Slide 1: Q1 2021 earnings presentation, May 11, 2021
May 11, 2021 technicolor.com
Slide 2: Forward-looking statements
contains certain statements that are based on constitute "forward-looking management's current expectations statements”, including but not and beliefs and are subject to a limited to statements that are number of risks and uncertainties that predictions of or indicate future could cause actual resul
Slide 3: Q1 2021 Group Update
Q1 2021 GROUP UPDATE ——is
Slide 4: Key figures from continuing operations
KEY FIGURES FROM CONTINUING OPERATIONS REVENUES of €711 million, UP 4% at constant rate ADJUSTED EBITDA of €43 ADJUSTED EBITA of €(1) FCF (before financial results and tax) of €(196) demonstrating a positive first quarter 2021 primarily driven million, UP 72% at constant million, HIGHER BY €33 milli
Slide 5: Production Services
PRODUCTION SERVICES Revenues (in € million) Adjusted EBITDA (in € million) REVENUE HIGHLIGHTS: CONTINUED HARMONIZATION of technology DOWN 16.6% YOY AT CONSTANT infrastructure and R&D EFFORTS to improve efficiencies RATE +3.5pp 9.7% Slower ramp-up of projects in the APPOINTMENT OF ANDREA MILORO p
Slide 6: Connected Home
CONNECTED HOME Revenues (in € million) REVENUE HIGHLIGHTS: CONNECTED HOME IS REVENUE UP 18.3% YOY AT MAINTAINING MARKET +18% LEADERSHIP in broadband and (@ constant rate) CONSTANT RATE Strong demand in North America and Android-based solutions in Eurasia Broadband revenue increased by The di
Slide 7: DVD Services
DVD SERVICES Revenues (in € million) Adjusted EBITDA (in € million) REVENUE HIGHLIGHTS: DIVISION-WIDE INITIATIVES: VOLUME DOWN 11% Further structural division-wide initiatives to adapt distribution and replication operations 3.1% Limited number of new releases impacting volumes New customer
Slide 8: Short and medium-term outlook maintained
SHORT AND MEDIUM-TERM OUTLOOK MAINTAINED Technicolor will continue to improve its EBITDA, EBITA and FCF throughout 2021 & 2022, given the In € million, post IFRS 16 Continuing Operations Outlook change in perimeter (sale of Post Production) and the change in forex assumptions3, and our guidance 2020
Slide 9: Key performance figures
KEY PERFORMANCE FIGURES || technicolor
Slide 10: Key figures (YTD) – Group
KEY FIGURES (YTD) – GROUP Q1 Forex vs. LY vs. LY 2021 2020 impact at constant rate (a) (b) (c=a+b) (in € million) Current rate LY rate LY rate Current rate LY rate Revenues 711 765 739 (27) (3.7)% +54 +26 +3.6% Adjusted EBITDA 43 46 27 +16 +58.4% +4 +19 +71.7% in % of Revenues 6.0% 6.0% 3.6% (1) (2)
Slide 11: Adjusted EBITDA bridge vs. LY (YTD)
ADJUSTED EBITDA BRIDGE VS. LY (YTD) 11 C3 - Restricted Natixis
Slide 12: Production Services Q1 2021 profitability
PRODUCTION SERVICES Q1 2021 PROFITABILITY Q1 vs. LY vs. LY 2021 2020 Forex at constant rate (a) impact (c=a+b) (b) Production Services Current rate LY rate LY rate Current rate LY rate in € million Revenues 140 147 176 (37) (20.8)% +7 (29) (16.6)% Ajusted EBITDA 14 14 11 +3 +23.0% +1 +3 +29.5% in %
