UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of July 2009
Commission File Number: 001-14974
THOMSON
46, quai Alphonse Le Gallo
92100 Boulogne-Billancourt
France
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F 
Form 40-F 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Note: Regulation S-T Rule 101 (b) (1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
Note: Regulation S-T Rule 101 (b) (7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rule of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
If “yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) : 82- ______
Exhibits
Exhibit 99.1
Press release, "First Half 2009 Results (unaudited)", dated July 27, 2009.
Exhibit 99.2
Presentation to Investors, "Restructuring Agreement & First Half 2009 Results", dated July 27, 2009.
Exhibit 99.3
Press release, "Thomson: Presentation to Investors on July 27, 2009", dated July 27, 2009.
Thomson is a company listed on NYSE Euronext Paris and NYSE stock exchanges, and the matters discussed in this document may contain statements, including any discussion of management expectations for future periods, that constitute "forward-looking statements" within the meaning of the "safe harbor" of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements due to changes in global economic and business conditions as well as conditions specific to Thomson’s business and regulatory factors, many such factors being outside of our control. More detailed information on the potential factors that could affect the financial results of Thomson is contained in Thomson’s public statements and reports (Information Réglementée) and Thomson’s filings with U.S. Securities and Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THOMSON | |
By: | /s/ Stéphane Rougeot | |
| Name: | Stéphane Rougeot |
Date: July 27, 2009 | Title: | Executive Vice President, |
EXHIBIT 99.1
PRESS RELEASE
First Half 2009 Results (unaudited)
•
Group revenues of €1,801 million in first half 2009, a decrease of (1.9)% year over year at current exchange rates and (5.5)% at constant rates mainly due to retail telephony exit
o
Revenues from new perimeter of €1,730 million, +2.4% year over year at current rates and (1.2)% at constant rates. Thomson Connect and Licensing activities recorded revenue growth in first half 2009. DVD activity impacted by lower replication volumes, partly offset by mix improvements and stable revenues overall for other Technicolor activities
o
Second quarter 2009 Group revenues (10.6)% at current rates and (12.8)% at constant rates. Second quarter 2009 revenues from new perimeter (6.0)% at current rates and (8.1)% at constant rates. On a sequential basis, 2009 second quarter revenues showed a slight increase compared to 2009 first quarter revenues at constant rates
•
Increase in operating profitability in first half 2009 with EBIT of €51 million, a €30 million increase year on year, +1.7pt margin improvement
o
Operating profitability gains mainly driven by more favourable business mix, cost reduction measures and operating efficiencies across all businesses
•
Consolidated net result of €(325) million of which €(306) million for non cash impairment charge resulting mainly from Grass Valley and PRN asset disposal process
o
Excluding impairments and restructuring charges of €(305) million, adjusted net result of €(20) million in first half 2009, an improvement compared to €(89) million in first half 2008
•
Net debt of €2,311 million on 30 June 2009, stable compared to €2,357 million at the end of the first quarter 2009. Cash position of €511 million on 30 June 2009
o
Group free cash flow of €(239) million in first half 2009 mainly due to the one-off working capital increase incurred in first quarter 2009
1
Paris, 27 July 2009 – The Board of Directors of Thomson (Euronext Paris: 18453, NYSE: TMS), met today to approve the Group’s first half 2009 results.
Comment by Frederic Rose, Chairman and CEO
«The first half 2009 results reflect our determination to generate operational profitability and cash flow. These are our two overriding objectives for the months to come as we pursue the execution of our strategy to refocus our business around our content creator customers. This performance, achieved in the midst of our balance sheet restructuring, is a testimony to the commitment of our employees in what was a very challenging environment for Thomson.”
