Earnings Release • Feb 11, 2016
Earnings Release
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Kortrijk, Belgium, 11 February 2016 – Today Barco (Nyse/Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six and twelve month periods ended 31 December 2015.
Fiscal year 2015 financial highlights
"We are proud to present good results for the year 2015," said Eric Van Zele, President and CEO. "Through strong execution in all businesses, Barco delivered double digit profitable growth for 2015 and generated significantly higher free cash."
"Each of the divisions produced sales growth, delivered improved EBITDA margins and launched new growth initiatives. The Entertainment division sustained its leadership position in Cinema and the Healthcare division continued to gain traction with its digital operating room solutions. The Enterprise division continued to gain share in the Corporate market with ClickShare, while Control Rooms stabilized sales."
The following statements are forward looking and actual results may differ materially.
Considering current uncertain macro-economic conditions and assuming currencies at current levels, management expects sales to grow in the mid-single digit range. Including continued investments in planned growth initiatives in our core business, we expect organic EBITDA for the year 2016 to remain even with 2015.
1 Adjusted EBITDA is defined as EBITDA excluding amortization of capitalized development costs and restructuring charges. See remarks on reporting methodology.
2 This is EBIT value under the new capitalization methodology. Had Barco not changed its accounting treatment of product development costs, the EBIT margin for 2015 would have been approximately 5.0% compared to 3.6% for 2014 (Calculated as EBIT, excluding amortizations less capitalized product development expenses for prior periods). (See preliminary remarks on the new methodology for accounting for product development costs.
The Board of Directors will propose to the General Assembly to increase the dividend from 1.60 euro to 1.75 euro per share to be paid out in 2016.
The following timetable will be proposed to the Annual General Shareholdermeeting
Barco completed the divestiture of its Defense & Aerospace business on 31 January 2015.
Following the divestiture of D&A and effective 1 January 2015, Barco streamlined its organization into three divisions: Entertainment, Enterprise, and Healthcare:
In 2015 a number of structural items occurred with a non-recurring and material impact on Barco's net result:
The chart below displays the impact of these items on Barco's EBIT and net income for 2015 and 2014.
| (in millions of euros) | FY15 | FY14 | Change | Comment |
|---|---|---|---|---|
| Sales | 1,028.9 | 908.4 | +120.5 | 3.iii |
| Adjusted EBITDA | 74.1 | 59.7 | +14.4 | 1.iii |
| Capitalized development | 0 | 47.6 | (47.6) | 1.i |
| Amortizations of capitalized R&D | (49.4) | (57.2) | +7.8 | 1.ii |
| Depreciations & other amortizations | (22.9) | (19.3) | (3.6) | |
| EBIT before restructuring & goodwill impairment | 1.7 | 30.9 | (29.2) | |
| Goodwill Impairment | (20.8) | 0 | (20.8) | 2.i |
| Restructuring costs | (8.3) | (3.3) | (5.0) | 2.ii |
| Interest & Taxes | 7.9 | (5.8) | +13.7 | |
| Net Income from discontinued operations | 47.0 | 6.1 | +40.9 | 3.ii |
| Non-controlling interest & share in equity companies |
(10.1) | (3.9) | (6.2) | |
| Net Income attributable to the equity holder of the parent |
17.4 | 23.9 | (6.4) |
Order book at year end was 333.2 million euro, flat compared to July 2015 and up 10.3% from 302.2 million euro a year earlier reflecting increases in Healthcare and Entertainment.
| Order Book | ||||
|---|---|---|---|---|
| (in millions of euros) | 2H15 | 1H15 | 2H14 | |
| Order book | 333.2 | 333.1 | 302.2 |
Order intake was 1,043.7 million euro, an increase of 20.1% compared to last year driven by gains in each division and each region.
