Barco delivers 13.2% EBITDA margin while moving beyond Digital Cinema

Regulated information
Barco will propose to increase the dividend and to launch a share buyback program
Kortrijk, Belgium, 7 February 2014 – Today Barco (Nyse/Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six and twelve month periods ended 31 December 2013.

Fiscal year 2013 financial highlights

  • Incoming orders amounted to 1,150.5 million euro, an increase of 1.5% compared to 1,133.8 million euro for the same period in 2012.
  • Sales were 1,158.0 million euro, comparable to last year’s sales of 1,156.0 million euro. In constant currency sales grew 31 million euro or 3% compared to 2012.
  • Gross profit increased to 386.5 million euro or 33.4% margin compared 375.6 million euro or 32.5% margin in 2012.
  • EBITDA[1] was 153.2 million euro for an EBITDA margin of 13.2%, compared to 159.5 million euro, for an EBITDA margin of 13.8% for 2012. In constant currency EBITDA amounted to 159 million euro or 13.4% margin.
  • EBIT[2] was 79.0 million euro, compared to 100.2 million euro in 2012. EBIT margin was 6.8%, compared to 8.7% for 2012. The decline in EBIT in 2013 was due to increased amortization for capitalized development and acquisition-related intangibles.
  • Net income was 59.4 million euro, compared to 94.2 million euro a year ago. Net Income was pulled down by an increased tax-rate and a restructuring charge.
  • Free cash flow for 2013 was 70.2 million euro versus 121.6 million euro for 2012.
  • Net financial cash position was 104.4 million euro at the end of the year compared 111.2 million euro on 31 December 2012.

Comments

“Barco advanced its strategy to move beyond Digital Cinema,” said Eric Van Zele, President and CEO. “While maintaining our market leadership in Digital Cinema, we positioned the company to penetrate the corporate AV segment. The addition of projectiondesign® contributed to profitable growth of 9% for the Projection division.”

“We also saw increasing momentum in order intake from new market segments, notably Digital Surgery, Patient Care and ClickShare. This illustrates the traction we are gaining in executing our strategy to capture share in new as well as in mid segment markets.

However, Advanced Visualization experienced competitive pressures in the mid segment in addition to ongoing soft demand for control room solutions.  While introducing new mid segment solutions, orders began to rebound during the fourth quarter.”

“Overall, we are well prepared to strengthen our market positions during 2014.”

“Continued focus on operational excellence enabled Barco to maintain profitability and generate strong cash flow while absorbing two strategic acquisitions,” said Eric Van Zele. “EBITDA performance for the year was in line with 2012 reflecting the combination of a strengthening gross margin and improved cost discipline across the board that compensated for the acquisition-related increase in operating expenses.”

“Unfavorable foreign currency effects prevented us from achieving our goal of delivering another year of profitable growth. In constant currency, sales grew 3% or 31 million euro and our EBITDA was approaching 160 million euro.”

“In terms of profitability, strategic acquisitions weighed on 2013 EBIT and net earnings.    Separately, the improvements we made in operational profitability in Healthcare and Defense & Aerospace resulted in a 13.7% EBITDA margin for the second half of the year.  In the short term we will continue to implement a number of cost down programs and adjust selected operating expenses. 

As we reap the benefits of operational excellence and gain further traction with our growth initiatives, Barco remains committed to delivering sustainable profitable growth.”

Dividend and Share Buyback Program

The Board will propose to the general assembly to increase the dividend from 1.40 euro per share paid in 2013 to 1.50 euro per share to be paid out in 2014. It remains Barco’s objective to generate consistent dividend growth for the shareholders. 

The Board will also propose the authorization to initiate a share buyback program within the statutory limits.


 

CONSOLIDATED RESULTS FOR THE FISCAL YEAR 2013

Preliminary remark

The results of the China Joint Venture and of projectiondesign® have been fully consolidated as of 1 January 2013; the results of Awind have been consolidated as of 1 April 2013.

