Television Francaise 1 SA
PAR:TFI
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Television Francaise 1 SA
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Ladies and gentlemen, welcome to the TF1 conference call for the 9-month 2020 financial accounts. I now hand over to Mr. Philippe Denery, CFO. Sir, please go ahead.
Thank you. Good evening, ladies and gentlemen. Thank you for joining us. I hope you are all well. In this very specific context, TF1 remains committed to ensuring the health and safety of all staff and stakeholders. The TF1 group has adapted its work organization to the current environment to ensure business continuity. And we'll keep on adapting its process and work organization, if necessary and in line with decision which could be taken by our government. I will start with the main key points and a summary of our results for the first 9 months of '20, then I will be happy to take questions. After first half year '20 significantly impacted by COVID-19 crisis, 9 months results benefited from a positive contribution of Q3 results, especially in the Broadcasting segment. For the first 9 months of '20, total revenues stand at EUR 1.361 billion, down by 16% compared to last year. This decrease is a result of a drop of revenues during the first semester '20 in the Broadcasting, Studios & Entertainment as well as the Unify segments. During the third quarter '20, however, advertising revenues of the group increased by EUR 24 million, plus 7.5% compared to the same quarter of last year. The TF1 group also made further savings, mostly in programming costs. Consequently, the current operating profit for Q3 '20 stands at EUR 58 million, a significant contribution into our 9 months results and a better performance as compared to Q3 '19. As a summary, I would point out the results for the 3 main activities for the first 9 months as follows. First, regarding the Broadcasting segment, after the first half impacted by the COVID-19 crisis, the third quarter recorded an increase in revenues of EUR 18 million and EUR 38 million for the current operating profit, thanks to significant savings in its programming cost as well as in other general expenses. This segment has demonstrated its robustness and its capacity to adapt. Second, after a decrease in production activity during the first semester, due to the suspension of shooting in the lockdown context, Newen has been one of the first producers to restore operations -- all operations as of May -- mid-May. It now has an increased book of order of more than 1,600 hours. In the first 9 months of '20, Unify ad revenues remain impacted by COVID-19 crisis. However, in Q3, digital ad spending started to come back to a more regular level of investments. Let's now get into the details of our activities. I will start commenting on the performance of the Broadcasting segment for the first 9 months of '20. Revenues stand at EUR 1.056 billion, down by EUR 189 million year-on-year. Regarding advertising revenues, the trend reflects a 16% decrease in advertising revenues, minus EUR 180 million year-on-year. After the first half year, which saw a drop in advertising revenues due to the 2 consolidation of advertising campaigns in the context of the lockdown -- during the COVID -- during the lockdown period, sorry, the third quarter recorded an increase in advertising revenues of EUR 25 million year-on-year, which is an organic growth of 8%. This performance is a result of a catch-up effect as advertisers gradually return in Q3 in several sectors such as food, retail, care, e-commerce and car industry. The other revenues within the Broadcasting segment are down by EUR 9 million linked with a drop in production of movies and series by TF1 Production, and the absence of film, which were supposed to be launched by TF1 Films Production during Q3 and which was reported. The Broadcasting segment has demonstrated its capacity to adapt through close monitoring of its programming costs to cope with the advertising market drop due to the crisis. In this respect, the group managed to make EUR 138 million of savings by end of September '20, which is EUR 30 million more than during H1. As a result, in the first 9 months '20, total cost cuts including savings in other costs, led the group to absorb 85% of the drop in advertising revenues, showing the resilience of our Broadcasting model. I would like to point out that this performance didn't have any impact on ratings, as shown by the high level of viewing time at the end of September, 3 hours 49 minutes, up by 23 minutes year-on-year for individuals aged 4 years and plus. And by the increase in audience share among the advertising