CANAL PLUS(STE ED) : Société d'Edition de Canal Plus : Annual consolidated net income 2011

March 2, 2012

SECP - 2011

Consolidated net income: €49 million

This press release concerns the annual financial results of SECP*, a 48.48%-owned subsidiary of CANAL+ France, itself an 80%-owned subsidiary of CANAL+ Group.

At its meeting on February 15, 2012, the Board of Directors of SECP approved the Company's
accounts for the year ended December 31, 2011, as follows:

The audits were performed by the Statutory Auditors. Their reports are currently being issued.

Highlights of the year

2011 was marked by the renewal of major Sports rights for CANAL+.

• Agreement on League 1 broadcast rights: starting in the fall of 2012,
  CANAL+ will significantly enhance its League 1 package and offer exclusive broadcasts of two games on each day of championship play (i.e. one more game than it currently offers): the main event on Sunday evenings, for which CANAL+ will have first choice , and a major game on Saturdays at 5:00 p.m. CANAL+ will also continue to offer its multi-game broadcasts on the opening and closing days of the championship season, as well as all of its signature broadcasts. 

• Agreement on Top 14 broadcast rights: CANAL+ will air at least three re-scheduled games during each day of play; one game on CANAL+ and two games on CANAL+ SPORT. The other four games will be broadcast on RUGBY+. JOUR DE RUGBY on CANAL+ will provide summaries of all the games and LES SPECIALISTES will present highlights of each day of play. Lastly, CANAL+ will broadcast all finals games, including the final. 

• Agreement on Champions' League broadcast rights: As of the 2012-2013 season, CANAL+ will significantly improve the quality of its service by offering exclusive broadcasts of the main games from each stage of the UEFA Champions League, including the final. CANAL+ has also obtained the broadcast rights of UEFA Magazine. 

Key indicators

LES CHAÎNES CANAL+ continued to gain ground during the year, confirming the vitality of its content model. Nationwide audience share in France rose to 4.6% in 2011, from 4.4% in 2010,
4.3% in 2009, 4.2% in 2008 and 4.1% in 2007.

The total subscription portfolio, which includes home and institutional subscriptions in France and its overseas departments and territories and Africa, came to 5.5 million subscriptions at December 31, 2011, a strong increase of 113k subscribers compared with 2010.

Subscriber satisfaction with the programs broadcast as part of the LES CHAINES CANAL+ package reached 90% for 2011, the highest level ever recorded.

The website CANALPLUS.FR set a new record in 2011, with a 109% increase in videos viewed and an average of 32 million videos viewed per month.

Revenues

Consolidated revenues for 2011 rose to €1,857 million from €1,787 million in 2010, reflecting the combined impact of a rise in revenues from Subscriptions (€58 million) and Advertising (€11 million).

Earnings

Operating expenses, other than the distribution commission, fell by €2 million from the previous year.

In light of the guarantee mechanism contained in the distribution agreement with CANAL+DISTRIBUTION, income before net interest income and taxes amounted to €60 million, up 2.5% from 2010.

The change in net interest income was attributable to a change in interest rates.

After net interest income and income tax, consolidated net income amounted to €49 million. Net income, group share, came to €49 million.

The company's cash position amounted to €171 million at year-end, with no prospect of any significant decline.

At the Annual Meeting on April 17, 2012, shareholders will be asked to approve a dividend of €0.27 per share. If approved, the ex-dividend date will be May 7, 2012.

Notice of approval of the accounts will published in the BALO journal of record. The full-year financial report will be available at the end of March on the company website at the address below.