Yahoo Sports NFL reporter Eric Edholm breaks down the Wentz trade and what it means for the Colts and Eagles movign forward.
Yahoo Sports NFL reporter Eric Edholm breaks down the Wentz trade and what it means for the Colts and Eagles movign forward.
The Arizona Coyotes rallied from a three-goal deficit on Wednesday night for the second straight game against the Anaheim Ducks to steal another win.
The 66-year-old businessman is one of the first group of 41 Korean travellers to arrive in Thailand under a 'golf quarantine' programme devised by the Thai government to boost its ailing tourism sector during the pandemic. At the Artitaya Country Club, the visitors were tested three days after arrival last week, and face at least two more tests before they can exit quarantine. With bars and other resort facilities closed, there's no prospect of a gathering for Heo and other visiting golf fans to thrash out the missed birdies, bogeys and shanks of the day, but spirits remain high.
Rudy Gobert (Utah Jazz) with an alley oop vs the Los Angeles Lakers, 02/24/2021
South Korean politicians won't be the first in line when the county kicks off its coronavirus vaccination drive on Friday, despite calls from the opposition party for the president to roll up his sleeve and take a shot to reassure vaccine sceptics. Leading political figures spent the week trading rhetorical shots over who should be the first to take a literal jab, but in the end, health authorities said widespread acceptance of vaccines in South Korea means they would stick to plans to vaccinate healthcare workers and other at-risk individuals first. On Thursday, the first doses of AstraZeneca's coronavirus vaccine were distributed to clinics in preparation for the initial inoculations.
Facebook said deadly violence in Myanmar had brought about the need for the ban on the military.
* Powell sticks to message of ultra-easy policy for some time yet * Recovery hopes boost commodity currencies and British pound * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E By Kevin Buckland TOKYO, Feb 25 (Reuters) - The safe-haven U.S. dollar languished near three-year lows versus riskier currencies on Thursday as continued dovish signals from the Federal Reserve stoked reflation bets. Fed Chair Jerome Powell reiterated on Wednesday that the central bank wouldn't adjust policy until the economy is clearly improving, and will look through any near-term spike in inflation. "Powell made it very clear that the improvement in the economic outlook thus far will not instigate the Fed to tighten monetary policy," National Australia Bank foreign exchange strategist Rodrigo Catril wrote in a client note.
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California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.Get market news worthy of your time with Axios Markets. Subscribe for free.California, the most populous state in the U.S., ranks 25th "in the number of cases per capita because of its large population," per AP, which notes that a surge in COVID-19 deaths in the fall and winter has since eased off.Details: Johns Hopkins' records showing 50,890 have died of the virus in California come a day after Los Angeles County health department announced it had confirmed over 20,000 deaths from COVID-19.The department noted in a statement that cases and deaths from the virus were decreasing. The county is home to 25% of the state's 40 million residents.LA County health director Barbara Ferrer said, "This virus is still easily transmitted among people in contact with each other and we must do all we can to continue the momentum of the decreases we are seeing cases, hospitalizations and deaths.Of note: On Monday, the U.S. COVID-19 death toll exceeded half a million. Editor's note: This a breaking news story. Please check back for updates.Like this article? Get more from Axios and subscribe to Axios Markets for free.
In its 30th anniversary year, SalMar is strengthening its substantial endeavours in the field of offshore fish farming, and through this way contribute to solving important environmental and area challenges the aquaculture industry faces. To strengthen the team at SalMar Ocean, Group CFO & COO Trine Sæther Romuld, in consultation with SalMar’s CEO and board of directors, has announced her decision to accept the role of CFO & Director of Strategy at SalMar Ocean, when a new Group CFO in SalMar is recruited to SalMar. The recruitment process for a new group CFO is already underway and the plan is for her to take up her new post on 1 September 2021. “SalMar’s focus on the open ocean marked the start of a new era in the seafood industry. Offshore fish farming opens vast new areas for sustainable food production and helps to secure world’s food supply in a long-term perspective. By strengthening the team in SalMar Ocean with the appointment of Trine Sæther Romuld, we are further reinforcing this important strategic effort for SalMar,” says the Group’s CEO Gustav Witzøe. “I am looking forward to, together with the rest of the team in SalMar Ocean, to further develop what is the start of a new industrial adventure for the seafood and the supply industry,” says Trine Sæther Romuld, CFO & COO at SalMar. SalMar’s focus on offshore fish farming is well known, and continues its tradition of developing and exploiting new technologies and new solutions. This endeavour is taking place under the SalMar’s wholly owned subsidiary SalMar Ocean, which is led by its CEO Olav Andreas Ervik. Good biological results from Ocean Farm 1 Ocean Farm 1 – full scale pilot with offshore design – was put into operation in the autumn of 2017. The unit has been in an exposed area of the ocean off the coast of Frøya in Central Norway. Two whole production cycles have been carried out and a combined total of 10,000 tonnes of superior quality salmon have already been delivered to the market. “We have been able to observe strong biological results, with strong growth, low mortality, low sea lice levels and a production costs on par with the best coastal locations,” says SalMar Ocean’s CEO Olav-Andreas Ervik. Experience from the construction and operation of Ocean Farm 1 has made it possible to develop even better and more cost-effective solutions as the company now prepares to build new units for use in exposed areas and in the open ocean. Fish farming in the open ocean The next technological leap for SalMar’s offshore development is Smart Fish Farm, which is planned to be established in the open ocean outside of Central Norway. SalMar has ambitions to build a series of these units for offshore production, based on the experience gained, provided that the authorities open up for locations and licenses in these areas. “In the open ocean, the Gulf Stream supplies a continuous flow of high-quality water at the right temperature. We have no need to add further energy or fresh water. And the Gulf Stream gets its power from the sun, wind and other deep ocean currents,” Ervik explains. He adds that with the technology and solutions that SalMar Ocean now makes available, the challenge posed by the Norwegian authorities to develop equipment suitable for solving important area and environmental challenges that the industry faces are taken seriously. Nothing is then more natural than using even more of the Norwegian coast and the areas on the Norwegian Continental shelf, in the salmon's natural habitat. Potential for significant ripple effects to the Norwegian supply industry SalMar has conducted studies that offshore aquaculture will have significant ripple effects in the form of value creation and jobs, on land as well. “We are ready to place major orders for sea cages and equipment when the necessary permits have been granted by the authorities,” says Ervik. Opportunities for international expansion SalMar’s focus on offshore fish farming will form the basis for a new era in aquaculture with significant effects also for the supplier industry. By being at the forefront with solutions and experience, suppliers can secure a competitive edge in a new and potentially vast national and international market. The technology and solutions currently being developed are not restricted to Norwegian waters. It is not only off the Norwegian coast that nature offers good conditions for the sustainable production of North Atlantic salmon For more information, please contact: CEO Gustav Witzøe, SalMarPhone: +47 911 47 834 Email: email@example.com CFO & COO Trine Sæther Romuld, SalMarPhone: + 47 991 63 632 Email: firstname.lastname@example.org CEO Olav Andreas Ervik, SalMar OceanPhone: + 47 918 68 100 Email: email@example.com About SalMar SalMar is one of the world’s largest and most efficient producers of farmed salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations in Norway, at InnovaMar in Frøya and Vikenco in Aukra. SalMar also owns 50 per cent of the shares in Scottish Sea Farms Ltd. See www.salmar.no for more information about the company. This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.
