EVS Broadcast Equipment reports 2020 results
Publication on February 25, 2021, before market openingRegulated
information – Press release annual resultsEVS Broadcast Equipment
S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters
(EVSB.BR)
EVS reports 2020 results
Delivering profitability despite the impact of
the pandemic, prepared to grow revenues and emerge stronger in 2021
thanks to a strong order book
- FY20 performance
- Revenue of EUR 88.1 million (-14.8% YoY or -14.2% YoY at
constant currency)
- Operating expense increasing only 1.9% YoY despite the Axon
acquisition on May 1st 2020
- Net profit of EUR 7.2 million (-63.4% compared to FY19 mainly
due to lower revenue levels)
- Order intake 2020: -3% YoY (excl Big Event Rentals and
including Axon), supported by a strong order intake in 4Q
2020.
- Keeping strong Net cash position: EUR 35.7 million (vs EUR 46.2
million in 2019)
- H2 performance
- Continued pandemic impact in 2H20, with EUR 48.5 million
revenue (-22.2% or -20.7% excluding currency impact vs. 2H19)
- Gross margin of 65% including the Axon products
- Increase of operating expenses following the integration of
Axon team (+8.5% in 2H20 compared with 2H19)
- EBIT margin of 4.5%, net profit of EUR 3.8 million
- Outlook
- Prepared to grow revenues and emerge stronger in 2021 thanks to
a strong order book, strict cost management and realizing revenue
synergies from the Axon acquisition
- 2021 financial outlook
- Order book of EUR 54.2 million on December 31, 2020 (incl.
Axon) (+43.3% YoY) out of which:
- EUR 31.3 million to be recognized in revenue in 2021 (+48.2 %
YoY and excl Big Event Rentals)
- EUR 10.0 million (excl. big events rentals) to be recognized in
revenue in 2022 and beyond (+128.2% YoY)
- EUR 12.9 million for big events rentals related to events
postponed into 2021
- Given the uncertainties linked to the COVID-19 situation and
the resulting difficulties to make projections, no revenue guidance
is provided
- Opex is expected to slightly increase compared to prior year
following the full year integration of Axon costs while keeping
costs under control
KEY FIGURES
Unaudited |
EUR millions, except
earnings per share expressed in EUR |
Audited |
2H20 |
2H19 |
2H20/2H19 |
FY20 |
FY19 |
FY20/FY19 |
48.5 |
62.4 |
-22.2% |
Revenue |
88.1 |
103.4 |
-14.8% |
31.5 |
45.5 |
-30.7% |
Gross profit |
58.6 |
74.1 |
-21.0% |
65.0% |
72.9% |
- |
Gross margin % |
66.5% |
71.6% |
- |
2.2 |
19.6 |
-88.0% |
Operating profit – EBIT |
5.7 |
23.0 |
-75.5% |
4.5% |
31.4% |
- |
Operating margin – EBIT % |
6.4% |
22.3% |
- |
3.8 |
15.9 |
-76.4% |
Net profit (Group share) |
7.2 |
19.6 |
-63.4% |
0.28 |
1.14 |
-75.6% |
Basic earnings per share (Group share) |
0.53 |
1.40 |
-62.4% |
COMMENTS
Serge Van Heck, CEO said: “Even in a Pandemic
year dramatically impacting event & media industry, EVS
delivered profitability and prepared for the recovery.
We supported our customers to adapt their live
production workflows to the new reality. The acceleration towards
remote production was clearly a main theme for the whole year. We
decided to keep all our team members at work to continue delivering
the qualitative service our customers and business partners are
used to. Additionally, we sustained our R&D efforts with an
objective to deliver on our product and solution roadmaps
We therefore continued executing our PLAYForward
strategy, materialized by new solutions and the acquisition and
integration of Axon, extending the scope of EVS solutions in the
Media Infrastructure domain. I am very pleased with the current
synergies already materialized at a higher level than initially
planned and the dynamic of the integration with two teams
fruitfully collaborating to win more business.
The launch of LSM-VIA – the new replay and
highlight remote control device of EVS, particularly fitting the
needs of remote production – is a success and we currently
experience a strong appetite from our operators community to
produce content leveraging the new flexibility offered by the
device.”
Commenting on the results and prospects, Yvan
Absil, CFO, said: “Our second half reflects the continued impact of
the sanitary crisis. The order intake in the last quarter was
fairly strong giving us a solid order book as we enter 2021. The
environment remained challenging in this second part of the year as
we continued our actions to keep our costs under control. We are
particularly pleased with the results of our cost control
initiatives, which allowed us to keep our operating expenses
increasing only 1.9% year over year following the integration of
Axon. Given the uncertainties on the market, these cost management
efforts will continue this year as part of our FOCUS21 plan,
allowing us to forecast a slight growth of our operating expense
following the integration of Axon in 2021 vs 2020. Our strong order
book of EUR 44.1 million (including Big Event Rentals) does give us
some positive but prudent outlook for 2021”.
