Elettronica
EVS Broadcast Equipment : second quarter 2013 results
> 2Q13: in line with expectations despite weak Americas
o Revenue of EUR 29.8 million, -30.4% (-25.4% excl. event rentals and at constant currency)
o Strong APAC compensates for temporarily weaker Americas market
o EBIT of EUR 9.7 million (32.4% of EBIT margin), EPS of EUR 0.51
> Initial EUR 1.5 million minority stake investment in a new strategic technology start-up
> 2013: summer order book of EUR 35.4 million at August 28, 2013
o -26.2% vs 2012 record summer order book (-14.7% excl. big events)
o Record additional EUR 19.6 million orders to be invoiced in 2014 and beyond
> 2013 guidance
o As usual, low visibility in a non-big sporting event year
o Excluding big events rentals, sales are expected to be stable compared to 2012, i.e. slightly lower than EUR 130 million, assuming an expected rebound in the Americas
o Low double digit opex growth, including the investment in a technology start-up
KEY FIGURES
(1) The net profit from operations, excl. dcinex, is the net profit (share of the group) excluding non operating items (net of tax) and the dcinex contribution. Refer to Annex 5.3: use of non-gaap financial measures.
COMMENTS
"The first half of the year leaves us with mixed feelings," said Joop Janssen, Managing Director & CEO of EVS. "In an uncertain macro-economic environment, we have realized strong performances and gained market shares in some regions of the world, including Eastern Europe and Asia-Pacific. On the other side, the demand for production servers in Americas and the Mediterranean countries continued to suffer in the second quarter. Once the current market fluctuations are behind us, we are confident that we are on the right way to deliver our medium and long-term ambitious plan. In a few weeks we will showcase, for the first time, our new strategy at the IBC tradeshow in Amsterdam. A great line-up of new products and feature enhancements will be demonstrated for all of our four target markets: Sports, Entertainment, News and Media. "
Commenting on the results and prospects, Jacques Galloy, Director and CFO, said: "As expected, the second quarter of 2013 is slightly weaker than the first quarter with sales of EUR 29.8 million. This is a decrease of 30.4% compared to last year which was record thanks to summer sporting events and a record OB delivery in Russia. The operating profit amounted to EUR 9.7 million, down compared to last year due to the lower sales. This translates into a 32.4% operating margin. This transforming year is on track even if markets are temporarily declining. EVS continues to experience strong momentum in APAC, while Americas are expected to partially recover in the second half of the year. Excluding the big event rentals of 2012 for about EUR 10 million, we think that full year 2013 revenues should reach approximately the same level as last year."
Corporate Calendar:
September 13-17, 2013: IBC tradeshow in Amsterdam (NL)
Tuesday September 24, 2013: postponed Extraordinary General Meeting
Thursday November 14, 2013: 3Q13 earnings
Thursday February 20, 2014: 4Q13 earnings
Thursday May 15, 2014: 1Q14 earnings
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Attachment(s)
http://hugin.info/133958/R/1725482/575454.pdf
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