EVS Broadcast Equipment
second quarter 2014 results
Solid performance
> 2Q14 highlights
o Revenue of EUR 35.6 million, +19.4% (+9.0% excl. event rentals and at constant currency), in line with management expectations
o Performance in Americas remains strong in 2Q14 (compared to weak 2Q13)
o Successful delivery of biggest World Cup ever in terms of TV production
o EBIT of EUR 12.9 million (36.2% of EBIT margin), EPS of EUR 0.66
> 2014 highlights
o Summer order book of EUR 40.9 million on August 27, 2014
> -6.1% vs. 2013, excluding big events
> In addition, EUR 13.0 million order book for 2015 and beyond
o 2014 guidance:
> Given that the live production server market shows signs of moderate slowdown, revenue in 2014 (incl. approx. EUR 14 million big event rentals) is now
expected to grow at low single digit compared to 2013
> 10-13% expected opex growth mainly related to investments in new technologies as we stay confident in the future growth of our target markets
KEY FIGURES
Unaudited | EUR millions, except earnings per share expressed in EUR | Reviewed | ||||
2Q14 | 2Q13 | 2Q14/2Q13 | 1H14 | 1H13 | 1H14/1H13 | |
35.6 | 29.8 | +19.4% | Revenue | 64.9 | 62.6 | +3.7% |
26.7 | 22.7 | +17.3% | Gross margin | 48.6 | 48.7 | -0.2% |
75.0% | 76.3% | - | Gross margin % | 74.9% | 77.9% | - |
12.9 | 9.7 | +33.5% | Operating profit - EBIT | 22.9 | 24.1 | -5.0% |
36.2% | 32.4% | - | Operating margin - EBIT % | 35.3% | 38.5% | - |
0.0 | 0.2 | N/A | Contribution from dcinex | 0.1 | 0.1 | N/A |
8.9 | 6.9 | +28.0% | Net profit (Group share) | 16.0 | 17.0 | -5.8% |
0.66 | 0.51 | +28.0% | Basic earnings per share (Group share) | 1.19 | 1.26 | -5.8% |
COMMENTS
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"In the current challenging environment, we have been able to protect our market shares in our 4 target markets and deliver solid results in the second quarter," said Joop Janssen, Managing Director & CEO of EVS. "During the last few months, our customers highly appreciated the EVS contribution to the large sporting events (e.g. the winter Olympics, the World Cup - with record TV audiences - and the Commonwealth Games), including our latest developments to help them to enrich this valuable content and speed up production and distribution. At the upcoming IBC tradeshow in Amsterdam, we will launch new features and solutions, which will help us to consolidate our leading position in Sports and ENM. We are confident that our strategy is right and that our continued efforts will start paying off when the market situation improves."