Panorama 2006

8122019 Panorama 2006

httpslidepdfcomreaderfullpanorama-2006 166

T H O M S O N P A N O R A M A 2 0 0 6 PANORAMA 2006

Headquarters

46 quai Alphonse Le Gallo

92648 Boulogne-Billancourt Cedex ndash France

Email webmasterthomsonnet

Tel +33 (0)1 41 86 50 00 ndash Fax +33 (0)1 41 86 58 59

USA

2255 North Ontario Street Suite 350

Burbank CA 91504 ndash United StatesTel 1 (818) 260-3721 ndash Fax 1 (818) 260-3807

101 West 103rd Street

Indianapolis IN 46290-1102 ndash United StatesTel 1 (317) 587-3000 ndash Fax 1 (317) 587-6763

wwwthomsonnet

Thomson ndash SA with a capital of 9914041027017360 ndash 333 773 174 RCS Nanterre

p 02 - Message from the Chairman amp

p 06 - Executive Committee

p 08 - Board of Directors

p 10 - Strategy amp Market Perspective

p 16 - Technology

p 24 - Systems

p 32 - Services

p 42 - Human Resources

p 46 - Corporate Social Responsibliity

p 53 - Financial Information

8122019 Panorama 2006


homson in 2006

Burbank Indianapolis Princeton Rennes Paris London Beijing

Our customers

- Users of Thomson technologies IT electronicstelecoms industries

- Content distributors broadcast cable satellitetelecom internet

- Content creators film studios broadcastersgame developers advertisers corporates

2006 full year core business revenues by division

Systems991404270 bn

Services991404250 bn

Technology991404055 bn

2006 CORE BUSINESS REVENUES

d575 bnEMPLOYEES IN 2006

24000

Our commercial brands

- Systems and Technology - Services

Main sites

- ServicesOur Services division manages video networks on behalf

of its customers and is a world leader in physical and

electronic media services The divisionrsquos offering spans

all types of video network services management

post-production services including visual effects

out-of-home advertising services and film and DVD services

- SystemsOur Systems division provides and integrates

video-focused systems and solutions playing a strategic

role at both ends of network distribution on the one hand

helping broadcasters and network operators distribute

content and on the other providing operators with

the devices that media consumers need to access and

enjoy content wherever and whenever they want

- Technology Our Technology division develops and monetizes

core video technologies through the licensing of patents

IC designs and software while anticipating future standards

in an industry in constant evolution With seven research

laboratories worldwide and more than 55000 patents

its activities cover video and audio compression

content security solutions video distribution over Internet

Protocol and mobile networks image processing

optical and professional storage content production and

management systems and more

Princeton

Indianapolis

Burbank

Beijing

RennesParis

London

8122019 Panorama 2006


IMAGES amp BEYOND

A world leader in digital video technologies Thomsondelivers high-quality technologies systems and services tothe Media Entertainment amp Communications industriesmdash

or any organization using the moving image to communicate

We have deep and long-standing video expertise and essentialproprietary technology Serving the worldrsquos content creators anddistributorsmdashfrom movie studios broadcasters and networkoperators to advertisers and emerging prosumer and consumermarketsmdashwe constantly innovate to develop video technologies thatmeet evolving needs These range from advanced video compression

to audiovisual content protection

Our services and solutions cover the entire video value chain fromimage capture production and post-production services to physicalor electronic distribution to advanced access devices which enableend-customers to enjoy content wherever and whenever they want

01 Thomson Panorama 2006

8122019 Panorama 2006


ldquoAt the heart of digital videordquo

The strategic plan for the period 2004-

2006 launched following my appointment

as Chairman amp CEO of Thomson at the endof 2004 has been successfully completed

and has rapidly secured our future as an

innovative technology systems and services

business serving the Media Entertainment

amp Communications industries worldwide

Strategic objectives achieved

We set a clear and unambiguous strategic

direction in 2004 to position Thomson for

the digital video and new media markets

of tomorrow

During the last two years we made rapidprogress to exit the heavily loss-making

consumer electronics businesses a neces-

sity if Thomson was to succeed The dis-

posal process began with the sale of the

TV business in 2004 and 2005 the tubes

business in 2005 and of the accessories

business at the end of 2006 It will come to

an end in 2007 with the divestment of the

remainder of our AudioVideo businesses

In parallel we invested to establish prom-

ising businesses which are now boosting

and will continue to boost revenue growth

Content Services Network Services Broad-cast amp Networks and Access Products

We also set out in 2004 to broaden our

customer base geographically and by

type to increase our focus on RampD and

to strengthen our position in electronic

content and in advanced Internet Protocoldevices and solutions

We have been successful in achieving

those strategic and operational objec-

tives we more than doubled the number

of customers with whom we generate over

99140420 million in revenues and diversified our

activities geographically and along the

entire video value chain We increased very

significantly our RampD spend and launched

several cooperative programs which maxi-

mise our RampD investment and intellectual

property portfolio

We have also built a unique position in

electronic content distributionmdashour Net-

work Services businesses combined with

new activities in Content Services such as

visual effects and other related businesses

in Systems now generate substantial rev-

enues In IP devices and solutions today

we occupy the world-leading position in

the provision of Internet-based access

products to telecom operators

In 2006 we grew faster than our markets

and gained market share across most of

our businesses There will be challengesahead as the world of digital video contin-

MESSAGE FROM

THE CHAIRMAN amp CEO This year saw the successful completion of Thomsonrsquos transformation into aGroup focused on digital video technology signaling the start of a new phase in itsdevelopment


8122019 Panorama 2006


ues to evolve rapidly with further concen-

tration and diversification of both customers

and competitors and the continued impact

of broadband and video technologies on

our markets In that environment our mainfocus will be to work to optimize our port-

folio of activities for higher growth I have

no doubt that the opportunities which lie

ahead for Thomson will be immense

Return to profit in 2006

We saw a strong end to the fiscal year

With full year revenues at euro5854 million

giving core business revenues up 83

at constant currency and core business

EBIT of euro504 millions resulting in a core

EBIT margin of 88 we largely achieved

our financial targets The Systems divisiongrew revenues strongly while Services

showed a stable performance overall and

Technology recorded solid revenue growth

and good profitability

For the first time in many years Thomson

also registered a full year net profit (euro55 mil-

lion) Free cash flow generation was up

15 on last year toeuro483 million for the full

year 2006 In parallel our net financial lia-

bilities were reduced by euro460 million over

the year Over two thirds of our revenue in

2006 was digitalelectronic based and less

than a third was from physical media

Most importantly this transformation leaves

Thomson well-positioned at the heart of

convergence and digital video with sharply

reduced financial exposure to our legacy

consumer electronics businesses

Evolving skills base

Aside from the strategic operat ional or

financial targets we set ourselves and

achieved over the 2004-2006 period we

also made progress in improving opera-

tional management customer cover-

age and our reactivity to rapidly evolving

Media Entertainment amp Communications

markets

That has impl ied a rapid and dramatic

evolution of the Grouprsquos human resources

and skills base Together with a first-class

offering of technologies systems and ser-

vices our RampD software and design skills

are key Also critical is our capacity to win

new business by integrating our broad

offering to our customers

ldquoTogether with a first-class offering of technologies systems and servicesour RampD software and design skillsare keyrdquo


8122019 Panorama 2006


Our current employeesrsquo skill-sets reflect

these business priorities many of whom

are highly-qualified engineers as do

Thomsonrsquos close ties to a number of pres-

tigious institutions of higher education and

universities across the world As testament

to our changed employee profile and the

Grouprsquos transformation almost 80 of our

top management team has been renewedover the last two years drawn equally from

internal promotions acquisitions and

external recruitment

Outlook for 2007-2009

Our strategy for the 2007-2009 period will

see Thomson continue to expand its lead-

ership positions in digital video technolo-

gies services and systems The assump-

tions about the strategic medium-term

evolution of our markets we detailed in

2004 have proven valid and will inform our

decisions as we seek to build and grow

our business

Investments will continue therefore in

our key growth businesses the electronic

media activities within Content Services

and Network Services part of our Services

division and the Broadcast amp Networks

and Access Products businesses part of

our Systems division We intend to manage

our more mature activitiesmdashFilm amp DVD

Servicesmdashfor their cash and continue tore-invest in developing businesses New

media businesses for content makers or

content distributors will add to growth

RampD investment will continue to be strong

and we intend to maintain our intellectual

property leadership This should enable us

to take advantage of the main growth driv-

ers of the digital video industriesmdashaccel-

erating adoption of high-definition mobile

content on-demand content consumer-

generated content fixed-mobile conver-

gence triple-play devices connected

home networking and internet-based and

advertising content delivery

ldquoOur performance in 2006 has shown thatstrategically and operationally we can react effectively to

changes and opportunities in our marketsrdquo


8122019 Panorama 2006


The six key programs we need to imple-

ment are now in place to ensure Thom-

son maintains best-in-class operational

efficiency These focus on key clients

software new product introductions

operational improvement transformation

programs ranging from supply chain man-

agement to IT and the management of our

talent base

Our financial focus over the next three

years will be on optimizing and manag-

ing our portfolio of activities for higher

growth and net income we expect rev-

enue growth to gather pace in 2008-2009

and our objective is to register compound

growth over the 2007-2009 period in line

with or greater than the overall market

In 2007 Thomson will continue actions

already underway to improve operating

profitability across the divisions comple-

menting the achievements of 2006 Weexpect a strong year of revenue growth in

our digital and electronic businesses par-

tially diluted by our physical media busi-

ness (film DVD) and target strong growth

in our net income

As a sign of confidence in Thomsonrsquos

2007-2009 business plans and projec-

tions the Board proposed an increase of

10 in the dividend this year bringing it

to euro033

I wish to thank all our employees and in

particular the senior management team

now in placemdashthe top 100 executives plus

Thomsonrsquos Executive Committeemdashfor the

key role they have played in our progress

and successes

Our performance in 2006 has shown that

strategically and operationally we can reacteffectively to changes and opportunities in

our markets We now plan to build on this

result and look forward to the 2007-2009

period with confidence in our ability to cre-

ate value for our shareholders partners

customers and employees

Frank E DANGEARD

Chairman amp Chief Executive Officer


8122019 Panorama 2006


Under the leadership of Frank E Dange-

ard the Executive Committee currently

comprises 11 membersmdasheight of whom

are French two American and one Brit-

ish These executive managers respon-

sible for the operating divisions as well as

managers in charge of key functions meet

three times a month to review the financial

performance of the divisions in relation tothe budget and strategic developments

Once a month time is also set aside to

review the Grouprsquos key programs clients

software product introduction operations

transformation and talent management

The work of the Executive Committee is

carried out through three operating com-

mittees which contribute to an efficient

decision-making process

bull The Investment Committee chaired by

Senior Executive Vice President and Chief

Financial Officer Julian Waldron is respon-sible for studying and approving invest-

ments and financial commitments by the

different divisions It meets on an ad hoc

basis several times a month

bull The Risk Committee chaired by Senior

Executive Vice President and Chief Operat-

ing Officer Didier Trutt generally meets every

six weeks to assist the Executive Commit-

tee in identifying anticipating preventingand mitigating financial operational and

strategic risk to the business It also serves

as the forum through which the results and

findings of the internal audit team are com-

municated to senior management

bull The Corporate Social Responsibility

(CSR) Committee to be set up in 2007

Chaired by Marie-Ange Debon Execu-

tive Vice President General Secretary

Legal Real Estate amp External Com-

munications the CSR Committee will

oversee all matters related to corpo-

rate social responsibility complianceand ethics

Weekly meetings of Thomsonrsquos

Executive Committee

ensure an efficient

global decision-making process

EXECUTIVE COMMITTEE


8122019 Panorama 2006


1 Frank E DANGEARDChairman amp Chief Executive Officer (Paris New YorkPrinceton andLos Angeles)

2 Jacques DUNOGUEacuteSenior Executive Vice PresidentSystems(Paris and New YorkPrinceton)

3 Jean-Charles HOURCADESenior Executive Vice PresidentChief Technology Officer Technology(Los Angeles)

4 Lanny RAIMONDOSenior Executive Vice PresidentServices(Los Angeles)

5 Didier TRUTTSenior Executive Vice PresidentChief Operating OfficerBusiness Operations(Paris)

6 Julian WALDRONSenior Executive Vice PresidentChief Financial Officer(Paris)

7 Eric BACHELLEREAUExecutive Vice PresidentHuman Resources ampInternal Communications(Paris)

8 Marie-Ange DEBONExecutive Vice PresidentGeneral Secretary Legal Real Estateamp External Communications(Paris)

9 Beacuteatrix de RUSSEacuteExecutive Vice PresidentIntellectual Property amp Licensing Technology (Paris)

10 Quentin LILLY Executive Vice PresidentDVD Services Services(Los Angeles)

11 Jean-Georges MICOLExecutive Vice PresidentMarketing amp BrandingSecretary to the Executive Committee(Paris)

1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1

The Board of Directors(1) comprises nine

independent directors and five non-inde-

pendent directors(2) including the Chair-

man amp CEO all of whom have consider-

able knowledge of Thomsonrsquos businesses

and markets Four directors are Thomson

employees two were elected to repre-

sent employees and two to represent

employee shareholders

Internal Board regulations detail the organi-

zation of the Board of Directorsrsquo work and

were updated in 2005 and 2007 to take

into account legislative changes These

describe in particular the conditions by

which the Board defines the Grouprsquos stra-

tegic objectives and its powers of over-

sight and verification

During 2006 the Board met thirteen times

to review financial and strategic issues

The Board is regular ly updated on the

general status of Thomsonrsquos business and

shareholding structure

BOARD OF DIRECTORS

The Board of Directors

which defines Thomsonrsquos

strategic objectives and

reviews the execution of

the strategy is composed

of individuals with

extensive knowledge of

the Grouprsquos markets

(1) More detailed information is available on the Board of

Directors in the relevant section of Thomsonrsquos 20-F

(2) The Board of Directors will comprise 3 non-indepen-

dent directors as of June 2007 when the mandate

of employee representatives expires

8122019 Panorama 2006


7

5

6

2

8

4

Three Board Committees

The Board of Directors is supported by

three committees the Audit Committee

the Strategy Committee and the Nomi-

nation Remuneration and Governance

Committee

The Audit Committee assists the Boardof Directors in fulfilling its oversight respon-

