slide 1

Innovators in image processing

Annual Results 2001

slide 2

Results 2001

ETS, business unit of Barco Graphics, deconsolidated as of July 1, 2001

Other business units of Barco Graphics still fully consolidated

slide 3

Financial Highlights 2001 (in € mio)

Sales 751 792Orders 821 806Current IBT* 93 48.5Current IAT** 64 34.2

*Current result before tax & goodwill amortization** Current result after tax & before goodwill

amortization

2000 2001

Current result decreased by 48%

slide 4

Evolution Sales & Current Result before Taxes

12.5364845

388404398

353

0

50

100

150

200

250

300

350

400

450

500

1H00 2H00 1H01 2H01

Sales (in € mio)

Current Resultbefore Taxes (in€ mio)

slide 5

Evolution Sales per region

57

133

240

321

48

131

234

378

0

50

100

150

200

250

300

350

400

EU Nafta Asia Pacific RoW

20002001

in € mio

43%

47.7%

32%

29.6%

18%16.6%

7% 6.1%+18% -2.5% -1% -15%

slide 6

Evolution Sales per activity

8196

163

101

135

314

128

100

171

343

0

50

100

150

200

250

300

350

400

Proj View Vision Graphics Subc

20002001

+9.2% +27% -1% +19%-21%

Eliminations 2000 42

2001 45.5in € mio

slide 7

Evolution Orders per quarter

0

50.000

100.000

150.000

200.000

250.000

300.000

Q1 Q2 Q3 Q4

20002001

in € mio

Q1 Q2 Q3 Q4% ▲ 2000 12.9% 9.5% 8.3% -28.2%

slide 8

Evolution Sales per quarter

0

50.000

100.000

150.000

200.000

250.000

Q1 Q2 Q3 Q4

20002001

in € mio

Q1 Q2 Q3 Q4% ▲ 2000 23.3% 7.7% 7.3% -9.1%

slide 9

Reasons for reduced profit despite increased sales in 2001

• Cost structure set up to support growth of 1H01• Inventory built up in Q2 in line with expected growth in

orders• Manpower increased to sustain expected customer

demand

• Some orders delayed or cancelled and demand declined in 2H

lower IBT

slide 10

Evolution 2H01

Decrease in orders from € 444 million in 1H01 to € 362 million Decrease in sales from € 404 million in 1H01 to € 388 million

Operational costs reduced • Reduction of staff by 370• Planned investments selectively halved (buildings & IT)

Additional write-off on inventory of € 20 million

Margins for stand alone projectors decreasedMargins for systems improved

slide 11

Evolution manpower over 2001 Payroll

4711

4894

4943

5018

4828

4550

4600

4650

4700

4750

4800

4850

4900

4950

5000

5050

12/ 31/ 00 3/ 31/ 01 6/ 30/ 01 9/ 30/ 01 12/ 31/ 01

-190

Excl. BarcoNet and ETS

slide 12

Evolution manpower over 2001 Temporaries

255

207

174

120

75

0

50

100

150

200

250

300

12/ 31/ 00 3/ 31/ 01 6/ 30/ 01 9/ 30/ 01 12/ 31/ 01

-180

Excl. BarcoNet and ETS

slide 13

Deconsolidation Barco Graphics

Proj43%

View22%

Vision13%

Graphics16%

Subc6%

2001

slide 14

Deconsolidation Barco Graphics

• ETS

• Packaging Systems• Commercial Printing

• Industrial Printing

ManiaBarco GmbH(Barco retains 33%)

Esko-Graphics(Barco retains 49%)

dotrix n.v.(Barco retains 88%)

slide 15

Extra-ordinaries 2001

Current IAT* 34.2Goodwill amortization (13.2)Extra-ordinaries (96.3)Net IAT (75.3)

Extra-ordinaries: • Demerger Barco Graphics (1.6)• Write-off Xeikon participation (3.5)• Additional goodwill amortization

