GlobeNewswire by notified

Vantiva 2022 Results


Press Release

2022 Results


Paris (France), March 9th, 2023Vantiva (Euronext Paris: VANTI; OTCQX: TCLRY) is today announcing its results for the full year 2022. These results have been approved by the board of directors today.

The audit procedures on the consolidated financial statements have been carried out and the audit report on the consolidated financial statements will be issued after the verification of the information presented in Group’s management report and due diligence relating to the ESEF electronic format of the 2022 financial statements.

2021 amounts restated considering Trademark Licensing operations and Technicolor Creatives Studios accounted for as discontinued operations.

Vantiva FY 2022 results have exceededtargetsin a challenging environment.

  • Revenues increased by 23.4% to2,776 million(+11.4% at constant exchange rate).
  • Adjusted EBITDA at €161 million (+14.3%), representing 5.8% of revenues (vs 6.3% in 2021).
  • Adjusted EBITA increased by 39.7% to €55 million (vs €39 million in 2021).
  • Net result of continuing operations was negative at -529million after a net loss from associates of-€311m resulting from the write down of TCS shares’ to market value.
  • Group net result was positive at 151million after taking into accounta profit of €680millionfrom the discontinued operations, stemming mostly from the TCSspin off.
  • Capex increased by 15.4% to €80 million
  • Free Cash Flow, before financial and tax,was positive at €88 million and improved by200 millionover last year.
  • At the end of the year, Vantiva held a cash position of €167 million and its$125m credit linewas fully undrawn.
  • Totalnet debt (w/o capital lease) amounted to €216 million in nominal terms.

Luis Martinez-Amago, Chief Executive Officer of Vantiva, said:

“Our results show that Vantiva has exceeded its commitment to the market, with a strong financial performance in a challenging environment. This is the result of the business transformations carried out in the recent past. The strong partnership with our customers and suppliers is also fundamental for our business performance. 
The excellent 2022 result is one more milestone in our ambitious strategy that we will continue to deploy. We remain focused on our core business, but will keep investing in other growth opportunities. We keep recruiting new key talents who will contribute to the execution of our medium and long term plans.
Looking to 2023, while we are experiencing an improvement in the global supply chain and in the component shortages, we also see signs of broader macro-related inflationary uncertainties that are affecting consumer confidence. This is creating demand uncertainty for the year. We will keep working closely with our customers and suppliers to react quickly to any market events, and to keep delivering on our commitments to them and to our other stakeholders. Considering all this, we are confident of delivering on our guidance for 2023”.

I-      2022 Key Highlights & 2023 Outlook

In € million, continuing operations20222021Change at current rateChange at Constant Rate
Adjusted EBITDA16114114.3%3.7%
As a % of revenues5.8%6.3%(46bps)(43 bps)
Adjusted EBITA553939.7%28.2%
Free Cash Flow before Financial & Tax88(112)200187

2022 Key Highlights

The group’s growth has been fueled by higher broadband volumes thanks to the success of our Fiber and Wi Fi 6 offer, price increases to partially recover cost inflation, and improved product-mix at the Connected Home division. Supply Chain Solutions’ performance has been negatively impacted by lower demand in optical discs against a strong base of comparison.

Vantiva revenues totaled €2,776 million, up 23.4% (+11.4% at constant exchange rate).
Connected Home revenues amounted to €2,120 million for the fiscal year, an increase of 37.3% (+23.3% at constant exchange rate). Supply Chain Solutions revenues were €655 million, down 6.6% (-14.3% at constant exchange rate).
Adjusted EBITDA improvement stems from the product mix-effect for Connected Home, better pass through of additional costs versus last year, and strict cost control in both divisions.

The group’s adjusted EBITDA reached €161 million in the year, a €20 million improvement over last year. The margin dilution, from 6.3% to 5.8%, resulted from the higher contribution of the Connected Home division to the group’s adjusted EBITDA (+10pts) and a lower gross margin in percentage terms.
Connected Home contributed €135 million (versus €103 million last year) to adjusted EBITDA while Supply Chain Solutions contributed €56 million (versus €67 million last year).

FCF, before financial and tax, in the year was positive at €88 million, showing a €200 million improvement over last year, largely explained by the change in working capital.


Visibility on the level of demand for Connected Home products is limited as Network Services Providers (NSP) are carefully managing their inventories, especially in the US, in a context of economic uncertainty. In 2023, Vantiva forecasts continuing growth for broadband products but anticipates a decline for video devices. Therefore revenues of Connected Home division are expected to be down, but on a challenging base of comparison due to the strong performance achieved last year.

