EVS reports 2021 results
Publication on February 24th, 2022, before market
openingRegulated and inside information – Press release annual
resultsEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR),
Bloomberg (EVS BB), Reuters (EVSB.BR)
EVS reports
2021
results
Revenue and order book at record high
- FY21
performance
- Strong revenue result of EUR 137,6 million (+56% YoY or +53%
YoY at constant currency).
- Gross margin performance is solid at 69,6% (+3,1Pts) despite
the challenging conditions of the components market
- Operating expense, at EUR 58,7 million: a growth of 11%
compared to 2020
- Net profit of EUR 34,9 million, growing 386% YoY, mainly
boosted by higher revenue levels
- On top of the above, we registered a record-high order intake
2021 results in an order book on hand at end of 2021 of EUR 63,9
million (+19% YoY), positioning a promising 2022.
- Dividend
- EVS proposes a base gross dividend for the year 2021 at EUR
1,00 per share**
- Next to that, EVS would like to honor its past dividend
intentions (an intent to distribute EUR 1,00 per share per annum
for the period 2018-2021). Therefore, after difficult market
conditions in 2020, linked to the pandemic, EVS proposes an
additional exceptional gross dividend:
- A first additional exceptional
gross dividend of EUR 0,50 per share in May 2022**
- A second additional exceptional
gross dividend of EUR 0,50 per share in May 2023*, **
- For the next 3 years, EVS proposes
to renew the dividend policy. A proposal will be presented to the
Ordinary General Meeting of shareholders. Our ambition is to
deliver a total gross dividend of EUR 1,10 for the period
2022-2024*, **
In € per fiscal per share |
FY2021 |
FY2022 |
FY2023 |
FY2024 |
Base dividend |
1,00 |
1,10 |
1,10 |
1,10 |
Exceptional additional dividend |
0,50 |
0,50 |
0,00 |
0,00 |
Total dividend |
1,50 |
1,60 |
1,10 |
1,10 |
* subject to market conditions** subject to the
approval of the Ordinary General Meeting of shareholders
- H2 performance
- Revenue performance at EUR 75,8 million (+56% YoY)
- A strong gross margin performance at 70,3% (+5,3Pts in
comparison to 65,0% in 2H20)
- Operating expenses at EUR 31,6 million increase with 8% in
comparison to 2H20: a controlled investment in future growth
- EBIT of EUR 21,7 million (margin of 28,6%) and a net profit of
EUR 19,3 million
All company indicators are green to deliver success in 2022
- 2022 financial outlook
- We start the year 2022 with the highest order book in the
history of EVS at EUR 63,9 million (+19% YoY), of which:
- EUR 41,8 million to be recognized in revenue in 2022 (+34% YoY
and excl Big Event Rentals)
- EUR 9,2 million to be recognized in revenue in 2022 for Big
Events Rental (compared to EUR 12,9 million at the end of
2020)
- EUR 12,9 million to be recognized in revenue in 2023 and beyond
(+32% YoY)
- We expect revenue for 2022 to be in a range of EUR 125 million
and EUR 140 million, based on the current indicators. EVS does see
an increasing impact of the worldwide shortages in the supply chain
of electronic components, which may impact our revenue
generation.
- Operating expenses will continue to grow mid to high single
digits because of inflation and additional hirings to continue and
fuel our growth. Further evolution of inflation can potentially
impact this assessment.
KEY FIGURES
Unaudited |
EUR millions, except earnings per share expressed in EUR |
Audited |
2H21 |
2H20 |
2H21/2H20 |
FY21 |
FY20 |
FY21/FY20 |
75,8 |
48,5 |
27.3 |
Revenue |
137,6 |
88,1 |
49,5 |
53,2 |
31,6 |
21.6 |
Gross profit |
95,8 |
58,6 |
37,2 |
70,3% |
65,0% |
+5,3Pts |
Gross margin % |
69,6% |
66,5% |
+3,1Pts |
21,7 |
2,4 |
19,3 |
Operating profit – EBIT |
37,1 |
5,7 |
31,4 |
28,6% |
4,9% |
+23,7Pts |
Operating margin – EBIT % |
27,0% |
6,4% |
+20,6Pts |
19,3 |
3,9 |
15,4 |
Net profit (Group share) |
34,9 |
7,2 |
27,7 |
1,44 |
0,29 |
1,15 |
Basic earnings per share (Group share) |
2,60 |
0,53 |
2,07 |
COMMENTS
Serge Van Heck, CEO said: “I am very thankful to
all EVS team members, our customers and channel partners around the
world who helped us realizing such strong financial results in
2021.
Part of our progress is linked to a business
catch-up effect after a weak 2020 Covid year, as both the Olympic
Games and the Euro were delayed from 2020 to 2021. The largest part
of our progress comes from the accelerated revenue growth of our 3
solution pillars: LiveCeption, MediaCeption and Media
Infrastructure.
I am happy to see that our PLAY Forward strategy
that we defined early 2020 is generating the expected growth in our
both customer segments.
After a year of major Covid slowdown in 2020,
our LSP (Live Service Providers) customers have increased their
investments in 2021; many of them are now accelerating the
upgrading of their existing EVS LiveCeption infrastructure, taking
benefit of our latest generation of XT-VIA servers and our new LSM
VIA remote.
The revenues generated by our LAB (Live Audience
Business) customers continue to rise year after year. Our
MediaCeption solution that provides a state-of-the-art Production
Asset Management solution, is increasingly winning market share in
large studio environments.
On the acquisition side, we have further
strengthened our integration experience by realizing a full and
successful integration of the largest acquisition we ever made in
May 2020 (Axon). Our Media Infrastructure solution pillar is the
result of this acquisition. With an increasing solutions portfolio,
increasing opportunity pipeline and increasing order size, we are
confident that our Media Infrastructure pillar will continue to be
a source of revenue growth in the future as well.
The extensive list of technology awards that we
have received in 2021 (as for our LiveCeption cloud based
XtraMotion service and new IP/SDI routing solution MediaInfra
Strada) demonstrates the level of innovation we continue to bring
to our customers around the world.
I am proud to say that we continue as never
before, to create return on emotion for our customers. We help our
customers to create emotion, for billions of people, every day,
anywhere in the world. And I’m happy to say that we just did it
again successfully, by enabling the live production of the Super
Bowl in the USA and supporting our clients, acting as right
holders, to cover the Winter Olympics in China!