Summary of consolidated first half 2009 results (unaudited)
In € million unless otherwise stated | 1H 2008 | 1H 2009 | Change, |
Technicolor revenues | 814 | 797 | (2.1)% |
Change at constant rates | (6.3)% | ||
Thomson Connect revenues | 689 | 732 | +6.2% |
Change at constant rates | 2.8% | ||
Technology revenues | 181 | 195 | +7.9% |
Change at constant rates | 5.6% | ||
Corporate and other revenues | 151 | 77 | (48.9)% |
Change at constant rates | (52.0)% | ||
Group net revenues from continuing operations | 1,835 | 1,801 | (1.9)% |
Change at constant rates | (5.5)% | ||
Of which new perimeter | 1,690 | 1,730 | +2.4% |
Change at constant rates | (1.2)% | ||
EBIT+Depreciation and Amortization | 136 | 156 | +14.0% |
EBIT+D&A margin (%) | 7.4% | 8.7% | +1.3 pts |
EBIT from continuing operations | 21 | 51 | +30 |
Financial costs (net) | (73) | (10) | +63 |
Share of profit/(loss) from associates | (1) | (1) | 0 |
Income tax | (18) | (36) | (18) |
Profit/(loss) from continuing operations | (71) | 4 | +75 |
Loss from discontinued operations | (111) | (329) | (218) |
Net loss, Group share | (182) | (325) | (143) |
Free cash flow* | (109) | (239) | (130) |
Net financial debt | 1,315 | 2,311 | +996 |
* Free cash flow is defined as operating cash from / (used) in operating activities less change in working capital and other assets and liabilities, tax, financial and non current cash out. | |||
2
Adjusted indicators (unaudited)
Thomson is presenting, in addition to published results and with the aim to provide a more comparable view of the evolution of its operating performance, a set of adjusted indicators which exclude impairments and restructuring charges.
In € million unless otherwise stated | 1H 2008 | 1H 2009 | Change, |
Impairment and restructuring included in EBIT and EBIT+D&A from continuing operations | 36 | 33 | (3) |
Adjusted EBIT+Depreciation and Amortization | 173 | 189 | +16 |
Adjusted EBIT+D&A margin (%) | 9.4% | 10.5% | +1.1 pt |
Adjusted EBIT | 57 | 84 | +27 |
Adjusted EBIT margin (%) | 3.1% | 4.7% | +1.6 pts |
Impairment and restructuring included in discontinued operations | 57 | 272 | +215 |
Adjusted net loss, Group share* | (89) | (20) | +69 |
* Adjusted net result is defined as net result before impairments and restructuring | |||
3
Group highlights
•
Second quarter 2009 Group revenues amounted to €886 million, down (10.6)% at current rates and (12.8)% at constant rates. Second quarter 2009 revenues from new perimeter down (6.0)% at current rates and (8.1)% at constant rates. The difference between year on year revenue variance for the first and second quarters 2009 results from a significant revenue imbalance between the first two quarters in 2008 related to product delivery timing for a Thomson Connect customer. On a sequential basis, 2009 second quarter revenues showed a slight increase compared to 2009 first quarter revenues at constant rate.
•
Group revenues from continuing activities for the first half 2009 were down (1.9)% at current rates compared to first half 2008, and down (5.5)% at constant rates mainly due to exit of retail telephony. Revenues from the Group’s new perimeter 2.4% at current rates compared to first half 2008, and down (1.2)% at constant rates. Technicolor activities suffered from a strong decline in SD-DVD replication volumes, but benefited from positive trends in Film activities and from the resilience of the Media Management and Content Distribution businesses. Thomson Connect recorded revenue growth in 1H 09, benefiting from strong demand and stable average selling price overall. Technology revenues increased by 5.6% at constant rates, supported by growth in Licensing business.
•
Despite the revenue decrease, the Group recorded a €20 million increase in EBIT+D&A from continuing operations at 156 million, a 8.7% margin in first half 2009. This 1.3 points margin increase was mainly driven by mix improvement, cost reduction measures and operating efficiencies across all businesses. Adjusted EBIT+D&A (from impairments and restructuring charges) amounted to €189 million in first half 2009, a margin increase of 1.1 points compared to first half 2008. Earnings before interest and tax from continuing activities increased to €51 million in first half 2009 compared to €21 million in first half 2008.
