Publication on February 22, 2024, after market closing
Regulated and inside information - Press release annual results
EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB),
Reuters (EVSB.BR)
EVS reports 2023 results
Liège, Belgium, February 22(nd), 2024
EVS further delivers profitable growth in 2023, validating the effectiveness of
its PlayForward strategy
The robust financial performance of EVS in 2023 underscores the effectiveness of
the implemented strategy aimed at fostering sustained and profitable long-term growth. Despite the absence of significant Big Event Rental revenue in an uneven
year 2023, EVS achieved record-breaking revenue and demonstrated strong profitability. This success serves as a testament to the efficacy of its PlayForward strategy.
Full-year Highlights

  * Order intake outpacing revenue at EUR 192.9 million, including EUR 7.4
    million of Big Event Rental (BER).
  * Revenue performance landing north of our guidance at EUR 173.2 million,
    growing 16.9% vs. FY22 despite being an uneven year without major Big Event
    Rental activity.

* Operating expenses are well controlled, with a start of depreciation of some

    intangible assets in 4Q23.
  * EBIT closes in at EUR 41.1 million, landing EUR 2.3 million above our
    guidance, following the associated revenue performance.

* Healthy net profit at EUR 36.9 million (21.3% net margin) resulting in fully diluted earnings per share of EUR 2.65.
Second half Highlights

  * Strong order intake of EUR 108.9 million.
  * Revenue for the second half of 2023 at EUR 85.8 million, growing 6.6%
    compared to the same period last year.
  * Net profit amounts to EUR 15.8 million, leading to fully diluted earnings
    per share of EUR 1.13.

Outlook
* The important order intake of 2023 has considerably fueled the order book to

    be delivered in future periods. The total order book at the end of 2023 is
    of EUR 153.2 million, growing 12.9% compared to the same period last year.
      * The order book reserved for 2024 is estimated at EUR 100.4 million,
        growing 16.9% compared to beginning of the year 2023. Out of this

number, EUR 7.4 million is reserved for Big Event Rentals. Post closing,

        we secured additional Big Event Rental contracts.
  * Based on the order book and current market dynamics, the revenue guidance
    for the year 2024 is set at EUR 180-195 million.
  * EVS plans a controlled increase in number of team members in order to
    support further growth.
  * We expect to pay out dividends in 2024 in line with our dividend policy,
    namely a base dividend per share of EUR 1.10.

Key figures
-------------------------------------------------------------------------------
EUR millions, except earnings per share
expressed in EUR
----------------------------------------------------------+--------------------
2H23 2H22 Variance|FY23 FY22 Variance
----------------------------------------------------------+--------------------
Revenue 85.8 80.5 5.3 |173.2 148.2 25.0
----------------------------------------------------------+--------------------
Gross profit 59.4 53.0 6.4 |120.6 98.8 21.8
----------------------------------------------------------+--------------------
Gross margin % 69.3% 65.9% +3.4 Pts|69.6% 66.7% +2.9 Pts
----------------------------------------------------------+--------------------
Operating profit - EBIT 16.2 16.0 0.2 |41.1 31.7 9.4
----------------------------------------------------------+--------------------

 Operating margin - EBIT                                  |
 %                             18.9%        19.9% -1.0 Pts|23.8% 21.4% +2.4 Pts

----------------------------------------------------------+--------------------

 Net profit (Group                                        |
 share)                         15.8        15.9    -0.1  |36.9  31.3    5.6

----------------------------------------------------------+--------------------

 Fully diluted EPS                                        |
 (Group share)                  1.13        1.14   -0.01  |2.65  2.29    0.36