The Ad Council launched a campaign on Thursday designed to combat hesitancy about the safety of the coronavirus vaccine, blanketing messages across U.S. TV, radio, websites and social media, with a particular focus on reaching Black and Hispanic Americans, who have been hard-hit by the pandemic. Actress Rosie Perez, CNN medical correspondent Sanjay Gupta and actor and rapper Daveed Diggs will star in ads produced by AT&T's WarnerMedia. Actress Angela Bassett will appear in an ad produced by Fox, the Ad Council said.
Thank you for standing by, and welcome to the Pure Storage Fourth Quarter Fiscal Year 2021 Earnings Release Conference Call. My name is Nicole Noutsios, Investor Relations at Pure Storage. Joining me today are CEO, Charlie Giancarlo; our CFO, Kevan Krysler; and our VP of Strategy, Matt Kixmoeller.
Ladies and gentlemen, thank you for standing by, and welcome to the Guardant Health Q4 2020 Earnings Conference Call. Earlier today, Guardant Health released financial results for the quarter and full year ended December 31, 2020. Joining me today from Guardant Health is Helmy Eltoukhy, Chief Executive Officer; AmirAli Talasaz, President; and Mike Bell, Chief Financial Officer.
TEL AVIV, ISREAL / ACCESSWIRE / February 25, 2021 / Mayple, a deep job platform mainly offering digital marketing services, makes it to Research and Markets' Report, titled, "Advertising Agencies Global Market Report 2020-30: COVID-19 Growth and Change." The company was named alongside established industry giants, signifying that Mayple was on par in terms of service offered and effectiveness.
Highlights in the fourth quarter: Operational EBIT of NOK 413.8 million, EBIT per kg of NOK 9.50. Fish Farming Central Norway and Fish Farming Northern Norway post satisfactory results based on a good biological and operational performance. Low salmon prices and a challenging market affected the results for Sales & Processing. Positive cost development for Icelandic Salmon, with a significantly lower production costs for the fish harvested. However, a challenging market with low salmon prices resulted in an operating loss. Guiding for 2021 maintained at 163,000 tonnes in Norway and 14,000 tonnes in Iceland. The board of directors recommends a dividend of NOK 20 per share for the 2020 financial year. Strengthens strategic focus on offshore fish farming for sustainable growth on the salmon’s terms. Satisfactory result despite a challenging market SalMar is celebrating its 30th anniversary, and can look back on three decades of fantastic results. The company has grown to be one of the world’s largest aquaculture companies and has unwavering faith in its capacity for further growth. Despite a challenging market, with global uncertainty and low salmon prices, the company has completed yet another strong year. In the fourth quarter 2020, SalMar ASA made an Operational EBIT of NOK 413.8 million. Operational EBIT for the year as a whole totalled NOK 3 billion. The company’s Norwegian operations posted an Operational EBIT of NOK 433.5 million in the fourth quarter and NOK 3,058 million in 2020 as a whole. This corresponds to an increase of 3 per cent on 2019. - 2020 has been a challenging year, characterised by significant uncertainty for the aquaculture industry. This uncertainty was also evident in the fourth quarter. At the start of the year, few people would have dared to hope that we would post a 2020 operational result that was as good as the year before. Nevertheless, through a strategic and operational focus, as well as employees who have demonstrated a formidable ability to adapt to new working practices, we have done just that,” says SalMar’s CEO Gustav Witzøe. SalMar harvested a total of 43,600 tonnes in the fourth quarter 2020, compared with 40,300 tonnes in the same period the year before. Operational EBIT per kg came to NOK 9.50 in the fourth quarter, down from NOK 16.31 per kg in the fourth quarter 2019. The decrease in Operational EBIT per kg is attributable largely to a 25 per cent lower average salmon price in the fourth quarter 2020 compared with the same period the year before. EBIT per kg for 2020 as a whole came to NOK 18.62, down just NOK 1.42 per kg from 2019. Biological and operational performance remains good Fish Farming Central Norway once again posted a solid result, and reaped the rewards of sound operations and a good biological performance. The autumn-2019 generation accounted for the entire volume harvested during the period. In the first quarter 2021, the segment will finish harvesting the autumn-2019 generation and start harvesting the spring-2020 generation. The biological performance of both generations has recently proved to be good. In the year’s first quarter, costs are expected to remain at similar levels, while the volume harvested will be slightly lower than in the quarter before. SalMar expects Fish Farming Central Norway to harvest 107,000 tonnes of salmon in 2021. Fish Farming Northern Norway continues its positive trend and posted satisfactory results in the fourth quarter 2020. 80 per cent of the volume harvested derived from fish transferred to sea farms in the spring of 2019, a generation that has had strong biological performance and contributed to lower costs at harvest. SalMar started harvesting the autumn-2019 generation in the fourth quarter 2020, and will continue doing so in the first quarter 2021. This generation has also demonstrated a good biological performance. In the first quarter 2021, the segment expects slightly higher costs and a substantially lower harvested volume compared with the quarter before. For the Sales and Processing segment, the fourth quarter was characterised by a high degree of uncertainty in the market as a result of the Covid-19 pandemic. Nevertheless, the segment posted a satisfactory Operational EBIT of NOK 73 million in the period. For 2020 as a whole, the segment posted a strong performance with an Operational EBIT of NOK 282 million, up from NOK 124 million the year before. 2020 proved to be a difficult year for Icelandic Salmon, which experienced substantial challenges at the start of the year. The company started harvesting the 2019-generation in the fourth quarter 2020. These fish have a substantially lower cost at harvest. Nevertheless, low price achievement led to an operating loss in the period. The company is drawing on the lessons learned in the year now past, and is optimistic with respect to 2021, a year in which the biological status of the fish held at its sea farms is significantly better. Positive outlook The coronavirus and the associated public health measures that have been implemented worldwide to limit its transmission have prompted greater uncertainty in the market. However, SalMar is well equipped to handle such crises, since it has a high degree of financial flexibility and the capacity to process products locally before shipping them worldwide. A small number of employees tested positive for the virus towards the end of 2020, but good contingency plans and a robust response helped ensure that the infection did not spread. SalMar’s board of directors considers that the company has a solid foundation for continued positive development, both within its offshore and coastal operations. The company is continuing to pursue its ongoing investment programmes to secure development of an already robust platform for further growth. SalMar still expects to harvest a total of 163,000 tonnes in Norway and 14,000 tonnes in Iceland in 2021. Strengthened focus on offshore fish farming SalMar’s focus on offshore fish farming is well known and continues the company’s tradition of developing and utilising new technologies and new solutions. In January 2021, an application for permission to operate the world’s first fish farm in the open ocean, Smart Fish Farm, was submitted to the Norwegian Directorate of Fisheries. The establishment of salmon farming in the open ocean is an important element in SalMar’s strategy for sustainable growth. This endeavour is described in more detail in a separate stock market notice/press release published today. Secured new sustainability linked financing To strengthen financial flexibility and further strengthen the company’s focus on sustainability, SalMar has in the beginning of 2021 refinanced its existing credit facilities. The company has increased its overdraft facility and at the same time entered into an agreement on a