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Apr 14, 2008
USA
Masstech Group and Dalet Collaborate to Optimize Implementation of Tapeless Production Workflows

Masstech Group and Dalet Collaborate to Optimize

Masstech Group Inc. and Dalet Digital Media Systems today announced their collaboration to optimize the implementation of tapeless production workflows. Joint integration efforts aim at combining the flexibility of Dalet asset management features with the scalability of Masstech Group media lifecycle management framework.

“Working in cooperation with Dalet, we have expanded the reach of our mutual products” said Mr. Cristian Saceanu, director of engineering.

“This collaboration truly brings the best of our joint product offerings,” comments Mr. Kevin Savina, director of product management at Dalet. “The advanced media management framework offered by MassStore provide the ideal platform for bringing the flexibility of Dalet asset management to large scale broadcast environments that involve numerous non-linear editing suites”.

As an enterprise class unified platform for live and file based-ingest, in stream transcoding, production and news integration, business continuity, content delivery/distribution and portal connectivity, MassStore WAM Suite provides a rock-solid media management layer on top of which Dalet Enterprise Edition modular asset management and workflow engine technology can be implemented so as to give the ability for broadcasters and content producers to interact with a centralized content catalogue for a comprehensive range of applications.

Learn more about these solutions at NAB2008 at the Las Vegas Convention Center, April 14-17 at Masstech Group booth SU13813 and the Dalet booth SU8520.

About Masstech Group

Masstech is a global developer of media lifecycle management, workflow productivity enhancement, business continuity and compliance. MassStore™ WAM™ Suite of Workflow Asset Management products are used by our worldwide clients in broadcast, cable, production and satellite operations.

About Dalet Digital Media Systems

Dalet is a worldwide leader in software that empowers broadcasters and content professionals to produce and manage audio and video content in a digital, multi-platform world. Dalet media asset management (MAM) solutions streamline production costs and increase revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms.

Dalet tools are used around the world by thousands of content producers including major television and radio public broadcasters (BBC, CBC, DR, NPR, RFI, Russia Today, RTM, VOA, WDR), commercial networks (ART, eTV, Grupo Prisa, Prime Television, The Press Association, Warner Bros., XM Satellite) and government organizations (Queensland JAG, Canadian House of Commons, The European Commission).

Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0000076176, Bloomberg DLT:FP, Reuters: DALE.PA.

For More Information

For more information on Dalet, visit https://www.dalet.com or contact:

