Technicolor ex-TCS to grow to be VANTIVA Technicolor presents the technique and outlook of VANTIVA at Capital Markets Day

[ad_1]

TECHNICOLOR

TECHNICOLOR

PRESS RELEASE

Technicolor ex-TCS to grow to be VANTIVA
Technicolor presents the technique and outlook of VANTIVA at Capital Markets Day

Paris (France), June 14th, 2022Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) will immediately maintain in London at 1pm BST (2pm CEST) Capital Markets Days beginning with VANTIVA, the long run identify for Technicolor Ex-TCS, and adopted by Technicolor Artistic Studios (“TCS”). VANTIVA administration will illustrate the long run new firm’s strategic route and roadmap to drive development, in addition to its monetary goals.
A separate press launch presenting TCS’ imaginative and prescient and technique is issued immediately.

  • VANTIVA will be composed of two companies with main positions of their respective markets and with strong development fundamentals: Linked Dwelling, and DVD Companies which can grow to be VANTIVA Provide Chain Companies

  • VANTIVA ahead trying assumptions revealed on June 6th are confirmed:

    • Adjusted EBITDA1 from persevering with operations above €140 million for 2022 and above €140 million in 2023;

    • Adjusted EBITA comprised between €38-€48 million in 2022 and between €29-39 million in 2023;

    • Free Money Move earlier than Tax and Monetary comprised between €62-€72 million in 2022 and between €43-63 million in 2023.

Richard Moat, Chief Govt Officer of Technicolor SA and future Chairman of VANTIVA, said:

After two years of profitable transformation considerably improving Technicolor’s operational and monetary efficiency, we at the moment are prepared to start a brand new chapter of worth creation. Topic to shareholder approval, and after the spin off of Technicolor Artistic Studios, Technicolor will open a brand new chapter and grow to be VANTIVA, composed of Linked Dwelling and VANTIVA Provide Chain Companies (the former DVD Companies division), two market-leading companies, operated by world-class administration groups. Collectively, they are ideally positioned to leverage their distinctive strengths and property to strengthen their management place in present and new rising markets. I’m assured that with Luis and the gifted groups of Linked Dwelling and VANTIVA Provide Chain Companies, VANTIVA will proceed delivering one of the best services and products to purchasers and drive long-term development.”

Luis Martinez-Amago, President of Linked Dwelling and future Chief Govt Officer of VANTIVA, said:

As VANTIVA future CEO, I’m excited to tackle this new position and to construct on the already sturdy foundations that Linked Dwelling and VANTIVA Provide Chain Companies have developed over the past two years of transformation. After the spin off of Technicolor Artistic Studios, our new standalone firm will be capable of develop by itself phrases and observe its personal technique.
VANTIVA’s streamlined construction will allow the corporate to additional reinforce its present relationships with all its prospects. It creates a novel alternative to determine an identification that’s fully aligned with the wants of its core markets, whereas executing its development technique in new domains.
As one firm, we will profit from Linked Dwelling’s complete product providing and management2 place in customer-premises gear in video and broadband in addition to from VANTIVA Provide Chain Companiesundisputed chiefship in disc, and diversification technique in high-growth adjoining companies. By combining our experience, action-oriented traditions, well-established buyer relationships, sturdy balance-sheet and world-class administration groups, I’m assured that we’re positioned to generate enhanced worth to all of our stakeholders. I stay up for working alongside administration and our whole groups as we enter a brand new chapter of success and development.
Technicolor Ex-TCS to grow to be VANTIVA

Technicolor SA is saying the launch of its new model: VANTIVA. The brand new model might be comprised of the Linked Dwelling and DVD Companies operations.

VANTIVA’s streamlined construction will allow the corporate to additional reinforce its present relationships with all of its prospects. It creates a novel alternative to determine an identification that’s fully aligned with the wants of its core markets, whereas executing its development technique in new domains.

The change of the company identify of Technicolor SA to VANTIVA SA is topic to the approval of Technicolor SA shareholders, in the course of the shareholders’ assembly to approve the spin off that might be convened within the third quarter of 2022.

