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were hit by the halting of activity in the film industry and the associated cinema closures. So if we turn over to slide four, 2020 at a glance. 2020 was, as I've said, above all, a year where Technicolor has re-engineered its operations. We strengthened our balance sheet through a successful financial restructuring, and we significantly improved our operations. our profitability and our cash generation, ultimately creating value for all of our stakeholders. The management team has been renewed and their incentives have been realigned to create value for the company in the short and in the medium term. We gained momentum towards becoming a more innovative, faster to market and artistically cutting edge company. And in the process, we achieved permanent cost savings of around 170 million euros. Despite the pandemic, as I've said, we exceeded our 2020 guidance on all metrics, EBITDA, EBITDA, and free cash flow. We're looking forward to the future with confidence, and we're gonna continue to execute our transformation program to deliver improved operational and financial performance. Turning to slide five, Our 2020 results are a significant achievement in the context of the successive waves of COVID-19. Our revenue of 3 billion euros demonstrates, however, the resiliency of the group's activities in the face of the pandemic. Production services had better than expected levels of activity in advertising, which helped mitigate the slower than anticipated return to activity in live action shooting. The connected home performance was driven by strong consumer demand for better broadband and Wi-Fi, particularly in North America. DVD services registered continued strong back catalog demand, which partly offset the lack of new film releases. Our adjusted EBITDA reached 167 million euros, including a second half where we saw more than doubling compared to the first half. Our adjusted EBITDA was negative 56 million euros as a result of the lower EBITDA mitigated by lower depreciation and amortization and reserves. Our continuing free cash flow was negative at 124 million euros, but that was within the range to which we guided and represented a positive inflow of 118 million euros in the second half of the year. Moving on to slide six, production services revenue amounted to 513 million euros in 2020, down 41.4% at constant rate and 42.5% at current rate year on year, driven mainly by the pandemic-related impacts on production in Hollywood and around the world. But the revenue decline was partially mitigated by double-digit revenue growth at Micros Animation, and the launch of MPC Episodic early in 2020. We continued to lead the market in film and episodic visual effects. The teams worked on around 25 theatrical film projects for the major studios and over 40 episodic and non-theatrical projects. MPC Film won the Oscar and BAFTA awards for visual effects for the film 1917. In advertising, we continued to receive numerous industry accolades, and MPC won Visual Effects Company of the Year at the Ad Age Creativity Awards 2020. And at this year's Super Bowl, The Mill and MPC Advertising worked on over 20 top commercials. Animation delivered approximately 3,100 minutes for TV and film on works such as The SpongeBob Movie, while Games completed its work on several AAA titles such as FIFA 21 and Assassin's Creed Valhalla. Christian Roberton was recently appointed President of the Production Services Division to focus on technology, quality and creativity combined with cost efficiency. Christian immediately implemented management changes and Josh Mandel has become CEO of The Mill, And Andrea Miloro has recently joined us to lead the Micros Animation brand. We also announced on January the 14th that Streamline Media had agreed to purchase our post-production business for 30 million euros. This activity was no longer aligned with our strategic repositioning on value-added VFX services, and closing of that deal is expected during the first half of 2021. Moving now to slide seven, Connected Home delivered a strong year, exceeding the original targets which were set before the pandemic was known about, and maintaining its market leadership in the broadband segment and in the video Android TV-based segment. Increased demand from cable customers in North America drove revenues, but we were hit by slowdown and supply constraints in Eurasia. Latin America was negatively impacted by the difficult macroeconomic situation in the region as well as buying power impacts resulting from currency devaluation which stemmed from the drop in oil prices. The division successfully completed the bulk of the transformation plan which was launched back in 2018. Selective investments in key customers and a platform-based products approach combined with strategic partnerships with key suppliers have generated a significant increase in productivity. Adjusted EBITDA as a result grew 46.7% at constant rate, and the EBITDA margin expanded from 4% to 6.2%, highlighting the positive impact of the cost restructuring measures. 2020 EBITDA of 41 million was almost twice 2019 EBITDA of 23 million. Over on slide eight, DVD services performed well in a difficult environment. This was achieved despite a decrease in revenue of 19% at constant rate. DVD services volume was down 22.9% year on year, but that was lower than anticipated in the rebudget. Lower replication and packaging disc volumes across all formats and lower distribution activity as a result of the negative impact of COVID-19 on new film releases were mitigated by a buoyant demand for back catalogue. Adjusted EBITDA amounted to €54 million at current rate, better than original expectations given the acceleration of cost-saving actions and the positive impact from contracts renegotiated in 2019 and in 2020. 