----------------------------------------------------------+--------------------
Comments
Serge Van Herck, CEO, comments:
"I'm proud to announce outstanding financial performance for the fiscal year
2023. EVS has achieved remarkable milestones, setting a new revenue record,
delivering strong profitability, and generating a strong order book for the
third consecutive year.
We achieved a new revenue record, underscoring our commitment to sustainable
growth. Despite the expected absence of Big Event Rental revenues in an uneven
year, our strong revenue growth and effective cost control strategies resulted
in robust profitability, a testament to the success of our PlayForward strategy.
The Live Audience business segment, LAB, experienced significant order intake
growth, highlighting our expanding market share in broadcast studio
environments. The Media Infrastructure solution segment also played a pivotal
role in driving order intake growth across all regions, with anticipated
contributions to Big Event Rental revenues in 2024.
We secured rental and support service contracts for major sporting events in
2024, ensuring a strong foundation for Big Event Rental revenues in the upcoming
year. This strategic move reinforces our position as a key player in the
industry and demonstrates our ability to secure long-term high-profile
partnerships.
Customer satisfaction has reached new heights, as evidenced by the significant
progress in Net Promoter Score (NPS) over the last three years, as measured by
Devoncroft. Internally, our team members maintain a high level of engagement, as
reflected in our yearly internal engagement survey. This commitment to
excellence is further highlighted by the recognition as a 'Top Employer' in
Belgium for the second consecutive year, placing us among an elite group of
close to 90 companies.
On the Environmental, Social, and Governance (ESG) side, we have defined
ambitious 2030 goals. EVS now proudly boasts a strong ESG rating, placing it in
the top 15% of the best companies worldwide, according to evaluations from
Ecovadis and Sustainalytics.
We continue to drive innovation with our generative AI-enabled XtraMotion
solution as a clear example. This technology is creating a buzz within the
industry, particularly in the LiveCeption solution, where it transforms regular
broadcast cameras into super slow-motion cameras. The introduction of artificial
intelligence-based search capabilities in the MediaCeption solution, along with
the launch of the VIA MAP content management platform during the international
broadcast conference in Amsterdam, showcases our commitment to pushing the
boundaries of technological advancements.
EVS also continued its tradition of delivering robust dividends.
In conclusion, our PlayForward strategy is clearly being appreciated by our
customers and channel partners. This is helping us to confirm our profitable and
sustainable growth mode. While economic market conditions remain very
challenging with high interest rates, certain component shortages and with the
wars in Ukraine and Gaza, we feel that our customers, channel partners and EVS
operators increasingly appreciate the reliability, performance and innovative
edge of our solutions and services."
Commenting on the results and the outlook, Veerle De Wit, CFO, said:
"Our 2023 order intake and revenue results are a clear testimony to our strategy
in action. Our ambition for the year was to realize profitable and sustainable growth, in a year with no Big Event Rental. Several key performance indicators demonstrate that our PlayForward strategy is paying off. We attract new customers, we expand our portfolio of solutions with existing customers, we grow
our LAB business, ? and our Media Infrastructure business demonstrates its growth potential in the market.
With the focus on profitable growth, we have managed to maintain good control over our cost base. During the first three quarters of the year we kept our team
member base flat, as to ensure we fully absorbed the hirings of 2022. We did accelerate hirings towards the end of 2023, based on the strong growth trajectory both of our revenue and order intake.
Our operational expenses grew in a controlled way. In the fourth quarter we have
seen an increase in our operational expenses with the start of the depreciation of an important intangible asset created over the past two years (following the announcement of VIA MAP launch in September 2023). Control over our spending patterns remains an attention point for 2024, especially in the current volatile
market.
We managed to generate a strong Net Profit worth EUR 36.9 million, driving a diluted Earnings Per Share of EUR 2.65.
Our balance sheet also remains healthy with a very low debt level and a sound cash position.
Based on the strong results for the year 2023, we are able to maintain our dividend policy defined earlier in 2022."
Market & customers
Unprecedented Market Traction and Financial Performance
