February 21, 2018 / 6:38 PM / 3 months ago

BRIEF-Technicolor FY Net Loss Widens To 173‍​ Million Euros

Feb 21 (Reuters) - TECHNICOLOR SA:

* FY GROUP REVENUES FROM CONTINUING OPERATIONS EUR ‍​4.23 BILLION VERSUS EUR 4.63 BILLION YEAR AGO

* IN 2018 REVENUE GROWTH MILDLY IMPACTED BY SLIGHTLY FEWER PROJECTS IN ANIMATION & GAMES.

* FOR 2018 DVD SERVICES - REVENUES AND VOLUMES EXPECTED TO BE AROUND 2017 LEVELS

* FY NET LOSS EUR 173‍​ MILLION VERSUS LOSS OF EUR 26 MILLION YEAR AGO

* IN 2018 SEES PRODUCTION SERVICES REVENUES - MID-SINGLE DIGIT REVENUE GROWTH DRIVEN BY:VERY STRONG ORDER BACKLOG IN FILM AND TV VFX

* FY ADJUSTED EBITDA FROM CONTINUING OPERATIONS EUR ‍​291 MILLION VERSUS EUR 359 MILLION YEAR AGO

* ADVERTISING VFX EXPECTED TO IMPROVE IN 2018 COMPARED TO 2017

* IN 2018 POST-PRODUCTION ANTICIPATED TO CONTINUE TO BENEFIT FROM SIGNIFICANT INCREASE IN STREAMING ORIGINAL CONTENT

* IMPROVEMENT OF US BOX OFFICE AT END 2017 WHICH IS EXPECTED TO POSITIVELY IMPACT NEW RELEASE ACTIVITY IN H1 2018

* OUTSOURCING AGREEMENT FROM SONY DADC TO TECHNICOLOR IN NORTH AMERICA AND AUSTRALIA TO START IN Q2 OF 2018

* FOR 2018: ENTERTAINMENT SERVICES ADJUSTED EBITDA EXPECTED TO REMAIN FLAT YEAR-ON-YEAR

* CUSTOMER PORTFOLIO REVIEW CONDUCTED IN LAST QUARTER OF 2017 EXPECTED TO LEAD TO A REVENUE DECREASE OF AROUND EUR 250 MILLION

* CUSTOMER PORTFOLIO REVIEW TO CORRESPOND TO A DECLINE OF AROUND 10% YEAR-ON-YEAR.

* ADJUSTED EBITDA EXPECTED TO BE FLAT YEAR-ON-YEAR

* WILL NOT PROPOSE A DIVIDEND TO THE 2018 ANNUAL GENERAL MEETING OF SHAREHOLDERS‍​

* TECHNICOLOR EXPECTS FREE CASH FLOW FROM CONTINUING OPERATIONS TO REACH A RUN RATE OF AT LEAST EUR 130 MILLION BY 2020

* ADJUSTED EBITDA BY 2020 IS EXPECTED TO BE ABOVE EUR 350 MILLION

* SEES 5% TO 10% ORGANIC REVENUE GROWTH IN PRODUCTION SERVICES BY 2020

* SINGLE DIGIT REVENUE GROWTH FOR CONNECTED HOME ONCE CUSTOMER PORTFOLIO REVIEW HAS BEEN COMPLETED (EXPECTED TO BE COMPLETED IN 2019)

* CONNECTED HOME PROFITABILITY IMPROVEMENT THAT WILL PROGRESS DIVISION TOWARDS ITS 10% BY 2020

* ADJUSTED EBITDA MARGIN OBJECTIVE: CORPORATE SAVINGS AMOUNTING TO A RUN-RATE OF AROUND EUR 10 MILLION BY 2020

* TECHNICOLOR ANNOUNCES DEPARTURE OF ESTHER GAIDE, GROUP’S CHIEF FINANCIAL OFFICER

* ESTHER GAIDE WILL LEAVE GROUP ON 20 MARCH 2018

* GROUP NET LOSS RESULTING FROM LOW OPERATING PROFITS AND A NON-CASH DEPRECIATION OF EUR 113 MILLION OF NET DEFERRED TAX ASSETS AS A RESULT OF ANNOUNCEMENT OF PLANNED PATENT LICENSING DISPOSAL Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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