Commenting on the results and prospects, Veerle
De Wit, CFO, said: “Our second half performance continued as strong
as the 1st half of 2021. From an order intake point of view as well
as from a revenue point of view, our business continued to
demonstrate excellent numbers. The order book has never been more
promising, and it positions us well for the year 2022. Yet we
remain prudent, as the impact of the shortage of electronic
components is growing across the world. Operating expenses are
expected to increase further, on the one hand because of the rising
inflation (we remain vigilant as per further evolutions), on the
other hand we will further increase our team member base. It is
important for us to continue and fuel the future growth. The
shortage of the components market is not only impacting delivery
times, but also our cost of sales. Keeping control over our
production cost will remain an attention point for the year
2022.”
Revenue numbers
in
2H21
and
FY21
2H21 |
2H20 |
%2H21/2H20 |
Revenue – EUR millions |
FY21 |
FY20 |
%
FY21/FY20 |
75.8 |
48.5 |
56,2% |
Total reported |
137.6 |
88.1 |
56,2% |
75.5 |
48.5 |
55,7% |
Total at constant currency |
134.8 |
88.1 |
53,0% |
66.4 |
48.4 |
37,2% |
Total at constant currency and excluding Big Event
Rentals |
121.2 |
86.8 |
39,6% |
Overall second half
2021 resultsRevenue
performance continued strong in line with the trend of 1H21. In
total 2H21 demonstrates a EUR 27.3 million growth in revenue,
closing in at EUR 75.8 million (+56% growth year-over-year and +37%
at constant currency and excluding Big Event Rentals).
Next to a strong revenue performance, 2H21 was
also marked by a strong profit performance. The consolidated gross
margin was 70,3% versus 65,0% in 2H20 (considering a Big Event
Rental year). We have been able to limit the cost impacts of the
shortage in the components market in 2H21.
Operating expenses increased by 8% vs 2H20,
mainly because of a higher remuneration cost (boosted by higher
variable remuneration linked to the good results) and some expenses
in relation to our business transformation strategy. A benefit of
EUR 1,0 million was booked in other income as earn out on the Axon
acquisition.
The 2H21 EBIT margin was 28,6% versus 4,9% in
2H20. Group net profit amounted to EUR 19,3 million in 2H21,
compared to EUR 3,9 million in 2H20. Basic net profit per share
amounted to EUR 1,44 in 2H21 (compared to EUR 0,29 in
2H20).
Overall
2021
results
For FY21, EVS revenue reached EUR 137,6 million,
an increase by 56% (40% at constant currency and excluding the Big
Event Rentals) compared to FY20.
All our market pillars performed well in 2021.
Revenue of solutions in LSP (Live Service Providers) represented
37.7% of the total group revenue. LAB (Live Audience Business)
revenue represented 52.5% of total revenue in 2H21, and Big Event
Rentals represented 9.8% of total revenue.
Geographically, revenues (excl. Big Event
Rentals) are distributed in FY21 as follows:
- Europe, Middle East and Africa
(“EMEA”): EUR 63,5 million (+55% YoY)
- Americas: EUR 37,5 million (+42%
YoY)
- Asia & Pacific (“APAC”): EUR
23,1 million (+20% YoY)
Each region contributed to the good results.
Gross profit margin improved in 2021 by 3,1Pts
up to 69,6% (compared to 66,5% for FY20). This margin performance
is a result of a favorable product mix.
Operating expenses increased with 11% to EUR
58,7 million. The year-over-year comparison is impacted by the Axon
acquisition and some COVID measures. Once normalized, the increase
is primarily linked to the overall performance (variable
renumeration, logistics fees, …) as well as some expenses to build
the future, translated by new hires as well as support in business
transformation. In other income a benefit of EUR 1,0 million was
booked following the close out of the earn out clause in the Axon
acquisition contract.
Income taxes in FY21 amounts to EUR 2,8 million.
Tax latencies regarding reductions for innovation and investments
have been applied in 2021. In addition, a tax benefit was booked
worth EUR 0,5 million for restitutions in the Hong Kong office.
Group net profit amounted to EUR 34,9
million in FY21, compared to EUR 7,2 million in FY20. Basic
net profit per share amounted to EUR 2,60 in FY21, compared to
EUR 0,53 in FY20.
2021 Market
perspective: all positive
signs for future growth
From a market pillar perspective, we observed
different dynamics.
2021 has been a very successful year for our LSP
(Live Service Providers) market pillar despite the continuation of
pandemic conditions. Not only did most of events happen and were
successfully broadcasted - supported by the creativity of our LSP
customers – but the new conditions projected our customers in the
future with the adoption of new practices. Some of our customers
did recover their initial plans paused in 2020, resulting in a
catch-up of the revenues that would normally have been recognized
in 2020. Other customers realized the benefits of the new EVS
solutions to face the challenges of the new world and did sign long
term partnership with EVS through confirmed upgrade of their whole
fleet of replay servers, resulting in multi-year orders.
In the LAB (Live Audience Business) market
pillar, the impacts of Covid have been lower with no real catchup
effect. The first modernization contracts have been delivered and
the systems are now operational. The orders for new modernization
projects continue to flow, and they support growth of this market
pillar (+28% vs 2020, +38% vs 2019). EVS did also sign a key
contract with RTBF for the co-design of a new solution – based on
Cerebrum – leveraging new technologies as IP, AI and SW to
re-invent production methods, bringing more flexibility to improve
the productivity of live content creation.
2021 and 2022 is a special sequence for major
events and the BER (Big Events Rental) market pillar. 2021 major
summer events have been a success with the first adoption of the
new generation of products as LSM-VIA or MediaHub deployed in a
hybrid mode with some parts in the cloud and some other parts
deployed on premise of the host broadcaster. Host broadcasters of
major events of 2022 did also confirm their trust in EVS, resulting
in a significant BER component in the booked revenues for 2022.
From a regional perspective all our geographies
performed well: all regions demonstrated growth, not only compared
to FY20, but also in comparison to FY19.
The acquisition of Axon is bearing its fruits.
With the design of new Strada evolutive video routing solution and
the early successes in the NALA region, EVS strengthens its
position in the Media Infrastructure market and proves the success
of the acquisition of Axon with a successful lever on both strong
products and EVS customer intimacy.
EVS did also continue the deployment of hybrid
workflows. Thanks to the launch of XtraMotion sold through “EVS
Credits”, our customers can create emotion with super slow-motion
replays and highlights produced in the cloud in a much more
affordable way than with all dedicated cameras as it has been
proven through a partnership with Fox Sports US. The “Big Events
proven” MediaHub solution is also becoming available in SAAS to
expose the host broadcaster’s content worldwide and support higher
monetization of live and near-live content. “On-demand” and SAAS
business model start to gain more traction in the industry.
