REG - Canal+ S.A - Clarification on the ex-dividend and record dates
14/03/2025 10:45
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RNS Number : 7460A Canal+ S.A 14 March 2025
The following amendment has been made to the "CANAL+ FY 2024 Results"
announcement released on 4 March 2025 at 7.00AM under RNS No 1953Z.
In the Proposed Dividend Distribution section, the ex-dividend date has been
amended from 25(th) June 2025 to Thursday 19(th) June 2025 and the record date
has been amended from 26(th) June 2025 to Friday 20(th) June 2025.
All other details remain unchanged.
The full amended text is shown below.
2024 Full Year Preliminary Results
Issy-les-Moulineaux, 4(th) March 2025
CANAL+ (LSE: CAN, "the Company", the "Group"), the global media and
entertainment company, today released its unaudited full-year preliminary
results for the year ended 31(st) December 2024.
2024: On Track to Become a
Global Media & Entertainment Leader,
with a Solid Financial Profile
* Key milestones reached to achieve the ambition to become a global media and
entertainment leader with 50 to 100 million subscribers:
o Production and distribution of globally appealing content, with global
hits
o Successful integration of new assets Dailymotion, GVA and L'Olympia, with
double digit growth for Dailymotion and GVA
o Ongoing acquisition of Multichoice, the South-African PayTV player with
16M subscribers, and opportunity to become in the short-term a 40M+ subscriber
PayTV player with the #1 position in Africa
* CANAL+ has the means to support this ambition with:
o 26.9m subscribers in 52 countries across 3 continents
o Solid financials in 2024: total revenues at EUR6.45bn (+3.6% vs 2023),
EBITA 1 (#_ftn1) at EUR503M (+5.4% vs 2023) and CFFO at EUR218m as
anticipated
o A very limited debt level of EUR355M, which will allow CANAL+ to pursue
its active M&A strategy
Maxime Saada, Chief Executive Officer of CANAL+, said:
"2024 was a pivotal year for CANAL+.
I am thrilled to confirm that CANAL+ is now firmly on track to reach its
ambition to become a global media and entertainment leader with 50 to 100
million subscribers. Key milestones were reached on the production and
distribution of globally appealing content, on the integration of new assets
Dailymotion and GVA, and on the ongoing acquisition of Multichoice, the
African PayTV leader. With solid financials in 2024, a sound balance sheet, a
new focus on cash generation, CANAL+ certainly has the means to support this
ambition and to deliver strong value to our shareholders going forward.
In 2024, CANAL+ repeatedly demonstrated its ability to produce globally
appealing content. Studiocanal, our in-house studio, broke box-office records
all over the world. Back to Black topped charts in 8 countries and Wicked
Little Letters became Britain's highest grossing independent comedy since
2021. Beating Hearts was Studiocanal's highest-grossing film ever in France
selling almost 5 million tickets. Paddington in Peru was successfully
released, garnering 170 million dollars in global box office to date, bringing
the total box office for the Paddington trilogy franchise close to 700 million
dollars, paving the way for new movies, series, stage shows and immersive
experiences. More recently, global box-office success, Bridget Jones: Mad
About the Boy proves once again that the Bridget Jones franchise continues to
resonate with audiences worldwide. Studiocanal launched a new label dedicated
to genre movies, Sixth Dimension, and announced its first project, the reboot
of Silent Night, Deadly Night. Studiocanal's first-ever global TV series Paris
Has Fallen, based on the successful Has Fallen movie franchise, was a smashing
success in all CANAL+ PayTV territories, as well as on Amazon Prime in the UK
and Hulu in the United States. It will naturally be followed by a second
season now shooting in the UK. Studiocanal is currently developing numerous
franchises based on IPs owned by CANAL+ such as a new Evil Dead movie and a
reboot of Escape from New York or the next live action Astérix movie whose
beloved European brand with revenue-generating characters is owned by the
Lagardre group.
Cinema is the number one driver of subscriber acquisition, retention and
satisfaction for CANAL+. Which explains why, in addition to Studiocanal
productions, and numerous output deals signed with US Studios, CANAL+ is the
leading industrial and financial partner of local cinema in territories where
it operates and where domestic cinema is strongest, notably France, Africa and
Poland. This strategy enables CANAL+ to secure access to the most successful
domestic productions. On 3(rd) March 2025, CANAL+ announced a new exclusive
agreement with the French Cinema organisations to remain the only PayTV player
for the next three years to broadcast movies just 6 months after their
theatrical release. At the 29(th) edition of the Pan-African Film and
Television Festival of Ouagadougou (Fespaco), 27 movies supported by CANAL+
were part of the official selection, a first, demonstrating CANAL+ leading
role in African cinema.
In Sports, CANAL+ confirmed its position as the largest broadcaster in the
world of Formula 1, Rugby's Top14, the Premiere League with the addition of
Poland and Myanmar, and the UEFA Champions League with new exclusive premium
rights in Poland, Haiti and Myanmar. Cost-effective unscripted programmes were
successfully introduced in France, Africa and Poland respectively with Loups
Garous, Secret Story and Bandura - last fight. Another first for CANAL+. They
were particularly impactful with young audiences, a priority target for
CANAL+. Our super-aggregation content strategy continued to make headway in
differentiating CANAL+ from other competitors, following new agreements with
Max, Paramount+ and DAZN as well as a new exclusive bundle with Apple Music in
France, once again a world premiere.
Extending its strategy to make its comprehensive content offering available to
the widest possible audience, and in addition to direct distribution on all
technology platforms (DTH, OTT, IP, mobile) and distribution partnerships with
telecom operators across all of its territories, CANAL+ signed multi-year and
multi-territory partnerships with LG, Philips, Vidaa and most recently Samsung
Smart TVs. All connected-TV global leaders are now CANAL+ partners. Looking to
further expand our reach to new environments where screens will be
increasingly present, CANAL+ partnered with automobile industry leader Renault
to offer CANAL+ content in its connected vehicles with a world-class
experience.
In 2024, CANAL+ successfully integrated new assets Dailymotion, the leading
European ad-supported video platform, GVA, the fastest growing fiber-optic
telecom operator in French-speaking Africa, and L'Olympia, the most iconic
concert hall in France. All had strong performances in 2024 contributing
positively to the CANAL+ 2024 results and will continue to do so in the coming
years. Dailymotion continued to generate double-digit growth in its revenues.
GVA's equipped customers increased by nearly 50% year on year. A perfect
complement to our PayTV offers, GVA will be a cornerstone of our African
strategy.