sibilities with regards to the financial report-

ing process the internal control and audit

processes and monitors compliance with

laws and regulations The Committee is

chaired by Eric Bourdais de Charbonniegravere

and its other members are Paul Murray

and Marcel Roulet

The Strategy Committee reviews projects

such as major investments competitive

moves and strategic alliances or acquisi-

tions and also assesses progress in meet-

ing Thomsonrsquos strategic objectives Frank

E Dangeard chairs the Committee which

also comprises Eddy Hartenstein Pierre

Lescure Didier Lombard David Roux

Reacutemy Sautter and Henry P Vigil

The Nomination Remuneration and Gov-

ernance Committee reviews the function-ing of the Board of Directors corporate

governance and remuneration of senior

management including the Chairman amp

CEO as well as employee profit-sharing

The Committee is chaired by Marcel Roulet

and its other member is Eddy Hartenstein

All the members of the Board Commit-

tees are independent directors except for

Chairman amp CEO Frank E Dangeard who

chairs the Strategy Committee

1 Frank E DANGEARDChairman amp CEO of Thomson

2 Eric BOURDAIS

DE CHARBONNIEgraveREChairman of the Supervisory Boardof Michelin

3 Catherine CAVALLARIControlling Technology OperationsRepresentative of Thomson employees

4 Loiumlc DESMOUCEAUX Vice President Market Business IntelligenceRepresentative of Thomsonemployee shareholders

5 Eddy W HARTENSTEINChairman amp CEOHD Partners Acquisition Corporation

6 Pierre LESCUREProducer former Chairman amp CEO of Canal Plus

7 Didier LOMBARDChairman amp CEO of France Telecom

8 Geacuterard MEYMARIAN Vice PresidentBusiness OperationsPTI Sales Process

Asia - Strategic ProjectsRepresentative of Thomsonemployee shareholders

9 Paul MURRAY Director of Tangent Communications plc

10 Jean de ROTALIERHead of Connectique EuropeRepresentative of Thomson employees

11 Marcel ROULETFormer Chairman amp CEO TSAFrance Telecom and Thales

12 David ROUX Managing DirectorSilver Lake Partners

13 Reacutemy SAUTTERChairman of the Supervisory Board

EdiradioRTL

14 Henry P VIGILSenior Vice PresidentStrategy amp PartnershipsMicrosoft Corporation

Independent directors

8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES

Recent market developments

validate Thomsonrsquos

strategic focus on

digital video and open up

large opportunities

2004-2006 Plan

implemented with success

The strategic direction taken in 2004 to

accelerate Thomsonrsquos transformation into

a Group focused entirely on serving the


industries was based on expectations

of how its core markets would evolvethrough to 2010 and beyond Thomsonrsquos

key assumption is that there will be signifi-

cant growth opportunities as content digi-

tization the trend towards high-definition

and next generation networks continue to

impact the video industry

Market developments of the last two years

validate the direction taken by the Group

particularly the decision to exit legacy

consumer electronics activities The 2004-

2006 Plan leaves Thomson well positioned

at the heart of convergence now emerg-

ing around digital video The Plan soughtto broaden Thomsonrsquos offering to Media

Entertainment amp Communications custom-

ers to strengthen its focus on media tech-

nologies by re-aligning Research amp Devel-

opment (RampD) with long-term strategy to

seize growth opportunities in electronic

content and to consolidate the Grouprsquos

position as a world leader in IP devices

and solutions for video content

The decision to focus on four key growth

businessesmdashContent Services Network

Services Broadcast amp Networks and

Access Productsmdashhas been vindicated

by market developments Strong positions

in each of these areas were built quickly

in part through acquisition and have pro-

vided Thomson with robust growth drivers

during the Plan period Over the last twoyears Thomson grew and diversified its

customer base more than doubling the

number of customers with whom it gen-

erates over 99140420 million in revenues for

example The Grouprsquos offering of technolo-

gies systems and services also expanded

substantially notably in growing digital

video and new media markets

Looking ahead 2007-2009

Over the next three years Thomson aims

to expand further its leadership positions

in digital video technologies systems andservices with an emphasis on integrated

offerings and software to its Media Enter-

tainment amp Communications customers

Investments will continue in the key growth

businesses electronic media activities

within Content Services and Network


IP-based Access Products New media

2004-2006 Plan objectives achieved

bull Enlarged client offering and successful implementation of new growing activities

bull Significant increase in RampD spend

bull Digital media related revenues representing 23 of core revenues

bull Leadership position in IP devices with enlarged telecom client base

bull Exit from Displays TV and other non-core businesses


8122019 Panorama 2006


businesses for content makers or content

distributors should also open up opportu-

nities for additional growth

Investment in RampD will continue to be strong

as technologymdashfrom media asset manage-

ment to content securitymdashbecomes increas-

ingly business-critical in the digital environ-

ment This should enable Thomson to takeadvantage of the main growth drivers of the

digital video industriesmdashthe accelerating

adoption of high-definition mobile content

on-demand content consumer-generated

content fixed-mobile convergence triple-

play devices connected home networking

and internet-based and advertising-based

content delivery

Dynamic markets

open up large opportunities

Until recently creation and distribution of

content were largely conceived as linearprocesses starting with image capture

and continuing through delivery of con-

tent to some kind of consumer screen or

device Today many of these processes

happen simultaneously The one-way flow

of contentmdashfrom creator to distributor to

consumermdashis being replaced by a multi-

directional model in which almost anyone

can create process and distribute media

Right Thomson broadcast management

center London To focus on their core

business broadcasters are increasingly

turning to outside experts such as Thomson

for video network management services

THOMSONrsquoS VISION OF ITS

BUSINESS ENVIRONMENT IN 2010

Market consolidation and rise of Asia

bull Consolidation of Media Entertainment amp

Communications in Europe emergence of media

groups and markets in Asia

bull China and India will have become mainstream markets

bull Customers will have outsourced many of their activities

High-definition mobility security

bull The transition to high-definition will be complete

bull Mobile video will be pervasive

bull Intellectual property will remain a key differentiator and

significant source of revenues

bull Security technologies and services to combat piracy

will have been implemented

bull China and India will have become technology

standards-setters

Digital distribution at home in theater

bull Electronic delivery of content into the home will have

emerged Consumers will continue to buy physical

media (eg DVDs) at retail stores but will also be

purchasingrenting electronic content directly from home

bull Digital delivery of movies to cinema theaters will have

developed in addition to film print

Networks

bull Network operators will have largely switched to

IP technologies

bull All networks will have triple-play offerings

bull ldquoConnected productsrdquo will be ubiquitous inside and

outside the home

bull Home networking will be a reality


8122019 Panorama 2006


While digitization makes this transformation

possible it is the application of internet tech-

nologies that sets the contours of change

Today internet access is part of basic infra-structure like roads or electricity

Video has become so pervasive that the

era of a data-centric Internet seems to

belong to the past The notion that hun-

dreds of millions of individual users could

be creating and sharing video online

through interactive community websites

was unthinkable only a few years ago

Rather than supplant traditional services

the youth-driven explosion of internet

video has contributed to a multiplica-

tion of the ways video content is viewedand delivered Today consumers want to

select from numerous audio and video

access possibilitiesmdashfrom TV and com-

puter screens to cell phones mp3 players

and game consoles

Numerous new business models are being

conceived and tested as the Media Enter-

tainment amp Communications industries

adapt to this shifting environment

bull High-definition becoming mainstream

Already widely adopted for sports TV

movies and news programming high-definition (HD) broadcasting is expected to

become virtually universal in the US within

the next 2-3 years HD programming has

also begun to emerge in Canada France

the UK and elsewhere in Europe with

MPEG-4 advanced compression techno-

logy as a key enabler for roll-out

There are broad consequences of the

move to high-definition for the entire con-

tent creation and distribution ldquochainrdquo for

example all of the equipment involvedfrom cameras which capture images to

the edge-of-network devices which deliver

them needs the processing and storage

capacity required for high-definition video

The entire broadcast chain will benefit from

this positive momentum Overall the global

broadcast media technology industry is

expected to register compound annual

growth of 12 till 2010 (Source Screen

Digest for the International Association of

Broadcasting Manufacturers)

bull Mobile TV ramps up

As they develop new formats and plat-forms for their offerings broadcasters are

building partnerships with mobile phone

operators delivering TV and video-on-

demand programming to cell phones and

other handheld devices Numerous com-

mercial trials and initial commercial services

were launched in 2006 mainly in Europe

and Asia with large-scale deployments

planned for 2007 and 2008 Market ana-

lysts project more than 100 million mobile

TV subscribers worldwide by 2010

bull Ubiquitous IP amp ldquomultiple playrdquo

In order to differentiate their offeringsnetwork operators are offering a con-

stantly expanding range of innovative

value-added telephone video and inter-

net services (ldquotriple-playrdquo) Driven mainly

by cable operators in North America and

telecom operators in Europe these ser-

vices increasingly include mobile and wire-

Video has become pervasive

and the ways content is viewed and

delivered are multiplying


8122019 Panorama 2006


less options (ldquoquadruple-playrdquo) enabling

subscribers to benefit from integrated

fixed line and cellular phone services and

household-wide wireless connectivity Advanced access products in subscrib-

ersrsquo homes are therefore key in building

operatorsrsquo brands and customer loyalty

This is among the fastest growing seg-

ments in the industry with high double-

digit growth rates

bull Physical and electronic media

Physical formats are currently the medium

of choice for video content though growth

in the DVD market slowed in 2006 The

spread of high-definition DVDs is expected

to stimulate continued market expan-

sion Market researcher Understanding ampSolutions projects 5 annual compound

growth in unit volume in the worldwide

market (standard plus high-definition DVDs)

from 2006 to 2010 with strong growth in

developing countries offsetting stability or

declines elsewhere The buoyant world-

wide video games market also contrib-

utes to the primacy of physical media

The games segment is expected to grow

fueled by next generation discs formats

According to Understanding amp Solutions

by 2010 the game software market will see

a doubling of the number of discs sold in

comparison to 2005

Nonetheless electronic delivery of con-

tent both in and out of the home environ-

ment is making rapid headway From the

comfort of their living rooms it is becom-

ing more common-place for people to

purchase or rent content (films or TV pro-

grams) Digital cinema is beginning to roll

out in North America with the same trend

seen in Europe

bull Video networks boom

To focus more closely on their core busi-

nesses of content creation and commer-

cialization broadcasters are increasingly

turning to outside experts for video net-

work management services Any company

or organization using video images to

communicate may require similar network

services So-called ldquoout-of-homerdquo video

services enable businesses to deliver tar-

geted timely customized video content

to retail outlets and other locations This

is also an area where broadband Internet

Protocol (IP) technology and skills can beapplied Alternative out-of-home advertis-

ing networks rank as one of the fastest

growing video markets with an estimated

compound annual growth rate of 28

from 2005 to 2012

Thomson gained market share in 2006

Thomson serves growing Media Enter-

tainment amp Communications marketsmdash

for which estimates indicate around 6

compound growth over the last five years

(Source PriceWaterhouseCoopers mdash

ldquoGlobal Entertainment and Media Out-look 2006-2010rdquo) The Grouprsquos revenue

growth of 83 at constant currency for

the full year 2006 out-stripped that of its

customer markets and Thomson gained

market share in most of its businesses


8122019 Panorama 2006


Right Thomsonrsquos security solutions

will be key in protecting content from piracy

as the trend to digitization continues

bull Broadcast and network systems

The rapid spread of high-def inition (HD)

programming helped fuel strong growth in

the Grouprsquos broadcast markets in 2006In a global broadcast market estimated

at just under 9914048 billion Thomson ranks

No2 worldwide with approximately 10

market share in 2006 In addition Thom-

son gained or maintained the Ndeg1 position

worldwide in several strategic and fast-

growing industry segments such as high

power TV and radio transmitters video

servers production and routing switchers

HD broadcast cameras and non-linear HD

news editing software all of which dem-

onstrated double-digit growth in 2006

Overall the business is positioned for

further expansion in the extended broad-cast amp professional audio-video (Pro-AV)

market In 2006 Thomsonrsquos product and

service offering also benefited from healthy

demand from telecom and cable opera-

tors seeking to complete their offering in

Video on Demand and mobile TV Finally

softswitch and telecom network software

sales continued to register strong growth

during the year well above the carrier

grade voice-over-IP market According

to a report from the Multimedia Research

Group (IPTV Market Leaders Report

March 2007) Thomson ranks No1 world-

wide by number of IPTV subscribers usingthe Grouprsquos middleware

bull Broadband access products

The market for devices required for access

to broadband networks which Thomson

serves (satellite cable and IP set-top

boxes cable and DSL modems routers

residential phones and advanced gate-

ways) reached almost 99140412 billion in 2006

increasing 5 over 2005 Thomson is the

No1 player worldwide in this market withan estimated 17 market share

In 2006 Thomson shipped 111 million

satellite set-top boxes 2 million cable

set-top boxes and 10 million access

products for telecoms operatorsmdasha total

of 231 million access products in the year

Advanced gateways continued to be the

principal driver of growth in telecoms for

example with the roll-out of the France

Telecom Liveboxtrade and the ramp up of the

BT Hub quadruple-play enabled gateway

in the UK

Cable and telecommunications markets

were particularly buoyant registering dou-

ble digit rates of growth both in volume and

value Though markets for satellite set-top

boxes were less dynamic leading satellite

network operators have announced ambi-

tious expansion programs to enable them

to better compete in the coming years

bull Packaged media (DVD)