2020 EBITDA reached break-even compared to a loss of 6 million in 2019, illustrating the positive impact of successful contract renewals and aggressive transformation actions. David Holliday, the newly appointed president of the division, has been tasked with further in-depth transformation of the business, streamlining internal processes and centralizing cost management, whilst accelerating revenue and profitability from non-disc activities. So on slide nine, a short and medium term outlook, we intend to continue to improve efficiency and productivity throughout 2020 and 2021. And we're now targeting a total of 325 million euros in run rate cost savings by 2022, an increase of 25 million euros compared to our previous announcement. Despite persistent uncertainty relating to the pandemic, we're looking to the future with real confidence, and we will continue to deliver improved operational and financial performance. In 2021, we are targeting an adjusted EBITDA of around €270 million, adjusted EBITDA of around €60 million, and continuing free cash flow before financial results and tax at around break-even. the net debt to EBITDA covenant ratio should reduce to below four times at 2021 year end. In terms of 2022, we're confirming our guidance, which has been updated given the sale of post-production and the change in Forex assumptions. We're targeting an adjusted EBITDA of €385 million, adjusted EBITDA of €180 million, and continuing free cash flow before financial results and tax at around 230 million euros. In an increasingly digital world where the customer experience is at the heart of the promise of brands and studios, Technicolor has a key role to play by bringing its creative technology to provide content experience through a powerful combination of storytelling and innovation. So let's review in detail the tremendous assets which we've got across our three businesses. We turn to slide 11. Production Services is the worldwide leader in the creation of extraordinary entertainment experiences. In our three areas of expertise, we share the same key opportunities. Big customers who've been trusting us for many years, strong expertise at the cutting edge of technology, and top brands. among some of the most trusted brands in the industry. Our customers include Disney, Universal, Netflix, and Apple TV in film and episodic, Ubisoft and Dreamworks in animation and games, through to Google, Amazon, and Adam and Eve in advertising. Our experience is based on industry-leading talent, cutting-edge software, and creative execution. We have the top brands of the Moving Picture Company, MPC, Mr X, Micros, and of course, Technicolor. On slide 12, as I said, Christian Robertson, the new president of production services, has got a clear strategic plan for the period 2021 through to 2023. First, we're going to structure for more efficiency through a unified production services platform sharing strategy. Then, We intend to accelerate organic growth through streamlined processes and modernized tools and systems. And finally, we want to scale from strength into new services. The continue to be production stoppages and delays of the latest waves of the pandemic temporarily restrict production capacity or limit international travel for talent and crew. Nevertheless, As vaccinations continue to roll out globally, the industry is optimistic about a steady return to normality during the back half of 2021. By 2022, we expect unprecedented demand from clients for new content as their COVID-impacted inventory is finally released over the period 2021 to 2022. Over on slide 13, Production Services has been awarded several new major projects, already securing more than 75% of its expected 2021 sales pipeline for film and episodic visual effects and animation and games. We're leading the convergence of gaming technology and digital production services. It is driving the future of content production through a transformation from traditional linear workflows to interactive ones that allow for a frictionless, collaborative process at considerably less cost and time. We are developing services to high-end local content production in film and episodic. We're expanding direct-to-brands relationships in advertising, and in animation and games, we're going to expand towards more scalable services. Finally, behind the technology, talent is key in these activities, and we're working hard to recruit and to retain it. On slide 14, in 2020, Connected Home was the global leader with 16% worldwide market share, 24% in the Americas, and 10% in Eurasia. We are number one in value for broadband modems and gateways, with industry-recognized leadership in wireless and broadband technologies for cable and telecom operators. And we are number two in value for digital set-top boxes, with leading positions in the cable and satellite segments. On slide 15, our vision has charted our roadmap for the coming years. Traditional video is continuing to be on the decline. Despite a transitional rebound, which is expected in 2021, while multi-gig broadband access markets and streaming, Android TV, are on the rise with solid growth. In 2021, the market will continue to be driven by the expansion of fiber and the adoption of Wi-Fi 6 technologies. However, the supply chain for electronic equipment is going to be stretched by excess demand for electronic devices, which has arisen during the pandemic. In 2022 and 2023, these 10 trends will continue together with 5G deployment and the early introduction of next generation DOCSIS. Then turning to the next slide, we look at DVD services. DVD services is maximizing the long tail with three key levers for future growth and margin improvement. And these are customer relationships. We're going to further implement activities based on volumetric pricing mechanisms. A multi-studio consolidation is offering an opportunity to deepen our relationship while volume mix will shift further to higher value format. Secondly, on cost optimization, continued decrease of OPEX at a faster pace than volume decline together with strict CAPEX management is going to drive us towards this target. And thirdly, we're going to diversify into freight management and distribution together with examining further the emerging opportunity in production of precision lab on chip devices for high growth diagnostic and life science applications. So DVD services intends to mitigate its volume decline to underpin sustainable future profitability. With that, I'll hand over to Laurent, who's going to detail our new financial structure and run through in more detail our full year financial performance. Laurent.

