Cover photograph: The Comcast experience, LED by Barco Barco 9 months ended 30 September 2008
Obligations with regard to periodical information following the transparency directive effective as of 1 January 2008 Declaration regarding the information given in this report 9 months ended 30 September 2008 The undersigned declare that: - the quarterly accounts, which are in line with the standards applicable for annual accounts, give a true and fair view of the capital, the financial situation and the results of the issuer and the consolidated companies; - the report 9 months ended 30 September 2008 gives a true and fair view of the development and the results of the company and of the position of the issuer and the consolidated companies, as well as a description of the main risks and uncertainties they are faced with. Martin De Prycker, CEO Dirk De Man, CFO 2
Key figures on the basis of continuing operations* 2008 2007 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 9 months 9 months Net sales 179,570 172,808 524,483 520,544 Gross Profit 58,947 66,065 184,445 202,007 EBIT before restructuring -1,714 8,009 10,919 29,798 EBIT after restructuring -4,937 8,009 6,096 29,798 Profit before taxes -6,390 7,201 3,391 28,405 Net income from continuing operations -3,578 6,123 4,149 23,477 Net income from discontinued operations 36,135 2,340 39,599 6,843 Net income attributable to the equityholder 32,558 8,463 43,748 30,319 EBITDA before restructuring 13,686 22,078 56,082 69,275 EBITDA after restructuring 10,463 22,078 51,259 69,275 Earnings per share (in euro) 2.73 0.70 3.67 2.51 Diluted earnings per share (in euro) 2.57 0.67 3.45 2.38 * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 3
Key figures as reported** 2008 2007 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 9 months 9 months Net sales 188,815 188,993 564,615 569,732 Gross Profit 62,682 74,934 202,190 227,028 EBIT before restructuring -3,928 10,954 13,325 38,468 EBIT after restructuring -7,151 10,954 8,501 38,468 Profit before taxes 29,344 10,146 43,749 37,075 Net income attributable to the equityholder 32,558 8,463 43,748 30,320 EBITDA before restructuring 12,721 26,762 62,448 83,203 EBITDA after restructuring 9,498 26,762 57,625 83,203 Earnings per share (in euro) 2.73 0.70 3.67 2.51 Diluted earnings per share (in euro) 2.57 0.67 3.45 2.38 ** for 2007, including BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 4
Number of employees 30 Sept 2008 30 Sept 2007 Total 3,677 3,990 Capital & ownership of the company s shares On 30 September 2008, the capital amounted to euro 54,169,171.60, represented by 12,669,955 shares. Ownership of the company s shares was as follows: Gimv: 9.87% (1,249,921 shares) Franklin Resources, Inc: 4.44% (562,910 shares) Allianz SE: 3.93% (497,475 shares) Public: 75.94% (9,621,686 shares) Barco: 5.82% (737,963 shares) fully diluted Gimv: 9.33% (1,249,921 shares) Franklin Resources, Inc: 4.20% (562,910 shares) Allianz SE: 3.71% (497,475 shares) Public: 77.25% (10,351,852 shares) Barco: 5.51% (737,963 shares) This information is updated on www.barco.com on an ongoing basis. 5
