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"value": "1. INFORMATION ABOUT THE COMPANY 1.1. Identification EVS Broadcast Equipment SA Liege Science Park Rue Bois Saint-Jean, 13 B-4102 Seraing VAT: BE 0452.080.178 National Registered Number: BE0452.080.178 www.evs.com EVS Broadcast Equipment SA was incorporated for an unlimited period on February 17, 1994, in the form of a public limited company governed by Belgian law. EVS Broadcast Equipment SA is a company whose shares are publicly traded. It has its head office in Belgium, Li\u00e8ge. The consolidated financial statements of EVS Broadcast Equipment SA on December 31st, 2023, were established by the thBoard of Directors of March 28, 2024. The Board of Directors is authorized to amend the consolidated financial statements stup until the Annual General Meeting of Shareholders, scheduled to be held on May 21, 2024. The financial year starts on January 1 and ends on December 31 of each year. The consolidated financial statements are reported in euros (EUR). 1.2. Public information The company\u2019s financial statements are filed with the \u201cBanque Nationale de Belgique\u201d. Corporate by-laws and special reports required by the Belgian Company and Association Code can be obtained from the Commercial Court Registry in Li\u00e8ge and from the Belgian Official Bulletin \u201cMoniteur Belge\u201d and its related website (\u201chttp://www.ejustice.just.fgov.be/tsv/tsvf.htm\u201d). These documents, as well as annual statements and any written information to shareholders, are also available at the company\u2019s registered office. Financial information is available on the Internet at www.evs.com. 1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d. 2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation 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 consolidated financial statements were authorized for issue by the Board of Directors on 28 March 2024. 2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements. The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on 1 January 2023 and that are detailed as follows:\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023 \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023 \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023 \u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023 \u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023 The adoption of these new and amended standards has no impact on the financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Following the amendments to IAS 1, the Group has revised the disclosure of its accounting policies. 2.3. Alternative performance measures The group uses so called \u201cAlternative performance measures\u201d (\u201cAPM\u201d) in the financial statements and notes. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined in the applicable financial reporting framework (IFRS). A glossary describing these alternative performance measures is included at the end of this annual report. These measures are consistently used over time and when a change is needed, comparable information is restated and reported. 2.4. Consolidation principles The consolidated financial statements include the financial statements of EVS Broadcast Equipment SA and of its subsidiaries prepared on December 31 of each year. The financial statements of the subsidiaries are prepared on the same date and in accordance with identical accounting principles. All the intra-group balances, intra-group transactions as well as the income, the expenses and the latent results included in the carrying amount of assets, generated by internal transactions, are eliminated in full. 2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated. 2.6. Interests in associates Associated companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates are used by the group to apply the equity accounting method. The financial statements of the associates are prepared on the same reporting date as the parent company, based on similar accounting principles. 2.7. Summary of significant judgements, assumptions, and estimates In preparing the consolidated financial statements, management is required to make judgments and 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 and the determination of the percentage of completion of construction works. The following are critical judgements and estimations that management has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements. 2.7.1. Revenue recognition Under IFRS15, the transaction price is allocated to the identified performance obligations in the contract based on their relative standalone selling price. Judgement is required in determining the stand-alone price and the transaction price considering the contract duration. \u2022 Determination of the contract duration To define the duration of its contracts the group considers the contractual period in which the parties to the contract have present enforceable rights and obligations. \u2022 Determination of stand-alone selling price In situations where the stand-alone selling price is not directly observable, the group assess it using all information (including market conditions, EVS specific information or relevant customer information) that is reasonably available to the company. Discounts granted because a customer entered into a contract are allocated to all performance obligations triggering the granting of the discount. \u2022 Identification of performance obligations Identifying the performance obligation requires judgement and a thorough understanding of the contract promises and how they interact with each other. 2.7.2. Fair-value of share-based payments The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a stock option or warrants. The stock options are measured at grant date, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. 2.7.3. Deferred Tax position Deferred tax assets are recognized for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. In making its judgment, management considers elements such as long-term business strategy, including tax planning opportunities and local tax laws enacted at the reporting date. Deferred tax details are presented in note 7.3. 2.7.4. Current expected credit loss The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets carried at amortized cost. For trade receivables, EVS applies the simplified approach permitted by IFRS 9 Financial instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The ability of the Company to collect its accounts receivable balances is dependent on the viability and solvency of its customers, who may experience financial difficulties that could cause them to be unable to fulfil their payment obligations to the Company. The Company develops its estimate of credit losses by number of days overdue and historical loss rates which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit assessment, as well as macro-economic and industry risk factors. 2.7.5. Lease term under IFRS 16 When the Company acts as lessee, the lease term consists of the non-cancellable period of a lease, together with periods covered by options to extend the lease if the Company is reasonably certain to exercise these options, and periods covered by options to terminate the lease if the Company is reasonably certain not to exercise these options. Judgment is required in assessing whether these options will be exercised or not, considering all facts and circumstances that create an economic incentive to exercise an extension or termination option. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment. 2.7.6. Valuation of inventory and associated write-offs Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance for slow-moving inventory is based on consistently applied write off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the decision to stop a business unit or product line. The remaining inventory on hand is in that case analyzed and reserved as appropriate. Inventory allowances are only reversed in case the above rules no longer apply or the written off inventory is sold or scrapped (see note 14 inventory). 2.7.7. Functional currency of the group entities The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. When the factors set out by IAS 21 to determine the functional currency are mixed and the functional currency is not obvious, management judgment is used to determine which functional currency most faithfully represents the economic effects of its underlying transactions, events and conditions. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. 2.7.8. Claims and contingent liabilities Related to claims and contingencies, judgement is necessary in assessing the existence of an obligation resulting from a past event, in assessing the probability of an economic outflow, and in quantifying the probable outcome of economic resources. This judgment is reviewed when new information becomes available and often with the support of internal and external expert advice. 2.7.9. Recoverable amount of cash generating units including goodwill The Company tests the goodwill for impairment annually or more frequently if there are indications that goodwill might be impaired. The outcome of the goodwill impairment test performed in the last quarter of 2023 did not result in an impairment loss. The key assumptions that are used for estimating the recoverable amounts of cash generating units to which goodwill is allocated are discussed in note 10 (goodwill). 2.7.10. Actuarial assumptions related to the measurement of employee benefit obligations and plan assets The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation, and its long-term nature, a defined obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed on the reporting date and are discussed in note 6.4 (post-employment benefit). 2.7.11. Estimation of useful life Property, Plant and Equipment are depreciated using a straight-line method to allocate their depreciable amount on a systematic basis over their useful life. For the headquarters building in Li\u00e8ge, the depreciable amount is the cost less its estimated residual value. The useful life of an asset is estimated on a realistic basis based on the experience of the group with similar assets and reviewed at least annually. The effect of changes in useful life are recognized progressively. The residual value exercise is reviewed at each financial year-end and, if expectations differ from previous estimates, any change is accounted for prospectively as a change in estimate under IAS 8. 2.7.12. Impact of the war in Ukraine on our activities Further to the long-lasting conflict in Ukraine, EVS continues to monitor and comply with the international sanctions on Russia and Belarus within the framework of its business in those regions. EVS does not anticipate that the compliance of those sanctions might impact its business results as the revenue for those regions is not material. EVS does not have local offices in the impacted region. The impact of the war, even if immaterial, is limited to signed orders, not being executed, or delivered and potentially missed new opportunities that may arise in that area. 2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 1.0815 1.1050 2022 1.0537 1.0666 Variation 2.6% 3.6% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 0.8698 0.8690 20220.8527 0.8869 Variation 2.0% -2.0% 2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. 2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. 2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value. 2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as 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. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. 2.20. Share-based payment The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year. 2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500 K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. The Group has established that the stage of completion, which is determined in proportion to the total time expected to complete this type of projects at the end of the reporting period, is an appropriate method to estimate the revenue to recognize according to IFRS 15 Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, the revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. As regards to warranties, those are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37. 2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. 2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Labilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred. 2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis. 2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2023 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2022, EVS has however identified 2 major developments that do meet the IAS38 criteria. These developments are very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. 2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. 2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. 2.29. Commitments relating to technical guarantee in respect of sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. 2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period. 3. SEGMENT INFORMATION 3.1. General information 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. Therefore, the majority of 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\u2019s 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 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 (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). 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 (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2023 2022 % 2023/2022 Live Audience Business 90,050 71,439 26.1% Live Service Provider 83,278 66,869 24.5% Big Event Rentals -0,137 9,850 -100.0% Total Revenue 173,191 148,158 16.9% 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC excl. events EMEA excl. events Americas excl. events Big event Rentals TOTAL 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Evolution versus 2022 (%) 59.7% 28.0% 9.2% -100.0% 16.9% Variation versus 2022 (%) at constant currency 59.7% 28.0% 3.6% -100.0% 15.0% 2022 revenue 18,952 67,764 51,592 9,850 148,158 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 51.0 million (EUR 38.1 million in 2022) and in the United Kingdom for an amount of EUR 19.7 million (EUR 9.6 million in 2022). 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2023 2022 % 2023/2022 Sale of equipment 149,795 118,015 26.9% Other services 23,396 30,143 -22.4% Total Revenue 173,191 148,158 16.9% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The decline in other services is a consequence of the absence of Big Event Rental revenue in 2023. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2022). 3.2.5. Maturity analysis of the order book We start the year 2024 with the highest order book in the history of EVS at EUR 153.2 million, breaking a new record (+11.3% YoY), of which: - EUR 93.0 million to be recognized in revenue in 2024 (+8.3% YoY and excl Big Event Rentals) - EUR 7.4 million to be recognized in revenue in 2024 for Big Events Rental (compared to EUR 0.0 million at the end of 2022) - EUR 52.8 million to be recognized in revenue in 2025 and beyond (+1.9% YoY) 4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of foundation or acquisition Staff as of 31.12.23 Incorporation method ca(1)used Part of pital held as of 31.12.23 (2)(in %) Part of capital held as of 31.12.22 (2)(in %) Change in % of capital held EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 NJ 07004 Fairfield, USA 1996 37 F 100.00 100.00 0.00 EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA 2011 4 F 100.00 100.00 0.00 EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 2010 38 F 100.00 100.00 0.00 EVS Italia S.R.L. Via Milano 2, IT-25126 Brescia, ITALIE TVA: IT-03482350174 1998 3 F 100.00 100.00 0.00 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 2007 4 F 100.00 100.00 0.00 EVS Nederland BV Parnassungsweg 819 1082 LZ Amsterdam PAYS-BAS 2008 1 F 100.00 100.00 0.00 EVS International (Swiss) SARL Rue des Arsenaux 9, 1700 Fribourg, SUISSE TVA: CH-21735425482 2009 0 F 100.00 100.00 0.00 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 169 Electric Road, North Point, HONG-KONG 2002 12 F 100.00 100.00 0.00 EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 11 North Buona Vista Drive 138589 SINGAPORE 2015 4 F 100.00 100.00 0.00 EVS Australia Pty Ltd. Level 8, 261 George Street Sydney NSW 2000, AUSTRALIE 2007 4 F 100.00 100.00 0.00 EVS Deutschland GmbH Hilpertstrasse 27, 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 2013 14 F 100.00 100.00 0.00 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, N\u00b093 Jianguo Road 100026 Beijing, CHINE 2005 9 F N/A N/A N/A EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS 2006 6 F N/A N/A N/A EVS Americas Los Angeles \u2013 Representative office 101 South First Street, Suite #404 Burbank, CA 91504, USA 2006 9 F N/A N/A N/A EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA 1998 27 F 100.00 100.00 0.00 EVS Netherlands BV Hercules 28, 5126RK Gilze, NETHERLANDS NL802646748B01 1994 57 F 100.00 100.00 0.00 MECALEC SMD SA Rue Nicolas Fossoul 54, B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 1999 28 E 49.50 49.50 0.00 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts and persons acting in their own name on behalf of these companies. 5. INVESTMENT IN JOINT-VENTURES AND ASSOCIATES (EUR thousands) 2023 2022 Investment in associates Opening balance as at January 1 1,922 1,920 - Disposals during the year - - - Acquisitions during the year - - - Results 185 313 - Dividends received and others -168 -311 Closing balance as at December 31 1,938 1,922 5.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2023 amounted to EUR 0.4 million. EVS represented 20,4% of MECALEC SMD\u2019s turnover in 2023. The share of EVS in the 2023 results of MECALEC SMD amounts to EUR 185,000 and the share of EVS in MECALEC SMD equity amounts to EUR 1,936,000. (EUR thousands) Dec. 31, 2023 Dec. 31, 2022 Current assets 3,467 3,531 Non-current assets 914 892 Current liabilities -465 -540 Non-current liabilities - - Net assets 3,916 3,883 Share of associate\u2019s balance sheet (49.5%) 1,938 1,922 Turnover 3,056 3,765 Net result 373 633 Share of associate\u2019s net result (49.5%) 185 313 Dividends received -64 -64 (1)Other -104 -247 Carrying amount of investment 1,938 1,922 (1) Adjustment for final MECALEC 2022 financial statements received after publication 6. INCOME AND EXPENSES 6.1. Gross margin (EUR thousands) 2023 2022 Revenue 173,191 148,158 Cost of sales -52,548 -49,314 Gross profit 120,643 98,844 Gross margin % 69.7% 66.7% Consolidated gross margin was 69.7% for FY23, compared to 66.7% in FY22 (+3.0Pts) explained by positive impact of sales price increases and a higher volume of software compared to hardware in certain solutions. This has resulted primarily in improved margins for all our solutions. The increase in revenue compared to the relative fixed services cost also explains the gross margin increase.6.2. Research and development expenses Research and development expenses amounted to EUR 31.8 million in 2023 versus EUR 26.3 million in 2022. The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured. Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2023 2022 Gross R&D expenses 38,695 35,854 R&D capitalized as intangible assets -4,177 -7,080 Depreciation of intangible assets 563 - Benefits relating to R&D expenses -3,245 -2,507 R&D expenses, net 31,836 26,267 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.3 million (EUR 0.4 million in 2022). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.4 million (EUR 0.4 million in 2022). 6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. 6.4. Post-employment benefit Since April 1, 2002, EVS has implemented a defined contribution pension plan in accordance with the sectoral pension plan regulations for employees in the metallic manufacturing sector (\u201ccommission paritaire 209\u201d). It foresees the payment of an annual premium equal to a percentage of the gross salary (submitted to the national office of social security) for each employee. This premium is exclusively paid by the employer. The premium rate is set by the sector's collective agreements. Premiums have evolved as follows: In % Contribution rate 2008 to 2010 1.10% 2011 1.77% 2012 1.87% 2013 to 2019 1.97% 2020 2.29% 2021 2.29% 2022 2.29% 2023 2.29% The plan is managed by \u201cMonument\u201d (previously \u201cIntegrale\u201d). The financing policy is outlined in its annual report. In addition, since, January 1, 2012, employees of EVS in Belgium are automatically affiliated to a second pension plan subscribed with AG Insurance. EVS contributes to this plan (including management fee, life insurance, disability, and risk waiver insurance premiums) at a rate of 3% of gross annual salary. Until 2015 included, both pension plans were treated as defined contribution plans, and the contributions to these pension schemes were recognized as an expense in the income statement as incurred. 