COMBINED FINANCIAL STATEMENTS

TECHNICOLOR CREATIVE STUDIOS

COMBINED FINANCIAL STATEMENTS Combined financial statements as at and for the years ended December 2021,

2020 and 2019

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TECHNICOLOR CREATIVE STUDIOS COMBINED FINANCIAL STATEMENTS

COMBINED STATEMENT OF PROFIT AND LOSS

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COMBINED STATEMENT OF COMPREHENSIVE INCOME

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COMBINED STATEMENT OF FINANCIAL POSITION

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COMBINED STATEMENT OF CASH FLOWS

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COMBINED STATEMENT OF CHANGES IN EQUITY

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NOTES TO THE COMBINED FINANCIAL STATEMENTS

1 GENERAL INFORMATION............................................................................................................................... 9 1.1 BACKGROUND OF THE COMBINED FINANCIAL STATEMENTS ............................................................................................... 9 1.2 MAIN EVENTS................................................................................................................................................................ 9 1.2.1. TECHNICOLOR CREATIVES STUDIOS REORGANIZATION .................................................................................................... 9 1.2.2. COVID-19 PANDEMIC................................................................................................................................................... 10 1.3 ACCOUNTING POLICIES ................................................................................................................................................ 10

2 SCOPE OF COMBINATION ........................................................................................................................... 17 2.1 SCOPE AND COMBINATION METHOD .............................................................................................................................. 17 2.2 CHANGE IN THE SCOPE OF COMBINED ACCOUNTS DURING 2021...................................................................................... 17 2.3 CHANGE IN THE SCOPE OF COMBINED ACCOUNTS DURING 2020...................................................................................... 18 2.4 CHANGE IN THE SCOPE OF COMBINED ACCOUNTS DURING 2019...................................................................................... 18

3 INFORMATION ON OPERATIONS ................................................................................................................ 18 3.1 INFORMATION BY BUSINESS SEGMENTS......................................................................................................................... 18 3.2 REVENUE FROM CONTRACTS WITH CUSTOMERS ............................................................................................................ 21 3.3 OPERATING INCOME & EXPENSES................................................................................................................................. 23 3.4 NET FINANCIAL INCOME (EXPENSE) ............................................................................................................................... 24

4 GOODWILL, INTANGIBLE & TANGIBLE ASSETS ....................................................................................... 24 4.1 GOODWILL.................................................................................................................................................................. 24 4.2 INTANGIBLE ASSETS .................................................................................................................................................... 26 4.3 PROPERTY, PLANT & EQUIPMENT ................................................................................................................................. 28 4.4 RIGHT-OF-USE ASSETS ................................................................................................................................................ 29 4.5 IMPAIRMENT ON NON-CURRENT OPERATING ASSETS ...................................................................................................... 30

5 OTHER OPERATING INFORMATION ........................................................................................................... 32 5.1 OPERATING ASSETS & LIABILITIES ................................................................................................................................ 32

6 INCOME TAX .................................................................................................................................................. 33 6.1 INCOME TAX RECOGNIZED IN PROFIT AND LOSS.............................................................................................................. 33 6.2 TAX POSITION IN THE STATEMENT OF FINANCIAL POSITION .............................................................................................. 34

7 INVESTED EQUITY ........................................................................................................................................ 36

8 RELATED PARTY TRANSACTIONS ............................................................................................................. 37

9 FINANCIAL ASSETS, FINANCING LIABILITIES & DERIVATIVE FINANCIAL INSTRUMENTS.................. 38 9.1 FINANCIAL ASSETS ...................................................................................................................................................... 38 CASH AND CASH EQUIVALENTS .............................................................................................................................................. 38 9.2 FINANCIAL LIABILITIES.................................................................................................................................................. 38 9.2.1 BORROWINGS ............................................................................................................................................................. 38 9.3 DERIVATIVE FINANCIAL INSTRUMENTS ........................................................................................................................... 39 9.4 FAIR VALUES .............................................................................................................................................................. 41 9.5 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES .................................................................. 44

10 CASH FLOW RECONCILIATION ................................................................................................................... 48 10.1 FINANCING ................................................................................................................................................................. 48 10.2 CHANGES IN WORKING CAPITAL .................................................................................................................................... 50

11 EMPLOYEE BENEFITS .................................................................................................................................. 50 11.1 INFORMATION ON EMPLOYEES ...................................................................................................................................... 50 11.2 POST-EMPLOYMENT & LONG-TERM BENEFITS ................................................................................................................ 51 11.3 SHARE-BASED COMPENSATION PLANS .......................................................................................................................... 51 11.4 KEY MANAGEMENT COMPENSATION .............................................................................................................................. 52