target of 25-49 years old at 29.2%, up by 0.1%. Current operating profit for this segment stands at EUR 128 million at end of September, down by EUR 29 million year-on-year. In this quarter, current operating profit stands at EUR 52 million year-on-year, up by EUR 38 million. Now regarding the Studios & Entertainment segment, revenues for -- from the first 9 months of '20 are down by EUR 46 million compared to last year. This segment was particularly affected by the COVID-19 crisis in Q2, which led, as you know, to a stop in shooting between mid-March and mid-May. Well, that was also the case in the music activity, where several shows and movies were postponed. As of May, Newen was one of the very first producers to start shooting again. In the summer, it began shooting its third daily soap, Ici Tout Commence, which will be broadcasted on TF1 at the beginning of November. Abroad studios such as Reel One and De Mensen have also come back to regular levels of activities. At end of September, the studios book of order remained at a high level, above 1,600 hours. It even increased during Q3, which offers good visibility for the months to come. The Entertainment segment remains affected by COVID-19 crisis. Revenues are still below those usually observed due to the consolidation of music project for the music label PlayTwo as well as a postponement, as I mentioned already, of shows to 2021. This segment posted a current operating profit of EUR 7 million, driven mostly by the third quarter positive contribution. Now on Unify, traffic on the Marmiton and Doctissimo website is high even after the end of lockdown. As an example, audiences are up by 38% year-on-year for Marmiton, which totalized more than 560 million visitors as of end of September. In the first 9 months of September during the first 9 months, ad revenues of this segment remain under expectation during the impact of COVID-19 crisis. However, in Q3, we have started noticing signs of recovery as digital ad spending started to go back to regular levels. On the social e-commerce side, activity is increasing in Q3 compared to the last year same period. Over the first 9 months of '20, we have managed to increase our box count by more than 50,000 for our 2 successful Beautiful Box and Gambettes Box. Unify revenues for the first 9 months amount to EUR 106 million, EBIT stands at minus EUR 9 million. Let's now comment on the cash situation. First, excluding lease obligations as defined under the IFRS 16 norm, the TF1 group had a net debt of EUR 71 million at end of September, compared with a net debt of EUR 126 million at end of '19. Second, in the current situation, it is interesting to focus on cash generation. TF1's free cash flow after change in working capital amounts to EUR 77 million at end of September, only down by EUR 17 million compared to last year. This good level of free cash flow demonstrate the group's ability to still generate cash in a tough situation by monitoring its different businesses. Well, we'll now conclude with the outlook as we've seen results for the first 9 months benefited from the positive contribution of the third quarter. During the fourth quarter, we will intend to reinvest in strong and fresh programs with a lineup, including new entertainment programs as well as movies and daily soap. As of today, I have to admit that uncertainties about the evolution of the COVID-19 pandemic make it hard to give new guidance for the end of the year and for '21. We remain confident in the group capacity to adapt to the situation as the 9 months results demonstrate. This concludes my review of TF1 group results for the first 9 months '20. Please note that our full year results presentation will take place on the 11th of February '21. Thank you again for having joined us. Should you have any questions, please do not hesitate to ask. And finally, I would remind you that a recording of this conference call will be available. You will find the connection details on our website.
[Operator Instructions] The first question comes from Annick Maas from Exane BNP Paribas.
My first question is, so I understand you can't really comment on the ad market. But maybe if you could give us an indication of what you've seen in October given we get to the end of that. And maybe comment slightly on the phasing of October. Second one is on programming costs for the full year. How shall we think about it? One question on production phasing. Shall we expect some production phasing benefits to come through in Q4? And finally, addressable TV is allowed since the summer. Can you please give us first indications of how that has translated in various KPIs, please?