Zazil Media Group

Janice Dolan

(p) +1 617 817 6595

(e) janice@zazilmediagroup.com

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First Semester 2017 - Total Revenues: +9%
(Unaudited) In € millionsH1 2016H1 2017Change Licences5.95.9- Maintenance - Support7.68.3+10% Total Software Revenues13.514.2+6% Services4.25.0+20% Hardware3.33.5+6% Total revenues for the semester20.922.7+9% Total Commercial Gross Margin for the semester18.220.0+9% DALET, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, announced today revenues (unaudited) for its first half-year ended June 30, 2017. Total consolidated revenues for the semester were up by 9% at €22.7 million as compared to the first half of 2016. Second quarter revenues were €11.8 million, up 9% from the same period last year. Software revenues (comprising licences and support revenues) were up 6% over the first six months of the year, bolstered by the 10% increase in recurring Maintenance revenues at €8.3 million. License revenues were stable. Service revenues (integration, configuration and training professional services) were up 20% compared to last year’s first half, due to the large number of projects involving deployment and integration currently underway. Hardware resale, which is a low margin, non strategic business for Dalet, increased at a slower pace that the rest of the activity over the first half of 2017. Commercial gross margin (defined as sales minus cost of goods and third-party services resold) increased in value by 9% at €20.0 million. Commercial gross margin rate increased slightly from 87.3% of revenues over the first half of 2016 to 87.9% for the same period this year, reflecting the more favorable sales mix. Broken down by geographic region, Europe remains the largest zone in terms of revenues with revenues stable at €9.1 million. Revenues for the Americas were up by 7% at €8.5 million. Revenues for Asia Pacific were up by 26% at €3.7 million, revenues in Africa and the Middle East were up by 81% at €1.3 million as compared to the first semester of 2016. Outlook Dalet revenues are in line with its business plan after these first six months. Backed by an order book standing at €25 million expected to be invoiced in the second half of 2017 ( €2 milion above the order book for the second semester of 2016 at the same period last year), Dalet expects to meet its goals for 2017 in terms of continued growth and progressive improvement of its operating margins. Next publication Full financial results for the first semester of 2017 on 19 September 2017 after the close of trading About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Warner Bros., Sirius XM Radio) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com Contacts Actus Finance & Communication : Investors: Guillaume Le Floch / Theo Martin - 01 53 67 36 75 Press-Media: Vivien Ferran - 01 53 67 36 34
Dalet Announces Key Management Appointments for Dalet Singapore Office
Dalet Digital Media Systems, a leading provider of solutions and services for media organizations, is pleased to announce two new key management appointments for the Dalet Asia Pacific region: Cesar Camacho to General Manager and Rosa Pereiro to Director of Sales. Based at the Dalet Singapore office, the new appointments will serve to further strengthen Dalet’s presence and support across the region. The appointments are effective immediately. Cesar Camacho, general manager, APAC Cesar Camacho will be assuming the position of general manager in the Asia-Pacific region, succeeding Raoul Cospen. In his new role, Cesar will be responsible for Dalet business and operations across the region, overseeing a team of 40-plus Dalet professionals. Having been with Dalet since 2001 and general manager of Dalet Spain since 2011, Cesar has been instrumental in the company’s growth and has been a key player in the implementation of Dalet systems in broadcast channels worldwide. Rosa Pereiro, director of sales, APAC Rosa Pereiro has been promoted to director of sales, APAC, from her role as regional sales manager. Rosa will be responsible for driving key customer deals, managing accounts and leading business development efforts across all territories in the Asia-Pacific region. Working closely with Cesar, she will develop strategies for expanding Dalet media and entertainment relationships and strengthening existing ones, helping Dalet to increase sales and penetrate new markets and accounts throughout the region. “Under the leadership of Raoul Cospen, our Asia-Pacific presence has grown significantly over the past few years, and all who have been involved in this mission – past, present and future – have proven their outstanding capabilities in promoting the Dalet brand in this strategic region,” comments Stephane Schlayen, COO of Dalet. “Available in most of the region’s languages, the Dalet Galaxy platform proves to be particularly well adapted to the current demands of APAC broadcasters, seeking to streamline workflows and save on costs of operations while getting maximum flexibility for their business. Customers such as MediaCorp in Singapore, WION/Zee Media Corporation in India and SBS in Australia are implementing Dalet solutions to drive key innovations in broadcast, digital and social media. These new appointments will be instrumental in the continued success of APAC, and I have full confidence that both Cesar and Rosa will continue to successfully drive the company’s expansion across the region.” Meet Cesar Camacho and Rosa Pereiro at BroadcastAsia2017 Attendees to the BroadcastAsia2017 exhibition can book a private briefing to meet with Cesar or Rosa (stand 4R3-05) at the upcoming BroadcastAsia2017 exhibition at http://www.dalet.com/broadcast-asia-2017. For more information about Dalet at BroadcastAsia2017, please visit http://www.dalet.com/news/dalet-innovations-expand-choices-and-opportunities-broadcasters-and-content-producers. About Dalet Dalet solutions and services enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way. Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners.
2016 Yearly Results - Current Operating Income Up 385%
In € millions20152016Change Revenues47,548,2+2% Cost of goods and third-party services resold8,37,0 Commercial gross profit39,141,2+5% Commercial gross margin82%85% Other cost of revenues14,114,6 Gross profit25,026,6+6% Gross Margin53%55% Research and development11,011,6+6% Selling and marketing9,09,0-1% General and administrative4,64,6-1% Current operating income0,31,4+385% Operating income(0,1)1,3- Net income, Group share(0,8)0,7+1,5M€ Going forward, Dalet publishes its Income statement by function, so as to be aligned with the presentation generally used by software companies. The income statement by nature of expense is presented as well in the appendix to this press release. The consolidated financial statements have been audited. The auditors' report will be published once the due diligence procedures required for the publication of the yearly financial report are complete. Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its yearly audited results for financial year 2016. Gross Margin up from 53% to 55% Dalet posted in 2016 its eighth consecutive year of growth with consolidated revenues up 2% at €48.2 million. The sales mix improved with a larger contribution to the activity from Software revenues and a decrease in hardware resale. This combined with an improved margin on services contributed to a Gross Profit of €26.6 million, up by 6%, with a gross margin increasing from 53% to 55% of revenues. Fivefold increase in Current Operating Profit Research and development expenses were up 6%, as the Group makes progress on its technology roadmap and product enhancements. The capitalization of €2.9 million in R&D on the company's balance sheet had no significant impact on income as it was offset by the amortization of R&D expenses in a similar amount. Selling & marketing expenses and general & administrative expenses were stable. As a result, current operating income climbed to €1.4 million from €0.3 million, an almost fivefold increase with respect to 2015. Current operating margin for 2016 was 2.9%, on track with the margin objectives defined by the group. With no significant exceptional expenses, operating income reached €1.3 million. After €0.4 million in financial expenses of which 0.1 million is interest expenses, and €0.2 million in tax, net income amounted to €0.7 million compared to a loss of €0.8 million in 2015. Stronger cash position, Positive cashflows Cashflows from operations amounted to €5.1 million, up 51% from the previous year. Cash on 31 December 2016 increased to €6.5 million, net cash was €1.3 million compared to a net debt of €0.6 million on 31 December 2015. Dalet shareholders’ equity stood at €15.2 million on 31 December 2016. Perspectives Based on an order book on January 1st 2017 of €36 million, and on dynamic activity since the beginning of the year, DALET targets