Publication on August 24, 2021, before market opening
Regulated information – Press release first half 2021 results
EVS REPORTS FIRST HALF 2021 RESULTS
Preparing to deliver strong results in 2021
During the first semester, EVS has experienced its best H1 revenue and profit generation of the last 5 years while also further growing a solid order book for the future. These H1 revenues are based on a continuous and even accelerated growth in the LAB market pillar and an after-Covid catch-up in the LSP market pillar, with some of the customers recovering their investments to deliver the one-year delayed summer events and some peak of events packed at the same time.
H1 Financial performance
- Revenue in the first six months of the year, amounts to
EUR 61,8 million , + 56.1% YoY (+49% compared to 1H20 excl. big event rentals).- Higher Operating expenses (+15.4% in 1H21 compared with 1H20), mainly explained by increased of remuneration costs due to the acquisition of Axon in
May 2020 .
- Higher Operating expenses (+15.4% in 1H21 compared with 1H20), mainly explained by increased of remuneration costs due to the acquisition of Axon in
- EBIT amounts to
EUR 15,4 million (24.9% of revenue), which is + 367.7% compared to 1H20 - Net profit amounts to
EUR 15,6 million in 1H21, which is + 378.7% compared to 1H20.
Outlook
- Full year revenue guidance is being increased with
EUR 5 million and is expected to land betweenEUR 115 million andEUR 125 million . - In accordance with the previously announced policy of the Board of Directors to pay a stable dividend and subject to market conditions, a dividend of
EUR 1.00 per share for the financial year 2021 is expected to be paid. - Booked revenues:
85.5MEUR excl. Big Events Rental and98.5MEUR incl. Big Events Rental - Order intake June YTD: +56% vs
June 30th, 2020 (excl. Big Event Rentals) - Order book of
EUR 67,8 million onJune 30th, 2021 (incl. Axon) out of which:EUR 23 million (excl. Big Events Rentals) to be recognized as revenue in 2022 and beyond (+70.3% YoY)EUR 8,1 million for Big Events Rentals related to large events that will be held in 2022
- OPEX for the full year is expected to slightly increase YoY based on the renewed occurrence of certain trade shows and the full year impact of the Media Infrastructure acquisition (Axon).
- The gross margin percentage is expected to be negatively impacted by the rising prices of products thereof.
The lower gross margin on MediaInfra (ex Axon) products will also have a negative impact on the gross margin percentage.
EUR millions, except earnings per share expressed in EUR | Reviewed | ||
1H21 | 1H20 | 1H21/1H20 | |
Revenue | 61,8 | 39,6 | 56.1% |
Gross profit | 42,6 | 27,0 | 57.6% |
Gross margin % | 68.9% | 68.2% | - |
Operating profit – EBIT | 15,4 | 3,3 | 367.7% |
Operating margin – EBIT % | 24.9% | 8.3% | - |
Net profit (Group share) | 15,6 | 3,3 | 378.7% |
Basic earnings per share (Group share) | 1,16 | 0,24 | 392.3% |
COMMENTS
“We are very grateful to our customers and channel partners for our strong H1 results. Thanks to their increased trust in our products, services and solutions, we are posting strong financial results, both on the revenue side as on the profit side. This is clearly an impressive achievement as it is our strongest H1 recorded over the last 5 years.
EVS is recognized for the support of major sporting events and these long-awaited events finally took place this summer. Despite the very special Covid-19 related conditions to operate, I’m impressed that all EVS teams managed to deliver once again at the highest level of service quality, and for the first time based on our new generation of products and solutions (e.g. LSM-VIA and IPD-VIA) with some parts of the solution being hosted in the cloud.”
Concerning the evolution of the business,
During this first semester, we also communicated about the new structure of our offerings based on 3 main solutions: LiveCeption, MediaCeption and MediaInfra. Every solution is supporting our customers for different kinds of modernization projects. One of our main new product launches we did this semester is our Media Infra Strada evolutive routing solution – a first step for EVS in this category – with already a first 1MUSD+ key contract in North America.”
Commenting on the results and the outlook,
Thanks to a strong order book at the end of 2020 and additional MediaInfrastructure revenues, we report a revenue increase of 49% YoY excluding big events. For 2021, we expect revenues to be between
The Cash Flow is positively impacted by the increase of
EVS Market Dynamics, PLAYForward transformation program and customer wins
The broadcast and media industry is evolving towards a new normal. The occurrence of the major summer sport events did push our LSP customers to restart their investments to deliver the best viewing experience for the audience based on our latest technologies for delivering high quality live production. Our LAB customers continue to proceed to the modernization of their overall infrastructure leveraging the key technological foundations based on IP, virtualization, 4K, HDR and remote production.