The scarcity of electronic components could have
an impact on 2022 revenues. In this very volatile market, the only
secured components are the ones laying in EVS warehouse. Even if
EVS manages to secure components for a part of the planned
orders,
we expect we will face challenges and possible
delays for some components. Our HW and purchasing teams are
currently doing magic by analyzing alternative designs and
considering other sourcing alternatives.
2021 Staff
update
At the end of 2021, EVS employed 551 team
members (FTE). This is an increase by 1 team member compared to the
end of 2020. Average FTE in 2021 was 547 vs 514 in 2020 (following
Axon’s acquisition the 1st of May 2020).
2021 Balance sheet and cash flow
statement
EVS continues to have a strong balance sheet
with net cash position of EUR 54.9 million with low debt level (of
which EUR 13.4 million related to Lease contracts) resulting in a
total equity representing 73.3% of the total balance sheet as of
the end of December 2021.
Lands and buildings mainly include the new
headquarters in Liège as well as the right of use for the offices
abroad. Twelve months depreciations on intangible assets, lands and
buildings (including the right of use assets) and other tangible
assets reached EUR 7 million. Liabilities include EUR 17.3 million
of financial debt (including long term and short-term portion of
it), mainly related to lease liabilities for EUR 13.4 million and
borrowings for EUR 3.9 million.
The net cash from operating activities amounts to EUR 38.7
million in December 2021 compared to EUR 19.2 million in December
2020. On December 31, 2021, cash and cash equivalents total EUR
72.1 million. This is an increase compared to the end of 2020
mainly explained by the growth of the net cash from operating
activities together with the overall decrease of the net cash used
in investing activities. The increase of net cash used in financing
activities is mainly explained by the payment of an interim and
final dividend in 2021 (this was not the case for 2020).
At the end of December 2021, there were
14,327,024 EVS shares outstanding, of which 925,140 were owned by
the company. In 2021, 158,600 new warrants were granted to various
staff members, there were no exercises meaning that no shares were
used to satisfy the exercise of warrants by employees and 28,000
warrants were cancelled. At the end of 2021, 456,432 warrants were
outstanding with an average exercise price of EUR 19.89 and an
average maturity of November 2025. Additional information is
available in the note 5.4.
The Ordinary General Meeting of shareholders of
May 18, 2021, approved the allocation of 3,016 shares to EVS
employees (grant of 10 shares to each staff member in proportion to
their effective or assimilated time of occupation in 2020) as a
reward for their contribution to the group
successes.
2022 financial
outlook and beyond
Predictions for 2022 remain challenging: on the
one hand we feel like the world is starting to get a better grip on
the pandemic, but on the other hand, we see important issues
arising as the consequence of the pandemic. The biggest uncertainty
is without a doubt the shortage in the components market that is
potentially impacting our revenue streams (in case of further
delays in delivery) but also likely to impact the gross margins.
Also, inflation is to be monitored carefully.
EVS however has a lot of signs to remain
positive. All our indicators demonstrate that we can grow our
business in 2022 as well.
In BER market pillar, EVS 2022 revenues will
benefit from a second consecutive year with Big Events. We expect
this market pillar to reach approximately EUR 9,0 million of
revenue in 2022.
We also continue our focus to increase our “long
term order book” (beyond 2022) with service-type like offerings and
SLA orders covering longer periods of time and multi-year revenue
recognition linked to large modernization contracts.
2022 OPEX is set to continue increase with mid
to high single digits. This growth is nourished by increasing
inflation, but also additional hirings to continue and fuel our
growth.
Glossary
Term |
Definition |
Order book <date> |
Revenues planned to be recognized after the <date> based on
current orders.The sum of “booked revenues”, “short term order
book” and “long term order book”. |
Operating Expenses |
Operating expenses are all expenses including other income, other
expenses and Stock based compensation and ESOP plan |
LAB market pillar |
LAB – Live Audience BusinessRevenue from customers
leveraging EVS products and solutions to create content for their
own purposeThis market pillar covers the following types of
customers: Broadcasters, Stadium, House of Worship, Corporate Media
Centers, Sports organizations, Government & institutions,
University & Colleges |
LSP market pillar |
LSP – Live Service ProvidersRevenue from customers
leveraging EVS products and solutions to serve “LAB customers”This
market pillar covers the following types of customers: Rental &
facilities companies, Production companies, Freelance operators,
Technology partners & system integrators buying for their own
purpose |
BER market pillar |
BER – Big Events RentalRevenue from major
non-yearly big events rental.This market pillar covers the
following types of customers: host broadcasters for major
events. |
Status of the control by the Statutory
Auditors
The Statutory Auditor EY Réviseurs d’Entreprises
SRL confirmed that their audit work on the annual consolidated
financial statements, which is substantially complete, did not
reveal significant matters requiring adjustments to be brought to
the accounting information presented in the press release.
Conference call – Registration
required
EVS will hold a conference call in English today
at
3.30
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 and in
the webcast.
Participants must register for the conference
using the link provided below. Upon registering, each participant
will be provided with Participant Dial In Numbers, Direct Event
Passcode and unique Registrant ID.
1. Online registration:
http://emea.directeventreg.com/registration/1673798 2. Webcast
Player URL: https://edge.media-server.com/mmc/p/sq49hgfd
Corporate Calendar:
May 17th, 2022: Ordinary General Meeting of
shareholdersMay 19th, 2022: Q1 2022 resultsAugust 25th, 2022: H1
2022 resultsNovember 17th, 2022: Q3 2022 results
For more information, please contact:Veerle De
Wit, CFO*EVS Broadcast Equipment S.A., Liege Science Park, 13 rue
du Bois Saint-Jean, B-4102 Seraing, BelgiumTel: +32 4 361 70 00.