Management discussion and analysis of the results 6 Profit driven down by price pressure, exchange rates and cost Third Quarter 2008 financial highlights 1 on the basis of continuing operations 2 : The order book at the end of September 2008 amounted to euro 344.6 million compared to euro 332.6 million in 2Q08 and euro 346.8 million in 3Q07. Order intake totaled euro 182.0 million, down 11% compared to the same period in 2007. At constant currencies decline would have been 7%. Sales amounted to euro 179.6 million, an increase of 4%. Top line growth would have been 9% excluding currency evolution, 4% generated by High End Systems, acquired in June 2008 and 5% organic growth. Gross profit declined by 11 % to euro 58.9 million from euro 66.1 million the previous year. EBIT before restructuring declined to euro minus 1.7 million from euro 8.0 million the year before. Restructuring cost was euro 3.2 million. Currency impact was euro 1.7 million. After restructuring EBIT was euro minus 4.9 million. EBITDA before restructuring was euro 13.7 million, a margin of 7.6%. In 3Q07 EBITDA was euro 22.1 million, a margin of 12.8%. Net income was euro 32.6 million, up 385% from euro 8.5 million in 3Q07. Net income for 3Q08 includes the proceeds from the sale of BarcoVision to Itema Group and of the Maritime Safety & Surveillance activity to Thales. Net earnings per share were euro 2.73 compared to euro 0.7 for the same period the previous year. The implementation of the 30 million cost reduction plan is on track with a net reduction in headcount of 133 compared to end June. Commenting on the 3Q08 results Barco CEO, Martin De Prycker, said: Despite good sales growth margins were under pressure. The negative impact of exchange rates, growing competitive pressure in markets with reduced demand and sell-off of slowmoving inventory drove EBIT down euro 9.7 million before restructuring compared to the third quarter of 2007. At present our fixed cost structure is too high as we anticipated further growth in business. In light of the deteriorating global economic environment, we set up a euro 30 million cost reduction plan in July which will yield first results already in the fourth quarter of 2008. Net reduction in headcount end September was 133 compared to end June. Restructuring charges amounted to euro 3.2 million in the third quarter. We expect the total restructuring cost for 2008 to be around euro 20 million, of which euro 4.8 million has already been taken in the first nine months of 2008. Mr de Prycker added: In the third quarter we were able to grow sales by 4%. At constant currencies sales growth would have been 9%, 4% of which was generated by High End Systems, acquired last June and 5% was organic growth. The orderbook at the end of the quarter was around the same level as the year before but up 4% compared to the second quarter of 2008. Mr de Prycker also said that working capital reduction actions have already yielded euro 10 million compared to the end of the second quarter. DSO was 10% lower than the same quarter last year and inventory turns improved compared to the previous quarter. About full year earnings Mr De Prycker stated: The order book remains solid. Nevertheless the uncertainty with our customers is high in some of our markets such as the events market. Because of this and contrary to our previous guidance, we are 1 Unless otherwise indicated, all financial and operating data discussed in this announcement are in accordance with IFRS and in million of euro. Tables state figures in thousands of euro, unless otherwise noted. Unless otherwise stated, all comparisons are between the three-month period ended 30 September 2008, and the equivalent three-month period ended 30 September 2007. 2 Following IFRS rules comparison must be made on the basis of continuing operations. This means that the results of the division BarcoVision is shown as a separate line ( results from discontinued operations ) and added to the net results of the continuing operations. All financial data appearing further in this announcement will be based on continuing operations for 3Q08 as well as for 3Q07, unless otherwise indicated.
