current assets Current assets TOTAL ASSETS Shareholders’ equity Non-current liabilities Current liabilities TOTAL LIABILITIES AND EQUITY Revenue Operating proﬁt/(loss)AB Group (1) 2008 40.5 47.1 87.6 33.2 11.7 42.7 87.6 56.8 16.0 2007 43.2 38.7 81.9 27.2 14.1 40.6 81.9 53.5 14.1Metro France Publications 2008 0.3 12.5 12.8 0.2 0.2 12.4 12.8 13.3 (0.8)(1) The 2008 figures are based on the September 30, 2008 financial statements (the most recent accounts available) and a 33.5% interest. The 2007 figures are based on the September 30, 2007 financial statements and a 33.5% interest.Data relating to other associates are not material for the years ended December 31, 2008 and 2007. No evidence of impairment of the investment in the AB Group was identiﬁed as of December 31, 2008.An analysis of evidence of impairment led TF1 to test the investment in Metro France Publications for impairment. The after-tax discount rate applied (7.98%) was determined using the method described in note 2.10.1. An analysis of the sensitivity of this calculation to changes in key parameters identiﬁed no material risk. No impairment loss was recognised against this investment.Note 11 Programmes and broadcasting rightsThe table below shows the movement in programme and broadcasting rights inventory, valued in accordance with the accounting policy described in note 2.12. Change in scope of consolidation, reclassiﬁcation 1.2 0.6 1.8 1.8 Change in scope of consolidation, reclassiﬁcation 0.4 40.5 40.9 (0.4) 40.5(€m) TF1 channel TF6 Serie Club Odyssee Histoire TV Breizh TFOU JET Ushuaia TV TMC TF1 Acquisitions (EIG) Gross value Impairment Net valueJanuary 1, 2007 672.9 4.0 1.8 0.7 0.5 10.0 0.6 0.8 0.5 1.7 693.5 (141.9) 551.6Other movements, net (27.3) (1.2) (0.6) (0.5) (0.1) (2.0) 0.3 (0.8) 0.5 0.6 (31.1) (22.5) (1) (53.6)December 31, 2007 646.8 2.8 1.2 0.2 0.4 8.0 0.9 1.0 2.9 664.2 (164.4) 499.8Other movements, net 8.8 (0.3) (0.2) 0.6 (4.3) (0.9) (0.2) 0.1 13.4 17.0 (15.3) (2) 1.7December 31, 2008 656.0 2.5 1.0 0.8 0.4 3.7 0.8 3.0 53.9 722.1 (180.1) 542.0(1) €82.0 million of charges to impairment losses, net of €59.5 million of reversals of impairment losses. (2) €85.8 million of charges to impairment losses, net of €70.5 million of reversals of impairment losses.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="114">
		<raw><![CDATA[4TOTALFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe table below shows the maturity of broadcasting and sports transmission rights acquisition contracts entered into by TF1 to secure future programming schedules: 2008 (€m) Programmes and broadcasting rights (1) Sports transmission rights Less than 1 year 578.0 211.1 789.1 1 to 5 years 749.2 428.5 1,177.7 More than 5 years 54.8 53.4 108.2 Total 1,382.0 693.0 2,075.0(1) In 2008, some of these contracts were expressed in foreign currencies: €13.9 million in Swiss francs, €20.1 million in pounds sterling, and €353.2 million in U.S. dollars.2007 (€m) Programmes and broadcasting rights (1) Sports transmission rights TOTALLess than 1 year 462.8 222.5 685.31 to 5 years 754.5 498.7 1,253.2More than 5 years 119.9 91.0 210.9Total 1,337.2 812.2 2,149.4(1) In 2007, some of these contracts were expressed in foreign currencies: €7.8 million in Swiss francs, €36.9 million in pounds sterling and €405.7 million in U.S. dollars.Programmes and broadcasting rights: In 2008, this relates mainly to TF1 SA (€1,245.9 million, compared with €1,232.4 million in 2007). Sports transmission rights: These commitments relate mainly to TF1 SA (€477.5 million in 2008, €568.1 million in 2007) and Eurosport (€215.5 million in 2008, €244.1 million in 2007).Note 12 Financial assets12.1 CATEGORIES OF FINANCIAL ASSETSThe tables below show ﬁnancial assets by category: Financial assets at fair value through proﬁt or loss 2008 (€m) Non-current ﬁnancial assets Trade and other debtors Other current ﬁnancial assets Currency derivatives Interest rate derivatives Financial assets used for treasury management purposes Cash and cash equivalents Designated at fair value on initial recognition 704.6 Held for trading 14.0 4.4 7.3 Available-for-sale ﬁnancial assets 20.3 Loans and receivables 16.1 1,226.8Held-tomaturity investments -Total 741.0 1,226.8 14.0 4.4 7.3-2.3 0.1-9.7-2.3 9.81122008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4TOTALFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe table below shows the maturity of broadcasting and sports transmission rights acquisition contracts entered into by TF1 to secure future programming schedules: 2008 (€m) Programmes and broadcasting rights (1) Sports transmission rights Less than 1 year 578.0 211.1 789.1 1 to 5 years 749.2 428.5 1,177.7 More than 5 years 54.8 53.4 108.2 Total 1,382.0 693.0 2,075.0(1) In 2008, some of these contracts were expressed in foreign currencies: €13.9 million in Swiss francs, €20.1 million in pounds sterling, and €353.2 million in U.S. dollars.2007 (€m) Programmes and broadcasting rights (1) Sports transmission rights TOTALLess than 1 year 462.8 222.5 685.31 to 5 years 754.5 498.7 1,253.2More than 5 years 119.9 91.0 210.9Total 1,337.2 812.2 2,149.4(1) In 2007, some of these contracts were expressed in foreign currencies: €7.8 million in Swiss francs, €36.9 million in pounds sterling and €405.7 million in U.S. dollars.Programmes and broadcasting rights: In 2008, this relates mainly to TF1 SA (€1,245.9 million, compared with €1,232.4 million in 2007). Sports transmission rights: These commitments relate mainly to TF1 SA (€477.5 million in 2008, €568.1 million in 2007) and Eurosport (€215.5 million in 2008, €244.1 million in 2007).Note 12 Financial assets12.1 CATEGORIES OF FINANCIAL ASSETSThe tables below show ﬁnancial assets by category: Financial assets at fair value through proﬁt or loss 2008 (€m) Non-current ﬁnancial assets Trade and other debtors Other current ﬁnancial assets Currency derivatives Interest rate derivatives Financial assets used for treasury management purposes Cash and cash equivalents Designated at fair value on initial recognition 704.6 Held for trading 14.0 4.4 7.3 Available-for-sale ﬁnancial assets 20.3 Loans and receivables 16.1 1,226.8Held-tomaturity investments -Total 741.0 1,226.8 14.0 4.4 7.3-2.3 0.1-9.7-2.3 9.81122008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="115">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements45.0Financial assets at fair value through proﬁt or loss 2007 (€m) Non-current ﬁnancial assets Trade and other debtors Other current ﬁnancial assets Currency derivatives Interest rate derivatives Financial assets held for treasury management purposes Cash and cash equivalents Designated at fair value on initial recognition 665.6 Held for trading 5.0 0.3 0.9 Available-for-sale ﬁnancial assets 21.0 Loans and receivables 5.0 1,232.5Held-tomaturity investments -Total 691.6 1,232.5 0.3 0.9-3.8 11.8-23.1-3.8 34.912.2 OTHER FINANCIAL ASSETS(€m) Canal+ France ﬁnancial asset Equity investments in non-consolidated companies Loans and advances to non-consolidated companies Loans Deposits and caution money Other ﬁnancial assets 2008 704.6 20.3 2.7 8.5 4.9 741.0 2007 665.6 21.0 1.5 0.3 3.2 691.612.2.1Canal+ France financial assetThe Canal+ France ﬁnancial asset received in exchange for the transfer of TPS shares was designated by TF1 on initial recognition as a ﬁnancial asset at fair value through proﬁt or loss. This asset represents a 9.9% interest in the capital of Canal+ France plus a put option exercisable in February 2010. This option will enable TF1 to sell all its Canal+ France shares at the greater of: p p a minimum price of €745.8 million (for TF1’s share), an independent valuation at the exercise date.It is reported in the balance sheet at fair value, determined on the basis of the minimum price of €745.8 million, discounted at the interest rate derived from the agreement signed on January 6, 2006. During the year ended December 31, 2008, the fair value of this ﬁnancial asset increased by €39 million, taking the value of the asset (Canal+ France shares plus put option) to €704.6 million as of that date. This change in fair value was recognised in the income statement under “Other ﬁnancial income and expenses”.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements45.0Financial assets at fair value through proﬁt or loss 2007 (€m) Non-current ﬁnancial assets Trade and other debtors Other current ﬁnancial assets Currency derivatives Interest rate derivatives Financial assets held for treasury management purposes Cash and cash equivalents Designated at fair value on initial recognition 665.6 Held for trading 5.0 0.3 0.9 Available-for-sale ﬁnancial assets 21.0 Loans and receivables 5.0 1,232.5Held-tomaturity investments -Total 691.6 1,232.5 0.3 0.9-3.8 11.8-23.1-3.8 34.912.2 OTHER FINANCIAL ASSETS(€m) Canal+ France ﬁnancial asset Equity investments in non-consolidated companies Loans and advances to non-consolidated companies Loans Deposits and caution money Other ﬁnancial assets 2008 704.6 20.3 2.7 8.5 4.9 741.0 2007 665.6 21.0 1.5 0.3 3.2 691.612.2.1Canal+ France financial assetThe Canal+ France ﬁnancial asset received in exchange for the transfer of TPS shares was designated by TF1 on initial recognition as a ﬁnancial asset at fair value through proﬁt or loss. This asset represents a 9.9% interest in the capital of Canal+ France plus a put option exercisable in February 2010. This option will enable TF1 to sell all its Canal+ France shares at the greater of: p p a minimum price of €745.8 million (for TF1’s share), an independent valuation at the exercise date.It is reported in the balance sheet at fair value, determined on the basis of the minimum price of €745.8 million, discounted at the interest rate derived from the agreement signed on January 6, 2006. During the year ended December 31, 2008, the fair value of this ﬁnancial asset increased by €39 million, taking the value of the asset (Canal+ France shares plus put option) to €704.6 million as of that date. This change in fair value was recognised in the income statement under “Other ﬁnancial income and expenses”.2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="116">
		<raw><![CDATA[412.2.2(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsEquity investments in non-consolidated companiesThe main investments in non-consolidated companies, valued at acquisition cost, break down as follows: Gross value 2008 12.8 1.4 4.0 1.0 0.6 1.4 0.8 3.5 1.6 0.4 3.7 2.5 0.5 1.8 36.0 0.5 2.6 28.7 1.6 0.4 3.7 (2.5) (0.5) (0.4) (15.7) (0.5) (0.4) (7.7) 1.4 20.3 2.2 21.0 (1.6) (0.4) (1.6) (0.4) 3.7 3.7 4.0 0.3 0.6 1.4 0.8 (0.8) (0.8) 3.5 (4.0) (4.0) 1.0 0.6 1.4 0.3 0.6 1.4 Gross value 2007 12.8% interest 50.00% 100.00% 13.30% 35.00% 80.00% 5.00% 27.40% 18.91% 11.60% 100.00% 49.00% 100.00% 99.90%Provision 2008 (5.5)Provision 2007Net value 2008 7.3 1.4Net value 2007 12.8A1 International (1) (2) Dualnet (1) En Direct Avec Nomao Place des tendances (1) Prima TV SHIP Soﬁca Valor 6 Soread Swonke (1) Sylver (1) TF1 Mobile (1) TF1 Publications (1) OtherEquity investments in non-consolidated companies(1)Although these subsidiaries are more than 20% owned, they are not consolidated because of the immateriality of their potential contribution to the consolidated financial statements.(2) A1 International: TF1 made a capital injection into this company in 2005, giving it a 50% interest. AI International is a holding company whose sole object is to own a 3% interest in the capital of The Weinstein Company, a major U.S. film studio. Impairment testing of equity investments in non-consolidated companies indicated no evidence of impairment in either 2008 or 2007.12.3 TRADE AND OTHER DEBTORS(€m) Trade debtors Supplier prepayments (1) Other operating debtors (2) Other debtors Prepayments Trade and other debtors(1) This line includes advance payments in respect of acquisitions of programmes and sports transmission rights. (2) Primarily amounts due to the government, local authorities, employees and social security authorities.Gross value 2008 715.1 228.6 201.1 137.1 27.2 1,309.1Impairment 2008 (15.4) (2.8) (64.1) (82.3)Net value 2008 699.7 225.8 201.1 73.0 27.2 1,226.8Net value 2007 707.1 216.6 191.9 91.8 25.1 1,232.5(€m) Impairment as of January 1 Additional provisions booked during the year Written off Recovered during the year Changes in scope of consolidation and reclassiﬁcations Impairment as of December 312008 (67.7) (20.8) 5.3 0.5 0.4 (82.3)2007 (61.7) (16.8) 10.2 0.8 (0.2) (67.7)1142008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[412.2.2(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsEquity investments in non-consolidated companiesThe main investments in non-consolidated companies, valued at acquisition cost, break down as follows: Gross value 2008 12.8 1.4 4.0 1.0 0.6 1.4 0.8 3.5 1.6 0.4 3.7 2.5 0.5 1.8 36.0 0.5 2.6 28.7 1.6 0.4 3.7 (2.5) (0.5) (0.4) (15.7) (0.5) (0.4) (7.7) 1.4 20.3 2.2 21.0 (1.6) (0.4) (1.6) (0.4) 3.7 3.7 4.0 0.3 0.6 1.4 0.8 (0.8) (0.8) 3.5 (4.0) (4.0) 1.0 0.6 1.4 0.3 0.6 1.4 Gross value 2007 12.8% interest 50.00% 100.00% 13.30% 35.00% 80.00% 5.00% 27.40% 18.91% 11.60% 100.00% 49.00% 100.00% 99.90%Provision 2008 (5.5)Provision 2007Net value 2008 7.3 1.4Net value 2007 12.8A1 International (1) (2) Dualnet (1) En Direct Avec Nomao Place des tendances (1) Prima TV SHIP Soﬁca Valor 6 Soread Swonke (1) Sylver (1) TF1 Mobile (1) TF1 Publications (1) OtherEquity investments in non-consolidated companies(1)Although these subsidiaries are more than 20% owned, they are not consolidated because of the immateriality of their potential contribution to the consolidated financial statements.(2) A1 International: TF1 made a capital injection into this company in 2005, giving it a 50% interest. AI International is a holding company whose sole object is to own a 3% interest in the capital of The Weinstein Company, a major U.S. film studio. Impairment testing of equity investments in non-consolidated companies indicated no evidence of impairment in either 2008 or 2007.12.3 TRADE AND OTHER DEBTORS(€m) Trade debtors Supplier prepayments (1) Other operating debtors (2) Other debtors Prepayments Trade and other debtors(1) This line includes advance payments in respect of acquisitions of programmes and sports transmission rights. (2) Primarily amounts due to the government, local authorities, employees and social security authorities.Gross value 2008 715.1 228.6 201.1 137.1 27.2 1,309.1Impairment 2008 (15.4) (2.8) (64.1) (82.3)Net value 2008 699.7 225.8 201.1 73.0 27.2 1,226.8Net value 2007 707.1 216.6 191.9 91.8 25.1 1,232.5(€m) Impairment as of January 1 Additional provisions booked during the year Written off Recovered during the year Changes in scope of consolidation and reclassiﬁcations Impairment as of December 312008 (67.7) (20.8) 5.3 0.5 0.4 (82.3)2007 (61.7) (16.8) 10.2 0.8 (0.2) (67.7)1142008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 20.1 11.8 3.0 34.912.4 CASH AND CASH EQUIVALENTSThis item comprises: (€m) Cash Money-market mutual funds Treasury current accounts (1) Cash and cash equivalents(1) These accounts are with associates, jointly controlled entities and non-consolidated companies.2008 6.9 0.1 2.8 9.812.5 FAIR VALUE OF FINANCIAL ASSETSThe fair value of ﬁnancial instruments is determined by reference to a market price derived from trading on a national stock exchange or an over-the-counter market. If no quoted market price is available, fair value is estimated by alternative valuation methods, such as the discounted cash ﬂow method. In any event, the estimation of fair value is based to some extent on interpretation of the market information used in the valuation. Consequently, these estimates do not necessarily reﬂect the amounts that might actually be received or paid in the event that these instruments were to be closed out in the market. The use of different estimates, methods and assumptions can have a signiﬁcant effect on fair value estimates. The methods used are as follows: p Canal+ France ﬁnancial asset: the fair value of this asset is determined on the basis of the minimum price of €745.8 million, discounted at the interest rate derived from the agreement signed on January 6, 2006,pequity investments in non-consolidated companies: − listed companies: fair value is determined on the basis of the published stock market price on the balance sheet date, − unlisted companies: if fair value cannot be measured reliably, the investment is carried at acquisition cost. The equity investments in non-consolidated companies held by TF1 are carried at cost,pderivative instruments: the fair value of interest-rate and foreign exchange instruments is estimated using valuations obtained from bank counterparties or from ﬁnancial models generally used in the ﬁnancial markets, on the basis of market data as of the balance sheet date.Because of their short maturities, the carrying amount of trade and other debtors, cash, and treasury current accounts is regarded as a reasonable approximation of their fair value.Note 13 Consolidated shareholders’ equity13.1 TF1 SHARE CAPITALAs of December 31, 2008, the share capital of TF1 SA comprised 213,395,868 ordinary shares, all fully paid. Movements in share capital during 2008 were as follows:Number of shares January 1, 2007 Capital increase Repurchase of own shares Cancellation of treasury shares January 1, 2008 Capital increase Repurchase of own shares for cancellation Cancellation of treasury shares December 31, 2008 Nominal valueTotal shares outstanding 214,122,129 439,900 (1,151,537) 213,410,492 (14,624) 213,395,868 €0.2Treasury shares 251,537 900,000 (1,151,537) 14,624 14,624 €0.22008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 20.1 11.8 3.0 34.912.4 CASH AND CASH EQUIVALENTSThis item comprises: (€m) Cash Money-market mutual funds Treasury current accounts (1) Cash and cash equivalents(1) These accounts are with associates, jointly controlled entities and non-consolidated companies.2008 6.9 0.1 2.8 9.812.5 FAIR VALUE OF FINANCIAL ASSETSThe fair value of ﬁnancial instruments is determined by reference to a market price derived from trading on a national stock exchange or an over-the-counter market. If no quoted market price is available, fair value is estimated by alternative valuation methods, such as the discounted cash ﬂow method. In any event, the estimation of fair value is based to some extent on interpretation of the market information used in the valuation. Consequently, these estimates do not necessarily reﬂect the amounts that might actually be received or paid in the event that these instruments were to be closed out in the market. The use of different estimates, methods and assumptions can have a signiﬁcant effect on fair value estimates. The methods used are as follows: p Canal+ France ﬁnancial asset: the fair value of this asset is determined on the basis of the minimum price of €745.8 million, discounted at the interest rate derived from the agreement signed on January 6, 2006,pequity investments in non-consolidated companies: − listed companies: fair value is determined on the basis of the published stock market price on the balance sheet date, − unlisted companies: if fair value cannot be measured reliably, the investment is carried at acquisition cost. The equity investments in non-consolidated companies held by TF1 are carried at cost,pderivative instruments: the fair value of interest-rate and foreign exchange instruments is estimated using valuations obtained from bank counterparties or from ﬁnancial models generally used in the ﬁnancial markets, on the basis of market data as of the balance sheet date.Because of their short maturities, the carrying amount of trade and other debtors, cash, and treasury current accounts is regarded as a reasonable approximation of their fair value.Note 13 Consolidated shareholders’ equity13.1 TF1 SHARE CAPITALAs of December 31, 2008, the share capital of TF1 SA comprised 213,395,868 ordinary shares, all fully paid. Movements in share capital during 2008 were as follows:Number of shares January 1, 2007 Capital increase Repurchase of own shares Cancellation of treasury shares January 1, 2008 Capital increase Repurchase of own shares for cancellation Cancellation of treasury shares December 31, 2008 Nominal valueTotal shares outstanding 214,122,129 439,900 (1,151,537) 213,410,492 (14,624) 213,395,868 €0.2Treasury shares 251,537 900,000 (1,151,537) 14,624 14,624 €0.22008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[413.2.1FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements13.2 CHANGES IN SHAREHOLDERS’ EQUITY NOT AFFECTING THE INCOME STATEMENTDividendsThe table below shows the amount of dividend paid by the TF1 Group in the years ended December 31, 2008 and 2007, and the amount of dividend for 2008 submitted by the Board of Directors for approval by the Ordinary General Meeting of the shareholders to be held on April 17, 2009.To be paid in 2009 * Total dividend (€m) Dividend per ordinary share (€)* Proposed dividend.Paid in 2008 181.4 0.85Paid in 2007 181.8 0.85100.3 0.47Because this dividend is subject to approval by the shareholders, it was not recognised as a liability in the consolidated ﬁnancial statements as at December 31 2008.13.2.3Treasury shares13.2.2Share-based paymentThe matching entry for the movement in this reserve during the period is charged to “Staff costs” in the income statement (see note 20).In March 2006, TF1 bought its own shares forward to hedge upside risk in the TF1 share price in respect of shares allotted unconditionally under considerationfree share allotment plan no. 1. These shares were delivered to the allottees on April 1, 2008, with the exception of 14,624 shares allotted to employees who had left the Group as of the date of delivery.13.3 CASH FLOW HEDGE RESERVE(€m) Reserve at January 1 Cash ﬂow hedges recognised in proﬁt or loss for the period (1) Change in fair value of new cash ﬂow hedges contracted during the period Change in fair value of existing portfolio of cash ﬂow hedges during the period Pre-hedging balancing payment recognised in proﬁt or loss for the period Reserve at December 31 2008 (3.9) 3.6 (3.1) 1.1 (0.5) (2.8) 2007 1.4 (1.9) (2.9) (0.5) (3.9)(1) The amounts transferred from equity to profit or loss are recognised as a component of operating profit. The gain arising during the year ended December 31, 2008 from closing out derivative instruments was €3.6 million.Note 14 Financial liabilities14.1 CATEGORIES OF FINANCIAL LIABILITIESThe tables below shows ﬁnancial liabilities by category:Financial liabilities at fair value through proﬁt or loss 2008 (€m) Non-current debt Current debt Trade and other creditors Other current ﬁnancial liabilities Currency derivatives Interest rate derivatives Designated at fair value on initial recognition 10.2 4.7 5.5 Held for trading Financial liabilities at amortised cost 695.5 22.9 1,514.9 Total 695.5 22.9 1,514.9 10.2 4.7 5.51162008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[413.2.1FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements13.2 CHANGES IN SHAREHOLDERS’ EQUITY NOT AFFECTING THE INCOME STATEMENTDividendsThe table below shows the amount of dividend paid by the TF1 Group in the years ended December 31, 2008 and 2007, and the amount of dividend for 2008 submitted by the Board of Directors for approval by the Ordinary General Meeting of the shareholders to be held on April 17, 2009.To be paid in 2009 * Total dividend (€m) Dividend per ordinary share (€)* Proposed dividend.Paid in 2008 181.4 0.85Paid in 2007 181.8 0.85100.3 0.47Because this dividend is subject to approval by the shareholders, it was not recognised as a liability in the consolidated ﬁnancial statements as at December 31 2008.13.2.3Treasury shares13.2.2Share-based paymentThe matching entry for the movement in this reserve during the period is charged to “Staff costs” in the income statement (see note 20).In March 2006, TF1 bought its own shares forward to hedge upside risk in the TF1 share price in respect of shares allotted unconditionally under considerationfree share allotment plan no. 1. These shares were delivered to the allottees on April 1, 2008, with the exception of 14,624 shares allotted to employees who had left the Group as of the date of delivery.13.3 CASH FLOW HEDGE RESERVE(€m) Reserve at January 1 Cash ﬂow hedges recognised in proﬁt or loss for the period (1) Change in fair value of new cash ﬂow hedges contracted during the period Change in fair value of existing portfolio of cash ﬂow hedges during the period Pre-hedging balancing payment recognised in proﬁt or loss for the period Reserve at December 31 2008 (3.9) 3.6 (3.1) 1.1 (0.5) (2.8) 2007 1.4 (1.9) (2.9) (0.5) (3.9)(1) The amounts transferred from equity to profit or loss are recognised as a component of operating profit. The gain arising during the year ended December 31, 2008 from closing out derivative instruments was €3.6 million.Note 14 Financial liabilities14.1 CATEGORIES OF FINANCIAL LIABILITIESThe tables below shows ﬁnancial liabilities by category:Financial liabilities at fair value through proﬁt or loss 2008 (€m) Non-current debt Current debt Trade and other creditors Other current ﬁnancial liabilities Currency derivatives Interest rate derivatives Designated at fair value on initial recognition 10.2 4.7 5.5 Held for trading Financial liabilities at amortised cost 695.5 22.9 1,514.9 Total 695.5 22.9 1,514.9 10.2 4.7 5.51162008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Total 14.8Financial liabilities at fair value through proﬁt or loss 2007 (€m) Non-current debt Current debt Trade and other creditors Other current ﬁnancial liabilities Currency derivatives Interest rate derivatives Designated at fair value on initial recognition 7.3 4.5 Held for trading 11.8 Financial liabilities at amortised cost 617.6 14.8 1,513.1617.6 1,513.1 11.8 7.3 4.514.2 TRADE AND OTHER CREDITORS(€m) Trade creditors Advance payments received Tax and employee-related liabilities (1) Amounts due in respect of non-current assets Other creditors Audiovisual industry support fund grants (2) Current accounts Deferred and prepaid income and similar items (3) Trade and other creditors(1) Tax and employee-related liabilities mainly comprise VAT and corporate income taxes payable. (2) Audiovisual industry support fund grants included in creditors mainly comprise grants awarded by the French National Centre for Cinematography to TF1 Films Production, Glem, Ciby 2000 and TF1 International. (3) Mainly comprises prepaid income.2008 758.2 5.7 318.6 64.5 316.7 11.1 11.3 28.8 1,514.92007 723.2 8.6 345.0 93.9 300.4 12.0 15.6 14.4 1,513.114.3 FAIR VALUE OF FINANCIAL LIABILITIESBecause of their short maturities, the carrying amount of bank overdrafts, trade and other creditors and current debt is regarded as a reasonable approximation of their fair value. The fair value of derivative instruments is estimated using valuations obtained from bank counterparties or from ﬁnancial models generally used in the ﬁnancial markets, on the basis of market data as of the balance sheet date.Note 15 Net debtNet debt as reported by the TF1 Group comprises the following items: (€m) Cash and cash equivalents Financial assets used for treasury management purposes Total cash and cash equivalents (A) Fair value of interest rate derivatives (B) Non-current debt (1) Current debt Total debt (C) NET DEBT (C) - (B) - (A) 2008 9.8 2.3 12.1 1.8 695.5 22.9 718.4 704.5 2007 34.9 3.8 38.7 (3.6) 617.6 14.8 632.4 597.3(1) Mainly comprises a €500 million fixed-rate bond issue maturing 2010. This bond issue ceased to be designated as a hedged item in a fair value hedging relationship with effect from January 1, 2008 (see note 29.2.2.1).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Total 14.8Financial liabilities at fair value through proﬁt or loss 2007 (€m) Non-current debt Current debt Trade and other creditors Other current ﬁnancial liabilities Currency derivatives Interest rate derivatives Designated at fair value on initial recognition 7.3 4.5 Held for trading 11.8 Financial liabilities at amortised cost 617.6 14.8 1,513.1617.6 1,513.1 11.8 7.3 4.514.2 TRADE AND OTHER CREDITORS(€m) Trade creditors Advance payments received Tax and employee-related liabilities (1) Amounts due in respect of non-current assets Other creditors Audiovisual industry support fund grants (2) Current accounts Deferred and prepaid income and similar items (3) Trade and other creditors(1) Tax and employee-related liabilities mainly comprise VAT and corporate income taxes payable. (2) Audiovisual industry support fund grants included in creditors mainly comprise grants awarded by the French National Centre for Cinematography to TF1 Films Production, Glem, Ciby 2000 and TF1 International. (3) Mainly comprises prepaid income.2008 758.2 5.7 318.6 64.5 316.7 11.1 11.3 28.8 1,514.92007 723.2 8.6 345.0 93.9 300.4 12.0 15.6 14.4 1,513.114.3 FAIR VALUE OF FINANCIAL LIABILITIESBecause of their short maturities, the carrying amount of bank overdrafts, trade and other creditors and current debt is regarded as a reasonable approximation of their fair value. The fair value of derivative instruments is estimated using valuations obtained from bank counterparties or from ﬁnancial models generally used in the ﬁnancial markets, on the basis of market data as of the balance sheet date.Note 15 Net debtNet debt as reported by the TF1 Group comprises the following items: (€m) Cash and cash equivalents Financial assets used for treasury management purposes Total cash and cash equivalents (A) Fair value of interest rate derivatives (B) Non-current debt (1) Current debt Total debt (C) NET DEBT (C) - (B) - (A) 2008 9.8 2.3 12.1 1.8 695.5 22.9 718.4 704.5 2007 34.9 3.8 38.7 (3.6) 617.6 14.8 632.4 597.3(1) Mainly comprises a €500 million fixed-rate bond issue maturing 2010. This bond issue ceased to be designated as a hedged item in a fair value hedging relationship with effect from January 1, 2008 (see note 29.2.2.1).2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[416.1.1FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 16 Provisions16.1 NON-CURRENT PROVISIONSBreakdown of non-current provisionsMovements in non-current provisions during 2008 were as follows:2008 (€m) Provisions for: Retirement beneﬁt obligations Long-service leave Litigation and claims (1) Other non-current provisions NON-CURRENT PROVISIONSJanuary 1 27.5 6.8 0.4 34.7Charges 6.3 1.7 5.4 13.4Reversals: used (4.3) (0.7) (1.1) -Reversals: unused (3.6) (0.8) (0.1)Change in scope of consolidation, reclassiﬁcation (0.4) 0.2 9.2 10.9 (0.2)December 31 25.5 7.3 9.2 15.1 0.1(1) Following a review of risks and in light of developments in ongoing litigation and claims during the year, TF1 reclassified certain provisions from current to non-current; the amount involved was €20.1 million.2007 (€m) Provisions for: Retirement beneﬁt obligations Long-service leave Other non-current provisions NON-CURRENT PROVISIONSJanuary 1 27.8 6.6 0.3 34.7Charges 5.5 1.4 0.2 7.1Reversals: used (5.5) (0.6) (0.1) (6.2)Reversals: unused (1.6) (0.6) 0.0 (2.2)Other movements 1.3 0.0 0.0 1.3December 31 27.5 6.8 0.4 34.7From January 1, 2007 onwards, other movements in provisions for retirement beneﬁt obligations include actuarial gains and losses on these obligations, which are recognised directly in equity. The amount recognised directly in equity for the year ended December 31, 2008 was a net gain of €0.3 million, compared with a net loss of €1.1 million in 2007.16.1.2Provisions for retirement benefit obligationsMain actuarial assumptionsDec. 31, 2008 Discount rate Expected rate of return on plan assets Expected salary inﬂation rate 3.66% 4.0% 2.0% Dec. 31, 2007 4.2% 3.8% 2.0% Dec. 31, 2006 3.8% 3.8% 2.0% Dec. 31, 2005 3.4% 4.0% 2.0% Dec. 31, 2004 3.6% 4.0% 2.0%Expense recognised in the income statement of retirement benefit obligations(€m) Current service cost Interest expense on obligation Expected return on plan assets Expense recognised comprising: net change in provisions amount recognised in “Staff costs” Actual return on plan assets 1.6 (4.2) 0.2 2008 (1.8) (1.0) 0.2 (2.6) 1.6 (4.3) 0.2 2007 (1.7) (1.2) 0.2 (2.7)1182008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[416.1.1FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 16 Provisions16.1 NON-CURRENT PROVISIONSBreakdown of non-current provisionsMovements in non-current provisions during 2008 were as follows:2008 (€m) Provisions for: Retirement beneﬁt obligations Long-service leave Litigation and claims (1) Other non-current provisions NON-CURRENT PROVISIONSJanuary 1 27.5 6.8 0.4 34.7Charges 6.3 1.7 5.4 13.4Reversals: used (4.3) (0.7) (1.1) -Reversals: unused (3.6) (0.8) (0.1)Change in scope of consolidation, reclassiﬁcation (0.4) 0.2 9.2 10.9 (0.2)December 31 25.5 7.3 9.2 15.1 0.1(1) Following a review of risks and in light of developments in ongoing litigation and claims during the year, TF1 reclassified certain provisions from current to non-current; the amount involved was €20.1 million.2007 (€m) Provisions for: Retirement beneﬁt obligations Long-service leave Other non-current provisions NON-CURRENT PROVISIONSJanuary 1 27.8 6.6 0.3 34.7Charges 5.5 1.4 0.2 7.1Reversals: used (5.5) (0.6) (0.1) (6.2)Reversals: unused (1.6) (0.6) 0.0 (2.2)Other movements 1.3 0.0 0.0 1.3December 31 27.5 6.8 0.4 34.7From January 1, 2007 onwards, other movements in provisions for retirement beneﬁt obligations include actuarial gains and losses on these obligations, which are recognised directly in equity. The amount recognised directly in equity for the year ended December 31, 2008 was a net gain of €0.3 million, compared with a net loss of €1.1 million in 2007.16.1.2Provisions for retirement benefit obligationsMain actuarial assumptionsDec. 31, 2008 Discount rate Expected rate of return on plan assets Expected salary inﬂation rate 3.66% 4.0% 2.0% Dec. 31, 2007 4.2% 3.8% 2.0% Dec. 31, 2006 3.8% 3.8% 2.0% Dec. 31, 2005 3.4% 4.0% 2.0% Dec. 31, 2004 3.6% 4.0% 2.0%Expense recognised in the income statement of retirement benefit obligations(€m) Current service cost Interest expense on obligation Expected return on plan assets Expense recognised comprising: net change in provisions amount recognised in “Staff costs” Actual return on plan assets 1.6 (4.2) 0.2 2008 (1.8) (1.0) 0.2 (2.6) 1.6 (4.3) 0.2 2007 (1.7) (1.2) 0.2 (2.7)1182008 REGISTRATION DOCUME]]></basicChars>
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	<page id="121">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements426.4 (2.5) 23.9Amounts recognised in the balance sheet of retirement benefit obligationsThe amount recognised in the balance sheet for the TF1 Group’s retirement beneﬁt obligations breaks down as follows:(€m) Present value of obligation Fair value of plan assets Unfunded obligation (provision)Dec. 31, 2008 30.4 (4.9) 25.5Dec. 31, 2007 32.2 (4.7) 27.5Dec. 31, 2006 30.5 (2.7) 27.8Dec. 31, 2005 28.2 (2.6) 25.6Dec. 31, 2004Changes in the fair value of the retirement benefit obligation(€m) Deﬁned-beneﬁt plan obligation at start of period Current service cost for the period Interest cost (unwinding of discount) Beneﬁts paid Actuarial (gains)/losses recognised directly in equity Changes in scope of consolidation Deﬁned-beneﬁt plan obligation at end of period 2008 32.2 1.8 1.0 (4.2) (0.3) (0.1) 30.4 2007 30.5 1.7 1.2 (2.5) 1.1 0.2 32.2Change in the fair value of plan assets(€m) Fair value of insurance policy assets at start of period Employer contributions paid Beneﬁts paid Expected return on plan assets Actuarial gains/(losses) Fair value of insurance policy assets at end of period 0.2 4.9 2008 4.7 2007 2.7 3.5 (1.7) 0.2 4.716.2 CURRENT PROVISIONSMovements in current provisions during 2008 were as follows:2008 (€m) Provisions for: Litigation and claims: governmental and public bodies (1) Litigation and claims: employees Litigation and claims: customers Other litigation and claims and contractual risks (1) Restructuring Other TOTAL CURRENT PROVISIONSJanuary 1 9.8 1.1 4.5 38.4 6.6 60.4Charges 0.1 2.1 4.1 0.1 7.9 14.3Reversals: used (0.5) (0.2) (0.6) (2.7) (3.1) (7.1)Reversals: unused (0.1) (0.1) (2.6) (0.1) (2.9)Change in scope of consolidation, reclassiﬁcation (9.2) (0.1) (11.1) (0.8) (21.2)December 31 0.1 2.8 3.9 26.1 0.1 10.5 43.5(1) Following a review of risks and in light of developments in ongoing litigation and claims during the year, TF1 reclassified certain provisions from current to non-current; the amount involved was €20.1 million.No material contingent liabilities were identiﬁed as of the balance sheet date.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements426.4 (2.5) 23.9Amounts recognised in the balance sheet of retirement benefit obligationsThe amount recognised in the balance sheet for the TF1 Group’s retirement beneﬁt obligations breaks down as follows:(€m) Present value of obligation Fair value of plan assets Unfunded obligation (provision)Dec. 31, 2008 30.4 (4.9) 25.5Dec. 31, 2007 32.2 (4.7) 27.5Dec. 31, 2006 30.5 (2.7) 27.8Dec. 31, 2005 28.2 (2.6) 25.6Dec. 31, 2004Changes in the fair value of the retirement benefit obligation(€m) Deﬁned-beneﬁt plan obligation at start of period Current service cost for the period Interest cost (unwinding of discount) Beneﬁts paid Actuarial (gains)/losses recognised directly in equity Changes in scope of consolidation Deﬁned-beneﬁt plan obligation at end of period 2008 32.2 1.8 1.0 (4.2) (0.3) (0.1) 30.4 2007 30.5 1.7 1.2 (2.5) 1.1 0.2 32.2Change in the fair value of plan assets(€m) Fair value of insurance policy assets at start of period Employer contributions paid Beneﬁts paid Expected return on plan assets Actuarial gains/(losses) Fair value of insurance policy assets at end of period 0.2 4.9 2008 4.7 2007 2.7 3.5 (1.7) 0.2 4.716.2 CURRENT PROVISIONSMovements in current provisions during 2008 were as follows:2008 (€m) Provisions for: Litigation and claims: governmental and public bodies (1) Litigation and claims: employees Litigation and claims: customers Other litigation and claims and contractual risks (1) Restructuring Other TOTAL CURRENT PROVISIONSJanuary 1 9.8 1.1 4.5 38.4 6.6 60.4Charges 0.1 2.1 4.1 0.1 7.9 14.3Reversals: used (0.5) (0.2) (0.6) (2.7) (3.1) (7.1)Reversals: unused (0.1) (0.1) (2.6) (0.1) (2.9)Change in scope of consolidation, reclassiﬁcation (9.2) (0.1) (11.1) (0.8) (21.2)December 31 0.1 2.8 3.9 26.1 0.1 10.5 43.5(1) Following a review of risks and in light of developments in ongoing litigation and claims during the year, TF1 reclassified certain provisions from current to non-current; the amount involved was €20.1 million.No material contingent liabilities were identiﬁed as of the balance sheet date.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="122">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 17 Operating revenuesOperating revenues comprise: 2008 1,833.6 270.4 288.4 82.7 119.6 2,594.7 0.2 2,594.9 2007 1,884.3 338.6 271.0 128.6 116.4 2,738.9 0.2 2,739.1Advertising revenue (1) Distribution of consumer products Cable and satellite revenue Production/distribution of audiovisual rights Revenue from other activities (1) Revenue Royalty income Operating revenues(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments for the years ended December 31, 2008 and 2007: - reduction in “Advertising revenue” of €16.4 million for 2008 and €15.9 million for 2007, - reduction in “Revenue from other activities” of €9.3 million for 2008 and €8.8 million for 2007, with the following matching adjustments made to expenses: - a reduction in “Other purchases” of €32.5 million for 2008 and €32.4 million for 2007, - an increase in “External expenses” of €6.8 million for 2008 and €7.7 million for 2007. This change in accounting policy has no effect on net profit.Note 18 External production costsExternal production costs, which amounted to €641.2 million in 2008 and €627.6 million in 2007, comprise costs incurred on programmes acquired from third parties and broadcast by TF1 and by the theme channels TV Breizh, TMC, TF6, Série Club, Odyssée, Histoire and Ushuaïa TV. The increase in this item between 2007 and 2008 was mainly due to higher external programming costs for TF1 SA.Note 19 Other purchases and changes in inventoryThis line consists of the following items:(€m) Purchases of services Purchases of broadcasting rights Purchases of goods (1) Other items (1) Other purchases and changes in inventory(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments for the years ended December 31, 2008 and 2007: - a reduction in “Purchases of goods” of €16.1 million for 2008 and €16.5 million for 2007, - a reduction in “Other items” of €16.4 million for 2008 and €15.9 million for 2007.2008 (336.1) (104.6) (59.8) (24.1) (524.6)2007 (352.5) (86.0) (77.1) (14.1) (529.7)1202008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 17 Operating revenuesOperating revenues comprise: 2008 1,833.6 270.4 288.4 82.7 119.6 2,594.7 0.2 2,594.9 2007 1,884.3 338.6 271.0 128.6 116.4 2,738.9 0.2 2,739.1Advertising revenue (1) Distribution of consumer products Cable and satellite revenue Production/distribution of audiovisual rights Revenue from other activities (1) Revenue Royalty income Operating revenues(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments for the years ended December 31, 2008 and 2007: - reduction in “Advertising revenue” of €16.4 million for 2008 and €15.9 million for 2007, - reduction in “Revenue from other activities” of €9.3 million for 2008 and €8.8 million for 2007, with the following matching adjustments made to expenses: - a reduction in “Other purchases” of €32.5 million for 2008 and €32.4 million for 2007, - an increase in “External expenses” of €6.8 million for 2008 and €7.7 million for 2007. This change in accounting policy has no effect on net profit.Note 18 External production costsExternal production costs, which amounted to €641.2 million in 2008 and €627.6 million in 2007, comprise costs incurred on programmes acquired from third parties and broadcast by TF1 and by the theme channels TV Breizh, TMC, TF6, Serie Club, Odyssee, Histoire and Ushuaia TV. The increase in this item between 2007 and 2008 was mainly due to higher external programming costs for TF1 SA.Note 19 Other purchases and changes in inventoryThis line consists of the following items:(€m) Purchases of services Purchases of broadcasting rights Purchases of goods (1) Other items (1) Other purchases and changes in inventory(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments for the years ended December 31, 2008 and 2007: - a reduction in “Purchases of goods” of €16.1 million for 2008 and €16.5 million for 2007, - a reduction in “Other items” of €16.4 million for 2008 and €15.9 million for 2007.2008 (336.1) (104.6) (59.8) (24.1) (524.6)2007 (352.5) (86.0) (77.1) (14.1) (529.7)1202008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="123">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007Note 20 Staff costsStaff costs break down as follows: (€m) Staff remuneration Social security charges Other staff costs Statutory employee proﬁt-sharing Share-based payment expense TOTAL Deﬁned-contribution plan expenses are included in “Social security charges”, and totalled €36.2 million in 2008 (2007: €31 million). Expenses relating to lump-sum retirement beneﬁts and long-service leave under the collective agreements applicable to TF1 Group companies are recognised as part of the net change in non-current provisions (see note 16.1). Lump-sum retirement beneﬁts paid during the period are recorded in “Staff remuneration”. 2008 (316.6) (121.4) (1.4) (5.2) (0.7) (445.3)(299.4) (120.4) (1.5) (11.5) (4.7) (437.5)A breakdown of Group employees is provided in the Directors’ Report. Share-based payment expense includes the cost of share subscription option plans and consideration-free share allotment plans, calculated in accordance with IFRS 2.20.1 COST OF TF1 SHARE OPTION PLANSThe cost of share options recognised in “Staff costs” breaks down as follows:Staff costs (€m) Plan no. 7 Plan no. 8 Plan no. 10 TOTAL The cost of share options was calculated using the Black-Scholes model and the following assumptions: Reference share price Plan no. 7 Plan no. 8 Plan no. 10 €20.48 €23.66 €13.60 Exercise price €20.20 €23.46 €15.35 Expected volatility 29% 26% 31% Average maturity 6.8 years 6.6 years 5.0 years Risk-free rate 3.49% 3.65% 3.67% Payout ratio 2.60% 2.75% 6.25% Liquidity discount -15% -15% -15% Fair value per option €4.69 €4.83 €1.49 Date of grant March 12, 2003 September 16, 2004 March 20, 2008 Lock-up period 3 years 3 years 3 years Total fair value 10.2 4.6 2.8 0.7 0.7 2008 2007 1.1 1.1The average maturity used is lower than the contractual life of the option in order to take account of exercises by grantees ahead of the contractual expiry date. The volatility assumptions used are consistent with the implied volatility reﬂected in the price offered at the date of grant by leading banks for TF1 share options with the same maturity.20.2 COST OF TF1 CONSIDERATION-FREE SHARE ALLOTMENT PLAN(€m) Plan no. 1 Provisional allotment date March 8, 2006 Vesting date March 31, 2008 End of lock-up period March 31, 2010 Staff costs Total fair value 7.5 2008 2007 3.62008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007Note 20 Staff costsStaff costs break down as follows: (€m) Staff remuneration Social security charges Other staff costs Statutory employee proﬁt-sharing Share-based payment expense TOTAL Deﬁned-contribution plan expenses are included in “Social security charges”, and totalled €36.2 million in 2008 (2007: €31 million). Expenses relating to lump-sum retirement beneﬁts and long-service leave under the collective agreements applicable to TF1 Group companies are recognised as part of the net change in non-current provisions (see note 16.1). Lump-sum retirement beneﬁts paid during the period are recorded in “Staff remuneration”. 2008 (316.6) (121.4) (1.4) (5.2) (0.7) (445.3)(299.4) (120.4) (1.5) (11.5) (4.7) (437.5)A breakdown of Group employees is provided in the Directors’ Report. Share-based payment expense includes the cost of share subscription option plans and consideration-free share allotment plans, calculated in accordance with IFRS 2.20.1 COST OF TF1 SHARE OPTION PLANSThe cost of share options recognised in “Staff costs” breaks down as follows:Staff costs (€m) Plan no. 7 Plan no. 8 Plan no. 10 TOTAL The cost of share options was calculated using the Black-Scholes model and the following assumptions: Reference share price Plan no. 7 Plan no. 8 Plan no. 10 €20.48 €23.66 €13.60 Exercise price €20.20 €23.46 €15.35 Expected volatility 29% 26% 31% Average maturity 6.8 years 6.6 years 5.0 years Risk-free rate 3.49% 3.65% 3.67% Payout ratio 2.60% 2.75% 6.25% Liquidity discount -15% -15% -15% Fair value per option €4.69 €4.83 €1.49 Date of grant March 12, 2003 September 16, 2004 March 20, 2008 Lock-up period 3 years 3 years 3 years Total fair value 10.2 4.6 2.8 0.7 0.7 2008 2007 1.1 1.1The average maturity used is lower than the contractual life of the option in order to take account of exercises by grantees ahead of the contractual expiry date. The volatility assumptions used are consistent with the implied volatility reﬂected in the price offered at the date of grant by leading banks for TF1 share options with the same maturity.20.2 COST OF TF1 CONSIDERATION-FREE SHARE ALLOTMENT PLAN(€m) Plan no. 1 Provisional allotment date March 8, 2006 Vesting date March 31, 2008 End of lock-up period March 31, 2010 Staff costs Total fair value 7.5 2008 2007 3.62008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="124">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe cost of this plan, which was recognised over the vesting period of the plan (March 8, 2006 to March 31, 2008), represents the probable number of shares to be allotted as estimated on inception of the plan (276,986 shares) multiplied by the opening share price on the date of the Board meeting that awarded the plan (opening share price on February 21, 2006: €26.94), giving a total expense of €7.5 million. Because the performance targets were not met, the number of shares to be delivered has been revised downwards, and the actual cost is less than the original estimate; consequently, a gain of €0.9 million was recognised in the year ended December 31, 2008.20.3 COST OF BOUYGUES GROUP EMPLOYEE BENEFIT PLANSThe cost of employee beneﬁts under plans awarded to TF1 Group employees by the Bouygues Group was immaterial in the year ended December 31, 2008.Note 21 External expensesExternal expenses break down as follows: (€m) Subcontracting Rent and associated charges Agents’ fees and professional fees Advertising, promotion and public relations Other external expenses (1) External expenses 2008 (183.4) (57.1) (102.1) (100.7) (84.1) (527.4) 2007 (181.1) (50.1) (122.4) (106.1) (94.6) (554.3)(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments: an increase in “Other external expenses” of €6.8 million for 2008 and €7.7 million for 2007.Note 22 Other operating income and expensesOther operating income and expenses comprise the following items: (€m) Royalties and paybacks to rights-holders Reversal of unused provisions In-house production capitalised and cost transfers Bad debts written off Operating grants Other items Other operating income and expenses 2008 (77.1) 7.7 28.6 (2.8) 45.2 4.0 5.6 2007 (86.7) 8.4 20.3 (3.9) 45.3 2.6 (14.0)1222008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe cost of this plan, which was recognised over the vesting period of the plan (March 8, 2006 to March 31, 2008), represents the probable number of shares to be allotted as estimated on inception of the plan (276,986 shares) multiplied by the opening share price on the date of the Board meeting that awarded the plan (opening share price on February 21, 2006: €26.94), giving a total expense of €7.5 million. Because the performance targets were not met, the number of shares to be delivered has been revised downwards, and the actual cost is less than the original estimate; consequently, a gain of €0.9 million was recognised in the year ended December 31, 2008.20.3 COST OF BOUYGUES GROUP EMPLOYEE BENEFIT PLANSThe cost of employee beneﬁts under plans awarded to TF1 Group employees by the Bouygues Group was immaterial in the year ended December 31, 2008.Note 21 External expensesExternal expenses break down as follows: (€m) Subcontracting Rent and associated charges Agents’ fees and professional fees Advertising, promotion and public relations Other external expenses (1) External expenses 2008 (183.4) (57.1) (102.1) (100.7) (84.1) (527.4) 2007 (181.1) (50.1) (122.4) (106.1) (94.6) (554.3)(1) The change in revenue recognition policy described in notes 2.3 and 2.20 resulted in the following adjustments: an increase in “Other external expenses” of €6.8 million for 2008 and €7.7 million for 2007.Note 22 Other operating income and expensesOther operating income and expenses comprise the following items: (€m) Royalties and paybacks to rights-holders Reversal of unused provisions In-house production capitalised and cost transfers Bad debts written off Operating grants Other items Other operating income and expenses 2008 (77.1) 7.7 28.6 (2.8) 45.2 4.0 5.6 2007 (86.7) 8.4 20.3 (3.9) 45.3 2.6 (14.0)1222008 REGISTRATION DOCUME]]></basicChars>