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 only responsible for the contribution payments but also must 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 benefit from a contractual interest rate granted by the insurance company. When there is underfunding, it is covered by the financing fund and, in case insufficient, additional employer contribution is requested. IAS 19 requires an entity to recognize liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. Obligations are measured on a discounted basis because they are settled several years after the employees render the related service. A qualified actuary has determined the present value of the defined benefit obligations and the fair value of the plan assets except for the multi-employer plan. These assets are held by an insurance company. The projected unit credit method was used to measure the obligations and costs. Assumptions were included on demographic and financial variables. The result of this calculation has then been extrapolated to the multi-employer plan based on the contributions paid. Changes booked in 2023 in the Belgian defined benefit obligation and fair value of plan assets were as follows: 2023 2022 In thousands of EUR Defined benefit obligation Fair value of plan assets Net defined benefit liability Defined benefit obligation Fair value of plan assets Net defined benefit liability As of January 1 10,203 -10,089 114 10,587 -8,762 1,825 Service cost 762 - 762 1,156 - 1,156 Administrative costs 28 28 28 28 Net interest expenses 383 -401 -18 120 -106 14 Sub-total included in profit or loss 1,145 -373 772 1,276 -78 1,198 Benefits paid -196 196 - -179 179 - Actuarial changes (assumptions) of which: Arising from changes in demographic assumptions - - 235 235 - 235 Arising from changes in financial assumptions - - -1,349 -1,349 - -1,349 Arising from experience adjustments 334 170 504 -367 -350 -717 Sub-total included in OCI 334 170 504 -1,481 -350 -1,831 Contributions by employer - -1,251 -1,251 - -1,078 -1,078 As of December 31 11,486 -11,347 139 10,203 -10,089 114 The fair value of plan assets is allocated to the following categories of assets: sovereign bonds & assimilated (51%), corporate bonds (33%), real estate (9%), shares (5%) and cash (2%). The principal assumptions used in determining pension obligations for the Group\u2019s plans are shown below: In % 2023 2022 Discount rate 3.35% 3.80% Future salary increases (incl. consumer price increases) 2.40% 2.40% stThe following overview summarizes the sensitivity analysis performed for significant assumptions at December 31. The figures show the impact on the defined benefit obligation. (EUR thousands) 2023 2022 Discount rate 0.25% decrease - 2,242 0.25% increase - -1,627 Future salary evolution 0.25% decrease - -616 0.25% increase - 650 The sensitivity analysis above has been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in one key assumption occurring at the end of the reporting period, keeping all other assumptions constant. These may not be representative for an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation of one another. In 2023 the changes in discount rate and future salary evolution do not impact the defined benefit obligation. Regarding discount rate, the defined benefit obligation is based on either the minimum guarantee provided by the insurance company, or the mathematical reserves on members\u2019 contracts, considering that the minimum guarantee projected at retirement age taking into account the probabilities of death and turnover is lower for all plans. Regarding future salary evolution, the method used to determine the defined benefit obligation is the Projected Unit Credit without future premiums, which is therefore not impacted by changes in salary increase assumptions. The expected contributions to the plan for the next annual reporting period amount to EUR 1,322 thousand (EUR 1,197 thousand in 2022). The average duration of the defined benefit plan obligation is 17 years (18 years in 2022). The following payments are the expected benefit payments from the plan assets for the upcoming ten years: (EUR thousand) 2023 2022 Within the next 12 months 54 94 Between 2 and 5 years 513 194 Between 5 and 10 years 2,199 2,148 Total expected payments 2,766 2,436 No other post-employment benefit is provided to the personnel. 6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. 6.6. Other income and expenses Other expenses mainly represent losses on trade debtors amounting to EUR 0.4 million (EUR 0.4 million in 2022). 7. INCOME TAXES 7.1. Tax charge on results The tax charge for 2023 and 2022 is mainly made of: (EUR thousands) 2023 2022 Current tax charge Effective tax charge -4,355 -1,525 Adjustments of current tax related to prior years 295 956 Deferred taxes Tax effects of temporary differences 455 -853 - Fixed assets depreciation -243 -253 - Intangibles (R&D investment deductions) * 1,027 -185 - Other intangibles -25 217 - Adjustments for IFRS 16 14 52 - Adjustments for IAS 19 -120 22 - Adjustments for the carry-over taxation for gains on building disposals 75 105 - Adjustments for IFRS 9 -25 -28 - Reported tax losses -1,763 -936 - Provisions - - - Reversal statutory gain on intangible transfer within the group 1,114 - - Others 401 153 Income taxes included in the income statement -3,605 -1,422 * see also note 6.2 for deductions relating to R&D investments. Income tax expenses amount to EUR 3.6 million for the full year 2023, compared to EUR 1.4 million in 2022. The increase is mainly explained by higher taxable profit (especially in Belgium) and the limitation on the deduction of tax latencies from previous years in Belgium which leads to a lower amount of deferred tax asset that can be used during the period. 7.2. 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 2022 and 2023 with the theoretical tax charge obtained by applying the theoretical tax rate: (EUR thousands) 2023 2022 Reconciliation between the effective tax rate and the theoretical tax rate Profit before taxes and share in the result of the enterprise accounted for using the equity method 40,469 32,701 Effective tax charge based on the effective tax rate -3,605 -1,422 Effective tax rate 8.91% 4.35% Reconciliation items for the theoretical tax charge Tax effect due to the carry-over taxation for gains on buildings disposals in the statutory accounts Tax effect on R&D investment deductions -1,261 -959 Tax effect of non-deductible expenditures 132 170 Tax effect due to the usage of tax losses (incl. subsidiaries) -1,071 -914 Tax effect on innovation deduction -5,243 -4,114 Tax effect on innovation deduction (catch-up from previous years) Tax effect of previous years adjustments (incl. subsidiaries) -295 -956 Others 24 160 Total tax charge of the group entities computed on the basis of the respective local nominal rates -11,319 -8,035 Theoretical tax rate 28.0% 24.6% The tax charge for FY2022 included an adjustment of the previous year tax provision that was booked worth EUR 0.6 million in the Belgian parent company. Theoretical tax charge computed on the basis of the respective local nominal rates increased mainly due to the significant increase of the profit before tax for most of the subsidiaries. The amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less that EUR 750 million per year. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Buildings depreciation 2,322 2,075 R&D intangibles 5,329 4,301 Other intangible assets 146 942 Leases (IFRS 16) 158 11 144 10 Defined benefit plan provision 13 6 Accounts receivable impairment 57 78 Carry-over taxation for gains 575 649 Recoverable tax loss 1,865 3,627 Other tangible assets 12 132 Corrections on inventory 544 Total 8,112 2,920 8,288 3,676 Net booked value 5,203 11 4,622 10 Deferred taxes are booked \u201cnet\u201d in accordance with the valuation rules of the Group because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D intangibles is driven by an increase in the R&D expenses capitalized during the FY 2023 (23.6 million in 2023 vs 16.6 million in 2022) and depreciated over 3 years from a tax point of view. The decrease in the recoverable tax loss is explained mainly by the consumption of recoverable tax latencies due to a taxable profit in 2023 for all Group entities. 8. EARNINGS PER SHARE The basic earnings per share are calculated by dividing the net profit and loss of the period attributable to the ordinary shares, less the treasury shares, by the weighted average number of ordinary shares in circulation during the year. The diluted earnings per share are calculated by dividing the net result of the period attributable to the ordinary shareholders by the weighted average number of ordinary shares in circulation at the rate of the period, adjusted by the diluting effects of the share options (warrants). (EUR thousands) 2023 2022 Net profit 36,946 31,344 - attributable to non-controlling interests - - - attributable to equity holders of the parent company 36,946 31,344 2023 2022 Weighted average number of issued shares, excluding treasury shares 13,427,915 13,411,972 Dilution effect of the weighted average number of the share options in circulation 522,836 269,112 Weighted average number of fully diluted number of shares 13,950,751 13,681,084 Basic earnings per share (EUR) 2.75 2.34 Diluted earnings per share (EUR) 2.65 2.29 The diluted earnings per share does include (a) 187,000 warrants attributed in October 2020, of which 146,750 are outstanding (154,250 in December 2022) with an exercise price below the share price and with maturity in October 2026, (b) 158,600 warrants attributed in June 2021, of which 152,600 are outstanding (155,350 in December 2022) with an exercise price below the share price and with maturity in June 2027, (c) 183,375 warrants attributed in September 2022, of which 182,625 are outstanding (183,375 in December 2022) with an exercise price below the share price and with maturity in September 2028, and (d) 198,900 warrants attributed in October 2023, all outstanding and with an exercise price below the share price and with a maturity in October 2029. 9. DIVIDENDS PAID AND PROPOSED Dividends are paid for issued shares less treasury shares at the payment date. The Ordinary General Meeting of May 16, 2023, approved the payment of a total gross dividend of EUR 1.10 per share for the year 2022. For the year 2023, an interim dividend of EUR 0.50 per share was paid in November 2023. Full year dividend of EUR 1.10 per share will be proposed to the Ordinary General Meeting of shareholders. (EUR thousands, gross amount) Coupon # Declaration date 2023 2022 Paid during the year: - Final dividend for 2021 (incl. exceptional dividend) (EUR 1.00 per share excl. treasury shares) 32 May 2022 13,402 - Interim dividend for 2022 (EUR 0.50 per share excl. treasury shares) 33 Nov. 2022 6,710 - Final dividend for 2022 (incl. exceptional dividend) (EUR 1.10 per share excl. treasury shares) 34 May 2023 14,780 - Interim dividend for 2023 (EUR 0.50 per share excl. treasury shares) 35 Nov. 2023 6,717 Total paid dividends 21,497 20,112 The latest dividend guidance issued in 2022 foresees total annual dividend distribution of EUR 1.10 per share in 2023 and 2024, subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders: In EUR per share per fiscal year 2022 2023 2024 Base dividend 1.10 1.10 1.10 Exceptional additional dividend 0.50 0.00 0.00 Total dividend 1.60 1.10 1.10 10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon Acquisition cost As of December 31, 2022 820 1,125 2,832 4,777 - Acquisitions - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 2,832 4,777 Accumulated impairment As of December 31, 2022 820 1,125 - 1.945 - Impairment - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 - 1,945 Net carrying amount As of December 31, 2022 - - 2,832 2,832 As of December 31, 2023 - - 2,832 2,832 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plan of Axon, in accordance with IAS 36. 10.1. Axon Group By the end of 2023, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - 10% annual growth in revenue (only for the first five-year period), supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and kept conservatively flat over the projected period. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 16.9% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2023 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 62 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2023 year-end. 11. OTHER INTANGIBLE ASSETS (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2021 5,070 5,119 3,389 13,578 - Intangible assets in progress - 7,824 448 8,272 As of December 31, 2022 5,070 12,943 3,837 21,850 Accumulated amortization As of December 31, 2021 -3,174 -1,219 -3,072 -7,465 - Amortization -356 -731 -83 -1,170 As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 Net carrying amount As of December 31, 2021 1,896 3,900 317 6,113 As of December 31, 2022 1,540 10,993 682 13,215 (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. 12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2021 63,383 7,978 18,347 749 90,457 - Acquisition 856 1,064 1,437 494 3,851 - Sales and disposals - -523 -22 - -545 - Transfers -79 -63 142 - - - Other -137 211 -16 - 58 As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 Accumulated depreciation As of December 31, 2021 -11,459 -5,985 -16,033 - -33,477 - Depreciations -3,409 -935 -1,227 - -5,571 - Sales and disposals - 523 - - 523 - Other 145 -209 2 - -62 As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 Net carrying amount As of December 31, 2021 51,924 1,993 2,314 749 56,980 As of December 31, 2022 (a) 49,300 (b) 2,061 (b) 2,630 (a) 1,243 55,234 (a) Sub-total Lands & Buildings 50,543 (b) Sub-total Other Tangible Assets 4,691 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 39,955 - - - 39,955 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 -94 -14 - -216 As of December 31, 2023 64,273 10,074 22,773 1,313 98,433 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 3,277 (b) 4,162 (a) 1,313 55,073 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 7,439 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 38,343 - - - 38,343 The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). Tangible assets remain stable with the acquisitions of the period (mainly IT equipment and vehicles) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2023 and 31 December 2022 is as follows: (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2021 10,740 - 2,291 13,031 13,408 Additions 1,666 - 1,084 2,750 2,802 Disposals -1,278 - -22 -1,300 -1,300 Depreciation expenses -1,667 - -1,182 -2,849 - Interest expenses - - - - 569 Conversion differences & Other 193 - - 193 416 Payments - - - - -3,397 As of December 31, 2022 9,654 - 2,171 11,825 12,498 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated loans Other financial assets TOTAL Net carrying amount as of Dec. 31, 2021 - 404 404 - Refunded/converted during the year - -17 -17 - Acquired during the year - 119 119 - Others - 6 6 Net carrying amount on Dec. 31, 2022 - 512 512 Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Others - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 The other financial assets mainly consist of cash guarantees and are accounted for at fair value through the profit and loss statement. 14. INVENTORIES (EUR thousands) December 31, 2023 December 31, 2022 Raw materials 24,161 23,275 Finished goods 34,569 32,422 Goods purchased for resale 5,268 3,941 Total at cost 63,998 59,638 Cumulated amounts written off at the beginning of the period -30,852 -27,797 Additions/Reversal/use of the amounts written off, net -69 -2,807 Exchange rate difference -76 -248 Cumulated amounts written off at the end of the period -30,997 -30,852 Total net carrying amount 33,001 28,786 The increase of inventories during 2023 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. EVS started preparing, towards the end of 2023, the BIG Events coming in 2024, impacting the inventory temporarily at year-end. Inventories recognized as an expense during the period amounted to EUR 27.0 million (EUR 24.1 million in 2022). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 0.1 million in 2023 (EUR 2.8 million in 2022), are accounted for as charges in the costs of sales. These write-offs concern technologically obsolete stock items, a range of products classified as end of life at the end of 2023. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade receivables 70,032 61,920 Write offs on receivables -2,789 -3,064 - of which ECL -816 -674 - of which other provisions -1,973 -2,390 Net trade receivables 67,243 58,856 Finance lease receivables 3,275 2,799 Deferred charges and accrued income 6,947 6,371 Other amounts receivable 4,900 5,195 Total other receivable, deferred charges and accrued income 15,122 14,365 Total 82,365 73,221 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Trade receivables evolve largely in line with our overall sales volumes. The increase is partially offset by a normalization of the delayed invoice issuance situation at the end of 2022 that followed the implementation of our new ERP. The majority of our trade receivables (i.e. 57%) is not due at year-end. Allowances for doubtful accounts are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2023, an amount of EUR 20.6 million (EUR 10.4 million on December 31, 2022) within trade receivables was overdue with more than 90 days from which EUR 2.8 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2023 and 2022 are as follows: (EUR thousands) 2023 2022 Write-offs on trade receivables Value as of January 1 3,064 2,672 - Write-offs during the year 1,606 1,881 - of which Expected Credit Loss 142 224 - of which other provisions 1,464 1657 - Releases of write-offs during the year -1,881 -1,563 - Other - 74 Value as of December 31 2,789 3,064 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.45% 0.83% 1.41% 2.50% 3.64% Total gross carrying amount 44,085 4,851 730 1,823 10,431 61,920 Expected credit loss as of Dec 31 2022 198.4 40.3 10.3 45.6 379.7 674 (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 15.1. Finance lease receivables (EUR thousands) 2023 2022 Finance lease receivables Within one year (current finance lease) 3,275 2,799 After one year but no longer than five years (non-current finance lease) 3,458 3,647 Total 6,733 6,446 (EUR thousands) 2024 2025 2026 After Future undiscounted lease payments 3,514 1,892 1,739 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.2 million (EUR 0.3 million in 2022). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2023 is 8.0% (8.0% in 2022). The financial revenues generated by the finance leases amount to EUR 0.3 million in the period (EUR 0.2 million in 2022) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2023 December 31, 2022 Contract assets 6,861 6,371 Contract liabilities 18,058 17,078 Invoiced advances and deferred income amounted to EUR 18.1 million at December 31, 2023, compared to EUR 17.1 million at the end of 2022. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 6.9 million at December 31, 2022 (EUR 6.4 million in 2022). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. 17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2023 December 31, 2022 Cash at bank and in hand 32,765 31,510 Short-term deposits and remunerated cash accounts 18,181 17,541 Total 50,947 49,051 The increase in cash and cash equivalents is mainly driven by the higher cash from operating activities of EUR 35.7 million resulting from 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). The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -7.5 million linked to the investments in intangible and tangible assets (specifically in the internal development of intangible assets) together with the net cash used in financing activities of EUR -25.9 million, mainly driven by total dividend payment of EUR -21.5 million in the period. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2023, short-term deposits are mainly composed of investments in bonds floating rate notes fund. 18. OWNER\u2019S EQUITY 18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of shares Capital (EUR) 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 07.09.1999 Issuance of 119,952 shares for exchange with NETIA shareholders 119,952 7,197,120 Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2023 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2023, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2023, 680,875 issued warrants with an average exercise price of EUR 19.82 per share are exercisable until October 2029. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 76.0% of the total balance sheet at the end of 2023. Compared to 2022, shareholders\u2019 equity increased by EUR 15.5 million. The EVS Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the Group\u2019s cash position and its financial independence. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. 