| (in millions of euros) | FY15 | FY14 | FY13 |
|---|---|---|---|
| Order Intake | 1,043.7 | 869.4 | 993.4 |
| FY15 | FY14 | Change | |
|---|---|---|---|
| Entertainment | 536.4 | 431.2 | +24.4% |
| Enterprise | 287.0 | 255.5 | +12.3% |
| Healthcare | 221.2 | 181.0 | +22.2% |
| Other & Intra-group eliminations |
(0.9) | 2.7 | |
| Group | 1,043.7 | 869.4 | +20.1% |
| FY15 | FY14 | Change | |
|---|---|---|---|
| The Americas | 39% | 35% | +34.6% |
| EMEA | 33% | 36% | +10.9% |
| APAC | 28% | 29% | +14.0% |
Full year sales grew 13.3% led by double digit growth in all divisions and including a benefit of favourable foreign currency translations.
By region growth was driven by higher deliveries in the Americas and APAC.
| (in millions of euros) | FY15 | FY14 | FY13 | |
|---|---|---|---|---|
| Sales | 1,028.9 | 908.4 | 1,008.5 |
| FY15 | FY14 | Change | |
|---|---|---|---|
| Entertainment | 514.5 | 459.7 | +11.9% |
| Enterprise | 300.4 | 259.8 | +15.6% |
| Healthcare | 216.0 | 186.7 | +15.7% |
| Other & Intra-group eliminations |
(2.0) | 2.2 | |
| Group | 1,028.9 | 908.4 | +13.3% |
| FY15 | FY14 | Change | |
|---|---|---|---|
| The Americas | 37% | 37% | +15.9% |
| EMEA | 33% | 35% | +4.0% |
| APAC | 30% | 28% | +21.4% |
Gross profit margin increased 1.5 percentage points to 35.0% compared to 33.5% in 2014.
As a result of currency translations and investments in growth initiatives, total indirect cash expenses (excluding other operating result) increased to 312.4 million euro compared to 269.6 million euro a year earlier.
As a percentage of sales, indirect cash expenses were 30.3% compared to 29.7% for 2014.
Other operating results amounted to a positive 3.0 million euro compared to a positive 5.3 million euro last year.
Adjusted EBITDA grew 24.1% to 74.1 million euro compared to 59.7 million euro for the prior year. EBITDA in 2014 included the 6.7 million euro gain from the divestment of Orthogon3 . Adjusted EBITDA margin was 7.2% versus 6.6% for 2014.
| FY15 | Sales | EBITDA | EBITDA % |
|---|---|---|---|
| Entertainment | 514.5 | 43.6 | 8.5% |
| Enterprise | 300.4 | 11.1 | 3.7% |
| Healthcare | 216.0 | 19.4 | 9.0% |
| Intra-group eliminations | (2.0) | ||
| Group | 1,028.9 | 74.1 | 7.2% |
By division, adjusted EBITDA and EBITDA margin is as follows:
3 In August 2014, Barco sold the Orthogon-business to Exelis (NYSE: XLS). The proceeds of the divestment (6.7 million euro) were booked in 2H14 as other operating result.
Adjusted EBITDA by division 2015 versus 2014 is as follows:
| FY15 | FY14 | Change | |
|---|---|---|---|
| Entertainment | 43.6 | 34.3 | +27.2% |
| Enterprise | 11.1 | 8.7 | +27.7% |
| Healthcare | 19.4 | 10.3 | +88.4% |
| Group | 74.1 | 59.7 | +24.1% |
EBIT before restructuring was 1.7 million euro, or 0.2 % of sales, compared to 30.9 million euro, or 3.4% of sales for 2014 reflecting the change in accounting methodology to record product development expenses as incurred beginning 1 January 2015 and to absorb the amortizations of outstanding capitalized development expenses. (See preliminary remarks on reporting methodology). Amortizations, including impairments on developments, for the year were 49.4 million euro.
EBIT after restructuring and impairments was a negative 27.4 million euro. Included in EBIT was a charge of 8.3 million euro, primarily related to restructuring measures implemented in the Control Rooms business, and impairment charges on goodwill and investments totalling 20.8 million euro related to investments primarily for Control Rooms and Patient Care solutions.