Revenue in 2H20 and FY20
2H20 |
2H19 |
%2H20/2H19 |
Revenue – EUR millions |
FY20 |
FY19 |
% FY20/FY19 |
48.5 |
62.4 |
-22.2% |
Total reported |
88.1 |
103.4 |
-14.8% |
49.5 |
62.4 |
-20.7% |
Total at constant currency |
88.7 |
103.4 |
-14.2% |
49.4 |
61.6 |
-19.9% |
Total at constant
currency and excluding Big Event Rentals |
87.4 |
102.1 |
-14.3% |
EVS revenue amounted to EUR 48.5 million in
2H20, a 22.2% decrease compared to a 2H19 (-19.9% at constant
currency and excluding Big Event Rentals). Revenue of solutions in
LSP (Live Service Providers) represented 28.3% of the total group
revenue. LAB (Live Audience Business) revenue represented 71.5% of
total revenue in 2H20, and Big Event Rentals represented 0.3% of
total revenue.
In FY20, EVS revenue reached EUR 88.1 million, a
decrease by 14.8% (-14.3% at constant currency and excluding the
Big Event Rentals) compared to FY19. Out of the 2020 revenue, Live
Service Providers, the most impacted by the COVID crisis had their
revenues decreasing by 39% YoY. It represented 34.2% of the
total revenues (vs 48.1% in 2019). Live Audience Business saw their
revenues increase by 8.3% YoY. It represented 64.3% of the total
revenues (vs 50.6% in 2019). Big events rentals represented 1.4% of
the total revenues.
Since May 1st, 2020 Axon (Media infrastructure),
also impacted by the Covid Crisis contributed for EUR 7,9 million
to 2020 revenues and EUR -1,6 million to net profit in the
consolidated income statement for the 8 month-period ended 31
December 2020.
Geographically, revenues (excl. Big Event
Rentals) are distributed in FY20 as follows:
- Europe, Middle-East and Africa (“EMEA”): EUR 41.0 million
(-14.1% YoY)
- Americas: EUR 26.5 million (-25.1% YoY)
- Asia & Pacific (“APAC”): EUR 19.3 million (+2.3% YoY)
Second half 2020 results
In 2H20, consolidated gross margin was 65.0%,
compared to 72.9% in 2H19. This lower gross margin was mainly due
to product mix which now includes Media Infrastructure products
(ex-Axon) which have a lower gross margin than other EVS products.
Operating expenses increased by 8.5% vs 2H19, mainly due the
integration of Axon. The 2H20 EBIT margin was 4.5%. Income taxes
were EUR -2.5 million following the adjustment for uncertain tax
provision. Group net profit amounted to EUR 3.8 million in
2H20, compared to EUR 15.9 million in 2H19. Basic net profit per
share amounted to EUR 0.28 in 2H20 (compared to EUR 1.14
in 2H19).
2020 results
Consolidated gross margin was 66.5% for FY20,
compared to 71.6% in FY19 due to the inclusion of Media
Infrastructure (ex-Axon) into the product mix. Operating expenses
increased by 1.9% YoY, thanks to strict cost management and careful
headcount management despite inclusion of Axon costs for 8 months.
The FY20 EBIT margin was 6.4% at EUR 5.6 million (or 7.7% at EUR
6.8 million excluding a one-time exceptional cost of EUR 1.1
million for the goodwill impairment from the SVS acquisition in
2014). Income taxes in FY20 amounts to EUR -2.8 million, mainly due
to the effect of the innovation box regime in Belgium and other
R&D tax incentives as well as the reversal of the uncertain tax
provision.Group net profit amounted to EUR 7.2 million in
FY20, compared to EUR 19.6 million in FY19. Basic net profit
per share amounted to EUR 0.53 in FY20, compared to
EUR 1.40 in FY19.
Staff
At the end of 2020, EVS employed 550 people
(FTE). This is an increase by 86 team members compared to the end
of 2019, following the integration of 80 team members from Axon.
Average FTE in 2020 was 514 vs 465 in 2019.
Balance sheet and cash flow statement
Total equity represents 74.0% of the total
balance sheet as of the end of 2020. Inventories amount to
EUR 22.6 million. This is an expected increase compared to the
end of December 2019, reflecting the preparation of the big
sporting events in 2021 and the Media infrastructure inventory. In
the liabilities, provisions include mainly the provision for
technical warranty on EVS products for labor and parts.
Lands and building mainly include the
headquarters in Liège. Annual depreciation on this building is
approximately EUR 2 million. Liabilities include EUR 17.0 million
of financial debt (including long term and short-term portion of
it), mainly relating to the Axon acquisition (EUR 5.0 million) and
the lease liabilities (EUR 11.8 million). EVS repays EUR 1.1
million per year for the loan. Full details about IFRS 16 impact on
the consolidated financial statements can be seen in note 5.2 and
5.12.
The net cash from operating activities amounts
to EUR 17.0 million in FY20. On December 31, 2020, cash and cash
equivalents total EUR 52.7 million. This is a decrease compared to
the end of 2020, following negative cash flows from the share
buyback program (EUR 7.9 million) and acquisition of Axon.
At the end of December 2020, there were
14,327,024 EVS shares outstanding, of which 928,207 were owned by
the company. At the same date, 325,832 warrants were outstanding
with an average exercise price of EUR 20.17 and an average
maturity of March 2025.
2020 – different realities for the different market
pillars
From a market pillar perspective, we observed
different dynamics on the market during this first pandemic
year.
