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Technicolor 2015 Consolidated Financial Statements

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Technicolor 2015 Consolidated Financial Statements TECHNICOLOR 2015 CONSOLIDATED FINANCIAL STATEMENTS Consolidated statement of operations 2 Consolidated statement of comprehensive income 3 Consolidated statement of financial position 4 Consolidated statement of cash flows 6 Consolidated statement of changes in equity 7 Notes to the consolidated financial statements 1. General information .................................................................................................................................................. 8 2. Accounting policies ................................................................................................................................................... 9 3. Group critical accounting estimates and judgments ............................................................................................... 11 4. Scope of consolidation ........................................................................................................................................... 13 5. Information by operating segments and by geographic areas ............................................................................... 22 6. Selling and administrative expenses and other income (expense) ........................................................................ 27 7. Research and development expenses ................................................................................................................... 27 8. Net impairment losses on non-current operating assets ........................................................................................ 27 9. Net financial income (expense) .............................................................................................................................. 28 10. Income tax .............................................................................................................................................................. 29 11. Discontinued operations and held for sale operations ........................................................................................... 31 12. Property, plant and equipment ............................................................................................................................... 32 13. Goodwill and other intangible assets ...................................................................................................................... 34 14. Customer contract advances and up-front prepaid discount.................................................................................. 38 15. Investments ............................................................................................................................................................ 38 16. Inventories .............................................................................................................................................................. 39 17. Trade accounts and notes receivable & Trade accounts and notes payable ........................................................ 39 18. Other current and non-current assets .................................................................................................................... 40 19. Cash, cash equivalents, cash collateral and security deposits .............................................................................. 41 20. Shareholders’ equity ............................................................................................................................................... 41 21. Financial Instruments and Management of Financial Risks ................................................................................... 43 22. Derivative Financial Instruments ............................................................................................................................ 48 23. Borrowings .............................................................................................................................................................. 50 24. Fair value measurement ......................................................................................................................................... 55 25. Retirement benefit obligations ................................................................................................................................ 56 26. Provisions for restructuring and other provisions ................................................................................................... 61 27. Share-based compensation plans .......................................................................................................................... 63 28. Other current and non-current liabilities ................................................................................................................. 66 29. Earnings (Loss) per share ...................................................................................................................................... 66 30. Information on employees ...................................................................................................................................... 67 31. Specific operations impacting the consolidated statement of cash flows .............................................................. 68 32. Contractual obligations and other commitments .................................................................................................... 69 33. Contingencies ......................................................................................................................................................... 71 34. Related party transactions ...................................................................................................................................... 74 35. Subsequent events ................................................................................................................................................. 75 36. List of main consolidated subsidiaries .................................................................................................................... 76 CONSOLIDATED STATEMENT OF OPERATIONS Year ended December 31, (€ in millions) Note 2015 2014 Continuing operations Revenues 3,652 3,332 Cost of sales (2,818) (2,513) Gross margin 834 819 Selling and administrative expenses (6) (331) (315) Research and development expenses (7) (128) (136) Restructuring costs (26) (39) (25) Net impairment losses on non-current operating assets (8) (27) (48) Other income (expense) (6) (45) 7 Profit (loss) from continuing operations before tax 264 302 and net financial income (expense) Interest income (9) 9 10 Interest expense (9) (72) (75) Other financial income (expense) (9) (24) (52) Net financial income (expense) (9) (87) (117) Share of loss from associates (1) - Income tax (10) (55) (48) Profit (loss) from continuing operations 121 137 Discontinued operations Net gain (loss) from discontinued operations (11) (43) (9) Net income (loss) 78 128 Attributable to: - Equity holders 82 132 - Non-controlling interest (4) (4) Year ended December 31, (in euro, except number of shares) Note 2015 2014 Weighted average number of shares outstanding (basic net of (29) 357,355,262 347,817,962 treasury shares held) Earnings (losses) per share from continuing operations - basic 0.35 0.41 - diluted 0.34 0.41 Earnings (losses) per share from discontinued operations - basic (0.12) (0.03) - diluted (0.12) (0.03) Total earnings (losses) per share - basic 0.23 0.38 - diluted 0.22 0.38 According to IAS 33.26 and IAS 33.27b, the weighted average number of shares outstanding was adjusted for 2014 and 2015 to take into account the share capital increase with preferential subscription rights that occurred on November 17, 2015. The earnings per share was adjusted accordingly. The accompanying notes on pages 8 to 77 are an integral part of these consolidated financial statements. 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Period ended December 31, (€ in millions) Note 2015 2014 Net income (loss) for the year 78 128 Items that will not be reclassified to profit or loss Remeasurement of the defined benefit obligations (25) 21 (70) Items that may be reclassified subsequently to profit or loss Fair value gains / (losses), gross of tax on cash flow hedges : - reclassification adjustments when the hedged (22) 1 1 forecast transactions affect profit or loss Currency translation adjustments: - currency translation adjustments of the year (32) 33 Total other comprehensive income (1) (10) (36) Total comprehensive income for the year 68 92 Attributable to: - Equity holders of the parent 72 96 - Non-controlling interest (4) (4) (1) No significant tax effect due to the overall tax loss position of the Group. The accompanying notes on pages 8 to 77 are an integral part of these consolidated financial statements. 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION December December (€ in millions) Note 31, 2015 31, 2014 ASSETS Non-current assets Property, plant and equipment (12) 302 284 Goodwill (13) 1,221 448 Other intangible assets (13) 454 476 Investments in associates and joint (15) 16 10 ventures Investments and available-for-sale (15) 22 8 financial assets Contract advances and up-front 39 53 prepaid discount (14) Deferred tax assets (10) 365 342 Income tax receivable 1 1 Other non-current assets (18) 54 37 Cash collateral and security deposits (19) 23 15 Total non-current assets 2,497 1,674 Current assets Inventories (16) 311 99 Trade accounts and notes receivable (17) 704 580 Derivative financial instruments 3 2 Income
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