Universal Registration Document 2021

2 OPERATING AND FINANCIAL REVIEW AND PROSPECTS LIQUIDITY AND CAPITAL RESOURCES

Net cash used in discontinued activities Net cash used in discontinued operations was €29 million in 2021 compared to €23 million of cash used in 2020. Financial resources 2.3.3 Gross financial IFRS debt totalled €1,235 million at the end of 2021, compared with €1,142 million at the end of 2020. At December 31, 2021 and at December 31, 2020 debt consisted primarily of (i) term loans issued by Technicolor USA Inc. in U.S. dollars and New York law based notes issued by Tech 6 in euros (together, the “New Money” debt), (ii) Reinstated Term Loans issued by Technicolor SA in U.S. dollars and euros (the “Reinstated Term Loans”) comprising the remaining term loan and revolving credit facility debt following their partial conversion to equity in the Group’s financial restructuring in 2020 and (iii) lease liabilities. Financial debt due within one year amounted to €65 million at the end of 2021 and €72 million at the end of 2020. At December 31, 2021 the Group had €196 million of cash and deposits, compared with €330 million at December 31, 2020. For more detailed information please see the notes to the Group’s consolidated financial statements and for the Group’s debt, please refer to note 8.2.

acquisition of businesses (net of cash acquired), which amounted to • €0 million in 2021, compared to €(3) million in 2020; proceeds from sales of investments, net of cash, which amounted to • €27 million in 2021 (Post Production activity disposal) compared to €7 million in 2020 (net of cash in companies disposed of); net granting of loans & security deposits amounted to €2 million • in 2020 compared to €(34) million in 2020. NET CASH USED IN FINANCING ACTIVITIES Continuing operations Net financing cash used in continuing activities was €(68) million in 2021 compared to €522 million of cash generated in 2020. In 2021, the net cash used resulted from the repayment of lease debts. In 2020, the net cash generated resulted from the new debt raised as part of the Group’s financial restructuring. For more information, please refer to note 11.2 to the Group’s consolidated financial statements.

Amount at December 31, 2021 (in million euros)

Type of interest rate

First maturity

Existence of hedges

New Money/Reinstated debt

Floating

1,008

2024 2024 2022 2022

No No No No

New Money/Reinstated debt – accrued interest

NA

34

Lease liabilities

Fixed

192

Other debt

Various

1

TOTAL DEBT

1,235

Available cash and deposits Committed credit facilities (1)

Floating Floating

196 0 to 1 month

No

110

TOTAL LIQUIDITY 306 Availability varies depending on the amount of receivables (please refer to note 8.5.5 to the consolidated financial statements). (1)

PROVISIONS FOR PENSIONS AND ASSIMILATED BENEFITS In addition to the debt position described above, the Group has reserves for post-employment benefits that it provides to its employees and former employees, which amounted to €295 million at December 31, 2021 (compared with €355 million at December 31, 2020). For more information on the Group’s reserves for post-employment benefits, please refer to note 9.2 to the Group’s consolidated financial statements. LIQUIDITY RISK For more information about the Group’s liquidity risk, please refer to note 8.5.5 of the Group’s consolidated financial statements.

RATINGS The Group uses the services of rating agencies to help investors evaluate the credit quality of the Group’s debt. In September 2021, Standard & Poor’s (S&P) affirmed the CCC+ rating on Technicolor SA (corporate rating), the B rating on the New Money debt and the CCC rating on the Reinstated Term Loans. All ratings have a stable outlook. In September 2021, Moody’s affirmed the Caa2 rating on Technicolor SA (corporate rating), the Caa1 rating on the New Money debt and changed to Caa3 the rating on the Reinstated Term Loans. All ratings have a positive outlook. None of the Group’s debt has clauses referring to the Group’s credit ratings.

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TECHNICOLOR UNIVERSAL REGISTRATION DOCUMENT 2021