Barco NV

Earnings Release • Feb 12, 2015

Encouraging recovery in the second half

Kortrijk, Belgium, 12 February 2015 – Today Barco (Nyse/Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six and twelve month periods ended 31 December 2014.

Fiscal year 2014 financial highlights (for the group including Defense & Aerospace)

• Sales were 1,051.0 million euro, a decrease of 9.2% compared to 1,158.0 million euro in 2013.
• Incoming orders were 1,011.2 million euro, a decrease of 12.1% compared to 1,150.5 million euro in 2013.
• EBITDA1 was 128.6 million euro, compared to 153.2 million euro in 2013. EBITDA margin was 12.2%, compared to 13.2% for 2013.
• EBIT2 was 38.2 million euro, compared to 79.0 million euro in 2013. EBIT margin was 3.6%, compared to 6.8% for 2013.
• Net income was 27.8 million euro, compared to 59.4 million euro a year ago. In addition to lower EBIT, an increased tax-rate and restructuring charges contributed to the decline.
• Free cash flow for 2014 was 10.1 million euro versus 70.2 million euro for 2013.
• Net financial cash position was 63.4 million euro at the end of the year (before the divestiture of Defense & Aerospace) compared to 104.4 million euro at the end 2013.

Quote of the CEO, Eric Van Zele

"Following a disappointing first semester, Barco delivered more encouraging results for the second half of 2014. With 553 million euro in sales and 74 million euro in EBITDA the company essentially generated the same performance in the second half of 2014 as last year."

"Once again, Barco's Entertainment & Corporate division was the strongest contributor with ClickShare fuelling exponential growth in the corporate segment and Barco's digital projectors consolidating their global leading position in the Cinema and Venues & Hospitality markets. Also Healthcare and Industrial & Government returned in the second half to growth with increases in sales and profitability whereas LiveDots continued to decline."

"In 2014 the company undertook a strategic review of its businesses, assets and investments. As a result, Barco divested its Orthogon and Defense & Aerospace businesses and pruned product development projects which no longer fit its return criteria. As a more streamlined organization focused on three core businesses - Entertainment, Enterprise and Healthcare – Barco has considerable means to invest in new internal and external growth initiatives and to return to profitable growth."

Barco NV President Kennedypark 35 8500 Kortrijk, Belgium

¹ EBITDA referenced in this press release is EBITDA before restructuring

² EBIT referenced in this press release is EBIT before restructuring

Outlook 2015

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

Barco remains cautious about its outlook for 2015. Assuming the euro remains at current levels, management expects flat to single digit growth in sales.

On the basis of the improved performance in the second half 2014 management expects also to deliver improved profitability for the full year.

Dividend and Share Buy Back

The Board of Directors will propose to the General Assembly to increase the dividend from 1.50 euro to 1.60 euro per share to be paid out in 2015, supported by the available cash resources in the company.

In line with Barco's long term strategy to strengthen its global leadership position and to realize the company's growth potential, the Board has decided to preserve most of the company's financial resources for internal and external growth investments and does not plan to authorize another share buy back program after the current program expires in May 2015.

Barco's organizational structure 2015

Effective 1 January 2015, and in anticipation of closing the divestiture of the Defense & Aerospace activities, Barco continued the streamlining of its organization. Entertainment, Enterprise, and Healthcare are now Barco's divisions:

• Entertainment: The Entertainment division is the combination of the Cinema & Venues & Hospitality activities of the E&C division 2014. The LiveDots venture has been grouped with our V&H activities.
• Enterprise: The Enterprise division is the combination of the I&G division and the Corporate activities from the E&C division 2014 (including ClickShare). The ventures X2O and Silex are added to this division.
• Healthcare: The Healthcare division remains as is.

Preliminary remark

Subsequent to the end of 2014, Barco completed the divestiture of its Defense & Aerospace business3 . Barco is therefore presenting the results for 2014 on a reported basis and on a continuing operations basis as if the divestiture had occurred on 1 January 2014. This reports consist of the following chapters:

• Part I: The consolidated results 2014 on the reported basis. These results include the Defense and Aerospace business.
• Part II: The 2H14-results on a reported basis.
• Part III: The consolidated results 2014 on continuing basis. These results exclude the Defense & Aerospace businesses and provide a consolidated pro forma comparison base for 2013.
• Part IV: Divisional results for 2014.