no longer confident that EBIT for the second half of the year will be above the first half EBIT. Referring to the divestiture of BarcoVision Mr De Prycker declared that this deal was closed on 30 September. He added: It was our intention to return euro 70 million of the cash we received for this divestiture to the shareholders before the end of the first quarter of 2009. Given the current turmoil and liquidity risks in the financial markets we have decided not to go ahead with this capital reduction. CONSOLIDATED RESULTS FOR THE QUARTER Sales & Orders Sales for the quarter increased by 4% to euro 179.6 million compared to 3Q07, despite the decline of the USD versus the euro of more than 9% year-onyear. Excluding currency impact the increase would have been 9%, 4% of which was generated by High End Systems, acquired in June 2008 and 5% was organic growth. The Media & Entertainment division performed well, helped by the sales of High End Systems. Sales in Medical Imaging and in Other Markets were flat compared to the same period of 2007, while sales decreased in the Security & Monitoring division. included one large order in Medical Imaging. There is also a clear negative impact of the current economic uncertainty, which causes customers to delay or cut capital investments. Sales to Europe, Middle East and Africa (EMEA) represented 53% of consolidated sales. Sales in the whole of the EMEA region, driven by a strong growth in Western Europe, grew 8% year-on-year, including currency impact. In the Americas sales declined by 1% and represented 31% of total sales for the quarter. The Asia Pacific region realized 3% less sales than in the same period the year before and represented 16% of total sales. The book-to-bill ratio was 1.01 compared with 1.18 for 3Q07. Gross Profit & Margin Gross profit decreased by 11% to euro 58.9 million from euro 66.1 million in 3Q07. Reasons were the negative impact of exchange rates, the product mix, price pressure and sell-off of slow moving inventory. Operating Result (EBIT) EBIT before restructuring declined to euro minus 1.7 million from euro 8.0 million the year before. After restructuring cost of euro 3.2 million EBIT declined to euro minus 4.9 million. Currency impact amounted to euro 1.7 million. EBIT margin was minus 2.7% versus 4.6% the previous year. As a percentage of sales, research & development expenses increased year-on-year from 10.4% to 11.5% of sales. Sales & marketing costs increased from 15.5% to 16.1% of sales. General & administration costs decreased from 7.0% of sales to 6.7%. Other operating results were euro 0.9 million compared to euro minus 1.1 million in 3Q07. After currency impact order intake was 11% lower than in 3Q07. Orders for the latter quarter however, Order book progress 3Q08 2Q08 1Q08 4Q07 3Q07 Order book 344.6 332.6 324.2 304.2 346.8 7
Income Taxes Income taxes decreased from euro minus 1.1 million to euro 2.8 million year-on-year. EBIT margin was 0.1% versus 5.7% the year before, caused by selling off slow moving inventory and competitive pressure in markets with reduced demand. EBIT margin was 8.5% compared to 9.3% in the same period of the year before. Other markets Net Income Net income for the quarter increased from euro 8.5 million in 3Q07 to euro 32.6 million in 3Q08. Net income for 3Q08 includes the proceeds from the sale of BarcoVision to Itema Group and of the Maritime Safety & Surveillance activity to Thales. Net margin in 3Q08 was 18.1% versus 4.9% the year before. Net earnings per share (EPS) for the quarter were euro 2.73, up from euro 0.70 in 3Q07. Fully diluted net earnings per share were euro 2.57, compared to euro 0.67 in the same period the year before. DIVISIONAL RESULTS FOR THE QUARTER Media & Entertainment Division Sales at the Media & Entertainment division increased by 12.3% year-on-year. At constant currencies growth would have been 17%. The greater part of the sales growth was realized by High End Systems, acquired in June 2008. Orders increased year-on-year by 23.3%, supported by a