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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Technicolor Creative Studios SA | EU:TCHCS | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.63 | 1.63 | 1.63 | 0.00 | 01:00:00 |
CORPORATE PRESS RELEASE
UNAUDITED COMBINED FINANCIALS
Technicolor Creative Studios Q1 Business Update
PARIS (FRANCE), MAY 15, 2023 – Technicolor Creative Studios (Euronext Paris: TCHCS) (the “Company”) today announced its first quarter 2023 business update.
Caroline Parot, Chief Executive Officer of Technicolor Creative Studios, said: “The first quarter of 2023 was eventful across our four Studios. We kept delivering high-quality projects while accelerating the implementation of our Re*Imagined program, which was designed to tackle the operational challenges we experienced at the end of last year. As expected, our revenues do not yet reflect the benefits of this program which should materialize progressively over the next semesters. However, our reinforced liquidity allows us to keep focusing on our clients’ vision while setting Technicolor Creative Studios back on its journey towards sustainable and profitable growth.”
Q1 2023 FINANCIAL HIGHLIGHTS
Revenues
Q1 2023 | Q1 2022 | % Change | % Change at constant currency | in € million |
75 | 99 | -24% | -21% | MPC |
44 | 23 | +91% | +92% | Mikros Animation |
46 | 73 | -37% | -38% | The Mill |
3 | 3 | +0% | -4% | Technicolor Games |
168 | 198 | -15% | -14% | Total |
Technicolor Creative Studios revenues amounted to €168 million in the first quarter of 2023, down -15% at current rate (down -14% at constant rate) compared to the same period in 2022.
At MPC, first quarter 2023 revenues amounted to €75 million, down -24% at current rate compared to the same period last year (down -21% at constant rate). This underperformance was expected as the Studio faced lower activity compared to a high Q1 2022 with major shows in full production being delivered end of 2022 and beginning of 2023.
At Mikros Animation, first quarter 2023 revenues amounted to €44 million, up +91% at current rate, compared to the same period last year (up +92% at constant rate). This significant growth was driven by a low Q1 2022 with major feature animation projects ramping up in H2/2022 for deliveries in H1/2023.
At The Mill, first quarter 2023 advertising revenues amounted to €46 million, representing a -37% decrease at current rate (down -38% at constant rate) compared to the same period in 2022. Activity was restricted by an unfavorable macroeconomic environment with decelerating advertising spending, increased competition compared to Q1 2022.
At Technicolor Games, first quarter 2023 revenues amounted to €3 million, flat at current rate compared to the prior-year period (down -4% at constant rate).
Standalone cash and debt
Liquidity (Cash and cash equivalents) at the end of March 2023 amounted to €47 million (with the €40 million RCF fully drawn) and nominal net debt excluding operating lease debt to €654 million (IFRS debt at €744 million and €606 million excluding operating lease).
Refinancing status
A first tranche refinancing has been drawn early April in aggregate principal amount of €85,000,000. A second tranche of the refinancing for an aggregate principal amount of €85,000,000 will be granted by the end of the second quarter of 2023. This refinancing will be subject to approval by the General Meeting held on May 15, 2023.
Q1 2023 KEY BUSINESS HIGHLIGHTS
MPC: In the first quarter of 2023, MPC has been recognized for its outstanding creative work by being nominated for and receiving several awards, including:
Also in early 2023, MPC has strengthened its leadership team with the appointments of:
Mikros Animation: The Studio started the year strong with several of its projects seeing their trailers being released. Nickelodeon Films and Paramount Pictures have shared the first trailer for Teenage Mutant Ninja Turtles: Mutant Mayhem. Paramount+ also released the official trailer and key art for season two of the original animated series RUGRATS. Other Mikros Animation highlights include winning the Best New Series – Kids Programming category award for Kung Fu Panda: The Dragon Knight.
The Mill: Ranked as the #1 Post-Production company in the UK and Europe in LBB’s Immortal Awards Table of Creativity for 2023, The Mill is having a great start to the year. Other highlights include:
The Mill has also welcomed incredible talent within its teams, with award-winning colorist Katie Dymmock (Colorist, London), Kenya Agunloye (Producer, New York), and Elodie Ichter (Senior Colorist, New York) joining. The three will focus on growth opportunities and the global development of The Mill’s color network.
Technicolor Games: The Studio has pursued its long-standing, active and collaborative relationships with leading game developers and publishers including Electronic Arts, Ubisoft, Take-Two Interactive and Activision. The teams have been growing with the appointments of:
A contract termination due to the decision by producers to rewrite a show’s script, is expected to have a negative impact on Technicolor Creative Studios revenue growth over the next quarters.
***
ABOUT TECHNICOLOR CREATIVE STUDIOS Technicolor Creative Studios shares are admitted to trading on the regulated market of Euronext Paris (TCHCS)
Technicolor Creative Studios is a creative technology company providing world-class production expertise driven by one purpose: The realization of ambitious and extraordinary ideas. Home to a network of award-winning studios, MPC, The Mill, Mikros Animation and Technicolor Games, we inspire creative companies across the world to produce their most iconic work. Our global teams of artists and technologists partner with the creative community across film, television, animation, gaming, brand experience and advertising to bring the universal art of storytelling to audiences everywhere.
www.technicolorcreative.com
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Investor Relations Contact:investor.relations@technicolor.com
Corporate press:Teneo: tcs@teneo.com
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