18.3. Authorized capital Pursuant to a decision of the Extraordinary General Meeting of June 5, 2023, the Board of Directors is authorized to increase the capital on one or more occasions by a maximum amount of one million and six hundred thousand euro (1,600,000 EUR), excluding the share premium. These capital increases may be carried out by subscriptions in cash, contributions in kind, or incorporation of reserves or issue premiums, with or without the creation of shares. Within the limits of this authorization, the Board of Directors may issue bonds convertible into shares or subscription rights, in compliance with the provisions of articles 7:198 et seq. of the Companies and Associations Code. In the case of a share capital increase with share premium, such premium must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. Similarly, in the event of an issue of subscription rights, their issue price must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. On the occasion of any issue of shares, convertible bonds or subscription rights, the Board of Directors may limit or cancel the preferential subscription rights of the shareholders, including in favour of one or more specific persons other than staff members, in accordance with the terms and conditions to be determined by the Board of Directors and subject to compliance with the provisions of articles 7:198 et seq. of the Belgian Companies and Associations Code. This general authorization is valid for a period of five (5) years from the publication of the resolution of June 5, 2023 and is renewable. The Board of Directors shall be entitled to amend the Articles of Association to the extent required to reflect the use of the authorization granted by this article (article 7 of the articles of associations). 18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 680,875 warrants outstanding at the end of 2023 (492,975 at the end of 2022), the dilution effect represents 4.8% of the share capital, this being covered by the 893,820 treasury shares, which represent 6.3% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2023, 198,900 warrants were distributed (183,375 in 2022), no warrants were exercised (same in 2022), and 11,000 warrants were cancelled following the departure of personnel or expired (146,832 in 2022). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2023 2022 Number WAPP (EUR) Number WAPP (EUR) In circulation at the beginning of the period 492,975 16.95 456,432 19.89 Granted during the period 198,900 25.85 183,375 18.62 Exercised during the period - - - - Cancelled during the period -11,000 15.16 -146,832 28.17 In circulation at the end of period 680,875 19.58 492,975 16.95 The warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2024 13.69 146,750 154,250 2027 2025 18.21 152,600 155,350 2028 2026 18.62 182,625 183,375 2029 2027 25.85 198,900 - Total Between 13.69 and 25.85 680,875 492,975 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2023 Plan 2022 Plan 2021 Volatility 25.6% 31.5% 33.1% Risk free interest rate 3.27% 2.26% -0.53% Dividend return 4.3% 5.3% 5.0% Economical value of the option vs. underlying share 17.3% 20.5% 15.5% During 2023, the Group recognized EUR 0.5 million as expense in the income statement in relation with the warrant schemes (EUR 0.3 million in 2022). As of December 31, 2023, the total fair value of the warrants amounts to EUR 2.4 million (EUR 1.5 million as of December 31, 2022). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 16, 2023, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2022. Considering tax implications for the company, this grant consisted of 42 shares (net of taxes) for all employees hired by the group before January 1, 2023, proportionally to the effective time performance (or assimilated) in 2022. This represented 14,194 shares for an amount of EUR 0.3 million (EUR 0.3 million in 2022). A proposal will be presented for approval to the Ordinary General Meeting of May 16, 2024, relating to the appropriation of the year 2023, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. 18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d In 2023, the Group did not repurchase its own shares on the stock market. No shares were used to satisfy the exercise of warrants by employees. At December 31, 2023, the total number of own shares amounts to 893,820 shares (at an average historical price of EUR 19.21) compared to 908,014 as of December 31, 2022 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2023 2022 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 908,014 19.21 925,140 19.21 Staff incentive program -14,194 19.21 -17,126 19.21 At the end of the period 893,820 19.21 908,014 19.21 18.6. Reserves (EUR thousands) December 31, 2023 December 31, 2022 Legal reserves 999 999 Reserves available for distribution 197,898 182,391 Reserves for treasury shares -17,174 -17,447 Reserves 181,723 165,943 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares. 18.7. Translation differences For Group\u2019s entities whose functional currency is not EUR (i.e. US affiliate EVS Inc. which operates in USD), assets and liabilities are converted into the Group\u2019s reporting currency (EUR) at the exchange rate in force on the reporting date, capital and reserves are converted at historical exchange rate, and the income statement is converted at the average exchange rate of the period. The translation differences resulting from this conversion are directly recognized under a distinct heading of equity. 19. LOANS (EUR thousands) December 31, 2023 December 31, 2022 Long term financial debts Bank loans 561 1,675 Long term lease liabilities 9,883 9,853 Amount due within 12 months (shown under current liabilities) Bank loans 1,114 1,105 Short term lease liabilities 2,782 2,645 Total financial debt (short and long-term) 14,340 15,278 The total financial debt is repayable as follows : - within one year 3,896 3,750 - after one year but no more than five 10,444 11,528 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2022 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2022 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,112 8,082 3,047 14,241 December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 19.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January 2022 Cash flows Foreign exchange movements Other 31 December 2022 Long-term borrowings 2,779 - - -1,104 1,675 Short-term borrowings 1,095 -1,094 - 1,104 1,105 Lease liabilities 13,408 -2,828 418 1,500 12,498 Total liabilities from financing activities 17,282 -3,922 418 1,500 15,278 Non-cash changes In thousands of Euro 1 January 2023 Cash flows Foreign exchange movements Other 31 December 2023 Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 20. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2022 9 1,628 1,637 Arising during the year - 438 438 Utilized - -337 -337 Reversed - - - As of December 31, 2022 9 1,729 1,738 Current 2022 - - - Non-current 2022 9 1,628 1,637 Current 2023 - - - Non-current 2023 9 1,729 1,738 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2023 represents an amount of EUR 1.7 million (EUR 1.6 at the end of 2022). 21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2023 December 31, 2022 Amounts payable regarding social security 694 881 Amounts payable regarding wages and bonuses 11,787 10,338 Total 12,481 11,219 The increase of amounts payable regarding wages and bonuses on December 31, 2023 is mainly linked to the increase in headcount compared to the same period in 2022, coupled with higher provision for bonuses in line with the positive results of the year. 23. COMMITMENTS AND CONTINGENCIES 23.1. Operating lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2023, a provision of EUR 1.7 million (EUR 1.6 million in 2022) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.9 million as of December 31, 2023 (EUR 0.8 million in 2022) mainly requested as part of international public tenders, or as security deposit. Bank guarantees are reported under cash. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2023. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 18 million in 2022) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. 24. RELATED PARTY DISCLOSURES 24.1. Affiliates The consolidated financial statements include the financial statement of EVS Broadcast Equipment SA and the subsidiaries consolidated according to the full consolidation method listed in note 4. They are representation and distribution subsidiaries for the products developed by EVS. The table hereunder provides the total number of transactions which have been entered into with related parties that are not fully consolidated. Sales to and purchases from related parties are made at normal market prices and under usual commercial conditions. Outstanding balances at year end are unsecured and settlement occurs in cash. (EUR thousands) Sales to related parties Purchases from related parties Amounts due by related parties Amounts owed to related parties Related parties Associates : MECALEC SA 2023 - -632 - - 2022 - -636 - - Total 2023 -632 - 2022 - -636 - - 24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2023 2022 Short-term employee benefits 2,953 2,489 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 209 107 Total 3,162 2,596 Amounts recognized as an expense during the reporting period related to key management personnel are as follows: Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Short-term employee benefits 945 723 Post-employment pension and medical benefits - - Termination benefits - - Total 945 723 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2023 13.69 47,000 47,000 2027 2025 18.21 68,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 - Total Between 13.69 and 25.85 282,550 195,500 25. AUDITOR Since the Ordinary General Meeting of May 17, 2016, the audit of the statutory and consolidated accounts of EVS Broadcast Equipment SA to EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario (A02506), Belgian R\u00e9viseur d\u2019Entreprise. The mandate of the Auditor is for three years (ending in May 2025). In 2023, all fees related to the Auditor of the parent company, EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario and its associates, amounted to EUR 277.202 in aggregate for their duties as Auditor. Other audit services amounted to EUR 3.500. No non-audit services were carried out by the Commissioner in 2023. 26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2023, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2023 December 31, 2022 Assets measured at fair value Financial assets at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting 206 324 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data All fair values mentioned in the above table relate to Level 2. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. EVS hedges future USD net inflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since 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, 2023, the Group holds EUR/USD FX forward and option contracts for a total notional amount of USD 31.1 million with monthly maturities between January 2023 and December 2025. The fair value of those financial instruments on December 31, 2023, amounts to EUR 0.2 million (0.3 million on December 31, 2022). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2023, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies. As of December 31, 2023, the maximum amount the Group could have to pay if guarantees are called on is EUR 0.8 million (like EUR 0.8 million in December 2022). 28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE There are no other subsequent events that may have a material impact on the financial statements of the Group. ",
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"value": "1. INFORMATION ABOUT THE COMPANY 1.1. Identification EVS Broadcast Equipment SA Liege Science Park Rue Bois Saint-Jean, 13 B-4102 Seraing VAT: BE 0452.080.178 National Registered Number: BE0452.080.178 www.evs.com EVS Broadcast Equipment SA was incorporated for an unlimited period on February 17, 1994, in the form of a public limited company governed by Belgian law. EVS Broadcast Equipment SA is a company whose shares are publicly traded. It has its head office in Belgium, Li\u00e8ge. The consolidated financial statements of EVS Broadcast Equipment SA on December 31st, 2023, were established by the thBoard of Directors of March 28, 2024. The Board of Directors is authorized to amend the consolidated financial statements stup until the Annual General Meeting of Shareholders, scheduled to be held on May 21, 2024. The financial year starts on January 1 and ends on December 31 of each year. The consolidated financial statements are reported in euros (EUR). 1.2. Public information The company\u2019s financial statements are filed with the \u201cBanque Nationale de Belgique\u201d. Corporate by-laws and special reports required by the Belgian Company and Association Code can be obtained from the Commercial Court Registry in Li\u00e8ge and from the Belgian Official Bulletin \u201cMoniteur Belge\u201d and its related website (\u201chttp://www.ejustice.just.fgov.be/tsv/tsvf.htm\u201d). These documents, as well as annual statements and any written information to shareholders, are also available at the company\u2019s registered office. Financial information is available on the Internet at www.evs.com. 1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d. ",
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"pp-value-16-4": {
"value": "Belgium,",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "The consolidated financial statements of EVS Broadcast Equipment SA on December 31st, 2023, were established by the thBoard of Directors of March 28, 2024. The Board of Directors is authorized to amend the consolidated financial statements stup until the Annual General Meeting of Shareholders, scheduled to be held on May 21, 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation 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 consolidated financial statements were authorized for issue by the Board of Directors on 28 March 2024. 2.3. Alternative performance measures The group uses so called \u201cAlternative performance measures\u201d (\u201cAPM\u201d) in the financial statements and notes. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined in the applicable financial reporting framework (IFRS). A glossary describing these alternative performance measures is included at the end of this annual report. These measures are consistently used over time and when a change is needed, comparable information is restated and reported. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation 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 consolidated financial statements were authorized for issue by the Board of Directors on 28 March 2024. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-2": {
"value": "2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements. The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on 1 January 2023 and that are detailed as follows:\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023 \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023 \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023 \u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023 \u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023 The adoption of these new and amended standards has no impact on the financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Following the amendments to IAS 1, the Group has revised the disclosure of its accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements. The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on 1 January 2023 and that are detailed as follows:\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023 \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023 \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023 \u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023 \u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023 The adoption of these new and amended standards has no impact on the financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Following the amendments to IAS 1, the Group has revised the disclosure of its accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "2.4. Consolidation principles The consolidated financial statements include the financial statements of EVS Broadcast Equipment SA and of its subsidiaries prepared on December 31 of each year. The financial statements of the subsidiaries are prepared on the same date and in accordance with identical accounting principles. All the intra-group balances, intra-group transactions as well as the income, the expenses and the latent results included in the carrying amount of assets, generated by internal transactions, are eliminated in full. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated. 2.6. Interests in associates Associated companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates are used by the group to apply the equity accounting method. The financial statements of the associates are prepared on the same reporting date as the parent company, based on similar accounting principles. 2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 1.0815 1.1050 2022 1.0537 1.0666 Variation 2.6% 3.6% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 0.8698 0.8690 20220.8527 0.8869 Variation 2.0% -2.0% 2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. 2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. 2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value. 2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as 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. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. 2.20. Share-based payment The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year. 2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500 K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. The Group has established that the stage of completion, which is determined in proportion to the total time expected to complete this type of projects at the end of the reporting period, is an appropriate method to estimate the revenue to recognize according to IFRS 15 Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, the revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. As regards to warranties, those are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37. 2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. 2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Labilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred. 2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis. 2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2023 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2022, EVS has however identified 2 major developments that do meet the IAS38 criteria. These developments are very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. 2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. 2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. 2.29. Commitments relating to technical guarantee in respect of sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. 2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "2.6. Interests in associates Associated companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates are used by the group to apply the equity accounting method. The financial statements of the associates are prepared on the same reporting date as the parent company, based on similar accounting principles. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "2.6. Interests in associates Associated companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates are used by the group to apply the equity accounting method. The financial statements of the associates are prepared on the same reporting date as the parent company, based on similar accounting principles. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-122-2": {
