Download - Table of Contents r

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6 Financial Highlights10 Barco in the world & Organisation12 Report of the board of directors12 Letter to the Shareholder

16 Barco Projection Systems20 BarcoView22 BarcoVision24 Barco Graphics26 Barco Specialized Subcontracting

28 New solutions offered by Barco30 Board of directors32 Corporate Governance37 Barco n.v.38 Evolution of the results50 Dividend • Capital • Ownership of the Company’s Shares

Barco consolidated56 Balance Sheet after Appropriation58 Income Statement60 Sources and Uses of Funds62 Commentary on the consolidated accounts64 Notes76 Auditor’s report

Barco n.v.78 Balance Sheet after Appropriation80 Income statement Barco n.v.81 Appropriation account82 Valuation rules83 Notes98 Social Balance

100 Statutory auditor’s report

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Table of Contents

Key figures

1998 1999 2000 2000Turnover 584,177 627,445 751,111 397,637Operating profit 117,709 76,668 93,736 50,336Profits on ordinary activities 108,685 70,836 77,922 40,244Current profit (1) before taxes 121,396 83,858 92,593 47,955Current profit (1) after taxes 87,724 59,843 63,838 33,375Profit after taxes 75,798 44,448 48,728 25,796

Current cash flow (2) 134,876 115,166 127,911 66,156Investments in tangible assets 39,240 23,940 33,347 -Investments in intangible assets (3) 34,320 36,430 51,202 -

Equity 394,585 421,688 450,928 -Net financial funds (4) 37,193 100,279 15,794 -Balance sheet total 721,770 768,609 902,457 -

in %Growth in turnover - 7 20 -Growth in current profit (1) before taxes - -31 10 -Growth in current profit (1) after taxes - -32 7 -Growth in profit after taxes - -41 10 -

Current profit (1) after taxes/turnover 15 10 8 -Current profit (1) after taxes/equity 22 14 14 -Net financial debt (5)/equity 9 24 4 -

Number of associates

Total 4,362 4,338 4,908 -Belgium 2,347 2,326 2,624 -Other countries 2,015 2,012 2,284 -

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Financial highlights

%2nd sem

%

in Mio euro figures exclusive BarcoNet

(1) profit without extraordinary results and depreciation of consolidation goodwill on acquisitions (2) current profit after taxes + amortization & depreciation(3) without consolidation goodwill on acquisitions(4) investments and cash reduced with debts on more than one year, debts on more than one year which expire within

one year and financial debts(5) from 1996 onwards: liquidities

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20

40

60

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140

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20001998 1999

after taxes

before taxes

63,83859,843

87,724

92,59383,858

121,396

• Current profit

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500600700800

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20001998 1999

627,445584,177

751,111

• Turnover

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20001998 1999

4,362 4,338

4,908

• Number of Associates

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Key figures for shareholders

1998 1999 2000Number of shares on 12/31 in thousands 12,354 12,376 12,411

Per share

Current profit (1) after taxes 7.10 4.84 5.14Current cash flow (2) 10.92 9.31 10.31Net profit 6.13 3.60 3.93

Gross dividend (10) 1.88 1.88 1.88Net dividend (3) (10) 1.41 1.41 1.41Net dividend (4) (10) 1.6 1.6 1.6Gross dividend yield (%) (5) (10) 0.8 1.4 2.4Yearly return (%) (6) (11) 44 -41 NAPay-out ratio (%) (7) (10) NA NA 48Price/earnings ratio (8) (10) NA NA 15

Net equity 31.94 34.07 36.33

1998 1999 2000 2000Share price (12)average price 227.54 149.00 128.40 87.57highest price 272.06 250.00 151.50 103.00lowest price 166.09 110.00 115.00 73.30price on 12/31 240.46 139.00 - 79.90