•
Net result (Group share) amounted to €(325) million in first half 2009, reflecting higher impairment and restructuring charges compared to first half 2008. Excluding these charges, the Group adjusted net result amounted to €(20) million in first half 2009, a €69 million improvement compared to 1H 2008, reflecting the increase in EBIT from continuing operations and lower financial charges, partly offset by higher deferred tax charges.
•
Operating cash flow1 from continuing operations amounted to €63 million in first half 2009, compared to €51 million in first half 2008. Thomson generated a negative Group free cash flow of €(239) million in first half 2009 compared to €(109) in first half 2008. Free cash flow from continuing activities amounted to €(172) million in first half 2009 mainly due to the one-off working capital increase incurred in first quarter 2009, associated with the alignment of the supplier payment cycle to contractual terms. Free cash flow from discontinued activities improved substantially to €(67) million in first half 2009 compared to €(150) million in first half 2008 mainly due to exit of Audio Video Accessories businesses.
•
Net debt on 30 June 2009 stood at €2,311 million, nearly stable compared to its level of €2,357 million at the end of the first quarter 2009. The cash position of the Group at 30 June 2009 was €511 million, compared to €586 million at the end of the first quarter 2009.
1 EBIT+D&A minus capex and cash restructuring
4
Divisional highlights
Technicolor
Revenues for the quarter are presented in accordance with IFRS, and therefore exclude activities now treated as discontinued. Previously reported revenues for Technicolor in 1H 2008 came to €906 million, of which €92 million from Media Networks business (principally PRN and Screenvision) now treated as discontinued, the. Previous EBIT for Technicolor in 1H 2008 amounted to €(34) million, of which €(6) million from activities now treated as discontinued.
In € million | 2Q 2008 | 2Q 2009 | 1H 2008 | 1H 2009 |
Revenues | 407 | 387 | 814 | 797 |
Change, as reported (%) | (4.7)% | (2.1)% | ||
Change at constant currency (%) | (8.9)% | (6.3)% | ||
EBIT+D&A | 54 | 58 | ||
Change, as reported (%) | 7.5% | |||
EBIT+D&A margin (%) | 6.6% | 7.3% | ||
Adjusted EBIT+D&A | 68 | 77 | ||
Change, as reported (%) | 12.4% | |||
Adjusted EBIT+D&A margin (%) | 8.4% | 9.7% | ||
EBIT | (28) | (9) | ||
EBIT margin (%) | (3.5)% | (1.1)% | ||
Adjusted EBIT | (14) | 9 | ||
Adjusted EBIT margin (%) | (1.7)% | 1.1% |
Despite a 22% volume decline in DVD replication and an economic environment which weighed on funding for film production and releases, Technicolor limited its revenue decrease to 6.3% in first half 2009 compared to first half 2008 at constant currency. Technicolor was able to offset in great part the margin impact of lower SD-DVD replication volumes and reduced activity in production and post-production through:
-
resilience of distribution activities and stable volumes in Film release printing with a more favorable mix compared to 1H 2008;
-
continued growth in Media Management services and stable Content Distribution business.
The adjusted EBIT+D&A margin of Technicolor increased by 1.3 points in 1H 2009 compared to 1H 2008. Content Services benefited from strong momentum in Media Management services, offset by the impact of lower activity in production and post-production on margins. Physical Media activities were able to mitigate the negative profitability impact associated with lower revenues as a result of an improved business mix and operational efficiency gains linked to restructuring actions. Content Distribution services profitability improved on the back of a tighter control on costs and operating processes.
5
•
Content Services (digital production, post-production and content media management)
During the first half 2009, digital production (visual effects, animation and games) benefited from a sustained level of activity for animation services, but suffered from uncertainties related to the funding of new film projects and from a weak advertising market, which weighed on visual effects activities. However, the Group was able to secure major film projects in the second quarter of 2009, leading to a strong backlog build-up at end of first half 2009.
