Group results
Sales per division
Sales
In millions of euro
Gross Profit
In millions of euro
EBITDA
In millions of euro
Comments on the results
2022 was a good year for Barco. Order intake for 2022 was 1,058.4 million euro, 8% more than in 2021. This result was driven by a solid recovery of demand across all divisions.
Sales for the year increased by 32% to 1,058.3 million euro, close to the pre-pandemic level in 2019. Excluding China, all regions posted sales back at the levels of 2019. We expect the Chinese activity to pick up from the second quarter of 2023 onwards.
Year-over-year, all divisions delivered double-digit sales growth. The steady improvement in the supply chain over the second half of 2022 allowed for faster delivery of the existing orderbook, which was still at a record-high year-end position. The order book at the end of December 2022 stood at 496.5 million euro, which is more than 50% above the level at year-end 2019.
Highlights
Financial
Income statement | 2022 | 2021 | 2020 |
---|---|---|---|
Orders | 1058.4 | 978.8 | 746.0 |
Order book | 496.5 | 487.0 | 281.5 |
Sales | 1058.3 | 804.3 | 770.1 |
Gross Profit | 412.8 | 287.5 | 283.8 |
Gross Profit Margin | 39.0% | 35.7% | 36.9% |
EBITDA | 126.5 | 58.5 | 53.6 |
EBITDA margin | 12.0% | 7.3% | 7.0% |
Adjusted EBIT | 90.1 | 19.4 | 10.2 |
Adjusted EBIT margin | 8.5% | 2.4% | 1.3% |
Net income attributable to the equityholder of the parent | 75.2 | 8.9 | -4.4 |
Net income Margin | 7.1% | 1.1% | -0.6% |
EPS (in euro) | 0.84 | 0.10 | -0.05 |
Balance sheet & Cash flow | 2022 | 2021 | 2020 |
---|---|---|---|
Equity | 779.0 | 734,8 | 697.1 |
Balance sheet total | 1,147.4 | 1,104.2 | 1,018.2 |
Free cash flow | 13.1 | 78,0 | -35.9 |
Net financial cash/(debt) | 264.0 | 309.7 | 193.5 |
Operating captial employed | 346.3 | 251.4 | 291.1 |
Net Working capital | 150.4 | 46.8 | 80.6 |
Ratios | 2022 | 2021 | 2020 |
---|---|---|---|
DSO | 54 | 56 | 67.0 |
DPO | 68 | 80 | 53 |
Debt/Equity | 5.7% | 6.4% | 6.8% |
ROE | 9.7% | 1.3% | -0.7% |
Share data | 2022 | 2021 | 2020 |
---|---|---|---|
Gross dividend | 0.44 | 0.400 | 0.378 |
Gross dividend yield (a) | 1.7% | 2.1% | 2.1% |
Yearly return (b) | 22.5% | 9.6% | -41.8% |
Pay-out ratio (c) | 49.4% | 415.1% | -787.1% |
Price/earnings ratio (d) | 27.6 | 191.9 | -358.0 |
(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) | 2022 | 2021 | 2020 |
---|---|---|---|
Average closing price | 21.37 | 20.04 | 21.22 |
Closing price on 31 December | 23.08 | 19.16 | 17.82 |
Average number of shares traded daily | 177,237 | 165,296 | 279,797 |
Stock market capitalization on 31 December (in millions) | 2,144.5 | 1.766,0 | 1,630.3 |
Number of shares (in thousands) | 92,917 | 92,170 | 91,487 |
(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
Manufactured
2022 | 2021 | 2020 | |
---|---|---|---|
% make | 61.5% | 66.2% | 69.6% |
Countries with a manufacturing facility | 4 | 4 | 4 |
ROCE | 16% | 4% | 3% |
Inventory turns | 2.1 | 2,4 | 2.3 |
Capex (in % of sales) | 1.7% | 2.3% | 1.9% |
Intellectual
2022 | 2021 | 2020 | |
---|---|---|---|
% of employees in R&D | 30.5% | 30.1% | 28.5% |
Number of patents at year-end | 550 | 504 | 461 |
Number of new patent filings | 13 | 17 | 9 |
R&D spend (in % of sales) | 11.0% | 12.6% | 13.3% |
R&D spend (in mio €) | 120.5 | 101 | 103,0 |
Number of innovation awards | 3 | 11 | 8 |
Planet
Product stewardship | 2022 | 2021 | 2020 |
---|---|---|---|
Revenues from products with Barco ECO label (mio € revenues) | 476.1 | 226.2 | 178.9 |
% revenues from products with Barco ECO label | 49.6% | 31% | 26% |
Energy efficiency index of sold products (#) | 0.70 | 0.70 | 0.73 |
% energy footprint reduction of sold products (vs 2015) | -27% | -30% | -27% |
Greenhouse gas emissions of sold products (product use emissions, in tonnes CO₂ e /mio € revenues) | 226.4 | 296.9 | 306.7 |
Climate change & energy | 2022 | 2021 | 2020 |
---|---|---|---|
Total greenhouse gas emissions (Tonnes CO₂ e) | 281,738 | 281,874 | 277,335 |
Total greenhouse gas emissions (Tonnes CO₂ e /mio € revenues) | 266.2 | 350.5 | 360.1 |
Greenhouse gas emissions of our own operations (Tonnes CO₂ e /mio € revenues) | 39.8 | 53.6 | 53.4 |
% greenhouse gas emissions reduction of own operations (vs 2015) | -51% | -33% | -34% |
Energy consumption in own operations (MWh/mio € revenues) | 29.9 | 39.0 | 34.3 |
% energy consumption from renewable sources | 57.0% | 52.4% | 53.5% |
People
2022 | 2021 | 2020 | |
---|---|---|---|
Number of employees at the end of the financial year (heads)* | 3,302 | 3,141 | 3,303 |
* Reporting in heads (non FTE), ecluding temporary workforce (Database Corporate Associates per 31/12/2021)
Employee engagement | 2022 | 2021 | 2020 |
---|---|---|---|
Employee Net Promoter Score | 16.0 | 38.5 | |
Voluntary turnover rate (% of heads) | 10.6% | 10.5% | 8.5% |
Diversity & Inclusion | 2022 | 2021 | 2020 |
---|---|---|---|
% women overall | 29.1% | 27.1% | 27.6% |
% women in senior management | 18.5% | 16% | 17% |
Number of nationalities in the global workforce | 48 | 46 | 46 |
Learning & Development | 2022 | 2021 | 2020 |
---|---|---|---|
Internal mobility (% of vacancies filled internally) | 17% | 20% | 20% |
Average training hours per employee (# hours) | 12.3 | 10.5 | 11.3 |
Employee Health, Safety & Wellbeing | 2022 | 2021 | 2020 |
---|---|---|---|
Lost time injury frequency rate (per 1 000 000 hours worked) | 1.44 | 1.59 | 2.44 |
Communities
Customer engagement | 2022 | 2021 | 2020 |
---|---|---|---|
Customer Net Promoter Score (relationship NPS) | 44 | 47 | 47 |
Business ethics | 2022 | 2021 | 2020 |
---|---|---|---|
% employees trained in Standards@Work (white collars) | 99 | 99 | 98 |
Responsible supply chain management | 2022 | 2021 | 2020 |
---|---|---|---|
% of production spend covered by supplier sustainability score | 70.92 | 58,2 | 43,8 |
Information security a data protection | 2022 | 2021 | 2020 |
---|---|---|---|
Number of product lines in scope of ISO 27001 | 2 | 2 | 2 |
Average cybersecurity maturity (NIST CSF) score | 2.66 | 2.23 | 2.19 |