Most importantly, CANAL+ made significant headway with the most transformative
acquisition in its history with the launch of a mandatory offer on
Multichoice, the leading PayTV operator in English and Portuguese-speaking
Africa. Our net debt is sound and stands at 355 million euros, allowing us to
consider with serenity the acquisition of MultiChoice and to take full
advantage of Africa's huge potential market with high projected growth in
terms of demography (2 billion population expected in 2050 from 1.2 billion
today in Sub-Saharan Africa), GDP (4.5% expected for the next 5 years) and
penetration of electricity, all key drivers for PayTV growth. The
Multichoice-related filing to the regulatory authorities in South Africa has
now been completed, strong local partners identified and signed and the
mandatory offer extended to 8th October 2025 (from 8th April). Both CANAL+ and
Multichoice management teams are working closely together and aim to finalise
the transaction before that date. As previously stated, we expect this
transaction to generate significant synergies, particularly across the largest
cost bases of both companies, namely content acquisition and technology, and
for the implementation of these synergies to start as soon as the operation is
approved. In other territories, CANAL+ expanded its reach by raising its stake
in Viaplay to 29.3% and in Viu to 37.2%.
I am delighted by the great progress made in achieving our ambition of global
scale. In 2024, we have delivered strong financial results and taken measures
to lay the foundations to drive this ambition forward.
In 2024, the Group achieved solid financial performance, with revenues
increasing by 226 million euros to 6.45 billion euros, a 3.6% growth compared
to 2023. EBITA before exceptional items reached 503 million euros, a 5.4%
increase. Cash flow from operations stood at 218 million euros, lower than
last year due to anticipated exceptional items. Net debt was reduced to 355
million euros.
Our subscriber base is the cornerstone of our activity, as the Group generates
approximately 80% of its revenues from subscription fees. This source of
recurring revenue is less susceptible to economic fluctuations compared to
advertising revenues. CANAL+ caters to two types of subscribers: a) retail
subscribers (DtoC), whom we serve directly and who contract with us on our
platforms or on third-party telecom operator platforms, with direct control
from CANAL+ over customer experience and pricing, and b) wholesale
subscribers, who contract with third parties and who help us amortise our
costs but generate lower ARPU. CANAL+'s clear focus is on more profitable
subscribers i.e. retail subscribers. As a result, CANAL+ DtoC subscriber base
grew by 1.9%, benefiting from high customer loyalty and a successful new
customer acquisition strategy with targeted and compelling offers for
under-penetrated segments, and innovative distribution agreements with telecom
operators favouring retail subscribers. CANAL+ total customer base reached
26.9 million subscribers in 2024, marking a 0.4% increase compared to 2023,
despite a 3.4% decrease in our wholesale subscriber base resulting from this
new strategy.
France was a perfect illustration of this strategy in 2024. We went from a
situation where we were losing retail subscribers to one of gaining them. This
positive trend has been reaffirmed for 5 consecutive years, and 2024 was
exceptional in that respect, with the highest increase of our DtoC subscriber
base over the past 15 years, despite significant content rationalisation
(Ligue 1, Disney) and price increases.
With the same focus on profitability, we launched numerous operational
excellence measures in 2024, especially, but not exclusively, on the European
continent: non renewal of Ligue 1 and Disney contracts, withdrawal of our
PayTV channels from DTT in France and subsequent launch of a workforce
reduction plan unfortunately affecting 250 employees, end of our PayTV
operations in Ethiopia and initiation of a real estate rationalisation plan.
All of these measures will positively impact our profits in 2025 and 2026,
with some of them impacting negatively our 2024 results. As such, EBITA was
impacted by 122 million euros of one-off exceptional items in 2024, including
82 million euros of restructuring costs, mainly related to our exit from DTT
in France.
Regarding CSR, as a global media and entertainment company, I believe CANAL+
has a particular responsibility to carry out its commitments internally, but
also with its audiences. The Group has launched a sustainable strategy to
provide an inclusive and ethical workplace for its employees, and to operate
within a responsible framework, in order to offer more impactful content to
all its audiences. We announced the launch of the CANAL+ Foundation with the
aim to make culture as widely accessible as possible. We are currently
conducting a double-materiality assessment and setting our own SBT targets. We
are also working on defining a broader CSR strategy, which will be
communicated in more detail, later this year.
Finally, following CANAL+'s listing, I have decided, alongside the Management
board, to prioritise cash generation and shareholder value.
First step was to change management incentive schemes and base 50% of the
quantitative targets on EBITA and 50% on cash generation and management. All
members of management will have a large share of their variable compensation
based on CFFO targets starting in 2025. All operations, projects and capital
allocations, organic and inorganic, are currently being screened with a view
to meaningfully enhance cash generation. And we have also started executing on
our fiscal integration framework, which should deliver positive cash impacts
starting in 2025.
Last but not least, on 28(th) February 2025, the Management Board decided to
propose to shareholders the payment of an ordinary dividend in cash of EUR0.02
per share for the period ended 31(st) December 2024. This proposal was
presented to and approved by the Supervisory Board at its meeting held on
3(rd) March 2025, and will be submitted for approval by the General
Shareholders' Meeting to be held on 6th June 2025. This is a first step, to be
followed by many, in demonstrating our commitment to delivering shareholder
value, and more broadly stakeholder value, over the long term."
Financial headlines 2 (#_ftn2) and strategic developments
In 2024, the Group has seen growth in terms of subscribers, revenues, and
Adjusted EBIT (EBITA) 3 (#_ftn3) , with strong performance across each of its
segments. However, as anticipated, exceptional items have negatively impacted
this year's cash performance.
Subscriber base
(in K subscribers) 31(st) December 2024 31(st) December 2023 % GROWTH
PER GEOGRAPHY
Europe 17,242 17,362 -0.7%
Africa / Asia 9,695 9,457 +2.5%
PER DISTRIBUTION CHANNEL
DtoC 19,902 19,538 +1.9%
Wholesale 7,035 7,280 -3.4%
TOTAL CANAL+ 26,937 26,819 +0.4%
CANAL+ strategy is driven by a constant focus on profitability, leading the
Group to prioritise the retail Direct-to-Consumer (DtoC) subscriber base over
wholesale subscriber base, instead of pursuing low margin wholesale subscriber
growth.
CANAL+ recorded a net growth of 118k subscribers over the past twelve months,
bringing the total subscriber base to 26.9 million year-end 2024, a +0.4%
increase compared to 2023, despite a 3.4% decrease in our wholesale subscriber
base.