Our LSP customers (Live Service Providers) did
suffer a lot with a long list of cancelled events forcing them to
let their OBVans on their parking. They focused on getting their
business through this difficult period in Q2 and slowly started
preparing for the events during the second half of the year.
Organizing the production linked to the events was very
challenging. They thus focused on short term operational issues
more than planning the evolution of their infrastructure, strictly
managing their cash. This explains the significant drop of revenue
in 2020 compared to 2019 (-39%).
Our LAB customers (Live Audience Business)
market offered a different perspective. With countries locked down
at home, broadcasters experienced exceptional levels of audience,
even if suffering from significant decrease of advertising
revenues. Broadcasters continued their modernization projects. Some
broadcasters even considered the need to accelerate the
modernization to support remote production workflows. LAB revenues
slightly increased in 2020 vs 2019 (+8%) and LAB customers
represent the majority of the order book for 2021. As announced in
2019, LAB represents a growth potential for EVS, even materialized
during the challenging year 2020.
BER (Big Events Rental) market stayed flat due
to major summer sport events postponed to 2021. EVS managed to
preserve the contracts and supported the customers in the
adaptation of the production to the new realities.
From a regional perspective, it must be noticed
that the rhythm of the pandemic has been different in APAC with a
sooner recovery and a shorter lock down cumulated period. Revenues
in APAC region have been higher in 2020 than in 2019 (+2.3% YoY).
NALA was the most affected region with a major decrease (-25% YoY).
EMEA region also experienced a significant decrease (-14% YoY),
especially in the second part of the year.
For a similar perimeter as EVS on Jan 1st, OPEX
have been significantly reduced due to strong bonus reduction,
several layers of cost optimizations and the cancellation of
marketing expenses linked to NAB2020 and IBC2020 shows.
2021 financial outlook and beyond
2021 remains a challenging year to predict,
considering the timing of the vaccine, the presence of different
virus variants forcing authorities to organize long lockdown
periods and the consequences on events and media industry.
In BER market pillar, EVS 2021 revenues will be
influenced by the occurrence of the major summer sport events,
representing around EUR 12.9 million of revenues. At this time, the
events are still planned, and all the teams are preparing the
infrastructure accordingly.
We expect a recovery in the LSP market with an
order book on Dec 31st, 2020 higher than the one of 2019 at the
same date.
Considering the order book, LAB is expected to
be the structural market pillar supporting the growth of revenues
in 2021 with continued modernization projects.
We can also observe that we managed to increase
our “long term order book” (beyond 2021), nearly doubling the ones
of the 3 previous years. This result from the availability of OPEX
offerings, SLA orders covering longer periods of time and
multi-year revenue recognition linked to large modernization
contracts.
2021 OPEX costs should slightly increase vs 2020
as it will include a full year of Axon costs.
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.
Participants must register in advance of 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:
https://emea.directeventreg.com/registration/71995442. Webcast
Player URL: https://edge.media-server.com/mmc/p/65bsvo7a
Corporate Calendar:
May 18, 2021: Ordinary General MeetingMay 20,
2021: 1Q21 trading updateAugust 26, 2021: 1H21 resultsNovember 18,
2021: 3Q21 trading update
For more information, please contact: Yvan
ABSIL, 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 |
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 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. |
* representing a SRL
Condensed
Interim Consolidated financial statements
ANNEX 1: CONDENSED CONSOLIDATED INCOME
STATEMENT
(EUR thousands) |
Annex |
FY20Audited |
FY19Audited |
2H20Unaudited |
2H19Unaudited |
Revenue |
5.3 |
88,111 |
103,400 |
48,538 |
62,378 |
Cost of sales |
|
-29,555 |
-29,316 |
-16,997 |
-16,879 |
|
|
|
|
|
|
Gross profit |
|
58,557 |
74,085 |
31,541 |
45,499 |
Gross margin % |
|
66.5% |
71.6% |
65.0% |
72.9% |
Selling and administrative
expenses |
|
-27,486 |
-27,926 |
-14,920 |
-13,935 |
Research and development
expenses |
|
-24,004 |
-22,603 |
-13,287 |
-11,926 |
Other income |
|
152 |
93 |
87 |
1 |
Other expenses |
|
-1,217 |
-89 |
-1,175 |
49 |
Stock based compensation and
ESOP plan |
|
-352 |
-530 |
-53 |
-74 |
Operating profit (EBIT) |
|
5,650 |
23,030 |
2,193 |
19,614 |
Operating margin (EBIT) % |
|