significant improvement in order-intake in the media and digital cinema markets. Also in the events market orders increased, thanks to new LED products and High End Systems. At the end of 3Q08 the order book totaled euro 68.5 million. Security & Monitoring Division Sales decreased by 7.4%. At constant currencies decrease would have been 4%. Order intake showed a marginal decline, although the traffic & surveillance market performed strongly. The Asia Pacific region continued to grow in 3Q08. At the end of 3Q08 the order book totaled euro 130.9 million. EBIT margin was minus 3.4% versus 3.9% in 3Q07, due to lower sales. Medical Imaging Division Sales in the Medical Imaging division decreased by 1.3 % after currency impact. At constant currencies sales would have grown by 5%. Sales of the Coronis Fusion 6 MP wide-screen diagnostic color display system were ramping up but this was offset by lower sales in the mammography market. This decrease was caused by customers depleting stocks. Order intake for the Medical Imaging division was much lower than the year before, but in 3Q07 the division booked a large one time order. At the end of 3Q08 the order book totaled euro 40.2 million. Sales in Other Markets increased by 1.9% after currency impact. The increase would have amounted to 8% at constant currencies and was driven by growth in the avionics market. Sales in the simulation and presentation markets decreased in 3Q08 compared to the same period the year before. Order intake was strong in the simulation market, but weak in the presentation and the avionics markets. At the end of 3Q08 the order book of euro 108.0 million was strong, in the simulation and avionics markets combined. EBIT margin was minus 9.0%, down from minus 2.4% in 3Q07, as lower gross profit could not offset the high investments in product development for the simulation and avionics markets. To save cost all activities related to presentation projectors are being merged with the events projector business. For the same purpose simulation and avionics will be brought together in one division. Balance Sheet At the end of September 2008 Barco had a net financial debt position of euro 65.6 million, compared to a net debt position of euro 108.4 million at 30 June 2008. At 31 December 2007 the net debt position was euro 53.4 million. 8
On 30 September 2008 accounts receivable were euro 171.6 million, compared to euro 179.8 million at the end of June 2008 and euro 202.4 million at 31 December 2007. OUTLOOK FOR FULL YEAR 2008 The following statements are forward looking and actual results may differ materially. Inventory at the end of 3Q08 was at euro 221.6 million versus euro 223.6 million on 30 June 2008 and euro 204.0 million at 31 December 2007. Trade payables on 30 September 2008 were euro 64.8 million. On 30 June 2008 they were euro 74.9 million and euro 87.3 million at 31 December 2007. Net working capital at the end of 3Q08 was euro 251.2 million, compared to euro 236.4 million at the end of 2Q08. On 31 December 2007 net working capital was euro 230.7 million. The euro 30 million cost reduction plan set up in July 2008 is yielding first results with a net reduction in headcount of 133 at the end of 3Q08 compared to three months before. Restructuring charges in the first 9 months of the year amounted to euro 4.8 million. The total restructuring cost for 2008 is expected to be around euro 20 million. Contrary to previous guidance, management is no longer confident that EBIT for 2H08 will be above 1H08 EBIT, given the uncertainty with customers in some of the markets Barco is active in. Capex for 3Q08 was euro 2.4 million excluding capitalized R & D cost. In 3Q08 Barco did not buy back any of its own shares 3. 3 The company now owns 737,963 of its shares or 5.8% before dilution. The buy-back program started in 2003. 9