Number of shares traded (9) (12) 18,593 28,328 18,235 13,544

Stock market capitalization on 12/31 (12) in millions 2970.71 1720.28 - 991.64

%in euro figures exclusive BarcoNet

(1) profit without extraordinary results and depreciation of consolidation goodwill on acquisitions (2) current profit after taxes + amortization & depreciation(3) without VVPR-strip(4) with VVPR-strip(5) gross dividend/closing rate on 12/31(6) (stock exchange profit on basis 12/31 last year + gross dividend)/closing rate on 12/31(7) gross dividend/net profit(8) share price 12/31 current profit after taxes per share (9) average on daily basis(10) for 1998 and 1999 this relates to the dividends paid out by the “old” Barco n.v., hence including BarcoNet(11) for 2000 it relates to the return calculated from the time of the first listing to the end of the year(12) until November 10 2000: “old” Barco share prices and numbers

from11/13

until11/10

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%5% Subcontracting

42% Projection Systems

21% Graphics

19%

Vision

13%

View

• Turnover per business unit

5%Rest of the world

46% Europe

16%Asia

33%Nafta

• Geographical breakdown of turnover

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Barco in the world & Organisation

% %R&D AndManufacturingFacilities

BelgiumCzech RepublicGermanyIndiaJapan NorwaySwitzerlandThe NetherlandsUnited KingdomUnited States

Subsidiaries & Offices

EuropeAustriaBelgiumCzech RepublicDenmarkFranceGermanyItalyNorwayPolandRussiaSpainSwitzerlandThe NetherlandsUnited Kingdom

AmericaArgentinaBrazilColombiaUnited States

AsiaChinaHong KongIndiaJapanKoreaMalaysiaSingaporeTaiwanThailand

Middle EastDubai Israel

OceaniaAustralia

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Subc

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View

GraphicsProjectionSystem

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Inter- connection

Technologies

Sensors & Systems

Special Components

Projection Products

Control Rooms

Yarn Clearers for Winders

Accessories for Weaving

Machines

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Vetronics

Defense

Air Traffic Control

Virtual & Augmented Reality

Simulation Products

Machine Vision

Simulation Products

Command & Control

Medical Imaging Systems

Avionics

Daylight Display Systems

Digital Cinema

Electronic Tooling Systems

Commercial Printing

Industrial Printing

Packaging Systems

PACS

Modalities

Loepfe

Dyehouse Controllers

Machine Controllers

Sensors

CIM for Textile

CIM for Plastics

X-Ray Systems

Camera Sorting

Measuring Systems

LED/IR Sorting

Laser Sorting

Silex

Surface Mounting

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Dear Shareholder,Report of the Board of Directors

Barco is closing the year 2000 with an increase compared to 1999 of 10.4 % in the current profit before taxes and beforeamortization of consolidation goodwill. The current profit thus calculated for 2000 amounts to 92.6 million euros beforetaxes and before amortization of consolidation goodwill, and to 63.8 million euros after taxes. The total turnover for thecurrent activities rose by 19.7 % from 627 million euros in 1999 to 751 million euros in 2000. The increase was generatedalmost exclusively by internal growth.All figures for 1999 and 2000 take into account the activities of the entire group, excluding BarcoNet.

Despite the splitting off of BarcoNet, the board of directors will propose to the General Meeting that the dividend be maintained at the level of the previous year, which is tantamount to an increase. Thus the gross dividend will amount to 1.8840 euros (76 BEF). Taking the 25 % withholding tax into account, this will mean a net dividend of 1.4130 euros (57 BEF), or 1.6014 euros (64,60 BEF) with a withholding tax (with VVPR strip) of 15 %. The dividend ispayable from May 29, 2001.

Two of the four core activities underwent strong growth in the course of 2000 as a whole. Barco Projection Systems turnover rose by 39 % to 314 million euros. This growth can to a large extent be explained bythe growth of Barco Control Rooms by 36 % and that of Daylight Display Systems by 300 %. Barco Projection Productssucceeded in recovering a part of its share of the Rental & Staging market. BarcoView boosted its turnover to 135 million euros, which means an increase of 36 %. Medical Imaging Systemssucceeded in raising its turnover by 52 %. This market continues in full expansion due to the ongoing digitalization ofthe hospital world. Command & Control turnover grew by 28 %. In the course of 2000, BarcoView took over the Frenchcompany Texen, for which only the month of December was consolidated. This was the only external growth factor forthe Barco Group in 2000. With a view to continuing the growth in Barco Projection Systems and BarcoView, particularly in the second half of2000, recruitment and capital expenditures were accelerated in the three areas of Research & Development, Marketing& Sales, and Production. BarcoVision had a 7.5 % increase in turnover and was able to increase its profitability. Due to the very difficult marketconditions that characterized the DRUPA year, Barco Graphics turnover fell by 10 %. For 2001, however, Barco Graphicsis expecting the delivery of the new systems introduced at the four-yearly DRUPA Trade Fair to have a positive impacton its results.

