Technicolor: Revised targets for subsidiary TCS


(CercleFinance.com) – Technicolor announced on Monday that it has reviewed the objectives of its visual effects subsidiary Technicolor Creative Studios, which is due to be split up, in particular due to the shortage of talent on the market, which it believes complicates the delivery of projects. In progress.

The image specialist indicates in a press release that he now forecasts an adjusted Ebitda of 165 to 175 million euros for TCS this year, against a previous projection which ranged from 176 to 186 million euros.

Based on exchange rates at the end of April 2022, its adjusted EBITDA is nevertheless expected to be between 175 and 185 million euros.

For 2023, TCS Ebitda is now expected between 185 and 205 million euros against 210-220 million previously, but between 200 and 220 million euros based on end-April exchange rates.

In its press release, the French group explains that its main currencies, in particular the American dollar, the Canadian dollar and the pound sterling, have evolved favorably since the beginning of the year.

At group level, Technicolor confirms its 2022 targets, with adjusted EBITDA still expected above €140 million this year based on previously used rates.

At end-April exchange rates, its new forward-looking assumptions show a target of more than €150 million for the year.

The company adds that it continues its discussions with potential debt investors, with private debt for Technicolor excluding TCS for an amount between 300 and 375 million euros and an ABL line of credit subject to ongoing discussions.

For Technicolor Creative Studios, a term loan of between 575 and 650 million euros and a revolving credit facility of 40 million euros are currently being considered.

On the Paris Stock Exchange, Technicolor shares fell 0.3% on Monday in the first exchanges following these announcements.

As a reminder, the distribution of TCS titles is planned for the course of the third quarter.

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