ORDER INTAKE & ORDER BOOK

Order intake was 1,150.5 million euro, up 1.5% as Healthcare and Defense & Aerospace registered strong gains while Projection and Advanced Visualization were essentially flat.  By geography, strong growth in APAC was offset by softness in the EMEALA region[3] and to a lesser extent North America.

For the year order intake was roughly equivalent to sales. However, the relationship between order intake and sales was different in the two semesters.  For 1H13, sales exceeded orders by 38 million euro; for 2H13 the trend reversed and orders exceeded sales by 34 million euro. By comparison, for 2H12, orders were lagging sales by 34 million euro.

The order book recovered in the second semester to 460.9 million euro, after dipping in the first semester, to a level that was comparable to the second semester of 2012.

(in millions of euros)

2H13

1H13

2H12

1H12

2H11

Order book

460.9

440.0

461.2

501.5

479.9

Order intake per region

 

NA

EMEALA

APAC

2012

34%

44%

22%

2013

32%

41%

27%

Change

(3.5%)

(5.8%)

23.2%

SALES

Sales of 1,158.0 million euro reflect growth in Projection and the Ventures offset by declines in the other divisions. Sales grew strongly in the APAC region, offsetting a decline in North America, with the EMEALA-region being flat.

Sales per region

NA

EMEALA

APAC

2012

34%

42%

24%

2013

31%

42%

27%

Change

(7.6%)

(0.3%)

12.1%


PROFITABILITY

Gross profit

Gross profit increased 2.9% to 386.5 million euro from 375.6 million euro. As a result the gross profit margin improved further to 33.4%, compared to 32.5% in 2012.

Operational expenses

Total indirect expenses represent 27% of sales and increased 10.2% from 24% of sales in 2012 and 2011.  This increase is largely due to the addition of projectiondesign® and Awind with a higher indirect cost structure and strengthened by associated amortization of intangibles.

Research & Development cash expenses increased 10.2 million euro to 107.5 million euro,  reflecting new product development projects in the Advanced Visualization division,  the addition of projectiondesign® and amortization of technology acquired from projectiondesign® and Awind. As a percent of sales, research and development expenses increased to 9.3% from 8.4% last year.

Sales & Marketing expenses increased 18.5 million euro to 160.7 million euro compared to 142.2 million euro last year, in large part due to the above-mentioned acquisitions.  As a percent of sales, Sales & Marketing expenses rose to 13.9%, compared to 12.3% last year. General & administration expenses were 55.7 million euro, compared to 52.2 million euro last year or 4.8% of sales versus 4.5% last year.

Other operating results amounted to 4.4 million euro, compared to 3.0 million euro last year.

EBITDA & EBIT

EBITDA was 153.2 million euro, a decrease of 6.2 million euro compared to 159.5 million euro the year before. EBITDA margin was 13.2% versus 13.8% in 2012. EBITDA margin improved in 2H13 to a 13.7% level, compared to a 12.8% for 1H13.  Barco’s operational profit margin remained healthy considering the company made important investments to its growth, including acquisitions, and incurred costs related to those acquisitions.

 

2013

Sales

EBITDA

EBITDA %

Projection

522.5

83.4

16.0%

Healthcare

195.7

26.3

13.4%

Advanced Visualization

192.5

13.3

6.9%

Defense & Aerospace

149.7

20.2

13.5%

Ventures

101.0

9.9

9.8%

Intra-group eliminations

(3.5)

Group

1,158.0

153.2

13.2%

 

EBIT before restructuring was 79.0 million euro or 6.8%, compared to 100.2 million euro or 8.7% in 2012.

The decline in EBIT in comparison to EBITDA is due to increased amortizations as follows:

-      Higher amortization of capitalized development costs in the amount of 7 million euro

-      Higher amortization of intangibles booked in connection with the recent acquisitions in accordance with IFRS-guidelines (Knowhow/Technology, Customer lists and Trade names) in the amount of 5.8 million euro

As a result the gap between EBITDA margin and EBIT margin versus sales widened from

5.1 ppts of sales in 2012 to 6.4 ppts in 2013. 

