America should follow Australia's example on gun laws, says a US congressman from the state that suffered the 2012 Sandy Hook Elementary School massacre. Reported by The Age 41 seconds ago.

[U.A.E], Feb 21 (ANI): After defeating New Zealand by 19 runs to win the Trans-Transman tri-series, Australia have joined Pakistan on 126 points in the ICC T20I Team Rankings. Reported by Sify 6 hours ago.

Bubs Australia, the infant formula and baby-food business, has secured a deal to sell its range of products through Chinese e-commerce giant JD.com. Reported by Just-Food 6 hours ago.

Australia on Wednesday defeated New Zealand in the final of T20I Tri-series via Duckworth-Lewis method to win the trans-Tasman title by 19 runs in Auckland. Reported by IndiaTimes 6 hours ago.

Expansion builds on initial success with conversion rates increasing by 45 percent

NEW YORK (PRWEB) February 21, 2018

Outbrain, the world’s leading premium discovery platform, today announced the expansion of its Lookalike Audiences product to all managed and self-serve customers globally via the Amplify dashboard. Lookalike Audiences helps marketers find and engage with new people who “look like” existing customers and converters which helps scale audiences and drive action. Since launching the feature to select marketers in March 2017, Outbrain clients have seen conversion rates increase by 45 percent and cost-per-action decrease by 30 percent.1

The global rollout of this product enables all marketers to add dramatic scale to their Outbrain campaigns by leveraging Outbrain’s proprietary technology to find users who are similar to a brand’s existing customers. By modeling the interests of user characteristics such as content consumption patterns and demonstrated interests, and marrying this with Outbrain’s user interest graph data, Lookalike Audiences is a powerful way to connect brands to new customers and prospects.

Tyler Lombardi, Display Advertising Manager at Money Map Press said “Lookalike Audiences have given us three distinct advantages over our competitors still just running run-of-network (RON) traffic. We see about a 75 percent increase in conversion rate on Lookalikes so we can spend 75 percent more per click than we otherwise would have been able to and still meet our most important KPIs. [And,] we can find prospects on sites and sections we would normally quickly exclude.”

“Lookalike Audiences allows us to add scale by reaching highly valuable users. We know these audiences will engage with our content because Lookalike Audiences allow us to build audiences that are similar to our existing high-performing audiences,” said Ziv Jonas, Co-Founder at content platform Shinez.

Lior Charka, Outbrain’s Head of Marketer Products, said “Lookalike Audiences gives brands the ability to speak to new users who are likely to be interested in their messages. We’ve seen tremendous excitement from our managed customers about the product thus far, and expanding Lookalike Audiences to our self-serve customers now gives all of our marketers the ability to scale their campaigns.”

1Outbrain internal reporting

About Outbrain
Outbrain is the world’s leading premium discovery platform, bringing personalized, relevant online, mobile and video recommendations to audiences while helping publishers understand their audiences through data. Outbrain serves more than 275 billion personalized recommendations, reaching nearly one billion users every month across the globe. Some of the world’s most well-recognized publishers utilize the Outbrain platform including CNN, ESPN, Meredith Corporation, Fox News, The Guardian, The Telegraph, New York Post, Sky News, TF1, Condé Nast, Bild, Orange, and L’Equipe.
Founded in 2006, the company is headquartered in New York with a presence in the U.S., U.K., Germany, France, Spain, Italy, Singapore, Japan, Australia, Brazil, and Slovenia. To learn more about Outbrain, please visit http://www.outbrain.com and follow @Outbrain on Twitter, Instagram and Facebook. Reported by PRWeb 6 hours ago.

Technology and cloud industry veteran Julian Critchfield joins team as Chief Operating Officer; Matt Despain appointed to Chief Product Officer

(PRWEB) February 21, 2018

Serenova, a leading contact center-as-a-service (CCaaS) and workforce optimization (WFO) provider, today announced two key changes to its executive team: CCaaS industry veteran Julian Critchfield has joined the company as Chief Operating Officer (COO); and Matt Despain, formerly Serenova’s Vice President of Product Management, has been appointed to Chief Product Officer (CPO). As Serenova continues to experience strong growth and increasing demand for its CCaaS and WFO software, both Critchfield’s and Despain’s extensive experience scaling critical contact center management programs – while maximizing revenue growth and driving profitability – will be key components of the company’s ongoing success.

Critchfield is a transformative operating and cloud executive who brings more than 20 years of successful leadership in global corporations and startups to Serenova. As COO, Critchfield is responsible for Serenova’s global infrastructure and customer service operations and is specifically laser focused on enhancing sustainable cloud services for current and future customers. He joins Serenova from CA Technologies, where he was the General Manager and Senior Vice President responsible for the company’s cloud analytics platform, Jarvis. Prior to that he was Chief Technology Officer (CTO) at InContact, leading the company’s contact center technology strategy, product research and development and cloud operations. Critchfield has also held executive positions at GE Healthcare, Micro Focus and Oracle.

"Over the last several months we have restructured our organization to expand and streamline operations to better support our growing, global customer base as they adopt our cloud-based contact center platform," stated Tom Schollmeyer, CEO of Serenova. "We’re delighted and fortunate to have someone with Julian’s talent, business acumen and deep institutional knowledge of the cloud space to oversee this team to ensure that we have the best service to offer our customers in the contact center industry. Julian’s proven operational experience and executive leadership makes him the ideal person to take on this role."

As CPO, Despain drives innovation, vision and strategy of Serenova’s contact center platform, working closely with engineering and the rest of the company. In this expanded role, Despain oversees all product management, product marketing and strategic alliances for Serenova’s CCaaS and WFO products to drive tighter alignment across technological and product innovation, sales enablement, and overall messaging. In his time with Serenova, Despain has already successfully led the development of Serenova’s cloud-based software products as well as the integration of WFO following Serenova’s acquisition of TelStrat. Prior to joining Serenova, Despain spent over five years at InContact building product teams, driving technology acquisition and launching cloud contact center solutions. He helped drive growth that ultimately led to InContact’s the acquisition by NICE.

"I'm delighted to announce Matt’s appointment to this position where he has even more autonomy to lead the innovation and market adoption of our cloud-based contact center platform,” said Schollmeyer. "Under Matt’s expert direction, Serenova will continue to drive transformation of the contact center through our innovative products and vision so our customers and future customers can manage customer service more effectively and efficiently. He has proven that he knows how to bring complex technologies to market, and I look forward to continuing that push forward for Serenova with Matt.”

About Serenova
Serenova simplifies every aspect of the customer experience, from front office to back, to make life easier for you, your customers and your employees. The world’s most passionate, customer-focused brands achieve brighter interactions, deeper insights, and more meaningful outcomes with Serenova’s contact center solutions. Headquartered in Austin, Texas, Serenova has operations in California, Canada, the United Kingdom and Australia. Learn more at http://www.serenova.com. For live updates, follow @SerenovaShine. Reported by PRWeb 6 hours ago.

Whichever way New Zealand moved in the Twenty20 tri-series, Australia had their measure.At 16 for three in the fourth over after getting sent in at the Sydney Cricket Ground? Check.Succumbing to a world record T20 chase after... Reported by New Zealand Herald 5 hours ago.

Indian women's cricket team will return from their tour of South Africa without losing a single series after the fourth T20 International was abandoned due to rain, giving Harmanpreet Kaur's team an unbeatable 2-1 lead in the five-match contest.