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	<page id="125">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 2.6 3.0 0.9 3.1 9.6Note 23 Cost of net debtCost of net debt comprises the following items:(€m) Interest income Change in fair value of the hedged portion of the bond issue Change in fair value of interest rate derivatives Income and revenues from ﬁnancial assets Income associated with net debt Interest expense on debt Change in fair value of interest rate derivatives Expenses associated with net debt Cost of net debt2008 0.6 11.4 1.4 13.4 (31.2) (4.6) (35.8) (22.4)(26.8) (4.2) (31.0) (21.4)Note 24 Other financial income and expensesOther ﬁnancial income and expenses comprise the following items: (€m) Change in fair value of Canal+ France ﬁnancial asset Dividends Gains and losses on ﬁnancial assets Change in value of forward currency purchase contracts Effect of discounting of assets and liabilities Other items Other ﬁnancial income and expenses 2008 39.0 2.0 (5.5) 5.3 0.1 40.9 2007 36.8 2.1 (3.7) (3.4) (2.3) (0.8) 28.7Note 25 Net income and expense on financial assets and financial liabilitiesThe table below shows details of income, expenses, gains and losses arising on ﬁnancial assets and liabilities by category, split between items affecting ﬁnancial income/ expense and items affecting operating proﬁt: Financial income/ expense 2008 3.7 40.7 38.9 1.7 (5.9) (31.9) 12.1 18.7 36.8 4.4 (2.2) (29.6) (3.6) 7.3 Financial income/ expense 2007 1.5 41.2 Operating proﬁt 2008 (18.9) (0.2) (0.9) (20.0) Operating proﬁt 2007 (15.5) (0.4) 0.9 (15.0)(€m) Net income/(expense) on loans and receivables at amortised cost Net income/(expense) on ﬁnancial assets at fair value ﬁnancial assets designated as fair value through proﬁt or loss ﬁnancial assets held for trading Net income/(expense) on available-for-sale ﬁnancial assets Net income/(expense) on ﬁnancial liabilities at amortised cost Net income/(expense) on derivatives TOTAL2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 2.6 3.0 0.9 3.1 9.6Note 23 Cost of net debtCost of net debt comprises the following items:(€m) Interest income Change in fair value of the hedged portion of the bond issue Change in fair value of interest rate derivatives Income and revenues from ﬁnancial assets Income associated with net debt Interest expense on debt Change in fair value of interest rate derivatives Expenses associated with net debt Cost of net debt2008 0.6 11.4 1.4 13.4 (31.2) (4.6) (35.8) (22.4)(26.8) (4.2) (31.0) (21.4)Note 24 Other financial income and expensesOther ﬁnancial income and expenses comprise the following items: (€m) Change in fair value of Canal+ France ﬁnancial asset Dividends Gains and losses on ﬁnancial assets Change in value of forward currency purchase contracts Effect of discounting of assets and liabilities Other items Other ﬁnancial income and expenses 2008 39.0 2.0 (5.5) 5.3 0.1 40.9 2007 36.8 2.1 (3.7) (3.4) (2.3) (0.8) 28.7Note 25 Net income and expense on financial assets and financial liabilitiesThe table below shows details of income, expenses, gains and losses arising on ﬁnancial assets and liabilities by category, split between items affecting ﬁnancial income/ expense and items affecting operating proﬁt: Financial income/ expense 2008 3.7 40.7 38.9 1.7 (5.9) (31.9) 12.1 18.7 36.8 4.4 (2.2) (29.6) (3.6) 7.3 Financial income/ expense 2007 1.5 41.2 Operating proﬁt 2008 (18.9) (0.2) (0.9) (20.0) Operating proﬁt 2007 (15.5) (0.4) 0.9 (15.0)(€m) Net income/(expense) on loans and receivables at amortised cost Net income/(expense) on ﬁnancial assets at fair value ﬁnancial assets designated as fair value through proﬁt or loss ﬁnancial assets held for trading Net income/(expense) on available-for-sale ﬁnancial assets Net income/(expense) on ﬁnancial liabilities at amortised cost Net income/(expense) on derivatives TOTAL2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="126">
		<raw><![CDATA[426.1.1(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 26 Income tax expense26.1 CURRENT AND DEFERRED TAXESIncome statement2008 (36.9) (3.9) (40.8) 2007 (97.4) 4.4 (93.0)Current taxes Deferred taxes Income tax expense The tax rate used in the deferred tax calculation for the year ended December 31, 2008 was 34.43% (standard rate).26.1.2(€m) Net proﬁtTax proof2008 163.8 40.8 204.6 34.4% (7.4%) (3.3%) (1.9%) (1.6%) 0.5% 0.2% 20.9% 2007 227.8 93.0 320.8 34.4% (3.9%) 0.3% (1.0%) (0.9%) (0.4%) 1.3% 29.8%Income tax expense Net proﬁt from discontinued operations Minority interests Net proﬁt from continuing operations before minority interests Standard tax rate in France Impact of fair value adjustments not recognised for tax purposes (1) Impact of unrecognised tax losses Offset of tax credits Share of proﬁts and losses of associates Reduced-rate taxes on securities transactions Other differences, net Effective tax rate(1) Of which -6.5% represents the effect of reduced-rate taxation on the change in fair value of the Canal+ financial asset.TF1 made a group tax election on January 1, 1989, and has renewed this election regularly since that date.26.2 DEFERRED TAX ASSETS AND LIABILITIES26.2.1(€m) Net deferred tax asset at January 1 Recognised in equity Recognised in proﬁt or loss Changes in scope of consolidation and other items (1) Net deferred tax asset at December 31(1) Includes a deferred tax liability of €1.8 million arising on the recognition of the “1000 Bornes” trademark as an intangible asset in the Dujardin purchase price allocation.Change in net deferred tax asset2008 21.0 (0.9) (3.9) (1.9) 14.3 2007 18.3 0.4 4.4 (2.1) 21.01242008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[426.1.1(€m)FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 26 Income tax expense26.1 CURRENT AND DEFERRED TAXESIncome statement2008 (36.9) (3.9) (40.8) 2007 (97.4) 4.4 (93.0)Current taxes Deferred taxes Income tax expense The tax rate used in the deferred tax calculation for the year ended December 31, 2008 was 34.43% (standard rate).26.1.2(€m) Net proﬁtTax proof2008 163.8 40.8 204.6 34.4% (7.4%) (3.3%) (1.9%) (1.6%) 0.5% 0.2% 20.9% 2007 227.8 93.0 320.8 34.4% (3.9%) 0.3% (1.0%) (0.9%) (0.4%) 1.3% 29.8%Income tax expense Net proﬁt from discontinued operations Minority interests Net proﬁt from continuing operations before minority interests Standard tax rate in France Impact of fair value adjustments not recognised for tax purposes (1) Impact of unrecognised tax losses Offset of tax credits Share of proﬁts and losses of associates Reduced-rate taxes on securities transactions Other differences, net Effective tax rate(1) Of which -6.5% represents the effect of reduced-rate taxation on the change in fair value of the Canal+ financial asset.TF1 made a group tax election on January 1, 1989, and has renewed this election regularly since that date.26.2 DEFERRED TAX ASSETS AND LIABILITIES26.2.1(€m) Net deferred tax asset at January 1 Recognised in equity Recognised in proﬁt or loss Changes in scope of consolidation and other items (1) Net deferred tax asset at December 31(1) Includes a deferred tax liability of €1.8 million arising on the recognition of the “1000 Bornes” trademark as an intangible asset in the Dujardin purchase price allocation.Change in net deferred tax asset2008 21.0 (0.9) (3.9) (1.9) 14.3 2007 18.3 0.4 4.4 (2.1) 21.01242008 REGISTRATION DOCUME]]></basicChars>
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	<page id="127">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 7.1 9.2 6.3 2.3 10.2 3.7 9.1 5.826.2.2Main sources of deferred taxationThe main sources of deferred taxation are as follows: (€m) Provisions: Provision for programmes Provision for retirement beneﬁt obligations Provision for impairment of audiovisual rights Provision for trade debtors Other provisions Statutory employee proﬁt-sharing scheme Unused tax losses Other deferred tax assets Offset of deferred tax assets and liabilities Deferred tax assets Accelerated tax depreciation Depreciation of head ofﬁce building Remeasurement of assets Other deferred tax liabilities Offset of deferred tax assets and liabilities Deferred tax liabilities Net deferred tax asset at December 31 5.6 8.4 2.6 2.1 10.3 1.7 13.6 5.9 (33.0) 17.2 (17.1) (8.3) (3.5) (7.0) 33.0 (2.9) 14.3 2008(31.9) 21.8 (19.7) (8.7) (1.9) (2.4) 31.9 (0.8) 21.0Unrecognised deferred tax assets totalled €27.7 million at December 31, 2008 (December 31, 2007: €33.7 million), and comprised tax losses and deferred tax depreciation the recovery of which is not sufﬁciently probable to justify recognition.Note 27 Earnings per shareBasic earnings per share is calculated on the basis of net proﬁt for the year attributable to ordinary shareholders and of the weighted average number of ordinary shares outstanding during the year. Because potentially dilutive ordinary shares have no adjusting effect on net proﬁt for the year, diluted earnings per share is calculated on the basis of net proﬁt for the year attributable to ordinary shareholders and of the weighted average number of ordinary shares outstanding during the year adjusted for the effects of all potentially dilutive ordinary shares. Diluted earnings per share takes account of the dilutive effect of consideration-free share allotment plans and of share subscription option plans that are in the money (i.e. the exercise price is less than the quoted market price of TF1 shares).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 7.1 9.2 6.3 2.3 10.2 3.7 9.1 5.826.2.2Main sources of deferred taxationThe main sources of deferred taxation are as follows: (€m) Provisions: Provision for programmes Provision for retirement beneﬁt obligations Provision for impairment of audiovisual rights Provision for trade debtors Other provisions Statutory employee proﬁt-sharing scheme Unused tax losses Other deferred tax assets Offset of deferred tax assets and liabilities Deferred tax assets Accelerated tax depreciation Depreciation of head ofﬁce building Remeasurement of assets Other deferred tax liabilities Offset of deferred tax assets and liabilities Deferred tax liabilities Net deferred tax asset at December 31 5.6 8.4 2.6 2.1 10.3 1.7 13.6 5.9 (33.0) 17.2 (17.1) (8.3) (3.5) (7.0) 33.0 (2.9) 14.3 2008(31.9) 21.8 (19.7) (8.7) (1.9) (2.4) 31.9 (0.8) 21.0Unrecognised deferred tax assets totalled €27.7 million at December 31, 2008 (December 31, 2007: €33.7 million), and comprised tax losses and deferred tax depreciation the recovery of which is not sufﬁciently probable to justify recognition.Note 27 Earnings per shareBasic earnings per share is calculated on the basis of net proﬁt for the year attributable to ordinary shareholders and of the weighted average number of ordinary shares outstanding during the year. Because potentially dilutive ordinary shares have no adjusting effect on net proﬁt for the year, diluted earnings per share is calculated on the basis of net proﬁt for the year attributable to ordinary shareholders and of the weighted average number of ordinary shares outstanding during the year adjusted for the effects of all potentially dilutive ordinary shares. Diluted earnings per share takes account of the dilutive effect of consideration-free share allotment plans and of share subscription option plans that are in the money (i.e. the exercise price is less than the quoted market price of TF1 shares).2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2008 Net proﬁt for the year (€m) Net proﬁt from continuing operations (attributable to the Group) Net proﬁt from discontinued/held-for-sale operations Net proﬁt attributable to the Group Weighted average number of ordinary shares outstanding Basic earnings per share (in euros) Basic earnings per share from continuing operations Basic earnings per share from discontinued/held-for-sale operations Basic earnings per share Average number of ordinary shares after dilution Diluted earnings per share (in euros) Diluted earnings per share from continuing operations Diluted earnings per share The average number of ordinary shares after dilution is obtained by taking account of the following dilutive effects: 0.77 0.77 0.77 0.77 213,399,664 163.8 163.8 213,399,6642007 227.8 227.8 213,762,607 1.07 1.07 214,238,195 1.06 1.06(number of shares) Weighted average number of ordinary shares for the year Dilutive effect of share subscription option plans Dilutive effect of consideration-free share allotment plan Average number of ordinary shares after dilution2008 213,399,6642007 213,762,607 219,264 256,324213,399,664214,238,195In 2008, no share subscription option plan was in the money (i.e. in no case was the adjusted exercise price lower than the average TF1 share price during the period). In 2007, only share subscription option plan no. 7 (awarded March 12, 2003) was in the money.Note 28 Notes to the consolidated cash flow statement28.1 DEFINITION OF CASH POSITIONThe cash ﬂow statement analyses changes in the cash position of continuing operations only. Changes in the cash position of discontinued and held-for-sale operations are presented separately at the foot of the cash ﬂow statement. The cash position analysed in the cash ﬂow statement comprises cash and cash equivalents, treasury current accounts (debit and credit balances), and bank overdrafts. A reconciliation between the cash position in the cash ﬂow statement and the “Cash and cash equivalents” line in the balance sheet is presented below:(€m) Cash and cash equivalents in the balance sheet Cash relating to held-for-sale assets Treasury current account credit balances Bank overdrafts Cash position per the cash ﬂow statement2008 9.8 5.2 (4.2) (15.0) (4.2)2007 34.9 (2.1) (2.9) 29.91262008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2008 Net proﬁt for the year (€m) Net proﬁt from continuing operations (attributable to the Group) Net proﬁt from discontinued/held-for-sale operations Net proﬁt attributable to the Group Weighted average number of ordinary shares outstanding Basic earnings per share (in euros) Basic earnings per share from continuing operations Basic earnings per share from discontinued/held-for-sale operations Basic earnings per share Average number of ordinary shares after dilution Diluted earnings per share (in euros) Diluted earnings per share from continuing operations Diluted earnings per share The average number of ordinary shares after dilution is obtained by taking account of the following dilutive effects: 0.77 0.77 0.77 0.77 213,399,664 163.8 163.8 213,399,6642007 227.8 227.8 213,762,607 1.07 1.07 214,238,195 1.06 1.06(number of shares) Weighted average number of ordinary shares for the year Dilutive effect of share subscription option plans Dilutive effect of consideration-free share allotment plan Average number of ordinary shares after dilution2008 213,399,6642007 213,762,607 219,264 256,324213,399,664214,238,195In 2008, no share subscription option plan was in the money (i.e. in no case was the adjusted exercise price lower than the average TF1 share price during the period). In 2007, only share subscription option plan no. 7 (awarded March 12, 2003) was in the money.Note 28 Notes to the consolidated cash flow statement28.1 DEFINITION OF CASH POSITIONThe cash ﬂow statement analyses changes in the cash position of continuing operations only. Changes in the cash position of discontinued and held-for-sale operations are presented separately at the foot of the cash ﬂow statement. The cash position analysed in the cash ﬂow statement comprises cash and cash equivalents, treasury current accounts (debit and credit balances), and bank overdrafts. A reconciliation between the cash position in the cash ﬂow statement and the “Cash and cash equivalents” line in the balance sheet is presented below:(€m) Cash and cash equivalents in the balance sheet Cash relating to held-for-sale assets Treasury current account credit balances Bank overdrafts Cash position per the cash ﬂow statement2008 9.8 5.2 (4.2) (15.0) (4.2)2007 34.9 (2.1) (2.9) 29.91262008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 2.628.2 EFFECT OF CHANGES IN SCOPE OF CONSOLIDATIONThe cash ﬂow effect of acquisitions of subsidiaries is as follows: (€m) Cash and cash equivalents acquired Financial assets acquired Other assets acquired Minority interests acquired Other liabilities acquired Net assets acquired (A) Goodwill (B) Cash outﬂow (A) + (B) Cash acquired Cash of companies joining the scope of consolidation during the period but not acquired Net cash outﬂow The cash ﬂow effect of divestments of subsidiaries is as follows: (€m) Cash received Cash divested Net cash inﬂow The cash ﬂow statement line “Effect of changes in scope of consolidation” for 2008 and 2007 breaks down as follows: (€m) Net cash outﬂow on acquisitions Net cash inﬂow on divestments Effect of changes in scope of consolidation (3.3) 2008 (3.3) 2007 (261.2) 28.0 (233.2) 2008 2007 27.8 0.2 28.0 0.4 0.3 1.7 2.4 0.9 3.3 3.3 2008233.9 23.2 (15.1) 244.6 5.8 250.4 10.8 261.228.3 CHANGE IN DEBTThe impact of changes in debt on the TF1 Group’s cash position is shown below: (€m) Repayment of debt – ﬁnance lease obligations (1) Bond issue Advance received from Vivendi in January 2006 in connection with the transfer of TPS Loans received from associates Other movements Net change in the period(1) Represents the debt repayment component of lease payments made during the period.2008 77.0 (6.0) 71.02007 (0.9) 120.0 (101.9) (36.3) (1.7) (20.8)2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements42007 2.628.2 EFFECT OF CHANGES IN SCOPE OF CONSOLIDATIONThe cash ﬂow effect of acquisitions of subsidiaries is as follows: (€m) Cash and cash equivalents acquired Financial assets acquired Other assets acquired Minority interests acquired Other liabilities acquired Net assets acquired (A) Goodwill (B) Cash outﬂow (A) + (B) Cash acquired Cash of companies joining the scope of consolidation during the period but not acquired Net cash outﬂow The cash ﬂow effect of divestments of subsidiaries is as follows: (€m) Cash received Cash divested Net cash inﬂow The cash ﬂow statement line “Effect of changes in scope of consolidation” for 2008 and 2007 breaks down as follows: (€m) Net cash outﬂow on acquisitions Net cash inﬂow on divestments Effect of changes in scope of consolidation (3.3) 2008 (3.3) 2007 (261.2) 28.0 (233.2) 2008 2007 27.8 0.2 28.0 0.4 0.3 1.7 2.4 0.9 3.3 3.3 2008233.9 23.2 (15.1) 244.6 5.8 250.4 10.8 261.228.3 CHANGE IN DEBTThe impact of changes in debt on the TF1 Group’s cash position is shown below: (€m) Repayment of debt – ﬁnance lease obligations (1) Bond issue Advance received from Vivendi in January 2006 in connection with the transfer of TPS Loans received from associates Other movements Net change in the period(1) Represents the debt repayment component of lease payments made during the period.2008 77.0 (6.0) 71.02007 (0.9) 120.0 (101.9) (36.3) (1.7) (20.8)2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4GearingFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 29 Risk management29.1 CAPITAL MANAGEMENT STRATEGYThe TF1 Group uses gearing (deﬁned as the ratio of net debt to equity) as a key ﬁnancial indicator. Gearing provides investors with an indication of the Group’s level of indebtedness relative to the level of equity capital. It is calculated on the basis of net debt as deﬁned in note 15 and of shareholders’ equity as shown in the balance sheet, including reserves used to recognise changes in the fair value of cash ﬂow hedges and of available-for-sale ﬁnancial assets. At end 2008 this ratio stood at 51.2%, compared with 42.8% at end 2007. p29.2 RISK MANAGEMENT STRATEGYTF1’s exposure to ﬁnancial risks (liquidity risk and market risks, including interest rate risk and foreign exchange risk) is managed by the Finance Department.29.2.1Liquidity RiskThe Financing and Treasury Department is responsible for ensuring that the Group has access to adequate and sustainable sources of ﬁnancing. This involves: p analysis and periodic updating of cash ﬂow projections for all Group companies, negotiating and maintaining an adequate cushion of ﬁnancing facilities.Confirmed credit facilitiesAt December 31, 2008, TF1 had the following credit facilities available: p p a €500 million bond issue maturing November 2010, bank facilities totalling €1,020.5 million with maturities of between one and ﬁve years. These bank facilities are supplemented by a cash pooling agreement with the Bouygues group, under which TF1 had drawn down a total of €197 million at December 31, 2008. Available facilities Total 1.7 197.0 198.7 500.0 698.7 1,020.5 -197.0 823.5 823.5 Available facilities Total 120.0 2.1 122.1 500.0 622.1 835.5 835.5 835.52008 (€m) Conﬁrmed bilateral facilities Finance leases Bouygues cash pooling agreement Sub-total Bond issue TOTAL Less than 1 year 280.0 0.6 280.6 280.6Authorised facilities 1 to 5 years 740.5 1.0 741.5 500.0 1,241.5 Total 1,020.5 1.7 1,022.2 500.0 1,522.2 Less than 1 year 0.6 0.6 0.6Drawdowns 1 to 5 years 1.0 197.0 198.0 500.0 698.02007 (€m) Conﬁrmed bilateral facilities Finance leases Sub-total Bond issue TOTAL Less than 1 year 0.7 0.7 0.7Authorised facilities 1 to 5 years 955.5 1.4 956.9 500.0 1,456.9 Total 955.5 2.1 957.6 500.0 1,457.6 Less than 1 year 0.7 0.7 0.7Drawdowns 1 to 5 years 120.0 1.4 121.4 500.0 621.4The bank facilities contracted by the TF1 Group are bilateral facilities that are not subject to ﬁnancial ratios or trigger events. These facilities are spread among a signiﬁcant number of banks, ensuring signiﬁcant diversiﬁcation of the Group’s sources of ﬁnancing.1282008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4GearingFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 29 Risk management29.1 CAPITAL MANAGEMENT STRATEGYThe TF1 Group uses gearing (deﬁned as the ratio of net debt to equity) as a key ﬁnancial indicator. Gearing provides investors with an indication of the Group’s level of indebtedness relative to the level of equity capital. It is calculated on the basis of net debt as deﬁned in note 15 and of shareholders’ equity as shown in the balance sheet, including reserves used to recognise changes in the fair value of cash ﬂow hedges and of available-for-sale ﬁnancial assets. At end 2008 this ratio stood at 51.2%, compared with 42.8% at end 2007. p29.2 RISK MANAGEMENT STRATEGYTF1’s exposure to ﬁnancial risks (liquidity risk and market risks, including interest rate risk and foreign exchange risk) is managed by the Finance Department.29.2.1Liquidity RiskThe Financing and Treasury Department is responsible for ensuring that the Group has access to adequate and sustainable sources of ﬁnancing. This involves: p analysis and periodic updating of cash ﬂow projections for all Group companies, negotiating and maintaining an adequate cushion of ﬁnancing facilities.Confirmed credit facilitiesAt December 31, 2008, TF1 had the following credit facilities available: p p a €500 million bond issue maturing November 2010, bank facilities totalling €1,020.5 million with maturities of between one and ﬁve years. These bank facilities are supplemented by a cash pooling agreement with the Bouygues group, under which TF1 had drawn down a total of €197 million at December 31, 2008. Available facilities Total 1.7 197.0 198.7 500.0 698.7 1,020.5 -197.0 823.5 823.5 Available facilities Total 120.0 2.1 122.1 500.0 622.1 835.5 835.5 835.52008 (€m) Conﬁrmed bilateral facilities Finance leases Bouygues cash pooling agreement Sub-total Bond issue TOTAL Less than 1 year 280.0 0.6 280.6 280.6Authorised facilities 1 to 5 years 740.5 1.0 741.5 500.0 1,241.5 Total 1,020.5 1.7 1,022.2 500.0 1,522.2 Less than 1 year 0.6 0.6 0.6Drawdowns 1 to 5 years 1.0 197.0 198.0 500.0 698.02007 (€m) Conﬁrmed bilateral facilities Finance leases Sub-total Bond issue TOTAL Less than 1 year 0.7 0.7 0.7Authorised facilities 1 to 5 years 955.5 1.4 956.9 500.0 1,456.9 Total 955.5 2.1 957.6 500.0 1,457.6 Less than 1 year 0.7 0.7 0.7Drawdowns 1 to 5 years 120.0 1.4 121.4 500.0 621.4The bank facilities contracted by the TF1 Group are bilateral facilities that are not subject to ﬁnancial ratios or trigger events. These facilities are spread among a signiﬁcant number of banks, ensuring signiﬁcant diversiﬁcation of the Group’s sources of ﬁnancing.1282008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Maturity of financial liabilities (excluding derivatives)The table below provides a schedule of undiscounted future repayments (principal and interest) of ﬁnancial liabilities, based on residual contractual maturities: Residual contractual amount 544.0 1.7 15.1 1,514.9 197.6 720.6 201.8 2,277.52008 (€m) Bond issue (including accrued interest) Finance leases Bank borrowings Trade and other creditors Other ﬁnancial liabilities TOTALCarrying amount 499.7 1.7 15.1 1,514.9 201.8 2,233.2Less than 1 year 22.0 0.6 15.1 1,514.9 4.2 1,556.81 to 5 years 522.0 1.02007 (€m) Bond issue (including accrued interest) Finance leases Bank borrowings Trade and other creditors Other ﬁnancial liabilities TOTALCarrying amount 498.1 2.1 123.2 1,513.1 9.0 2,145.5Less than 1 year 22.0 0.7 3.2 1,513.1 7.9 1,546.91 to 5 years 544.0 1.4 120.0 1.1 666.5Residual contractual amount 566.0 2.1 123.2 1,513.1 9.0 2,213.429.2.2Market riskThe Financing and Treasury Department manages currency and interest rate hedges centrally for the Group. It tracks the ﬁnancial markets on a daily basis, and periodically updates the positions to be hedged after netting between Group entities.The TF1 Group manages its exposure to exchange rate risk and interest rate risk by using hedging instruments such as swap contracts, forward purchases and sales, and currency and interest rate options. Derivative instruments are used solely for hedging purposes and are never used for speculative purposes.Interest rate risk Interest rate risk hedging and sensitivityAs at December 31, 2008, the ﬁxed/ﬂoating rate split of ﬁnancial assets and ﬁnancial liabilities was as follows: Fair value of interest rate derivatives 7.4 (5.5) 1.92008 (€m) Financial liabilities Financial assets Net pre-hedging position (per balance sheet) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate Net post-hedging positionFixed rate (501.4) 2.1 (499.3) 300.0 (400.0) (599.3)Floating rate (216.9) 9.8 (207.1) (300.0) 400.0 (107.1)Total (718.3) 11.9 (706.4) 7.4 (5.5) (704.5)As at December 31, 2008, the net post-hedging position comprises net ﬁxed-rate debt of €599.3 million and net ﬂoating rate debt of €107.1 million. An immediate reduction of 1% (100 basis points) in short-term interest rates would reduce the cost of net debt over a full year by €1 million. An immediate rise of 1% (100 basis points) in short-term interest rates would increase the cost of net debt over a full year by €1 million.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Maturity of financial liabilities (excluding derivatives)The table below provides a schedule of undiscounted future repayments (principal and interest) of ﬁnancial liabilities, based on residual contractual maturities: Residual contractual amount 544.0 1.7 15.1 1,514.9 197.6 720.6 201.8 2,277.52008 (€m) Bond issue (including accrued interest) Finance leases Bank borrowings Trade and other creditors Other ﬁnancial liabilities TOTALCarrying amount 499.7 1.7 15.1 1,514.9 201.8 2,233.2Less than 1 year 22.0 0.6 15.1 1,514.9 4.2 1,556.81 to 5 years 522.0 1.02007 (€m) Bond issue (including accrued interest) Finance leases Bank borrowings Trade and other creditors Other ﬁnancial liabilities TOTALCarrying amount 498.1 2.1 123.2 1,513.1 9.0 2,145.5Less than 1 year 22.0 0.7 3.2 1,513.1 7.9 1,546.91 to 5 years 544.0 1.4 120.0 1.1 666.5Residual contractual amount 566.0 2.1 123.2 1,513.1 9.0 2,213.429.2.2Market riskThe Financing and Treasury Department manages currency and interest rate hedges centrally for the Group. It tracks the ﬁnancial markets on a daily basis, and periodically updates the positions to be hedged after netting between Group entities.The TF1 Group manages its exposure to exchange rate risk and interest rate risk by using hedging instruments such as swap contracts, forward purchases and sales, and currency and interest rate options. Derivative instruments are used solely for hedging purposes and are never used for speculative purposes.Interest rate risk Interest rate risk hedging and sensitivityAs at December 31, 2008, the ﬁxed/ﬂoating rate split of ﬁnancial assets and ﬁnancial liabilities was as follows: Fair value of interest rate derivatives 7.4 (5.5) 1.92008 (€m) Financial liabilities Financial assets Net pre-hedging position (per balance sheet) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate Net post-hedging positionFixed rate (501.4) 2.1 (499.3) 300.0 (400.0) (599.3)Floating rate (216.9) 9.8 (207.1) (300.0) 400.0 (107.1)Total (718.3) 11.9 (706.4) 7.4 (5.5) (704.5)As at December 31, 2008, the net post-hedging position comprises net ﬁxed-rate debt of €599.3 million and net ﬂoating rate debt of €107.1 million. An immediate reduction of 1% (100 basis points) in short-term interest rates would reduce the cost of net debt over a full year by €1 million. An immediate rise of 1% (100 basis points) in short-term interest rates would increase the cost of net debt over a full year by €1 million.2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2007 (€m) Financial liabilities Financial assets Net pre-hedging position (per balance sheet) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate Net post-hedging positionFixed rate (509.9) 3.8 (506.1) 300.0 (206.1)Floating rate (122.6) 35.0 (87.6) (300.0) (387.6)Fair value of interest rate derivatives (4.5) 0.9 (3.6)Total (632.5) 38.8 (593.7) (4.5) 0.9 (597.3)Interest rate derivatives at end 2008:Derivatives not designated as hedges 7.4 (4.5) 2.9 Derivatives designated as fair value hedges Derivatives designated as cash ﬂow hedges (1.0) (1.0)2008 (€m) Interest rate derivatives (assets) Interest rate derivatives (liabilities) TOTAL Interest rate derivatives in the balance sheet have a net fair value of +€1.9 million. A shift of +1% (100 basis points) in the yield curve would change the net fair value of the interest rate hedging portfolio to -€0.2 million, while a shift of -1%Fair value 7.4 (5.5) 1.9(100 basis points) in the yield curve would change the net fair value of the portfolio to +€3.5 million.2007 (€m) Interest rate derivatives (assets) Interest rate derivatives (liabilities) TOTAL In 2003, the TF1 Group issued €500 million of ﬁxed-rate bonds maturing 2010. Until December 31, 2007, €300 million of this bond issue was designated as a hedged item in a fair value hedging relationship, hedged by a €300 million interest rate swap (pay ﬂoating rate, receive ﬁxed rate) contracted when the bond was issued and maturing on the same date as the bond. In January 2008, the Group decided to revert the entire bond issue to ﬁxed rate, by contracting two pay ﬁxed rate swaps maturing November 2009. With effect from January 2008, the Group therefore decided to discontinue hedge accounting for the relationship between the €300 million portion of the bond issue and the original swap (pay ﬂoating rate, receive ﬁxed rate). Consequently,Derivatives not designated as hedges 0.9 0.9Derivatives designated as fair value hedges (4.5) (4.5)Derivatives designated as cash ﬂow hedges -Fair value 0.9 (4.5) (3.6)the three swaps contracted with reference to the bond issue are no longer in a hedging relationship with the bond issue. The entire amount of the bond issue is now recognised at amortised cost using the effective interest method, which discounts the future cash ﬂows of the issue over its remaining life at a rate that exactly discounts these cash ﬂows to the net carrying amount of the issue as at January 1, 2008, the date on which the designation of the hedging relationship was discontinued. In October 2008, the TF1 Group hedged part of its ﬂoating rate bank debt by contracting a €100 million pay ﬁxed rate swap. This derivative instrument was designated as a cash ﬂow hedge.1302008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2007 (€m) Financial liabilities Financial assets Net pre-hedging position (per balance sheet) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate Net post-hedging positionFixed rate (509.9) 3.8 (506.1) 300.0 (206.1)Floating rate (122.6) 35.0 (87.6) (300.0) (387.6)Fair value of interest rate derivatives (4.5) 0.9 (3.6)Total (632.5) 38.8 (593.7) (4.5) 0.9 (597.3)Interest rate derivatives at end 2008:Derivatives not designated as hedges 7.4 (4.5) 2.9 Derivatives designated as fair value hedges Derivatives designated as cash ﬂow hedges (1.0) (1.0)2008 (€m) Interest rate derivatives (assets) Interest rate derivatives (liabilities) TOTAL Interest rate derivatives in the balance sheet have a net fair value of +€1.9 million. A shift of +1% (100 basis points) in the yield curve would change the net fair value of the interest rate hedging portfolio to -€0.2 million, while a shift of -1%Fair value 7.4 (5.5) 1.9(100 basis points) in the yield curve would change the net fair value of the portfolio to +€3.5 million.2007 (€m) Interest rate derivatives (assets) Interest rate derivatives (liabilities) TOTAL In 2003, the TF1 Group issued €500 million of ﬁxed-rate bonds maturing 2010. Until December 31, 2007, €300 million of this bond issue was designated as a hedged item in a fair value hedging relationship, hedged by a €300 million interest rate swap (pay ﬂoating rate, receive ﬁxed rate) contracted when the bond was issued and maturing on the same date as the bond. In January 2008, the Group decided to revert the entire bond issue to ﬁxed rate, by contracting two pay ﬁxed rate swaps maturing November 2009. With effect from January 2008, the Group therefore decided to discontinue hedge accounting for the relationship between the €300 million portion of the bond issue and the original swap (pay ﬂoating rate, receive ﬁxed rate). Consequently,Derivatives not designated as hedges 0.9 0.9Derivatives designated as fair value hedges (4.5) (4.5)Derivatives designated as cash ﬂow hedges -Fair value 0.9 (4.5) (3.6)the three swaps contracted with reference to the bond issue are no longer in a hedging relationship with the bond issue. The entire amount of the bond issue is now recognised at amortised cost using the effective interest method, which discounts the future cash ﬂows of the issue over its remaining life at a rate that exactly discounts these cash ﬂows to the net carrying amount of the issue as at January 1, 2008, the date on which the designation of the hedging relationship was discontinued. In October 2008, the TF1 Group hedged part of its ﬂoating rate bank debt by contracting a €100 million pay ﬁxed rate swap. This derivative instrument was designated as a cash ﬂow hedge.1302008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements47.4 (5.5) 1.9Maturity of interest rate derivatives2008 (€m) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate TOTALLess than 1 year 300.0 300.01 to 5 years 300.0 100.0 400.0Total 300.0 400.0 700.0Fair value2007 (€m) Swaps – pay ﬂoating rate Caps (ﬂoating rate capped at 3.80%) TOTALLess than 1 year 150.0 150.01 to 5 years 300.0 300.0Total 300.0 150.0 450.0Fair value (4.5) 0.9 (3.6)Maturity and fixed/floating rate split of net debt (post hedging)2008 (€m) Fixed rate Floating rate Financial liabilities Fixed rate Floating rate Financial assets Net debt net debt at ﬁxed rate net debt at ﬂoating rate Less than 1 year (3.6) (19.2) (22.8) 2.1 17.2 19.3 (3.5) (1.5) (2.0) 1 to 5 years (297.8) (403.2) (701.0) (701.0) (297.8) (403.2) Total (301.4) (422.5) (723.8) 2.1 17.2 19.3 (704.5) (299.3) (405.2)2007 (€m) Fixed rate Floating rate Financial liabilities Fixed rate Floating rate Financial assets Net debt net debt at ﬁxed rate net debt at ﬂoating rate (1)(1) Includes €150 million capped at 3.80%.Less than 1 year (9.5) (7.0) (16.5) 3.8 35.8 39.6 23.1 (5.7) 28.81 to 5 years (200.4) (420.0) (620.4) (620.4) (200.4) (420.0)Total (209.9) (427.0) (636.9) 3.8 35.8 39.6 (597.3) (206.1) (391.2)2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements47.4 (5.5) 1.9Maturity of interest rate derivatives2008 (€m) Swaps – pay ﬂoating rate Swaps – pay ﬁxed rate TOTALLess than 1 year 300.0 300.01 to 5 years 300.0 100.0 400.0Total 300.0 400.0 700.0Fair value2007 (€m) Swaps – pay ﬂoating rate Caps (ﬂoating rate capped at 3.80%) TOTALLess than 1 year 150.0 150.01 to 5 years 300.0 300.0Total 300.0 150.0 450.0Fair value (4.5) 0.9 (3.6)Maturity and fixed/floating rate split of net debt (post hedging)2008 (€m) Fixed rate Floating rate Financial liabilities Fixed rate Floating rate Financial assets Net debt net debt at ﬁxed rate net debt at ﬂoating rate Less than 1 year (3.6) (19.2) (22.8) 2.1 17.2 19.3 (3.5) (1.5) (2.0) 1 to 5 years (297.8) (403.2) (701.0) (701.0) (297.8) (403.2) Total (301.4) (422.5) (723.8) 2.1 17.2 19.3 (704.5) (299.3) (405.2)2007 (€m) Fixed rate Floating rate Financial liabilities Fixed rate Floating rate Financial assets Net debt net debt at ﬁxed rate net debt at ﬂoating rate (1)(1) Includes €150 million capped at 3.80%.Less than 1 year (9.5) (7.0) (16.5) 3.8 35.8 39.6 23.1 (5.7) 28.81 to 5 years (200.4) (420.0) (620.4) (620.4) (200.4) (420.0)Total (209.9) (427.0) (636.9) 3.8 35.8 39.6 (597.3) (206.1) (391.2)2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="134">
		<raw><![CDATA[4AssetsFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsForeign exchange risk Foreign exchange risk hedging and sensitivity:At 2008 closing exchange rates (€m) Liabilities Off balance sheet items Pre-hedging position Forwards and futures Currency swaps Net post-hedging position SensitivityUSD (1) 22 (56) (356) (389) 42 24 (324) (3.2)GBP (2) 4 (4) (20) (20) 13 2 (5) 0.0Other currencies (3) 18 (15) (15) (12) (20) 5 (26) (0.3)Total 44 (74) (391) (421) 35 31 (356) (3.5)(1) Net exposure in USD: Some Group entities (TF1, Eurosport) enter into long-term rights acquisition contracts that give rise to off balance sheet commitments, which are partially matched against future recurring USD revenue streams. (2) Net exposure in GBP: Hedging mainly relates to payments due in 2009 and 2010 in connection with the Rugby World Cup. (3) The main currencies involved are the Norwegian krone (NOK), the Swedish krona (SEK), the Danish krone (DKK) and the Swiss franc (CHF). The net post-hedging position is matched by future revenue streams in the currency.The consolidated net post-hedging currency exposure (translated into euros at the closing exchange rate) is €354 million. The risk of loss on this net currency exposure from a uniform unfavourable movement of 1% in the euro against all the At 2007 closing exchange rates (€m) Assets Liabilities Off balance sheet items Pre-hedging position Forwards and futures Net post-hedging position Sensitivitycurrencies involved would be €3.5 million, before taking into account any effect of this movement on future cash ﬂows generated by the Group in each currency.USD 43 (31) (277) (265) 49 (216) (2)GBP 13 (5) (51) (43) 0 (43) 0Other currencies 12 (5) (5) 2 (11) (9) 1Total 67 (41) (332) (306) 38 (268) (1)Analysis of financial instruments by currencyThe main purpose of currency derivatives is to hedge foreign-currency programme purchases and revenues. The table below breaks down these instruments by currency as at December 31, 2008: Nominal amount of hedge At 2008 closing exchange rates (in millions) Currency swaps Currency USD GBP Other currencies (NOK, SEK, DKK, CHF) Forward purchases Knock-out forward purchases (1) Forward sales Total hedges USD GBP USD Other currencies (NOK, SEK, DKK) 53.5 12.0 5.0 (in currency) 33.1 1.9 (in euros) 23.8 2.0 5.5 38.4 12.6 3.6 19.6 105.5 0.1 (0.4) (2.1) 0.1 3.1 (0.3) (2.1) (2.5) Market value (in euros) (0.8) Of which designated as cash ﬂow hedges (in euros)(1) A knock-out forward purchase offers a guaranteed maximum exchange rate, but also allows the holder to benefit from favourable exchange rate movements up to an agreed upper limit or “barrier”. Once this barrier is crossed, the contract rate returns to the guaranteed maximum rate.1322008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4AssetsFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsForeign exchange risk Foreign exchange risk hedging and sensitivity:At 2008 closing exchange rates (€m) Liabilities Off balance sheet items Pre-hedging position Forwards and futures Currency swaps Net post-hedging position SensitivityUSD (1) 22 (56) (356) (389) 42 24 (324) (3.2)GBP (2) 4 (4) (20) (20) 13 2 (5) 0.0Other currencies (3) 18 (15) (15) (12) (20) 5 (26) (0.3)Total 44 (74) (391) (421) 35 31 (356) (3.5)(1) Net exposure in USD: Some Group entities (TF1, Eurosport) enter into long-term rights acquisition contracts that give rise to off balance sheet commitments, which are partially matched against future recurring USD revenue streams. (2) Net exposure in GBP: Hedging mainly relates to payments due in 2009 and 2010 in connection with the Rugby World Cup. (3) The main currencies involved are the Norwegian krone (NOK), the Swedish krona (SEK), the Danish krone (DKK) and the Swiss franc (CHF). The net post-hedging position is matched by future revenue streams in the currency.The consolidated net post-hedging currency exposure (translated into euros at the closing exchange rate) is €354 million. The risk of loss on this net currency exposure from a uniform unfavourable movement of 1% in the euro against all the At 2007 closing exchange rates (€m) Assets Liabilities Off balance sheet items Pre-hedging position Forwards and futures Net post-hedging position Sensitivitycurrencies involved would be €3.5 million, before taking into account any effect of this movement on future cash ﬂows generated by the Group in each currency.USD 43 (31) (277) (265) 49 (216) (2)GBP 13 (5) (51) (43) 0 (43) 0Other currencies 12 (5) (5) 2 (11) (9) 1Total 67 (41) (332) (306) 38 (268) (1)Analysis of financial instruments by currencyThe main purpose of currency derivatives is to hedge foreign-currency programme purchases and revenues. The table below breaks down these instruments by currency as at December 31, 2008: Nominal amount of hedge At 2008 closing exchange rates (in millions) Currency swaps Currency USD GBP Other currencies (NOK, SEK, DKK, CHF) Forward purchases Knock-out forward purchases (1) Forward sales Total hedges USD GBP USD Other currencies (NOK, SEK, DKK) 53.5 12.0 5.0 (in currency) 33.1 1.9 (in euros) 23.8 2.0 5.5 38.4 12.6 3.6 19.6 105.5 0.1 (0.4) (2.1) 0.1 3.1 (0.3) (2.1) (2.5) Market value (in euros) (0.8) Of which designated as cash ﬂow hedges (in euros)(1) A knock-out forward purchase offers a guaranteed maximum exchange rate, but also allows the holder to benefit from favourable exchange rate movements up to an agreed upper limit or “barrier”. Once this barrier is crossed, the contract rate returns to the guaranteed maximum rate.1322008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="135">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4(4.0) (4.0)Nominal amount of hedge Market value (in euros) (6.0) (1.3) 0.3 (7.0)At 2007 closing exchange rates (in millions) Forward purchases Knock-out forward purchases Forward sales Total hedgesCurrency USD USD NOK(in currency) 99.3 37.5 90.0(in euros) 67.5 25.5 11.3 104.3Of which designated as cash ﬂow hedges (in euros)Maturity of currency derivatives:Nominal amount of hedge (in euros) 23.8 2.0 5.5 38.4 12.6 3.6 19.6 105,5At 2008 closing exchange rates (in millions) Currency swapsCurrency USD GBP Other currencies (NOK, SEK, DKK)Less than 1 year 23.8 2.0 5.5 38.4 6.3 3.6 19.6 99,21 to 5 years 6.3 6,3Forward purchases Knock-out forward purchases Forward sales Total hedgesUSD GBP USD Other currencies (NOK, SEK, DKK)At 2007 closing exchange rates (€m) Forward purchases Knock-out forward purchases Forward sales Total hedgesCurrency USD USD NOKNominal amount of hedge (in euros) 67.5 25.5 11.3 104.3Less than 1 year 44.2 22.1 11.3 77.61 to 5 years 23.3 3.4 26.7Currency derivatives in 2008 and 2007:(€m) 2008 Currency derivatives (assets) Currency derivatives (liabilities) Total 2007 Currency derivatives (assets) Currency derivatives (liabilities) TotalDerivatives not designated as hedges 4.2 (2.0) 2.2 0.3 (3.3) (3.0)Derivatives designated as fair value hedges -Derivatives designated as cash ﬂow hedges (2.5) (2.5) (4.0) (4.0)Fair value 4.2 (4.4) (0.3) 0.3 (7.3) (7.0)2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4(4.0) (4.0)Nominal amount of hedge Market value (in euros) (6.0) (1.3) 0.3 (7.0)At 2007 closing exchange rates (in millions) Forward purchases Knock-out forward purchases Forward sales Total hedgesCurrency USD USD NOK(in currency) 99.3 37.5 90.0(in euros) 67.5 25.5 11.3 104.3Of which designated as cash ﬂow hedges (in euros)Maturity of currency derivatives:Nominal amount of hedge (in euros) 23.8 2.0 5.5 38.4 12.6 3.6 19.6 105,5At 2008 closing exchange rates (in millions) Currency swapsCurrency USD GBP Other currencies (NOK, SEK, DKK)Less than 1 year 23.8 2.0 5.5 38.4 6.3 3.6 19.6 99,21 to 5 years 6.3 6,3Forward purchases Knock-out forward purchases Forward sales Total hedgesUSD GBP USD Other currencies (NOK, SEK, DKK)At 2007 closing exchange rates (€m) Forward purchases Knock-out forward purchases Forward sales Total hedgesCurrency USD USD NOKNominal amount of hedge (in euros) 67.5 25.5 11.3 104.3Less than 1 year 44.2 22.1 11.3 77.61 to 5 years 23.3 3.4 26.7Currency derivatives in 2008 and 2007:(€m) 2008 Currency derivatives (assets) Currency derivatives (liabilities) Total 2007 Currency derivatives (assets) Currency derivatives (liabilities) TotalDerivatives not designated as hedges 4.2 (2.0) 2.2 0.3 (3.3) (3.0)Derivatives designated as fair value hedges -Derivatives designated as cash ﬂow hedges (2.5) (2.5) (4.0) (4.0)Fair value 4.2 (4.4) (0.3) 0.3 (7.3) (7.0)2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="136">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe net fair value of currency derivatives in the balance sheet is -€0.3 million. A uniform unfavourable movement of 1% in the exchange rate for the euro against all the other currencies involved would change this fair value to -€0.6 million (compared with -€8.3 million as at December 31, 2007).29.2.3Credit risk and counterparty riskThe TF1 Group applies policies to limit its exposure to counterparty risk. These policies are based on the principles of cash pooling, diversiﬁcation, and rigorous vetting of bank counterparties. TF1 Publicité systematically vets the ﬁnancial soundness of advertisers who wish to purchase airtime on the channels it represents. Eurosport has effective procedures for collecting amounts owed by cable and satellite operators. The risk of non-payment by these operators is historically low thanks to procedures for vetting their ﬁnancial soundness. TF1 Vidéo and TF1 Entreprises contract credit insurance to protect against nonpayment by customers. In order to limit counterparty risk, TF1 places investments only with high-quality banks.Change in value of currency instrumentsThe net change during 2008 in the value of currency instruments that do not qualify for hedge accounting was an increase of €5.2 million. The net change during 2008 in the value of currency instruments that qualify for hedge accounting was an increase of €1.5 million. This comprises an increase of €2.4 million in the value of the effective portion (i.e. the change in the value of the hedging instrument is closely correlated with that of the hedged item), recognised in the cash ﬂow hedge reserve as a component of equity; and a decrease of €0.9 million in the value of the ineffective portion, recognised in the income statement in “Other operating income and expenses” (see notes 13.3 and 23).Maximum exposure to credit risk(€m) Trade and other debtors Current ﬁnancial assets Currency derivatives Interest rate derivatives Other cash assets Cash and cash equivalents TOTAL Net value: 2008 1,226.8 14.0 4.4 7.3 2.3 9.8 1,250.6 0.3 0.9 3.8 34.9 1,272.4 Net value: 2007 1,232.5 5.0Ageing of unimpaired past due receivablesCarrying amount Non past due receivables Total 715.1 (15.4) 699.7 534.4 (0.5) 533.9 180.8 (14.9) 165.92008 (€m) Trade debtors Provisions for trade debtors TRADE DEBTORS, NETPast due receivables &amp;lt;6 months 149.8 (0.8) 149.0 6 to 12 months 13.5 (3.4) 10.0 &amp;gt; 12 months 17.5 (10.6) 7.02007 (€m) Trade debtors Provisions for trade debtors TRADE DEBTORS, NETCarrying amountNon past due receivables TotalPast due receivables &amp;lt;6 months 83.9 (3.0) 80.9 6 to 12 months 2.2 (0.6) 1.6 &amp;gt; 12 months 21.0 (7.4) 13.6718.1 (11.0) 707.1611.0 611.0107.1 (11.0) 96.129.2.4Equities riskTF1 has minimal exposure to the risk of ﬂuctuations in the price of equity instruments given the carrying amount of such instruments in the consolidated balance sheet.29.2.5Emerging markets riskNeither the operations nor the results of the TF1 Group have been affected by any crisis in emerging markets.1342008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsThe net fair value of currency derivatives in the balance sheet is -€0.3 million. A uniform unfavourable movement of 1% in the exchange rate for the euro against all the other currencies involved would change this fair value to -€0.6 million (compared with -€8.3 million as at December 31, 2007).29.2.3Credit risk and counterparty riskThe TF1 Group applies policies to limit its exposure to counterparty risk. These policies are based on the principles of cash pooling, diversiﬁcation, and rigorous vetting of bank counterparties. TF1 Publicite systematically vets the ﬁnancial soundness of advertisers who wish to purchase airtime on the channels it represents. Eurosport has effective procedures for collecting amounts owed by cable and satellite operators. The risk of non-payment by these operators is historically low thanks to procedures for vetting their ﬁnancial soundness. TF1 Video and TF1 Entreprises contract credit insurance to protect against nonpayment by customers. In order to limit counterparty risk, TF1 places investments only with high-quality banks.Change in value of currency instrumentsThe net change during 2008 in the value of currency instruments that do not qualify for hedge accounting was an increase of €5.2 million. The net change during 2008 in the value of currency instruments that qualify for hedge accounting was an increase of €1.5 million. This comprises an increase of €2.4 million in the value of the effective portion (i.e. the change in the value of the hedging instrument is closely correlated with that of the hedged item), recognised in the cash ﬂow hedge reserve as a component of equity; and a decrease of €0.9 million in the value of the ineffective portion, recognised in the income statement in “Other operating income and expenses” (see notes 13.3 and 23).Maximum exposure to credit risk(€m) Trade and other debtors Current ﬁnancial assets Currency derivatives Interest rate derivatives Other cash assets Cash and cash equivalents TOTAL Net value: 2008 1,226.8 14.0 4.4 7.3 2.3 9.8 1,250.6 0.3 0.9 3.8 34.9 1,272.4 Net value: 2007 1,232.5 5.0Ageing of unimpaired past due receivablesCarrying amount Non past due receivables Total 715.1 (15.4) 699.7 534.4 (0.5) 533.9 180.8 (14.9) 165.92008 (€m) Trade debtors Provisions for trade debtors TRADE DEBTORS, NETPast due receivables &amp;lt;6 months 149.8 (0.8) 149.0 6 to 12 months 13.5 (3.4) 10.0 &amp;gt; 12 months 17.5 (10.6) 7.02007 (€m) Trade debtors Provisions for trade debtors TRADE DEBTORS, NETCarrying amountNon past due receivables TotalPast due receivables &amp;lt;6 months 83.9 (3.0) 80.9 6 to 12 months 2.2 (0.6) 1.6 &amp;gt; 12 months 21.0 (7.4) 13.6718.1 (11.0) 707.1611.0 611.0107.1 (11.0) 96.129.2.4Equities riskTF1 has minimal exposure to the risk of ﬂuctuations in the price of equity instruments given the carrying amount of such instruments in the consolidated balance sheet.29.2.5Emerging markets riskNeither the operations nor the results of the TF1 Group have been affected by any crisis in emerging markets.1342008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="137">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 30 Share options30.1 DETAILS OF SHARE OPTION PLANSPlan no. 6 Date of Shareholders’ Meeting Date of Board meeting Date of grant Type of plan Number of shares that may be subscribed/purchased - of which corporate ofﬁcers - of which the 10 employees granted the highest number Start date of exercise period Expiration date Subscription/purchase price Terms of exercise Number of shares subscribed at December 31, 2008* The 5% discount does not apply to options awarded to corporate officers.Plan no. 7 Apr. 23, 2002 Feb. 24, 2003 Mar. 12, 2003 subscription 2,300,500 560,000 390,000 Mar. 12, 2006 Mar. 12, 2010 €20.20 or €21.26 *Plan no. 8 Apr. 23, 2002 Aug. 31, 2004 Sep. 16, 2004 subscription 1,008,000 0 100,000 Sep. 16, 2007 Sep. 16, 2011 €23.46Plan no. 10 Apr. 17, 2007 Feb. 20, 2008 Mar. 20, 2008 subscription 2,000,000 86,000 340,000 Mar. 20, 2011 Mar. 20, 2015 €15.35Apr. 18, 2000 Dec. 11, 2001 Dec. 11, 2001 subscription 2,071,300 560,000 370,000 Dec. 11, 2004 Dec. 11, 2008 €27.80May be exercised from the third anniversary of the date of grant and sold from the 4th anniversary of the date of grant 524,900 -30.2 MOVEMENT IN NUMBER OF OPTIONS OUTSTANDING2008 Weighted average subscription/ purchase price (in €) 24.01 15.35 18.95 27.80 18.77 21.34 2007 Weighted average subscription/ purchase price (in €) 27.53 26.22 20.44 53.04 24.01 24.01Number of options Options outstanding at January 1 Options granted Options cancelled or lapsed Options exercised Options expired Options outstanding at December 31 Options exercisable at December 31 4,519,900 2,000,000 (155,500) (1,862,300) 4,502,100 2,570,100Number of options 5,764,300 (51,500) (439,900) (753,000) 4,519,900 4,519,900No options were exercised during 2008. As regards options exercised in 2007, the weighted average quoted price of TF1 shares on the exercise date was €26.18. The average residual life of options outstanding at December 31, 2008 was 45 months (versus 24 months at December 31, 2007).− subject to performance-related and market-related conditions 254,700, p p p probable number of shares allotted, as estimated on inception: 276,986, allotments cancelled in 2006: 20,662, allotments cancelled in 2007: -, probable number of shares allotted, as adjusted at December 31, 2007 256,324.30.3 PLAN NO. 9: CONSIDERATION-FREE SHARE ALLOTMENT PLANThis plan ended on March 31, 2008. The terms of the plan were as follows: p p p p p date of Board meeting February 21, 2006, provisional allotment date March 8, 2006, vesting date March 31, 2008, end of lock-up period for shares acquired under the plan March 31, 2010, number of consideration-free shares allotted on inception: 445,725, − with no conditions other than being a Group employee on March 31, 2008 191,025,pOn February 14, 2006, the Compensation Committee decided to hedge upside risk in the TF1 share price by contracting TF1 equity derivatives with a bank. These derivatives comprised buying TF1 SA shares forward to hedge shares allotted unconditionally, and contracting call options to hedge shares allotted subject to conditions. Of the 256,324 consideration-free shares allottable as at December 31, 2007, 65,000 had lapsed as of the delivery date, 176,700 were allotted, and 14,625 of the shares acquired under the forward purchase contract mentioned above were not allotted (see note 13.2.3).