The company will continue to record amortization on knowhow/technology and customer list in 2014; Trade names (1.2 million euro) and costs related to the inventory step-up & retention bonus (3.8 million euro) were fully amortized & absorbed in 2013.

Income taxes

In 2013 taxes were 8.1 million euro, for a tax rate of 12.0%, compared to 5.0 million euro in 2012, or a tax rate of 5.0%.

Net income

Net income for the year was 59.4 million euro, including 9.4 million euro in charges, consisting of  a non-recurring restructuring charge and an impairment charge, that were booked in connection with actions taken to right size selected operations primarily  in the Defense & Aerospace and Advanced Visualization divisions. These non-recurring charges in combination with an increased tax-rate resulted in a decrease in net income attributable to equity holders compared to last year.

Net earnings per ordinary share (EPS) for the year were 4.86 euro, down from 7.84 euro in 2012. Fully diluted net earnings per share were 4.71 euro, compared to 7.50 euro last year.


CASH FLOW & BALANCE SHEET

Barco ended 2013 with a net financial cash position of 104.4 million euro, compared to 24.2 million euro on 30 June 2013 and 111.2 million euro on 31 December 2012.

Free cash flow for the year was 70.2 million euro compared to 121.6 million euro for 2012 and consisted of negative cash flow of 11.6 million euro for the first semester, offset by positive cash flow of 81.8 million euro for the second semester. 

Barco generated 140.9 million euro in gross operating cash flow and decreased working capital by 34.9 million euro, primarily payables and inventories, achieving a net working capital balance of 4.7% on sales, versus 8.2% year-end 2012. [4]

Over 2013 changes in trade receivables were 25.8 million euro positive, while changes in inventory were 29.3 million euro offset by negative changes in trade payables for an amount of 29.9 million euro. Other changes in working capital for 9.7 million euro include advances on customer projects and increase in other liabilities.

At the end of 2013, trade receivables were 177.5 million euro, 5.6 million lower than 31 December 2012. DSO were at 52 days, compared to 57 days as of 30 June 2013 and 48 days as of 31 December 2012.

At 211.6 million euro inventory was 12.1 million euro lower than on 31 December 2012 and 39.8 million euro lower than on June 2013.  Inventory turns were at 3.2, compared to 3.0, at the end of June 2013 and 3.1 at the end of December 2012.

Trade payables stood at 114.1 million euro at the end of December 2013, compared to 118.4 million euro at the end of June 2013 and compared to 127.5 million euro at the end of December 2012.

Capital expenditure, excluding capitalized development, was 22.9 million euro, compared to 24.9 million euro for the same period last year.

ROCE (after Tax) stood at 15%, compared to 16% at 30 June 2013 and 24% at 31 December 2012. The decrease reflects the impact of acquisitions on goodwill and intangibles and the higher effective tax rate of 12.0% compared to 5.0% last year.

Goodwill increased to 145.7 million euro on 31 December 2013 from 68.8 million on 31 December 2012.  The increase in goodwill was driven by the acquisitions of projectiondesign® and Awind.

Other intangible assets increased from 25.0 million euro on 31 December 2012 to 55.2 million euro due to fair value adjustments (according to IFRS) on the acquisitions and due to the investments in the new ERP package SAP (other intangible assets under construction). 

Non-current liabilities increased from 25.9 million euro on 31 December 2012 to 67.5 million euro mainly due to a financial lease related to the acquisition of projectiondesign® and a draw down on Barco’s credit facility from the European Investment Bank.

DIVISIONAL RESULTS FOR FISCAL YEAR 2013

Projection division

Sales and order intake in the projection division continued to shift in favor of Professional AV as a result of  the addition of projectiondesign® during fiscal 2013.  For the year, Professional AV accounted for 30% of sales versus 25% last year and 35% of order intake versus 25% last year. 