E-Mail:corpcom@evs.com; www.evs.com * representing a SRL |
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
’f 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 EVSEVS is globally recognized as the leader in live video
technology for broadcast and new media productions. Our passion and
purpose are to help our clients craft immersive stories that
trigger the best return on emotion. Through a wide range of
products and solutions, we deliver the most gripping live sports
images, buzzing entertainment shows and breaking news content to
billions of viewers every day – and in real-time.The company is
headquartered in Belgium with 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. |
Condensed Interim
Consolidated financial statements
ANNEX
1: CONDENSED CONSOLIDATED
INCOME STATEMENT
(EUR thousands) |
Annex |
FY21Audited |
FY20Audited |
2H21Unaudited |
2H20Unaudited |
Revenue |
5.3 |
137,578 |
88,111 |
75,799 |
48,538 |
Cost of sales |
|
-41,764 |
-29,554 |
-22,543 |
-16,985 |
|
|
|
|
|
|
Gross profit |
|
95,814 |
58,557 |
53,256 |
31,553 |
Gross margin % |
|
69.6% |
66.5% |
70.3% |
65.0% |
Selling and administrative
expenses |
|
-32,392 |
-27,486 |
-17,555 |
-14,920 |
Research and development
expenses |
|
-27,088 |
-24,004 |
-14,867 |
-13,130 |
Other income |
5.6 |
1,108 |
152 |
1,057 |
87 |
Other expenses |
|
-114 |
-1,217 |
-71 |
-1,175 |
Profit-sharing plan and
warrants |
|
-232 |
-352 |
-107 |
-54 |
Operating profit (EBIT) |
|
37,096 |
5,650 |
21,713 |
2,361 |
Operating margin (EBIT) % |
|
27.0% |
6.4% |
28.6% |
4.9% |
|
|
|
|
|
|
Interest revenue on loans and
deposits |
5.7 |
51 |
57 |
-17 |
49 |
Interest charges |
5.7 |
-893 |
-833 |
-446 |
-450 |
Other net financial income /
(expenses) |
5.7 |
1,254 |
-860 |
932 |
-868 |
Share in the result of the
enterprise accounted for using the equity method |
|
193 |
339 |
-20 |
302 |
Profit before taxes (PBT) |
|
37,701 |
4,353 |
22,162 |
1,393 |
Income taxes |
5.8 |
-2,797 |
2,833 |
-2,853 |
2,535 |
Net profit from continuing operations |
|
34,904 |
7,186 |
19,309 |
3,928 |
Net profit |
|
34,904 |
7,186 |
19,309 |
3,928 |
Attributable to : |
|
|
|
|
|
Non controlling
interest |
|
|
|
|
|
Equity holders of the parent company |
|
34,904 |
7,186 |
19.309 |
3,928 |
|
|
|
|
|
|
EARNINGS PER SHARE (in number of shares and in
EUR) |
|
FY21Audited |
FY20Audited |
2H21Unaudited |
2H20Unaudited |
Weighted average number of
subscribed shares |
|
13,400,624 |
13,668,612 |
13,401,884 |
13,520,352 |
Weighted average fully diluted
number of shares |
|
13,587,624 |
13,674,232 |
13,588,884 |
13,531,531 |
Basic earnings – share
of the group |
|
2.60 |
0.53 |
1.44 |
0.29 |
Fully diluted earnings – share of the group
(1) |
|
2.57 |
0.53 |
1.42 |
0.29 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME |
|
|
|
|
|
(EUR thousands) |
|
FY21Audited |
FY20Audited |
2H21Unaudited |
2H20Unaudited |
Net profit |
|
34,904 |
7,186 |
19,309 |
3,928 |
Other comprehensive
income of the period |
|
|
|
|
|
Currency translation
differences |
|
475 |
-491 |
276 |
-498 |
Total of recyclable
elements |
|
475 |
-491 |
276 |
-498 |
Gains / (losses) on
remeasurement of defined benefit obligations, net of tax |
|
-412 |
-78 |
-412 |
-75 |
Total of non-recyclable
elements, net of tax |
|
-412 |
-78 |
-412 |
-75 |
Total other comprehensive income of the
period, net of tax |
|
63 |
-569 |
-136 |
-573 |
Total comprehensive income for the period |
|
34,967 |
6,617 |
19,173 |
3,355 |
Attributable to : |
|
|
|
|
|
Non controlling
interest |
|
- |
- |
- |
- |
Group
share |
|
34,967 |
6,617 |
19,173 |
3,355 |
(1) The
diluted earnings per share does include:
- 187,000 warrants attributed in
December 2020 of which, 159,000 warrants are outstanding at the end
of the year with an exercise price below the share price. These
159,000 warrants have maturity of October 2026; and
- 158,600 warrants attributed in June
2021 and outstanding at the end of the year with an exercise price
below the share price. These 158,600 warrants have maturity of June
2027.
The diluted earnings per share does not include
138,832 warrants outstanding at the end of 2021 as these are not
exercisable given the exercise prices were above the share
price.
ANNEX 2:
CONDENSED STATEMENT OF FINANCIAL
POSITION (BALANCE SHEET)
ASSETS (EUR thousands) |
Notes |
Dec. 31,
2021Audited |
Dec. 31, 2020Audited |
|
|
|
|
Non-current assets
: |
|
|
|
Goodwill |
|
2,832 |
2,832 |
Other intangible assets |
|
6,113 |
7,041 |
Lands and buildings |
5.13 |
52,673 |
51,662 |
Other tangible assets |
5.13 |
4,307 |
5,034 |
Investment accounted for using
equity method |
|
1,920 |
1,760 |
Other amounts receivables |
|
2,408 |
543 |
Deferred tax assets |
|
5,933 |
8,725 |
Financial assets |
|
404 |
395 |
Total non-current assets |
|
76,590 |
77,992 |
|
|
|
|
Current assets
: |
|
|
|
Inventories |
|
25,951 |
22,579 |
Trade receivables |
|
38,924 |
30,728 |
Other amounts receivable,
deferred charges and accrued income |
|
6,417 |
5,929 |
Financial assets |
|
201 |
120 |
Cash and cash equivalents |
|
72,144 |
52,668 |
Total current assets |
|
143,637 |
112,024 |
Total assets |
|
220,227 |
190,016 |
EQUITY AND LIABILITIES(EUR
thousands) |
Notes |
Dec. 31,
2021Audited |
Dec. 31, 2020Audited |
|
|
|
|
Equity : |
|
|
|
Capital |
5.4 |
8,772 |
8,772 |
Reserves |
|
170,570 |
149,309 |
Treasury shares |
|
-17,776 |
-17,835 |
Total consolidated reserves |
|
152,794 |
131,474 |
Translation differences |
|
751 |
276 |
Equity, attributable to the owners of the
parent |
|
162,317 |
140,522 |
|
|
|
|