3 On 2 February 2015, Barco communicated it had closed the divestment of its Defense & Aerospace division to Esterline.

Part I - Consolidated results for the fiscal year 2014 – Reported Business

Order intake & Order Book

Order intake was 1,011.2 million euro, 12.1% below last year with declines in all divisions. The order book on a reported basis at the end of the second semester of 2014 was 433.4 million euro, down from 460.9 million euro at the end of 2013.

Order book

(in millions of euros)	2H14	1H14	2H13	1H13	2H12
Order book	433.4	479.8	460.9	440.0	461.2

Order intake per region

	2014	2013
The Americas	37%	38%
EMEA	36%	35%
APAC	27%	27%

Sales

Second semester sales, although in line with the second half of last year, did not fully offset the weak performance of the first half of 2014. As a result, sales for the year declined in all divisions and in all regions.

Sales by region

	2014	2013
The Americas	38%	38%
EMEA	36%	35%
APAC	27%	27%

Profitability

Gross profit

Gross profit margin remained healthy at 33.4% for 2014 and in line with 2013. Gross profit fell to 351.5 million euro compared to 386.5 million euro for 2013.

Indirect expenses

Total indirect cash expenses declined by 20.6 million euro to 364.9 million euro. As a percentage of sales total indirect cash expenses were 34.7% compared to 33.3% for 2013.

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• On a cash basis, Research & Development expenses decreased to 104.4 million from 107.5 million euro last year.

As a result of 10.2 million euro in higher levels of amortization and 8.6 million euro impairment of capitalized R&D, R&D expenses amounted to 115.3 million euro or 11.0% of sales. The impairment reflects the write-off of capitalized R&D-expenses for which the return criteria are no longer met. Furthermore Barco capitalized 57.0 million euro of R&D expenses in 2014, 5.0 million euro less than in 2013.

• Sales & Marketing expenses decreased 8.8 million euro to 151.8 million euro compared to 160.7 million euro last year. As a percent of sales, Sales & Marketing expenses rose to 14.4%, compared to 13.9% last year.
• General & administration expenses were 52.6 million euro, compared to 55.7 million euro last year or 5.0% of sales versus 4.8% last year.
• Other operating results amounted to 6.5 million euro positive, compared to 4.4 million euro positive last year.

EBITDA & EBIT

EBITDA was 128.6 million euro, a decrease of 24.7 million euro compared to 153.2 million euro for the prior year. EBITDA margin was 12.2% versus 13.2% in 2013. EBITDA margin improved in 2H14 to a 13.3% level, compared to 11.0% for 1H14.

2014	Sales	EBITDA	EBITDA %
Entertainment & Corporate	521.5	79.4	15.2%
Healthcare	186.7	23.2	12.4%
Industrial & Government	160.2	5.1	3.2%
Defense & Aerospace	142.7	21.2	14.8%
Ventures	41.1	(0.3)	(0.7%)
Intra-group eliminations	(1.2)
Group	1,051.0	128.6	12.2%

Reduced EBITDA, higher levels of amortizations and an impairment of capitalized R&D as described above, caused EBIT to decline to 38.2 million euro, or 3.6% of sales compared to 79.0 million euro, or 6.8% of sales, in 2013.

The difference between the EBITDA margin and the EBIT margin widened from 6.4 percentage points in 2013 to 8.6 percentage points in 2014.

Income taxes

In 2014 taxes were 6.1 million euro in reported operations for a tax rate of 18.0%, compared to 8.1 million euro in 2013, or a tax rate of 12.0%.

Net income

Net income for the year was 27.8 million euro, including a restructuring charge of 3.3 million euro, booked in connection with actions taken to right size selected operations primarily in the Industrial & Government divisions and LiveDots activity.

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Net earnings per ordinary share (EPS) for the year were 1.96 euro, down from 4.68 euro in 20134 . Fully diluted net earnings per share were 1.92 euro, compared to 4.53 euro last year.

Cash Flow & Balance Sheet

Cash position

Barco ended 2014 with a net financial cash position of 63.4 million euro, compared to 41.0 million euro on 30 June 2014 and 104.4 million euro on 31 December 2013.