Within Digital Cinema, Barco reached a capture rate of 50% and further expanded its market share with program wins and roll-outs in Latin America, China and India. With more than 40,000 digital cinema projectors delivered over the last 6 years, Barco is market leader and is well positioned to reap the benefits of a large installed base with service and maintenance-contracts and future upgrade and replacement programs.

In the Professional AV segment, Barco successfully implemented its plans to integrate projectiondesign® and the company is on track to align projectiondesign®’s profitability with Barco’s financial targets for the Projection division by optimizing manufacturing and supply chain operations, and sales and marketing resources. Barco continued to penetrate the mid venue and corporate projection segments, extending its global network and launching 11 new projectors during the second semester, and is now well positioned to drive growth in this market.

Projection

2013

2012

Change %

Orders

494.4

490.4

0.8%

Sales

522.5

479.7

8.9%

EBITDA

83.4

87.3

(4.4%)

EBITDA margin

16.0%

18.2%

 

 

  • Order volume was in line with last year reflecting growth in the Professional AV market offset by a reduction of about 10% for Digital Cinema. Order intake was essentially flat in the EMEALA region, decreased in North America and increased in APAC.
  • Digital Cinema’s top line was flat in a softening market compared to 2012 while Professional AV posted strong sales increases mainly in the Corporate AV segment, due to the addition of  projectiondesign®. Sales in the EMEALA and APAC region were up offset by slower sales in North America.
  • EBITDA margin, while still solid at 16%, was lower than 2012 reflecting the addition of projectiondesign®.  In 2H13 the good progress projectiondesign® made to lift its profitability was partially offset by increased spending on R&D and Sales & marketing to support the Corporate AV market.

Healthcare division

Barco began to realize the benefits of its strategic investments in new market segments including digital surgery, patient care and dentistry.  In the second semester order intake increased by 21.0% compared to 2H12 and gross profit margin improved.  As a result, the division met its EBITDA margin performance target for 2H13.

At the same time, the company maintained its leadership position in diagnostic imaging and modality, despite a somewhat weaker demand in the EMEALA region in the second and third quarters. 

Healthcare

2013

2012

Change %

Orders

217.5

197.3

10.2%

Sales

195.7

206.5

(5.2%)

EBITDA

26.3

23.8

10.7%

EBITDA margin

13.5%

11.5%

 

 

  • Order intake rebounded in the fourth quarter with strong contributions evenly divided between the traditional and new market segments. North America delivered most of the growth while the other regions remained a flat performance in order intake.
  • Sales declined modestly driven by softness for the second and third quarters. The Traditional diagnostic and modality markets were somewhat weaker while the new segments started to generate sales.
  • EBITDA increased as a result of gross profit margin improvements, cost down programs and a more favorable product mix.

Advanced Visualization division

The Advanced Visualization division posted lower sales for the year.  Development of solutions for the mid segment took longer than anticipated, control room projects were delayed and demand from customers in Europe was soft.  With the introduction of solutions for the mid segment in the second semester, order intake improved towards the end of the year. As a result of lower sales and higher R&D expenses, EBITDA declined year over year. 

Cost down programs on the videowall cubes & LCD-solutions and operating cost reduction programs are both ongoing.  These programs are expected to position the division for restored profit contribution in 2014.

Sales of ClickShare steadily increased each quarter.  Since launching ClickShare in the fourth quarter of 2012, Barco has been certified to sell ClickShare in more than 60 countries worldwide and has sold over 12,500 units while adding new partners and channels. 

Advanced Visualization

2013

2012

Change %

Orders

203.0

207.2

(2.0%)

Sales

192.5

205.2

(6.2%)

EBITDA

13.3

23.9

(44.4%)

EBITDA margin

6.9%

11.6%

 

 

  • Global order intake was slightly down compared to 2012, reflecting softness in Control Rooms, particularly in parts of the European and North American region, partially offset by growth in collaboration solutions.