Linked Dwelling – Give attention to development

Linked House is the worldwide main supplier of broadband gateways and video set-top-boxes3, supplying the essential hyperlink between service suppliers and finish consumer prospects. Over the previous two years, Linked Dwelling went via a profitable transformation plan to extend productiveness and profitability and simplify its enterprise construction.

Linked Dwelling represented 69% of VANTIVA revenues in 2021, out of which 64% had been Broadband and 36% had been Video. Linked Dwelling Adjusted EBITDA margin for 2021 amounted to six.7%.

Below VANTIVA, Linked Dwelling will proceed to develop and diversify its enterprise via a sustainable development technique, centered on essentially the most enticing segments of rising broadband and video streaming markets. In immediately’s linked surroundings, customer-premises gear (“CPE”) is an important element for web and video companies all world wide and, going ahead, entry merchandise might be important given the accelerated transition to a GigaBit economic system, metaverse companies and distributed networks. In parallel, Android TV options are steadily changing conventional PayTV, representing a rising phase throughout the video market. Because of this, Linked Dwelling’s focused segments of CPE are anticipated to develop at 9%4 on common from 2021 to 2025.

Shifting ahead, Linked Dwelling’s technique might be based mostly on three development pillars:

  • Rising its core companies: broadband and video phase with a concentrate on Android TV;

  • Optimizing its operations with sooner time-to-market, elevated engineering throughput and leaner operations; and

  • Reinforcing its provide chain resilience to deal with market disruptions.

This technique is predicted to allow the division to pursue worthwhile development in its core enterprise.

Within the medium-term, Linked Dwelling may also concentrate on a diversification technique into Web of Issues (“IoT”) for verticals, capitalizing on the digital transformation of enterprises via IoT. This diversification might be operated via partnerships with IoT, cloud platform and unbiased software program firms, both organically or inorganically.

VANTIVA Provide Chain Companies a technique of diversification

Right this moment, the Firm additionally broadcasts that the DVD companies operations will now be often known as VANTIVA Provide Chain Companies (“VSCS”), with a view to mirror the truth of its underlying enterprise. VSCS is the world’s chief for disc manufacturing, packaging and distribution for all main studios, with 65% international market share, and 90% in North America5, in a disc market which is underpinned by a sizeable shopper market of $4 billion per yr6. Nonetheless, disc volumes are anticipated to expertise secular decline over the following 5 years after which plateau for a couple of years.

VSCS represented 31% of VANTIVA revenues in 2021 at €701 million and had an Adjusted EBITDA margin of 9.5%.

VSCS is benefiting from confirmed expertise, functionality, and innovation, with mixed distinctive promoting propositions round manufacturing, provide chain and fulfilment, and transportation. After two years of restructuring, VSCS has efficiently optimized its disc enterprise and carried out a transparent diversification technique geared toward leveraging all verticals, property and capabilities in:

  • Establishing Vinyl manufacturing manufacturing, packaging and distribution in North America after which in Europe & Australia. Vinyl quantity is predicted to develop considerably over the following 5 years as we broaden market share;

  • Additional increasing Non-Disc Provide-Chain & fulfilment;

  • Increasing the Microfluidics enterprise;

  • Enhancing transportation freight brokerage in North America; and

  • Launching new product strains and increasing manufacturing and success capabilities.

This diversification technique is predicted to help income development, and profitability within the medium time period, with development actions anticipated to overhaul DVD income within the medium time period.

Outlook

Underlying market assumptions for VANTIVA stay unchanged:

  • Worldwide demand for Linked Dwelling broadband gear is predicted to stay sturdy in 2022, as prospects search to enhance their connectivity. Nonetheless, ongoing element shortages and pricing challenges will proceed to affect our skill to serve finish buyer demand all through 2022. Nonetheless, effectivity measures, gradual enhancements in supply and steady discussions with each suppliers and prospects ought to proceed to assist offset these headwinds. Whereas we would not have any property or direct prospects or suppliers in Russia and Ukraine, the continued battle has generated extra uncertainty by way of provide. This has led to a rise in transit occasions to some European prospects, as we transition from rail to sea transportation for merchandise that used to maneuver via Russia. The Group is extending its present motion plans, and is sustaining steady discussions with each suppliers and prospects to compensate for these potential elements;

  • For VANTIVA Provide Chain Companies, greater year-on-year new launch volumes are anticipated as theatrical attendance continues to normalize, however this might be barely offset by decrease catalog volumes. Monetary efficiency may also by improved via persevering with price efficiencies. As a part of the Group’s plan to speed up the diversification of the enterprise, the division is continuous to work on considerably increasing non-disc actions.