new sustainability linked credit facility, an agreement that has four ESG KPI’s linked to it. - Through the new facilities, we strengthen our financial flexibility and at the same time strengthen our focus on sustainability. The agreement focuses on four of our most important KPIs where all of them pulls us in an even more sustainable direction, says CFO & COO Trine Sæther Romuld. Dividend In the past few quarters, SalMar has demonstrated its ability to adapt to changing market conditions by posting strong results and maintaining a solid financial position. On this basis, the board of directors is recommending that a dividend of NOK 20 per share be paid for the 2020 financial year. The complete report and presentation for the fourth quarter 2020 is attached. SalMar’s CEO Gustav Witzøe and CFO & COO Trine S. Romuld will begin presenting the company’s results at 8am CET via a webcast on www.salmar.no. For further information, please contact: CEO Gustav Witzøe Tel: +47 911 47 834 Email: firstname.lastname@example.org CFO & COO Trine Sæther Romuld Tel: + 47 991 63 632 Email: email@example.com About SalMar SalMar is one of the world’s largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations in Norway, at InnovaMar in Frøya and Vikenco in Aukra. SalMar also owns 50 per cent of the shares in Scottish Sea Farms Ltd. See www.salmar.no for more information about the company. This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act. Attachments SalMar Q4 2020 report SalMar Q4 2020 presentation
VALENCIA, Calif. and MELBOURNE, Australia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (Nasdaq: RCEL; ASX: AVH) (“AVITA Medical”), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, today announced the pricing of its previously announced underwritten registered public offering of 2,795,000 shares of its common stock at a public offering price of US$21.50 per share. As part of the offering, AVITA Medical granted the underwriters a 30-day option to purchase at the public offering price up to an additional 419,250 shares of its common stock on the same terms and conditions. All of the shares of common stock to be sold in the offering are being offered by AVITA Medical. AVITA Medical expects to close the offering on or about March 1, 2021, subject to the satisfaction of customary closing conditions. Gross proceeds from the offering are expected to be approximately US$60.1 million assuming no exercise of the underwriter’s option to purchase additional shares. AVITA Medical intends to use the net proceeds from this offering (after deducting the underwriting discounts and commissions and other estimated offering expenses payable by AVITA Medical) to fund its current product development pipeline, to pursue approvals of its products for additional indications and for general corporate purposes, which may include licensing arrangements. Piper Sandler & Co. and Cowen and Company, LLC are acting as joint book-running managers for the offering. BTIG, LLC is acting as lead manager and Lake Street Capital Markets, LLC is acting as co-manager for the offering. The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-249419) that was previously filed with the Securities and Exchange Commission (the “SEC”) on October 9, 2020 and declared effective on October 16, 2020 and that was also publicly released on the Australian Securities Exchange (“ASX”). A preliminary prospectus supplement and accompanying prospectus related to and describing the terms of the proposed offering have been filed with the SEC and released on the ASX on February 24, 2021 (in the United States) / February 25, 2021 (in Australia). A copy of these documents may be obtained by visiting EDGAR on the SEC's website at www.sec.gov or by contacting Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by e-mail at firstname.lastname@example.org, or by phone at (800) 747-3924, or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC and released on the ASX. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About AVITA Medical, Inc.: AVITA Medical is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Medical’s proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patient’s own skin. The medical devices work by preparing a RES® REGENERATIVE EPIDERMAL SUSPENSION, an autologous suspension comprised of the patient’s skin cells necessary to regenerate natural healthy epidermis. This autologous suspension is then sprayed onto the areas of the patient requiring treatment. AVITA Medical’s first U.S. product, the RECELL® System, was approved by the U.S. Food and Drug Administration (FDA) in September 2018. The RECELL System is indicated for use in the treatment of acute thermal burns in patients 18 years and older. The RECELL System is used to prepare Spray-On Skin™ Cells using a small amount of a patient’s own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required. The RECELL System is designed to be used at the point of care alone or in combination with autografts depending on the depth of the burn injury. Compelling data from randomized, controlled clinical trials conducted at major U.S. burn centers and real-world use in more than 10,000 patients globally, reinforce that the RECELL System is a significant advancement over the current standard of care for burn patients and offers benefits in clinical outcomes and cost savings. Healthcare professionals should read the INSTRUCTIONS FOR USE - RECELL® Autologous Cell Harvesting Device for a full description of indications for use and important safety information including contraindications, warnings and precautions. In international markets, our products are marketed under the RECELL System brand to promote skin healing in a wide range of applications including burns, chronic wounds and aesthetics. The RECELL System is TGA-registered in Australia and received CE-mark approval in Europe. Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 27A of the Private Securities Litigation Reform Act of 1995. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by AVITA Medical in the reports it has filed with the SEC, including the “Risk Factors” section of the Company’s Annual Report 10-K for the year ended June 30, 2020 for a description of the risks that may affect its business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, AVITA Medical’s actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. AVITA Medical assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, except as required by law. For Further Information: U.S. MediaSam Brown, Inc. Christy CurranPhone +email@example.comO.U.S. MediaRudi Michelson Phone +61 (0)3 9620 3333Mobile +61 (0)411 402 firstname.lastname@example.orgInvestorsWestwicke PartnersCaroline Corner Phone +email@example.com
Publication on February 25, 2021, before market openingRegulated information – Press release annual resultsEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS reports 2020 results Delivering profitability despite the impact of the pandemic, prepared to grow revenues and emerge stronger in 2021 thanks to a strong order book FY20 performance Revenue of EUR 88.1 million (-14.8% YoY or -14.2% YoY at constant currency)Operating expense increasing only 1.9% YoY despite the Axon acquisition on May 1st 2020Net profit of EUR 7.2 million (-63.4% compared to FY19 mainly due to lower revenue levels)Order intake 2020: -3% YoY (excl Big Event Rentals and including Axon), supported by a strong order intake in 4Q 2020.Keeping strong Net cash position: EUR 35.7 million (vs EUR 46.2 million in 2019) H2 performance Continued pandemic impact in 2H20, with EUR 48.5 million revenue (-22.2% or -20.7% excluding currency impact vs. 2H19)Gross margin of 65% including the Axon productsIncrease of operating expenses following the integration of Axon team (+8.5% in 2H20 compared with 2H19)EBIT margin of 4.5%, net profit of EUR 3.8 million Outlook Prepared to grow revenues and emerge stronger in 2021 thanks to a strong order book, strict cost management and realizing revenue synergies from the Axon acquisition 2021 financial outlook Order book of EUR 54.2 million on December 31, 2020 (incl. Axon) (+43.3% YoY) out of which: EUR 31.3 million to be recognized in revenue in 2021 (+48.2 % YoY and excl Big Event Rentals)EUR 10.0 million (excl. big events rentals) to be recognized in revenue in 2022 and beyond (+128.2% YoY)EUR 12.9 million for big events rentals related to events postponed into 2021 Given