in 2017 a 9th consecutive year of growth. The group will continue setting as its priority the growth of its Software activity and associated professional services, while focusing on improving its service margins. Dalet confirms its objective of a current operating margin objective of 4% to 5% in 2017. Next publication Q1-2017 revenues on 11 May 2017 after the close of trading About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., SiriusXM) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com. Contacts Actus Finance & Communication Investors: Théo Martin +33 1 53 67 36 36 Press-Media: Vivien Ferran +33 1 53 67 36 34 APPENDIX: DETAILED FINANCIAL INFORMATION 2016 INCOME STATEMENT BY FUNCTION (in euro thousands)20152016 Revenues47 46348 226 Cost of Revenues-22 485-21 627 Gross Profit24 97826 598 Research and Development expenses-10 999-11 634 Selling and Marketing expenses-9 044-8 984 General and Administrative expenses-4 650-4 599 Current Operating Income2851 381 Loss on value-long term assets-411 Other operating income and expenses -76 Operating Income-1251 305 Financial income and expenses-336-425 Pre-tax income-461880 Income Tax-339-220 Net consolidated income-800660 Net consolidated income, attributable to Group-800660 INCOME STATEMENT BY NATURE OF EXPENSE (in euro thousands)20152016 Revenues47 46348 226 Purchases and other external expenses-20 917-19 540 Employee expenses-22 211-23 524 Taxes and duties-200-179 Depreciation and Amortization-3 620-3 700 Provisions net of reversals-62155 Other income and expenses from operations-168-56 Curent Operating Income2851 381 Loss on value-long term assets-411 Other operating income and expenses -76 Operating Income-1251 305 Income from cash and cash equivalents1930 Cost of gross financial debt-173-158 Cost of net financial debt-153-128 Other financial income and expenses-182-297 Pre-tax income-461880 Income tax-339-220 Net consolidated income-800660 Net consolidated income, attributable to Group-800660 BALANCE SHEET (in euro thousands)Dec 31 2015Dec 31 2016 Goodwill6 2135 604 Intangible assets5 9595 375 Property, plant and equipment1 3671 333 Long-term financial assets358360 Long term restricted cash325180 Other non-current assets1 0081 718 Deferred tax assets415424 NON-CURRENT ASSETS15 64414 992 Inventories247428 Trade receivables14 48317 814 Sundry debtors1 4271 701 Cash and cash equivalents4 3356 532 Current tax assets166299 CURRENT ASSETS20 65826 774 TOTAL ASSETS36 30241 766 Capital7 1877 187 Premiums9 6149 682 Consolidated reserves-3 334-4 655 Consolidated income-800660 Translation reserves2 5282 276 Shareholder's Equity (attributable to the Group)15 19415 150 Non-controlling interests89 SHAREHOLDERS' EQUITY15 20215 159 Long term financial debt3 7242 930 Long term provisions554677 Deferred tax liabilities880578 Other non current liabilities744754 NON CURRENT LIABILITIES5 9014 938 Short-term provisions 96 Short-term financial debt1 2922 332 Current tax liabilities8138 Suppliers3 3493 962 Tax and social security liabilities4 0634 316 Other creditors6 41310 926 CURRENT LIABILITIES15 19821 669 TOTAL LIABILITIES36 30241 766 STATEMENT OF NET CASH FLOWS31 dec 2015 31 dec 2016 (in € thousand)12 months12 months Consolidated net income (including non-controlling interests)-800660 +/- Depreciation, amortisation and provisions (except on current assets)3 4163 841 +/- Impairment losses - Long term assets4110 +/ - Income and expense linked to stock options and similar9389 -/+ Gains and losses on disposals-1-5 Cash flow after cost of net financial debt and tax3 1184 585 + Cost of net financial debt153128 +/- Tax expense (including deferred taxes)339220 Cash flow before cost of net financial debt and tax (A)3 6114 933 - Tax paid (B)-182-563 +/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C)-20769 = NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C)3 4085 139 - Cash outflow for acquisitions of property, plant and equipment and intangible assets-3 565-3 334 + Cash from disposals of property, plant and equipment and intangible assets17835 +/- Impact of changes of scope-2570 +/- Change in loans and advances made-333 = NET CASH FLOW FROM INVESTMENT ACTIVITIES (E)-3 647-3 265 -/+ Repurchase and resale of treasury shares-56-23 + Cash from new borrowings883415 - Loan repayments (including finance leases)-1 052-1 150 - Net financial interest paid (including finance leases)-147-112 +/- Other cash flows from financing activities156903 = NET CASH FLOW FROM financing activities (F)-21634 +/- Impact of changes in exchange rates (G)24287 = CHANGE IN NET CASH POSITION (D + E + F + G)-2121 996 Cash at end of period Cash and cash equivalents - Bank overdrafts4 3176 313 Cash at opening Cash and cash equivalents - Bank overdrafts4 5294 317
Dalet Brings Social Media Distribution and Business Intelligence to the Core of Metro TV 24/7 News Operation
Dalet Digital Media Systems, a leading provider of software-based solutions for media organizations, today announced that existing customer Metro TV upgraded their news operations to the Dalet Galaxy platform. In addition to moving the production to high-definition, the solution unifies the entire operations of the Jakarta-based, 24/7 news broadcaster, with full consistency and continuity from content acquisition and production, all the way down to multi-platform distribution and archiving. The new workflow includes one-click social media publishing; access to comprehensive business intelligence reporting metrics, which measure both the performance of the facility and crews, as well as the actual media consumption by the target audience across traditional and non-traditional channels such as Twitter, Facebook and YouTube; and the latest version of the Dalet Newsroom Computer System (NRCS), which features some of the industry’s most advanced capabilities. “This upgrade in operations to Dalet Galaxy is a significant step forward for Metro TV. In addition to moving to HD and improving our newsroom workflow with the new studios and NRCS, we can now realize our goals for social media distribution in a smarter and much more efficient way,” comments Mr. Mirdal Akib, CTO of Metro TV. “With Dalet Galaxy’s business intelligence reporting tools, we can better monitor our operation, making more informed decisions and tracking our production costs with better accuracy.” The Metro TV installation features the full breadth and depth of the Dalet newsroom tools and technology offerings, which includes Dalet Galaxy native NRCS modules, Dalet WebSpace and Dalet On-the-Go for remote news production and team collaboration, Dalet OneCut multimedia desktop editor and Dalet Xtend for seamless integration of Adobe Premiere Pro in the news production chain; and foremost the brand new Dalet Social Media panel for native social media curation and distribution. Content ingest and playout will be managed entirely by the cost efficient Dalet Brio video servers. With Dalet Galaxy Media Asset Management (MAM) at the core of Metro TV, the unified news workflow centralizes all content and manages all the depth and complexity of media objects in the background, whilst offering on the front end a suite of native, purpose-built, collaborative and user-friendly tools that cover ingest, story assignment, creation and review/approval processes, editing of packages, rundown management, studio and continuity automation, multi-platform distribution, archiving, and business reporting. The installation also offers Metro TV mobile tools to access the newsroom from the field with full story creation and submission capabilities. Dalet APIs offer deep integration with the existing Metro TV CRM as well as third-party broadcast solutions critical to the news workflow, including Vizrt for graphics and Quantum for production and archive storage. “With the growing need to publish to a social media portal and fast shifting consumer habits, it’s critical to have a system in place like Dalet that can embed every aspect of the distribution portion of the production workflow. Being able to adapt the multiplatform publishing to the market demand is equally as important as managing fast distribution across multiple Twitter and Facebook accounts, and this is a strong focus for the project,” comments Raoul Cospen, General Manager, Asia Pacific, Dalet. “Another strong focus will be the business intelligence reporting that tracks production costs and thus brings real time visibility to management.” About Dalet Digital Media Systems Dalet software-based solutions enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way. Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners.
Euronews Selects Dalet to Power Multilingual News Outlet