The South Africans, who were put in to bat, were 130 for 3 from 15.3 overs when heavens opened up to half the proceedings at the SuperSport Park. After a wait of nearly two hours, the umpires finally decided to abandon the match.

The fifth and final T20 International will be played in Cape Town on February 24.

 

A win in Cape Town will make Harmanpreet Kaur and Co the first to have won two series on a single tour of South Africa. It will also be a huge milestone after having won the T20 series in Australia.

The rain stopped in between, raising hopes of a shortened match to happen. But the Indian run chase did not happen in the end as light rain returned again to play spoilsport.

During the 15.3 overs of play, South African openers Lizelle Lee (58 not out) and Dane van Niekerk (55) hit half centuries while off-spinner Deepti Sharma was the pick of Indian bowlers with figures of 2/33. Leg-spinner Poonam Yadav took one wicket.

 

Wednesday's abandonment of the match meant that the Indian women will not lose a series in this South Africa tour as the visitors had clinched the preceding three-match ODI series 2-1.

The Indian team was aiming for a quick recovery from a rare setback in the third T20I. After convincing victories -- by seven and nine wickets respectively -- in the first two T20 games, India allowed South Africa to stay alive in the series by slumping to a five-wicket loss against the hosts in the third match in Johannesburg on February 18.

 

Article Type: 
Report
Sections: 
Cricket
Sports
Agencies: 
PTI
Cities: 
Centurion
Tags: 
Harmanpreet Kaur
Cricket
T20
Centurion
Supersport Park
South Africa
India
Indian women's cricket team
ODI
ODI Series
T20 Series
T20 International
T20I
lizelle lee
Dane van Niekerk
Deepti Sharma
Poonam Yadav
Wed, 21 Feb 2018-08:08pm
Date updated: 
Wednesday, 21 February 2018 - 8:18pm
Article Images: 
drenched Supersport Park in Centurion on Wednesday
Twitter (@OfficialCSA)
Short URL: 
dnai.in/2
Embargo: 
Syndicate: 
Hide lead image: 
Page views: 
11
Related Articles: 
South Africa vs India 2nd T20: Kohli is on the verge of breaking records held by Viv Richards and Don Bradman
SAvIND 2nd T20, Preview: Virat Kohli's men eye series-clincher, Proteas look to survive
South Africa v/s India, 2nd T20: Time, teams, online live streaming & where to watch on TV
From Print Edition: 
Highlights:  Reported by DNA 4 hours ago.

DGAP-News: cyan AG / Key word(s): IPO

21.02.2018 / 16:00
The issuer is solely responsible for the content of this announcement.
--------------------

*IT security company cyan AG plans IPO in the first half of 2018 *

NOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
 

· cyan AG, a leading European provider of intelligent, white labeled IT security solutions founded in 2006, is planning to have its shares listed on the Frankfurt Stock Exchange (SCALE segment) in the first half of 2018
· With its B2B2C business model, cyan offers companies such as mobile carriers and banks highly scalable security solutions to protect the mobile data traffic of their end customers
· cyan's solutions are integrated into the customer's data center (e.g. at mobile carriers). Thereby they can secure the mobile data traffic of all end customers of the mobile network operator
· Business partners receive a significant share of revenues - the cyan solution is thus very profitable for the B2B customers
· Already today, the company serves an international customer base with global network operators and banks including, for example, T-Mobile and Sberbank EuropeMunich, Germany / February 21, 2018. cyan AG ("cyan"), a leading European provider of intelligent, white labeled IT security solutions founded in 2006, with its holding company based in Munich, Germany, today announced its plans to seek a listing of its shares on the Frankfurt Stock Exchange (SCALE segment) in the first half of 2018.

The main business areas of the company are security solutions for the mobile data traffic of end customers of *mobile network operators and fixed line internet service providers* (MNO, ISP),* mobile virtual network operators* (MVNO), the *insurance and financial services sector* *and government institutions*. cyan's solutions are generally integrated into the data centers of the business partner and are thus easily scalable. B2B-Business partners participate directly in earnings ("revenue share model"), allowing them to generate significant additional revenues.

For *business partners*, no costs incur when implementing cyan's products (no CAPEX, no OPEX). With no investments necessary, they can offer their customers first-class security solutions and create new sources of earnings. As the solutions provided by cyan are "white labeled", they also have a positive effect on the brands of the respective business partners.

*End users*, through the direct integration in their already existing contractual relationship or app, enjoy very easy handling and booking ("one-click solution") combined with attractively priced and high-quality security solutions for their mobile devices that can, for example, be billed by mobile network operators via their mobile phone contract. This includes e.g. real time protection from phishing, malware, viruses and trojans as well as identity theft.

Besides its headquarters in Munich (GER), the company has locations in Vienna (AT), Brno (CZ) and Warsaw (PL). Its international customer base includes global network operators and banks including, for example, T-Mobile and Sberbank Europe.
 

*IPO to support further growth *

Peter Arnoth, Chief Executive Officer of cyan, commented the IPO plans: "cyan is focusing on the rapidly growing segment of digital devices. Users increasingly use mobile devices for important and personal matters such as e-mails, mobile banking, web shopping and social media and are thus constantly exposed to an increasing threat of cyber-attacks. The white labeled solutions of cyan allow companies such as mobile phone service providers, banks and insurance companies to offer first-class security solutions to their customers at attractive prices. Branding in the corporate design of our business partners strengthens their brands and gives them a strong competitive advantage. Through the high scalability of our security solutions, cyan has a high level of profitability and excellent growth potential. By going public, we want to accelerate our growth and increase our visibility in the market."

cyan operates its own research and development center and maintains close links to universities, international research institutes, security organizations, financial institutions and social organizations. The close collaboration ensures the early recognition of trends and technical developments to be integrated into cyan's products.

Further details about the planned listing will be announced in the coming weeks as part of the publication of the stock exchange prospectus.

Hauck & Aufhäuser and MAINFIRST act as Joint Bookrunners for the offer.
 

*About cyan AG*

cyan is a leading European provider of intelligent, white labeled IT security solutions with more than 25 years of experience in the area of IT security. cyan's holding company is based in Munich, Germany. The main business areas of the company are mobile security solutions for the end customers *of mobile network operators and fixed line internet service providers* (MNO, ISP), *mobile virtual network operators* (MVNO), the *insurance and financial services sector* and *government institutions*. cyan's solutions can easily be integrated into the existing infrastructure of business partners and introduced to the market via a revenue share model. In addition, the full integration with the customer's environment ensures data protection. Further information is available at www.cyansecurity.com.
 

*Press Contact*

Charles Barker Corporate Communications GmbH

Tobias Eberle / Thomas Katzensteiner

Tel. +49 69 79 40 90 24 /+49 69 79 40 90 25

Tobias.Eberle@charlesbarker.de

Thomas.Katzensteiner@charlesbarker.de
 

*Important Notice *

This announcement does not contain or constitute an offer to sell nor a solicitation to buy or subscribe for securities.

This announcement is not a prospectus. Potential investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of the information contained in the prospectus to be issued by the Company in connection with the public offering of such securities (including any supplements thereto). Copies of such prospectus will, following approval by the German federal financial supervisory agency (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) and publication, be available free of charge at the offices of cyan AG, Munich, Germany, as well as, for viewing in electronic form, on the websites of the Frankfurt Stock Exchange (http://www.boerse-frankfurt.de) and the Company.

