Results First Quarter 2003 First Reporting in IFRS Format - PowerPoint PPT Presentation

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Results First Quarter 2003 First Reporting in IFRS Format

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Results First Quarter 2003 First Reporting in IFRS Format Press Conference May 14, 2003 Martin De Prycker President & CEO – PowerPoint PPT presentation

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Title: Results First Quarter 2003 First Reporting in IFRS Format


1
Results First Quarter 2003 First Reporting in
IFRS Format
  • Press Conference
  • May 14, 2003
  • Martin De Prycker
  • President CEO

2
Operational Results Q1 2003
in million Q1 2003 Q1 2002
Orders 157.9 167.5
Sales 151.1 152.2
EBITA 15.4 10.9

EBITA 10.2 7.1
3
Results per Quarter
in mio
4
Overall Comments Q1 2003
  • Sales flat versus 2002, at actual / rate
  • Sales increased with 9 at unchanged / rate
    versus Q1 02
  • Book-to-bill ratio 1.05 gt 1, but lower than 2002
    (1.10)
  • EBITA increased with 42 y/y thanks to gross
    profit improvement from 41 to 44 due to
  • Lower component cost
  • More outsourcing
  • Lower labor cost manufacturing
  • Product mix
  • Reduction in inventory write offs

5
BarcoProjection (1)
in mio
6
BarcoProjection (2)
  • Sales
  • Weak sales caused by economic uncertainty, mainly
    affecting
  • Media
  • Control rooms in utilities
  • Simulation in civil aviation
  • Orders
  • First successes in Media Europe and acquisitions
    will create steady growth in US and China for the
    future
  • Good book-to-bill ratio (1.14)
  • EBITA
  • Gross profit improved from 43 to 45 , but
    lower sales level results in weak EBITA of 4
  • New products introduced
  • Mid range simulator projector using DLP
  • S-lite media LED wall
  • Control room using DLP
  • Acquisition Status
  • Trans-Lux closed 29 March 2003
  • Leyard delayed closing until July 2003 because
    of SARS

7
BarcoView (1)
in mio
8
BarcoView (2)
  • Sales
  • Medical Imaging and Air Traffic Control
    performing extremely well, resulting in 62 more
    sales y/y
  • Orders
  • Orders increased 20 y/y
  • Orders in Defense Security low because of war,
    but market pick up anticipated for 2nd half 2003
  • Problems in air traffic cause some delays in Asia
    and US
  • EBITA
  • Gross profit improved from 43 to 46 by
    increased outsourcing of medical and better
    efficiency in operations/supply chain
  • Profit margin strong at 17
  • New products introduced
  • 5 MP medical flat panel now also in clearbase

9
BarcoVision (1)
in mio
10
BarcoVision (2)
  • Sales
  • Growth of 12
  • Textile business continues performing well
  • Weaker sales for Machine Vision
  • Orders
  • Good book-to-bill ratio, at 1.12, but end of
    growth of cyclical textile business anticipated
    in 2nd half 2003
  • Strong order intake for MachineVision
  • EBITA
  • Gross profit improved from 38 to 44 y/y
  • Profit margin strong at 17

11
Barco Subcontracting
in mio
Weaker orders and sales but stable profit margin
at 4.8
12
Geographical Breakdown of Sales
Q1 2002
Q1 2003
13
Key Figures Income Statement
in million Q1 03 Q1 03 Q1 02
Sales Cost of goods sold Sales Cost of goods sold 151.1 -84.4 152.2 -89.4
Gross Profit Research Development Sales Marketing General Administration Other operating income Gross Profit Research Development Sales Marketing General Administration Other operating income 66.7 -16.7 -24.2 -11.9 1.5 62.8 -17.1 -24.1 -11.9 1.2
EBITA Goodwill amortization EBITA Goodwill amortization 15.4 -1.6 10.9 -1.2
Operating Result Operating Result 13.8 9.7
Non-operating Result Non-operating Result 0.4 0.0
Income Taxes Share of results of assoc. companies Minority interest Income Taxes Share of results of assoc. companies Minority interest -4.3 0.0 0.0 -3.0 0.0 0.0
Net Income Net Income 9.8 6.7
Earnings per Share (in ) Earnings per Share (in ) 0.79 0.54
14
Key Figures Balance Sheet
in million 31/03/03 31/03/03 31/12/02

Accounts Receivable Accounts Receivable 147.0 158.5
Inventory Inventory 131.3 118.0
Net cash Net cash 92.1 88.1







15
Expectations Q2 2003
  • Economic uncertainty and SARS continue to keep
    investment climate weak in certain markets
  • Dollar decline impacts both sales as 45 of
    our sales is in related currencies and EBITA
  • Sales 150-160 million
  • EBITA around 10
  • Continue to improve internal processes and sales
    coverage and develop new products to be ready to
    benefit from economic rebound, whenever that
    happens

16
Introduction IFRS
  • Antoon Van Petegem
  • Vice-President CFO

17
Impact Introduction IFRS
  • Total impact (in mio)
  • Old IFRS Difference Rules
    Rules
  • Net Equity 336.9 382.8 45.8
  • EBITA 72.1 71.2 -0.9
  • Net Result 21.6 17.7 -3.9

18
Depreciation of Tangible Fixed Assets
  • Depreciation 1st year
  • from full year depreciation to pro rata
    depreciation
  • Impact on results 2002 -1.5 mio
  • Half year of investments more on balance sheets
    7.9 mio

19
Capitalized RD
  • Same amounts capitalized
  • higher rate/hour (full cost)
  • - only product development
  • Depreciation starts later
  • past full year depreciation first year
  • IFRS commercial product on market
  • ? on average 6 months later
  • Impact on balance sheet 2002 16.5 mio
  • Impact on 2002 results 2.3 mio

20
Capitalized RD (continued)
  • Higher net value on balance sheet 50 increase

21
Goodwill
  • Reallocation of part of the goodwill to
    (undervalued) assets
  • First year pro rata temporis amortization
  • Standard amortization over 10 years (instead of
    5 10 20 years)
  • Yearly impairment check
  • Impact on balance sheet 2002 - 16.2 mio
  • Impact on 2002 results -0.2 mio

22
Inventory
  • Past
  • Standard cost, revised at year end
  • Direct manufacturing cost
  • IFRS
  • FIFO
  • Full manufacturing cost
  • Impact on balance sheet 2002 8 mio
  • Impact on 2002 results - 1 mio

23
Others
  • (in mio)
  • Impact Impact
  • 2002 2002
  • result balance sheet
  • Deferred tax assets and
  • liabilities -2.0 8.6
  • Derivatives and currency
  • gains/losses 0.4 0.4
  • Provisions for 2002 -1.6 -1.2
  • Maintenance building
  • Social liabilities
  • Dividend included in net equity - 23.8
  • Investment grants no longer
  • in net equity -
    -2.3

24
Questions and Answers
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