Non-controlling interest |
|
- |
- |
|
|
|
|
Total equity |
5.4 |
162,317 |
140,522 |
|
|
|
|
Provisions |
|
1,502 |
1,299 |
Deferred taxes
liabilities |
|
11 |
1,389 |
Financial debts |
5.12 |
13,554 |
12,251 |
Other debts |
5.14 |
1,825 |
993 |
Non-current liabilities |
|
16,892 |
15,932 |
|
|
|
|
Financial debts |
5.12 |
3,728 |
4,713 |
Trade payables |
|
10,497 |
5,775 |
Amounts payable regarding
remuneration and social security |
|
10,658 |
7,005 |
Income tax payable |
|
2,586 |
2,258 |
Other amounts payable,
advances received, accrued charges and deferred income |
|
13,549 |
13,811 |
Current liabilities |
|
41,018 |
33,562 |
Total equity and liabilities |
|
220,227 |
190,016 |
ANNEX 3:
CONDENSED STATEMENT OF CASH
FLOWS
(EUR thousands) |
Notes |
FY21Audited |
FY20Audited |
Cash flows from operating activities |
|
|
|
Net profit, group share |
|
34,904 |
7,186 |
|
|
|
|
Adjustment for: |
|
|
|
- Other income |
|
- |
18 |
- Depreciation and write-offs
on tangible and intangible assets |
|
7,015 |
6,658 |
- Write-off on goodwill |
|
- |
1,125 |
- Stock based compensation and
ESOP |
5.4 |
232 |
352 |
- Provisions |
|
417 |
-337 |
- Income tax expense (+) /
Gain (-) |
|
2,797 |
-2,833 |
-Interests expense (+) /
Income (-) |
|
-412 |
1,636 |
-Share of the result of
entities accounted for under the equity method |
|
-193 |
-339 |
|
|
|
|
Adjustment for changes in working capital
items: |
|
|
|
-Inventories |
|
-3,372 |
-3,648 |
-Trade receivables |
|
-10,061 |
8,204 |
-Other amounts receivable,
deferred charges and accrued income |
|
-430 |
-1,206 |
-Trade payables |
|
4,722 |
-1,446 |
-Amounts payable regarding
remuneration and social security |
|
3,653 |
-1,671 |
-Other amounts payable,
advances received, accrued charges and deferred income |
|
-263 |
4,184 |
-Conversion differences |
|
813 |
590 |
|
|
|
|
Cash
generated from operations |
|
39,822 |
18,473 |
Income taxes received /
(paid) |
5.8 |
-1,112 |
686 |
Net cash from operating activities |
|
38,710 |
19,159 |
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchase of intangible
assets |
|
-234 |
-53 |
Purchase of tangible assets
(lands and building and other tangible assets) |
|
-1,357 |
-2,264 |
Disposal of tangible
assets |
|
- |
207 |
Business acquisitions |
|
- |
-10,255 |
Other financial assets |
|
3 |
-35 |
Net cash used in investing activities |
|
-1,588 |
-12,400 |
|
|
|
|
Cash flows from financing activities |
|
|
|
Reimbursement of
borrowings |
5.12 |
-1,086 |
-4,590 |
Proceeds from new
borrowings |
|
- |
5,500 |
Payment of lease
liabilities |
|
-3,417 |
-3,224 |
Interests paid |
|
-566 |
-1,645 |
Interests received |
|
13 |
57 |
Dividend received from
equity-accounted investee |
|
- |
- |
Dividend–paid - interim
dividend |
|
-6,701 |
- |
Dividend–paid - final
dividend |
|
-6,699 |
- |
Other allocation |
|
- |
-300 |
Acquisition (-) / sale (+) of
treasury shares |
4 & 5.4 |
- |
-7,908 |
Increase in shareholders’
equity |
|
- |
- |
Net cash used in financing activities |
|
-18,456 |
-12,110 |
|
|
|
|
Net increase in cash
and cash equivalents |
|
18,666 |
-5,351 |
Net foreign
exchange difference |
|
810 |
-991 |
Cash and cash equivalents at beginning of
period |
|
52,668 |
59,010 |
Cash and cash equivalents at end of period |
|
72,144 |
52,668 |
ANNEX 4:
CONDENSED STATEMENT OF CHANGE IN
EQUITY
(EUR thousands) |
Capital |
Reserves |
Treasury shares |
Currency translation differences |
Equity, group share |
Non-controlling
interest |
Total equity |
Balance as at January
1, 2020 (reported) |
8,772 |
142,149 |
-9,927 |
767 |
141,761 |
|
141,761 |
Change
in accounting policies |
|
|
|
|
|
|
|
Balance as at January 1, 2020
(restated) |
8,772 |
142,149 |
-9,927 |
767 |
141,761 |
- |
141,761 |
Total comprehensive income for
the period |
|
7,108 |
|
-491 |
6,617 |
|
6,617 |
Increase in shareholders’
equity |
|
|
|
|
|
|
|
Share-based payments |
|
352 |
|
|
352 |
|
352 |
Operations with treasury
shares |
|
|
-7,908 |
|
-7,908 |
|
-7,908 |
Final dividend |
|
|
|
|
|
|
- |
Interim dividend |
|
|
|
|
|
|
- |
Other allocation |
|
-300 |
|
|
-300 |
|
-300 |
Balance as per December 31,
2020 |
8,772 |
149,309 |
-17,835 |
276 |
140,522 |
- |
140,522 |
(EUR thousands) |
Capital |
Reserves |
Treasury shares |
Currency translation differences |
Equity, share of the group |
Non-controlling
interest |
Total Equity |
Balance as at January 1, 2021
(reported) |
8,772 |
149,309 |
-17,835 |
276 |
140,522 |
|
140,522 |
Change
in accounting policies |
|
|
|
|
|
|
|
Balance as at January 1, 2021
(restated) |
8,772 |
149,309 |
-17,835 |
276 |
140,522 |
|
140,522 |
Total comprehensive income for
the period |
|
34,492 |
|
475 |
34,967 |
|
34,967 |
Increase in shareholders’
equity |
|
|
|
|
|
|
|
Share-based payments |
|
232 |
|
|
232 |
|
232 |
Operations with treasury
shares |
|
|
59 |
|
59 |
|
59 |
Final dividend |
|
-6,699 |
|
|
-6,699 |
|
-6,699 |
Interim dividend |
|
-6,701 |
|
|
-6,701 |
|
-6,701 |
Other
allocation |
|
-63 |
|
|
-63 |
|
-63 |
Balance as per December 31,
2021 |
8,772 |
170,570 |
-17,776 |
751 |
162,317 |
|
162,317 |
ANNEX 5: NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE
5.1: BASIS OF PREPARATION OF THE FINANCIAL
STATEMENTSThe full year 2021 and 2020 information in this
condensed financial statement on pages 6 to 9 is based on EVS
Group’s consolidated financial statements for the 12 month-period
ending December 31, 2021, which have not yet been published. This
condensed interim financial statements of the Group were authorized
for issuing by the Board of Directors on February 23rd, 2022.