"value": "2.7. Summary of significant judgements, assumptions, and estimates In preparing the consolidated financial statements, management is required to make judgments and 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 and the determination of the percentage of completion of construction works. The following are critical judgements and estimations that management has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements. 2.7.1. Revenue recognition Under IFRS15, the transaction price is allocated to the identified performance obligations in the contract based on their relative standalone selling price. Judgement is required in determining the stand-alone price and the transaction price considering the contract duration. \u2022 Determination of the contract duration To define the duration of its contracts the group considers the contractual period in which the parties to the contract have present enforceable rights and obligations. \u2022 Determination of stand-alone selling price In situations where the stand-alone selling price is not directly observable, the group assess it using all information (including market conditions, EVS specific information or relevant customer information) that is reasonably available to the company. Discounts granted because a customer entered into a contract are allocated to all performance obligations triggering the granting of the discount. \u2022 Identification of performance obligations Identifying the performance obligation requires judgement and a thorough understanding of the contract promises and how they interact with each other. 2.7.2. Fair-value of share-based payments The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a stock option or warrants. The stock options are measured at grant date, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. 2.7.3. Deferred Tax position Deferred tax assets are recognized for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. In making its judgment, management considers elements such as long-term business strategy, including tax planning opportunities and local tax laws enacted at the reporting date. Deferred tax details are presented in note 7.3. 2.7.4. Current expected credit loss The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets carried at amortized cost. For trade receivables, EVS applies the simplified approach permitted by IFRS 9 Financial instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The ability of the Company to collect its accounts receivable balances is dependent on the viability and solvency of its customers, who may experience financial difficulties that could cause them to be unable to fulfil their payment obligations to the Company. The Company develops its estimate of credit losses by number of days overdue and historical loss rates which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit assessment, as well as macro-economic and industry risk factors. 2.7.5. Lease term under IFRS 16 When the Company acts as lessee, the lease term consists of the non-cancellable period of a lease, together with periods covered by options to extend the lease if the Company is reasonably certain to exercise these options, and periods covered by options to terminate the lease if the Company is reasonably certain not to exercise these options. Judgment is required in assessing whether these options will be exercised or not, considering all facts and circumstances that create an economic incentive to exercise an extension or termination option. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment. 2.7.6. Valuation of inventory and associated write-offs Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance for slow-moving inventory is based on consistently applied write off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the decision to stop a business unit or product line. The remaining inventory on hand is in that case analyzed and reserved as appropriate. Inventory allowances are only reversed in case the above rules no longer apply or the written off inventory is sold or scrapped (see note 14 inventory). 2.7.7. Functional currency of the group entities The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. When the factors set out by IAS 21 to determine the functional currency are mixed and the functional currency is not obvious, management judgment is used to determine which functional currency most faithfully represents the economic effects of its underlying transactions, events and conditions. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. 2.7.8. Claims and contingent liabilities Related to claims and contingencies, judgement is necessary in assessing the existence of an obligation resulting from a past event, in assessing the probability of an economic outflow, and in quantifying the probable outcome of economic resources. This judgment is reviewed when new information becomes available and often with the support of internal and external expert advice. 2.7.9. Recoverable amount of cash generating units including goodwill The Company tests the goodwill for impairment annually or more frequently if there are indications that goodwill might be impaired. The outcome of the goodwill impairment test performed in the last quarter of 2023 did not result in an impairment loss. The key assumptions that are used for estimating the recoverable amounts of cash generating units to which goodwill is allocated are discussed in note 10 (goodwill). 2.7.10. Actuarial assumptions related to the measurement of employee benefit obligations and plan assets The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation, and its long-term nature, a defined obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed on the reporting date and are discussed in note 6.4 (post-employment benefit). 2.7.11. Estimation of useful life Property, Plant and Equipment are depreciated using a straight-line method to allocate their depreciable amount on a systematic basis over their useful life. For the headquarters building in Li\u00e8ge, the depreciable amount is the cost less its estimated residual value. The useful life of an asset is estimated on a realistic basis based on the experience of the group with similar assets and reviewed at least annually. The effect of changes in useful life are recognized progressively. The residual value exercise is reviewed at each financial year-end and, if expectations differ from previous estimates, any change is accounted for prospectively as a change in estimate under IAS 8. 2.7.12. Impact of the war in Ukraine on our activities Further to the long-lasting conflict in Ukraine, EVS continues to monitor and comply with the international sanctions on Russia and Belarus within the framework of its business in those regions. EVS does not anticipate that the compliance of those sanctions might impact its business results as the revenue for those regions is not material. EVS does not have local offices in the impacted region. The impact of the war, even if immaterial, is limited to signed orders, not being executed, or delivered and potentially missed new opportunities that may arise in that area. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-241-3": {
"value": "2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 1.0815 1.1050 2022 1.0537 1.0666 Variation 2.6% 3.6% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 0.8698 0.8690 20220.8527 0.8869 Variation 2.0% -2.0% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-241-4": {
"value": "2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 1.0815 1.1050 2022 1.0537 1.0666 Variation 2.6% 3.6% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2023 0.8698 0.8690 20220.8527 0.8869 Variation 2.0% -2.0% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-294-3": {
"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-294-4": {
"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-320-5": {
"value": "After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-339-4": {
"value": "2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-339-5": {
"value": "2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2023 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2022, EVS has however identified 2 major developments that do meet the IAS38 criteria. These developments are very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-365-4": {
"value": "2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-365-5": {
"value": "2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-399-3": {
"value": "2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-417-4": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-417-5": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-417-6": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. 2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-417-7": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. 2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. Lease Labilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-433-5": {
"value": "2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-437-3": {
"value": "2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-443-5": {
"value": "2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-451-3": {
"value": "2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value. 2.29. Commitments relating to technical guarantee in respect of sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-455-3": {
"value": "2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as 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. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-466-3": {
"value": "2.20. Share-based payment The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-466-4": {
"value": "2.20. Share-based payment The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-481-3": {
"value": "2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500 K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. The Group has established that the stage of completion, which is determined in proportion to the total time expected to complete this type of projects at the end of the reporting period, is an appropriate method to estimate the revenue to recognize according to IFRS 15 Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, the revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. As regards to warranties, those are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-509-3": {
"value": "2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-525-3": {
"value": "2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Labilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred. 2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-578-4": {
"value": "2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2023 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2022, EVS has however identified 2 major developments that do meet the IAS38 criteria. These developments are very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-599-3": {
"value": "2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-617-4": {
"value": "2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-644-5": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-644-6": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-644-7": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-644-8": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-654-9": {
"value": "Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-657-3": {
"value": "2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-667-3": {
"value": "2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-672-2": {
"value": "3. SEGMENT INFORMATION 3.1. General information 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. Therefore, the majority of 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\u2019s 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 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 (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). 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 (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2023 2022 % 2023/2022 Live Audience Business 90,050 71,439 26.1% Live Service Provider 83,278 66,869 24.5% Big Event Rentals -0,137 9,850 -100.0% Total Revenue 173,191 148,158 16.9% 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC excl. events EMEA excl. events Americas excl. events Big event Rentals TOTAL 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Evolution versus 2022 (%) 59.7% 28.0% 9.2% -100.0% 16.9% Variation versus 2022 (%) at constant currency 59.7% 28.0% 3.6% -100.0% 15.0% 2022 revenue 18,952 67,764 51,592 9,850 148,158 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 51.0 million (EUR 38.1 million in 2022) and in the United Kingdom for an amount of EUR 19.7 million (EUR 9.6 million in 2022). 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2023 2022 % 2023/2022 Sale of equipment 149,795 118,015 26.9% Other services 23,396 30,143 -22.4% Total Revenue 173,191 148,158 16.9% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The decline in other services is a consequence of the absence of Big Event Rental revenue in 2023. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2022). 3.2.5. Maturity analysis of the order book We start the year 2024 with the highest order book in the history of EVS at EUR 153.2 million, breaking a new record (+11.3% YoY), of which: - EUR 93.0 million to be recognized in revenue in 2024 (+8.3% YoY and excl Big Event Rentals) - EUR 7.4 million to be recognized in revenue in 2024 for Big Events Rental (compared to EUR 0.0 million at the end of 2022) - EUR 52.8 million to be recognized in revenue in 2025 and beyond (+1.9% YoY) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-672-3": {
"value": "3. SEGMENT INFORMATION 3.1. General information 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. Therefore, the majority of 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\u2019s 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 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 (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). 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 (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2023 2022 % 2023/2022 Live Audience Business 90,050 71,439 26.1% Live Service Provider 83,278 66,869 24.5% Big Event Rentals -0,137 9,850 -100.0% Total Revenue 173,191 148,158 16.9% 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC excl. events EMEA excl. events Americas excl. events Big event Rentals TOTAL 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Evolution versus 2022 (%) 59.7% 28.0% 9.2% -100.0% 16.9% Variation versus 2022 (%) at constant currency 59.7% 28.0% 3.6% -100.0% 15.0% 2022 revenue 18,952 67,764 51,592 9,850 148,158 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 51.0 million (EUR 38.1 million in 2022) and in the United Kingdom for an amount of EUR 19.7 million (EUR 9.6 million in 2022). 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2023 2022 % 2023/2022 Sale of equipment 149,795 118,015 26.9% Other services 23,396 30,143 -22.4% Total Revenue 173,191 148,158 16.9% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The decline in other services is a consequence of the absence of Big Event Rental revenue in 2023. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2022). 3.2.5. Maturity analysis of the order book We start the year 2024 with the highest order book in the history of EVS at EUR 153.2 million, breaking a new record (+11.3% YoY), of which: - EUR 93.0 million to be recognized in revenue in 2024 (+8.3% YoY and excl Big Event Rentals) - EUR 7.4 million to be recognized in revenue in 2024 for Big Events Rental (compared to EUR 0.0 million at the end of 2022) - EUR 52.8 million to be recognized in revenue in 2025 and beyond (+1.9% YoY) 6. INCOME AND EXPENSES 6.1. Gross margin (EUR thousands) 2023 2022 Revenue 173,191 148,158 Cost of sales -52,548 -49,314 Gross profit 120,643 98,844 Gross margin % 69.7% 66.7% Consolidated gross margin was 69.7% for FY23, compared to 66.7% in FY22 (+3.0Pts) explained by positive impact of sales price increases and a higher volume of software compared to hardware in certain solutions. This has resulted primarily in improved margins for all our solutions. The increase in revenue compared to the relative fixed services cost also explains the gross margin increase.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-672-4": {
"value": "3. SEGMENT INFORMATION 3.1. General information 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. Therefore, the majority of 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\u2019s 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 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 (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). 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 (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2023 2022 % 2023/2022 Live Audience Business 90,050 71,439 26.1% Live Service Provider 83,278 66,869 24.5% Big Event Rentals -0,137 9,850 -100.0% Total Revenue 173,191 148,158 16.9% 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC excl. events EMEA excl. events Americas excl. events Big event Rentals TOTAL 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Evolution versus 2022 (%) 59.7% 28.0% 9.2% -100.0% 16.9% Variation versus 2022 (%) at constant currency 59.7% 28.0% 3.6% -100.0% 15.0% 2022 revenue 18,952 67,764 51,592 9,850 148,158 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 51.0 million (EUR 38.1 million in 2022) and in the United Kingdom for an amount of EUR 19.7 million (EUR 9.6 million in 2022). 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2023 2022 % 2023/2022 Sale of equipment 149,795 118,015 26.9% Other services 23,396 30,143 -22.4% Total Revenue 173,191 148,158 16.9% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The decline in other services is a consequence of the absence of Big Event Rental revenue in 2023. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2022). 3.2.5. Maturity analysis of the order book We start the year 2024 with the highest order book in the history of EVS at EUR 153.2 million, breaking a new record (+11.3% YoY), of which: - EUR 93.0 million to be recognized in revenue in 2024 (+8.3% YoY and excl Big Event Rentals) - EUR 7.4 million to be recognized in revenue in 2024 for Big Events Rental (compared to EUR 0.0 million at the end of 2022) - EUR 52.8 million to be recognized in revenue in 2025 and beyond (+1.9% YoY) ",
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"pp-value-672-5": {
"value": "3. SEGMENT INFORMATION 3.1. General information 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. Therefore, the majority of 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\u2019s 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 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 (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). 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 (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. ",
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"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of foundation or acquisition Staff as of 31.12.23 Incorporation method ca(1)used Part of pital held as of 31.12.23 (2)(in %) Part of capital held as of 31.12.22 (2)(in %) Change in % of capital held EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 NJ 07004 Fairfield, USA 1996 37 F 100.00 100.00 0.00 EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA 2011 4 F 100.00 100.00 0.00 EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 2010 38 F 100.00 100.00 0.00 EVS Italia S.R.L. Via Milano 2, IT-25126 Brescia, ITALIE TVA: IT-03482350174 1998 3 F 100.00 100.00 0.00 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 2007 4 F 100.00 100.00 0.00 EVS Nederland BV Parnassungsweg 819 1082 LZ Amsterdam PAYS-BAS 2008 1 F 100.00 100.00 0.00 EVS International (Swiss) SARL Rue des Arsenaux 9, 1700 Fribourg, SUISSE TVA: CH-21735425482 2009 0 F 100.00 100.00 0.00 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 169 Electric Road, North Point, HONG-KONG 2002 12 F 100.00 100.00 0.00 EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 11 North Buona Vista Drive 138589 SINGAPORE 2015 4 F 100.00 100.00 0.00 EVS Australia Pty Ltd. Level 8, 261 George Street Sydney NSW 2000, AUSTRALIE 2007 4 F 100.00 100.00 0.00 EVS Deutschland GmbH Hilpertstrasse 27, 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 2013 14 F 100.00 100.00 0.00 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, N\u00b093 Jianguo Road 100026 Beijing, CHINE 2005 9 F N/A N/A N/A EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS 2006 6 F N/A N/A N/A EVS Americas Los Angeles \u2013 Representative office 101 South First Street, Suite #404 Burbank, CA 91504, USA 2006 9 F N/A N/A N/A EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA 1998 27 F 100.00 100.00 0.00 EVS Netherlands BV Hercules 28, 5126RK Gilze, NETHERLANDS NL802646748B01 1994 57 F 100.00 100.00 0.00 MECALEC SMD SA Rue Nicolas Fossoul 54, B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 1999 28 E 49.50 49.50 0.00 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts and persons acting in their own name on behalf of these companies. ",
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"pp-value-808-3": {
"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of foundation or acquisition Staff as of 31.12.23 Incorporation method ca(1)used Part of pital held as of 31.12.23 (2)(in %) Part of capital held as of 31.12.22 (2)(in %) Change in % of capital held EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 NJ 07004 Fairfield, USA 1996 37 F 100.00 100.00 0.00 EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA 2011 4 F 100.00 100.00 0.00 EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 2010 38 F 100.00 100.00 0.00 EVS Italia S.R.L. Via Milano 2, IT-25126 Brescia, ITALIE TVA: IT-03482350174 1998 3 F 100.00 100.00 0.00 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 2007 4 F 100.00 100.00 0.00 EVS Nederland BV Parnassungsweg 819 1082 LZ Amsterdam PAYS-BAS 2008 1 F 100.00 100.00 0.00 EVS International (Swiss) SARL Rue des Arsenaux 9, 1700 Fribourg, SUISSE TVA: CH-21735425482 2009 0 F 100.00 100.00 0.00 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 169 Electric Road, North Point, HONG-KONG 2002 12 F 100.00 100.00 0.00 EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 11 North Buona Vista Drive 138589 SINGAPORE 2015 4 F 100.00 100.00 0.00 EVS Australia Pty Ltd. Level 8, 261 George Street Sydney NSW 2000, AUSTRALIE 2007 4 F 100.00 100.00 0.00 EVS Deutschland GmbH Hilpertstrasse 27, 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 2013 14 F 100.00 100.00 0.00 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, N\u00b093 Jianguo Road 100026 Beijing, CHINE 2005 9 F N/A N/A N/A EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS 2006 6 F N/A N/A N/A EVS Americas Los Angeles \u2013 Representative office 101 South First Street, Suite #404 Burbank, CA 91504, USA 2006 9 F N/A N/A N/A EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA 1998 27 F 100.00 100.00 0.00 EVS Netherlands BV Hercules 28, 5126RK Gilze, NETHERLANDS NL802646748B01 1994 57 F 100.00 100.00 0.00 MECALEC SMD SA Rue Nicolas Fossoul 54, B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 1999 28 E 49.50 49.50 0.00 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts and persons acting in their own name on behalf of these companies. 5. INVESTMENT IN JOINT-VENTURES AND ASSOCIATES (EUR thousands) 2023 2022 Investment in associates Opening balance as at January 1 1,922 1,920 - Disposals during the year - - - Acquisitions during the year - - - Results 185 313 - Dividends received and others -168 -311 Closing balance as at December 31 1,938 1,922 5.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2023 amounted to EUR 0.4 million. EVS represented 20,4% of MECALEC SMD\u2019s turnover in 2023. The share of EVS in the 2023 results of MECALEC SMD amounts to EUR 185,000 and the share of EVS in MECALEC SMD equity amounts to EUR 1,936,000. (EUR thousands) Dec. 31, 2023 Dec. 31, 2022 Current assets 3,467 3,531 Non-current assets 914 892 Current liabilities -465 -540 Non-current liabilities - - Net assets 3,916 3,883 Share of associate\u2019s balance sheet (49.5%) 1,938 1,922 Turnover 3,056 3,765 Net result 373 633 Share of associate\u2019s net result (49.5%) 185 313 Dividends received -64 -64 (1)Other -104 -247 Carrying amount of investment 1,938 1,922 (1) Adjustment for final MECALEC 2022 financial statements received after publication ",