As a result of negative earnings before taxes, taxes in 2015 were 4.9 million euro positive for an effective tax rate of 20.0% on the continuing business, compared to 4.7 million euro negative in 2014, or an effective tax rate of 18.0%.
Net income attributable to the equity holders was 17.4 million euro, which included net income from discontinued operations of 47.0 million euro related to the divestiture of Defense and Aerospace, compared to 23.9 million euro in 2014.
Net income per ordinary share (EPS) were 1.45 euro compared to 1.96 euro in 2014. Fully diluted earnings per share were 1.41 euro compared to 1.92 euro.
Free cash flow for the year was 110.3 million euro compared to a 14.9 million euro for 2014.
Barco generated 62.7 million euro in gross operating cash flow versus 97.4 million euro in 2014. While in 2014 gross operating cash flow was offset by 47.7 million euro of expenditure on product development, in 2015 no expenditure on product development was booked as a result of the cessation of capitalizing product development expenses.
Strong improvements on working capital reflect significant decreases in inventories and trade receivables and higher trade payables.
Net working capital balance was 21.0 million euro negative versus 44.4 million euro positive for 2014.
Capital expenditure was 43.0 million euro, including the One Campus investment for 28.3 million euro. For 2014 total capital expenditure was 24.7 million euro, including OneCampus investments.
The One Campus program is an investment in new headquarters for Barco, bringing together nearly the entire Belgian Barco community on to one campus. Total capital expenditure is expected to be approximately 50 million euro over 2014, 2015 and 2016. This investment will be partially offset by the sale of premises in Kortrijk to Esterline, in connection with the divestiture of the Defense & Aerospace business, and by the sale of the site in Kuurne. The investment will be depreciated over a 20-year period beginning 2016.
Outstanding capitalized development costs were at 22.9 million euro down from 71.4 million euro at the end of 2014 and 49.2 million euro in June 2015.
Due to the Board's decision regarding Barco's capitalization methodology, effective 1 January 2015, product development costs are expensed as incurred. The outstanding balance of capitalized product development costs is being amortized in 2015 and 2016.
Goodwill on group level stood at 132.4 million at the end of 2015 compared to 143.8 million euro in 2014.
During 2015, Barco recorded impairment on goodwill and investments totalling 20.8 million in connection with revised outlooks for earnings expected to be generated from products in the Control Rooms business and from the Patient Care business (acquired from Jaotech in 2012 within the Healthcare division).
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Barco had a net financial cash position of 265.0 million euro compared to 187.7 million euro, on 30 June 2015 and 63.4 million euro on 31 December 2014.
The increase reflects higher operating cash flow and proceeds from the divestiture of the Defense & Aerospace business, partially offset by dividend payments and investments for the acquisition of ADVAN and the OneCampus project.
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www.barco.com
Order book stood at 333.2 million euro, or 10.3% higher than at the end of 2014 and flat compared to July 2015.
| (in millions of euros) | 2H15 | 1H15 | 2H14 | 1H14 | 2H13 |
|---|---|---|---|---|---|
| Order Intake | 521.2 | 522.5 | 418.3 | 451.0 | 496.7 |
Order intake in the second half was consistent with the first semester and all divisions contributed with substantial increases to the growth over 2H14.
The Americas became Barco's largest region for order intake, fuelled by a very robust increase of more than 40%. Also the two other regions registered nice double digit percentage increases.
