Earnings Release • Feb 7, 2014
Earnings Release
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Date: 07 February 2014 For immediate release
Name: Carl Vanden Bussche Title: Director Investor Relations Tel: +32 56 26 23 22 E-mail: [email protected]
Barco will propose to increase the dividend and to launch a share buyback program
"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
1 EBITDA referenced in this press release is always EBITDA before restructuring 2 EBIT referenced in this press release is always EBIT before restructuring
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."
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.
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Barco NV President Kennedypark 35 8500 Kortrijk, Belgium
www.barco.com
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 region3 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 |
| NA | EMEALA | APAC | |
|---|---|---|---|
| 2012 | 34% | 44% | 22% |
| 2013 | 32% | 41% | 27% |
| Change | (3.5%) | (5.8%) | 23.2% |
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.
| NA | EMEALA | APAC | |
|---|---|---|---|
| 2012 | 34% | 42% | 24% |
| 2013 | 31% | 42% | 27% |
| Change | (7.6%) | (0.3%) | 12.1% |
3 EMEALA region includes Europe, Middle East, Africa and Latin America
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.
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:
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.
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 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.
Barco NV President Kennedypark 35 8500 Kortrijk, Belgium
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.
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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.
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 maintenancecontracts 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% |
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% |
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% |
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% |
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% |
Second half 2013 financial highlights:
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 slowdown 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.
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 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 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.
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:
Page 11 of 17
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).
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).
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
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| 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 | |
| (in thousands of euros) | full year | full year |
| 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 | ||
|---|---|---|
| (in thousands of euros) | 2013 full year |
2012 full year |
| 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 |
| [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 | - | - |
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