For SCS, activity should remain on the same trend as last year with a natural decline in demand for optical discs, but increased revenues for “growth activities”. The increase in vinyl production capacity should be the main growth driver in the latter area. Globally, the group expects a slight decrease in the division’s revenues.

Management also anticipates a persistent inflationary environment. However, thanks to operational efficiency and despite this context, the group is confident of meeting the following targets in 2023:

  • EBITDA > €140m
  • EBITA        > € 45m
  • FCF(1) > €50m

(1)   Before interests and tax

II-      Segment Review – Full Year 2022 Results Highlights

Connected Home

Revenues breakdown by product

In € million20222021Change at current rateChange at constant rate
Revenues2,1201,544 37.3%23.3%
o/w by product
EBITDA adj13510330.6%19.5%
As a % of revenues6.3%6.7%

Connected Home revenues contributed 76% of group revenues (69% in 2021) and totaled €2,120 million in 2022, up 37.3%. At constant exchange rate, the growth would have been +23.3% compared with 2021. This revenue development has been driven by the combined positive effect of pricing and product-mix outweighing the volume decrease. Broadband business has been the main growth driver in the year representing 75% of revenues versus 64% the prior year, while demand for video devices suffered in some geographies, and especially in India.

Globally, delivered units were down 4.4% mostly due to a drop in demand in Asia Pacific, notably in India and for entry level video products.

Adjusted EBITDA of the division accounted for 84% of the group’s adjusted EBITDA compared with 73% in 2021. It amounted to €135 million in 2022 (vs €103 million in 2021), or 6.3% of revenue (vs 6.7% in 2021). Despite the improvement in euro terms, the EBITDA margin fell 32 basis points over last year. This is mostly due to the dilutive impact of the measures implemented for countering inflation which brought additional revenues with no margin contribution.

Supply Chain Solutions

In € million20222021Change at current rateChange at constant rate
As a % of revenues8.6%9.5%

Supply Chain Solutionsrevenues totaled €655 million in 2022, down 6.6% from 2021. At constant exchange rate the decline would have been 14.3%. Beyond the structural decline of the optical disc activity, the performance of the year has been severely impacted by the decline in demand from one major customer and a high base of comparison. Distribution and freight businesses were also down in the year. While growing, the other activities, have not been able to offset entirely this decline. The group has successfully launched vinyl production delivering its first 2 million albums in the year. Performance was however penalized by a slower intake of new vinyl presses than planned due to delivery delays, which prevented us from meeting the strong demand.

Adjusted EBITDA of the division amounted to €56 million (vs €67m in 2021), or 8.6% of revenues (9.5% in 2021), Margin decline mainly resulted from the lower volumes in optical discs, distribution and freight activities, despite the positive development in the “growth activities”. The decline in EBITDA has been mitigated by the continued benefits of the cost reduction plan started in 2020 and the first contribution of the vinyl activity. In addition, the group has swiftly implemented additional footprint adjustment measures to mitigate the negative impact of the lower revenues.

Corporate & Other

In € million20222021Change at current rateChange at constant rate
As a % of revenuesnsns

Corporate & Other recorded revenues of €1 million versus €5 million last year as the group disposed of its licensing activities in May 2022.
Adjusted EBITDA amounted to -€30 million in line with last year which stood at -€29 million. The corporate running costs explain this result.

III-      Resultsanalysis

P&L analysis

In € million20222021Change at current rateChange at constant rate
Revenues from continuing operations2,7762,25023.4%11.4%
Adjusted EBITDA from continuing operations16114114.3%3.7%
As a % of revenues5.8%6.3%46 bps43 bps
D&A & Reserves1, w/o PPA amortization(106)(101)4.6%-5.6%
Adjusted EBITA from continuing operations553939.7%28.2%
As a % of revenues2.0%1.7%nana
PPA amortization(31)(30)3.5%-7.5%
Non-recurring items(35)(23)52.3%39.2%
EBIT from continuing operations(11)(13)nana
As a % of revenues-0.4%-0.6%nana
Net financial income (loss)(177)(117)51.8%48.4%
Income tax(30)(14)nmnm
Gain (loss) from associates (311)0 nmnm
Profit (loss) from continuing operations(529)(143)nmnm
Net gain (loss) from discontinued operations6804nmnm
Net income (loss)151(140)nmnm

1Risk, litigation and warranty reserves

2022 Revenues stood at €2,776 million, representing a 23.4% increase (+11.4% at constant exchange rate). The United Sates remained the first market of the group with 58% of revenues compared to 52% the previous year. The strong improvement of Connected Home (+37.3%) was driven by, North America, broadband products and forex, more than offsetting the decline of Supply Chain Solutions (-6.6%), which was hit by lower optical disc demand.

