Barco has reached an agreement with Kirkbi to exit Esko-Graphics
KORTRIJK, January 8, 2004. Barco announces today that it will exit Esko-Graphics, following an agreement with Kirkbi A/S. Barco so far held a 20 % stake minus one share in Esko-Graphics, with Kirkbi holding the remainder of the shares. The exit by Barco from Esko-Graphics will be realized by means of a transfer of the whole business of Esko-Graphics to a new holding company. Kirkbi A/S will hence fully own the Esko-Graphics Group.
As previously disclosed Barco’s participation in and loans to Esko-Graphics were valued at about euro 15 million. After the transaction with Kirkbi, Barco will recuperate approximately euro 10 million: euro 1.3 million in cash and around euro 8.7 million through deferred tax assets resulting from the booking of the losses on the transaction. This will result in a write down of euro 5 million. Barco will therefore report a non-operating loss of around euro 5 million on this transaction in year 2003.
Following the sale of the assets of dotrix to Agfa-Gevaert, announced earlier this week, this operation will bring about the full exit of Barco from the graphics market. The non-operating loss of around euro 5 million on the Esko-Graphics exit will offset the non-operating positive effect of approximately euro 5 million the dotrix operation will have on the results of 2003. About Barco
Barco, an international company headquartered in Kortrijk, Belgium, is active in three key areas of imaging technology. Barco designs and develops solutions for large screen visualization, display solutions for life-critical applications, and systems for visual inspection. Barco has a network of subsidiaries, distributors and agents in almost 100 countries. Barco is quoted on Brussels/Euronext and is a BEL 20 and a Next 150 company.
For more information, please contact
JP
Tanghe
Senior Advisor to the CEO
Barco nv
Telephone
+32 56/26 23 22
jp.tanghe@barco.com