Thomson replicated 144 bill ion DVDs in

2006 an increase of 75 on 2005 driven

by a particularly strong fourth quarter and

significant growth in Europe while North Americarsquos growth was more modest In

this mature market Thomson produced

200 million more DVD units in 2006 than

its direct competitor widening its lead as

the No1 worldwide DVD replicator by

volume Thomson had an estimated 30

market share of the 5 billion disc replica-


8122019 Panorama 2006


tion market in 2006 in North America

Europe and Australia

bull Film and digital cinemaIn 2006 Film Services volumes dropped

by 6 compared with 2005 with approxi-

mately 5 billion feet of film processed The

decline was due mainly to a weaker film

slate in the second half of the year

With a leadership position in the film print-

ing business and around 45 market

share in 2006 Thomson is well positioned

to drive the transition from film to digital

cinema that will fuel future growth in the

long term In particular the construction of

digital cinema installations is expected to

drive an increase in related digital cinemaservices such as content mastering and

distribution

bull Content services

Overall the content services market is

estimated at over 9914044 billion in 2006 post-

production accounting for the largest slice

at 99140414 billion Thomson holds the No2

worldwide position with around 7 mar-

ket share In 2006 net revenues from the

Content Services business grew modestly

reflecting organic growth in higher-end

services such as digital intermediates (DI)

and visual effects (VFX) offset by pricingpressure in more commoditized services

The fastest growing segments are in out-

sourcing design visuals for feature films

TV commercial advert ising and video

games including visual effects animation

and other computer-generated services

Thomson is ideally positioned to benefit

from these outsourcing trends including

in emerging markets such as India

bull Network ServicesOver the past two years Thomson has

built upon its broad understanding of

video systems and networks to establish

a leading position in the market for video

network management services broadcast

management services cinema advertising

and retail media networks

During 2006 Thomson entered into major

contracts to manage playout for channels

such as TV5 Monde France 24 NOB in

the Netherlands and ITV plc in the UK By

the end of 2006 Thomson was providing

managed services to close to 200 TV chan-nels in Europe North America and Asia

In 2006 out-of-home video confirmed

its status as one of the fastest growing

Network Services marketsmdashmanaging

video networks in retail stores or anywhere

outside the home environment Thomson

ranks No1 in the worldrsquos largest out-of-

home video market the US with an esti-

mated market share close to 30 and

made headway in expanding into new

geographies during the year A coopera-

tion agreement was signed with CGEN

for example to develop an out-of-homeadvertising network throughout the Big

Cafeacute internet cafeacute chain in China


8122019 Panorama 2006


TECHNOLOGY Thomsonrsquos Technology division develops and monetizes audio and video technologies Acting as an innovation

hub in a range of areasmdashfrom next generation compression and content protection technologies to electronic

content distribution over mobile and broadband networksmdashthe division is focused on the Media Entertainment

amp Communications industriesrsquo short- and long-term technology needs

8122019 Panorama 2006


8122019 Panorama 2006


From digital cinematography and tape-

less post-production workflows to con-

tent distribution and access systems

the fruits of Thomsonrsquos research enable

customers to take early advantage of the

realm of possibilities opened up by digital

technologies

Strategy

Thomson is techno logy-focused and

continues to invest in RampD in order to

maintain its intellectual property leader-

ship and to take advantage of the main

growth drivers of the digital video indus-

tries These include the accelerating

adoption of high definition mobile con-

tent on-demand content consumer-



home networking and internet-based

and advertising-based content delivery

A particular focus will be on developmentof integrated software solutions over the

period 2007-2009

In addition to extensive technology trans-

fer activities in support of the Systems

and Services divisions the Technology

division monetizes technology in three

ways through licensing of patents and

trademarks integrated circuit design and

software development

Achievements

Resources dedicated to Group-wide

research and development increased in

2006 in line with Thomsonrsquos strategic

focus on RampD The Technology division

also advanced innovations in its five key

technology domains video and audio

compression networking and communi-cations security storage and recording

and signal acquisition and processing

Thomsonrsquos commitment to open standards

continued in 2006 and is testament to the

Grouprsquos dedication to advancing tech-

nology solutions throughout the Media

Entertainment amp Communications indus-

tries To ensure that industry partners and

customers benefit from standardized solu-

tions many Thomson research initiatives

are carried out in cooperation with other

industry leaders For example Thomson

is leading the European Networked andElectronic Media (NEM) platform designed

to accelerate the pace of innovation and

the convergence between the audiovisual

content and telecom sectors The Group

is also the leader of Quaero the European

cooperative program aimed at developing

technologies and applications to enable

audio and video content to be searched

In 2006 Quaero obtained the backing of

the Agency for Industrial Innovation (AII)

TECHNOLOGY

DEVELOPING VIDEO TECHNOLOGIES

In an environment

undergoing rapid

and fundamental

technological change

a rich technology

legacy and focused

Research amp Development

(RampD) programs enable

Thomson to stay on

the cutting edge of

innovation

Left Researcher in Thomsonrsquos

research center Beijing

Research is focused on

increasing the output and

quality of long-term research

while expanding Thomsonrsquos

intellectual property portfolio

Right Thomsonrsquos NexGuardtrade

content security solution

TECHNOLOGY SYSTEMS SERVICES


8122019 Panorama 2006


Thomson is currently involved in a variety

of standards bodies and with key research

and development partners including INRIA

(Institut national de recherche en infor-

matique et automatique ) in France HHI

(Heinrich Hertz Institute ) in Germany and

universities in Europe and the US

A division driving RampD

The Technology division which comprises

four business unitsmdashResearch Software

amp Technology Solutions Silicon Solutions

and Intellectual Property amp Licensingmdashpro-

vides both the foundation for RampD pro-

grams carried out throughout the Group

and the main impetus for its technological

evolutions

The divisionrsquos strength is to allow the fruits

of fundamental research to be shared

and developed inside the Group so that

business units can better address theircustomersrsquo needs while these same and

other technologies may also be licensed

to outside parties thus monetizing the

Grouprsquos innovation efforts

Thomson breakthroughs are often shared

to provide customers with broad-based

compatibility and long-term availability

Thomsonrsquos innovative NexGuardtrade water-

marking solution for example has been

INTRODUCING THE AGNOSTIC TIGER

The co-existence of two rival formats for high-definition (HD) DVDs presents

a special challenge for those who compress and author video content

Thomson Research engineers have responded with the development of

Tiger an advanced DVD authoring system Tiger combines

an advanced video coding system with an innovative user interface

enabling customers to make their workflows more efficient and streamlined

while providing the highest quality images in both HD formats

Top security for content

Protecting digital content is a major concern for those whose business involves creating

processing or distributing digital audio and video Thomsonrsquos advanced content security solution

NexGuardtrade offers comprehensive protection against piracy or unauthorized usage

Whatever the application or mediummdashfrom duplication to secure professional workflows to

online content deliverymdashNexGuardtrade streamlines the secure storage transfer or viewing of

digital content using encryption forensic watermarking security tokens and other

advanced software techniques

adopted by numerous Media amp Entertain-

ment industry players from post-pro-

duction houses to digital cinema server

vendors Likewise the HD DVD Forum

an industry-standardization group has

adopted Thomsonrsquos Film Grain Technol-

ogytrade specification a revolutionary method

for ensuring compressed video retains the

classic granular visual quality of film thatis still preferred by many in the creative

community



8122019 Panorama 2006


Technology to serve the Media Entertainment amp Communications industries

Thomsonrsquos five key technology domains

bull Video and audio compression

bull Networking and communications

bull Security

bull Storage and recording

bull Signal acquisition and processing

Thomsonrsquos four system programs

bull Content production and management for cinema

bull Content production and management for broadcast

bull Electronic content distribution on broadband networks

bull Electronic content distribution on mobile networks


8122019 Panorama 2006


Left Silicon microchip As system value and

intelligence is increasingly embedded in chips

Thomson is placing increasing emphasis on

in-house silicon design and development efforts

Research

Thomson has successfully intensi fied

research efforts over the last two years

in order to serve the short and long-term

needs of the Media Entertainment amp

Communications industries leveraging

both close relationships with customers

and deep knowledge of video

New ways to acquire process compress

store and distribute digital content today

provide a central focus for the ongoing

programs at Thomsonrsquos seven research

centers located in Rennes and Paris in

France Hanover and Villingen in Germany

Burbank and Princeton in the US and Bei-

jing in China These range from innovative

coding schemes to advanced methods

for processing audio and video signals

The networking component is especially

important as Thomson engineers work

on solutions to enable operators of fixedand mobile telecom cable and satellite

networks to distribute content more eco-

nomically and flexibly and to introduce

new services

Software amp Technology Solutions

The development of content security solu-

tions counts among the critical initiatives

within the Software amp Technology Solutions

business unit Thomson experts are working

on new ways to help Media Entertainment

amp Communications customers protect their

digital rights They develop and distribute

innovative solutions in the fields of forensic

marking content protection secure con-

tent distribution and anti-counterfeiting

HIGH DEFINITION AT A GALLOP

As high-definition video sweeps the video and TV world video compression

is one of the greatest challenges facing the Media Entertainment amp

Communications industries and companies who need to process and

distribute HD images Thomson is helping meet this challenge through

the Mustang HD video processing engine an advanced chip set that helps

make HD images more compact Using the talents of Thomsonrsquos

Technology and Systems divisions the patented Mustang technology

designed for a wide variety of broadcast equipment has been integrated

into an innovative Grass Valley branded HD video coding device Packing

HD images so compactly greatly reduces costs for broadcasters making it

more commercially attractive for them to adopt advanced MPEG-4 HD



8122019 Panorama 2006


ldquoIrsquove always worked in video compression RampD for a number of hi-tech companies

but Thomson is different itrsquos truly video-centric Everyonemdashnot just the compression

research engineersmdashunderstands the importance of video technology to the core business

Irsquom in charge of our compression research activities worldwide a key technology

thatrsquos essential for distributing video over networks or storing video on physical media

But what I most enjoy is drawing on my experience in patents to mentor researchers on

preparing patent disclosures for new inventions Preparing patent disclosures is a pretty

unique skill and one thatrsquos key in strengthening the Grouprsquos intellectual property portfoliordquo

Jill Boyce Compression Domain Director Corporate Research

ADDING A NEW DIMENSION TO MUSIC

Movie-goers and people with home cinema installations are accustomed to

the three-dimensional sound that enables them to hear each instrument

voice or sound effect in a different place The concept is known as ldquoSurround

Soundrdquo and it now exists in mp3 format

Developed in cooperation with Germanyrsquos Fraunhofer Institute for Integrated

Circuits mp3 Surround takes the mp3 digital coding system one step furtherwithout making mp3 files larger The new technology is also backwards

compatible so that music with mp3 Surround sounds great with existing players

The technology can be applied in a broad spectrum of applications

including web-based music distribution broadcasting systems PC-related

audiovisual and gaming applications

This yearrsquos achievements covered multiple

domains of technology The businessrsquo

leading watermarking technology embedsinvisible indestructible and fully traceable

pieces of information into content so that

the owner origin or recipient can be identi-

fied The technology was launched for digi-

tal cinema applications and successfully

licensed to most server manufacturers

Thomson technologies also enabled for

example the development of an advanced

TV audience measurement system and a

solution allowing authentification of VIP

accreditation badges during Soccer World

Cup in Germany in 2006 The businessrsquo

consulting activity also implemented an

enterprise-wide security solution for a majorinternational broadcaster during the year

The Software amp Technology Solutions busi-

ness is now expanding from watermarking

into other promising technological areas

such as digital rights management (DRM)

to manage conditional access to content

in the context of professional workflows

content filtering to monitorfilter distribution

of copyrighted content or new protocols

to optimize and secure content distribution

platforms



8122019 Panorama 2006


Silicon Solutions

As more and more system value and intel-

ligence is embedded onto silicon micro-

chips Thomson has placed increased

emphasis on in-house silicon design and

development efforts These range from

integrated circuits for communications and

set-top boxes to chips designed specifi-cally for broadcasting and mobile devices

