Technicolor
: Q3 2011 Revenues
October 28, 2011
Source: Technicolor Digital Cinema Q3
2011 Group revenues from continuing operations of €837 million, down 7.4%
at constant currency 9M 2011 Group revenues
from continuing operations of €2,396 million, up 2.3% at constant currency Consent
solicitation request approved by large majorities of Technicolor's noteholders
and lenders
The Board of Directors of Technicolor
met on 26 October 2011 to review the Group's revenues for the third quarter of
2011.
investor presentation
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Q3 2011 revenues
In
the third quarter of 2011, Group revenues from continuing operations amounted
to €837 million, down 9.0% at current currency and down 7.4% at constant
currency compared to the third quarter of 2010.
·
Technology revenues declined by 25.1% YoY at constant currency in the third quarter
of 2011, as Licensing activities were affected by an unfavorable comparison to
the third quarter of 2010, which had benefited from strong growth in worldwide
consumer electronics market and the outcome of audits of past product volumes
for certain MPEG LA licensees. · Entertainment
Services revenues rose 6.2% YoY at constant currency in the third quarter of 2011,
reflecting continued growth in Creation Services and Digital Cinema Distribution
activities, as well as higher DVD and Blu-ray(TM) volumes. ·
Digital Delivery revenues decreased by 17.6% YoY at constant currency in the third
quarter of 2011, as a result of a drop in global shipments of Digital Home Products,
due in particular to continued market weakness in Europe partially offset by growth
in Latin America and a more favorable overall product mix compared with the third
quarter of 2010. Update on financial situation
and objectives · As a result of seasonal
working capital requirements, estimated net financial debt, excluding foreign
exchange impact, has slightly increased at the end of the third quarter of 2011. · To deliver on its objective of a full
year 2011 adjusted EBITDA comparable or slightly up compared to 2010, the Group
requires a strong Q4 2011 performance in Technology and Entertainment Services
which would compensate the deterioration in Digital Delivery. In addition, the
Group confirms it expects to generate a positive free cash flow in the second
half of 2011. Comment
by Frederic Rose, CEO "Our
overall revenues for the first nine months of 2011 are growing, with Technology
and Entertainment Services continuing to deliver solid performances. However,
in a difficult market environment, Digital Delivery has performed below our expectations.
We have therefore started implementing actions in Digital Delivery in order
to return it to profitability in 2012. Finally, we continue to focus on our cash
generation, with the objective to achieve positive free cash flow in the second
half 2011 and for the full year."
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