Slide 13: Connected Home Q1 2021 profitability
CONNECTED HOME Q1 2021 PROFITABILITY Q1 vs. LY vs. LY 2021 2020 Forex at constant rate (a) impact (c=a+b) (b) Connected Home Current rate LY rate LY rate Current rate LY rate in € million Revenues 428 465 393 +34 +8.7% +38 +72 +18.3% Ajusted EBITDA 28 30 16 +12 +72.7% +3 +14 +90.5% in % of Revenues
Slide 14: DVD Services Q1 2021 profitability
DVD SERVICES Q1 2021 PROFITABILITY Q1 vs. LY vs. LY 2021 2020 Forex at constant rate (a) impact (c=a+b) (b) DVD Services Current rate LY rate LY rate Current rate LY rate in € million Revenues 139 148 160 (21) (13.4)% +9 (12) (7.7)% Ajusted EBITDA 4 4 1 +3 ns +0 +3 ns in % of Revenues 3.1% 3.0% 0.6%
Slide 15: From Adjusted EBITDA to EBIT in summary
FROM ADJUSTED EBITDA TO EBIT IN SUMMARY Q1 vs. LY vs. LY 2021 2020 at constant rate (a) Forex impact (c=a+b) (b) in € million Current rate LY rate LY rate Current rate LY rate Adjusted EBITDA 43 46 27 +16 +4 +19 D&A(1) & Reserves(2) w/o PPA amortization (44) (47) (61) +17 (3) +14 Adjusted EBITA (1)
Slide 16: From EBIT to Net Result Group (YTD)
FROM EBIT TO NET RESULT GROUP (YTD) Q1 vs. LY vs. LY 2021 2020 at constant rate (a) Forex impact (c=a+b) (b) in € million Current rate LY rate LY rate Current rate LY rate EBIT Continuing (26) (27) (61) +35 (1) +34 Net Interest Expense (31) (32) (17) (14) (1) (15) Others Financial (1) (1) (9) +8 +0
Slide 17: Free cash flow from continuing operations
FREE CASH FLOW FROM CONTINUING OPERATIONS €111m 17 C3 - Restricted Natixis
Slide 18: Debt structure
DEBT STRUCTURE Nominal IFRS Type of Nominal Repayment Moodys / In million currency Currency Final maturity Amount Amount rate rate (1) Type S&P rating New Money Notes EUR 350 362 Floating 12.00%(2) Bullet Jun. 30, 2024 Caa1/B New Money Term Loans USD 105 109 Floating 12.23%(3) Bullet Jun. 30, 2024 C
Slide 19: Liquidity
LIQUIDITY Liquidity at March 31st, 2021 Available Amount (€m) Cash on hand 102 Committed credit facilities: Wells Fargo credit line* ($125m) 73 Liquidity €175m ► A 2-year committed €40m factoring line for Connected Home (France) signed on April 21, 2021 ► $40m drawn on Wells Fargo line at March 31,
Slide 20: Appendix
Slide 21: Details of debt on March 31, 2021 (including op. lease debt)
DETAILS OF DEBT ON MARCH 31, 2021 (INCLUDING OP. LEASE DEBT) Nominal IFRS Int. Rate Mar 31, 2021 Dec 31, 2020 Borrower Type Curr. Rate Formula Maturity Rate Rate Hedging? Nominal IFRS Nominal IFRS Technicolor SA Term Loan USD Libor w/ floor of 0% + 2.75% + 3% PIK Dec 2024 5.95% 11.30% No 121 100 115
Slide 22: Details of debt on March 31, 2021 (excluding op. lease debt)
DETAILS OF DEBT ON MARCH 31, 2021 (EXCLUDING OP. LEASE DEBT) Nominal IFRS Int. Rate Mar 31, 2021 Dec 31, 2020 Borrower Type Curr. Rate Formula Maturity Rate Rate Hedging? Nominal IFRS Nominal IFRS Technicolor SA Term Loan USD Libor w/ floor of 0% + 2.75% + 3% PIK Dec 2024 5.95% 11.30% No 121 100 115
Slide 23: Thank you
THANK YOU C3 - Restricted Natixis