 

  • Sales were down compared to 2012 driven by delays in control room projects in Europe and the Middle East partially offset by a growing contribution of the collaboration segment.
  • Gross profit margin remained fairly stable while the combination of lower sales and increased spending on networked and collaboration solutions and higher sales and marketing expenses caused EBITDA to decline both in absolute terms and as a percent of sales.

Defense & Aerospace division

Growth in avionics during 2013 was overshadowed by the ongoing reduction in defense spending worldwide which led to project delays and cancellations.  However, demand among defense customers improved during the second semester with new and delayed business starting to kick-in.  As a result, Barco signed new frame agreements, saw order intake increase and ended the year with a book-to-bill ratio of 1.05. 

 

Defense & Aerospace

2013

2012

Change %

Orders

157.1

135.1

16.3%

Sales

149.7

167.3

(10.5%)

EBITDA

20.2

17.6

15.0%

EBITDA margin

13.5%

10.5%

 

  • Strong global order intake in the second semester with wins in both defense and avionics in all three regions.
  • Sales were down, reflecting growth in the APAC region offset by decreases in the EMEA and North America region.
  • Profitability improved through better focus on higher margin products and on key accounts, strict operating expense control and cost reduction actions taken in the second quarter.  As a result, the division made good progress in the second half toward the division’s EBITDA margin goal of 15%.

Ventures

Sales remained flat year-on-year while the profitability increased thanks to sustained profitability in LiveDots and turnaround for High End Systems.

 

Ventures

2013

2012

Change %

Orders

81.0

106.9

(24.2%)

Sales

101.0

98.3

2.8%

EBITDA

9.9

7.0

42.0%

EBITDA margin

9.8%

7.1%

 


CONSOLIDATED RESULTS FOR 2H13

Second half 2013 financial highlights:

  • Order intake for the semester was 593.9 million euro, an increase of 0.5% from 590.9 million euro a year earlier.
  • Sales of 560.1 million euro were down 10.4% from 625.0 million euro in 2H12.
  • Gross profit was 190.6 million euro or a gross profit margin of 34.0% compared to 202.5 million euro or a gross profit margin of 32.4% last year.
  • EBITDA was 76.5 million euro for an EBITDA margin of 13.7% compared to 87.8 million euro, for an EBITDA margin of 14.0% in 2H12.
  • EBIT was 37.3 million euro versus 56.7 million euro in 2H12. EBIT margin was 6.7% compared to 9.1% in 2H12.
  • Net income for the semester was 27.7 million euro or 4.9% of sales, compared to 50.7 million euro, or 8.1% of sales, for the same period last year.
  • Free cash flow at the end of the semester was 81.8 million euro compared to 92.5 million euro in 2012.

SALES & ORDER INTAKE

Order intake in 2H13 was 593.9 million euro, an increase of 0.5% compared to the same period the year before. The EMEALA region generated 42% of incoming orders despite weakness in Western Europe, North America stood at 33% and Asia Pacific 25%. APAC demonstrated good growth offsetting for the declines in EMEALA and North America.

Following a double digit growth in the first half, sales for the second semester were 560.1 million euro, down 10.4% year-over-year.  The decline was caused by the anticipated slow-down in the rate of growth for Digital Cinema while sales to new mid segments did not generate sufficient sales to fully offset the decline.

Sales to EMEALA represented 40% of consolidated sales, while North America accounted for 35% and APAC contributed 25%. Compared to 2H12 sales was essentially flat for the APAC region and down in the EMEALA and North American region.

PROFITABILITY

Gross profit

Gross profit margin decreased year-on-year from 202.5 million euro to 190.6 million euro resulting in a stronger gross profit margin of 34.0% compared to 32.4% in 2H121. 

EBITDA & EBIT

EBITDA was 76.5 million euro compared to 87.7 million euro the year before. EBIT before restructuring and goodwill impairment charges was 37.3 million euro compared to 56.7 million in 2H12. EBIT margin in 2H13 was 6.7%.

