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
