Barco NV — Earnings Release 2014

Feb 12, 2015

ANNEXE

TABLES FINANCIÈRES 2014 POUR LES ACTIVITÉS CONTINUES

Nous présentons les résultats consolidés 2014 pour les activités continues. Ces résultats excluent les activités de la division Defense & Aerospace et fournissent une comparaison pro forma avec l'année 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

COMMUNIQUÉ DE PRESSE – INFORMATION REGULARISÉE

Selected Financial Ratios	2014	2013
	full year	full year
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 Investments	44,597 14,360	38,089 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 Non-controlling interest	587,415 7,146	574,943 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

Barco NV President Kennedypark 35 8500 Kortrijk, Belgium

COMMUNIQUÉ DE PRESSE – INFORMATION REGULARISÉE

(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 flow statement	2014 full year	2013 full year
	Cash and cash equivalents at end of period	145,340	156,545

COMMUNIQUÉ DE PRESSE – INFORMATION REGULARISÉE

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

Pour plus d'informations, veuillez vous mettre en rapport avec:

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

© Copyright 2015 by Barco

Barco NV President Kennedypark 35 8500 Kortrijk, Belgium

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