Brief: Technicolor FY Adjusted EBITDA Pre-IFRS 16 Down At 246 Million Euros

Vantiva SA

18/02/2020 18:26

Feb 18 (Reuters) - Technicolor SA  TCH.PA :
    * FULL YEAR 2019 RESULTS
    * FY ADJUSTED EBITDA (€246 MILLION PRE-IFRS 16) AND ADJUSTED
EBITA
(€36 MILLION PRE-IFRS 16)
    * SAYS FY SALES OF EUR 3.8 BILLION
    * SAYS FY NET DEBT OF €961 MILLION (3.9X NET DEBT / ADJUSTED
EBITDA).
    * SAYS FY FREE CASH FLOW OF € (161) MILLION
    * 2020 OUTLOOK: ADJUSTED EBITDA EXPECTED TO BE IN LINE WITH
2019
LEVEL AND ADJUSTED EBITA AT €70 MILLION POST IFRS 16 (C.€65
MILLION PRE-IFRS 16)
    * 2020-2022 STRATEGIC PLAN (POST IFRS 16): €150 MILLION COST
SAVINGS ON A RUN RATE BASIS BY 2022, CUMULATIVE ADJUSTED EBITDA
OF OVER €1.0 BILLION AND CUMULATIVE ADJUSTED EBITA OF OVER €340
MILLION FOR THE PERIOD
    * NET DEBT / ADJUSTED EBITDA TARGET BELOW 2.75X (PRO FORMA
OF THE
RIGHTS ISSUE) BY THE END OF 2022.
    * BALANCE SHEET TO BE STRUCTURALLY REINFORCED IN 2020:
LAUNCH OF
EUR 300 MILLION CAPITAL INCREASE COMBINED WITH EXTENSION OF BOTH
RCF AND WELLS FARGO FACILITIES TO 2023 AS WELL AS A NEW $110
MILLION SHORT-TERM FACILITY PROVIDING ADDITIONAL LIQUIDITY
HEADROOM
    * ANNOUNCES COMPREHENSIVE REINFORCEMENT OF CAPITAL STRUCTURE
COMPRISING OF €300 MILLION OF NEW EQUITY THROUGH A RIGHTS ISSUE
AND THE CONCURRENT EXTENSION OF ITS RCF
    * IT IS ANTICIPATED THAT THE EQUITY ISSUANCE WILL BE
LAUNCHED IN
THE SECOND QUARTER 2020
    * DEC 31 NET LOSS FROM DISCONTINUING OPERATIONS OF EUR 22
MILLION
VERSUS PROFIT OF EUR 157 MILLION YEAR AGO

Source text for Eikon:  ID:nGNX5crCDC 
Further company coverage:  TCH.PA 

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