Canal + : SECP : 2012 annual consolidated net income

             Canal + : SECP : 2012 annual consolidated net income

                              February 27, 2013

                                                                             

                                                                             

                                                                             

                               SECP - Year 2012

                     Consolidated net income: €42 million





    This press release concerns the annual financial results of SECP^1, a
 48.48%-owned subsidiary ofCANAL+ FRANCE, itself 80% owned byCANAL+ Group.





At its meeting on February 13, 2013,  the Board of Directors of SECP  approved 
the company's accounts for the year ended December 31, 2012, as follows:



Consolidated data (M€)                  2012           2011         Change
                                                             (2)
Subscriptions                               1,680          1,653          1.6%
Advertising                                   161            159          1.7%
Other revenues (1)                             37             34          9.8%
Total Revenues                              1,878          1,846          1.7%
Operating expenses                        (1,540)        (1,430)          7.7%
Distribution commission                     (276)          (355)        -22.3%
Guaranteed operating income                    62             60          2.5%
Net interest income                             1              6        -80.3%
Income tax                                   (21)            (7)         24.3%
Consolidated net income                        42             49        -15.5%
Net income, Group share                        42             49        -15.5%
(1) primarily fees paid to SPORT+
(2) proforma of reclassification of certain income by reducing operating costs
in accordance with accounting standards



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

Highlights of the fourth quarter of 2012

SECP signed an agreement with the Confederation of African Football on
exclusive* and full broadcasting rights for the official African senior men's
football competitions, in partnership with the channel FOOT+ published by
theCANAL+ Group. The games of the Orange Africa Cup of Nations 2013 and of
the Orange Africa Cup of Nations 2015 will thus be offered to subscribers, in
addition to: the international qualifying games of the African Cups of Nations
2013 and 2015, the Orange Champions League of the Confederation of African
Football (CAF) 2012/13 to 2015/16, the Orange CAF Confederation Cups 2012/13
to 2015/16, the Orange African Nations Championships 2014 and 2016 and the
Orange CAF Super Cups 2013/14 to 2015/16.
* except for the co-broadcasting on D8 of four games of each Africa Cup of
Nations



In December 2012, CANALPLUS.FR created MUSIC, a universally accessible website
devoted entirely to music and for this partners with SPOTIFY, the sharing and
streaming platform.





The already available CANAL FOOTBALL App tablet application is now being
offered for smartphones, making the second screen experience accessible to a
growing number of subscribers.



Beyond screens, in 2012 CANAL+ launches into the unprecedented television
adventure entitled KINDIA 2015. Until 2015, in partnership with associations
and non governmental organizations, the Channel's teams will accompany
development projects involving France and the Kindia region in Guinea. The
report on their progress will be broadcast in an annual documentary.At the
same time, CANAL+ created the Kindia+ endowment fund to provide financial
support for the selected projects, with the help of individual contributors.



Key Indicators

The total  subscription  portfolio,  which  includes  home  and  institutional 
subscribers toCANAL+ (in France and its overseas departments and territories)
came to 5.5  million subscriptions as  of December 31,  2012, a stable  figure 
compared to a year ago.

LES CHAINES CANAL+posted a total audience share of 4.2% in 2012, following an
exceptional  2011  year  at  4.6%.In  spite  of  greater  competition  and  an 
unfavorable sports  events  calendar  (Euro and  Olympic  Games),  the  CANAL+ 
channel maintained its average audience over the entire day and confirmed  the 
attractiveness of its offerings, by its ability to create popular major events
for its subscribers,  with many historical  records in 2012;  for example  the 
record for an ORIGINAL  CREATION series was taken  by LES REVENANTS at  23.6%. 
The solidity of the  channel's three pillars (Series,  Movies and Sports)  was 
validated early in the season (from September to December 2012) at the highest
level since 2008  among subscribers:  a 9.4% audience  share, representing  an 
increase of 0.3 points in one year.

In 2012, unique visits to the CANALPLUS.FR website were on average 3.9 million
per month, representing an increase of 25% over 2011.

Revenues

Consolidated revenues forCANAL+ totaled  €1,878million in 2012, compared  to 
€1,857million in 2011, reflecting the combined impact of the rise in revenues
from Subscriptions (€26  million), in spite  of the higher  VAT rate, and  the 
increased Advertising revenues (€3 million), up 2% on LES CHAINES CANAL+.

Earnings

Operating expenses, other than the distribution commission, increased by  €110 
million over the previous year, mainly due to the increased cost of programs.

In light of the  guarantee mechanism contained  in the distribution  agreement 
with CANAL+DISTRIBUTION,  income  excluding  net  interest  income  and  taxes 
amounted to €61.7 million, up 2.5% compared to 2011.

After net interest income and income tax, consolidated net income amounted  to 
€42 million. Net income, group share, came to €42 million.

The company's cash position stood at €151 million at the end of the period,
impacted by a higher level of disbursement for program purchases and tax
payments.

An annual dividend distribution  of €0.27€ per share  will be proposed at  the 
April 19, 2013 General  Meeting. Subject to approval  by the General  Meeting, 
the ex-dividend date is set for May 13, 2012.





The notice of approval of the accounts  will be published in the BALO  (French 
legal notices bulletin). The entire annual financial report will be  available 
on March 29, 2013 on the Company's website at the address indicated below.





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/
E-Mail: relations-actionnaires@canal-plus.com



SECP : 2012 annual consolidated net income

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