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 30 Share options30.1 DETAILS OF SHARE OPTION PLANSPlan no. 6 Date of Shareholders’ Meeting Date of Board meeting Date of grant Type of plan Number of shares that may be subscribed/purchased - of which corporate ofﬁcers - of which the 10 employees granted the highest number Start date of exercise period Expiration date Subscription/purchase price Terms of exercise Number of shares subscribed at December 31, 2008* The 5% discount does not apply to options awarded to corporate officers.Plan no. 7 Apr. 23, 2002 Feb. 24, 2003 Mar. 12, 2003 subscription 2,300,500 560,000 390,000 Mar. 12, 2006 Mar. 12, 2010 €20.20 or €21.26 *Plan no. 8 Apr. 23, 2002 Aug. 31, 2004 Sep. 16, 2004 subscription 1,008,000 0 100,000 Sep. 16, 2007 Sep. 16, 2011 €23.46Plan no. 10 Apr. 17, 2007 Feb. 20, 2008 Mar. 20, 2008 subscription 2,000,000 86,000 340,000 Mar. 20, 2011 Mar. 20, 2015 €15.35Apr. 18, 2000 Dec. 11, 2001 Dec. 11, 2001 subscription 2,071,300 560,000 370,000 Dec. 11, 2004 Dec. 11, 2008 €27.80May be exercised from the third anniversary of the date of grant and sold from the 4th anniversary of the date of grant 524,900 -30.2 MOVEMENT IN NUMBER OF OPTIONS OUTSTANDING2008 Weighted average subscription/ purchase price (in €) 24.01 15.35 18.95 27.80 18.77 21.34 2007 Weighted average subscription/ purchase price (in €) 27.53 26.22 20.44 53.04 24.01 24.01Number of options Options outstanding at January 1 Options granted Options cancelled or lapsed Options exercised Options expired Options outstanding at December 31 Options exercisable at December 31 4,519,900 2,000,000 (155,500) (1,862,300) 4,502,100 2,570,100Number of options 5,764,300 (51,500) (439,900) (753,000) 4,519,900 4,519,900No options were exercised during 2008. As regards options exercised in 2007, the weighted average quoted price of TF1 shares on the exercise date was €26.18. The average residual life of options outstanding at December 31, 2008 was 45 months (versus 24 months at December 31, 2007).− subject to performance-related and market-related conditions 254,700, p p p probable number of shares allotted, as estimated on inception: 276,986, allotments cancelled in 2006: 20,662, allotments cancelled in 2007: -, probable number of shares allotted, as adjusted at December 31, 2007 256,324.30.3 PLAN NO. 9: CONSIDERATION-FREE SHARE ALLOTMENT PLANThis plan ended on March 31, 2008. The terms of the plan were as follows: p p p p p date of Board meeting February 21, 2006, provisional allotment date March 8, 2006, vesting date March 31, 2008, end of lock-up period for shares acquired under the plan March 31, 2010, number of consideration-free shares allotted on inception: 445,725, − with no conditions other than being a Group employee on March 31, 2008 191,025,pOn February 14, 2006, the Compensation Committee decided to hedge upside risk in the TF1 share price by contracting TF1 equity derivatives with a bank. These derivatives comprised buying TF1 SA shares forward to hedge shares allotted unconditionally, and contracting call options to hedge shares allotted subject to conditions. Of the 256,324 consideration-free shares allottable as at December 31, 2007, 65,000 had lapsed as of the delivery date, 176,700 were allotted, and 14,625 of the shares acquired under the forward purchase contract mentioned above were not allotted (see note 13.2.3).2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="138">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 31 Off balance sheet commitmentsOff balance sheet commitments are stated at the amount of the outﬂow or inﬂow of resources speciﬁed in the contract. In the case of renewable contracts, the commitment is measured on the basis of the period until the next renewal date. A commitment is reciprocal if the future commitment given by the TF1 Group is inseparable from the commitment given by the other party to the contract. In such cases, the commitment given and the commitment received are measured on the basis of the net cash outﬂow for the TF1 Group.GuaranteesThis item covers guarantees provided in connection with commercial contracts and leases.Other commitmentsThese mainly comprise various equipment and service contracts entered into as part of the ongoing operations of Group companies. None of the non-current assets held by TF1 (intangible assets, property, plant and equipment or ﬁnancial assets) is subject to any pledge or mortgage. Under the agreements between Vivendi, TF1 and M6, the commitments and warranties provided by TF1 and M6 in respect of the obligations of TPS are covered by a counter-guarantee from Vivendi with effect from January 4, 2007. Consequently, the commitments provided by TF1 and M6 are not disclosed under either “Commitments given” or “Commitments received”. The tables below give details of the TF1 Group’s off balance sheet commitments by type and maturity. No material off balance sheet commitments, as deﬁned in the applicable accounting standards, are omitted from the disclosures below.Image transmissionImage transmission commitments relate to the supply of television broadcasting services (Télédiffusion de France), and to the leasing of satellite capacity and transponders from private-sector companies.Operating leasesThis line shows (in both commitments given and commitments received) the minimum future lease payments under non-cancellable operating leases in place at the balance sheet date. Only leases that are material to the consolidated ﬁnancial statements are included. Most of the leases included relate to property, in particular the premises occupied by TF1 SA and the French companies of the Eurosport group.31.1 COMMITMENTS GIVEN2008 (€m) Image transmission Operating leases Guarantees Other commitments Commitments givenLess than 1 year 78.1 22.2 47.5 18.8 166.61 to 5 years 110.4 83.8 47.8 60.4 302.4More than 5 years 2.2 64.5 7.2 12.1 86.0Total 2008 190.7 170.5 102.5 91.3 555.0Total 2007 239.8 130.9 46.0 103.1 519.82007 (€m) Image transmission Operating leases Guarantees Other commitments Commitments givenLess than 1 year 80.5 16.2 35.3 20.2 152.21 to 5 years 159.3 60.5 9.7 69.0 298.5More than 5 years 54.2 1.0 13.9 69.1Total 2007 239.8 130.9 46.0 103.1 519.8Total 2006 280.0 141.7 2.5 52.1 476.331.2 COMMITMENTS RECEIVED2008 (€m) Image transmission Operating leases Guarantees Conﬁrmed bilateral credit facilities Other commitments Commitments received Less than 1 year 78.1 22.2 48.7 83.0 13.2 245.2 1 to 5 years 110.4 83.8 47.5 740.5 3.9 986.1 More than 5 years 2.2 64.5 66.7 Total 2008 190.7 170.5 96.2 823.5 17.1 1,298.0 Total 2007 239.8 130.9 43.0 835.5 19.4 1,268.61362008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 31 Off balance sheet commitmentsOff balance sheet commitments are stated at the amount of the outﬂow or inﬂow of resources speciﬁed in the contract. In the case of renewable contracts, the commitment is measured on the basis of the period until the next renewal date. A commitment is reciprocal if the future commitment given by the TF1 Group is inseparable from the commitment given by the other party to the contract. In such cases, the commitment given and the commitment received are measured on the basis of the net cash outﬂow for the TF1 Group.GuaranteesThis item covers guarantees provided in connection with commercial contracts and leases.Other commitmentsThese mainly comprise various equipment and service contracts entered into as part of the ongoing operations of Group companies. None of the non-current assets held by TF1 (intangible assets, property, plant and equipment or ﬁnancial assets) is subject to any pledge or mortgage. Under the agreements between Vivendi, TF1 and M6, the commitments and warranties provided by TF1 and M6 in respect of the obligations of TPS are covered by a counter-guarantee from Vivendi with effect from January 4, 2007. Consequently, the commitments provided by TF1 and M6 are not disclosed under either “Commitments given” or “Commitments received”. The tables below give details of the TF1 Group’s off balance sheet commitments by type and maturity. No material off balance sheet commitments, as deﬁned in the applicable accounting standards, are omitted from the disclosures below.Image transmissionImage transmission commitments relate to the supply of television broadcasting services (Telediffusion de France), and to the leasing of satellite capacity and transponders from private-sector companies.Operating leasesThis line shows (in both commitments given and commitments received) the minimum future lease payments under non-cancellable operating leases in place at the balance sheet date. Only leases that are material to the consolidated ﬁnancial statements are included. Most of the leases included relate to property, in particular the premises occupied by TF1 SA and the French companies of the Eurosport group.31.1 COMMITMENTS GIVEN2008 (€m) Image transmission Operating leases Guarantees Other commitments Commitments givenLess than 1 year 78.1 22.2 47.5 18.8 166.61 to 5 years 110.4 83.8 47.8 60.4 302.4More than 5 years 2.2 64.5 7.2 12.1 86.0Total 2008 190.7 170.5 102.5 91.3 555.0Total 2007 239.8 130.9 46.0 103.1 519.82007 (€m) Image transmission Operating leases Guarantees Other commitments Commitments givenLess than 1 year 80.5 16.2 35.3 20.2 152.21 to 5 years 159.3 60.5 9.7 69.0 298.5More than 5 years 54.2 1.0 13.9 69.1Total 2007 239.8 130.9 46.0 103.1 519.8Total 2006 280.0 141.7 2.5 52.1 476.331.2 COMMITMENTS RECEIVED2008 (€m) Image transmission Operating leases Guarantees Conﬁrmed bilateral credit facilities Other commitments Commitments received Less than 1 year 78.1 22.2 48.7 83.0 13.2 245.2 1 to 5 years 110.4 83.8 47.5 740.5 3.9 986.1 More than 5 years 2.2 64.5 66.7 Total 2008 190.7 170.5 96.2 823.5 17.1 1,298.0 Total 2007 239.8 130.9 43.0 835.5 19.4 1,268.61362008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="139">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements48.02007 (€m) Image transmission Operating leases Guarantees Conﬁrmed bilateral credit facilities Other commitments Commitments receivedLess than 1 year 80.5 16.2 43.0 15.9 155.61 to 5 years 159.3 60.5 835.5 3.5 1,058.8More than 5 years 54.2 54.2Total 2007 239.8 130.9 43.0 835.5 19.4 1,268.6Total 2006 280.0 141.7 955.5 15.8 1,401.0Note 32 Related-party information32.1 EXECUTIVE COMPENSATIONTotal compensation paid during 2008 to key executives of the Group (the 13 members of the TF1 Management Committee mentioned in the Annual Report) was €6.1 million, comprising: (€m) Fixed compensation Variable compensation Beneﬁts in kind Additional information: p the portion of total share option expense and consideration-free share expense for the year relating to these key executives was €0.2 million, the portion of the total obligation in respect of retirement and other postemployment beneﬁts relating to these key executives was €2.6 million. 2008 5.2 0.9 N/S 2007 7.3 3.3 0.1reference salary for each year of service in the scheme, which represents a postemployment beneﬁt. The expense (invoiced to TF1 by Bouygues) relating to the contribution paid in 2008 to the investment fund of the insurance company which manages the scheme was €0.3 million. Apart from loans of shares made to key executives who are also members of the Board of Directors in connection with their duties, no material loans or guarantees were extended to key executives or members of the Board of Directors.pThe Bouygues Group offers the members of its Executive Committee, who include Patrick Le Lay and Nonce Paolini, a top-up pension of 0.92% of the32.2 TRANSACTIONS WITH OTHER RELATED PARTIESTransactions with other related parties are summarised in the table below: Income (€m) Parties with an ownership interest (Bouygues SA) Joint ventures Associates Other related parties TOTAL* Bouygues Relais cash pooling agreement (see note 29.2.1).Expenses 2008 (8.4) 1.6 (7.7) (9.0) (23.5) 2007 (8.4) (23.1) (4.5) (7.2) (43.2) 3.2 1.6 19.0 23.8Debtors 2008 0.1 14.3 3.7 6.7 24.8 2007 17.9 0.9 3.9 22.7Creditors 2008 3.1 0.4 7.9 200.2 * 211.6 2007 3.3 (4.2) 3.0 2.3 4.42008 0.1 3.0 1.0 21.2 25.320072008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements48.02007 (€m) Image transmission Operating leases Guarantees Conﬁrmed bilateral credit facilities Other commitments Commitments receivedLess than 1 year 80.5 16.2 43.0 15.9 155.61 to 5 years 159.3 60.5 835.5 3.5 1,058.8More than 5 years 54.2 54.2Total 2007 239.8 130.9 43.0 835.5 19.4 1,268.6Total 2006 280.0 141.7 955.5 15.8 1,401.0Note 32 Related-party information32.1 EXECUTIVE COMPENSATIONTotal compensation paid during 2008 to key executives of the Group (the 13 members of the TF1 Management Committee mentioned in the Annual Report) was €6.1 million, comprising: (€m) Fixed compensation Variable compensation Beneﬁts in kind Additional information: p the portion of total share option expense and consideration-free share expense for the year relating to these key executives was €0.2 million, the portion of the total obligation in respect of retirement and other postemployment beneﬁts relating to these key executives was €2.6 million. 2008 5.2 0.9 N/S 2007 7.3 3.3 0.1reference salary for each year of service in the scheme, which represents a postemployment beneﬁt. The expense (invoiced to TF1 by Bouygues) relating to the contribution paid in 2008 to the investment fund of the insurance company which manages the scheme was €0.3 million. Apart from loans of shares made to key executives who are also members of the Board of Directors in connection with their duties, no material loans or guarantees were extended to key executives or members of the Board of Directors.pThe Bouygues Group offers the members of its Executive Committee, who include Patrick Le Lay and Nonce Paolini, a top-up pension of 0.92% of the32.2 TRANSACTIONS WITH OTHER RELATED PARTIESTransactions with other related parties are summarised in the table below: Income (€m) Parties with an ownership interest (Bouygues SA) Joint ventures Associates Other related parties TOTAL* Bouygues Relais cash pooling agreement (see note 29.2.1).Expenses 2008 (8.4) 1.6 (7.7) (9.0) (23.5) 2007 (8.4) (23.1) (4.5) (7.2) (43.2) 3.2 1.6 19.0 23.8Debtors 2008 0.1 14.3 3.7 6.7 24.8 2007 17.9 0.9 3.9 22.7Creditors 2008 3.1 0.4 7.9 200.2 * 211.6 2007 3.3 (4.2) 3.0 2.3 4.42008 0.1 3.0 1.0 21.2 25.320072008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="140">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 33 Auditors’ feesThe table below shows fees paid by TF1 to the Group’s auditors: 2008 (€ thousand) Audit of consolidated and individual company ﬁnancial statements Fees relating to internal control Transaction support fees (acquisitions, divestments, etc) Other procedures and services directly related to the audit engagement Audit-related fees Company law, tax and employment law Other (if &amp;gt; 10% of audit fees) Other fees TOTAL AUDITORS’ FEES Mazars (751) (25) (15) (791) (791) 3.2% 1.9% 100.0% 100.0% 94.9% (888) (45) (19) (952) (20) (20) (972) 4.6% 2.0% 97.9% 2.1% 2.1% 100.0% KPMG 91.4% Other ﬁrms (74) (74) (74) 100.0% 100.0% 100.0% (20) (1,837) Total (1,713) (70) (34) (1,817) (20)Note 34 Dependence on licencesTF1 requires a licence to carry on its activities as a broadcaster. The law of September 30, 1986, as amended by Law 2007-309 of March 5, 2007, stipulates that subject to certain conditions, a company’s broadcasting licence may be automatically renewed. TF1 has signed the necessary agreements and provided the necessary undertakings to retain its broadcasting licence until 2022. The following subsidiaries or jointly-controlled entities hold digital terrestrial television licences, awarded on June 10, 2003 for a ten-year period: LCI, Eurosport France, TMC and TF6.Note 35 Post balance sheet events35.1 FRANCE 24On February 12, 2009, TF1 SA ﬁnalised the sale of its 50% interest in the capital and voting rights of France 24 to AEF (Audiovisuel Extérieur de la France). This disposal generated a net gain of approximately €2 million, which will be recognised in the ﬁnancial statements during the ﬁrst quarter of 2009.35.3 REGULATORY ENVIRONMENTThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009.35.2 SHOPPING À LA UNEOn February 12, 2009, Téléshopping SAS ﬁnalised the sale of all the shares in its Shopping à la Une subsidiary to Initiatives et Développements (IetD) in exchange for bonds with a nominal value of €2 million, redeemable in shares of its own subsidiary Global Technologies. Téléshopping also has the right to sell back the bonds (or the shares obtained by converting them) to IetD if certain conditions, in particular valuation conditions, are not met in future years.35.4 LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement.1382008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statementsNote 33 Auditors’ feesThe table below shows fees paid by TF1 to the Group’s auditors: 2008 (€ thousand) Audit of consolidated and individual company ﬁnancial statements Fees relating to internal control Transaction support fees (acquisitions, divestments, etc) Other procedures and services directly related to the audit engagement Audit-related fees Company law, tax and employment law Other (if &amp;gt; 10% of audit fees) Other fees TOTAL AUDITORS’ FEES Mazars (751) (25) (15) (791) (791) 3.2% 1.9% 100.0% 100.0% 94.9% (888) (45) (19) (952) (20) (20) (972) 4.6% 2.0% 97.9% 2.1% 2.1% 100.0% KPMG 91.4% Other ﬁrms (74) (74) (74) 100.0% 100.0% 100.0% (20) (1,837) Total (1,713) (70) (34) (1,817) (20)Note 34 Dependence on licencesTF1 requires a licence to carry on its activities as a broadcaster. The law of September 30, 1986, as amended by Law 2007-309 of March 5, 2007, stipulates that subject to certain conditions, a company’s broadcasting licence may be automatically renewed. TF1 has signed the necessary agreements and provided the necessary undertakings to retain its broadcasting licence until 2022. The following subsidiaries or jointly-controlled entities hold digital terrestrial television licences, awarded on June 10, 2003 for a ten-year period: LCI, Eurosport France, TMC and TF6.Note 35 Post balance sheet events35.1 FRANCE 24On February 12, 2009, TF1 SA ﬁnalised the sale of its 50% interest in the capital and voting rights of France 24 to AEF (Audiovisuel Exterieur de la France). This disposal generated a net gain of approximately €2 million, which will be recognised in the ﬁnancial statements during the ﬁrst quarter of 2009.35.3 REGULATORY ENVIRONMENTThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009.35.2 SHOPPING A LA UNEOn February 12, 2009, Teleshopping SAS ﬁnalised the sale of all the shares in its Shopping a la Une subsidiary to Initiatives et Developpements (IetD) in exchange for bonds with a nominal value of €2 million, redeemable in shares of its own subsidiary Global Technologies. Teleshopping also has the right to sell back the bonds (or the shares obtained by converting them) to IetD if certain conditions, in particular valuation conditions, are not met in future years.35.4 LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement.1382008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="141">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 36 Detailed list of companies included in the consolidation2008 Company TF1 SA BROADCASTING FRANCE TF1 PUBLICITÉ TF1 FILMS PRODUCTION TÉLÉSHOPPING TV BREIZH UNE MUSIQUE TF1 PUBLICITÉ PRODUCTION TF6 TF1 ENTREPRISES ALMA PRODUCTIONS EUROSPORT France SA EUROSHOPPING TF1 DIGITAL E-TF1 LA CHAINE INFO GLEM BAXTER TF6 GESTION SÉRIE CLUB TOUT AUDIOVISUEL PRODUCTIONS MONTE CARLO PARTICIPATIONS (2) TOP SHOPPING LES NOUVELLES ÉDITIONS TF1 ODYSSÉE APHÉLIE YAGAN PRODUCTIONS TF1 HORS-MÉDIA QUAI SUD TFOU HISTOIRE USHUAIA TV TELE MONTE CARLO (2) INFOSHOPPING SHOPPING A LA UNE WAT JET (Jeux et Télévision) TMC RÉGIE (2) 1001 LISTES JFG NETWORKS SKY ART MEDIA OUEST INFO France France France France France France France France France France France France France France France France France France France France France France France France France France France France France France Monaco France France France France France France France United States France TF1 advertising airtime sales house Co-production of ﬁlms Home shopping Theme channel Music publishing Commercials and promos Theme channel Merchandising, spin-offs, games Programme production Marketing the Eurosport channel in France Import-export Holding company of theme channel division Creation/broadcasting of internet services News channel Programme production Music publishing TF6 management company Theme channel Programme production TMC holding company Retailing Book publishing Theme channel Real estate leasing Audiovisual rights Off-media promotion Programme production Theme channel Theme channel Theme channel Theme channel Infomercials Online retailing Creation of internet services Theme channel TMC advertising airtime sales house Creation of internet services Creation of internet services Print media publishing TV news images agency 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 50.00% 50.00% 100.00% 51.00% 100.00% 100.00% 100.00% 100.00% 40.00% 99.99% 100.00% 100.00% 40.00% 97.19% 35.03% 27.54% 100.00% FC FC FC FC FC PC FC FC FC FC FC FC FC FC PC PC PC FC FC FC FC FC FC PC FC FC FC PC FC EM EM FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 50.00% 100.00% 50.00% 100.00% 51.00% 100.00% 100.00% 100.00% 100.00% 91.64% 100.00% 100.00% 100.00% 40.00% 99.99% 100.00% 100.00% 100.00% 40.00% 95.32% 26.00% 27.54% 100.00% FC FC FC FC FC FC PC FC FC FC FC FC FC FC FC FC PC PC FC PC FC FC FC FC FC FC FC FC FC FC PC FC FC FC FC PC FC EM EM FC Country France Activity Broadcasting % control (1) Consolidation method % control (1) 2007 Consolidation method (2)Parent companyParent company2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4Note 36 Detailed list of companies included in the consolidation2008 Company TF1 SA BROADCASTING FRANCE TF1 PUBLICITE TF1 FILMS PRODUCTION TELESHOPPING TV BREIZH UNE MUSIQUE TF1 PUBLICITE PRODUCTION TF6 TF1 ENTREPRISES ALMA PRODUCTIONS EUROSPORT France SA EUROSHOPPING TF1 DIGITAL E-TF1 LA CHAINE INFO GLEM BAXTER TF6 GESTION SERIE CLUB TOUT AUDIOVISUEL PRODUCTIONS MONTE CARLO PARTICIPATIONS (2) TOP SHOPPING LES NOUVELLES EDITIONS TF1 ODYSSEE APHELIE YAGAN PRODUCTIONS TF1 HORS-MEDIA QUAI SUD TFOU HISTOIRE USHUAIA TV TELE MONTE CARLO (2) INFOSHOPPING SHOPPING A LA UNE WAT JET (Jeux et Television) TMC REGIE (2) 1001 LISTES JFG NETWORKS SKY ART MEDIA OUEST INFO France France France France France France France France France France France France France France France France France France France France France France France France France France France France France France Monaco France France France France France France France United States France TF1 advertising airtime sales house Co-production of ﬁlms Home shopping Theme channel Music publishing Commercials and promos Theme channel Merchandising, spin-offs, games Programme production Marketing the Eurosport channel in France Import-export Holding company of theme channel division Creation/broadcasting of internet services News channel Programme production Music publishing TF6 management company Theme channel Programme production TMC holding company Retailing Book publishing Theme channel Real estate leasing Audiovisual rights Off-media promotion Programme production Theme channel Theme channel Theme channel Theme channel Infomercials Online retailing Creation of internet services Theme channel TMC advertising airtime sales house Creation of internet services Creation of internet services Print media publishing TV news images agency 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 50.00% 50.00% 100.00% 51.00% 100.00% 100.00% 100.00% 100.00% 40.00% 99.99% 100.00% 100.00% 40.00% 97.19% 35.03% 27.54% 100.00% FC FC FC FC FC PC FC FC FC FC FC FC FC FC PC PC PC FC FC FC FC FC FC PC FC FC FC PC FC EM EM FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 50.00% 100.00% 50.00% 100.00% 51.00% 100.00% 100.00% 100.00% 100.00% 91.64% 100.00% 100.00% 100.00% 40.00% 99.99% 100.00% 100.00% 100.00% 40.00% 95.32% 26.00% 27.54% 100.00% FC FC FC FC FC FC PC FC FC FC FC FC FC FC FC FC PC PC FC PC FC FC FC FC FC FC FC FC FC FC PC FC FC FC FC PC FC EM EM FC Country France Activity Broadcasting % control (1) Consolidation method % control (1) 2007 Consolidation method (2)Parent companyParent company2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="142">
		<raw><![CDATA[4SF2JFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2008 Company ONE CAST DOGAN TÉLÉSHOPPING DUJARDIN DUJARDIN INTERNATIONAL AB GROUP TF1 Acquisitions de droits EIG DISTRIBUTION TF1 EXPANSION SACAS TF1 SATELLITE AUDIOVISUAL RIGHTS CIBY AUDIOVISUAL RIGHTS CIBY 2000 CIC TF1 VIDÉO TF1 INTERNATIONAL TELEMA TCM DA TCM GESTION TF IMAGE 2 RÉGIE CASSETTE VIDÉO BROADCASTING INTERNATIONAL EUROSPORT SA EUROSPORT BV EUROSPORT TELEVISION LTD EUROSPORT TV AB EUROSPORT MEDIA GMBH KIGEMA SPORT ORGANISATION LTD SRW EVENTS LTD EUROSPORT ITALIA EUROSPORT ASIA LTD EUROSPORT MEDIA SA EUROSPORT SA SPAIN EUROSPORT FINLAND APT EUROSPORTNEWS DISTRIBUTION LTD France Netherlands UK Sweden Germany UK UK Italy Hong Kong Switzerland Spain Finland Hong Kong Marketing the Eurosport channel outside France Marketing the Eurosport channel in the Netherlands Marketing the Eurosport channel in the UK Marketing the Eurosport channel in Sweden Marketing the Eurosport channel in Germany Motor race organiser Motor race organiser Marketing the Eurosport channel in Italy Marketing the Eurosport channel in Asia Marketing the Eurosport channel in Switzerland Marketing the Eurosport channel in Spain Marketing the Eurosport channel in Finland Marketing the Eurosport channel in Asia 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.00% FC FC FC FC FC FC FC FC FC FC FC FC FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.00% France France France France France France France France France France Exploitation of audiovisual rights Exploitation of audiovisual rights Exploitation of video rights Exploitation of video rights Exploitation audiovisual rights Audiovisual production Exploitation of audiovisual rights Management company of TCM DA Exploitation of audiovisual rights Exploitation of video rights 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 49.96% 100.00% FC FC FC FC FC PC PC FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 49.96% 100.00% 100.00% France France France Development of digital technology Development of digital technology Development of digital technology 100.00% 100.00% 100.00% FC FC FC 100.00% 100.00% 100.00% France/ Belgium France Country France France Turkey France France Activity Audiovisual broadcasting and transmission service Producer of card and board games Home shopping Producer of card and board games Producer of card and board games Production, programming and broadcasting of audiovisual material Acquisition and sale of audiovisual rights % control (1) 100.00% 100.00% 50.00% 100.00% 33.50% 100.00% Consolidation method FC FC PC FC EM FC % control (1) 100.00% 100.00% 50.00% 100.00% 100.00%33.50% -2007 Consolidation method (2) FC FC PC FC FC EM FC FC FC FC FC FC FC FC PC PC PC FC FCFC FC FC FC FC FC FC FC FC FC FC FC FC1402008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4SF2JFINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements2008 Company ONE CAST DOGAN TELESHOPPING DUJARDIN DUJARDIN INTERNATIONAL AB GROUP TF1 Acquisitions de droits EIG DISTRIBUTION TF1 EXPANSION SACAS TF1 SATELLITE AUDIOVISUAL RIGHTS CIBY AUDIOVISUAL RIGHTS CIBY 2000 CIC TF1 VIDEO TF1 INTERNATIONAL TELEMA TCM DA TCM GESTION TF IMAGE 2 REGIE CASSETTE VIDEO BROADCASTING INTERNATIONAL EUROSPORT SA EUROSPORT BV EUROSPORT TELEVISION LTD EUROSPORT TV AB EUROSPORT MEDIA GMBH KIGEMA SPORT ORGANISATION LTD SRW EVENTS LTD EUROSPORT ITALIA EUROSPORT ASIA LTD EUROSPORT MEDIA SA EUROSPORT SA SPAIN EUROSPORT FINLAND APT EUROSPORTNEWS DISTRIBUTION LTD France Netherlands UK Sweden Germany UK UK Italy Hong Kong Switzerland Spain Finland Hong Kong Marketing the Eurosport channel outside France Marketing the Eurosport channel in the Netherlands Marketing the Eurosport channel in the UK Marketing the Eurosport channel in Sweden Marketing the Eurosport channel in Germany Motor race organiser Motor race organiser Marketing the Eurosport channel in Italy Marketing the Eurosport channel in Asia Marketing the Eurosport channel in Switzerland Marketing the Eurosport channel in Spain Marketing the Eurosport channel in Finland Marketing the Eurosport channel in Asia 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.00% FC FC FC FC FC FC FC FC FC FC FC FC FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.00% France France France France France France France France France France Exploitation of audiovisual rights Exploitation of audiovisual rights Exploitation of video rights Exploitation of video rights Exploitation audiovisual rights Audiovisual production Exploitation of audiovisual rights Management company of TCM DA Exploitation of audiovisual rights Exploitation of video rights 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 49.96% 100.00% FC FC FC FC FC PC PC FC 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.00% 49.96% 100.00% 100.00% France France France Development of digital technology Development of digital technology Development of digital technology 100.00% 100.00% 100.00% FC FC FC 100.00% 100.00% 100.00% France/ Belgium France Country France France Turkey France France Activity Audiovisual broadcasting and transmission service Producer of card and board games Home shopping Producer of card and board games Producer of card and board games Production, programming and broadcasting of audiovisual material Acquisition and sale of audiovisual rights % control (1) 100.00% 100.00% 50.00% 100.00% 33.50% 100.00% Consolidation method FC FC PC FC EM FC % control (1) 100.00% 100.00% 50.00% 100.00% 100.00%33.50% -2007 Consolidation method (2) FC FC PC FC FC EM FC FC FC FC FC FC FC FC PC PC PC FC FCFC FC FC FC FC FC FC FC FC FC FC FC FC1402008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="143">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4FC FC FC FC EM PC PC EM PC2008 Company EUROSPORT NORVEGE AS EUROSPORT POLSKA EUROSPORT DANMARK APS EUROSPORT EVENTS SAILING ONE FRANCE 24 FRANCE 24 ADVERTISING OTHER ACTIVITIES METRO FRANCE PUBLICATIONS (3) TOP TICKETS (4) France France Print media publishing Print media publishing 34.30% 39.18% EM PC 34.30% 45.00% Country Norway Poland Denmark France France France France Activity Marketing the Eurosport channel in Norway Marketing the Eurosport channel in Poland Marketing the Eurosport channel in Denmark Sports event organiser Organiser and promoter of yacht races French rolling news channel France 24 advertising airtime sales house % control (1) 100.00% 100.00% 100.00% 100.00% 34.00% 50.00% 50.00% Consolidation method FC FC FC FC EM PC PC % control (1) 100.00% 100.00% 100.00% 100.00% 34.00 50.00% 50.00%2007 Consolidation method (2)(1) There are no material differences between the percentage of control and the percentage interest. (2) Monte Carlo Participations, Télé Monte Carlo and TMC Régie: under the terms of the agreement of July 6, 2004 between TF1 and AB Group, these companies are jointly controlled. (3) Metro France Publications: under the terms of the shareholders’ agreement of November 14, 2003 between TF1 and Metro International S.A., Metro International has exclusive control over Publications Metro France. TF1 only exercises significant influence over this company, in which it has a 34.3% interest. (4) Top Tickets: under the terms of the agreement of May 22, 2007 between TF1 and Artémis, this company is jointly controlled.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the consolidated ﬁnancial statements4FC FC FC FC EM PC PC EM PC2008 Company EUROSPORT NORVEGE AS EUROSPORT POLSKA EUROSPORT DANMARK APS EUROSPORT EVENTS SAILING ONE FRANCE 24 FRANCE 24 ADVERTISING OTHER ACTIVITIES METRO FRANCE PUBLICATIONS (3) TOP TICKETS (4) France France Print media publishing Print media publishing 34.30% 39.18% EM PC 34.30% 45.00% Country Norway Poland Denmark France France France France Activity Marketing the Eurosport channel in Norway Marketing the Eurosport channel in Poland Marketing the Eurosport channel in Denmark Sports event organiser Organiser and promoter of yacht races French rolling news channel France 24 advertising airtime sales house % control (1) 100.00% 100.00% 100.00% 100.00% 34.00% 50.00% 50.00% Consolidation method FC FC FC FC EM PC PC % control (1) 100.00% 100.00% 100.00% 100.00% 34.00 50.00% 50.00%2007 Consolidation method (2)(1) There are no material differences between the percentage of control and the percentage interest. (2) Monte Carlo Participations, Tele Monte Carlo and TMC Regie: under the terms of the agreement of July 6, 2004 between TF1 and AB Group, these companies are jointly controlled. (3) Metro France Publications: under the terms of the shareholders’ agreement of November 14, 2003 between TF1 and Metro International S.A., Metro International has exclusive control over Publications Metro France. TF1 only exercises significant influence over this company, in which it has a 34.3% interest. (4) Top Tickets: under the terms of the agreement of May 22, 2007 between TF1 and Artemis, this company is jointly controlled.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="144">
		<raw><![CDATA[4FINANCIAL STATEMENTSParent company ﬁnancial statements4.3 PARENT COMPANY FINANCIAL STATEMENTSPARENT COMPANY BALANCE SHEET (FRENCH GAAP)ASSETS (€m) Intangible assets Concessions and similar rights Trademarks Purchased goodwill Other intangible assets Intangible assets in progress Co-productions available for transmission Co-productions available for retransmission Co-productions in progress Property, plant and equipment Land Buildings Technical facilities Other property, plant and equipment Property, plant and equipment under construction Non-current ﬁnancial assets Investments in subsidiaries and afﬁliates Loans and advances to subsidiaries and afﬁliates Other long-term investment securities Loans receivable Other non-current ﬁnancial assets Non-current assets Inventories and work in progress Raw materials and other supplies Goods purchased for resale Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress Advance payments Trade debtors Other debtors Short-term investments and cash et equivalents Prepaid expenses Current Assets Deferred charges Bond redemption premium Unrealised foreign exchange losses TOTAL ASSETSNote 2.2 and 3.1Dec 31, 2008 Net 42.6 2.6 0.0 0.0 0.0 0.5 9.9 22.7 6.9Dec 31, 2007 Net 94.7 41.1 0.0 0.0 0.0 0.0 15.0 30.6 8.0 40.6 0.0 0.0 15.9 21.8 2.9 1,248.3 1,011.2 0.0 0.1 236.0 1.0 1,383.6 435.7 0.2 0.0 212.2 222.8 0.5 206.3 395.1 118.6 525.6 5.5 1,686.8 0.6 1.3 0.0 3,072.32.3 and 3.252.7 0.0 0.0 19.8 24.2 8.72.4 and 3.31,265.9 1,034.4 0.0 0.1 230.4 1.0 1,361.22.5 and 3.4443.4 0.1 0.0 225.9 217.1 0.33.5 2.6 and 3.6.1 3.6.2 2.7 and 3.7 3.8211.7 358.7 146.1 537.0 5.8 1,702.7 0.4 0.8 0.1 3,065.21422008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSParent company ﬁnancial statements4.3 PARENT COMPANY FINANCIAL STATEMENTSPARENT COMPANY BALANCE SHEET (FRENCH GAAP)ASSETS (€m) Intangible assets Concessions and similar rights Trademarks Purchased goodwill Other intangible assets Intangible assets in progress Co-productions available for transmission Co-productions available for retransmission Co-productions in progress Property, plant and equipment Land Buildings Technical facilities Other property, plant and equipment Property, plant and equipment under construction Non-current ﬁnancial assets Investments in subsidiaries and afﬁliates Loans and advances to subsidiaries and afﬁliates Other long-term investment securities Loans receivable Other non-current ﬁnancial assets Non-current assets Inventories and work in progress Raw materials and other supplies Goods purchased for resale Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress Advance payments Trade debtors Other debtors Short-term investments and cash et equivalents Prepaid expenses Current Assets Deferred charges Bond redemption premium Unrealised foreign exchange losses TOTAL ASSETSNote 2.2 and 3.1Dec 31, 2008 Net 42.6 2.6 0.0 0.0 0.0 0.5 9.9 22.7 6.9Dec 31, 2007 Net 94.7 41.1 0.0 0.0 0.0 0.0 15.0 30.6 8.0 40.6 0.0 0.0 15.9 21.8 2.9 1,248.3 1,011.2 0.0 0.1 236.0 1.0 1,383.6 435.7 0.2 0.0 212.2 222.8 0.5 206.3 395.1 118.6 525.6 5.5 1,686.8 0.6 1.3 0.0 3,072.32.3 and 3.252.7 0.0 0.0 19.8 24.2 8.72.4 and 3.31,265.9 1,034.4 0.0 0.1 230.4 1.0 1,361.22.5 and 3.4443.4 0.1 0.0 225.9 217.1 0.33.5 2.6 and 3.6.1 3.6.2 2.7 and 3.7 3.8211.7 358.7 146.1 537.0 5.8 1,702.7 0.4 0.8 0.1 3,065.21422008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="145">
		<raw><![CDATA[FINANCIAL STATEMENTSParent company ﬁnancial statements4LIABILITIES AND SHAREHOLDERS’ EQUITY (€m) Share capital Share premium Revaluation reserve Legal reserve Long-term capital gains reserve Other reserves Retained earnings Net proﬁt for the year Investment grants Restricted provisions: programme amortisation Shareholders’ equity Provisions for liabilities and charges Bond issues Bank borrowings (1) Other borrowings (2) Trade creditors Tax and employee-related liabilities Amounts payable in respect of non-current assets Other liabilities Deferred income Liabilities Unrealised foreign exchange gains TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (1) (2) Including bank overdrafts Including intra-group current accountsNoteDec 31, 2008 42.7 3.8 0.0 4.3 0.0 835.0 105.4 138.9Dec 31, 2007 42.7 3.8 0.0 4.3 0.0 819.0 99.1 203.7 0.0 43.5 1,216.1 34.8 505.1 120.0 339.1 402.3 179.0 59.2 213.3 3.1 1,821.1 0.3 3,072.3 0.0 339.02.8 2.9 3.9 2.10 and 100.0 34.6 1,164.7 44.1 503.0 4.1 550.1 403.7 148.9 4.4 240.3 1.73.111,856.2 0.2 3,065.2 0.0 550.12008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSParent company ﬁnancial statements4LIABILITIES AND SHAREHOLDERS’ EQUITY (€m) Share capital Share premium Revaluation reserve Legal reserve Long-term capital gains reserve Other reserves Retained earnings Net proﬁt for the year Investment grants Restricted provisions: programme amortisation Shareholders’ equity Provisions for liabilities and charges Bond issues Bank borrowings (1) Other borrowings (2) Trade creditors Tax and employee-related liabilities Amounts payable in respect of non-current assets Other liabilities Deferred income Liabilities Unrealised foreign exchange gains TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (1) (2) Including bank overdrafts Including intra-group current accountsNoteDec 31, 2008 42.7 3.8 0.0 4.3 0.0 835.0 105.4 138.9Dec 31, 2007 42.7 3.8 0.0 4.3 0.0 819.0 99.1 203.7 0.0 43.5 1,216.1 34.8 505.1 120.0 339.1 402.3 179.0 59.2 213.3 3.1 1,821.1 0.3 3,072.3 0.0 339.02.8 2.9 3.9 2.10 and 100.0 34.6 1,164.7 44.1 503.0 4.1 550.1 403.7 148.9 4.4 240.3 1.73.111,856.2 0.2 3,065.2 0.0 550.12008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="146">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSParent company ﬁnancial statementsPARENT COMPANY INCOME STATEMENT (FRENCH GAAP)Note 2.11 and 4.12008 1,759.1 1,568.3 4.9 4.9 1,578.1 (0.8) 5.0 0.0 67.92007 1,824.6 1,637.2 5.1 9.1 1,651.4 (0.7) 0.0 0.0 71.3 99.7 2.9 (1,582.3) (622.6) (6.5) (447.7) (109.6) (126.7) (57.1) (40.0) (10.7) (0.2) (75.2) (4.2) (81.8) 242.3 0.0 98.3 (70.3) 28.0 270.3 61.0 0.3 36.9 23.8 (47.6) (0.0) (40.1) (7.5) 13.4 (8.0) (72.0) 203.7Operating income Advertising revenue Technical services revenue Other revenue Revenue Stored production Capitalised production Operating grants Reversals of depreciation, amortisation, provisions and impairment Cost transfers Other income Operating expenses Purchases of raw materials and other supplies Change in inventory External expenses Taxes other than income taxes Wages and salaries Social security charges Depreciation, amortisation, provisions and impairment - amortisation of co-productions already transmitted - amortisation and depreciation of other non-current assets - amortisation of deferred charges - impairment of intangible assets and current assets - provisions for liabilities and charges Other expenses Operating Proﬁt Share of proﬁts/losses of joint operations Financial income Financial expenses Net ﬁnancial income Proﬁt before tax and exceptional items Exceptional income Exceptional income from operating transactions Exceptional income from capital transactions Reversals of provisions and impairment Exceptional expenses Exceptional expenses on operating transactions Exceptional expenses on capital transactions Depreciation, amortisation, provisions and impairment Exceptional items Employee proﬁt-sharing Income tax expense NET PROFIT 4.11 and 4.12 4.10 4.9 4.7 4.3 4.4 4.5 4.6 4.2 4.8106.2 2.7 (1,608.1) (695.5) 28.1 (452.0) (106.4) (135.3) (54.2) (21.6) (12.9) (0.2) (81.0) (7.1) (70.0) 151.0 0.0 138.3 (134.6) 3.7 154.7 72.6 0.1 60.9 11.6 (61.6) (0.0) (58.7) (2.9) 11.0 (3.6) (23.2) 138.91442008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSParent company ﬁnancial statementsPARENT COMPANY INCOME STATEMENT (FRENCH GAAP)Note 2.11 and 4.12008 1,759.1 1,568.3 4.9 4.9 1,578.1 (0.8) 5.0 0.0 67.92007 1,824.6 1,637.2 5.1 9.1 1,651.4 (0.7) 0.0 0.0 71.3 99.7 2.9 (1,582.3) (622.6) (6.5) (447.7) (109.6) (126.7) (57.1) (40.0) (10.7) (0.2) (75.2) (4.2) (81.8) 242.3 0.0 98.3 (70.3) 28.0 270.3 61.0 0.3 36.9 23.8 (47.6) (0.0) (40.1) (7.5) 13.4 (8.0) (72.0) 203.7Operating income Advertising revenue Technical services revenue Other revenue Revenue Stored production Capitalised production Operating grants Reversals of depreciation, amortisation, provisions and impairment Cost transfers Other income Operating expenses Purchases of raw materials and other supplies Change in inventory External expenses Taxes other than income taxes Wages and salaries Social security charges Depreciation, amortisation, provisions and impairment - amortisation of co-productions already transmitted - amortisation and depreciation of other non-current assets - amortisation of deferred charges - impairment of intangible assets and current assets - provisions for liabilities and charges Other expenses Operating Proﬁt Share of proﬁts/losses of joint operations Financial income Financial expenses Net ﬁnancial income Proﬁt before tax and exceptional items Exceptional income Exceptional income from operating transactions Exceptional income from capital transactions Reversals of provisions and impairment Exceptional expenses Exceptional expenses on operating transactions Exceptional expenses on capital transactions Depreciation, amortisation, provisions and impairment Exceptional items Employee proﬁt-sharing Income tax expense NET PROFIT 4.11 and 4.12 4.10 4.9 4.7 4.3 4.4 4.5 4.6 4.2 4.8106.2 2.7 (1,608.1) (695.5) 28.1 (452.0) (106.4) (135.3) (54.2) (21.6) (12.9) (0.2) (81.0) (7.1) (70.0) 151.0 0.0 138.3 (134.6) 3.7 154.7 72.6 0.1 60.9 11.6 (61.6) (0.0) (58.7) (2.9) 11.0 (3.6) (23.2) 138.91442008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="147">
		<raw><![CDATA[FINANCIAL STATEMENTSParent company ﬁnancial statements4PARENT COMPANY CASH FLOW STATEMENT (FRENCH GAAP)CASH FLOW STATEMENT (€m)1 – Operating activities Net proﬁt for the year Depreciation, amortisation, provisions and impairment (1) (2) Investment grants released to the income statement Net (gain)/loss on disposals of non-current assets Operating cash ﬂow before changes in working capital Acquisitions of co-productions (2) Amortisation and impairment of co-productions (2) Inventories Trade and other debtors Trade and other creditors Deferred charges Advance payments received from third parties, net Change in operating working capital needs Net cash generated by operating activities 2 – Investing activities Acquisitions of property, plant et equipment and intangible assets (1) (2) Disposals of property, plant et equipment and intangible assets (1) (2) Acquisitions of investments in subsidiaries and afﬁliates Disposals of investments in subsidiaries and afﬁliates Net change in amounts payable in respect of non-current assets Net change in other non-current ﬁnancial assets Net cash used in investing activities 3 – Financing activities Change in shareholders’ equity Net change in debt Dividends paid Net cash used in ﬁnancing activities Total change in cash position Cash position at beginning of period Impact of reclassiﬁcation of current accounts in opening balance sheet Change in cash position(1) Excluding programme co-production shares2008.12 138.9 48.0 0.0 (16.6) 170.3 (7.6) 11.2 (7.8) 6.4 (3.3) 0.0 (5.4) (6.5) 163.8 (27.2) 40.7 (45.8) 17.3 (54.8) 5.6 (64.2) 0.0 93.1 (181.4) (88.3) 11.3 525.6 11.3 536.92007.12 203,7 1,2 0,0 (7,8) 197,1 (18,1) 23,1 30,0 (19,8) 27,0 0,0 2,6 44,8 241,9 (59,0) 1,8 (239,0) 32,8 40,0 4,7 (218,7) (9,7) 228,5 (181,8) 37,0 60,2 465,4 60,2 525,6(2) Acquisitions, consumption, disposals and retirements of programme co-production shares, accounted for as non-current assets in the parent company financial statements, are included in “Changes in operating working capital needs” in this cash flow statement in order to provide a fair representation of cash flows comparable with that presented in the consolidated financial statements.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSParent company ﬁnancial statements4PARENT COMPANY CASH FLOW STATEMENT (FRENCH GAAP)CASH FLOW STATEMENT (€m)1 – Operating activities Net proﬁt for the year Depreciation, amortisation, provisions and impairment (1) (2) Investment grants released to the income statement Net (gain)/loss on disposals of non-current assets Operating cash ﬂow before changes in working capital Acquisitions of co-productions (2) Amortisation and impairment of co-productions (2) Inventories Trade and other debtors Trade and other creditors Deferred charges Advance payments received from third parties, net Change in operating working capital needs Net cash generated by operating activities 2 – Investing activities Acquisitions of property, plant et equipment and intangible assets (1) (2) Disposals of property, plant et equipment and intangible assets (1) (2) Acquisitions of investments in subsidiaries and afﬁliates Disposals of investments in subsidiaries and afﬁliates Net change in amounts payable in respect of non-current assets Net change in other non-current ﬁnancial assets Net cash used in investing activities 3 – Financing activities Change in shareholders’ equity Net change in debt Dividends paid Net cash used in ﬁnancing activities Total change in cash position Cash position at beginning of period Impact of reclassiﬁcation of current accounts in opening balance sheet Change in cash position(1) Excluding programme co-production shares2008.12 138.9 48.0 0.0 (16.6) 170.3 (7.6) 11.2 (7.8) 6.4 (3.3) 0.0 (5.4) (6.5) 163.8 (27.2) 40.7 (45.8) 17.3 (54.8) 5.6 (64.2) 0.0 93.1 (181.4) (88.3) 11.3 525.6 11.3 536.92007.12 203,7 1,2 0,0 (7,8) 197,1 (18,1) 23,1 30,0 (19,8) 27,0 0,0 2,6 44,8 241,9 (59,0) 1,8 (239,0) 32,8 40,0 4,7 (218,7) (9,7) 228,5 (181,8) 37,0 60,2 465,4 60,2 525,6(2) Acquisitions, consumption, disposals and retirements of programme co-production shares, accounted for as non-current assets in the parent company financial statements, are included in “Changes in operating working capital needs” in this cash flow statement in order to provide a fair representation of cash flows comparable with that presented in the consolidated financial statements.2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="148">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4.4 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTSThe parent company ﬁnancial statements for the year ended December 31, 2008 have been prepared in accordance with legal and regulatory requirements as currently applicable in France.Note 1 Note 2 Note 3Signiﬁcant events Accounting policies Notes to the balance sheet147 147 150Note 4 Note 5 Note 6Notes to the income statement Other information Post balance sheet events155 157 1611462008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4.4 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTSThe parent company ﬁnancial statements for the year ended December 31, 2008 have been prepared in accordance with legal and regulatory requirements as currently applicable in France.Note 1 Note 2 Note 3Signiﬁcant events Accounting policies Notes to the balance sheet147 147 150Note 4 Note 5 Note 6Notes to the income statement Other information Post balance sheet events155 157 1611462008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="149">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Note 1 Significant eventsNo signiﬁcant events with a material impact on the company’s ﬁnancial statements occurred during the year ended December 31, 2008. In the year ended December 31, 2007, the company acquired a 33.5% interest in the AB Group for €230.0 million (see the notes to the 2007 ﬁnancial statements).Note 2 Accounting policiesThe accounting policies described below have been applied in compliance with the principles of prudence, lawfulness and fairness in order to represent faithfully the company’s assets, liabilities and ﬁnancial position and the results of its operations, in accordance with the following fundamental concepts: p p p going concern, consistency of method from one period to the next, accrual basis of accounting, 1st transmission 2nd transmission Where programmes are acquired for two or more transmissions, they are amortised as follows, according to the type of programme: Type of programme Dramas with a running time of at least 52 minutes 80% 20% Other programmes 100%Cartoons 50% 50%and in accordance with the general rules applicable to the preparation and presentation of annual individual company ﬁnancial statements in France. The basic method used for measuring items recorded in the books of account is the historical cost method.“Other programmes” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, and dramas with a running time of less than 52 minutes. A provision for impairment is recorded once it becomes probable that a programme with a co-production share will not be transmitted. Probability of transmission is assessed on the basis of the most recent programming schedules approved by management.2.1 COMPARABILITY OF THE FINANCIAL STATEMENTSThere were no changes in accounting policy during the year ended December 31, 2008.2.2 INTANGIBLE ASSETS2.2.1 General principlesIn order to secure programming schedules for future years, TF1 SA enters into binding contracts under which it acquires programme co-production shares and the other party agrees to deliver the programme in question. Programme co-production shares are recognised as intangible assets on technical acceptance and opening of rights. Payments made before the conditions for recognition are met are recognised in the balance sheet under “Advance payments”. Programmes acquired for a single transmission are fully amortised on transmission.2.2.2 Co-productions available for transmissionCo-production shares in programmes not yet broadcast on the TF1 channel are recorded on this line at acquisition cost.2.2.3 Co-productions available for retransmissionCo-production shares in programmes broadcast once but still available for one or more repeat broadcasts are recorded on this line, and are valued at 50% or 20% of acquisition cost depending on the type of programme (drama, cartoons, other), or at their contractual value.2.2.4 Co-productions in progressThis line is used to record screenplays and other texts that have not yet gone into production. The amount reported represents the sums actually paid as at the balance sheet date. Future contractual payments are disclosed as off balance sheet commitments.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Note 1 Significant eventsNo signiﬁcant events with a material impact on the company’s ﬁnancial statements occurred during the year ended December 31, 2008. In the year ended December 31, 2007, the company acquired a 33.5% interest in the AB Group for €230.0 million (see the notes to the 2007 ﬁnancial statements).Note 2 Accounting policiesThe accounting policies described below have been applied in compliance with the principles of prudence, lawfulness and fairness in order to represent faithfully the company’s assets, liabilities and ﬁnancial position and the results of its operations, in accordance with the following fundamental concepts: p p p going concern, consistency of method from one period to the next, accrual basis of accounting, 1st transmission 2nd transmission Where programmes are acquired for two or more transmissions, they are amortised as follows, according to the type of programme: Type of programme Dramas with a running time of at least 52 minutes 80% 20% Other programmes 100%Cartoons 50% 50%and in accordance with the general rules applicable to the preparation and presentation of annual individual company ﬁnancial statements in France. The basic method used for measuring items recorded in the books of account is the historical cost method.