Group results
Sales per division
38%
Entertainment
28%
Enterprise
34%
Healthcare
Sales
In millions of euro
770.1
2020
1,082.6
2019
1,028.5
2018
Eco score
48%
Percentage of new product releases with a Barco ECO label
Net promotor score
47
NPS is Barco’s standard customer experience metric, measured quarterly
Gross Profit
In millions of euro
283.8
2020
429.3
2019
413.0
2018
EBITDA
In millions of euro
53.6
2020
153.0
2019
124.5
2018
Key figures
193.5
Net cash
(in millions of euro)
770.1
Group sales
(in millions of euro)
7%
EBITDA margin
1.90%
Capex
(in % of sales)
92%
iGemba improvement suggestions implemented
3%
ROCE
461
Number of patents at year-end
9
Number of new patent filings
13.3%
R&D spend
(in % of sales)
48%
New products released with Barco ECO label
(hardware)
27%
Energy footprint reduction of sold products
(vs 2015)
34%
Carbon footprint reduction of own operations
(vs 2015)
53.5%
Energy consumption from renewable sources
3,303
Number of employees
(heads)
20%
Internal mobility
(% of vacancies filled internally)
17%
Women in senior management
2.44
Lost time injury frequency rate
47
Customer Net Promotor Score
98%
Employees trained in Standards@Work
98%
Key(+) & core suppliers that signed declaration of compliance with RBA Code of Conduct
(Responsible Business Alliance)
Comments on the results
Sales for the year were 770 million euro, down 29% against 2019, reflecting the impact of the covid-19 pandemic on our end-markets across all regions. The gross profit margin for the year declined 3 percentage points to 37%, mainly due to an unfavorable product mix. As operating expenses for 2020 were managed down to 20% below 2019, while sustaining investments in priority projects, EBITDA amounted to 54 million euro for a 7% EBITDA margin. Q4 improved over Q3 including a 20% quarter-over-quarter recovery in order intake and 17% uptake in sales – with all divisions contributing to this progress.
Highlights
Financial
| Income statement (in millions of euro) | 2020 | 2019 | 2018 |
|---|---|---|---|
| Orders | 746.0 | 1,102.2 | 1,046.9 |
| Orderbook | 281.5 | 322.3 | 303.2 |
| Sales | 770.1 | 1,082.6 | 1,028.5 |
| Gross Profit | 283.8 | 429.3 | 413.0 |
| Gross Profit Margin | 36.9% | 39.7% | 40.1% |
| EBITDA | 53.6 | 153.0 | 124.5 |
| EBITDA margin | 7.0% | 14.1% | 12.1% |
| Adjusted EBIT | 10.2 | 110.0 | 90.0 |
| Adjusted EBIT margin | 1.3% | 10.2% | 8.7% |
| Net income attributable to the equityholder of the parent | -4.4 | 95.4 | 75.0 |
| Net income Margin | -0.6% | 8.8% | 7.3% |
| EPS (in euro) | -0.05 | 1.09 | 0.86 |
| Diluted EPS (in euro) | -0.05 | 1.07 | 0.85 |
| Balance sheet & Cash flow | 2020 | 2019 | 2018 |
|---|---|---|---|
| Equity | 697.1 | 740.7 | 635.0 |
| Balance sheet total | 1,018.2 | 1,174.2 | 1,047.3 |
| Free cash flow | -35.9 | 88.7 | 63.2 |
| Net financial cash/(debt) | 193.5 | 329.4 | 332 |
| Operating captial employed | 291.1 | 262.7 | 223.0 |
| Net Working capital | 80.6 | 30.2 | 2.5 |
| Ratios | 2020 | 2019 | 2018 |
|---|---|---|---|
| DSO | 67.0 | 55.0 | 52.0 |
| Inventory turns | 2.3 | 3.2 | 3.8 |
| DPO | 53 | 71 | 59 |
| ROCE | 3% | 25% | 23% |
| Debt/Equity | 6.8% | 7.5% | 6.0% |
| ROE | -0.7% | 13.0% | 12.0% |
| Share data | 2020 | 2019 | 2018 |
|---|---|---|---|
| Gross dividend | 0.378 | 0.378 | 0.329 |
| Gross dividend yield (a) | 2.1% | 1.2% | 2.3% |
| Yearly return (b) | -41.8% | 123.8% | 13.2% |
| Pay-out ratio (c) | -787.1% | 36.3% | 40.1% |
| Price/earnings ratio (d) | -358.0 | 28.8 | 16.4 |
(a) Gross dividend / share price at year-end closing date
(b) Increase or decrease share price + gross dividend paid out in the year, divided by closing share price of previous year
(c) Gross dividend*number of shares on 31 December / net income attributable to the equity holder of the parent
(d) Share price 31 December / earnings per share