the uncertainties linked to the COVID-19 situation and the resulting difficulties to make projections, no revenue guidance is providedOpex is expected to slightly increase compared to prior year following the full year integration of Axon costs while keeping costs under control KEY FIGURES UnauditedEUR millions, except earnings per share expressed in EURAudited2H202H192H20/2H19FY20FY19FY20/FY1948.562.4-22.2%Revenue88.1103.4-14.8%31.545.5-30.7%Gross profit58.674.1-21.0%65.0%72.9%-Gross margin %66.5%71.6%-2.219.6-88.0%Operating profit – EBIT5.723.0-75.5%4.5%31.4%-Operating margin – EBIT % 6.4%22.3%-3.815.9-76.4%Net profit (Group share)7.219.6-63.4%0.281.14-75.6%Basic earnings per share (Group share)0.531.40-62.4% COMMENTS Serge Van Heck, CEO said: “Even in a Pandemic year dramatically impacting event & media industry, EVS delivered profitability and prepared for the recovery. We supported our customers to adapt their live production workflows to the new reality. The acceleration towards remote production was clearly a main theme for the whole year. We decided to keep all our team members at work to continue delivering the qualitative service our customers and business partners are used to. Additionally, we sustained our R&D efforts with an objective to deliver on our product and solution roadmaps We therefore continued executing our PLAYForward strategy, materialized by new solutions and the acquisition and integration of Axon, extending the scope of EVS solutions in the Media Infrastructure domain. I am very pleased with the current synergies already materialized at a higher level than initially planned and the dynamic of the integration with two teams fruitfully collaborating to win more business. The launch of LSM-VIA – the new replay and highlight remote control device of EVS, particularly fitting the needs of remote production – is a success and we currently experience a strong appetite from our operators community to produce content leveraging the new flexibility offered by the device.” Commenting on the results and prospects, Yvan Absil, CFO, said: “Our second half reflects the continued impact of the sanitary crisis. The order intake in the last quarter was fairly strong giving us a solid order book as we enter 2021. The environment remained challenging in this second part of the year as we continued our actions to keep our costs under control. We are particularly pleased with the results of our cost control initiatives, which allowed us to keep our operating expenses increasing only 1.9% year over year following the integration of Axon. Given the uncertainties on the market, these cost management efforts will continue this year as part of our FOCUS21 plan, allowing us to forecast a slight growth of our operating expense following the integration of Axon in 2021 vs 2020. Our strong order book of EUR 44.1 million (including Big Event Rentals) does give us some positive but prudent outlook for 2021”. Revenue in 2H20 and FY20 2H202H19%2H20/2H19Revenue – EUR millionsFY20FY19% FY20/FY1948.562.4-22.2%Total reported88.1103.4-14.8%49.562.4-20.7%Total at constant currency88.7103.4-14.2%49.461.6-19.9%Total at constant currency and excluding Big Event Rentals87.4102.1-14.3% EVS revenue amounted to EUR 48.5 million in 2H20, a 22.2% decrease compared to a 2H19 (-19.9% at constant currency and excluding Big Event Rentals). Revenue of solutions in LSP (Live Service Providers) represented 28.3% of the total group revenue. LAB (Live Audience Business) revenue represented 71.5% of total revenue in 2H20, and Big Event Rentals represented 0.3% of total revenue. In FY20, EVS revenue reached EUR 88.1 million, a decrease by 14.8% (-14.3% at constant currency and excluding the Big Event Rentals) compared to FY19. Out of the 2020 revenue, Live Service Providers, the most impacted by the COVID crisis had their revenues decreasing by 39% YoY. It represented 34.2% of the total revenues (vs 48.1% in 2019). Live Audience Business saw their revenues increase by 8.3% YoY. It represented 64.3% of the total revenues (vs 50.6% in 2019). Big events rentals represented 1.4% of the total revenues. Since May 1st, 2020 Axon (Media infrastructure), also impacted by the Covid Crisis contributed for EUR 7,9 million to 2020 revenues and EUR -1,6 million to net profit in the consolidated income statement for the 8 month-period ended 31 December 2020. Geographically, revenues (excl. Big Event Rentals) are distributed in FY20 as follows: Europe, Middle-East and Africa (“EMEA”): EUR 41.0 million (-14.1% YoY)Americas: EUR 26.5 million (-25.1% YoY)Asia & Pacific (“APAC”): EUR 19.3 million (+2.3% YoY) Second half 2020 results In 2H20, consolidated gross margin was 65.0%, compared to 72.9% in 2H19. This lower gross margin was mainly due to product mix which now includes Media Infrastructure products (ex-Axon) which have a lower gross margin than other EVS products. Operating expenses increased by 8.5% vs 2H19, mainly due the integration of Axon. The 2H20 EBIT margin was 4.5%. Income taxes were EUR -2.5 million following the adjustment for uncertain tax provision. Group net profit amounted to EUR 3.8 million in 2H20, compared to EUR 15.9 million in 2H19. Basic net profit per share amounted to EUR 0.28 in 2H20 (compared to EUR 1.14 in 2H19). 2020 results Consolidated gross margin was 66.5% for FY20, compared to 71.6% in FY19 due to the inclusion of Media Infrastructure (ex-Axon) into the product mix. Operating expenses increased by 1.9% YoY, thanks to strict cost management and careful headcount management despite inclusion of Axon costs for 8 months. The FY20 EBIT margin was 6.4% at EUR 5.6 million (or 7.7% at EUR 6.8 million excluding a one-time exceptional cost of EUR 1.1 million for the goodwill impairment from the SVS acquisition in 2014). Income taxes in FY20 amounts to EUR -2.8 million, mainly due to the effect of the innovation box regime in Belgium and other R&D tax incentives as well as the reversal of the uncertain tax provision.Group net profit amounted to EUR 7.2 million in FY20, compared to EUR 19.6 million in FY19. Basic net profit per share amounted to EUR 0.53 in FY20, compared to EUR 1.40 in FY19. Staff At the end of 2020, EVS employed 550 people (FTE). This is an increase by 86 team members compared to the end of 2019, following the integration of 80 team members from Axon. Average FTE in 2020 was 514 vs 465 in 2019. Balance sheet and cash flow statement Total equity represents 74.0% of the total balance sheet as of the end of 2020. Inventories amount to EUR 22.6 million. This is an expected increase compared to the end of December 2019, reflecting the preparation of the big sporting events in 2021 and the Media infrastructure inventory. In the liabilities, provisions include mainly the provision for technical warranty on EVS products for labor and parts. Lands and building mainly include the headquarters in Liège. Annual depreciation on this building is approximately EUR 2 million. Liabilities include EUR 17.0 million of financial debt (including long term and short-term portion of it), mainly relating to the Axon acquisition (EUR 5.0 million) and the lease liabilities (EUR 11.8 million). EVS repays EUR 1.1 million per year for the loan. Full details about IFRS 16 impact on the consolidated financial statements can be seen in note 5.2 and 5.12. The net cash from operating activities amounts to EUR 17.0 million in FY20. On December 31, 2020, cash and cash equivalents total EUR 52.7 million. This is a decrease compared to the end of 2020, following negative cash flows from the share buyback program (EUR 7.9 million) and acquisition of Axon. At the end of December 2020, there were 14,327,024 EVS shares outstanding, of which 928,207 were owned by the company. At the same date, 325,832 warrants were outstanding with an average exercise price of EUR 20.17 and an average maturity of March 2025. 