The growing sophis tication of home

network access devices helps explain

why more than 200 Thomson engineers

are continuing to develop innovative

integrated circuits As with all Thomson

technology innovations our silicon invest-

ment is focused equally on increasing our

leadership in set-top boxes as much as

on providing integrated circuit solutions

to industry leaders

Intellectual Property amp Licensing

Thomsonrsquos extraordinarily rich intellectual

property assets include over 55000 pat-

ents derived from more than 7000 inven-

tions with some 600 new invention patent

applications filed in 2006

Thomsonrsquos patent portfolio remains a key

pillar for both the Technology division and

the Group as a whole with patented tech-

nologies including digital decoders high-

definition TV optical module patents for

Thomsonrsquos rich intellectual property

assets include over 55000 patents

CD and DVD players MPEG video com-

pression mp3 audio compression format

interactive TV and storage technologies

Having successfully migrated the propor-

tion of income derived from digital rather

than analogue technologies digital tech-

nology-based programs now account for

over 80 of the Grouprsquos large licensingrevenue stream with over 950 licensing

contracts in place worldwide at year-end

2006



8122019 Panorama 2006


Thomsonrsquos Systems division provides video solutions and integrates video network systems for its customers in

the broadcast cable satellite terrestrial and telecoms markets The divisionrsquos offering spans image capture to

network distribution to the provision of access products enabling operators to enrich their service offerings to

subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006


Today people benefit from virtually instan-

taneous access to an increasingly custom-

ized range of content available through

a growing set of access possibilities As

internet and digital technologies con-

tinue to infuse the Media Entertainment

amp Communications industries Thomson

is focusing on opportunities arising from

this new paradigm alongside its traditionalcore markets These range from traditional

broadcast equipment to the growing mar-

ket for professional audio-video systems

mobile and IP (Internet Protocol) TV to

booming demand for residential broad-

band services

Strategy

Thomsonrsquos Systems division comprises

three activities Access Products and the

Broadcast amp Networks businesses The

Access Products business aims to deliver

key set-top box platforms for satellite andcable customers and gateway products

for telecom operators The Broadcast

amp Networks businesses are focused on

video network integration bringing to

market advanced products and solutions

to enable network operators broadcast-

ers and film-makers to benefit from the

latest technologies in image acquisition

compression switching and storage The

Network Software business aims to enable

the introduction of new multiple-play ser-

vices based on fixed-mobile convergence

IPTV and broadband telephony

Achievements

Overall the Systems division improved

diversified its customer base in 2006 In

Access Products Thomson consolidated

its leadership of worldwide markets forset-top boxes gateways and modems for

telecom satellite and cable network oper-

ators and service providers while achiev-

ing good growth in higher-end products

in the second half of the year In Grass

Valley demand for high-defin ition (HD)

acquisition production and distribution

systems combined with growing demand

for IT- and IP-based broadcast solutions to

drive growth while in Network Software

Thomsonrsquos SmartVis ion IPTV system

gained good ground with more than 30

IPTV and mobile TV deployments to date

and the worldrsquos largest installed base

Access Products

The Access Products business was driven

in 2006 by the ongoing rapid expansion of

triple (video voice and data) and quadru-

ple play services (also fixed-mobile con-

vergence) offered by cable and telecom

network operators and by the increasing

spread of high definition (HD) broadcasts

among satellite network operators

SYSTEMS

PROVIDING VIDEO SOLUTIONS

From image capture to

distribution via

all types of network

Thomson is reaping the benefits of

growing market demand for

video network integration



8122019 Panorama 2006


Thomson further consolidated its market

leading position for dual and triple-play

gateways to telecom operators and inter-

net service providers The established mar-

ket leader for DSL modems and routers

since 1999 Thomson extended its lead

over the competition in 2006 shipping

more than 42 million DSL modems and

gateways during the first half of the yearand 10 million units overall in 2006

Growing market demand for sophisticated

home networking eco-systems able to

accommodate new services over time was

underlined by the success of Thomsonrsquos

Livebox gateway for France Telecom

Early in 2007 Thomson supported large-

scale deployment of the Livebox which

provides access to high-speed wireless

Internet Voice-over-IP IPTV network

gaming fixed-mobile convergence (unik)

and other services

An advanced Thomson gateway also

enabled the UKrsquos leading operator to

launch its innovative Total Broadband ser-

vice in June 2006 Bri tish Telecomrsquos BT

Home Hubtrade is a quadruple-play gateway

designed to support BTrsquos full range of ser-

vices including both BT Total Broadband

and BT Broadband Talk in addition to

providing wired and wireless broadband

connectivity for fixed and mobile phones

PCs and other networked devices It also

Mobile video in Italy

Thomsonrsquos product and service offering benefited in 2006 from increased interest from cable and

telecom operators to complete their offering for Video-on-Demand and mobile TV The Olympic Winter Games

notably provided a showcase for Thomsonrsquos capability to deliver video programming to cell phones and

other mobile devices In the wake of the successful Olympic trial Telecom Italia turned to Thomson

for the systems and technology that enabled it to commercially launch a mobile offering including TV and

sports programming in June 2006

incorporates the latest wideband audio

codec providing near CD-quality sound

for voice and video calls

As broadband services become more and

more of a mass-market service providers

must ensure that their services are both

differentiating and easy to consume This

trend calls for the emergence of simpleyet very technologically-advanced and

software-laden devices Such devices

connect to the home-networking gateway

and make it natural to consume a broad-

band-delivered service One example

is the Music Box first made available to

subscribers of AOLrsquos broadband service

in France which streams Internet-based

radio stations or locally stored music files

to a homersquos legacy Hi-Fi audio system

Strong growth in the cable network sys-

tems market which is projected to expand

another 20 in 2007 helped drive Thom-son toward two major sales milestones

in 2006 two million cable set-top boxes

and ten million cable modems Driven by

operatorsrsquo needs to provide more and

more sophisticated services Thomson

has extended its product range since

2005 to include interactive double- and

triple-play set-top boxes as well as HD

set-top boxes with advanced functions

such as personal video recorders (PVR)

Among the cable operators to have



8122019 Panorama 2006


Total Broadband for BT

An advanced Thomson gateway enabled the UKrsquos leading telecommunications operator British Telecom

to launch its innovative Total Broadband service in June 2006 This quadruple-play gateway

known as the BT Home Hubtrade features video voice data and wireless capabilities

It is supporting BTrsquos full range of services including wired and wireless broadband connectivity

for fixed and mobile phones PCs and other networked devices


8122019 Panorama 2006


Left Thomson Grass Valley branded

outside broadcast van under construction

Right Camera operator Kim Marks (left)

a camera first assistant Chris Blauvelt (center)

and a camera second assistant

Jason McCormick (right) line up a scene

with the Grass Valley Viper FilmStreamtrade

camera for the David Fincher feature Zodiac

Photo courtesy Paramount Pictures

selected Thomson in 2006 were Portu-

galrsquos leading Pay-TV Operator TV Cabo

UPC E-Vision Kabel Deutschland and

Premiegravere in Europe Net Serviccedilos in Latin America and StarHub and Dalian Cable

TV in Asia

Thomson expanded its footprint in satel-

lite in Europe notably in the UK and in

Asia where product deliveries began for

Tata Sky the Indian satellite broadcaster

In the UK Thomson delivered the Sky

HD box an MPEG-4 set-top box with

Personal Video Recorder which enabled

the successful launch of the countryrsquos first

high-definition TV service in May 2006

The largest satel li te television service

provider in the US DIRECTV also chose Thomson to expand its HD programming

offering with the delivery of the H20 satel-

lite receiver

Leveraging expertise in free-to-air digi-

tal terrestrial receivers and capabilities in

high-definition Thomson also delivered

the first MPEG-4 HDTV receivers for digital

terrestrial TV to French operators Canal +

and TPS during the year

In telephony Thomson remains a lead-

ing supplier of corded and cordless tele-

phones which are sold at retail outletsunder the RCA GE and Alcatel brands as

well as under third-party brands for opera-

tor sales In 2006 Thomson capitalized

on its leadership position in DECT (Digital

Enhanced Cordless Telecommunications)

in Europe by expanding into the American

retail market

Broadcast amp Networks

The Broadcast amp Networks businesses

gained market share in 2006 particularlyin networks and systems integration and

expanded in the promising Pro-AV (profes-

sional audio-video) market

Continuing trends in this market are high-

definition (HD) broadcasting the merging

of IT and broadcast technology the move

to a tape-less file-based approach to video

storage and management and power-

ful MPEG-4 HD compression technology

which allows content to be delivered to mul-

tiple audiences over multiple platforms

One highly visible application of ThomsonrsquosGrass Valley brand of HD image acquisi-

tion and production systems was the 2006

FIFA World Cup in Germany seen by a

billion viewers around the world Broad-

casters covering the event relied on more

than 182 Grass Valley brand cameras

10 Grass Valley video switching systems

12 large scale Grass Valley video routing

systems and hundreds of other devices to

provide faultless HD images

Leveraging its market leading position

Thomson est imates tha t Grass Valley

HD cameras now account for 50 of theglobal market Most major outside broad-

cast production companies in the world

use Grass Valley branded HD camera sys-

tems with more than 1500 in use

High-definition television is also about

news Based on internal Thomson esti-

mates Grass Valley solutions accounted

for nearly 80 of HD news installations

worldwide in 2006 including CBS Net-

work-owned amp operated stations in the



8122019 Panorama 2006


IGNITE HD

TV news operations can work more quickly and efficiently by using information

technology The industryrsquos first and most complete link between the control room

and the newsroom HD Ignite enables a single technician to handle all

news production requirements During its initial months on the market in the US

HD Ignite was selected by such early adaptors as ABC Stations Group

customers in San Francisco and Chicago and Cox Broadcasting customers in

Atlanta San Francisco Charlotte North Carolina and Dayton Ohio

Telecom service providers are working to

provide more content and value-added

services over their broadband lines

Thomsonrsquos SmartVision and

Cirpack software solutions facilitate

their strategies for rapid deployment of

IPTV and triple-play services

US Al Jazeera Englishmdasha global channelbased in the Middle Eastmdashand Belgiumrsquos

VTM (Vlaamse Televisie Maatschappij )

Thomson is the only supplier to provide

an automated production system (Ignite

HD) a full suite of non-linear editing sys-

tems and a news playout systemmdashall of

which enable broadcasters to move to HD

affordably and to speed up and automate

their workflows

MPEG-4 is one of the enabling technolo-

gies which allows operators of telecom-

munications networks to bring TV to

their subscribers in addition to voice andinternet access This is one element in a

complete Thomson systems offering For

example Spanish operator Telefoacutenica

selected Thomson for a range of equip-

ment and systems to upgrade and expand

its rapidly growing ldquoImageniordquo service In

the US Falcon Communications a lead-

ing systems integrator offers a turnkey

IPTV solution featuring encoding content

delivery service management and access

products from Thomson

bull Professional Audio-Video

Thomson serves the rapidly growing mar-ket for professional audiovisual (ProAV)

solutions for corporate institutional wor-

ship and governmental media centers and

networks Thomsonrsquos expansion in ProAV

has been achieved through organic prod-

uct development as well as the integra-

tion of Pro-AV products from Canopus

the Japanese company acquired in early

2006

EDIUS desktop video

editing software part of

Thomsonrsquos growing rangeof professional

audiovisual and

broadcast solutions



8122019 Panorama 2006


ldquoHaving started out in research today Irsquom responsible for our modemsrsquo roadmap

and strategy Our customersmdashthe telecoms operatorsmdashhave seen their business

transformed by technology like high-speed broadband And I find it fascinating

how these technologies have penetrated our daily lives the way we live and how

we communicate have changed dramatically over the last ten years

Even faster broadband (VDSL) fiber optics wireless technologies fixed-mobile

convergencehellip mean the pace of change is set to accelerate therersquos no doubt

wersquore living in exciting timesrdquo

Stan Claes Product Manager for IP-based Access Products

A key product introduction in 2006 was

the Grass Valley Indigo AV Presenta-

tion Switcher which combines features

normally found in separate devices in aunified powerful control interface simple

enough to be used by a single operator

Digital signage is also providing new mar-

ket opportunities combining the latest in

display delivery and storage technologies

Thomsonrsquos integrated digital media man-

agement solution Media Edge solves the

complex control distribution and archive

demands of customers Media Edge can

stream high-quality SD and HD content

over an IP network for example to the retail

store environment without the need to re-

invest in infrastructure

Broadcast amp Networksmdash

Network Software

2006 saw telecom service providers con-

tinue to build strategies to provide more

content and value-added services over

their broadband lines Thomsonrsquos Smart-

Vision TV service platforms and Cirpack

telephony switches are at the heart of sev-

eral of the worldrsquos largest IPTV and VoIP

services

In 2006 the launch of a pre-integrated mul-tiple play solution for telecom service provid-

ers illustrated Thomsonrsquos ability to leverage

skills across multiple business units The

solutions which enable telecom providers

to bring a myriad of services to broadband

subscribers are built around Thomsonrsquos

SmartVision and Cirpack software solu-

tions integrated with Thomsonrsquos Grass

Valley branded video head-end equipment

and Thomson home gateways and set-top

boxes This represents the first pre-inte-

grated solution on the market for rapid easy

deployment of triple play services including

voice video and internet access

More than 30 IPTV and mobile TV service

platforms have been deployed around the

world with SmartVision well-positioned

for convergent operators since it allows

video distribution over fixed and mobile

networks

Thomsonrsquos Cirpack softswitches which

help provide the core for the new inte-

grated platforms occupied the top mar-

ket position worldwide for residential

broadband telephony (VoIP) platforms in

2006 Over the course of 2006 Europersquoslargest primary line VoIP operator Freefr

upgraded its Cirpack switches to bring a

new seamless fixedmobile service to its

two million customers placing Thomson

at the forefront of new fixed-mobile con-

vergence solutions Signaling the rapid

expansion of sales outside traditional

Western European markets Thomsonrsquos

Cirpack switches were selected by many

telecom operators in Northern Africa Cen-

tral and Eastern Europe as well as Central

America to build or upgrade legacy voice

networks and deliver advanced telephone

services using IP technologies



8122019 Panorama 2006


Thomsonrsquos Services division provides end-to-end management of business-critical services on behalf of Media