This announcement is not an offer of securities for sale in the United States of America (the "United States"). Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Any public offering of securities to be made in the United States would be made by means of a prospectus that could be obtained from the Company and that would contain detailed information about the Company and its management, as well as the financial statements of the Company. There will be no public offer of the securities in the United States.

In the United Kingdom, this information is directed at and/or for distribution only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) high net worth companies falling within article 49(2)(a) to (d) of the Order (all such persons are collectively referred to herein as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this information or any of its contents.

Subject to certain exceptions under the Securities Act, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.

Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect,""believe,""anticipate,""estimate,""intend,""will,""could,""may" or "might," or, in each case, the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with our industry, as well as many other risks specifically related to the Company and its operations.
--------------------

21.02.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de -------------------- Reported by EQS Group 5 hours ago.

The Snapit Eyeglass Repair Kit is the first improvement to repair kits in decades and means no more using tiny screws to fix eyeglasses. Following an update of the product packaging, the company are pleased to announce a partnership with Q&A Media Resources to access the USA retail and distributor market place. http://www.snapitscrew.com

Florida (PRWEB) February 21, 2018

The clever part of the repair kit is the patented Snapit screw which takes the pain out of eyeglass repair. Instead of having to use the traditional tiny screws which are hard to hold and handle, the Snapits have a longer feeder tab which act as a guide to make the whole fix process very easy. The inventor, Nancy Tedeschi commented that “"The product launch process was difficult but when I broke my own eyeglasses and had them fixed with Snapit in 30 seconds I knew I had something I needed to get to the market."

The patented screw has become one of the most talked about products in the optical industry and is used by thousands of optometrists in USA as well as by international optical chains such as Specsavers and Magrabi. The consumer repair kit can be used to fix everything from sunglasses to children's glasses.

The product was originally soft launched in various markets to test consumer reaction and is already in various stores such as Maplin and Robert Dyas in the United Kingdom. With the recent packaging refresh, the company have joined forces with Q&A Media Resources to target retail and distributor clients in the USA. Cindy Lawrence, Managing Partner of Q&A stated, “The newly designed, eye-catching and visually descriptive packaging grabs the eye of the consumer in that critical 3-second decision window. We are thrilled with the endless placement opportunities for this reinvention of a classic impulse item.”

Snapitscrew are also looking for international distributor partners to help them reach the global marketplace; You can contact them here

The Snapitscrew already has multiple patents granted across USA, Australia, South Africa, Philippines, Russia, Hong Kong and China as well as patents pending in various other territories.

The history behind the creation of Snapitscrew

The product was the brain child of Florida based Nancy Tedeschi who was not originally from the optical industry. Her mother was on a mission trip in Nicaragua and the arms of her eyeglasses fell off. In an attempt to find a quick fix for her glasses she threaded a dangly earring through her glasses hinge to devise a makeshift screw and unexpected fashion accessory. Little did she know but this was to receive her an uncanny amount of attention and being bombarded with compliments from strangers asking her where she bought her “glasses charms” from.

She then challenged her daughter Nancy to invent a similar charm for eyeglasses. During the process Nancy realised how difficult and awkward it was use an eyeglass hinge screw. Each screw took about 25 minutes to insert which is when she had an epiphany and the Snapit was invented.

Since its launch, Snapit has won the top prize and the People’s Choice Award at the National Invention Contest sponsored by the Inventor’s Club of Kansas City, received the Award of Excellence from the US Optical Laboratories Association, and won both the 2011 award of excellence for the Australia optical association and the 2011 national hardware retailers chose award. The consumer repair kit was also one of three winners in Walmart’s ‘Get on the Shelf’ contest and most recently, Snapit was nominated for the Best Lab Value Enhancer product by the Vision-X Awards two years in a row.

Nancy now spends a lot of time giving back the community helping new inventors and feeding the homeless near where she lives in Daytona Beach. See more on the Snapit story here

About Snapitscrew
Snapitscrew manufactures and sells the patented Snapitscrew Eyeglass Repair Kit. They have a number of worldwide Patents as follows:-

United States Patent #: 8070403, 8375546, 8556556, 8997327, 9493972
Canada Patent #: 2695751
China Patent #: 2L2008 80102133.2
Philippines Patent #: 1/2010/500274, 1-2010- 500385
Australia Patent #: 2008283850, 2011101044
Russia Patent #: 2493446
South Africa Patent #: 2010/03664
EPO Patent #: EP08782656
Hong Kong #: HK1147791

Notice of Allowance:
Japan
Patents Pending:
Brazil
Korea
India Reported by PRWeb 4 hours ago.

A change of plans will see New Zealand's top mare Bonneval make two domestic appearances before her Sydney autumn campaign.The high-class daughter of Makfi was originally to have headed straight to Australia to resume in Saturday... Reported by New Zealand Herald 4 hours ago.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA OR TO U.S. PERSONS Weiss Korea Opport... Reported by FinanzNachrichten.de 4 hours ago.

21 Feb 2018Australia clinched the T20 tri-series against New Zealand today after cruising to a 19-run victory in the rain-affected final at Auckland.The result means Australia notch up convincing wins in all their five matches against New Zealand and England. Reported by All India Radio 4 hours ago.

Scotland would love nothing more than “to rub Eddie Jones’s face in the dirt” by recording their maiden victory over England in more than a decade, according to their former skipper Gavin Hastings.

Not since 2008, when four Chris Paterson penalties propelled the hosts to a 15-9 triumph over Brian Ashton’s England at Murrayfield, have Scotland revelled in the spoils of Calcutta Cup success.

Hastings is not bombastic over their chances of becoming only the second team to defeat England under the stewardship of Jones, but is happy to divulge the would-be thoughts of a Scotland supporter should the elusive moment arrive.

*Read more*: Moody: England destined to win third successive Six Nations

Asked what beating England would do for Scotland and head coach Gregor Townsend’s tenure, Hastings told City A.M.: “Bigger than that would be taking enjoyment from Eddie Jones reacting to whatever questions he would be asked.

“I admire Eddie Jones for what he has achieved but as a supporter of one of his opponents you just want to rub his face in the dirt.

“He’s just one of those guys that loves to wind the opposition up and therefore if you were lucky enough to be part of a victory against him that would be a sight worth seeing.”Gavin Hastings scored 667 points for Scotland during a nine-year international career

Scotland enter the clash on a five-match Six Nations winning streak at Murrayfield spanning three championships, having not tasted defeat since Jones’s first match in charge of England in 2016.

Their overall record reads two losses in 11 home matches since that 15-9 reverse against the Auld Enemy, a run which included November’s 53-24 thrashing of Australia.

That result fuelled pre-tournament hype that Saturday’s battle would represent a major hurdle in England’s quest for a third successive Six Nations title and Scotland’s best chance to finally topple their rivals. Hastings, however, has his reservations.

*Read more*: Maro Itoje interview: Hunger and desire is name of the game

“It’s going to be an enormous challenge for Scotland to overcome, but we’re going to beat England eventually,” said Hastings.

“Could it happen? Yes. Is there a likelihood of it happening on Saturday? No, probably not because we’re not favourites. But even underdogs have a chance. Eddie Jones might even grudgingly admit we have a chance.

“Scotland have got to be gangbusters and have a go as there is no way they are going to win the game by scoring three or four penalties unless there is a bloody hurricane.

