Brief: Technicolor : H1 Revenue Down At 1.43 Bln Euros, Expects Adjusted Continuing EBITDA of 169 Mln Euros In 2020

Vantiva SA

30/07/2020 18:16

July 30 (Reuters) - TECHNICOLOR SA  TCH.PA :
    * TECHNICOLOR: FIRST HALF 2020 RESULTS
    * H1 REVENUE FROM CONTINUING OPERATIONS (IFRS) EUR 1.43
BILLION
VERSUS EUR 1.76 BILLION YEAR AGO
    * H1 FREE CASH OUTFLOW FROM CONTINUING OPERATIONS (IFRS) EUR
286
MILLION VERSUS OUTFLOW EUR 262 MILLION YEAR AGO
    * H1 ADJUSTED EBITDA FROM CONTINUING OPERATIONS (IFRS) EUR
53
MILLION VERSUS EUR 104 MILLION YEAR AGO
    * EXPECTS ADJUSTED CONTINUING EBITDA OF €169 MILLION AND
ADJUSTED
EBITA OF €(64) MILLION IN 2020
    * GROUP IS TARGETING EUR 300 MILLION IN ADDITIONAL RUN-RATE
COST
SAVINGS BY 2022
    * END-H1 NET DEBT AT NOMINAL VALUE AMOUNTS TO EUR 1,607
MILLION
    * AT END OF JUNE 2020 GROUP HAD ALREADY REALIZED EUR 67
MILLION OF
THESE COST SAVINGS
    * EXPECTS ADJUSTED CONTINUING EBITDA OF EUR 425 MILLION AND
ADJUSTED EBITA OF EUR 202 MILLION IN 2022
    * IT SHOULD BE NOTED THAT MORE THAN EUR 15 MILLION OF
COVID-19
RELATED COST WILL BE INCLUDED IN GROUP'S EBITDA IN 2020
    * IMPLEMENTATION OF RESTRUCTURING PLAN IS GOING ACCORDING TO
SCHEDULE, WITH FIRST €240 MILLION TRANCHE OF NEW MONEY ALREADY
RECEIVED
    * CONTINUING FREE CASHFLOW (BEFORE FINANCIAL RESULTS AND
TAX) IS
ANTICIPATED TO BE IN A RANGE BETWEEN EUR (115) TO EUR (150)
MILLION IN 2020 AND WILL IMPROVE TO EUR 259 MILLION IN 2022
    * FOLLOWING ENTRY INTO SFA PROCEDURE, FASTER THAN EXPECTED
SHORTENING OF PAYMENT TERMS WAS REQUESTED BY SUPPLIERS, WHICH
WILL LEAD TO EARLY PAYMENTS IN 2020 VERSUS. FOLLOWING YEAR; THIS
SHOULD IMPACT 2020 AND 2021, BUT MITIGATING FACTORS WILL HELP
2021 TO REMAIN IN LINE WITH STRATEGIC PLAN
    * SFA PROCEDURE: GROUP'S AMBITION TO VERY SIGNIFICANTLY
REDUCE
PAYMENT TERMS BY 2022 WILL BE ACHIEVED AS EARLY AS BEGINNING OF
2021

Source text for Eikon:  ID:nGNX7M0X51 
Further company coverage:  TCH.PA 

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