Thank you, Richard. Good evening, ladies and gentlemen. So if you don't mind turning to slide 18, that presents you the key figures of the group. So I'm going to take you through the details of our 2020 full-year results. So the current slide details our consolidated P&L, and I will spend some time on it to provide you with the overall picture in one go. So I will be quicker with the following, but I've gathered in the comments of these slides all the moving parts concerning all our divisions. So first of all, Forex impact, you have the impact on your slide. It's negative 2.4% at revenue level, but it was almost meaningless at the profit level. So now all the numbers that we'll be commenting will be at constant rate. So overall 2020, as Richard has mentioned, it's been quite a very difficult year. So revenues of 3 billion decreased by 700 million at constant rate. representing 18.5% in percentage terms. So let's look at the trends per division. So Connected Home. Within Connected Home North America, revenue remains strong, quite surprisingly, with a growth of 15 plus 7% versus last year, representing an amount of 114 million euro of extra sales, driven by increased demand from cable customers for upgrades to higher-power broadband. So obviously, this is related to the increase of remote work and education activities performed from home. So if you move to Latin America, Latin America recorded lower revenues, so a negative 24.3% versus last year, in total a decrease of 100 million. The difficult macroeconomic situation in the region continued to drive our clients' demand down, and particularly in Brazil, as currency devaluations drove higher the box acquisition prices. They are all denominated in dollars, you know. For Asia Pacific, sales were highly impacted as well, so 30.5% down, representing a decrease of 115 million versus 2019. And it was impacted by lockdowns, in the main country served with slow recovery, mainly in India and Australia, combined with semiconductor supply constraints toward the end of the year. For MEA, the sales were down 24% versus 2019, and representing a decrease of 117 million, and they were mainly mostly explained by lower demand and COVID-19 supply issue. One should say, as an overall comment, that the final demand for customers has remained very high. And when serviced, like in North America, the results were very good. But in some other parts of the world, like LATAM or Eurasia, one of the main problems was access to homes or profitability of these very boxes for our own clients. This has been refraining our capacity to sell further. If we look now at the adjusted EBITDA, so you can see that on the slide, it amounts to 167 million, and it decreased by 149 million euros. And that is quite an achievement, thanks to the rapid adjustment of our production capacities to lower activities volumes, and that combined with the Panorama plan implementations. I reminded that we've lost 700 million euro sets. Panorama as a reminder, targets, or cost and transformation planning targets, mainly fixed cost and also efficiency gains. Within that, production services adjusted EBITDA amounted to 18 million. It was down 144 million year on year, driven mainly by pandemic-related impacts on production in Hollywood and around the world. The costs were aggressively reduced to offset the 370 million at constant rate revenue decline in high margin segments. So this has been our most affected division in 2020. We believe 2021 and 2022 will be marked by a gradual return to past levels. Connected home adjusted EBITDA amounted to 110 million in 2020. or 6.2% of revenues. It was up 37 million in absolute terms, and that was primarily linked to the cost reduction of the Paranormal Plan initiatives implemented in 2020, and that is again quite an achievement in such a difficult year. Further EDVD services, EBDA amounted to 54 million, 7.6% of revenue, better than expectations given stronger than anticipated catalog sales and the acceleration of cost saving actions. The margin also includes the benefits of the positive impact from contract renegotiated in 2019 and 2020. Our group adjusted EBITDA loss of 56 million was lower by 96 million versus last year as a result of the EBITDA decrease mitigated by lower depreciation and amortization and reserves. In particular, for those who were present at previous conferences, significantly lower rendering costs were at play here. If you look at the non-recurring item, you will discover a big number, negative €168 million. But it includes two different things. An impairment charge of €66 million related to the DVD services due to revised COVID-related assumptions, and we incurred this one in June 2020, so it's no novelty to you here. The second large item are the restructuring costs, and they accounted for 100 million at current rates, including 33 million in DVD services, mainly resulting from optimization of distribution sites, 27 million in production services, cost streamlining actions mainly, efficiency measures, and 31 million in connected home pursuant to the three-year transformation plan. Finally, we had 9 million at corporate level. Overall, this 100 million is a P&L charge, out of which 46 million of this will be cashed out in 2020. The remaining part of it will be paid in 2021. Free cash flow before financial results and tax from