Entertainment amp Communications customers These include management of broadcast and network operations

centers on an outsourced basis and the provision of an array of content services to the creative community from

post-production to visual effects

SERVICES

8122019 Panorama 2006


8122019 Panorama 2006


Thomsonrsquos Services division provides end-

to-end management of business-critical

services spanning physical media con-

tent services electronic content distribu-

tion and network services The division

is the worldrsquos leading provider of state-

of-the-art film-making post-production

visual effects and broadcast center man-

agement services

Strategy

The Services division continues to focus

on managing v ideo networks and

op er at io na l centers on behalf of its

customers who are able to concentrate

on their core business of content The

emphasis on high-growth opportunities

in newer market sectors such as retail

and corporate networks and gaming

has been sharpened

Achievements

New customers in fast-growing market

segments responded well to a range of

high value-added services from the Ser-

vices division in 2006 Network Services

showed particularly strong growth as net-

work operators in Europe Asia and North

America selected Technicolor-branded

management services The addition of

such leading customers as ITV in the

UK and France 24 and TV5 in France

substantially expanded Thomsonrsquos fast-

growing Network Services business

Noteworthy successes were also achieved

in Theatrical Services due in part to the

continued development of Thomsonrsquos digi-

tal cinema activity The Content Services

business continued to expand its post-

production services business by opening

a digital intermediate facility on the SonyPictures Entertainment studio lot In 2006

a new Home Entertainment Services unit

was created combining Thomsonrsquos DVD

business with electronic distribution to

develop new services to support emerging

lsquoon demand contentrsquo business models

Network Services

With a comprehensive portfolio of services

for broadcasters network and internet TV

operators movie theatres retailers and

corporations Network Services continued

to expand briskly in 2006 Broadcastersincreasingly selected Thomson as their

long-term network services partner By

year-end Network Services was providing

managed services under the Technicolor

brand to close to 200 channels from

17 facilities in France the Netherlands

Japan North America and the UK

Late in the year Thomson signed a long-

term agreement with ITV for network

transmission operations services for its six

From managing video

networks on an outsourced

basis to a broad range of

offerings in content services

Thomson is bringing its video

expertise to new markets

and geographies

Left Network Services for broadcasters

cable TV operators movie theaters

retailers and corporations is one of Servicesrsquo

fastest-growing business segments

Right Thomson provided film sound

DVD and digital cinema services for Cars

the DisneyPixar hitCars copy 2006 Disney Enterprises IncPixar All R ights Reserved

SERVICES

MANAGING VIDEO NETWORKS



8122019 Panorama 2006


existing UK channels including the coun-

tryrsquos leading commercial channel In addi-

tion an agreement signed with NOB Cross

Media Facilities (NOB CMF) a subsidiary

of Nederlands Omroepproduktie Bedrijf

(NOB) likewise established Thomson as

a major supplier of network management

services in the Netherlands

In France Network Services added new

clients France 24 and TV5 which covers

203 countries and territories to move into

the market-leading position managing

more than 60 channels and 1500 hours

of programming daily The France 24 part-

nership also involves equipping their new

global TV news operation

Thomson drove expansion and innovation

in its retail media services over the course

of the year One of the most notable achie-

vements involves an ambitious in-store

network upgrade program piloted in2006 by Wal-Mart in the USA with Premier

Retail Networks (PRN) a subsidiary within

Thomsonrsquos Network Services operat ion

The in-store network platform was based

on Thomson IPTV technologies adapted

for the retail environment The system

the first pilot of IPTV in the retail environ-

ment delivered real impact on product

sales and improved customer satisfaction

in Wal-Mart stores PRN also expanded

capabilities into China early in 2007 with

Content Services revving up

Thomson provided a wide range of services for a number of major international film releases in 2006

such as Cars one of the three nominees for Best Animated Film at the Oscars Thomson Technicolor provided

film services sound services DVD compression and authoring replication and distribution

as well as digital cinema mastering and distribution for the DisneyPixar hit The Grouprsquos Content Services offering

has expanded in recent years to include the high-growth video-gaming advertising and broadcast markets

the signing of a joint venture with CGEN a

technology company leading the Chinese

in-store digital signage media industry

The two companies are currently collabo-

rating on the roll-out of an in-store media

network to 750 internet cafeacutes part of the

leading Chinese chain Big Cafeacute

Theatrical Services

Thomson signed Europersquos first large-scale

digital cinema rollout agreement in 2006

with the Kinepolis Group one of the conti-

nentrsquos most innovative theater circuits and

the leading exhibition chain in Belgium

The agreement to instal l and operate

digital cinema systems in 130 Kinepolis-

owned and operated screens passed a

first milestone in March 2007 with Thom-

sonrsquos first international distribution by sat-

ellite of an encrypted digital version of the

film Dreamgirls from the US to a Kinepolis

theater in Brussels Belgium

A series of new contracts were awarded

in the US For example in the fall of 2006

Technicolor Digital Cinema began installing

digital projection systems at 120 National

Amusements Inc screens in Boston Los

Angeles New York and elsewhere as part

of a strategic agreement National Amuse-

ments operates more than 1500 screens

in the US UK Latin America and Russia

Digital projection systems were also



8122019 Panorama 2006


The growing market for Network Services

The decision by the UKrsquos leading commercial broadcaster to entrust its network services to

Thomsonrsquos Network Services operations illustrates a growing global trend as broadcasters focus increasingly on

programming and meeting customer needs they turn to highly-skilled specialists to handle technology

The long-term agreement with ITV means that the broadcaster will benefit from enhanced service and new technology

as well as more flexibility in launching new services


8122019 Panorama 2006


Left Thomsonrsquos Technicolor

Interactive Services provided in-game

cinematics and voice recording for

Microsoft Game Studiosrsquo Gears of War

Right Thomsonrsquos London-based MPC

subsidiary carried out post-production

work including computer graphics

on Sony Braviarsquos award-wirring colorful

Paint commercial

installed at several landmark theatres in

Los Angeles in 2006 including Mann The-

atresrsquo Graumanrsquos Chinese and the Village

in Westwood

Thomson maintained a leading position in

film processing and printing in 2006 in a

market where volumes were stable Tech-

nicolor handled worldwide release printingfor two of the five 2007 Oscar nominees

for Best PicturemdashMartin Scorcesersquos The

Departed and Clint Eastwoodrsquos Letters

from Iwo Jimamdashas well as release print-

ing for two of the three Best Animated Film

nominees Cars and Happy Feet

As part of its ongoing commitment to meet

customer needs worldwide a state-of-the-

art film and post-production facility was inau-

gurated at Ciudad de la Imagen in Madrid in

2006 It is already becoming known as the

countryrsquos most comprehensive postproduc-

tion facility with advanced film processingand digital intermediate capabilities

Content Services

Thomson continued to leverage its long-

standing strength in post-production

skills and services through expansion into

emerging and high-growth market seg-

ments such as content services for the

video-gaming advertising and broadcast

markets

In order to better serve the growing mar-

ket for entertainment content for mobile

devices Thomson unveiled new mobile

content preparation and distribution capa-

bilities in the US and the UK in 2006 Facili-

ties equipped with state-of-the-art produc-

tion and post-production technologies will

handle the preparation and optimization

of a wide range of digital entertainmentcontentmdashincluding movies TV episodes

and music videosmdashfor distribution to

mobile devices The dedicated services

complement the Grouprsquos extensive global

electronic distribution infrastructure which

enables Thomson to deliver mobile con-

tent to online delivery services as well as

to network operators for final transmission

to mobile customers

Thomson also made progress in the

development of an integrated digital asset

management solution in 2006 known as

MIDAS (Media Ingest Distribution andStorage) MIDAS is a software and hard-

ware platform for digital content prepara-

tion storage security and distribution

From the first day of production planning

through every stage of post-production

and content distribution MIDAS creates

a digital workflow that allows customers

to manage projects remotely and provides

for rapid and seamless global file delivery

streaming and collaboration



8122019 Panorama 2006


While expanding into newer markets

growing demand for post-production ser-

vices and visual effects continued to fuel

Thomsonrsquos ongoing content services activ-

ities Among the yearrsquos most noteworthy

achievements were portfolios of services

for such feature films as The Departed

Letters from Iwo Jima and Pirates of the

Caribbean Dead Manrsquos Chest ThomsonrsquosMoving Picture Company (MPC) also pro-

vided high-end visual effects for the three

films nominated for Achievement in Visual

Effects Pirates of the Caribbean Posei-

don and Superman Returns

Confirming the Grouprsquos solid growth in

content services for the video game indus-

try Thomson unveiled a new dedicated

Interactive Services facility in Burbank

California in 2006 Sierra Entertainment

a division of Vivendi Games selected

Thomson to prov ide cinemat ic anima-

tion voice casting and recording sound

design and mixing services for The Leg-

end of Spyrotrade A New Beginning Like-

wise Thomson provided a wide range of

services to support Konamirsquos The SilentHill Experience released simultaneously

with the motion picture

The strategic investment in one of Indiarsquos

leading animation and gaming cinemat-

ics firms announced in February 2007

strengthened Thomsonrsquos position in Asia

for a variety of content services Located in

Bangalore India Paprikaas provides cre-

ldquoIn 1998 I joined Thomson as a Plant Manager within Home Entertainment Services

and was eventually made responsible for the expansion and management of our

Guadalajara DVD operations In summary Irsquove had great opportunities to gain experience

in international operations strategic planning and operational excellence I recently

joined Content Services where Irsquoll be leading the start-up and integration of new activities

in Beijing Bangalore and other emerging markets Content Services is dynamic and

growing and Irsquom looking forward to expanding the business in Asia while improving

our operational performance in North America and Europerdquo

Mike Hayden Vice President Operations amp Strategic Projects Content Services

INTERACTIVE SERVICES

Thomsonrsquos Interactive Services activity brings renowned Technicolor creativity

reliability and customer service to the fast-growing video games industry

Serving the industryrsquos top developers publishers and studios on premiere titles

seasoned game development veterans provide a full portfolio of design and

production skills and resources In 2006 the long list of Interactive Services

clients included such leading video games producers as Vivendi Games

Epic Games THQ Sony Computer Entertainment Microsoft Electronic Arts

Midway Konami Activision D3 and others



8122019 Panorama 2006


Left Behind the scenes

at a Thomson-managed broadcast

network operations center

Right The successful end-to-end

international satellite transmission of

the film Dreamgirls proves Thomsonrsquos

ability to distribute feature film content

across the globeDreamgirls copy 2006 Dreamworks LLC and Paramount Pictures

All Rights Reserved

ative technical and production capabilities

to design and produce computer anima-

tion and visual effects for films television

commercials and interactive video games

with a strong focus on digital 3D content

This effort will add new computer anima-

tion capabilities to Content Servicesrsquo list of

service offerings and provide a low-cost

center for continued growth

Home Entertainment Services

With demand developing for high-defini-

tion DVDs Thomson built capacity for

both next generation formats HD DVD

and Blu-Ray Disc By year-end multiple

manufacturing lines were in operation for

both formats The Group also achieved a

major manufacturing breakthrough when

it produced the worldrsquos first hybrid DVD

combining both high-definition and stan-

dard-definition versions of content on a

single disc

Adapting to slower DVD volume growth

rates Thomson continues to streamline its

DVD replication operations with an aim

towards maintaining its industry leading

low cost manufacturing platform At the

same time the Group maintained its world-

leading position in 2006 through ongoing

and new contracts with the industryrsquos

largest content owners An existing DVD

replication agreement with Paramount

was extended and enlarged in 2006 as

Paramount chose Thomson to provide

retail distribution and returns processing

services in the US and Canada

At the same time Thomson continues to

work with a wide range of Media amp Enter-

tainment industry leaders as they explore

new solutions and business models forelectronic content distribution such as

video-on-demand and Internet-based digi-

tal delivery systems Thomson is uniquely

positioned to develop and provide on-

going services to such content owners

as they seek to more rapidly distribute

and monetize their content via these new

alternate delivery platforms Specific focus

will be placed on addressing the security

and scalability challenges such customers

will face as these new business models

emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS

Thomson is committed to creating value for all its stakeholders by providing the technology systems

and services that enable a digital world The Group seeks to achieve the highest standards of ethical

behavior in its business operations and thus to implement best practice in the management of