I'm not sure I have well hear your fourth question, but I will answer your three first question and go back. Well, on October, I would say that October is in line with the expectation. We have a high basis of comparison because as -- I remind you that we had the Rugby World Cup last year in October. And of course, in terms of pricing, in terms of value, the basis of comparison is high. But today, I would say, October is not bad, we have in line with the expectation, I would say, in line with the normal market. So that's for October. The visibility in November is really low. And we know that in such circumstances, we can have up and downs depending on measures, situation and advertiser behavior during the last -- the following weeks. Your second question concerning programming costs for the full year. We have reinvested in September and in October in new program. We have a strong lineup, but we think that we should be in a position to size the amount of the Rugby World Cup costs we had last year. So that could be additional -- addition to those EUR 138 million. Basically, that's less than EUR 20 million for in terms of what the cost of the Rugby World Cup last year. So that's the magnitude. Concerning the production savings in Q4. No, there is no reason to expect some specific savings in production in Q4, but we can expect to have a contribution of the Studios & Entertainment segment in Q4, in line with what is the -- usually the case. I said that because if you look at last year, I'll remind you that we had, in Q4 last year, a very specific situation with the contribution of Studios & Entertainment very high in terms of EBIT. And I have always said that, that was very specific to some delivery and some very specific situation, but that the normal contribution of Studios & Entertainment and of the production sector should be considered as being an average between what has been delivered in Q4 '19 and Q4 '18. So that's basically what I can say in terms of the view we have. Having in mind that in the music business, we are still impacted by the crisis and shows are postponed, as I mentioned, and will remain postponed for the end of the year, probably. So the activity of the music is very low. Now concerning -- also, for your fourth question, I didn't hear very well.
It was just on addressable TV, which is now allowed since the summer. So how has that already translated? Or has it translated into anything so far?
Well, addressable TV will not impact '20, clearly. And we hope to have some first impact -- positive impact of addressable TV in '21. That is linked with discussion we have with telecom operators and it's too early to give any kind of figure. But that will impact and start to impact '21, probably not the full year, but a good part of the year.
The next question comes from Julien Roch from Barclays.
My first question is coming back on what you said on October, you said in line with normal market, but does that mean that October was flat, slightly positive? That's the first question. Second question is coming back on your Q3 amazing ad performance of plus 8.2%, which is very, very good, especially versus M6. Is there any one-off or any different performance between pure TV advertising or online or pay or taking on board a new -- a third party in [ your sales how ] something that can explain that amazing 8.2%? That's the second question. The third question is one of the reasons of the very good operating performance in Q3 was an EUR 18.1 million provision reversal. Any color on that? Number four, sorry, I didn't understand at all your answer on programming costs. You talked about EUR 138 million, EUR 20 million. I'm a bit confused on that. So those are my 4 questions. Okay?
Okay. Well, concerning October, I would say that it's -- one, it's flat. I just want to say, first of all, that, of course, it's not the same magnitude as compared -- [ started at 80% ], clearly. It's more or less flat. But I'll just remind you that we had, again, a basis of comparison which is not very favorable just because we had generated value and additional inventories due to the Rugby World Cup which added costs, but at the same time, generated additional revenues. And of course, I would say that the way we look at it is the market is 0 plus probably in October. Of course, our basis of comparison doesn't have too much, but no negative sign and flat plus as a market, again, taking into account our basis of comparison. Now concerning the Q3 performance on our 8%, I would say it's a combination, first of all, of the very good ratings we have enjoyed and especially from the end of August and September, and that helps. We had the opportunity to broadcast the Champions League, semi-final and final with 6.5 million and 11.4 million, respectively, for those 2 games. And of course, that is one of the reasons. The second reason is probably the fact that some budget, which were not invested in Q2, has been invested in Q3. And we have seen in specific sectors, especially car industry as well as food, some reinvestment and an increase in the investment in advertising during summer and September. So that is the second reason of specific sectors. And of course, depending on the proportion of the different sectors in the total revenues of each channel, that could be part of the explanation as well. Now the third reason is linked with the good performance of our advertising agency, which has been in a capacity to support advertisers during the lockdown period and during the Q2 and which has been looked at the capacity in addition to the rating and the good ratings to offer specific inventories during Q3. Now concerning the programming cost, just to be clear, I will not give you a figure and the final figure on what will be our guidance on the programming cost. Just because we need now more and more and the 9 months demonstrate our necessity to be as flexible as possible and to adapt to revenues. But we had last year, net from replacing program, an amount on the Q4 for the specific sports events corresponding to EUR 25 million. And I'm just saying that a good part of it, meaning probably around EUR 20 million, could make the savings on Q4 because we will not reinvest the total amount we have invested into Rugby and we should have the capacity to keep this as savings. Of course, we will broadcast other programs. Of course, we need to keep the ratings and the audience the same level as last year. So that's part of the game, I would say. But that's basically what I could give you in terms of indication, and I can't be more clearer than around EUR 20 million savings additional, hopefully, during the Q4. And that will depend, of course, on the different -- well, the situation and the advertising market in November and December.