Barco Graphics, ETS (62.7)Machine Vision (12.8)

• Provisions for loss on participations, loans & guarantees (12.5)• Other costs (3.2)

Total (96.3)

* Current income after tax & before goodwill amortization

slide 16

Barco focuses on

IMAGE PROCESSING

Proj51%

View27%

Vision15%

Subc7%

• BarcoProjection: large screen visualization

• BarcoView: visualization for life critical decision-making

• BarcoVision: visual inspection and quality control

2001 (Pro Forma)

slide 17

BarcoProjection towards the future

BarcoProjection continues to increase its focus on growing markets for systems

• Control Rooms• Simulation and Virtual & Augmented Reality• Media & Events

BarcoProjection refocuses the development of stand alone projectors on high end value added products with higher margins

slide 18

BarcoProjectionGrowing importance of systems

Control Rooms26%

Simulation17%

Projector Products47.5%

Digital Cinema0.5%

Daylight Displays

9%

2000 2001

Digital Cinema

1%

Projector Products

36%

Control Rooms26%

Simulation20%

Daylight Displays

17%

slide 19

BarcoProjection Evolution Sales & EBIT

2.2% *13.5%13.9%19.2% 8.5%

175168169145

0

50

100

150

200

1H00 2H00 1H01 2H01

Sales (in € mio)

Write-off oninventoriesEBI T (in % )

* After additional write-off of 6.3% on inventories

slide 20

BarcoProjection: Control Rooms

0

10

20

30

40

50

60

1H00 2H00 1H01 2H01

Sales

in € mio

Control

Rooms

•Expansion of vertical markets from Telecom and Utilities towards Broadcast, Traffic, Surveillance and IntelliRoom

•Worldwide leader with 43% of market

slide 21

BarcoProjection: Simulation and Virtual & Augmented Reality

in € mio

Simulation

0

5

10

15

20

25

30

35

40

1H00 2H00 1H01 2H01

Sales

• Simulation

Slowdown in civil aviation

CAGR: 8 to 10%

• V&AR

US market share has increased

Clear advance in automotive and oil & gas markets

Growth in edutainment market

CAGR: 25%

slide 22

BarcoProjection: Daylight Displays

in € mio

LED Wall for Coca Cola on Piccadilly Circus in London

0

5

10

15

20

25

30

35

1H00 2H00 1H01 2H01

Sales

•Has become one of the two market leaders over a two years’ period

•CAGR of 17 to 20% over next five years

slide 23

BarcoProjection: stand alone projectors

in € mio

iQ Projector

0

10

20

30

40

50

60

70

80

90

100

1H00 2H00 1H01 2H01

Sales

•Focus on high-end value-added products with higher margins

slide 24

BarcoView

• Focus on Command & Control and Medical Imaging Systems

• Command & Control: introduction of Isis in Air Traffic Control market

• Medical Imaging Systems: • introduction of Coronis• CAGR of 25%

• Start-up of Avionics business Coronis

slide 25

BarcoView Evolution Sales and EBIT

5.3%11.9%19.6%13.5%

85.585.577

58

0

20

40

60

80

100

1H00 2H00 1H01 2H01

Sales (in € mio)EBI T (in % )

Isis

•slowdown in sales Medical Imaging Systems as of 3Q01

slide 26

BarcoVision Evolution Sales and EBIT

7.9%15.2%12.1%

46545150

0

20

40

60

80

100

1H00 2H00 1H01 2H01

Sales (in € mio)EBI T (in % )

14.9%

Cyclops

•Continuing negative investment climate in textile

•Expansion of vertical markets of sorting and quality control (12% growth in 2H01 vs 1H01)

slide 27

Barco Graphics Evolution Sales and EBIT

7058

-4.6%-9.3%1.6% 2.2%

80 82

-10

10

30

50

70

90

Sales (in € mio)EBI T (in % )

1H00 2H00 1H01 2H01

slide 28

Innovators in image processing

www.barco.com