UPDATE: Vivendi Sets Out Canal Plus Earnings Ahead Of IPO
February 17 2011 - 4:41AM
Dow Jones News
PARIS (Dow Jones)-Canal Plus Group, the French pay-TV company
owned by Vivendi SA (VIV.FR), Thursday reported a 5.8% rise in
full-year earnings before interest, taxes, depreciation and
amortization as it moves closer to the planned initial public
offering of Lagardere SCA (MMB.FR)'s 20% stake in its French unit,
Canal Plus France.
Ebitda for the full year rose to EUR690 million while revenue
rose 3.5% to EUR4.71 billion as more subscribers signed up for pay
TV, Vivendi said.
Vivendi currently owns 100% of Canal Plus Group, which in turns
holds 80% of Canal Plus France, with the remaining 20% held by
media conglomerate Lagardere SCA (MMB.FR).
Lagardere has been aiming for the IPO of its stake to take place
in the second quarter of 2011.
Canal Plus France said Thursday it has filed its registration
document with the French stock market regulator AMF, moving a step
closer towards the IPO.
"We are very happy to begin this IPO process for Canal+ France,
which will allow institutional and private investors to become
shareholders in the leading pay-TV company in mainland France and
to take advantage of its prospects for growth," Canal Plus CEO
Bertrand Meheut said in a statement.
In a conference call with reporters, Meheut said Canal Plus
France should post annual revenue growth of around 2% to 3% over
the next few years after 2010 revenue rose 3.1% to EUR3.96 billion
driven by subscriptions growth, increased revenue per subscriber
and higher advertising revenue.
The success of the IPO remains subject to market conditions and
the AMF's approval of the IPO prospectus, Canal Plus added.
-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1740;
ruth.bender@dowjones.com