Total Research & Development expenses increased year-over-year from 44.6 million euro to 49.2 million euro. As a percentage of sales Research & Development expenses increased from 7.1% to 8.8% of sales.

Sales & Marketing expenses increased from 73.3 million euro or 11.7% of sales to 78.5 million euro or 14.0% of sales.

General & Administration expenses went slightly up in absolute numbers year-over-year from 26.6 million euro to 28.7 million euro and increased as a percentage of sales from 4.3% of sales to 5.1% of sales.

Other operating income was 3.1 million euro positive versus a negative 1.3 million euro for the same period last year.

Net income

Net income for 2H13 decreased to 27.7 million euro from 50.7 million euro for 2H12. Net margin for 2H13 was 4.9% down from 8.1% the year before.

Net earnings per share were 2.32 euro compared to 4.22 euro in 2H12.

OUTLOOK FOR 2014

The following statements are forward looking and actual results may differ materially.

For 2014 Barco anticipates that the macro-economic environment will remain challenging and that currency translations may have a significant effect on reported results.

Nevertheless the company expects to generate sales growth albeit in low single digits. 

The combination of strategic growth initiatives, cost reductions and spending control is expected to result in improved profitability.  

While executing on the strategic priorities, management also plans to strengthen its global competitive positioning through continued focus on operational excellence, and to make decisions regarding Barco’s portfolio of venture companies and to execute on its plan to deploy financial resources to support growth initiatives in Barco’s core activities.

The Board will propose to the general assembly to extend the mandate of Eric Van Zele in order to ensure continuity of the company’s strategic direction and to build on the strong track record of Barco’s current executive team in realizing the company’s strategic objectives. 

Remark on Barco’s organizational structure 2014

Effective 1 January 2014, Barco took steps to sharpen the organization’s focus on markets by promoting the product and solution portfolios of all businesses and cross selling throughout the company. 

To emphasize the market focus, the Projection division and the Advanced Visualization divisions have been renamed and the venture High End Systems has been integrated into the core: 

-          Barco’s Projection division is now called Entertainment & Corporate and will integrate High End Systems.

-          The Advanced Visualization is now called Industrial & Government.  


CONFERENCE CALL

Barco will host a conference call with investors and analysts on 7 February 2014 at 9:00 a.m. CET (3:00 am EST), to discuss the results of 2013. Eric Van Zele, CEO, Carl Peeters, CFO and Carl Vanden Bussche, IRO, will host the call.

An audio cast of this conference call will be available on the Company’s website www.barco.com by 12:30 p.m. Brussels time (6:30 a.m. EST).

ADDITIONAL INFORMATION

Auditor’s report

Ernst & Young, statutory auditor, has issued an unqualified opinion on the consolidated financial statements of Barco NV and its subsidiaries, prepared in accordance with the International Financial Reporting Standards as adopted in the European Union and with the legal and regulatory requirements applicable in Belgium. Ernst & Young confirmed that the financial information shown in this press release is in agreement with the consolidated financial statements of Barco NV. The complete audit report related to the audit of the consolidated financial statements will be shown in the 2013 annual report that will be published on the Internet (www.barco.com).

Financial Calendar

  • Announcement of results 2H13 and FY13 - (Friday 7 February 2014)
  • Trading update 1Q14 - (Thursday 24 April 2014)
  • Extraordinary general shareholders meeting - (Thursday 24 April 2014)
  • Annual general shareholders meeting - (Thursday 24 April 2014)
  • Ex-Dividend Trading date – (Thursday 8 May 2014)
  • Record date for Dividend – (Monday 12 May 2014)
  • Payment date for Dividend – (Tuesday 13 May 2014)
  • Announcement of results 1H14 - (Wednesday 23 July 2014)
  • Trading update 3Q14 - (Wednesday 22 October 2014)

About Barco

Barco, a global technology company, designs and develops networked visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and APAC. Barco (NYSE Euronext Brussels: BAR) is active in more than 90 countries with 4,000 employees worldwide. Barco posted sales of 1.158 billion euro in 2013.