Meanwhile, CANAL+'s DtoC customer base increased by 2%, benefiting from high
customer loyalty and a successful new customer acquisition strategy, which
included: (i) targeted and powerful offers for under-penetrated segments like
youth, and (ii) innovative distribution agreements with ISPs, enabling
direct-to-customer access.
Revenues
Year ended 31st December % REPORTED % LFL
(in millions of euros)(2) 2024 2023
Europe 4,731 4,640 +2% +0.6%
Africa & Asia 1,037 1,002 +3.5% +3.9%
Content Production, Distribution & others 817 713 +14.7% +11.6%
Inter-segment revenues (136) (131)
REVENUES 6,449 6,223 +3.6% +2.3%
In 2024, CANAL+ recorded a revenue increase of EUR226 million, representing a
3.6% growth compared to 2023 (+2.3% like-for-like), reaching EUR6,449 million,
with all segments showing growth.
Adjusted EBIT (EBITA) before exceptional items
Year ended 31(st) December % REPORTED % LFL
(in millions of euros) 2024 2023
Europe 217 203 +7.0% +5.0%
As a percentage of total consolidated revenues 4.6% 4.4%
Africa & Asia 216 214 +0.8% +0.2%
As a percentage of total consolidated revenues 20.8% 21.4%
Content Production, Distribution & others 70 61 +15.8% +15.4%
As a percentage of total consolidated revenues 8.6% 8.5%
ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 503 477 +5.4% +4.2%
As a percentage of total consolidated revenues 7.8% 7.7%
Adjusted EBIT (EBITA) before exceptional items amounted to EUR503 million,
reflecting a 5.4% increase compared to 2023.
EUROPE
Revenues from the European segment amounted to EUR4,731 million, up +2.0%
compared to 2023, with a clear focus on developing our high-value subscriber
base.
In mainland France, the 2024 revenue increase was primarily driven by DtoC
subscriptions and, to a lesser extent, by the full consolidation of OCS since
1(st) February 2024.
Regarding DtoC, CANAL+'s customer base experienced its strongest growth, the
highest in 15 years, benefiting from high customer loyalty and a successful
new customer acquisition strategy
The subscription revenue growth in France was driven by the subscriber base
increase despite end of Ligue 1 rights, a first in CANAL+'s history, and price
increases.
However, the increase in subscription revenues was significantly offset by the
negative impact of the end of the UEFA Champions League sublicense to Altice
Group in May 2024.
Advertising-supported television revenues in France also increased, driven by
CNEWS outstanding performance, breaking multiple records in ratings in 2024
and ending the year as the leading news channel in France, for the first time
in its history.
In the French Overseas Territories, revenues remained almost stable in 2024,
supported by strong growth in French Polynesia, despite challenging market
conditions notably instability in Haiti and New Caledonia.
In Poland, PayTV revenues experienced double-digit growth, driven by higher
revenues from subscriptions for OTT and DTH business, an increase in revenues
generated by sports rights sub-licences, and a positive currency effect. While
the number of DtoC subscribers remained stable, overall subscribers declined
due to the termination of a wholesale agreement during the year.
In other European countries, revenues slightly increased, mainly driven by OTT
subscription growth, stronger advertising performance and improved channel
distribution.
Adjusted EBIT (EBITA) before exceptional items from the European segment
reached EUR217 million, up +7.0% compared to 2023, with margin rising from
4.4% to 4.6%. This strong performance was primarily driven by improved
profitability in the French PayTV business. This progress reflects a more
disciplined approach to content portfolio rationalisation, as evidenced by the
decision not to bid for the French domestic championship and not to renew the
contract with Disney, effective from 2025.
Investment in Viaplay: On 9(th) February 2024, following a successful
recapitalisation, CANAL+ increased its participation in Viaplay, the
Scandinavian leader in PayTV and streaming, to 29.3%, confirming its position
as Viaplay's largest shareholder. Since that date, Viaplay has been accounted
for by CANAL+ under the equity method.
AFRICA AND ASIA
Revenues from the Africa and Asia segment reached EUR1,037 million, up 3.5%
compared to 2023, with a slight decrease in the Adjusted EBIT (EBITA) margin
before exceptional items, from 21.4% to 20.8%. This growth was mainly driven
by an increase in PayTV and GVA subscribers in Africa. The subscriber growth
was partially offset by a slight decline in ARPU, as the growth mainly came
from lower-priced packages.
GVA continued to expand high-speed internet access in Africa, with subscribers
increasing by almost 50% year-on-year. This strong growth resulted from both
the expansion of the Fiber-to-the-Home (FTTH) network and the successful
commercial performance, which increased penetration in eligible zones. Revenue
growth also benefited from the full-year impact of progressive launches in new
cities.
In Asia, despite a slight increase in subscribers, revenues declined due to a
higher share of wholesale subscriptions, which generate lower revenues than
the DtoC subscriber segment.
Adjusted EBIT (EBITA) before exceptional items for the Africa and Asia segment
reached 216 million, remaining relatively stable compared to 2023. This
resulted in a 20.8% margin before exceptional items. This minor decline is
attributed to inflation in content costs (primarily sports) and increased
investments aimed at enhancing the customer experience.
Ongoing mandatory offer on MultiChoice Group
On 8(th) April 2024, CANAL+ and MultiChoice Group published the joint
announcement of the terms of the proposed mandatory offer by CANAL+ in respect
of MultiChoice Group. Following extensive engagement between senior
representatives of the Group and of the MultiChoice Group, and in line with
the timeline agreed with the Takeover Regulation Panel (TRP), the Group has
finalised the key terms of its mandatory offer. The Group made a mandatory
offer to acquire all of the issued shares of MultiChoice Group not already
owned by the group at a purchase price of ZAR125.00 per share, payable in
cash.
On 4(th) June 2024, the CANAL+ and MultiChoice Groups issued a combined
circular to MultiChoice shareholders, a step forward in the Group's vision to
create, with MultiChoice, a global entertainment leader with Africa at its
heart. This circular was in relation to the mandatory offer by the Group to
acquire the MultiChoice shares it does not own, for a consideration of R125.00
per share. It includes a recommendation by the Independent Board of
MultiChoice to accept the Group's offer in the event it becomes unconditional,
along with an assessment which concludes that the terms and conditions of the
offer are fair and reasonable for MultiChoice shareholders.