“Other programmes” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, and dramas with a running time of less than 52 minutes. A provision for impairment is recorded once it becomes probable that a programme with a co-production share will not be transmitted. Probability of transmission is assessed on the basis of the most recent programming schedules approved by management.2.1 COMPARABILITY OF THE FINANCIAL STATEMENTSThere were no changes in accounting policy during the year ended December 31, 2008.2.2 INTANGIBLE ASSETS2.2.1 General principlesIn order to secure programming schedules for future years, TF1 SA enters into binding contracts under which it acquires programme co-production shares and the other party agrees to deliver the programme in question. Programme co-production shares are recognised as intangible assets on technical acceptance and opening of rights. Payments made before the conditions for recognition are met are recognised in the balance sheet under “Advance payments”. Programmes acquired for a single transmission are fully amortised on transmission.2.2.2 Co-productions available for transmissionCo-production shares in programmes not yet broadcast on the TF1 channel are recorded on this line at acquisition cost.2.2.3 Co-productions available for retransmissionCo-production shares in programmes broadcast once but still available for one or more repeat broadcasts are recorded on this line, and are valued at 50% or 20% of acquisition cost depending on the type of programme (drama, cartoons, other), or at their contractual value.2.2.4 Co-productions in progressThis line is used to record screenplays and other texts that have not yet gone into production. The amount reported represents the sums actually paid as at the balance sheet date. Future contractual payments are disclosed as off balance sheet commitments.2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="150">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements2.3 PROPERTY, PLANT AND EQUIPMENTDepreciation periods and methods are summarised below: Technical facilities Other property, plant and equipment Straight line Straight line 3 to 7 years 2 to 10 yearsA provision for impairment is recognised: p once it becomes probable that a programme will not be transmitted (probability of transmission is assessed on the basis of the most recent programming schedules approved by management), if the contractual value of the retransmission rights exceeds the value that would be attributed to those rights using the rules that apply to programmes that are not individually valued in a contract.p2.4 NON-CURRENT FINANCIAL ASSETSEquity investments are measured at acquisition cost, comprising the purchase price and transaction costs. If the value in use of an investment (determined by reference to the trading and proﬁtability prospects of the investee) falls below acquisition cost, a provision for impairment is recorded. If necessary, this provision may be supplemented by a provision for impairment of the current account with the subsidiary or afﬁliate and a provision for liabilities and charges.2.5.2 Broadcasting rights (initial transmission)Rights that are open but which relate to programmes not yet transmitted on the TF1 channel are recorded on this line at acquisition cost or overall production cost (direct costs plus a portion of indirect production costs, excluding borrowing costs recognised as an expense).2.5.3 Broadcasting rights (retransmission)Rights relating to programmes available for one or more repeat broadcasts are recorded on this line, and are valued at 50% or 20% of acquisition cost depending on the type of programme (drama, cartoons, other), or at their contractual value.2.5 INVENTORIES AND WORK IN PROGRESS2.5.1 General principlesIn order to secure programming schedules for future years, TF1 SA enters into binding contracts (in addition to co-production share acquisition contracts) under which it acquires (and the other party agrees to deliver) programme rights and sports transmission rights. A programme is recognised in inventory once technical acceptance and opening of rights have occurred. Rights payments made before these conditions are met are recognised in the balance sheet under “Advance payments”. Programmes acquired for a single transmission are regarded as having been consumed in full on transmission. Where programmes are acquired for two or more transmissions, consumption is calculated as follows: p Programmes not individually valued in the contract: Type of programme Dramas with a running time of at least 52 minutes 1st transmission 2nd transmission p 80% 20% Films, TV movies, serials and cartoons 50% 50% Other programmes 100%2.6 TRADE DEBTORSInvoices that are disputed at the balance sheet date are provided for in full (excluding VAT). General provisions for bad debt risks are also recorded on the following basis: p p 100% of all invoices (excluding VAT) unpaid since before January 1, 2006, 50% of all invoices (excluding VAT) issued during 2006 and still unpaid.Risks on invoices issued since December 31, 2006 and still unpaid at December 31, 2008 are immaterial.2.7 SHORT-TERM INVESTMENTS AND CASHTF1 SA provides centralised treasury management for the Group. Treasury current accounts are classiﬁed as cash in order to achieve consistency with the classiﬁcation of treasury current account credit balances, included in “Other borrowings”. Short-term investments are measured at acquisition cost. A provision for impairment is recorded if the recoverable amount falls below acquisition cost.2.8 INVESTMENT GRANTSOnce they have been deﬁnitively awarded, investment grants are released to the income statement at the same rate as the depreciation charged on the asset ﬁnanced by the grant.Programmes individually valued in the contract: consumption reﬂects the contract price.“Other programmes” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, and dramas with a running time of less than 52 minutes.1482008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements2.3 PROPERTY, PLANT AND EQUIPMENTDepreciation periods and methods are summarised below: Technical facilities Other property, plant and equipment Straight line Straight line 3 to 7 years 2 to 10 yearsA provision for impairment is recognised: p once it becomes probable that a programme will not be transmitted (probability of transmission is assessed on the basis of the most recent programming schedules approved by management), if the contractual value of the retransmission rights exceeds the value that would be attributed to those rights using the rules that apply to programmes that are not individually valued in a contract.p2.4 NON-CURRENT FINANCIAL ASSETSEquity investments are measured at acquisition cost, comprising the purchase price and transaction costs. If the value in use of an investment (determined by reference to the trading and proﬁtability prospects of the investee) falls below acquisition cost, a provision for impairment is recorded. If necessary, this provision may be supplemented by a provision for impairment of the current account with the subsidiary or afﬁliate and a provision for liabilities and charges.2.5.2 Broadcasting rights (initial transmission)Rights that are open but which relate to programmes not yet transmitted on the TF1 channel are recorded on this line at acquisition cost or overall production cost (direct costs plus a portion of indirect production costs, excluding borrowing costs recognised as an expense).2.5.3 Broadcasting rights (retransmission)Rights relating to programmes available for one or more repeat broadcasts are recorded on this line, and are valued at 50% or 20% of acquisition cost depending on the type of programme (drama, cartoons, other), or at their contractual value.2.5 INVENTORIES AND WORK IN PROGRESS2.5.1 General principlesIn order to secure programming schedules for future years, TF1 SA enters into binding contracts (in addition to co-production share acquisition contracts) under which it acquires (and the other party agrees to deliver) programme rights and sports transmission rights. A programme is recognised in inventory once technical acceptance and opening of rights have occurred. Rights payments made before these conditions are met are recognised in the balance sheet under “Advance payments”. Programmes acquired for a single transmission are regarded as having been consumed in full on transmission. Where programmes are acquired for two or more transmissions, consumption is calculated as follows: p Programmes not individually valued in the contract: Type of programme Dramas with a running time of at least 52 minutes 1st transmission 2nd transmission p 80% 20% Films, TV movies, serials and cartoons 50% 50% Other programmes 100%2.6 TRADE DEBTORSInvoices that are disputed at the balance sheet date are provided for in full (excluding VAT). General provisions for bad debt risks are also recorded on the following basis: p p 100% of all invoices (excluding VAT) unpaid since before January 1, 2006, 50% of all invoices (excluding VAT) issued during 2006 and still unpaid.Risks on invoices issued since December 31, 2006 and still unpaid at December 31, 2008 are immaterial.2.7 SHORT-TERM INVESTMENTS AND CASHTF1 SA provides centralised treasury management for the Group. Treasury current accounts are classiﬁed as cash in order to achieve consistency with the classiﬁcation of treasury current account credit balances, included in “Other borrowings”. Short-term investments are measured at acquisition cost. A provision for impairment is recorded if the recoverable amount falls below acquisition cost.2.8 INVESTMENT GRANTSOnce they have been deﬁnitively awarded, investment grants are released to the income statement at the same rate as the depreciation charged on the asset ﬁnanced by the grant.Programmes individually valued in the contract: consumption reﬂects the contract price.“Other programmes” in the table above refers to children’s programmes (other than cartoons), entertainment shows, plays, factual and documentary programmes, news, and dramas with a running time of less than 52 minutes.1482008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="151">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements42.9 RESTRICTED PROVISIONSThis item mainly comprises accelerated tax depreciation on co-production shares for programmes not yet transmitted, calculated from the ﬁrst day of the month following the end of shooting in accordance with the rules deﬁned by the French tax authorities on July 3, 1970. The monthly percentages used are: - Month 1 - Month 2 - Months 3 to 9 - Months 10 to 24 20% 15% 5% 2%2.10.3Other provisions for liabilities and chargesThese mainly comprise provisions for litigation and claims. The provision is measured as the probable outﬂow of resources resulting from ongoing litigation or claims arising from an event prior to the balance sheet date. They include provisions for tax and social security disputes. The amount shown on reassessment notices issued by the authorities is provided for unless the company regards it as highly probable that it will successfully defend its position against the authorities. The undisputed portion of reassessment notices is recognised as a liability as soon as the amount is known.2.11 ADVERTISING REVENUESales of advertising airtime are recognised as revenue on transmission of the advertisement or commercial. The revenue recognised is the amount invoiced by TF1 Publicité to the advertiser for the airtime, less the agency commission earned by TF1 Publicité.2.10 PROVISIONS FOR LIABILITIES AND CHARGESA provision is recorded when a legal or constructive obligation to a third party arising from a past event will certainly or probably result in an outﬂow of resources that can be measured reliably. Provisions are reviewed at each balance sheet date, and adjusted where necessary to reﬂect the best estimate of the obligation as of that date. Contingent liabilities are obligations whose existence will be conﬁrmed only by the occurrence of future events or for which the outﬂow of resources cannot be measured reliably. No provision is recorded for contingent liabilities.2.12 OFF BALANCE SHEET COMMITMENTSImage transmission commitments represent fees payable to the transmission service operator until the expiry date of the contract. Caution money and guarantees paid under commercial contracts or leases are disclosed as off balance sheet commitments. Conﬁrmed bank credit facilities undrawn at the balance sheet date are also disclosed as off balance sheet commitments.2.10.1Retirement benefitsTF1 SA’s obligation in respect of retirement beneﬁts is limited to the level of beneﬁts stipulated in the relevant collective agreements. It is calculated using the projected unit credit method at the expected retirement date based on ﬁnal salary, and recognised as a liability in “Provisions for liabilities and charges”, net of amounts transferred to an insurance fund.2.13 FINANCIAL INSTRUMENTSTF1 uses ﬁnancial instruments to hedge its exposure to ﬂuctuations in interest rates and exchange rates. Group policy is to trade on the ﬁnancial markets solely for hedging purposes related to its business activities, and not to trade for speculative purposes. Gains and losses on ﬁnancial instruments used for hedging purposes are measured and recognised symmetrically with the recognition of gains and losses on the hedged item, except for premiums on currency and interest rate options, which are recognised in the income statement at the time of payment.2.10.2Long-service leaveAdditional compensated absence is awarded by TF1 SA to employees based on length of service. The calculation of the cost of vested compensated absence rights takes into account length of service, salary at the time the rights will be taken up, and staff turnover. The resulting liability is discounted, and is recognised in “Provisions for liabilities and charges”.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements42.9 RESTRICTED PROVISIONSThis item mainly comprises accelerated tax depreciation on co-production shares for programmes not yet transmitted, calculated from the ﬁrst day of the month following the end of shooting in accordance with the rules deﬁned by the French tax authorities on July 3, 1970. The monthly percentages used are: - Month 1 - Month 2 - Months 3 to 9 - Months 10 to 24 20% 15% 5% 2%2.10.3Other provisions for liabilities and chargesThese mainly comprise provisions for litigation and claims. The provision is measured as the probable outﬂow of resources resulting from ongoing litigation or claims arising from an event prior to the balance sheet date. They include provisions for tax and social security disputes. The amount shown on reassessment notices issued by the authorities is provided for unless the company regards it as highly probable that it will successfully defend its position against the authorities. The undisputed portion of reassessment notices is recognised as a liability as soon as the amount is known.2.11 ADVERTISING REVENUESales of advertising airtime are recognised as revenue on transmission of the advertisement or commercial. The revenue recognised is the amount invoiced by TF1 Publicite to the advertiser for the airtime, less the agency commission earned by TF1 Publicite.2.10 PROVISIONS FOR LIABILITIES AND CHARGESA provision is recorded when a legal or constructive obligation to a third party arising from a past event will certainly or probably result in an outﬂow of resources that can be measured reliably. Provisions are reviewed at each balance sheet date, and adjusted where necessary to reﬂect the best estimate of the obligation as of that date. Contingent liabilities are obligations whose existence will be conﬁrmed only by the occurrence of future events or for which the outﬂow of resources cannot be measured reliably. No provision is recorded for contingent liabilities.2.12 OFF BALANCE SHEET COMMITMENTSImage transmission commitments represent fees payable to the transmission service operator until the expiry date of the contract. Caution money and guarantees paid under commercial contracts or leases are disclosed as off balance sheet commitments. Conﬁrmed bank credit facilities undrawn at the balance sheet date are also disclosed as off balance sheet commitments.2.10.1Retirement benefitsTF1 SA’s obligation in respect of retirement beneﬁts is limited to the level of beneﬁts stipulated in the relevant collective agreements. It is calculated using the projected unit credit method at the expected retirement date based on ﬁnal salary, and recognised as a liability in “Provisions for liabilities and charges”, net of amounts transferred to an insurance fund.2.13 FINANCIAL INSTRUMENTSTF1 uses ﬁnancial instruments to hedge its exposure to ﬂuctuations in interest rates and exchange rates. Group policy is to trade on the ﬁnancial markets solely for hedging purposes related to its business activities, and not to trade for speculative purposes. Gains and losses on ﬁnancial instruments used for hedging purposes are measured and recognised symmetrically with the recognition of gains and losses on the hedged item, except for premiums on currency and interest rate options, which are recognised in the income statement at the time of payment.2.10.2Long-service leaveAdditional compensated absence is awarded by TF1 SA to employees based on length of service. The calculation of the cost of vested compensated absence rights takes into account length of service, salary at the time the rights will be taken up, and staff turnover. The resulting liability is discounted, and is recognised in “Provisions for liabilities and charges”.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="152">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statementsNote 3 Notes to the balance sheet3.1 INTANGIBLE ASSETSIntangible assets mainly comprise programme co-production shares, movements in which are shown below: (€m) Co-productions in progress Co-productions available for transmission Co-productions available for retransmission CO-PRODUCTIONS AT JANUARY 1 Acquisitions Consumption on 1st transmission Consumption on 2nd transmission Total consumption on transmission Expired Retired or abandoned Resold (net book value) Decreases CO-PRODUCTIONS AT DECEMBER 31 Co-productions in progress Co-productions available for transmission Co-productions available for retransmission Total PROVISIONS FOR IMPAIRMENT At January 1 Charges during the period Reversals during the period At December 31 1.6 0.1 (0.1) 1.6 1.7 0.1 (0.2) 1.6 2008 9.5 15.0 30.7 55.2 20.3 (17.1) (4.4) (21.5) (4.0) (5.7) (2.9) (34.2) 41.1 8.4 9.9 22.8 41.1 2007 12.2 29.6 35.2 77.0 31.4 (37.2) (2.7) (39.9) (3.0) (8.0) (2.3) (53.2) 55.2 9.5 15.0 30.7 55.2As at December 31, 2008, the risk of non-transmission for co-produced programmes was €17.7 million, of which: p p €1.6 million was covered by provisions for impairment; €16.1 million was covered by restricted provisions previously established in accordance with the policy described in note 2.9.The table below shows the maturity of co-production share acquisition contracts entered into by TF1 to secure future programming schedules. Less than 1 year 10.3 More than 5 years 3.8(€m) Co-production shares1 to 5 years 2.6Total 2008 16.7Total 2007 13.31502008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statementsNote 3 Notes to the balance sheet3.1 INTANGIBLE ASSETSIntangible assets mainly comprise programme co-production shares, movements in which are shown below: (€m) Co-productions in progress Co-productions available for transmission Co-productions available for retransmission CO-PRODUCTIONS AT JANUARY 1 Acquisitions Consumption on 1st transmission Consumption on 2nd transmission Total consumption on transmission Expired Retired or abandoned Resold (net book value) Decreases CO-PRODUCTIONS AT DECEMBER 31 Co-productions in progress Co-productions available for transmission Co-productions available for retransmission Total PROVISIONS FOR IMPAIRMENT At January 1 Charges during the period Reversals during the period At December 31 1.6 0.1 (0.1) 1.6 1.7 0.1 (0.2) 1.6 2008 9.5 15.0 30.7 55.2 20.3 (17.1) (4.4) (21.5) (4.0) (5.7) (2.9) (34.2) 41.1 8.4 9.9 22.8 41.1 2007 12.2 29.6 35.2 77.0 31.4 (37.2) (2.7) (39.9) (3.0) (8.0) (2.3) (53.2) 55.2 9.5 15.0 30.7 55.2As at December 31, 2008, the risk of non-transmission for co-produced programmes was €17.7 million, of which: p p €1.6 million was covered by provisions for impairment; €16.1 million was covered by restricted provisions previously established in accordance with the policy described in note 2.9.The table below shows the maturity of co-production share acquisition contracts entered into by TF1 to secure future programming schedules. Less than 1 year 10.3 More than 5 years 3.8(€m) Co-production shares1 to 5 years 2.6Total 2008 16.7Total 2007 13.31502008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="153">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.2 PROPERTY, PLANT AND EQUIPMENTThe table below shows movements in property, plant and equipment during the year: (€m) Gross value Technical facilities Other property, plant and equipment Property, plant et equipment in progress TOTAL Depreciation Technical facilities Other property, plant and equipment TOTAL Jan. 1, 2008 79.2 72.8 2.9 154.9 Jan. 1, 2008 63.4 50.9 114.3 Increases 10.4 8.5 6.2 25.1 Charged 6.3 6.1 12.4 Decreases 3.2 2.1 0.4 5.7 Reversed 3.1 2.0 5.1 Dec. 31, 2008 86.4 79.2 8.7 174.3 Dec. 31, 2008 66.6 55.0 121.63.3 NON-CURRENT FINANCIAL ASSETSThis item breaks down as follows:Gross value (€m) December 31, 2007 Increases Wat: capital increase Glem: capital increase TF1 Mobile: capital increase JFG Networks: acquisition and capital increase Top Tickets: capital increase TF1 Digital: capital increase Aphélie: loans Decreases Sale of shares in Mercury Sale of shares in Top Ticket.s Sale of shares in Alma Sale of shares in TAP Sale of shares in Yagan and TPP Aphélie: loans December 31, 2008 Provisions for impairment December 31, 2007 Charges during the period Reversals during the period December 31, 2008 NET VALUE AT DECEMBER 31, 2008 “Loans receivable” mainly comprises: pEquity investments 1,209.7 7.0 10.0 2.5 1.3 2.2 25.0Other long-term investment securities 0.1Loans receivable 236.0Other 1.0Total 1,446.8 7.0 10.0 2.5 1.3 2.2 25.04.4 (0.2) (0.2) (0.1) (0.1) (0.1) (10.0) 1,257.0 198.5 38.1 14.0 222.6 1,034.4 0.1 230.4 1.0 0.1 230.4 1.04.4 (0.3) (0.2) (0.1) (0.1) (10.0) 1,488.5 198.5 38.1 14 222.6 1,265.9pa participating loan of €64.9 million (including principal of €31.0 million) to Aphélie. After capitalisation of the interest to 2009, this loan may be used to exercise the option to buy a property held under a ﬁnance lease, on the terms described in note 5.1,a long-term loan to Aphélie (this loan was bought from a syndicate of banks on March 31, 2000; the balance outstanding at December 31, 2008 was €5.3 million), a loan to Eurosport (balance outstanding at December 31, 2008: €160.0 million).p2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.2 PROPERTY, PLANT AND EQUIPMENTThe table below shows movements in property, plant and equipment during the year: (€m) Gross value Technical facilities Other property, plant and equipment Property, plant et equipment in progress TOTAL Depreciation Technical facilities Other property, plant and equipment TOTAL Jan. 1, 2008 79.2 72.8 2.9 154.9 Jan. 1, 2008 63.4 50.9 114.3 Increases 10.4 8.5 6.2 25.1 Charged 6.3 6.1 12.4 Decreases 3.2 2.1 0.4 5.7 Reversed 3.1 2.0 5.1 Dec. 31, 2008 86.4 79.2 8.7 174.3 Dec. 31, 2008 66.6 55.0 121.63.3 NON-CURRENT FINANCIAL ASSETSThis item breaks down as follows:Gross value (€m) December 31, 2007 Increases Wat: capital increase Glem: capital increase TF1 Mobile: capital increase JFG Networks: acquisition and capital increase Top Tickets: capital increase TF1 Digital: capital increase Aphelie: loans Decreases Sale of shares in Mercury Sale of shares in Top Ticket.s Sale of shares in Alma Sale of shares in TAP Sale of shares in Yagan and TPP Aphelie: loans December 31, 2008 Provisions for impairment December 31, 2007 Charges during the period Reversals during the period December 31, 2008 NET VALUE AT DECEMBER 31, 2008 “Loans receivable” mainly comprises: pEquity investments 1,209.7 7.0 10.0 2.5 1.3 2.2 25.0Other long-term investment securities 0.1Loans receivable 236.0Other 1.0Total 1,446.8 7.0 10.0 2.5 1.3 2.2 25.04.4 (0.2) (0.2) (0.1) (0.1) (0.1) (10.0) 1,257.0 198.5 38.1 14.0 222.6 1,034.4 0.1 230.4 1.0 0.1 230.4 1.04.4 (0.3) (0.2) (0.1) (0.1) (10.0) 1,488.5 198.5 38.1 14 222.6 1,265.9pa participating loan of €64.9 million (including principal of €31.0 million) to Aphelie. After capitalisation of the interest to 2009, this loan may be used to exercise the option to buy a property held under a ﬁnance lease, on the terms described in note 5.1,a long-term loan to Aphelie (this loan was bought from a syndicate of banks on March 31, 2000; the balance outstanding at December 31, 2008 was €5.3 million), a loan to Eurosport (balance outstanding at December 31, 2008: €160.0 million).p2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="154">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements3.4 INVENTORIES AND WORK IN PROGRESSThis item mainly comprises broadcasting rights yet to be consumed, and breaks down as follows: In-house production 1.0 0.5 575.8 695.0 (542.5) (63.4) (605.9) (43.3) (12.4) (5.3) (666.9) 603.9 28.1 247.7 356.2 0.3 603.9 141.5 0.4 81.0 (61.9) 161.0 0.3 0.7 0.3 (339.2) 0.7 (0.8) 0.4 (2.4) (336.8) 1.5 338.4 (336.8)Acquired rights 234.2 341.6Total 2008 235.2 341.6 0.5 577.3 1033.4 (879.3) (63.4) (942.7) (43.3) (14.8) (5.3) (1006.1) 604.6 27.3 248.1 356.2 0.3 604.6 141.8 0.4 81.0 (61.9) 161.3Total 2007 257.6 326.3 0.6 584.5 969.5 (857.1) (56.4) (913.5) (40.2) (19.6) (3.4) (976.7) 577.3 (7.2) 235.3 341.5 0.5 577.3 119.0 0.0 74.0 (51.2) 141.8Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress Inventory at January 1 Purchases during the year Consumption on 1st transmission Consumption on 2nd transmission Total consumption on transmission Expired Retired or abandoned Resold Total consumption Inventory at December 31 Change in inventory Closing inventory breaks down as follows: Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress TOTAL Provisions for impairment Balance at January 1 Transfers Charged during the period Reversed during the period Balance at December 31The table below shows the maturity of broadcasting and sports transmission rights acquisition contracts entered into by TF1 to secure future programming schedules: Less than 1 year 498.9 143.3 642.2 More than 5 years 50.9 52.0 102.9(€m) Programmes and broadcasting rights Sports transmission rights TOTAL1 to 5 years 733.8 282.2 1,016.0Total 2008 1,283.6 477.5 1,761.1Total 2007 1,285.1 568.1 1,853.2Some of these contracts are expressed in foreign currencies: €276.3 million in U.S. dollars and €18.8 million in sterling.3.5 ADVANCE PAYMENTSThis item mainly comprises advance payments on programme broadcasting rights contracts (€139.6 million) and on sports transmission contracts (€69.4 million).1522008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements3.4 INVENTORIES AND WORK IN PROGRESSThis item mainly comprises broadcasting rights yet to be consumed, and breaks down as follows: In-house production 1.0 0.5 575.8 695.0 (542.5) (63.4) (605.9) (43.3) (12.4) (5.3) (666.9) 603.9 28.1 247.7 356.2 0.3 603.9 141.5 0.4 81.0 (61.9) 161.0 0.3 0.7 0.3 (339.2) 0.7 (0.8) 0.4 (2.4) (336.8) 1.5 338.4 (336.8)Acquired rights 234.2 341.6Total 2008 235.2 341.6 0.5 577.3 1033.4 (879.3) (63.4) (942.7) (43.3) (14.8) (5.3) (1006.1) 604.6 27.3 248.1 356.2 0.3 604.6 141.8 0.4 81.0 (61.9) 161.3Total 2007 257.6 326.3 0.6 584.5 969.5 (857.1) (56.4) (913.5) (40.2) (19.6) (3.4) (976.7) 577.3 (7.2) 235.3 341.5 0.5 577.3 119.0 0.0 74.0 (51.2) 141.8Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress Inventory at January 1 Purchases during the year Consumption on 1st transmission Consumption on 2nd transmission Total consumption on transmission Expired Retired or abandoned Resold Total consumption Inventory at December 31 Change in inventory Closing inventory breaks down as follows: Broadcasting rights (initial transmission) Broadcasting rights (retransmission) Broadcasting rights in progress TOTAL Provisions for impairment Balance at January 1 Transfers Charged during the period Reversed during the period Balance at December 31The table below shows the maturity of broadcasting and sports transmission rights acquisition contracts entered into by TF1 to secure future programming schedules: Less than 1 year 498.9 143.3 642.2 More than 5 years 50.9 52.0 102.9(€m) Programmes and broadcasting rights Sports transmission rights TOTAL1 to 5 years 733.8 282.2 1,016.0Total 2008 1,283.6 477.5 1,761.1Total 2007 1,285.1 568.1 1,853.2Some of these contracts are expressed in foreign currencies: €276.3 million in U.S. dollars and €18.8 million in sterling.3.5 ADVANCE PAYMENTSThis item mainly comprises advance payments on programme broadcasting rights contracts (€139.6 million) and on sports transmission contracts (€69.4 million).1522008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="155">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.6 DEBTORS3.6.1 Trade debtorsTF1 Publicité acts as agent for TF1 SA, selling advertising airtime in return for commission indexed to revenues. The amount owed by TF1 Publicité to TF1 SA at December 31, 2008, net of accrued commercial discounts recorded in “Other liabilities”, was €109.0 million. The amount owed at December 31, 2007 was €167.9 million.3.6.2 Other debtorsThis item mainly comprises 2008 income taxes recoverable of €43.7 million, VAT recoverable of €65.1 million, and current accounts with subsidiaries of €27.3 million.3.6.3 Provisions for impairment of debtors(€m) Advance payments Trade debtors Other debtors TOTAL Jan. 1, 2008 1.5 0.0 1.4 2.9 (0.4) Transfers (0.4) Charges Reversals Dec. 31, 2008 1.1 0.0 1.4 2.53.6.4 Loans receivable and debtors by due dateMore than 5 years 0.2 0.0 0.2(€m) Non-current assets Current assets (1) TOTAL(1) Excluding advance payments.Less than 1 year 70.2 1,034.2 1,104.41 to 5 years 161.0 7.6 168.6Total 231.4 1,041.8 1,273.23.7 SHORT-TERM INVESTMENTS AND CASHThis item breaks down as follows: (€m) Gross value Short-term investments Bank deposits and funds in transit Treasury current account debit balances Cash in hand Accrued interest receivable Cash TOTAL Provisions for impairment of current accounts and short-term investments Balance at January 1 Charges during the period Reversals during the period Balance at December 31 NET VALUE 14.1 0.2 (12.7) 1.6 537.0 4.2 10.3 (0.4) 14.1 525.6 2008 0.4 1.1 532.9 0.4 3.8 538.2 538.6 2007 0.0 2.8 534.5 0.4 2.0 539.7 539.7As of December 31, 2008, short-term investment securities comprised 14,625 TF1 shares, against which an impairment loss of €0.2 million had been charged.3.8 PREPAID EXPENSESPrepaid expenses amounted to €5.8 million at December 31, 2008 (€5.5 million at December 31, 2007).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.6 DEBTORS3.6.1 Trade debtorsTF1 Publicite acts as agent for TF1 SA, selling advertising airtime in return for commission indexed to revenues. The amount owed by TF1 Publicite to TF1 SA at December 31, 2008, net of accrued commercial discounts recorded in “Other liabilities”, was €109.0 million. The amount owed at December 31, 2007 was €167.9 million.3.6.2 Other debtorsThis item mainly comprises 2008 income taxes recoverable of €43.7 million, VAT recoverable of €65.1 million, and current accounts with subsidiaries of €27.3 million.3.6.3 Provisions for impairment of debtors(€m) Advance payments Trade debtors Other debtors TOTAL Jan. 1, 2008 1.5 0.0 1.4 2.9 (0.4) Transfers (0.4) Charges Reversals Dec. 31, 2008 1.1 0.0 1.4 2.53.6.4 Loans receivable and debtors by due dateMore than 5 years 0.2 0.0 0.2(€m) Non-current assets Current assets (1) TOTAL(1) Excluding advance payments.Less than 1 year 70.2 1,034.2 1,104.41 to 5 years 161.0 7.6 168.6Total 231.4 1,041.8 1,273.23.7 SHORT-TERM INVESTMENTS AND CASHThis item breaks down as follows: (€m) Gross value Short-term investments Bank deposits and funds in transit Treasury current account debit balances Cash in hand Accrued interest receivable Cash TOTAL Provisions for impairment of current accounts and short-term investments Balance at January 1 Charges during the period Reversals during the period Balance at December 31 NET VALUE 14.1 0.2 (12.7) 1.6 537.0 4.2 10.3 (0.4) 14.1 525.6 2008 0.4 1.1 532.9 0.4 3.8 538.2 538.6 2007 0.0 2.8 534.5 0.4 2.0 539.7 539.7As of December 31, 2008, short-term investment securities comprised 14,625 TF1 shares, against which an impairment loss of €0.2 million had been charged.3.8 PREPAID EXPENSESPrepaid expenses amounted to €5.8 million at December 31, 2008 (€5.5 million at December 31, 2007).2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="156">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements3.9 SHAREHOLDERS’ EQUITYThe share capital is divided into 213,410,492 ordinary shares with a par value of €0.2, all fully paid. Movements in shareholders’ equity during the year are shown in the table below: Appropriation of proﬁt (AGM of April 17, 2008) 6.3 16.0 (203.7) (181.4) (181.4) (1) 138.9 138.9 2.7 141.6 (11.6) (11.6) -(€m) Share capital Share premium Legal reserve Retained earnings Other reserves Net proﬁt for the year Sub-total Restricted provisions TOTAL Number of shares(1) Dividends paid from April 30, 2008.Jan. 1, 2008 42.7 3.8 4.3 99.1 819.0 203.7 1,172.6 43.5 1,216.1 213,410,492IncreasesDecreasesDec. 31, 2008 42.7 3.8 4.3 105.4 835.0 138.9 1,130.1 34.6 1,164.7 213,410,4923.10 PROVISIONS FOR LIABILITIES AND CHARGESProvisions are established using the methods described in note 2.10. Movements during the year were as follows: Reversed (used) 0.1 0.8 3.5 0.4 4.8 0.9 0.4 1.4 Reversed (unused) 0.1(€m) Provisions for litigation and claims Provisions for equity investments Provisions for bad debts Provisions for retirement beneﬁt obligations Provisions for long-service leave TOTALJan. 1, 2008 10.6 1.0 2.7 16.0 4.5 34.8Charged 2.6 8.5 3.4 1.0 15.5Dec. 31, 2008 13.0 8.7 2.7 15.0 4.7 44.1Provisions for bad debts mainly comprise TF1 SA’s share of the risk of non-recovery of a debt owed to TF1 Publicité. Provisions for equity investments consist of TF1 SA’s share of the losses of subsidiaries established in the form of partnerships. The €15.0 million provision for retirement beneﬁt obligations represents the discounted value of the obligation (€18.7 million) minus the fair value of plan assets of (€3.7 million). The main assumptions used in calculating the present value of the obligations are: p p p discount rate: 3.66% salary inﬂation rate: 2.00% age on retirement: 60.No material contingent liabilities (i.e. litigation or claims liable to result in a possible outﬂow of resources) were identiﬁed as of the balance sheet date.3.11 LIABILITIES3.11.1 Bond issuesIn November 2003, TF1 issued €500 m of bonds redeemable at par in a single instalment after 7 years (in 2010). The issue bears interest at 4.375%.TF1 SA had conﬁrmed credit facilities of €1,021 million with various banks as at December 31, 2008, none of which was drawn down at that date, plus an unconﬁrmed drawdown facility with Bouygues Relais classiﬁed in “Other borrowings”.3.11.3Other borrowings3.11.2Bank borrowingsThis item includes surplus cash invested on behalf of subsidiaries under cash pooling agreements of €353.1 million (versus €339.0 million at end 2007). Drawdowns under the BouyguesRelais facility totalled €197.0 million as at December 31, 2008.This item includes €4.0 million of accrued interest on swaps contracted by TF1 SA.1542008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements3.9 SHAREHOLDERS’ EQUITYThe share capital is divided into 213,410,492 ordinary shares with a par value of €0.2, all fully paid. Movements in shareholders’ equity during the year are shown in the table below: Appropriation of proﬁt (AGM of April 17, 2008) 6.3 16.0 (203.7) (181.4) (181.4) (1) 138.9 138.9 2.7 141.6 (11.6) (11.6) -(€m) Share capital Share premium Legal reserve Retained earnings Other reserves Net proﬁt for the year Sub-total Restricted provisions TOTAL Number of shares(1) Dividends paid from April 30, 2008.Jan. 1, 2008 42.7 3.8 4.3 99.1 819.0 203.7 1,172.6 43.5 1,216.1 213,410,492IncreasesDecreasesDec. 31, 2008 42.7 3.8 4.3 105.4 835.0 138.9 1,130.1 34.6 1,164.7 213,410,4923.10 PROVISIONS FOR LIABILITIES AND CHARGESProvisions are established using the methods described in note 2.10. Movements during the year were as follows: Reversed (used) 0.1 0.8 3.5 0.4 4.8 0.9 0.4 1.4 Reversed (unused) 0.1(€m) Provisions for litigation and claims Provisions for equity investments Provisions for bad debts Provisions for retirement beneﬁt obligations Provisions for long-service leave TOTALJan. 1, 2008 10.6 1.0 2.7 16.0 4.5 34.8Charged 2.6 8.5 3.4 1.0 15.5Dec. 31, 2008 13.0 8.7 2.7 15.0 4.7 44.1Provisions for bad debts mainly comprise TF1 SA’s share of the risk of non-recovery of a debt owed to TF1 Publicite. Provisions for equity investments consist of TF1 SA’s share of the losses of subsidiaries established in the form of partnerships. The €15.0 million provision for retirement beneﬁt obligations represents the discounted value of the obligation (€18.7 million) minus the fair value of plan assets of (€3.7 million). The main assumptions used in calculating the present value of the obligations are: p p p discount rate: 3.66% salary inﬂation rate: 2.00% age on retirement: 60.No material contingent liabilities (i.e. litigation or claims liable to result in a possible outﬂow of resources) were identiﬁed as of the balance sheet date.3.11 LIABILITIES3.11.1 Bond issuesIn November 2003, TF1 issued €500 m of bonds redeemable at par in a single instalment after 7 years (in 2010). The issue bears interest at 4.375%.TF1 SA had conﬁrmed credit facilities of €1,021 million with various banks as at December 31, 2008, none of which was drawn down at that date, plus an unconﬁrmed drawdown facility with Bouygues Relais classiﬁed in “Other borrowings”.3.11.3Other borrowings3.11.2Bank borrowingsThis item includes surplus cash invested on behalf of subsidiaries under cash pooling agreements of €353.1 million (versus €339.0 million at end 2007). Drawdowns under the BouyguesRelais facility totalled €197.0 million as at December 31, 2008.This item includes €4.0 million of accrued interest on swaps contracted by TF1 SA.1542008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="157">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.11.4Other liabilitiesThis item mainly comprises credit notes and accrued discounts in favour of TF1 Publicité amounting to €218.5 million (versus €194.7 million at end 2007).3.11.5Liabilities by maturityMore than 5 years(€m) Bond issue Other liabilities TOTALLess than 1 year 3.0 1,154.5 1,157.51 to 5 years 500.0 197.0 697.0Total 503.0 1,351.5 1,854.53.11.6(€m) AssetsAccrued expenses and accrued incomeLiabilities 9.7 Trade creditors Tax and employee-related liabilities Amounts payable in respect of non-current assets Other liabilities 107.7 47.9 1.4 218.8Trade and other debtorsNote 4 Notes to the income statement4.1 REVENUEAdvertising revenue of €1,568.3 million was recognised in 2008, compared with €1,637.2 million in 2007.4.5 WAGES AND SALARIESPayments to freelances recorded on this line totalled €2.9 million (2007: €3.4 million), out of a total of €135.3 million (2007: €126.7 million).4.2 PURCHASES OF RAW MATERIALS AND OTHER SUPPLIES AND CHANGES IN INVENTORYThis item relates solely to broadcasting rights consumed, and showed a net total of €666.9 million in 2002 (compared with €628.2 million in 2007). See note 3.4.4.6 SOCIAL SECURITY CHARGESThis includes TF1 SA’s contribution to the company savings plan (employee share ownership plan), which amounted to €4.1 million (2007: €4.7 million).4.7 OTHER EXPENSES 4.3 OTHER PURCHASES AND EXTERNAL EXPENSESThe fees charged by the company’s auditors for statutory audit work in 2008 amounted to €0.4 million. This item includes payments to copyright-holders of €63.6 million in 2008 (2007: €66.4 million).4.8 COST TRANSFERS 4.4 TAXES OTHER THAN INCOME TAXESThe main item included on this line is TF1 SA’s contribution to the French cinematographic industry support fund, which amounted to €87.3 million in 2008 compared with €90.3 million in 2007. This item mainly comprises reimbursements of costs incurred by TF1 SA on behalf of its subsidiaries.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements43.11.4Other liabilitiesThis item mainly comprises credit notes and accrued discounts in favour of TF1 Publicite amounting to €218.5 million (versus €194.7 million at end 2007).3.11.5Liabilities by maturityMore than 5 years(€m) Bond issue Other liabilities TOTALLess than 1 year 3.0 1,154.5 1,157.51 to 5 years 500.0 197.0 697.0Total 503.0 1,351.5 1,854.53.11.6(€m) AssetsAccrued expenses and accrued incomeLiabilities 9.7 Trade creditors Tax and employee-related liabilities Amounts payable in respect of non-current assets Other liabilities 107.7 47.9 1.4 218.8Trade and other debtorsNote 4 Notes to the income statement4.1 REVENUEAdvertising revenue of €1,568.3 million was recognised in 2008, compared with €1,637.2 million in 2007.4.5 WAGES AND SALARIESPayments to freelances recorded on this line totalled €2.9 million (2007: €3.4 million), out of a total of €135.3 million (2007: €126.7 million).4.2 PURCHASES OF RAW MATERIALS AND OTHER SUPPLIES AND CHANGES IN INVENTORYThis item relates solely to broadcasting rights consumed, and showed a net total of €666.9 million in 2002 (compared with €628.2 million in 2007). See note 3.4.4.6 SOCIAL SECURITY CHARGESThis includes TF1 SA’s contribution to the company savings plan (employee share ownership plan), which amounted to €4.1 million (2007: €4.7 million).4.7 OTHER EXPENSES 4.3 OTHER PURCHASES AND EXTERNAL EXPENSESThe fees charged by the company’s auditors for statutory audit work in 2008 amounted to €0.4 million. This item includes payments to copyright-holders of €63.6 million in 2008 (2007: €66.4 million).4.8 COST TRANSFERS 4.4 TAXES OTHER THAN INCOME TAXESThe main item included on this line is TF1 SA’s contribution to the French cinematographic industry support fund, which amounted to €87.3 million in 2008 compared with €90.3 million in 2007. This item mainly comprises reimbursements of costs incurred by TF1 SA on behalf of its subsidiaries.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="158">
		<raw><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4.9 NET FINANCIAL INCOMEThe components of net ﬁnancial income are as follows: 2008 42.8 (7.7) (24.0) 1.7 (7.8) (1.2) 0.3 (0.4) 3.7 2007 38.2 (2.4) 2.5 (9.9) (0.8) (1.1) 1.9 (0.4) 28.0Dividends and transfers of proﬁts/losses from ﬂow-though entities Net interest paid Provisions for impairment of equity investments (1) Provisions for impairment of current accounts Other provisions Foreign exchange gains/(losses) Proceeds from disposals of short-term investments Amortisation of bond redemption premium NET FINANCIAL INCOME(1) See note 3.3.The “Other provisions” line includes provisions recorded to cover losses incurred by subsidiaries established in the form of partnerships. Interest paid to related companies in 2008 totalled €12.4 million (2007: €11.3 million). Interest received from related companies in 2008 totalled €34.4 million (2007: €31.7 million).4.10 EXCEPTIONAL ITEMSExceptional items break down as follows: (€m) Retirements of programmes and losses on disposals Net change in provisions (including accelerated tax depreciation) Net gain/(loss) on disposals of non-current ﬁnancial assets Loss on purchase of TF1 shares Other items EXCEPTIONAL ITEMS, NET 2008 (9.8) 8.9 16.5 (4.5) (0.1) 11.0 0.3 13.4 2007 (11.0) 16.3 7.84.11 INCOME TAX EXPENSEThis item breaks down as follows: (€m) Income taxes Gain on group tax election Income tax expense Exceptional items generated a net income tax gain of €1.9 million. TF1 made a group tax election on January 1, 1989. Under the group tax election agreement, the tax liability borne by each company included in the election is the same as that which would have been borne had there been no group tax election. The group tax election included 47 companies in 2008, compared with 48 in 2007. The difference between the standard French tax rate of 34.43% and the effective tax rate of 14.3% is mainly due to tax-exempt income in 2008 (primarily dividends and long-term capital gains and losses) and tax savings arising from the losses of group tax election member companies. 2008 (34.2) 11.0 (23.2) 2007 (92.4) 20.4 (72.0)4.12 DEFERRED TAX POSITIONFuture increases in tax liability 11.60 Future reductions in tax liability 12.33(€m) Restricted provisions Accrued employee proﬁt-sharing, holiday pay entitlement and social solidarity contributions, and provisions for retirement beneﬁt obligations and long-service leave1562008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4(€m)FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4.9 NET FINANCIAL INCOMEThe components of net ﬁnancial income are as follows: 2008 42.8 (7.7) (24.0) 1.7 (7.8) (1.2) 0.3 (0.4) 3.7 2007 38.2 (2.4) 2.5 (9.9) (0.8) (1.1) 1.9 (0.4) 28.0Dividends and transfers of proﬁts/losses from ﬂow-though entities Net interest paid Provisions for impairment of equity investments (1) Provisions for impairment of current accounts Other provisions Foreign exchange gains/(losses) Proceeds from disposals of short-term investments Amortisation of bond redemption premium NET FINANCIAL INCOME(1) See note 3.3.The “Other provisions” line includes provisions recorded to cover losses incurred by subsidiaries established in the form of partnerships. Interest paid to related companies in 2008 totalled €12.4 million (2007: €11.3 million). Interest received from related companies in 2008 totalled €34.4 million (2007: €31.7 million).4.10 EXCEPTIONAL ITEMSExceptional items break down as follows: (€m) Retirements of programmes and losses on disposals Net change in provisions (including accelerated tax depreciation) Net gain/(loss) on disposals of non-current ﬁnancial assets Loss on purchase of TF1 shares Other items EXCEPTIONAL ITEMS, NET 2008 (9.8) 8.9 16.5 (4.5) (0.1) 11.0 0.3 13.4 2007 (11.0) 16.3 7.84.11 INCOME TAX EXPENSEThis item breaks down as follows: (€m) Income taxes Gain on group tax election Income tax expense Exceptional items generated a net income tax gain of €1.9 million. TF1 made a group tax election on January 1, 1989. Under the group tax election agreement, the tax liability borne by each company included in the election is the same as that which would have been borne had there been no group tax election. The group tax election included 47 companies in 2008, compared with 48 in 2007. The difference between the standard French tax rate of 34.43% and the effective tax rate of 14.3% is mainly due to tax-exempt income in 2008 (primarily dividends and long-term capital gains and losses) and tax savings arising from the losses of group tax election member companies. 