The EMEA region generated 34% of incoming orders and Asia Pacific 24%.
| 2H15 | 2H14 | Change | |
|---|---|---|---|
| Entertainment | 239.4 | 195.5 | +22.4% |
| Enterprise | 151.8 | 129.3 | +17.4% |
| Healthcare | 130.3 | 93.2 | +39.8% |
| Group | 521.2 | 418.3 | +24.6% |
| Order intake by region | |||
| (in millions of euro) | 2H15 | 2H14 | Change |
| The Americas | 41% | 37% | +40.6% |
| EMEA | 34% | 38% | +14.0% |
| APAC | 24% | 26% | +17.4% |
| (in millions of euros) | 2H15 | 1H15 | 2H14 | 1H14 | 2H13 |
|---|---|---|---|---|---|
| Sales | 522.7 | 506.2 | 474.3 | 434.1 | 481.6 |
Compared to the second semester of 2014, all divisions performed better with double digit percentage increases for Enterprise and Healthcare.
Sales were up in all regions compared to the second semester of 2014; most of the growth occurred in the Americas.
| 2H15 | 2H14 | Change | |
|---|---|---|---|
| Entertainment | 250.1 | 232.0 | +7.8% |
| Enterprise | 161.5 | 144.4 | +11.9% |
| Healthcare | 111.3 | 98.2 | +13.3% |
| Intra-group eliminations | (0.2) | (0.3) | |
| Group | 522.7 | 474.3 | +10.2% |
| (in millions of euro) | 2H15 | 2H14 | Change |
|---|---|---|---|
| The Americas | 38% | 36% | +15.8% |
| EMEA | 34% | 34% | +8.1% |
| APAC | 28% | 29% | +5.7% |
Gross profit improved year-on-year to 181.2 million euro from 160.4 million euro resulting in a gross profit margin of 34.7% in the second half, up 0.9 percentage points compared to 33.8% in 2H14.
Indirect cash expenses, excluding other operating results, for the second half increased to 164.7 million euro, or 31.5% of sales, from 137.8 million euro, or 29.1% of sales.
Currency translations effects and investments in growth initiatives drove the increases in indirect expenses for product management and sales and marketing expenses.
Other operating income was 3.9 million euro positive versus 5.2 million euro positive for the same period last year.
EBITDA was 33.5 million euro, a decrease of 3.9 million euro compared to 37.4 million euro the year before, which included the 6.7 million euro gain from the divestment of Orthogon4 .
EBIT was 5.7 million euro negative compared to 18.2 million positive in 2H14.
The decline in EBIT reflects the change in accounting methodology to expense product development costs as incurred beginning 1 January 2015 while amortizing outstanding capitalized product development costs in 2015 and 2016.
| 2H15 (in millions of euros) | Sales | EBITDA | EBITDA % |
|---|---|---|---|
| Entertainment | 250.1 | 16.1 | 6.4% |
| Enterprise | 161.5 | 9.6 | 6.0% |
| Healthcare | 111.3 | 9.1 | 8.1% |
| Intra-group eliminations | (0.2) | (1.2) | |
| Group | 522.7 | 33.5 | 6.4% |
Net income for 2H15 decreased to 25.3 million euro negative from 16.8 million euro for 2H14 driven by the impairment and restructuring charges.
4 In August 2014, Barco sold the Orthogon-business to Exelis (NYSE: XLS). The proceeds of the divestment (6.7 million euro) were booked in 2H14 as other operating result.
| (in millions of euros) | FY15 | FY14 | Change vs FY14 |
|---|---|---|---|
| Orders | 536.4 | 431.2 | +24.4% |
| Sales | 514.5 | 459.7 | +11.9% |
| Adjusted EBITDA | 43.6 | 34.3 | +27.2% |
| Adjusted EBITDA margin | 8.5% | 7.5% |
• Entertainment continued to generate sales and Adjusted EBITDA gains for 2015 on strong execution of the different business activities, outperforming the division's plans for the year.
As a result, the division accounted for half of the total company's sales for the year. While investing in new initiatives such as Barco Escape, Entertainment saw EBITDA growth outpacing sales reflecting a stronger gross profit performance.
