Technicolor is pleased to announce that the 2019 Universal Registration Document (Document d’enregistrement universel) has been filed with the French Autorité des marchés financiers (AMF) on April 20, 2020.
Paris (France), 20 April 2020 – Technicolor (Euronext Paris: TCH, OTCQX: TCLRY) is pleased to announce that the 2019 Universal Registration Document (Document d’enregistrement universel) has been filed with the French Autorité des marchés financiers (AMF) on April 20, 2020.
The Universal Registration Document is available on the Group’s web site www.technicolor.com (under the heading “Investor Center” - “Financial information” - “Regulated Information”) and at its corporate head office: 8-10, rue du Renard, 75004 Paris, France. The Universal Registration Document is also available on the website of the AMF (http://www.amf-france.org).
The following documents are included in the 2019 Universal Registration Document:
Update on Covid-19
Technicolor is closely monitoring the evolution of the Covid-19 pandemic, which has impacted almost all businesses around the world. The effect on Technicolor has been significant, although the Group has been able to add the technical capacity necessary to support secure remote working conditions wherever possible for a large percentage of employees.
Restrictions imposed to prevent the spread of the virus currently limit our operations in several markets, including France, the United Kingdom, India, Canada and the United States. Due to the unprecedented nature of the Covid-19 crisis and the uncertainty of its consequences, it is not yet possible for the Group to assess the financial impact.
In Production Services:
In Connected Home, global logistics have been disrupted by country shutdowns, particularly in Asia. Since then, supply has returned almost to normal. Demand is holding up well in North America, with significant new orders from large customers. Demand in the rest of the world is mixed with some regions affected by the deteriorating macro-economic situation.
In DVD Services, with cinemas closed, many studios are delaying the release of their films. However, the demand for back catalog is holding up quite well as the public start to re-watch favorite shows and movies.
Production has so far continued without interruption, although the evolving response of the relevant authorities to the virus brings a continuing threat of plant closure.
Overall, the uncertainty in how long this global crisis will last compounds the need to do more on managing liquidity and reducing costs in order to sustain the business:
Additionally, the Group is working to re-forecast demand for its services, and develop a new 2020 budget including cost reduction plans.
In addition to taking a 25% salary reduction himself, Richard Moat has requested the Executive Committee to take a 20% one and is encouraging all employees to play their part in this respect.
Technicolor is exploring opportunities to help the wider community with this pandemic and is implementing three initiatives:
Technicolor’s main priorities are the safety of our employees, and continuing to support our customers throughout this difficult period.
About Technicolor: www.technicolor.com
Technicolor shares are on the Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (OTCQX: TCLRY).
Christophe le Mignan: +33 1 88 24 32 83