Because of this, for 2022 and 2023 administration expectations7 are:

  • Adjusted EBITDA from persevering with operations above €140 million for each 2022 and 2023, with enchancment from topline offset by diversification prices in 2023;

  • Adjusted EBITA of between €38-€48 million in 2022 and between €29-39 million in 2023;

  • Free Money Move earlier than Tax and Monetary of between €62-€72 million in 2022 and between €43-63 million in 2023. The Group doesn’t anticipate additional contraction of fee phrases within the close to future.

As well as, VANTIVA outcomes are delicate to its fundamental forex valuations – notably the US greenback – which has advanced favorably for the reason that starting of the yr. Hedging preparations are in place to deal with the related foreign exchange dangers.

VANTIVA companies usually are not capex intensive. At Linked Dwelling the capex requirement on a normalized foundation quantities to roughly €25 million per yr for manufacturing gear (instruments and take a look at benches), together with intangible investments for R&D. At VSCS capex is especially for improve of manufacturing strains together with capex for brand new development companies with quick payback phrases. Contemplating working capital necessities, at Linked Dwelling below regular circumstances the necessity for money to fund the important thing element operations is netted by the money generated from completed items. Nonetheless, uneven deliveries or demand pushout can create the necessity for extra working capital in the course of the yr. At VSCS, seasonality ties up working capital in the course of the first half of the yr.

Financials8

VANTIVA revenues amounted to €2,250 million in 2021 and €2,475 million in 2020. This decline in gross sales primarily resulted from the affect of element shortages and elevated lead time at Linked Dwelling, regardless of sturdy underlying demand. At VSCS, decrease disc volumes had been partially offset by development in distribution and freight brokerage.

Regardless of the decrease prime line, VANTIVA improved profitability in 2021 in comparison with 2020 because of transformation actions and operational efficiencies at each Linked Dwelling and VSCS. Because of this, VANTIVA adjusted EBITDA amounted to €141 million in 2021 (6.3% margin) in comparison with €133 million in 2020 (5.4% margin)

VANTIVA generated optimistic working free money movement9 in 2020 and 2021 of respectively €29 million and €11 million, with greater restructuring money out in 2021. Free Money Move amounted to -€162 million in 2020 and -€181 million in 2021, primarily because of greater working capital wants in 2020 and 2021 pushed by the discount of provider fee phrases for Linked Dwelling.

As a part of the Capital Markets Day, VANTIVA will current adjusted monetary statements, together with phase data, that are outlined and detailed within the Appendix to the current press launch.

Anticipated Capital Construction

Technicolor SA has entered into discussions with Barclays and Angelo Gordon who’ve dedicated to offer a €375 million debt package deal to VANTIVA, topic to customary circumstances and approvals. As well as, discussions are ongoing with Wells Fargo to increase the Asset-Based mostly Lending (ABL) Facility.

The spin-off is predicted to be accomplished in Q3 2022, topic to (i) shareholder approval of the phrases of the spin-off, (ii) the completion of the refinancing discussions with collectors on phrases passable to VANTIVA and TCS and (iii) customary circumstances, consultations and regulatory approvals.

Capital Markets Day Particulars

The Capital Markets Day, devoted to monetary analysts and institutional traders, will start at 1pm BST (2pm CET) in London and just about. All presentation supplies, in addition to the webcast (reside and replay), might be made accessible on Technicolor’s investor web site at https://www.technicolor.com/investor-center.

VANTIVA’s presentation might be adopted by the Capital Markets Day for Technicolor Artistic Studios (“TCS”), whose imaginative and prescient and technique are being offered in a separate press launch, and are additionally accessible on Technicolor’s investor web site: https://www.technicolor.com/investor-center.