• Cinema grew and maintained its relative weight of 63% of division sales on the strength of robust performances in APAC and China and deployments in Latin America. During the year, Barco held its leadership position in the cinema industry by sustaining a capture rate of more than 50% worldwide; increased the number of installations of solid state solutions including its own branded flagship laser projector to more than 60 installations worldwide; and continued deliveries under the IMAX program. In addition, Cinema expanded its portfolio of projectors to include lower-end projectors for use in rural and e-cinema markets and laser phosphor solutions for use by theatres converting to digital and/or the upgrading to performant and cost-effective solid state equipment.
Consistent with its strategy to monetize its installed base, Cinema saw an increasing contribution to sales from recurring services and maintenance revenue and developed goto-market strategies for Barco Escape, High-end residential and Lobby solutions.
• Venues & Hospitality saw solid sales growth particularly for simulation applications and image processing solutions and an increase in new orders for LED solutions. To address evolving market needs, Venues & Hospitality continues to expand its product portfolio and plans to introduce new projector-platforms and more advanced LED solutions in 2016.
| (in millions of euros) | FY15 | FY14 | Change vs FY14 |
|---|---|---|---|
| Orders | 287.0 | 255.5 | +12.3% |
| Sales | 300.4 | 259.8 | +15.6% |
| Adjusted EBITDA | 11.1 | 8.7 | +27.6% |
| Adjusted EBITDA margin | 3.7% | 3.4% |
| (in millions of euros) | FY15 | FY14 | Change vs FY14 |
|---|---|---|---|
| Orders | 221.2 | 181.0 | +22.2% |
| Sales | 216.0 | 186.7 | +15.7% |
| Adjusted EBITDA | 19.4 | 10.3 | +88.4% |
| Adjusted EBITDA margin | 9.0% | 5.5% |
• The Healthcare division performed well with solid growth in orders and sales in combination with a substantial gain in profitability. Adjusted EBITDA margin improved thanks to increased sales and gross profit driven by improved cost efficiencies and a favourable mix of higher margin software solutions.
• The Healthcare division strengthened its market leadership in the diagnostic and modality imaging segment with the launch of the 12 megapixel Uniti display and with the acquisition of Advan in June 2015; added some new accounts for modality; and extended its penetration of the surgical display market in North America.
Placing greater focus on China resulted in new partnerships, with both international and local OEMs and a marked growth in revenues.
Barco also continued to build its digital operating room business, expanding the network of channel partners, increasing deployments in Europe, to more than 500 installations since introducing the solution in 2012, and registering initial sales for Nexxis in North America.
Barco will host a conference call with investors and analysts on 11 February 2016 at 9:00 a.m. CET (3:00 am EST), to discuss the results of 2015. 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 2015 annual report that will be published on the Internet (www.barco.com).
| - Trading update 1Q16 | Wednesday 20 April 2016 |
|---|---|
| - Annual general shareholders meeting | Thursday 28 April 2016 |
| - Announcement of results 1H16 | Wednesday 20 July 2016 |
| - Trading update 3Q16 | Wednesday 19 October 2016 |
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 3.300 employees worldwide. Barco posted sales of 1.029 billion euro in 2015.
