technicolor - 2019 Universal registration document

6 FINANCIAL STATEMENTS

FINANCIAL ASSETS, FINANCING LIABILITIES & DERIVATIVE FINANCIAL INSTRUMENTS

8.2.3

LIQUIDITY RISK AND MANAGEMENT OF FINANCING AND OF CAPITAL STRUCTURE

Among other things these reviews take into account the Group’s debt maturity schedule, covenants, projected cash flows and financing needs. To implement these policies, the Group uses various long-term and committed financings which may include equity (see note 7.1), debt (see note 8.3), subordinated debt (see note 7.2.2) and committed credit lines. The tables below show the future contractual cash flow obligations due on the Group’s debt. The interest rate flows due on floating rate instruments are calculated based on the rates in effect at December 31, 2019 and December 31, 2018, respectively.

Liquidity risk is the risk of being unable to raise funds in the financial markets necessary to meet upcoming obligations. In order to reduce this risk, the Group pursues policies with the objectives of having continued uninterrupted access to the financial markets at reasonable conditions. These policies are developed based on regular reviews and analysis of its capital structure, including the relative proportion of debt and equity in the context of market conditions and the Group’s financial projections.

At December 31, 2019

There after

2020 2021

2022 2023 2024

Total

(in million euros)

Floating rate Term Loan Debt – principal Term Loan Debt – accrued interest Lease liabilities – principal and accrued interest Other debt – principal and accrued interest TOTAL DEBT PRINCIPAL PAYMENTS

3 3

3

2

976

- -

- -

984

-

-

-

3

87

61

42

31

26

65

312

2

-

1

-

-

-

3

95

64

45 1,007

26

65 1,302

IFRS Adjustment

(4)

Debt in IFRS

1,298

Floating rate Term Loan Debt – interest

37 18

37 13

36

34

-

-

144

Lease liabilities – interest Other debt – interest

9

7

5

52

-

-

-

-

-

- -

-

TOTAL INTEREST PAYMENTS

55

50

45

41

5

196

At December 31, 2018

There after

Total

2019 2020 2021

2022 2023

(in million euros)

Floating rate Term Loan Debt – principal Term Loan Debt – accrued interest Other debt – principal and accrued interest TOTAL DEBT PRINCIPAL PAYMENTS

3 3

2

3

3

972

- - - -

983

-

-

-

- -

3

14

13 15

14 17

2 5

43

20

972

1,029

IFRS Adjustment

(5)

Debt in IFRS

1,024

38

38

38

38

35

- - -

187

Floating rate Term Loan Debt – interest

Other debt – interest

2

1

-

-

-

3

TOTAL INTEREST PAYMENTS

40

39

38

38

35

190

The contractual cash flow obligations of the Group due to its current debt are considered to be equal to the amounts shown in the consolidated statement of financial position. Credit Lines

2019

2018

(in million euros)

Undrawn, committed lines expiring in more than one year

361

359

TECHNICOLOR UNIVERSAL REGISTRATION DOCUMENT 2019 236