Due to Covid, LAB customers have delivered major summer events with much less staff in the host country
Inline with our PLAYForward strategy to sell more solutions, we did launch the new version of our website better highlighting the 3 categories of solutions:
- LiveCeption: Live production, replay and highlights that elevate the fan experience
- MediaCeption: Production Asset Management for fast and easy turnaround
- MediaInfra: Routing and infrastructure solutions to control and process all media workflows
We did launch the innovative and evolutive MediaInfra Strada routing solution based on Cerebrum, Neuron platform and IP routers. Our customers can now enjoy a smooth evolution path for their modernization towards a full IP infrastructure, while making sure all their investment is future-safe thanks to the form of virtualization enabled by the solid Neuron platform.
In the domain of Media Infrastructure, the Axon integration project is now finalized. The remaining integration aspects are now part of the continuous EVS transformation projects.
We also observe a significant traction for our XtraMotion cloud service, recently launched as part of our LiveCeption offering, which enables our customers to generate super-slow-motion replays from any camera based on hybrid workflows leveraging AI in the cloud.
Our new Channel Partner program has been launched with some traction already for “essential” versions of EVS solutions allowing EVS to address different market tiers, as defined in the PLAYForward strategy.
Some key wins in H1:
- Success in the delivery and support of dedicated solutions for major events, including Superbowl and summer sport events
- More and more solutions of the new generation in operation to support customers in their transformation
- Major broadcast & media production centers deals confirming the acceleration of the adoption of EVS new VIA Platform leveraging IP based network (SMPTE 2110 protocol) and its new generation of live production asset management:
- Mid-term commitment of LSPs all over the world for continuous upgrade of their replay servers
- New customers buying our solutions in their “essential” versions for production replay and VAR, sometimes through direct sales, sometimes thanks to the new Channel Partner program
- First 1MUSD+ deal in NALA with MediaInfra Strada evolutive routing solution
- Contracts for major 2022 events secured
Revenue in 1H21
In 1H21, EVS revenue, negatively impacted by currency fluctuation, reached
At constant currency, revenue increased by 59.6% YoY and increased by 52.9% excluding big event rentals.
Revenue – EUR millions | 1H21 | 1H20 | 1H21/1H20 |
Total reported | 61.8 | 39.6 | +56.1% |
Total at constant currency | 63.2 | 39.6 | +59.6% |
Total at constant currency and excluding big event rentals | 58.7 | 38.4 | +52.9% |
EVS revenues are impacted by the EUR/USD currency fluctuation and can have a significant impact on our results even if EUR/USD fluctuations also impact the cost of our US operations and our cost of goods sold.
In the first half of the year, (excl. Big Event Rentals) LSP represented 43% (42% in 1H20) of the revenue, LAB 50% (56% in 1H20).
Geographically, revenues (excl. big event rentals) are distributed in 1H21 as follows:
Europe ,Middle East andAfrica (EMEA):EUR 32,1 million (EUR 18,2 million in 1H20)Americas (NALA):EUR 15,8 million (EUR 12,9 million in 1H20)Asia & Pacific (APAC):EUR 9,4 million (EUR 7,3 million in 1H20)
First half 2021 results
Consolidated gross margin was 68.9% for 1H21, compared to 68.2% in 1H20 explained by lower gross margin on MediaInfra (ex Axon) products and an increase of team member costs in the service department. Operating expenses increased by 15.4% YoY explained by the general increase of the total amount of team members and their associated remuneration; the increase of the total number of team members is mainly linked to the acquisition of Axon in
Team members
At the end of
Balance sheet and cash flow statement
EVS has further strengthened its balance sheet resulting in a net cash position of
Lands and building mainly include the headquarters in
Inventories amount to EUR 24.8 million and include around EUR 2.8 million value of MediaInfra (ex Axon) equipment.
During 1H 2021,
In the liabilities, long-term provisions include the provision for technical warranty on EVS products for labor and parts. The other amounts payables include the expected earn out liability for Axon and some customer advances received.
The net cash from operating activities amounts to
At the end of
Share buyback update
On
During 2021, EVS has not bought additional shares. There are no additional Share buyback programs announced.
