TECHNICOLOR : Third quarter 2013 revenues from continuing operations: +1.2% at constant currency, +3.9% excluding legacy acti...
25 Ottobre 2013 - 7:07AM
Third quarter 2013 revenues from continuing operations: +1.2% at constant
currency, +3.9% excluding legacy activities
· Solid Licensing revenues, profitable growth and market share gains in
Connected Home and Entertainment Services
· Technicolor reconfirms its 2013 objectives
+--------------------+ +-------+-------+----------+ +-------+-------+----------+
|In € million | |Q3 2012|Q3 2013| Change,| |9M 2012|9M 2013| Change,|
| | | | | reported| | | | reported|
+--------------------+ +-------+-------+----------+ +-------+-------+----------+
|Group revenues from | | 922| 881| (4.4)%| | 2,488| 2,470| (0.7)%|
|continuing | | | | | | | | |
|operations[1] | | | | | | | | |
| | | | | | | | | |
|Change at constant | | | +1.2%| | | | +2.4%| |
|rate (%) | | | | | | | | |
| | | | | | | | | |
|Change at constant | | | | | | | | |
|rate excluding | | | +3.9%| | | | +5.5%| |
|legacy[2] (%) | | | | | | | | |
| | | | | | | | | |
|o/w Technology | | 128| 123| (4.5)%| | 364| 349| (4.2)%|
| | | | | | | | | |
| Change at | | | | | | | | |
| constant rate | | | (3.9)%| | | | (3.5)%| |
| (%) | | | | | | | | |
| | | | | | | | | |
| Entertainment | | 449| 398| (11.2)%| | 1,206| 1,130| (6.2)%|
| Services | | | | | | | | |
| | | | | | | | | |
| Change at | | | | | | | | |
| constant rate | | | (6.1)%| | | | (3.9)%| |
| (%) | | | | | | | | |
| | | | | | | | | |
| Change at | | | | | | | | |
| constant rate | | | (1.0)%| | | | +2.2%| |
| excl. legacy (%)| | | | | | | | |
| | | | | | | | | |
| Connected Home | | 345| 361| +4.4%| | 918| 990| +7.9%|
| | | | | | | | | |
| Change at | | | | | | | | |
| constant rate | | | +12.6%| | | | +12.9%| |
| (%) | | | | | | | | |
+--------------------+ +-------+-------+----------+ +-------+-------+----------+
Frederic Rose, Chief Executive Officer of Technicolor, stated:
"This quarter puts us well on track to deliver our 2013 EBITDA, free cash flow
and net debt objectives. As we continue to deliver solid operational results, we
remain focused on strengthening our core competencies and seeking out new
opportunities in next generation video and audio technologies. In parallel, our
Connected Home and Entertainment Services activities continued to generate
profitable growth and gain market share, while our Licensing activities
delivered another robust performance."
Q3 2013 revenue highlights
* Technology: another quarter of revenues well above €100 million,
highlighting the strength of the Licensing division.
* Entertainment Services: sustained performance in Digital Creative Services,
particularly in VFX, with strong double-digit growth, offset by slightly
lower DVD Services revenues.
* Connected Home: sixth straight quarter of double-digit year-on-year growth,
driven by very strong volume growth and improved product mix in North
America, and double-digit revenue growth in EMEA.
Financial structure update
· Senior gross debt at the end of September 2013 amounted to
€1,083 million at nominal value, a decrease of €100 million compared to the end
of June 2013, reflecting €67 million of debt repayment as part of the
refinancing, €10 million of normal senior debt repayment and a positive currency
impact of €23 million, as a result of the depreciation of the US dollar versus
the euro. The Group's cash position declined due to the cash-out related to the
refinancing.
2013 objectives confirmed
· Growth of adjusted EBITDA between 5% to 10% compared to FY 2012 adjusted
EBITDA at constant scope[3] (€498 million).
· Strong growth in Free Cash Flow, above 30%, before one-off payments for
legacy litigation (in particular the EU antitrust fine for €38.6 million).
· Net debt (at nominal value) to adjusted EBITDA ratio below 1.6x at the
end of December 2013.
***
An analyst conference call hosted by Frederic Rose, CEO and Stéphane Rougeot,
CFO and SEVP Strategy will be held on Friday, 25 October 2013 at 4:00pm CEST.
Financial Calendar
+------------------+------------------+
| FY 2013 Results | 20 February 2014 |
+------------------+------------------+
| Q1 2014 Revenues | 25 April 2014 |
+------------------+------------------+
***
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.
***
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. Euronext Paris: TCH Ÿ www.technicolor.com
Contacts
Press: +33 1 41 86 53 93
technicolorpressoffice@technicolor.com
Investor relations: +33 1 41 86 55 95
investor.relations@technicolor.com
Full press release available in the PDF attached
--------------------------------------------------------------------------------
[1] Excluding the Broadcast Services and the SmartVision (television-over-IP)
businesses, sold in 2012, and the Cirpack softswitch operations (voice-over-IP),
sold in 2013. Those activities contributed €6 million to revenues in the third
quarter of 2012 (no contribution in the third quarter of 2013). On a reported
basis, including disposals, revenues were down 5.1% at current currency and up
0.5% at constant currency year-over-year.
[2] Legacy activities include mainly photochemical film and compression &
authoring activities.
[3] Adjusted EBITDA at constant scope excluding the Broadcast Services and the
SmartVision (television-over-IP) businesses, sold in 2012, and the Cirpack
softswitch operations (voice-over-IP), sold in 2013.
Q3 VUS: http://hugin.info/143597/R/1738162/583042.pdf
[HUG#1738162]
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