PARIS -- Technicolor (Euronext Paris: TCH) today announces its results for the full year 2013.
Frederic Rose, Chief Executive Officer of Technicolor, stated:
2013 was a banner year for Technicolor where we delivered strong operational performance, which made it possible for us to invest in growth areas for the company and continue to generate lucrative intellectual properties. All of this puts well on target to deliver on our Amplify 2015 objectives.
Strong operating execution reflected by a 10.4% increase in Adjusted EBITDA at constant rate and scope. Adjusted EBITDA margin amounted to 15.6%, an increase of 1.3 points yoy.
Successful cash generation from continuing operations at 192 million (+73% yoy). Group free cash flow (after payment of the EU antitrust fine) of 153 million (+45% yoy).
Restored financial strength and flexibility following the debt refinancing of July 2013. Gross nominal debt reduced by 409 million in 2 years.
Strong pace of innovation across the Group and growing Intellectual Property portfolio with priority applications increasing by 15% yoy.
Implementation of Technicolors incubation framework with several initiatives launched in the market (M-GO, Qeo, Virdata, certification programs, etc) with strong IP generation.
Focus on three strategic priority innovation domains offering high potential for technology and IP, where Technicolor can leverage its assets and capabilities to generate further profitable growth and additional value after completion of Amplify 2015.
2014 guidance and Amplify 2015 objectives
Adjusted EBITDA between 550 million and 575 million;
Group Free Cash Flow between 180 million and 200 million, notwithstanding higher cash restructuring charges compared with 2013;
Positive net income;
Net debt to Adjusted EBITDA ratio below 1.2x at end December 2014.
Halfway through its Amplify 2015 roadmap, Technicolor confirms that it expects to achieve its Adjusted EBITDA objective of at least 600 million in 2015.
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