Strong first half results

Regulated information
Kortrijk, Belgium, 22 July 2015 – Today Barco (Nyse/Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six month period ended 30 June 2015.

First half 2015 financial highlights

-      Incoming orders at 522.5 million euro (+ 15.9%)

-      Sales at 506.2 million euro (+ 16.6%)

-      Gross profit margin of 35.4% (+ 2.1 ppts)

-      Adjusted EBITDA [1] of 40.5 million euro (+ 18.2 million euro)

-      Adjusted EBITDA margin of 8.0% (+ 2.9 ppts) [2]

-      EBIT of 7.5 million euro or 1.5% of sales, under the new capitalization methodology [3]

-      Net income was 51.7 million euro including net income from discontinued operations of 46.3 million euro

-      Free cash flow of 14.5 million euro (versus minus 14.5 million euro for 1H14)

-      Net financial cash position of 187.7 million euro

Quote of the CEO, Eric Van Zele
“Building on a strong first quarter and helped by favourable currency translations, Barco’s first semester marks a return to robust sales growth and encouraging profitability,” said Eric Van Zele, president and CEO. “Successful growth initiatives in networking and collaboration, particularly ClickShare, and increased digital cinema sales in China, fueled the sales gains over last year.”  

“Each of the divisions delivered increases in sales and in adjusted EBITDA margins. The Entertainment division sustained its leadership position in digital cinema while the Healthcare division continued to drive growth from IP-based operating room solutions. The Enterprise division continued to generate strong growth in the Corporate segment with ClickShare, while Control Rooms sales stabilized and with profitability improvements under consideration.”


Outlook 2015
The following statements are forward looking and actual results may differ materially.

Assuming foreign exchange rates remain at current levels, management expects to grow sales for the year in the high single digit range.

Adjusted EBITDA, including planned growth initiatives, will improve moderately year-on-year.


Conference call
Barco will host a conference call with investors and analysts on 22 July 2015 at 9:00 a.m. CET (3:00 am EST), to discuss the results of the first half 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).


Additional information
Financial Calendar

-   Announcement of results 1H15 - (Wednesday 22 July 2015)

-   Trading update 3Q14 - (Wednesday 21 October 2015)

For more details, check out the full press release.


About

 Barco

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 1.051 billion euro in 2014.


For more information and the Half Year report 2015, please visit the Company’s website at
www.barco.com

© Copyright 2015 by Barco



[1] Adjusted EBITDA is EBITDA minus capitalized development costs and before restructuring. See remarks on reporting methodology on page 2.

[2] EBITDA: Had the company continued to capitalize product development expenses, EBITDA margin for 1H15 would have been approximately 12.8% compared to 10.1% for 1H14.

[3] EBIT: Had the company continued to capitalize product development expenses, EBIT margin would have been approximately 6.2% compared to 2.9% for 1H14. See remarks on reporting methodology on page 2. 

For more information, please contact

Carl Vanden Bussche
Vice President Investor Relations
Barco nv

Telephone +32 56 26 23 22
carl.vandenbussche@barco.com

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