VOGO (EPA:ALVGO) - VOGO : 2018 FY Results: Revenue from activities up by 50%; Results in line in a context of accelerating growth; First 5G partnership; Pick-up of growth expected in 2019.
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23/04/2019 18:00
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Press Release
Montpellier, April 23rd, 2019
2018 FY Results:
* Revenue from activities(1) up by 50%
* Results in line in a context of accelerating growth
* First 5G partnership
* Pick-up of growth expected in 2019
VOGO (ISIN code: FR0011532225 - Ticker: ALVGO) announces the publication of its
financial statements for the period ended on 31 December 2018, approved by the
Board of Directors on 23 April 2019.
In EURK 2017 restated(1) 2018 Variation
Revenue from activities 739(2) 1,106 +50%
Operating income 983 1,288 +31%
Operating expenses 2,085 2,641 +27%
EBITDA -788 -902
Operating income -1,101 -1,353
Net income -1,008 -2,041
An audit on the annual financial statement has been performed, and the audit
report relating to their certification is in the process of being issued by the
auditors.
Activity 2018: 2018 Revenue from activities1 up by 50%
The Revenue from activities comes to EUR1.106M in 2018, up by 50% compared to
2017. From now on, this indicator will be used to measure the Group's business
performance in place of Turnover.
This growth, which corresponds perfectly to the Group's growth objectives, was
driven by the sharp increase in the number of events covered in the second half
of the year (628 in 2018 vs. 292 in 2017) and the ramp-up of indirect
international acquisition channels, which already accounted for nearly 14% of
the Revenue from activities for the period (versus 4% in 2017).
(1) For the accounts closed on 31 December 2018, VOGO's Board of Directors
decided to adopt a new method for allocating the proceeds of the sale-leaseback
to financial institutions of the spare parts required to produce VOGOBOXES
under lease-purchase financing contracts for the equipment. The proceeds of
such sales to financial institutions, which fall within the scope of the
company's normal and current activities, were previously recognised as
Turnover. The proceeds of the sale-leaseback amounted to EUR359,252 in 2018,
compared with EUR105,563 in 2017. This reflects the worldwide deployment of
VOGOBOXES in order to support the accelerating growth. On the recommendation of
the Statutory Auditors, they will henceforth be recognised as other operating
income starting in 2018. This new allocation has no impact on VOGO's overall
growth and income. See Appendix.
(2) Due to the correction of an EUR83K error on the 2017 Revenue from
activities, recognised in the first half of 2018, the Revenue from activities
for the year ended 31 December 2017 should have been EUR739K instead of
EUR822K.
2018 results: efficient control of costs in a context of accelerating growth
As expected, VOGO posted a 27% controlled increase in operating expenses. This
increase includes purchases of raw materials (EUR364K, up by EUR254K over 2017)
to anticipate the acceleration of VOGOBOX deployment and EUR916K in staff costs
(up by EUR157K). EBITDA thus stands at (EUR902K) for 2018, which is a
controlled level compared to 2017 (EUR788K).
Net income was negative at (EUR2,041K). As expected, it includes non-recurring
financial charges without any impact on cash position (EUR674K) related to the
payment of the redemption premium linked to the Company's bond issue at the
time of the IPO.
VOGO's growth is supported by a solid financial structure. Shareholders'
equity, which includes the proceeds of the IPO in November 2018 (EUR11.08M net
cash), rose sharply to EUR10.9M versus EUR1.1M as at 31 December 2017. Net cash
as at 31 December 2018 was EUR10.5M.
Outlook for 2019: heading for an accelerating growth
Aspirations borne out
Since its IPO, VOGO has consolidated its positions on all the disciplines
already covered by its solution (rugby, horse riding, football, etc.) and has
been rolling it out for new major sports such as volleyball, tennis and hockey
since the beginning of the 2019.
VOGO recently announced that it has already achieved several key milestones:
* December 2018: distribution contract with Infront Italy, with 3 Italian
football clubs already signed up and participation in the Italian Volleyball
Cup finals;
* January 2019: partnership with Abéo on a joint technological and commercial
offer with the prospect of signing a global distribution agreement;
* February 2019: roll-out of the VOGO SPORT solution for the Champions Hockey
League final in Sweden;
* March 2019: signing of a contract with LNH (the national handball league) to
roll out the VOGO SPORT solution during the Coupe de la Ligue Final4;
Beyond these achievements, VOGO's aspirations have also been borne out in the
world of professional sports with the use of the VOGO SPORT solution for video
refereeing during the France- Scotland rugby match. The provision of the VOGO
SPORT technology for professional applications is a major growth driver for the
Company.
In the technological field, VOGO announced the porting of its solution to the
5G network at the Hacking de l'Hôtel de Ville de Paris event (22 March 2019),
with the conclusion of an agreement with Orange. Originally planned for 2020,
this should now be completed in 2019. This early adaptation confirms VOGO's
technological and commercial advantage in its market.
In view of all this, added to the strong growth recorded during the first
months of the year, VOGO is confident in its ability to post accelerated growth
in 2019.
VOGO confirms its growth objectives: to reach a Revenue from activities of
around EUR10M from 2020 and reach the milestone of EUR50M by 2023 in order to
establish itself as a world leader in live audiovisual content solutions.
Beyond its strong organic prospects, VOGO will be looking for external
opportunities to boost its growth on the Sportech market.
Upcoming release:
2019 H1 Turnover
July 24th, 2019 (after Paris stock exchange closing)
- END -
Appendix
2017 2017 2018
restated 746,459
Turnover 633,073 739,073 (2)
including 105,563
of proceeds of the
sale-leaseback
Proceeds of the
sale-leaseback 105,563 - 359,252
Revenue from
activities 739 073 - 1,105,711
Capitalised
production 240,000 240,000 169,750
Other income 4,763 4,763 12,758
Operating income 983,836 983,836 1,288,219
About VOGO
Founded in 2013, VOGO develops, markets and distributes a solution for
broadcasting live audiovisual content based on streamed video processing
technology protected by four patents. Its disruptive technology, the
performance of which is unrelated to the number of people connecting to it,
aims to improve spectator experience by providing on-demand, multi-camera
content, either live or on replay, along with analytical audio and video tools
for professional usage. Since its inception, VOGO has already covered over
1,000 events in more than 20 athletic disciplines on 4 continents.
For more information: www.VOGOsport.com
VOGO
VOGO-group.com
Twitter
@VOGOSport
Facebook
VOGO SPORT
Contacts
VOGO
Christelle Albinet
Tel: +33(4) 67 50 03 98
Email: c.albinet@VOGO.fr
ACTIFIN - Press Relations
Jennifer Julia
Tel: +33(1) 56 88 11 19
Email: jjullia@actifin.fr
ACTIFIN - Financial Communications
Victoire Demeestère / Stéphane Ruiz
Tel: +33(1) 56 88 11 11
Email: demeestere@actifin.fr