Revenue growth at constant rate and scope, improved profitability and free cash flow
Paris (France), 26 July 2013 – The Board of Directors of Technicolor (Euronext Paris: TCH) met yesterday to review the Group’s results for the first half of 2013 (unaudited).
H1 2013 highlights
|Second Quarter||First Half|
|In € million||2012||2013||Change, reported||2012||2013||Change, reported|
|Group revenues from continuing operations||846||814||(3.8)%||1,646||1,589||(3.5)%|
Change at constant currency (%)
Change at constant rate and scope (%)
Adjusted EBITDA from continuing operations
As a % of revenues
Group net income
Group free cash flow
Net debt IFRS
Net debt non IFRS
Q2 2013 revenue highlights
In the second quarter of 2013, Group revenues from continuing operations amounted to €814 million, up 0.9% at constant scope and current currency and up 4.0% at constant scope and currency compared to the second quarter of 2012.
Update on Amplify 2015
Technicolor successfully completed its refinancing transaction on 12 July allowing the Group to borrow new funds at a lower interest rate, effectively extend its debt maturity and significantly increase its financial flexibility. The implementation of this new debt structure is another important step in the improvement of the Group’s financial structure.
The Group put in place a new €100 million 5-year revolving credit facility as part of the refinancing transaction.
2013 objectives confirmed
Net debt to adjusted EBITDA ratio objective
Frederic Rose, Chief Executive Officer of Technicolor, stated:
“Technicolor continued to show strong progress across all activities in the first half of 2013, combining revenue growth, improved profitability and solid cash flow generation. This performance is reinforced by the refinancing transaction recently completed, which further strengthens the Group’s financial structure. Technicolor continues to deliver on its Amplify 2015 strategic roadmap, dynamized notably by another good performance of Connected Home, by a strong performance across Entertainment Services activities and by the enhancement of its intellectual property portfolio as illustrated by the significant agreement announced with Sony for smartphones.”
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.
Euronext Paris: TCH • www.technicolor.com
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