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28 April 04, page 1 Company Confidential Results Q1 2004 Analyst & Investor Conference Call 28 April 2004 Martin De Prycker.

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Presentation on theme: "28 April 04, page 1 Company Confidential Results Q1 2004 Analyst & Investor Conference Call 28 April 2004 Martin De Prycker."— Presentation transcript:

1 28 April 04, page 1 Company Confidential Results Q1 2004 Analyst & Investor Conference Call 28 April 2004 Martin De Prycker

2 28 April 04, page 2 Company Confidential Operational results Q1 2004 in € mio Q1 2003Q1 2004 Growth Q1 04 / Q1 03 (%) Orders nominal 157.9153.9-2.5 Orders at constant currencies 157.9164.6+4.3 Sales nominal151.1149.2-1.2 Sales at constant currencies 151.1158.8+5.1 EBITA15.4 0.0 EBITA at constant currencies 15.416.6+7.0 EBITA %10.210.3+1.1 Book-to-bill1.051.03-1.4

3 28 April 04, page 3 Company Confidential Results per quarter in € mio

4 28 April 04, page 4 Company Confidential Overall comments Q1 2004 Good order intake at € 153.9 mio, i.e. 4.3 % growth at comparable rate Comparable sales 5.1 % above Q1 2003. Some sales postponed to Q2 2004 because of slower new product introduction in BM&E and some supply shortages in View Good book-to-bill ratio of 1.03 increased the orderbook Gross profit margin stabilized at 44.1 %, despite price pressure in some markets, thanks to improvements internally and in the supply chain EBITA at 10.3 %, remaining stable vs Q1 2003 despite a 14 % weaker dollar Impact of currency fluctuations caused EBITA to be lower by over € 1.2 mio in Q1, versus an unchanged dollar

5 28 April 04, page 5 Company Confidential Evolution of results per division in € mioSales% EBITASales% EBITA View54.717.350.613.1 Media & Entertainment20.3-11.636.05.5 Presentation & Simulation 27.515.922.75.7 Control Rooms16.13.322.110.7 Vision(*) 20.623.515.112.1 Manufacturing Services19.14.827.04.8 Eliminations, Machine Vision, dotrix -7.2-24.3 Total151.110.2149.210.3 Q1 2003 Q1 2004 (*) corrected for Machine Vision, deconsolidated July 31, 2003

6 28 April 04, page 6 Company Confidential BarcoView (1) in € mio

7 28 April 04, page 7 Company Confidential BarcoView (2) Orders –Book-to-bill ratio at 1.05 –Orders in Defense & Security weak vs Q1 2003 –Orders in Medical remain at high level –Strong orders in Traffic Management, continuing in April Sales –Strong sales volume in Medical confirms market leadership –Defense and Traffic Management deliveries weaker than last year –Delivery of LCD panels requires constant attention, although risk has been mitigated by using several suppliers Margins –Very good EBITA margin of 13.1 %, thanks to stable gross margin of 45 % New products introduced –Integrated display and controller for Traffic Management (Visona)

8 28 April 04, page 8 Company Confidential Barco Media & Entertainment (1) in € mio

9 28 April 04, page 9 Company Confidential Barco Media & Entertainment (2) Orders –Book-to-bill ratio at 0.88 due to high sales –Successes in Events, especially good integration of Folsom starting to result in sales synergies worldwide –Strong price pressure in Media in US/China due to low dollar –Digital Cinema signs remain positive for start in 2005 Sales –Increase of sales by 77.7 % year on year –High Media sales in Europe –Good Events sales worldwide Margins –Gross profit margin at 38 % due to high price pressure –EBITA margin at 5.5 %, improved vs last year as a result of good profit in Events, but margin still not at target level because of investments in Media and Digital Cinema New products introduced –Outdoor 22 mm LED manufactured in China (Barco Leyard)

10 28 April 04, page 10 Company Confidential Barco Presentation & Simulation (1) in € mio

11 28 April 04, page 11 Company Confidential Barco Presentation & Simulation (2) Orders –Good order intake with book-to-bill at 1.1 –Good orders in Simulation and Edutainment and successes in North America and Europe Sales –Presentation Weaker sales via dealers, but refocused approach on niche markets –Simulation Sales in civil aviation remain weak and some projects postponed to Q2 Good sales in museums and planetariums Margins –Gross profit margin at 46 % –Weaker EBITA margin at 5.7 % because of lower volumes New products introduced –Automatic alignment for simulation market

12 28 April 04, page 12 Company Confidential Barco Control Rooms (1) in € mio

13 28 April 04, page 13 Company Confidential Barco Control Rooms (2) Orders –Continued strong growth in orders vs Q1 2003 –Book-to-bill at 1.04, increasing backlog Sales –Good sales in all segments, particularly strong in Traffic & Surveillance –High growth in China, India and Korea and recovery in Europe Margins –Gross profit margin at 47 % –EBITA margin high at 10.7 %

14 28 April 04, page 14 Company Confidential BarcoVision (1) in € mio * Corrected, by extracting Machine Vision in Q1, Q2 2003

15 28 April 04, page 15 Company Confidential BarcoVision (2) Sales & Orders –Book-to-bill ratio at 1.12 –Machine Vision no longer included since July 2003 –Weaker sales in January, but some pick up in February/March, although not yet at high level Margins –Gross profit margin remains stable at 44 % –EBITA margin lower than usual at 12.1 % due to low volumes, but better again than 4Q04 thanks to higher sales volume

16 28 April 04, page 16 Company Confidential Barco Manufacturing Services (1) in € mio

17 28 April 04, page 17 Company Confidential Barco Manufacturing Services (2) Sales & Orders –Sales/orders have increased thanks to larger external order volume and particularly thanks to internal reorganization Margins –EBITA margin at 4.8 % improved thanks to larger sales volume, first effects of cost savings and reorganization

18 28 April 04, page 18 Company Confidential Geographical breakdown of sales Q1 2004 Q1 2003

19 28 April 04, page 19 Company Confidential Key figures Income Statement Q1 04 in € mioQ1 03%Q1 04% Sales Cost of goods sold 151.1 -84.4 100.0 -55.8 149.2 -83.4 100.0 -55.9 Gross Profit Research & Development Sales & Marketing General & Administration Other operating result 66.7 -16.7 -24.2 -11.9 1.5 44.2 -11.0 -16.1 -7.9 1.0 65.9 -15.5 -25.6 -11.3 2.0 44.1 -10.4 -17.2 -7.6 1.4 EBITA Goodwill amortization 15.4 -1.6 10.2 -1.1 15.4 -1.8 10.3 -1.2 Operating Result13.89.113.59.1 Non-operating result0.40.30.40.3 Income Taxes-4.3-2.8-3.9-2.6 Net Income9.86.510.16.8 Current Cash Flow24.516.224.216.2 Current Earnings per Share (in €)0.930.97 Net Earnings per Share (in €)0.790.81

20 28 April 04, page 20 Company Confidential Key figures Balance Sheet in € mio 31/03/0331/12/0331/03/04 Accounts Receivable 147.0149.5143.4 Inventory131.3103.3128.7 Cash118.9133.4140.4 Financial debt 20.029.241.2

21 28 April 04, page 21 Company Confidential Expectations Q2 2004 Sales target: between € 160 – 170 million, i.e. around 4 % year on year growth and 8 % growth at constant exchange rates EBITA of between € 17 and 22 million, or a growth of around 10 % vs Q2 2003

22 28 April 04, page 22 Company Confidential Questions & Answers


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