27 April 2005, page 1 Company Confidential Results 1Q05.
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Transcript of 27 April 2005, page 1 Company Confidential Results 1Q05.
27 April 2005, page 3Company Confidential
Operational results 1Q05
in € million 1Q 2004 1Q 2005 Growth 1Q 05 /1Q 04 (%)
Orders 153.9 172.4 12.1
Sales 149.2 153.6 3.0
EBITA 15.3 6.4 (58.0)
EBITA % 10.3 4.2 (59.3)
Book-to-bill 1.03 1.12 8.7
$/€ 5% lower in 1Q05
27 April 2005, page 4Company Confidential
Results per quarter
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1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05
OrdersSalesEBI TA
in € million
27 April 2005, page 5Company Confidential
Overall comments 1Q05
• Very good order intake at € 172.4 million, i.e. 12.1 % growth
• Sales 3.0 % above 1Q 2004 • Very good book-to-bill ratio of 1.12 increased the
orderbook at end of 1Q• Gross profit margin reduced to 40 %, due to continued
price pressure in some of our markets, but variable margins stabilize vs 4Q04 thanks to first results of improved supply chain
• EBITA weak at 4.2 %, mainly due to lower gross profit margin and increased investment in Sales & Marketing in Asia and North America
• Actions implemented to improve gross profit margin and reduce operational cost by reducing manpower
• Restructuring cost of € 0.77 million in Media & Entertainment included in EBITA in 1Q, will result in cost saving of € 2.5 million over the remainder of the year
• Increased sales efforts to increase sales to compensate partially for lower margin
27 April 2005, page 6Company Confidential
Evolution of results per division
1Q04 1Q05
Sales % EBITA
Sales % EBITA
%
View 50.6 13.1 51.3 7.8 1.4
Media & Entertainment 36.0 5.5 36.0 -2.3 0.0
Presentation & Simulation
22.7 5.7 23.3 3.6 2.5
Control Rooms 22.1 10.6 24.4 4.1 10.3
Vision 15.1 12.0 16.1 15.5 6.4
Manufacturing Services 27.0 4.8 23.5 -4.7 (13.2)
Eliminations -24.3 -20.8
Total 149.2 10.3 153.6 4.2 3.0
in € million
sales
27 April 2005, page 7Company Confidential
BarcoView (1)
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OrdersSalesEBI TA
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27 April 2005, page 8Company Confidential
BarcoView (2)
• Orders – Good book-to-bill ratio of 1.1– Orders in Defense & Security weak vs 1Q04– Orders in Medical have grown strongly vs 1Q04 with success
in North America and Europe– Strong orders in Traffic Management, with first large
successes in Vessel Traffic
• Sales– Strong sales growth in Medical confirms strong market– Defense and Traffic Management deliveries weaker than last
year
• Margins– Gross profit margin stable at 44.2 %– Profit margin at 7.8 % weaker than last year, because of
higher operational cost (esp. Voxar R&D and S&M)
• Supply chain– Actions are taken to reduce supply chain risks
27 April 2005, page 9Company Confidential
Barco Media & Entertainment (1)
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1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05
OrdersSalesEBI TA
in € million
27 April 2005, page 10Company Confidential
Barco Media & Entertainment (2)
• Orders– High book-to-bill ratio of 1.21– High order level in Events, especially with projectors and new
indoor/outdoor LED– Strong Media orders, especially in Asia and Europe – Digital Cinema orders continue to grow
• Sales– Flat sales year on year– Media sales high in Europe and Asia, but weaker in US– Good Events sales worldwide (lower in US), particularly for
projector products– Slightly weaker sales in Digital Cinema
• Margins– Gross profit margin at 33.3 %– Refocusing of our media business on more profitable niches,
and stopping manufacturing in US, resulted in worldwide manpower reduction of 65 people
– EBITA margin almost break-even before restructuring cost of € 0.77 million
• New products introduced– Projection : “RLM R6+” (entry-level 3 chip SXGA+)– LED : Indoor/Outdoor SMD “O-Lite-510”