Indicative Timetable

Capital Market Day for VANTIVA and TCS
Technicolor’s Shareholders’ assembly
H1 2022 outcomes
Technicolor’s Distribution Shareholders’ Assembly
Distribution of the TCS shares

June 14th, 2022
June 30th, 2022
July 28th, 2022
Q3, 2022
Q3, 2022

###

Warning: Authorized Disclaimer
This press launch has been ready by Technicolor SA (“TSA”) in reference to the Capital Markets Day on 14 June 2022 particularly in the context of the contemplated spin-off of Technicolor Artistic Studios (“TCS” and such spin-off, the “Transaction”) on account of which TSA ex-TCS is to grow to be Vantiva. This press launch is an commercial and doesn’t represent a prospectus below Regulation (EU) 2017/1129 of the European parliament and of the council of 14 June 2017 (the “Prospectus Regulation”).

Chosen Non-IFRS Monetary Measures

This press launch consists of non-IFRS measures referring to TSA the publication of which isn’t required, or which haven’t been ready in accordance with monetary measures decided in accordance with Worldwide Monetary Reporting Requirements (“IFRS”), together with Adjusted EBITA, Adjusted EBITDA and Free Money Move (earlier than pursuits and tax).

TSA presents non-IFRS measures with a view to permitting traders to raised perceive the evolution of its outcomes, in addition to objects that will affect future efficiency.

These measures ought to solely be used as analytical instruments and shouldn’t be thought of as a substitute for monetary measures decided in accordance with IFRS nor as a real and truthful worth of previous accounts. Subsequently, they can’t be thought of as an alternative to the monetary statements accepted by the overall assembly of shareholders.

Ahead Wanting Statements

This press launch accommodates sure statements that represent “forward-looking statements”, together with however not restricted to statements which are predictions of or point out future occasions, tendencies, plans or goals, based mostly on sure assumptions or which don’t straight relate to historic or present information. Such forward-looking statements are based mostly on administration’s present expectations and beliefs and are topic to a variety of dangers and uncertainties that might trigger precise outcomes to vary materially from the long run outcomes expressed, forecasted, or implied by such forward-looking statements. For a extra full checklist and outline of such dangers and uncertainties, consult with Technicolor’s filings with the French Autorité des marchés financiers. 2021 Common Registration Doc (Doc d’enregistrement universel) has been filed with the French Autorité des marchés financiers (AMF) on 5 April 2022, below quantity D-22-0237 and an modification to the 2021 URD has been filed with the AMF on 29 April 2022, below quantity D-22-0237-A01.

###

About Technicolor:

www.technicolor.com

Technicolor shares are admitted to buying and selling on the regulated market of Euronext Paris (TCH) and are tradable within the type of American Depositary Receipts (ADR) in america on the OTCQX market (TCLRY).

Investor Relations

Media

Alexandra Fichelson

Alexandra.fichelson@technicolor.com

Catherine Kuttner

catherine.kuttner@technicolor.com

Nathalie Feld

nfeld@image7.fr

                

APPENDIX

The adjusted monetary data offered for the years ended December 31, 2019, 2020, 2021 referring to VANTIVA has not been audited, however has been produced utilizing audited Technicolor and TCS accounts. It’s subsequently offered for data functions solely and could also be topic to additional modifications.
This monetary data excludes Technicolor Artistic Studios division however doesn’t think about the affect of the refinancing (present Safeguard debt of the Group is maintained) and of the Spinoff (no minority stake into TCS is acknowledged, nor dyssynergy prices). The Trademark Licensing Operations are additionally included on this monetary data.