Aside of the share buyback program, no shares were used to satisfy the exercise of warrants by employees. The Ordinary General Meeting of shareholders of
Corporate update
During last
Johan Deschuyffeleer , independent director & President (representingThe House of Value BVBA );Michel Counson , managing director;Martin De Prycker , independent director (representing InnoConsult BVBA);Chantal De Vrieze , independent director (representing 7 Capital SRL);- Philippe Mercelis, independent director; and
Anne Cambier , independent director (representing Accompany You SRL)
2H 2021 outlook
The booked revenues on
In addition to these booked revenues to be invoiced in 2021, EVS already won
Thanks to this continued strong order book evolution the revenue guidance for the full year 2021 is being increased with
Operational expenses continue to be closely managed and EVS expects those costs to slightly increase compared to 2020 based on the occurrence of trade shows end of year and the full year impact of the Media Infrastructure acquisition (Axon).
The gross margin percentage is expected to be negatively impacted by potential shortage and delay of component and raw material as well as the rising prices thereof. The lower gross margin on MediaInfra (ex Axon) products will also have a negative impact on the gross margin percentage.
Glossary
Term | Definition |
Booked revenues | Revenues already recognized from previous years and current year orders & previous years and current year orders currently planned to be recognized in the current calendar year |
Short term order book | Revenues planned to be recognized during next calendar year based on current orders |
Long term order book | Revenues planned to be recognized in the years after next calendar year based on current orders |
Order book | Revenues planned to be recognized after the |
LAB market pillar | LAB – Live Audience Business Revenue from customers leveraging EVS products and solutions to create content for their own purpose This market pillar covers the following types of customers: Broadcasters, Stadium, |
LSP market pillar | LSP – Live Service Providers Revenue 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 Rental Revenue from major non-yearly big events rental. This market pillar covers the following types of customers: host broadcasters for major events. |
Conference call
EVS will hold a conference call in English today at
Conference call – Registration required
- Online registration : http://emea.directeventreg.com/registration/6174585
- Webcast player URL: https://edge.media-server.com/mmc/p/fbzqhedw
Corporate Calendar:
For more information, please contact: Tel: +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 |
Condensed Interim Consolidated financial statements
NOTE 1: CONDENSED CONSOLIDATED INCOME STATEMENT
(EUR thousands) | Annex | 1H21 Reviewed | 1H20 Reviewed |
Revenue | 5.3 | 61,779 | 39,573 |
Cost of sales | -19,221 | -12,569 | |
Gross profit | 42,558 | 27,004 | |
Gross margin % | 68.9% | 68.2% | |
Selling and administrative expenses | -14,837 | -12,566 | |
Research and development expenses | -12,221 | -10,874 | |
Other income | 51 | 65 | |
Other expenses | -43 | -42 | |
Stock based compensation and ESOP plan | -125 | -298 | |
Operating profit (EBIT) | 15,383 | 3,289 | |
Operating margin (EBIT) % | 24.9% | 8.3% | |
Interest revenue on loans and deposits | 68 | 8 | |
Interest charges | -447 | -383 | |
Other net financial income / (expenses) | 5.6 | 322 | 7 |
Share in the result of the enterprise accounted for using the equity method | 213 | 37 | |
Profit before taxes (PBT) | 15,539 | 2,960 | |
Income taxes | 5.7 | 56 | 298 |
Net profit | 15,595 | 3,258 | |
Attributable to : | |||
Non controlling interest | - | - | |
Equity holders of the parent company | 15,595 | 3,258 | |
EARNINGS PER SHARE (in number of shares and in EUR) | 1H21 Reviewed | 1H20 Reviewed | |
Weighted average number of subscribed shares for the period less treasury shares | 13,399,342 | 13,818,500 | |
Weighted average fully diluted number of shares | 13,586,342 | 13,818,500 | |
Basic earnings – share of the group | 1.16 | 0.24 | |
Fully diluted earnings – share of the group (1) | 1.15 | 0.24 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