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"pp-value-808-4": {
"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of foundation or acquisition Staff as of 31.12.23 Incorporation method ca(1)used Part of pital held as of 31.12.23 (2)(in %) Part of capital held as of 31.12.22 (2)(in %) Change in % of capital held EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 NJ 07004 Fairfield, USA 1996 37 F 100.00 100.00 0.00 EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA 2011 4 F 100.00 100.00 0.00 EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 2010 38 F 100.00 100.00 0.00 EVS Italia S.R.L. Via Milano 2, IT-25126 Brescia, ITALIE TVA: IT-03482350174 1998 3 F 100.00 100.00 0.00 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 2007 4 F 100.00 100.00 0.00 EVS Nederland BV Parnassungsweg 819 1082 LZ Amsterdam PAYS-BAS 2008 1 F 100.00 100.00 0.00 EVS International (Swiss) SARL Rue des Arsenaux 9, 1700 Fribourg, SUISSE TVA: CH-21735425482 2009 0 F 100.00 100.00 0.00 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 169 Electric Road, North Point, HONG-KONG 2002 12 F 100.00 100.00 0.00 EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 11 North Buona Vista Drive 138589 SINGAPORE 2015 4 F 100.00 100.00 0.00 EVS Australia Pty Ltd. Level 8, 261 George Street Sydney NSW 2000, AUSTRALIE 2007 4 F 100.00 100.00 0.00 EVS Deutschland GmbH Hilpertstrasse 27, 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 2013 14 F 100.00 100.00 0.00 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, N\u00b093 Jianguo Road 100026 Beijing, CHINE 2005 9 F N/A N/A N/A EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS 2006 6 F N/A N/A N/A EVS Americas Los Angeles \u2013 Representative office 101 South First Street, Suite #404 Burbank, CA 91504, USA 2006 9 F N/A N/A N/A EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA 1998 27 F 100.00 100.00 0.00 EVS Netherlands BV Hercules 28, 5126RK Gilze, NETHERLANDS NL802646748B01 1994 57 F 100.00 100.00 0.00 MECALEC SMD SA Rue Nicolas Fossoul 54, B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 1999 28 E 49.50 49.50 0.00 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts and persons acting in their own name on behalf of these companies. 5. INVESTMENT IN JOINT-VENTURES AND ASSOCIATES (EUR thousands) 2023 2022 Investment in associates Opening balance as at January 1 1,922 1,920 - Disposals during the year - - - Acquisitions during the year - - - Results 185 313 - Dividends received and others -168 -311 Closing balance as at December 31 1,938 1,922 5.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2023 amounted to EUR 0.4 million. EVS represented 20,4% of MECALEC SMD\u2019s turnover in 2023. The share of EVS in the 2023 results of MECALEC SMD amounts to EUR 185,000 and the share of EVS in MECALEC SMD equity amounts to EUR 1,936,000. (EUR thousands) Dec. 31, 2023 Dec. 31, 2022 Current assets 3,467 3,531 Non-current assets 914 892 Current liabilities -465 -540 Non-current liabilities - - Net assets 3,916 3,883 Share of associate\u2019s balance sheet (49.5%) 1,938 1,922 Turnover 3,056 3,765 Net result 373 633 Share of associate\u2019s net result (49.5%) 185 313 Dividends received -64 -64 (1)Other -104 -247 Carrying amount of investment 1,938 1,922 (1) Adjustment for final MECALEC 2022 financial statements received after publication ",
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"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of foundation or acquisition Staff as of 31.12.23 Incorporation method ca(1)used Part of pital held as of 31.12.23 (2)(in %) Part of capital held as of 31.12.22 (2)(in %) Change in % of capital held EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 NJ 07004 Fairfield, USA 1996 37 F 100.00 100.00 0.00 EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA 2011 4 F 100.00 100.00 0.00 EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 2010 38 F 100.00 100.00 0.00 EVS Italia S.R.L. Via Milano 2, IT-25126 Brescia, ITALIE TVA: IT-03482350174 1998 3 F 100.00 100.00 0.00 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 2007 4 F 100.00 100.00 0.00 EVS Nederland BV Parnassungsweg 819 1082 LZ Amsterdam PAYS-BAS 2008 1 F 100.00 100.00 0.00 EVS International (Swiss) SARL Rue des Arsenaux 9, 1700 Fribourg, SUISSE TVA: CH-21735425482 2009 0 F 100.00 100.00 0.00 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 169 Electric Road, North Point, HONG-KONG 2002 12 F 100.00 100.00 0.00 EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 11 North Buona Vista Drive 138589 SINGAPORE 2015 4 F 100.00 100.00 0.00 EVS Australia Pty Ltd. Level 8, 261 George Street Sydney NSW 2000, AUSTRALIE 2007 4 F 100.00 100.00 0.00 EVS Deutschland GmbH Hilpertstrasse 27, 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 2013 14 F 100.00 100.00 0.00 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, N\u00b093 Jianguo Road 100026 Beijing, CHINE 2005 9 F N/A N/A N/A EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS 2006 6 F N/A N/A N/A EVS Americas Los Angeles \u2013 Representative office 101 South First Street, Suite #404 Burbank, CA 91504, USA 2006 9 F N/A N/A N/A EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA 1998 27 F 100.00 100.00 0.00 EVS Netherlands BV Hercules 28, 5126RK Gilze, NETHERLANDS NL802646748B01 1994 57 F 100.00 100.00 0.00 MECALEC SMD SA Rue Nicolas Fossoul 54, B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 1999 28 E 49.50 49.50 0.00 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts and persons acting in their own name on behalf of these companies. 5. INVESTMENT IN JOINT-VENTURES AND ASSOCIATES (EUR thousands) 2023 2022 Investment in associates Opening balance as at January 1 1,922 1,920 - Disposals during the year - - - Acquisitions during the year - - - Results 185 313 - Dividends received and others -168 -311 Closing balance as at December 31 1,938 1,922 MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2023 amounted to EUR 0.4 million. EVS represented 20,4% of MECALEC SMD\u2019s turnover in 2023. The share of EVS in the 2023 results of MECALEC SMD amounts to EUR 185,000 and the share of EVS in MECALEC SMD equity amounts to EUR 1,936,000. (EUR thousands) Dec. 31, 2023 Dec. 31, 2022 Current assets 3,467 3,531 Non-current assets 914 892 Current liabilities -465 -540 Non-current liabilities - - Net assets 3,916 3,883 Share of associate\u2019s balance sheet (49.5%) 1,938 1,922 Turnover 3,056 3,765 Net result 373 633 Share of associate\u2019s net result (49.5%) 185 313 Dividends received -64 -64 (1)Other -104 -247 Carrying amount of investment 1,938 1,922 (1) Adjustment for final MECALEC 2022 financial statements received after publication ",
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"value": "6. INCOME AND EXPENSES 6.1. Gross margin (EUR thousands) 2023 2022 Revenue 173,191 148,158 Cost of sales -52,548 -49,314 Gross profit 120,643 98,844 Gross margin % 69.7% 66.7% Consolidated gross margin was 69.7% for FY23, compared to 66.7% in FY22 (+3.0Pts) explained by positive impact of sales price increases and a higher volume of software compared to hardware in certain solutions. This has resulted primarily in improved margins for all our solutions. The increase in revenue compared to the relative fixed services cost also explains the gross margin increase.",
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"value": "6. INCOME AND EXPENSES 6.1. Gross margin (EUR thousands) 2023 2022 Revenue 173,191 148,158 Cost of sales -52,548 -49,314 Gross profit 120,643 98,844 Gross margin % 69.7% 66.7% Consolidated gross margin was 69.7% for FY23, compared to 66.7% in FY22 (+3.0Pts) explained by positive impact of sales price increases and a higher volume of software compared to hardware in certain solutions. This has resulted primarily in improved margins for all our solutions. The increase in revenue compared to the relative fixed services cost also explains the gross margin increase.",
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"pp-value-1140-2": {
"value": "6.2. Research and development expenses Research and development expenses amounted to EUR 31.8 million in 2023 versus EUR 26.3 million in 2022. The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured. Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2023 2022 Gross R&D expenses 38,695 35,854 R&D capitalized as intangible assets -4,177 -7,080 Depreciation of intangible assets 563 - Benefits relating to R&D expenses -3,245 -2,507 R&D expenses, net 31,836 26,267 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.3 million (EUR 0.4 million in 2022). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.4 million (EUR 0.4 million in 2022). 6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. 6.6. Other income and expenses Other expenses mainly represent losses on trade debtors amounting to EUR 0.4 million (EUR 0.4 million in 2022). ",
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"pp-value-1140-3": {
"value": "6.2. Research and development expenses Research and development expenses amounted to EUR 31.8 million in 2023 versus EUR 26.3 million in 2022. The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured. Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2023 2022 Gross R&D expenses 38,695 35,854 R&D capitalized as intangible assets -4,177 -7,080 Depreciation of intangible assets 563 - Benefits relating to R&D expenses -3,245 -2,507 R&D expenses, net 31,836 26,267 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.3 million (EUR 0.4 million in 2022). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2023, it amounted to EUR 0.4 million (EUR 0.4 million in 2022). ",
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"pp-value-1182-3": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. ",
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"pp-value-1182-4": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. ",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1182-5": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. 11. OTHER INTANGIBLE ASSETS (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2021 5,070 5,119 3,389 13,578 - Intangible assets in progress - 7,824 448 8,272 As of December 31, 2022 5,070 12,943 3,837 21,850 Accumulated amortization As of December 31, 2021 -3,174 -1,219 -3,072 -7,465 - Amortization -356 -731 -83 -1,170 As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 Net carrying amount As of December 31, 2021 1,896 3,900 317 6,113 As of December 31, 2022 1,540 10,993 682 13,215 (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2021 63,383 7,978 18,347 749 90,457 - Acquisition 856 1,064 1,437 494 3,851 - Sales and disposals - -523 -22 - -545 - Transfers -79 -63 142 - - - Other -137 211 -16 - 58 As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 Accumulated depreciation As of December 31, 2021 -11,459 -5,985 -16,033 - -33,477 - Depreciations -3,409 -935 -1,227 - -5,571 - Sales and disposals - 523 - - 523 - Other 145 -209 2 - -62 As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 Net carrying amount As of December 31, 2021 51,924 1,993 2,314 749 56,980 As of December 31, 2022 (a) 49,300 (b) 2,061 (b) 2,630 (a) 1,243 55,234 (a) Sub-total Lands & Buildings 50,543 (b) Sub-total Other Tangible Assets 4,691 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 39,955 - - - 39,955 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 -94 -14 - -216 As of December 31, 2023 64,273 10,074 22,773 1,313 98,433 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 3,277 (b) 4,162 (a) 1,313 55,073 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 7,439 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 38,343 - - - 38,343 The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). Tangible assets remain stable with the acquisitions of the period (mainly IT equipment and vehicles) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2023 and 31 December 2022 is as follows: (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2021 10,740 - 2,291 13,031 13,408 Additions 1,666 - 1,084 2,750 2,802 Disposals -1,278 - -22 -1,300 -1,300 Depreciation expenses -1,667 - -1,182 -2,849 - Interest expenses - - - - 569 Conversion differences & Other 193 - - 193 416 Payments - - - - -3,397 As of December 31, 2022 9,654 - 2,171 11,825 12,498 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 ",
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"pp-value-1182-6": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2023 2022 Raw materials and consumables used -29,351 -25,461 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 1,627 1,154 Personnel expenses -64,183 -53,457 Depreciations -8,061 -6,686 Increase (-) / decrease (+) in amounts written off on stocks -0,100 -2,867 Increase (-) / decrease (+) in amounts written off on trade debtors 254 -224 Other Professional Fees -12,095 -7,371 Marketing & Communication -2,264 -1,943 (1)Other -16,778 -18,541 Total cost of sales, selling, administrative and research and development expenses -130,951 -115,396 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. 6.4. Post-employment benefit Since April 1, 2002, EVS has implemented a defined contribution pension plan in accordance with the sectoral pension plan regulations for employees in the metallic manufacturing sector (\u201ccommission paritaire 209\u201d). It foresees the payment of an annual premium equal to a percentage of the gross salary (submitted to the national office of social security) for each employee. This premium is exclusively paid by the employer. The premium rate is set by the sector's collective agreements. Premiums have evolved as follows: In % Contribution rate 2008 to 2010 1.10% 2011 1.77% 2012 1.87% 2013 to 2019 1.97% 2020 2.29% 2021 2.29% 2022 2.29% 2023 2.29% The plan is managed by \u201cMonument\u201d (previously \u201cIntegrale\u201d). The financing policy is outlined in its annual report. In addition, since, January 1, 2012, employees of EVS in Belgium are automatically affiliated to a second pension plan subscribed with AG Insurance. EVS contributes to this plan (including management fee, life insurance, disability, and risk waiver insurance premiums) at a rate of 3% of gross annual salary. Until 2015 included, both pension plans were treated as defined contribution plans, and the contributions to these pension schemes were recognized as an expense in the income statement as incurred. 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 only responsible for the contribution payments but also must 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 benefit from a contractual interest rate granted by the insurance company. When there is underfunding, it is covered by the financing fund and, in case insufficient, additional employer contribution is requested. IAS 19 requires an entity to recognize liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. Obligations are measured on a discounted basis because they are settled several years after the employees render the related service. A qualified actuary has determined the present value of the defined benefit obligations and the fair value of the plan assets except for the multi-employer plan. These assets are held by an insurance company. The projected unit credit method was used to measure the obligations and costs. Assumptions were included on demographic and financial variables. The result of this calculation has then been extrapolated to the multi-employer plan based on the contributions paid. Changes booked in 2023 in the Belgian defined benefit obligation and fair value of plan assets were as follows: 2023 2022 In thousands of EUR Defined benefit obligation Fair value of plan assets Net defined benefit liability Defined benefit obligation Fair value of plan assets Net defined benefit liability As of January 1 10,203 -10,089 114 10,587 -8,762 1,825 Service cost 762 - 762 1,156 - 1,156 Administrative costs 28 28 28 28 Net interest expenses 383 -401 -18 120 -106 14 Sub-total included in profit or loss 1,145 -373 772 1,276 -78 1,198 Benefits paid -196 196 - -179 179 - Actuarial changes (assumptions) of which: Arising from changes in demographic assumptions - - 235 235 - 235 Arising from changes in financial assumptions - - -1,349 -1,349 - -1,349 Arising from experience adjustments 334 170 504 -367 -350 -717 Sub-total included in OCI 334 170 504 -1,481 -350 -1,831 Contributions by employer - -1,251 -1,251 - -1,078 -1,078 As of December 31 11,486 -11,347 139 10,203 -10,089 114 The fair value of plan assets is allocated to the following categories of assets: sovereign bonds & assimilated (51%), corporate bonds (33%), real estate (9%), shares (5%) and cash (2%). The principal assumptions used in determining pension obligations for the Group\u2019s plans are shown below: In % 2023 2022 Discount rate 3.35% 3.80% Future salary increases (incl. consumer price increases) 2.40% 2.40% stThe following overview summarizes the sensitivity analysis performed for significant assumptions at December 31. The figures show the impact on the defined benefit obligation. (EUR thousands) 2023 2022 Discount rate 0.25% decrease - 2,242 0.25% increase - -1,627 Future salary evolution 0.25% decrease - -616 0.25% increase - 650 The sensitivity analysis above has been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in one key assumption occurring at the end of the reporting period, keeping all other assumptions constant. These may not be representative for an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation of one another. In 2023 the changes in discount rate and future salary evolution do not impact the defined benefit obligation. Regarding discount rate, the defined benefit obligation is based on either the minimum guarantee provided by the insurance company, or the mathematical reserves on members\u2019 contracts, considering that the minimum guarantee projected at retirement age taking into account the probabilities of death and turnover is lower for all plans. Regarding future salary evolution, the method used to determine the defined benefit obligation is the Projected Unit Credit without future premiums, which is therefore not impacted by changes in salary increase assumptions. The expected contributions to the plan for the next annual reporting period amount to EUR 1,322 thousand (EUR 1,197 thousand in 2022). The average duration of the defined benefit plan obligation is 17 years (18 years in 2022). The following payments are the expected benefit payments from the plan assets for the upcoming ten years: (EUR thousand) 2023 2022 Within the next 12 months 54 94 Between 2 and 5 years 513 194 Between 5 and 10 years 2,199 2,148 Total expected payments 2,766 2,436 No other post-employment benefit is provided to the personnel. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-1494-2": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
"dimensions": {
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"language": "en",
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"pp-value-1494-3": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
"dimensions": {
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"language": "en",
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"pp-value-1494-4": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
"dimensions": {
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"language": "en",
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"pp-value-1494-5": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
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"pp-value-1494-6": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1494-7": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2023 2022 Interest income on deposit 230 106 Interest charges -920 -912 Exchange result -966 1,393 Other financial results 985 400 Net Financial revenues / (costs) -672 987 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all 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. The net exchange result is mainly explained by the depreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used) Interest charges mainly relate to interest expense on building and vehicle leases as well as interest on the loan put in place in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent interest income on financial leases provided to customers, interest revenue on short-term investments and fair value of open foreign exchange contracts. ",