2020 – different realities for the different market pillars From a market pillar perspective, we observed different dynamics on the market during this first pandemic year. Our LSP customers (Live Service Providers) did suffer a lot with a long list of cancelled events forcing them to let their OBVans on their parking. They focused on getting their business through this difficult period in Q2 and slowly started preparing for the events during the second half of the year. Organizing the production linked to the events was very challenging. They thus focused on short term operational issues more than planning the evolution of their infrastructure, strictly managing their cash. This explains the significant drop of revenue in 2020 compared to 2019 (-39%). Our LAB customers (Live Audience Business) market offered a different perspective. With countries locked down at home, broadcasters experienced exceptional levels of audience, even if suffering from significant decrease of advertising revenues. Broadcasters continued their modernization projects. Some broadcasters even considered the need to accelerate the modernization to support remote production workflows. LAB revenues slightly increased in 2020 vs 2019 (+8%) and LAB customers represent the majority of the order book for 2021. As announced in 2019, LAB represents a growth potential for EVS, even materialized during the challenging year 2020. BER (Big Events Rental) market stayed flat due to major summer sport events postponed to 2021. EVS managed to preserve the contracts and supported the customers in the adaptation of the production to the new realities. From a regional perspective, it must be noticed that the rhythm of the pandemic has been different in APAC with a sooner recovery and a shorter lock down cumulated period. Revenues in APAC region have been higher in 2020 than in 2019 (+2.3% YoY). NALA was the most affected region with a major decrease (-25% YoY). EMEA region also experienced a significant decrease (-14% YoY), especially in the second part of the year. For a similar perimeter as EVS on Jan 1st, OPEX have been significantly reduced due to strong bonus reduction, several layers of cost optimizations and the cancellation of marketing expenses linked to NAB2020 and IBC2020 shows. 2021 financial outlook and beyond 2021 remains a challenging year to predict, considering the timing of the vaccine, the presence of different virus variants forcing authorities to organize long lockdown periods and the consequences on events and media industry. In BER market pillar, EVS 2021 revenues will be influenced by the occurrence of the major summer sport events, representing around EUR 12.9 million of revenues. At this time, the events are still planned, and all the teams are preparing the infrastructure accordingly. We expect a recovery in the LSP market with an order book on Dec 31st, 2020 higher than the one of 2019 at the same date. Considering the order book, LAB is expected to be the structural market pillar supporting the growth of revenues in 2021 with continued modernization projects. We can also observe that we managed to increase our “long term order book” (beyond 2021), nearly doubling the ones of the 3 previous years. This result from the availability of OPEX offerings, SLA orders covering longer periods of time and multi-year revenue recognition linked to large modernization contracts. 2021 OPEX costs should slightly increase vs 2020 as it will include a full year of Axon costs. Status of the control by the Statutory Auditors The Statutory Auditor EY Réviseurs d’Entreprises SRL confirmed that their audit work on the annual consolidated financial statements, which is substantially complete, did not reveal significant matters requiring adjustments to be brought to the accounting information presented in the press release. Conference call – Registration required EVS will hold a conference call in English today at 3.30 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. Participants must register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, Direct Event Passcode and unique Registrant ID. 1. Online registration: https://emea.directeventreg.com/registration/71995442. Webcast Player URL: https://edge.media-server.com/mmc/p/65bsvo7a Corporate Calendar: May 18, 2021: Ordinary General MeetingMay 20, 2021: 1Q21 trading updateAugust 26, 2021: 1H21 resultsNovember 18, 2021: 3Q21 trading update For more information, please contact: Yvan ABSIL, CFO*EVS Broadcast Equipment S.A., Liege Science Park, 13 rue du Bois Saint-Jean, B-4102 Seraing, BelgiumTel: +32 4 361 70 00. E-mail:firstname.lastname@example.org; www.evs.com Forward Looking Statements This press release contains forward-looking statements with respect to the business, financial condition, and results of operations of EVS and its affiliates. These statements are based on the current expectations or beliefs of EVS's management and are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These risks and uncertainties relate to changes in technology and market requirements, the company’s concentration on one industry, decline in demand for the company’s products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. EVS undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About EVS EVS is globally recognized as the leader in live video technology for broadcast and new media productions. Our passion and purpose are to help our clients craft immersive stories that trigger the best return on emotion. Through a wide range of products and solutions, we deliver the most gripping live sports images, buzzing entertainment shows and breaking news content to billions of viewers every day – and in real-time.The company is headquartered in Belgium with offices in Europe, the Middle East, Asia and North America, and provides sales and technical support to more than 100 countries. EVS is a public company traded on Euronext Brussels: EVS, ISIN: BE0003820371.For more information, please visit www.evs.com. * representing a SRL Condensed Interim Consolidated financial statements ANNEX 1: CONDENSED CONSOLIDATED INCOME STATEMENT (EUR thousands)AnnexFY20AuditedFY19Audited2H20Unaudited2H19UnauditedRevenue5.388,111103,40048,53862,378Cost of sales -29,555-29,316-16,997-16,879 Gross profit 58,55774,08531,54145,499Gross margin % 66.5%71.6%65.0%72.9%Selling and administrative expenses -27,486-27,926-14,920-13,935Research and development expenses -24,004-22,603-13,287-11,926Other income 15293871Other expenses -1,217-89-1,17549Stock based compensation and ESOP plan -352-530-53-74Operating profit (EBIT) 5,65023,0302,19319,614Operating margin (EBIT) % 6.4%22.3%4.5%31.4% Interest revenue on loans and deposits 57384820Interest charges -833-604-450-341Other net financial income / (expenses)5.6-861295-868268Share in the result of the enterprise accounted for using the equity method 33916930258Profit before taxes (PBT) 4,35322,9281,22519,620Income taxes5.72,833-3,3202,535-3,691 Net profit 7,18619,6083,76015,929Attributable to : Non controlling interest Equity holders of the parent company 7,18619,6083,76015,929 EARNINGS PER SHARE (in number of shares and in EUR) FY20AuditedFY19Audited2H20Unaudited2H19UnauditedWeighted average number of subscribed shares for the period less treasury shares 13,668,61214,016,92113,520,35213,963,343Weighted average fully diluted number of shares 13,674,23214,016,92113,531,53113,963,343Basic earnings – share of the group 0.531.400.281.14Fully diluted earnings – share of the group (1) 0.531.400.281.14 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR thousands) FY20AuditedFY19Audited2H20Unaudited2H19UnauditedNet profit 7,18619,6083,76015,929Other comprehensive income of the period Currency translation differences -49154-49838Other increase/(decrease) -78-592-75-595Total of recyclable elements -569-537-573-556Total comprehensive income for the period 6,61719,0713,18715,373Attributable to : Non controlling interest ---- Group share 6,61719,0713,18715,373 (1) The diluted earnings per share does include 187,000 warrants attributed in December 2020 and outstanding at the end of the year with an exercise price below the share price. These 187,000 warrants have maturity of October 2026. It does not include 138,832 warrants outstanding at the end of 2020 as these are not exercisable given the exercise prices were above the share price. ANNEX 2: CONDENSED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) ASSETS (EUR thousands)NotesDec. 31, 2020AuditedDec. 31, 2019Audited Non-current assets : Goodwill 2,8321,125Other intangible assets 7,041173Lands and buildings5.1151,66249,365Other tangible assets 5,0344,344Investment accounted for using equity method 1,7601,421Other long term amounts receivables 543959Deferred tax assets 8,7256,570Other financial assets 395353Total non-current assets 77,99264,309 Current assets : Inventories 22,57916,823Trade receivables 30,72836,582Other amounts receivable, deferred charges and accrued income 5,9306,071Other financial assets 120238Cash and cash equivalents 52,66859,010Total current assets 112,024118,724Total assets 190,016183,033 EQUITY AND LIABILITIES (EUR thousands)NotesDec. 