2008 (34.2) 11.0 (23.2) 2007 (92.4) 20.4 (72.0)4.12 DEFERRED TAX POSITIONFuture increases in tax liability 11.60 Future reductions in tax liability 12.33(€m) Restricted provisions Accrued employee proﬁt-sharing, holiday pay entitlement and social solidarity contributions, and provisions for retirement beneﬁt obligations and long-service leave1562008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="159">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Note 5 Other information5.1 OFF BALANCE SHEET COMMITMENTSThe table shows off balance sheet commitments at December 31, 2008 by type and maturity: More than 5 years 59.1 2.2 15.3 76.6Commitments given (€m) Property ﬁnance leases Operating leases Image transmission contracts Guarantees Other (1) TOTALLess than 1 year 9.7 15.4 64.2 1.5 7.1 97.91 to 5 years 61.5 79.4 32.3 31.8 205.0Total 2008 9.7 136.0 145.8 49.1 38.9 379.5Total 2007 28.9 92.5 189.3 50.7 48.0 409.4Commitments received (€m) Property ﬁnance leases Operating leases Image transmission contracts Conﬁrmed credit facilities Other (2) TOTALLess than 1 year 9.7 15.4 64.2 83.0 172.31 to 5 years 61.5 79.4 740.5 7.4 888.8More than 5 years 59.1 2.2Total 2008 9.7 136.0 145.8 823.5 7.4Total 2007 28.9 92.5 189.3 835.5 0.7 1,146.961.31,122.4(1) Other commitments given mainly comprise: - the ﬁnancial contribution of €29.7 million to GIP France Télé Numérique, whose mission is to implement the phasing-out of analogue television, - the fair value of two swaps of €150 million each and one swap of €100 million (see note 5.2.2), representing a commitment of €5.5 million, - the fair value of currency instruments (see note 5.2.1) representing a commitment of €3.3 million. (2) Other commitments received include the fair value of a €300 million swap (see note 5.2.2), representing a commitment of €7.4 million. TF1 SA had not contracted any complex commitments as of December 31, 2008. Property ﬁnance lease commitments: In June 1994, TF1 contracted a ﬁnance lease with GIE Aphélie relating to the TF1 headquarters building at 1, Quai du Point du Jour, Boulogne, which TF1 has occupied since 1992. The lease had a term of 15 years and was for an amount of €164.6 million excluding interest, split as follows: p p p land buildings ﬁxtures et ﬁttings €45.7 million, €57.9 million, €61.0 million.Since June 30, 2001, TF1 has had an option to buy the property at net book value. This lease replaced the previous 12-year commercial lease between TF1 and GAN. Original value Lease payments (1) - accumulated to start of year - during the year Notional depreciation expense (2) - accumulated to start of year - during the year Expected future lease payments (3) - less than 1 year - more than 1 year but less than 5 years - more than 5 years Net book value of property at end of contract(1) Includes accumulated capital repayments of €90.3 million. (2) Depreciation expense that would have been recognised had the asset been purchased outright by TF1 SA. (3) Calculated using a notional interest rate of 6.25% for payment dates for which the interest rate is not yet known.164.6 196.7 177.8 18.9 95.9 93.5 2.4 9.767.12008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Note 5 Other information5.1 OFF BALANCE SHEET COMMITMENTSThe table shows off balance sheet commitments at December 31, 2008 by type and maturity: More than 5 years 59.1 2.2 15.3 76.6Commitments given (€m) Property ﬁnance leases Operating leases Image transmission contracts Guarantees Other (1) TOTALLess than 1 year 9.7 15.4 64.2 1.5 7.1 97.91 to 5 years 61.5 79.4 32.3 31.8 205.0Total 2008 9.7 136.0 145.8 49.1 38.9 379.5Total 2007 28.9 92.5 189.3 50.7 48.0 409.4Commitments received (€m) Property ﬁnance leases Operating leases Image transmission contracts Conﬁrmed credit facilities Other (2) TOTALLess than 1 year 9.7 15.4 64.2 83.0 172.31 to 5 years 61.5 79.4 740.5 7.4 888.8More than 5 years 59.1 2.2Total 2008 9.7 136.0 145.8 823.5 7.4Total 2007 28.9 92.5 189.3 835.5 0.7 1,146.961.31,122.4(1) Other commitments given mainly comprise: - the ﬁnancial contribution of €29.7 million to GIP France Tele Numerique, whose mission is to implement the phasing-out of analogue television, - the fair value of two swaps of €150 million each and one swap of €100 million (see note 5.2.2), representing a commitment of €5.5 million, - the fair value of currency instruments (see note 5.2.1) representing a commitment of €3.3 million. (2) Other commitments received include the fair value of a €300 million swap (see note 5.2.2), representing a commitment of €7.4 million. TF1 SA had not contracted any complex commitments as of December 31, 2008. Property ﬁnance lease commitments: In June 1994, TF1 contracted a ﬁnance lease with GIE Aphelie relating to the TF1 headquarters building at 1, Quai du Point du Jour, Boulogne, which TF1 has occupied since 1992. The lease had a term of 15 years and was for an amount of €164.6 million excluding interest, split as follows: p p p land buildings ﬁxtures et ﬁttings €45.7 million, €57.9 million, €61.0 million.Since June 30, 2001, TF1 has had an option to buy the property at net book value. This lease replaced the previous 12-year commercial lease between TF1 and GAN. Original value Lease payments (1) - accumulated to start of year - during the year Notional depreciation expense (2) - accumulated to start of year - during the year Expected future lease payments (3) - less than 1 year - more than 1 year but less than 5 years - more than 5 years Net book value of property at end of contract(1) Includes accumulated capital repayments of €90.3 million. (2) Depreciation expense that would have been recognised had the asset been purchased outright by TF1 SA. (3) Calculated using a notional interest rate of 6.25% for payment dates for which the interest rate is not yet known.164.6 196.7 177.8 18.9 95.9 93.5 2.4 9.767.12008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="160">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements5.2 USE OF HEDGING INSTRUMENTS5.2.1 Hedging of currency riskIn the course of its business, TF1 SA makes and receives payments in foreign currencies. The company buys and sells currency forward and contracts swaps to protect itself against exchange rate ﬂuctuations. These hedging instruments, which are contracted on the currency markets, cover the majority of payments to be made and received in 2009 under contracts already signed as at December 31, 2008. At December 31, 2008, the equivalent value of these hedging instruments was €62.3 million, comprising: p €51.0 million of forward purchases (€12.6 million in GBP, €38.4 million in U.S. dollars), €11.3 million of currency swaps (€1.1 million in GBP, €10.2 million in U.S. dollars).5.2.2 Hedging of interest rate riskIn pursuance of the TF1 Group’s interest rate risk management policy (as described in the TF1 consolidated ﬁnancial statements for the year ended December 31, 2008), TF1 has contracted the following instruments: p p a €300 million interest rate swap, contracted in 2003 and expiring in 2010, two €150 million interest rate swaps, each contracted in 2008 and expiring in November 2009, a €100 million interest rate swap, contracted in 2008 and expiring in February 2010, three €50 million caps, each contracted in 2006, which expired in November 2008.pppThe net loss on these interest rate hedges in the year ended December 31, 2008 was €0.3 million, recorded as a ﬁnancial expense.5.3 EMPLOYEESThe table below shows the split of employees by grade at the balance sheet date, based on the classiﬁcations deﬁned in the collective agreement for the French communication and audiovisual production industry:2008 Clerical and administrative Supervisory Managerial Journalists TOTAL 13 415 891 217 1,5362007 16 445 867 245 1,5732006 20 454 817 249 1,5405.4 EXECUTIVE COMPENSATIONTotal compensation paid during 2008 to key executives of the Group (the 13 members of the TF1 Management Committee mentioned in the Annual Report) was €6.1 million. The portion of the total obligation in respect of retirement and other postemployment beneﬁts relating to these key executives was €2.6 million. The Bouygues Group offers the members of its Executive Committee, who include Patrick Lelay and Nonce Paolini, a complementary pension of 0.92% of the reference salary for each year of service in the scheme, which represents a post-employment beneﬁt. The expense (invoiced to TF1 by Bouygues) relating to the contribution paid in 2008 to the investment fund of the insurance company which manages the scheme was €0.3 million.Apart from loans of shares made to key executives who are also members of the Board of Directors in connection with their duties, no material loans or guarantees were extended to key executives or members of the Board of Directors.5.5 SHARE OPTIONS AND ALLOTMENT OF CONSIDERATIONFREE SHARESInformation about the granting of share options and the allotment of considerationfree shares to employees is given in the relevant section of the Directors’ Report (“Share subscription option plans and consideration-free share allotment plans”).5.6 DIRECTORS’ FEESDirectors’ fees paid in 2008 amounted to €0.3 million.5.7 AMOUNTS INVOLVING RELATED COMPANIES(€m) Assets Non-current ﬁnancial assets Trade debtors Other debtors Cash and current accounts Expenses Operating expenses Financial expenses230.2 444.0 25.9 531.5 182.4 71.1Liabilities Debt Trade creditors Other liabilities Income Operating income Financial income550.1 38.8 237.31,673.3 104.81582008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements5.2 USE OF HEDGING INSTRUMENTS5.2.1 Hedging of currency riskIn the course of its business, TF1 SA makes and receives payments in foreign currencies. The company buys and sells currency forward and contracts swaps to protect itself against exchange rate ﬂuctuations. These hedging instruments, which are contracted on the currency markets, cover the majority of payments to be made and received in 2009 under contracts already signed as at December 31, 2008. At December 31, 2008, the equivalent value of these hedging instruments was €62.3 million, comprising: p €51.0 million of forward purchases (€12.6 million in GBP, €38.4 million in U.S. dollars), €11.3 million of currency swaps (€1.1 million in GBP, €10.2 million in U.S. dollars).5.2.2 Hedging of interest rate riskIn pursuance of the TF1 Group’s interest rate risk management policy (as described in the TF1 consolidated ﬁnancial statements for the year ended December 31, 2008), TF1 has contracted the following instruments: p p a €300 million interest rate swap, contracted in 2003 and expiring in 2010, two €150 million interest rate swaps, each contracted in 2008 and expiring in November 2009, a €100 million interest rate swap, contracted in 2008 and expiring in February 2010, three €50 million caps, each contracted in 2006, which expired in November 2008.pppThe net loss on these interest rate hedges in the year ended December 31, 2008 was €0.3 million, recorded as a ﬁnancial expense.5.3 EMPLOYEESThe table below shows the split of employees by grade at the balance sheet date, based on the classiﬁcations deﬁned in the collective agreement for the French communication and audiovisual production industry:2008 Clerical and administrative Supervisory Managerial Journalists TOTAL 13 415 891 217 1,5362007 16 445 867 245 1,5732006 20 454 817 249 1,5405.4 EXECUTIVE COMPENSATIONTotal compensation paid during 2008 to key executives of the Group (the 13 members of the TF1 Management Committee mentioned in the Annual Report) was €6.1 million. The portion of the total obligation in respect of retirement and other postemployment beneﬁts relating to these key executives was €2.6 million. The Bouygues Group offers the members of its Executive Committee, who include Patrick Lelay and Nonce Paolini, a complementary pension of 0.92% of the reference salary for each year of service in the scheme, which represents a post-employment beneﬁt. The expense (invoiced to TF1 by Bouygues) relating to the contribution paid in 2008 to the investment fund of the insurance company which manages the scheme was €0.3 million.Apart from loans of shares made to key executives who are also members of the Board of Directors in connection with their duties, no material loans or guarantees were extended to key executives or members of the Board of Directors.5.5 SHARE OPTIONS AND ALLOTMENT OF CONSIDERATIONFREE SHARESInformation about the granting of share options and the allotment of considerationfree shares to employees is given in the relevant section of the Directors’ Report (“Share subscription option plans and consideration-free share allotment plans”).5.6 DIRECTORS’ FEESDirectors’ fees paid in 2008 amounted to €0.3 million.5.7 AMOUNTS INVOLVING RELATED COMPANIES(€m) Assets Non-current ﬁnancial assets Trade debtors Other debtors Cash and current accounts Expenses Operating expenses Financial expenses230.2 444.0 25.9 531.5 182.4 71.1Liabilities Debt Trade creditors Other liabilities Income Operating income Financial income550.1 38.8 237.31,673.3 104.81582008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="161">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements45.8 LIST OF INVESTMENTS IN SUBSIDIARIES AND AFFILIATES AT DECEMBER 31, 2008Equity investments TF1 EXPANSION EUROSPORT GROUPE AB TF1 FILMS PRODUCTION TF1 ENTREPRISES EUROSPORT FRANCE GLEM MONTE CARLO PARTICIPATIONS TV BREIZH TELESHOPPING FRANCE 24 TF1 PUBLICITE TF1 INTERNATIONAL TCM DA MEDIAMETRIE E TF1 JFG NETWORKS PRIMA TV USHUAIA TV SOPARMEDIA PUBLICATIONS METRO FRANCE MEDIAMETRIE EXPANSION SACAS PREFAS 1 PREFAS 2 PREFAS 3 PREFAS 4 PREFAS 5 PREFAS 6 PREFAS 7 PREFAS 8 PREFAS 9 PREFAS 10 PREFAS 13 PREFAS 15 PREFAS 16 @TF1 TF1 MANAGEMENT SAGIT SMR6 TCM GESTION MR5 LES NOUVELLES EDITIONS TF1 EZ TRADING DUJARDIN-REGAIN GALORE TF6 SERIE CLUB TRICOM ET CIE TRICOM TF6 GESTION TOTAL EQUITY INVESTMENTS Number of shares 2,691,349 150,000,000 6,536,559 170,000 200,000 150,000 630,000 12,642,250 307,973 341,830 18,500 30,000 4,500,000 5,100 10,043 1,000 1,530 325,000 9,999 625 343 600 1 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 39,999 40,000 39,994 15,000 848 12,500 25 1 1 1,600 1 2 1 1 % 100.00 100.00 33.50 100.00 100.00 100.00 100.00 50.00 100.00 100.00 50.00 100.00 100.00 34.00 10.80 100.00 35.03 5.00 99.99 12.56 34.30 5.00 0.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.99 20.00 33.92 33.33 1.00 0.02 0.01 0.02 0.004 0.07 0.003 0.001 Estimated value (€) 339,409,036 322,186,746 45,737,215 21,151,532 16,777,176 15,941,221 13,514,671 12,557,750 9,964,919 9,607,305 7,944,095 6,718,931 5,474,830 4,311,928 1,049,455 816,022 620,319 558,987 374,962 247,948 160,492 105,503 85,543 36,473 36,473 36,473 36,473 36,472 36,470 36,470 36,470 36,470 36,470 36,470 36,473 36,473 35,719 30,136 29,764 17,954 15,969 12,500 917 452 261 39 38 32 10 1 835,934,507The estimated value equals the share of net assets held by TF1 SA (including grants not released to income).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements45.8 LIST OF INVESTMENTS IN SUBSIDIARIES AND AFFILIATES AT DECEMBER 31, 2008Equity investments TF1 EXPANSION EUROSPORT GROUPE AB TF1 FILMS PRODUCTION TF1 ENTREPRISES EUROSPORT FRANCE GLEM MONTE CARLO PARTICIPATIONS TV BREIZH TELESHOPPING FRANCE 24 TF1 PUBLICITE TF1 INTERNATIONAL TCM DA MEDIAMETRIE E TF1 JFG NETWORKS PRIMA TV USHUAIA TV SOPARMEDIA PUBLICATIONS METRO FRANCE MEDIAMETRIE EXPANSION SACAS PREFAS 1 PREFAS 2 PREFAS 3 PREFAS 4 PREFAS 5 PREFAS 6 PREFAS 7 PREFAS 8 PREFAS 9 PREFAS 10 PREFAS 13 PREFAS 15 PREFAS 16 @TF1 TF1 MANAGEMENT SAGIT SMR6 TCM GESTION MR5 LES NOUVELLES EDITIONS TF1 EZ TRADING DUJARDIN-REGAIN GALORE TF6 SERIE CLUB TRICOM ET CIE TRICOM TF6 GESTION TOTAL EQUITY INVESTMENTS Number of shares 2,691,349 150,000,000 6,536,559 170,000 200,000 150,000 630,000 12,642,250 307,973 341,830 18,500 30,000 4,500,000 5,100 10,043 1,000 1,530 325,000 9,999 625 343 600 1 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 39,999 40,000 39,994 15,000 848 12,500 25 1 1 1,600 1 2 1 1 % 100.00 100.00 33.50 100.00 100.00 100.00 100.00 50.00 100.00 100.00 50.00 100.00 100.00 34.00 10.80 100.00 35.03 5.00 99.99 12.56 34.30 5.00 0.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.99 20.00 33.92 33.33 1.00 0.02 0.01 0.02 0.004 0.07 0.003 0.001 Estimated value (€) 339,409,036 322,186,746 45,737,215 21,151,532 16,777,176 15,941,221 13,514,671 12,557,750 9,964,919 9,607,305 7,944,095 6,718,931 5,474,830 4,311,928 1,049,455 816,022 620,319 558,987 374,962 247,948 160,492 105,503 85,543 36,473 36,473 36,473 36,473 36,472 36,470 36,470 36,470 36,470 36,470 36,470 36,473 36,473 35,719 30,136 29,764 17,954 15,969 12,500 917 452 261 39 38 32 10 1 835,934,507The estimated value equals the share of net assets held by TF1 SA (including grants not released to income).2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="162">
		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements5.9 LIST OF EQUITY INVESTMENTSShare capital Equity other than share capital Share of Gross book Net book Outstanding Guarantees capital value of value of loans and provided (1) held investment investment advances Revenues for most recent ﬁnancial year Net proﬁt/ (loss) for most recent ﬁnancial year Dividends received during the yearCompany/GroupCurrencyIn thousands of euros (or other currency as speciﬁed) I - Subsidiaries (at least 50% of the capital held by TF1 SA) - TF1 PUBLICITE 2,400 290 - TF1 FILMS PRODUCTION 2,550 18,597 - TÉLÉ-SHOPPING 5,127 1,000 - TF1 PUBLICATIONS 75 (1,464) - TF1 ENTREPRISES 3,000 6,292 - TF1 US USD 28 - SWONKE 18 36 - e-TF1 1,000 64 - TF1 DIGITAL 17,200 8,500 - @ TF1 40 (2) - SAGIT 40 (8) - EUROSPORT 15,000 299,347 - EUROSPORT France 2,325 11,721 - ONE CAST 40 (600) - TF1 EXPANSION 269 355,550 - TF1 INTERNATIONAL 15,210 2,195 - TV BREIZH 40 6,299 - USHUAIA TV 10 - GLEM/TF1 PRODUCTION 10,080 93 - JET JEUX ET TELEVISION 40 (11,133) - TF1 INSTITUT 40 (246) - TF1 MANAGEMENT 40 (7) - TF1 MOBILE 40 (1,359) - WAT 40 369 - PREFAS 1 40 - PREFAS 2 40 - PREFAS 3 40 - PREFAS 4 40 - PREFAS 5 40 - PREFAS 6 40 - PREFAS 7 40 - PREFAS 8 40 - PREFAS 9 40 - PREFAS 10 40 - PREFAS 13 40 - PREFAS 15 40 - PREFAS 16 40 - GIE ACQUISITION DE DROITS II - Afﬁliates (10% to 50% of the capital held by TF1 SA) - MEDIAMETRIE 930 6,743 - A1 INTERNATIONAL 25,409 - FRANCE 24 37 15,829 - MONTE CARLO PARTICIPATION 25,285 (181) - TCM GESTION 40 8 - TCM AUDIOVISUAL RIGHTS 240 7,373 - PUBLICATIONS METRO FRANCE 100 2,794 -SMR6 75 (23) - JFG NETWORKS 44 1,877 - SOPARMEDIA 1,990 (7) - GROUPE AB 30,243 69,029 - WB TELEVISION 62 (2,624) - TOP TICKETS (EX PREFAS 11) 5,105 (5,004) - MR5 38 0In thousands of euros 100.00% 100.00% 100.00% 99.88% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 95.00% 10.80% 50.00% 50.00% 50.00% 33.92% 34.00% 34.30% 20.00% 35.03% 12.56% 33.50% 33.55% 39.18% 33.33% 3,038 1,768 5,130 519 3,049 24 410 1,000 171,209 40 40 234,243 126,825 13,440 291,290 66,431 26,680 10 24,052 40 40 40 2,540 7,040 40 40 40 40 40 40 40 40 40 40 40 40 40 44 12,756 19 12,642 14 82 12,000 15 3,500 250 229,642 3,000 2,000 13 3,038 1,768 5,130 3,049 24 1,000 72,077 40 40 234,243 96,825 40 291,290 9,731 26,680 10 10,080 40 40 7,040 40 40 40 40 40 40 40 40 40 40 40 40 40 44 7,256 19 12,642 14 82 12,000 15 3,500 229,642 3,000 2,000 13 7,964 4,215 1,566 160,000 4,264 413,394 32,877 15,751 601 1,356 2,317 3,660 10,400 2,677 5 4,018 2,526 5,754 33,588 1,372 1,732,136 64,455 94,216 27,836 58,957 8,081 294,408 62,951 2,814 61,695 22,458 4,960 20,444 8 441 84 771 29,801 48,361 8,750 841 1 11,319 38,711 127 1,608 7,729 171 2,443 864 4,029 5 3,479 6 7,485 (34) (248) (27,938) (2) (2) 7,840 1,895 (568) (16,408) (11,930) 3,626 365 3,341 10,991 (159) (3) (36) (3,250) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (8,925) 2,044 (2,609) 22 12 5,070 (2,426) 38 (150) (9) 37,257 (625) (10,263) 3,780 4,847 22,000 1,079 1,500 2,120 5,025 -1602008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements5.9 LIST OF EQUITY INVESTMENTSShare capital Equity other than share capital Share of Gross book Net book Outstanding Guarantees capital value of value of loans and provided (1) held investment investment advances Revenues for most recent ﬁnancial year Net proﬁt/ (loss) for most recent ﬁnancial year Dividends received during the yearCompany/GroupCurrencyIn thousands of euros (or other currency as speciﬁed) I - Subsidiaries (at least 50% of the capital held by TF1 SA) - TF1 PUBLICITE 2,400 290 - TF1 FILMS PRODUCTION 2,550 18,597 - TELE-SHOPPING 5,127 1,000 - TF1 PUBLICATIONS 75 (1,464) - TF1 ENTREPRISES 3,000 6,292 - TF1 US USD 28 - SWONKE 18 36 - e-TF1 1,000 64 - TF1 DIGITAL 17,200 8,500 - @ TF1 40 (2) - SAGIT 40 (8) - EUROSPORT 15,000 299,347 - EUROSPORT France 2,325 11,721 - ONE CAST 40 (600) - TF1 EXPANSION 269 355,550 - TF1 INTERNATIONAL 15,210 2,195 - TV BREIZH 40 6,299 - USHUAIA TV 10 - GLEM/TF1 PRODUCTION 10,080 93 - JET JEUX ET TELEVISION 40 (11,133) - TF1 INSTITUT 40 (246) - TF1 MANAGEMENT 40 (7) - TF1 MOBILE 40 (1,359) - WAT 40 369 - PREFAS 1 40 - PREFAS 2 40 - PREFAS 3 40 - PREFAS 4 40 - PREFAS 5 40 - PREFAS 6 40 - PREFAS 7 40 - PREFAS 8 40 - PREFAS 9 40 - PREFAS 10 40 - PREFAS 13 40 - PREFAS 15 40 - PREFAS 16 40 - GIE ACQUISITION DE DROITS II - Afﬁliates (10% to 50% of the capital held by TF1 SA) - MEDIAMETRIE 930 6,743 - A1 INTERNATIONAL 25,409 - FRANCE 24 37 15,829 - MONTE CARLO PARTICIPATION 25,285 (181) - TCM GESTION 40 8 - TCM AUDIOVISUAL RIGHTS 240 7,373 - PUBLICATIONS METRO FRANCE 100 2,794 -SMR6 75 (23) - JFG NETWORKS 44 1,877 - SOPARMEDIA 1,990 (7) - GROUPE AB 30,243 69,029 - WB TELEVISION 62 (2,624) - TOP TICKETS (EX PREFAS 11) 5,105 (5,004) - MR5 38 0In thousands of euros 100.00% 100.00% 100.00% 99.88% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 95.00% 10.80% 50.00% 50.00% 50.00% 33.92% 34.00% 34.30% 20.00% 35.03% 12.56% 33.50% 33.55% 39.18% 33.33% 3,038 1,768 5,130 519 3,049 24 410 1,000 171,209 40 40 234,243 126,825 13,440 291,290 66,431 26,680 10 24,052 40 40 40 2,540 7,040 40 40 40 40 40 40 40 40 40 40 40 40 40 44 12,756 19 12,642 14 82 12,000 15 3,500 250 229,642 3,000 2,000 13 3,038 1,768 5,130 3,049 24 1,000 72,077 40 40 234,243 96,825 40 291,290 9,731 26,680 10 10,080 40 40 7,040 40 40 40 40 40 40 40 40 40 40 40 40 40 44 7,256 19 12,642 14 82 12,000 15 3,500 229,642 3,000 2,000 13 7,964 4,215 1,566 160,000 4,264 413,394 32,877 15,751 601 1,356 2,317 3,660 10,400 2,677 5 4,018 2,526 5,754 33,588 1,372 1,732,136 64,455 94,216 27,836 58,957 8,081 294,408 62,951 2,814 61,695 22,458 4,960 20,444 8 441 84 771 29,801 48,361 8,750 841 1 11,319 38,711 127 1,608 7,729 171 2,443 864 4,029 5 3,479 6 7,485 (34) (248) (27,938) (2) (2) 7,840 1,895 (568) (16,408) (11,930) 3,626 365 3,341 10,991 (159) (3) (36) (3,250) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (8,925) 2,044 (2,609) 22 12 5,070 (2,426) 38 (150) (9) 37,257 (625) (10,263) 3,780 4,847 22,000 1,079 1,500 2,120 5,025 -1602008 REGISTRATION DOCUME]]></basicChars>
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	<page id="163">
		<raw><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Company/GroupCurrencyShare capitalEquity other than share capitalShare of Gross book Net book Outstanding Guarantees capital value of value of loans and provided (1) held investment investment advancesRevenues for most recent ﬁnancial yearNet proﬁt/ (loss) for most recent ﬁnancial yearDividends received during the yearIn thousands of euros In thousands of euros (or other currency as speciﬁed) III - Other equity investments (less than 10% of the capital held by TF1 SA) - PRIMA TV 6,500 9,695 5.00% 1,407 - MEDIAMETRIE EXPANSION 1,829 201 5.00% 91 - LES NOUVELLES EDITIONS TF1 40 36 1.00% - EZ TRADING 75 0.02% - TRICOM et CIE 45 7 0.07% - TF6 80 (5) 0.02% - TF6 GESTION 80 20 0.001% - SERIE CLUB 50 602 0.004% 2 - SED ODYSSEE 8 (61) 0.20% - LA CHAINE INFO 4,500 49 0.0003% - SACAS 38 147 0.04% 60 - TRICOM 450 (123) 0.003% - APHELIE 2 (16,922) 0.05% - DUJARDIN (EX REGAIN GALORE) 463 2,047 0.0% - NT1 40 (18,033) 0.04% TOTAL EQUITY INVESTMENTS 1,256,9551,407 2 60 1,034,4011,580 1,026 4,331 73,207 -5,754 -21,769 (13) 9,808 19,441 4 8,365 4,253 45,402 19,814 7,644 10,460 -(5,015) 79 15 2,184 (3) 120 310 (216) (11,180) 213,672 5 10,962 102 (8,656) -7 -(1) Guarantees provided represents guarantees given by TF1 SA to cover possible default by a subsidiary, and are disclosed in off balance sheet commitments.Note 6 Post balance sheet events6.1 FRANCE 24On February 12, 2009, TF1 SA ﬁnalised the sale of its 50% interest in the capital and voting rights of France 24 to AEF (Audiovisuel Extérieur de la France). This disposal generated a net gain of approximately €2 million, which will be recognised in the ﬁnancial statements during 2009.6.2 REGULATORY ENVIRONMENTThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009.6.3 LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements4Company/GroupCurrencyShare capitalEquity other than share capitalShare of Gross book Net book Outstanding Guarantees capital value of value of loans and provided (1) held investment investment advancesRevenues for most recent ﬁnancial yearNet proﬁt/ (loss) for most recent ﬁnancial yearDividends received during the yearIn thousands of euros In thousands of euros (or other currency as speciﬁed) III - Other equity investments (less than 10% of the capital held by TF1 SA) - PRIMA TV 6,500 9,695 5.00% 1,407 - MEDIAMETRIE EXPANSION 1,829 201 5.00% 91 - LES NOUVELLES EDITIONS TF1 40 36 1.00% - EZ TRADING 75 0.02% - TRICOM et CIE 45 7 0.07% - TF6 80 (5) 0.02% - TF6 GESTION 80 20 0.001% - SERIE CLUB 50 602 0.004% 2 - SED ODYSSEE 8 (61) 0.20% - LA CHAINE INFO 4,500 49 0.0003% - SACAS 38 147 0.04% 60 - TRICOM 450 (123) 0.003% - APHELIE 2 (16,922) 0.05% - DUJARDIN (EX REGAIN GALORE) 463 2,047 0.0% - NT1 40 (18,033) 0.04% TOTAL EQUITY INVESTMENTS 1,256,9551,407 2 60 1,034,4011,580 1,026 4,331 73,207 -5,754 -21,769 (13) 9,808 19,441 4 8,365 4,253 45,402 19,814 7,644 10,460 -(5,015) 79 15 2,184 (3) 120 310 (216) (11,180) 213,672 5 10,962 102 (8,656) -7 -(1) Guarantees provided represents guarantees given by TF1 SA to cover possible default by a subsidiary, and are disclosed in off balance sheet commitments.Note 6 Post balance sheet events6.1 FRANCE 24On February 12, 2009, TF1 SA ﬁnalised the sale of its 50% interest in the capital and voting rights of France 24 to AEF (Audiovisuel Exterieur de la France). This disposal generated a net gain of approximately €2 million, which will be recognised in the ﬁnancial statements during 2009.6.2 REGULATORY ENVIRONMENTThe law relating to audiovisual communication and the new national television service was promulgated on March 5, 2009 and published at the Journal Officiel (French Legal Gazette) on March 7, 2009.6.3 LITIGATIONOn January 12, 2009, TF1 was notiﬁed of grievances established by a rapporteur of the Competition Council concerning practices implemented in the pay television sector through the CERES agreement and the thematic channels’ distribution agreements made in application of the CERES agreement.2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements1622008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[4FINANCIAL STATEMENTSNotes to the parent company ﬁnancial statements1622008 REGISTRATION DOCUME]]></basicChars>
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	<page id="165">
		<raw><![CDATA[STATUTORY AUDITORS’ REPORT5.1 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS 16455.21655.3STATUTORY AUDITORS’ REPORT ON THE REPORT BY THE CHAIRMAN OF THE BOARD OF DIRECTORS 166 STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS5.41672008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[STATUTORY AUDITORS’ REPORT5.1 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS 16455.21655.3STATUTORY AUDITORS’ REPORT ON THE REPORT BY THE CHAIRMAN OF THE BOARD OF DIRECTORS 166 STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS5.41672008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="166">
		<raw><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Consolidated Financial Statements5.1 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTSThis is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English-speaking users. The Statutory Auditors’ report includes information speciﬁcally required by French law in such reports. This information is presented below the opinion on the consolidated ﬁnancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain signiﬁcant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated ﬁnancial statements taken as a whole and not to provide separate assurance on individual account captions or on information not derived from the consolidated ﬁnancial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. Year ended December 31, 2008 Following our appointment as Statutory Auditors by the Shareholders’ Annual General Meeting, we hereby report to you, for the year ended December 31, 2008, on: p p p the audit of the accompanying consolidated ﬁnancial statements of Television Française 1 S.A. (“the Company”); the justiﬁcation of our assessments; the speciﬁc veriﬁcation required by law.These ﬁnancial statements have been approved by the Board of Directors. Our role is to express an opinion on these ﬁnancial statements based on our audit.1OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTSWe conducted our audit in accordance with the auditing standards generally accepted in France. Those standards require that we plan and perform our work to obtain reasonable assurance that the consolidated ﬁnancial statements are free from material misstatement. An audit involves examining, on a test basis or other sampling method, evidence supporting the amounts and disclosures in the consolidated ﬁnancial statements. An audit also includes assessing the accounting principles used and signiﬁcant estimates made by the management, as well as evaluating the overall presentation of the ﬁnancial statements. We believe that our audit has provided us with sufﬁcient relevant information on which to base our opinion. In our opinion, the consolidated ﬁnancial statements give a true and fair view of the assets, liabilities, ﬁnancial position and results of all the consolidated entities in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union. Without qualifying our opinion, we draw your attention to Note 2.3 to the consolidated ﬁnancial statements, which describes the change in accounting method implemented during the period concerning revenue recognition.2JUSTIFICATION OF OUR ASSESSMENTSIn accordance with the requirements of Article L. 823-9 of the French Commercial Code relating to the justiﬁcation of our assessments, we draw your attention to the following matters: p each year end, the Company performs impairment tests on goodwill and assets with indeﬁnite useful lives, and also assesses whether there is any indication of impairment of other tangible and intangible assets, according to the methods described in note 2.10 to the consolidated ﬁnancial statements. Based on the information available to us, we examined the methods used to test for impairment and the cash ﬂow forecasts and ensured that the note provides appropriate disclosures thereon; programs and broadcasting rights are accounted for in accordance with the accounting policies described in note 2.12 to the consolidated ﬁnancial statements. This note sets out the methods used to account for the amortization of programs and broadcasting rights and the principle used to determine impairment. Based on the information available to us, we examined the method used to determine the net present value of the programs and broadcasting rights and we ensured that the note provides appropriate disclosures thereon.pThese assessments were made in the context of our audit of the consolidated ﬁnancial statements taken as a whole and therefore contributed to the opinion expressed in the ﬁrst part of this report.3SPECIFIC VERIFICATIONWe have also carried out the speciﬁc veriﬁcation required by law of the information provided in the group’s management report. We have no matters to report regarding its fair presentation and conformity with the consolidated ﬁnancial statements. The Statutory Auditors Paris La Défense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner MAZARS Gilles Rainaut Partner1642008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Consolidated Financial Statements5.1 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTSThis is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English-speaking users. The Statutory Auditors’ report includes information speciﬁcally required by French law in such reports. This information is presented below the opinion on the consolidated ﬁnancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain signiﬁcant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated ﬁnancial statements taken as a whole and not to provide separate assurance on individual account captions or on information not derived from the consolidated ﬁnancial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. Year ended December 31, 2008 Following our appointment as Statutory Auditors by the Shareholders’ Annual General Meeting, we hereby report to you, for the year ended December 31, 2008, on: p p p the audit of the accompanying consolidated ﬁnancial statements of Television Francaise 1 S.A. (“the Company”); the justiﬁcation of our assessments; the speciﬁc veriﬁcation required by law.These ﬁnancial statements have been approved by the Board of Directors. Our role is to express an opinion on these ﬁnancial statements based on our audit.1OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTSWe conducted our audit in accordance with the auditing standards generally accepted in France. Those standards require that we plan and perform our work to obtain reasonable assurance that the consolidated ﬁnancial statements are free from material misstatement. An audit involves examining, on a test basis or other sampling method, evidence supporting the amounts and disclosures in the consolidated ﬁnancial statements. An audit also includes assessing the accounting principles used and signiﬁcant estimates made by the management, as well as evaluating the overall presentation of the ﬁnancial statements. We believe that our audit has provided us with sufﬁcient relevant information on which to base our opinion. In our opinion, the consolidated ﬁnancial statements give a true and fair view of the assets, liabilities, ﬁnancial position and results of all the consolidated entities in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union. Without qualifying our opinion, we draw your attention to Note 2.3 to the consolidated ﬁnancial statements, which describes the change in accounting method implemented during the period concerning revenue recognition.2JUSTIFICATION OF OUR ASSESSMENTSIn accordance with the requirements of Article L. 823-9 of the French Commercial Code relating to the justiﬁcation of our assessments, we draw your attention to the following matters: p each year end, the Company performs impairment tests on goodwill and assets with indeﬁnite useful lives, and also assesses whether there is any indication of impairment of other tangible and intangible assets, according to the methods described in note 2.10 to the consolidated ﬁnancial statements. Based on the information available to us, we examined the methods used to test for impairment and the cash ﬂow forecasts and ensured that the note provides appropriate disclosures thereon; programs and broadcasting rights are accounted for in accordance with the accounting policies described in note 2.12 to the consolidated ﬁnancial statements. This note sets out the methods used to account for the amortization of programs and broadcasting rights and the principle used to determine impairment. Based on the information available to us, we examined the method used to determine the net present value of the programs and broadcasting rights and we ensured that the note provides appropriate disclosures thereon.pThese assessments were made in the context of our audit of the consolidated ﬁnancial statements taken as a whole and therefore contributed to the opinion expressed in the ﬁrst part of this report.3SPECIFIC VERIFICATIONWe have also carried out the speciﬁc veriﬁcation required by law of the information provided in the group’s management report. We have no matters to report regarding its fair presentation and conformity with the consolidated ﬁnancial statements. The Statutory Auditors Paris La Defense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner MAZARS Gilles Rainaut Partner1642008 REGISTRATION DOCUME]]></basicChars>
	</page>
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		<raw><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Financial Statements55.2 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTSThis is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English-speaking users. The Statutory Auditors’ report includes information speciﬁcally required by French law in such reports. This information is presented below the opinion on the ﬁnancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain signiﬁcant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the ﬁnancial statements taken as a whole and not to provide separate assurance on individual account captions or on information not derived from the ﬁnancial statements. This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicable in France. Year ended December 31, 2008 To the shareholders, Following our appointment as Statutory Auditors by the Shareholders’ Annual General Meeting, we hereby report to you, for the year ended December 31, 2008, on: p p p the audit of the accompanying ﬁnancial statements of Television Française 1 S.A. (“the Company”); the justiﬁcation of our assessments; the speciﬁc veriﬁcations and information required by law.These ﬁnancial statements have been approved by the Board of Directors. Our role is to express an opinion on these ﬁnancial statements based on our audit.1OPINION ON THE FINANCIAL STATEMENTSWe conducted our audit in accordance with the auditing standards generally accepted in France. Those standards require that we plan and perform the audit to obtain reasonable assurance that the ﬁnancial statements are free of material misstatement. An audit involves examining, on a test basis or other sampling method, evidence supporting the amounts and disclosures in the ﬁnancial statements. An audit also includes assessing the accounting principles used and signiﬁcant estimates made by management, as well as evaluating the overall presentation of the ﬁnancial statements. We believe that our audit has provided us with sufﬁcient relevant information on which to base our opinion. In our opinion, the ﬁnancial statements give a true and fair view of the company’s ﬁnancial position and assets and liabilities as at December 31, 2008 and of the results of its operations for the year then ended, in accordance with the accounting principles generally accepted in France.2JUSTIFICATION OF OUR ASSESSMENTSIn accordance with the requirements of Article L. 823-9 of the French Commercial Code relating to the justiﬁcation of our assessments, we draw your attention to the following matters: p note 2.4 to the ﬁnancial statements describes the method used to determine the value in use of investments for which an impairment charge or provision may be recorded. Based on the information available to us, we examined the method used to determine the value in use of the investments and veriﬁed that the information provided in the note was appropriate; co-production shares and broadcasting rights are accounted for in accordance with the policies described in Notes 2.2 and 2.5 to the ﬁnancial statements, which set out the associated amortization methods and principle used to determine to impairment. Based on the information available to us, we examined the method used to determine the net present value of the co-production shares and broadcasting rights and veriﬁed that the information provided in the note was appropriate.pThe assessments were made in the context of our audit of the ﬁnancial statements taken as a whole and therefore contributed to the formation of the opinion expressed in the ﬁrst part of this report.3SPECIFIC VERIFICATIONS AND INFORMATIONWe have also carried out the speciﬁc veriﬁcations required by law. We have no matters to report regarding: p the fair presentation and the consistency with the ﬁnancial statements of the information given in the management report of the Board of Directors, and in the documents addressed to the shareholders with respect to the ﬁnancial position and the ﬁnancial statements, the fair presentation of the information given in the management report of the Board of Directors in respect of the remuneration and beneﬁts granted to Company directors and any commitments given to them in connection with or subsequent to their appointment, termination of appointment, or change in function.pIn accordance with French law, we have ascertained that the information relating to the acquisition of shares and controlling interests and the identity of the shareholders has been disclosed in the management report of the Board of Directors. The Statutory Auditors Paris La Défense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner MAZARS Gilles Rainaut Partner2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Financial Statements55.2 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTSThis is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English-speaking users. The Statutory Auditors’ report includes information speciﬁcally required by French law in such reports. This information is presented below the opinion on the ﬁnancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain signiﬁcant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the ﬁnancial statements taken as a whole and not to provide separate assurance on individual account captions or on information not derived from the ﬁnancial statements. This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicable in France. Year ended December 31, 2008 To the shareholders, Following our appointment as Statutory Auditors by the Shareholders’ Annual General Meeting, we hereby report to you, for the year ended December 31, 2008, on: p p p the audit of the accompanying ﬁnancial statements of Television Francaise 1 S.A. (“the Company”); the justiﬁcation of our assessments; the speciﬁc veriﬁcations and information required by law.These ﬁnancial statements have been approved by the Board of Directors. Our role is to express an opinion on these ﬁnancial statements based on our audit.1OPINION ON THE FINANCIAL STATEMENTSWe conducted our audit in accordance with the auditing standards generally accepted in France. Those standards require that we plan and perform the audit to obtain reasonable assurance that the ﬁnancial statements are free of material misstatement. An audit involves examining, on a test basis or other sampling method, evidence supporting the amounts and disclosures in the ﬁnancial statements. An audit also includes assessing the accounting principles used and signiﬁcant estimates made by management, as well as evaluating the overall presentation of the ﬁnancial statements. We believe that our audit has provided us with sufﬁcient relevant information on which to base our opinion. In our opinion, the ﬁnancial statements give a true and fair view of the company’s ﬁnancial position and assets and liabilities as at December 31, 2008 and of the results of its operations for the year then ended, in accordance with the accounting principles generally accepted in France.2JUSTIFICATION OF OUR ASSESSMENTSIn accordance with the requirements of Article L. 823-9 of the French Commercial Code relating to the justiﬁcation of our assessments, we draw your attention to the following matters: p note 2.4 to the ﬁnancial statements describes the method used to determine the value in use of investments for which an impairment charge or provision may be recorded. Based on the information available to us, we examined the method used to determine the value in use of the investments and veriﬁed that the information provided in the note was appropriate; co-production shares and broadcasting rights are accounted for in accordance with the policies described in Notes 2.2 and 2.5 to the ﬁnancial statements, which set out the associated amortization methods and principle used to determine to impairment. Based on the information available to us, we examined the method used to determine the net present value of the co-production shares and broadcasting rights and veriﬁed that the information provided in the note was appropriate.pThe assessments were made in the context of our audit of the ﬁnancial statements taken as a whole and therefore contributed to the formation of the opinion expressed in the ﬁrst part of this report.3SPECIFIC VERIFICATIONS AND INFORMATIONWe have also carried out the speciﬁc veriﬁcations required by law. We have no matters to report regarding: p the fair presentation and the consistency with the ﬁnancial statements of the information given in the management report of the Board of Directors, and in the documents addressed to the shareholders with respect to the ﬁnancial position and the ﬁnancial statements, the fair presentation of the information given in the management report of the Board of Directors in respect of the remuneration and beneﬁts granted to Company directors and any commitments given to them in connection with or subsequent to their appointment, termination of appointment, or change in function.pIn accordance with French law, we have ascertained that the information relating to the acquisition of shares and controlling interests and the identity of the shareholders has been disclosed in the management report of the Board of Directors. The Statutory Auditors Paris La Defense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner MAZARS Gilles Rainaut Partner2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="168">
		<raw><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Report by the Chairman of the Board of Directors5.3 STATUTORY AUDITORS’ REPORT ON THE REPORT BY THE CHAIRMAN OF THE BOARD OF DIRECTORSThis is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction and construed in accordance with French law and the relevant professional auditing standards applicable in France. Year ended December 31, 2008 To the Shareholders, In our capacity as Statutory Auditors of Television Française 1 S.A. (“the Company”), and in accordance with Article L. 225-235 of the French Commercial Code, we hereby report on the report prepared by the Chairman of your Company in accordance with Article L. 225-37 of the French Commercial Code for the year ended December 31, 2008. It is the Chairman’s responsibility to prepare and submit to the Board of Directors for approval, a report on the internal control and risk management procedures implemented by the Company and containing the other disclosures required by Article L. 225-37 particularly in terms of the corporate governance measures. It is our responsibility: p to report to you on the information contained in the Chairman’s report in respect of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information; and to attest that this report contains the other disclosures required by Article L. 225-37 of the French Commercial Code, it being speciﬁed that we are not responsible for verifying the fairness of these disclosures.pWe conducted our work in accordance with the professional standards applicable in France. Those standards require that we perform the necessary procedures to assess the fairness of the information provided in the Chairman’s report in respect of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information, and that we attest on the disclosure of the other information required in the Chairman’s report. These procedures consisted mainly in: p obtaining an understanding of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information on which the information presented in the Chairman’s report is based and existing documentation; obtaining an understanding of the work involved in the preparation of this information and existing documentation; determining if any signiﬁcant weaknesses in internal control procedures relating to the preparation and processing of accounting and ﬁnancial information that we may have noted in the course of our engagement are properly disclosed in the Chairman’s report.p pOn the basis of our work, we have nothing to report on the information in respect of the Company’s internal control procedures relating to the preparation and processing of accounting and ﬁnancial information contained in the report prepared by the Chairman of the Board in accordance with Article L. 225-37 of the French Commercial Code. We hereby attest that the Chairman’s report includes the disclosures required by Article L. 225-37 of the French Commercial Code. The Statutory Auditors Paris La Défense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner Gilles Rainaut Partner MAZARS1662008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ Report on the Report by the Chairman of the Board of Directors5.3 STATUTORY AUDITORS’ REPORT ON THE REPORT BY THE CHAIRMAN OF THE BOARD OF DIRECTORSThis is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction and construed in accordance with French law and the relevant professional auditing standards applicable in France. Year ended December 31, 2008 To the Shareholders, In our capacity as Statutory Auditors of Television Francaise 1 S.A. (“the Company”), and in accordance with Article L. 225-235 of the French Commercial Code, we hereby report on the report prepared by the Chairman of your Company in accordance with Article L. 225-37 of the French Commercial Code for the year ended December 31, 2008. It is the Chairman’s responsibility to prepare and submit to the Board of Directors for approval, a report on the internal control and risk management procedures implemented by the Company and containing the other disclosures required by Article L. 225-37 particularly in terms of the corporate governance measures. It is our responsibility: p to report to you on the information contained in the Chairman’s report in respect of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information; and to attest that this report contains the other disclosures required by Article L. 225-37 of the French Commercial Code, it being speciﬁed that we are not responsible for verifying the fairness of these disclosures.pWe conducted our work in accordance with the professional standards applicable in France. Those standards require that we perform the necessary procedures to assess the fairness of the information provided in the Chairman’s report in respect of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information, and that we attest on the disclosure of the other information required in the Chairman’s report. These procedures consisted mainly in: p obtaining an understanding of the internal control procedures relating to the preparation and processing of the accounting and ﬁnancial information on which the information presented in the Chairman’s report is based and existing documentation; obtaining an understanding of the work involved in the preparation of this information and existing documentation; determining if any signiﬁcant weaknesses in internal control procedures relating to the preparation and processing of accounting and ﬁnancial information that we may have noted in the course of our engagement are properly disclosed in the Chairman’s report.p pOn the basis of our work, we have nothing to report on the information in respect of the Company’s internal control procedures relating to the preparation and processing of accounting and ﬁnancial information contained in the report prepared by the Chairman of the Board in accordance with Article L. 225-37 of the French Commercial Code. We hereby attest that the Chairman’s report includes the disclosures required by Article L. 225-37 of the French Commercial Code. The Statutory Auditors Paris La Defense and Courbevoie, March 20, 2009 KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner Gilles Rainaut Partner MAZARS1662008 REGISTRATION DOCUME]]></basicChars>
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	<page id="169">
		<raw><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitments55.4 STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTSYear ended December 31, 2008 Dear shareholders, In our capacity as Statutory Auditors of TF1, we hereby present our report on related-party agreements and commitments.AGREEMENTS AND COMMITMENTS AUTHORISED IN 2008:In accordance with Article L. 225-40 of the French Commercial Code we have been informed of the agreements previously authorised by your Board of Directors. We are not required to ascertain whether any other agreements or commitments exist but to inform you, on the basis of the information provided to us, of the terms and conditions of the agreements and commitments of which we were informed. It is not our role to determine whether they are beneﬁcial or appropriate. It is your responsibility, pursuant to Article R. 225-31 of the French Commercial Code, to assess the merit of these agreements and commitments with a view to approving them. We carried out the procedures that we considered necessary in accordance with the auditing standards issued by the French national institute of statutory auditors in relation to this type of engagement. These procedures involved verifying that the information provided to us is consistent with the documents from which it is derived.WITH BOUYGUES S.A.Agreement relating to the institutional communications campaignIn autumn 2008, Bouygues launched an institutional communications campaign with a view to increasing awareness of the sustainable development strategy followed in the Group’s different businesses. This campaign, which will take place over 2008 and 2009, is partially ﬁnanced by the different businesses in the Bouygues Group, in proportion to their contribution to Bouygues’ total Group sales. Bouygues invoiced TF1 an amount of €600 thousand in respect of this agreement for 2008. Related parties: Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Agreement with Zenith OptimediaIn the context of the above-mentioned communications campaign, Bouygues through the intermediary of Zenith Optimedia acting as agent, signed media space purchase agreements, notably with companies in the TF1 group and the Sebdo Le Point group. Zenith Optimedia invoiced Bouygues an amount of €130 thousand, for the beneﬁt of TF1, in respect of these media space purchases. Related parties: Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Bouygues (represented by Philippe Marien) and Nonce Paolini.Common services agreementThis agreement provides for the invoicing of the speciﬁc services rendered at the request of the TF1 by the administrative departments of Bouygues and of a proportion of the residual common services. Bouygues invoiced an amount of €4,000 thousand in respect of 2008. This amount includes an adjustment of €43 thousand in respect of 2007 Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Use of aircraft owned by BouyguesThis agreement offers TF1 the possibility of using Bouygues’ Air Transport department, which operates the aircraft ﬂeet of the Bouygues group. For 2008, the amount invoiced by Bouygues was €133 thousand. Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Supplementary retirement beneﬁts granted to managementUnder a contract governed by the French insurance code, Bouygues SA grants members of its general management board a supplementary retirement beneﬁt of 0.92% of their reference salary per year of presence in the pension plan. Patrick Le Lay and Nonce Paolini are members of the board. For 2008, Bouygues invoiced TF1 an amount of €310 thousand. Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Nonce Paolini and Bouygues (represented by Philippe Marien).2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitments55.4 STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTSYear ended December 31, 2008 Dear shareholders, In our capacity as Statutory Auditors of TF1, we hereby present our report on related-party agreements and commitments.AGREEMENTS AND COMMITMENTS AUTHORISED IN 2008:In accordance with Article L. 225-40 of the French Commercial Code we have been informed of the agreements previously authorised by your Board of Directors. We are not required to ascertain whether any other agreements or commitments exist but to inform you, on the basis of the information provided to us, of the terms and conditions of the agreements and commitments of which we were informed. It is not our role to determine whether they are beneﬁcial or appropriate. It is your responsibility, pursuant to Article R. 225-31 of the French Commercial Code, to assess the merit of these agreements and commitments with a view to approving them. We carried out the procedures that we considered necessary in accordance with the auditing standards issued by the French national institute of statutory auditors in relation to this type of engagement. These procedures involved verifying that the information provided to us is consistent with the documents from which it is derived.WITH BOUYGUES S.A.Agreement relating to the institutional communications campaignIn autumn 2008, Bouygues launched an institutional communications campaign with a view to increasing awareness of the sustainable development strategy followed in the Group’s different businesses. This campaign, which will take place over 2008 and 2009, is partially ﬁnanced by the different businesses in the Bouygues Group, in proportion to their contribution to Bouygues’ total Group sales. Bouygues invoiced TF1 an amount of €600 thousand in respect of this agreement for 2008. Related parties: Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Agreement with Zenith OptimediaIn the context of the above-mentioned communications campaign, Bouygues through the intermediary of Zenith Optimedia acting as agent, signed media space purchase agreements, notably with companies in the TF1 group and the Sebdo Le Point group. Zenith Optimedia invoiced Bouygues an amount of €130 thousand, for the beneﬁt of TF1, in respect of these media space purchases. Related parties: Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Bouygues (represented by Philippe Marien) and Nonce Paolini.Common services agreementThis agreement provides for the invoicing of the speciﬁc services rendered at the request of the TF1 by the administrative departments of Bouygues and of a proportion of the residual common services. Bouygues invoiced an amount of €4,000 thousand in respect of 2008. This amount includes an adjustment of €43 thousand in respect of 2007 Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Use of aircraft owned by BouyguesThis agreement offers TF1 the possibility of using Bouygues’ Air Transport department, which operates the aircraft ﬂeet of the Bouygues group. For 2008, the amount invoiced by Bouygues was €133 thousand. Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues and Bouygues (represented by Philippe Marien).Supplementary retirement beneﬁts granted to managementUnder a contract governed by the French insurance code, Bouygues SA grants members of its general management board a supplementary retirement beneﬁt of 0.92% of their reference salary per year of presence in the pension plan. Patrick Le Lay and Nonce Paolini are members of the board. For 2008, Bouygues invoiced TF1 an amount of €310 thousand. Related parties: Patrick Le Lay (up until April 24, 2008), Olivier Poupart Lafarge (up until February 20, 2008), Patricia Barbizet, Martin Bouygues, Olivier Bouygues, Nonce Paolini and Bouygues (represented by Philippe Marien).2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="170">