human resources and environmental health and safety

8122019 Panorama 2006


In 2006 human resources efforts focused

on key priorities linked to managing Thom-

sonrsquos evolving employee base These

include identifying and attracting new

talents and expertise motivating people

through involvement and empowerment

retaining critical talents by providing excit-

ing career opportunities and developing

the work force by creating opportunitiesfor operational exposure coaching mobil-

ity and training

Cementing the transformation

Human resources (HR) initiatives over the

course of the year helped cement the

transformation of Thomson into a focused

technology company serving the Media


tries With the Grouprsquos evolving needs for

support functions and skills that fit a soft-

ware driven market environment change

management has been the leitmotif of thepast two years

Throughout 2006 Thomson pursued

integration and realignment of its skills

base through development of transversal

policies and a strong corporate culture

thus reinforcing employee motivation and

synergies among subsidiaries

The transfer of the Internal Communi-

cations function to the HR Department

reinforced the impact of these efforts For

example the new Thomson HR Leader-

ship Model which led to the development

of new Management Principles Ethics

Charter and Values was widely cascaded

and conveyed Group-wide in 2006

Employee involvement

One hundred key managers now consti-

tute the Thomson Management Network

This body comprises nearly equal thirds

of managers who have been promoted

to senior positions managers who have

joined the Group through acquired com-

panies in which they held lead roles and

managers who were already in place as

key leaders They meet regularly (two to

three times a year) with the Chairman amp

CEO and his Executive Committee to dis-

cuss strategic and execution issues and

thus contribute toward Thomsonrsquos contin-

ued growth They also ensure sharing andunderstanding of the Grouprsquos strategy and

objectives by cascading critical informa-

tion In addition some 5000 managers

and employees enjoy extended access

to all corporate publications on a weekly

basis helping to ensure that employees

are directly involved in key issues

Open and constructive dialogue with

social partners continued in 2006 with

respect to the restructuring that was car-

HUMAN RESOURCES

DEVELOPING TALENT

Human resources amp internal

communications initiatives

have proved crucial

to successful implementation

of Thomsonrsquos

strategic objectives

ldquoSince I joined in November 2006 Irsquove been struck by how committed HR

professionals worldwide are about achieving Thomsonrsquos ambitionmdashto be

one of the 100 greatest companies to work for Itrsquos amazing what has been

achieved in a short time The Asia-Pacific region is particularly challenging

as our markets change and grow at seemingly lightning speed One of my

greatest challengesmdashhaving identified and recruited the right talentmdashwill be

to continue developing and nurturing the management and leadership skills

we need to develop the business in Asiardquo

Gao Lan Human Resources Vice-President Asia Pacific


8122019 Panorama 2006


ried out to meet Thomsonrsquos business

objectives Notably through the Grouprsquos

European Works Forummdashwhich com-

prises 15 union representatives from the

countries where Thomson is presentmdashbut

also at local level the prime concern in this

dialogue was to ensure fair treatment for

all employees affected by restructuring or

disposals

Simplifying and

aligning the organization

Thomsonrsquos management development

blueprint known as the HR Leadership

Model continued to advance in 2006

The model is designed to simpli fy and

align the organization with business strat-

egy identify key resources following acqui-

sitions and recruit the highest caliber of

people needed by Thomson as a technol-

ogy-driven company The yearrsquos achieve-

ments included global mapping of theorganization and grading of jobs for the

Grouprsquos 350 senior managers This map-

ping allows harmonization of remuneration

across countries and activities ensuring

fair treatment based on the type of post

held and performance criteria A global

Compensation amp Benefits policy for these

executives was presented to the Board

of Directors and is expected to expand

throughout the organization during 2007

and 2008

Designed to identify and develop Thomsonrsquos

talents the bi-annual employee evaluation

and objectives evaluation known as the

ldquoContract of Progressrdquo was revised and

improved in 2006 Specific training pro-

grams in which over 300 people parti-

cipated over the year were developed

for HR personnel to ensure Group-wide

consistency in the assessment and moni-toring of employee performance

A centralized worldwide talent review policy

was implemented in 2006 to enable Thom-

son to better anticipate human resources

requirements Dedicated people manage-

ment tools are used to track potential risks

and define succession and development

plans at all levels of the organization The

talent review process which assessed

some 5000 managers and key employees

across the Grouprsquos divisions in 2006 also

helped identify promising individuals who

are likely to take on senior positions within Thomson in the next few years Person-

alized development plans were then built

for these high-potential individuals which

included training in business schools and

universities in the first half of 2007

Customized development programs

Increasingly close partnerships with some

of the worldrsquos leading engineering schools

business schools and universities in

In 2006 Thomson pursued integration and

realignment of its workforce through

development of transversal policies and

a strong corporate culture


8122019 Panorama 2006


Thomson is committed to

attracting developing retaining and

energizing key talents

Europe Asia and North America contribute

to the growing awareness of Thomson and

serve as an outstanding source of new tal-

ent for the Group Every year Thomson

recruits more than 600 engineers and

managers categories of personnel which

have seen their numbers double over the

last two years

Significant progress was made in 2006

to diversify and expand the training pro-

grams on offer to Thomson employees

More than 300 managers in all Thomson

businesses participated in high-profile

training seminars ranging from Strategic

Execution and Project Dynamics to Value

Creation Training initiatives will expand

further in the future since they form an inte-

gral part of the Grouprsquos business evolution

and the Thomsonrsquos commitment to attract

develop retain and energize key talents

Pro-active approach

A pro-active approach to deploying the

human resources function has been

adopted with the transfer of the func-

tion in Asia from Hong Kong to Beijing in

2006 helping support Thomsonrsquos expan-

sion in this key region Managing human

resources for the region from Beijing

places the function close to many of its

internal customers as well as to one of the

Grouprsquos research centers Home to more

than 360 highly-skilled engineers the cen-

ter is near many of Chinarsquos leading univer-

sities and research institutes encouraging

exchanges with the academic and scien-

tific communities

In 2006 Thomson reiterated its corporate

beliefs externally by publishing the Grouprsquos

commitment to the 10 principles of theUnited Nations Global Compact on the

UNrsquos web site Such ldquoCommunication on

Progressrdquo underscores Thomsonrsquos pub-

lic accountability and transparency both

of which critical to the Grouprsquos abilities to

manage risks and opportunities


8122019 Panorama 2006


Thomson employed 24465 people

as of December 31 2006 excluding

businesses held for sale

(1) Australia Latin America and United

Arab Emirates

(2) Manufacturing services 5 and

support functions 4

Services62

EMPLOYEES BY DIVISION

Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX

Womenrepresent36 of all

employees

Women represent13 of managers

Women represen18 of ExecutiveCommittee memb

In an effort to ensure that the main elements of

Thomsonrsquos Ethics Charter and Values were conveyed and

understood throughout the organization an internal campaign

was launched in mid-2006 This involved the distribution of

posters in the appropriate local language to more than

a hundred sites around the world At Thomsonrsquos main sites

local managers often with an Executive Committee member

hosted briefing sessions and took the opportunity

to discuss these key issues with employees


8122019 Panorama 2006



Thomson helps its customers to provide

people with broader access to media

entertainment and communications For

example by managing the broadcasting

of close to 200 TV channels the Group

enlarges the media and information

choices available to millions of people

throughout Europe Asia and North Amer-

ica By providing solutions and audio-visual products to support distance learn-

ing Thomson enables universities to reach

out to students who might not otherwise

enjoy access to such education

Expertise to preserve

film amp TV heritage

As an enabler of the digital world Thomson

contributes to cultural diversity and enrich-

ment and better understanding among

peoples Thomson supports the arts and

creativity by supplying the creative services

and products that make it possible for cre-ative minds to realize their projects and to

deliver them to audiences Contributing

to a richer cultural fabric worldwide the

Grouprsquos expertise enables emblematic cin-

ematographic works to retrieve their visual

glory through the provision of a variety of

film restoration techniques In 2006 the

Group took steps to place this expertise at

the disposal of the worldrsquos endangered film

and audiovisual archives with the setting

up of the Thomson Foundation for Film amp

TV Heritage

The Foundation working in coopera-

tion with local and international partners

helps to set up multi-disciplinary teams

comprised of experts from Thomson

businesses advanced archive institutions

and film preservation schools to restore

and promote what remains of the worldrsquos

cultural legacy recorded on film and TV

During its initial year the Foundation con-tributed to projects in Cambodia France

India Thailand and the US

Operating worldwide Thomson contributes

to improving economic and social welfare

and living standards As a good corporate

citizen the Group recognizes its responsi-

bilities to all of its stakeholders This means

ensuring that all of its business practices

meet the highest ethical standards It also

means that the Group is committed to

protecting and enhancing the environment

everywhere it does business to ensure that

all Thomson products are safe to use andthat all Thomson employees benefit from

a safe working environment Furthermore

Thomson fulfils its duty as a corporate citi-

zen by contributing to the quality of life in

many of the communities in which it does

business through a variety of local initia-

tives ranging from fund-raising in the com-

munity to events sponsorship

Through its technology

systems and services

Thomson contributes to

the dissemination of media

and entertainment

and a richer cultural fabric

for the world

The Bophana Archive Center

in Cambodia was set up in 2006

with the help of the Thomson Foundation

for Film amp TV Heritage

CORPORATE

SOCIAL RESPONSIBILITY ENABLING A DIGITAL WORLD

8122019 Panorama 2006



Since its inception the Thomson Foundation has contributed to

a number of film and TV heritage projects Working in partnership with

local and international government agencies and non-profit groups

the Foundation helped create the Bophana Archive Center in Cambodia

at the end of 2006 The Center aims to save and enlarge access to

endangered film TV and photographic archives In India the first

session of a film heritage course designed by the Foundation took place in

the national film school of India in April 2007 Highlighting the critical role film

plays in the creative community the program of workshops conferences and

screenings was open to film students and professionals alike

8122019 Panorama 2006



Global Compact and Vigeo

Vigeo the French social responsibility rat-

ings agency ranked Thomson as one of the

best performers of 20 companies assessed

in its 2006 European ldquoTechnology amp Hard-

warerdquo sector benchmark study

To advance responsible corporate citizen-ship and universal social and environmen-

tal principles Thomson has been a mem-

ber of the United Nations Global Compact

since 2003 Launched in 1999 the UN

Global Compact requires companies to

embrace support and enactmdashwithin their

sphere of influencemdasha set of values in the

areas of human rights labor the environ-

ment and anti-corruption Thomsonrsquos core

valuesmdashhigh ethical standards striving to

improve safety and environmental respon-

sibility initiatives and fair business prac-

ticesmdashmeet or exceed the goals embod-

ied in the UN Global Compact initiative

Thomsonrsquos Ethics Charter sets the foun-

dation for the Grouprsquos dedication to

act responsibly in all of its dealings with

employees suppliers customers and local

communities Updated and enhanced in

2006 the Ethics Charter covers a broad

range of issues from business practices

and human rights to the environment

health and safety All Thomson employees

are required to respect the conduct and

practices laid out in the Ethics Charter

This same universal obligation applies to all

Thomson suppliers and subcontractors

Suppliers and subcontractors are regularly

audited by Thomson to ensure compliance

with the Grouprsquos policies and standards

Initiated in 2002 the supplier ethics audit

program has resulted in hundreds of

supplier audits over the past four yearsIn addition the Social Accountabilities

8000 standard (SA 8000) is used as a

basis for evaluating those suppliers with

manufacturing facilities in high-risk areas

Established by an independent multi-dis-

ciplinary group of international experts the

SA 8000 standard is designed to ensure

humane workplaces

Human rights

Thomson aims to ensure that its business

practices align with key corporate values

The Grouprsquos Ethics Charter specificallyfocuses on the Global Compact standards

covering child labor forced labor health and

safety discrimination disciplinary practices

working hours and compensation

To he lp prevent the use of chi ld labor

for example the Ethics Charter prohibits

employing workers below the legal mini-

mum working age in any country

The Ethics Charter also helps combat

forced labor by prohibiting unfair practices

Thomson endeavours to protect

the environment wherever it does business

8122019 Panorama 2006



such as requiring workers to deposit money

to obtain work withholding personal docu-

ments such as identity cards or passports

requiring workers to extend hours beyond

normal time or limiting workersrsquo movements

during non-working hours Prison labor and

indebted bondage are strictly prohibited

Non-discrimination and diversity

As an international Group doing business

in approximately 40 countries Thomsonrsquos

workforce is very diverse The Grouprsquos

headquarters in Paris for example counts

about a dozen different nationalities Dis-

crimination on the basis of race religion or

gender is strictly prohibited As of Decem-

ber 2006 women accounted for 36 of

Thomsonrsquos total employees

Thomson employed over 24000 people

in its core businesses as of end-2006 Of

these 44 were in North America 36in Europe 9 in Asia and 11 scattered

around the rest of the world Three-quar-

ters of the Grouprsquos current employees

joined Thomson within the last four years

including those from companies acquired

over that time period

Environment Health and Safety (EHampS)