VANTIVA Unaudited Adjusted Assertion of Revenue and loss

 

 

Yr ended December 31,

(€ in million)

 

2021

 

2020

 

2019

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

 

 

 

 

 

Income

 

2 270

 

2 494

 

2 908

Price of gross sales

 

(1 977)

 

(2 218)

 

(2 599)

Gross margin

 

292

 

276

 

308

 

 

 

 

 

 

 

Promoting and administrative bills

 

(185)

 

(198)

 

(227)

Analysis and improvement bills

 

(84)

 

(93)

 

(114)

Restructuring prices

 

(31)

 

(73)

 

(20)

Internet impairment losses on non-current working property

 

(1)

 

(73)

 

(61)

Different earnings (expense)

 

11

 

10

 

(14)

Earnings earlier than Curiosity & Tax (EBIT) from persevering with operations

 

2

 

(150)

 

(127)

 

 

 

 

 

 

 

Curiosity earnings

 

24

 

14

 

20

Curiosity expense

 

(128)

 

(72)

 

(56)

Internet achieve on monetary restructuring

 

 

158

 

Different monetary earnings (expense)

 

 

(5)

 

(12)

Internet monetary expense

 

(104)

 

94

 

(48)

 

 

 

 

 

 

 

Share of achieve (loss) from associates

 

0

 

0

 

(1)

Earnings tax earnings (expense)

 

(16)

 

(11)

 

(5)

Loss from persevering with operations

 

(117)

 

(66)

 

(181)

 

 

 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

Internet achieve (loss) from discontinued operations

 

(19)

 

(15)

 

(22)

 

 

 

 

 

 

 

Internet loss for the yr

 

(136)

 

(81)

 

(202)

 

 

 

 

 

 

 

Attribuable to :

 

 

 

 

 

 

Fairness holders

 

(136)

 

(81)

 

(202)

– Non-controlling curiosity

 

 

 

VANTIVA Unaudited Adjusted Assertion of Monetary Place

 

(€ in million)

 

December 31, 2021

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Goodwill

 

585

 

542

 

659

 

Intangible property

 

214

 

240

 

313

 

Property, plant and gear

 

93

 

88

 

110

 

Proper-of-use property

 

48

 

50

 

76

 

Different working non-current property

 

17

 

14

 

21

TOTAL OPERATING NON-CURRENT ASSETS

 

957

 

934

 

1 178

 

 

 

 

 

 

 

 

 

Non-consolidated investments

 

19

 

16

 

17

 

Different monetary non-current property

 

25

 

30

 

17

TOTAL FINANCIAL NON-CURRENT ASSETS

 

45

 

46

 

35

 

 

 

 

 

 

 

 

 

Investments in associates and joint-ventures

 

2

 

1

 

1

 

Deferred tax property

 

16

 

20

 

33

TOTAL NON-CURRENT ASSETS

 

1 020

 

1 001

 

1 247

 

 

 

 

 

 

 

 

 

Inventories

 

335

 

195

 

243

 

Commerce accounts and notes receivable

 

301

 

373

 

444

 

Contract property

 

20

 

21

 

17

 

Different working present property

 

214

 

190

 

148

TOTAL OPERATING CURRENT ASSETS

 

869

 

778

 

852

 

 

 

 

 

 

 

 

 

Earnings tax receivable

 

8

 

9

 

23

 

Different monetary present property

 

445

 

321

 

256

 

Money and money equivalents

 

183

 

301

 

56

 

Belongings labeled as held on the market

 

1

 

1

 

TOTAL CURRENT ASSETS

 

1 506

 

1 410

 

1 188

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

2 526

 

2 411

 

2 435

 

(€ in million)

 

December 31, 2021

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

Invested fairness and retained earnings

 

(41)

 

94

 

(295)

 

Cumulative translation adjustment

 

(275)

 

(300)

 

(218)

Shareholders fairness attributable to homeowners of TCS

 

(316)

 

(205)

 

(513)

 

Non-controlling pursuits

 

 

(0)

 

(0)

TOTAL INVESTED EQUITY

 

(315)

 

(205)

 

(513)

 

 

 

 

 

 

 

 

 

Retirement advantages obligations

 

256

 

319

 

336

 

Provisions

 

31

 

32

 

30

 

Contract liabilities

 

1

 

1

 

1

 

Different working non-current liabilities

 

7

 

12

 

14

TOTAL OPERATING NON-CURRENT LIABILITIES

 

296

 

365

 

381

 

 

 

 

 

 

 

 

 

Borrowings

 

1 026

 

947

 

978

 

Lease liabilities

 

39

 

36

 

51

 

Different non-current liabilities

 