The company used 18.4 million euro for the dividend and 13.9 million euro for the Share Buy Back programs in 2014. 5

As a subsequent event, on 31 January 2015, Barco completed the sale of Defense and Aerospace for cash proceeds of approximately 145 million euro, excluding cash assumed by the buyer.

Free Cash Flow and Working Capital

Free cash flow for the year was 10.1 million euro compared to 70.2 million euro for 2013 and consisted of negative cash flow of 8.1 million euro for the first semester, offset by positive cash flow of 18.2 million euro for the second semester.

Barco generated 118.6 million euro in gross operating cash flow versus 140.9 million euro in 2013 and absorbed an increase in working capital of 26.1 million euro due to higher trade receivables and higher inventory levels. Net working capital balance was 8.8% of sales versus 4.7% of sales for 2013 and 8.2% for 2012.

• For 2014, changes in both trade receivables and inventory were respectively 20.4 and 9.9 million euro negative, while changes in trade payables were positive for an amount of 3.9 million euro.
• At the end of 2014 trade receivables were 207.2 million euro versus 177.5 million euro at 31 December 2013. DSO-level stood at 63 days, compared to 56 days as of 30 June 2014 and 52 days as of 31 December 2013.
• At 230.5 million euro, inventory was 6.3 million euro lower than on June 2014 but 18.9 million euro higher than on 31 December 2013. Inventory turns were at 2.7, compared to 2.6 at the end of June 2014 and 3.2 at the end of December 2013.
• Trade payables stood at 122.2 million euro at the end of 2014, compared to 120.0 million euro at the end of June 2014 and compared to 114.1 million euro at the end of 2013.

Capital Expenditure

Capital expenditure, excluding capitalized development, was 25.6 million euro, compared to 22.9 million euro for the same period last year.

Capitalized Development

Capitalized Research & Development expenses were at 83.0 million euro down from 93.2 million euro in 2013 due to lower capitalization in 2014 in combination with the 8.6 million euro impairment on capitalized development.

⁴ Earnings per share for 2013 have been restated applying IAS33 and using net income instead of net income attributable to the equity holder of the parent

⁵ Barco bought 247,668 own shares in 2014. The company now owns 895,374 of its own shares or 7.02% before dilution.

ROCE

ROCE (after Tax) stood at 6%, compared to 8% at 30 June 2014 and 15% at 31 December 2013. The decrease reflects mainly the decrease in EBIT and to a lesser extent the increase in working capital and the higher effective tax rate of 18.0% compared to 12.0% last year.

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www.barco.com

Part II - Consolidated Results for 2H14 - Reported business

Financial highlights 2H14

• Order intake for the semester was 499.6 million euro, a decrease of 15.9% from 593.9 million euro a year earlier.
• Sales for 2H14 were 553.0 million euro, a decrease of 1.3% from 560.1 million euro in 2H13.
• EBITDA was 73.7 million euro versus 76.5 million euro in 2H13. EBITDA margin was 13.3% compared to 13.7% in 2H13.
• EBIT was 23.9 million euro versus 37.3 million euro in 2H13. EBIT margin was 4.3% compared to 6.7% in 2H13.
• Net income for the semester was 16.8 million euro or 3.0% of sales, compared to 27.7 million euro, or 4.9% of sales, for the same period last year.
• Free cash flow at the end of the semester was 18.2 million euro compared to 81.8 million euro in 2013.

Order Intake

Order intake in 2H14 was 499.6 million euro, a decrease of 15.9% compared to the same period the year before.

The EMEA region generated 36% of incoming orders, the Americas stood at 39% and Asia Pacific 25%. Compared to 2H13, the Americas delivered a flat order intake performance, while order intake was down for the EMEA and the APAC region.

Order intake by region

(in millions of euro)	2H14	2H13	Change
The Americas	194.2	233.6	(16.9%)
EMEA	179.3	210.8	(15.0%)
APAC	126.1	149.5	(15.7%)

Sales

Sales for the second semester were 553.0 million euro, a slight decrease of 1.3%.

All core divisions delivered increased sales performances versus 1H14 and 2H13. The ventures however, driven by a weak performance in LiveDots, offset the good performance in the core divisions with a decline of 20.4 million euro.

Compared to 2H13 sales was up for the Americas, flat for the APAC region and down for the EMEA-region.