(EUR thousands) | 1H21 Reviewed | 1H20 Reviewed | |
Net profit | 15,595 | 3,258 | |
Other comprehensive income of the period | |||
Currency translation differences | 199 | 7 | |
Other increase/(decrease) | - | -3 | |
Total of recyclable éléments | 199 | 4 | |
Total comprehensive income for the period | 15,794 | 3,262 | |
Attributable to : | |||
Non controlling interest | - | - | |
Group share | 15,794 | 3,262 |
(1) The diluted earnings per share does include 187,000 warrants attributed in
NOTE 2: CONDENSED STATEMENT OF FINANCIAL POSITION
(BALANCE SHEET)
ASSETS (EUR thousands) | Notes | Reviewed | Audited |
Non-current assets : | |||
2,832 | 2,832 | ||
Other intangible assets | 6,468 | 7,041 | |
Lands and buildings | 5.11 | 50,392 | 51,662 |
Other tangible assets | 4,391 | 5,034 | |
Investment accounted for using equity method | 1,973 | 1,760 | |
Other long term amounts receivables | 1,754 | 543 | |
Deferred tax assets | 7,238 | 8,725 | |
Other financial assets | 396 | 395 | |
Total non-current assets | 75,444 | 77,992 | |
Current assets : | |||
Inventories | 24,813 | 22,579 | |
Trade receivables | 39,123 | 30,728 | |
Other amounts receivable, deferred charges and accrued income | 7,516 | 5,930 | |
Other financial assets | 175 | 120 | |
Cash and cash equivalents | 56,921 | 52,668 | |
Total current assets | 128,548 | 112,024 | |
Assets classified as held for sale | 5.3.5 | - | - |
Total assets | 203,992 | 190,016 |
EQUITY AND LIABILITIES (EUR thousands) | Notes | Reviewed | Audited |
Equity : | |||
Capital | 8,772 | 8,772 | |
Reserves | 158,267 | 149,309 | |
-17,776 | -17,835 | ||
Total consolidated reserves | 140,491 | 131,474 | |
Translation differences | 475 | 276 | |
Equity attributable to equity holders of the parent company | 149,739 | 140,522 | |
Non-controlling interest | - | - | |
Total equity | 5.4 | 149,739 | 140,522 |
Long term provisions | 1,360 | 1,299 | |
Deferred taxes liabilities | 12 | 1,389 | |
Financial long term debts | 5.11 | 11,174 | 12,251 |
Other long term debts | 993 | 993 | |
Non-current liabilities | 13,540 | 15,932 | |
Short term portion of financial debts | 5.11 | 3,951 | 4,713 |
Trade payables | 7,483 | 5,775 | |
Amounts payable regarding remuneration and social security | 7,773 | 7,005 | |
Income tax payable | 2,308 | 2,259 | |
Other amounts payable, advances received, accrued charges and deferred income | 5.6 | 19,199 | 13,811 |
Current liabilities | 40,714 | 33,562 | |
Total equity and liabilities | 203,992 | 190,016 |
NOTE 3: CONDENSED STATEMENT OF CASH FLOWS
Notes | 1H21 Reviewed | 1H20 Reviewed | |
Cash flows from operating activities | |||
Net profit, group share | 15,595 | 3,258 | |
Adjustment for: | |||
- Other income | - | -4 | |
- Depreciation and write-offs on fixed assets | 3,443 | 2,985 | |
- Stock based compensation and ESOP | 5.4 | 125 | 298 |
- Provisions | 61 | -258 | |
- Income tax expense (+) / Gain (-) | -56 | -298 | |
-Interests expense (+) / Income (-) | 58 | 367 | |
-Share of the result of entities accounted for under the equity method | -213 | -37 | |
Adjustment for changes in working capital items: | |||
-Inventories | -2,153 | -5,968 | |
-Trade receivables | -9,118 | 8,354 | |
-Other amounts receivable, deferred charges and accrued income | -1,398 | -562 | |
-Trade payables | 1,690 | -1,664 | |
-Amounts payable regarding remuneration and social security | 664 | -2,555 | |
-Other amounts payable, advances received, accrued charges and deferred income | 4,777 | 2,459 | |
-Conversion differences | 184 | 109 | |
Cash generated from operations | 13,658 | 6,484 | |
Income taxes paid | 5.7 | 88 | 2,029 |
Net cash from operating activities | 13,746 | 8,513 | |
Cash flows from investing activities | |||
Purchase of intangible assets | -133 | -38 | |
Purchase of tangible assets (lands and building and other tangible assets) | -590 | -4,647 | |
Disposal of tangible assets | - | - | |
Business acquisitions | 0 | -9,614 | |
Other financial assets | -1 | -56 | |
Net cash used in investing activities | -725 | -14,356 | |
Cash flows from financing activities | |||
Reimbursement of borrowings | 5.11 | -521 | -2,025 |
Proceeds from new borrowings | - | 8,547 | |
Payment of lease liabilities | -1,324 | -737 | |
Interests paid | -231 | -382 | |