31, 2020AuditedDec 31, 2019Audited Equity : Capital 5.48,7728,772Reserves 149,308142,149Treasury shares -17,835-9,927Total consolidated reserves 131,473132,221Translation differences 267767Equity attributable to equity holders of the parent company 140,522141,761 Non-controlling interest -- Total equity5.4140,522141,761 Long term provisions 1,2991,636Deferred taxes liabilities 1,38919Financial long term debts5.1112,2516,070Other long term debts 993692Non-current liabilities 15,9328,418 Short term portion of financial debts5.114,7136,725Trade payables 5,7754,870Amounts payable regarding remuneration and social security 7,0058,302Income tax payable 2,2594,282Other amounts payable, advances received, accrued charges and deferred income 13,8118,675Current liabilities 33,56232,855Total equity and liabilities 190,016183,033 ANNEX 3: CONDENSED STATEMENT OF CASH FLOWS (EUR thousands)NotesFY20AuditedFY19AuditedCash flows from operating activities Net profit, group share 7,18619,608 Adjustment for: - Other income 18-592- Depreciation and write-offs on fixed assets 6,6585,483- Stock based compensation and ESOP5.4352530- Provisions -337-469- Income tax expense (+) / Gain (-) -2,8333,320 -Interests expense (+) / Income (-) 1,636270-Share of the result of entities accounted for under the equity method -339-169 Adjustment for changes in working capital items: -Inventories -3,648-1,709 -Trade receivables 8,204-4,726 -Other amounts receivable, deferred charges and accrued income -1,206-1,122 -Trade payables -1,446-72 -Amounts payable regarding remuneration and social security -1,671903 -Other amounts payable, advances received, accrued charges and deferred income 4,1841,244 -Conversion differences -40163 Cash generated from operations 16,35622,563Income taxes paid5.7686-4,059Net cash from operating activities 17,04218,504 Cash flows from investing activities Purchase of intangible assets -53-25W/O intangible assets 1,125-Purchase of tangible assets (lands and building and other tangible assets) -6,867-1,352Disposal of tangible assets 2071,020Business acquisitions -10,255-Other financial assets -36-17Net cash used in investing activities -15,878-374 Cash flows from financing activities Reimbursement of borrowings5.11-4,590-5,250Proceeds from new borrowings 8,687709Payment of lease liabilities -1,801-3,600Interests paid -1,652-609Interests received 5738Dividend received from equity-accounted investee -32Dividend paid - interim dividend --6,914Dividend paid - final dividend --6,646Other allocation -300-393Acquisition / sale of treasury shares4 & 5.4-7,907-5,177Increase in shareholders’ equity5.4--Net cash used in financing activities -7,506-27,810 Net increase in cash and cash equivalents -6,342-9,679Net foreign exchange difference (included in Net increase in cash in 2020) -991208Cash and cash equivalents at beginning of period 59,01068,482Cash and cash equivalents at end of period 52,66859,010 ANNEX 4: CONDENSED STATEMENT OF CHANGE IN EQUITY (EUR thousands) CapitalReserves Treasury sharesCurrency translation differencesEquity,share of thegroupNon-controlling interestTotal Equity Balance as at January 1, 2019 (reported)8,772136,601-4,750713141,336-141,336Change in accounting policies (IFRS 16) -46 -46 -46Balance as at January 1, 2019 (restated)8,772136,555-4,750713141,290-141,290Total comprehensive income for the period 19,017 5419,071 19,071Increase in shareholders’ equity-- ---Share-based payments 530 530 530Operations with treasury shares -5,177 -5,177 -5,177Final dividend -6,646 -6,646 -6,646Interim dividend -6,914 -6,914 -6,914Other allocation -393 -393 -393Balance as per December 31, 20198,772142,149-9,927767141,760-141,760 (EUR thousands)CapitalReserves Treasury sharesCurrency translation differencesEquity, group share Non-controlling interestTotal equityBalance as at January 1, 2020 (reported)8,772142,149-9,927767141,760 141,760Change in accounting policies Balance as at January 1, 2020 (restated)8,772142,149-9,927767141,760-141,760Total comprehensive income for the period 7,108 -4916,617 6,617Increase in shareholders’ equity-- ---Share-based payments 352 352 352Operations with treasury shares -7,907 -7,907 -7,907Final dividend -Interim dividend -Other allocation -300 -300 -300Balance as per December 31, 20208,772149,309-17,835276140,522-140,522 ANNEX 5: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 5.1: BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The full year 2020 and 2019 information in this condensed financial statement on pages 7 to 10 of this financial report is based on EVS Group’s consolidated financial statements of EVS Group for the 12 month-period ended December 31, 2020, which have not yet been published. This condensed interim financial statements of the Group were authorized for issue by the Board of Directors on February 24, 2021. This interim report only provides an explanation of events and transactions that are significant to an understanding of the changes in financial position and reporting since the last annual reporting period, and should therefore be read in conjunction with the full 2020 consolidated financial statements from which these condensed financial statements have been derived and which are planned to be published on EVS Group’s website by April 17, 2021. These condensed interim financial statements have been prepared and presented in accordance with the International Financial Reporting Standards (IFRS), as adopted for use in the European Union. The accounting framework and standards adopted by the European Commission can be accessed through the following link on the website: http://ec.europa.eu/finance/company-reporting/index_en.htm. NOTE 5.2: SIGNIFICANT ACCOUNTING POLICIES AND METHODS These condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the IASB, and as adopted by the EU. The accounting policies and methods adopted for the preparation of the Company's IFRS consolidated financial statements are consistent with those applied in the 2019 consolidated financial statements. The Company’s IFRS accounting policies and methods are available in the 2019 annual report on www.evs.com, except for the new, amended or revised IFRS standards and IFRIC Interpretations that have been adopted as of January 1, 2020 which are listed hereunder: IBOR reform Phase 1 amendments – effective 1 January 2020IFRS 3 amendments – effective 1 January 2020IFRS 16 amendment – effective 1 June 2020New materiality definition – effective 1 January 2020Updated references to the Conceptual Framework – effective 1 January 2020 The adoption of these new, amended or revised pronouncements did not have significant impact on the consolidated financial statements of the Group. NOTE 5.3: SEGMENT REPORTING From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Following Axon acquisition, EVS now also has a portion of its staff located in Netherlands and UK, mainly R&D and production teams. The Axon products, forming the Media Infrastructure part of the solution blueprint are integrated into EVS solution portfolio. The majority of the investments and costs are still located at the level of the Belgian parent company. The other foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company’s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the group reflects this unique segment. All long-term assets are located in the parent company EVS Broadcast Equipment SA in Belgium. The company provides only one type of solution: live video technology for broadcast and new media productions with a consistent modular architecture. This is the product of EVS. There are no other significant classes of business, either singularly or in aggregate. Indeed, identical modules can meet the needs of different markets. Our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (“APAC”), Europe, Middle East and Africa (“EMEA”), and America (“NALA”). This division follows the organization of the commercial and support services within the group, which operate worldwide. A fourth region is dedicated to the worldwide events (“Big Event Rentals”). The company provides additional information with a presentation of the revenue by market pillar: “Live Service provider” (LSP), “Live Audience Business” (LAB) and “Big Event Rentals” (BER) for rental contracts relating to the big sporting events. Finally, sales are presented by nature: systems and services. 