Income statement on the basis of continuing operations * 2008 2007 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 9 months 9 months Net sales 179,570 172,808 524,483 520,544 Cost of goods sold -120,623-106,743-340,038-318,537 Gross profit 58,947 66,065 184,445 202,007 Research and development expenses -20,658-18,037-57,344-50,012 Sales and marketing -28,885-26,787-88,198-83,751 General and administration expenses -12,061-12,129-36,607-36,550 Other operating income (expense) - net 943-1,104 8,624-1,895 EBIT before restructuring and goodwill impairment -1,714 8,009 10,919 29,798 Restructuring cost -3,223 0-4,823 0 Goodwill impairment 0 0 0 0 EBIT after restructuring and goodwill impairment -4,937 8,009 6,096 29,798 Interest income 756 573 2,254 1,791 Interest expense -2,209-1,381-4,960-3,184 Other non-operating income (expense) - net 0 0 0 0 Income before taxes -6,390 7,201 3,391 28,405 Income taxes 2,813-1,078 759-4,928 Net income from continuing operations -3,578 6,123 4,149 23,477 Net income from discontinued operations 36,135 2,340 39,599 6,843 10 Net income 32,558 8,463 43,748 30,320 Minority interest 0 0 0 0 Net income attributable to the equityholder of the parent 32,558 8,463 43,748 30,319 Earnings per share 2.73 0.70 3.67 2.51 Diluted earnings per share 2.57 0.67 3.45 2.38 * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008)
Income statement as reported** 2008 2007 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 9 months 9 months Net sales 188,815 188,993 564,615 569,732 Cost of goods sold -126,133-114,060-362,425-342,704 Gross profit 62,682 74,934 202,190 227,028 Research and development expenses -22,437-20,184-63,296-56,232 Sales and marketing -30,639-28,661-93,254-89,046 General and administration expenses -15,210-13,433-41,269-40,477 Other operating income (expense) - net 1,675-1,702 8,953-2,805 EBIT before restructuring and goodwill impairment -3,928 10,954 13,325 38,468 Restructuring cost -3,223 0-4,823 0 Goodwill impairment 0 0 0 0 EBIT after restructuring and goodwill impairment -7,151 10,954 8,501 38,468 Interest income 767 555 2,292 1,791 Interest expense -2,220-1,363-4,998-3,184 Other non-operating income (expense) - net 37,949 0 37,327 0 Income before taxes 29,344 10,146 43,749 37,075 Income taxes 3,213-1,683-1 -6,756 Net income 32,558 8,463 43,748 30,320 Minority interest 0 0 0 0 Net income attributable to the equityholder of the parent 32,558 8,463 43,748 30,319 Earnings per share 2.73 0.70 3.67 2.51 Diluted earnings per share 2.57 0.67 3.45 2.38 ** for 2007, including BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 11
Balance sheet on the basis of continuing operations * [ in thousands of euros ] 30 Sept 2008 31 Dec 2007 ASSETS Goodwill 72,809 48,155 Capitalized development cost 82,735 79,383 Other intangible assets 2,094 1,544 Land and buildings 33,792 34,997 Assets under construction 1,677 2,032 Other tangible assets 29,722 28,310 Investments 327 327 Deferred tax assets 23,612 23,481 Other non-current assets 5,243 3,475 Non-current assets 252,011 221,703 Inventory 221,571 204,085 Trade debtors 171,566 202,449 Other amounts receivable 31,522 27,936 Deposits and cash at bank and in hand 57,314 73,337 Prepaid expenses and accrued income 8,555 8,879 Assets from discontinued operations 0 49,967 Current assets 490,528 566,653 Total assets 742,539 788,356 Equity and liabilities Equity attributable to equityholders of the parent 431,534 421,606 Minority interest 3 2 Equity 431,536 421,608 Long-term debts 15,024 14,782 Deferred tax liabilities 3,793 3,453 Other long-term liabilities 3,839 3,591 Non-current liabilities 22,656 21,826 12 Current portion of long-term debts 392 1,905 Short-term debts 107,464 109,983 Trade payables 65,073 87,327 Advances received on contracts in progress 18,031 14,377 Tax payables 9,457 23,325 Employee benefits 38,256 37,844 Other current liabilities 6,959 4,599 Accrued charges and deferred income 12,598 14,719 Provisions for liabilities and charges 30,119 30,344 Liabilities from discontinued operations 0 20,499 Current liabilities 288,347 344,922 Total equity and liabilities 742,539 788,356 * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008)