“The only way I can see it happening is by getting off to a fast start, lifting the tempo and pace of play and somehow catching England off guard.Scotland beat France in their last Six Nations outing to reignite their championship after losing to Wales in their opening match (Source: Getty)

“It’s never easy against England and I’m hoping Scotland can have a real go – sometimes you just have to have a go – and I’ll be really proud if they push them close.”

Part of his concern stems from last year’s Six Nations when Scotland descended upon Twickenham imbued by positivity, only to be humiliated in a seven-try demolition as England prevailed 61-21.

“There was a lot of optimism that this could be our best chance for a long time and we got absolutely blown away,” added the 56-year-old.

“It was just an awful defeat and one of the most difficult games to watch. My hope would be that they have learnt a lot from that and can benefit from the experience.

“You’ve got to get the balance between respect and the desire to play your best rugby with doing anything to get that victory.

“When it becomes a bit blurred and emotion takes over then you don’t have a chance. That’s what happened last year.”

*Read more*: Ollie Phillips: England need to find their attacking bite

Debate, meanwhile, has raged this week over whether England, despite winning 24 of 25 Tests under Jones, have hit something of a ceiling given a shortage of world-class talent.

Hastings, who scored 667 points for his country during a nine-year international career, believes England remain on an upward curve, which again reflects the scale of challenge facing Scotland.

“Whether England have reached their pinnacle is an interesting point and no one knows,” added Hastings.

“If they keep winning then Eddie Jones has nothing to defend or justify. I personally feel that when England get all of their better players back [from injury] they will be a match for anyone.

“The England side that won the World Cup in 2003 was a team borne out of wonderful world-class players and an absolute confidence in their ability to wear you down.

“The team now is a bit more workmanlike, certainly more professional and better drilled and schooled. They don’t make mistakes and don’t seem to get unnerved by anything.”

Gavin Hastings is a Land Rover ambassador. Land Rover has a heritage in rugby at all levels; from grassroots to elite, supporting the game for two decades. @LandRoverRugby #WeDealInReal

  Reported by City A.M. 3 hours ago.

PRESS RELEASE

     *Technicolor: Full year 2017 results*

*Paris (France), 21 February 2018** - *Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) announces today its results for the full year 2017.

*Frederic Rose, Chief Executive Officer of Technicolor, stated:*

"2017 was particularly challenging for Technicolor which, nonetheless, showcased the underlying resilience of its operating businesses. The second half of the year showed significant improvement, versus the first half. The pending sale of our Patent Licensing business will be a watershed moment, simplifying our operational model and clearly increasing visibility on our performance, removing conflicts and complexity for all stakeholders. Post-sale, we can focus our capital resources on our key operating businesses - Entertainment Services and Connected Home - alongside our measures to reduce our corporate cost structure, to ensure Technicolor achieves profitable growth and higher levels of free cash flow."

*Full Year 2017 Key Indicators from continuing operations*

  *Second Half* *Full Year*
In € million *2016* *2017* At constant
 rate *2016* *2017* At constant
rate
*Revenues* from continuing operations *2,374* *2,133* *(5.4)%* *4,628* *4,231* *(6.8)%*
*Adjusted EBITDA* from continuing operations *233* *209* *(6.4)%* *359* *291* *(17.2)%*
As a % of revenues 9.8% 9.8%   - 7.8% 6.9% (90)bps
*Free Cash Flow* from continuing operations *111* *172* *+55.5%* *88* *63* *(26.6)%*

Technicolor announced, on December 18, 2017, its decision to sell its Patent Licensing business and that it was in advanced negotiations with a third party. As a result, the Group reported the financial information of its Patent Licensing business, previously included in the Technology segment, under discontinued operations. 2016 results were represented for comparative purposes. R&I and Trademark Licensing activities are now reported under Corporate & Other segment for both years.

*Full Year 2017 Key Highlights*

· Revenues from continuing activities amounted to €4,231 million, down 6.8% year-on-year at constant rate, with an Adjusted EBITDA of €291 million compared to €359 million in 2016. This is wholly attributable to the Connected Home segment as memory price increases negatively impacted its Adjusted EBITDA by €80 million (of which €50 million in the second half);
· Excluding the memory cost impact, Connected Home would have generated an Adjusted EBITDA equivalent to 2016, as the segment recorded significant margin improvement in the second half;
· Entertainment Services recorded an Adjusted EBITDA broadly flat year-on-year at €230 million, with a material improvement in the second half, in particular in Production Services through an efficient resource allocation;
· Group net income amounted to a loss of €173 million, resulting from low operating profits and a non-cash depreciation of €113 million of the net deferred tax assets as a result of the announcement of the planned Patent Licensing disposal;
· Free cash flow for reconciliation^[1] generation before cash impacts of the Cathode Ray Tube cartel case settlement was €102 million, out of which €63 million was generated by the continuing activities;
· Financial structure at end December 2017 is solid, with a net debt of €784 million, down €132 million compared to June 2017. The Group also had a strong level of liquidity (above €700 million, including €390 million of committed undrawn credit lines);
· 2017 financial performance was also affected by advanced negotiations for the sale of the Patent Licensing business, which is now reported under discontinued operations;
· Simplification of the Group's structure is on track thanks to the anticipated strategic transaction related to the Patent Licensing business with corporate costs reduction initiatives launched in the second half of 2017.

*Strategy Update*

As a result of the strategic transaction for its Patent Licensing activities, Technicolor will focus on developing its two operating business segments as follows:

· Entertainment Services:

· Technicolor will continue to develop Production Services as it pursues growth opportunities driven by the continued increase in original content and the emergence of immersive content. Available Group capital will continue to be allocated in priority to opportunities in this business, organically or by acquisition, including the development of market leading tools;
· DVD Services will maximize cash generation while continuing to develop further opportunities for its world class operating platform.

· Connected Home: going forward, Connected Home will focus on new opportunities in home networking and streaming solutions, including through alliances and partnerships. It will also concentrate its efforts to durably improve its profitability. In this context, the Group has decided to exit from a number of customers and countries which are a drag on the division's profitability.

The Group will continue to rely on its world class Research and Innovation Group to develop new tools, such as mixed reality production and new in-home services.

Technicolor's operational and financial profile will also be strengthened by corporate cost reductions and by applying all cash proceeds related to the Patent Licensing business to pay down debt. This will also include the cash settlement received from Samsung in the first quarter of 2018.

*2018 Assumptions by Segment*

*Entertainment Services:*

· Production Services revenues - mid-single digit revenue growth driven by:

· Very strong order backlog in Film and TV VFX;
· Advertising VFX expected to improve in 2018 compared to 2017;
· Post-production anticipated to continue to benefit from the significant increase in streaming original content;
· Revenue growth mildly impacted by slightly fewer projects in Animation & Games.

· DVD Services - revenues and volumes expected to be around 2017 levels notwithstanding continued overall market decline, reflecting:

· Improvement of the US Box Office at end 2017 which is expected to positively impact new release activity in the first half of 2018;
· Outsourcing agreement from Sony DADC to Technicolor in North America and Australia to start in the second quarter of 2018.

· Overall, Entertainment Services Adjusted EBITDA expected to remain flat year-on-year due the DVD Services business, of which short-term profitability will be impacted by raw material (polycarbonate) increases which cannot be passed on fully to all customers in 2018 under existing contracts.

*Connected Home:*

· Revenues:

· Customer portfolio review conducted in the last quarter of 2017 expected to lead to a revenue decrease of around €250 million, corresponding to a decline of around 10% year-on-year.