Okay. Very clear on programming costs. And the last one was the EUR 18.1 million provision.
EUR 18.1 million provision comes from -- I'm not sure I understand the figure.
So it's Page 14. It's basically, if you look at your consolidated P&L, in Page 14 of the...
Yes. Management report?
Yes. The management report. You have charge to provision and impairment losses, net of reversal due to utilization of EUR 18.1 million. So you basically -- there's a significant provision reversal in Q3 for EUR 18.1 million.
That is -- yes. Well, that is linked with the programming costs. And that is due to the fact that in the global optimization of our grid, we have been the capacity to broadcast some program which were not supposed to be broadcasted. So a part of it is coming from the optimization of the programming costs and as well as -- so that's quite a part of it. You find it partly in the programming costs savings, part of it. And another part is due to the fact that we were in capacity to sell some program which we're not supposed to be broadcasted and which generate a reverse provision during this quarter. So it's a combination of both.
The next question comes from Conor O'Shea from Kepler Cheuvreux.
Three quick questions from me as well. Yes. Just first question on the advertising performance so far in the fourth quarter. I understand your comments, Philippe, suggesting that the markets in October so far, quite resilient. I think some buyer comments that suggested it was starting to weaken at the end of September. Just wondering if all the sectors are holding up, so in particular sectors like automobile, which was stronger on government support in the third quarter hasn't started to get a bit weaker so far in the fourth quarter. Or is that holding up? Second question, just in terms of the fourth quarter, could you just remind us more or less of the weight, the proportion of revenues coming from each month, October, November, December? And then the third question, I don't know if I missed it in the press release. But can you give us an estimate this year -- for this year's net operating losses in SALTO? I think M6 estimated EUR 9 million. Is that a good number for TF1 as well?
Yes. Well, concerning advertising Q4, what I would say in terms of sectors that we have some sectors which are not coming back and which remain minus or lower than last year and lower than usual mainly, of course, tourism and hospitality as well as culture and leisure, which are significantly in double digit down and which remain very low in terms of what they invest. And they intend to invest in Q4, we don't see them back. And the same with the cosmetic beauty, which are down and which are not from what we see in Q4 coming back at the normal level. Now on other sectors, car industry remain rather resilient, but it, of course, will depend on specific measures or measures which could be taken. For the moment, it's resilient even in September, October. And of course, we have sectors like health care, telecom, which are progressing and which are investing regularly. So that's for the different sectors. Now concerning your second question, which was -- sorry, can you remind me your second question?
Yes. Yes. Just the breakdown by month in Q4 of advertising. Is December significantly smaller than November, October, generally? What -- are they quite even?
Well, if we have a global view, October and November are same magnitude, same amount and same weight in the Q4. December is a bit lower because generally after the 15th of December, less demand. And of course, globally, Q4, as you know, is probably a high quarter as compared to Q3. We had, last year, EUR 473 million, EUR 472.6 million revenues coming from the advertising on the Broadcasting segment. And basically, same proportion from October, November and probably 15% less in December.
Okay. Understood. And the last question was SALTO.
