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Financial Statements TECHNICOLOR 2016 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 1.1. MAIN EVENTS OF THE YEAR ................................................................................................................................................... 8 1.2. ACCOUNTING POLICIES ......................................................................................................................................................... 8 2. SCOPE OF CONSOLIDATION .............................................................................................................................. 12 2.1. SCOPE AND CONSOLIDATION METHOD .................................................................................................................................. 12 2.2. CHANGE IN THE SCOPE OF CONSOLIDATION OF 2016 ............................................................................................................ 14 2.3. CHANGE IN THE SCOPE OF CONSOLIDATION OF 2015 ............................................................................................................ 15 2.4. INVESTMENTS IN ASSOCIATES & JOINT-VENTURES ................................................................................................................ 19 3. INFORMATION ON OPERATIONS ....................................................................................................................... 20 3.1. INFORMATION BY BUSINESS SEGMENTS ................................................................................................................................ 20 3.2. REVENUE & GEOGRAPHICAL INFORMATION ........................................................................................................................... 23 3.3. OPERATING INCOME & CHARGES ......................................................................................................................................... 24 4. GOODWILL, INTANGIBLE & TANGIBLE ASSETS .............................................................................................. 25 4.1. GOODWILL......................................................................................................................................................................... 25 4.2. INTANGIBLE ASSETS ........................................................................................................................................................... 26 4.3. PROPERTY, PLANT & EQUIPMENT ........................................................................................................................................ 29 4.4. IMPAIRMENT ON NON-CURRENT OPERATING ASSETS ............................................................................................................. 31 4.5. COMMITMENTS RELATED TO ASSETS OPERATED UNDER OPERATING LEASE ............................................................................. 34 5. OTHER OPERATING INFORMATION .................................................................................................................. 34 5.1. OPERATING ASSETS & LIABILITIES ....................................................................................................................................... 34 5.2. RELATED PARTY TRANSACTIONS ......................................................................................................................................... 36 6. INCOME TAX ......................................................................................................................................................... 37 6.1. INCOME TAX RECOGNIZED IN PROFIT AND LOSS ..................................................................................................................... 37 6.2. TAX POSITION IN THE STATEMENT OF FINANCIAL POSITION ..................................................................................................... 38 7. EQUITY & EARNINGS PER SHARE ..................................................................................................................... 41 7.1. CHANGE IN SHARE CAPITAL ................................................................................................................................................. 41 7.2. OTHER ELEMENTS OF EQUITY .............................................................................................................................................. 42 7.3. EARNINGS (LOSS) PER SHARE ............................................................................................................................................. 43 8. FINANCIAL ASSETS, FINANCING & DERIVATIVE FINANCIAL INSTRUMENTS .............................................. 44 8.1. CLASSIFICATION & MEASUREMENT ...................................................................................................................................... 44 8.2. MANAGEMENT OF FINANCIAL RISKS ...................................................................................................................................... 46 8.3. BORROWINGS .................................................................................................................................................................... 52 8.4. NET FINANCIAL INCOME (EXPENSE) ...................................................................................................................................... 55 8.5. DERIVATIVE FINANCIAL INSTRUMENTS .................................................................................................................................. 56 9. EMPLOYEE BENEFIT ........................................................................................................................................... 58 9.1. INFORMATION ON EMPLOYEES ............................................................................................................................................. 58 9.2. POST-EMPLOYMENT & LONG-TERM BENEFITS ....................................................................................................................... 58 9.3. SHARE-BASED COMPENSATION PLANS ................................................................................................................................. 65 9.4. KEY MANAGEMENT COMPENSATION ..................................................................................................................................... 69 10. PROVISIONS & CONTINGENCIES ....................................................................................................................... 70 10.1. DETAIL OF PROVISIONS ....................................................................................................................................................... 71 10.2. CONTINGENCIES ................................................................................................................................................................ 71 11. SPECIFIC OPERATIONS IMPACTING THE CONSOLIDATED STATEMENT OF CASH-FLOWS...................... 75 11.1. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES & INVESTMENTS .......................................................................................... 75 11.2. CASH IMPACT OF DEBT REPRICING AND FINANCING OPERATIONS ............................................................................................ 76 11.3. CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS ............................................................................................. 77 12. DISCONTINUED OPERATIONS AND HELD FOR SALE OPERATIONS ............................................................ 78 12.1. DISCONTINUED OPERATIONS ............................................................................................................................................... 78 12.2. ASSETS & LIABILITIES HELD FOR SALE .................................................................................................................................. 79 13. SUBSEQUENT EVENTS ....................................................................................................................................... 79 14. LIST OF MAIN CONSOLIDATED SUBSIDIARIES ................................................................................................ 80 1 CONSOLIDATED STATEMENT OF OPERATIONS December 31, 2015 Note 2016 (€ in million) restated* CONTINUING OPERATIONS Revenues 4,890 3,652 Cost of sales(1) (3,983) (2,823) Gross Margin 907 829 Selling and administrative expenses(1) (3.3) (400) (331) Research and development expenses (3.3) (178) (129) Restructuring costs (10.1) (55) (39) Net impairment gains (losses) on non-current operating assets (4.4) (13) (27) Other income (expense) (3.3) 1 (45) Earning before Interest & Tax from continuing operations(2) 262 258 Interest income 4 9 Interest expense (85) (72) Other financial income (expense) (75) (24) Net financial income (expense) (8.4) (156) (87) Share of gain (loss) from associates 2 (1) Income tax (6) (44) 19 Profit (loss) from continuing operations 64 189 DISCONTINUING OPERATIONS Net gain (loss) from discontinuing operations (12) (90) (43) Net income (loss) (26) 146 Attributable to: - Equity holders of the
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