· Adjusted EBITDA:

· Assumptions for NAND Flash and DRAM memory price is that they remain at a high level throughout 2018, with NAND Flash prices decline starting in the second half of 2018, while a decreasing trend for DRAM is expected beginning in early 2019;
· Current mitigation actions including cost savings expected to show results at the end of 2018;
· Adjusted EBITDA therefore expected to be flat year-on-year and to show similar trends to 2017 with a weak first half and solid margin increase in the second half.

Based on these assumptions, Technicolor expects an Adjusted EBITDA from the continuing operations broadly stable at constant rate compared to 2017.

*Mid-term Outlook*

In 2017, the Group initiated a strategic refocus on its core operating businesses with the advanced negotiations regarding the sale of the Patent Licensing activity. This strategy led to a major change in the Group's business model and a significant evolution in its cash generation profile in a more challenging environment. The objectives of the Drive 2020 strategic plan have therefore evolved.

After reaching a low point in 2018, below 2017 levels, Technicolor expects free cash flow from continuing operations to reach a run rate of at least €130 million by 2020, resulting from an Adjusted EBITDA which is expected to be above €350 million, relying on the following drivers:

· Continued 5% to 10% organic revenue growth in Production Services based on market leading capabilities and overall industry growth;
· Resiliency of DVD Services activity with volume decrease being partially offset by cost efficiencies and continued solid cash generation. Raw material (polycarbonate) costs increase will be contractually fully passed on to all customers;
· Single digit revenue growth for Connected Home once the customer portfolio review has been completed (expected to be completed in 2019) with profitability improvement that will progress the division towards its 10% Adjusted EBITDA margin objective;
· Corporate savings amounting to a run-rate of around €10 million by 2020 compared to 2017.

These mid-term objectives are at constant exchange rates compared to 2017.

* Dividend*

The Board of Directors of Technicolor will not propose a dividend to the 2018 Annual General Meeting of Shareholders in light of 2017 financial performance.

*Management update*

Technicolor announces the departure of Esther Gaide, the Group's Chief Financial Officer, who will leave the Group on 20 March 2018 to pursue a new professional opportunity. Her successor will be announced shortly.

*Segment Review - FY 2017 Result Highlights*

  * FY 2016* * FY 2017* * Change YoY*
*Entertainment Services* In € million As a %
of ES revenues In € million As a %
of ES revenues Reported At constant rate
*Revenues* *1,966* * * *1,790* * * (9.0)% (6.7)%
o/w Production Services 765 39% 766 43% 0.0% +3.0%
  DVD Services 1,201 61% 1,024 57% (14.7)% (12.9)%
*Adj. EBITDA* *238* *12.1%* *230* *12.9%*  (3.1)% (1.2)%

· *Production Services* revenues were broadly stable year-on-year at current rate and up 3% at constant rate. The division recorded a lower revenue growth than anticipated in the second half of 2017 due to an unexpected delay into 2018 in VFX for film. The division achieved, however, significant profitability improvement in the second half of 2017, resulting in an Adjusted EBITDA stable compared to the prior year. Production Services' scale and the pipeline of projects allowed the Group to proactively reallocate resources to mitigate production gaps and maintain the utilization rate at a high level.

*Business Highlights:*

The level of activity in Film and TV VFX was sustained, but below the prior year, as the production schedules of some film projects was delayed. These projects will therefore contribute to 2018 performance. The teams worked on more than 25 projects during the year. In the last quarter, they completed work on Jumanji: Welcome to the Jungle (Sony), Justice League (Warner Bros), The Shape of Water (Fox Searchlight), 50 Shades Freed (Universal), The Greatest Showman on Earth (Fox) while continuing work on a large number of projects.

VFX for Advertising returned to revenue growth at the end of September after a weak performance in the first half of 2017. The teams completed several premium and highly popular Christmas ads and started working on several Super Bowl advertising campaigns in the fourth quarter. Overall, this resulted in single digit revenue growth in the second half of 2017 with an improved project mix.

The level of activity in Animation & Games continued its strong growth trajectory in the second half of 2017 and recorded a strong growth rate during the year, primarily driven by the number of theatrical Animation projects.

Post-production revenues grew, particularly in the US market, driven by an increasing amount of work generated by streaming customers, such as Netflix and Amazon.

· *DVD Services *revenues totaled €1,024 million in 2017, down c.13% at constant currency compared to 2016. Standard-Definition DVD and Blu-ray^TM volumes amounted to 1.26 billion units, a year-on-year reduction of 11% driven primarily by weaker 2017 new release activity in both major studio feature film and Xbox game content as compared to 2016. Adjusted EBITDA was slightly down, but margins were broadly stable in 2017 versus 2016, as reductions in volumes and revenues were offset by fixed costs reductions and efficiency gains, leading to a solid improvement in margin as a % of sales in the second half.

     The division successfully maintained its market leadership position and further leveraged its best-in-class operational platform. In January 2018, Sony DADC announced that it will outsource to Technicolor a substantial majority of its CD, DVD and Blu-ray^TM manufacturing and packaging requirements in both the North American and Australian markets. Sony DADC will continue to maintain direct relationships with distributors and will also continue to directly support its PlayStation customers. This outsourcing initiative will start in the second quarter.

*Business Highlights*

     With the worst summer US theatrical box Office performance in over a decade (15% reduction from the summer of 2016), weakness in disc demand was primarily concentrated in the fourth quarter of 2017. Blu-ray^TM was negatively affected by US summer Box Office results, as demand for this format is predominantly driven by new release activity. The Box Office performance started improving at the end of the year, but related disc releases will occur only in the first half of 2018. The ongoing resilience of back catalog on Standard Definition DVD (particularly in North America) helped to partially mitigate the impact of new release weakness.

     In games, Xbox One (Blu-ray^TM based) similarly suffered from a weaker second half 2017 release slate, driven in part by unanticipated delays in the release of several key games titles from 2017 to 2018. Total games volume in 2017 was further impacted by an ongoing sharp year-on-year reduction in demand for the prior generation (DVD based) Xbox console.

     CD volumes declined as a result of ongoing market-based reductions, in addition to a difficult comparison to the second half 2016 which benefited from selected, non-recurring major releases*.*

      

*Volume Data for DVD Services*

  *Full Year*
In million units *2016* *2017* Change
*Total combined volumes* *1,551.9* *1,344.8* *(13)%*
By format DVD 1,076.9 953.5 (11)%
  Blu-ray(TM) 341.2 303.7 (11)%
  CD 133.8 87.6 (35)%
By segment Theatrical/Broadcast 1,327.3 1,192.0 (10)%
  Games 65.8 48.8 (26)%
  Software & Kiosk 25.0 16.4 (34)%
  Music & Audio 133.8 87.6 (35)%

*###*

* * * FY 2016* * FY 2017* * Change YoY*
*Connected Home* In € million As a % of revenues In € million As a % of revenues Reported At constant rate
*Revenues* *2,637* * * *2,419* * * (8.3)% (6.8)%
*Adj. EBITDA* *218* *8.3%* *137* *5.7%* (37.1)% (36.0)%

     *Connected Home* revenues totaled €2,419 million in 2017, down 6.8% year-on-year at constant rate. During the second half of the year, revenue trends improved as expected compared to the first half, while remaining slightly negative. The business environment was mainly impacted by continued pricing pressures on memories resulting in an Adjusted EBITDA of €137 million or 5.7% of the revenue, down 260 basis points compared to last year. Overall this performance reflected a solid improvement in the second half of 2017, with margin at 6.8% versus 4.6% in the first half. Without the impact of memory cost increases which amounted to €80 million in 2017, the Adjusted EBITDA margin would have reached 9% of sales in 2017, equivalent to the prior year, and 11.1% of sales in the second half excluding the memory price increases.