12 PROVISIONS & CONTINGENCIES................................................................................................................ 52 12.1 DETAIL OF PROVISIONS................................................................................................................................................ 53 12.2 CONTINGENCIES ......................................................................................................................................................... 53 12.3 CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS ...................................................................................... 53

13 DISCONTINUED OPERATIONS AND HELD FOR SALE OPERATIONS ..................................................... 55 13.1 DISCONTINUED OPERATIONS........................................................................................................................................ 55 13.2 ASSETS & LIABILITIES HELD FOR SALE ........................................................................................................................... 56

14 SUBSEQUENT EVENTS ................................................................................................................................ 57

15 LIST OF MAIN COMBINED SUBSIDIARIES.................................................................................................. 59

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COMBINED STATEMENT OF PROFIT AND LOSS

( in million)

CONTINUING OPERATIONS Revenue Cost of sales Gross margin

Selling and administrative expenses Restructuring costs Net impairment losses on non-current operating assets Other income (expense) Earnings before Interest & Tax (EBIT) from continuing operations

Interest income Interest expense Other financial income (expense) Net financial expense

Share of gain (loss) from associates Income tax income (expense) Loss from continuing operations

Note

(3.2) (3.3.1)

(3.3.1) (12.1) (4.5) (3.3.3)

(3.4)

(6)

DISCONTINUED OPERATIONS

Net gain (loss) from discontinued operations

(13)

Net loss for the year

Attribuable to : - Equity holders - Non-controlling interest

Year ended December 31,

2021

2020

2019

601 (495) 106

(78) (5) (4) 0 20

10 (31)

(21)

(18) (19)

438 (430)

8

(79) (24)

(3) (2) (100)

5 (19)

2 (12)

0 10 (102)

771 (659) 112

(88) (11)

(2) 0 11

4 (31)

(3) (30)

0 (8) (27)

5

(24)

(11)

-

-

-

(14-)

(126-)

(38-)

(14)

(126)

(38)

-

-

-

The accompanying notes on pages 9 to 59 are an integral part of these combined financial statements.

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COMBINED STATEMENT OF COMPREHENSIVE INCOME

( in million)

Note

Net income (loss) for the year

Items that will not be reclassified to profit and loss

Remeasurement of the defined benefit obligations

Tax relating to these items

Items that may be reclassified subsequently to profit or loss

Fair value gains / (losses), gross of tax on cash flow hedges:

- reclassification adjustments when the hedged forecast

(9.5)

transactions affect profit or loss

Tax relating to these items

Currency translation adjustments - currency translation adjustments of the year - reclassification adjustments on disposal or liquidation of a foreign operation

Tax relating to these items

Total other comprehensive income Total other comprehensive income of the period

Attribuable to : - Equity holders - Non-controlling interest

Year ended December 31,

2021

2020

2019

(14)

(126)

(38)

1

(1)

(1)

-

-

-

-

0

3

-

-

-

14

(19)

7

-

-

-

-

-

-

15

(20)

9

1

(146)

(29)

1

(146)

(29)

-

-

-

The accompanying notes on pages 9 to 59 are an integral part of these combined financial statements.

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COMBINED STATEMENT OF FINANCIAL POSITION

( in million)

ASSETS Goodwill Intangible assets Property, plant and equipment Right-of-use assets Other operating non-current assets

TOTAL OPERATING NON-CURRENT ASSETS

Non-consolidated investments Other financial non-current assets TOTAL FINANCIAL NON-CURRENT ASSETS

Deferred tax assets TOTAL NON-CURRENT ASSETS

Trade accounts and notes receivable Contract assets Other operating current assets TOTAL OPERATING CURRENT ASSETS

Income tax receivable Other financial current assets Cash and cash equivalents Assets classified as held for sale TOTAL CURRENT ASSETS

TOTAL ASSETS

December 31,

Note

2021

December 31, 2020

December 31, 2019

(4.1)

188

176

192

(4.2)

96

102

118

(4.3)

46

51

81

(4.4)

117

98

209

11

9

9

459

436

610

(9.4)

1

-

-

(9.4)

14

16

5

14

16

6

(6.2)

22

22

10

495

475

626

(5.1)

63

57

71

(3.2)

74

42

62

(5.1)

31

38

36

169

137

169

7

7

12

(9.4)

181

65

139

(9.1)

12

28

9

(13.2)

2

73

-

372

310

328

866

785

954

The accompanying notes on pages 9 to 59 are an integral part of these combined financial statements.

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