EVS Broadcast Equipment reports second quarter 2018 results
August 30 2018 - 12:30AM
Publication on August 30, 2018,
before market opening
Regulated information - Press release quarterly
results
EVS Broadcast Equipment S.A.: Euronext Brussels
(EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR)
Financial
performance
-
Low revenue in the first six months of the year
(EUR 44.1 million in 1H18, -16.5% compared to 1H17)
-
Operating expenses under control (+2.5% in 1H18
compared with 1H17), highlighting continued strict cost
management
-
EBIT margin of 5.3% in 1H18 due to expected low
sales
-
One-time positive tax gain of EUR 6.6 million
following the implementation of the innovation box regime in
Belgium
-
Net profit increase by 16.4% to EUR 10.6 million
in 1H18
Outlook
-
Order book of EUR 44.3 million on August 25,
2018 (to be recognized in revenue in 2018)
-
Additional EUR 8.3 million orders to be invoiced
in 2019 and beyond
-
Revenue are expected to be in the EUR 115
million to EUR 130 million range in 2018
-
Opex are expected to grow in a moderate way due
to investments in R&D for new product developments, in addition
to the structural salary increases in Belgium
KEY FIGURES
Unaudited |
EUR millions, except earnings per share expressed in
EUR |
Reviewed |
2Q18 |
2Q17 |
2Q18/2Q17 |
1H18 |
1H17 |
1H18/1H17 |
21.2 |
28.3 |
-24.8% |
Revenue |
44.1 |
52.8 |
-16.5% |
13.8 |
21.1 |
-34.7% |
Gross profit |
29.5 |
38.3 |
-23.0% |
64.8% |
74.5% |
- |
Gross margin % |
66.9% |
72.5% |
- |
0.5 |
7.9 |
-93.8% |
Operating profit - EBIT |
2.3 |
12.8 |
-81.8% |
2.3% |
28.0% |
- |
Operating margin - EBIT % |
5.3% |
24.3% |
- |
8.4 |
5.5 |
+52.4% |
Net profit (Group share) |
10.6 |
9.1 |
+16.4% |
0.62 |
0.41 |
+52.4% |
Basic earnings per share (Group share) |
0.78 |
0.67 |
+16.2% |
COMMENTS
"The broadcast industry continues to be challenging with longer
investment cycles, and our first half 2018 performance reflects
these conditions. We maintain our market leader position, and see
continued momentum on the new products (including Dyvi and Xeebra)
and around the recent launches of the XT-VIA and X-One. We expect
an acceleration of the business in this second half and hence
remain confident in the achievement of our earlier announced
revenue guidance," said Pierre De Muelenaere, Chairman of the Board
and Interim CEO of EVS.
Commenting on the results and
prospects, Yvan Absil, CFO, said: "The low operating profitability
of the first six months is mainly due to the low revenue during the
period combined with a less favorable product mix. The
implementation of the innovation box regime in Belgium resulted in
a one-time tax deduction recorded in this second quarter. EVS
invests more than EUR 25 million in R&D annually, and this kind
of initiative reinforces us in our willingness to build strong
R&D capabilities in Belgium, next to our other R&D centers
abroad. For 2018, we confirm our revenue and opex evolution
guidance."
Conference call
EVS will hold a conference call in English today at 3.00 pm CET for
financial analysts and institutional investors. Other interested
parties may join the call in a listen-only mode. The presentation
used during the conference call will be available shortly before
the call on the EVS website.
Dial-in numbers: +44 (0)2071 928
000 (United Kingdom), +32 (0)2 400 98 74 (Belgium), +1 631 510 7495
(United States)
Conference call ID: 5769302
Corporate Calendar:
September 14-18: IBC tradeshow in Amsterdam (NL)
November 15, 2018: 3Q18 results
For more information, please
contact:
Yvan ABSIL, CFO
Geoffroy d'OULTREMONT, Vice President Investor Relations
& Corporate Communication
EVS Broadcast Equipment S.A., Liege Science Park, 13 rue du Bois
Saint-Jean, B-4102 Seraing, Belgium
Tel: +32 4 361 70 13. E-mail:corpcom@evs.com;
www.evs.com |
Forward Looking Statements
This press release contains forward-looking statements with respect
to the business, financial condition, and results of operations of
EVS and its affiliates. These statements are based on the current
expectations or beliefs of EVS's management and are subject to a
number of risks and uncertainties that could cause actual results
or performance of the Company to differ materially from those
contemplated in such forward-looking statements. These risks and
uncertainties relate to changes in technology and market
requirements, the company's concentration on one industry, decline
in demand for the company's products and those of its affiliates,
inability to timely develop and introduce new technologies,
products and applications, and loss of market share and pressure on
pricing resulting from competition which could cause the actual
results or performance of the company to differ materially from
those contemplated in such forward-looking statements. EVS
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
|
About EVS
EVS is globally recognized as the technology leader for live video
production. The company introduced Live Slow Motion replay in 1994,
and has continued to build on its reputation for quality and
reliability with solutions that enhance live sports, entertainment
and news content. Innovations - such as the C-Cast multimedia
platform and DYVI IT-based switcher - are raising the bar for live
production enrichment, management and distribution. Broadcasters,
rights owners, producers and venues alike use EVS to maximize the
value of their productions and increase revenue streams. The
company is headquartered in Belgium with around 500 employees in
offices in Europe, the Middle East, Asia and North America, and
provides sales and technical support to more than 100 countries.
EVS is a public company traded on Euronext Brussels: EVS, ISIN:
BE0003820371. For more information, please visit www.evs.com |
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Source: EVS Broadcast Equipment via Globenewswire
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