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4
Section 4 - Business segment performance analysis
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
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Revenues and EBITA
Canal+ Group’s revenues amounted to €5,456 million, a 2.7% increase
compared to 2013 (+0.4% at constant perimeter and currency).
At the end of December 2014, Canal+ Group had a total of 15.3 million
subscriptions, an increase of 678,000 year-on-year, notably thanks to
strong performance in Africa and Vietnam, as well as the growth in
mainland France of Canalplay, its subscription video on demand offer.
For the first time, the total number of individual subscribers exceeds
11 million, compared to 10.4 million at the end of 2013.
Revenues from pay-TV operations in mainland France were impacted
by the higher VAT rate, which increased from 7% to 10% on January 1,
2014. Pay-TV revenues outside of mainland France showed significant
growth thanks to a portfolio increase, notably in Africa.
Advertising revenues were up due to higher audience ratings especially
at i>Télé and D8, which was ranked as the fifth most watched French
national channel in 2014.
Studiocanal’s revenues grew significantly, thanks to strong theatrical
releases and rights sales (television and subscription video-on-demand),
including
Paddington
,
Imitation Game
,
Non-Stop
and
RoboCop
, as well
as the ramping up of the TV series production business with Red in Great
Britain and Tandem in Germany.
Canal+ Group’s EBITA was €583 million, compared to €611 million at the
end of 2013. This change mainly reflected the VAT increase in France,
partially offset by strong results in other countries.
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Cash flow from operations (CFFO)
Canal+ Group’s cash flow from operations amounted to €531 million
in 2014, compared to €478 million in 2013, a €53 million increase.
This change mainly resulted from a decrease in net content investments
and net capital expenditures, partially offset by an unfavorable change
in EBITDA after changes in net working capital and transition costs paid.
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Annual Report 2014