Group results
Sales per division
Sales
In millions of euro
Ecoscore
% revenues from products with Barco ECO label
Customer NPS (Net Promotor Score)
Barco's standard customer experience metric, measured bi-annually (upper quartile industry performance)
Gross Profit
In millions of euro
EBITDA
In millions of euro
Comments on the results
2023 was a year with solid profitability improvement, and a topline comparable to 2022.
Order intake for 2023 grew slightly to 1,061.6 million euro. This was driven by Entertainment, followed by Enterprise. Healthcare orders declined, mainly in the Americas and China.
Sales amounted to 1,050.1 million euro, in line with last year. Strong growth in Entertainment, mainly driven by Cinema, was offset by a small decline in Enterprise and a more pronounced drop in Healthcare. While sales grew by 4% in EMEA, they were 4% lower year-over-year in the Americas and APAC. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth elsewhere.
The EBITDA margin climbed to 13.6% for the full year, reflecting a strong improvement in gross profit margin combined with stringent cost control in a macro-economic environment with relatively high inflation rates.
Highlights
Financial
| Income statement | 2023 | 2022 | 2021 |
|---|---|---|---|
| Orders | 1,061.6 | 1,058.4 | 978.8 |
| Order book | 494.8 | 496.5 | 487.0 |
| Sales | 1,050.1 | 1,058.3 | 804.3 |
| Gross Profit | 438.5 | 412.8 | 287.5 |
| Gross Profit Margin | 41.8% | 39.0% | 35.7% |
| EBITDA | 142.5 | 126.5 | 58.5 |
| EBITDA margin | 13.6% | 12.0% | 7.3% |
| Adjusted EBIT | 102.1 | 90.1 | 19.4 |
| Adjusted EBIT margin | 9.7% | 8.5% | 2.4% |
| Net income | 81.2 | 75.9 | 9.8 |
| Net income attributable to the equityholder of the parent | 80.2 | 75.2 | 8.9 |
| Net income Margin | 7.6% | 7.1% | 1.1% |
| EPS (in euro) | 0.89 | 0.84 | 0.10 |
| Balance sheet & Cash flow | 2023 | 2022 | 2021 |
|---|---|---|---|
| Equity | 811.3 | 779.0 | 734.8 |
| Balance sheet total | 1,159.4 | 1,147.4 | 1,104.2 |
| Free cash flow | 38.0 | 13.1 | 78.0 |
| Net financial cash/(debt) | 241.1 | 264.0 | 309.7 |
| Operating captial employed | 393.7 | 344.5 | 251.4 |
| Net Working capital | 174.8 | 150.4 | 46.8 |
| Ratios | 2023 | 2022 | 2021 |
|---|---|---|---|
| DSO | 63 | 54 | 56 |
| DPO | 50 | 68 | 80 |
| Debt/Equity | 6.2% | 5.7% | 6.4% |
| ROE | 10.0% | 9.7% | 1.3% |
| Share data | 2023 | 2022 | 2021 |
|---|---|---|---|
| Gross dividend | 0.48 | 0.44 | 0.40 |
| Gross dividend yield (a) | 2.9% | 1.9% | 2.1% |
| Yearly return (b) | -26.4% | 22.5% | 9.6% |
| Pay-out ratio (c) | 55.6% | 54.4% | 415.1% |
| Price/earnings ratio (d) | 18.7 | 127.6 | 192.0 |
(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) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Average closing price | 21.73 | 21.37 | 20.04 |
| Closing price on 31 December | 16.55 | 23.08 | 19.16 |
| Average number of shares traded daily | 396,569 | 370,555 | 336,096 |
| Stock market capitalization on 31 December (in millions) | 1,537.8 | 2,144.5 | 1,766.0 |
| Number of shares (in thousands) | 92,917 | 92,917 | 92,170 |
(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
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| % make | 65.9% | 61.5% | 66.2% |
| Countries with a manufacturing facility | 4 | 4 | 4 |
