SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of february 2005
Commission File Number: 0-3003
46 quai A. Le Gallo
92648 Boulogne Cedex
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Press Release
Thomsons Fourth Quarter 2004 Revenues
Paris, February 10th 2005 Thomson (Euronext Paris: 18453, NYSE:TMS) today announced its revenues for the Fourth Quarter and the Full Year 2004.
Summary of consolidated revenues FY04 and 4Q04 (1) 2004 reporting structure
The following table sets out our revenues on a reported basis, as well as adjustments for currency and perimeter impacts (acquisitions and disposals).
At constant currency (2) | Actual as reported | ||||||||||||||||||
% | % | ||||||||||||||||||
In m | FY04 | change | 4Q04 | change | FY04 | FY03 | 4Q04 | 4Q03 | |||||||||||
Digital Content Solutions | 2,387 | +5 | 710 | (2) | 2,268 | 2,273 | 673 | 725 | |||||||||||
Video Networks Solutions | 2,064 | +30 | 704 | +34 | 1,963 | 1,593 | 669 | 524 | |||||||||||
Industry&Consumer Solutions | 3,943 | (14) | 964 | (33) | 3,737 | 4,581 | 918 | 1,438 | |||||||||||
Corporate | 26 | - | 13 | - | 25 | 13 | 13 | 6 | |||||||||||
Thomson as reported | 8,420 | (1) | 2,391 | (11) | 7,994 | 8,459 | 2 ,273 | 2,693 | |||||||||||
Adjusted ICS (3) | 3,964 | +2.5 | 985 | +4 | 3,755 | 3,869 | 936 | 950 | |||||||||||
Thomson | adj. | for | TV | 8,441 | +9 | 2,412 | +9 | 8,011 | 7,748 | 2,291 | 2,205 | ||||||||
disposal | |||||||||||||||||||
(Acquisitions) | (265) | (79) | (27) | (7) | |||||||||||||||
- of which DCS | (39) | (15) | (4) | (3) | |||||||||||||||
- of which VNS | (6) | (4) | |||||||||||||||||
- of which ICS | (220) | (60) | (23) | (4) | |||||||||||||||
Thomson organic | 8,176 | +6% | 2,334 | +6% | 7,721 | 2,198 | |||||||||||||
(1) | All figures are preliminary and subject to final audit |
(2) | At constant currency. The average /US$ rate for year ended Dec 31st, 2004 was 1.247 (Dec 31st, 2003, 1.137) |
(3) | The ICS division has been adjusted for the TV disposal on July 31stfor comparative purposes |
Fourth quarter 2004 activity review
Adjusted for currency movements and perimeter impacts (acquisitions and disposals), Thomson showed an organic growth for the fourth quarter 2004 of 6.2%.
Before adjustments, Thomson reported consolidated net sales for the fourth quarter 2004 of 2,273 million (fourth quarter 2003, 2,693 million). Currency movements reduced sales during the quarter by 118 million. Changes in perimeter were material compared to the fourth quarter 2003, reflecting acquisitions, the TV disposal and other disposals. In order to establish a like-for-like comparison with the same period last year, reported revenues have been adjusted by a total amount of (495) million for the fourth quarter 2003 and (58) million for the fourth quarter 2004 at constant currency. Like-for-like revenues are therefore 2,334 million for the fourth quarter 2004 vs. 2,198 million for the fourth quarter 2003.
During this quarter, we made a number of strategic investments as we were launching the Groups two-year plan, with a focus on Internet Protocol devices and solutions, and electronic content, two of the key priorities of the two-year plan.
Full year 2004 revenues
Adjusted for currency movements and perimeter impacts (acquisitions and disposals), Thomson grew its revenues by 6% organically.
Before adjustments, Thomson reported consolidated net sales for the full year 2004 of 7,994 million (full year 2003, 8,459 million). Currency movements reduced sales during the year by 426 million. In order to establish a like-for-like comparison, reported revenues have been adjusted for the TV disposal, and acquisitions for an amount of (738) million for 2003 and (244) million for 2004. Adjusted for further underlying perimeter impacts (changes in business models in the Cable Modems and Optical Modules activities and Marketing & Sales Services), consolidated net sales rose by 6.7% at constant currency.
Fourth quarter 2004 Divisional Revenues
The information below summarises revenues according to the 2004 reporting structure.
Digital Content Solutions
Fourth quarter 2004 revenues reached 673 million (fourth quarter 2003, 725 million). Currency movements reduced sales during the quarter by 37 million. Sales excluding currency movements declined by 2.1%, or declined by 7.1% including currency movements. The acquisitions of Cinecolor, Command Post, International Recording, Madrid Film and The Moving Picture Company added 15 million to net sales at constant currency during the quarter.