5.3.1. Information on revenue by destination Revenue can be presented by Market Pillar: “Live Service provider”, “Live Audience Business” and “Big Event Rentals”. Maintenance and after sale service are included in the complete solution proposed to the clients. 2H202H19% 2H20/2H19 Revenue (EUR thousands)FY20FY19% FY20/FY1934,68932,679+6.2% Live Audience Business56,68552,328+8,3%13,72228,941-52.6% Live Service Provider30,15849,726-39.4%127758-83.3% Big Event Rentals1,2681,346-5.8%48,53862,378-22.2% Total Revenue88,111103,400-14.8% The above presentation includes the latest and refined classification of our customers by market pillar for both 2019 and 2020. 5.3.2. Information on revenue by geographical information Activities are divided by three regions: Asia-Pacific (“APAC”), Europe, Middle East and Africa (“EMEA”), and “Americas”. Aside of them, we also identify a fourth category “Big Event Rentals”. Revenue for the second half-year (EUR thousands)APACexcl. eventsEMEAexcl. eventsAmericasexcl. eventsBig eventrentalsTOTALH20 revenue11,99122,82413,59712748,538Evolution versus 2H19 (%)+18.2%-22.4%-38.3%-83.3%-22.2%Variation versus 2H19 (%) at constant currency+18.2%-22.3%-34.3%-83.3%-20.7%2H19 revenue10,14729,42522,04875862,378 Revenue for the YTD period (EUR thousands)APACexcl. eventsEMEAexcl. eventsAmericasexcl. eventsBig eventRentalsTOTALFY20 revenue19,31541,00226,5261,26888,111Evolution versus FY19 (%)+2.3%-14.1%-25.1%-5.8%-14.8%Variation versus FY19 (%) at constant currency+2.3%-14.0%-23.6%-5.8%-14.2%FY19 revenue18,87947,74435,4311,346103,400 Revenue realized in Belgium (the country of origin of the company) with external clients represent less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external clients (according to the definition of IFRS 8) in two countries: The United States & the United Kingdom (respectively, EUR 22.8 million & EUR 9.0 million in the last 12 months). 5.3.3. Information on revenue by nature Revenue can be presented by nature: systems and services. 2H202H19% 2H20/2H19 Revenue (EUR thousands)FY20FY19% FY20/FY1941,72255,204-24.4% Systems74,87689,790-16.6%6,8167,174-5.0% Services13,23613,610-2.8%48,53862,378-22.2% Total Revenue88,111103,400-14.8% Services include advice, installations, project management, training, maintenance, and support. 5.3.4. Information on important clients Over the last 12 months, no external client of the company represented more than 10% of the revenue. NOTE 5.4: EQUITY SECURITIES The number of treasury shares has changed as follows during the period, together with the outstanding warrants: 20202019Number of own shares at January 1400,180151,724Acquisition of own shares on the market544,307262,952Sale of own shares on the market--Allocation to Employees Profit Sharing Plans-16,280-14,496Sale related to Employee Stock Option Plan (ESOP) and other transactions--Number of own shares at December 31928,207400,180 Outstanding warrants at December 31325,832138,999 In 2020, the company repurchased 544,307 shares on the stock market (under a share buyback program started on October 25, 2018 and May 6, 2020). No shares were used to satisfy the exercise of warrants by employees. The Ordinary General Meeting of shareholders of May 19, 2020 approved the allocation of 16,280 shares to EVS employees (grant of 54 shares to each staff member in proportion to their effective or assimilated time of occupation in 2019) as a reward for their contribution to the group successes. The expense related to this profit-sharing plan amounts to EUR 0.3 million and has been recorded under the caption “Stock based compensation and ESOP plan”. As a consequence, at the end of 2020, the company owned 928,207 own shares at an average historical price of EUR 19.21. At the same date, 325,832 warrants were outstanding (no grant, no exercise and 167 cancellations in 2020) with an average strike price of EUR 20.17 and an average maturity of March 2025. NOTE 5.5: DIVIDENDS The Ordinary General Meeting of May 19, 2020 approved the payment of a total gross dividend of EUR 0.50 per share, including the interim dividend of EUR 0.50 per share paid in November 2019, leading to no final gross dividend. (EUR thousands)# Coupon20202019- Final dividend for 2018 (EUR 0.50 per share less treasury shares)28-6,646- Interim dividend for 2019 (EUR 0.50 per share less treasury shares)29-6,914Total paid dividends -13,560 NOTE 5.6: OTHER NET FINANCIAL INCOME / (EXPENSES) (EUR thousands)FY20FY19Exchange results from statutory accounts364-369Exchange results relating to IFRS consolidation methodology-1,321549Other financial results96115Other net financial income / (expenses)-861295 The functional currency of EVS Broadcast Equipment S.A. as well as all of the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. For more information on exchange rates, see also the note 5.9. NOTE 5.7: INCOME TAX EXPENSE Reconciliation of the tax charge The effective tax charge of the group obtained by applying the effective tax rate to the pre-tax profit of the group, has been reconciled for the two periods with the theoretical tax charge obtained by applying the theoretical tax rate: (EUR thousands)FY20FY19 Reconciliation between the effective tax rate and the theoretical tax rate Reported profit before taxes, share in the result of the enterp. accounted for using the equity method4,01422,759Reported tax charge based on the effective tax rate2,833-3,320Effective tax rate-70.6%14.6% Reconciliation items for the theoretical tax charge Tax effect of non-deductible expenditures311408Tax effect on R&D investment deductions-1,029-1,426Tax effect on innovation deduction-2,122-5,932Tax effect of overvaluations and undervaluations related to prior years-1,4923,034Other increase / (decrease)393793Total tax charge of the group entities computed on the basis of the respective local nominal rates-1,106-6,443Theoretical tax rate27.6%28.3% The tax charge for FY2020 includes an adjustment of the tax costs related to prior years for a total amount of EUR +1,5 million including the reversal of accruals for uncertainties over income tax treatments according to the new interpretation IFRIC 23, effective 1 January 2019. NOTE 5.8: HEADCOUNT As of May 1st 2020, EVS has integrated about 80 team members following the Axon acquisition (in full time equivalents)At December 31Twelve-months average20205505142019464465Variation+18.5%+10.8% NOTE 5.9: EXCHANGE RATES The main exchange rate that influences the consolidated financial accounts is USD/EUR which has been taken into account as follows: Exchange rate USD / EURAverage FYAverage 2HAt December 3120201.14221.18081.227120191.11951.10961.1234Variation+2.0%+6.4%+9.2% For FY20, the average US dollar exchange rate against the Euro increased by 2%. It had a negative impact on FY20 revenue of EUR 0.5 million, or -0.56%. NOTE 5.10: FINANCIAL INSTRUMENTS The estimated fair values of the financial assets and liabilities are equal to their fair book values in the balance sheet. Periodically, EVS measures the group’s anticipated exposure to transactional exchange risk over one year, mainly relating to the EUR/USD risk. Given the group has a “long” position in USD and based on revenue forecasts, EVS hedges future USD net in-flows by forward foreign exchange contracts. The change in the fair value of the forward foreign exchange contracts goes directly through the income statement (other financial results) because the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2020, the group held USD 6.5 million in hedging contracts, with an average maturity date in June 2021, and an average exchange rate of EUR/USD of 1.1829. NOTE 5.11: FINANCIAL DEBT In order to partially finance its new HQ and operating facilities, EVS has drawn down a total of EUR 30 million loans. As of Dec 31st 2020, the final part of this loan has been reimbursed. This represented a total amount of EUR 5.2 million in 2020. On June 16, 2020, a new loan of EUR 5.5 million has been negotiated with BNP Paribas Fortis in order to partially finance the acquisition of Axon. A first repayment of EUR 0.6 million has been done at the end of fiscal year 2020. The annual installments is EUR 1.1 million per year between 2021 and 2024 with a final repayment of EUR 0.6 million in 2025 when the loan will mature. On June 29, 2020, a roll over credit line of EUR 5.0 million has been negotiated with