| ROCE | 17.2 | 16.0% | 4.4% |
| Inventory turns | 2.1 | 2.1 | 2.4 |
| Capex (in % of sales) | 5.2% | 1.7% | 2.3% |
Intellectual
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| % of employees in R&D | 31.3% | 30.5% | 30.1% |
| Number of patents at year-end | 902* | 550 | 504 |
| Number of new patent filings | 16 | 13 | 17 |
| R&D spend (in % of sales) | 12.6% | 11.4% | 12.6% |
| R&D spend (in mio €) | 132 | 120.5 | 101.0 |
| Number of innovation awards | 12 | 3 | 11 |
* Change in scope of measurement methodology – see Glossary (link to glossary)
Planet
| Product stewardship | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenues from products with Barco ECO label (mio € revenues) | 620.4 | 476.1 | 226.2 |
| % revenues from products with Barco ECO label | 65 | 50 | 31 |
| Energy efficiency index of sold products (#) | 0.70 | 0.73 | 0.70 |
| % energy footprint reduction of sold products (relative reduction vs base year 2015) | 30 | 27 | 30 |
| Greenhouse gas emissions of our own operations (tonnes CO2 e /mio € revenues) | 292,516 | 330,424 | 281,874 |
| Climate change & energy | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total greenhouse gas emissions (Tonnes CO₂ e) | 292,516 | 330,424 | 281,874 |
| Total greenhouse gas emissions (Tonnes CO₂ e /mio € revenues) | 278.6 | 312.2 | 350.5 |
| Greenhouse gas emissions of our own operations (Tonnes CO₂ e /mio € revenues) | 292,516 | 330,424 | 281,874 |
| % greenhouse gas emissions reduction of own operations (% reduction vs. 2015) | 54 | 51 | 33 |
| Energy consumption in own operations (MWh/mio € revenues) | 29.2 | 29.9 | 39.0 |
| % energy consumption from renewable sources | 61% | 57% | 52.4 |
People
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Number of employees at the end of the financial year (heads)* | 3,360 | 3,302 | 3,141 |
* Reporting in heads (non FTE), ecluding temporary workforce (Database Corporate Associates per 31/12/2021)
| Employee engagement | 2023 | 2022 | 2021 |
|---|---|---|---|
| Employee Net Promoter Score | 13 | 16 | |
| Voluntary turnover rate (% of heads) | 4.9 | 10.6 | 10.5 |
| Diversity & Inclusion | 2023 | 2022 | 2021 |
|---|---|---|---|
| % women overall | 30 | 29 | 27 |
| % women in senior management | 18 | 19 | 16 |
| Learning & Development | 2023 | 2022 | 2021 |
|---|---|---|---|
| Internal mobility (% of vacancies filled internally) | 25 | 17 | 20 |
| Average training hours per employee (# hours) | 15.8 | 12.2 | 10.5 |
| Employee Health, Safety & Wellbeing | 2023 | 2022 | 2021 |
|---|---|---|---|
| Lost time injury frequency rate (per 1 000 000 hours worked) | 1.57 | 1.44 | 1.59 |
Communities
| Customer engagement | 2023 | 2022 | 2021 |
|---|---|---|---|
| Customer Net Promoter Score (relationship NPS) | 48 | 44 | 47 |
| Business ethics | 2023 | 2022 | 2021 |
|---|---|---|---|
| % employees trained in Standards@Work (white collars) | 99 | 99 | 99 |
| Responsible supply chain management | 2023 | 2022 | 2021 |
|---|---|---|---|
| % of production spend covered by supplier sustainability score | 81 | 71 | 58 |
| Information security a data protection | 2023 | 2022 | 2021 |
|---|---|---|---|
| Number of product lines in scope of ISO 27001 | 3 | 2 | 2 |
| Average cybersecurity maturity (NIST CSF) score | 2.78 | 2.66 | 2.23 |
