{"id":456201,"date":"2021-03-11T12:16:37","date_gmt":"2021-03-11T17:16:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=456201"},"modified":"2021-03-11T12:16:37","modified_gmt":"2021-03-11T17:16:37","slug":"technicolor-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/technicolor-full-year-2020-results\/","title":{"rendered":"Technicolor – Full Year 2020 results"},"content":{"rendered":"
\n

PRESS RELEASE<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0Full Year 2020 results<\/strong><\/p>\n

\n Technicolor exceeds its 2020 guidance and remains on track to meet its 2022 guidance <\/strong>\n <\/p>\n

\n Paris (France), 11 March 2021<\/strong> \u2013 Technicolor<\/u><\/a> (Euronext\u00a0Paris: TCH; OTCQX: TCLRY) is today announcing its results for the full year 2020.<\/p>\n

\n Richard Moat, Chief Executive Officer of Technicolor, stated:<\/strong>\n <\/p>\n

\n \u201c<\/em>
\n Technicolor has re-engineered its operations, balance sheet and global footprint and has exceeded its guidance for 2020. Connected Home beat the targets originally set before the crisis began, but Production Services and DVD Services were hit by the halting of activity in the film industry, and associated cinema closures. However, overall the Group showed good resiliency in the face of the pandemic. During 2020, significant structural changes were implemented across all divisions, which saw a more than \u20ac165 million reduction in our cost base, combined with further investment to improve our efficiency. In particular, Production Services strengthened its capacity to serve its clients through state of the art technologies and artistic expertise. Despite persistent uncertainty relating to the pandemic, we are looking to the future with confidence, and will continue to execute our transformation program to deliver improved operational and financial performance. In consequence, the Group issuing guidance towards strong figures for 2021, and is maintaining previously issued 2022 guidance.\u201d<\/em>\n <\/p>\n

\n
\n Full year 2020 results and forward outlook \u2013 key highlights:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Second Half<\/strong>\n <\/td>\n\n Full Year<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
In \u20ac million<\/td>\n\n 2019<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\nAt
current
rate<\/td>\n		At
constant
rate<\/td>\n		\n 2019<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\nAt
current
rate<\/td>\n		At
constant
rate<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n Revenues<\/strong> from continuing
operations<\/td>\n		2,036 <\/td>\n\n 1,573 <\/strong>\n <\/td>\n(22.7)%<\/td>\n(17.9)%<\/td>\n3,800 <\/td>\n\n 3,006 <\/strong>\n <\/td>\n(20.9)%<\/td>\n(18.5)%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/strong> from continuing operations<\/td>\n222 <\/td>\n\n 115 <\/strong>\n <\/td>\n(48.3)%<\/td>\n(44.9)%<\/td>\n324 <\/td>\n\n 167 <\/strong>\n <\/td>\n(48.5)%<\/td>\n(46.0)%<\/td>\n\u00a0<\/td>\n<\/tr>\n
As a % of revenues<\/td>\n10.9%<\/td>\n\n 7.3%<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.5%<\/td>\n\n 5.6%<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITA<\/strong> from continuing operations<\/td>\n87 <\/td>\n\n 11 <\/strong>\n <\/td>\n(86.9)%<\/td>\n(85.8)%<\/td>\n42 <\/td>\n\n (56)<\/strong>\n <\/td>\nns<\/td>\nns<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Free Cash Flow <\/strong>from continuing operations before Tax & Financial<\/td>\n202 <\/td>\n\n 118 <\/strong>\n <\/td>\n(41.5)%<\/td>\n(44.6)%<\/td>\n(8)<\/td>\n\n (124)<\/strong>\n <\/td>\nns<\/td>\nns<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n In 2020 Technicolor successfully achieved a major balance sheet financial restructuring, and the implementation of a significant business transformation:<\/strong>\n <\/p>\n