On 4(th) February 2025, CANAL+ and MultiChoice announced that they concluded
their discussions regarding their intended post-transaction structure of
MultiChoice. CANAL+ and MultiChoice are confident that the envisaged structure
meets the requirements of all applicable laws, including the restrictions on
foreign ownership and control of broadcasting licences contained in the
Electronic Communications Act, 2005.
Extension of Long Stop Date
The process of obtaining merger control clearance from the South African
competition authorities and the relevant regulatory processes are ongoing.
These will not be completed by the Long Stop Date of 8th April 2025, which is
the date on which all the Conditions for the implementation of the Offer must
be fulfilled or waived.
Accordingly, in accordance with the terms of the Offer as contained in the
Combined Circular, and after consultation with the TRP, Multichoice has been
notified that CANAL+ has exercised its option to extend the Long Stop Date for
the fulfilment of the Conditions to 8th October 2025. The parties are of the
view that this provides ample time for the fulfilment of the Conditions. Save
for the extension of the Long Stop Date, the terms of the Offer remain
unchanged.
Investment in Viu: On 26(th) February 2024, CANAL+ announced that it took
another step in Asia development by increasing its stake in Viu, a leading OTT
(over-the-top) streaming service, to 30%, in accordance with the terms of the
transaction announced on 21(st) June 2023.
On 20(th) June 2024, CANAL+ took a further step by increasing its interest in
Viu to 36.8%. This interest increased to 37.2% on 8(th) October 2024 due to
subsequent contractual adjustments. The Group has the option to increase its
total interest in Viu to 51% by the end of 2026.
CONTENT PRODUCTION, DISTRIBUTION AND OTHER
Revenues from the Content Production, Distribution, and Other segment amounted
to EUR817 million, up 14.7% compared to 2023. This growth was driven by the
strong performance of Studiocanal and Dailymotion.
Studiocanal delivered robust revenue growth across all its businesses. 2024
was a record-breaking year on a number of fronts, both in terms of catalogue
revenues and international sales, with multiple theatrical breakouts such as
Paddington in Peru, Back to Black, Wicked Little Letters and Beating Hearts,
as well as the successful release of Paris Has Fallen, the Group's first
internally produced premium global series.
Dailymotion's revenues continued to grow at a double-digit rate. The ongoing
expansion of its commercial footprint and the constant improvement of its
proprietary technological assets powered by AI (including the monetisation
stack, video player, platform, and app) drove global sales, especially in
North America and Western Europe.
Adjusted EBIT (EBITA) before exceptional items for the Content Production,
Distribution, and Other segment reached EUR70 million, up 15.8% compared to
2023 (15.4% like-for-like). In addition to Studiocanal's growth, this increase
was mainly attributed to the continued improvement of Dailymotion's
performance, thanks to significant top-line growth and efficient cost
management initiatives.
Proposed dividend distribution:
On 28(th) February 2025, the Management Board decided to propose to
shareholders the payment of an ordinary dividend in cash of EUR0.02 per share
for the period ended 31(st) December 2024. This proposal was presented to, and
approved by, by the Supervisory Board on 3(rd) March 2025, and will be
submitted for approval by the General Shareholders' Meeting on 6(th) June
2025.
Subject to the approval of the shareholders of the Company at the Annual
Shareholder Meeting, the dividend would be payable as from 27(th) June 2025.
The ex-dividend date would be as of 19(th) June 2025 and the record date would
be 20(th) June 2025.
2025 Outlook
The Group's revenues for the year ending 31(st) December 2025 are expected to
grow organically but this growth will be negatively affected and slightly more
than offset by
(i) the anticipated end of broadcasting of its French free to air channel C8
and
(ii) the termination of sublicensing contracts and of third-party content
contracts in France, including Disney.
In the medium term and at constant scope of consolidation, revenues are
expected to increase moderately, until the potential acquisition of
MultiChoice Group is completed.
In the medium term, the Company expects Adjusted EBIT (EBITA) 4 (#_ftn4)
margin at constant scope of consolidation to continue to improve moderately
until the completion of the potential acquisition of MultiChoice Group, as a
result of cost optimisation, operating leverage and the expected transition to
profitability of newly-integrated assets transferred from Vivendi.
CFFO is projected by the Company to return in 2025 to a level similar to that
of 2023 after an exceptional low level of CFFO in 2024, negatively impacted by
working capital effects in the second half of 2024, due to an exceptional
concentration of payments following recent content contract renewals.
The potential finalisation of the pending MultiChoice Group control
acquisition would significantly impact the financial profile of the Group in
the medium-term in Africa and overall, adding a revenue growth engine while
providing potential significant cost synergies.
FY24 Results Webcast Details
Speakers:
Maxime Saada
Chief Executive Officer
Amandine Ferré
Chief Financial Officer
Date: 4(th) March 2025 (9.30am GMT / 10.30am CET)
Online: the webcast can be followed online at
https://channel.royalcast.com/landingpage/canalplusgroup/20250304_1/
(https://channel.royalcast.com/landingpage/canalplusgroup/20250304_1/)
By phone:
https://event.loopup.com/SelfRegistration/registration.aspx?booking=knDj5ubR88V8G3KqEZ0K7LHGkjA9hFFXVlV5ts1AaJk=&b=528f7d33-d6cf-439e-b143-56d7da6b8e57
(https://event.loopup.com/SelfRegistration/registration.aspx?booking=knDj5ubR88V8G3KqEZ0K7LHGkjA9hFFXVlV5ts1AaJk=&b=528f7d33-d6cf-439e-b143-56d7da6b8e57)
Q&A: questions can be asked live via the online webcast or by sending an
email to ir@canal-plus.com (mailto:ir@canal-plus.com)
A replay of the webcast as well as the slides of the presentation will be
available following the conference call on the Company's website
www.canalplusgroup.com (http://www.canalplusgroup.com) .
Financial Calendar
Q1 FY25 release: 29(th) April 2025
General Shareholder Meeting: 6(th) June 2025, to be held in Paris, France
For further enquiries please contact:
Alima Levy ir@canal-plus.com (mailto:ir@canal-plus.com)
Elvire Charbonnel elvire.charbonnel@canal-plus.com (mailto:elvire.charbonnel@canal-plus.com)
Olivia Abehassera olivia.abehassera@canal-plus.com (mailto:olivia.abehassera@canal-plus.com)
About CANAL+
Founded as a French subscription-TV channel 40 years ago, CANAL+ is now a
global media and entertainment company. The group has 26.9 million subscribers
worldwide, over 400 million monthly active users on its OTT and video
streaming platforms, and a total of more than 9,000 employees. It generates
revenues in 195 countries and operates directly in 52 countries, with leading
positions in PayTV in 20 of them. CANAL+ operates across the entire
audio-visual value chain, including production, broadcast, distribution and
aggregation.