Interests received | 68 | 8 | |
Dividend received from investee | - | - | |
Dividend paid - interim dividend | - | - | |
Dividend paid - final dividend | -6,761 | - | |
Other allocation | - | -300 | |
Acquisition / sale of treasury shares | 5.4 | - | -4,059 |
Net cash used in financing activities | -8,769 | 1,052 | |
Net increase / decrease in cash and cash equivalents | 4,252 | -4,790 | |
Net foreign exchange difference (included in Net increase in cash in 2021) | 364 | -22 | |
Cash and cash equivalents at beginning of period | 52,668 | 59,010 | |
Cash and cash equivalents at end of period | 56,921 | 54,199 |
NOTE 4: CONDENSED STATEMENT OF CHANGE IN EQUITY
(EUR thousands) | Capital | Reserves | Currency translation differences | Equity, group share | Non- controlling interest | Total equity | |
Balance as at | 8,772 | 142,149 | -9,927 | 767 | 141,761 | - | 141,761 |
Total comprehensive income for the period | 3,255 | 7 | 3,262 | 3,262 | |||
Acquisition of non-controlling interest | - | ||||||
Share-based payments | 298 | 298 | 298 | ||||
Acquisition/sale of treasury shares | -4,059 | -4,059 | -4,059 | ||||
Final dividend | - | - | - | ||||
Interim dividend | - | ||||||
Other allocation | -300 | -300 | -300 | ||||
Balance as per | 8,772 | 145,403 | -13,986 | 774 | 140,962 | - | 140,962 |
(EUR thousands) | Capital | Reserves | Currency translation differences | Equity, group share | Non-controlling interest | Total equity | |
Balance as at | 8,772 | 149,308 | -17,835 | 276 | 140,522 | - | 140,522 |
Total comprehensive income for the period | 15,595 | 199 | 15,794 | 15,794 | |||
Increase in shareholders' equity | - | - | - | - | - | ||
Share-based payments | 125 | 125 | 125 | ||||
Operations with treasury shares | 59 | 59 | 59 | ||||
Final dividend | -6,761 | -6,761 | -6,761 | ||||
Interim dividend | - | - | |||||
Other allocation | - | - | |||||
Balance as per | 8,772 | 158,267 | -17,776 | 475 | 149,739 | - | 149,739 |
NOTE 5: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5.1: BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The consolidated financial statements of
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
- 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 beyond
30 June 2021 (applicable for annual periods beginning on or after1 April 2021 but not yet endorsed in the EU).
The adoption of these new, amended or revised pronouncements did not have a 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
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
The company provides only one type of solution: solutions based on tapeless workflows 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:
The company provides additional information with a presentation of the revenue by market pillar: “Live Service provider”, “Live Audience Business” and “big event rentals” 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.
Revenue (EUR thousands) | 1H21 | 1H20 | % 1H21/ 1H20 |
Live Audience Business | 30,614 | 21,996 | +39.2% |
Live Service Provider | 26,655 | 16,436 | +62.2% |
Big event rentals | 4,510 | 1,141 | +293.4% |
Total Revenue | 61,779 | 39,573 | +56.1% |
5.3.2. Information on revenue by geographical information
Activities are divided by three regions:
Revenue for the YTD period (EUR thousands) | APAC excl. events | EMEA excl. events | excl. events | Big event rentals | TOTAL |
1H21 revenue | 9,379 | 32,133 | 15,757 | 4,510 | 61,779 |
Evolution versus 1H20 (%) | +28.1% | +76.9% | +21.9% | +293.4% | +56.1% |
Variation versus 1H20 (%) at constant currency | +28.1% | +76.9% | +33.2% | +293.4% | +59.8% |
1H20 revenue | 7,324 | 18,178 | 12,930 | 1,141 | 39,573 |
Revenue realized in
5.3.3. Information on revenue by nature
Revenue can be presented by nature: systems and services.
Revenue (EUR thousands) | 1H21 | 1H20 | % 1H21/ 1H20 |
Sale of Equipment | 52,733 | 33,154 | +59.1% |
Others services | 9,046 | 6,419 | +40.9% |
Total Revenue | 61,779 | 39,573 | +56,1% |
Others services include the advice, installations, project management, training, maintenance, and distant support. Work in progress (“WIP”) contract are included in both categories.
5.3.4. Information on important clients
Over the last 6 months, no external client of the company represented more than 10% of the revenue.
