EVS Broadcast Equipment reports second quarter 2015 results

GlobeNewswire

Publication on August 27, 2015, before market opening
Regulated information - Press release quarterly results
EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR)

  • 1H15 highlights

    • Revenue of EUR 47.4 million, -28.0% excl. event rentals and at constant currency

    • Performance in line with expectations in Americas and APAC, continued soft performance in EMEA with expected higher 2H15 in that region, as confirmed by the order book

    • Operating expenses under control (-2.3% at constant currency compared with 1H14)

    • EBIT margin of 15.6% due to low sales, net profit of EUR 5.5 million, EPS of EUR 0.41

  • 2Q15 highlights

    • Revenue of EUR 23.3 million, -35.8% excl. event rentals and at constant currency

    • Decision to transfer the Chengdu development activities to the new headquarter in Liège and close the Chengdu development center

    • EBIT of EUR 1.9 million (8.2% EBIT margin) due to high proportion of fix costs, net profit of EUR 0.7 million

  • 2015 outlook

    • Order book of EUR 36.8 million on August 25, 2015

      • +10.2% vs. 2014 excl. big event rentals

      • In addition, EUR 5.4 million order book for 2016 and beyond

    • Confirmation of 2015 guidance:

      • 2015 revenue likely to be in the range of EUR 100-115 million

      • Opex is expected to grow at high single digit vs 2014

KEY FIGURES

Unaudited

EUR millions, except earnings per share expressed in EUR

Reviewed

2Q15

2Q14

2Q15/2Q14

1H15

1H14

1H15/1H14

23.3

35.6

-34.5%

Revenue

47.4

64.9

-26.9%

15.5

26.7

-41.7%

Gross margin

32.8

48.6

-32.6%

66.7%

75.0%

-

Gross margin %

69.1%

74.9%

-

1.9

12.9

-85.2%

Operating profit - EBIT

7.4

22.9

-67.7%

8.2%

36.2%

-

Operating margin - EBIT %

15.6%

35.3%

-

0.7

8.9

-92.5%

Net profit (Group share)

5.5

16.0

-65.8%

0.05

0.66

-92.5%

Basic earnings per share (Group share)

0.41

1.19

-65.9%

COMMENTS

"Despite the continued challenging market conditions in the broadcast industry, we maintained our strong market position and our order book and the end of August suggests a better second half", said Muriel De Lathouwer, Managing Director & CEO of EVS. "The industry is clearly going through a period of uncertainty with different technology changes (such as UHD or IP-based technologies), and our role is to bring innovative and pragmatic solutions to help our customers going through these transitions with confidence in the sustainability of their investment. In parallel, we continue to see progress in our initiatives to better structure the company and control our cost. The transfer of developments made in Chengdu to the new headquarter in Liège will help us to further improve our R&D efficiency."

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