It is home to Studiocanal, a leading film and television studio with worldwide
production and distribution capabilities; Dailymotion, one of the world's
largest short-form video streaming platforms; Thema, a production and
distribution company specialising in creating and distributing diverse content
and channels; and telecommunication services, through GVA in Africa and CANAL+
Telecom in the French overseas jurisdictions and territories. It also operates
the iconic performance venues L'Olympia and Théâtre de l'Oeuvre in France
and CanalOlympia in Africa.
A unique media company, CANAL+ has also significant equity stakes across
Africa, Europe and Asia, namely in MultiChoice (the Pay-TV leader in English
and Portuguese-speaking Africa), Viaplay (the Pay-TV leader in Scandinavia)
and Viu (a leading OTT platform in Southern-Asia). canalplusgroup.com/en
Important Disclaimers
Disclaimer
The Company makes no representation or warranty as to the appropriateness,
accuracy, completeness or reliability of the information in this announcement
and accordingly neither the Company nor any of its directors accepts any
liability to any person in respect of this announcement or any information
contained within it.
This announcement is for information purposes only and is not intended to and
does not constitute or form part of any offer or invitation to purchase,
otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any
solicitation of any offer to sell, otherwise dispose of, issue, purchase,
otherwise acquire or subscribe for, any security.
Cautionary statement regarding forward-looking statements
This announcement contains certain statements that are or may be
forward-looking statements. Phrases such as 'aim', 'plan', 'expect', 'intend',
'anticipate', 'believe', 'estimate', 'target', and similar expressions of a
future or forward-looking nature are intended to identify such forward-looking
statements. Forward-looking statements address our expected future business
and financial performance and financial condition, and by definition address
matters that are, to different degrees, uncertain. They are not historical
facts, nor are they guarantees of future performance; actual results may
differ materially from those expressed or implied by these forward-looking
statements. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by such
forward looking statements. These include, but are not limited to (i) the
general economic, business, political, regulatory and social conditions in the
key markets in which the Group operates, (ii) a significant event impacting
the Company's liquidity or ability to operate and deliver effectively in any
area of our business, (iii) significant change in regulation or legislation,
(iv) a significant change in demand for global content, and (v) a material
change in the Group strategy to respond to these and other factors. Certain of
these factors are discussed in more detail elsewhere in this announcement and
in the Company's prospectus published on 30(th) October 2024.
Forward-looking statements speak only as of the date they are made and, expect
as required by applicable law or regulation, CANAL+ undertakes no obligation
to update any forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information, future events
or otherwise.
Financial Performance Review
Statement of Earnings
Year ended 31st December % CHANGE
(in millions of euros) 2024 2023
REVENUES 6,449 6,223 +3.6%
Content costs (3,896) (3,725) +4.6%
Technology, selling, general, administrative costs & others 5 (#_ftn5) (2,050) (2,021) +1.4%
ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 503 477 +5.4%
As a percentage of total consolidated revenues 7.8% 7.7%
Exceptional items (122) (5)
ADJUSTED EBIT (EBITA) 380 472 -19.4%
Impairment losses on intangible assets acquired through business combinations (1) (2)
Amortisation of intangible assets acquired through business combinations (38) (44)
OPERATING INCOME (EBIT) 341 426 -20.0%
Income (loss) from equity affiliates (158) (104)
Net financial income (loss) (123) (220)
Interest expenses (39) (158)
Income from investments - -
Other financial income 11 11
Other financial expenses (96) (74)
EARNINGS BEFORE INCOME TAXES 60 102 -40.7%
Income taxes (156) (118)
EARNINGS (LOSSES) (96) (16) na
of which
EARNINGS (LOSSES) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT (147) (61) na
Earnings (losses) attributable to non-controlling interests 51 45 +14.3%
Earnings analysis
In 2024, CANAL+ recorded a revenue increase of EUR226 million, representing a
3.6% growth compared to 2023 (+2.3% like-for-like), reaching EUR6,449 million.
This growth was driven by the dynamic focus towards high-value D2C subscriber
base (+1.9%) through the delivery of exclusive content, including partnerships
with major US studios and live premium sports events
Content costs increased by 4.6%, driven by: (i) higher variable costs at
Studiocanal correlated with increased revenues, (ii) increased costs of
television and audiovisual rights (mostly sports rights in almost all
territories, except in France due to the termination of the contract with the
French Football League in May), (iii) higher author rights expenses, mainly in
Europe, and (iv) increased expenses related to third-party platforms
(full-year effect of Apple TV, launch of Max).
Technology, selling, general, administrative, and other costs were slightly
higher, up 1.4%, mainly driven by an increase in technical costs (anti-piracy
measures, growth of GVA), and distribution costs (particularly related to the
theatrical releases of 'Paddington in Peru' and 'Back to Black').
Adjusted EBIT (EBITA) before exceptional items amounted to EUR503 million, up
+5.4% compared to 2023, demonstrating a slight improvement in Adjusted EBIT
(EBITA) before exceptional items.
Exceptional items were EUR122 million in 2024, compared to EUR5 million in
2023. These costs were mainly related to various reorganisation projects
within French activities (including the redundancy plan linked to the ARCOM's
decision to revoke C8's broadcast licence) and litigation matter. Adjusted
EBIT (EBITA) amounted to EUR380 million, compared to EUR472 million in 2023.
Amortisation and impairment losses on intangible assets acquired through
business combination amounted to EUR39 million, compared to EUR46 million in
2023 and mainly include amortisation on assets acquired in Europe in recent
years.
Income (loss) from equity affiliates was a loss of -EUR158 million, compared
to a loss of
-EUR104 million in 2023, primarily due to the following:
- A loss related to MultiChoice of -EUR100 million (which included -EUR21
million in amortisation of intangible assets recognised as part of the
purchase price allocation), compared to -EUR89 million in 2023. The loss
reflected the financial performance of MultiChoice which was negatively
impacted by severe pressure in the macroeconomic, foreign exchange rate and
consumer environment in key markets, most notably Nigeria and Zambia. As of
31(st) December 2024, Canal+ held 45.20% of MultiChoice's share capital,
representing an increase of +11.4% year-over-year.
