Technicolor announces today its results for the first half of 2019.
Paris (France), 24 July 2019 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) announces today its results for the first half of 2019.
In a transition period, first half revenues are broadly in line with prior year
The Group pursued its investments to support the strong organic growth in Production Services and the transformation program in Connected Home
Profitability and cash flow generation in the second half will improve significantly
First Half 2019 Key Highlights from continuing operations
|
First Half (IFRS) |
|
First Half (excl. IFRS 16*) |
||||||
In € million |
2018*** |
2019 |
At current rate |
At constant rate |
2018*** |
2019 |
At current rate |
At constant rate |
|
Revenues from continuing operations |
1,774 |
1,764 |
(0.5)% |
(3.8)% |
1,774 |
1,764 |
(0.5)% |
(3.8)% |
|
Adjusted EBITDA from continuing operations |
73 |
104 |
+43.5% |
+40.4% |
73 |
62 |
(14.9)% |
(18.1)% |
|
As a % of revenues |
4.1% |
5.9% |
- |
- |
4.1% |
3.5% |
- |
- |
|
Recurring EBITA** |
(9) |
(44) |
na |
na |
(9) |
(48) |
na |
na |
|
EBIT from continuing operations |
(91) |
(88) |
+3.3% |
+5.9% |
(91) |
(93) |
(2.2)% |
+0.2% |
|
Free Cash Flow from continuing operations |
(137) |
(262) |
na |
na |
(137) |
(297) |
na |
na |
|
(*) Under IFRS 16, most operating leases are now treated as financial leases. As a consequence, operating lease expense is cancelled and replaced by an amortization expense and an interest expense. Under the modified retrospective method, 2018 Profit & Loss account is not adjusted. Figures are therefore presented excluding IFRS 16 in 2019 only for comparability.
(**) Recurring EBITA corresponds to the Adjusted EBITDA from continuing to which Depreciation charges and IT capacity use for rendering in Production Services are added back.
(***) Amounts for the six months ended June 30, 2018 are re-presented to reflect the impacts of Discontinued Operations.
First half Performance
First half business highlights
Outlook
Board composition
An analyst audio webcast hosted by Frederic Rose, CEO, and Laurent Carozzi, CFO, will be held Wednesday, 24 July 2019 at 6:30pm CEST.
Link to the Audio Webcast:
http://www.technicolor.com/webcastHY2019
The presentation slides will be made available on our website prior to the webcast
The replay will be available at the latest by 8:00pm (CEST) on July 24th, 2019
Financial calendar
Q3 2019 business update |
5 November 2019 |
FY 2020 results |
26 February 2020 |
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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 shares are on the Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (OTCQX: TCLRY).
Investor Relations
Christophe le Mignan: +33 1 88 24 32 83
Christophe.lemignan@technicolor.com
[1] Dell’Oro cable CPE vendor table 1Q19, published in June 2019.