6.4% |
22.3% |
4.5% |
31.4% |
|
|
|
|
|
|
Interest revenue on loans and
deposits |
|
57 |
38 |
48 |
20 |
Interest charges |
|
-833 |
-604 |
-450 |
-341 |
Other net financial income /
(expenses) |
5.6 |
-861 |
295 |
-868 |
268 |
Share in the result of the
enterprise accounted for using the equity method |
|
339 |
169 |
302 |
58 |
Profit before taxes (PBT) |
|
4,353 |
22,928 |
1,225 |
19,620 |
Income taxes |
5.7 |
2,833 |
-3,320 |
2,535 |
-3,691 |
|
|
|
|
|
|
Net profit |
|
7,186 |
19,608 |
3,760 |
15,929 |
Attributable to : |
|
|
|
|
|
Non controlling
interest |
|
|
|
|
|
Equity holders of the parent company |
|
7,186 |
19,608 |
3,760 |
15,929 |
|
|
|
|
|
|
EARNINGS PER SHARE (in number of shares and in
EUR) |
|
FY20Audited |
FY19Audited |
2H20Unaudited |
2H19Unaudited |
Weighted average number of
subscribed shares for the period less treasury shares |
|
13,668,612 |
14,016,921 |
13,520,352 |
13,963,343 |
Weighted average fully diluted
number of shares |
|
13,674,232 |
14,016,921 |
13,531,531 |
13,963,343 |
Basic earnings – share
of the group |
|
0.53 |
1.40 |
0.28 |
1.14 |
Fully diluted earnings – share of the group
(1) |
|
0.53 |
1.40 |
0.28 |
1.14 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME |
|
|
|
|
|
(EUR thousands) |
|
FY20Audited |
FY19Audited |
2H20Unaudited |
2H19Unaudited |
Net profit |
|
7,186 |
19,608 |
3,760 |
15,929 |
Other comprehensive
income of the period |
|
|
|
|
|
Currency translation
differences |
|
-491 |
54 |
-498 |
38 |
Other increase/(decrease) |
|
-78 |
-592 |
-75 |
-595 |
Total of recyclable elements |
|
-569 |
-537 |
-573 |
-556 |
Total comprehensive income for the period |
|
6,617 |
19,071 |
3,187 |
15,373 |
Attributable to : |
|
|
|
|
|
Non controlling
interest |
|
- |
- |
- |
- |
Group share |
|
6,617 |
19,071 |
3,187 |
15,373 |
(1) The
diluted earnings per share does include 187,000 warrants attributed
in December 2020 and outstanding at the end of the year with an
exercise price below the share price. These 187,000 warrants have
maturity of October 2026. It does not include 138,832 warrants
outstanding at the end of 2020 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, 2020Audited |
Dec. 31, 2019Audited |
|
|
|
|
Non-current assets
: |
|
|
|
Goodwill |
|
2,832 |
1,125 |
Other intangible assets |
|
7,041 |
173 |
Lands and buildings |
5.11 |
51,662 |
49,365 |
Other tangible assets |
|
5,034 |
4,344 |
Investment accounted for using
equity method |
|
1,760 |
1,421 |
Other long term amounts
receivables |
|
543 |
959 |
Deferred tax assets |
|
8,725 |
6,570 |
Other financial assets |
|
395 |
353 |
Total non-current assets |
|
77,992 |
64,309 |
|
|
|
|
Current assets
: |
|
|
|
Inventories |
|
22,579 |
16,823 |
Trade receivables |
|
30,728 |
36,582 |
Other amounts receivable,
deferred charges and accrued income |
|
5,930 |
6,071 |
Other financial assets |
|
120 |
238 |
Cash and cash equivalents |
|
52,668 |
59,010 |
Total current assets |
|
112,024 |
118,724 |
Total assets |
|
190,016 |
183,033 |
EQUITY AND LIABILITIES (EUR thousands) |
Notes |
Dec. 31, 2020Audited |
Dec 31, 2019Audited |
|
|
|
|
Equity : |
|
|
|
Capital |
5.4 |
8,772 |
8,772 |
Reserves |
|
149,308 |
142,149 |
Treasury shares |
|
-17,835 |
-9,927 |
Total consolidated reserves |
|
131,473 |
132,221 |
Translation differences |
|
267 |
767 |
Equity attributable to equity holders of the parent
company |
|
140,522 |
141,761 |
|
|
|
|
Non-controlling interest |
|
- |
- |
|
|
|
|
Total equity |
5.4 |
140,522 |
141,761 |
|
|
|
|
Long term provisions |
|
1,299 |
1,636 |
Deferred taxes
liabilities |
|
1,389 |
19 |
Financial long term debts |
5.11 |
12,251 |
6,070 |
Other long term debts |
|
993 |
692 |
Non-current liabilities |
|
15,932 |
8,418 |
|
|
|
|
Short term portion of
financial debts |
5.11 |
4,713 |
6,725 |
Trade payables |
|
5,775 |
4,870 |
Amounts payable regarding
remuneration and social security |
|
7,005 |
8,302 |
Income tax payable |
|
2,259 |
4,282 |
Other amounts payable,
advances received, accrued charges and deferred income |
|
13,811 |
8,675 |
Current liabilities |
|
33,562 |
32,855 |
Total equity and liabilities |
|
190,016 |
183,033 |
ANNEX 3: CONDENSED STATEMENT OF CASH
FLOWS
(EUR thousands) |
Notes |
FY20Audited |
FY19Audited |
Cash flows from operating activities |
|
|
|
Net profit, group share |
|
7,186 |
19,608 |
|
|
|
|
Adjustment for: |
|
|
|
- Other income |
|
18 |
-592 |
- Depreciation and write-offs
on fixed assets |
|
6,658 |
5,483 |
- Stock based compensation and
ESOP |
5.4 |
352 |
530 |
- Provisions |
|
-337 |
-469 |
- Income tax expense (+) /
Gain (-) |
|
-2,833 |
3,320 |
-Interests expense (+) /
Income (-) |
|
1,636 |
270 |
-Share of the result of
entities accounted for under the equity method |
|
-339 |
-169 |
|
|
|
|
Adjustment for changes
in working capital items: |
|
|
|
-Inventories |
|