This interim report only provides an explanation
of events and transactions that are significant to the
understanding of the changes in financial position and reporting
since the last annual reporting period and should therefore be read
in conjunction with the full 2021 consolidated financial statements
from which these condensed financial statements have been derived
and which are planned to be published on EVS Group’s website by
April 15th, 2022.
These condensed interim financial statements
have been prepared and presented in accordance with the
International Financial Reporting Standards (IFRS), as adopted for
use in the European Union. The accounting framework and standards
adopted by the European Commission can be accessed through the
following link on the website:
http://ec.europa.eu/finance/company-reporting/index_en.htm.
NOTE
5.2: SIGNIFICANT ACCOUNTING POLICIES AND
METHODS These condensed interim financial statements have
been prepared in accordance with IAS 34 Interim Financial
Reporting, as issued by the IASB, and as adopted by the EU. The
accounting policies and methods adopted for the preparation of the
company’s IFRS consolidated financial statements are consistent
with those applied in the 2020 consolidated financial statements.
The Company’s IFRS accounting policies and methods are available in
the 2020 annual report on www.evs.com, except for the new, amended
or revised IFRS standards and IFRIC Interpretations that have been
adopted as of January 1st, 2021, which are listed hereunder:
- Amendments to IFRS 9, IAS 39, IFRS
7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2
- Amendment to IFRS 16 Leases:
COVID-19-Related Rent Concessions (applicable for annual periods
beginning on or after 1 June 2020)
- Amendments to IFRS 4 Insurance
Contracts – Extension of the Temporary Exemption from Applying IFRS
9 to 1 January 2023 (applicable for annual periods beginning on or
after 1 January 2021)
The adoption of these new, amended, or revised
pronouncements did not have significant impact on the consolidated
financial statements of the Group.
NOTE
5.3: SEGMENT
REPORTING
From an operational point of view, the company
is vertically integrated with the majority of its staff located in
the headquarters in Belgium, including the R&D, production,
marketing and administration departments. Following the Axon
acquisition in May 2020, EVS now also has a portion of its staff
located in Netherlands and UK, mainly R&D and production teams.
The Axon products, forming the Media Infrastructure part of the
solution blueprint are integrated into the EVS solution portfolio.
The majority of the investments and costs are still located at the
level of the Belgian parent company. The other foreign subsidiaries
are primarily sales and representative offices. The Chief Operating
Decision Maker, being the Leadership Team, reviews the operating
results, operating plans, and makes resource allocation decisions
on a company-wide basis. Revenue related to products of the same
nature (digital broadcast production equipment) are realized by
commercial polyvalent teams. The company’s internal reporting is
the reflection of the above-mentioned operational organization and
is characterized by the strong integration of the activities of the
company.
By consequence, the company is composed of one
segment according to the IFRS 8 definition, and the consolidated
income statement of the group reflects this unique segment. All
long-term assets are located in the parent company EVS Broadcast
Equipment SA in Belgium.
The company provides only one type of solution:
live video technology for broadcast and new media productions with
a consistent modular architecture. This is the product of EVS.
There are no other significant classes of business, either
singularly or in aggregate. Indeed, identical modules can meet the
needs of different markets. Our customers themselves are often
multi-markets. Providing information for each module is therefore
not relevant for EVS.
At the geographical level, our activities are
divided into the following regions: Asia-Pacific (“APAC”), Europe,
Middle East and Africa (“EMEA”), and America (“NALA”). This
division follows the organization of the commercial and support
services within the group, which operate worldwide. A fourth region
is dedicated to the worldwide events (“Big Event Rentals”).
The company provides additional information with
a presentation of the revenue by market pillar: “Live Service
provider” (LSP), “Live Audience Business” (LAB) and “Big Event
Rentals” (BER) for rental contracts relating to the big sporting
events.
Finally, sales are presented by nature: systems
and services.
5.3.1. Information
on revenue by
destination
Revenue can be presented by Market Pillar: “Live
Service provider”, “Live Audience Business” and “Big Event
Rentals”. Maintenance and after sale service are included in the
complete solution proposed to the clients.
2H21 |
2H20 |
%
2H21/2H20 |
Revenue
(EUR thousands) |
FY21 |
FY20 |
%
FY21/FY20 |
42,986 |
34,689 |
+23.9% |
Live Audience
Business |
72,259 |
56,685 |
+27.5% |
23,818 |
13,722 |
+73.6% |
Live Service
Provider |
51,785 |
30,158 |
+71.7% |
9,021 |
127 |
+7003.1% |
Big Event
Rentals |
13,534 |
1,268 |
+967.4% |
75,824 |
48,538 |
+56.2% |
Total
Revenue |
137,578 |
88,111 |
+56.2% |
5.3.2. Information
on revenue by geographical
information
Activities are divided by three regions:
Asia-Pacific (“APAC”), Europe, Middle East and Africa (“EMEA”), and
“Americas”. Aside of them, we also identify a fourth category “Big
Event Rentals”.
Revenue for the second
half-year (EUR thousands) |
APACexcl. events |
EMEAexcl. events |
Americasexcl. events |
Big eventrentals |
TOTAL |
2H21
revenue |
13,401 |
31,696 |
21,706 |
9,021 |
75,824 |
Evolution
versus 2H20
(%) |
+11.8% |
+38.9% |
+59.6% |
+7003.1% |
+56.2% |
Variation versus 2H20 (%) at constant currency |
+11.8% |
+38.9% |
+57.0% |
+7003.1% |
+55.7% |
2H20
revenue |
11,991 |
22,824 |
13,596 |
127 |
48,538 |
Revenue for the YTD period (EUR thousands) |
APACexcl. events |
EMEAexcl. events |
Americasexcl. events |
Big
eventRentals |
TOTAL |
FY21
revenue |
23,077 |
63,468 |
37,499 |
13,534 |
137.578 |
Evolution
versus FY20
(%) |
+19.6% |
+54.9% |
+41.4% |
+967.4% |
+56.2% |
Variation versus FY20 (%) at constant currency |
+19.6% |
+54.9% |
+30.5% |
+967.4% |
+53.0% |
FY20
revenue |
19,315 |
41,002 |
26,526 |
1,268 |
88,111 |
Revenue realized in Belgium (the country of origin of the
company) with external clients represent less than 5% of the total
revenue for the period. In the last 12 months, the group realized
significant revenue with external clients (according to the
definition of IFRS 8) in three countries: The United States, Spain
and Switzerland (respectively, EUR 32,8 million, EUR 10,9
million & 9,1 million in the last 12 months).