Dalet Digital Media Systems, a leading provider of software-based solutions for media organizations, today announced that Euronews has signed a contract for a Dalet news solution to facilitate production and playout of its linear and non-linear products. Operating as one channel that broadcasts in 13 languages, Euronews will use Dalet to meet the needs of the Euronews' group development. The sizeable installation will support 200 simultaneous users and feature all three Dalet technology platforms – Dalet Galaxy (media logistics/asset management), Dalet AmberFin (media orchestration/processing) and Dalet Brio (I/O environment) across several sites. “Today, we have various components that are ‘glued’ together using our own internal tools. It is not efficient in terms of dealing with the various languages, supporting special productions and tracking important asset metadata. It also does not support the transformation of our workflows,” comments François Schmitt, COO, Euronews. “Dalet is providing an agile, cohesive system that bends with the ebb and flow of our newsroom needs. The unified platform provides centralized access to content, which is critical for each language to cross leverage for their own news purpose. Equally as important, the flow of content will be seamless and ubiquitous from acquisition to distribution to archive, making the Euronews operations much more efficient.” Euronews's sister channel, Africanews recently installed a Dalet solution for their news operations, achieving a fluid operation that gives Euronews the confidence to choose Dalet technical capabilities and experience in news workflows. Dalet beat out industry brands Quantel and Avid to win the deal. “Dalet pioneered the integrated newsroom system almost a decade ago and is able to offer a very advanced, yet mature platform with skilled technologists who have vast experience in deploying systems both small and large,” comments Stephane Schlayen, COO, Dalet. “Our Galaxy platform enables customers to unify the traditional newsroom siloes of NRCS, NPS (News Production Systems) and MAM delivering a solid foundation for the business of modern news.” Once deployed, the unified production will offer federated tools standardizing ingest, logging editing, graphics, planning and distribution across all Euronews' products, with the Dalet Workflow Engine to automate and orchestrate complex workflows and data migrations. Dalet APIs will integrate the wide-range of in-house tools including the custom-built CMS. The flexible architecture combined with centralized content repository will allow Euronews to better manage the multi-site workflows planned for four different offices (Lyon, Brussels, Athens and Budapest). Schmitt adds, “Not only did we need better integration across our facility, we needed a way to connect our independent journalists out in the field to what was happening in the newsroom. Dalet WebSpace brings them into our news operations, offering all the necessary tools and access to the central repository and archives to build their own story from anywhere in the world.” Other must-have capabilities included Dalet OneCut with local proxy editing, Dalet Cube burn-in graphics control, and the ability to do voiceovers with Dalet WebSpace in the field. About Dalet Digital Media Systems Dalet software-based solutions enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way.
Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners. About Euronews Euronews offers a unique perspective on world events through factual analysis and its unique mission: empowering people all around the globe by bringing the diversity of viewpoints. Because all views matter, Euronews is "All Views". Euronews has established itself in Europe, where it is the most-watched international news channel; and worldwide, where it is consumed by 52 million people daily and 296 million monthly (source: TV + digital / source Global Web Index Q2 2016). Euronews Group: Euronews was launched in 1993 from Lyon (France) and Africanews, the first pan-African multilingual and independent news outlet, in April 2016 from Pointe-Noire (Congo-Brazzaville).
Financial Results First Semester 2016
In € millions H1 2015 H1 2016 Variation Revenues 21.9 20.9 -5% Cost of goods and third-party services resold 4.5 2.7 Commercial gross profit 17.4 18.2 +5% Other cost of revenues 6.8 7.1 Gross profit 10.5 11.1 +5% Research and development 5.9 6.1 +3% Selling and marketing 4.9 4.5 -8% General and administrative 2.4 2.3 -4% Current operating income (2.7) (1.9) +31% Operating income (2.7) (1.9) Net income, Group share (3.3) (2.1) +36% Going forward, Dalet publishes its Income statement by function, so as to be aligned with the presentation generally used by software companies. The income statement by nature of expense is presented as well in the appendix to this press release. Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its financial results for its first half-year ended June 30, 2016 as approved by its Board of Directors on 22 September 2016. Total revenues for the semester were €20.9 million, due to a 43% decrease in Hardware resale (€3.3 million revenues), a low margin non-strategic business for Dalet. Overall software revenues (comprising licenses and support revenues, €13.4 million, +10%) and associated services (€4.2 million, +7%) are both improving. Due to this favorable sales mix, and to good control of other cost of revenues, gross profit was up by 5% (€0.6 million increase). Growth in software and service revenues resulted from new projects from leading broadcasters and content producers, in particular in North America and Asia-Pacific, and from the continued increase in recurring support, due to the year on year growth of the installed base. Current operating income improves by €0.8 million Selling and marketing expenses diminished by €0.4 million mainly due to the base effect of non-recurring marketing and selling expenses in H1 2015. Research and development expenses were up 6%, as the Group makes progress on its technology roadmap and product enhancements. General and administrative expenses were down by €0.1 million. The resulting current operating loss decreased by €0.8 million at -€1.9 million. It is noted that Dalet’s business experiences significant seasonality, with higher revenues in the second semester compared to the first semester, while expenses are almost fixed. After €0.1 million in financial expenses and €0.1 million in tax, net income for the semester amounted to a loss of €2.1 million as compared to a loss of €3.3 million for the first semester of 2015. Low net debt Dalet shareholder’s equity stood at €12.2 million on 30 June 2016. Cash flows linked to operations amounted to €1.7 million, as compared to €1.1 million over the first semester last year. These cash flows linked to operations covered all investments for the period (€1.6 million). Cash assets amounted to €4 million on 30 June 2016, gross financial debt was €4.7 million. Perspectives Dalet financial results are in line with its business plan after these first six months. Backed by new contracts under negotiation, in particular in Europe and in the US, Dalet expects continued growth in the second half of 2016. As previously announced, Dalet expects continued growth in 2016 of its gross profit, and progressive improvement of its operating margins, with an objective of a current operating margin of 4 to 5% by 2017. Dalet just participated at the IBC tradeshow in Amsterdam (September 13 to 19), one of the largest international tradeshows for broadcast technology. Dalet gave a preview of its innovative upcoming solutions, in particular with the release of Dalet xN IMF Maker, an on-demand service available through Amazon Web Services (AWS) and Microsoft Azure Market, the first such service on the market capable of generating video packages compliant with the IMF (Interoperable Master Format) standard for OTT distribution. Next publication Q3 revenues on 3 November 2016 after the close of trading About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., SiriusXM) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com Contacts Actus Finance & Communication: Investors: Guillaume Le Floch, 01 53 67 36 70 Press-Media: Vivien Ferran, 01 53 67 36 34 APPENDIX: DETAILED FINANCIAL INFORMATION H1 2016 INCOME STATEMENT BY FUNCTION 30-june 2015 30 june 2016 (in € thousands) 6 months 6 months Revenues 21 858 20 896 Cost of revenues -11 339 -9 836 Gross Profit 10 519 11 059 Research and development -5 911 -6 084 Selling and marketing -4 913 -4 531 General and administrative -2 404 -2 312 Current operating income -2 709 -1 869 Other income and expenses from operations - - Operating income -2 709 -1 869 Net financial income (expense) -335 -146 Pre-tax income -3 044 -2 015 Income tax -247 -90 Net consolidated income -3 291 -2 105 Net income, Group share - 3 291 -2 105 INCOME STATEMENT BY NATURE OF EXPENSE 30-june 2015 30 june 2016 (in € thousands) 6 months 6 months Revenues 21 858 20 896 Cost of goods and third-party services resold -4 511 -2 659 Commercial gross profit 17 347 18 236 Other external expenses -6 246 -5 939 Employee expenses -11 446 -12 144 Taxes and duties -182 -90 Other income and