2022 Adjusted EBITDA amounted to €161 million, up 14.3% year-on-year and 3.7% at constant rate. The EBITDA margin dropped by 46 basis points to stand at 5.8% of revenues. This decline reflects a slightly lower margin for both divisions and the higher weight of Connected Home division in the group’s total as this division generates a lower margin than SCS in percentage terms

2022 Adjusted EBITA of €55 million represented a €16 million year-on-year improvement. This resulted from the higher EBITDA and a moderate depreciation increase. EBITA margin improved by 23 basis points to 2.0% of revenues.

PPA amortization was almost stable at -€31 million.

Non-recurring items are coming from:

  • restructuring costs accounting for -€17 million versus -€31 million in 2021 as the cost-cutting program “Panorama” launched by the division a few years ago is nearly completed,
  • other income and expenses that showed an expense of -€13 million related to litigations reserves and depreciation compared to income of €10 million in 2021 explained by a capital gain booked that year on disposals,
  • net impairment on non-current operating asset for -€5m vs -€2m in the previous year.

EBIT from continuing operations was a -€11 million loss compared to -€13 million losses in 2021.

The financial result totaled -€177 million in 2022, compared to -€117 million in 2021. About half of this amount stems from the costs related to the anticipated reimbursement as part of the spin off. Interest expenses, excluding operating leases, amounted to €84 million and included for 9 months the debt allocated to TCS during the spin off.

Income tax amounted to -€30 million versus -€14 million in 2021.

Result from associated is a loss of -€311 million, mostly explained by the depreciation of the value of our 35% stake in TCS.  

Net loss from continued operations amounted to -€529 million compared to -€143 million in 2021.

Result of discontinued operations showed a profit of €680 million, explained by the gain booked on TCS’ valuation at the time of the spin off.

Group net result therefore is a profit of €151 million in 2022, compared to a loss of -€140 million in 2021.

FCF and debt analysis

In € million20222021Change at current rateChange at constant rate
Adjusted EBITDA from continuing operations16114114.3%3.7%
Non-recurring items (cash impact)(50)(85)35
Change in working capital and other assets and liabilities57(98)155
Free Cash Flow from continuing operations before Tax & Financial88(112)nana

Nominal gross debt (including Lease debt)            449 1,306
Cash and cash equivalent (167) (196)
Net financial debt at nominal value (non IFRS)2821,110
IFRS adjustment (19) (71)
Net financial debt (IFRS)2631,039

(1)Debt Technicolor

Free Cash Flow went from €-112 million to €88 million. This significant improvement reflects the stronger EBITDA (+€20 million), lower cash out for restructuring (+€39 million) and the change in working capital (+€155 million) while capex increased by €11 million.

The change in working capital derived mainly from the negative impact related to changes in payment terms in 2021 with some Connected Home partners and new factoring facilities in 2022.

Pension liabilities were down by -€66 million mainly due to a positive effect from discount rates of €49 million, and payments of €27 million.

Cash outflow for restructuring totaled -€22 million in 2022 versus -€61 million in 2021. This sharp decrease is explained by the near completion of the cost optimization program launched in 2020.

Capital expenditures amounted to -€80 million (up by €11 million). The majority is capitalized R&D for Connected Home. This increase reflects the attention paid by the group to innovation in order to supply state of the art technology.

The cash position at the end of December 2022 was €167 million compared to €196 million at the end of December 2021.

Net financial debt at nominal value amounted to €282 million at the end of December 2022 following the refinancing implemented at the time of the spin off.

IFRS net debt amounted to €263 million as of December 31, 2022.

Post closing event

Technicolor Creative Studios announced March 8th 2023, before market opening, that it had reached with its main shareholders and lenders an agreement on principle for its refinancing. Vantiva is supporting this agreement. For further information, please refer to the TCS press release available on its website.


