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Kortrijk, Belgium, 10 February 2022, 7:30 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six- and twelve-month periods ended 31 December 2021.
Financial highlights fiscal year 2021 and 4Q21
Group topline – solid order intake and sales conversion lagging
Orders were 979 million euro, up 31 % compared to 2020, driven by solid economic recovery across all markets and all regions.
Sales for the year increased 4% to 804 million euro, still reflecting ongoing effect of the pandemic on business activities and component shortages (estimated impact in 4Q21 was approximately 15 million euro).
Fourth quarter sales were 29% higher than 4Q20 reflecting increases in each business unit but still 21% below the pre-pandemic fourth quarter of 2019.
At the end of 2021 orderbook was at a record level of 487 million euro.
Division topline – encouraging rebound in Entertainment & Enterprise
The Entertainment division delivered good growth in both orders and sales in 2021, following a soft 2020. Both business units contributed to the year-over-year growth with Cinema showing order intake growth across all regions and sequential gains in sales. The Immersive Experience business unit recovered well, particularly in the fixed install business reflecting greater demand from museums, projection mapping and theme parks.
Enterprise saw a continuation of quarter-over-quarter improvements in orders as of 2Q21 in both segments. Sales rebounded toward the end of the year, fueled by solid deliveries and deployments in both the Meeting Experience and Large Videowall segments.
Orders for Healthcare reached a record high in 2021 reflecting the resumption of healthcare investments in both the diagnostic imaging and surgical market segments, while sales were flat, hampered by component shortages.
Profitability & free cash flow
Gross profit margin for the year declined 1.1 percentage points to 35.7% due to higher component and logistics costs mainly in the second semester of 2021. As a result, with operating expenses flat with 2020, EBITDA 2021 amounted to 58.5 million euro for 7.3% EBITDA margin versus 53.6 million euro and a 7% EBITDA margin in 2020.
Free cash flow for 2021 was 78 million euro compared to 36 million euro negative a year earlier, resulting mainly from better gross operating cash flow and decreased working capital.
Quote of the CEO's, An Steegen & Charles Beaduin
An Steegen and Charles Beauduin commented,”2021 was a challenging year, but we saw undeniable indications of recovery in Barco’s demand across all business units and regions attesting to the health of Barco’s end markets and strength of our leadership positions. The Barco team turned challenges into opportunities, adjusting to the impacts of the pandemic on business operations. Our new organizational structure has been established and we are already seeing the benefits in customer responsiveness and team engagement.
While we are still dealing with uncertainties regarding the shape and pace of market recoveries, we are starting the year with a strong orderbook, a solid balance sheet and a cost structure that gives us the flexibility to navigate the risks and opportunities ahead. As a result, we are in a good position to resume executing toward our long-term financial objectives.”
The following statements are forward looking, and actual results may differ materially.
For the first half of 2022, and assuming no further deterioration of the supply chain constraints, management expects sales to increase approximately 20% compared to 1H21. EBITDA margin is expected to be higher than the full year 2021 EBITDA margin, reflecting gradually improving gross profit margin and operating leverage on higher sales.
The company is not providing a full year outlook for 2022 as visibility for the year is currently limited and business conditions may change substantially over the year.
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Barco.
Barco is a global technology leader that develops networked visualization solutions for the entertainment, enterprise and healthcare markets. Our solutions make a visible impact, allowing people to enjoy compelling entertainment experiences; to foster knowledge sharing and smart decision-making in organizations and to help hospitals provide their patients with the best possible healthcare.
Headquartered in Kortrijk (Belgium), Barco realized sales of 804 million euro in 2021 and has a global team of 3,000+ employees, whose passion for technology is captured in +500 granted patents. Barco has been listed on the Brussels Stock Exchange since 1985 (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) .
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