Belfius bank in order to partially finance the acquisition of Axon. This amortizing credit line will end at the latest on 30/06/2024. As of this date, EVS has not used this credit facility.NOTE 5.12: LEASES The impact of IFRS 16 for Leases affected the statement of profit or loss for the twelve months ended 31 December 2020 as follows: FY20Depreciation expense (in Cost of sales)834Depreciation expense (in Selling and administrative expenses)1,046Depreciation expense (in Research and Development expenses)1,277Rent expenses (in Cost of sales, sales and R&D expenses)-2,958Operating profit199Finance costs-482Income tax expenses61Profit for the period-222 The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2020: (EUR thousands)Land and buildingsOther tangible assets Lease AssetsAs at 1 January 20206,0592,2668,325Additions4,2281,5255,753Lease modification524352876Depreciation expenses-1,803-1,354-3,157Other-15-11-26Conversion differences-172-1-173As at 31 December 20208,8212,77711,598 (EUR thousands)Land and buildingsOther tangible assets Lease LiabilitiesAs at 1 January 20205,9822,3888,370Additions4,2281,5255,753Lease modification524352876Interest expenses39488482Conversion differences-172-1-173Other40-40Payments-2,047-1,421-3,468As at 31 December 20208,9482,93211,880 The statement of cash flows for the twelve months ended 31 December 2020 is affected as follows: FY20Net cash flow from operating activities3,436Net cash flow from financing activities-3,436Net increase in cash and cash equivalents- NOTE 5.13: PENSION PLANS The employees of EVS Broadcast Equipment SA benefit from a group insurance. In this context, EVS makes a contribution for each employee to the insurance companies. EVS benefits from a minimum return guaranteed by the insurance companies which set up the plans, and this until December 31, 2016 (minimum return requirement of the contributions, as required by law). However, on December 18, 2015, the Belgian legislation has been updated and clarification was provided on the minimum guaranteed rate of return. Before December 31, 2015, the minimum guaranteed rate of return on employer and participant contributions were 3.25% and 3.75% respectively. From 2016 onwards, the rate decreased to 1.75% and is annually recalculated based on a risk-free rate of 10-year government bonds. According to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions should be assimilated to defined benefit plans, as the employer is not responsible for the contribution payments but has to cover the investment risk until the legal minimum rates applicable. The returns guaranteed by the insurance companies are in most cases lower than or equal to the minimum return guaranteed by law. As a result, the Group has not fully hedged its return risk through an insurance contract and a provision needs to be accounted for. The plans at EVS are financed through group insurance contracts. The contracts are benefiting from a contractual interest rate granted by the insurance company. When there is underfunding, this will be covered by the financing fund and in case this is insufficient, additional employer contributions will be requested. This analysis is done annually and recognized in the profit and loss account, if necessary. More information can be found in the note 6.4 of the 2019 annual report. NOTE 5.14: BUSINESS COMBINATION – ACQUISITION OF AXON In a transaction closed on 30 April 2020, the Company acquired 100% of the shares of Axon Investments B.V. (“Axon”). With development centers in the Netherlands and the UK, and more than 80 team members, Axon has an international presence in the live broadcast infrastructure market, including mobile trucks and data centers, and a product portfolio that complements EVS’s existing live production offering. This transaction qualifies as a business combination in accordance with IFRS 3 and is thus accounted for by applying the acquisition method. The consideration transferred by the Company to acquire Axon includes: - A cash amount of EUR 12.2 million of which EUR 11.6 million paid at closing date and EUR 0.6 million paid at the end of September for the final working capital adjustment. - A contingent consideration ranging between EUR -0,5 million (reverse earn-out to be paid back by the sellers) and maximum EUR 2,5 million (earn-out to be paid by the Company) depending on the gross margin realized by Axon over the period 1 January 2020 to 31 January 2021. The fair value of the contingent consideration amounts to EUR 1,0 million at acquisition date and has not changed at the reporting date. The fair value categorized as level 3 has been estimated on the basis of a model in which the possible outcomes are probability weighted. The unobservable input to which this fair value measurement is most sensitive is the estimated amount of Axon’s gross margin over the reference period. Depending on the actual level of Axon’s gross margin, the Company is exposed to a future income statement impact ranging between a loss of EUR 1.5 million (in case the maximum earn-out is reached) and a gain of EUR 1.5 million (in case of reverse earn-out). The amounts recognized with respect to identifiable assets acquired and liabilities assumed, as well as the consideration transferred and the resulting provisional amount of goodwill and net cash flow effect at acquisition date are as set in the table below: (EUR thousands) Intangible asset – Technology2,489Intangible asset – Customer- related5,120Deferred tax assets1,316Other non-current assets341Accounts receivable2,133Inventories2,302Cash and cash equivalents1,956Other current assets46Total assets15,703Deferred tax liabilities-1,585Accounts payable-3,478Other liabilities-242Total liabilities-5,305Net assets acquired10,398Consideration paid in cash12,211Final working capital adjustment-Fair value of contingent consideration (earn-out)1,019Total consideration13,230Goodwill2,832Cash outflow net of cash and cash equivalents10,255 The goodwill amounting to EUR 2,8 million consists of expected market synergies from the combination of Axon and EVS as well as the skilled workforce of Axon, which both do not qualify for separate recognition as intangible assets. Goodwill is not expected to be deductible for tax purposes. The fair value of accounts receivable as reported in the table above corresponds to the gross contractual amounts receivable considering that the sellers are obliged to indemnify the Company for any amount receivable that is not fully collected within 180 days after the acquisition date. Since the acquisition date on 30 April 2020 Axon contributed EUR 7,9 million to revenue and EUR -1,6 million to net profit in the consolidated income statement for the 8 month-period ended 31 December 2020. If the acquisition of Axon had been completed on 1 January 2020, the consolidated Group’s revenue and net profit for the 12 month-period ended 31 December 2020 would have been EUR 94,9 million and EUR 7,8 million respectively. The acquisition-related costs amounting to EUR 0,3 million have been immediately expensed as incurred and are presented under the caption “Selling and administrative expenses” in the income statement. NOTE 5.15 SUBSEQUENT EVENTSThere were no other subsequent events that may have a material impact on the balance sheet or income statement of EVS. NOTE 5.16: RISK AND UNCERTAINTIESInvesting in the stock of EVS involves risks and uncertainties. The risks and uncertainties relating to the remainder of the year -2021 are similar to the risks and uncertainties that have been identified by the management of the company and that are listed in the management report of the annual report (available at www.evs.com). Certification of responsible persons Serge Van Herck, representing a BV, CEOYvan Absil, representing a SRL, CFO Certify that, based on their knowledge, the condensed financial statements, prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union, fairly present in all material respects the financial condition and results of operations of the issuer and the companies included in the consolidation,the Directors’ report fairly presents the important events and related parties transactions of 2020 including their impact on the condensed financial statements, and a description of the existing risks and uncertainties for the remaining months of the fiscal year. Attachment Press release in PDF format
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