-3,648 |
-1,709 |
-Trade receivables |
|
8,204 |
-4,726 |
-Other amounts
receivable, deferred charges and accrued income |
|
-1,206 |
-1,122 |
-Trade payables |
|
-1,446 |
-72 |
-Amounts payable
regarding remuneration and social security |
|
-1,671 |
903 |
-Other amounts payable,
advances received, accrued charges and deferred income |
|
4,184 |
1,244 |
-Conversion
differences |
|
-401 |
63 |
|
|
|
|
Cash
generated from operations |
|
16,356 |
22,563 |
Income taxes paid |
5.7 |
686 |
-4,059 |
Net cash from operating activities |
|
17,042 |
18,504 |
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchase of intangible
assets |
|
-53 |
-25 |
W/O intangible assets |
|
1,125 |
- |
Purchase of tangible assets
(lands and building and other tangible assets) |
|
-6,867 |
-1,352 |
Disposal of tangible
assets |
|
207 |
1,020 |
Business acquisitions |
|
-10,255 |
- |
Other financial assets |
|
-36 |
-17 |
Net cash used in investing activities |
|
-15,878 |
-374 |
|
|
|
|
Cash flows from financing activities |
|
|
|
Reimbursement of
borrowings |
5.11 |
-4,590 |
-5,250 |
Proceeds from new
borrowings |
|
8,687 |
709 |
Payment of lease
liabilities |
|
-1,801 |
-3,600 |
Interests paid |
|
-1,652 |
-609 |
Interests received |
|
57 |
38 |
Dividend received from
equity-accounted investee |
|
- |
32 |
Dividend paid - interim
dividend |
|
- |
-6,914 |
Dividend paid - final
dividend |
|
- |
-6,646 |
Other allocation |
|
-300 |
-393 |
Acquisition / sale of treasury
shares |
4 & 5.4 |
-7,907 |
-5,177 |
Increase in shareholders’
equity |
5.4 |
- |
- |
Net cash used in financing activities |
|
-7,506 |
-27,810 |
|
|
|
|
Net increase in cash
and cash equivalents |
|
-6,342 |
-9,679 |
Net foreign
exchange difference (included in Net increase in
cash in 2020) |
|
-991 |
208 |
Cash and cash equivalents at beginning of
period |
|
59,010 |
68,482 |
Cash and cash equivalents at end of period |
|
52,668 |
59,010 |
ANNEX 4: CONDENSED STATEMENT OF CHANGE IN
EQUITY
(EUR thousands) |
Capital |
Reserves |
Treasury shares |
Currency translation differences |
Equity,share of
thegroup |
Non-controlling
interest |
Total Equity
|
Balance as at January 1,
2019 (reported) |
8,772 |
136,601 |
-4,750 |
713 |
141,336 |
- |
141,336 |
Change in accounting policies (IFRS 16) |
|
-46 |
|
|
-46 |
|
-46 |
Balance as at January 1, 2019 (restated) |
8,772 |
136,555 |
-4,750 |
713 |
141,290 |
- |
141,290 |
Total comprehensive income for
the period |
|
19,017 |
|
54 |
19,071 |
|
19,071 |
Increase in shareholders’
equity |
- |
- |
|
|
- |
- |
- |
Share-based payments |
|
530 |
|
|
530 |
|
530 |
Operations with treasury
shares |
|
|
-5,177 |
|
-5,177 |
|
-5,177 |
Final dividend |
|
-6,646 |
|
|
-6,646 |
|
-6,646 |
Interim dividend |
|
-6,914 |
|
|
-6,914 |
|
-6,914 |
Other allocation |
|
-393 |
|
|
-393 |
|
-393 |
Balance as per December 31, 2019 |
8,772 |
142,149 |
-9,927 |
767 |
141,760 |
- |
141,760 |
(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 |
141,760 |
|
141,760 |
Change
in accounting policies |
|
|
|
|
|
|
|
Balance as at January 1, 2020 (restated) |
8,772 |
142,149 |
-9,927 |
767 |
141,760 |
- |
141,760 |
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 |
|
|
-7,907 |
|
-7,907 |
|
-7,907 |
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 |
ANNEX 5: NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 5.1: BASIS OF PREPARATION OF THE
FINANCIAL STATEMENTS
The full year 2020 and 2019 information in this
condensed financial statement on pages 7 to 10 of this financial
report is based on EVS Group’s consolidated financial statements of
EVS Group for the 12 month-period ended December 31, 2020, which
have not yet been published. This condensed interim financial
statements of the Group were authorized for issue by the Board of
Directors on February 24, 2021.
This interim report only provides an explanation
of events and transactions that are significant to an 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 2020 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 17, 2021.
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 2019 consolidated financial statements.
The Company’s IFRS accounting policies and methods are available in
the 2019 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 1, 2020 which are listed hereunder:
- IBOR reform Phase 1 amendments – effective 1 January 2020
- IFRS 3 amendments – effective 1 January 2020
- IFRS 16 amendment – effective 1 June 2020
- New materiality definition – effective 1 January 2020
- Updated references to the Conceptual Framework – effective 1
January 2020
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 Axon
acquisition, 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 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 Executive Committee, 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.