5.3.3. Information
on revenue by nature
Revenue can be presented by nature: systems and
services.
2H21 |
2H20 |
% 2H21/2H20 |
Revenue
(EUR thousands) |
FY21 |
FY20 |
%
FY21/FY20 |
58,214 |
41,722 |
+39.5% |
Systems |
106,416 |
74,876 |
+42.1% |
17,610 |
6,816 |
+158.4% |
Services |
31,162 |
13,236 |
+135.4% |
75,824 |
48,538 |
+56.2% |
Total
Revenue |
137,578 |
88,111 |
+56.2% |
Services include advice, installations, project
management, training, maintenance, and support.
5.3.4.
Information on important clients
Over the last 12 months, no external client of
the company represented more than 10% of the revenue.
NOTE
5.4: EQUITY
SECURITIESThe number of treasury shares has changed as
follows during the period, together with the outstanding
warrants:
|
2021 |
2020 |
Number of own shares at January 1,
2021 |
928,207 |
400,180 |
Acquisition of own shares on the market |
- |
544,307 |
Sale of own shares on the market |
- |
- |
Allocation to Employees Profit Sharing Plans |
-3,067 |
-16,280 |
Sale related to Employee Stock Option Plan (ESOP) and other
transactions |
- |
- |
Number of own shares at December 31,
2021 |
925,140 |
928,207 |
|
|
|
Outstanding warrants at December 31,
2021 |
456,432 |
325,832 |
In 2021, the company did not repurchase own
shares on the stock market (the share buyback program ended in
2020). No shares were used to satisfy the exercise of warrants by
employees.
The Ordinary General Meeting of shareholders of
May 18, 2021, approved the allocation of 3,067 shares to EVS
employees (grant of 10 shares to each staff member in proportion to
their effective or assimilated time of occupation in 2020) as a
reward for their contribution to the group successes. The expense
related to this profit-sharing plan amounts to EUR 0.06 million and
has been recorded under the caption “Profit-sharing plan and
warrants”. As a consequence, at the end of 2021, the company owned
925,140 own shares at an average historical price of EUR 19.21.
At the same date, 456,432 warrants were
outstanding (158,600 new warrants granted, no exercise and 28,000
cancellations in 2021) with an average strike price of EUR 19.89
and an average maturity of November 2025.
NOTE
5.5: DIVIDENDSThe Ordinary
General Meeting of shareholders of May 18th, 2021 approved the
payment of a total gross dividend of EUR 0.50 per share for the
year 2020.
An interim dividend of EUR 0.50 was awarded in November 2021.
For 2021 a full year dividend at EUR 1,00 will be proposed to the
Ordinary General Meeting of shareholders.
Next to this 2021 dividend, EVS would like to honor its past
dividend promises intentions (an intent to distribute EUR 1,00 per
share per annum for the period 2018-2021). After difficult market
conditions in 2020, linked to the pandemic, EVS would like to grant
an additional exceptional gross dividend of EUR 0,50 in May 2022.
This will bring the total additional dividend to be paid in May
2022 to EUR 1,00. The proposal will be presented to the Ordinary
General Meeting of shareholders as to ensure a full year 2021
dividend of EUR 1.50.
(EUR thousands, gross amount) |
Coupon # |
Declaration date |
2021 |
2020 |
Paid during the year : |
|
|
|
|
- Final dividend for 2020 (EUR
0.50 per share excl. treasury shares) |
30 |
Mai 2021 |
6,699 |
- |
- Interim dividend for 2021
(EUR 0.50 per share excl. treasury shares) |
31 |
Nov. 2021 |
6,701 |
- |
Total paid dividends |
|
|
13,400 |
- |
(EUR thousands) |
2021 |
2020 |
Proposed for approval at the OGM : |
|
|
- Total dividend for 2020 (EUR 0.50 per share incl. interim
dividend) |
- |
6,699 |
- Proposed dividend for 2021 (EUR 1,50) per share incl. interim
dividend |
20,103 |
- |
Total |
20,103 |
6,699 |
NOTE
5.6: OTHER
INCOMEIn a transaction closed on 30 April 2020,
the Company acquired 100% of the shares of Axon Investments B.V.
(“Axon”). With development centers in the Netherlands and the UK,
and more than 80 team members, Axon has an international presence
in the live broadcast infrastructure market, including mobile
trucks and data centers, and a product portfolio that complements
EVS’s existing live production offering. At the acquisition date,
the transaction qualified as a business acquisition treated in
accordance with IFRS 3 Business acquisition (please refer to note
10.2 of the annual report of 2020).
The contract contained a contingent
consideration, ranging between EUR -0,5 million (reverse earn-out
to be paid back by the sellers) and maximum EUR 2,5 million
(earn-out to be paid by the Company), depending on the gross margin
realized by Axon over the period 1 January 2020 to 31 January 2021.
The fair value of the contingent consideration amounted to EUR 1
million at acquisition date and by the end of 2020. During 2021, no
fair value change related to contingent consideration was
recorded.
Axon did not realize the target gross margin, as
such, EVS reversed the contingent consideration initially
recognized at acquisition date. The amount of EUR 1 million was
recognized in other income.
NOTE
5.7:
FINANCIA L
REVENUES /
(COSTS)
(EUR thousands) |
FY21 |
FY20 |
Interest income on
deposit |
51 |
57 |
Interest charges |
-893 |
-833 |
Exchange result |
1,117 |
-957 |
Other financial results |
137 |
96 |
Net Financial revenues /
(costs) |
412 |
-1,636 |
The functional currency of EVS Broadcast
Equipment S.A. as well as all of the subsidiaries is the euro,
except for the American EVS Inc. subsidiary, whose functional
currency is the US dollar and Axon Digital Design LTD subsidiary
whose functional currency is the GBP. The presentation currency of
the consolidated financial statements of EVS Group is the euro.
The net exchange result is mainly explained by
the appreciation of the USD and GBP exchange rates comparing
EUR.For more information on exchange rates, see also the note
5.10.
NOTE
5.8: INCOME TAX EXPENSE
During 2021, income tax expense increased due to the increase of
current income tax expense mainly explained by the raise of the
profit before tax of the period for all components together with
the decrease of deferred tax income essentially triggered by the
consumption of reported tax losses.