On the last question, yes, well, there is no reason for us to have a different figure from for a partnership. Well, EUR 9 million, I would say, I personally don't give the Q4 figures before the end of Q4. So I will give my final figures of euros at the end of the year. It's an estimation, and you should take it as an estimation and a good magnitude, yes. Now I don't know exactly what will be the final figure. And so I will remain prudent. If there are a few additional investments or not, that will depend on the -- and during the next following weeks. But yes, in terms of magnitude and we should have the same figure at the end of the year.
The next question comes from Richard Eary from UBS.
Yes, just -- there are actually 3 questions from myself. Just firstly on Newen. Philippe, in your outlook payment, right at the bottom, you said resumption of shooting in France and elsewhere suggest Newen can hope for return to sustained levels of activity during the end of the year. Are you assuming within that statement that you can get Newen back to positive revenue growth in the fourth quarter? So that's the first question. The second question just comes on Unify. Obviously, we had a loss in the third quarter, which is typically, obviously, a weak quarter in terms of margins, but we do typically get a strong margin buildup in the fourth quarter. Should we expect that to continue? Or is there anything else that's going to happen in the fourth quarter? And then just the last question. I think you just gave kind of the breakdown of Q4 revenues month-on-month, but I missed that. So I don't know whether you can repeat it, please?
Yes. Okay. Concerning Newen, well, we have resumed the shooting in France and abroad as well. And I would say that I guess that could be, and we can assume that in terms of revenues, there could be some growth. But that is under the assumption there is no change, whether here or in the countries where Newen is present: Belgium, Poland, Canada, mainly Denmark, that there is no change in the global environment and the capacity to go on with shooting, which is not fully secured in any and all shootings to Europe, I would say. So assuming that there is no more contracts, yes, we can expect some growth in Q4 in revenue. Again, not in its contribution. Nevertheless, I remind you that Newen is now included in a segment, where we will have some drop in revenues due to music activity, especially shows. And so altogether, we don't expect this segment to grow in revenues in Q4. I'll remind you also that we have, partly in Q3, we have some impact for Newen in the consolidation of the activity in Canada, Reel One, which compensate the nonconsolidation of our Téléshopping activity for the same period compared to last year for the first 9 months, and that will be the case for the whole year. So just take that into account, having in mind that in Q4 last year, we have consolidated Reel One. And if you've seen in the production segment, something which is no drop in revenues or limited drop in revenues for the first 9 months, it's because we have consolidated Reel One which compensates the drop in revenue from the production during Q2, which explains the fact that you don't see so much drop in revenues in the -- in this segment. So that's just to try to clarify this, the situation for Newen. And again, with a more limited contribution as compared to last year Q4, but probably higher than the Q4 '18. Concerning Unify -- yes?
Philippe, just to interrupt before we go to the next question. So if we look at the positive and negative as we go into Q4, I would presume that the run rate will be better than the minus 11% that we've done in Q3, but well, obviously, probably won't be low single digits, it's probably more like to be mid-single digit decline. Is that a fair statement?
Yes. Yes.
Okay. Perfect.
Concerning Unify, you are absolutely right to say that Q4 is the important quarter in terms of contribution and business. There is a seasonality in Unify activity. I would say that we are confident that their contribution should be positive in Q4. Now again, which magnitude? Difficult to say because, again, November, December will -- could be affected by the limited or not lockdown situation and the impact on advertising on digital. And so we are rather prudent in -- depending on the environment. But if things are going on as it is today, Unify's performance should clearly be better in Q4 than in any previous quarter this year. Last question was on the different months -- well, contribution to the Q4. I have just said that, roughly, October and November account for the same amount, December accounts for less. Because advertising for the last 2 weeks or the last 10 days of December, the demand is low traditionally. And that -- so we can think that December is probably 20% less than the 2 others. That's the way we look at the months. I don't like too much to give those monthly breakdown just because, of course, a change in 1 or 2 clients for -- to advertising campaign from October, November, could move a few millions which could make the difference. But in a normative terms, that's the breakdown by month.
The next question comes from Lisa Yang from Goldman Sachs.