The transformation of Thomsonrsquos business

model and market focus over the past few

years has reduced significantly the Grouprsquos

manufacturing activities Nevertheless

Thomson remains committed to ongoing

environmental health and safety policies

and goals This commitment is formalized

through the Corporate EHampS Charter

which defines key management principles

designed to protect human health and

the environment In this area the Group

embraces international standards for qual-ity and management systems in particular

the International Standards Organization

(ISO) 14001 standards for environmental

management In 2006 a total of 28 sites

held an ISO 14001 certification

Thomsonrsquos Corporate EHampS group devel-

ops directs and oversees the develop-

ment of global policies guidelines pro-

grams and initiatives reporting annually

to the Thomson Executive Committee

A corporate manager and three regional

managers direct the efforts of EHampS per-

sonnel worldwide Consistent internalbenchmarks have been in place for the

past decade to enable tracking of prog-

ress at all 41 of the Grouprsquos main industrial

locations Measured criteria include EHampS-

related employee training each locationrsquos

progress toward reducing work-related

injuries and lost workdays reducing envi-

ronmental impacts and reducing the con-

sumption of water and energy

The most notable achievement in 2006

was improved water use and conserva-

Clean industry

Thomsonrsquos Guadalajara DVD factory recently entered Mexicorsquos exclusive ldquoClean Industryrdquo program

managed by PROFEPA the federal environmental agency Sites achieving certification must go beyond

legal requirements by improving their performance in water usage minimizing hazardous waste and

controlling air noise and odor pollution Following four months of intense efforts the exhaustive

environmental audit required yielded excellent results and certification was achieved in November 2006

8122019 Panorama 2006



tion within the film labs showing more

than a 25 improvement in water con-

sumption for every million feet of film pro-

cessed This helped Thomson achieve its

overall goal of reducing annual water con-

sumption by 15 Similarly good prog-

ress was achieved toward the long-term

goal of reduced landfill with almost 10

improvement in recycling rate comparedto 2005

As a corol lary to efforts to constant ly

improve the EHampS profile of ongoing activi-

ties Thomson reviews all newly acquired

businesses to ensure they meet Group

requirements and to define upgrade pro-

grams when necessary The EHampS reviews

include an evaluation of the status and

effectiveness of existing management

and control systems and a presentation

of Thomsonrsquos EHampS initiatives and require-

ments Newly acquired sites are now

encouraged to achieve ISO 14001 certi-fication within two years of their effective

date for joining the Group

Suppliers and subcontractors are required

to meet all legal requirements for environ-

mental protection including the elimina-

tion of hazardous substances Suppliers

are required to declare in writing that their

products are free of such substances as

cadmium chromium lead mercury and

asbestos and to provide laboratory test

data as proof


has reduced significantly

the Grouprsquos manufacturing activities

Overall local legislation and standards

form the foundation for Thomsonrsquos require-

ments concerning environmental health

safety employment child labor discrimi-

nation and human rights issues in each

country where it does business

8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006


FINANCIAL INFORMATION

Thomson maintains the highest standards in compliance and risk management working continuously

to improve reporting and control as well as the quality of financial information made available to

its stakeholders

8122019 Panorama 2006



Growing North American

investor base

The per iod 2004-2006 brought about

expansion in Thomsonrsquos international

shareholder base particularly in North

America Leading US-based investment

management funds Franklin Templeton

Investments and Brands Investment Part-ners hold over 10 and 5 respectively

of Thomsonrsquos share capital while Dodge amp

Cox increased its stake to over 10 during

the year The Group estimates that North

American institutional investors represent

over 50 of the institutional investor base

France around a quarter and other Euro-

pean investors account for the majority of

the remainder

Active communications

To keep Thomsonrsquos broad investor base

appraised of progress in implementing itsstrategic objectives senior management

devoted considerable time during the year

to investor meetings in both Europe and

North America

As part of its ongoing efforts to provide

investorsmdashparticularly individual share-

holdersmdashwith comprehensive up-to-date

information Thomson makes full use of

the internet Share price information press

releases as well as the Grouprsquos annual

report and reference documents (Docu-

ment de Reacutefeacuterence filed with the French

stock exchange regulator AMF and Form

20-F filed with the SEC) are available on

the site wwwthomsonnet

Annual General Shareholdersrsquo Meetings

are broadcast live over the internet with asimultaneous translation of the proceed-

ings provided from French to English to

enable the majority of shareholders to view

the event The results of the vote are dis-

closed in detail on the internet site imme-

diately following the Meeting

The Shareholder Relations department

organizes tours for individual shareholders

of the newly inaugurated Thomson Gal-

lery at the Grouprsquos headquarters in Paris

France Visits to the Gallery designed to

illustrate Thomsonrsquos activities through a

series of live technology demos and videopresentations allow participants to better

appreciate the Grouprsquos 2007-2009 strat-

egy and growth prospects

Dividend

The dividend ofeuro033 per share proposed

at the Annual Shareholdersrsquo Meeting on

15 May 2007 represented a 10 increase

over last yearrsquos dividend

SHAREHOLDER RELATIONS

Thomson aims to keep

investors and individual

shareholders informed of

progress in implementing


Thomsonrsquos Annual General Meeting

provides an opportunity for debate and

exchange with individual shareholders

8122019 Panorama 2006



Financial calendar 2007

bull April 26 First Quarter 2007 Sales

bull May 15 Shareholdersrsquo Meeting (on second notice)

bull July 26 First Half 2007 Results

bull October 18 Third Quarter 2007 Sales

These dates are subject to modification

Public904

CAPITAL STRUCTURE AS OF DECEMBER 31 2006

Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526

Share price at year-end in euro 1481 1770

Average daily volume 2445176 2244879

Market capital at year-end in euro million 4056 4838

Number of shares outstanding at year end

(in thousands) 273871 273308

Net dividend per share in euro 033 030

Listed on the Paris and New York stock exchanges ndash Euronext code 18453 ndash NYSE ticker TMSN

8122019 Panorama 2006



Maintaining the highest standards

in compliance and risk management

Extensive work was completed in 2006

in Thomsonrsquos main operational units and

at Corporate level to ensure alignment of

reporting and control procedures with the

requirements of the Sarbanes-Oxley Act in

the United States

Improving Internal Control Procedures

Building towards application of Section

404 of the Sarbanes-Oxley Act (ldquoSOX

404rdquo) for fiscal year 2006 which required

the Group to assess the effectiveness of

internal controls Thomson committed to

implementing the internal control frame-

work proposed by the Committee of

Sponsoring Organizations of the Treadway

Commission (ldquoCOSOrdquo)

Within this framework the Group seeks toachieve ldquoreasonable assurancerdquo regarding

the effectiveness and efficiency of opera-

tions the reliability of financial reporting

and compliance with applicable laws and

regulations

Group-wide initiatives were on-going in

2006 to achieve these objectives including

the Process Transformation Initiative (PTI)

to ensure operational excellence COM-

PASS (Controls Over Methods Processes

Applications Systems and Strategy) and

the Risk Committee and its enterprise risk

assessment and management programrun by the Internal Audit function

Following a full worldwide enterprise risk

assessment carried out in the second half

of 2005 and updated throughout 2006 a

second was planned for completion by May

2007 The process assesses risks in the

Grouprsquos distinct business units or profit cen-

ters with the goal of identifying assessing

validating and monitoring risks which could

impact or potentially impact the Grouprsquos

ability to achieve its short and long-term

objectives In 2007 the Risk Committee will

continue to regularly monitor action plans

put in place to mitigate the risks identified

During the year the Group also continued

implementation of a worldwide SOX 404

compliance software system to assist with

the documentation of significant financialprocesses provide consistent guidance

to management regarding controls and

better enable management to assess its

control structure

Managing Risk

Thomson has three main internal organiza-

tions that support and assist the Executive

Committee in control and risk monitoring

the Investment Committee and the Risk

Committee The Investment Committee

meets on an ad hoc basis throughout the

year generally once per week to reviewfinancial commitments including proposed

acquisitions capital equipment funding

and new ventures requiring capital The Risk

Committee which met nine times in 2006

evaluates the Grouprsquos financial operational

and compliance risks and identifies strate-

gic risks that could adversely affect different

activities within the framework of Grouprsquos

three-year plan scenarios The Corporate

Social Responsibility (CSR) Committee to

be set up in 2007 will oversee all CSR

compliance and ethics matters

Ethical values and principles of conductfor the Grouprsquos managers are defined in

two main documents the Ethics Charter

updated in 2006 and the Financial Ethics

Charter that was published in December

2005 in compliance with Section 406 of

the Sarbanes-Oxley law and US exchange

listing regulations

Also in compliance with Sarbanes-Oxley a

so-called ldquowhistle-blowingrdquo alert procedure

is in place This is a specific mechanism

REPORTING amp CONTROL

Improving internal

control procedures

is key to assessing and

managing risk

8122019 Panorama 2006



which allows employees who believe that

financial accounting banking or anti-

bribery violations have been committed

to contact the Ethics Compliance Com-

mittee andor the Chairman of the Audit

Committee on a confidential basis

Internal audit

The Grouprsquos internal audit department con-

sists of 20 auditors located in three key

sites for the GroupmdashParis Indianapolis

(Indiana) and Camarillo (California) It was

responsible for testing Thomsonrsquos SOX 404

Compliance Program for 2006 In 2006

the internal audit department completed

30 audits a number of which were linked

to the implementation of Sarbanes-Oxley

and several projects for management that

covered the following domains key opera-

tional processes financial audits of subsid-

iariesrsquo key financial processes post-invest-

ment reviews and compliance audits

Financial reporting

The reliability of published accounting and

financial information is based on a variety

of financial procedures and controls includ-

ing the budgetary process management

reporting and closing period work and the

preparation of financial statements

Budgetary process

The budgetary process is mandatory for all

of the Grouprsquos divisions and profit centersIn the context of the budgetary procedure

performance measurement indicators are

calculated by the divisions analyzed and

reviewed monthly to serve as a reference

for the Grouprsquos monthly reporting

Management reporting and

closing period work

Th om so n uses a co mmon char t of

accounts which is regularly updated The

principal accounting and financial figures

of the operational and functional depart-

ments consolidated at Group level are

analyzed by the Grouprsquos management

control team and reviewed by the Grouprsquos

Executive Committee

The closing process for the half-year and

annual consolidated financial statementsoccurs in two steps The first step con-

sists of a ldquohard closerdquo completed in May

and September leading to a first review by

the statutory auditors The second step

occurs in July and in JanuaryFebruary and

involves the finalization of half-year and

annual consolidated financial statements

under IFRS The Group then proceeds

once a year with a reconciliation of these

results in accordance with US GAAP

Preparation of financial statements

The financial statements are prepared jointly by the finance department and the

General Secretary They are based on

information reported through the annual

reporting and accounting consolidation

processes and on operational and mar-

ket information which is specifically cen-

tralized for the preparation of Thomsonrsquos

Document de Reacutefeacuterence in France and

the submission of Form 20-F in the United

States Half-year and annual financial infor-

mation is reviewed by the Grouprsquos Audit

Committee

8122019 Panorama 2006



(1) Source PriceWaterhouseCoopers ndash

ldquoGlobal Entertainment and Media Outlook 2006-10rdquo

Revenue growth

Thomson achieved consolidated 2006

net revenues of 9914045854 million up from

9914045591 million in 2005 Revenues for

the Core Business reached 9914045747 mil-

lion (9914045776 million at constant currency)

representing 83 growth over 2005 at

constant currency

Overall the Grouprsquos key growth busi-

nessesmdashContent Services Network

Services Access Products for telecom

operators and our Broadcast amp Networks

businesses (Grass Valley and Network

Software)mdashincreased strongly year-on-

year and accounted for over a third of

Group revenues against less than a quar-

ter in 2005

Thomsonrsquos Core Business EBIT for 2006

was euro504 million representing a Core

Business EBIT margin of 88 Thisreflected growth in some key businesses

and cost actions across the Group off-

setting a significant investment in research

and development and some increase in

restructuring expenses

Increased spend on RampD

Research and development expenditure

charged in the Core Business (net of

external funding) rose from 991404221 million in

2005 to 991404279 million in 2006 an increase

of 26 principally in the Systems divi-

sion The Group expanded the number ofproducts and services in the development

phase across its businesses

Return to profit

Losses in Non-Core Continuing and Dis-

continued operations were substantially

lower year-on-year reflecting principally

the exit from heavily loss-making Displays

activities in 2005 and intensified cost-sav-

ing programs in 2006 A major revision

and harmonization of the Grouprsquos North

American healthcare obligations gave rise

to substantial one-time gains and Thom-

son also initiated significant restructuring

of its French Non-Core operations

The good performance of the Core Busi-

ness lower Non-Core and Discontinued

losses and a low reported tax chargeenabled the Group to return a net profit of

99140455 million in 2006 compared to a loss of

991404573 million in the previous year

Good cash flow

strengthened balance sheet

Thomson generated good free cash flow

and strengthened its balance sheet in

2006 Total net financial liabilities on the

balance sheet fell by 991404460 million reflect-

ing a 99140493 million fall in financial and acqui-

sition-related debts and a 991404367 million

reduction in retirement benefit obligations(including healthcare)

Increase in Net Dividend

The Board of Directors proposed a dis-

tribution to shareholders of 991404033 per

share (2005 dividend 991404030) reflecting

confidence in the prospects of the Group

going forward

Outlook 2007-2009

growth in revenues and net income

With the Grouprsquos transformation complete Thomsonrsquos financial focus over the 2007-