0

 

 

1

 

Deferred tax liabilities

 

6

 

6

 

15

TOTAL NON-CURRENT LIABILITIES

 

1 368

 

1 353

 

1 426

 

 

 

 

 

 

 

 

 

Retirement advantages obligations

 

34

 

30

 

33

 

Provisions

 

37

 

80

 

63

 

Commerce accounts and notes payable

 

636

 

686

 

780

 

Accrued worker bills

 

85

 

86

 

83

 

Contract liabilities

 

4

 

5

 

4

 

Different working present liabilities

 

246

 

182

 

269

TOTAL OPERATING CURRENT LIABILITIES

 

1 042

 

1 070

 

1 233

 

 

 

 

 

 

 

 

 

Borrowings

 

276

 

142

 

215

 

Lease liabilities

 

19

 

28

 

39

 

Earnings tax payable

 

14

 

18

 

32

 

Different monetary present liabilities

 

121

 

4

 

3

 

Liabilities labeled as held on the market

 

 

 

TOTAL CURRENT LIABILITIES

 

1 472

 

1 263

 

1 521

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

2 841

 

2 616

 

2 947

 

 

 

 

 

 

 

 

TOTAL EQUITY & LIABILITIES

 

2 526

 

2 411

 

2 435

VANTIVA Unaudited Adjusted Statements of money flows

 

 

December 31,

(€ in million)

 

2021

 

2020

 

2019

Internet loss

 

(136)

 

(81)

 

(202)

Acquire (Loss) from discontinuing actions

 

(19)

 

(15)

 

(22)

Loss from persevering with actions

 

(117)

 

(66)

 

(181)

Abstract changes to reconcile loss from persevering with actions to money generated from (utilized in) persevering with operations

 

 

 

 

 

 

Depreciation and amortization

 

138

 

149

 

206

Impairment of property

 

2

 

84

 

61

Internet modifications in provisions

 

(55)

 

12

 

(51)

Acquire (Loss) on asset disposals

 

(21)

 

(14)

 

17

Curiosity (earnings) and expense

 

104

 

59

 

36

Internet achieve on monetary restructuring

 

 

(158)

 

Different objects (together with tax)

 

16

 

5

 

(2)

Modifications in working capital and different property and liabilities

 

(101)

 

(101)

 

(71)

Money generated from (utilized in) persevering with actions

 

(34)

 

(30)

 

16

Curiosity paid on lease debt

 

(4)

 

(5)

 

(6)

Curiosity paid

 

(44)

 

(28)

 

(40)

Curiosity obtained

 

6

 

5

 

14

Earnings tax paid

 

(17)

 

(17)

 

(7)

NET OPERATING CASH GENERATED FROM (USED IN) CONTINUING ACTIVITIES (I)

 

(93)

 

(76)

 

(24)

Acquisition of subsidiaries, associates and investments, web of money acquired

 

(0)

 

(2)

 

(3)

Proceeds from sale of investments, web of money

 

0

 

6

 

1

Purchases of property, plant and gear (PPE)

 

(33)

 

(26)

 

(32)

Proceeds from sale of PPE and intangible property

 

0

 

0

 

1

Purchases of intangible property together with capitalization of initiatives

 

(36)

 

(45)

 

(75)

Money collateral and safety deposits granted to 3rd events

 

(8)

 

(24)

 

(4)

Money collateral and safety deposits reimbursed by third events

 

11

 

0

 

4

NET INVESTING CASH USED IN CONTINUING ACTIVITIES (II)

 

(66)

 

(89)

 

(109)

Disposal of treasury shares

 

 

 

1

Enhance of Capital

 

0

 

60

 

Internet contributions from / (distributions to) TCS

 

5

 

(21)

 

13

Proceeds from borrowings

 

0

 

760

 

1

Internet money pooling variance

 

81

 

(105)

 

(14)

Repayments of lease debt

 

(28)

 

(36)

 

(43)

Repayments of borrowings

 

(0)

 

(158)

 

(5)

Charges paid in relation to financing operations

 

(2)

 

(60)

 

(1)

Dividends and distributions paid to Group’s shareholders

 