2H20 |
2H19 |
% 2H20/2H19 |
Revenue (EUR
thousands) |
FY20 |
FY19 |
% FY20/FY19 |
34,689 |
32,679 |
+6.2% |
Live Audience
Business |
56,685 |
52,328 |
+8,3% |
13,722 |
28,941 |
-52.6% |
Live Service
Provider |
30,158 |
49,726 |
-39.4% |
127 |
758 |
-83.3% |
Big Event Rentals |
1,268 |
1,346 |
-5.8% |
48,538 |
62,378 |
-22.2% |
Total
Revenue |
88,111 |
103,400 |
-14.8% |
The above presentation includes the latest and refined
classification of our customers by market pillar for both 2019 and
2020.
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 |
H20
revenue |
11,991 |
22,824 |
13,597 |
127 |
48,538 |
Evolution versus 2H19 (%) |
+18.2% |
-22.4% |
-38.3% |
-83.3% |
-22.2% |
Variation versus 2H19
(%) at constant currency |
+18.2% |
-22.3% |
-34.3% |
-83.3% |
-20.7% |
2H19
revenue |
10,147 |
29,425 |
22,048 |
758 |
62,378 |
Revenue for the YTD period (EUR thousands) |
APACexcl. events |
EMEAexcl. events |
Americasexcl. events |
Big eventRentals |
TOTAL |
FY20
revenue |
19,315 |
41,002 |
26,526 |
1,268 |
88,111 |
Evolution versus FY19 (%) |
+2.3% |
-14.1% |
-25.1% |
-5.8% |
-14.8% |
Variation versus FY19
(%) at constant currency |
+2.3% |
-14.0% |
-23.6% |
-5.8% |
-14.2% |
FY19
revenue |
18,879 |
47,744 |
35,431 |
1,346 |
103,400 |
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 two countries: The United States & the
United Kingdom (respectively, EUR 22.8 million &
EUR 9.0 million in the last 12 months).
5.3.3. Information on revenue by nature
Revenue can be presented by nature: systems and
services.
2H20 |
2H19 |
% 2H20/2H19 |
Revenue (EUR
thousands) |
FY20 |
FY19 |
% FY20/FY19 |
41,722 |
55,204 |
-24.4% |
Systems |
74,876 |
89,790 |
-16.6% |
6,816 |
7,174 |
-5.0% |
Services |
13,236 |
13,610 |
-2.8% |
48,538 |
62,378 |
-22.2% |
Total
Revenue |
88,111 |
103,400 |
-14.8% |
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 SECURITIES
The number of treasury shares has changed as
follows during the period, together with the outstanding
warrants:
|
2020 |
2019 |
Number of own shares at January 1 |
400,180 |
151,724 |
Acquisition of own shares on the market |
544,307 |
262,952 |
Sale of own shares on the market |
- |
- |
Allocation to Employees Profit Sharing Plans |
-16,280 |
-14,496 |
Sale related to Employee Stock Option Plan (ESOP) and other
transactions |
- |
- |
Number of own shares at December 31 |
928,207 |
400,180 |
|
|
|
Outstanding warrants at December 31 |
325,832 |
138,999 |
In 2020, the company repurchased 544,307 shares
on the stock market (under a share buyback program started on
October 25, 2018 and May 6, 2020). No shares were used to satisfy
the exercise of warrants by employees. The Ordinary General Meeting
of shareholders of May 19, 2020 approved the allocation of 16,280
shares to EVS employees (grant of 54 shares to each staff member in
proportion to their effective or assimilated time of occupation in
2019) as a reward for their contribution to the group successes.
The expense related to this profit-sharing plan amounts to EUR 0.3
million and has been recorded under the caption “Stock based
compensation and ESOP plan”. As a consequence, at the end of 2020,
the company owned 928,207 own shares at an average historical price
of EUR 19.21. At the same date, 325,832 warrants were outstanding
(no grant, no exercise and 167 cancellations in 2020) with an
average strike price of EUR 20.17 and an average maturity of March
2025.
NOTE 5.5: DIVIDENDS
The Ordinary General Meeting of May 19, 2020
approved the payment of a total gross dividend of EUR 0.50 per
share, including the interim dividend of EUR 0.50 per share paid in
November 2019, leading to no final gross dividend.
(EUR thousands) |
# Coupon |
2020 |
2019 |
- Final dividend for 2018 (EUR 0.50 per share less treasury
shares) |
28 |
- |
6,646 |
- Interim dividend for 2019 (EUR 0.50 per share less treasury
shares) |
29 |
- |
6,914 |
Total paid dividends |
|
- |
13,560 |
NOTE 5.6: OTHER NET FINANCIAL INCOME /
(EXPENSES)
(EUR thousands) |
FY20 |
FY19 |
Exchange results from
statutory accounts |
364 |
-369 |
Exchange results relating to
IFRS consolidation methodology |
-1,321 |
549 |
Other financial results |
96 |
115 |
Other net financial income / (expenses) |
-861 |
295 |
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. The presentation currency of the
consolidated financial statements of EVS Group is the euro. For
more information on exchange rates, see also the note 5.9.