For more information and the Annual report 2015, please visit the Company's website at www.barco.com
© Copyright 2016 by Barco
Carl Vanden Bussche, VP Investor Relations +32 56 26 23 22 or [email protected]
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| Income Statement (Continuing business) | 2015 | 2014 |
|---|---|---|
| (in thousands of euros) | ||
| Net sales | 1,028,856 | 908,368 |
| Cost of goods sold | -668,352 | -603,659 |
| Gross profit | 360,504 | 304,709 |
| Research and development expenses | -150,222 | -99,689 |
| Sales and marketing expenses | -160,567 | -135,111 |
| General and administration expenses | -50,977 | -44,334 |
| Other operating income (expense) - net | 2,960 | 5,306 |
| EBIT before restructuring | 1,698 | 30,882 |
| Restructuring and impairment costs | -29,099 | -3,373 |
| Other non-operating income/(expense) | 35 | 0 |
| EBIT | -27,366 | 27,509 |
| Interest income | 7,103 | 3,022 |
| Interest expense | -4,098 | -4,156 |
| Income before taxes | -24,360 | 26,375 |
| Income taxes | 4,879 | -4,748 |
| Result after taxes | -19,481 | 21,628 |
| Share in the result of joint ventures and associates | -1,073 | 68 |
| Net income from continuing operations | -20,554 | 21,696 |
| Net income from discontinued operations | 47,031 | 6,094 |
| Net income | 26,477 | 27,790 |
| Net income attributable to non-controlling interest | 9,009 | 3,856 |
| Net income attributable to the equity holder of the parent |
17,468 | 23,933 |
| Net income (continuing) attributable to the equity holder of the parent |
-29,563 | 17,840 |
| Net income (discontinued) attributable to the equity holder of the parent |
47,031 | 6,094 |
| Earnings per share (in euros) | 1.45 | 1.96 |
| Diluted earnings per share (in euros) | 1.41 | 1.92 |
| Earnings (continuing) per share (in euro) | -2.45 | 1.46 |
| Diluted earnings (continuing) per share (in euro) | -2.38 | 1.43 |
| Selected Financial Ratios | 2015 | 2014 |
|---|---|---|
| Adjusted EBITDA minus capitalized development* | 74,080 | 59,695 |
| Adjusted EBITDA minus capitalized development on sales | 7.2% | 6.6% |
| EBIT on sales (before restructuring) | 0.2% | 3.4% |
| EBIT on sales (after restructuring) | -2.7% | 3.0% |
| Total debt to equity | 14.8% | 14.3% |
| Balance sheet (Continuing business) | 31 Dec 2015 | 31 Dec 2014 |
| (in thousands of euro) | ||
| ASSETS | ||
| Goodwill | 132,386 | 143,774 |
| Capitalized development cost | 22,846 | 71,351 |
| Other intangible assets | 52,628 | 55,926 |
| Land and buildings | 20,221 | 21,315 |
| Other tangible assets | 72,346 | 44,597 |
| Investments | 9,031 | 14,360 |
| Deferred tax assets | 78,031 | 68,219 |
| Other non-current assets | 23,226 | 15,736 |
| Non-current assets | 410,715 | 435,278 |
| Inventory | 165,960 | 185,631 |
| Trade debtors | 186,910 | 170,486 |
| Other amounts receivable | 26,157 | 18,940 |
| Cash and cash equivalents | 341,277 | 145,340 |
| Prepaid expenses and accrued income | 9,308 | 8,948 |
| Assets from discontinued operations | 0 | 110,761 |
| Current assets | 729,612 | 640,106 |
| Total Assets | 1,140,327 | 1,075,384 |
| EQUITY AND LIABILITIES Equity attributable to equityholders of the parent |
597,739 | 587,415 |
| Non-controlling interest | 13,925 | 7,146 |
| Equity | 611,664 | 594,561 |
| Long-term debts | 79,527 | 57,737 |
| Deferred tax liabilities | 4,462 | 6,830 |
| Other long-term liabilities | 2,839 | 0 |
| Non-current liabilities | 86,828 | 64,567 |
| Current portion of long-term debts | 10,000 | 7,130 |
| Short-term debts | 2,124 | 19,253 |
| Trade payables | 139,504 | 109,091 |
| Advances received on customers | 113,874 | 107,544 |
| Tax payables | 13,016 | 15,171 |
| Employee benefit liabilities | 48,757 | 44,759 |
| Other current liabilities | 7,690 | 5,204 |
| Accrued charges and deferred income | 59,967 | 33,390 |
| Provisions | 46,903 | 40,148 |
| Liabilities from discontinued operations | 0 | 34,567 |