Video Network Solutions
Fourth quarter 2004 revenues grew strongly to 669 million (fourth quarter 2003, 524 million). Currency movements reduced sales during the quarter by 35 million. Excluding currency movements, sales increased by 34.4%, or grew by 27.6% including currency movements. The acquisitions of ParkerVision and Corinthian added 4 million at constant currency during the quarter.
Industry & Consumer Solutions adjusted for acquisitions and discontinued or transferred activities
Fourth quarter 2004 revenues adjusted for the TV disposal reached 936 million (fourth quarter 2003, 950 million adjusted for the TV disposal). Currency movements reduced sales during the quarter by 46 million. The acquisition of Fortunes Tube activity in China net of other disposals added 60 million to net sales at constant currency during the quarter.
Summary of consolidated revenues FY04 and 4Q04 2005 organisation
For information, the table below sets out our revenues along our 2005 segment organisation which forms the basis of our reporting going forward. The total growth of our core business in 2004 was 9.5%, consistent with our two-year plan assumptions.
At constant currency | Actual | |||||||||||||||
% | % | |||||||||||||||
In m | FY04 | change | 4Q04 | change | FY04 | FY03 | 4Q04 | 4Q03 | ||||||||
Services | 2,461 | +5.4 | 742 | (0.5) | 2,338 | 2,335 | 703 | 746 | ||||||||
Systems & Equipment (1) | 3,171 | +12.4 | 1,025 | +16.1 | 3,000 | 2,820 | 972 | 883 | ||||||||
Technology (2) | 542 | (17.8) | 174 | (16.3) | 506 | 659 | 163 | 208 | ||||||||
o/w Licensing | 434 | (6.3) | 149 | (13.3) | 404 | 463 | 140 | 172 | ||||||||
Corporate | 23 | - | 13 | - | 23 | 12 | 12 | 6 | ||||||||
Thomson Core | 6,198 | +6.4 | 1,953 | +6.1 | 5,867 | 5,825 | 1,851 | 1,843 | ||||||||
Adjustments (1) +(2) | (63) | (4) | (220) | (38) | ||||||||||||
Thomson Core adjusted | 6,135 | +9.5 | 1,949 | +8.0 | 5,605 | 1,805 | ||||||||||
Displays & CE | 2,222 | 438 | 2,127 | 2,635 | 422 | 850 | ||||||||||
Thomson Group | 8,420 | 2,391 | 7,994 | 8,459 | 2,273 | 2,693 | ||||||||||
(1) | The Systems and Equipment division includes our Cable Modem business - the disposal of substantial parts of which makes revenues not strictly comparable year-on-year. Full Year 2004 sales amounted to 28 million at constant currency (fourth quarter 2004, 2 million euros) vs. 58 million for the Full Year 2003 (fourth quarter 2003, 13 million) |
(2) | The Technology division includes our Optical Modules business the disposal of substantial parts of which makes revenues not strictly comparable year-on-year. Full Year 2004 sales amounted to 35 million at constant currency (fourth quarter 2004, 2 million euros) vs. 162 million for the Full Year 2003 (fourth quarter 2003, 25 million) |
* * * * *
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, consumer electronics 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
- Partner to the Media & Entertainment Industries
Thomson (Euronext
Paris: 18453; NYSE: TMS) provides technology, systems and services to help its
Media & Entertainment clients content creators, content distributors
and users of its technology realize their business goals and optimize
their performance in a rapidly changing technology environment. The Group intends
to become the preferred partner to the Media & Entertainment Industries
through its Technicolor, Grass Valley, RCA and Thomson brands. For more information:
www.thomson.net.
Press Relations | ||
Monica Coull | +33 1 41 86 53 10 | monica.coull@thomson.net |
Financial Dynamics | +33 1 47 03 68 10 | elisa.kitson@fd.com |
(Elisa Kitson, Aurelie Gasnier) | aurelie.gasnier@fd.com | |
Investor Relations | ||
Séverine Camp | +33 1 41 86 57 23 | severine.camp@thomson.net |
David Schilansky | +33 1 41 86 52 38 | david.schilansky@thomson.net |
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.
Date: February 10th, 2005 |
THOMSON S.A. | |||||||
By: | /s/ Julian Waldron | |||||||
Name: |
Julian Waldron |
|||||||
Title: |
Senior Executive Vice President, Chief Financial Officer |