Balance sheet as reported [ in thousands of euros ] 30 Sept 2008 31 Dec 2007** Assets Goodwill 72,809 48,410 Capitalized development cost 82,735 85,032 Other intangible assets 2,094 1,547 Land and buildings 33,792 44,340 Assets under construction 1,677 2,039 Other tangible assets 29,722 29,673 Investments 327 357 Deferred tax assets 23,612 23,488 Other non-current assets 5,243 5,490 Non-current assets 252,011 240,376 Inventory 221,571 212,417 Trade debtors 171,566 216,088 Other amounts receivable 31,522 37,174 Deposits and cash at bank and in hand 57,314 73,337 Prepaid expenses and accrued income 8,555 8,964 Current assets 490,528 547,980 Total assets 742,539 788,356 Equity and liabilities Equity attributable to equityholders of the parent 431,534 421,605 Minority interest 3 2 Equity 431,536 421,608 Long-term debts 15,024 14,782 Deferred tax liabilities 3,793 6,234 Other long-term liabilities 3,839 3,591 Non-current liabilities 22,656 24,607 Current portion of long-term debts 392 1,905 Short-term debts 107,464 109,983 Trade payables 65,073 92,495 Advances received on contracts in progress 18,031 17,193 Tax payables 9,457 24,302 Employee benefits 38,256 40,388 Other current liabilities 6,959 4,801 Accrued charges and deferred income 12,598 15,283 Provisions for liabilities and charges 30,119 35,791 Current liabilities 288,347 342,141 Total equity and liabilities 742,539 788,356 ** for 2007, including BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 13
Comments IAS 34 was applied to the quarterly financial report. The same accounting policies and methods of computation are followed in the interim financial statements as were followed in the annual financial statements of 2007. The mechanical assembly activity of the former division Barco Manufacturing Services was divested, effective as of 1 January 2008. The division BarcoVision was divested, effective as of 30 September 2008. According to IFRS 5, the results and cash flows of the division BarcoVision until 30 September 2008 are shown as a separate line discontinued operations. The assets and liabilities of the division are no longer included on 30 September 2008. When looking at the quarterly results of Barco, it should be noted that the first and third quarter of the year normally generate lower sales than the second and fourth quarter. Changes in equity attributable to equityholders of the parent 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 2008 2007 [ in thousands of euros ] 9 months 9 months Equity attributable to equityholders of the parent 30 June 395,066 400,685 Equity attributable to equityholders of the parent 31 December 421,605 412,876 Net income attributable to equityholders of the parent 32,558 8,463 Dividend 0 0 Translation adjustment 3,593-3,774 Cash flow hedge -203 243 Capital increase 0 1,138 Acquisition of own shares 0-1,662 Share-based payment 160 181 Realisation translation adjustment BarcoVision 360 0 Equity attributable to equityholders of the parent 30 September 431,534 405,274 Net income attributable to equityholders of the parent 43,748 30,319 Dividend -28,556-27,772 Translation adjustment -4,646-4,009 Cash flow hedge -248-23 Capital increase 8 1,138 Acquisition of own shares -1,217-7,799 Share-based payment 480 544 Realisation translation adjustment BarcoVision 360 0 Equity attributable to equityholders of the parent 30 September 431,534 405,274 14
Cash flow statement on the basis of continuing operations * 2008 2007 2008 2007 [ in thousands of euros ] 3 rd quarter 3 rd quarter 9 months 9 months Cash flow from operating activities Operating result before goodwill impairment (EBIT) -4,937 8,009 6,096 29,798 Amortization capitalized development cost 12,076 10,768 35,628 29,993 Depreciation of tangible and intangible fixed assets 3,324 3,303 9,535 9,489 Gains and losses on tangible fixed assets 102 48 86-36 Share options recognized as cost 160 181 480 544 Discontinued operations: cash flow from operating activities -7,318 4,683 0 13,924 Gross operating cash flow 3,407 26,992 51,825 83,713 Changes in trade receivables 8,968 5,163 33,601 18,889 