EVS has achieved unparalleled success in 2023, setting new records in revenue and order intake. This exceptional performance is a testament to the strong market traction EVS is experiencing, driven primarily by significant growth in Live Audience Business (LAB) market pillar and the Media Infrastructure solution
in particular. The remarkable success of our MediaInfra solution is a clear indication of the strategic value of our acquisition of Axon in 2020, yielding substantial returns on investment three years post-acquisition.
Growth Drivers and Strategic Investments
The surge in revenues and order intake is largely attributed to the growth of our LAB segment. Our LAB customers are at the forefront of redefining their infrastructures, not only transitioning to Live IP but also innovating to enhance production efficiency. Through our Media Infrastructure offerings, we enable customers to undertake a seamless migration to more advanced systems, ensuring their investments are future-proof. The introduction of the multiviewer
Neuron View and the expansion of the Neuron platform application family underscore our commitment to adding value for our clients. Similarly, the widespread adoption of Cerebrum as a video stream monitoring and control solution, offering unrivaled flexibility and comprehensive connectivity options,
emphasizes the effectiveness of our open platform strategy.
Global Deployment and Customer Support
Our solutions, including MediaCeption and the XT-VIA servers alongside LiveCeption solutions, continue to be deployed globally by LAB and Live Sevice Providers (LSP) customers, respectively. The increasing demand for our Service Level Agreements (SLAs) highlights our role as a trusted partner in navigating the complexities of production environments. This not only secures our sales for
the coming years but also enhances the predictability of our revenue streams.
Strategic Initiatives and Industry Recognition
Following the PlayForward strategic initiative in 2020, EVS has evolved into a comprehensive solution provider, now integrating these solutions into a cohesive
ecosystem. The introduction of the content management platform VIA MAP at IBC represents a significant step towards ensuring consistency across our solutions and facilitating seamless interactions between different customer segments.
Our commitment to excellence and innovation has been recognized through various awards, including accolades in ESG, HR, and product innovation, notably the Golden Bridge and XtraMotion's Best of Show at NAB 2023. Additionally, the renewal of FIFA's certification for our VAR product further solidifies our industry standing.
Supply Chain and Operational Readiness
While the supply chain situation has shown improvement, challenges persist amid ongoing geopolitical tensions. EVS remains vigilant, preparing strategically to mitigate potential impacts.
As we gear up for the summer's major broadcasting events, our focus is on the final stages of preparation, from manufacturing to testing the next generation of products. This upcoming global showcase serves as a live demonstration of our
capabilities to customers worldwide, reinforcing the trust placed in EVS by Host
Broadcasters for these high-profile events.
Technologies
Continued Investment in Technological Innovation
At EVS, we remain steadfast in our commitment to spearheading innovation within our industry. In alignment with our strategic objectives, we have consistently allocated over 50% of our workforce to the technological development of our products and solutions. This dedication is pivotal to our ongoing progress and our ability to stay ahead in an industry characterized by rapid transformation. Our efforts are squarely focused on empowering our customers, equipping them with the necessary tools to navigate their unique challenges effectively.
Advancements in Broadcast-Specific generative AI Technologies
Since 2017, EVS has been at the forefront of integrating generative AI technologies tailored to the broadcast sector. This year, we did announce the launch of an enhanced "on-prem" version of XtraMotion, our generative AI-driven slow-motion replay solution. This latest iteration boasts significant improvements in quality and a notable reduction in latency, enabling operators to capture and leverage high-quality imagery more efficiently. This achievement was recognized with a prestigious "Best of Show award" at NAB 2023, a testament to our unwavering commitment to excellence and innovation. Furthermore, our use of generative AI extends to enhancing workflows within MediaCeption, facilitating the automatic generation of metadata and enriching the user experience.
Pioneering 5G for Remote Production Workflows
Our "Flex Production" case study, developed in collaboration with Orange Belgium, Théâtre de Liège and La Grand Poste de Liège, successfully demonstrated