continuing operations amounted to a negative 124 million, and it was lower by 116 million versus last year, despite significant improvements in connected home operational performance and the ongoing implementation of our cost transformation program. It is important to note that this year the Group reduced in a very significant proportion its payment terms, paying down close to 19 million in agreement with its main suppliers, of course, in 2020. we will, in 2021, further reduce these payment terms and with a cash outflow plan of around 120 million. This concerted plan, and the notion here is very important, concerted plan with some of our key suppliers will lead us to sit in a very competitive level in terms of payment terms with our suppliers. Also, it should be noted that at year-end 2020, a lot of payments were made earlier than last year, compensated by good management and therefore lower spends of inventories. So these operations, the one I mentioned for 2020 and the remaining that will take place in early 2021, are contributing to normalize the technical or working cap movements. It was planned as such in the financial restructuring plan and the implementation is today fully, if not better than in line with our expectations. Finally, the net debt at nominal value amounts to €897 million. And if you look at the IFRS net debt, it amounts to €812 million. I will refer you to documents we've posted at the end of the restructuring process, where we make a very clear difference between our nominal debt and our IFRS debt, and we have provided you there our full schedule. of the debt and interest repayment from 2020 up to 2024. So, with that, we move to the next slide, slide 19. And now, for now, I will be very brief with each comment on the slide. So, this slide provides you with a graphic breakdown, obviously, of the BDA contribution. so in total we had 149 million decrease in group evita concentrate and as you can see it is mainly due to the 144 million decrease in production services connected home improved its contribution by 37 million while dvd services had a negative impact due to lower application volume corporate another decrease its contribution by 16 million driven by lower patent licensing retained contracts that we benefited from in 2019. If we move to slide 20, you have here a snapshot of production services. I've commented already the main numbers. So as a summary, production services revenues amounted to 513 million in 2020. So they were down 41% at constant rate. or they've lost 370 million euro sales, so quite a big amount here. It was driven obviously by the previously anticipated pre-COVID-19 delays in awards coming from one and several key clients in the first half, but mostly by the sub-second pandemic related impacts on production around the world in H2. It actually even started in Q2. Human episodic was a sub-segment, obviously the most affected within the technical environment. Facing that, very aggressive cost-cutting measures were implemented and efficiency improvements were successfully achieved and they helped to compensate for the massive loss of sales. So as a result, the adjusted EBITDA amounted to 18 million only, if one can say so, down 144 million year-on-year at constant rate. And this negative evolution was further mitigated by lower render costs and adjusted EBITDA was as a consequence down by 107 million at constant rate. If we move to slide 21, slide dedicated to connected home. So the division generated correct revenue performance in a declining market and an excellent full-year profitability. COVID had limited impact in 2020 overall, and the crisis made clear that broadband gateway boxes are clearly in demand. Revenues totaled 1.7 billion in 2020, down only 7.6% at constant rate, with a limited 3.3% decline in the second half. Adjusted EBITDA amounted to 110 million in 2020, and presenting a 46.7% growth at constant rate. The adjusted EBITDA of 41 million almost doubled compared to prior year current rates. This very positive evolution in profitability is the result of the transformation plan launched two years ago and intensified further through last year. Strategic choices to focus on gateway broadband access and to transform operations have proven so far successful in the COVID-19 era, improving drastically productivity. Moving on to slide 22. DVD services revenue totalled €700 million in 2020, down 18.6% at a constant rate, and that represents a loss of €164 million of sales. That was due mainly predominantly to lower volumes across all formats as a result of reduced numbers of new movies being released in DVD format. The adjusted EBITDA amounted to €54 million in 2020, down only €26 million, at concentrate. Lower DNA and the renewal contracts help to deliver an adjusted EBITDA at breakeven. A 6 million improvement versus last year, so it's quite an achievement. The slide 23 will take us from the adjusted EBITDA to the EBIT. So, in summary, what you have is We've already commented that an EBITDA of 56 million, a negative 56 million euro, and a continuing EBIT of a negative 264 million. So you have three items maybe in between these two ratios. The first one is a 40 million PPA amortization. You know what it is, it's non-cash. Second, a 75 million impairment charge and write-off. It's mainly related and centered around DVD services with a 66 million impairment charge that we booked in June. Again, this is a non-cash element. And then 100 million of restructuring costs. These 100 million breaks down into 27 million at the level of production services, mainly streamlining action costs. 