- A loss related to Viu of -EUR47 million, compared to -EUR14 million
in 2023. This unfavourable change corresponds to the CANAL+'s share of the
full year 2024 losses of Viu (which was accounted under the equity method as
from 21(st) June 2023) and increase in the ownership of the company from
26,1% acquired on 21 June 2023 to 37.2% as of 31(st) December 2024.
- A loss related to Canal+'s share capital in Viaplay of 29.3% (from
12% interest acquired in July 2023) of -EUR11 million (participation accounted
for under the equity method as from 9(th) February 2024).
Net financial income (loss) represented a net charge of EUR123 million in
2024, compared to a net charge of EUR220 million in 2023, composed of:
- EUR39 million of interest charges, decrease compared to 2023
resulting mainly from the conversion of borrowings from Vivendi into equity in
2024.
- EUR85 million of others financial charges and income, including
various guarantees (partly related to financing facilities), interests on
lease liabilities, foreign exchange impacts and one-off items related to i)
Multichoice tender offer (guarantee fees, foreign exchange hedging instrument)
and ii) impairment of financial assets following the Group's decision to cease
its operations in Ethiopia.
In 2024, provision for income taxes was a net charge of EUR156 million,
compared to EUR118 million in 2023, representing an increase of EUR38 million.
The exceptionally high effective tax rate of 71.5% in 2024 was primarily
driven by the non-recognition of carried-forward tax losses in the context of
the absence of tax group consolidation in France, which will be in place in
2025. In 2023, despite the absence of tax group consolidation in France, the
effective tax rate was lower than 2024 due to positive impact of one-off
items.
Earnings attributable to non-controlling interests amounted to EUR51 million
in 2024, compared to EUR45 million in 2023, up EUR6 million.
Due to the factors described above, earnings (losses) attributable to equity
holders of the parents was a loss of -EUR147 million, compared to a loss of
-EUR61 million in 2023. Despite robust operational results across all business
segments the loss was primarily due to expenses related to exceptional items
costs amounting to EUR122 million (compared to EUR5 million in 2023), losses
from equity affiliates (including Multichoice for -EUR100 million in 2024,
compared to -89 million in 2023), and provision for income taxes determined in
the absence of tax group consolidation in France.
Reconciliation of earnings attributable to CANAL+ shareowners to adjusted net
income
Year ended 31st December
(in millions of euros) 2024 2023
EARNINGS (LOSSES) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT (147) (61)
Adjustments
Impairment losses on intangible assets acquired through business combinations 1 2
Amortisation of intangible assets acquired through business combinations 38 44
Amortisation of intangible assets acquired through business combinations 10 20
related to investments in equity affiliates
Interests on Vivendi loans to the Group - 135
Other financial charges and income 85 62
Provision for income taxes on adjustments (21) (21)
Non-controlling interests in adjustments 1 (4)
ADJUSTED NET INCOME (ANI) (33) 177
Adjusted Statement of Earnings
Year ended 31st December % CHANGE
(in millions of euros) 2024 2023
REVENUES 6 449 6 223 +3.6%
ADJUSTED EBIT (EBITA) 380 472 -19.4%
Income (loss) from equity affiliates (147) (84)
Interest expenses (39) (24)
Income from investments - -
ADJUSTED EARNINGS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES 194 364 -46.7%
Provision for income taxes (176) (139) +26.7%
ADJUSTED NET INCOME BEFORE NON-CONTROLLING INTERESTS 18 225 -92.1%
Non-controlling interests (51) (49) +4.3%
ADJUSTED NET INCOME (ANI) (33) 177 -118.8%
Adjusted net income was a loss of -EUR33 million, compared to a profit of
EUR177 million in 2023. Despite robust operational results across all business
segments, this loss was primarily due to expenses related to restructuring
costs, losses from equity affiliates and provision for income tax effect
determined in the absence of tax consolidation in France in 2024.
Cash generation: Adjusted EBIT (EBITA) to CFFO
Year ended 31(st) December CHANGE
(in millions of euros) 2024 2023
ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 503 477 26
Exceptional items (122) (5) (117)
ADJUSTED EBIT (EBITA) 380 472 (92)
CONTENT INVESTMENTS, NET (198) (122) (76)
Acquisition paid (2,221) (2,015) (206)
Consumption 2,023 1,893 130
NON-CONTENT INVESTMENTS, NET 6 9 (3)
OTHER (INCLUDING CHANGES IN NET 30 (44) 74
WORKING CAPITAL)
CASH FLOW FROM OPERATIONS (CFFO) 218 315 (97)
In 2024, Cash Flow from Operations (CFFO) amounted to EUR218 million, compared
to EUR315 million in 2023, an unfavourable change of EUR97 million, mainly due
to:
* Content investments (net) increased by EUR76 million to -EUR198 million, most
part of this amount being related to an exceptional concentration of payments
in the second half of 2024 in relation with some contract's renewal.
* Non content investments (net) remained in slight positive territory (meaning
more amortisation than CAPEX), with two trends off-setting each-others. On the
one hand, GVA continued to invest in network deployment. On the other hand,
shift to OTT led to a decrease in needs for DTH/DTT set-top boxes, with
decreasing impact on CAPEX.
* Others are mostly related to change in net working capital and movement on
non-cash items as provisions.
Financial Net Debt
(in millions of euros) 31(st) December 2024 31(st) December 2023
Cash Position 376 428 (a)
Borrowings (b) (731) (4,174)
FINANCIAL NET DEBT (355) (3,746)
a. Of which EUR334 million of cash and cash equivalent and EUR94 million
loans to Vivendi SE.
b. Including borrowings at amortised costs, and as of 31(st) December
2023 Vivendi SE shareholder loans.
As of 31(st) December 2024, net debt was EUR355 million, including cash and
cash equivalent of EUR376 million and borrowings of EUR731 million. This
favourable change in net debt of +EUR3.4 billion compared to 31(st) December
2023 is due to full year 2024 recapitalisation.