EVS's ability to exploit the potential of 5G technology for remote production flows, while strengthening the development of local communities and cultural organizations. This achievement underscores the effectiveness of our Balanced Computing approach, proving its relevance and applicability in real-world scenarios. Through this initiative, EVS reaffirms its position as a leader in leveraging cutting-edge technologies to redefine production workflows.
Commitment to Sustainability
EVS is deeply committed to sustainability, actively pursuing initiatives aimed at reducing the carbon footprint of our operations and, by extension, that of our customers. We have made significant strides in optimizing our architectures to minimize power consumption and have designed new products and solution components to manage infrastructure in an energy-efficient manner. These efforts
reflect our dedication to environmental stewardship and our responsibility towards fostering a more sustainable future.
Corporate topics
Part of our PlayForward strategy is based on improving our internal way of working. After the implementation of a new ERP system in October 2022, we have now expanded the footprint of the ERP to include our latest acquisition Axon. This final step is ensuring a global integration of all our processes and guarantees an optimal customer experience. This is a major step for our company and fully prepares us to digest for future growth.
We also continued in 2023 our systemic list price adjustments. Even though market conditions have somewhat stabilized throughout 2023, we continue to evaluate the need for price adjustments as to protect the margin generation of the company. The analysis lead to a price increase in February 2023, while no pricing adjustment was introduced to the market in September 2023.
2023 is also the year where we consolidated our sustainability efforts in terms of ESG. Corporate sustainability is now embedded in all our operations. We have 9 main tracks that are important for us as a company, and that are important for
our industry. The tracks are: customer carbon footprint, company carbon footprint, talent management, diversity & inclusion, customer experience, local social contribution, cyber security of our company, products and solutions, sustainable supply chain and business ethics. Each of these tracks are managed by an interdepartmental team and have a Leadership Team member as an executive sponsor. We have defined this year our long term objectives (horizon 2030) for each of those tracks and we systematically review the progress and refine our actions. Within the industry, we are recognized as an ESG leader and we continue
to receive postive feedback from the market. In 2024 we will further refine our ESG strategy, based on a new carbon footprint analysis and we will focus on the deployment of CSRD (Corporate Social Responsibility Directive).
Within the framework of Directive (EU) 2019/1937 of 23 October 2019 on the protection of persons who report breaches of Union law, transposed into Belgian law by the Whistleblowers Act for the private sector of 28 November 2022, which came into force on 15 February 2023, EVS has set up an appropriate Whistleblowing policy and Speaking Up Procedure.
Second half and full-year revenue
In 2H23, revenue reached EUR 85.8 million, representing an increase of EUR 5.3
million or 6.6% compared to 2H22, despite the absence of Big Event Rentals in the period (vs. EUR 4.2 million of BER in 2H22).
At constant currency, revenue increased by 11.4% YoY.
-------------------------------------------------------------------------------
Revenue - EUR millions 2H23 2H22 2H23/2H22
-------------------------------------------------------------------------------
Total reported 85.8 80.5 6.6%
-------------------------------------------------------------------------------
Total at constant currency 83.2 80.5 3.4%
-------------------------------------------------------------------------------
Total at constant currency and excluding Big Event Rentals 83.5 76.3 9.4%
-------------------------------------------------------------------------------
For the full year 2023, revenue reached EUR 173.2 million, representing an increase of EUR 25.0 million or 16.9% compared to 2022, despite the absence of Big Event Rentals in the period (vs. EUR 10.0 million of BER in FY22). Corrected
for Big Event Rentals the growth is of 25.3%. This performance demonstrates the organic growth realized in 2023.
At constant currency, revenue increased by 15.0% YoY.
-------------------------------------------------------------------------------
Revenue - EUR millions FY23 FY22 FY23/FY22
-------------------------------------------------------------------------------
Total reported 173.2 148.2 16.9%
-------------------------------------------------------------------------------
Total at constant currency 170.3 148.2 15.0%
-------------------------------------------------------------------------------
Total at constant currency and excluding Big Event
Rentals 170.5 138.3 23.2%
