SOC. D EDITION DE CANAL PLUS March 2, 2015
SECP - 2014
Consolidated net income: €40 million
This release reports the yearly earnings of SECP, a subsidiary 48.47% owned by Groupe CANAL+.
The SECP Board of Directors, meeting on February 13, 2015, has approved the financial statements for the year ending December 31, 2014. They show the following:
| Consolidated data (€ millions) | 2014 | 2013 | Change |
| Subscription Revenues | 1,631 | 1,683 | -3.1% |
| Advertising Revenues and other | 198 | 199 | -0.1% |
| Total Revenues | 1,830 | 1,882 | -2.8% |
| Operating expenses | (1,712) | (1,668) | 2.6% |
| Distribution commission | (53) | (151) | -64.6% |
| Guaranteed operating income | 65 | 63 | 2.5% |
| Financial income | (1) | 1 | |
| Income tax | (24) | (24) | 2.7% |
| Consolidated net income | 40 | 40 | -1.3% |
| Net income attributable to the Group | 40 | 40 | -1.3% |
The financial statements were audited by the Statutory Auditors. Their reports are in the process of being issued.
2014 highlights and post-closing events
On April 4, 2014, SECP won parts 1 and 2 of the bid for broadcast rights for four seasons (2016/2017 to 2019/2020) of LIGUE 1 matches. Each weekend, CANAL+ will offer the three best slots, Friday night, Saturday afternoon and, of course, Sunday evening, as well as its iconic shows, JOUR DE FOOT, CANAL FOOTBALL CLUB, and DEBRIEF.
On April 11, 2014, the UEFA awarded SECP a premium package of the Champions League for the 2015-2016, 2016-2017 and 2017-2018 seasons, enabling it to extend its football programming well into the future. CANAL+ will broadcast a key match live each day of the Champions League and continue to cover the competition on its CANAL CHAMPIONS CLUB broadcast.
Following a request for bids from the French National Rugby League, GROUPE CANAL+ retained exclusive rights to all of the Rugby TOP 14 (the French Championship). The rights are for the seven matches of each day of the championship, the final phases and the Jour de Rugby broadcast, covering the 2015-2016 to the 2018-2019 seasons.
Key indicators
At the end of December 2014, the total portfolio of subscriptions* to the CANAL+ channels was 5.6 million subscribers, about level with the previous year.
In a market showing increased competitive pressure, the CANAL+ channels attained a 3.7% audience share from January through December 2014 of 3.7% among individuals of four years and older throughout France.
CANAL+ A LA DEMANDE generated up to one million views per day from its premium offering of films, television series, CANAL+ broadcasts and from increased popularity of the MyCANAL application, which had 3.7 million downloads by the end of the year. CANAL+ A LA DEMANDE has been measured by Médiamétrie since June 2014, and its audience is included in the Médimat since October 2014. In the fourth quarter of 2014, the service attracts on average 540,000 viewers per day.
Revenue
CANAL+ consolidated revenue, which stood at €1,830 million in 2014, fell 2.8%, impacted primarily by the raise in VAT on subscriptions from 7% to 10% effective January 1, 2014.
Earnings
Operating expenses, excluding distribution commissions, rose €44 million over the preceding year, largely due to the higher cost of programs.
Given the way the distribution commissions negotiated with GROUPE CANAL+ are calculated, 2014 operating income is 3.3% of its Subscription revenues, within a window of €64.8million and €73.1 million.As at December 31, 2014, operating income was €64.8 million, an increase of 2.5% over 2013.
After accounting for net financial income and income tax expense, consolidated net income was €40 million. The profit for the period attributable to the owners of the parent was €40 million.
The Company's cash position at year-end was €115 million, slightly lower (by €9 million) from the year before.
At the Annual Shareholders Meeting on April 10, 2015, a dividend per share of €0.25 will be proposed. Subject to the approval of the General Shareholders' Meeting, the dividend payment date has been set for April 29, 2015.
Earnings forecasts
In 2015, SECP's consolidated operating income will remain bounded by the distribution agreement with GROUPE CANAL+ and will be between €66.4 million and €74.9 million inclusive, up by at least 2.5%.
Notice of approval of the financial statements will be published in the BALO. The full annual financial report will be available on March 20, 2015 on the Company's website at the address given below.
* individual and group subscriptions, in France, Overseas Departments and Africa.
| Investor Relations | Corporate Communication | |
| Marine Schenfele | Laurence Gallot | Antoine Banet-Rivet |
| +33 (0)1 71 35 35 36 | +33 (0)1 71 35 02 22 | +33 (0)1 71 35 00 26 |
| Website: http://actionnaires.canalplus.fr/ | ||
| Email: relations-actionnaires@canal-plus.com | ||
http://hugin.info/135428/R/1891665/673577.pdf
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Canal + via Globenewswire