2009 period will be to grow revenues and

net income


tainment amp Communications marketsmdashfor

which external estimates(1) indicate com-

pound growth of around 6 over the last

FINANCIAL AND

OPERATIONAL PERFORMANCE

Full year 2006 results

saw a return to profitability

and leave Thomson

well positioned at

the heart of convergence

and digital video

8122019 Panorama 2006



five years Our digital and electronic busi-

nesses now represent two-thirds of rev-

enues and we believe they are growing

faster than the overall market offsetting

the maturing physical media businesses

Given this profile the Group expects its

revenue growth to be more modest in

2007 but to gather pace over the period

and our overall objective is to show com-pound growth over 2007-2009 in line with

or faster than the overall market

The 2007-2009 period is also expected

to see a sharply reduced impact from

residual Non-Core activities with an end

to losses from the Discontinued Activities

perimeter after 2007 Accordingly Thom-

sonrsquos ambition is to turn its Core Business

growth and profitability and lower impact

from Non-Core into strong growth in net

income over the period 2007-2009

Business operations

Continuous performance improvement is

fundamental to Thomsonrsquos commitment to

create sustainable business models and

long-term value for all stakeholders The

ambitious Group-wide programs launched

in 2004 to improve productivity and

enhance overall performance producedsubstantial results in 2006 and led to new

and strong initiatives for long-term growth

As of the second half of 2006 six ldquoKey

Programsrdquo are monitored at Group level

Clients Software Product Introduction

Operations Transformation and Talent

Management

KEY PROGRAMS IN PLACE

Program Focus

Clients Thomsonrsquos clientregional diversification and

growth of the existing business

through improved Sales amp Marketing

Software Development of integrated software platforms

in all markets (post-production distribution

delivery) and for all types of customer

(professional prosumerhellip)

Product Introduction Ensuring new product roadmaps are in line

with strategy and resource needs have been

identifiedOperations Improving the Grouprsquos cost base cash

generation and working capital

Transformation Multiple programs including initiatives to

improving customer relationship management

worldwide supply chain management

IT transformation as well as Thomsonrsquos RampD

footprint

Talent Management Leveraging human assets with a focus on

talent retention and acquisition

8122019 Panorama 2006



SUMMARY RESULTS FULL YEAR 2006

In 991404 millions unless otherwise stated 2006(1) 2005(1)

Net revenues 5854 5591(1)

Core Business net revenues 5747 5335

Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40

Non-Core continuing operations net revenues 107 256

Core Business EBIT(2) 504 512

Services 160 205

Systems 132 109

Technology 289 277Corporate (77) (79)

EBIT from Non-Core continuing operations (25) (122)

(1) Restated with 2006 discontinued activities according to IFRS 5

8122019 Panorama 2006



Year ended December 31in 991404 except number of shares 2006 2005 2004

Year ended December 31in 991404 millions 2006 2005(1) 2004(1)

CONSOLIDATED STATEMENTS OF OPERATIONS


(2) After deduction of the interests net of tax paid on the subordinated perpetual notes during the period

Continuing operations

Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)

Gross margin 1380 1351 1386

Selling marketing general and administrative expenses (674) (638) (653)

Other income (expense) 52 (96) (69)

Research and development expenses (279) (227) (201)

Profit from continuing operations before tax and net finance costs 479 390 463

Interest income 19 30 52

Interest expense (108) (108) (54)

Other financial income (expense) (111) 36 (26)

Finance costs ndash net (200) (42) (28)

Share of profit (loss) from associates (86) (82) (20)

Income tax ndash (68) (93)

Profit from continuing operations 193 198 322

Discontinued operations

Profit (loss) from discontinued operations (138) (771) (883)

Net income (loss) 55 (573) (561)

Attributable to

Equity Holders 55 (574) (559)

Minority interests ndash 1 (2)

Weighted average number of shares

outstandingmdashbasic net of treasury stock 261188858 266539917 273646869

Earnings per share from continuing operations

Basic(2) 067 074 118

Diluted 063 042 111

Earnings per share from discontinued operations

Basic (053) (289) (323)

Diluted (048) (262) (296)Total earnings per share

Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006



CONSOLIDATED BALANCE SHEETS

In 991404 millions December 31 December 31 January 1 December 31 2006 2005 2005(1) 2004

ASSETS

Non-current assets

Property plant and equipment 813 886 1051 1051

Goodwill 1714 1756 1186 1178

Other intangible assets 1071 1150 924 924

Investments in associates 12 204 260 260

Investments and financial assets available-for-sale 266 341 139 113

Derivative financial instruments 7 1 11 ndash

Contract advances 129 173 179 179

Deferred tax assets 397 379 307 301

Other non-current assets 110 182 133 136

Total non-current assets 4519 5072 4190 4142

Current assets

Inventories 366 333 503 568

Trade accounts and notes receivable 1018 1315 1232 1180

Current accounts with associates and joint ventures 97 115 143 143


Other current assets 535 644 483 616

Marketable securities ndash 7 58 58

Cash and cash equivalents 1311 996 1845 1848

Assets classified as held for sale 264 369 80 ndash

Total current assets 3599 3788 4459 4413

Total assets 8118 8860 8649 8555

(1) Including the impacts of the first-time application related to IAS 32 and 39 on financial instruments and IFRS 5 on non-current assets held for sale and

discontinued operations

8122019 Panorama 2006




SHAREHOLDERSrsquo EQUITY AND LIABILITIES

Shareholdersrsquo equity

Common stock (273871296 shares at

December 31 2006

with nominal value of euro 375 per share) 1027 1025 1025 1025

Treasury shares (225) (239) (55) (55)

Additional paid in capital 1764 1771 1751 1751

Subordinated perpetual notes 500 500 ndash ndash

Other reserves 64 43 89 (23)

Retained earnings (964) (980) (323) (125)

Cumulative translation adjustment (54) 89 (98) (98)

Shareholdersrsquo equity 2112 2209 2389 2475Minority interests 7 7 9 18

Total equity 2119 2216 2398 2493

Non-current liabilities

Borrowings 1393 858 1540 1597

Retirement benefit obligations 505 877 760 785

Restructuring provisions 48 9 ndash ndash


Other provisions 107 185 55 55

Deferred tax liabilities 143 162 43 37

Other non-current liabilities 71 103 129 129

Total non-current liabilities 2318 2251 2649 2603

Current liabilities

Borrowings 1276 1464 1011 904



Restructuring provisions 72 45 76 76


Trade accounts and notes payable 1032 1164 1199 1226

Accrued employee expenses 165 166 158 163

Income tax payable 57 47 60 60

Other current liabilities 671 750 746 800

Payables on acquisition of companies 13 138 84 84

Liabilities directly associated with

assets classified as held for sale 232 470 88 ndash

Total current liabilities 3681 4393 3602 3459

Total liabilities 5999 6644 6251 6062

Total shareholderrsquos equity and liabilities 8118 8860 8649 8555



8122019 Panorama 2006


Creation and lay-out

Photo credits Nathalie BerhingGAMMA ndash Steacutephane de Bourgies ndash Jean-Franccedilois DeroubaixGAMMA ndash Christine Donnier- ValentinGAMMA ndash Cars copy 2006 Disney Enterprises IncPixar All Rights Reserved ndash Dreamgirls copy 2006 DREAMWORKS

LLC and PARAMOUNT PICTURES All Rights Reserved ndash Poseidon copy 2006 Warner Bros Pictures ndash Sony Bravia Paint

8122019 Panorama 2006


homson in 2006

Burbank Indianapolis Princeton Rennes Paris London Beijing

Our customers

- Users of Thomson technologies IT electronicstelecoms industries

- Content distributors broadcast cable satellitetelecom internet

- Content creators film studios broadcastersgame developers advertisers corporates

2006 full year core business revenues by division

Systems991404270 bn

Services991404250 bn

Technology991404055 bn

2006 CORE BUSINESS REVENUES

d575 bnEMPLOYEES IN 2006

24000

Our commercial brands

- Systems and Technology - Services

Main sites

- ServicesOur Services division manages video networks on behalf

of its customers and is a world leader in physical and

electronic media services The divisionrsquos offering spans

all types of video network services management

post-production services including visual effects

out-of-home advertising services and film and DVD services

- SystemsOur Systems division provides and integrates

video-focused systems and solutions playing a strategic

role at both ends of network distribution on the one hand

helping broadcasters and network operators distribute

content and on the other providing operators with

the devices that media consumers need to access and

enjoy content wherever and whenever they want

- Technology Our Technology division develops and monetizes

core video technologies through the licensing of patents

IC designs and software while anticipating future standards

in an industry in constant evolution With seven research

laboratories worldwide and more than 55000 patents

its activities cover video and audio compression

content security solutions video distribution over Internet

Protocol and mobile networks image processing

optical and professional storage content production and

management systems and more

Princeton

Indianapolis

Burbank

Beijing

RennesParis

London

8122019 Panorama 2006


IMAGES amp BEYOND







8122019 Panorama 2006














of tomorrow





























property portfolio














MESSAGE FROM



8122019 Panorama 2006











































markets











8122019 Panorama 2006






















our business


























8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


IMAGES amp BEYOND







8122019 Panorama 2006














of tomorrow





























property portfolio














MESSAGE FROM



8122019 Panorama 2006











































markets











8122019 Panorama 2006






















our business


























8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006














of tomorrow





























property portfolio














MESSAGE FROM



8122019 Panorama 2006











































markets











8122019 Panorama 2006






















our business


























8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006











































markets











8122019 Panorama 2006






















our business


























8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






















our business


























8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










talent base
















in our net income





to euro033






and successes








Frank E DANGEARD



8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006











































Executive Committee

ensure an efficient


EXECUTIVE COMMITTEE


8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006













1

2 3 10 49

5 7 8 611


8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


10

3

13

11

12

14

9

1























BOARD OF DIRECTORS






of individuals with








8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


7

5

6

2

8

4






Committee








and Marcel Roulet






















2 Eric BOURDAIS














EdiradioRTL



8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


STRATEGY amp

MARKET PERSPECTIVES



strategic focus on


large opportunities

2004-2006 Plan






























































8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006
















content delivery

Dynamic markets

































standards-setters








Networks


IP technologies



outside the home



8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006




















and game consoles




















































8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










digit growth rates




















comparison to 2005









seen in Europe


















from 2005 to 2012













8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






















































in the UK





















8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006

















distribution















































8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006








technologies

Strategy














period 2007-2009








Achievements





























TECHNOLOGY


In an environment

undergoing rapid

and fundamental


a rich technology

legacy and focused



Thomson to stay on

the cutting edge of

innovation












8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006

















evolutions






































community



8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






bull Security









8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






Research























new services


























8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006















































platforms



8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


Silicon Solutions

















to industry leaders























2006



8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





subscribers

SYSTEMS

8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006















band services

Strategy


















Achievements


















Access Products









SYSTEMS



distribution via







8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





















and other services



















































8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006









8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006















TV in Asia













lite receiver















retail market






































8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


IGNITE HD























their workflows
























2006

EDIUS desktop video



audiovisual and

broadcast solutions



8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006




























Network Software








services




















networks






















8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






SERVICES

8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










agement services

Strategy









has been sharpened

Achievements

























Network Services















From managing video






and geographies








SERVICES




8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006














































Theatrical Services


























8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006









8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










Paint commercial




in Westwood

















Content Services







markets

















to mobile customers
















8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






















































8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










All Rights Reserved





















single disc





























emerge



8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


COMMITMENTS





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006











ity and training

















































HUMAN RESOURCES

DEVELOPING TALENT



have proved crucial


of Thomsonrsquos












8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










disposals

Simplifying and





















and 2008



































8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006












last two years













Pro-active approach















tific communities










8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






Arab Emirates


support functions 4

Services62


Technology

8

Others(2)

9

Systems21

Europe36

EMPLOYEES

BY GEOGRAPHIC AREA

North America

44 Asia9

Rest ofthe World(1)

11

TALENT MIX


employees













8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006

































TV Heritage

































and entertainment


for the world





CORPORATE


8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006













8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006
















































humane workplaces

Human rights















8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006































































Clean industry






8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006

































data as proof










8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006


8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





its stakeholders

8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006




investor base














the remainder






North America




























Dividend














8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006









Public904


Employees25

Treasury Shares46

Other25

SHARE HIGHLIGHTS

2006 2005

Year high 1932 2142

Year low 1165 1526





(in thousands) 273871 273308



8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006










the United States















regulations




























control structure

Managing Risk

























listing regulations





Improving internal

control procedures


managing risk

8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006









Internal audit















Financial reporting







Budgetary process








closing period work








Executive Committee
























Committee

8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





Revenue growth







constant currency









ter in 2005
















Return to profit

















Good cash flow














going forward

Outlook 2007-2009




net income





FINANCIAL AND




and leave Thomson

well positioned at


and digital video

8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006






















Business operations













Management


Program Focus
















footprint



8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006







Services 2489 2487

Systems 2684 2262

Technology 547 546

Corporate 27 40



Services 160 205

Systems 132 109




8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006









Revenues 5854 5591 5980

Cost of sales (4474) (4240) (4594)
















Attributable to






Basic(2) 067 074 118

Diluted 063 042 111


Basic (053) (289) (323)


Basic(2) 014 (215) (205)

Diluted 015 (220) (185)

8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





ASSETS

Non-current assets


Goodwill 1714 1756 1186 1178









Current assets










Total assets 8118 8860 8649 8555



8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006







December 31 2006


Treasury shares (225) (239) (55) (55)







Total equity 2119 2216 2398 2493


Borrowings 1393 858 1540 1597








Current liabilities

Borrowings 1276 1464 1011 904

















8122019 Panorama 2006





8122019 Panorama 2006





Panorama 2006

Documents