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
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},
"pp-value-1532-3": {
"value": "6.6. Other income and expenses Other expenses mainly represent losses on trade debtors amounting to EUR 0.4 million (EUR 0.4 million in 2022). ",
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"value": "6.6. Other income and expenses Other expenses mainly represent losses on trade debtors amounting to EUR 0.4 million (EUR 0.4 million in 2022). ",
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"pp-value-1532-5": {
"value": "6.6. Other income and expenses Other expenses mainly represent losses on trade debtors amounting to EUR 0.4 million (EUR 0.4 million in 2022). ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1534-2": {
"value": "7. INCOME TAXES 7.1. Tax charge on results The tax charge for 2023 and 2022 is mainly made of: (EUR thousands) 2023 2022 Current tax charge Effective tax charge -4,355 -1,525 Adjustments of current tax related to prior years 295 956 Deferred taxes Tax effects of temporary differences 455 -853 - Fixed assets depreciation -243 -253 - Intangibles (R&D investment deductions) * 1,027 -185 - Other intangibles -25 217 - Adjustments for IFRS 16 14 52 - Adjustments for IAS 19 -120 22 - Adjustments for the carry-over taxation for gains on building disposals 75 105 - Adjustments for IFRS 9 -25 -28 - Reported tax losses -1,763 -936 - Provisions - - - Reversal statutory gain on intangible transfer within the group 1,114 - - Others 401 153 Income taxes included in the income statement -3,605 -1,422 * see also note 6.2 for deductions relating to R&D investments. Income tax expenses amount to EUR 3.6 million for the full year 2023, compared to EUR 1.4 million in 2022. The increase is mainly explained by higher taxable profit (especially in Belgium) and the limitation on the deduction of tax latencies from previous years in Belgium which leads to a lower amount of deferred tax asset that can be used during the period. 7.2. 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 2022 and 2023 with the theoretical tax charge obtained by applying the theoretical tax rate: (EUR thousands) 2023 2022 Reconciliation between the effective tax rate and the theoretical tax rate Profit before taxes and share in the result of the enterprise accounted for using the equity method 40,469 32,701 Effective tax charge based on the effective tax rate -3,605 -1,422 Effective tax rate 8.91% 4.35% Reconciliation items for the theoretical tax charge Tax effect due to the carry-over taxation for gains on buildings disposals in the statutory accounts Tax effect on R&D investment deductions -1,261 -959 Tax effect of non-deductible expenditures 132 170 Tax effect due to the usage of tax losses (incl. subsidiaries) -1,071 -914 Tax effect on innovation deduction -5,243 -4,114 Tax effect on innovation deduction (catch-up from previous years) Tax effect of previous years adjustments (incl. subsidiaries) -295 -956 Others 24 160 Total tax charge of the group entities computed on the basis of the respective local nominal rates -11,319 -8,035 Theoretical tax rate 28.0% 24.6% The tax charge for FY2022 included an adjustment of the previous year tax provision that was booked worth EUR 0.6 million in the Belgian parent company. Theoretical tax charge computed on the basis of the respective local nominal rates increased mainly due to the significant increase of the profit before tax for most of the subsidiaries. The amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less that EUR 750 million per year. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Buildings depreciation 2,322 2,075 R&D intangibles 5,329 4,301 Other intangible assets 146 942 Leases (IFRS 16) 158 11 144 10 Defined benefit plan provision 13 6 Accounts receivable impairment 57 78 Carry-over taxation for gains 575 649 Recoverable tax loss 1,865 3,627 Other tangible assets 12 132 Corrections on inventory 544 Total 8,112 2,920 8,288 3,676 Net booked value 5,203 11 4,622 10 Deferred taxes are booked \u201cnet\u201d in accordance with the valuation rules of the Group because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D intangibles is driven by an increase in the R&D expenses capitalized during the FY 2023 (23.6 million in 2023 vs 16.6 million in 2022) and depreciated over 3 years from a tax point of view. The decrease in the recoverable tax loss is explained mainly by the consumption of recoverable tax latencies due to a taxable profit in 2023 for all Group entities. ",
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"pp-value-1539-3": {
"value": "(EUR thousands) 2023 2022 Current tax charge Effective tax charge -4,355 -1,525 Adjustments of current tax related to prior years 295 956 Deferred taxes Tax effects of temporary differences 455 -853 - Fixed assets depreciation -243 -253 - Intangibles (R&D investment deductions) * 1,027 -185 - Other intangibles -25 217 - Adjustments for IFRS 16 14 52 - Adjustments for IAS 19 -120 22 - Adjustments for the carry-over taxation for gains on building disposals 75 105 - Adjustments for IFRS 9 -25 -28 - Reported tax losses -1,763 -936 - Provisions - - - Reversal statutory gain on intangible transfer within the group 1,114 - - Others 401 153 Income taxes included in the income statement -3,605 -1,422 * see also note 6.2 for deductions relating to R&D investments. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Buildings depreciation 2,322 2,075 R&D intangibles 5,329 4,301 Other intangible assets 146 942 Leases (IFRS 16) 158 11 144 10 Defined benefit plan provision 13 6 Accounts receivable impairment 57 78 Carry-over taxation for gains 575 649 Recoverable tax loss 1,865 3,627 Other tangible assets 12 132 Corrections on inventory 544 Total 8,112 2,920 8,288 3,676 Net booked value 5,203 11 4,622 10 Deferred taxes are booked \u201cnet\u201d in accordance with the valuation rules of the Group because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D intangibles is driven by an increase in the R&D expenses capitalized during the FY 2023 (23.6 million in 2023 vs 16.6 million in 2022) and depreciated over 3 years from a tax point of view. The decrease in the recoverable tax loss is explained mainly by the consumption of recoverable tax latencies due to a taxable profit in 2023 for all Group entities. ",
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"pp-value-1752-2": {
"value": "8. EARNINGS PER SHARE The basic earnings per share are calculated by dividing the net profit and loss of the period attributable to the ordinary shares, less the treasury shares, by the weighted average number of ordinary shares in circulation during the year. The diluted earnings per share are calculated by dividing the net result of the period attributable to the ordinary shareholders by the weighted average number of ordinary shares in circulation at the rate of the period, adjusted by the diluting effects of the share options (warrants). (EUR thousands) 2023 2022 Net profit 36,946 31,344 - attributable to non-controlling interests - - - attributable to equity holders of the parent company 36,946 31,344 2023 2022 Weighted average number of issued shares, excluding treasury shares 13,427,915 13,411,972 Dilution effect of the weighted average number of the share options in circulation 522,836 269,112 Weighted average number of fully diluted number of shares 13,950,751 13,681,084 Basic earnings per share (EUR) 2.75 2.34 Diluted earnings per share (EUR) 2.65 2.29 The diluted earnings per share does include (a) 187,000 warrants attributed in October 2020, of which 146,750 are outstanding (154,250 in December 2022) with an exercise price below the share price and with maturity in October 2026, (b) 158,600 warrants attributed in June 2021, of which 152,600 are outstanding (155,350 in December 2022) with an exercise price below the share price and with maturity in June 2027, (c) 183,375 warrants attributed in September 2022, of which 182,625 are outstanding (183,375 in December 2022) with an exercise price below the share price and with maturity in September 2028, and (d) 198,900 warrants attributed in October 2023, all outstanding and with an exercise price below the share price and with a maturity in October 2029. ",
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"pp-value-1801-2": {
"value": "9. DIVIDENDS PAID AND PROPOSED Dividends are paid for issued shares less treasury shares at the payment date. The Ordinary General Meeting of May 16, 2023, approved the payment of a total gross dividend of EUR 1.10 per share for the year 2022. For the year 2023, an interim dividend of EUR 0.50 per share was paid in November 2023. Full year dividend of EUR 1.10 per share will be proposed to the Ordinary General Meeting of shareholders. (EUR thousands, gross amount) Coupon # Declaration date 2023 2022 Paid during the year: - Final dividend for 2021 (incl. exceptional dividend) (EUR 1.00 per share excl. treasury shares) 32 May 2022 13,402 - Interim dividend for 2022 (EUR 0.50 per share excl. treasury shares) 33 Nov. 2022 6,710 - Final dividend for 2022 (incl. exceptional dividend) (EUR 1.10 per share excl. treasury shares) 34 May 2023 14,780 - Interim dividend for 2023 (EUR 0.50 per share excl. treasury shares) 35 Nov. 2023 6,717 Total paid dividends 21,497 20,112 The latest dividend guidance issued in 2022 foresees total annual dividend distribution of EUR 1.10 per share in 2023 and 2024, subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders: In EUR per share per fiscal year 2022 2023 2024 Base dividend 1.10 1.10 1.10 Exceptional additional dividend 0.50 0.00 0.00 Total dividend 1.60 1.10 1.10 ",
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"pp-value-1869-2": {
"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon Acquisition cost As of December 31, 2022 820 1,125 2,832 4,777 - Acquisitions - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 2,832 4,777 Accumulated impairment As of December 31, 2022 820 1,125 - 1.945 - Impairment - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 - 1,945 Net carrying amount As of December 31, 2022 - - 2,832 2,832 As of December 31, 2023 - - 2,832 2,832 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plan of Axon, in accordance with IAS 36. 10.1. Axon Group By the end of 2023, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - 10% annual growth in revenue (only for the first five-year period), supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and kept conservatively flat over the projected period. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 16.9% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2023 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 62 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2023 year-end. 11. OTHER INTANGIBLE ASSETS (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2021 5,070 5,119 3,389 13,578 - Intangible assets in progress - 7,824 448 8,272 As of December 31, 2022 5,070 12,943 3,837 21,850 Accumulated amortization As of December 31, 2021 -3,174 -1,219 -3,072 -7,465 - Amortization -356 -731 -83 -1,170 As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 Net carrying amount As of December 31, 2021 1,896 3,900 317 6,113 As of December 31, 2022 1,540 10,993 682 13,215 (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. ",
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"pp-value-1869-3": {
"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon Acquisition cost As of December 31, 2022 820 1,125 2,832 4,777 - Acquisitions - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 2,832 4,777 Accumulated impairment As of December 31, 2022 820 1,125 - 1.945 - Impairment - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 - 1,945 Net carrying amount As of December 31, 2022 - - 2,832 2,832 As of December 31, 2023 - - 2,832 2,832 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plan of Axon, in accordance with IAS 36. 10.1. Axon Group By the end of 2023, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - 10% annual growth in revenue (only for the first five-year period), supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and kept conservatively flat over the projected period. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 16.9% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2023 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 62 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2023 year-end. ",
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"pp-value-1869-4": {
"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon Acquisition cost As of December 31, 2022 820 1,125 2,832 4,777 - Acquisitions - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 2,832 4,777 Accumulated impairment As of December 31, 2022 820 1,125 - 1.945 - Impairment - - - - - Sales and disposals - - - - As of December 31, 2023 820 1,125 - 1,945 Net carrying amount As of December 31, 2022 - - 2,832 2,832 As of December 31, 2023 - - 2,832 2,832 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plan of Axon, in accordance with IAS 36. 10.1. Axon Group By the end of 2023, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - 10% annual growth in revenue (only for the first five-year period), supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and kept conservatively flat over the projected period. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 16.9% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2023 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 62 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2023 year-end. 14. INVENTORIES (EUR thousands) December 31, 2023 December 31, 2022 Raw materials 24,161 23,275 Finished goods 34,569 32,422 Goods purchased for resale 5,268 3,941 Total at cost 63,998 59,638 Cumulated amounts written off at the beginning of the period -30,852 -27,797 Additions/Reversal/use of the amounts written off, net -69 -2,807 Exchange rate difference -76 -248 Cumulated amounts written off at the end of the period -30,997 -30,852 Total net carrying amount 33,001 28,786 The increase of inventories during 2023 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. EVS started preparing, towards the end of 2023, the BIG Events coming in 2024, impacting the inventory temporarily at year-end. Inventories recognized as an expense during the period amounted to EUR 27.0 million (EUR 24.1 million in 2022). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 0.1 million in 2023 (EUR 2.8 million in 2022), are accounted for as charges in the costs of sales. These write-offs concern technologically obsolete stock items, a range of products classified as end of life at the end of 2023. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade receivables 70,032 61,920 Write offs on receivables -2,789 -3,064 - of which ECL -816 -674 - of which other provisions -1,973 -2,390 Net trade receivables 67,243 58,856 Finance lease receivables 3,275 2,799 Deferred charges and accrued income 6,947 6,371 Other amounts receivable 4,900 5,195 Total other receivable, deferred charges and accrued income 15,122 14,365 Total 82,365 73,221 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Trade receivables evolve largely in line with our overall sales volumes. The increase is partially offset by a normalization of the delayed invoice issuance situation at the end of 2022 that followed the implementation of our new ERP. The majority of our trade receivables (i.e. 57%) is not due at year-end. Allowances for doubtful accounts are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2023, an amount of EUR 20.6 million (EUR 10.4 million on December 31, 2022) within trade receivables was overdue with more than 90 days from which EUR 2.8 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2023 and 2022 are as follows: (EUR thousands) 2023 2022 Write-offs on trade receivables Value as of January 1 3,064 2,672 - Write-offs during the year 1,606 1,881 - of which Expected Credit Loss 142 224 - of which other provisions 1,464 1657 - Releases of write-offs during the year -1,881 -1,563 - Other - 74 Value as of December 31 2,789 3,064 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.45% 0.83% 1.41% 2.50% 3.64% Total gross carrying amount 44,085 4,851 730 1,823 10,431 61,920 Expected credit loss as of Dec 31 2022 198.4 40.3 10.3 45.6 379.7 674 (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 ",
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"value": "11. OTHER INTANGIBLE ASSETS (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2021 5,070 5,119 3,389 13,578 - Intangible assets in progress - 7,824 448 8,272 As of December 31, 2022 5,070 12,943 3,837 21,850 Accumulated amortization As of December 31, 2021 -3,174 -1,219 -3,072 -7,465 - Amortization -356 -731 -83 -1,170 As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 Net carrying amount As of December 31, 2021 1,896 3,900 317 6,113 As of December 31, 2022 1,540 10,993 682 13,215 (EUR thousands) Technology (DWESAB, OpenCube and Axon) Customer related Software licenses TOTAL Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 The intangible capitalized costs include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of two important projects that should secure future growth for EVS. These projects consist in software that will be commercialized at the end of the development period. For one of the projects, the development period ended at the end of the third quarter, leading to the commencement of depreciation over a period of 5 years. The expected return on investment for the second project is scheduled for 2024, complementing the PlayForward strategy of the Group. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. ",
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},
"pp-value-2145-3": {
"value": "12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2021 63,383 7,978 18,347 749 90,457 - Acquisition 856 1,064 1,437 494 3,851 - Sales and disposals - -523 -22 - -545 - Transfers -79 -63 142 - - - Other -137 211 -16 - 58 As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 Accumulated depreciation As of December 31, 2021 -11,459 -5,985 -16,033 - -33,477 - Depreciations -3,409 -935 -1,227 - -5,571 - Sales and disposals - 523 - - 523 - Other 145 -209 2 - -62 As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 Net carrying amount As of December 31, 2021 51,924 1,993 2,314 749 56,980 As of December 31, 2022 (a) 49,300 (b) 2,061 (b) 2,630 (a) 1,243 55,234 (a) Sub-total Lands & Buildings 50,543 (b) Sub-total Other Tangible Assets 4,691 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 39,955 - - - 39,955 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 -94 -14 - -216 As of December 31, 2023 64,273 10,074 22,773 1,313 98,433 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 3,277 (b) 4,162 (a) 1,313 55,073 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 7,439 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 38,343 - - - 38,343 The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). Tangible assets remain stable with the acquisitions of the period (mainly IT equipment and vehicles) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2023 and 31 December 2022 is as follows: (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2021 10,740 - 2,291 13,031 13,408 Additions 1,666 - 1,084 2,750 2,802 Disposals -1,278 - -22 -1,300 -1,300 Depreciation expenses -1,667 - -1,182 -2,849 - Interest expenses - - - - 569 Conversion differences & Other 193 - - 193 416 Payments - - - - -3,397 As of December 31, 2022 9,654 - 2,171 11,825 12,498 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 ",
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"pp-value-2145-4": {