Debt details

€ million

LineCharacteristicsNominalIFRS amountNominal RateIFRS Rate
Barclays Cash: Euribor 3M + 2.50% & PIK2502407.5%11.8%
Angelo GordonCash: Euribor 3M + 4.00% & PIK12511711.0%16.1%
Wells Fargo9.5%009.5%9.5%
Operating Lease666612.2%12.2%
Capital Lease112.5%2.5%
Total Debt4484309.1%12.8%
Cash & Cash Equivalents167167
Net Debt282263

IFRS 16 impact

Actual FY 22 (incl IFRS 16)Actual FY 22
(excl. IFRS16)
IFRS16 impact
(€ million)

Current rateCurrent rateCurrent rate
EBITDA ADJ161132+29
Operating Cash Flow5931+28
FCF before Financial & Tax8859+29
FCF after Financial & Tax6(16)+21

Appendix 3 – Reconciliation of adjusted operating indicators

In addition to published results, and with the aim of providing a more comparable view of the evolution of its operating performance in 2022 compared to 2021, Vantiva is presenting a set of adjusted indicators which exclude the following items as per the statement of operations of the Group’s consolidated financial statements:

  • Net restructuring costs;
  • Net impairment charges;
  • Other income and expenses (other non-current items).

Full Year
In € million20222021Change1
EBIT from continuing operations(11)(13)2
Restructuring charges, net(17)(31)13
Net impairment gain (losses) on non-current operating assets(5)(2)(3)
Other income (expense)(13)10(23)
PPA amortization(31)(30)(1)
Adjusted EBITA from continuing operations553916
Depreciation and amortization (“D&A”) ²(106)(101)(5)
Adjusted EBITDA from continuing operations16114120
1 Variation at current rates

The caption “Adjusted EBITDA” corresponds to the profit (loss) from continuing operations before tax and net financial income (expense), net of other income (expense), depreciation and amortization (including impact of provision for risks, litigation and warranties).

The caption “Adjusted EBITA” corresponds to the profit (loss) from continuing operations before tax and net financial income (expense), net of other income (expense) and amortization of purchase accounting items. 


Warning: Forward Looking Statements

This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted, or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Technicolor’s filings with the French Autorité des marchés financiers. 2021 Universal Registration Document (Document d’enregistrementuniversel) has been filed with the French Autorité des marchés financiers (AMF) on April 5, 2022, under number D-22-0237 and an amendment to the 2021 URD has been filed with the AMF on April 29, 2022, under number D-22-0237-A01.

About Vantiva

Pushing the Edge

Vantiva shares are admitted to trading on the regulated market of Euronext Paris (VANTI) and are tradable in the form of American Depositary Receipts (ADR) in the United States on the OTC Pink market (TCLRY).

Vantiva, formerly known as Technicolor, is headquartered in Paris, France. It is an independent company which is a global technology leader in designing, developing and supplying innovative products and solutions that connect consumers around the world to the content and services they love – whether at home, at work or in other smart spaces. Vantiva has also earned a solid reputation for optimizing supply chain performance by leveraging its decades-long expertise in high-precision manufacturing, logistics, fulfillment and distribution. With operations throughout the Americas, Asia Pacific and EMEA, Vantiva has been recognized as a strategic partner by leading firms across various vertical industries, including network service providers, software companies and video game creators for over 25 years. Vantiva is committed to the highest standards of corporate social responsibility and sustainability across all aspects of its operations. For more information, please visit and follow us on LinkedIn and Twitter.

Corporate press:

Investor Relations Contact:

1 Before interest and tax


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Marco Tognon wins the Superyacht Chef Competition at the Yacht Club de Monaco31.3.2023 12:22:33 CEST | Press release

MONACO, March 31, 2023 (GLOBE NEWSWIRE) -- Marco Tognon won the Superyacht Chef Competition at the Yacht Club de Monaco. The event was held for the fourth year at the YCM in partnership with Bluewater and under the aegis of YCM’s La Belle Classe Academy training centre and the Monaco, Capital of Advanced Yachting approach. The culinary competition aimed to put the spotlight on gourmet cuisine at sea as being another facet of yachting professions. “It’s very important to us at the Yacht Club de Monaco to be a meeting platform for the industry and at the same time be able to combine the young generation with the owners. The network aspect is also very relevant in this kind of event,” said YCM secretary general, Bernard d’Alessandri. The award ceremony was held at the presence of the Prince Albert II of Monaco, president of the YCM. Tognon, who is 29 years old and from Padua, has been cooking on yachts since 2017. He is currently the chef of Planet Nine, a 73-metre megayacht. He won the c

