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1Q15 highlights
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Revenue of EUR 24.1 million, -18.7% excl. event rentals and at constant currency
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Growth in Americas and APAC, weak performance in EMEA mainly due to customers delays in projects and macroeconomic environment
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Stable operating expenses vs 1Q14
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EBIT of EUR 5.5 million (22.7% EBIT margin), net profit of EUR 4.8 million, EPS of EUR 0.36
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Corporate highlights
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New segment reporting
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Ordinary General Meeting on May 19: proposal of a total gross dividend of EUR 2.00
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2015 outlook
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Order book of EUR 27.4 million on May 10, 2015
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-31.6% vs. 2014 excl. big event rentals
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In addition, EUR 4.2 million order book for 2016 and beyond
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2015 guidance:
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2015 revenue likely to be in the range of EUR 100-115 million
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Opex is expected to grow at high single digit vs 2014
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KEY FIGURES
| EUR millions, except earnings per share (EUR) | Unaudited | |||
| 1Q15 | 4Q14 | 1Q14 | 1Q15/1Q14 | |
| Revenue | 24.1 | 30.5 | 29.3 | -17.8% |
| Gross margin | 17.2 | 22.3 | 22.0 | -21.6% |
| Gross margin % | 71.4% | 73.0% | 74.9% | - |
| Operating profit - EBIT | 5.5 | 8.9 | 10.0 | -45.2% |
| Operating margin - EBIT % | 22.7% | 29.1% | 34.1% | - |
| Net profit (Group share) | 4.8 | 8.3 | 7.1 | -32.5% |
| Basic earnings per share (Group share) | 0.36 | 0.61 | 0.53 | -32.4% |
COMMENTS
"At the recent NAB tradeshow in Las Vegas, the feedback of our customers on the new products and solutions was very positive", said Muriel De Lathouwer, Managing Director & CEO of EVS. "More specifically, they appreciated our innovations and the pragmatic approach we have in the developments of our solutions, with clear answers to their needs, such as the Dyvi video mixer. Unfortunately, their enthusiasm, especially in Europe, still contrasts with the challenging macro-economic environment, leading to delays in investment projects. This being said, we will continue to invest in innovation to drive future top line growth."
Commenting on the results and prospects, Magdalena Baron, CFO, said: "1Q 2015 revenue is down by 17.8%, which reflects the ongoing challenging market conditions and customers delays in projects in EMEA. The absence of big events rentals in 1Q15 (uneven year) is offset by the positive currency effect. The order book is at EUR 27.4 million (-31.6% vs 2014, excl. big event rentals), and 2015 revenue is likely to be in the range of EUR 100-115 million. Despite the stable Opex in 1Q15 vs 1Q14 we maintain the guidance for high single digit operating expenses growth in 2015 vs 2014. This is due to timing effects, mainly relating to recruitment, the new building depreciation (starting as of 2Q15) and currency effects."
Conference call
EVS will hold a conference call in English today at 3:00 pm CET for financial analysts and institutional investors. Other interested parties may join the call in a listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.