Barco turnover for the second half of 2000 amounted to 398 million euros, which was an increase in current activities of23.7 % compared to the same period in 1999. The current profit before taxes and before amortization of consolidationgoodwill rose in the second half of the year by 6.4 % in comparison with the second half of 1999, to 48 million euros.For 2000 as a whole, the tax rate was 30 % and a current cash flow of 127,9 million euros was realized, which is 17 %of the turnover.

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The results for the second half of the year were clearly affected by two factors. On the one hand, there was the highprice of components due to shortages in the market, which also led to a buildup of larger reserves. On the other hand,with a view to continuing the growth in particular of Barco Projection Systems and BarcoView, recruitment and capitalexpenditures were accelerated from May 2000 onward. Accordingly, in the course of 2000 the number of Barcoassociates grew by 570 to a total of 4908.

The most notable event of the year was the split-off of BarcoNet. This split-off made BarcoNet ready for furtheralliances in its sector, and was thus necessary with a view to its further growth. BarcoNet could not achieve a number ofstrategic objectives rapidly enough through its own development or expansion, so it had to look out for strategicacquisitions. For the greater part of 2000, however, the financial climate in the communications sector was so euphoricthat cash acquisitions were very risky. For this reason, it was necessary to create an opportunity for BarcoNet to carryout acquisitions by means of share transactions. The listing of BarcoNet on the stock exchange made it possible to payfor the acquisition of The industree in late October 2000 with shares. Thus, despite the prevailing financial climate,BarcoNet was given an opportunity to strengthen its strategic position.

After the splitting off of BarcoNet, all the activities remaining within the Barco group have to do with hardware andsoftware for the processing of electronic images, whether in analogue or digital form. Within certain departments atBarco Projection Systems, specific knowledge is used for the optimal processing of computer images for applicationssuch as simulation or process control by means of a number of large screens. Then again, other departments reproducevideo signals as faithfully as possible by means of a home theater or on gigantic screens in a sports stadium. BarcoViewis focusing rather on a number of critical applications, such as image formation for medical diagnosis or subsystems forprocessing and reproducing information which is essential for controlling air traffic. BarcoVision employs imageprocessing for example to automate visual inspection for quality control of weaving looms or for use in foodproduction. Finally, Barco Graphics uses digital graphic information in systems for packaging design, prepress orproduction of high-precision printed circuits.

Each of the current Barco activities is thus centered around image processing systems that are offered to the customersas total solutions, with hardware, software and comprehensive service. In this way, Barco is focusing on a number ofapplications within one of the most rapidly growing fields of technology, which should enable it to achieve a 15 %average growth in profits for its activities as a whole in the coming years. In addition, Barco is able to take advantageof years of know-how in this field, which is doubtless an advantage vis-à-vis its competitors.

Barco understands very well, however, that each of these sub-markets has its own dynamics relating to applicationsinnovation and market structure. Barco will therefore develop each of its activities into entities that are autonomousenough to control all vital aspects of their operational management themselves. Already at the present time, each of

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them has its own management, its own international network for marketing and sales, its own research anddevelopment, and its own means of production for specific operations. This decentralization enables them to respondwith sufficient rapidity to changes in the market.

In order to emphasize this process of growing self-sufficiency, Barco will be releasing even more information on theperformance of each of these activities, which will enable analysts and investors to compare them with othercompanies in the same markets. Thus Barco will be providing information on turnover and profitability for each activity. Moreover, for each activityBarco will from now on be making public a number of vital parameters, such as expenditures for Research &Development, geographical distribution of sales, employment, and even turnover and growth of the most importantsub-activities. Hence Barco is continuing to pursue a high degree of transparency in relation to the shareholder, both atthe level of the group and at the level of the various activities.

Where, as a result of the very high market values, growth in 2000 was nearly exclusively internal, Barco’s sights alsocontinue to be set on further external growth. In 2000, Barco did indeed see a number of opportunities in the market,but was not prepared to pay the prices that were being asked. In late 2000 and early 2001 there was a clear decline inthe share prices of technology companies in general. Barco is therefore currently studying a number of possibleacquisitions for several of its core activities. In view of the fact that cash deals are once again becoming feasible in thefinancial climate of early 2001, better opportunities will certainly be arising than in 2000.

