EVS Broadcast Equipment reports first half 2020 results

Publication on August 27, 2020, before market opening
Regulated information – Press release first half 2020 results
EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR)

EVS REPORTS FIRST HALF 2020 RESULTS

Supporting customers and remaining profitable through Covid-19 crisis

Financial performance

• Revenue in the first six months of the year, including Axon revenues from May 1^st, amounts to EUR 39.6 million in 1H20, - 3.5% YoY (-4.8% compared to 1H19 excl. big event rentals) impacted by the COVID-19 crisis.
• 1H20 Revenues pre-acquisition of Axon amounts to EUR 37.8 million, -7.9% compared to 1H19 (-9.3% excl. big event rentals)
• Lower Operating expenses (-5% in 1H20 compared with 1H19), thanks to lower marketing, Travel expenses and provision for reduced variable bonus following COVID-19 crisis
• EBIT amounts to EUR 3,3 million in 1H20 (8.3% of revenues), which is -3.7% compared to 1H19
• Net profit amounts to EUR 3,3 million in 1H20, which is -11.5% compared to 1H2019.
• Strong cash position with net cash position of EUR 33,5 million and EUR 52.4 million of cash available.

Outlook

• Order intake June YTD: - 7,5% vs June 30th, 2019 (Excl Axon)
• Order book of EUR 45,8M€ on June 30, 2020 (incl. Axon) out of which:
  • EUR 19,6 million to be recognized in revenue in 2020 (-12,9 % YoY or -10,1% Excl. big event rentals)
  • EUR 13,5 million (excl. big events rentals) to be recognized in revenue in 2021 and beyond (+95,6% YoY)
  • EUR 12,7 million for big events rentals related to events postponed to 2021
• No revenue guidance given for 2020 amid COVID-19 uncertainties
• OPEX expected to increase YoY with mid-to-high single digit due to the acquisition of Axon expenses (and to decline YoY with mid-to-high single digit excluding Axon)

KEY FIGURES

EUR millions, except earnings per share expressed in EUR	Reviewed
	1H20	1H19	1H20/1H19
Revenue	39,6	41,0	-3.5%
Gross profit	27,0	28,6	-5.5%
Gross margin %	68.2%	69.7%	-
Operating profit – EBIT	3,3	3,4	-3.7%
Operating margin – EBIT %	8.3%	8.3%	-
Net profit (Group share)	3,3	3,7	-11.5%
Basic earnings per share (Group share)	0,24	0,26	-9.8%

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