Post-production revenues were down in first half 2009, with activity levels at historical lows, particularly in North America as a result of the economic environment. This slowdown in activity levels was amplified in the second quarter of 2009 as it became more challenging for non-major studios the raise funding to support the marketing of movie releases.
Media management services showed robust growth in 1Q 2009 which tempered somewhat in 2Q 2009, fueled by higher volumes related to studios catalogs and stronger business in digital post-production services and for packaged media (including compression and authoring for Blu-ray™ discs).
•
Physical Media (Film and DVD Services)
KPIs | 2Q 2008 | 2Q 2009 | 1H 2008 | 1H 2009 |
Film footage (bn feet) | 1.1 | 1.0 | 1.8 | 1.8 |
Change (%) | (7%) | 0% | ||
DVD volumes (million units) | 285 | 219 | 597 | 465 |
Change (%) | (23)% | (22%) |
Film Services revenues grew in first half 2009 on a strong film release slate and on an improved geographical mix. Film reel volumes were flat in 1H 2009 compared to 1H 2008, with demand from major studios compensating for lower activity from independent and mini major studios.
SD-DVD replication volumes declined substantially in first half 2009, especially in North America. However, the SD-DVD replication volume impact on margin was partly compensated by:
-
a strong improvement in mix year-on-year, with significant volume growth in high-definition discs (Blu-ray™) and lower kiosks volumes;
-
the resilience of the distribution business.
•
Content Distribution Services
Content Distribution Services revenues were nearly flat in 1H 2009, with limited new opportunities as customers are impacted by a declining advertising market. Key focus in 1H 2009 was on operational improvements and cost reductions in conjunction with the migration of ITV into our UK facility.
6
Thomson Connect
Revenues for the quarter and six-month operating profitability are presented in accordance with IFRS, and therefore exclude activities now treated as discontinued. Previously reported revenues for Thomson Connect in 1H 2008 amounted to €1,109 million, of which €420 million from activities now treated as discontinued or Other Continuing, principally the Grass Valley business and the remaining European and Asian Telephony businesses. Previous EBIT for Thomson Connect in 1H 2008 amounted to €(26) million, of which €(21) million from activities now treated as discontinued.
In € million | 2Q 2008 | 2Q 2009 | 1H 2008 | 1H 2009 |
Revenues | 402 | 364 | 689 | 732 |
Change, as reported (%) | (9.7)% | |||
Change at constant currency (%) | (12.3)% | 2.8% | ||
EBIT+D&A | 32 | 52 | ||
Change, as reported (%) | 60.1% | |||
EBIT+D&A margin (%) | 4.6% | 7.1% | ||
Adjusted EBIT+D&A | 42 | 52 | ||
Change, as reported (%) | 24.7% | |||
Adjusted EBIT+D&A margin (%) | 6.1% | 7.1% | ||
EBIT | 3 | 9 | ||
EBIT margin (%) | 0.5% | 1.2% | ||
Adjusted EBIT | 13 | 10 | ||
Adjusted EBIT margin (%) | 1.9% | 1.4% | ||
KPIs | ||||
Cable (m) | 1.5 | 1.3 | 2.5 | 2.7 |
Satellite (m) | 2.8 | 2.4 | 5.0 | 4.7 |
Telecom (m) | 2.9 | 3.0 | 5.1 | 5.9 |
Total Access Products (m) | 7.3 | 6.8 | 12.7 | 13.2 |
Change | (6.9)% | 4.1% |
Following an unusually weak 1Q 2008 which was compensated by an unusually strong 2Q 2008, the performance of Thomson Connect was more even over 1H 2009. Compared to 1H 2008, growth in access products revenues in 1H 2009 was mainly attributable to:
-
Slight growth in Cable volumes, mainly driven by strong demand for Western European operators;
-
Slight decline in Satellite volumes due to an unfavourable comparison base against an exceptionally strong 2Q 2008; the mix in Satellite continues to improve with sustained demand for high-end devices (HD-PVR);
-
Improved mix in Telecom driven by a sustained demand in high-end devices and multi-service gateways;
-
Stable average selling prices overall.