		<raw><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitmentsWITH TOP TICKET.SSeveral services agreements have been signed between TF1 and Top Ticket.s relating in particular to functional services in the areas of personnel management, payroll and treasury. TF1 invoiced Top Tickets an amount of €102 thousand in respect of these agreements in 2008. Related parties: Patricia Barbizet and Claude Cohen.WITH TF1 DIGITALOn December 3, 2008, TF1 signed a business management lease with TF1 Digital for a period of ﬁve years as from January 1, 2008. Under this contract, TF1 gave a management lease to TF1 Digital in respect of the branch of its business related to “Luxembourg” activities, including in particular all operating, use and programme broadcasting rights owned by TF1 in the context of its internal productions and co-production contracts and/or from purchase of audiovisual rights for Luxembourg. The business assets leased notably include the “TF1” logo, the TF1 brand, the related customer base and the beneﬁts of all agreements and contracts entered into with all third parties for the operation of such assets. In this respect, TF1 Digital pays TF1 royalties equal to 5% of (VAT exclusive) of sales to distributors received by TF1 Digital in respect of TF1 programmes, generated by means of the advertising activity developed either directly by TF1 Digital or in partnership with others, on the Luxembourg advertising market. These royalties are subject to ceilings for the years 2008 to 2012 of €11 thousand per year. For 2008, TF1 received €11 thousand. Related party: Nonce Paolini.AGREEMENTS AND COMMITMENTS APPROVED IN PREVIOUS YEARS WHICH WERE APPLICABLE DURING THE PERIOD.In addition, in accordance with the French Commercial Code, we have been informed of the following agreements and commitments, which were approved during previous years and were applicable during the period:WITH SUBSIDIARIES OF THE TF1 GROUPThe common services agreements provide for the invoicing of the speciﬁc services rendered at the request of the TF1 subsidiaries by the administrative departments (management, human resources, legal and ﬁnance). The proportion invoiced by TF1 to its subsidiaries is determined by applying allocation criteria (number of employees and turnover) speciﬁc to each type of cost.1682008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitmentsWITH TOP TICKET.SSeveral services agreements have been signed between TF1 and Top Ticket.s relating in particular to functional services in the areas of personnel management, payroll and treasury. TF1 invoiced Top Tickets an amount of €102 thousand in respect of these agreements in 2008. Related parties: Patricia Barbizet and Claude Cohen.WITH TF1 DIGITALOn December 3, 2008, TF1 signed a business management lease with TF1 Digital for a period of ﬁve years as from January 1, 2008. Under this contract, TF1 gave a management lease to TF1 Digital in respect of the branch of its business related to “Luxembourg” activities, including in particular all operating, use and programme broadcasting rights owned by TF1 in the context of its internal productions and co-production contracts and/or from purchase of audiovisual rights for Luxembourg. The business assets leased notably include the “TF1” logo, the TF1 brand, the related customer base and the beneﬁts of all agreements and contracts entered into with all third parties for the operation of such assets. In this respect, TF1 Digital pays TF1 royalties equal to 5% of (VAT exclusive) of sales to distributors received by TF1 Digital in respect of TF1 programmes, generated by means of the advertising activity developed either directly by TF1 Digital or in partnership with others, on the Luxembourg advertising market. These royalties are subject to ceilings for the years 2008 to 2012 of €11 thousand per year. For 2008, TF1 received €11 thousand. Related party: Nonce Paolini.AGREEMENTS AND COMMITMENTS APPROVED IN PREVIOUS YEARS WHICH WERE APPLICABLE DURING THE PERIOD.In addition, in accordance with the French Commercial Code, we have been informed of the following agreements and commitments, which were approved during previous years and were applicable during the period:WITH SUBSIDIARIES OF THE TF1 GROUPThe common services agreements provide for the invoicing of the speciﬁc services rendered at the request of the TF1 subsidiaries by the administrative departments (management, human resources, legal and ﬁnance). The proportion invoiced by TF1 to its subsidiaries is determined by applying allocation criteria (number of employees and turnover) speciﬁc to each type of cost.1682008 REGISTRATION DOCUME]]></basicChars>
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	<page id="171">
		<raw><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitments56,941 446 3,234 733 18 990 68 262 59 151 51 37 394 53 7 850 465 326 92 237 285 645 566 37 144 58 1,305 26 52 18,532For 2008, TF1 invoiced these subsidiaries a proportion of the residual administrative costs, as deﬁned in these agreements, as follows: (€ thousands) Amount (excluding VAT)TF1 PUBLICITE TF1 ENTREPRISES EUROSPORT LA CHAINE INFO UNE MUSIQUE E-TF1 YAGAN PRODUCTIONS QUAI SUD TELEVISION * HISTOIRE GLEM TOP SHOPPING SHOPPING A LA UNE TV BREIZH DUJARDIN * TF1 INSTITUT TELE-SHOPPING TF1 FILMS PRODUCTIONS ALMA PRODUCTION ODYSSEE TF1 PUBLICITE PRODUCTIONS TOUS AZIMUTS PRODUCTION – TAP TF1 INTERNATIONAL EUROSPORT France USHUAIA TV INFOSHOPPING EURO SHOPPING TF1 VIDEO ONECAST WE ARE TALENTEDTOTAL* Companies invoiced for the first time in 2008.The agreements with TF1 Hors Media, TF1 Mobile, Jeux et Télévision, TF1 VOD and Tfou were not applied in respect of 2008.WITH EUROSPORTEUROSPORT renegotiated the two loans that it had contracted from TF1 and agreed a new loan in an amount of €160 million which is substituted for the two previous loans. This loan, which is effective as from October 1, 2006, is for a period of 5 years and must be repaid in full by September 30, 2011 at the latest. Repayment of the principal is on maturity. Early repayment (without penalties, but irrevocable) is possible in minimum tranches of €10 million. Quarterly interest in arrears is calculated on the basis of a ﬁxed rate resulting from the ﬁxed rate / 3-month Euribor swap completed on the market on September 28, 2006, plus a margin of 0.375%. In 2008, the interest earned by TF1 under this agreement amounted to €6,620 thousand.WITH LA CHAÎNE INFO – LCIUnder an agreement dated October 12, 2005, when major events occur, LCI may switch its coverage to the TF1’s channel to ensure that the TF1 has immediate coverage of the events. For ﬁnancial year 2008, LCI received a ﬁxed fee of €5,000 thousand under this agreement.WITH e-TF1Under a business management lease signed between e-TF1 and TF1, which was subject to a lease rider dated July 13, 2007, TF1 receives lease fees calculated in stages on progressive levels of e-TF1’s revenues. TF1 received lease payments of €929 thousand for 2008.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitments56,941 446 3,234 733 18 990 68 262 59 151 51 37 394 53 7 850 465 326 92 237 285 645 566 37 144 58 1,305 26 52 18,532For 2008, TF1 invoiced these subsidiaries a proportion of the residual administrative costs, as deﬁned in these agreements, as follows: (€ thousands) Amount (excluding VAT)TF1 PUBLICITE TF1 ENTREPRISES EUROSPORT LA CHAINE INFO UNE MUSIQUE E-TF1 YAGAN PRODUCTIONS QUAI SUD TELEVISION * HISTOIRE GLEM TOP SHOPPING SHOPPING A LA UNE TV BREIZH DUJARDIN * TF1 INSTITUT TELE-SHOPPING TF1 FILMS PRODUCTIONS ALMA PRODUCTION ODYSSEE TF1 PUBLICITE PRODUCTIONS TOUS AZIMUTS PRODUCTION – TAP TF1 INTERNATIONAL EUROSPORT France USHUAIA TV INFOSHOPPING EURO SHOPPING TF1 VIDEO ONECAST WE ARE TALENTEDTOTAL* Companies invoiced for the first time in 2008.The agreements with TF1 Hors Media, TF1 Mobile, Jeux et Television, TF1 VOD and Tfou were not applied in respect of 2008.WITH EUROSPORTEUROSPORT renegotiated the two loans that it had contracted from TF1 and agreed a new loan in an amount of €160 million which is substituted for the two previous loans. This loan, which is effective as from October 1, 2006, is for a period of 5 years and must be repaid in full by September 30, 2011 at the latest. Repayment of the principal is on maturity. Early repayment (without penalties, but irrevocable) is possible in minimum tranches of €10 million. Quarterly interest in arrears is calculated on the basis of a ﬁxed rate resulting from the ﬁxed rate / 3-month Euribor swap completed on the market on September 28, 2006, plus a margin of 0.375%. In 2008, the interest earned by TF1 under this agreement amounted to €6,620 thousand.WITH LA CHAINE INFO – LCIUnder an agreement dated October 12, 2005, when major events occur, LCI may switch its coverage to the TF1’s channel to ensure that the TF1 has immediate coverage of the events. For ﬁnancial year 2008, LCI received a ﬁxed fee of €5,000 thousand under this agreement.WITH e-TF1Under a business management lease signed between e-TF1 and TF1, which was subject to a lease rider dated July 13, 2007, TF1 receives lease fees calculated in stages on progressive levels of e-TF1’s revenues. TF1 received lease payments of €929 thousand for 2008.2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="172">
		<raw><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitmentsWITH FRANCE 24TF1 entered into a cash management agreement with FRANCE 24 at an annual ﬁxed price of €10 thousand. For ﬁnancial year 2008, TF1 invoiced €10 thousand to FRANCE 24 under this agreement.WITH TF1 DIGITALOn April 20, 2006, TF1 signed a business management lease with TF1 Digital for a period of six years as from January 1, 2006. Under this contract, TF1 gave a management lease to TF1 Digital in respect of the branch of its business related to “Belgian” activities, including in particular all operating, use and programme broadcasting rights owned by TF1 in the context of its internal productions and co-production contracts and/or from purchase of audiovisual rights for Belgium. The business assets leased notably include the “TF1” logo, the TF1 brand, the related customer base and the beneﬁts of all agreements and contracts entered into with all third parties for the operation of such assets. In this respect, TF1 Digital pays TF1 royalties equal to 5% of sales to distributors of services. These royalties are subject to ceilings for the years 2007 to 2009 of respectively €102 thousand, €139 thousand and €182 thousand and an amount of €211 thousand for 2010 and 2011. For 2008, TF1 Digital paid royalties of €108 thousand. Paris La Défense and Courbevoie, March 20, 2009 The Statutory Auditors KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner Gilles Rainaut Partner MAZARS1702008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[5STATUTORY AUDITORS’ REPORTStatutory Auditors’ report on related party agreements and commitmentsWITH FRANCE 24TF1 entered into a cash management agreement with FRANCE 24 at an annual ﬁxed price of €10 thousand. For ﬁnancial year 2008, TF1 invoiced €10 thousand to FRANCE 24 under this agreement.WITH TF1 DIGITALOn April 20, 2006, TF1 signed a business management lease with TF1 Digital for a period of six years as from January 1, 2006. Under this contract, TF1 gave a management lease to TF1 Digital in respect of the branch of its business related to “Belgian” activities, including in particular all operating, use and programme broadcasting rights owned by TF1 in the context of its internal productions and co-production contracts and/or from purchase of audiovisual rights for Belgium. The business assets leased notably include the “TF1” logo, the TF1 brand, the related customer base and the beneﬁts of all agreements and contracts entered into with all third parties for the operation of such assets. In this respect, TF1 Digital pays TF1 royalties equal to 5% of sales to distributors of services. These royalties are subject to ceilings for the years 2007 to 2009 of respectively €102 thousand, €139 thousand and €182 thousand and an amount of €211 thousand for 2010 and 2011. For 2008, TF1 Digital paid royalties of €108 thousand. Paris La Defense and Courbevoie, March 20, 2009 The Statutory Auditors KPMG Audit Department of KPMG S.A. Jean-Pierre Crouzet Partner Eric Lefebvre Partner Gilles Rainaut Partner MAZARS1702008 REGISTRATION DOCUME]]></basicChars>
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	<page id="173">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF166.1 6.2INFORMATION CONCERNING THE TF1 COMPANY LEGAL FRAMEWORK6.2.1 Share ownership 6.2.2 Licence conditions 6.2.3 Main legal provisions and obligations 6.2.4 Discontinuation of analogue broadcasting on November 30, 2011 6.2.5 High Deﬁnition and personal mobile television 6.2.6 Modiﬁcations of the legal framework172 180180 180 180 181 182 1826.3SHAREHOLDERS’ GENERAL MEETING6.3.1 Presentation of resolutions – Ordinary part 6.3.2 Agenda – Extraordinary part183183 1856.4PEOPLE RESPONSIBLE FOR INFORMATION6.4.1 Information and Investor Relations 6.4.2 Schedule of ﬁnancial announcements for 2009186186 1866.5 6.6INFORMATION INCLUDED BY REFERENCE ADDRESSES OF MAIN SUBSIDIARIES AND PARTICIPATIONS REGISTRATION DOCUMENT AND CROSS-REFERENCE TABLE1871886.71892008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF166.1 6.2INFORMATION CONCERNING THE TF1 COMPANY LEGAL FRAMEWORK6.2.1 Share ownership 6.2.2 Licence conditions 6.2.3 Main legal provisions and obligations 6.2.4 Discontinuation of analogue broadcasting on November 30, 2011 6.2.5 High Deﬁnition and personal mobile television 6.2.6 Modiﬁcations of the legal framework172 180180 180 180 181 182 1826.3SHAREHOLDERS’ GENERAL MEETING6.3.1 Presentation of resolutions – Ordinary part 6.3.2 Agenda – Extraordinary part183183 1856.4PEOPLE RESPONSIBLE FOR INFORMATION6.4.1 Information and Investor Relations 6.4.2 Schedule of ﬁnancial announcements for 2009186186 1866.5 6.6INFORMATION INCLUDED BY REFERENCE ADDRESSES OF MAIN SUBSIDIARIES AND PARTICIPATIONS REGISTRATION DOCUMENT AND CROSS-REFERENCE TABLE1871886.71892008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="174">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6.1 INFORMATION CONCERNING THE TF1 COMPANY6.1.1 General informationCorporate name: TELEVISION FRANCAISE 1 - TF1 Registered ofﬁce: 1, quai du Point du Jour - 92100 Boulogne Billancourt Trade et Companies register number: 326 300 159 RCS Nanterre SIRET number: 326 300 159 00067 Industry segment code: 6020A Company type: Public Liability Company under French law with Board of Directors Date of incorporation: September 17, 1982 Date of expiration: January 31, 2082 Financial year: January 1 to December 316.1.2 Company objectThe object of the company is to operate an audiovisual communication service, as authorised by the laws and regulations in force, comprising the conception, production, programming and broadcasting of television programmes, and including all advertising messages and announcements. To carry out any industrial, commercial, ﬁnancial, securities or property operations, within or outside France, directly or indirectly connected to this activity and to any similar, related or complementary objects, or any operations likely to facilitate their realisation or development or to any company asset, including: p devising, producing, acquiring, selling, renting and exploiting all recordings of images and/or sound, news reports, and ﬁlms intended for television, the cinema or broadcasting, p p undertaking advertising sales transactions, providing services of all kinds for sound broadcasting and television,All of these directly or indirectly, on its own behalf or on behalf of third parties, either alone or with third parties, through the creation of new companies, contributions, limited partnerships, subscriptions, the purchase of company shares or rights, mergers, partnerships, joint ventures, acquisitions, gifts or the management of any property or rights, or otherwise. Its action is undertaken in compliance with its contract conditions and the laws in force.6.1.3 Statutory appropriation of incomeFive percent shall be deducted from net proﬁts, after deduction of any previous losses, and appropriated to the legal reserve fund. This is no longer compulsory when the legal reserve reaches one tenth of the registered capital. This deduction shall be resumed if for any reason the legal reserve falls below this one tenth. Distributable income comprises the year’s proﬁts plus retained earnings brought forward, minus previous losses and amounts credited to reserves, as required by law and these Articles of Incorporation. This income shall be distributed between all shareholders in proportion to the number of shares they each own.1722008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6.1 INFORMATION CONCERNING THE TF1 COMPANY6.1.1 General informationCorporate name: TELEVISION FRANCAISE 1 - TF1 Registered ofﬁce: 1, quai du Point du Jour - 92100 Boulogne Billancourt Trade et Companies register number: 326 300 159 RCS Nanterre SIRET number: 326 300 159 00067 Industry segment code: 6020A Company type: Public Liability Company under French law with Board of Directors Date of incorporation: September 17, 1982 Date of expiration: January 31, 2082 Financial year: January 1 to December 316.1.2 Company objectThe object of the company is to operate an audiovisual communication service, as authorised by the laws and regulations in force, comprising the conception, production, programming and broadcasting of television programmes, and including all advertising messages and announcements. To carry out any industrial, commercial, ﬁnancial, securities or property operations, within or outside France, directly or indirectly connected to this activity and to any similar, related or complementary objects, or any operations likely to facilitate their realisation or development or to any company asset, including: p devising, producing, acquiring, selling, renting and exploiting all recordings of images and/or sound, news reports, and ﬁlms intended for television, the cinema or broadcasting, p p undertaking advertising sales transactions, providing services of all kinds for sound broadcasting and television,All of these directly or indirectly, on its own behalf or on behalf of third parties, either alone or with third parties, through the creation of new companies, contributions, limited partnerships, subscriptions, the purchase of company shares or rights, mergers, partnerships, joint ventures, acquisitions, gifts or the management of any property or rights, or otherwise. Its action is undertaken in compliance with its contract conditions and the laws in force.6.1.3 Statutory appropriation of incomeFive percent shall be deducted from net proﬁts, after deduction of any previous losses, and appropriated to the legal reserve fund. This is no longer compulsory when the legal reserve reaches one tenth of the registered capital. This deduction shall be resumed if for any reason the legal reserve falls below this one tenth. Distributable income comprises the year’s proﬁts plus retained earnings brought forward, minus previous losses and amounts credited to reserves, as required by law and these Articles of Incorporation. This income shall be distributed between all shareholders in proportion to the number of shares they each own.1722008 REGISTRATION DOCUME]]></basicChars>
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	<page id="175">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company66.1.4 General MeetingAll shareholders may participate in General Meetings, irrespective of the number of shares they own. All shareholders may vote by correspondence. Shareholders may only be represented at the General Meeting by their spouse or by another shareholder. certiﬁcate of participation delivered directly by the authorised intermediary who manages their share account.FORMALITIES TO BE COMPLETED BEFORE PARTICIPATING IN GENERAL MEETINGSShareholders who wish to attend the General Meeting, be represented there or vote by correspondence, must: p holders of registered shares: be entered in the shareholders’ register of the company at latest at midnight, (Paris time) Monday April 13, 2009, for bearer shares: arrange for the authorised intermediary who manages their share account to provide a certiﬁcate of participation that speciﬁes the inscription or accounting record of their shares at latest at midnight (Paris time) Monday April 13, 2009.SHAREHOLDERS WHO WILL NOT PERSONALLY ATTEND THE GENERAL MEETING AND WISH TO BE REPRESENTED OR TO VOTE BY CORRESPONDENCE MAY:p for holders of registered shares: return the proxy/correspondence form sent to them with the invitation to TF1 - Service Titres - C/O BOUYGUES 32 avenue Hoche - 75008 Paris, for holders of bearer shares: ask the authorized intermediary who manages their share account to provide the proxy/correspondence form and return it together with the participation certiﬁcate to TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris.ppForms for voting by correspondence must be physically received by TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris, at the latest at midnight (Paris time) on Tuesday April 14, 2009. When a shareholder has already cast his/her vote by correspondence, sent a proxy, requested an admission card or certiﬁcate of participation to attend the General Meeting, he/she can no longer opt for a different form of participation.PARTICIPATION IN THE GENERAL MEETINGSHAREHOLDERS WISHING TO ATTEND THE GENERAL MEETING MAY REQUEST AN ADMISSION CARD AS FOLLOWS:p for holders of registered shares: request the admission card from TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris (Tel: +33 (0)1.44.20.11.07 - fax: +33 (0)1.44.20.12.42), for holders of bearer shares: ask the authorised intermediary who manages their share account to ensure that the admission card be sent to them by TF1 in view of the certiﬁcate of participation that has been delivered. Any holder of bearer shares who has not received the invitation can have theREQUESTS FOR INCLUSION OF PROPOSED RESOLUTIONSRequests for the inclusion of proposed resolutions in the agenda of the General Meeting emanating from shareholders who have justiﬁed, under legal conditions, that they possess or represent the fraction of share capital required, must be sent to the registered ofﬁces by return-receipted registered mail, within 20 days of the publication of the present notiﬁcation.p6.1.5 Crossing the statutory thresholdsAny person, acting alone or with others, who attains a holding of at least 1%, 2%, 3% and 4% of capital or of voting rights, shall, within ﬁve days of registration of the shares enabling him/her to reach or to exceed this threshold, declare to the Company by return-receipted registered mail, at its registered ofﬁces, the total number of shares and voting rights he/she possesses. This declaration must be made, complying with the above conditions, each time the threshold of 1%, 2%, 3% and 4% is overstepped upward or downward. If not declared under the above conditions, the shares exceeding the fraction which ought to have been declared are deprived of the right to vote under the conditions laid down by law, if one or more shareholders possessing 5% at least of the registered capital so request at a General Meeting.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company66.1.4 General MeetingAll shareholders may participate in General Meetings, irrespective of the number of shares they own. All shareholders may vote by correspondence. Shareholders may only be represented at the General Meeting by their spouse or by another shareholder. certiﬁcate of participation delivered directly by the authorised intermediary who manages their share account.FORMALITIES TO BE COMPLETED BEFORE PARTICIPATING IN GENERAL MEETINGSShareholders who wish to attend the General Meeting, be represented there or vote by correspondence, must: p holders of registered shares: be entered in the shareholders’ register of the company at latest at midnight, (Paris time) Monday April 13, 2009, for bearer shares: arrange for the authorised intermediary who manages their share account to provide a certiﬁcate of participation that speciﬁes the inscription or accounting record of their shares at latest at midnight (Paris time) Monday April 13, 2009.SHAREHOLDERS WHO WILL NOT PERSONALLY ATTEND THE GENERAL MEETING AND WISH TO BE REPRESENTED OR TO VOTE BY CORRESPONDENCE MAY:p for holders of registered shares: return the proxy/correspondence form sent to them with the invitation to TF1 - Service Titres - C/O BOUYGUES 32 avenue Hoche - 75008 Paris, for holders of bearer shares: ask the authorized intermediary who manages their share account to provide the proxy/correspondence form and return it together with the participation certiﬁcate to TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris.ppForms for voting by correspondence must be physically received by TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris, at the latest at midnight (Paris time) on Tuesday April 14, 2009. When a shareholder has already cast his/her vote by correspondence, sent a proxy, requested an admission card or certiﬁcate of participation to attend the General Meeting, he/she can no longer opt for a different form of participation.PARTICIPATION IN THE GENERAL MEETINGSHAREHOLDERS WISHING TO ATTEND THE GENERAL MEETING MAY REQUEST AN ADMISSION CARD AS FOLLOWS:p for holders of registered shares: request the admission card from TF1 - Service Titres - C/O BOUYGUES - 32 avenue Hoche - 75008 Paris (Tel: +33 (0)1.44.20.11.07 - fax: +33 (0)1.44.20.12.42), for holders of bearer shares: ask the authorised intermediary who manages their share account to ensure that the admission card be sent to them by TF1 in view of the certiﬁcate of participation that has been delivered. Any holder of bearer shares who has not received the invitation can have theREQUESTS FOR INCLUSION OF PROPOSED RESOLUTIONSRequests for the inclusion of proposed resolutions in the agenda of the General Meeting emanating from shareholders who have justiﬁed, under legal conditions, that they possess or represent the fraction of share capital required, must be sent to the registered ofﬁces by return-receipted registered mail, within 20 days of the publication of the present notiﬁcation.p6.1.5 Crossing the statutory thresholdsAny person, acting alone or with others, who attains a holding of at least 1%, 2%, 3% and 4% of capital or of voting rights, shall, within ﬁve days of registration of the shares enabling him/her to reach or to exceed this threshold, declare to the Company by return-receipted registered mail, at its registered ofﬁces, the total number of shares and voting rights he/she possesses. This declaration must be made, complying with the above conditions, each time the threshold of 1%, 2%, 3% and 4% is overstepped upward or downward. If not declared under the above conditions, the shares exceeding the fraction which ought to have been declared are deprived of the right to vote under the conditions laid down by law, if one or more shareholders possessing 5% at least of the registered capital so request at a General Meeting.2008 REGISTRATION DOCUMENT1]]></basicChars>
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	<page id="176">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6.1.6 Articles of incorporationUpdated following the Board Meeting of November 12, 2007 Modiﬁcation of Article 6 “Authorised Capital”ARTICLE 4REGISTERED OFFICEThe Registered ofﬁce is located at Boulogne (92100) – 1, quai du Point du Jour. It may be transferred to any other location in the same or an adjoining “department” (French administrative unit) purely by the decision of the Board of Directors, subject to ratiﬁcation by the next Ordinary General Meeting, or anywhere else in France through a decision by the Extraordinary General Meeting of Shareholders. If a transfer is decided by the Board of Directors, the latter shall be authorised to modify the Articles of Incorporation in consequence.ARTICLE 1LEGAL FORMA public liability company governed by current and future legislation, in force and by these Articles of Incorporation, has been formed between the owners of shares hereinafter created and of any shares subsequently created.ARTICLE 2OBJECTThe object of the company is: To operate an audiovisual communication service, as authorised by the laws and regulations in force, comprising the conception, production, programming and broadcasting of television programmes, and including all advertising messages and announcements. To carry out any industrial, commercial, ﬁnancial, securities or property operations, within or outside France, directly or indirectly connected to this object and to any similar, related or complementary objects, or any operations likely to facilitate their realisation or development or to any company asset, including: p devising, producing, acquiring, selling, renting and exploiting all recordings of images and/or sound, news reports, and ﬁlms intended for television, the cinema or broadcasting, undertaking advertising sales transactions, providing services of all kinds for sound broadcasting and television,ARTICLE 5DURATIONThe duration of the company is set at ninety-nine (99) years as from the date of its registration in the Trade and Companies Register, except in the event of earlier dissolution or an extension decided by the Extraordinary General Meeting of Shareholders.ARTICLE 6AUTHORISED CAPITALThe authorised capital is set at €42,682,098.40, divided into 213,410,492 shares each with a nominal value of €0.20.p pARTICLE 7FORM-PAYMENT-FRACTIONAL SHARESI. The company’s shares may be registered or bearer shares. All persons, acting alone or in concert, who acquire at least 1%, 2%, 3% and 4% of the capital or voting rights shall be bound, within ﬁve days of the registration on their account of the shares causing them to attain or exceed this threshold, to declare to the Company the total number of shares and the number of voting rights they possess by means of a return-receipted registered letter sent to the Registered ofﬁce. This declaration must be undertaken under the conditions stipulated above every time the threshold of 1%, 2%, 3% and 4% is overstepped in either direction. If they have not been declared in accordance with the above conditions, shares exceeding the proportion that should have been declared shall forfeit their voting rights as provided by law, if one or several shareholders holding at least 5% of the capital so request during the General Meeting. This provision is additional to the legal provisions for declarations relative to the overstepping of shareholding thresholds. II. Cash shares shall be paid up under legal conditions. III. Holders of fractional shares resulting from the exchange, consolidation, allotment or subscription of shares shall be responsible for their aggregation and any necessary purchases or sales of shares and/or rights.All of these directly or indirectly, on its own behalf or on behalf of third parties, either alone or with third parties, through the creation of new companies, contributions, limited partnerships, subscriptions, the purchase of company shares or rights, mergers, partnerships, joint ventures, acquisitions, gifts or the management of any property or rights, or otherwise. Its action is undertaken in compliance with its contract conditions and the prevailing laws in force.ARTICLE 3NAMEIts corporate name is: “TELEVISION FRANÇAISE 1” or its abbreviated form: “TF1” All legal and other documents issued by the company must mention the corporate name, immediately preceded or followed by the words Société anonyme (“public liability company”) or the corresponding French initials “SA” and the share capital amount.1742008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6.1.6 Articles of incorporationUpdated following the Board Meeting of November 12, 2007 Modiﬁcation of Article 6 “Authorised Capital”ARTICLE 4REGISTERED OFFICEThe Registered ofﬁce is located at Boulogne (92100) – 1, quai du Point du Jour. It may be transferred to any other location in the same or an adjoining “department” (French administrative unit) purely by the decision of the Board of Directors, subject to ratiﬁcation by the next Ordinary General Meeting, or anywhere else in France through a decision by the Extraordinary General Meeting of Shareholders. If a transfer is decided by the Board of Directors, the latter shall be authorised to modify the Articles of Incorporation in consequence.ARTICLE 1LEGAL FORMA public liability company governed by current and future legislation, in force and by these Articles of Incorporation, has been formed between the owners of shares hereinafter created and of any shares subsequently created.ARTICLE 2OBJECTThe object of the company is: To operate an audiovisual communication service, as authorised by the laws and regulations in force, comprising the conception, production, programming and broadcasting of television programmes, and including all advertising messages and announcements. To carry out any industrial, commercial, ﬁnancial, securities or property operations, within or outside France, directly or indirectly connected to this object and to any similar, related or complementary objects, or any operations likely to facilitate their realisation or development or to any company asset, including: p devising, producing, acquiring, selling, renting and exploiting all recordings of images and/or sound, news reports, and ﬁlms intended for television, the cinema or broadcasting, undertaking advertising sales transactions, providing services of all kinds for sound broadcasting and television,ARTICLE 5DURATIONThe duration of the company is set at ninety-nine (99) years as from the date of its registration in the Trade and Companies Register, except in the event of earlier dissolution or an extension decided by the Extraordinary General Meeting of Shareholders.ARTICLE 6AUTHORISED CAPITALThe authorised capital is set at €42,682,098.40, divided into 213,410,492 shares each with a nominal value of €0.20.p pARTICLE 7FORM-PAYMENT-FRACTIONAL SHARESI. The company’s shares may be registered or bearer shares. All persons, acting alone or in concert, who acquire at least 1%, 2%, 3% and 4% of the capital or voting rights shall be bound, within ﬁve days of the registration on their account of the shares causing them to attain or exceed this threshold, to declare to the Company the total number of shares and the number of voting rights they possess by means of a return-receipted registered letter sent to the Registered ofﬁce. This declaration must be undertaken under the conditions stipulated above every time the threshold of 1%, 2%, 3% and 4% is overstepped in either direction. If they have not been declared in accordance with the above conditions, shares exceeding the proportion that should have been declared shall forfeit their voting rights as provided by law, if one or several shareholders holding at least 5% of the capital so request during the General Meeting. This provision is additional to the legal provisions for declarations relative to the overstepping of shareholding thresholds. II. Cash shares shall be paid up under legal conditions. III. Holders of fractional shares resulting from the exchange, consolidation, allotment or subscription of shares shall be responsible for their aggregation and any necessary purchases or sales of shares and/or rights.All of these directly or indirectly, on its own behalf or on behalf of third parties, either alone or with third parties, through the creation of new companies, contributions, limited partnerships, subscriptions, the purchase of company shares or rights, mergers, partnerships, joint ventures, acquisitions, gifts or the management of any property or rights, or otherwise. Its action is undertaken in compliance with its contract conditions and the prevailing laws in force.ARTICLE 3NAMEIts corporate name is: “TELEVISION FRANCAISE 1” or its abbreviated form: “TF1” All legal and other documents issued by the company must mention the corporate name, immediately preceded or followed by the words Societe anonyme (“public liability company”) or the corresponding French initials “SA” and the share capital amount.1742008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6ARTICLE 8ASSIGNMENT AND TRANSFER OF SHARESShares shall be freely negotiable within the limit of the laws or regulations in force, including the conditions stipulated by Laws no. 86-1067 of September 30, 1986, no. 86-1210 of November 27, 1986 and no. 89-25 of January 17, 1989. Subject to the international commitments made by France, no person of foreign nationality within the meaning of Article 40 of Law no. 86-1067 of September 30, 1986 may undertake an acquisition whose effect is to directly or indirectly increase the share of capital held by foreigners to more than 20 percent of the share capital or voting rights in the company’s General Meetings. Furthermore, a single natural person or legal entity may not directly or indirectly own a participation greater than that stipulated by the laws and regulations in force. More generally, shareholders are bound to respect the speciﬁc provisions of the laws in force relative to the ownership or acquisition of the company’s shares.The duties of a Member who is a staff representative shall terminate after the announcement of the votes of the electoral colleges appointing Board Members representing the staff; this appointment must normally take place within the two weeks preceding the General Meeting covering the previous business year, held during the year in which the Board Member’s term of ofﬁce expires. Members of the Board may always stand for re-election. Board Members who are not staff representatives may be dismissed at any time by the Ordinary General Meeting. Board Members representing the staff may only be dismissed through the decision of the President of the Regional Court, sitting in relief proceedings, for misconduct during the exercise of their duties, at the request of the majority of the Members of the Board. The decision shall be immediately enforceable. Except in the event of termination at the employee’s initiative, the termination of an employment contract of a Board Member elected by the employees may only be pronounced by the trial Board of the Industrial Tribunal sitting in relief proceedings. The decision shall be immediately enforceable. IV. Board Members who are not staff representatives may be natural persons or legal entities; upon their appointment, the latter must name a permanent representative who shall be subject to the same conditions and obligations and assume the same responsibilities as if he were a Member of the Board in his own right, without prejudice to the joint and several liability of the legal entity he represents; the permanent representative’s term of ofﬁce shall run for the duration of that of the legal entity he represents; he must be reappointed each time such legal entity’s term of ofﬁce is renewed. If the legal entity terminates the term of ofﬁce of its representative, it shall be bound to notify such cancellation to the company immediately by registered letter, together with the identity of its new permanent representative; likewise in the event of the permanent representative’s death, resignation or prolonged indisposition. V. If one or several seats of Members of the Board who are not staff representatives become vacant between two General Meetings due to their death or resignation, the Board of Directors may appoint one or more members on a temporary basis. If one or several seats of Members of the Board who are staff representatives become vacant between two General Meetings due to their death, resignation, dismissal or the termination of their employment contract, the vacant seat shall be ﬁlled by the alternate. Appointments of Members of the Board made by the Board of Directors shall be subject to ratiﬁcation by the next Ordinary General Meeting. Should no such ratiﬁcation take place, decisions taken and acts accomplished previously by the Board shall remain valid. Should only one or two Members of the Board remain at their post(s), he or they, or failing this the Statutory Auditor(s), must immediately convene an Ordinary General Meeting of Shareholders in order to ﬁll the vacant positions on the Board. Any Member of the Board appointed to replace another shall only do so for the remaining period of his predecessor’s term of ofﬁce.ARTICLE 9RIGHTS AND OBLIGATIONS PERTAINING TO SHARESI. All shares include a right to a share of the company’s proﬁts and assets in proportion to the portion of equity they represent. In addition, they include the right to vote and to be represented in General Meetings pursuant to the laws and regulations in force. All shares include the right, during the company’s existence and in the event of liquidation, to payment of the same net amount with every allotment or repayment, so that, should the occasion arise, all shares shall be treated as one indistinct entity regarding any tax exemptions and any tax which may be borne by the company. II. Shareholders shall be liable up to the nominal amount of the shares they possess: above this sum, all calls for capital shall be prohibited. Rights and obligations shall be attached to the share, whoever the owner. Ownership of a share shall, as a matter of law, involve acceptance of the company’s Articles of Incorporation and the decisions of the General Meeting.ARTICLE 10BOARD OF DIRECTORSI. The company shall be managed by a Board of Directors of twelve members subject to the dispensations provided by law. In application of Article 66 of Law no. 86-1067 of September 30, 1986, two of the seats on the Board of Directors shall be allocated to staff representatives; one of these two seats shall be reserved for engineers, executives and those in a similar category.II. During the existence of the company, Board Members who are not staff representatives shall be appointed or reappointed to their duties by the Ordinary General Meeting of Shareholders. III. The duration of a Board Member’s duties shall be two years. The duties of a Member who is not a staff representative shall terminate at the end of the Ordinary General Meeting ruling on the accounts of the previous business year, held during the year during which the Board Member’s term of ofﬁce expires.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6ARTICLE 8ASSIGNMENT AND TRANSFER OF SHARESShares shall be freely negotiable within the limit of the laws or regulations in force, including the conditions stipulated by Laws no. 86-1067 of September 30, 1986, no. 86-1210 of November 27, 1986 and no. 89-25 of January 17, 1989. Subject to the international commitments made by France, no person of foreign nationality within the meaning of Article 40 of Law no. 86-1067 of September 30, 1986 may undertake an acquisition whose effect is to directly or indirectly increase the share of capital held by foreigners to more than 20 percent of the share capital or voting rights in the company’s General Meetings. Furthermore, a single natural person or legal entity may not directly or indirectly own a participation greater than that stipulated by the laws and regulations in force. More generally, shareholders are bound to respect the speciﬁc provisions of the laws in force relative to the ownership or acquisition of the company’s shares.The duties of a Member who is a staff representative shall terminate after the announcement of the votes of the electoral colleges appointing Board Members representing the staff; this appointment must normally take place within the two weeks preceding the General Meeting covering the previous business year, held during the year in which the Board Member’s term of ofﬁce expires. Members of the Board may always stand for re-election. Board Members who are not staff representatives may be dismissed at any time by the Ordinary General Meeting. Board Members representing the staff may only be dismissed through the decision of the President of the Regional Court, sitting in relief proceedings, for misconduct during the exercise of their duties, at the request of the majority of the Members of the Board. The decision shall be immediately enforceable. Except in the event of termination at the employee’s initiative, the termination of an employment contract of a Board Member elected by the employees may only be pronounced by the trial Board of the Industrial Tribunal sitting in relief proceedings. The decision shall be immediately enforceable. IV. Board Members who are not staff representatives may be natural persons or legal entities; upon their appointment, the latter must name a permanent representative who shall be subject to the same conditions and obligations and assume the same responsibilities as if he were a Member of the Board in his own right, without prejudice to the joint and several liability of the legal entity he represents; the permanent representative’s term of ofﬁce shall run for the duration of that of the legal entity he represents; he must be reappointed each time such legal entity’s term of ofﬁce is renewed. If the legal entity terminates the term of ofﬁce of its representative, it shall be bound to notify such cancellation to the company immediately by registered letter, together with the identity of its new permanent representative; likewise in the event of the permanent representative’s death, resignation or prolonged indisposition. V. If one or several seats of Members of the Board who are not staff representatives become vacant between two General Meetings due to their death or resignation, the Board of Directors may appoint one or more members on a temporary basis. If one or several seats of Members of the Board who are staff representatives become vacant between two General Meetings due to their death, resignation, dismissal or the termination of their employment contract, the vacant seat shall be ﬁlled by the alternate. Appointments of Members of the Board made by the Board of Directors shall be subject to ratiﬁcation by the next Ordinary General Meeting. Should no such ratiﬁcation take place, decisions taken and acts accomplished previously by the Board shall remain valid. Should only one or two Members of the Board remain at their post(s), he or they, or failing this the Statutory Auditor(s), must immediately convene an Ordinary General Meeting of Shareholders in order to ﬁll the vacant positions on the Board. Any Member of the Board appointed to replace another shall only do so for the remaining period of his predecessor’s term of ofﬁce.ARTICLE 9RIGHTS AND OBLIGATIONS PERTAINING TO SHARESI. All shares include a right to a share of the company’s proﬁts and assets in proportion to the portion of equity they represent. In addition, they include the right to vote and to be represented in General Meetings pursuant to the laws and regulations in force. All shares include the right, during the company’s existence and in the event of liquidation, to payment of the same net amount with every allotment or repayment, so that, should the occasion arise, all shares shall be treated as one indistinct entity regarding any tax exemptions and any tax which may be borne by the company. II. Shareholders shall be liable up to the nominal amount of the shares they possess: above this sum, all calls for capital shall be prohibited. Rights and obligations shall be attached to the share, whoever the owner. Ownership of a share shall, as a matter of law, involve acceptance of the company’s Articles of Incorporation and the decisions of the General Meeting.ARTICLE 10BOARD OF DIRECTORSI. The company shall be managed by a Board of Directors of twelve members subject to the dispensations provided by law. In application of Article 66 of Law no. 86-1067 of September 30, 1986, two of the seats on the Board of Directors shall be allocated to staff representatives; one of these two seats shall be reserved for engineers, executives and those in a similar category.II. During the existence of the company, Board Members who are not staff representatives shall be appointed or reappointed to their duties by the Ordinary General Meeting of Shareholders. III. The duration of a Board Member’s duties shall be two years. The duties of a Member who is not a staff representative shall terminate at the end of the Ordinary General Meeting ruling on the accounts of the previous business year, held during the year during which the Board Member’s term of ofﬁce expires.2008 REGISTRATION DOCUMENT1]]></basicChars>