33 million at the level of DVD services. And here, the action is more around optimization of the distribution sites. 31 million in connected homes to finish and continue the three-year transformation plan. Only half, as I've mentioned earlier, of this amount is cashed out in 2020. The rest will impact 2021. If we move to the slide 24, We are now going to continue to move from EBIT down to the net group results. So the net group results overall is a loss of 207 million euros. It's going to be compared to a negative 264 million of continuing EBIT. The difference is explained by a slight increase in net interest expenses and some tax charges. And this is more than fully offset by a positive, but mainly non-cash, 155 million posts of other financials. And this big positive amount is mainly related to our financial restructuring, and it's the mark-to-market accounting posting. So here, I don't think you should take this as an operational indicator at all. It is just an account, not just, but this is an accounting, a non-cash, impact of our restructuring activity. If we move to the slide 25, I thought it would be useful for you to have a view on the bridge between last year free cash flow and this year. So as shown previously, our free cash flow has declined by 93 million to a negative 191 million at constant rate. So there is a 149 million reduction in BDA. that explain that are moving from left to right on the chart. We will discuss this. Then you can see that we've spent less in terms of capex. Some of that was expected. You remember that we explained to you that some of the contract payments we are making to some studios in the DVD services will disappear this year, and it has been the case. Also, we've been investing less. 2020 was marking the end of the CAPEX investments in Australia and India and in Montreal for production services. The rest reflects basically a reduction in our spend in a very difficult year. We had a little bit more restructuring cost, but the bulk of the Panorama plan will come next year. Overall, our World Cup was still negative. and a bit lower than last year, 35 million, but I've already mentioned that this year we swallowed a worsening basically with payment terms of 93 million. We also reduced and we paid early to a huge amount of client versus last year. So we've started a very drastic and rationalized approach bringing down this company with a normalized working cap. This will be achieved probably already at the end of the first semester of this year. Rendering, we spend less, 24 million financials as well. So that leads you and gives you the full bridge to the 191 negative that we had at the end of the year. Slide 26 gives you a snapshot of debt. So, following our financial restructuring, we have reduced our total gross debt in nominal terms to 1.2 billion, and we have 330 million of cash and cash equivalents available at year-end, and the 125 million dollar Wells Fargo facility was undrawn. Flicking rapidly to the slide 27, you already know this classical slide showing the detail of debt at the end of the year 2020. As a point of interest, the capital is that reduced from €272 million in 2019 to €164 million in 2020. You can see that at the middle of your slide, middle bottom side of the slide. And that decrease, that significant decrease, illustrates the big effort we achieved in real estate rationalization and also the €50 million reduction in relation to the post-production disposal. And that comes on top of the $30 million of cash. Slide 28 gives you a brief snapshot of our $330 million of cash on hand we had in the Andron West Fargo facility. So that should give you an overall view on our situation at the year end. And with this, I conclude my presentation. And I now hand over to Richard for the conclusion. Richard, over to you.

Thanks very much, Laurent. So during 2020, there were significant structural changes implemented across all divisions within Technicolor and that was combined with further investment to improve our efficiency. In particular, production services strengthens its capacity to serve its clients through state-of-the-art technologies and artistic expertise. Despite persistent uncertainty relating to the pandemic, we're looking forward to the future with confidence. and we're going to continue to execute our transformation program to deliver improved operational and financial performance. We're entering a new era in our history, and we're continuing the drive to become a leaner and more agile company. We've got the right business focus, a renewed management team, and our teams are dedicated to achieving success across each of our business units, where we play a vital role in providing truly differentiated products and services to our clients. We're issuing guidance towards strong figures for 2021 and maintaining our previously issued 2022 guidance. I'm completely convinced that Technicolor can return to delivering profitable growth, cash generation, and value creation for shareholders. So thank you very much for your attention. And now with Laurent, we're ready to take your questions.