Vivendi's Canal Plus FY10 Net Profit EUR40 Million, Down 0.8% On Year
February 18 2011 - 1:08PM
Dow Jones News
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