-------------------------------------------------------------------------------
Currency fluctuations primarily impact EVS revenues by the EUR/USD conversion, which can have a significant impact on our results even if EUR/USD fluctuations also impact the cost of our US operations and partially our cost of goods sold.
In the second half of the year, (excl. Big Event Rentals) LSP represented 40%
(40% in 2H22) of the revenue, LAB 60% (55% in 2H22). The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters.
Full-year earnings
Consolidated gross margin was at 69.7% for FY23, compared to 66.7% in FY22 (+3.0
Pts) explained by positive impact of sales price increases and a higher volume of software compared to hardware in certain solutions. The increase of revenue linked to services also explains the gross margin increase. This has resulted primarily in improved margins for most of our solutions.
Operating expenses increased by 19% YoY explained by an increase in team member base, inflation on labour cost, energy prices and travel expenses. Additionally,
in 2023, EVS made investments in its digital transformation journey. The investments made in intangible assets throughout 2022 and 2023 also had a significant impact on the 2023 results, as we started the depreciation of one important project in the fourth quarter.
Overall EBIT performance was of EUR 41.1 million, generating an EBIT margin of 23.8%.
The net profit ended at EUR 36.9 million, with income tax expense amounting to EUR 3.6 million for the full year 2023 (compared to EUR 1.4 million in 2022).
The increase in income tax is mainly driven by higher taxable profit, combined with the limitation on the deduction of tax latencies from previous years in Belgium, leading to lower amount of deferred tax asset that can be used during the period.
The net profit leads to a fully diluted earnings per share of EUR 2.65 (versus EUR 2.29 in 2022).
Second half earnings
The gross profit margin in 2H23 reached 69.3% compared to 65.9% in the same period last year.
Operating expenses grew 17% in 2H23 compared to the same period last year, reflecting a controlled increase in line with the increase of the activities.
The 2H23 EBIT margin was 18.9%. compared to 19.8% in 2H22. The impact of the depreciation of the intangible assets in fourth quarter is explaining the slight
drop.
The Group net profit amounts to EUR 15.8 million in 2H23 compared to EUR 15.9 million in 2H22. Fully diluted earnings per share amounts to EUR 1.13 in 2H23
compared to EUR 1.14 in 2H22.
Balance sheet and cash flow statement
Balance sheet remains strong with net cash position of EUR 36.6 million with low
debt level (of which EUR 12.7 million related to IFRS 16), resulting in a total equity representing 76% of the total balance sheet as of the end of 2023.
Working capital requirements are growing at EUR 89.6 million, primarily linked to growing trade receivables that evolve largely in line with our overall sales volumes. The working capital over sales ratio slightly improves from 53% at year-end 2022 to 52% at the end of 2023.
Other intangible assets include the costs for internal development capitalized during 2022 and 2023 according to IAS 38 (Intangible assets).
Lands and building mainly include the headquarters in Liège as well as the right
of use for the offices abroad (IFRS16).
Inventories amount to EUR 33.0 million, an increase of EUR 4.2 million compared to the beginning of the year with the aim to support the growth of activities. The ratio of inventory vs. sales remains stable compared to prior years at 19%.
Liabilities include EUR 14.3 million of financial debt (including long term and short-term portion), mainly related to the lease liabilities for EUR 12.7
million and borrowings for EUR 1.7 million. Long-term provisions include the provision for technical warranty on EVS products for labor and parts. Other amounts payable mainly represent deferred income and advance payments received from customers on contracts in progress.
Net cash from operating activities amounts to EUR 35.7 million for the full year
2023, compared to EUR 11.0 million in 2022. The increase is mainly driven by higher net profit and lower variance in working capital requirements compared to
the previous year, mainly on trade receivables (large volume of invoices were issued in late 2022 given a temporary hold of invoicing operations after the Go-
Live of the new ERP system). On December 31, 2023, cash and cash equivalents total EUR 50.9 million, compared to EUR33,117 324 33,501 33,501
Share-based
payments 581 581 581 Operations
with treasury
shares -329 329 - - Final
dividend -13,402 -13,402 -13,402 Interim
dividend -6,710 -6,710 -6,710 Other
allocation -497 -497 -497 Balance as
per December
31, 2022 8,772 183,390 -17,447 1,075 175,790 - 175,790 --------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                                                     Equity,
 (EUR                                       Currency   share        Non-