Just a couple, please. I mean firstly, I understand the situation on the visibility is very limited. But you've shown that including the first 9 months that you're able to limit the drop-through to EBITDA from a drop in revenue. So do you think that -- obviously, that 85% was really high. So what sort of number do you think you could realistically achieve in Q4, like maybe 50%, 60%? I think that will be really helpful. The second question is, I mean, you've done a lot of cost savings so far this year like programming and nonprogramming. How much of that do you think can be kept for 2021? So how much of that is permanent from maybe more people working from home, et cetera, gaining more cost efficiency? The third question is on the regulatory landscape. It looks like there's been a few -- a little of noise around, I think the ecology is wanting to ban certain sectors from advertising on television like autos, et cetera. So I'm just wondering like where are we in sort of the discussion? Do you think there's a small chance that something will happen there? And maybe a very last question. I'm just wondering, what was the contribution from Téléfoot in Q3 on revenue and EBITDA? And obviously, I mean, given all the concerns that you have on media for whether you could potentially see the very risk from the -- that contribution going forward.
Okay. Thank you for your questions. Well, on the first question, definitely, we can't absorb the same amount as compared to what has been absorbed during the first 9 months depending -- I'll just remind you that we have achieved 85% absorption of the decrease in revenues by savings. And that is probably EUR 190 million drop in revenues for EUR 160 million savings altogether. Out of it, EUR 138 million on the programming cost. So that's the breakdown for the first 9 months. Clearly, keeping in Q4 a ratio of 85%, whatever happened is clearly not possible. Now we do think that we should be in a position to go -- to adapt, to go on because we have this experience now for the last 6, 7 months and that we should be in a position to go further. And of course, in a ratio, which could be closer to 40%, 50% then to 85%. Now it's not done, it's not easy and it's a day-to-day business. Now concerning the cost savings in terms of whether they are recurrent or not for '21. Clearly, not at this level and that is magnitude. I'm just reminding you that during the last couple of years, I've always said that our challenge is not necessarily to make savings for savings, but our capacity to be flexible and to adapt to situation if we have to invest. Because there are capacity to create more value and have additional revenues and even to invest in order to have inventories with a strong demand, we have to do this and not no more to look at cost savings as such. So as an answer to you, I would say that most of the savings are not recurrent for the following years even if part of them, but limited as compared to EUR 200 million for the 9 months, probably altogether maybe 10% could be achieved to taking benefit of what we have experienced in terms of process, in terms of work organization and as well as in terms of optimization of the grid in order to benefit from this. It's not, of course, neither a guidance, no way to give you any figures. It's just to give you a kind of magnitude of how far we could go. But that is, again, more being flexible and adapting our cost structure to the environment and the market. And if we have to invest in order, of course, to create more value, we will invest even more than what has been achieved in the past. So that's basically the reasoning we have. Now concerning the regulation, and you mentioned specifically regulation due to what is under review by the government for the advertising-specific sectors or producers. We think that well, the government and all the -- are fully aware of the impact of strong and immediate measures which could be taken. We have also, of course, the willingness to look at how we can work with advertisers in order to open and to look at how we can make some change in the different message, which could be broadcast and on which we have started to work with some of them in order to more insist to specific produces compared to others. It's also possible opportunity for us in terms of the green advertising, which could be also an opportunity. So the question is more leaving some time to adapt, and we are confident that globally, the government will leave some time and is rational to adapt gradually to the objective and target they have. Your fourth question concerning Téléfoot. I would simply say that the impact of Téléfoot in Q3 and globally is very limited, not significant. We have a deal or license for Téléfoot. We have some activity with them. There is no nonpayment. We are paid accordingly to what should be paid. But again, we are talking about very limited amount. So on the full year '20 is a very, very small amount, small single digit, if I may say, very small single digit.
The next question comes from Thomas Coudry from Bryan Garnier.