Sales by region

(in millions of euro)	2H14	2H13	Change
The Americas	207.2	194.7	6.4%
EMEA	191.0	211.1	(9.5%)
APAC	154.6	154.3	0.2%

Profitability

Gross profit

Gross profit decreased year-on-year from 190.6 million euro to 187.4 million euro resulting in a gross profit margin of 33.9% compared to 34.0% in 2H13.

Indirect expenses

Indirect cash expenses for the second half were reduced to 185.9 million euro from 193.6 million euro or 34.6% of sales compared to 33.6% in 2013.

• Research & Development cash expenses were reduced from 55.2 million euro or 9.8% to 52.9 million euro or 9.6% of sales. Including higher level of amortizations, total R&D expenses increased year-over-year from 49.2 million euro to 64.2 million euro. As a percentage of sales R&D expenses increased from 8.8% to 11.6% of sales.
• Sales & Marketing expenses decreased from 78.5 million euro sales to 77.6 million euro but as a percentage of sales remained flat at 14.0%.
• General & Administration expenses went down in absolute numbers year-over-year from 28.7 million euro to 27.2 million euro and decreased also as a percentage of sales from 5.1% of sales to 4.9% of sales.
• Other operating income was 5.4 million euro positive versus 3.1 million euro positive for the same period last year.

EBITDA & EBIT

EBITDA was 73.7 million euro, down by 2.8 million euro compared to 76.5 million euro the year before.

EBIT was 23.9 million euro compared to 37.3 million in 2H13. EBIT margin in 2H14 was 4.3% down from 6.7% for 2H13 and up from 2.9% in the first semester.

The decline in EBIT is driven by higher amortization of capitalized research & development expenses in 2014 versus 2013 in combination with additional impairment as described in full year consolidated section above.

2H14 (in millions of euros)	Sales	EBITDA	EBITDA %
Entertainment & Corporate	269.2	39.1	14.5%
Healthcare	98.2	13.5	13.7%
Industrial & Government	91.7	6.5	7.1%
Defense & Aerospace	78.7	13.1	16.6%
Ventures	15.4	1.6	10.4%
Intra-group eliminations	(0.2)
Group	553.0	73.7	13.3%

Net income

Net income for 2H14 decreased to 16.8 million euro from 27.7 million euro for 2H13. Net margin for 2H14 was 3.0%, down from 4.9% the year before and up from 2.2% in the first semester.

Net earnings per share were 1.27 euro and fully diluted net earnings per share were 1.24 euro.

Part III - Consolidated results for the fiscal year 2014 - Continuing Business

Order Intake & Order Book

Incoming orders were down to 869.4 million euro from 993.4 million euro in 2013.

Order book

(in millions of euros)	2H14	1H14	2H13	1H13
Order book	302.2	356.0	334.5	330.3

Incoming Orders by region

	2014	2013
The Americas	35%	36%
EMEA	36%	35%
APAC	29%	29%

Sales

Sales for the continuing business was down with 9.9% from 1,008.5 million euro in 2013 to 908.4 million euro in 2014.

Sales by region

	2014	2013
The Americas	37%	36%
EMEA	35%	35%
APAC	28%	29%

Profitability

Gross profit

On a continuing operations basis, gross profit margin was essentially flat at 33.5% compared to 33.4% in 2013.

Indirect expenses

Indirect cash expenses for the continuing business declined by 17.9 million euro to 313.1 million euro. As a percentage of sales total operating expenses were 34.5% compared to 32.8% for 2013.

• On a cash basis, Research & Development expenses decreased to 90.2 million from 94.2 million euro last year, which equates to 9.9% from 9.3% as a percentage of sales. Including amortization and an impairment of capitalized R&D, R&D expenses increased to 99.7 million euro from 80.4 million euro in 2013. As a percentage of sales R&D expenses are at 11.0% compared to 8.0% the year before.
• Sales & Marketing expenses decreased from 142.0 million euro in 2013 to 135.1 million euro in 2014. As a percent of sales, Sales & Marketing expenses rose to 14.9%, compared to 14.1% last year.
• General & administration expenses were 44.3 million euro, compared to 46.2 million euro last year or 4.9% of sales versus 4.6% last year.
• Other operating results amounted to 5.3 million euro, compared to 2.4 million euro last year.