expenses from operations -177 -29 EBITDA -704 36 Amortization expense and provisions net of reversals -2 005 -1 905 Current operating income -2 709 -1 869 Net financial income (expense) -335 -146 Pre-tax income -3 044 -2 015 Net consolidated income -247 -90 Net consolidated income -3 291 -2 105 Net income, Group share - 3 291 -2 105 BALANCE SHEET 31 dec 2015 30 june 2016 (in euro thousand) Goodwill 6 213 5 735 Intangible assets 5 959 5 595 Property, plant and equipment 1 367 1 360 Long-term financial assets 358 342 Long-term restricted cash 325 325 Other non-current assets 1 008 1 293 Deferred tax assets 415 407 NON-CURRENT ASSETS 15 644 15 057 Inventories 247 719 Trade receivables 14 483 15 040 Sundry debtors 1 427 1 398 Cash and cash equivalents 4 335 3 957 Current tax assets 166 43 CURRENT ASSETS 20 658 21 157 TOTAL ASSETS 36 302 36 213 Capital 7 187 7 187 Premiums 9 614 9 682 Consolidated reserves -3 334 -4 473 Consolidated income, Group share -800 - 2 106 Translation reserves 2 528 1 954 Shareholder’s equity (attributable to the Group) 15 194 12 245 Non-controlling interests 8 9 SHAREHOLDER’S EQUITY 15 202 12 253 Long-term financial debt 3 724 3 393 Long-term provisions 554 692 Deferred tax liabilities 880 675 Other non-current liabilities 744 712 NON-CURRENT LIABILITIES 5 901 5 472 Short-term financial debt 1 292 1 333 Current tax liabilities 81 164 Suppliers 3 349 3 549 Tax and social security liabilities 4 063 4 384 Other creditors 6 413 9 058 CURRENT LIABILITIES 15 198 18 488 TOTAL LIABILITIES 36 302 36 213 STATEMENT OF NET CASH FLOWS 30 june 2015 30 june 2016 (in € thousand) 6 months 6 months Consolidated net income (including non-controlling interests) -3 291 - 2 105 +/- Depreciation, amortisation and provisions (except on current assets) 2 045 1 929 +/- Impairment losses – Long term assets 411 +/- Income and expense linked to stock options and similar 27 64 -/+ Other income and expense -37 -/+ Gains and losses on disposals -1 1 Cash flow after cost of net financial debt and tax - 1 257 -112 + Cost of net financial debt 78 82 +/- Tax expense (including deferred taxes) 247 90 Cash flow before cost of net financial debt and tax (A) -932 60 - Tax paid (B) -296 -189 +/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C) 2 288 1 861 = NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C) 1 060 1 732 - Cash outflow for acquisitions of property, plant and equipment and intangible assets -1 714 -1 733 + Cash from disposals of property, plant and equipment and intangible assets 7 1 +/- Impact of changes of scope -257 +/- Change in loans and advances made 11 51 = NET CASH FLOW FROM INVESTMENT ACTIVITIES (E) -1 953 -1 682 -/+ Repurchase and resale of treasury shares -56 2 + Cash from new borrowings 980 300 - Loan repayments (including finance leases) -448 -480 - Net financial interest paid (including finance leases) -79 -72 +/- Other cash flows from financing activities -11 -140 = NET CASH FLOW FROM FINANCING ACTIVITIES (F) 386 -390 +/- Impact of changes in exchanges rates (G) 593 -60 = CHANGE IN NET CASH POSITION (D + E + F + G) 86 -399 Cash at end of period Cash and cash equivalents – Bank overdrafts 4 615 3 917 Cash at opening Cash and cash equivalents – Bank overdrafts 4 529 4 317
Solid First Quarter 2016
(Unaudited) In € millions Q1 2015 Q1 2016 Change Licences 2.1 2.5 +22% Maintenance - Support 2.9 3.7 +28% Total Software Revenues 5.0 6.3 +25% Services 1.9 1.8 -3% Hardware 2.8 2.0 -28% Total revenues for the quarter 9.6 10.1 +5% Total Gross Margin for the quarter 7.2 8.4 +17% Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, performed well in the first quarter of 2016, with total software revenues up 25% at €6.3 million. Dalet’s software solutions continue to score strong wins with leading broadcasters and content producers, as they perfectly address their needs in terms of gains in productivity and multi-channel distribution. The installed base thus grows from quarter to quarter, feeding recurring support revenues which were up 28% for the quarter at €3.7 million. Service revenues were stable compared to last year’s first quarter. Hardware resale (storage, servers….), which is a low margin, non strategic business for Dalet, diminished by an amount of €0.8 million, as Q1-2015 included a one-off exceptionally large contract signed with an operator which entrusted its entire infrastructure to Dalet. All told, Dalet posted consolidated revenues (unaudited) for the quarter up 5% at €10.1 million. Broken down by geographic region, the Group reaped the rewards of its commercial investment in Asia Pacific with revenues that more than doubled (+106%) at €1.5 million. Revenues for Europe, which represented 44% of total revenues over the quarter, were virtually stable at €4.4 million, in spite of the unfavorable base effect linked to the low-margin hardware sales in Q1-2015. Africa and the Middle East accounted for €0.3 million revenues over the quarter, compared to €0.4 million for the same period last year. Finally revenues for the Americas, the Group’s second largest contributor, accounted for €3.8 million, up +4%. The gross margin rate (defined as sales minus cost of goods and third-party services resold) amounted to 84% of revenues over the first quarter of 2016 as against 75% for the same period in 2015. In value terms, Dalet’s gross margin increased 17% to €8.4 million, a higher level of growth than revenues as expected. Outlook: good visibility on continued growth and confirmation of target for current operating margin In terms of sales, Dalet continues expanding its indirect channel and increasing its visibility by attending regularly tradeshows and main events in the industry. Dalet exhibited recently at the NAB show in Las Vegas from April 18 to 21st. The latest release of Dalet’s video transcoding solution, AmberFin, won at the show an award for its quality and breadth of functionality, in particular its capabilities in terms of workflows supporting 4K and other ultra high definition formats, which are being increasingly adopted by the industry. In parallel, the company continues to strengthen its sales reach internationally, notably in the promising Asia-Pacific region. In this perspective and backed by a high order book standing at €31 million expected to be invoiced in 2016, Dalet confirms its confidence for continued growth in 2016, and confirms its target for a current operating margin of 4 to 5% by 2017. Next publication Q2 revenues on 21 July 2016 after the close of trading About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., Sirius XM Radio) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com Contacts Actus Finance & Communication Investors: Guillaume Le Floch: 01 53 67 36 70 Morgane Le Mellay: 01 53 67 36 75 Press-Media: Vivien Ferran: 01 53 67 36 34
Dalet Galaxy Creates a Connected Multisite HD News Workflow for Record News
Dalet Digital Media Systems, a leading provider of software-based solutions for media organizations, announced today that Brazil’s 24-hour news channel, Record News, has selected the Dalet Galaxy for News solution to drive an integrated news production and playout workflow for its São Paulo and Araraquara locations. Creating a single content repository for the two sites to access, the Dalet system offers Record News a story-centric news solution that features affordable IT hardware and federated tools for managing ingest, search, browse, story planning and production, news playout, continuity playout, and archiving. “Our connected facilities allow journalists to share and exchange information much faster. This means our stories provide the most detailed information possible for viewers, which in the business of news, is crucial,” comments Francisco Costa, general manager of Record News. Isaias Oliveira, general director of LM Telecom, responsible for the project explains why Dalet was chosen: “This is not our first experience with Dalet; the installation at our sister station Record Bahia, was a big success. The fully integrated system helped foster better collaboration across the departments while reducing overall maintenance costs, giving us a very good return on investment and the confidence to implement it for our Record News operations.” The new installation features the Dalet Galaxy media asset management (MAM) for News platform with Dalet Brio for ingest and playout management and Dalet AmberFin for transcoding. Dalet comprehensive metadata management allows Record News to index and better track content across the two locations. The centralized content repository with federated search and retrieval tools let journalists from both locations access and share content quickly. “The Dalet Galaxy platform is designed to scale both up and down, economically accommodating newsrooms of all sizes,” comments Julien Decaix, general manager, Dalet Americas. “This was important for Record News who wanted the capabilities of a full featured newsroom solution without the price tag of an enterprise installation. Our mature platform can be configured to deliver the end-to-end news workflow for newsrooms as small as ten to as large as 1000 journalists.” observes José Luis Costa, business development manager for the Brazilian market Integration with ENPS ensures seamless story development while embedded newsroom tools like Dalet Onecut offer users straight-forward video editing capabilities for creating multimedia stories on the fly. Thanks to the Dalet Xtend module, Adobe Premiere CC editors have direct access to the Dalet content catalog with full metadata tracking and key playout provisions like edit-in-place. The new Dalet installation also manages the two locations’ archiving needs with full and partial restoration capabilities for both sites. About Dalet Digital Media Systems Dalet software-based solutions enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way. Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (TV Globo, Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners. For more information on Dalet, visit www.dalet.com.