     Gross margin reached 14.2%, down 260 basis points compared to 2016, mainly due to the negative impact of memory price increases. Excluding the impact of these cost increase, the margin reduction linked to volume decrease was compensated by an improved product mix and cost optimization measures implemented to adapt the business to a continued challenging environment. These actions included negotiations with Connected Home customers, the review of the customer portfolio, cost-cutting initiatives and the streamlining of the geographical footprint.

*Business Highlights*

*North America: *

· Revenues in North America were up 2% year-on-year at constant rate while the market was down 3%, representing 57% of total revenues;  
· This solid performance was driven by a very strong growth in the second half at major Cable customers in the US and in Canada which included the first material DOCSIS 3.1 gateways deliveries;
· This was in contrast with the weakness of the satellite and telecom segment with soft demand and several programs being delayed by the customers;
· Commercial activity remained strong with a win rate above 70% on different tender offers. Several new high-runner products have also been awarded to Technicolor during the year with expected impact in 2018.

*Europe, Middle-East and Africa: *

· Revenues in Europe, Middle-East and Africa were down 27% year-on-year due to the end-of-life of some high-runner products, delay at a large operator due to a component quality issue and weak demand from customers;
· The situation started to improve in the fourth quarter with the introduction of new products, which are expected to lead to volume deliveries in 2018, supported by a positive trend for high end products both in video and broadband.

*Latin America:*

· Latin America saw an overall decline of 21% year-on-year, mainly due to Mexico, reflecting the adverse economic conditions in that part of the region. The video segment continues to experience headwinds while broadband demand has started to rebound as competition for higher bandwidth speed grows;
· On the other hand, Brazil had a strong rebound with a 29% growth year-on-year.

*Asia Pacific: *

· Revenues in Asia-Pacific showed a strong year-on-year growth of 17% following the successful integration of acquisitions in Japan and Korea;
· Excluding the acquisitions, the Asia-Pacific region is broadly flat year-on-year as growth in India offset Technicolor's decision to exit the Chinese market and softer demand from one Australian customer.

           

*Revenue Breakdown for Connected Home*

  *Full Year*
In € million *2016* *2017* Change^[2]
*Total revenues* 2,637 *2,419* (6.8)%
By region North America 1,380 *1,364* +1.6%
  Europe, Middle-East and Africa 592 *434* (26.7)%
  Latin America 409 *324* (21.4)%
  Asia-Pacific 256 *297* +16.8%
By product Video 1,470 *1,495* +5.9%
  Broadband 1,167 *924* (21.2)%

*###*

  * FY 2016* * FY 2017* * Change YoY*
*Corporate & Other*
(Represented) In € million As a % of revenues In € million As a % of revenues Reported At constant rate
*Revenues* *25* * * *22* * * (10.3)% (9.8)%
*Adj. EBITDA* *(97)* *-* *(76)* *-* +21.4% +20.7%

*Corporate & Other *now includes Research & Innovation activities and Trademark Licensing business in addition to unallocated corporate functions.

Following this transfer, Corporate & Other recorded revenues of €22 million in 2017, primarily driven by the Trademark Licensing business. Adjusted EBITDA amounted to €(76) million, a significant improvement compared to prior year, reflecting mostly cost cutting initiatives. Research & Innovation expenses remained stable year-on-year and its cost was partially covered by the Trademark Licensing contribution.

As a result of the planned Patent Licensing disposal, Technicolor has reviewed its corporate costs and decided to reallocate those which are incurred to support a division's business activity. This reallocation will be effective as of 2018 and would have impacted the P&L as follows:

*Impact of Reallocation by Segment *

In € million *Entertainment services* *Connected Home* *Corporate & Other*
  FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017
Adj. EBITDA as reported 238 230 218 137 (97) (76)
Cost reallocation^[3] (15) (15) (9) (9) 24 24
*Adj. EBITDA post reallocation* *223* *216* *209* *128* *(73)* *(53)*

*###*

*Discontinued operations *revenues amounted to €131 million in 2017, with an Adjusted EBITDA of €80 million. The Patent Licensing business generated all the revenues and contributed €79 million to the Adjusted EBITDA. The decline over prior year resulted from the negotiations related to the sale of this business, which led Technicolor to suspend its commercial Patent Licensing discussions in the fourth quarter of 2017.  

*Summary of consolidated results for the full year of 2017 *

  * Second Half* * Full Year*
In € million *2016* *2017* *Change^4* *2016* *2017* *Change^[4]*
*Revenues from continuing operations* *2,374* *2,133* *(10.2)%* *4,628* *4,231* *(8.6)%*
Change at constant currency (%)     (5.4)%     (6.8)%
o/w Entertainment Services 1,103 952 (13.7)% 1,966 1,790 (9.0)%
  Connected Home 1,259 1,168 (7.2)% 2,637 2,419 (8.3)%
  Corporate & Other 12 14 +11.1% 25 22 (10.3)%
*Adjusted EBITDA from continuing operations* *233* *209* *(10.3)%* *359* *291* *(19.0)%*
Change at constant currency (%)     (6.4)%     (17.2)%
As a % of revenues 9.8% 9.8% +0.0bps 7.8% 6.9% (90)bps
o/w Entertainment Services 167 159 (4.7)% 238 230 (3.1)%
  Connected Home 111 80 (28.5)% 218 137 (37.1)%
  Corporate & Other (45) (30) +34.5% (97) (76) +21.4%
*Adjusted EBIT from continuing operations* *113* *78* *(30.9)%* *132* *53* *(60.2)%*
Change at constant currency (%)     (28.2)%     (59.0)%
As a % of revenues 4.8% 3.7% (110)bps 2.9% 1.2% (170)bps
*EBIT* from continuing operations *109* *47* *(56.7)%* *76* *(10)* *ns*
Change at constant currency (%)     (55.3)%     ns
As a % of revenues 4.6% 2.2% (240)bps 1.6% (0.2)% (180)bps
Financial result (80) (33) +47 (154) (97) +58
Income tax 3 (98) (95) (30) (112) (82)
Share of profit/(loss) from associates 2 ns 2 ns
*Profit/(loss)* from continuing operations *34* *(84)* *(118)* *(106)* *(219)* *(112)*
Profit/(loss) from discontinued operations (8) 16 +25 80 46 (34)
*Net income* *26* *(67)* *(93)* *(26)* *(173)* *(147)*

Revenues from continuing operations totaled €4,231 million in 2017, down by 6.8% at constant currency compared to 2016, resulting mainly from lower revenues in the Connected Home segment and in DVD Services division.

Adjusted EBITDA from continuing operations amounted to €291 million in 2017, down 17.2% at constant currency compared to 2016. The Adjusted EBITDA margin amounted to 6.9%, down by 90 points year-on-year, due to the Connected Home segment. This margin squeeze was attributable to the memory cost impact. Including the contribution from the discontinued operations, the Adjusted EBITDA of Technicolor amounted to €371 million, a significant decline compared to 2016 as the Patent Licensing business generated €79 million of profit compared to €206 million in 2016. Technicolor implemented several cost-cutting measures in the second half of 2017 to reflect the more challenging environment. As a result of these initiatives, Technicolor already reported lower selling and administrative expenses, down 7.5% year-on-year at current currency.