Revenues of the Software Service Platform business in the second quarter 2009 remained very negatively impacted by a significant decline in investments due to the current economic environment.
7
Despite the negative impact of lower revenues from SSP on margins, operating profitability of the Thomson Connect activity increased in 1H 2009 compared to 1H 2008 on the back of an improved product mix, tighter control over bid processes as well as costs optimization efforts.
•
Technology
In € million | 2Q 2008 | 2Q 2009 | 1H 2008 | 1H 2009 |
Revenues | 100 | 102 | 181 | 195 |
Change, as reported (%) | 2.3% | 7.9% | ||
Change at constant currency (%) | 10.1% | 5.6% | ||
Of which Licensing revenues | 96 | 100 | 175 | 192 |
Change, as reported (%) | 4.4% | 7.3% | ||
Change at constant currency (%) | 12.5% | 9.7% | ||
EBIT+D&A | 125 | 124 | ||
Change, as reported (%) | (0.8)% | |||
EBIT+ D&A margin (%) | 69.1% | 63.6% | ||
Adjusted EBIT+D&A | 126 | 140 | ||
Change, as reported (%) | 11.3% | |||
Adjusted EBIT+D&A margin (%) | 69.6% | 71.8% | ||
EBIT | 118 | 116 | ||
EBIT margin (%) | 65.0% | 59.5% | ||
Adjusted EBIT | 118 | 132 | ||
Adjusted EBIT margin (%) | 65.2% | 67.7% |
In 1H 2009, Licensing activities benefited from a stable revenue stream from the MPEG-LA pool and from the signature of licensing contracts which the Group had decided to delay at the end of 2008 to extract better value from related patents.
Excluding the impact of a €13 million impairment charge on the trademark portfolio, the adjusted EBIT+D&A of Technology reached €140 million in first half 2009, or 71.8% of revenues, benefiting from higher revenues from the Licensing business.
•
Discontinued activities
Total EBIT from discontinued activities amounted to € (323) million in 1H 2009. This EBIT loss was largely related to held for sale activities, which included a €(276) million impairment charges resulting mainly from estimated transaction values of Grass Valley and PRN.
An analyst conference call hosted by Frederic Rose, Chairman and CEO and Stephane Rougeot, CFO will be held at 15:00 CET today.
8
Notice
Thomson is a company listed on NYSE Euronext Paris and NYSE stock exchanges, and these materials contain certain statements, including Thomson’s current intentions, beliefs or expectations about its balance sheet restructuring and the timetable for completion of the balance sheet restructuring, and its future results of operations, financial condition, liquidity and prospects, that constitute "forward-looking statements" within the meaning of the "safe harbor" of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements due to changes in global economic and business conditions as well as conditions specific to the balance sheet restructuring and its implementation, including the ability to obtain the necessary regulatory, shareholder and other approvals, many such factors being outside of our control. Detailed information on the potential factors that could affect the financial results of Thomson is contained in Thomson's public statements and reports (Information Réglementée) and Thomson’s filings with U.S. Securities and Exchange Commission.
These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein (the “Securities”) have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”).
The Securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States.