"value": "12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2021 63,383 7,978 18,347 749 90,457 - Acquisition 856 1,064 1,437 494 3,851 - Sales and disposals - -523 -22 - -545 - Transfers -79 -63 142 - - - Other -137 211 -16 - 58 As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 Accumulated depreciation As of December 31, 2021 -11,459 -5,985 -16,033 - -33,477 - Depreciations -3,409 -935 -1,227 - -5,571 - Sales and disposals - 523 - - 523 - Other 145 -209 2 - -62 As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 Net carrying amount As of December 31, 2021 51,924 1,993 2,314 749 56,980 As of December 31, 2022 (a) 49,300 (b) 2,061 (b) 2,630 (a) 1,243 55,234 (a) Sub-total Lands & Buildings 50,543 (b) Sub-total Other Tangible Assets 4,691 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 39,955 - - - 39,955 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Assets under construction TOTAL Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 -94 -14 - -216 As of December 31, 2023 64,273 10,074 22,773 1,313 98,433 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 3,277 (b) 4,162 (a) 1,313 55,073 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 7,439 Mortgages and other guarantees Net carrying amount of fixed assets given as real guarantees 38,343 - - - 38,343 The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). Tangible assets remain stable with the acquisitions of the period (mainly IT equipment and vehicles) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2023 and 31 December 2022 is as follows: (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2021 10,740 - 2,291 13,031 13,408 Additions 1,666 - 1,084 2,750 2,802 Disposals -1,278 - -22 -1,300 -1,300 Depreciation expenses -1,667 - -1,182 -2,849 - Interest expenses - - - - 569 Conversion differences & Other 193 - - 193 416 Payments - - - - -3,397 As of December 31, 2022 9,654 - 2,171 11,825 12,498 (EUR thousands) Land and buildings Plant, machinery and equipment Other tangible assets Total Lease liabilities As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 15.1. Finance lease receivables (EUR thousands) 2023 2022 Finance lease receivables Within one year (current finance lease) 3,275 2,799 After one year but no longer than five years (non-current finance lease) 3,458 3,647 Total 6,733 6,446 (EUR thousands) 2024 2025 2026 After Future undiscounted lease payments 3,514 1,892 1,739 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.2 million (EUR 0.3 million in 2022). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2023 is 8.0% (8.0% in 2022). The financial revenues generated by the finance leases amount to EUR 0.3 million in the period (EUR 0.2 million in 2022) and are booked in other financial income. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2022 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2022 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,112 8,082 3,047 14,241 December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 19.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January 2022 Cash flows Foreign exchange movements Other 31 December 2022 Long-term borrowings 2,779 - - -1,104 1,675 Short-term borrowings 1,095 -1,094 - 1,104 1,105 Lease liabilities 13,408 -2,828 418 1,500 12,498 Total liabilities from financing activities 17,282 -3,922 418 1,500 15,278 Non-cash changes In thousands of Euro 1 January 2023 Cash flows Foreign exchange movements Other 31 December 2023 Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 ",
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"pp-value-2585-2": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated loans Other financial assets TOTAL Net carrying amount as of Dec. 31, 2021 - 404 404 - Refunded/converted during the year - -17 -17 - Acquired during the year - 119 119 - Others - 6 6 Net carrying amount on Dec. 31, 2022 - 512 512 Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Others - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 The other financial assets mainly consist of cash guarantees and are accounted for at fair value through the profit and loss statement. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. ",
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"pp-value-2585-3": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated loans Other financial assets TOTAL Net carrying amount as of Dec. 31, 2021 - 404 404 - Refunded/converted during the year - -17 -17 - Acquired during the year - 119 119 - Others - 6 6 Net carrying amount on Dec. 31, 2022 - 512 512 Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Others - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 The other financial assets mainly consist of cash guarantees and are accounted for at fair value through the profit and loss statement. ",
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"pp-value-2585-4": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated loans Other financial assets TOTAL Net carrying amount as of Dec. 31, 2021 - 404 404 - Refunded/converted during the year - -17 -17 - Acquired during the year - 119 119 - Others - 6 6 Net carrying amount on Dec. 31, 2022 - 512 512 Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Others - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 The other financial assets mainly consist of cash guarantees and are accounted for at fair value through the profit and loss statement. ",
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"pp-value-2585-5": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated loans Other financial assets TOTAL Net carrying amount as of Dec. 31, 2021 - 404 404 - Refunded/converted during the year - -17 -17 - Acquired during the year - 119 119 - Others - 6 6 Net carrying amount on Dec. 31, 2022 - 512 512 Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Others - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 The other financial assets mainly consist of cash guarantees and are accounted for at fair value through the profit and loss statement. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade receivables 70,032 61,920 Write offs on receivables -2,789 -3,064 - of which ECL -816 -674 - of which other provisions -1,973 -2,390 Net trade receivables 67,243 58,856 Finance lease receivables 3,275 2,799 Deferred charges and accrued income 6,947 6,371 Other amounts receivable 4,900 5,195 Total other receivable, deferred charges and accrued income 15,122 14,365 Total 82,365 73,221 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Trade receivables evolve largely in line with our overall sales volumes. The increase is partially offset by a normalization of the delayed invoice issuance situation at the end of 2022 that followed the implementation of our new ERP. The majority of our trade receivables (i.e. 57%) is not due at year-end. Allowances for doubtful accounts are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2023, an amount of EUR 20.6 million (EUR 10.4 million on December 31, 2022) within trade receivables was overdue with more than 90 days from which EUR 2.8 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2023 and 2022 are as follows: (EUR thousands) 2023 2022 Write-offs on trade receivables Value as of January 1 3,064 2,672 - Write-offs during the year 1,606 1,881 - of which Expected Credit Loss 142 224 - of which other provisions 1,464 1657 - Releases of write-offs during the year -1,881 -1,563 - Other - 74 Value as of December 31 2,789 3,064 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.45% 0.83% 1.41% 2.50% 3.64% Total gross carrying amount 44,085 4,851 730 1,823 10,431 61,920 Expected credit loss as of Dec 31 2022 198.4 40.3 10.3 45.6 379.7 674 (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 15.1. Finance lease receivables (EUR thousands) 2023 2022 Finance lease receivables Within one year (current finance lease) 3,275 2,799 After one year but no longer than five years (non-current finance lease) 3,458 3,647 Total 6,733 6,446 (EUR thousands) 2024 2025 2026 After Future undiscounted lease payments 3,514 1,892 1,739 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.2 million (EUR 0.3 million in 2022). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2023 is 8.0% (8.0% in 2022). The financial revenues generated by the finance leases amount to EUR 0.3 million in the period (EUR 0.2 million in 2022) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2023 December 31, 2022 Contract assets 6,861 6,371 Contract liabilities 18,058 17,078 Invoiced advances and deferred income amounted to EUR 18.1 million at December 31, 2023, compared to EUR 17.1 million at the end of 2022. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 6.9 million at December 31, 2022 (EUR 6.4 million in 2022). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. 17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2023 December 31, 2022 Cash at bank and in hand 32,765 31,510 Short-term deposits and remunerated cash accounts 18,181 17,541 Total 50,947 49,051 The increase in cash and cash equivalents is mainly driven by the higher cash from operating activities of EUR 35.7 million resulting from 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). The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -7.5 million linked to the investments in intangible and tangible assets (specifically in the internal development of intangible assets) together with the net cash used in financing activities of EUR -25.9 million, mainly driven by total dividend payment of EUR -21.5 million in the period. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2023, short-term deposits are mainly composed of investments in bonds floating rate notes fund. 19. LOANS (EUR thousands) December 31, 2023 December 31, 2022 Long term financial debts Bank loans 561 1,675 Long term lease liabilities 9,883 9,853 Amount due within 12 months (shown under current liabilities) Bank loans 1,114 1,105 Short term lease liabilities 2,782 2,645 Total financial debt (short and long-term) 14,340 15,278 The total financial debt is repayable as follows : - within one year 3,896 3,750 - after one year but no more than five 10,444 11,528 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2022 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2022 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,112 8,082 3,047 14,241 December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 19.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January 2022 Cash flows Foreign exchange movements Other 31 December 2022 Long-term borrowings 2,779 - - -1,104 1,675 Short-term borrowings 1,095 -1,094 - 1,104 1,105 Lease liabilities 13,408 -2,828 418 1,500 12,498 Total liabilities from financing activities 17,282 -3,922 418 1,500 15,278 Non-cash changes In thousands of Euro 1 January 2023 Cash flows Foreign exchange movements Other 31 December 2023 Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2023, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2023 December 31, 2022 Assets measured at fair value Financial assets at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting 206 324 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data All fair values mentioned in the above table relate to Level 2. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. EVS hedges future USD net inflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since 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, 2023, the Group holds EUR/USD FX forward and option contracts for a total notional amount of USD 31.1 million with monthly maturities between January 2023 and December 2025. The fair value of those financial instruments on December 31, 2023, amounts to EUR 0.2 million (0.3 million on December 31, 2022). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2023, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies. As of December 31, 2023, the maximum amount the Group could have to pay if guarantees are called on is EUR 0.8 million (like EUR 0.8 million in December 2022). ",
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},
"pp-value-2655-3": {
"value": "14. INVENTORIES (EUR thousands) December 31, 2023 December 31, 2022 Raw materials 24,161 23,275 Finished goods 34,569 32,422 Goods purchased for resale 5,268 3,941 Total at cost 63,998 59,638 Cumulated amounts written off at the beginning of the period -30,852 -27,797 Additions/Reversal/use of the amounts written off, net -69 -2,807 Exchange rate difference -76 -248 Cumulated amounts written off at the end of the period -30,997 -30,852 Total net carrying amount 33,001 28,786 The increase of inventories during 2023 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. EVS started preparing, towards the end of 2023, the BIG Events coming in 2024, impacting the inventory temporarily at year-end. Inventories recognized as an expense during the period amounted to EUR 27.0 million (EUR 24.1 million in 2022). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 0.1 million in 2023 (EUR 2.8 million in 2022), are accounted for as charges in the costs of sales. These write-offs concern technologically obsolete stock items, a range of products classified as end of life at the end of 2023. ",
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},
"pp-value-2700-4": {
"value": "15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade receivables 70,032 61,920 Write offs on receivables -2,789 -3,064 - of which ECL -816 -674 - of which other provisions -1,973 -2,390 Net trade receivables 67,243 58,856 Finance lease receivables 3,275 2,799 Deferred charges and accrued income 6,947 6,371 Other amounts receivable 4,900 5,195 Total other receivable, deferred charges and accrued income 15,122 14,365 Total 82,365 73,221 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Trade receivables evolve largely in line with our overall sales volumes. The increase is partially offset by a normalization of the delayed invoice issuance situation at the end of 2022 that followed the implementation of our new ERP. The majority of our trade receivables (i.e. 57%) is not due at year-end. Allowances for doubtful accounts are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2023, an amount of EUR 20.6 million (EUR 10.4 million on December 31, 2022) within trade receivables was overdue with more than 90 days from which EUR 2.8 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2023 and 2022 are as follows: (EUR thousands) 2023 2022 Write-offs on trade receivables Value as of January 1 3,064 2,672 - Write-offs during the year 1,606 1,881 - of which Expected Credit Loss 142 224 - of which other provisions 1,464 1657 - Releases of write-offs during the year -1,881 -1,563 - Other - 74 Value as of December 31 2,789 3,064 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.45% 0.83% 1.41% 2.50% 3.64% Total gross carrying amount 44,085 4,851 730 1,823 10,431 61,920 Expected credit loss as of Dec 31 2022 198.4 40.3 10.3 45.6 379.7 674 (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 ",
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"pp-value-2700-5": {
"value": "15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade receivables 70,032 61,920 Write offs on receivables -2,789 -3,064 - of which ECL -816 -674 - of which other provisions -1,973 -2,390 Net trade receivables 67,243 58,856 Finance lease receivables 3,275 2,799 Deferred charges and accrued income 6,947 6,371 Other amounts receivable 4,900 5,195 Total other receivable, deferred charges and accrued income 15,122 14,365 Total 82,365 73,221 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Trade receivables evolve largely in line with our overall sales volumes. The increase is partially offset by a normalization of the delayed invoice issuance situation at the end of 2022 that followed the implementation of our new ERP. The majority of our trade receivables (i.e. 57%) is not due at year-end. Allowances for doubtful accounts are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2023, an amount of EUR 20.6 million (EUR 10.4 million on December 31, 2022) within trade receivables was overdue with more than 90 days from which EUR 2.8 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2023 and 2022 are as follows: (EUR thousands) 2023 2022 Write-offs on trade receivables Value as of January 1 3,064 2,672 - Write-offs during the year 1,606 1,881 - of which Expected Credit Loss 142 224 - of which other provisions 1,464 1657 - Releases of write-offs during the year -1,881 -1,563 - Other - 74 Value as of December 31 2,789 3,064 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.45% 0.83% 1.41% 2.50% 3.64% Total gross carrying amount 44,085 4,851 730 1,823 10,431 61,920 Expected credit loss as of Dec 31 2022 198.4 40.3 10.3 45.6 379.7 674 (EUR thousands) Trade receivables Expected credit loss Current <31 days 31-60 days 61-90 days >91 days Total Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 15.1. Finance lease receivables (EUR thousands) 2023 2022 Finance lease receivables Within one year (current finance lease) 3,275 2,799 After one year but no longer than five years (non-current finance lease) 3,458 3,647 Total 6,733 6,446 (EUR thousands) 2024 2025 2026 After Future undiscounted lease payments 3,514 1,892 1,739 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.2 million (EUR 0.3 million in 2022). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2023 is 8.0% (8.0% in 2022). The financial revenues generated by the finance leases amount to EUR 0.3 million in the period (EUR 0.2 million in 2022) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2023 December 31, 2022 Contract assets 6,861 6,371 Contract liabilities 18,058 17,078 Invoiced advances and deferred income amounted to EUR 18.1 million at December 31, 2023, compared to EUR 17.1 million at the end of 2022. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 6.9 million at December 31, 2022 (EUR 6.4 million in 2022). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. ",
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"pp-value-2926-4": {
"value": "16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. ",
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"pp-value-2930-3": {
"value": "17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2023 December 31, 2022 Cash at bank and in hand 32,765 31,510 Short-term deposits and remunerated cash accounts 18,181 17,541 Total 50,947 49,051 The increase in cash and cash equivalents is mainly driven by the higher cash from operating activities of EUR 35.7 million resulting from 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). The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -7.5 million linked to the investments in intangible and tangible assets (specifically in the internal development of intangible assets) together with the net cash used in financing activities of EUR -25.9 million, mainly driven by total dividend payment of EUR -21.5 million in the period. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2023, short-term deposits are mainly composed of investments in bonds floating rate notes fund. ",
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},
"pp-value-2954-2": {
"value": "18. OWNER\u2019S EQUITY 18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of shares Capital (EUR) 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 07.09.1999 Issuance of 119,952 shares for exchange with NETIA shareholders 119,952 7,197,120 Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2023 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2023, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2023, 680,875 issued warrants with an average exercise price of EUR 19.82 per share are exercisable until October 2029. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 76.0% of the total balance sheet at the end of 2023. Compared to 2022, shareholders\u2019 equity increased by EUR 15.5 million. The EVS Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the Group\u2019s cash position and its financial independence. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. 18.3. Authorized capital Pursuant to a decision of the Extraordinary General Meeting of June 5, 2023, the Board of Directors is authorized to increase the capital on one or more occasions by a maximum amount of one million and six hundred thousand euro (1,600,000 EUR), excluding the share premium. These capital increases may be carried out by subscriptions in cash, contributions in kind, or incorporation of reserves or issue premiums, with or without the creation of shares. Within the limits of this authorization, the Board of Directors may issue bonds convertible into shares or subscription rights, in compliance with the provisions of articles 7:198 et seq. of the Companies and Associations Code. In the case of a share capital increase with share premium, such premium must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. Similarly, in the event of an issue of subscription rights, their issue price must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. On the occasion of any issue of shares, convertible bonds or subscription rights, the Board of Directors may limit or cancel the preferential subscription rights of the shareholders, including in favour of one or more specific persons other than staff members, in accordance with the terms and conditions to be determined by the Board of Directors and subject to compliance with the provisions of articles 7:198 et seq. of the Belgian Companies and Associations Code. This general authorization is valid for a period of five (5) years from the publication of the resolution of June 5, 2023 and is renewable. The Board of Directors shall be entitled to amend the Articles of Association to the extent required to reflect the use of the authorization granted by this article (article 7 of the articles of associations). 18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 680,875 warrants outstanding at the end of 2023 (492,975 at the end of 2022), the dilution effect represents 4.8% of the share capital, this being covered by the 893,820 treasury shares, which represent 6.3% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2023, 198,900 warrants were distributed (183,375 in 2022), no warrants were exercised (same in 2022), and 11,000 warrants were cancelled following the departure of personnel or expired (146,832 in 2022). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2023 2022 Number WAPP (EUR) Number WAPP (EUR) In circulation at the beginning of the period 492,975 16.95 456,432 19.89 Granted during the period 198,900 25.85 183,375 18.62 Exercised during the period - - - - Cancelled during the period -11,000 15.16 -146,832 28.17 In circulation at the end of period 680,875 19.58 492,975 16.95 The warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2024 13.69 146,750 154,250 2027 2025 18.21 152,600 155,350 2028 2026 18.62 182,625 183,375 2029 2027 25.85 198,900 - Total Between 13.69 and 25.85 680,875 492,975 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2023 Plan 2022 Plan 2021 Volatility 25.6% 31.5% 33.1% Risk free interest rate 3.27% 2.26% -0.53% Dividend return 4.3% 5.3% 5.0% Economical value of the option vs. underlying share 17.3% 20.5% 15.5% During 2023, the Group recognized EUR 0.5 million as expense in the income statement in relation with the warrant schemes (EUR 0.3 million in 2022). As of December 31, 2023, the total fair value of the warrants amounts to EUR 2.4 million (EUR 1.5 million as of December 31, 2022). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 16, 2023, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2022. Considering tax implications for the company, this grant consisted of 42 shares (net of taxes) for all employees hired by the group before January 1, 2023, proportionally to the effective time performance (or assimilated) in 2022. This represented 14,194 shares for an amount of EUR 0.3 million (EUR 0.3 million in 2022). A proposal will be presented for approval to the Ordinary General Meeting of May 16, 2024, relating to the appropriation of the year 2023, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. 18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d In 2023, the Group did not repurchase its own shares on the stock market. No shares were used to satisfy the exercise of warrants by employees. At December 31, 2023, the total number of own shares amounts to 893,820 shares (at an average historical price of EUR 19.21) compared to 908,014 as of December 31, 2022 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2023 2022 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 908,014 19.21 925,140 19.21 Staff incentive program -14,194 19.21 -17,126 19.21 At the end of the period 893,820 19.21 908,014 19.21 18.6. Reserves (EUR thousands) December 31, 2023 December 31, 2022 Legal reserves 999 999 Reserves available for distribution 197,898 182,391 Reserves for treasury shares -17,174 -17,447 Reserves 181,723 165,943 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares. 18.7. Translation differences For Group\u2019s entities whose functional currency is not EUR (i.e. US affiliate EVS Inc. which operates in USD), assets and liabilities are converted into the Group\u2019s reporting currency (EUR) at the exchange rate in force on the reporting date, capital and reserves are converted at historical exchange rate, and the income statement is converted at the average exchange rate of the period. The translation differences resulting from this conversion are directly recognized under a distinct heading of equity. ",