27 April 2005, page 11Company Confidential
Barco Presentation & Simulation (1)
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27 April 2005, page 12Company Confidential
Barco Presentation & Simulation (2)
• Orders– Orders at a lower level than 1Q04, mainly in US– Orders for new projector at high level compensate
for price pressure in mid-range projector market– Book-to-bill ratio of 1.01
• Sales– Presentation
• Lower than 1Q04 because of price erosion in mid-range product, but first good sales of high-end projector
– Simulation• Sales higher than 1Q04, but weak in civil aviation
• Margins– Gross profit margin at 40.6 %– Weaker EBITA margin at 3.6 % because of lower
volumes, and continued price pressure in mid-range projector market
27 April 2005, page 13Company Confidential
Barco Control Rooms (1)
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27 April 2005, page 14Company Confidential
Barco Control Rooms (2)
• Orders– Continued strong growth in orders vs 1Q04, growing with
32 %– Book-to-bill at 1.24, increasing backlog
• Sales– Good sales in all segments, particularly strong in Traffic &
Surveillance– High growth in Asia and Europe
• Margins– Gross profit margin down at 39.7 % but variable profit
margin stabilizing vs 4Q04 thanks to cost down actions, although still lower than 1Q04
– EBITA margin weak at 4.1 % because of lower volume– Cost improvement actions and shifting of the majority of
manufacturing to India, will result in gradual improvement of margins
27 April 2005, page 15Company Confidential
BarcoVision (1)
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1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05
OrdersSalesEBI TA
in € million
27 April 2005, page 16Company Confidential
BarcoVision (2)
• Sales & Orders– Book-to-bill weak at 0.86– Good sales level in 1Q05 thanks to some orders of
2004– Weaker orders and sales in systems business
because of uncertainty w.r.t. WTO impact
• Margins– Gross profit margin at 44.7 %, better than 1Q04– EBITA margin very good at 15.5 % thanks to
excellent cost control
27 April 2005, page 17Company Confidential
Barco Manufacturing Services (1)
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1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05
OrdersSalesEBI TA
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27 April 2005, page 18Company Confidential
Barco Manufacturing Services (2)
• Sales– Sales 13 % lower than last year
• Margins– EBITA margin at –4.7 %, weak due to lower volume
and price pressure in electronic manufacturing– In order to improve profitability, actions will be
taken to further reduce cost of operations
27 April 2005, page 19Company Confidential
Geographical breakdown of sales
52.5%
18.3%
29.2%
52.1%
31,0%
16.9%
EMEA AMERI CAS ASI APAC.
1Q 2004
1Q 2005
27 April 2005, page 20Company Confidential
Key figures Income Statement 1Q05
in € million 1Q04 % 1Q05 %
SalesCost of goods sold
149.2-83.4
100.0-55.9
153.6-92.8
100.0-60.4
Gross ProfitResearch & DevelopmentSales & MarketingGeneral & AdministrationOther operating result
65.9-15.5-25.6-11.3
1.9
44.1-10.4-17.2-7.61.3
60.8-16.0-28.4-13.0
3.0
39.6-10.4-18.5-8.41.9
EBITAGoodwill amortization
15.3-1.8
10.3-1.2
6.40.0
4.20.0
Operating Result 13.5 9.0 6.4 4.2
Non-operating result 0.4 0.3 -0.1 -0.1
Income Taxes -3.9 -2.6 -1.4 -0.9
Net Income 10.0 6.7 4.9 3.2
Current Cash Flow 24.2 16.1 18.2 11.8
Current Earnings per Share (in €) 0.96 0.40
Net Earnings per Share (in €) 0.81 0.40
27 April 2005, page 21Company Confidential
Key figures Balance Sheet
in € million 31/03/04 31/12/04 31/03/05
Accounts Receivable 143.4 166.2 155.4
Inventory 128.7 144.0 154.7
Cash 140.4 90.6 96.7
Financial debt 41.2 57.9 67.0
27 April 2005, page 22Company Confidential
Expectations 2Q05
• Order target between € 180 – 190 million, vs € 178.6 million in 2Q04
• Sales target: between € 170 – 180 million, vs € 171.5 million in 2Q04
• EBITA between € 14 and 19 million