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ANNUAL REPORT 2011 Including the Annual Financial Report ANNUAL REPORT 2011

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ANNUAL REPORT 2011 Including the Annual Financial Report ANNUAL REPORT 2011 ANNUAL REPORT 2011 including the Annual Financial Report ANNUAL REPORT 2011 .............................................................. 1 TECHNICOLOR AND ITS SHAREHOLDERS .................... 87 5 5.1 Share capital .........................................................................................................88 PRESENTATION OF THE GROUP 5.2 Listing information .............................................................................................95 1 AND ITS ACTIVITIES .................................................................. 5 1.1 Selected Financial Data ......................................................................................... 6 SOCIAL INFORMATION AND SUSTAINABILITY ............ 97 1.2 History and Strategy of the Company ............................................................ 9 6.1 Employees and workforce ...............................................................................98 1.3 Business Overview ..................................................................................................13 6 6.2 Environmental matters ...................................................................................107 6.3 Technicolor Foundation for Cinema Heritage ......................................117 OPERATING AND FINANCIAL REVIEW AND PROSPECTS ..................................................................... 21 2 ADDITIONAL INFORMATION ........................................... 119 2.1 Overview ...................................................................................................................22 7.1 Property, Plant and Equipment ...................................................................120 2.2 Trends in the Media & Entertainment industry ..........................................22 7 7.2 Memorandum and bylaws ............................................................................124 2.3 Summary of results ................................................................................................ 23 7.3 Material contracts .............................................................................................125 2.4 Seasonality ................................................................................................................24 7.4 Additional tax information ............................................................................126 2.5 Geographic breakdown of revenues & Effect of exchange rate fluctuations ................................................................................................................24 7.5 Organization of the Group .......................................................................... 127 2.6 Events subsequent to December 31, 2011 ....................................................25 7.6 Documents on display ....................................................................................130 2.7 Notification of interests acquired in the share capital of French 7.7 Information on accounting services ..........................................................130 companies in 2011 ...................................................................................................26 7.8 Accounting fees and services .......................................................................131 2.8 Notification of interests acquired in the share capital of French 7.9 Persons responsible for the Registration Document companies in 2010 .........................................................................................................26 and the Annual Financial Report ...............................................................132 2.9 Results of operations for 2011 and 2010 ........................................................26 2.10 Liquidity and capital resources ..........................................................................33 FINANCIAL STATEMENTS ................................................. 133 2.11 Priorities and objectives for 2012 .......................................................................41 8 8.1 Technicolor 2011 consolidated financial statements ...........................134 8.2 Notes to the consolidated financial statements ...................................141 RISK FACTORS .......................................................................... 43 8.3 Statutory Auditors’ report on the Consolidated Financial 3 3.1 Risk related to the debt restructuring .............................................................44 Statements ..........................................................................................................231 3.2 Market Risk ................................................................................................................46 8.4 Technicolor sa parent company financial statements ........................233 3.3 Risks related to the business ...............................................................................47 8.5 Notes to the Parent Company Financial Statements ..................... 236 3.4 Other risks .................................................................................................................53 8.6 Parent company financial data over the five last years (under article R.225-102 of the French Commercial code) ............257 3.5 Insurance ....................................................................................................................55 8.7 Statutory auditors’ report on the financial statements for the year ended December 31, 2011 .................................................................. 258 CORPORATE GOVERNANCE AND INTERNAL 8.8 Statutory Auditor’s Special report on regulated agreements CONTROL PROCEDURES ...................................................... 57 and commitments ...........................................................................................260 4 4.1 Board of Directors ..................................................................................................58 4.2 Chairman’s report on corporate governance, internal control and REGISTRATION DOCUMENT CROSS REFERENCE risk management ....................................................................................................64 TABLE ..................................................................................... 261 4.3 Statutory Auditors’ report on the Chairman’s report on internal 9 control procedures ................................................................................................76 4.4 Compensation and benefits of Directors ......................................................77 4.5 Executive Committee ..........................................................................................84 I TECHNICOLOR I ANNUAL REPORT 2011 Société a nonyme with a share capital of €223,759,083 Registered Office : 1-5, rue Jeanne d’Arc 92130 Issy-Les-Moulineaux Nanterre Register of Commerce and companies No. 333 773 174 ANNUAL REPORT 2011 This Registration document (Document de Référence) was filed with the Autorité des Marchés Financiers (AMF) on March 27, 2012 in accordance with Article 212-13 of the AMF General Regulations. It may be used in connection with a financial transaction provided it is accompanied by a transaction note (note d’opération) approved by the AMF. This document was prepared by the issuer and is the responsibility of the signatories thereof. T his registration document can be consulted on the website of the AMF (French version only) (www.amf-france.org) and on the website of Technicolor (www.technicolor.com). TECHNICOLOR I ANNUAL REPORT 2011 I 1 FORWARD-LOOKING STATEMENTS In this Annual Report, unless otherwise stated, the “Company” refers to This Annual Report contains certain forward-looking statements with Technicolor SA and “Technicolor” and the “Group” refer to Technicolor respect to Technicolor’s financial condition, results of operations and SA together with its consolidated affiliates. business and certain plans and objectives of the Group. These statements are based on management’s current expectations and beliefs in light of This Annual Report includes: the information currently available and are subject to a number of factors and uncertainties that could cause actual results to differ materially (i) the Annual Financial Report (Rapport Financier Annuel) issued from those described in the forward-looking statements. In addition pursuant to Article L. 451-1-2-I and II of the French Monetary to statements that are forward-looking by reason of context, other and Financial Code (Code monétaire et financier) and referred forward-looking statements may be identified by use of the terms “may”, to in Article 222-3 of the AMF General Regulation (règlement “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, général de l’AMF) (a cross-reference table is set forth on page 267 “estimates”, “projects”, “predicts” and “continue” and similar expressions between the documents referred to in Article 222-3 of the AMF identify forward-looking statements. By their nature, forward-looking General Regulation and the relevant sections of this Registration statements involve risk and uncertainty because they relate to events Document); and depend on circumstances that are anticipated to occur in the (ii) the Management Report (rapport de gestion) adopted by future. Such statements are also subject to assumptions concerning, the Board of Directors of Technicolor SA pursuant to Article among other things, Technicolor’s anticipated business strategies; its L. 225-100 et seq. of the French Commercial
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