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"pp-value-2955-3": {
"value": "18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of shares Capital (EUR) 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 07.09.1999 Issuance of 119,952 shares for exchange with NETIA shareholders 119,952 7,197,120 Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2023 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2023, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2023, 680,875 issued warrants with an average exercise price of EUR 19.82 per share are exercisable until October 2029. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 76.0% of the total balance sheet at the end of 2023. Compared to 2022, shareholders\u2019 equity increased by EUR 15.5 million. The EVS Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the Group\u2019s cash position and its financial independence. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. ",
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"pp-value-3072-4": {
"value": "18.2. Issued capital and treasury shares As of December 31, 2023, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2023, 680,875 issued warrants with an average exercise price of EUR 19.82 per share are exercisable until October 2029. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 76.0% of the total balance sheet at the end of 2023. Compared to 2022, shareholders\u2019 equity increased by EUR 15.5 million. The EVS Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the Group\u2019s cash position and its financial independence. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. ",
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"pp-value-3072-5": {
"value": "18.2. Issued capital and treasury shares As of December 31, 2023, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2023, 680,875 issued warrants with an average exercise price of EUR 19.82 per share are exercisable until October 2029. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 76.0% of the total balance sheet at the end of 2023. Compared to 2022, shareholders\u2019 equity increased by EUR 15.5 million. The EVS Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the Group\u2019s cash position and its financial independence. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. ",
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},
"pp-value-3106-3": {
"value": "18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 680,875 warrants outstanding at the end of 2023 (492,975 at the end of 2022), the dilution effect represents 4.8% of the share capital, this being covered by the 893,820 treasury shares, which represent 6.3% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2023, 198,900 warrants were distributed (183,375 in 2022), no warrants were exercised (same in 2022), and 11,000 warrants were cancelled following the departure of personnel or expired (146,832 in 2022). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2023 2022 Number WAPP (EUR) Number WAPP (EUR) In circulation at the beginning of the period 492,975 16.95 456,432 19.89 Granted during the period 198,900 25.85 183,375 18.62 Exercised during the period - - - - Cancelled during the period -11,000 15.16 -146,832 28.17 In circulation at the end of period 680,875 19.58 492,975 16.95 The warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2024 13.69 146,750 154,250 2027 2025 18.21 152,600 155,350 2028 2026 18.62 182,625 183,375 2029 2027 25.85 198,900 - Total Between 13.69 and 25.85 680,875 492,975 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2023, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2023 Plan 2022 Plan 2021 Volatility 25.6% 31.5% 33.1% Risk free interest rate 3.27% 2.26% -0.53% Dividend return 4.3% 5.3% 5.0% Economical value of the option vs. underlying share 17.3% 20.5% 15.5% During 2023, the Group recognized EUR 0.5 million as expense in the income statement in relation with the warrant schemes (EUR 0.3 million in 2022). As of December 31, 2023, the total fair value of the warrants amounts to EUR 2.4 million (EUR 1.5 million as of December 31, 2022). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 16, 2023, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2022. Considering tax implications for the company, this grant consisted of 42 shares (net of taxes) for all employees hired by the group before January 1, 2023, proportionally to the effective time performance (or assimilated) in 2022. This represented 14,194 shares for an amount of EUR 0.3 million (EUR 0.3 million in 2022). A proposal will be presented for approval to the Ordinary General Meeting of May 16, 2024, relating to the appropriation of the year 2023, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3241-3": {
"value": "18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d In 2023, the Group did not repurchase its own shares on the stock market. No shares were used to satisfy the exercise of warrants by employees. At December 31, 2023, the total number of own shares amounts to 893,820 shares (at an average historical price of EUR 19.21) compared to 908,014 as of December 31, 2022 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2023 2022 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 908,014 19.21 925,140 19.21 Staff incentive program -14,194 19.21 -17,126 19.21 At the end of the period 893,820 19.21 908,014 19.21 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3293-3": {
"value": "18.6. Reserves (EUR thousands) December 31, 2023 December 31, 2022 Legal reserves 999 999 Reserves available for distribution 197,898 182,391 Reserves for treasury shares -17,174 -17,447 Reserves 181,723 165,943 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3320-3": {
"value": "19. LOANS (EUR thousands) December 31, 2023 December 31, 2022 Long term financial debts Bank loans 561 1,675 Long term lease liabilities 9,883 9,853 Amount due within 12 months (shown under current liabilities) Bank loans 1,114 1,105 Short term lease liabilities 2,782 2,645 Total financial debt (short and long-term) 14,340 15,278 The total financial debt is repayable as follows : - within one year 3,896 3,750 - after one year but no more than five 10,444 11,528 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January 2022 Cash flows Foreign exchange movements Other 31 December 2022 Long-term borrowings 2,779 - - -1,104 1,675 Short-term borrowings 1,095 -1,094 - 1,104 1,105 Lease liabilities 13,408 -2,828 418 1,500 12,498 Total liabilities from financing activities 17,282 -3,922 418 1,500 15,278 Non-cash changes In thousands of Euro 1 January 2023 Cash flows Foreign exchange movements Other 31 December 2023 Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3493-2": {
"value": "20. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2022 9 1,628 1,637 Arising during the year - 438 438 Utilized - -337 -337 Reversed - - - As of December 31, 2022 9 1,729 1,738 Current 2022 - - - Non-current 2022 9 1,628 1,637 Current 2023 - - - Non-current 2023 9 1,729 1,738 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2023 represents an amount of EUR 1.7 million (EUR 1.6 at the end of 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3493-3": {
"value": "20. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2022 9 1,628 1,637 Arising during the year - 438 438 Utilized - -337 -337 Reversed - - - As of December 31, 2022 9 1,729 1,738 Current 2022 - - - Non-current 2022 9 1,628 1,637 Current 2023 - - - Non-current 2023 9 1,729 1,738 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2023 represents an amount of EUR 1.7 million (EUR 1.6 at the end of 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3548-3": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2023 December 31, 2022 Amounts payable regarding social security 694 881 Amounts payable regarding wages and bonuses 11,787 10,338 Total 12,481 11,219 The increase of amounts payable regarding wages and bonuses on December 31, 2023 is mainly linked to the increase in headcount compared to the same period in 2022, coupled with higher provision for bonuses in line with the positive results of the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3548-4": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2023 December 31, 2022 Amounts payable regarding social security 694 881 Amounts payable regarding wages and bonuses 11,787 10,338 Total 12,481 11,219 The increase of amounts payable regarding wages and bonuses on December 31, 2023 is mainly linked to the increase in headcount compared to the same period in 2022, coupled with higher provision for bonuses in line with the positive results of the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3548-5": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2023 December 31, 2022 Amounts payable regarding social security 694 881 Amounts payable regarding wages and bonuses 11,787 10,338 Total 12,481 11,219 The increase of amounts payable regarding wages and bonuses on December 31, 2023 is mainly linked to the increase in headcount compared to the same period in 2022, coupled with higher provision for bonuses in line with the positive results of the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3548-6": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2023 December 31, 2022 Amounts payable regarding social security 694 881 Amounts payable regarding wages and bonuses 11,787 10,338 Total 12,481 11,219 The increase of amounts payable regarding wages and bonuses on December 31, 2023 is mainly linked to the increase in headcount compared to the same period in 2022, coupled with higher provision for bonuses in line with the positive results of the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3548-7": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2023 December 31, 2022 Trade payables 10,681 9,207 Other payables 8,735 7,719 Accrued charges 1,415 930 Deferred income 9,339 9,347 Total 30,170 27,203 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other trade payables mainly consist of advances received from customers on work in progress. Additional details on advances received and deferred income are provided in note 15.2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3594-2": {
"value": "23. COMMITMENTS AND CONTINGENCIES 23.1. Operating lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2023, a provision of EUR 1.7 million (EUR 1.6 million in 2022) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.9 million as of December 31, 2023 (EUR 0.8 million in 2022) mainly requested as part of international public tenders, or as security deposit. Bank guarantees are reported under cash. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2023. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 18 million in 2022) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3594-3": {
"value": "23. COMMITMENTS AND CONTINGENCIES 23.1. Operating lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2023, a provision of EUR 1.7 million (EUR 1.6 million in 2022) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.9 million as of December 31, 2023 (EUR 0.8 million in 2022) mainly requested as part of international public tenders, or as security deposit. Bank guarantees are reported under cash. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2023. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 18 million in 2022) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3620-2": {
"value": "24. RELATED PARTY DISCLOSURES 24.1. Affiliates The consolidated financial statements include the financial statement of EVS Broadcast Equipment SA and the subsidiaries consolidated according to the full consolidation method listed in note 4. They are representation and distribution subsidiaries for the products developed by EVS. The table hereunder provides the total number of transactions which have been entered into with related parties that are not fully consolidated. Sales to and purchases from related parties are made at normal market prices and under usual commercial conditions. Outstanding balances at year end are unsecured and settlement occurs in cash. (EUR thousands) Sales to related parties Purchases from related parties Amounts due by related parties Amounts owed to related parties Related parties Associates : MECALEC SA 2023 - -632 - - 2022 - -636 - - Total 2023 -632 - 2022 - -636 - - 24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2023 2022 Short-term employee benefits 2,953 2,489 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 209 107 Total 3,162 2,596 Amounts recognized as an expense during the reporting period related to key management personnel are as follows: Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Short-term employee benefits 945 723 Post-employment pension and medical benefits - - Termination benefits - - Total 945 723 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2023 13.69 47,000 47,000 2027 2025 18.21 68,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 - Total Between 13.69 and 25.85 282,550 195,500 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3684-3": {
"value": "24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2023 2022 Short-term employee benefits 2,953 2,489 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 209 107 Total 3,162 2,596 Amounts recognized as an expense during the reporting period related to key management personnel are as follows: Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2023 December 31, 2022 Short-term employee benefits 945 723 Post-employment pension and medical benefits - - Termination benefits - - Total 945 723 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry date First exercise date Exercise prices (EUR) Number on December 31, 2023 Number on December 31, 2022 2026 2023 13.69 47,000 47,000 2027 2025 18.21 68,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 - Total Between 13.69 and 25.85 282,550 195,500 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3769-2": {
"value": "25. AUDITOR Since the Ordinary General Meeting of May 17, 2016, the audit of the statutory and consolidated accounts of EVS Broadcast Equipment SA to EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario (A02506), Belgian R\u00e9viseur d\u2019Entreprise. The mandate of the Auditor is for three years (ending in May 2025). In 2023, all fees related to the Auditor of the parent company, EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario and its associates, amounted to EUR 277.202 in aggregate for their duties as Auditor. Other audit services amounted to EUR 3.500. No non-audit services were carried out by the Commissioner in 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3777-2": {
"value": "26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. EVS hedges future USD net inflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since 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, 2023, the Group holds EUR/USD FX forward and option contracts for a total notional amount of USD 31.1 million with monthly maturities between January 2023 and December 2025. The fair value of those financial instruments on December 31, 2023, amounts to EUR 0.2 million (0.3 million on December 31, 2022). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2023, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies. As of December 31, 2023, the maximum amount the Group could have to pay if guarantees are called on is EUR 0.8 million (like EUR 0.8 million in December 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3777-3": {
"value": "26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. EVS hedges future USD net inflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since 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, 2023, the Group holds EUR/USD FX forward and option contracts for a total notional amount of USD 31.1 million with monthly maturities between January 2023 and December 2025. The fair value of those financial instruments on December 31, 2023, amounts to EUR 0.2 million (0.3 million on December 31, 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3789-3": {
"value": "27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2023, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2023 December 31, 2022 Assets measured at fair value Financial assets at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting 206 324 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data All fair values mentioned in the above table relate to Level 2. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3789-4": {
"value": "27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2023, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2023 December 31, 2022 Assets measured at fair value Financial assets at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting 206 324 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data All fair values mentioned in the above table relate to Level 2. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. EVS hedges future USD net inflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since 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, 2023, the Group holds EUR/USD FX forward and option contracts for a total notional amount of USD 31.1 million with monthly maturities between January 2023 and December 2025. The fair value of those financial instruments on December 31, 2023, amounts to EUR 0.2 million (0.3 million on December 31, 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3789-5": {
"value": "27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2023, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2023 December 31, 2022 Assets measured at fair value Financial assets at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting 206 324 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data All fair values mentioned in the above table relate to Level 2. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3864-4": {
"value": "27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2023, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies. As of December 31, 2023, the maximum amount the Group could have to pay if guarantees are called on is EUR 0.8 million (like EUR 0.8 million in December 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3891-2": {
"value": "28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE There are no other subsequent events that may have a material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}