Depreciation and Amortization ("D&A")^[5] amounted to €238 million compared to €227 million in 2016, reflecting higher capitalized Research & Development expenses in the Connected Home segment following the high success rate in terms of commercial wins recorded by the segment in 2016 and 2017. D&A also included €48 million of amortization related to purchase price allocation, mostly related to the 2015 acquisitions. As result, the Adjusted EBIT from the continuing operations amounted to €53 million, down by 59% year-on-year at constant rate.

Restructuring provisions were flat year-on-year and mainly taken in the Connected Home segment (site closures in the US and in the Asia-Pacific region) and DVD Services division. Technicolor also recorded around €20 million of R&D write-off and other non-current items. As a result, the EBIT from continuing operations was a loss of €(10) million in 2017. Excluding the purchase price allocation amortization, EBIT from continuing operations was a profit of €38 million in 2017.

Financial result totaled €(97) million in 2017 compared to €(154) million in 2016, reflecting:

· Net interest costs amounted to €43 million in 2017 compared to €81 million in 2016, reflecting lower interest expense both related to the lower level of debt (€317 million of net repayments in 2016 and €50 million in 2017) and lower average interest rates due to the 2016 and 2017 refinancing;
· Other financial charges amounted to €(54) million in 2017 compared to €(73) million in 2016. This decline reflected a lower IFRS adjustment than last year and an improvement of the foreign exchange result, due to Brazil and UK positive exchange results.

Income tax charges included current income tax for €(12) million, lower by €3 million compared to last year, mostly driven by the lower tax charge in France, reflecting the much lower contribution of the Patent Licensing business. The tax charge also included a non-cash depreciation of €113 million of Technicolor's net deferred tax assets. This was primarily due to the change in Technicolor's projections from a fourteen year to a five-year tax planning basis in France as a result of the announcement of Patent Licensing business disposal. 

Group net income was a loss of €173 million in 2017 compared to a loss of €26 million in 2016. This deterioration was mostly attributable to the charge related to the Group's net deferred tax assets.

*Free Cash Flow Reconciliation and Summarized financial structure (unaudited)*

Technicolor defines "Free Cash Flow" as net cash from operating activities (continuing and discontinued) plus proceeds from sales of property, plant and equipment ("PPE") and intangible assets, minus purchases of PPE, purchases of intangible assets including capitalization of development costs.

In € million *December 31, 2016*
*Published* *December 31, 2016*
*Represented* *December 31, 2017*

 
*Adjusted EBITDA from continuing operations * *565* *359* *291*
Changes in working capital and other assets and liabilities 106 56 72
Pension cash usage of the period (28) (28) (27)
Restructuring provisions - cash usage of the period (56) (47) (40)
Interest paid (74) (74) (46)
Interest received 3 3 2
Income tax paid (44) (5) (9)
Other items (26) (24) (34)
*Net operating cash generated from continuing activities* *446* *240* *209*
Purchases of property, plant and equipment (PPE) (68) (68) (52)
Proceeds from sale of PPE and intangible assets 1 1 1
Purchases of intangible assets including capitalization
 of development costs (85) (85) (95)
Net operating cash used in discontinued activities (46) 160 (39)
*Free cash flow* *248* *248* *24*
Nominal gross debt 1,083 1,083 1,103
Cash position 371 371 319
*Net financial debt at nominal value (non IFRS)* *712* *712* *784*
IFRS adjustment *(33)* *(33)* *(6)*
*Net financial debt* (IFRS) *679* *679* *778*

· The intangible capex included €47 million of capitalized R&D for Connected Home and cash outflow for restructuring were mostly related by Connected Home and DVD Services;
· The change in working capital & other assets and liabilities was positive, driven by a tight and efficient management of the Group's working capital requirements, including better management of suppliers' payment terms, in particular in the Connected Home segment;
· The addition of the EIB loan drawn in January 2017 offset the positive impact of the Term Loan repayments, resulting in a nominal gross debt of €1,103 million, up €20 million compared to end December 2016;
· Cash position at €319 million at end December 2017, down €52 million compared to end December 2016, as free cash flow contribution was offset by debt repayments (€50 million of repayments in 2017), the negative forex impacts and the acquisitions of LG and Pioneer.

The board of directors approved today these consolidated financial statements which have been audited by our statutory auditors who are in the process of issuing an unqualified opinion. 

An analyst audio webcast hosted by Frederic Rose, CEO, and Esther Gaide, CFO, will be held Wednesday, 21 February 2018 at 6:30pm CET.

*Link to the Audio Webcast                                                                                                                                                           *
http://www.technicolor.com/webcastFY2017
(The presentation slides will be made available on our website prior to the webcast)
*The replay *will be available at the latest by 9:30pm (CET) on February 21^st, 2018

*Financial calendar*

Q1 2018 business update 25 April 2018
H1 2018 results 25 July 2018

*###*

*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.

*###*

*About Technicolor*

Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go.

www.technicolor.com - Follow us: @Technicolor - linkedin.com/company/technicolor

*Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (OTCQX: TCLRY).*

*Investor Relations*

Emilie Megel : +33 1 41 86 61 48
emilie.megel@technicolor.comChristophe Le Mignan : +33 1 41 86 58 83
christophe.lemignan@technicolor.com

*UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS*

    *December 31,*
(€ in million)   *2017*   *2016*
         
*CONTINUING OPERATIONS*        
Revenues    4,231    4,628
Cost of sales    (3,651)    (3,935)
*Gross Margin*   * 580 *   * 693 *
Selling and administrative expenses    (355)    (384)
Research and development expenses    (172)    (177)
Restructuring costs    (43)    (44)
Net impairment gains (losses) on non-current operating assets    (9)    (13)
Other income (expense)    (11)    1
*Earning before Interest & Tax from continuing operations*   * (10)*   * 76 *
         
Interest income    3    4
Interest expense    (46)    (85)
Other financial income (expense)    (54)    (73)
*Net financial income (expense)*   * (97)*   * (154)*
         
Share of gain (loss) from associates    -    2
Income tax    (112)    (30)
*Profit (loss) from continuing operations*   * (219)*   * (106)*
         
*DISCONTINUING OPERATIONS*        
Net profit (loss) from discontinuing operations    46    80
         
*Net income (loss)*   * (173)*   * (26)*
Attributable to:        
- Equity holders of the parent    (172)    (26)
- Non-controlling interest    (1)    -
         
*EARNINGS PER SHARE*   *December 31,*
(in euro, except number of shares)   *2017*   *2016*
Weighted average number of shares outstanding (basic net of treasury shares held)    412,716,772    411,932,346
*Earnings (losses) per share from continuing operations*        
- basic    (0.53)    (0.26)
- diluted    (0.53)    (0.26)
*Earnings (losses) per share from discontinuing operations*        
- basic    0.11    0.20
- diluted    0.11    0.20
*Total earnings (losses) per share*        
- basic    (0.42)    (0.06)
- diluted    (0.42)    (0.06)

*UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION*

  (€ in million)   *December 31, 2017*   *December 31, 2016*
           
*ASSETS*        
  Goodwill    942    1,019
  Intangible assets    625    771
  Property, plant & equipment    243    286
  Other operating non-current assets    38    56
*TOTAL OPERATING NON-CURRENT ASSETS*   * 1,848 *   * 2,132 *
           