First Semester 2016 - Software Revenues: +10%
(Unaudited) In € millions H1 2015 H1 2016 Change Licences 5.4 5.9 +9% Maintenance - Support 6.9 7.6 +10% Total Software Revenues 12.3 13.4 +10% Services 3.9 4.2 +7% Hardware 5.7 3.3 -43% Total revenues for the semester 21.9 20.9 -4% Total Gross Margin for the semester 17.3 18.2 +5% Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, announced today revenues (unaudited) for its first half-year ended June 30, 2016. Overall software revenues (comprising licences and support revenues) were up 10% over the first six months of the year. The growth differential in this line of revenue between Q1 (+25%) and Q2 (-2%) is due to revenue recognition in the first quarter of 2016 for several overdue maintenance contract renewals, whereas in 2015 similar late support-contract revenue recognition occurred in Q2. Growth in software revenues resulted from new projects from leading broadcasters and content producers, in particular in North America and Asia-Pacific, and from the continued increase in recurring support, due to the year on year growth of the installed base. Service revenues (integration, configuration and training professional services) were up 7% compared to last year’s first half. Hardware resale, which is a low margin, non strategic business for Dalet, diminished significantly (-43%), as H1-2015 included a one-off exceptionally large contract signed with an operator which entrusted its entire infrastructure to Dalet. As a direct consequence of the decrease in hardware resale, total consolidated revenues for the semester were down by 4% at €20.9 million. However gross margin (defined as sales minus cost of goods and third-party services resold) increased by 5% at €18.2 million, reflecting the more favorable sales mix. Gross margin rate increased to 87% of revenues over the first semester of 2016 up from 79% for the same period in 2015. Broken down by geographic region, the Group’s earlier investments in Asia Pacific have delivered a revenue increase of 20% at €2.9 million (14% of total revenues for the semester). Europe (€9.2 million revenues) remains the largest zone in terms of revenues at 44% compared to 49% in H1-2015. After neutralizing the unfavorable base effect linked to the low-margin hardware sales in H1-2015, business in Europe remains on a positive trend. Revenues for the Americas increased slightly at €8 million, representing 38% of total revenues (compared to 36% in H1 2015). Revenues for Africa and the Middle East were stable at 3% of total revenues. Outlook Dalet revenues are in line with its business plan after these first six months. Backed by an order book standing at €23 million expected to be invoiced in the second half of 2016, and by new contracts under negotiation, Dalet expects continued growth in 2016, in particular in terms of gross margin as announced previously. Dalet expects to meet its goal for a progressive improvement of its operating margins, with an objective of a current operating margin of 4 to 5% by 2017. Next publication Full financial results for the first semester of 2016 on 22 September 2016 after the close of trading. About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., Sirius XM Radio) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com Contacts Actus Finance & Communication Investors: Guillaume Le Floch: 01 53 67 36 70 Morgane Le Mellay: 01 53 67 36 75 Press-Media: Vivien Ferran: 01 53 67 36 34
Dalet Supplies Complete Closed Captioning Workflow For CPAC
Dalet Digital Media Systems, a leading provider of software-based solutions for media organizations, has supplied and integrated an end-to-end workflow for CPAC’s (Cable Public Affairs Channel) English and French closed captioning. The solution combines the strength of Dalet AmberFin and Dalet Galaxy to provide an advanced automated workflow that maintains genealogy and captioning data for the 24/7 operation. Based in Ottawa, CPAC is Canada’s only privately-owned, not-for-profit, bilingual television service providing a commercial-free window on Parliament, politics and public affairs. Through its unique style of balanced, long-form coverage of the people, politics and events shaping public policy, CPAC facilitates and fosters participation in the Canadian democratic process. CPAC is delivered by cable, satellite and wireless distributors to more than 11 million homes in Canada and worldwide via 24/7 web streaming on the CPAC TV 2 GO mobile app and the www.cpac.ca website. The organization ingests up to 80 hours of new content daily and has made over 30,000 hours of archived content available on these digital platforms. “We urgently needed a closed captioning solution that could manage a variety of content from several different types of production workflows: news and magazine-style shows, live and studio production, and long-form programming. For each of these workflows we needed to be able to manage, and more importantly maintain caption data, especially after editing has been completed or the content is passing through another system,” says Eitan Weisz, senior manager of broadcast operations, CPAC. “Those are all facets that we felt Dalet could deliver for us in one package.” The solution devised by Dalet in concert with CPAC deploys Dalet AmberFin as an advanced media and processing platform for insertion and extraction of caption data, leveraging the existing Dalet Media Asset Management (MAM) deployment to manage transformation and distribution in an end-to-end media workflow with a key emphasis on maintaining captions as metadata. During live shows or events, CPAC content is transcribed by operators using keyboard or stenography methods to generate live captions. Live feeds with captions are ingested into Harmonic and Dalet Brio video servers and written to an MXF file including a standard SMPTE ST436 data track. For pre-produced content, a proxy file is sent to an external captioning house for transcribing and generation of a separate caption file. Where the Dalet MAM detects valid ST436 data, Dalet AmberFin automatically extracts the caption information to a standard SCC caption file, associated with the relevant video file in the MAM. Also automatically generated is TTML (Timed Text Markup Language), a standardised XML structure that represents all the captioning information as time-coded metadata that can easily be catalogued, searched and modified. “The TTML pivot format is vital. Instead of keeping the information at file level, we expose it as timed metadata to the user so that they can directly view and search it as well as perform basic editing and correction of the caption information,” explains Dalet Sales Director Frederic Roux. “CPAC has rich automated metadata created in the Dalet system and tagged to all its content through this captioning process.” In the other production scenario at CPAC, when an SCC file is received from the captioning house, Dalet will instantly match it with the video file and then perform the same workflow: transforming the SCC file into searchable, viewable, useable data. “A common and expensive error in closed captioning workflows is the risk of losing captioning data during the production process,” explains Roux. “Editing can destroy the captioning information at file level and require the user to recapture or recreate the original material, which is time-consuming and costly.” Retaining caption data during the production process is integral to the Dalet end-to-end workflow. As Dalet maintains the genealogy of all produced content, the Dalet MAM automatically associates the corresponding caption metadata from the various pieces of production content to the final package created by the NLE. The final new asset then inherits the captions of the original material. Distribution is also managed by Dalet at CPAC. For linear playout, Dalet uses the metadata caption