5.3.5 Other income and assets held for sale
At the end of
NOTE 5.4: EQUITY SECURITIES
The number of treasury shares has changed as follows during the period, together with the outstanding warrants:
2021 | 2020 | |
Number of own shares at | 928,207 | 400,180 |
Acquisition of own shares on the market | - | 281,611 |
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 | 925,140 | 665,511 |
Outstanding warrants at | 325,832 | 138,832 |
In 1H21, the Group did not repurchase their own shares on the stock market. No shares were used to satisfy the exercise of warrants by employees.
The Ordinary General Meeting of shareholders of
NOTE 5.5: DIVIDENDS
The Ordinary General Meeting of
(EUR thousands) | # Coupon | 2021 | 2020 |
- Interim dividend for 2019 (EUR 0.50 per share less treasury shares) | 29 | - | 6,914 |
- Final dividend for 2020 (EUR 0.50 per share less treasury shares) | 30 | 6,761 | - |
Total paid dividends | 6,761 | 6,914 |
In accordance with the previously announced policy of the Board of Directors to pay a stable dividend and subject to market conditions, a dividend of
NOTE 5.6: OTHER NET FINANCIAL INCOME / (EXPENSES)
(EUR thousands) | 1H21 | 1H20 |
Fair value variation of financial instruments | -7 | -89 |
Exchange results | 268 | 30 |
Other financial results | 61 | 67 |
Other net financial income / (expenses) | 322 | 7 |
The functional currency of
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
A contingent consideration ranging between
NOTE 5.7: INCOME TAX EXPENSE
Income taxes remain positive mainly due to various tax incentives (cfr 2020 annual report) which are not directly correlated to the level of revenues.
(EUR thousands) | 1H2021 | 1H2020 |
- Current tax (expense) / income | 494 | -188 |
- Deferred tax (expense) / income | -438 | 486 |
Total | 56 | 298 |
The effective tax rate for the period ended on
The evolution of effective tax rate is mainly explained by:
- The decrease of the current tax due a tax relief of EUR 0.7 million received during the first half of 2021; and
- The increase of the deferred tax expenses due to the increase of the profit before tax for EUR 12.6 million impacting the recoverable tax loss for EUR 0.2 million together with the reversal of some temporary differences.
NOTE 5.8: HEADCOUNT
(in full time equivalents) | At | |
2021 | 542 | |
2020 | 532 | |
Variation | +1.9% |
NOTE 5.9: EXCHANGE RATES
The main exchange rate that influences the consolidated financial accounts is USD/EUR and GBP/EUR which has been taken into account as follows:
Exchange rate USD/EUR | Average 1H | At |
2021 | 1.2049 | 1.1884 |
2020 | 1.1024 | 1.1198 |
Variation | +9.3% | +6.13% |
Exchange rate GBP/EUR | Average 1H | At |
2021 | 0.8682 | 0.8580 |
2020 | 0.8746 | 0.9124 |
Variation | +0.73% | -5.97% |
NOTE 5.10: FINANCIAL DEBT
On
On
NOTE 5.11: SUBSEQUENT EVENTS
EVS stock options have been accepted by EVS personnel under the EVS stock option plan offered to the EVS personnel in
On
The warrants accepted by the end of
There were no other subsequent events that may have a material impact on the balance sheet or income statement of EVS.
NOTE 5.12: RISK AND UNCERTAINTIES
Investing 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).
NOTE 5.13: RELATED PARTIES TRANSACTIONS
During 1H 2021, the members of the executive management considered as related parties received a total amount of
Report of the statutory auditor on the accounting data presented in the semi-annual press release of
We have compared the accounting data presented in the semi-annual press release of
We have issued a review report on these Interim Condensed Consolidated Financial Statements, in which we declare that, based on our review, nothing has come to our attention that causes us to believe that these Interim Condensed Consolidated Financial Statements are not prepared, in all material aspects, in accordance with IAS 34 Interim Financial Reporting, as adopted for use in the
Liège,
Ernst & Young Réviseurs d’Entreprises SCRL
Statutory auditor
represented by
Partner
* Acting on behalf of a SRL
Ref: 22MLM0017
Certification of responsible persons
Certify that, based on their knowledge,
a) the condensed financial statements, prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the
b) the Directors’ report fairly presents the important events and related parties transactions of the first six months 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.
* acting on behalf of a BV
Attachment
- Press release in PDF format
© OMX, source