Barco confirms trading update
Kortrijk, Belgium, 23 July 2014 – Today Barco (Nyse/Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six month period ended 30 June 2014.
First half 2014 financial highlights:
- Order book stood at 479.8 million euro, an increase of 9.1% compared to end of the first half 2013 and 4.1% compared to end of last year.
- Incoming orders amounted to 511.6 million euro, a decrease of 8.1% from 556.5 million euro for the first half of 2013. In constant currencies the decrease would have been 5.3%.
- Sales totaled 498.0 million euro, a decrease of 16.7% from 597.9 million euro for the first half of 2013. In constant currencies sales decrease would have been 13.8%.
- EBITDA was 54.9 million euro, compared to 76.7 million euro for 1H13. EBITDA margin was 11.0%, compared to 12.8% for the first half of 2013.
- EBIT was 14.4 million euro, compared to 41.8 million euro for the same period of 2013. EBIT margin was 2.9%, compared to 7.0% for the first half of 2013.
- Cash position of the company remains healthy at 41.0 million euro compared to 24.2 million euro at the end of 1H13.
Quote of the CEO
Chief Executive Officer Eric Van Zele commented: “The trends we observed during the first quarter persisted during the second quarter with shipments lagging orders. Barco's 1H14 results need to be viewed in the context of some structural issues in LiveDots and Control Rooms as well as in the context of adverse currency related revenue translations and substantial book-to-bill related timing issues.”
“While our first semester fell short of market expectations we remain committed to our strategy. We are implementing additional measures to curb spending and stimulate sales for the under-performing divisions.
“As a result of those measures and with reference to a robust order book, we expect to deliver better consolidated revenues and improved profitability for the second half of 2014 compared to the second half of last year. Nevertheless, for the full year we expect revenues and EBITDA contribution to be slightly lower than in 2013.”
“As previously announced we are also evaluating several expressions of interests for some of our businesses and plan to make decisions whether or not to pursue such offers in the coming weeks.”
OUTLOOK FOR 2H14
The following statements are forward looking and actual results may differ materially.
Based on Barco’s order book as of 30 June 2014 and the sales funnel, management expects to deliver consolidated revenues for the second half of 2014 that are ahead of the second half of 2013. With indirect expenses for the first half of 2014 below last year and additional cost cutting measures to be implemented in the second half of 2014, management expects improved profitability for the second half of 2014. For the full year 2014 Barco expects consolidated revenues and EBITDA contribution to be slightly lower than in 2013.
Barco will host a conference call with investors and analysts on 23 July 2014 at 9:00 a.m. CET (3:00 am EST), to discuss the results of 1H14. 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).
For more details, check out the full press release.
 See 2Q14 trading update in annex 2 of the full press release
Barco, a global technology company, designs and develops visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific. Barco (NYSE Euronext Brussels: BAR) is active in more than 90 countries with 4,000 employees worldwide. Barco posted sales of 1.158 billion euros in 2013.
For more information and the full report “6 month period ended 30 June 2014”, please visit the Company’s website at www.barco.com
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