Changes in inventory 2,845-24,801-12,507-60,063 Changes in trade payables -10,079 2,056-25,099 24,222 Other changes in net working capital -7,393-10,962 5,411-8,974 Discontinued operations: change in net working capital 1,930 2,377 0-2,394 Change in net working capital -3,729-26,168 1,407-28,319 Net operating cash flow -322 823 53,231 55,394 Interest income/expense -1,453-807 -2,706-1,393 Income taxes -1,996 1,287-12,734-6,861 Other non-operating results 0 0 0 0 Discontinued operations: income taxes 1,160-605 0-1,827 Cash flow from operating activities -2,611 698 37,792 45,313 Cash flow from investing activities Expenditure on product development -10,311-12,685-38,018-39,760 Purchases of tangible and intangible fixed assets -2,441-2,840-8,682-9,548 Proceeds on disposals of tangible and intangible fixed assets 433-50 374 164 Acquisition of Group companies, net of acquired cash 0 0-36,423 0 Disposal of Group companies, net of disposed cash 0 0 0 0 Other investing activities 1 0 0 1 Discontinued operations: cash flow from investing activities 57,784 0 62,510 11,330 Cash flow from investing activities 45,466-15,574-20,238-37,812 Cash flow from financing activities Dividends paid 0 0-28,556-27,772 Share issue 0 1,138 8 1,138 Acquisition of own shares 0-1,662-1,217-7,799 Proceeds from (+), payments of (-) long-term liabilities 664-354 221-73 Proceeds from (+), payments of (-) short-term liabilities -42,416 1,837-4,033 20,800 Cash flow from financing activities -41,752 958-33,576-13,705 Net decrease/increase in cash and cash equivalents 1,104-13,918-16,023-6,205 Cash and cash equivalents at beginning of period 56,211 89,131 73,337 81,418 Cash and cash equivalents at end of period 57,314 75,213 57,314 75,213 * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 15
Geographical breakdown of sales on the basis of continuing operations * 3 rd quarter 2008 3 rd quarter 2007 Americas 30.6% EMEA** 53.0% Americas 32.3% EMEA** 47.6% ASIA-PACIFIC 16.4% ASIA-PACIFIC 20.1% YTD 2008 YTD 2007 Americas 34.4% EMEA** 47.6% Americas 33.1% EMEA** 48.1% 16 ASIA-PACIFIC 18.0% ASIA-PACIFIC 18.8% * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) ** Europe, Middle East, Africa
Results per division on the basis of continuing operations * Sales in 000 euro and current EBIT 2008 2007 3 rd quarter 3 rd quarter Sales EBIT %EBIT Sales EBIT %EBIT Media & Entertainment 69,445 71 0.1% 61,833 3,510 5.7% Security and Monitoring 54,021-1,814-3.4% 58,341 2,283 3.9% Medical Imaging 30,935 2,636 8.5% 31,339 2,904 9.3% Other markets 28,845-2,608-9.0% 28,309-688 -2.4% Eliminations -3,675 0-7,014 0 Total (before restructuring) 179,570-1,714-1.0% 172,808 8,009 4.6% 2008 2007 9 months 9 months Sales EBIT %EBIT Sales EBIT %EBIT Media & Entertainment 184,480 1,573 0.9% 200,120 14,739 7.4% Security and Monitoring 168,996 5,927 3.5% 155,039 3,344 2.2% Medical Imaging 100,405 11,879 11.8% 95,968 10,632 11.1% Other markets 82,589-8,460-10.2% 89,125 1,083 1.2% Eliminations -11,988 0-19,707 0 0.0% Total (before restructuring) 524,483 10,919 2.1% 520,544 29,798 5.7% * excluding BarcoVision (divestment effective as of 30 September 2008) and the mechanical assembly of the former division Barco Manufacturing Services (divestment effective as of 1 January 2008) 17
Registered office Pres. Kennedypark 35 BE-8500 Kortrijk Tel.: +32 (0)56 23 32 11 Fax: +32 (0)56 26 22 62 Group management Pres. Kennedypark 35 BE-8500 Kortrijk Tel.: +32 (0)56 23 32 11 Fax: +32 (0)56 26 22 62 Stock exchange NYSE Euronext Brussels Financial information More information can be obtained from the Investor Relations Department of the group management: Mr JP Tanghe, Vice President Barco President Corp. Comm. and Investor Relations Tel.: +32 (0)56 26 23 22 Fax: +32 (0)56 26 22 62 E-mail: jp.tanghe@barco.com Ms Els Depuydt, Corp. Comm. and Investor Relations Executive Tel.: +32 (0)56 26 23 21 Fax: +32 (0)56 26 22 62 E-mail: els.depuydt@barco.com Report This report 9 months ended 30 September 2008 is also available in Dutch and can be consulted on www.barco.com 18