As already mentioned, Barco stands by its objective of realizing a 15 % average annual growth in profits for the comingyears. Specifically for 2001, however, Barco is anticipating that a number of negative developments in the general economicclimate in the United States and in Europe could have an effect on the different activities. In view of the specializationof its market areas, Barco nonetheless dares to anticipate a growth rate that will be higher than that of 2000.

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Large Screen Displays

Man-Machine Interfacing

From Image Enhancement to CustomizedImage Manipulation; maximizing impactthrough leading-edge visual technologies.

Mastering all single- and multiple projectortechnologies; CRT, LCD and DLP™.Direct view systems for indoor and outdoor use with advanced LED technology.

Intuitive control of sources, images and peripheral devices via touch panel, remote controls or keyboards. Resizing and windowing possibilities.

From Projection Products to Expertise

Image Generation

Barco Projection Systemswww.barco.com/projection_systems

Communication Access

Full compatibility with all local or networksources, analog or digital and in all formats.Software intelligence for content creation andfor monitoring, management and control.

Large Screen in Interactive Visual Communication

Barco Projection Systemswww.barco.com/projection_systems

High Added

Daylight AdvertizingSports & EventsDaylight Display Systems was started up in late 1999 using LED technology. It develops billboards for outdoor and indoor use in bright daylightenvironments. Advertizing, sport stadiums, theme parks and event staging are some of the major markets.

Rental & StagingSolutions for Rental & Staging combine high light-output with robust mechanics for easy set-up and quick maintenance. Barco systems are used at pop concerts, corporate shows and events with thousands of participants.

High-quality large screen projectors designed for presentations, meeting and training rooms, auditoriums, leisure and entertainmentapplications. Networking capabilities set newstandards in intelligent remote control and centralmanagement of the projectors.

Connecting Knowledge

Corporate Applications

BarcoNexxis focuseson the developmentof solutions thatcombine groupware,visual collaborationand communicationtechnologies.BarcoNexxis’INTELLIROOM®, whichbrings together allsources ofinformation on onedisplay, is the idealtool for efficientdecision-making.

ValueA Dedicated Niche Market Approach

With a worldwide market share of over 50% Barco ControlRooms has become the industry standard in the field ofmonitoring solutions for Control & Operation Centers in

telecom, traffic, surveillance, public utilities, broadcasting,finance and service providing companies.

Control Rooms

Barco, in partnership with Texas Instruments, is leading the wayin setting revolutionary new digital projection standards for

large-screen, feature film display in the theaters of tomorrow.

Digital Cinema

Product groups in Europe and the USA contribute to the worldwideexpansion in applications for flight simulators, scientific visualization and

simulation, industrial design, prototype modeling, theme parks...

Simulation, Virtual & Augmented Reality

Combining advanced electronics withhigh-quality optics and proven

CRT technology, Barco CINE projectorsare setting today’s standards in

film projection at home.

Home Theater

• Record sales in 2000: +36% in comparison with 1999.• Barco Display Systems has become BarcoView; the name change highlights the advanced visualization

solutions offered.• Acquisition of Texen, a subsidiary of Thales, in December 2000. France-based Texen strengthens

BarcoView’s European position and integration capabilities. Texen will become Barco’s worldwide centerof competence for consoles and associated software, rugged workstations and PC’s.

• New organization structure with three business units (Medical Imaging Systems, Avionics and Command& Control) reflects customer-oriented market approach.

Innovative Visual TechnologyInnovative Visual Technologywww.barcoview.comwww.barcoview.com

• Continued market penetration and product expansion. Avionics will enter series production in 2001.• Contracts awarded by Boeing and Russian Institute of Aircraft Equipment. • First deliveries (prototypes and preseries) to Eurocopter and Raytheon.• Sales expected to double in 2001.

AIR TRAFFIC CONTROL• ISIS, first large size 2K x 2K LCD main display for ATC applications, presented at ATCA 2000 exhibition in Atlantic City.

Strategic cooperation agreement with Samsung for development of ISIS LCD display family. • First ISIS orders already received from leading aviation authorities; series production will start in last quarter of 2001.• PCI graphics controller range expanded with ISIS-compatible digital 2K x 2K card. BarcoView leadership in ATC market

confirmed by success of PCI product range. Major contracts awarded include SwissControl, Airsys ATM, LockheedMartin and Eurocontrol.