Appendix 1: Unaudited Preliminary results for the year ended 31(st) December
2024
Unaudited preliminary consolidated income statement for the year ended 31(st)
December 2024
Year ended 31(st) December
(IN MILLIONS OF EUROS, EXCEPT PER SHARE AMOUNTS, EUROS) 2024 2023
Revenues 6,449 6,223
Content costs (3,896) (3,725)
Technology, selling, general, administrative costs & others (2,090) (2,021)
Restructuring costs (82) (5)
Impairment losses on intangible assets acquired through business combinations (1) (2)
Amortisation of intangible assets acquired through business combinations (38) (44)
Operating income (EBIT) 341 426
Income (loss) from equity affiliates (158) (104)
Net financial income (loss) (123) (220)
Interest expenses (39) (158)
Income from investments - -
Other financial income 11 11
Other financial expenses (96) (74)
Earnings before income taxes 60 102
Income taxes (156) (118)
Earnings (losses) (96) (16)
Of which
Earnings (losses) attributable to equity holders of the parent (147) (61)
Earnings (losses) attributable to non-controlling interests 51 45
Earnings (losses) per share (in euros)
Basic, earnings for the period attributable to equity holders of the parent (0.15) (0.06)
Diluted earnings for the period attributable to equity holders of the parent (0.15) (0.06)
Unaudited preliminary consolidated statement of comprehensive income for the
year ended 31(st) December 2024
Year ended 31(st) December
(IN MILLIONS OF EUROS) 2024 2023
Earnings (losses) (96) (16)
Actuarial gains/(losses) related to employee defined benefit plans, net of tax - -
Financial assets at fair value through other comprehensive income, net of tax - (37)
Items not subsequently reclassified to profit or loss - (37)
Foreign currency translation adjustments 19 47
Unrealised gains/(losses), net of tax (2) 3
Comprehensive income from equity affiliates, net of tax 20 3
Items to be subsequently reclassified to profit or loss 36 53
Charges and income directly recognised in equity 36 15
Total comprehensive income (59) (1)
Of which
Total comprehensive income (loss) attributable to equity holders of the parent (108) (66)
Total comprehensive income (loss) attributable to non-controlling interests 49 65
Unaudited preliminary consolidated balance sheet as of 31(st) December 2024
Year ended 31(st) December
(IN MILLIONS OF EUROS) 2024 2023
ASSETS
Goodwill 2,462 2,458
Non-current content assets 535 468
Other Intangible assets 669 632
Property and equipment 609 675
Rights-of-use relating to leases 176 184
Investments in equity affiliates 1,482 1,103
Non-current financial assets 249 245
Other non-current assets 104 74
Deferred tax assets 141 134
Non current assets 6,427 5,973
Inventories 66 89
Current tax receivables 41 29
Current content assets 964 979
Trade and other receivables 1,467 1,394
Other current financial assets 31 115
Cash and cash equivalent 376 334
Current Assets 2,944 2,939
TOTAL ASSETS 9,370 8,912
EQUITY AND LIABILITIES
Share Capital 248 -
Share Premium 6,603 -
CANAL+ Group' owners' net investment - 894
Retained earnings and other reserves (2,060) -
Total equity attributable to shareholders of the parent 4,791 894
Non-controlling interests 255 246
Total equity 5,046 1,140
Non-current provisions 241 241
Long-term borrowings and other financial liabilities 420 50
Deferred tax liabilities 178 196
Long-term lease liabilities 171 182
Other non-current liabilities 11 5
Non-current liabilities 1,021 674
Current provisions 294 157
Short-term borrowings and other financial liabilities 345 4,176
Trade and other payables 2,587 2,702
Short-term lease liabilities 41 41
Current tax payables 36 22
Current liabilities 3,303 7,098
TOTAL LIABILITIES 4,324 7,772
TOTAL EQUITY AND LIABILITIES 9,370 8,912
Unaudited preliminary consolidated cash flow statement for the year ended
31(st) December 2024
Year ended 31(st) December
(IN MILLIONS OF EUROS) 2024 2023
Operating activities
Operating income (EBIT) 341 426
Adjustments 386 344
Content investments, net (198) (122)
Acquisition paid (2,221) (2,015)
Consumption 2,023 1,893
Gross cash provided by operating activities before income tax paid and 529 648
other changes in net working capital
Other changes in net working capital 10 (7)
Net cash provided by operating activities before income tax paid 540 641
Income tax (paid)/received, net (127) (141)
Net cash provided by operating activities 413 500
Investing activities
Capital expenditures (282) (301)
Purchases of consolidated companies, after acquired cash (51) (9)
Investments in equity affiliates (498) (312)
Purchase of financial assets (80) (141)
Investments (911) (763)
Proceeds from sales of property, plant, equipment and intangible assets 11 7
Proceeds from sales of consolidated companies, after divested cash - -
Proceeds from sale of financial assets 29 12
Divestitures 40 19
Dividends received from equity affiliates - 1
Dividends received from unconsolidated companies - -
Net cash used for investing activities (871) (743)
Financing activities
Contributions by Vivendi - 2
Acquisition of non-controlling interests (6) (45)
Dividends paid by consolidated companies to their non-controlling interests (36) (38)
Transactions with equity holders (42) (81)
Proceeds from long-term borrowings and other financial liabilities 716 -
Repayments on long-term borrowings and other long-term financial liabilities (7) (2)
Repayments on short-term borrowings (335) -
Proceeds from short-term borrowings and other financial liabilities 277 585
Interest paid, net (39) (158)
Other cash items related to financial activities (23) (13)
Transactions on borrowings and other financial liabilities 588 412
Repayment of lease liabilities and related interest expenses (52) (32)
Net cash provided by financing activities 495 299
Foreign currency translation adjustments 5 (5)
Change in cash and cash equivalents 42 51
Cash and cash equivalents
At beginning of the period 334 282
At end of the period 376 334
Unaudited preliminary consolidated statement of changes in equity for the year
ended 31(st) December 2024
Year ended 31(st) December 2024
(in millions of euros except number of shares) Number of shares Share capital Share premium Retained earnings and other reserves(( 6 (#_ftn6) )) Share-holders' equity Non-controlling interest Total equity
Year ended 31(st) December 2023 - - - 894 894 246 1,140
Earnings (losses) - - - (147) (147) 51 (96)
Charges and income directly recognised in equity - - - 39 39 (3) 36
Total comprehensive income - - - (108) (108) 49 (59)
CANAL+ SA (existing CANAL+ Shares already in issue before Spin-off) 148,000 - - - - - -
Contribution by Vivendi SE (( 7 (#_ftn7) )) 991,811,494 248 6,603 (2,194) 4,657 - 4,657
Other transactions with Vivendi Group (7) - - - (664) (664) (2) (665)
Share-based compensation plans - - - 2 2 - 2
Other - - - 10 10 (3) 8
Dividends paid - - - - - (36) (36)
Total changes over the period 991,959,494 248 6,603 (2,954) 3,897 8 3,906
Year ended 31(st) December 2024 991,959,494 248 6,603 (2,060) 4,791 255 5,046
Unaudited preliminary consolidated statement of changes in equity for the year
ended 31(st) December 2023 (continued)
Year ended 31(st) December, 2023
(in millions of euros) Retained earnings and other reserves CANAL+ Non-controlling interests Total equity
Group' owners' net investment
Year ended 31(st) December 2022 970 970 215 1,185
Earnings (losses) (61) (61) 45 (16)
Charges and income directly recognised in equity (5) (5) 20 15
Total comprehensive income (66) (66) 65 (1)
Contributions by owners 2 2 - 2
Dividends paid - - (38) (38)
Other (12) (12) 4 (8)
Total changes over the period (76) (76) 31 (45)
Year ended 31(st) December 2023 894 894 246 1,140
Appendix 2: Alternative performance measures for the year ended 31(st)
December 2024
Non-GAAP measures, should be considered in addition to, and not as a
substitute for, other GAAP measures of operating and financial performance as
presented in the Consolidated Financial Statements, or as described in this
Financial Performance review. The Group considers these to be relevant
indicators for the Group's operating and financial performance. Moreover, it
should be noted that other companies may have different definitions and
calculations for these indicators that differ from those used by CANAL+,
thereby affecting comparability.
