Group results

Sales per division

341.7
Healthcare
317.2
Enterprise
399.3
Entertainment

Sales

In millions of euro

770
2020
804
2021
1,058.3
2022

Ecoscore

50%

% revenues from products with Barco ECO label

Eco score

Customer NPS (Net Promotor Score)

44

Barco's standard customer experience metric, measured quarterly (upper quartile industry performance)

New NPS

Gross Profit

In millions of euro

284
2020
288
2021
413
2022
Gross profit margin
37%
36%
39%

EBITDA

In millions of euro

54
2020
59
2021
127
2022
EBITDA margin
7%
7%
12%
01 comments on the resuls

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.


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Highlights

FinancialManufacturedIntellectualPlanetPeopleCommunities

Financial

Income statement202220212020
Orders1058.4978.8746.0
Order book496.5487.0281.5
Sales1058.3804.3770.1
Gross Profit412.8287.5283.8
Gross Profit Margin39.0%35.7%36.9%
EBITDA126.558.553.6
EBITDA margin12.0%7.3%7.0%
Adjusted EBIT90.119.410.2
Adjusted EBIT margin8.5%2.4%1.3%
Net income attributable to the equityholder of the parent75.28.9-4.4
Net income Margin7.1%1.1%-0.6%
EPS (in euro)0.840.10-0.05
Balance sheet & Cash flow202220212020
Equity779.0734,8697.1
Balance sheet total1,147.41,104.21,018.2
Free cash flow13.178,0-35.9
Net financial cash/(debt)264.0309.7193.5
Operating captial employed346.3251.4291.1
Net Working capital150.446.880.6
Ratios202220212020
DSO545667.0
DPO688053
Debt/Equity5.7%6.4%6.8%
ROE9.7%1.3%-0.7%
Share data202220212020
Gross dividend0.440.4000.378
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)27.6191.9-358.0

(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)202220212020
Average closing price21.3720.0421.22
Closing price on 31 December23.0819.1617.82
Average number of shares traded daily177,237165,296279,797
Stock market capitalization on 31 December (in millions)2,144.51.766,01,630.3
Number of shares (in thousands)92,91792,17091,487

(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

202220212020
% make61.5%66.2%69.6%
Countries with a manufacturing facility444
ROCE16%4%3%
Inventory turns2.12,42.3
Capex (in % of sales)1.7%2.3%1.9%

Intellectual

202220212020
% of employees in R&D30.5%30.1%28.5%
Number of patents at year-end550504461
Number of new patent filings13179
R&D spend (in % of sales)11.0%12.6%13.3%
R&D spend (in mio €)120.5101103,0
Number of innovation awards3118

Planet

Product stewardship202220212020
Revenues from products with Barco ECO label (mio € revenues)476.1226.2178.9
% revenues from products with Barco ECO label49.6%31%26%
Energy efficiency index of sold products (#)0.700.700.73
% 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)226.4296.9306.7
Climate change & energy202220212020
Total greenhouse gas emissions (Tonnes CO₂ e)281,738281,874277,335
Total greenhouse gas emissions (Tonnes CO₂ e /mio € revenues)266.2350.5360.1
Greenhouse gas emissions of our own operations (Tonnes CO₂ e /mio € revenues)39.853.653.4
% greenhouse gas emissions reduction of own operations (vs 2015)-51%-33%-34%
Energy consumption in own operations (MWh/mio € revenues)29.939.034.3
% energy consumption from renewable sources57.0%52.4%53.5%

People

202220212020
Number of employees at the end of the financial year (heads)*3,3023,1413,303

* Reporting in heads (non FTE), ecluding temporary workforce (Database Corporate Associates per 31/12/2021)

Employee engagement202220212020
Employee Net Promoter Score16.038.5
Voluntary turnover rate (% of heads)10.6%10.5%8.5%
Diversity & Inclusion202220212020
% women overall29.1%27.1%27.6%
% women in senior management18.5%16%17%
Number of nationalities in the global workforce484646
Learning & Development202220212020
Internal mobility (% of vacancies filled internally)17%20%20%
Average training hours per employee (# hours)12.310.511.3
Employee Health, Safety & Wellbeing202220212020
Lost time injury frequency rate (per 1 000 000 hours worked)1.441.592.44

Communities

Customer engagement202220212020
Customer Net Promoter Score (relationship NPS)444747
Business ethics202220212020
% employees trained in Standards@Work (white collars)999998
Responsible supply chain management202220212020
% of production spend covered by supplier sustainability score70.9258,243,8
Information security a data protection202220212020
Number of product lines in scope of ISO 27001222
Average cybersecurity maturity (NIST CSF) score2.662.232.19
All statements
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