| Current liabilities | 441,835 | 416,257 |
| Total Equity and Liabilities | 1,140,327 | 1,075,384 |
| (in thousands of euros) Cash flow from operating activities EBIT -27,401 27,509 Impairment of capitalized development costs and goodwill 25,650 7,244 Gain on sale Orthogon -1,406 -6,650 Amortization capitalized development cost 44,575 49,969 Depreciation of tangible and intangible fixed assets 22,906 19,291 Gain/(Loss) on tangible fixed assets -543 -69 Share options recognized as cost 1,313 1,268 Share in the profit/(loss) of joint ventures and associates -1,073 68 Discontinued operations : cash flow from operating activities -4,407 21,281 Gross operating cash flow 59,614 119,911 Changes in trade receivables -5,443 -19,669 Changes in inventory 27,565 -11,915 Changes in trade payables 16,297 220 Other changes in net working capital 37,467 4,740 Discontinued operations: change in net working capital 12,767 538 Change in net working capital 88,652 -26,086 Net operating cash flow 148,266 93,825 Interest received 4,303 3,022 Interest paid -4,098 -4,156 Income taxes -14,938 -2,993 Discontinued operations: income taxes and interest received/(paid) -5,094 -17 Cash flow from operating activities 128,439 89,681 Cash flow from investing activities Expenditure on product development 0 -47,691 Purchases of tangible and intangible fixed assets -14,730 -8,326 Proceeds on disposals of tangible and intangible fixed assets 1,137 4,312 Acquisition of Group companies, net of acquired cash -9,635 -21,915 Disposal of group companies, net of disposed cash 139,622 10,590 Other investing activities -23,072 -15,699 Dividend distributed to non-controlling interest -3,006 -1,792 Capital increase from non-controlling interest 406 0 Discontinued operations: cash flow from investing activities -887 -12,888 Cash flow from investing activities (including acquisitions and divestments) 89,835 -93,409 Cash flow from financing activities Dividends paid -19,364 -18,410 Capital increase/(decrease) 895 314 (Acquisition)/sale of own shares -1,744 -11,335 Proceeds from (+), payments (-) of long-term liabilities 8,740 19,346 Proceeds from (+), payments (-) of short-term liabilities -17,980 -8,255 Discontinued operations: cash flow from financing activities 0 -36 Cash flow from financing activities -29,453 -18,375 Net increase/(decrease) in cash and cash equivalents 188,821 -22,103 Cash and cash equivalents at beginning of period 145,340 156,545 Cash and cash equivalents (CTA) 7,116 10,897 |
Cash flow statement (Continued business) | 2015 | 2014 |
|---|---|---|---|
| Cash and cash equivalents at end of period | 341,277 | 145,340 |
| Results per division | 2015 | 2014 |
|---|---|---|
| (in thousands of euros) | ||
| Sales | ||
| Entertainment | 513,332 | 459,241 |
| Healthcare | 215,896 | 186,478 |
| Enterprise | 299,627 | 258,082 |
| Ventures | 0 | 4,567 |
| Group | 1,028,856 | 908,368 |
| EBITDA minus cap development | ||
| Entertainment | 43,561 | 34,250 |
| Healthcare | 19,403 | 10,300 |
| Enterprise | 11,081 | 8,709 |
| Other (Orthogon in 2014) | 35 | 6,490 |
Group 74,080 59,749
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www.barco.com
| Order Book | ||||||
|---|---|---|---|---|---|---|
| (in millions of euros) | 4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | 3Q14 |
| Order book | 333.2 | 367.2 | 333.1 | 339.7 | 302.2 | 344.2 |
| Order Intake | ||||||
| (in millions of euros) | 4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | 3Q14 |
| Order Intake | 251.9 | 269.3 | 267.9 | 254.6 | 203.1 | 215.3 |
| Sales | ||||||
| (in millions of euro) | 4Q15 | 4Q14 | Change | |||
| Entertainment | 140.3 | 117.5 | +19.4% | |||
| Enterprise | 94.7 | 77.8 | +21.7% | |||
| Healthcare | 57.8 | 50.1 | +15.3% | |||
| Intra-group eliminations | (0.4) | (0.1) | ||||
| Group | 292.4 | 245.0 | +19.3% |
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