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		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 companyARTICLE 11SHARES OF MEMBERS OF THE BOARDMembers of the Board must each own one share. Members of the Board appointed during the existence of the company need not own any shares at the time they are appointed, but must become shareholders within three months, failing which they will automatically be considered to have resigned.Members of the Board may participate in Board Meetings by means of video conference facilities, as provided by the laws and regulations. For the calculation of the quorum and majority, Board Members participating in Board Meetings via video conference facilities shall be considered as present.ARTICLE 14POWERS OF THE BOARD OF DIRECTORSThe Board of Directors shall decide upon the strategic directions for the company’s activities and ensure that they are put into practice. Subject to the powers expressly conferred by law on Shareholders’ Meetings or the Chairman of the Board of Directors or the Chief Executive Ofﬁcer, if the latter’s duties are not assumed by the Chairman of the Board, and within the limits of the company’s object, it shall deal with all matters relating to the proper functioning of the company and settle any related decisions through its deliberations. It shall undertake any checks and veriﬁcations that it deems appropriate. In general, it shall take any decisions and exercise any prerogatives falling within the scope of its competence by virtue of the laws and regulations in force or these Articles of Incorporation. It may decide to create committees in charge of examining questions that it or its Chairman submits for their opinion. It shall ﬁx the composition and remit of such committees. It may entrust to one or several of its members’ special duties for one or several determined purposes.ARTICLE 12OFFICERS OF THE BOARDThe Board of Directors shall appoint one of its members who is a natural person as Chairman, and set the period of his duties, though this may not exceed his term of ofﬁce as a Member of the Board. The Chairman of the Board of Directors shall organise and direct the work of the Board, and report on this to the General Meeting of Shareholders. He shall ensure the proper functioning of the company’s management bodies, and in particular ensure that the Members of the Board are capable of fulﬁlling their duties. If it sees ﬁt, the Board of Directors may appoint one or several Vice Chairmen, whose period of duties it shall also ﬁx without this exceeding their terms of ofﬁce. The Board may also appoint a Secretary, who need not be one of its members. In the absence or indisposition of the Chairman, a Board Meeting may be chaired by the Vice Chairman fulﬁlling the duties of Chief Executive Ofﬁcer, or the longestserving Vice Chairman. Failing this, the Board shall appoint one of its members to act as Chairman for the Meeting. The Chairman, Vice Chairmen and Secretary may all stand for re-election. As from the date when shares are admitted to the ofﬁcial listing or to the Second Market of the Paris Stock Exchange, the age limit for performing the duties of Chairman of the Board of Directors is set at 68.ARTICLE 15REMUNERATION OF MEMBERS OF THE BOARDI. Members of the Board may receive Directors’ fees whose amount, ﬁxed by the Ordinary General Meeting of Shareholders, shall be maintained until a decision is made to the contrary and which shall be posted in the accounts under operating expenses.ARTICLE 13DELIBERATIONS OF THE BOARDI. The Board of Directors shall meet as often as the interests of the company require, at the behest of its Chairman. The Chairman of the Board must also, as provided by law, convene such a Meeting at the request of a third of its members or of the Chief Executive Ofﬁcer, if the latter’s duties are not assumed by the Chairman of the Board, even if the last Meeting was held less than two months previously. The Meeting shall take place at the Registered ofﬁce, or in any other place indicated in the notiﬁcation to attend. Notiﬁcations to attend may be communicated by any means, and may even be oral. II. For deliberations to be valid, the effective presence of at least half the Members of the Board shall be required. Decisions shall be taken with a majority of votes from the members present or represented; each Board Member shall dispose of one vote, and may not represent more than one of his colleagues. Should there be an equal number of votes, the Chairman shall have the casting vote.II. The Board shall decide by a majority vote upon the division of these fees between its members, in a manner it considers appropriate. III. Members of the Board may also have the right to special remuneration authorised by the Board and submitted to the approval of the General Meeting, subject to a special report by the Statutory Auditors, for assignments or mandates entrusted to them, and to the reimbursement of their travelling expenses occasioned by management requirements.ARTICLE 16GENERAL MANAGEMENT - DELEGATION OF POWERSI. The General Management of the company is assumed, under his responsibility, either by the Chairman of the Board of Directors, who shall then take the title of Chairman and Chief Executive Ofﬁcer, or by another natural person, whether or not a Member of the Board, appointed by the Board of Directors, for whom it shall set the period of his duties, this person taking the title of Chief Executive Ofﬁcer. The Chief Executive Ofﬁcer may be dismissed at any time by the Board of Directors. The Board of Directors shall choose between these two methods of General Management upon each appointment/reappointment of the Chairman of the1762008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 companyARTICLE 11SHARES OF MEMBERS OF THE BOARDMembers of the Board must each own one share. Members of the Board appointed during the existence of the company need not own any shares at the time they are appointed, but must become shareholders within three months, failing which they will automatically be considered to have resigned.Members of the Board may participate in Board Meetings by means of video conference facilities, as provided by the laws and regulations. For the calculation of the quorum and majority, Board Members participating in Board Meetings via video conference facilities shall be considered as present.ARTICLE 14POWERS OF THE BOARD OF DIRECTORSThe Board of Directors shall decide upon the strategic directions for the company’s activities and ensure that they are put into practice. Subject to the powers expressly conferred by law on Shareholders’ Meetings or the Chairman of the Board of Directors or the Chief Executive Ofﬁcer, if the latter’s duties are not assumed by the Chairman of the Board, and within the limits of the company’s object, it shall deal with all matters relating to the proper functioning of the company and settle any related decisions through its deliberations. It shall undertake any checks and veriﬁcations that it deems appropriate. In general, it shall take any decisions and exercise any prerogatives falling within the scope of its competence by virtue of the laws and regulations in force or these Articles of Incorporation. It may decide to create committees in charge of examining questions that it or its Chairman submits for their opinion. It shall ﬁx the composition and remit of such committees. It may entrust to one or several of its members’ special duties for one or several determined purposes.ARTICLE 12OFFICERS OF THE BOARDThe Board of Directors shall appoint one of its members who is a natural person as Chairman, and set the period of his duties, though this may not exceed his term of ofﬁce as a Member of the Board. The Chairman of the Board of Directors shall organise and direct the work of the Board, and report on this to the General Meeting of Shareholders. He shall ensure the proper functioning of the company’s management bodies, and in particular ensure that the Members of the Board are capable of fulﬁlling their duties. If it sees ﬁt, the Board of Directors may appoint one or several Vice Chairmen, whose period of duties it shall also ﬁx without this exceeding their terms of ofﬁce. The Board may also appoint a Secretary, who need not be one of its members. In the absence or indisposition of the Chairman, a Board Meeting may be chaired by the Vice Chairman fulﬁlling the duties of Chief Executive Ofﬁcer, or the longestserving Vice Chairman. Failing this, the Board shall appoint one of its members to act as Chairman for the Meeting. The Chairman, Vice Chairmen and Secretary may all stand for re-election. As from the date when shares are admitted to the ofﬁcial listing or to the Second Market of the Paris Stock Exchange, the age limit for performing the duties of Chairman of the Board of Directors is set at 68.ARTICLE 15REMUNERATION OF MEMBERS OF THE BOARDI. Members of the Board may receive Directors’ fees whose amount, ﬁxed by the Ordinary General Meeting of Shareholders, shall be maintained until a decision is made to the contrary and which shall be posted in the accounts under operating expenses.ARTICLE 13DELIBERATIONS OF THE BOARDI. The Board of Directors shall meet as often as the interests of the company require, at the behest of its Chairman. The Chairman of the Board must also, as provided by law, convene such a Meeting at the request of a third of its members or of the Chief Executive Ofﬁcer, if the latter’s duties are not assumed by the Chairman of the Board, even if the last Meeting was held less than two months previously. The Meeting shall take place at the Registered ofﬁce, or in any other place indicated in the notiﬁcation to attend. Notiﬁcations to attend may be communicated by any means, and may even be oral. II. For deliberations to be valid, the effective presence of at least half the Members of the Board shall be required. Decisions shall be taken with a majority of votes from the members present or represented; each Board Member shall dispose of one vote, and may not represent more than one of his colleagues. Should there be an equal number of votes, the Chairman shall have the casting vote.II. The Board shall decide by a majority vote upon the division of these fees between its members, in a manner it considers appropriate. III. Members of the Board may also have the right to special remuneration authorised by the Board and submitted to the approval of the General Meeting, subject to a special report by the Statutory Auditors, for assignments or mandates entrusted to them, and to the reimbursement of their travelling expenses occasioned by management requirements.ARTICLE 16GENERAL MANAGEMENT - DELEGATION OF POWERSI. The General Management of the company is assumed, under his responsibility, either by the Chairman of the Board of Directors, who shall then take the title of Chairman and Chief Executive Ofﬁcer, or by another natural person, whether or not a Member of the Board, appointed by the Board of Directors, for whom it shall set the period of his duties, this person taking the title of Chief Executive Ofﬁcer. The Chief Executive Ofﬁcer may be dismissed at any time by the Board of Directors. The Board of Directors shall choose between these two methods of General Management upon each appointment/reappointment of the Chairman of the1762008 REGISTRATION DOCUME]]></basicChars>
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		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6Board or of the Chief Executive Ofﬁcer if the latter’s duties are not assumed by the Chairman of the Board. This choice shall remain valid until the expiry of one of these terms of ofﬁce or, should the case arise, until the Chairman of the Board decides to no longer assume the functions of Chief Executive Ofﬁcer, or upon the decision of the Board of Directors for a shorter period, which may not be less than one year. Any change in the General Management method shall not entail a modiﬁcation of the Articles of Incorporation. II. The Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, shall be vested with the widest powers to act on behalf of the company in all circumstances. He shall exercise these powers within the limits of the company object and subject to the powers expressly accorded to Shareholders’ Meetings and the Board of Directors. He shall represent the company in its relations with third parties. He may delegate any powers to any proxy of his choice within the limit of those conferred by law and the Articles of Incorporation herein. Any limitation of such powers by the decision of the Board of Directors shall be without effect as regards third parties. III. The Board of Directors may, on the proposal of the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, mandate a natural person, whether or not a Member of the Board, to assist the former; this person shall have the title of Deputy Chief Executive Ofﬁcer. The maximum number of Deputy Chief Executive Ofﬁcers appointed in this way is that ﬁxed by the prevailing legislation. Each Deputy Chief Executive Ofﬁcer may be dismissed at any time by the Board of Directors on the proposal of the Chief Executive Ofﬁcer, or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer. In the event of the death, resignation or dismissal of the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties the duties of Chief Executive Ofﬁcer, each Deputy Chief Executive Ofﬁcer shall retain his functions and remit, unless the Board of Directors decides otherwise, until the appointment of another person assuming the duties of Chief Executive Ofﬁcer. In agreement with the Chief Executive Ofﬁcer, or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, the Board of Directors shall decide on the scope and duration of the powers delegated to each Deputy Chief Executive Ofﬁcer. As regards third parties, each Deputy Chief Executive Ofﬁcer shall possess the same powers as the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer.The same shall apply to any agreements (other than those concerning a standard transaction or made under normal terms and conditions) in which any of the persons indicated in the preceding paragraph has an indirect interest. Prior authorisation shall also be required for any agreements (other than those concerning a standard transaction or made under normal terms and conditions) taking place between the company and another company if one of the company’s Board Members, the Chief Executive Ofﬁcer or one of the Deputy Chief Executive Ofﬁcers is the owner, an associate with unlimited liability, manager, member of the Board, member of the supervisory Board or, in general, an executive of the other company. Prior authorisation shall also be required for any commitment beneﬁtting the Chairman or Chief Executive Ofﬁcer or one of the Deputy Chief Executive Ofﬁcers made by the company or any controlled company or company controlling it within the meaning of paragraphs II and III of Article L. 233-16 and corresponding to elements of remuneration, allowance or perquisite due or likely to be due resulting from the discontinuation or change of function or subsequent to it. In the case of the nomination to the position of Chairman or Chief Executive Ofﬁcer or Deputy Chief Executive Ofﬁcer of a person bound by a work contract to the company or any controlled company or company controlling it within the meaning of paragraphs II and III or Article L. 233-16, the provisions of said contract that may correspond to elements of remuneration, allowance or perquisite due or likely to be due resulting from the discontinuation or change of function or subsequent to it also require prior authorisation.ARTICLE 18STATUTORY AUDITORSThe company shall be audited by two Statutory Auditors who shall be appointed and exercise their assignment in accordance with the law. Two Alternate Statutory Auditors shall also be appointed to take the place of the Statutory Auditors in the event of refusal, unforeseen difﬁculty, resignation or death.ARTICLE 19GENERAL MEETINGSCollective decisions of the shareholders shall be taken in General Meetings, qualiﬁed as Ordinary or Extraordinary depending on the nature of the decisions they are required to take. Each regularly constituted General Meeting shall represent the shareholders as a whole. The deliberations of General Meetings shall be binding on all shareholders, even if absent, dissenting or legally incapable.ARTICLE 17REGULATED AGREEMENTSAny agreement made, whether directly or via an intermediary, between the company and its Chief Executive Ofﬁcer, one of its Deputy Chief Executive Ofﬁcers, one of its Board Members, one of its shareholders possessing a proportion of voting rights greater than 10% or, if it involves a shareholding company, the company controlling it within the meaning of Article L. 233-3, must have obtained the prior authorisation of the Board of Directors, if it does not relate to a standard transaction or is not made under normal terms and conditions.ARTICLE 20NOTIFICATION TO ATTEND AND VENUE FOR GENERAL MEETINGSGeneral Meetings shall be convened and reach decisions as provided by law. General Meetings shall be held at the Registered Ofﬁce or any other place indicated in the notiﬁcation to attend.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6Board or of the Chief Executive Ofﬁcer if the latter’s duties are not assumed by the Chairman of the Board. This choice shall remain valid until the expiry of one of these terms of ofﬁce or, should the case arise, until the Chairman of the Board decides to no longer assume the functions of Chief Executive Ofﬁcer, or upon the decision of the Board of Directors for a shorter period, which may not be less than one year. Any change in the General Management method shall not entail a modiﬁcation of the Articles of Incorporation. II. The Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, shall be vested with the widest powers to act on behalf of the company in all circumstances. He shall exercise these powers within the limits of the company object and subject to the powers expressly accorded to Shareholders’ Meetings and the Board of Directors. He shall represent the company in its relations with third parties. He may delegate any powers to any proxy of his choice within the limit of those conferred by law and the Articles of Incorporation herein. Any limitation of such powers by the decision of the Board of Directors shall be without effect as regards third parties. III. The Board of Directors may, on the proposal of the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, mandate a natural person, whether or not a Member of the Board, to assist the former; this person shall have the title of Deputy Chief Executive Ofﬁcer. The maximum number of Deputy Chief Executive Ofﬁcers appointed in this way is that ﬁxed by the prevailing legislation. Each Deputy Chief Executive Ofﬁcer may be dismissed at any time by the Board of Directors on the proposal of the Chief Executive Ofﬁcer, or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer. In the event of the death, resignation or dismissal of the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties the duties of Chief Executive Ofﬁcer, each Deputy Chief Executive Ofﬁcer shall retain his functions and remit, unless the Board of Directors decides otherwise, until the appointment of another person assuming the duties of Chief Executive Ofﬁcer. In agreement with the Chief Executive Ofﬁcer, or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer, the Board of Directors shall decide on the scope and duration of the powers delegated to each Deputy Chief Executive Ofﬁcer. As regards third parties, each Deputy Chief Executive Ofﬁcer shall possess the same powers as the Chief Executive Ofﬁcer or the Chairman of the Board, if he assumes the duties of Chief Executive Ofﬁcer.The same shall apply to any agreements (other than those concerning a standard transaction or made under normal terms and conditions) in which any of the persons indicated in the preceding paragraph has an indirect interest. Prior authorisation shall also be required for any agreements (other than those concerning a standard transaction or made under normal terms and conditions) taking place between the company and another company if one of the company’s Board Members, the Chief Executive Ofﬁcer or one of the Deputy Chief Executive Ofﬁcers is the owner, an associate with unlimited liability, manager, member of the Board, member of the supervisory Board or, in general, an executive of the other company. Prior authorisation shall also be required for any commitment beneﬁtting the Chairman or Chief Executive Ofﬁcer or one of the Deputy Chief Executive Ofﬁcers made by the company or any controlled company or company controlling it within the meaning of paragraphs II and III of Article L. 233-16 and corresponding to elements of remuneration, allowance or perquisite due or likely to be due resulting from the discontinuation or change of function or subsequent to it. In the case of the nomination to the position of Chairman or Chief Executive Ofﬁcer or Deputy Chief Executive Ofﬁcer of a person bound by a work contract to the company or any controlled company or company controlling it within the meaning of paragraphs II and III or Article L. 233-16, the provisions of said contract that may correspond to elements of remuneration, allowance or perquisite due or likely to be due resulting from the discontinuation or change of function or subsequent to it also require prior authorisation.ARTICLE 18STATUTORY AUDITORSThe company shall be audited by two Statutory Auditors who shall be appointed and exercise their assignment in accordance with the law. Two Alternate Statutory Auditors shall also be appointed to take the place of the Statutory Auditors in the event of refusal, unforeseen difﬁculty, resignation or death.ARTICLE 19GENERAL MEETINGSCollective decisions of the shareholders shall be taken in General Meetings, qualiﬁed as Ordinary or Extraordinary depending on the nature of the decisions they are required to take. Each regularly constituted General Meeting shall represent the shareholders as a whole. The deliberations of General Meetings shall be binding on all shareholders, even if absent, dissenting or legally incapable.ARTICLE 17REGULATED AGREEMENTSAny agreement made, whether directly or via an intermediary, between the company and its Chief Executive Ofﬁcer, one of its Deputy Chief Executive Ofﬁcers, one of its Board Members, one of its shareholders possessing a proportion of voting rights greater than 10% or, if it involves a shareholding company, the company controlling it within the meaning of Article L. 233-3, must have obtained the prior authorisation of the Board of Directors, if it does not relate to a standard transaction or is not made under normal terms and conditions.ARTICLE 20NOTIFICATION TO ATTEND AND VENUE FOR GENERAL MEETINGSGeneral Meetings shall be convened and reach decisions as provided by law. General Meetings shall be held at the Registered Ofﬁce or any other place indicated in the notiﬁcation to attend.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="180">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 companyARTICLE 21ACCESS TO GENERAL MEETINGS - POWERSAll shareholders may participate in General Meetings, irrespective of the number of shares they own, in person or by proxy, on condition that they provide proof of identity and of ownership of their shares, in the form and place indicated in the notiﬁcation of the Meeting, at least ﬁve days before the date of the General Meeting, as provided by law regarding the participation of shareholders in General Meetings. However, the Board of Directors may reduce or waive this time limit provided that it does so for all shareholders. Shareholders may only be represented by their spouse or by another shareholder duly mandated as their proxy or, in the case of shareholders not resident in French territory, by an intermediary registered as a shareholder pursuant to Article L. 228-1 of the French Code of Commerce. Shareholders that are legal entities shall participate in Meetings through their legal representatives or any person appointed for this purpose by the latter. Any shareholder may, as provided by the law and regulations, vote by proxy or by correspondence at any General Meeting, either on paper or - upon the decision of the Board of Directors published in the notiﬁcation of the Meeting and notiﬁcation to attend, or, should the case arise, in the personal notiﬁcation of the Meeting - by remote transmission.II. The Ordinary General Meeting may not deliberate validly, upon the ﬁrst notiﬁcation to attend, unless the shareholders present, represented or having voted by correspondence possess at least a ﬁfth of the voting shares. Upon a second notiﬁcation to attend, no quorum shall be required. It shall rule with a majority of the votes at the disposal of the shareholders present or represented, including shareholders having voted by correspondence.ARTICLE 24EXTRAORDINARY GENERAL MEETINGI. The Extraordinary General Meeting shall have the sole power to modify the Articles of Incorporation in all their provisions. However, it may not increase the commitments of shareholders, subject to operations resulting from the exchange or consolidation of shares decided and carried out in accordance with regulatory requirements.II. In the absence of speciﬁc legal provisions, the Extraordinary General Meeting may not deliberate validly, unless the shareholders present, represented or having voted by correspondence possess, upon the ﬁrst notiﬁcation to attend, at least a quarter, and upon the second notiﬁcation, at least a ﬁfth of the voting shares. Failing this latter quorum, the second Meeting may be adjourned to another date no later than two months after the original date for which it was convened. Subject to the same speciﬁc provisions, it shall rule with a two-thirds majority of the votes at the disposal of the shareholders present or represented, including shareholders having voted by correspondence.ARTICLE 22QUORUM – VOTING – NUMBER OF VOTESI. In Ordinary and Extraordinary General Meetings, the quorum shall be calculated on the entire number of shares constituting the authorised capital, excluding non-voting shares as provided by law. Where votes by correspondence are concerned, only slips received by the company before the Meeting, within the time limit and pursuant to the conditions provided by law, shall be taken into consideration for calculating the quorum. Shareholders participating in the Meeting by video conference, Internet or by telecommunication means enabling them to be identiﬁed, the nature and conditions of which comply with the prevailing laws and regulations, shall be considered as present for the purposes of calculating the quorum and the majority. II. Voting rights attached to shares are proportional to the capital they represent. At equal nominal value, each equity or dividend share entitles the holder to one vote. III. If shares are held in usufruct, the voting rights attached to these shares shall belong to the beneﬁcial owners in Ordinary General Meetings and to the bare owners in Extraordinary General Meetings.ARTICLE 25BUSINESS YEARThe business year shall begin on January 1 and end on December 31 each year. Exceptionally, the current year shall extend from September 1, 1987 to December 31, 1988.ARTICLE 26DETERMINATION, APPROPRIATION AND DISTRIBUTION OF PROFITSAfter the deduction of amortisation and provisions, any credit balance on the proﬁt and loss account, summarising the revenues and charges for the year, represents the proﬁt for the year’s proﬁt. Five percent shall be deducted from proﬁts, after deduction of any previous losses, and appropriated to the legal reserve fund. This is no longer compulsory when the legal reserve reaches one tenth of the registered capital. This deduction shall be resumed if for any reason the legal reserve falls below this one tenth. Distributable income shall comprise the year’s proﬁts plus retained earnings brought forward, minus previous losses and amounts credited to reserves, as required by law and these Articles of Incorporation. This income shall be distributed between all shareholders in proportion to the number of shares they each own.ARTICLE 23ORDINARY GENERAL MEETINGSI. The Ordinary General Meeting shall be called upon to take all decisions that do not modify the Articles of Incorporation. It shall meet at least once a year, within the time limits indicated by the prevailing laws and regulations, to rule on the ﬁnancial statements of the previous business year.1782008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 companyARTICLE 21ACCESS TO GENERAL MEETINGS - POWERSAll shareholders may participate in General Meetings, irrespective of the number of shares they own, in person or by proxy, on condition that they provide proof of identity and of ownership of their shares, in the form and place indicated in the notiﬁcation of the Meeting, at least ﬁve days before the date of the General Meeting, as provided by law regarding the participation of shareholders in General Meetings. However, the Board of Directors may reduce or waive this time limit provided that it does so for all shareholders. Shareholders may only be represented by their spouse or by another shareholder duly mandated as their proxy or, in the case of shareholders not resident in French territory, by an intermediary registered as a shareholder pursuant to Article L. 228-1 of the French Code of Commerce. Shareholders that are legal entities shall participate in Meetings through their legal representatives or any person appointed for this purpose by the latter. Any shareholder may, as provided by the law and regulations, vote by proxy or by correspondence at any General Meeting, either on paper or - upon the decision of the Board of Directors published in the notiﬁcation of the Meeting and notiﬁcation to attend, or, should the case arise, in the personal notiﬁcation of the Meeting - by remote transmission.II. The Ordinary General Meeting may not deliberate validly, upon the ﬁrst notiﬁcation to attend, unless the shareholders present, represented or having voted by correspondence possess at least a ﬁfth of the voting shares. Upon a second notiﬁcation to attend, no quorum shall be required. It shall rule with a majority of the votes at the disposal of the shareholders present or represented, including shareholders having voted by correspondence.ARTICLE 24EXTRAORDINARY GENERAL MEETINGI. The Extraordinary General Meeting shall have the sole power to modify the Articles of Incorporation in all their provisions. However, it may not increase the commitments of shareholders, subject to operations resulting from the exchange or consolidation of shares decided and carried out in accordance with regulatory requirements.II. In the absence of speciﬁc legal provisions, the Extraordinary General Meeting may not deliberate validly, unless the shareholders present, represented or having voted by correspondence possess, upon the ﬁrst notiﬁcation to attend, at least a quarter, and upon the second notiﬁcation, at least a ﬁfth of the voting shares. Failing this latter quorum, the second Meeting may be adjourned to another date no later than two months after the original date for which it was convened. Subject to the same speciﬁc provisions, it shall rule with a two-thirds majority of the votes at the disposal of the shareholders present or represented, including shareholders having voted by correspondence.ARTICLE 22QUORUM – VOTING – NUMBER OF VOTESI. In Ordinary and Extraordinary General Meetings, the quorum shall be calculated on the entire number of shares constituting the authorised capital, excluding non-voting shares as provided by law. Where votes by correspondence are concerned, only slips received by the company before the Meeting, within the time limit and pursuant to the conditions provided by law, shall be taken into consideration for calculating the quorum. Shareholders participating in the Meeting by video conference, Internet or by telecommunication means enabling them to be identiﬁed, the nature and conditions of which comply with the prevailing laws and regulations, shall be considered as present for the purposes of calculating the quorum and the majority. II. Voting rights attached to shares are proportional to the capital they represent. At equal nominal value, each equity or dividend share entitles the holder to one vote. III. If shares are held in usufruct, the voting rights attached to these shares shall belong to the beneﬁcial owners in Ordinary General Meetings and to the bare owners in Extraordinary General Meetings.ARTICLE 25BUSINESS YEARThe business year shall begin on January 1 and end on December 31 each year. Exceptionally, the current year shall extend from September 1, 1987 to December 31, 1988.ARTICLE 26DETERMINATION, APPROPRIATION AND DISTRIBUTION OF PROFITSAfter the deduction of amortisation and provisions, any credit balance on the proﬁt and loss account, summarising the revenues and charges for the year, represents the proﬁt for the year’s proﬁt. Five percent shall be deducted from proﬁts, after deduction of any previous losses, and appropriated to the legal reserve fund. This is no longer compulsory when the legal reserve reaches one tenth of the registered capital. This deduction shall be resumed if for any reason the legal reserve falls below this one tenth. Distributable income shall comprise the year’s proﬁts plus retained earnings brought forward, minus previous losses and amounts credited to reserves, as required by law and these Articles of Incorporation. This income shall be distributed between all shareholders in proportion to the number of shares they each own.ARTICLE 23ORDINARY GENERAL MEETINGSI. The Ordinary General Meeting shall be called upon to take all decisions that do not modify the Articles of Incorporation. It shall meet at least once a year, within the time limits indicated by the prevailing laws and regulations, to rule on the ﬁnancial statements of the previous business year.1782008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="181">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6However, after deduction of the appropriations to reserves required by law, the General Meeting may appropriate any amount it deems necessary to any optional ordinary or extraordinary reserve funds, or carry it forward to future years. Dividends are primarily taken out of the year’s proﬁts. The General Meeting may, in addition, decide to appropriate sums from available reserves, provided it explicitly speciﬁes the reserves in question. The Ordinary General Meeting of Shareholders may grant shareholders, in respect of all or part of the dividend and interim dividend, the option of taking the dividend and interim dividend in the form of either cash or shares. Except in the case of a reduction in capital, no distribution to shareholders shall be allowed if the effect is or would be to reduce shareholders’ equity below the amount of capital plus reserves required by the law and by these Articles of Incorporation for any distribution to be permitted. Revaluation reserves are not distributable but can be partially or fully incorporated into capital. Any loss shall be carried forward, following the General Meeting’s approval, and shall be deducted from the proﬁts of subsequent years until such time as it is extinguished.One or several liquidators shall then be appointed by this Extraordinary General Meeting acting under the quorum and majority conditions stipulated for Ordinary General Meetings. The liquidator shall represent the company. He shall be invested with the widest powers to realise the assets, even by private treaty. He shall be authorised to pay creditors and distribute the remaining balance. The General Meeting of Shareholders may authorise him to continue any ongoing business or to undertake new business transactions for the purposes of liquidation. The net assets remaining after repayment of the shares at their par value shall be distributed between the shareholders in the same proportions as their interest in capital.ARTICLE 28DISPUTESAll disputes in connection with company matters arising during the company’s existence or during liquidation, either between the shareholders and the company or the Members of its Board, or between the company and the Members of its Board, or between the shareholders themselves and relating to company matters, will be referred to the competent courts.ARTICLE 27DISSOLUTION - LIQUIDATIONApart from dissolution provided for by law, the company shall be dissolved on expiry of the term as deﬁned in the Articles of Incorporation or by the decision of the Extraordinary General Meeting of Shareholders.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Information concerning the TF1 company6However, after deduction of the appropriations to reserves required by law, the General Meeting may appropriate any amount it deems necessary to any optional ordinary or extraordinary reserve funds, or carry it forward to future years. Dividends are primarily taken out of the year’s proﬁts. The General Meeting may, in addition, decide to appropriate sums from available reserves, provided it explicitly speciﬁes the reserves in question. The Ordinary General Meeting of Shareholders may grant shareholders, in respect of all or part of the dividend and interim dividend, the option of taking the dividend and interim dividend in the form of either cash or shares. Except in the case of a reduction in capital, no distribution to shareholders shall be allowed if the effect is or would be to reduce shareholders’ equity below the amount of capital plus reserves required by the law and by these Articles of Incorporation for any distribution to be permitted. Revaluation reserves are not distributable but can be partially or fully incorporated into capital. Any loss shall be carried forward, following the General Meeting’s approval, and shall be deducted from the proﬁts of subsequent years until such time as it is extinguished.One or several liquidators shall then be appointed by this Extraordinary General Meeting acting under the quorum and majority conditions stipulated for Ordinary General Meetings. The liquidator shall represent the company. He shall be invested with the widest powers to realise the assets, even by private treaty. He shall be authorised to pay creditors and distribute the remaining balance. The General Meeting of Shareholders may authorise him to continue any ongoing business or to undertake new business transactions for the purposes of liquidation. The net assets remaining after repayment of the shares at their par value shall be distributed between the shareholders in the same proportions as their interest in capital.ARTICLE 28DISPUTESAll disputes in connection with company matters arising during the company’s existence or during liquidation, either between the shareholders and the company or the Members of its Board, or between the company and the Members of its Board, or between the shareholders themselves and relating to company matters, will be referred to the competent courts.ARTICLE 27DISSOLUTION - LIQUIDATIONApart from dissolution provided for by law, the company shall be dissolved on expiry of the term as deﬁned in the Articles of Incorporation or by the decision of the Extraordinary General Meeting of Shareholders.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="182">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Legal framework6.2 LEGAL FRAMEWORK6.2.1 Share ownershipUnder the terms of Article 39 of Law No. 86-1067 of September 30, 1986 as amended, an individual or entity, acting alone or with others, shall not hold, directly or indirectly, more than 49% of the capital or voting rights of a company licensed to operate a national free-to-air analogue terrestrial television service whose average annual audience (analogue, cable and satellite combined) is above 8% of the total television audience. A Council of State decree must deﬁne how channel audiences are to be calculated. Under the terms of Article 39 of Law No. 86-1067 of September 30, 1986 as amended, when an individual or entity holds, directly or indirectly, more than 15% of the capital or voting rights of a company licensed to operate a national free-toair analogue television service, shall not hold, directly or indirectly, more than 15% of the capital of another company holding a similar authorisation. Under the terms of Article 40 of Law No. 86-1067 of September 30, 1986 as amended, no individual or entity of foreign nationality shall purchase an interest leading to foreign nationals holding, directly or indirectly, more than 20% of the capital of a company licensed to operate a national free-to-air analogue television service. Under the terms of Article 41 of the Law of September 30, 1986, as amended by the Law of July 9, 2004, one and the same person can hold, directly or indirectly, a maximum number of seven authorisations for a national free-to-air digital television service.6.2.2 Licence conditionsTF1 is an audiovisual communications service subject to licence. The initial period of licence for use of frequencies, for duration of 10 years from April 4, 1987 (Law of September 30, 1986), expired in 1997. By reason of decision No. 96-614 of September 17, 1996, TF1 received a ﬁrst renewal of its licence, without other candidates being considered, for ﬁve years. In compliance with Article 28-1 of the Law of September 30, 1986, as modiﬁed by the Law of August 1, 2000, TF1 beneﬁted from a second “automatic” renewal of its licence for the years 2002 to 2007, by decision of the CSA (the French audiovisual regulatory body) on November 20, 2001. Under the terms of Article 82 of the Law of September 30, 1986, as amended, this authorisation can be automatically extended for ﬁve years (to 2012), by reason of the simultaneous broadcasting (“simulcast”) of the channel’s programmes by digital terrestrial transmission. By a decision of June 10, 2003, the CSA has modiﬁed TF1’s licence in order to incorporate the provisions relating to the broadcasting of programmes on digital terrestrial television. Under the terms of Article 99 of the law of September 30, 1986, as amended by the law No. 2007-309 of March 5, 2007, this authorisation is automatically extended for ﬁve years provided the channel is a member of a public interest group responsible for implementing the measures to discontinue analogue broadcasting and to ensure continued reception of the channels by viewers; on April 26, 2007, TF1 signed the convention creating said public interest group. Furthermore, under the terms of Article 96-2 of the law of September 30, 1986, as amended by the law No. 2007-309 of March 5, 2007, this authorisation is also automatically extended by ﬁve years as of the discontinuation of analogue broadcasting provided the channel commits to ensure the broadcasting of its programmes via digital free-to-air transmission to 95% of the French population. TF1 has already made this commitment to the CSA. Consequently, the TF1 licence, according to the law of March 5, 2007, stands as follows: 1. the terms of the TF1 authorisation: 2012, 2. extension of the authorisation by 5 years by reason of Article 99: 2017, 3. extension of the authorisation by 5 years by reason of Article 96-2: 2022.6.2.3 Main legal provisions and obligationsTHE TEXTS:p Contract conditions set forth by Decree no. 87-43 of January 30, 1987 and the Decision regarding licensed use of frequencies of November 20, 2001, p given to TELEVISION FRANÇAISE 1, complemented by the decision of June 10, 2003 and extended by the decision of February 20, 2007, Law No. 86-1067 of September 30, 1986 amended by law No. 94-88 of February 1, 1994, by law No. 2000-719 of August 1, 2000, by law No. 2005-1021802008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Legal framework6.2 LEGAL FRAMEWORK6.2.1 Share ownershipUnder the terms of Article 39 of Law No. 86-1067 of September 30, 1986 as amended, an individual or entity, acting alone or with others, shall not hold, directly or indirectly, more than 49% of the capital or voting rights of a company licensed to operate a national free-to-air analogue terrestrial television service whose average annual audience (analogue, cable and satellite combined) is above 8% of the total television audience. A Council of State decree must deﬁne how channel audiences are to be calculated. Under the terms of Article 39 of Law No. 86-1067 of September 30, 1986 as amended, when an individual or entity holds, directly or indirectly, more than 15% of the capital or voting rights of a company licensed to operate a national free-toair analogue television service, shall not hold, directly or indirectly, more than 15% of the capital of another company holding a similar authorisation. Under the terms of Article 40 of Law No. 86-1067 of September 30, 1986 as amended, no individual or entity of foreign nationality shall purchase an interest leading to foreign nationals holding, directly or indirectly, more than 20% of the capital of a company licensed to operate a national free-to-air analogue television service. Under the terms of Article 41 of the Law of September 30, 1986, as amended by the Law of July 9, 2004, one and the same person can hold, directly or indirectly, a maximum number of seven authorisations for a national free-to-air digital television service.6.2.2 Licence conditionsTF1 is an audiovisual communications service subject to licence. The initial period of licence for use of frequencies, for duration of 10 years from April 4, 1987 (Law of September 30, 1986), expired in 1997. By reason of decision No. 96-614 of September 17, 1996, TF1 received a ﬁrst renewal of its licence, without other candidates being considered, for ﬁve years. In compliance with Article 28-1 of the Law of September 30, 1986, as modiﬁed by the Law of August 1, 2000, TF1 beneﬁted from a second “automatic” renewal of its licence for the years 2002 to 2007, by decision of the CSA (the French audiovisual regulatory body) on November 20, 2001. Under the terms of Article 82 of the Law of September 30, 1986, as amended, this authorisation can be automatically extended for ﬁve years (to 2012), by reason of the simultaneous broadcasting (“simulcast”) of the channel’s programmes by digital terrestrial transmission. By a decision of June 10, 2003, the CSA has modiﬁed TF1’s licence in order to incorporate the provisions relating to the broadcasting of programmes on digital terrestrial television. Under the terms of Article 99 of the law of September 30, 1986, as amended by the law No. 2007-309 of March 5, 2007, this authorisation is automatically extended for ﬁve years provided the channel is a member of a public interest group responsible for implementing the measures to discontinue analogue broadcasting and to ensure continued reception of the channels by viewers; on April 26, 2007, TF1 signed the convention creating said public interest group. Furthermore, under the terms of Article 96-2 of the law of September 30, 1986, as amended by the law No. 2007-309 of March 5, 2007, this authorisation is also automatically extended by ﬁve years as of the discontinuation of analogue broadcasting provided the channel commits to ensure the broadcasting of its programmes via digital free-to-air transmission to 95% of the French population. TF1 has already made this commitment to the CSA. Consequently, the TF1 licence, according to the law of March 5, 2007, stands as follows: 1. the terms of the TF1 authorisation: 2012, 2. extension of the authorisation by 5 years by reason of Article 99: 2017, 3. extension of the authorisation by 5 years by reason of Article 96-2: 2022.6.2.3 Main legal provisions and obligationsTHE TEXTS:p Contract conditions set forth by Decree no. 87-43 of January 30, 1987 and the Decision regarding licensed use of frequencies of November 20, 2001, p given to TELEVISION FRANCAISE 1, complemented by the decision of June 10, 2003 and extended by the decision of February 20, 2007, Law No. 86-1067 of September 30, 1986 amended by law No. 94-88 of February 1, 1994, by law No. 2000-719 of August 1, 2000, by law No. 2005-1021802008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="183">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Legal framework6of February 11, 2005, and by law No. 2007-309 of March 5, 2007, (in the process of amendment by the draft law on audiovisual communications and the new public service television, ﬁnally adopted by Parliament on February 4, 2009), p European Directive on Television Without Frontiers of October 3, 1989 amended (latest amendment on December 11, 2007), Decree No. 2001-609 of July 9, 2001, amended by Decree No. 2001-1326 of December 28, 2001 (production obligations of free-to-air analogue channels). Text in the process of amendment following the agreement between TF1, USPA, SPFA, SACD and SCAM signed on October 22, 2008, Decree No. 90-66 of January 17, 1990, as amended by Decree No. 92-279 of March 27, 1992 and by Decree No. 2001-1330 of December 28, 2001 (broadcasting obligation), Decree No. 92-280 of March 27, 1992 as amended by Decree No. 20011331 of December 28, 2001, by Decree No. 003-960 of October 7, 2003 and by Decree No. 2008-1392 of December 19, 2008 (obligations relating to advertising and sponsorship). pp− modiﬁed by the agreements between TF1, USPA, SPFA, SACD and SCAM of October 22, 2008 to be ratiﬁed by decree and the TF1 convention which provides for the obligation to invest 12.5% of the previous year’s net annual turnover in commissioning national heritage audiovisual productions, of which at least 9.25% from independent producers and to broadcast a minimum of 120 hours of French-speaking or European unreleased audiovisual products (of which 30 hours of repeats) starting between 8 p.m. and 9 p.m., p obligation to invest 0.6% of the previous year’s net turnover for the commissioning of French-speaking and European cartoons (obligation as to French-speaking content included in the previous 16%). The rights relating to two thirds of the broadcasting rights acquired cannot exceed four years. Modiﬁed by the agreements between TF1, USPA, SPFA, SACD and SCAM of October 22, 2008 to be ratiﬁed by decree and the TF1 convention which provides for the obligation to invest 0.6% of the previous year’s net turnover in the commissioning of European and French-speaking cartoons (data included in the 12.5% of the preceding general obligation), of which at least 0.45% from independent producers, prohibition on use of in-house production for ﬁction programmes; use of inhouse production authorised for news and for up to 50% of annual volume of other programmes, obligation to invest 3.2% of the previous year’s net annual turnover (with at least 2.5% dedicated to French-speaking cinema works and at least 75% commissioned from independent producers) in the co-production of European cinema works. This investment is to be achieved through a subsidiary of the broadcaster (TF1 Films Production) operating as a minority participator. The co-production element must be approximately equal to the broadcasting right element, obligation, within a period of ﬁve years following the publication of Law No. 2005-102 of February 11, 2005, to make accessible to the deaf and hearing-impaired all of the channel’s programmes, with the exception of advertising. It is to be noted that the CSA may exempt a section of programming from this obligation due to its nature (this concession is included in the convention).ppIn terms of general obligations concerning broadcasting and investment in production, the main prevailing provisions are the following: p a maximum of 192 cinema ﬁlms per year may be broadcast, of which a maximum of 104 shall begin between 8.30 p.m. and 10.30 p.m. No cinema ﬁlm shall be broadcast on Wednesday and Friday evenings, Saturday all day, or Sunday before 8.30 p.m., broadcasting quotas apply for the whole broadcasting time and for peak viewing hours, to cinema and audiovisual works. 60% of broadcast material shall be of European origin and 40% of French origin, a minimum of two-thirds of the annual broadcasting airtime shall be devoted to French-speaking programmes, obligation to broadcast annually a minimum of 1,000 hours of children’s programmes including 50 hours of magazines and documentaries, obligation to broadcast annually 800 hours of television news bulletins and television news magazines, obligation to commission audiovisual products: − invest 16% of the previous year’s net annual turnover for the commissioning of French-speaking audiovisual works, of which at least 10.66% from independent producers, and to broadcast 120 hours of French-speaking or European unreleased audiovisual works, starting between 8 p.m. and 9 p.m.,pppppppRespect of these legal obligations is monitored. The CSA can impose ﬁnes in compliance with the provisions of Articles 42 to 42-11 of the above law of September 30, 1986. In view of the need to protect children and young people, the TF1 channel has committed to adopt a 5-category signage code enabling viewers to gauge the acceptability of broadcast programmes.6.2.4 Discontinuation of analogue broadcasting on November 30, 2011The law No. 2007-309 of March 5, 2007 amending the law of September 30, 1986 has established the principal and organised the schedule for discontinuing analogue free-to-air broadcasting on November 30, 2011. According to this law, a gradual closing down of analogue free-to-air broadcasting could start as of March 31, 2008, with the CSA setting a close-down date nine months in advance for each individual zone concerned (service by service and transmitter by transmitter), taking into account the equipment in the households, the availability of DTT channels and the speciﬁcs of the border zones. Furthermore, it should be noted that the law allows for the granting of an additional DTT channel (so-called compensatory channel) to the analogue channels on ﬁnal close-down of analogue broadcasting.