Technicolor: Q1 2015 Revenue Performance

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April 23, 2015
Q1 2015 revenues up 8.3% at current currency, down 3.2% at constant currency Full year 2015 objectives confirmed Strong start on Drive 2020 initiatives

Paris (France), 23 April 2015 Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) announces today its revenues for the first quarter of 2015.

 

Frederic Rose, Chief Executive Officer of Technicolor, stated:

“Our strong first-quarter performance means we are well on our way to deliver on our 2015 objectives of EBITDA and FCF. With the launch of the UHD Alliance and our broad program of initiatives in High Dynamic Range technologies and services, the HEVC Advance patent pool and the announced acquisitions of OuiDo Productions and Mikros Image, Technicolor’s implementation of its Drive 2020 strategic plan is on track and we are laying foundation for success in our key areas of profitable growth. Even at this early stage, 2015 is shaping up to be a very good year for Technicolor.”

 

Key points

  • Technology revenues above €120 million, significant business development in Technology Licensing and establishment of HEVC Advance patent pool;
  • Acquisition of OuiDo Productions and Mikros Image, joint-venture in Digital Cinema and exit from poorly performing Digital Distribution activities;
  • DVD volumes down, partially due to an unfavourable comparison base;
  • Connected Home on track for full year growth and continued margin improvement;
  • Improved credit profile with Moody’s rating upgraded to B1 (vs. B2), driven by strong financial performance.

 

2015 objectives confirmed

  • Adjusted EBITDA between €560 million and €590 million;
  • Free Cash Flow of at least €230 million;
  • Leverage ratio (Net Debt/Adj. EBITDA) of around 0.75x at end December 2015

 

Segment review – Q1 2015 revenue highlights

 

 

Group revenues by segment

 

 First Quarter

 Change YoY

In € million

2014

2015

Reported

At constant rate

Technology

113

123

+9.0%

(2.2)%

Entertainment Services

328

358

+9.2%

(4.1)%

Connected Home

291

317

+8.9%

(0.8)%

Group revenues (excl. legacy activities and Other)

732

798

+9.1%

(2.5)%

Legacy activities

5

1

(87.8)%

(89.9)%

Other

7

7

(0.4)%

(19.0)%

Group revenues

744

805

+8.3%

(3.2)%

 
 

An analyst conference call hosted by Frederic Rose, CEO, and Esther Gaide, CFO, will be held on Thursday, 23 April 2015 at 4:00pm CEST.

 

Financial Calendar

Dividend Payment

From 22 May 2015

H1 2015 Results

23 July 2015

Q3 2015 Revenues

21 October 2015

 

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Warning: Forward Looking Statements

This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Technicolor’s filings with the French Autorité des marchés financiers.

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About Technicolor

Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go. www.technicolor.com

Follow us: @Technicolor - linkedin.com/company/technicolor

Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (OTCQX: TCLRY).

 

Contacts

Press: +33 1 41 86 53 93
technicolorpressoffice@technicolor.com

Investor relations: +33 1 41 86 55 95
investor.relations@technicolor.com