For more information and the annual report 2013, please visit the Company’s website at www.barco.com

© Copyright 2014 by Barco


Annex 1: FINANCIAL TABLES

Income Statement

 

 

 

 

 

2013

2012

 

full year

full year

(in thousands of euros)

 

 

 

 

 

Net sales

1,158,015

1,155,984

Cost of goods sold

-771,519

-780,351

Gross profit

386,496

375,633

Research and development expenses

-95,476

-84,124

Sales and marketing expenses

-160,670

-142,157

General and administration expenses

-55,689

-52,155

Other operating income (expense) - net

4,362

3,040

EBIT before restructuring and goodwill impairment

79,024

100,238

Restructuring and goodwill impairment costs

-9,428

-2,671

EBIT after restructuring and goodwill impairment

69,596

97,567

Interest income

1,394

2,826

Interest expense

-3,556

-1,738

Income before taxes

67,434

98,656

Income taxes

-8,092

-4,962

Result after taxes

59,342

93,694

Share in the result of joint ventures and associates

61

547

Net income

59,403

94,241

Net income attributable to non-controlling interest

2,284

0

Net income attributable to the equity holder of the parent

57,119

94,241

Earnings per share (in euros)

4.86

7.84

Diluted earnings per share (in euros)

4.71

7.50

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

2013

2012

 

full year

full year

 

 

EBITDA before restructuring and goodwill impairment on sales

13.2%

13.8%

EBITDA minus capitalized development cost on sales

7.9%

8.9%

 

 

 

 

 

 

Total debt to equity

9.6%

3.4%

 

 

 

Balance sheet

 

 

 

 

 

31 Dec 2013

31 Dec 2012

 

 

(in thousands of euro)

 

 

 

 

 

ASSETS

 

 

Goodwill

145,705

68,809

Capitalized development cost

93,248

81,978

Other intangible assets

55,169

25,093

Land and buildings

27,017

28,744

Other tangible assets

40,120

30,661

Investments

11,824

44,445

Deferred tax assets

62,333

61,948

Other non-current assets

14,286

18,041

Non-current assets

449,702

359,719

Inventory

211,575

223,677

Trade debtors

177,467

183,082

Other amounts receivable

44,102

29,053

Cash and cash equivalents

156,545

122,139

Prepaid expenses and accrued income

8,431

4,209

Current assets

598,120

562,160

Total Assets

1,047,822

921,879

 

 

 

EQUITY AND LIABILITIES

 

 

Equity attributable to equityholders of the parent

574,943

538,050

Non-controlling interest

4,423

0

Equity

579,366

538,050

Long-term debts

40,410

12,695

Deferred tax liabilities

11,721

3,089

Other long-term liabilities

15,322

10,161

Non-current liabilities

67,453

25,945

Current portion of long-term debts

3,582

4,105

Short-term debts

11,657

1,302

Trade payables

114,133

127,528

Advances received on contracts in progress

93,562

73,587

Tax payables

30,124

25,012

Employee benefit liabilities

57,248

57,958

Other current liabilities

12,115

8,241

Accrued charges and deferred income

31,778

20,763

Provisions

46,804

39,388

Current liabilities

401,003

357,884

Total Equity and Liabilities

1,047,822

921,879

 

 

 

Cash flow statement

 

 

 

 

 

2013

2012

 

full year

full year

(in thousands of euros)

 

 

 

 

 

Cash flow from operating activities

 

 

EBIT after restructuring and goodwill impairment

69,596

97,567

Impairment of capitalized development costs and goodwill

858

3,644

Restructuring provision (personnel)