C4I• Record sales and orders for rugged display solutions.• Massive sales of 20” rugged LCD expected to go on in 2001.• Next generation of rugged LCD displays, the MRFD family, introduced. Incorporated Video

Processing (Picture-In-Picture) and modularity of MRFD (Modular Rugged Flat Display) will allow forflexible technology insertion.

• New VME graphics controller range, the Q-70 compatible AVS family (Advanced VisualizationSystem), introduced. Selected by several system integrators, including Raytheon.

VETRONICS• First successes: major contracts signed and series production of BARCOVECTOR® product range started.

Substantial growth expected in coming years.• Contracts with Krauss-Maffei Wegmann, Thomson Optronique and MaK (Multi Role Armored

Vehicle, MRAV program, the NATO’s largest collaborative armored vehicle program).• Acquisition of Texen expands BarcoView product range with rugged portable PC and workstation

solutions.

SYSTEMS & CONSOLES• First series production of C5 console with PCI cardcage; VME version of COTS console finalized. Development of

second generation of consoles successfully started.• First reference orders for the ConaN rugged workstation.• Acquisition of Texen strengthens integration capabilities, considerably expands BarcoView console product range and

will allow for accelerated growth.

• 52% increase in sales and orders, huge sales increase in Asia; European PACS market has started to catch up since Q4.• New and existing customers, mostly from USA and Japan, awarded significant contracts for the coming years.• Further expansion of organization with regional marketing and support & sales center in Taiwan for Asian market.• Sixteen new products introduced at RSNA 2000, Chicago, the leading tradeshow for medical imaging. Product

range expanded with greyscale and color LCD display range, BARCOMED® 2MP2H and 3MP2FH medicalimaging boards with 1024 shades of grey, MEDICAL® Administrator QA software and IMAGEDESK®

radiology display system.• Prepress & Publishing product group incorporated into Medical Imaging Systems organization.

- New PERSONAL CALIBRATOR® introduced.- New distribution model with network of specialized national distributors.

AVIONICS - MONITORING YOUR VISION

COMMAND & CONTROL - CONFORMING TO YOUR ENVIRONMENT

MEDICAL IMAGING SYSTEMS - THE IMAGE OF FILMLESS PERFECTION

For more information about contracts, please refer to our website: www.barcoview.com

c o m p a t i b l e w i t h y o u r

B a r c o G r a p h i c s ,

compatible with you

www.barco.com/graphics/ets

COMMERCIAL PRINTING

PACKAGING

ETSINDUSTRIALPRINTING

V I S I O N

Barco Graphics’ Packaging Business Unit focuseson high-productivity design and preproductionsolutions for various packaging industry segments.

Barco Graphics’ Commercial Printing Business Unit offers state-of-the-art digital prepress and workflow solutions as well as Computer-to-Film andComputer-to-Plate output devices for customers in the book, catalog,magazine, commercial, digital and cartographic printing markets.

Barco Graphics’ Industrial Printing BusinessUnit is currently concentrating on the.factory, anew industrial digital color inkjet printer withapplications in the decorative printing, securityprinting and industrial printing markets.

Barco ETS is a leading vendor to the electronicsmanufacturing industry offering engineeringsolutions for generating and managing all toolsrequired for the production of PCB’s.

BarcoVisionÕs sorting and inspection systems are usedprimarily in the food processing industry. Their superior skills for designing and manufacturingelectronics, optics, interfaces, shape recognitionsoftware and robust machine concepts are theparamount strengths of Barco. Along with our presence in the food pro-cessing industry, Barco is active in avariety of markets, such as: plasticrecycling, tobacco, textiles andchemicals. Barco is still theonly company providing allavailable automatic on-line inspection techno-logies and combina-tions of thesetechnologies.

Camera and Laser sorting machines MIRA

MIRA, a new family of optical sorters, is modular indesign and can be equipped with several scan

and rejection technologies, such as camerasor lasers, or with combinations of the two.

Innovative engineering designs for view-ing on belt, on a reference roller or in-

flight, or your choice of detectioncombinations allow MIRA to

meet your demands foraccuracy and high-speed

quality control withmaximum flexibility.