EBITDA & EBIT

EBITDA for the continuing business was 107.4 million euro in 2014 for an EBITDA margin of 11.8% compared to 133.0 million euro in 2013 for an EBITDA margin of 13.2%. EBIT was 30.9 million euro down from 70.6 million euro in 2013. The EBIT margin is 3.4% down from 7.0% in 2013.

Income taxes

In 2014 taxes were 4.7 million euro in continuing operations, for a tax rate of 18.0%, compared to 7.7 million euro in 2013, or a tax rate of 12.0%.

Net income

Net income from continuing operations was 21.7 million euro, including a restructuring charge of 3.4 million euro. On a pro forma comparison, net income was 56.4 million euro in 2013. Net earnings per ordinary share (EPS) for the year for the continuing operations were 1.46 euro, down from 4.43 euro in 2013. Fully diluted net earnings per share were 1.43 euro, compared to 4.29 euro last year.

Cash Flow & Balance Sheet

Free cash flow and working capital

Free cash flow for the year was 1.2 million euro compared to 60.2 million euro for 2013.

Continuing operations for Barco generated 97.4 million euro in gross operating cash flow versus 128.5 million euro in 2013.

Working capital was down with 26.6 million euro versus 2013 and net working capital balance for the continuing operations was 4.9% of sales.

• Changes in Trade receivables: 19.7 million euro negative
• Changes in Inventory: 11.9 million euro negative
• Changes in Trade payables: 0.2 million euro positive
• Trade receivables are at 170.5 million euro versus 141.3 million euro in 2013. DSO stood at 63 days.
• Inventories are at 185.6 million euro versus 159.4 million euro in 2013. Inventory turns were at 2.9 for 2014.
• Trade payables stood at 109.1 million euro, compared to 103.7 million euro in 2013.

Capital expenditure

Capital expenditure, excluding capitalized development, was 22.0 million euro, compared to 21.4 million euro for the same period last year.

Capitalized Development

Capitalized Research & Development expenses were at 71.4 million euro down from 80.0 million euro in 2013.

ROCE

ROCE (after Tax) stood at 6% (same as for the reported business), compared to 16% at 31 December 2013.

Part IV - Divisional Results for fiscal year 2014

(in millions of euros)	1H14	2H14	FY14	1H13	2H13	FY13
Orders	262.4	236.4	498.9	283.0	255.2	538.2
Sales	252.3	269.2	521.5	306.2	261.7	568.0
EBITDA	40.3	39.1	79.4	48.1	39.0	87.1
EBITDA margin	16.0%	14.5%	15.2%	15.7%	14.9%	15.3%

Entertainment & Corporate division

Entertainment & Corporate performed to plan in both orders and sales. As anticipated, digital cinema volumes declined and the other segments - Venues & Hospitality and Corporate generated higher volumes. The sales and orders mix continued to shift away from Digital Cinema with Venues & Hospitality and Corporate together accounting for 45% of sales for 2014 versus 35% for 2013.

The company further strengthened its leadership position in Digital Cinema, gaining market share and reaching a record number of 55,000 projectors installed in the field globally. As such Barco remains well positioned to leverage its large installed base with service and maintenance-contracts and future upgrade and replacement programs. In addition, while mature geographic markets have largely converted to digital cinema, emerging markets such as China, India and Latin America continue to upgrade and invest in digital cinema solutions.

During 2014, Barco delivered and installed its first laser projectors and is exploring - under the CinemaBarco concept - a variety of growth initiatives to increase the immersive experience of cinema, such as Barco Escape.

In the Venues and Hospitality segment, the company integrated High End Systems and delivered new lighting products resulting in growth in sales and orders.

The Corporate segment registered strong growth, driven by ClickShare and the new range of Corporate projectors, and continued to develop sales channels worldwide. The projectiondesign® acquisition delivered on its promise in 2014, contributing to profitability, strengthening Barco's projector offering and expanding the company's channel network.

The division continued to deliver improved profitability with each segment producing an EBITDA margin close to or above 15%.

(in millions of euros)	1H14	2H14	FY14	1H13	2H13	FY13
Orders	87.8	93.2	181.0	92.7	124.8	217.0
Sales	88.4	98.2	186.7	98.6	97.1	195.7
EBITDA	9.7	13.5	23.2	12.2	14.1	26.3
EBITDA margin	11.0%	13.7%	12.4%	12.3%	14.5%	13.5%

Healthcare division

The full year performance for the Healthcare division reflects a soft first semester, particularly in diagnostic imaging due to lengthening replacement cycles, followed by improved results for the second semester, including a recovery of the EBITDA margin to 13.7%.