NOTE 5.7: INCOME TAX
EXPENSE
Reconciliation of the tax charge
The effective tax charge of the group obtained
by applying the effective tax rate to the pre-tax profit of the
group, has been reconciled for the two periods with the theoretical
tax charge obtained by applying the theoretical tax rate:
(EUR thousands) |
FY20 |
FY19 |
|
|
|
Reconciliation between the effective tax rate and the
theoretical tax rate |
|
|
Reported profit before taxes,
share in the result of the enterp. accounted for using the equity
method |
4,014 |
22,759 |
Reported tax charge based on
the effective tax rate |
2,833 |
-3,320 |
Effective tax rate |
-70.6% |
14.6% |
|
|
|
Reconciliation items
for the theoretical tax charge |
|
|
Tax effect of non-deductible
expenditures |
311 |
408 |
Tax effect on R&D
investment deductions |
-1,029 |
-1,426 |
Tax effect on innovation
deduction |
-2,122 |
-5,932 |
Tax effect of overvaluations
and undervaluations related to prior years |
-1,492 |
3,034 |
Other increase /
(decrease) |
393 |
793 |
Total tax charge of the group
entities computed on the basis of the respective local nominal
rates |
-1,106 |
-6,443 |
Theoretical tax rate |
27.6% |
28.3% |
The tax charge for FY2020 includes an adjustment of the tax
costs related to prior years for a total amount of EUR +1,5 million
including the reversal of accruals for uncertainties over income
tax treatments according to the new interpretation IFRIC 23,
effective 1 January 2019.
NOTE 5.8: HEADCOUNT
As of May 1st 2020, EVS has integrated about 80
team members following the Axon acquisition
(in full time equivalents) |
At December 31 |
Twelve-months average |
2020 |
550 |
514 |
2019 |
464 |
465 |
Variation |
+18.5% |
+10.8% |
NOTE 5.9: EXCHANGE RATES
The main exchange rate that influences the
consolidated financial accounts is USD/EUR which has been taken
into account as follows:
Exchange rate USD / EUR |
Average FY |
Average 2H |
At December 31 |
2020 |
1.1422 |
1.1808 |
1.2271 |
2019 |
1.1195 |
1.1096 |
1.1234 |
Variation |
+2.0% |
+6.4% |
+9.2% |
For FY20, the average US dollar exchange rate
against the Euro increased by 2%. It had a negative impact on FY20
revenue of EUR 0.5 million, or -0.56%.
NOTE 5.10: FINANCIAL
INSTRUMENTS
The 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, 2020, the group held USD 6.5
million in hedging contracts, with an average maturity date in June
2021, and an average exchange rate of EUR/USD of 1.1829.
NOTE 5.11: FINANCIAL DEBT
In order to partially finance its new HQ and
operating facilities, EVS has drawn down a total of EUR 30 million
loans. As of Dec 31st 2020, the final part of this loan has been
reimbursed. This represented a total amount of EUR 5.2 million in
2020.
On June 16, 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 29, 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 30/06/2024. As of this date, EVS has
not used this credit facility.NOTE 5.12:
LEASES
The impact of IFRS 16 for Leases affected the
statement of profit or loss for the twelve months ended 31 December
2020 as follows:
|
FY20 |
Depreciation expense (in Cost of sales) |
834 |
Depreciation expense (in Selling and administrative expenses) |
1,046 |
Depreciation expense (in Research and Development expenses) |
1,277 |
Rent expenses (in Cost of sales, sales and R&D expenses) |
-2,958 |
Operating profit |
199 |
Finance costs |
-482 |
Income tax expenses |
61 |
Profit for the period |
-222 |
The carrying amounts of right-of-use assets,
lease liabilities and the movements for the twelve months ended 31
December 2020:
(EUR thousands) |
Land and buildings |
Other tangible assets |
Lease Assets |
As at 1
January 2020 |
6,059 |
2,266 |
8,325 |
Additions |
4,228 |
1,525 |
5,753 |
Lease
modification |
524 |
352 |
876 |
Depreciation
expenses |
-1,803 |
-1,354 |
-3,157 |
Other |
-15 |
-11 |
-26 |
Conversion
differences |
-172 |
-1 |
-173 |
As at 31 December 2020 |
8,821 |
2,777 |
11,598 |
(EUR thousands) |
Land and buildings |
Other tangible assets |
Lease Liabilities |
As at 1
January 2020 |
5,982 |
2,388 |
8,370 |
Additions |
4,228 |
1,525 |
5,753 |
Lease
modification |
524 |
352 |
876 |
Interest
expenses |
394 |
88 |
482 |
Conversion
differences |
-172 |
-1 |
-173 |
Other |
40 |
- |
40 |
Payments |
-2,047 |
-1,421 |
-3,468 |
As at 31 December 2020 |
8,948 |
2,932 |
11,880 |
The statement of cash flows for the twelve
months ended 31 December 2020 is affected as follows:
|
FY20 |
Net cash flow from operating activities |
3,436 |
Net cash flow from financing activities |
-3,436 |
Net increase in cash and cash equivalents |
- |
NOTE 5.13: PENSION PLANS
The employees of EVS Broadcast Equipment SA
benefit from a group insurance. In this context, EVS makes a
contribution for each employee to the insurance companies. EVS
benefits from a minimum return guaranteed by the insurance
companies which set up the plans, and this until December 31, 2016
(minimum return requirement of the contributions, as required by
law).