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Legal framework6of February 11, 2005, and by law No. 2007-309 of March 5, 2007, (in the process of amendment by the draft law on audiovisual communications and the new public service television, ﬁnally adopted by Parliament on February 4, 2009), p European Directive on Television Without Frontiers of October 3, 1989 amended (latest amendment on December 11, 2007), Decree No. 2001-609 of July 9, 2001, amended by Decree No. 2001-1326 of December 28, 2001 (production obligations of free-to-air analogue channels). Text in the process of amendment following the agreement between TF1, USPA, SPFA, SACD and SCAM signed on October 22, 2008, Decree No. 90-66 of January 17, 1990, as amended by Decree No. 92-279 of March 27, 1992 and by Decree No. 2001-1330 of December 28, 2001 (broadcasting obligation), Decree No. 92-280 of March 27, 1992 as amended by Decree No. 20011331 of December 28, 2001, by Decree No. 003-960 of October 7, 2003 and by Decree No. 2008-1392 of December 19, 2008 (obligations relating to advertising and sponsorship). pp− modiﬁed by the agreements between TF1, USPA, SPFA, SACD and SCAM of October 22, 2008 to be ratiﬁed by decree and the TF1 convention which provides for the obligation to invest 12.5% of the previous year’s net annual turnover in commissioning national heritage audiovisual productions, of which at least 9.25% from independent producers and to broadcast a minimum of 120 hours of French-speaking or European unreleased audiovisual products (of which 30 hours of repeats) starting between 8 p.m. and 9 p.m., p obligation to invest 0.6% of the previous year’s net turnover for the commissioning of French-speaking and European cartoons (obligation as to French-speaking content included in the previous 16%). The rights relating to two thirds of the broadcasting rights acquired cannot exceed four years. Modiﬁed by the agreements between TF1, USPA, SPFA, SACD and SCAM of October 22, 2008 to be ratiﬁed by decree and the TF1 convention which provides for the obligation to invest 0.6% of the previous year’s net turnover in the commissioning of European and French-speaking cartoons (data included in the 12.5% of the preceding general obligation), of which at least 0.45% from independent producers, prohibition on use of in-house production for ﬁction programmes; use of inhouse production authorised for news and for up to 50% of annual volume of other programmes, obligation to invest 3.2% of the previous year’s net annual turnover (with at least 2.5% dedicated to French-speaking cinema works and at least 75% commissioned from independent producers) in the co-production of European cinema works. This investment is to be achieved through a subsidiary of the broadcaster (TF1 Films Production) operating as a minority participator. The co-production element must be approximately equal to the broadcasting right element, obligation, within a period of ﬁve years following the publication of Law No. 2005-102 of February 11, 2005, to make accessible to the deaf and hearing-impaired all of the channel’s programmes, with the exception of advertising. It is to be noted that the CSA may exempt a section of programming from this obligation due to its nature (this concession is included in the convention).ppIn terms of general obligations concerning broadcasting and investment in production, the main prevailing provisions are the following: p a maximum of 192 cinema ﬁlms per year may be broadcast, of which a maximum of 104 shall begin between 8.30 p.m. and 10.30 p.m. No cinema ﬁlm shall be broadcast on Wednesday and Friday evenings, Saturday all day, or Sunday before 8.30 p.m., broadcasting quotas apply for the whole broadcasting time and for peak viewing hours, to cinema and audiovisual works. 60% of broadcast material shall be of European origin and 40% of French origin, a minimum of two-thirds of the annual broadcasting airtime shall be devoted to French-speaking programmes, obligation to broadcast annually a minimum of 1,000 hours of children’s programmes including 50 hours of magazines and documentaries, obligation to broadcast annually 800 hours of television news bulletins and television news magazines, obligation to commission audiovisual products: − invest 16% of the previous year’s net annual turnover for the commissioning of French-speaking audiovisual works, of which at least 10.66% from independent producers, and to broadcast 120 hours of French-speaking or European unreleased audiovisual works, starting between 8 p.m. and 9 p.m.,pppppppRespect of these legal obligations is monitored. The CSA can impose ﬁnes in compliance with the provisions of Articles 42 to 42-11 of the above law of September 30, 1986. In view of the need to protect children and young people, the TF1 channel has committed to adopt a 5-category signage code enabling viewers to gauge the acceptability of broadcast programmes.6.2.4 Discontinuation of analogue broadcasting on November 30, 2011The law No. 2007-309 of March 5, 2007 amending the law of September 30, 1986 has established the principal and organised the schedule for discontinuing analogue free-to-air broadcasting on November 30, 2011. According to this law, a gradual closing down of analogue free-to-air broadcasting could start as of March 31, 2008, with the CSA setting a close-down date nine months in advance for each individual zone concerned (service by service and transmitter by transmitter), taking into account the equipment in the households, the availability of DTT channels and the speciﬁcs of the border zones. Furthermore, it should be noted that the law allows for the granting of an additional DTT channel (so-called compensatory channel) to the analogue channels on ﬁnal close-down of analogue broadcasting.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="184">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Legal frameworkFurthermore, the frequencies freed up by the close-down of analogue broadcasting will be re-assigned by the Prime minister to the administrations and the CSA. Most of the freed-up frequencies will be assigned to audiovisual services. Finally, the text sets the conditions for the extension of digital broadcasting; the analogue free-to-air channels should cover 95% of the population with digital free-to-air; the new DTT channels will beneﬁt from an automatic 5-year extensionof their licence provided they make additional commitments to broadcast beyond the zone speciﬁed in their licence. Note that all DTT channels have made this commitment. All the free DTT channels must be broadcast over 100% of the territory whatever the mode of reception and be included in a common satellite bundle.6.2.5 High Deﬁnition and personal mobile televisionOn July 3, 2007, the CSA launched a tender for candidates for the use of a radioelectric resource dedicated to broadcasting nationwide high-deﬁnition digital terrestrial television services. On November 21, 2007, the CSA selected TF1. The TF1 convention was subsequently modiﬁed on May 6, 2008 (published in the Ofﬁcial Journal on 31/05/08). On November 8, 2007, the CSA launched a tender for candidates for personal mobile television services. On May 27, 2008, the CSA selected 13 candidates, including TF1.6.2.6 Modiﬁcations of the legal frameworkDuring 2008, the public authorities launched several reforms to modernise and regulate the audiovisual sector: p the modiﬁcation to decree No. 92-280 of March 27, 1992 which sets out the general principles deﬁning the obligations of advertising, sponsorship and home-shopping service providers. Decree No. 2008-1392 of December 19, 2008 came into force on January 1, 2009 and makes the following modiﬁcations for the TF1 channel: − relaxation of the daily advertising ceiling from 144 to 216 minutes and an increase of the daily average from 6 to 9 minutes per hour for a full day and 12 minutes per hour by the clock (as well as the elimination of calculations by rolling hour), − authorisation for sponsorship by pharmaceutical laboratories, − opening of new broadcasting windows for home shopping, p the institution of new rules concerning the TF1 channel’s obligation for the production of audiovisual products. On October 22, 2008, TF1 signed an agreement with USPA, SPFA, SACD and SCAM to replace the regulatory provision on the obligation to commission audiovisual products governed by Decree No. 3001-609 of July 9, 2001. To come into force, this agreement must be transposed into the regulations and conventions applicable to TF1. The agreement provides for: − the obligation to invest 12.5% of the previous year’s net turnover in commissioning heritage audiovisual products, of which at least 9.25% with independent producers and 0.6% for cartoons, − the possibility to include in the sums accounted for in this obligation: payments to training institutions for authors and festivals; doubling the sums invested in writing and development or pilot productions; advertising spending (excluding auto-promotion) and the possibility to include 10% of the obligation for commissioning European products (capped amounts), − the obligation to broadcast a minimum of 120 hours of unreleased Frenchspeaking or European audiovisual products, (of which 30 hours of repeats) starting between 8 p.m. and 9 p.m., − an extension of the duration of rights and scope of rights that can be acquired from independent producers, p the amendment to Law No. 86-1067 of September 30, 1986 on liberty of communication. On February 4, 2009, Parliament deﬁnitively adopted the draft law on audiovisual communication and the new television public service. This text, which should be promulgated in the coming weeks, will make the following modiﬁcations: − organisation and operation of France Télévisions: • creation of a single France Télévisions enterprise, • nomination and revocation of the presidents of public audiovisual enterprises by decree, • elimination of advertising: starting January 5, 2009 between 8 p.m. and 6 a.m. and completely with the discontinuation of analogue broadcasting (end 2011). Implementation of this elimination will be compensated for by the State, − introduction of new taxes: the ﬁrst on television advertising, the second on services from providers of electronic communications services, − the transposition of the EU SMA Directive by: • the introduction of a new deﬁnition of media-on-demand services, • the authorisation to insert products in programmes, under the conditions set by the CSA, • the authorisation for a second break in products.1822008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Legal frameworkFurthermore, the frequencies freed up by the close-down of analogue broadcasting will be re-assigned by the Prime minister to the administrations and the CSA. Most of the freed-up frequencies will be assigned to audiovisual services. Finally, the text sets the conditions for the extension of digital broadcasting; the analogue free-to-air channels should cover 95% of the population with digital free-to-air; the new DTT channels will beneﬁt from an automatic 5-year extensionof their licence provided they make additional commitments to broadcast beyond the zone speciﬁed in their licence. Note that all DTT channels have made this commitment. All the free DTT channels must be broadcast over 100% of the territory whatever the mode of reception and be included in a common satellite bundle.6.2.5 High Deﬁnition and personal mobile televisionOn July 3, 2007, the CSA launched a tender for candidates for the use of a radioelectric resource dedicated to broadcasting nationwide high-deﬁnition digital terrestrial television services. On November 21, 2007, the CSA selected TF1. The TF1 convention was subsequently modiﬁed on May 6, 2008 (published in the Ofﬁcial Journal on 31/05/08). On November 8, 2007, the CSA launched a tender for candidates for personal mobile television services. On May 27, 2008, the CSA selected 13 candidates, including TF1.6.2.6 Modiﬁcations of the legal frameworkDuring 2008, the public authorities launched several reforms to modernise and regulate the audiovisual sector: p the modiﬁcation to decree No. 92-280 of March 27, 1992 which sets out the general principles deﬁning the obligations of advertising, sponsorship and home-shopping service providers. Decree No. 2008-1392 of December 19, 2008 came into force on January 1, 2009 and makes the following modiﬁcations for the TF1 channel: − relaxation of the daily advertising ceiling from 144 to 216 minutes and an increase of the daily average from 6 to 9 minutes per hour for a full day and 12 minutes per hour by the clock (as well as the elimination of calculations by rolling hour), − authorisation for sponsorship by pharmaceutical laboratories, − opening of new broadcasting windows for home shopping, p the institution of new rules concerning the TF1 channel’s obligation for the production of audiovisual products. On October 22, 2008, TF1 signed an agreement with USPA, SPFA, SACD and SCAM to replace the regulatory provision on the obligation to commission audiovisual products governed by Decree No. 3001-609 of July 9, 2001. To come into force, this agreement must be transposed into the regulations and conventions applicable to TF1. The agreement provides for: − the obligation to invest 12.5% of the previous year’s net turnover in commissioning heritage audiovisual products, of which at least 9.25% with independent producers and 0.6% for cartoons, − the possibility to include in the sums accounted for in this obligation: payments to training institutions for authors and festivals; doubling the sums invested in writing and development or pilot productions; advertising spending (excluding auto-promotion) and the possibility to include 10% of the obligation for commissioning European products (capped amounts), − the obligation to broadcast a minimum of 120 hours of unreleased Frenchspeaking or European audiovisual products, (of which 30 hours of repeats) starting between 8 p.m. and 9 p.m., − an extension of the duration of rights and scope of rights that can be acquired from independent producers, p the amendment to Law No. 86-1067 of September 30, 1986 on liberty of communication. On February 4, 2009, Parliament deﬁnitively adopted the draft law on audiovisual communication and the new television public service. This text, which should be promulgated in the coming weeks, will make the following modiﬁcations: − organisation and operation of France Televisions: • creation of a single France Televisions enterprise, • nomination and revocation of the presidents of public audiovisual enterprises by decree, • elimination of advertising: starting January 5, 2009 between 8 p.m. and 6 a.m. and completely with the discontinuation of analogue broadcasting (end 2011). Implementation of this elimination will be compensated for by the State, − introduction of new taxes: the ﬁrst on television advertising, the second on services from providers of electronic communications services, − the transposition of the EU SMA Directive by: • the introduction of a new deﬁnition of media-on-demand services, • the authorisation to insert products in programmes, under the conditions set by the CSA, • the authorisation for a second break in products.1822008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="185">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Shareholders’ General Meeting66.3 SHAREHOLDERS’ GENERAL MEETING6.3.1 Presentation of resolutions – Ordinary partFIRST RESOLUTION(Approval of the company accounts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having heard the Board of Directors’ reports, in particular the Board of Directors’ report on the activity and situation of the company for business year 2008, the attached report of the Chairman of the Board of Directors on the composition, preparatory conditions and organisation of the work of the Board and on the internal control and risk management procedures implemented by the company, the Statutory Auditors’ reports on the said year’s accounts and on the report of the Chairman of the Board of Directors, approves these reports and the annual accounts for the 2008 business year comprising the Balance Sheet, the Proﬁt and Loss Account and the Notes to the Financial Statements as submitted, as well as the operations reﬂected in these accounts and summarised in these reports. The General Meeting approves the Directors’ management of the Company for the 2008 business year.THIRD RESOLUTION(Approval of agreements covered by Article L. 225-38 of the French Commercial code) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having noted the Statutory Auditors’ special report on the agreements covered by Articles L. 225-38 of the French Commercial Code, approves the said agreements and operations.FOURTH RESOLUTION(Appropriation and distribution of proﬁts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings having noted the existence of available proﬁts of €244,327,052.52, taking into account the net income for the period of €138,921,498.49 and retained earnings of €105,405,554.03, approves the following appropriation and distribution proposed by the Board of Directors: p distribution of a dividend of €100,296,057.49 (i.e., a dividend of €0.47 per share with a nominal value of €0.20), appropriation of the remaining €144,030,995.03 to Retained Earnings.SECOND RESOLUTION(Approval of the consolidated accounts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having noted that the Board’s report on the Group is included in the Directors’ report and aware of the information contained in the Board’s reports, in particular the Board of Directors’ report on the activity and situation of the Group during business year 2008, and in the Statutory Auditors’ report on the consolidated accounts for the said business year, approves these reports together with the consolidated accounts for 2008 comprising the Balance Sheet, the Proﬁt and Loss account and the notes to the ﬁnancial statements as submitted to them, as well as the operations reﬂected in these accounts and summarised in these reports. pThe dividend detachment date (ex-rights date) for the Euronext Paris market shall be 22 April 2009. The dividend shall be paid in cash on 27 April 2009 and the cut-off date for positions qualifying for payment shall be the evening of 24 April 2009. In accordance with paragraph 2, section 3 of Article 158 of the General Tax Code, this dividend is entirely eligible for the 40% allowance provided for individuals ﬁscally domiciled in France. The General Meeting authorises the appropriation to Retained Earnings of the dividends arising on the TF1 shares that TF1 is authorised to hold as treasury shares, in accordance with Article 225-210 of the Code of Commerce.The General Meeting notes that the dividends distributed for the last three business years were as follows: Dividend per share €0.65 €0.85 €0.85Year ending: 31/12/2005 31/12/2006 31/12/2007(*) Dividend eligible for a 40% allowance for individuals fiscally domiciled in France, in accordance with Article 158.3.2 of the General Tax Code.Allowance* yes yes yes2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Shareholders’ General Meeting66.3 SHAREHOLDERS’ GENERAL MEETING6.3.1 Presentation of resolutions – Ordinary partFIRST RESOLUTION(Approval of the company accounts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having heard the Board of Directors’ reports, in particular the Board of Directors’ report on the activity and situation of the company for business year 2008, the attached report of the Chairman of the Board of Directors on the composition, preparatory conditions and organisation of the work of the Board and on the internal control and risk management procedures implemented by the company, the Statutory Auditors’ reports on the said year’s accounts and on the report of the Chairman of the Board of Directors, approves these reports and the annual accounts for the 2008 business year comprising the Balance Sheet, the Proﬁt and Loss Account and the Notes to the Financial Statements as submitted, as well as the operations reﬂected in these accounts and summarised in these reports. The General Meeting approves the Directors’ management of the Company for the 2008 business year.THIRD RESOLUTION(Approval of agreements covered by Article L. 225-38 of the French Commercial code) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having noted the Statutory Auditors’ special report on the agreements covered by Articles L. 225-38 of the French Commercial Code, approves the said agreements and operations.FOURTH RESOLUTION(Appropriation and distribution of proﬁts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings having noted the existence of available proﬁts of €244,327,052.52, taking into account the net income for the period of €138,921,498.49 and retained earnings of €105,405,554.03, approves the following appropriation and distribution proposed by the Board of Directors: p distribution of a dividend of €100,296,057.49 (i.e., a dividend of €0.47 per share with a nominal value of €0.20), appropriation of the remaining €144,030,995.03 to Retained Earnings.SECOND RESOLUTION(Approval of the consolidated accounts) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, having noted that the Board’s report on the Group is included in the Directors’ report and aware of the information contained in the Board’s reports, in particular the Board of Directors’ report on the activity and situation of the Group during business year 2008, and in the Statutory Auditors’ report on the consolidated accounts for the said business year, approves these reports together with the consolidated accounts for 2008 comprising the Balance Sheet, the Proﬁt and Loss account and the notes to the ﬁnancial statements as submitted to them, as well as the operations reﬂected in these accounts and summarised in these reports. pThe dividend detachment date (ex-rights date) for the Euronext Paris market shall be 22 April 2009. The dividend shall be paid in cash on 27 April 2009 and the cut-off date for positions qualifying for payment shall be the evening of 24 April 2009. In accordance with paragraph 2, section 3 of Article 158 of the General Tax Code, this dividend is entirely eligible for the 40% allowance provided for individuals ﬁscally domiciled in France. The General Meeting authorises the appropriation to Retained Earnings of the dividends arising on the TF1 shares that TF1 is authorised to hold as treasury shares, in accordance with Article 225-210 of the Code of Commerce.The General Meeting notes that the dividends distributed for the last three business years were as follows: Dividend per share €0.65 €0.85 €0.85Year ending: 31/12/2005 31/12/2006 31/12/2007(*) Dividend eligible for a 40% allowance for individuals fiscally domiciled in France, in accordance with Article 158.3.2 of the General Tax Code.Allowance* yes yes yes2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="186">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Shareholders’ General MeetingFIFTH RESOLUTION(Ratiﬁcation of the appointment of a Director) The General Meeting ratiﬁes the appointment of Gilles Pelisson as Director made by the Board Meeting of February 18, 2009 replacing resigning Director Claude Cohen. His term of ofﬁce will be for the remaining duration of the term of ofﬁce of his predecessor or until the close of the General Meeting called to approve the 2008 accounts.ELEVENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Gilles Pelisson, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.SIXTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Patricia Barbizet, which expires at the end of this Meeting, for a further two years. Her new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.TWELTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Haïm Saban, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.SEVENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Martin Bouygues, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.THIRTEENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Bouygues, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.EIGHTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Olivier Bouygues, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.FOURTEENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of the Société Française de Participation et de Gestion – SFPG, which expires at the end of this Meeting, for two years. Its new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.NINTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Patrick Le Lay, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.FIFTEENTH RESOLUTION(Share buy-back) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, after hearing the report of the Board of Directors, 1. authorises the Board of Directors, under the conditions described hereafter, to purchase shares representing up to 10% of the company’s share capital on the day of use of this authorisation, in accordance with the legal and regulatory conditions applicable at the time of this intervention, in particular the provisions imposed by Article L. 225-209 and following Articles of the French Code of Commerce and by Regulation No. 2273/2003 of December 22, 2003 of the European Commission and by the General Regulations of the French stock exchange authority. This authorisation may be used for the following purposes: p cancel the shares under the conditions provided for by the law, subject to authorisation by the Extraordinary General Meeting,TENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Nonce Paolini, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.1842008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Shareholders’ General MeetingFIFTH RESOLUTION(Ratiﬁcation of the appointment of a Director) The General Meeting ratiﬁes the appointment of Gilles Pelisson as Director made by the Board Meeting of February 18, 2009 replacing resigning Director Claude Cohen. His term of ofﬁce will be for the remaining duration of the term of ofﬁce of his predecessor or until the close of the General Meeting called to approve the 2008 accounts.ELEVENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Gilles Pelisson, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.SIXTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Patricia Barbizet, which expires at the end of this Meeting, for a further two years. Her new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.TWELTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Haim Saban, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.SEVENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Martin Bouygues, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.THIRTEENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Bouygues, which expires at the end of this Meeting, for two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.EIGHTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Olivier Bouygues, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.FOURTEENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of the Societe Francaise de Participation et de Gestion – SFPG, which expires at the end of this Meeting, for two years. Its new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.NINTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Patrick Le Lay, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.FIFTEENTH RESOLUTION(Share buy-back) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, after hearing the report of the Board of Directors, 1. authorises the Board of Directors, under the conditions described hereafter, to purchase shares representing up to 10% of the company’s share capital on the day of use of this authorisation, in accordance with the legal and regulatory conditions applicable at the time of this intervention, in particular the provisions imposed by Article L. 225-209 and following Articles of the French Code of Commerce and by Regulation No. 2273/2003 of December 22, 2003 of the European Commission and by the General Regulations of the French stock exchange authority. This authorisation may be used for the following purposes: p cancel the shares under the conditions provided for by the law, subject to authorisation by the Extraordinary General Meeting,TENTH RESOLUTION(Renewal of a Director’s term of ofﬁce) The General Meeting, acting in compliance with the quorum and majority rules required for Ordinary General Meetings, renews the term of ofﬁce of Nonce Paolini, which expires at the end of this Meeting, for a further two years. His new term of ofﬁce shall end at the close of the General Meeting convened to rule on the accounts for the 2010 business year.1842008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="187">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Shareholders’ General Meeting6pallocate the shares to employees or ofﬁcers of the company or attached companies, under the conditions and according to the procedures provided for by the law, for example, in the framework of employee participation in the fruits of the company’s growth through a share option programme or through a company or inter-company savings plan or through a free allocation of shares, assure the liquidity and support the market for company shares through an investment services provider acting within the framework of a liquidity contract conforming to a code of conduct recognised by the French stock exchange authority, retain the shares and, when appropriate, use them for payment or exchange in the framework of external growth operations, retain the shares and, when appropriate, remit them at the issuance of rights attached to marketable securities entitling the holder to receive shares of the company, implement any other market practice that should be permitted by the French stock market authority and, more generally, carry out any other operation in compliance with prevailing regulations,p3. decides that the purchase price may not exceed €25 per share and that the sell price may not be lower than €15 per share, subject to adjustments linked to operations on the company’s share capital. In case of a capital increase through incorporation of issuance premiums, proﬁts or reserves and the free allocation of shares, as well as the case of a division or re-grouping of the shares, the price indicated above will be adjusted by a multiplier co-efﬁcient equal to the ratio between the number of shares making up the capital before the operation and the number of shares after the operation, 4. sets a limite of €533,000,000 (ﬁve hundred thirty three million euros) as the maximum amount of funds destined for this share buy-back programme, 5. notes that, in compliance to the law, the total number of shares held on a given date may not exceed 10% of the total share capital existing on that same date, 6. vests all powers in the Board of Directors, including the ability to delegate those powers to any person authorised by law, to implement the present authorisation, place orders on the stock exchange, conclude agreements, notably for registering the purchase and sale of shares, fulﬁl all procedures, declarations and formalities towards the ﬁnancial market authorities and all bodies and in general do all that is needed to carry out the decisions it takes in the framework of the present authorisation, 7. decides that the Board of Directors will inform the General Meeting of the operations executed in compliance with the applicable regulations, 8. sets at eighteen months from this General Assembly the duration of the validity of the present authorisation which replaces any prior authorisation with the same purpose and cancels its effect in the limit of the amounts not utilised.ppp2. decides that the purchase, disposal, transfer or exchange of these shares may be carried out, respecting the regulations issued by the market authorities, by any means, notably on the open market or off-market, by mutual agreement, including the use of ﬁnancial derivatives, and at any time, including during a period of public offering or share exchange as well as price guarantee. The proportion of the programme that can be carried out by block negotiation is not limited and may represent the totality of the programme,6.3.2 Agenda – Extraordinary partp p Reading of Board of Directors reports and statutory auditors reports. Authorisation to be given to the Board of Directors to reduce shareholders’ equity by cancelling treasury shares held by the company. Delegation of competence given to the Board of Directors to increase the capital, while maintaining preferential subscription rights, by issuing shares or securities giving access to the company capital. Delegation of competence given to the Board of Directors to proceed with a capital increase by incorporating premiums, reserves or proﬁts. Delegation of competence given to the Board of Directors to increase the capital, while eliminating preferential subscription rights, by issuing shares or securities giving access to the company capital. Delegation to be given to the Board of Directors to increase the number of shares to be issued in the case of a capital increase with or without preferential subscription rights of shareholders. Authorisation to be given to the Board of Directors to set the issue price of shares or securities giving access to company shares (within the limit of 10% of the capital), by public savings offer, without preferential subscription rights. Delegation of powers given to the Board of Directors to proceed with a capital increase in view of compensating contributions in kind made up of shares of a company or securities giving access to the capital. p p p p Delegation of competence given to the Board of Directors to increase the capital, without preferential subscription rights, to compensate the contribution of shares in case of a public share exchange offer. Delegation of competence given to the Board of Directors to issue securities giving the right to the attribution of letters of credit. Delegation of competence given to the Board of Directors to increase the capital in favour of company employees or those of companies in the Group participating in a company savings scheme. Authorisation given to the Board of Directors to grant share purchase or share subscription options. Introduction of the provisions applicable to the company in relation to the terms provided for in Article 36 of law No. 86-1067 of September 30, 1986 on freedom of communication - modiﬁcation relative to Article 7 of the Articles of Incorporation. Introduction of the mention of the territorial competence of the tribunals of the head ofﬁce for disputes between shareholders and/or Directors modiﬁcation relative to Article 28 of the Articles of Incorporation, Powers to ﬁle documents and complete formalities.ppppppppp2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Shareholders’ General Meeting6pallocate the shares to employees or ofﬁcers of the company or attached companies, under the conditions and according to the procedures provided for by the law, for example, in the framework of employee participation in the fruits of the company’s growth through a share option programme or through a company or inter-company savings plan or through a free allocation of shares, assure the liquidity and support the market for company shares through an investment services provider acting within the framework of a liquidity contract conforming to a code of conduct recognised by the French stock exchange authority, retain the shares and, when appropriate, use them for payment or exchange in the framework of external growth operations, retain the shares and, when appropriate, remit them at the issuance of rights attached to marketable securities entitling the holder to receive shares of the company, implement any other market practice that should be permitted by the French stock market authority and, more generally, carry out any other operation in compliance with prevailing regulations,p3. decides that the purchase price may not exceed €25 per share and that the sell price may not be lower than €15 per share, subject to adjustments linked to operations on the company’s share capital. In case of a capital increase through incorporation of issuance premiums, proﬁts or reserves and the free allocation of shares, as well as the case of a division or re-grouping of the shares, the price indicated above will be adjusted by a multiplier co-efﬁcient equal to the ratio between the number of shares making up the capital before the operation and the number of shares after the operation, 4. sets a limite of €533,000,000 (ﬁve hundred thirty three million euros) as the maximum amount of funds destined for this share buy-back programme, 5. notes that, in compliance to the law, the total number of shares held on a given date may not exceed 10% of the total share capital existing on that same date, 6. vests all powers in the Board of Directors, including the ability to delegate those powers to any person authorised by law, to implement the present authorisation, place orders on the stock exchange, conclude agreements, notably for registering the purchase and sale of shares, fulﬁl all procedures, declarations and formalities towards the ﬁnancial market authorities and all bodies and in general do all that is needed to carry out the decisions it takes in the framework of the present authorisation, 7. decides that the Board of Directors will inform the General Meeting of the operations executed in compliance with the applicable regulations, 8. sets at eighteen months from this General Assembly the duration of the validity of the present authorisation which replaces any prior authorisation with the same purpose and cancels its effect in the limit of the amounts not utilised.ppp2. decides that the purchase, disposal, transfer or exchange of these shares may be carried out, respecting the regulations issued by the market authorities, by any means, notably on the open market or off-market, by mutual agreement, including the use of ﬁnancial derivatives, and at any time, including during a period of public offering or share exchange as well as price guarantee. The proportion of the programme that can be carried out by block negotiation is not limited and may represent the totality of the programme,6.3.2 Agenda – Extraordinary partp p Reading of Board of Directors reports and statutory auditors reports. Authorisation to be given to the Board of Directors to reduce shareholders’ equity by cancelling treasury shares held by the company. Delegation of competence given to the Board of Directors to increase the capital, while maintaining preferential subscription rights, by issuing shares or securities giving access to the company capital. Delegation of competence given to the Board of Directors to proceed with a capital increase by incorporating premiums, reserves or proﬁts. Delegation of competence given to the Board of Directors to increase the capital, while eliminating preferential subscription rights, by issuing shares or securities giving access to the company capital. Delegation to be given to the Board of Directors to increase the number of shares to be issued in the case of a capital increase with or without preferential subscription rights of shareholders. Authorisation to be given to the Board of Directors to set the issue price of shares or securities giving access to company shares (within the limit of 10% of the capital), by public savings offer, without preferential subscription rights. Delegation of powers given to the Board of Directors to proceed with a capital increase in view of compensating contributions in kind made up of shares of a company or securities giving access to the capital. p p p p Delegation of competence given to the Board of Directors to increase the capital, without preferential subscription rights, to compensate the contribution of shares in case of a public share exchange offer. Delegation of competence given to the Board of Directors to issue securities giving the right to the attribution of letters of credit. Delegation of competence given to the Board of Directors to increase the capital in favour of company employees or those of companies in the Group participating in a company savings scheme. Authorisation given to the Board of Directors to grant share purchase or share subscription options. Introduction of the provisions applicable to the company in relation to the terms provided for in Article 36 of law No. 86-1067 of September 30, 1986 on freedom of communication - modiﬁcation relative to Article 7 of the Articles of Incorporation. Introduction of the mention of the territorial competence of the tribunals of the head ofﬁce for disputes between shareholders and/or Directors modiﬁcation relative to Article 28 of the Articles of Incorporation, Powers to ﬁle documents and complete formalities.ppppppppp2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="188">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1People responsible for information6.4 PEOPLE RESPONSIBLE FOR INFORMATION6.4.1 Information and Investor RelationsPhilippe Denery Deputy General Manager, Finance Tel.: +33 (0)1 41 41 44 11 Fax: +33 (0)1 41 41 29 10 E-mail: pdenery@tf1.fr Legal documents can be consulted at: TF1 Legal Affairs 1, Quai du Point du Jour 92656 BOULOGNE CEDEX E-mail: ibrosset@tf1.fr Documents available for public consultation Documents such as the internal rules of the Board of Directors, the annual registration document, the other reports of the Board of Directors to the p General Meeting of April 17, 2009 may be consulted on the company website: www.tf1ﬁnance.fr. Anybody wishing to obtain additional information on the TF1 Group may, without obligation, ask for documents at TF1 – Legal Affairs Department, 1 quai du Point du Jour, 92100 Boulogne, Tel: (33) 1.41.41.28.27. You can also receive information on the Group TF1 and obtain on demand historical data about the company: p by mail: TF1 Investor Relations Department 1, Quai du Point du Jour 92656 BOULOGNE Cedex by internet: http://www.tf1ﬁnance.fr p e-mail: comﬁ@tf1.fr6.4.2 Schedule of ﬁnancial announcements for 2009February 19, 2009: 2008 turnover and annual full year accounts, Analysts Meeting April 17, 2009: General Meeting April 22, 2009: Dividend detachment date April 27, 2009: 2008 Dividend payment May 13, 2009: First quarter 2009 turnover and accounts July 24, 2009: First half 2009 turnover and accounts, Analysts Meeting November 10, 2009: Third quarter 2009 turnover and accounts This schedule is subject to change.1862008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1People responsible for information6.4 PEOPLE RESPONSIBLE FOR INFORMATION6.4.1 Information and Investor RelationsPhilippe Denery Deputy General Manager, Finance Tel.: +33 (0)1 41 41 44 11 Fax: +33 (0)1 41 41 29 10 E-mail: pdenery@tf1.fr Legal documents can be consulted at: TF1 Legal Affairs 1, Quai du Point du Jour 92656 BOULOGNE CEDEX E-mail: ibrosset@tf1.fr Documents available for public consultation Documents such as the internal rules of the Board of Directors, the annual registration document, the other reports of the Board of Directors to the p General Meeting of April 17, 2009 may be consulted on the company website: www.tf1ﬁnance.fr. Anybody wishing to obtain additional information on the TF1 Group may, without obligation, ask for documents at TF1 – Legal Affairs Department, 1 quai du Point du Jour, 92100 Boulogne, Tel: (33) 1.41.41.28.27. You can also receive information on the Group TF1 and obtain on demand historical data about the company: p by mail: TF1 Investor Relations Department 1, Quai du Point du Jour 92656 BOULOGNE Cedex by internet: http://www.tf1ﬁnance.fr p e-mail: comﬁ@tf1.fr6.4.2 Schedule of ﬁnancial announcements for 2009February 19, 2009: 2008 turnover and annual full year accounts, Analysts Meeting April 17, 2009: General Meeting April 22, 2009: Dividend detachment date April 27, 2009: 2008 Dividend payment May 13, 2009: First quarter 2009 turnover and accounts July 24, 2009: First half 2009 turnover and accounts, Analysts Meeting November 10, 2009: Third quarter 2009 turnover and accounts This schedule is subject to change.1862008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="189">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Information included by reference66.5 INFORMATION INCLUDED BY REFERENCEIn application of Article 28 of Regulation (EC) N° 809/2004 of the Commission of April 29, 2004, the following information is included by reference in the present registration document: The consolidated accounts for the year ended December 31, 2007, the relevant report of the statutory auditors and the Group’s management report appearing on pages 88 to 131, page 131 and pages 48 to 87 of the registration document registered with the AMF on March 26, 2008 with number D.08-152. The consolidated accounts for the year ended December 31, 2006, the relevant report of the statutory auditors and the Group’s management report appearing on pages 92 to 136, page 134 and pages 46 to 91 of the registration document registered with the AMF on March 23, 2007 with number D.07-0216.2008 REGISTRATION DOCUMENT1]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Information included by reference66.5 INFORMATION INCLUDED BY REFERENCEIn application of Article 28 of Regulation (EC) N° 809/2004 of the Commission of April 29, 2004, the following information is included by reference in the present registration document: The consolidated accounts for the year ended December 31, 2007, the relevant report of the statutory auditors and the Group’s management report appearing on pages 88 to 131, page 131 and pages 48 to 87 of the registration document registered with the AMF on March 26, 2008 with number D.08-152. The consolidated accounts for the year ended December 31, 2006, the relevant report of the statutory auditors and the Group’s management report appearing on pages 92 to 136, page 134 and pages 46 to 91 of the registration document registered with the AMF on March 23, 2007 with number D.07-0216.2008 REGISTRATION DOCUMENT1]]></basicChars>
	</page>
	<page id="190">
		<raw><![CDATA[6LEGAL INFORMATION CONCERNING TF1Addresses of main subsidiaries and participations6.6 ADDRESSES OF MAIN SUBSIDIARIES AND PARTICIPATIONS(February 2009) 1, quai du Point du Jour – 92656 BOULOGNE-BILLANCOURT CEDEX – FRANCE TF1 DIGITAL CIBY 2000 TFOU SOCIÉTÉ D’EXPLOITATION DU MULTIPLEX R6 – SMR6 ONECAST TF1 HORS MEDIA TÉLÉMA LA CHAÎNE INFO – LCI TOP TICKET.S Immeuble Le Delta - 3-7 quai du Point du Jour- 92100 BOULOGNEBILLANCOURT TF1 PRODUCTION Central Park - 9, rue Maurice Mallet – 92130 ISSY-LES-MOULINEAUX FRANCE UNE MUSIQUE TF1 VIDEO (as of 07/01/2009 - Atrium) COMPAGNIE INTERNATIONALE DE COMMUNICATION – CIC TF1 ENTREPRISES (as of 07/01/2009 - Atrium) TF1 INTERNATIONAL (as of 07/01/2009 - Atrium) TFM DISTRIBUTION Atrium- 6 place Abel Gance- 92100 BOULOGNE-BILLANCOURT TF1 PUBLICITÉ WAT e-TF1 Immeuble Arcs de Seine - 18, Quai du Point du Jour – 92656 BOULOGNEBILLANCOURT CEDEX - FRANCE TF1 FILMS PRODUCTION (as of 07/01/2009 - 1, Quai du Point du Jour) HISTOIRE (as of 07/01/2009 - Atrium) USHUAIA TV (as of 07/01/2009 - Atrium) SOCIÉTÉ D’EXPLOITATION ET DE DOCUMENTAIRES – ODYSSÉE (as of 07/01/2009 - Atrium) L’Amiral - 3, rue Gaston et René Caudron – 97988 ISSY-LES-MOULINEAUX CEDEX – FRANCE EUROSPORT EUROSPORT France EURSOSPORT EVENTS 120, avenue Charles de Gaulle – 92200 NEUILLY-SUR-SEINE – FRANCE TF6 SÉRIE CLUB Quai Péristyle – 56100 LORIENT – FRANCE TV BREIZH 3, rue du Commandant Rivière – 75008 PARIS – FRANCE TCM DA 52, rue Montmartre- 75002 Paris PILIPILI Tour Maine Montparnasse – 33 avenue du Maine – 75015 PARIS - FRANCE LES NOUVELLES ÉDITIONS TF1 35, rue Greneta – 75002 PARIS - FRANCE PUBLICATIONS METRO FRANCE 45, boulevard Victor Hugo Bâtiment 264 – 93534 AUBERVILLIERS Cedex – FRANCE TÉLÉSHOPPING TOP SHOPPING INFO SHOPPING EZ TRADING 6 bis, quai Antoine 1er – MONACO TÉLÉ MONTE CARLO (TMC) 69, rue de Richelieu - 75002 PARIS - FRANCE 1001 LISTES1882008 REGISTRATION DOCUME]]></raw>
		<basicChars><![CDATA[6LEGAL INFORMATION CONCERNING TF1Addresses of main subsidiaries and participations6.6 ADDRESSES OF MAIN SUBSIDIARIES AND PARTICIPATIONS(February 2009) 1, quai du Point du Jour – 92656 BOULOGNE-BILLANCOURT CEDEX – FRANCE TF1 DIGITAL CIBY 2000 TFOU SOCIETE D’EXPLOITATION DU MULTIPLEX R6 – SMR6 ONECAST TF1 HORS MEDIA TELEMA LA CHAINE INFO – LCI TOP TICKET.S Immeuble Le Delta - 3-7 quai du Point du Jour- 92100 BOULOGNEBILLANCOURT TF1 PRODUCTION Central Park - 9, rue Maurice Mallet – 92130 ISSY-LES-MOULINEAUX FRANCE UNE MUSIQUE TF1 VIDEO (as of 07/01/2009 - Atrium) COMPAGNIE INTERNATIONALE DE COMMUNICATION – CIC TF1 ENTREPRISES (as of 07/01/2009 - Atrium) TF1 INTERNATIONAL (as of 07/01/2009 - Atrium) TFM DISTRIBUTION Atrium- 6 place Abel Gance- 92100 BOULOGNE-BILLANCOURT TF1 PUBLICITE WAT e-TF1 Immeuble Arcs de Seine - 18, Quai du Point du Jour – 92656 BOULOGNEBILLANCOURT CEDEX - FRANCE TF1 FILMS PRODUCTION (as of 07/01/2009 - 1, Quai du Point du Jour) HISTOIRE (as of 07/01/2009 - Atrium) USHUAIA TV (as of 07/01/2009 - Atrium) SOCIETE D’EXPLOITATION ET DE DOCUMENTAIRES – ODYSSEE (as of 07/01/2009 - Atrium) L’Amiral - 3, rue Gaston et Rene Caudron – 97988 ISSY-LES-MOULINEAUX CEDEX – FRANCE EUROSPORT EUROSPORT France EURSOSPORT EVENTS 120, avenue Charles de Gaulle – 92200 NEUILLY-SUR-SEINE – FRANCE TF6 SERIE CLUB Quai Peristyle – 56100 LORIENT – FRANCE TV BREIZH 3, rue du Commandant Riviere – 75008 PARIS – FRANCE TCM DA 52, rue Montmartre- 75002 Paris PILIPILI Tour Maine Montparnasse – 33 avenue du Maine – 75015 PARIS - FRANCE LES NOUVELLES EDITIONS TF1 35, rue Greneta – 75002 PARIS - FRANCE PUBLICATIONS METRO FRANCE 45, boulevard Victor Hugo Batiment 264 – 93534 AUBERVILLIERS Cedex – FRANCE TELESHOPPING TOP SHOPPING INFO SHOPPING EZ TRADING 6 bis, quai Antoine 1er – MONACO TELE MONTE CARLO (TMC) 69, rue de Richelieu - 75002 PARIS - FRANCE 1001 LISTES1882008 REGISTRATION DOCUME]]></basicChars>
	</page>
	<page id="191">
		<raw><![CDATA[LEGAL INFORMATION CONCERNING TF1Registration document and cross-reference table66.7 REGISTRATION DOCUMENT AND CROSS-REFERENCE TABLECross-reference table – Subjects of the ﬁrst appendix of EU regulation 809/20041 2 3 3.1 3.2 4 5 5.1 5.2 6 6.1 6.2 6.3 6.4 6.5 7 7.1 7.2 8 8.1 8.2 9 9.1 9.2 10 10.1 10.2 10.3 10.4 10.5 11 12 13 14 14.1 14.2 15 15.1 15.2 16 16.1 16.2 16.3 16.4 Persons responsible Legal auditors of the accounts Selected ﬁnance information Historical information Interim information Risk factors Information about the issuer History and development of the company Investments Business overview Principal activities Principal markets Exceptional events Possible dependence The basis for statements made by the issuer regarding its competitive position Organisational structure Summary List of main subsidiaries Property, plant and equipment Main tangible ﬁxed assets, existing or planned Environmental issues that may affect the use of the tangible ﬁxed assets Operating and ﬁnancial review Financial situation Operating results Cash and capital resources Capital resources of the issuer Sources and amounts of cash ﬂows Borrowing conditions and ﬁnancial structure Information on any restrictions on the use of capital resources that have materially affected or could materially affect the issuer’s operations Anticipated sources of funding Research and Development, patents and licences Trend information Proﬁt forecasts or estimates Administrative, management and supervisory bodies and senior management Administrative and management bodies Administrative and management bodies’ conﬂicts of interest Compensation and beneﬁts Amount of compensation paid and beneﬁts in kind Total amounts set aside or accrued to provide pensions, retirement or other beneﬁts Board and management practices Date of expiration of current terms of ofﬁce Service contracts binding members of the administrative bodies Information about the audit committee and compensation committee Corporate governance 23-26, 184 28-30 31 28-312008 REGISTRATION DOCUMENT4 27, 163-170 7-16, 74-76, 79, 82-84, 86, 187 N/A 45-48, 72 6-11, 172, 180-182 58 7, 8, 17-19 12-16 N/A 137 12-16 5 6, 188 109-110 67-71 50-56, 163-170 50-56 74-84, 91, 115, 116 92, 145 117 77, 78 128, 134 58 12-16, 57 N/A 23-31 30 32-38 118-1191]]></raw>
		<basicChars><![CDATA[LEGAL INFORMATION CONCERNING TF1Registration document and cross-reference table66.7 REGISTRATION DOCUMENT AND CROSS-REFERENCE TABLECross-reference table – Subjects of the ﬁrst appendix of EU regulation 809/20041 2 3 3.1 3.2 4 5 5.1 5.2 6 6.1 6.2 6.3 6.4 6.5 7 7.1 7.2 8 8.1 8.2 9 9.1 9.2 10 10.1 10.2 10.3 10.4 10.5 11 12 13 14 14.1 14.2 15 15.1 15.2 16 16.1 16.2 16.3 16.4 Persons responsible Legal auditors of the accounts Selected ﬁnance information Historical information Interim information Risk factors Information about the issuer History and development of the company Investments Business overview Principal activities Principal markets Exceptional events Possible dependence The basis for statements made by the issuer regarding its competitive position Organisational structure Summary List of main subsidiaries Property, plant and equipment Main tangible ﬁxed assets, existing or planned Environmental issues that may affect the use of the tangible ﬁxed assets Operating and ﬁnancial review Financial situation Operating results Cash and capital resources Capital resources of the issuer Sources and amounts of cash ﬂows Borrowing conditions and ﬁnancial structure Information on any restrictions on the use of capital resources that have materially affected or could materially affect the issuer’s operations Anticipated sources of funding Research and Development, patents and licences Trend information Proﬁt forecasts or estimates Administrative, management and supervisory bodies and senior management Administrative and management bodies Administrative and management bodies’ conﬂicts of interest Compensation and beneﬁts Amount of compensation paid and beneﬁts in kind Total amounts set aside or accrued to provide pensions, retirement or other beneﬁts Board and management practices Date of expiration of current terms of ofﬁce Service contracts binding members of the administrative bodies Information about the audit committee and compensation committee Corporate governance 23-26, 184 28-30 31 28-312008 REGISTRATION DOCUMENT4 27, 163-170 7-16, 74-76, 79, 82-84, 86, 187 N/A 45-48, 72 6-11, 172, 180-182 58 7, 8, 17-19 12-16 N/A 137 12-16 5 6, 188 109-110 67-71 50-56, 163-170 50-56 74-84, 91, 115, 116 92, 145 117 77, 78 128, 134 58 12-16, 57 N/A 23-31 30 32-38 118-1191]]></basicChars>
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	<page id="192">
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