  Investments and available-for-sale financial assets     17       19
  Other non-current financial assets    19    39
*TOTAL FINANCIAL NON-CURRENT ASSETS*   * **36 *   * 58 *
           
  Investments in associates and joint-ventures     2      3 
  Deferred tax assets    275    423
*TOTAL NON-CURRENT ASSETS*   * 2,161 *   * 2,616 *
           
  Inventories    238    234
  Trade accounts and notes receivable    684    806
  Other operating current assets    256    284
*TOTAL OPERATING CURRENT ASSETS*   * 1,178 *   * 1,324 *
           
  Income tax receivable    37    53
  Other financial current assets    10    17
  Cash and cash equivalents    319    371
  Assets classified as held for sale    7     - 
*TOTAL CURRENT ASSETS*   * 1,551 *   * 1,765 *
           
*TOTAL ASSETS*   * 3,712 *   * 4,381 **UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION*

  (€ in million)   *December 31, 2017*   *December 31, 2016*
           
*EQUITY & LIABILITIES*        
  Common stock (414,461,178 shares at December 31, 2017 with nominal value
of 1 euro per share)    414    413
  Treasury shares    (158)    (157)
  Subordinated Perpetual Notes    500    500
  Additional paid-in capital & reserves    (38)    174
  Cumulative translation adjustment    (385)    (229)
*Shareholders' equity attributable to owners of the parent*   * 333 *   * 701 *
  Non-controlling interest    3    3
*TOTAL EQUITY*   * 336 *   * 704 *
           
  Retirement benefits obligations    355    376
  Provisions    23    35
  Other operating non-current liabilities    59    153
*TOTAL OPERATING NON-CURRENT LIABILITIES*   * 437 *   * 564 *
           
  Borrowings    1,077    998
  Deferred tax liabilities    193    217
*TOTAL NON-CURRENT LIABILITIES*   * 1,707 *   * 1,779 *
           
  Retirement benefits obligations    27    28
  Provisions    110    133
  Trade accounts and notes payable    947    992
  Accrued employee expenses    129    152
  Other current operating liabilities    334    504
*TOTAL OPERATING CURRENT LIABILITIES*   * 1,547 *   * 1,809 *
           
  Borrowings    20    52
  Income tax payable    33    35
  Other current financial liabilities    1    2
  Liabilities classified as held for sale    68     - 
*TOTAL CURRENT LIABILITIES*   * 1,669 *   * 1,898 *
           
*TOTAL LIABILITIES*   * 3,376 *   * 3,677 *
           
*TOTAL EQUITY & LIABILITIES*   * 3,712 *   * 4,381 **UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS*

    *December 31,*
(€ in million)   *2017*   *2016*
*Net income (loss)*   *(173)*   *(26)*
Income (loss) from discontinuing activities   46   80
*Profit (loss) from continuing activities*   *(219)*   *(106)*
Summary adjustments to reconcile profit from continuing activities to cash generated from continuing operations        
Depreciation and amortization   240   223
Impairment of assets   9   14
Net changes in provisions   (37)   (25)
Gain (loss) on asset disposals   (1)   (18)
Interest (income) and expense   43   81
Other non-cash items (including tax)   155   91
Changes in working capital and other assets and liabilities   72   56
*Cash generated from continuing activities*   *262*   *316*
Interest paid   (46)   (74)
Interest received   2   3
Income tax paid   (9)   (5)
*NET OPERATING CASH GENERATED FROM CONTINUING ACTIVITIES (I)*   *209*   *240*
Acquisition of subsidiaries, associates and investments, net of cash acquired   (25)   (21)
Proceeds from sale of investments, net of cash   11   52
Purchases of property, plant and equipment (PPE)   (52)   (68)
Proceeds from sale of PPE and intangible assets   1   1
Purchases of intangible assets including capitalization of development costs   (95)   (85)
Cash collateral and security deposits granted to third parties   (1)   (4)
Cash collateral and security deposits reimbursed by third parties   9   8
Loans (granted to) / reimbursed by third parties   1   -
*NET INVESTING CASH USED IN CONTINUING ACTIVITIES (II)*   *(151)*   *(117)*
Increase of Capital   1   15
Proceeds from borrowings   646   450
Repayments of borrowings   (612)   (775)
Fees paid linked to the debt   (7)   (10)
Dividends and distributions paid to Group's shareholders   (25)   (25)
Other   (31)   14
*NET FINANCING CASH GENERATED IN CONTINUING ACTIVITIES (III)*   *(28)*   *(331)*
         
*NET CASH FROM DISCONTINUED ACTIVITIES (IV)*   *(43)*   *168*
         
*CASH AND CASH EQUIVALENTS AT THE BEGINING OF THE YEAR*   *371*   *385*
*Net decrease in cash and cash equivalents (I+II+III+IV)*   *(13)*   *(40)*
Exchange gains / (losses) on cash and cash equivalents   (39)   26
*CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR*   *319*   *371**Reconciliation of adjusted indicators **(unaudited)*

Technicolor is presenting, in addition to published results and with the aim to provide a more comparable view of the evolution of its operating performance in 2017 compared to 2016 a set of adjusted indicators which exclude the following items as per the statement of operations of the Group's consolidated financial statements:

· Restructuring costs, net;
· Net impairment charges;
· Other income and expenses (other non-current items).

These adjustments, the reconciliation of which is detailed in the following table, amounted to an impact on EBIT from continuing operations of €(63) million in the 2017 compared to €(56) million in 2016.

* * *Full Year*
In € million *2016*
*Represented* *2017* Change^[6]
*EBIT* from continuing operations *76* *(10)* *(86)*
Restructuring charges, net (44) (43) +1
Net impairment losses on non-current operating assets (13) (9) +4
Other income/(expense) 1 (11) (12)
*Adjusted EBIT* from continuing operations *132* *53* *(79)*
As a % of revenues 2.9% 1.2% (170)bps
Depreciation and amortization ("D&A")* ^[7]* 227 238 +11
*Adjusted EBITDA* from continuing operations *359* *291* *(68)*
As a % of revenues 7.8% 6.9% (90)bps
^[1] FCF for reconciliation includes the free cash flow from the discontinued operations.

^[2] Year-on-year change at constant currency.

^[3] At budget rate 2018

^[4] Year-on-year change at current currency.
.

^[5] Including impact of provisions for risks, litigations and warranties.

^[6] Change at current currency.

^[7] Including impact of provisions for risks, litigations and warranties.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/e18d4263-3c4d-48da-a37f-baac53715beb Reported by GlobeNewswire 3 hours ago.

The D/L victory came as something of an anti-climax Reported by Independent 2 hours ago.

[Australia], Feb 21 (ANI): Australia's limited-overs big-hitter Chris Lynn will miss the upcoming Pakistan Super League (PSL) as he sustained a shoulder injury on Wednesday. Reported by Sify 2 hours ago.

US-Australia expert Prof Simon Jackman explains why Canberra has "doubled down" on the relationship. Reported by BBC News 2 hours ago.

SYDNEY: More than 100 rarely seen fish species were hauled up from a deep and cold abyss off Australia during a scientific voyage, researchers said Wednesday, including a cousin of the "world's ugliest animal" Mr Blobby. Reported by Bangkok Post 43 minutes ago.

However, the 27-year-old is still hopeful of playing in the Indian Premier League which is to begin from April 7. Reported by DNA 55 minutes ago.