X-Ray,LED sorting machines andMeasuring Systems

BarcoÕs X18K and FUTURAX-ray systems have been up-dated to the latest standards intechnology and remain the leaders inthe high-end X-ray markets. The MAT 3000, a state-of-the-art LED sorter,is equipped with all the latest technologiesavailable. The POM Measuring Systems arebecoming the standard in the world of measuring.Many leading food processing companies have alreadyinvested in these systems.

FLUO lasersorting

technology

BarcoÕs newly developedfluorescence laser techno-

logy represents the next gene-ration of laser sorting. Due to the

fluorescence features of some pro-ducts, the newly patented fluorescence

laser technology gives an even bettercontrast between color and texture dif-

ferences. With BarcoÕs fluorescence laser tech-nology, we can discriminate with very high reliability

between products, resulting in higher detection andlower false reject percentages.

Tomorrow’s Vision, Today

Barco SEDOoffers automation

solutions for textiledye houses, including

machine controllers andcentralization, recipe and color

matching systems.SEDOMAT5000, with remote Input/

Output and communication with stan-dard PLCÕs, is used for batch as well as

for continuous dyeing. EyeOpener, a real time on-line shade variation

detection system, is used on continuous finishingranges for on-line quality control as well as on

finished fabric inspection tables.

BarcoVision offers a wide range of sensors and detectionsystems for spinning, weaving and textile finishing. WithCottonSorter for the opening lines, SliverWatch fordraw frames, ABS for the OE spinning machinesand Loepfe YarnMaster900 for winders, BarcoVision is the only supplier in the worldoffering a complete solution to fight con-tamination in the spinning plant.

Cyclops detects warp and fillingdefects during weaving andstops the loom in case ofoff-quality fabric beingproduced.

Swiss subsidiaryLoepfe specializesin yarn clearers forwinders and electronicaccessories for weavingmachines. Besides standardyarn clearing, LoepfeYarnMaster clearers come withforeign fiber detection and on-linequality functions, bringing a 100%quality assurance to the winding plant.

LoepfeÕs weft yarn brakes guarantee a uniformtension of the weft yarn during weaving, resulting ina higher loom efficiency and better fabric quality.

With SYCOTEX, BarcoVision offers a plant-wide CIMsystem for spinning, weaving and textile finishing. This

client-server based system informs the textile mana-ger in real time about efficiencies, order status and

quality level in the mill.

Leading injection, blow molding andextrusion companies use BarcoCim,

BarcoÕs production management sys-tem for the plastics industry, as

their tool for production moni-toring and scheduling, and

for process and qualitycontrol.

Special Components

Machine BuildingBarco Machine Building is a young dynamic division ofBarco that is active in the world of mechatronics. Thethorough integration of electromechanics, pneumatics andelectronics gives the customers a technological advantagein their automation projects.

Barco Machine Building focuses mainly on high-end, high-precision product lines that create substantial added valuefor our customers. Taking a project-oriented approach andalways working in close collaboration with the customer,Barco specialists precisely define the needs and specifi-cations for development, prototyping and serial produc-tion, in order to offer the most adequate possible solution.An experienced team of engineers, equipped with the mostadvanced design tools, develops state-of-the-art products,utilizing the detailed drawings and exploded viewsrequired for production, assembly and testing.

Thanks to the wide range of facilities under our own roof,the entire process can be followed together with thecustomer in a direct, real time manner, and the productscan be manufactured in the most economical way possible.

MechanicsThe Mechanics Department is an innovative and reliablepartner in the process of turning creative engineering solu-tions into reliable manufacturing processes. It consists ofone unit in Belgium and another in the Czech Republic. The combination of engineering, mechanics and electronicsenables the department to produce both semi-manu-factured and end products. Every project is carried out witha maximum of flexibility and inventiveness. Barco offerscustom-made solutions within the framework of the ‘one-

stop shopping’ concept. This enables companies, in all con-fidence, to outsource high precision engineering andmanufacturing activities and focus on their core business.

The Mechanics Department carries out both once-only andsmall series projects for a great variety of different indus-tries, such as the medical and the graphics industries, tele-communications companies, aviation and defense. It offersthe technical skills, the infrastructure and, above all, thereadiness to produce components and subassemblies invery short periods of time.