-2,890

0

Unrealized foreign currency translation gain on Kladno liquidation

0

-3,735

Amortization capitalized development cost

49,145

42,138

Depreciation of tangible and intangible fixed assets

24,207

16,126

Loss on tangible fixed assets

10

-24

Share options recognized as cost

1,337

782

Share of profit/(loss) of joint ventures and associates

61

547

Gross operating cash flow

142,323

157,046

Changes in trade receivables

25,775

8,267

Changes in inventory

29,282

10,460

Changes in trade payables

-29,889

10,567

Other changes in net working capital

9,746

19,015

Change in net working capital

34,915

48,310

Net operating cash flow

177,238

205,356

Interest received

1,394

2,826

Interest paid

-3,556

-1,738

Income taxes

-18,886

-4,200

Cash flow from operating activities

156,190

202,245

Cash flow from investing activities

 

 

Expenditure on product development

-62,072

-56,296

Purchases of tangible and intangible fixed assets

-22,869

-24,853

Proceeds on disposals of tangible and intangible fixed assets

260

1,264

Acquisition of Group companies, net of acquired cash

-51,686

-27,994

Disposal of group companies, net of disposed cash

0

0

Other investing activities

-3,060

-33,358

Interest in joint ventures

0

-1,253

Cash flow from investing activities (including acquisitions and divestments)

-139,428

-142,491

Cash flow from financing activities

 

 

Dividends paid

-16,856

-13,153

Share issue

7,713

1,144

Acquisition of own shares

1,390

0

Proceeds from (+), payments (-) of long-term liabilities

17,860

-3,603

Proceeds from (+), payments (-) of short-term liabilities

12,646

-666

Cash flow from financing activities

22,753

-16,278

Net increase/(decrease) in cash and cash equivalents

39,515

43,476

Cash and cash equivalents at beginning of period

122,139

79,164

Cash and cash equivalents (CTA)

-5,109

-502

Change in consolidation method

0

0

Cash and cash equivalents at end of period

156,545

122,139

 

 

 

Results per division

 

 

 

 

 

2013

2012

 

full year

full year

(in thousands of euros)

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

Projection

522,492

479,711

Healthcare

195,708

206,455

Advanced Visualization

192,540

227,682

Defense & Aerospace

149,716

130,682

Ventures

101,033

112,173

Intra-group eliminations

-3,473

-719

 

 

 

Group

1,158,015

1,155,984

 

 

 

 

 

 

EBITDA before restructuring and goodwill impairment

 

 

 

 

 

Projection

83,450

87,278

Healthcare

26,348

23,809

Advanced Visualization

13,338

26,392

Defense & Aerospace

20,193

12,757

Ventures

9,905

9,240

 

 

 

Group

153,234

159,476

 

 

 


Statement of comprehensive income

[In thousands of euro]

 

2013

 

2012

 

2011

 

Net income

 

59,403 

 

94,241 

 

75,850 

 

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Exchange differences on translation of foreign operations

 

-14,411 

-6,683 

 

-1,787 

 

Net gain/(loss) on cash flow hedges

596 

361 

-550 

Income tax

-72 

-18 

-

Net gain/(loss) on cash flow hedges, net of tax

524 

343 

-550 

 

Other comprehensive income (loss) for the period, net of tax

-13,887 

-6,340 

-2,337 

Other comprehensive income (loss) for the period, net of tax,

attributable to equity holders of the parent

-13,810 

-6,340 

-2,337 

Other comprehensive income (loss) for the period, net of tax,

non-controlling interest

-77 

-

-

Total comprehensive income for the period, net of tax,
attributable to equity holder of the parent

 

45,594 

 

87,901 

 

73,513 

 

Total comprehensive income for the period, net of tax,
non-controlling interest

 

-77 

 

-

 

-

 

 



[1] EBITDA referenced in this press release is always EBITDA before restructuring

[2] EBIT referenced in this press release is always EBIT before restructuring

[3] EMEALA region includes Europe, Middle East, Africa and Latin America

[4] Barco did not acquire any of its own shares in 2013. The company now owns 715,206 of its own shares or 5.51% before dilution.

For more information, please contact

Carl Vanden Bussche Carl Vanden Bussche
Director Investor Relations
Barco NV

Telephone +32 56 26 23 22
carl.vandenbussche@barco.com

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