information or the SCC file with associated video to re-embed the captions in the media file within the ST436 data track. Options exist for managing the captioning separately as a side car file. Should there not be an SCC file, Dalet will automatically regenerate it based on the timed text metadata. For distribution to VOD, Web or mobile platforms, the text will be rendered automatically into a TTML file, the most suitable web format. “With this automated system we can prepare a video file for broadcast and for all non-linear distribution complete with captioning information in both French and English languages and in full confidence that metadata will be preserved,” says Weisz. The closed-caption system is the latest evolution of CPAC’s relationship with Dalet dating back to 2009. The partnership began when CPAC began digitizing its legacy tape content and selected Dalet as a front end MAM to catalogue its new online archive. A year later, CPAC and Dalet built a full MAM workflow to manage and control the client’s long-form programming all the way to air. The next step, in 2011, was to design, install and execute a newsroom computer system for all CPAC’s news output based on the comprehensive set of Dalet tools for news production. “The longstanding relationship we have enjoyed with CPAC is a testimony not only to the confidence they have in our technologies and services, but also to the unique way in which Dalet can grow with a customer as its needs change and grow,” says Roux. “We congratulate CPAC on its successful mission to date and look forward to many years of close partnership together.” About Dalet Digital Media Systems Dalet software-based solutions enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way.
Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners. For more information on Dalet, visit www.dalet.com.
Australian Public Broadcaster SBS Streamlines Media Operation on Dalet Galaxy
Dalet Digital Media Systems, a leading provider of software-based solutions for media organizations, has announced that Australia's Special Broadcasting Service Corporation (SBS) is centralizing its media operations on the Dalet Galaxy Media Asset Management (MAM) platform. The vision will provide a unified infrastructure to facilitate greater content collaboration across all SBS departments, and orchestrate the program acquisition, preparation and distribution workflows under a single system. Noel Leslie, Chief Technology Officer for SBS said, “SBS made a strategic decision to bring our programming content under the management of a single MAM platform. The integrated solution consolidates a number of our existing systems, unifying assets. This will allow for greater collaboration across SBS, and make it easier for us to store, access and share our content, enabling us to do what we do best – telling important diverse stories. We were also looking for a more cost-efficient approach to preparation and distribution that will positively benefit the financial bottom line. We chose to work with Dalet to achieve this in what we are confident will be the beginning of a long term partnership.” In total, SBS will implement dozens of different workflows and seamlessly integrate 10 different systems with Dalet. The new streamlined architecture will bring SBS’s vast archives into the production workflow and provide embedded tools to conduct program preparation as well as emerging "new media" workflows from a single system. Thanks to the new Dalet Workflow Engine, task-based and complex processes such as assignments, escalation protocols and error management can be fully automated, orchestrating content flow from the moment it is received to its final destination in multiple languages and formats, with metadata intact. Key features like Dalet Work Orders track the progress of the work order in its entirety and provide employees access to real-time status data that serves both SBS technical and business decision needs. “The sheer power and extensibility of the Dalet Galaxy MAM enterprise class platform to address multiple integrations and automate for media organizations is the key to SBS's decision to work with us on this significant project,” said Raoul Cospen, General Manager, Dalet Singapore. “Using the Dalet Galaxy platform, SBS was able to unify its infrastructure and now, with fewer components to juggle, decrease training efforts. This has the immediate effect of lowering total cost of ownership and ensuring that the return on investment has increased.” The Dalet Galaxy MAM will take over program management and multi-platform publishing with Ingest, QC and Playout provided by Deluxe Australia as part of their managed services agreement with SBS. Dalet will also integrate with IBMS sales and traffic software from SintecMedia, Adobe Premiere NLEs for craft editing, Front Porch Diva for archive and other in-house systems to provide SBS teams with a single user interface to easily access and manage content. About SBS With a background as Australia’s multicultural broadcaster, SBS holds a unique place in the Australian media landscape. As described in the SBS Charter, SBS’s principal function is to provide multilingual, multicultural and Indigenous radio, television and digital media services that inform, educate and entertain all Australians, reflecting Australia’s diverse society. SBS carries out this function through an ever-increasing number of distribution platforms including free-to-air television channels, subscription television, analogue and digital radio, online, and via mobile devices and apps. SBS inspires all Australians to explore, appreciate and celebrate our diverse world, and in doing so contributes to a cohesive society. For more information visit www.sbs.com.au. About Dalet Digital Media Systems Dalet software-based solutions enable media organizations to create, manage and distribute content faster and more efficiently, fully maximizing the value of assets. Dalet products are built on three distinct platforms that, when combined, form versatile business solutions that power end-to-end workflows for news, sports, program preparation, production, archive and radio. Individually, Dalet platforms and products offer targeted applications with key capabilities to address critical media workflow functions such as ingest, QC, edit, transcode and multiplatform distribution. The foundation for Dalet productivity-enhancing workflow solutions, Dalet Galaxy is the enterprise NRCS and MAM that unifies the content chain by managing assets, metadata, workflows and processes across multiple and diverse production and distribution systems. Specially tailored for news and media workflows, this unique technology platform helps broadcasters and media professionals increase productivity while providing operational and business visibility. Dalet AmberFin is the high-quality, scalable transcoding platform with fully integrated ingest, mastering, QC and review functionalities, enabling facilities to make great pictures in a scalable, reliable and interoperable way.
Addressing the demanding needs of studio production, multi-camera ingest, sports logging and highlights production, the innovative Dalet Brio video server platform combines density and cost-effectiveness with high reliability. Dalet supports customers from the initial planning stages to well beyond project execution. Our global presence includes 17 offices strategically located throughout Europe, the Middle East, Asia Pacific, North America and South America, and a network of more than 60 professional partners serving 87 countries worldwide. This collective experience and knowledge enables our customers to realize potential increases in productivity, efficiency and value of their assets. The comprehensive Dalet Care program ensures deployments remain up and running with 24/7 support 365 days a year. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, FMM, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, MBC Dubai, MediaCorp, Mediaset, Orange, Time Warner Cable, Warner Bros, Sirius XM Radio), and government organizations (Canadian House of Commons, Australian Parliament and UK Parliament). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. Dalet® is a registered trademark of Dalet Digital Media Systems. All other products and trademarks mentioned herein belong to their respective owners. For more information on Dalet, visit www.dalet.com.
2015 yearly results in line with forecasts
