French pay-TV group Canal Plus SA, in which French entertainment-to-telecom conglomerate Vivendi SA (VIV.FR) owns an indirect stake, Friday reported EUR40 million net profit for the full year 2010, down 0.8% on the year, weighed down by lower revenue from subscriptions.

MAIN FACTS:

- Canal Plus SA is a 48%-owned subsidiary of Canal Plus France, itself an 80%-owned subsidiary of CANAL Plus Group (AN.FR).

- The total subscription portfolio, which includes home and institutional subscriptions in France and its overseas departments and territories and Africa, came to 5.4 million subscriptions at December 31, 2010, representing a net increase of 169,000 subscriptions from the previous year-end, the company said in a statement.

- However, the group's main source of income, revenue from subscriptions, fell by 0.5% on the year to EUR1.5 billion.

- Overall revenue came in at EUR1.7 billion up 0.7% on the year.

- Operating profit was EUR59 million for the full year, up 2.5%.

- Operating expenses, other than the distribution commission, increased by EUR17 million from the previous year due to an exceptional allocation of EUR35 million to cover CANAL+ SA's commitment to the French movie industry, which involves providing assistance to independent distributors and small and medium-sized theater operators, the company said in a statement.

- A decline in net interest income to EUR2 million from EUR4 million a year earlier was attributable to lower interest rates.

- At the Annual Meeting on May 6, 2011, shareholders will be asked to approve a dividend of EUR0.27 per share. If approved, the ex-dividend date will be May 23, 2011.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; paris@priority.emea.dowjones.com