Contacts
External Communications, phone: +33 1 41 86 53 93
Investor Relations, phone: +33 1 41 86 55 95
9
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
10
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
11
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
12
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(€ in millions) | Six months ended June 30, | ||
2008 Unaudited | 2009 Unaudited | ||
Net income (loss) | (182) | (325) | |
Loss from discontinued operations | (111) | (329) | |
Profit (loss) from continuing operations | (71) | 4 | |
Summary adjustments to reconcile profit from continuing operations to cash generated from continuing operations | |||
Depreciation and Amortization | 131 | 120 | |
Impairment of assets | 6 | 30 | |
Net changes in provisions | - | (28) | |
(Profit) / loss on asset sales | - | (3) | |
Interest (income) and expense | 35 | 29 | |
Other non cash items (including tax) | 41 | 35 | |
Changes in working capital and other assets and liabilities | 14 | (199) | |
Cash generated from / (used in) continuing operations | 156 | (12) | |
Interest paid | (28) | (51) | |
Interest received | 13 | 3 | |
Income tax paid | 1 | (15) | |
Net operating cash generated from / (used in) continuing activities | 142 | (75) | |
Net operating cash used in discontinued operations | (123) | (58) | |
Net cash from / (used in) operating activities (I) | 19 | (133) | |
Acquisition of subsidiaries, associates and investments, net of cash acquired | (13) | (1) | |
Net cash impact from sale of investments | 10 | (2) | |
Purchases of property, plant and equipment (PPE) | (73) | (84) | |
Proceeds from sale of PPE | 1 | 6 | |
Purchases of intangible assets including capitalization of development costs | (30) | (19) | |
Cash collateral (granted to) / reimbursed by third parties | - | (16) | |
Loans (granted to) / reimbursed by third parties | - | (11) | |
Net investing cash used in continuing activities | (105) | (127) | |
Net investing cash used in discontinued operations | (41) | (15) | |
Net cash used in investing activities (II) | (146) | (142) | |
Proceeds from borrowings | 500 | 49 | |
Repayments of borrowings | (247) | (51) | |
Net financing cash generated from/ (used in) continuing activities | 253 | (2) | |
Net financing cash used in discontinued operations | - | (1) | |
Net cash provided by / (used) in financing activities (III) | 253 | (3) | |
Net (decrease) / increase in cash and cash equivalents (I+II+III) | 126 | (278) | |
Cash and cash equivalents at beginning of period | 572 | 769 | |
Exchange gain / (losses) on cash and cash equivalents | (33) | 20 | |
Cash and cash equivalents at end of period | 665 | 511 | |
13
EXHIBIT 99.2
EXHIBIT 99.3
PRESS RELEASE
Thomson: Presentation to Investors on July 27, 2009
Paris (France), 27 July 2009 –Thomson(Euronext 18453; NYSE: TMS) announces that the presentation made to Investors today, called « Restructuring agreement and first half 2009 results », is available:
-
On Thomson’s English website, in the “Investor Center” section
o
http://www.thomson.net/GlobalEnglish/Corporate/InvestorCenter/Pages/default.aspx
o
http://www.thomson.net/GlobalEnglish/Corporate/InvestorCenter/presentations/Pages/default.aspx
o
http://www.thomson.net/GlobalEnglish/Corporate/InvestorCenter/publicationcenter/Pages/default.aspx
o
http://www.thomson.net/GlobalEnglish/Corporate/InvestorCenter/financial_results/Pages/default.aspx
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On Thomson’s French website, in the “Relations Investisseurs” section
o
http://fr.thomson.net/FR/Home/Investor/
o
http://fr.thomson.net/FR/Home/Investor/PubsandPresents.htm
o
http://fr.thomson.net/FR/Home/Investor/Financial_Results/resultats-financiers-2009.htm
-
Directly on :www.thomson.net/presentation
***
Certain statements in this press release, including any discussion of management expectations for future periods, constitute “forward-looking statements” within the meaning of the “safe harbor” of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements due to changes in global economic and business conditions, “media and entertainment” markets, and regulatory factors. More detailed information on the potential factors that could affect the financial results of Thomson is contained in Thomson’s filings with the U.S. Securities and Exchange Commission.
****
About Thomson:
Thomson (Euronext Paris: 18453; NYSE: TMS) is a worldwide leader of services to content creators. http://www.thomson.net
Press contacts: 33 (0)1 41 86 53 93
thomsonpressoffice@thomson.net
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