0

 

(0)

 

0

Different

 

(4)

 

5

 

4

NET FINANCING CASH GENERATED FROM (USED IN) CONTINUING ACTIVITIES (I)

 

52

 

445

 

(44)

 

 

 

 

 

 

 

NET CASH GENERATED (USED IN) DISCONTINUED ACTIVITIES (IV)

 

(29)

 

(23)

 

(33)

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT THE BEGINING OF THE YEAR

 

301

 

56

 

268

Internet enhance (lower) in money and money equivalents (I+II+III+IV)

 

(135)

 

257

 

(210)

Change features / (losses) on money and money equivalents

 

17

 

(11)

 

(2)

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

 

183

 

301

 

56

VANTIVA 2021 Adjusted Section data

 

Linked Dwelling

DVD
Companies

Trademark and Know-how Licensing

Company & Different

TOTAL

(€ in million)

Assertion of operations

 

 

 

 

 

Income

1 544

701

19

5

2 270

Intersegment gross sales

 

 

 

 

 

 

Earnings earlier than Curiosity & Tax (EBIT) from persevering with operations

11

0

16

(24)

2

Of which:

 

 

 

 

 

Amortization of buy accounting objects

(21)

(9)

(30)

Internet impairment losses on non-current working property

(1)

(2)

2

(1)

Restructuring prices

(4)

(17)

(0)

(10)

(31)

Different earnings (bills)

(8)

0

(0)

19

11

 

 

 

 

 

 

Adjusted EBITA

45

27

14

(33)

53

Of which:

 

 

 

 

 

Depreciation & amortization (excl PPA objects)

(64)

(37)

(0)

(1)

(102)

Different non-cash objects (1)

6

(2)

(0)

(2)

1

 

 

 

 

 

 

Adjusted EBITDA

103

67

14

(30)

154

 

 

 

 

 

 

Internet capital expenditures

(60)

(9)

(0)

(69)

Key Efficiency Indicators definitions for VANTIVA

Adjusted EBITDA” corresponds to the revenue (loss) from persevering with operations earlier than tax and web monetary earnings (expense), web of different earnings (expense), depreciation and amortization (together with affect of provision for dangers, litigation and warranties).

Adjusted EBITA” corresponds to the revenue (loss) from persevering with operations earlier than tax and web monetary earnings (expense), web of different earnings (expense) and amortization of buy accounting objects.

Technicolor defines “Free Money Move” as web money from working actions (persevering with and discontinued) plus proceeds from gross sales of property, plant, and gear (“PPE”) and intangible property, minus purchases of PPE and purchases of intangible property together with capitalization of improvement prices.

Reconciliation from Adjusted EBITDA to Free Money Move is as follows:

In € million, excluding Trademark Licensing

2021

2020

Adjusted EBITDA

141

133

Capex

(69)

(71)

Restructuring Bills

(61)

(33)

Working FCF

11

29

Pension & Different

(26)

(30)

Internet Working Capital

(98)

(109)

Monetary & Tax

(68)

(52)

Free Money Move

(181)

(162)

             

1 Definition of adjusted EBITDA, adjusted EBITA and Free Money Move can be found within the Appendix part of the current press launch
2 Figures as of September 2021, excluding China –Sources: Dell Oro, Omdia

3 Figures as of September 2021, excluding China – Sources: Dell Oro, Omdia
4 Sources: Dell’Oro3Q21 & January 22 studies, Dataxis3Q21 database, Omdia3Q21 BB and STB studies, ABI Analysis August’21 STB and BB CPE report, publications of listed firms and Technicolor –TAM pertains to CPE {hardware} solely (in worth), excluding China
5 Figures as of September 2021 –Sources: Administration estimates
6 Supply: Futuresource
7 This steering assumes a EUR/USD change fee of 1.15, exclude Trademark Licensing operations, embody estimated working dissynergy prices, and mirror accounting modifications implied by the IFRIC interpretation on Saas adjustment, referring to the configuration or customization prices in a cloud computing association.
8 Excluding Trademark Licensing
9 See definition within the appendix of the current press launch

Attachment

[ad_2]

Supply hyperlink