technicolor - 2018 Registration document

2 OPERATING AND FINANCIAL REVIEW AND PROSPECTS LIQUIDITY AND CAPITAL RESOURCES

The table below summarizes Technicolor’s net financial debt at December 31, 2018.

Amount at December 31, 2018 (in million euros)

First maturity (1)

Existence of hedges

Type of interest rate

Term Loans Other debt

Floating Various

978

2019 2019

Yes No

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TOTAL DEBT

1,024

Available cash and deposits Committed credit facilities (2)

Floating Floating

291 359 650

0 to 1 month

No

TOTAL LIQUIDITY

Please refer to note 8.3.3.1 for a maturity schedule of the Group’s debt. (1) Availability varies depending on the amount of receivables (please refer to note 8.2.3). (2)

MARCH 2017 TERM LOAN DEBT ISSUANCES In March 2017, €275 million (€273 million at IFRS value) and $300 million ($298 million at IFRS value) in new term loans were issued the proceeds of which were used to repay €270 million (€256 million at IFRS value) and $302 million ($290 million at IFRS value) of existing term loans.

PROVISIONS FOR PENSIONS AND ASSIMILATED BENEFITS

In addition to the debt position described above, the Group has reserves for post-employment benefits that it provides to its employees, which amounted to €346 million at December 31, 2018 (compared with €382 million at December 31, 2017). For more information on the Group’s reserves for post-employment benefits, please refer to note 9.2 to the Group’s consolidated financial statements. LIQUIDITY RISK For more information about the Group’s liquidity risk, please refer to note 8.2.3 of the Group’s consolidated financial statements. RATINGS The Group uses the services of rating agencies to help investors evaluate the credit quality of the Group’s debt. In March 2019, Standard & Poor’s (S&P) attributed a B rating with stable outlook to Technicolor SA (corporate rating) and the debt issued by Technicolor SA. In January 2019, Moody’s attributed a B2 rating with negative outlook to Technicolor SA (corporate rating) and to the debt issued by Technicolor SA. None of the Group’s debt has clauses referring to the Group’s credit ratings.

JANUARY 2017 TERM LOAN DEBT ISSUANCE

In January 2017, a €90 million (€90 million at IFRS value) term loan from the European Investment Bank was put in place. This loan was reimbursed in full in December 2018.

DECEMBER 2016 TERM LOAN DEBT ISSUANCE

In December 2016, €450 million (€446 million at IFRS value) in new term loans were issued, the proceeds of which were used to repay $479 million ($459 million at IFRS value) of existing term loans. DESCRIPTION OF INDEBTEDNESS For a description of the Group’s Term Loan Debt, please refer to note 8.3 to the consolidated financial statements.

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TECHNICOLOR REGISTRATION DOCUMENT 2018