Adjusted EBIT (EBITA) before exceptional items: Adjusted EBIT (EBITA) before
exceptional items enables the Group to compare the performance of operating
segments regardless of whether their performance is driven by the operating
segment's organic growth or by acquisitions. To calculate Adjusted EBIT
(EBITA) before exceptional items, the accounting impact of the following items
is excluded from Operating income (EBIT): (i) the amortisation of intangible
assets acquired through business combinations as well as of other rights
catalogues acquired; (ii) impairment of goodwill, other intangibles acquired
through business combinations and other rights catalogues acquired; and (iii)
exceptional items.
Exceptional items are items of financial performance which have been
determined by management as being material by their size or incidence and not
relevant to an understanding of the Group's underlying business performance.
Exceptional items for the current and prior year include restructuring costs
and certain provision for contingencies.
Adjusted EBIT (EBITA): The Group considers adjusted earnings before interest
and income taxes ('Adjusted EBIT (EBITA)') to be a relevant measure to assess
the performance of its operating segments as reported in the segment data. It
enables the Group to compare the performance of operating segments regardless
of whether their performance is driven by the operating segment's organic
growth or by acquisitions. To calculate Adjusted EBIT (EBITA), the accounting
impact of amortisation and impairment losses on intangible assets acquired
through business combinations (including other rights catalogues acquired) is
excluded from Operating Income (EBIT).
Adjusted Net Income: ANI includes the following items: Adjusted EBIT (EBITA);
income (losses) from equity affiliates; interest (corresponding to interest
expense on borrowings net of interest income earned on cash and cash
equivalents); income from investments (including dividends and interest
received from unconsolidated companies); and taxes and non-controlling
interests related to these items. It does not include the following items:
amortisation of intangible assets acquired through business combinations and
through other catalogues of rights acquired by the Group's content production
businesses; impairment of goodwill and other intangible assets acquired
through business combinations and through the other catalogues of rights
acquired by the Group's content production businesses; other financial charges
and income; provisions for income taxes and adjustments attributable to
non-controlling interests; and non-recurring tax items.
Cash flow from operations: The Group considers cash flow from operations
('CFFO'), an alternative performance measure, to be a relevant measure to
assess the Group's operating and financial performance. CFFO is calculated as
the sum of net cash provided by operating activities before income tax paid,
as presented in the consolidated statement of cash flows, dividends received
from equity affiliates and unconsolidated companies, as well as cash payments
for the principal of lease liabilities and related interest expenses, which
are presented as financing activities in the consolidated statement of cash
flows. It also includes cash used for capital expenditures, net of proceeds
from sales of property and equipment, and intangible assets, which are
presented as investing activities in the consolidated statement of cash flows.
Financial Net Debt: Financial Net Debt (or Net Cash Position) are calculated
by adding together: (i) cash and cash equivalents, as reported in the
consolidated statement of financial position (ii) cash management financial
assets, included in the consolidated statement of financial position under
'financial assets', relating to financial investments, which do not meet the
criteria for classification as cash equivalents set forth in IAS 7. In
addition, before the Vivendi Spin-Off, the Group managed its cash and
liquidity needs through cash pooling arrangements with Vivendi. The Group's
investment with Vivendi has been classified as a financial asset in the
combined accounts for the period ending 31(st) December 2023. (iii) less: the
value of borrowings at amortised cost.
Like-for-Like: Like-for-like (LFL) comparisons are calculated as follows:
current year, constant currency actual results (which include acquisitions
from the relevant date of completion) are compared with prior year, constant
currency actual results from continuing operations, adjusted to include the
results of acquisitions and disposals for the commensurate period in the prior
year.
Appendix 3: Market glossary
Direct to Consumer (DtoC): Self-distributed Consumer.
Direct to Home (DTH): TV broadcasting services delivered via satellite
directly to viewers' homes, typically using a set-top box.
Digital Terrestrial Television (DTT): TV broadcasting technology using
groundbased antennas to deliver digital content.
Fiber-To-The-Home (FTTH): Installation and use of optical fibre from central
network to individual buildings to provide high-speed internet access,
enabling streaming of high-quality video services for instance.
Over-The-Top (OTT): Media services delivered directly to viewers via internet.
PayTV: Television services, usually with a linear component, for which users
pay a fee through a closed, managed platform.
1 (#_ftnref1) Adjusted EBIT (EBITA), before exceptional items
2 (#_ftnref2) Financial figures are rounded to the nearest million, hence
small differences may result in the totals.
3 (#_ftnref3) Before exceptional items.
4 (#_ftnref4) Excluding exceptional items.
5 (#_ftnref5) Excluding exceptional items.
6 (#_ftnref6) Prior to the separation from Vivendi, the Group did not
constitute a group with a parent company in accordance with IFRS 10
Consolidated Financial Statements. Therefore, retained earnings and other
reserves as of 31(st) December 2023, were presented as the Group' owners' net
investment.
7 (#_ftnref7) Combination of the following transactions:
- Conversion of Vivendi's loan into equity for a total amount of EUR4,657
million from April 2024 to September 2024.
- Increases in CANAL+SA share capital and share premium of EUR248 million and
EUR6,603 million, respectively, as a result of the completion of the partial
demerger from Vivendi on 13(th) December 2024
- Neutralisation in retained earnings, for an amount EUR665 million, of shares
in subsidiaries previously held by Vivendi Group and contributed in kind to
the Group.
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