Barco NV

Earnings Release • Feb 12, 2015

ANNEX

FINANCIAL TABLES 2014 FOR THE CONTINUING BUSINESS

In the following financial tables we present the consolidated results 2014 for the continuing business. The results exclude the Defense & Aerospace division and provide a pro forma comparing base for 2013.

Income Statement	2014	2013
	full year	full year
(in thousands of euros)
Net sales	908,368	1,008,499
Cost of goods sold	-603,659	-671,703
Gross profit	304,709	336,797
Research and development expenses	-99,689	-80,375
Sales and marketing expenses	-135,111	-142,019
General and administration expenses	-44,334	-46,186
Other operating income (expense) - net	5,306	2,379
EBIT before restructuring	30,882	70,596
Restructuring	-3,373	-4,511
EBIT after restructuring	27,509	66,085
Interest income	3,022	1,420
Interest expense	-4,156	-3,493
Income before taxes	26,375	64,012
Income taxes	-4,748	-7,690
Result after taxes	21,628	56,322
Share in the result of joint ventures and associates	68	61
Net income from continuing operations	21,696	56,383
Net income from discontinued operations	6,094	3,021
Net income	27,790	59,404
Net income attributable to non-controlling interest	3,856	2,284
Net income attributable to the equity holder of the parent	23,933	57,119
Net income (continuing) attributable to the equity holder of the parent	17,840	54,099
Net income (discontinued) attributable to the equity holder of the parent	6,094	3,021
Earnings per share (in euros)	1.96	4.68
Diluted earnings per share (in euros)	1.92	4.53
Earnings per share (in euros)	1.46	4.43
Diluted earnings per share (in euros)	1.43	4.29

PRESS RELEASE – REGULATED INFORMATION

Selected Financial Ratios	2014 full year	full year	2013
EBITDA before restructuring on sales	11.8%		13.2%
EBITDA minus capitalized development cost on sales	6.6%		7.8%
EBIT before restructuring on Net sales	3.4%		7.0%
Total debt to equity	14.3%		9.7%
Balance sheet	31 Dec 2014		31 Dec 2013
(in thousands of euro)
ASSETS
Goodwill	143,774		133,656
Capitalized development cost		71,351	80,044
Other intangible assets		55,926	53,808
Land and buildings		21,315	26,179
Other tangible assets		44,597	38,089
Investments		14,360	11,824
Deferred tax assets		68,219	62,325
Other non-current assets		15,736	14,200
Non-current assets	435,278		420,125
Inventory	185,631		159,438
Trade debtors	170,486		141,342
Other amounts receivable		18,940	43,722
Cash and cash equivalents	145,340		156,545
Prepaid expenses and accrued income		8,948	7,635
Assets from discontinued operations	110,761		119,015
Current assets	640,106		627,696
Total Assets	1,075,384		1,047,822
EQUITY AND LIABILITIES
Equity attributable to equityholders of the parent	587,415		574,943
Non-controlling interest		7,146	4,423
Equity	594,561		579,366
Long-term debts		57,737	40,410
Deferred tax liabilities		6,830	11,217
Other long-term liabilities		0	12,329
Non-current liabilities	64,567		63,956
Current portion of long-term debts		7,130	3,582
Short-term debts		19,253	11,613
Trade payables	109,091		103,713
Advances received on customers	107,544		87,484
Tax payables		15,171	28,987
Employee benefit liabilities		44,759	46,208
Other current liabilities		5,204	12,078
Accrued charges and deferred income		33,390	30,427
Provisions		40,148	42,279
Liabilities from discontinued operations		34,567	38,128
Current liabilities	416,257		404,500
Total Equity and Liabilities	1,075,384		1,047,822

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PRESS RELEASE – REGULATED INFORMATION

Cash flow statement	2014 full year	2013 full year
(in thousands of euros)
Cash flow from operating activities
EBIT after restructuring	27,509	66,014
Impairment of capitalized development costs and goodwill	7,244	739
Gain on sale Orthogon	-6,650	0
Amortization capitalized development cost	49,969	40,193
Depreciation of tangible and intangible fixed assets	19,291	21,515
Gain/(Loss) on tangible fixed assets	-69	7
Share options recognized as cost	1,268	1,337
Share in the profit/(loss) of joint ventures and associates	68	61
Discontinued operations : cash flow from operating activities	21,281	15,347
Gross operating cash flow	119,911	145,213
Changes in trade receivables	-19,669	29,064
Changes in inventory	-11,915	24,501
Changes in trade payables	220	-29,644
Other changes in net working capital	4,740	4,184
Discontinued operations: change in net working capital	538	3,919
Change in net working capital	-26,086	32,024
Net operating cash flow	93,825	177,238
Interest income	3,022	1,420
Interest expense	-4,156	-3,493
Income taxes	-2,993	-18,410
Discontinued operations: income taxes	-17	-564
Cash flow from operating activities	89,681	156,190
Cash flow from investing activities
Expenditure on product development	-47,691	-54,795
Purchases of tangible and intangible fixed assets	-22,031	-21,442
Proceeds on disposals of tangible and intangible fixed assets	4,312	255
Acquisition of Group companies, net of acquired cash	-21,915	-51,686
Disposal of group companies, net of disposed cash	10,590	0
Other investing activities	-1,994	-3,060
Interest in joint-ventures	-1,792	0
Discontinued operations: cash flow from investing activities	-12,888	-8,699
Cash flow from investing activities (including acquisitions and	-93,409	-139,428
divestments)
Cash flow from financing activities
Dividends paid	-18,410	-16,856
Capital increase/(decrease)	-1,286	7,713
(Acquisition)/sale of own shares	-9,734	1,390
Proceeds from (+), payments (-) of long-term liabilities	19,346	17,860
Proceeds from (+), payments (-) of short-term liabilities	-8,255	12,678
Discontinued operations: cash flow from financing activities	-36	-32
Cash flow from financing activities	-18,375	22,753
Net increase/(decrease) in cash and cash equivalents	-22,103	39,515
Cash and cash equivalents at beginning of period	156,545	122,139
Cash and cash equivalents (CTA)	10,897	-5,109
Cash and cash equivalents at end of period	145,340	156,545

PRESS RELEASE – REGULATED INFORMATION

Results per division	2014 full year	2013 full year
(in thousands of euros)
Sales
Entertainment & Corporate	521,435	567,816
Healthcare	186,482	195,697
Industrial & Government	159,488	167,629
Ventures	40,963	77,358
Intra-group eliminations
Group	908,368	1,008,499
EBITDA before restructuring
Entertainment & Corporate	79,359	87,098
Healthcare	23,166	26,348
Industrial & Government	5,115	10,312
Ventures	-255	9,285
Group	107,386	133,043

For more information, please contact:

Carl Vanden Bussche, VP Investor Relations +32 56 26 23 22 or carl.vandenbussche@barco.com

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Barco NV President Kennedypark 35 8500 Kortrijk, Belgium

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