However, on December 18, 2015, the Belgian
legislation has been updated and clarification was provided on the
minimum guaranteed rate of return. Before December 31, 2015, the
minimum guaranteed rate of return on employer and participant
contributions were 3.25% and 3.75% respectively. From 2016 onwards,
the rate decreased to 1.75% and is annually recalculated based on a
risk-free rate of 10-year government bonds. According to IAS19,
Belgian-defined contribution plans that guarantee a specified
return on contributions should be assimilated to defined benefit
plans, as the employer is not responsible for the contribution
payments but has to cover the investment risk until the legal
minimum rates applicable. The returns guaranteed by the insurance
companies are in most cases lower than or equal to the minimum
return guaranteed by law. As a result, the Group has not fully
hedged its return risk through an insurance contract and a
provision needs to be accounted for. The plans at EVS are financed
through group insurance contracts. The contracts are benefiting
from a contractual interest rate granted by the insurance company.
When there is underfunding, this will be covered by the financing
fund and in case this is insufficient, additional employer
contributions will be requested.
This analysis is done annually and recognized in
the profit and loss account, if necessary. More information can be
found in the note 6.4 of the 2019 annual report.
NOTE 5.14: BUSINESS COMBINATION –
ACQUISITION OF AXON
In 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. This transaction qualifies
as a business combination in accordance with IFRS 3 and is thus
accounted for by applying the acquisition method.
The consideration transferred by the Company to
acquire Axon includes:
- A cash amount of EUR
12.2 million of which EUR 11.6 million paid at closing date and EUR
0.6 million paid at the end of September for the final working
capital adjustment. - 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 amounts to EUR 1,0 million at
acquisition date and has not changed at the reporting date. The
fair value categorized as level 3 has been estimated on the basis
of a model in which the possible outcomes are probability weighted.
The unobservable input to which this fair value measurement is most
sensitive is the estimated amount of Axon’s gross margin over the
reference period. Depending on the actual level of Axon’s gross
margin, the Company is exposed to a future income statement impact
ranging between a loss of EUR 1.5 million (in case the maximum
earn-out is reached) and a gain of EUR 1.5 million (in case of
reverse earn-out).
The amounts recognized with respect to
identifiable assets acquired and liabilities assumed, as well as
the consideration transferred and the resulting provisional amount
of goodwill and net cash flow effect at acquisition date are as set
in the table below:
(EUR thousands) |
|
Intangible asset –
Technology |
2,489 |
Intangible asset – Customer-
related |
5,120 |
Deferred tax assets |
1,316 |
Other non-current assets |
341 |
Accounts receivable |
2,133 |
Inventories |
2,302 |
Cash and cash equivalents |
1,956 |
Other
current assets |
46 |
Total assets |
15,703 |
Deferred tax liabilities |
-1,585 |
Accounts payable |
-3,478 |
Other
liabilities |
-242 |
Total liabilities |
-5,305 |
Net assets
acquired |
10,398 |
Consideration paid in
cash |
12,211 |
Final working capital
adjustment |
- |
Fair
value of contingent consideration (earn-out) |
1,019 |
Total consideration |
13,230 |
Goodwill |
2,832 |
Cash outflow net of cash and
cash equivalents |
10,255 |
The goodwill amounting to EUR 2,8 million
consists of expected market synergies from the combination of Axon
and EVS as well as the skilled workforce of Axon, which both do not
qualify for separate recognition as intangible assets. Goodwill is
not expected to be deductible for tax purposes. The fair value of
accounts receivable as reported in the table above corresponds to
the gross contractual amounts receivable considering that the
sellers are obliged to indemnify the Company for any amount
receivable that is not fully collected within 180 days after the
acquisition date. Since the acquisition date on 30 April 2020
Axon contributed EUR 7,9 million to revenue and EUR -1,6 million to
net profit in the consolidated income statement for the 8
month-period ended 31 December 2020. If the acquisition of Axon had
been completed on 1 January 2020, the consolidated Group’s revenue
and net profit for the 12 month-period ended 31 December 2020 would
have been EUR 94,9 million and EUR 7,8 million respectively. The
acquisition-related costs amounting to EUR 0,3 million have been
immediately expensed as incurred and are presented under the
caption “Selling and administrative expenses” in the income
statement.
NOTE 5.15 SUBSEQUENT
EVENTSThere were no other subsequent events that may have
a material impact on the balance sheet or income statement of
EVS.
NOTE 5.16: RISK AND
UNCERTAINTIESInvesting in the stock of EVS involves risks
and uncertainties. The risks and uncertainties relating to the
remainder of the year -2021 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, CEOYvan
Absil, representing a SRL, CFO
Certify that, based on their knowledge,
- 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,
- the Directors’ report fairly presents the important events and
related parties transactions of 2020 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.
- Press release in PDF format
Grafico Azioni EVS Broadcast Equipment (EU:EVS)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni EVS Broadcast Equipment (EU:EVS)
Storico
Da Mag 2023 a Mag 2024