| Share price (in euro) | 2020 | 2019 | 2018 |
|---|---|---|---|
| Average closing price | 21.22 | 23.80 | 15.09 |
| Closing price on 31 December | 17.82 | 31.29 | 14.13 |
| Average number of shares traded daily (Euronext Brussels) | 279,797 | 171,185 | 162,505 |
| Stock market capitalization on 31 December (in millions) | 1,630.3 | 2,862.1 | 1,292.4 |
| Number of shares (in thousands) | 91,487 | 91,482 | 91,471 |
Manufactured
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Sales per employee (€) | 218,836 | 301,552 | 286,339 |
| Capex as % of sales | 1.9% | 1.9% | 2.5% |
| Number of key & core suppliers (covering X% of material cost) | 142 (81%) | N/A | N/A |
| Number of iGemba improvement suggestions | 3,485 | 6,079 | 6,031 |
| Percentage of iGemba improvement suggestions implemented | 92% | 94% | 86% |
| make (over hardware revenues) | 69.6% | 63.1% | 65.4% |
| Countries with a manufacturing facility | 4 | 5 | 6 |
| ROCE | 3% | 25% | 23% |
| Inventory turns | 2.3 | 3.2 | 3.8 |
Intellectual
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| of employees in R&D | 28.5% | 26.0% | 23.8% |
| Number of patents at year-end | 461 | 402 | 366 |
| Number of new patent filings | 9 | 8 | 18 |
| Innovation awards | 8 | 8 | 16 |
| New product releases (FQRs - hardware) | 25 | 20 | N/A |
| New software releases (MRDs) | 105 | 64 | 35 |
| R&D spend (in % of sales) | 13.3% | 11.0% | 11.7% |
Planet
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| revenues from products with Barco ECO label (hardware) | 23% | N/A | N/A |
| Percentage of new products released with Barco ECO label (hardware) | 48% | 23% | N/A |
| Percentage of new products released with recycled plastics (hardware) | 4% | N/A | N/A |
| Energy efficiency index of sold products (#) | 0.73 | 0.8 | 0.86 |
| Total greenhouse gas emissions (Tonnes CO2 e /mio € revenues) | 360.1 | 423.3 | 548.8 |
| Total greenhouse gas emissions (Tonnes CO2 e ) | 277,318 | 458,441 | 564,753 |
| Greenhouse gas emissions of our own operations (ton CO2/mio € revenues) | 53.4 | 64.3 | 67.9 |
| Greenhouse gas emissions of sold products (product use emissions) (Tonnes CO2 e / mio € revenues) | 306.7 | 359.02 | 480.9 |
| Total energy consumption (MWh/mio € revenues) | 34.3 | 33.7 | 41.1 |
| energy consumption from renewable sources | 53.5% | 28.9% | 28.8% |
| Total solid waste (Ton/mio € revenues) | 2.52 | 2.32 | 1.54 |
| Recycling & composting rate of solid waste (%) | 52% | 61% | 70% |
| waste to landfill | 29% | 26% | 14% |
People
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Internal mobility (% of vacancies filled internally) | 20% | 24% | 25% |
| Voluntary turnover rate | 9.6% | 9.1% | 9.1% |
| Number of new (external) hires | 374 | 653 | 691 |
| women Barco overall | 27.6% | 28.4% | 28.1% |
| women in senior management | 17% | 15% | 16.6% |
| Number of employees (heads) * | 3,303 | 3,636 | 3,664 |
| Lost Time Injury Severity rate | 0.07 | 0.05 | N/A |
| Percentage of leaders in Annual Talent Development Review | 30% | 44% | N/A |
| Average training hours per employee | 11.3 | 13.2 | 16.9 |
| Percentage of employees having received training | 85% | 61% | 68% |
* Reporting in heads (non FTE), excluding temporary workforce (Database Corporate Associates per 31/12/2020
Communities
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Community involvement (heads) | +130 | +230 | +100 |
| Community investment (€) | 141,920 | 163,400 | 102,000 |
| Customer Net Promotor Score (relationship NPS) | 47 | N/A | N/A |
| Number of product lines in scope of ISO 27001 | 2 | 1 | 1 |
| employees trained in Standards@Work | 98% | 99% | 94% |
| Number of certified dealers/partners | 1,184 | 579 | 555 |
| key(+) and core suppliers that signed declaration of compliance with RBA Code of Conduct (Responsible Business Alliance) | 98% | 98% | 95% |