Wereldhave celebrates official opening of Full Service Center Sterrenburg in Dordrecht31.3.2023 12:21:26 CEST | Press release

Today, Wereldhave, the Municipality of Dordrecht, tenants and partners in development celebrated the official opening of the completely renewed Full Service Center Sterrenburg. The official opening act was performed by alderwoman Tanja de Jonge of the Municipality of Dordrecht, Chief Commercial Officer Pieter Polman of Wereldhave and local entrepreneur Jan-Willem Leemhuis of Jumbo Foodmarket. During the celebrations, the parties involved looked back on the high ambition level of the project, their successful collaboration and the clearly visible end-result. Sterrenburg marks the fifth completed Full Service Center by Wereldhave, after Presikhaaf and City-Center Tilburg in the Netherlands and Les Bastions and Ring Kortrijk in Belgium. The project was delivered on time and within budget. Full Service Center Sterrenburg opens almost fully let, with a mixed-use percentage of around 20% and new tenants including Basic-Fit, Jumbo Foodmarkt, RegioBank and an every.deli fresh cluster with a va

Nexstim Abp: ordinarie bolagsstämmans beslut31.3.2023 12:00:00 CEST | Pressemelding

Företagsmeddelande, Helsingfors, 31.3.2023 kl. 13.00(EEST) Nexstim Abp: ordinarie bolagsstämmans beslut Nexstim Abp (NXTMH:HEX, NXTMS:STO) ("Nexstim" eller "Bolaget") tillkännager idag besluten från bolagsstämman som fattades den 31 mars 2023 enligt följande: 1 BEKRÄFTELSE AV BOKSLUT OCH KONCERNBOKSLUT, RÄKENSKAPSPERIODENS RESULTAT OCH BEVILJANDE AV ANSVARSFRIHET Bolagsstämman fastställde bolagets bokslut och koncernbokslut för år 2022 och beslöt att vinsten för räkenskapsperioden 1.1.-31.12.2022 bokförs på bolagets balanserad vinst- konto. Bolagsstämman beslöt att bevilja styrelsens ledamöter och verkställande direktören ansvarsfrihet för räkenskapsåret 1.1.-31.12.2022. 2 ANTAL OCH VAL AV STYRELSELEDAMÖTER, VAL AV ORDFÖRANDE Bolagsstämman beslöt i enlighet med valberedningskommitténs förslag att: • Antalet styrelseledamöter fastställs till (4); • Tero Weckroth, Timo Hildén, Martin Forss och Leena Niemistö omväljs till styrelseledamöter. • Leena Niemistö väljs till styrelsens ordförand

Nexstim Plc: Resolutions of the Annual General Meeting of Shareholders31.3.2023 12:00:00 CEST | Press release

Company Announcement, Helsinki, 31 March 2023 at 1 PM (EEST) Nexstim Plc: Resolutions of the Annual General Meeting of Shareholders Nexstim Plc (NXTMH:HEX, NXTMS:STO) (“Nexstim” or “Company”), announces as follows regarding the resolutions that were adopted at its Annual General Meeting of Shareholders held today on 31 March 2023. 1 PRESENTATION OF THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS, PROFIT FOR THE FINANCIAL YEAR AND DISCHARGE FROM LIABILITY. The annual general meeting adopted the company’s financial statements, including the consolidated financial statements, for the year 2022 and resolved that the profit of the financial year is recorded on the accumulated profits account. The annual general meeting discharged the members of the board of directors and the managing director from liability for the financial year 1 January–31 December 2022. 2 ELECTION AND NUMBER OF THE MEMBERS, AND ELECTION OF THE CHAIRMAN OF THE BOARD OF DIRECTORS In accordance with the proposal of the nomin

Tulikivi Corporation’s annual report for 2022 has been published31.3.2023 12:00:00 CEST | Press release

TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 31 MARCH 2023 AT 13:00 The Tulikivi Corporation annual report for 2022 includes the company's financial statements for 2022 and the auditors' report, the Board of Directors' report, the corporate governance statement and the remuneration report. Tulikivi Corporation has published its financial statements in the XHTML format compliant with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF requirements, the main statements in the consolidated financial statements and the notes have been tagged with XBRL. The auditor has submitted a certification report on the ESEF financial statements. The financial statements are appended to this bulletin in the XHTML format and the annual report as a PDF file. The files are also available on the company's website at TULIKIVI CORPORATION Board of Directors Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555 Distribu