thousands) Treasury translation of the controlling Total Capital Reserves shares differences Group interest equity --------------------------------------------------------------------------------
Balance as
per January
1, 2023 8,772 183,390 -17,447 1,075 175,790 - 175,790 --------------------------------------------------------------------------------
Profit or
loss 36,946 36,946 36,946 Other
comprehensive
income -378 -270 -648 -648 Total
comprehensive
income for
the period 36,568 -270 36,298 36,298 Share-based
payments 790* 790 790 Operations
with treasury
shares -273 273 - - Final
dividend -14,780 -14,780 -14,780 Interim
dividend -6,717 -6,717 -6,717 Other
allocation -81 -81 -81 Balance as
per December
31, 2023 8,772 198,897 -17,174 804 191,300 - 191,300 --------------------------------------------------------------------------------
* Total amount includes EUR 816 granted and EUR -26 forfeited
Notes to the consolidated financial statements
NOTE 1: BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The consolidated financial statements of EVS Group for the 12 month-period ended
December 31, 2023, are established and presented in accordance with the International Financial Reporting Standards (IFRS), as adopted for use in the European Union. The condensed financial statements of the Group for the 12
month-period ending December 31, 2023, were authorized for issue by the Board of
Directors on February 22, 2024. This condensed report 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 2023 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 19, 2024. The condensed financial statements are prepared on a going concern basis.
NOTE 2.1: SIGNIFICANT ACCOUNTING POLICIES AND METHODS
The consolidated financial statements of EVS Broadcast Equipment SA and of its subsidiaries have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2023 and adopted by the European Union are applied by the Company. The consolidated financial statements have been prepared on an historical cost basis, except for the share-based payments (at the grant date), derivative financial instruments and contingent considerations, which are measured at their fair value. The consolidated financial statements are presented in thousands of euros. All values are rounded figures to the nearest thousand unless otherwise indicated. The accounting policies and methods adopted
for the preparation of the company's IFRS consolidated financial statements are consistent with those applied in the 2022 annual consolidated financial statements. The company's IFRS accounting policies and methods are available in the 2022 annual report on www.evs.com (http://www.evs.com), except for the new, amended or revised IFRS standards and IFRIC Interpretations that have been in effect since January 1, 2023. The adoption of these new, amended or revised pronouncements did not have a significant impact on the consolidated financial statements of the Group.
NOTE 2.2: JUDGMENTS AND ESTIMATES
In preparing the Company's condensed consolidated financial statements, management makes judgments in applying various accounting policies. The areas of
policy judgment are consistent with those followed in the preparation of EVS annual consolidated financial statements as of and for the year ended 31
December 2022.
In addition, management is required to make estimates that affect amounts included in the financial statements. The estimates carried out on each reporting date reflect the conditions in force on these dates (for example: market price, interest rates and exchange rates). Although these estimates are based on the best knowledge of management of the existing events and of the actions that the group could undertake, the real results may differ from these estimates.
The use of estimates is particularly applicable when performing goodwill impairment tests and evaluating any additions to the purchase price of past business combinations, the determination of the contingent consideration, determining the fair value of share-based payments, the evaluation of the deferred tax position, the measurement of employee benefit obligations and the determination of the percentage of completion of projects in progress. These estimates are further discussed in the Company's annual report.
NOTE 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. This is the reason why the
majority of the investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective
regions. The 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 one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and 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 operates 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", "Live Audience Business" and "Big Event Rentals" for rental contracts relating to the big sporting events.
Finally, sales are presented by nature: sale of equipment and other services.
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.
----------------------------------------------------------
Revenue (EUR thousands) 2H23 2H22 % 2H23/2H22
----------------------------------------------------------
Live Audience Business 51,344 45,147 13.7%
----------------------------------------------------------
Live Service Provider 34,650 31,151 11.2%
----------------------------------------------------------
Big Event Rentals -0,221 4,187 -100.0%
----------------------------------------------------------
Total Revenue