(EUR
thousands) |
FY21 |
FY20 |
Current tax (expense) / income |
-1,245 |
2,047 |
Deferred tax (expense) / income |
-1,552 |
786 |
Total |
-2,797 |
2,833 |
NOTE
5.9: HEADCOUNTAs
of May 1st, 2020, EVS has integrated about 80 team members
following the Axon acquisition explaining the delta between 2021
and 2020 in term of “twelve-month average”.
(in full time equivalents) |
At December 31 |
Twelve-months
average |
2021 |
551 |
547 |
2020 |
550 |
514 |
Variation |
+0.2% |
+6.4% |
NOTE
5.10: EXCHANGE
RATESThe main exchange rate that influences the
consolidated financial accounts is USD/EUR and GBP/EUR which have
been taken into account as follows:
Exchange rate USD / EUR |
Average FY |
Average 2H |
At December 31 |
2021 |
1.1830 |
1.1614 |
1.1326 |
2020 |
1.1422 |
1.1808 |
1.2271 |
Variation |
3.57% |
-1.64% |
-7.70% |
Exchange rate GBP /
EUR |
Average FY |
Average 2H |
At December 31 |
2021 |
0.8599 |
0.8516 |
0.8403 |
2020 |
0.8897 |
0.9042 |
0.8990 |
Variation |
-3.35% |
-5.82% |
-6.53% |
NOTE
5.11:
FINANCIAL INSTRUMENTSThe estimated fair values of the
financial assets and liabilities are equal to their fair book
values in the balance sheet.
Periodically, EVS measures the group’s
anticipated exposure to transactional exchange risk over one year,
mainly relating to the EUR/USD risk. Given the group has a “long”
position in USD and based on revenue forecasts, EVS hedges future
USD net in-flows
by forward foreign exchange contracts. The
change in the fair value of the forward foreign exchange contracts
goes directly through the income statement (other financial
results) because the Group does not apply hedge accounting on these
transactions. The valuation techniques used are mainly based on
spot rates, forward rates and interest rate curves.
On December 31, 2021, the Group has no hedging
contract in place. The fair value variation of these financial
instruments during 2021 amounted EUR 0.2 million recognized as a
financial expense.
NOTE
5.12:
FINANCIAL DEBT On June 16th, 2020, a new loan of EUR 5.5
million has been negotiated with BNP Paribas Fortis in order to
partially finance the acquisition of Axon. A first repayment of EUR
0.6 million has been done at the end of fiscal year 2020. The
annual installments is EUR 1.1 million per year between 2021 and
2024 with a final repayment of EUR 0.6 million in 2025 when the
loan will mature.
On June 29th, 2020, a roll over credit line of
EUR 5.0 million has been negotiated with Belfius bank in order to
partially finance the acquisition of Axon. This amortizing credit
line will end at the latest on 30/06/2025. As of this date, EVS has
not used this credit facility.
NOTE
5.13: Lands and
buildings and other tangible assetsThe
increase of lands and buildings during 2021 is mainly explained the
investments of the year in office refurbishment work of EUR 0.3
million together with investment in progress of EUR 0.3 million and
new lease contracts (and existing lease contracts reassessment) of
EUR 4.2 million net of the depreciation of the year of EUR 3.8
million.
The decrease of other tangible assets is mainly
explained by the investments in office and IT equipment of the year
of EUR 0.7 million and new lease contracts (and existing lease
contracts reassessment) of EUR 0.7 million net of the depreciation
of the year of EUR 2.2 million.
Note 5.14: Pension
plansChanges booked in 2021 in the Belgian defined
obligation and fair value of plan assets were as follow:
|
2021 |
2020 |
In thousands of EUR |
Defined benefit obligation |
Fair value of plan assets |
Net defined benefit liability |
Defined benefit obligation |
Fair value of plan assets |
Net defined benefit liability |
As of January
1, 2021 |
8,670 |
-7,686 |
984 |
7,218 |
-6,535 |
683 |
Service cost |
1,398 |
0 |
1,398 |
1,078 |
0 |
1,078 |
Administrative costs |
|
18 |
18 |
|
22 |
22 |
Net interest expenses |
41 |
-38 |
3 |
75 |
-73 |
2 |
Other |
- |
- |
- |
- |
- |
- |
Sub-total included in
profit or loss |
1,439 |
-20 |
1,419 |
1,153 |
-52 |
1,102 |
Benefits paid |
-141 |
141 |
0 |
-167 |
167 |
0 |
|
|
|
|
|
|
|
Return on plan assets |
- |
-106 |
-106 |
- |
-288 |
-288 |
Actuarial changes
(assumptions) of which: |
|
|
|
|
|
|
Arising from changes in demographic assumptions |
- |
- |
-0 |
- |
- |
-0 |
Arising from changes in financial assumptions |
-1,172 |
|
-1,172 |
784 |
- |
784 |
Arising from experience adjustments |
1,791 |
-69 |
1,722 |
-318 |
- |
-318 |
Sub-total included in
OCI |
619 |
-69 |
550 |
466 |
-288 |
178 |
|
|
|
|
|
|
|
Contributions by employer |
- |
-1,128 |
-1,128 |
- |
-978 |
-978 |
|
|
|
|
|
|
|
As of December 31, 2021 |
10,587 |
-8,762 |
1,825 |
8,670 |
-7,686 |
984 |
The increase of the net defined benefit
obligation is mainly explained by; the increase of the service cost
triggered by the increase of the employer contributions (from 1.97%
to 2.29% in 2021) for some plans, recognized in the income
statement; together with the impact of the changes in financial
assumptions (basically the increase of the discount rate) and the
changes arising from experience (basically the increase of the
salaries) both recognized in the comprehensive income
statement.
NOTE
5.16
SUBSEQUENT EVENTSThere were no other subsequent
events that may have a material impact on the balance sheet or
income statement of EVS.
NOTE
5.17:
RISK AND UNCERTAINTIESInvesting in the stock of
EVS involves risks and uncertainties. The risks and uncertainties
relating to the current year 2022 are similar to the risks and
uncertainties that have been identified by the management of the
company and that are listed in the management report of the annual
report (available at www.evs.com).
Certification
of responsible persons
Serge Van Herck, representing a BV, CEOVeerle De
Wit, representing a SRL, CFO
Certify that, based on their
knowledge,a) the condensed financial statements,
prepared in accordance with the International Financial Reporting
Standards (IFRS) adopted by the European Union, fairly present in
all material respects the financial condition and results of
operations of the issuer and the companies included in the
consolidation,b) the Directors’ report fairly
presents the important events and related parties transactions of
2021 including their impact on the condensed financial statements,
and a description of the existing risks and uncertainties for the
remaining months of the fiscal year.
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