The division retained its market leadership in diagnostic imaging, including modality and custom products, and continued to drive expansion in digital operating rooms, as several leading vendors integrated Barco's solution into their surgical solutions.

In addition, the division continued to assert its technological leadership through the introduction of the Coronis Uniti (12 megapixel diagnostic display) and the addition of 4K capabilities to the digital operating room solution. Furthermore the division took steps to establish a footprint in China by setting up local manufacturing to serve the domestic customer base.

Industrial & Government

(in millions of euros)	1H14	2H14	FY14	1H13	2H13	FY13
Orders	76.7	76.3	153.0	85.3	95.7	180.9
Sales	68.5	91.7	160.2	80.8	88.8	169.6
EBITDA	-1.4	6.5	5.1	6.0	4.3	10.3
EBITDA margin	-2.1%	7.1%	3.2%	7.4%	4.8%	6.1%

Industrial and Government faced a number of challenges during 2014 including a slowdown in demand in China and a faster than anticipated technology shift from rear-projection cubes to LCD-based solutions along with intensified price pressure.

Top-line performance was particularly weak for the first six months of the year, and efforts to restore sales momentum and reduce operating expenses began to yield results in the second half of the year with sales increasing and EBITDA improving.

To address changing competitive dynamics in Control Rooms, Barco launched a new differentiated LCD portfolio in the last quarter of the year and to meet emerging market demand for collaborative decision-making, the company continued to expand its connectivity and software solution portfolio.

(in millions of euros)	1H14	2H14	FY14	1H13	2H13	FY13
Orders	60.5	81.3	141.8	59.6	97.5	157.1
Sales	64.0	78.7	142.7	71.1	78.7	149.7
EBITDA	8.1	13.1	21.1	6.7	13.5	20.2
EBITDA margin	12.7%	16.6%	14.8%	9.4%	17.2%	13.5%

Defense & Aerospace division

The Defense & Aerospace division contributed to the group results with an increased EBITDA contribution and a 14.8% EBITDA margin, reflecting the restructuring actions taken in 2013. Program delays in the training segment continued to impact order intake and sales.

Ventures

(in millions of euros)	1H14	2H14	FY14	1H13	2H13	FY13
Orders	25.3	12.0	37.2	37.4	21.8	59.2
Sales	25.7	15.4	41.1	42.7	35.8	78.5
EBITDA	-1.8	1.6	-0.3	3.9	5.4	9.3
EBITDA margin	-7.0%	10.4%	-0.7%	9.0%	15.2%	11.8%

LiveDots experienced a severe shortfall in orders and sales as a result of the loss of projects in North America and the Middle East. Slower global market demand and delays in closing some high potential projects weighed on order and sales and eventually on profitability. In response and to address current competitive dynamics, Barco has cut operating expenses and is repositioning the business.

EBITDA-recovery in the second half on Venture-level was essentially driven by the proceeds of the Orthogon divestment (6.7 million euro) in August.

Conference call

Barco will host a conference call with investors and analysts on 12 February 2015 at 9:00 a.m. CET (3:00 am EST), to discuss the results of 2014. 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 2014 annual report that will be published on the Internet (www.barco.com).

Financial Calendar

• Announcement of results 2H14 and FY14 (Thursday 12 February 2015)
• Trading update 1Q14 (Wednesday 22 April 2015)
• Annual general shareholders meeting (Thursday 30 April 2015)
• Capital Markets Day (Tuesday 5 May 2015)
• Ex-Dividend Trading date (Friday 8 May 2015)
• Record date for Dividend (Monday 11 May 2015)
• Payment date for Dividend (Tuesday 12 May 2015)
• Announcement of results 1H14 (Wednesday 22 July 2015)
• Trading update 3Q14 (Wednesday 21 October 2015)

About Barco

Barco, a global technology company, designs and develops networked visualization products for the Entertainment, Enterprise and Healthcare 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 3.250 employees worldwide. Barco posted sales of 1.051 billion euro in 2014.

For more information and the annual report 2014, please visit the Company's website at www.barco.com

© Copyright 2015 by Barco

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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