In € million 2014 published 2014 pro forma (*) 2015 Change pro forma Revenues 42.1 43.1 47.4 +10% Gross margin 35.6 36.4 39.0 +7% Current operating income 0.3 (0.4) 0.3 NS Operating income 0.3 (0.4) (0.1) NS Net income, Group share 0.2 (0.6) (0.8) NS (*) Pro forma figures include 12 months for AmberFin (vs. 9 months in 2014 published) Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its yearly audited results for financial year 2015 as approved by its Board of Directors on 21 April 2016[1]. 2015 was another year of robust growth for Dalet, with the completion of the reorganization of AmberFin (in deficit at the time of its purchase in 2014) and ongoing investment in growth (R&D, sales teams) setting the company on track to realize its full potential in the coming years. 2015 financial results: Dalet posted revenues of €47.4 million for financial year 2015, up 13% on the year before (10% pro forma). The breakdown in revenues was as follows: Software: €28.3 million (+14%). Dalet's Software revenues were bolstered by the company’s maintenance-support contracts which, at €14.9 million, accounted for 31% of global revenues in 2015. License sales were stable at €13.4 million. Services: €9.2 million (-11%). The change in Services revenues in 2015 is directly linked to the sale of system-type projects which include integration and training professional services for the client. Hardware (storage, servers, etc.): €10.0 million (+27%). Hardware resale, a non strategic business for Dalet, grew significantly in 2015 due to a one-off exceptionally large contract signed with an operator which entrusted its entire infrastructure to Dalet. This unusual weighting in hardware sales reduced the company’s gross margin (defined as sales minus cost of goods and third-party services resold) which amounted to 82% for the year as against 84% in 2014. In value terms, Dalet’s gross margin increased 7% to €39.0 million (pro forma). Other operating expenses increased 5.2% (pro forma). The Group continued to strengthen its headcount, focusing notably on the strategic ramp-up of its sales teams for the Asia-Pacific region and its ongoing investment in R&D. The reorganization of AmberFin was also completed. The capitalisation of €2.9 million in R&D on the company's balance sheet had no significant impact on income as it was offset by the amortisation of R&D expenses in a similar amount. All told, Dalet posted a current operating income of €0.3 million which is consistent with the Group's guidance published in February. It also booked an exceptional (non cash) expense of €0.4 million linked to the impairment of goodwill on AmberFin, primarily linked to the fluctuation in the pound sterling. After €0.3 million in financial expenses and €0.3 million in tax, net income amounted to a loss of €0.8 million. Healthy financial structure – Net debt close to zero Dalet shareholder’s equity stood at €15.2 million on 31 December 2015. Cash flows linked to operations improved significantly, coming in at €3.4 million compared to €1.0 million in 2014, notably thanks to the Group's careful management of its working capital. These cash flows linked to operations covered almost all investments for the period (€3.6 million), most of which were linked to the capitalisation of R&D. Net debt remained virtually stable at €0.6 million. With cash assets of €4.3 million, Dalet has the sound financial structure it needs to pursue its development in the years ahead. Outlook: Growth and improvement in margins Backed by a high order backlog on 1 January 2016 (€36 million), and given the sustained demand for its software solutions and the cumulative increase in support contracts, Dalet confidently expects to continue growing its business in 2016. The company should see a higher level of growth in its gross margin than in revenues as a result of the base effect linked to a single low-margin hardware sales contract signed in 2015. One of the main priorities for 2016 is the gradual improvement of Dalet's current operating profit. As it actively seeks out to grow its market share, the Group has set as a first target a current operating margin of 4 to 5% by 2017. 2016 will see the company focus on the implementation of an improved project management process (CMMI) in an effort to improve profitability. It will also benefit from the growing share of maintenance-support in its revenues as well as increased sales of its "plug and play" packaged solutions (Brio, AmberFin). Dalet intends to uphold its ranking amongst the 3 leaders in its market which is undergoing concentration. Next publication Q1 revenues on 12 May 2016 after the close of trading About Dalet Digital Media Systems Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards. Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA, WDR), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., Sirius XM Radio) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit www.dalet.com. Contacts Actus Finance & Communication: Investors Guillaume Le Floch: 01 53 67 36 70 Morgane Le Mellay: 01 53 67 36 75 Press-Media Vivien Ferran: 01 53 67 36 34 APPENDIX: DETAILED FINANCIAL INFORMATION 2015 INCOME STATEMENT 31-dec.-15 31-dec.-14 31-dec.-14 (in € thousand) 12 months 12 months published 12 months pro forma (*) Revenues 47,463 42,112 43,055 Purchases and other external expenses (20,917) (19,048) (19,724) Employee expenses (22,211) (19,757) (20,737) Taxes and duties (200) (470) (470) Depreciation and amortisation (3,620) (2,680) (2,673) Provisions net of reversals (62) 66 66 Other income and expenses from operations (168) 61 61 Current operating income 285 284 (422) Impairment losses – Long term assets (411) Operating income (125) 284 (422) Income from cash and cash equivalents 19 4 4 Cost of gross financial debt (173) (147) (147) Cost of net financial debt (153) (143) (143) Other financial income and expense (182) 144 130 Pre-tax income (461) 285 (435) Income tax (339) (125) (125) Net consolidated income (800) 160 (560) Attributable to the Group (800) 160 (560) Attributable to non-controlling interests 0 (*) Pro forma figures include 12 months for AmberFin (vs. 9 months in 2014 published) STATEMENT OF FINANCIAL POSITION 31-dec.-15 31-dec.-14 (in € thousand) 12 months 12 months Goodwill 6,213 6,349 Intangible assets 5,959 6,104 Property, plant and equipment 1,367 1,216 Long-term financial assets 358 373 Long-term restricted cash 325 308 Other non-current assets 1,008 299 Deferred tax assets 415 399 NON-CURRENT ASSETS 15,644 15,048 Inventories 247 530 Trade receivables 14,483 14,239 Sundry debtors 1,427 1,449 Cash and cash equivalents 4,335 4,940 Current tax assets 166 911 CURRENT ASSETS 20,658 22,069 TOTAL ASSETS 36,302 37,117 Capital 7,187 7,187 Premiums 9,614 9,620 Consolidated reserves (3,334) (3,995) Consolidated income (800) 160 Translation reserves 2,528 1,444 Shareholder’s equity (attributable to the Group) 15,194 14,416 Non-controlling interests 8 7 SHAREHOLDER’S EQUITY 15,202 14,423 Long-term financial debt 3,724 4,056 Long-term provisions 554 878 Deferred tax liabilities 880 828 Other non-current liabilities 744 565 NON-CURRENT LIABILITIES 5,901 6,327 Short-term provisions 185 Short-term financial debt 1,292 1,324 Current tax liabilities 81 14 Suppliers 3,349 3,528 Tax and social security liabilities 4,063 3,600 Other creditors 6,413 7,716 CURRENT LIABILITIES 15,198 16,367 TOTAL LIABILITIES 36,302 37,117 STATEMENT OF NET CASH FLOWS 31-dec-15 31-dec-14 (in € thousand) 12 months 12 months Consolidated net income (including non-controlling interests) (800) 160 +/- Depreciation, amortisation and provisions (except on current assets) 3,416 2,829 +/- Impairment losses – Long term assets 411 +/- Income and expense linked to stock options and similar 93 103 -/+ Other income and expense 2 -/+ Gains and losses on disposals (1) (17) Cash flow after cost of net financial debt and tax 3,118 3,077 + Cost of net financial debt 153 143 +/- Tax expense (including deferred taxes) 339 125 Cash flow before cost of net financial debt and tax (A) 3,611 3,345 - Tax paid (B) (182) (141) +/- Change in working capital requirement from operating activities (including liabilities for employee benefits) (C) (20) (2,221) = NET CASH FLOW FROM OPERATING ACTIVITIES (D) = (A + B + C) 3,408 983 - Cash outflow for acquisitions of property, plant and equipment and intangible assets (3,565) (2,746) + Cash from disposals of property, plant and equipment and intangible assets 178 126 +/- Impact of changes of scope (257) (4,059) +/- Change in loans and advances made (3) (105) = NET CASH FLOW FROM INVESTMENT ACTIVITIES (E) (3,647) (6,784) -/+ Repurchase and resale of treasury shares (56) (224) + Cash from new borrowings 883 3 540 - Loan repayments (including finance leases) (1,052) (628) - Net financial interest paid (including finance leases) (147) (147) +/- Other cash flows from financing activities 156 25 = NET CASH FLOW FROM FINANCING ACTIVITIES (F) (216) 2,566 +/- Impact of changes in exchanges rates (G) 242 343 = CHANGE IN NET CASH POSITION (D + E + F + G) (212) (2,892) Cash at end of period Cash and cash equivalents – Bank overdrafts 4,317 4,529 Cash at opening Cash and cash equivalents – Bank overdrafts 4,529 7,421 Change (212) (2,892) [1] The consolidated financial statements have been audited in full. The auditors' report will be published once the due diligence procedures required for the publication of the yearly financial report are complete.