Two, please. We have seen a sharp rebound indeed in terms of TV advertising. It was not the case in digital. Can you please comment further on the different dynamics between those 2 markets? And why the recovery in digital is so much slower? Is it due to the nature of the competition on this market? And the second question is just focusing on the TV advertising market. So you pointed out that one of the reasons for the rebound was that some budgets that were not spent in Q3 were spent -- which were not spent in Q2 or spent in Q3. Obviously, this will fade away as we move on. On the other hand, the most impacted sectors that you're pointing out should not go back to spending as normal before a number of months and possibly years. So is it fair to assume that the advertising market for TV and new revenues there should be structurally below the 2019 level for quite some time now until all sectors recover?
Well, on your first question, I would say that on TV, yes, we have a catch-up situation in Q3, but not the -- that's not the only reason. Again, we have the ratings, we have the opportunity to sell some inventories, specifically at a good price and so on. So I would say, yes for the catch-up, but not only in Q3. But it's true to say that will not last for the following months. Concerning digital, it took more time and we didn't see the same growth in digital advertising as compared to TV. Well, I would say that maybe part of the explanation could say that in a rebound, that benefits more to the leader or the big one than the smaller one. And that's probably the case for TV as well as for digital. And I suppose that the rebound for some of the big digital companies has been better than for a smaller one. Nevertheless, we are confident and we are coming back to a situation which is more normative in the digital. But yes, it's more difficult for a smaller company than bigger one in order to benefit from rebound. That's part of the explanation probably and linked with Unify performance on advertising. Second point is to say that in Unify, a part of the advertising is linked with very specific situation or specific operations. And of course, advertisers are -- come back on the market step-by-step, reinvesting in advertising not necessarily immediately in the special operation or special services we provide with business services in Unify. So part of the segment like business services is doing well, but has not recovered for the moment the level which has been the level last year. Concerning TV advertising. Well, of course, it's a very good and large question and mid long-term question. I would say that as we said it, there are 2 answers to your question. First of all, there will be and there is already new advertisers which didn't, in the past, advertised on TV and which are advertising now, which comes -- start with Netflix or other, GAFAN as well as Amazon. So there are opportunities to get new advertisers. And if some of them will remain for a while like tourism with lower budget, small budget, others could increase their proportion. I'll just remind you that we've been said during the last 2 or 3 years by some of you that FMCG is going down and will remain down forever. And what we've seen during the last few months that FMCG is coming back in a certain proportion, but that showed that nothing is done forever. And in this market, the situation creates new needs and new opportunities. We have and we had 100 new clients during the first 9 months of this year. We have created new opportunities for them with specific price during the lockdown, and of course when the demand was lower. But we have now a proportion of new clients, which is growing year after year. So that's part of my answer, which is some sectors. And of course, the other sector is growing as an example. It's more sector for us. Nevertheless, the proportion of our revenues coming from health sector is growing year-after-year, even before the COVID-19. Now concerning the second part of the answer. I would say that, as we've explained, we look at our TV advertising market more than a global total video market. And that we should look at it now and year after year, more has a global offer which will combine TV, digital, linear, nonlinear, all linked with video more than the traditional linear TV. And that's the way we look at the future. And we hope that we will give you the opportunity to share with our general management of our advertising agency. Webinar, we want to organize by the end of November, hopefully, in order to give you some indication of how we see advertising market of total video in the next few years. And the capacity, we expect to have through the total video data to recapture value and to enlarge our offer at historical TV and tomorrow, total video actors. So you will be all invited for this 1 hour presentation, hopefully, if everything is possible. And if measures of lockdown would not be too strong, we would be in a position to offer you this opportunity to share with you the view we have on the total video advertising market for us.
[Operator Instructions]
Maybe one more question. If not, I hope that I've been very clear, hopefully. Well, all of you, thank you very much for attending this conference call. Be careful and take care. And if you have other questions, we are available to answer them. Thank you very much and have a good evening.
Ladies and gentlemen, this concludes the conference call. Thank you all for your participation. You may now disconnect.