Plastics and Tools The Plastics Department has an extensive range of injection-molding machines for the production of small and medium-sized parts weighing up to 700 grams. Customers receive

Barco Specialized Subcontracting

professional support in the application of new, rapidlyevolving technologies that offer great advantages. Thedepartment has developed great expertise in completerapid prototyping services. Moreover, the use of roboticsand automatic packaging technologies enables Barco tocombine low cost with the highest of quality.

The Tools Department is specialized in high-precisioninjection moulds for metal and plastic parts. It serves avariety of markets, but has developed particular expertise inserving customers requiring high precision and extremelyshort delivery times.

Coils&TransformersWith fully customized applications, Coils & Transformers isan experienced partner in the development and production

of wire-wound components such as switch-mode powersupply (SMPS) transformers, coils, sensors and actuators. Thefacilities in Belgium are optimized for small seriesproduction with short delivery times, while our plant in theCzech Republic produces larger series at competitive prices.

Our expertise and state-of-the-art machinery (vacuumtechnology) for the encapsulation of electronic componentsenable the production of customized, reliable and compacthigh voltage power supplies. Power supplies for ozonegeneration and for x-ray applications up to 160 kV arecurrently being developed and manufactured. In additionto high voltage units, sensors and actuators for use undersevere operating conditions are also being encapsulatedwith epoxy or silicone.

Interconnection Technologies

Silex - Surface Mounting - PrintsBarco Interconnection Technologies (BIT) derives greatbenefit from its long and extensive experience on thecutting edge of technological progress. With its total com-mitment to excellence and the creation of innovativesolutions, BIT is keeping abreast of today's growingdemand for smaller, better performing and more reliablecomponents, circuits and modules.

Barco Interconnection Technologies interlinks Barco Prints,BarcoSurface Mounting and Barco Silex. A wide range ofproducts and activities, including ASIC & FPGA design,custom-made thick film with die and wire bonding, chip onboard, fine line multilayer PCB and full SMD facilities, arethus integrated into a single company.

Barco Interconnection Technologies creates profitablesynergies between the different technologies and offers acomplete and flexible turnkey service. BIT truly inter-connects high-tech solutions at all levels to meet everyspecific customer need.

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The repeated and successful introduction of new products and systems at Barco is not maintained without great effort.In each case, these innovations are based on lengthy observations carried out on customer premises and extensiveevaluations of suitable technologies. "Simple" inventions that nonetheless meet with worldwide success are likemiracles. And they are equally rare. A successful product or system is the work of a motivated multifunctional team oftalented associates. The associates who are responsible for research and development must therefore be able to workwithin a reliable, smoothly-functioning infrastructure. Clear objectives, agreed upon with the different marketingteams, are an absolute necessity for a high-tech company like Barco.

Once again in 2000, Barco experimented with an extensive range of technologies. These technologies were evaluatedand in certain cases have already been implemented in new Barco products. More than a thousand talented engineersspread all over the world are directly involved in this process. It is obvious that mutual communication is anindispensable component of such an undertaking. Internet, Intranet, e-mailing, tele- and videoconferencing are clearlypart of the set of tools that Barco’s R&D teams use on a daily basis.

One example of Barco’s communication infrastructure that has been in use for some years already is the so-called‘techteam’ concept. Barco of necessity has a broad basis of technological disciplines in house. In addition to the wholerange of specialties relating to electronics that are present (micro-electronics, power electronics, digitaltechnologies,....), a variety of R&D teams are just as active in computer science, optics, mechanics, etc. Speciallystructured techteam mailing lists bring engineers with similar specialties into contact with one another. The dailyexchange of knowledge and experience around the world means that problems get solved more quickly. This horizontalcommunication structure is clearly a source of enrichment within the flat structure that for years has contributed toBarco’s success and enabled the company to "play close to the ball".

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New solutions offered by Barco

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Barco Projection Systems once again confirmed its statusas a world-class specialist in image quality, thanks in partto the detailed store of knowledge has built up in thefield of optics and its expertise in noise-reductiontechnology and heat-control problems in high-poweredprojectors. Naturally, its thorough knowledge ofelectronics also played a crucial role in this success. The eye-stopper in 2000, both literally and figuratively,was perhaps Daylight Display Systems, a new business unitof Barco Projection Systems that offers large modulardisplays based on LED technology. Highly bright imagescan be utilized for a variety of applications, includingopen-air. In scarcely a year’s time, Barco Daylight DisplaySystems has indisputably captured a leading position in itstarget market. The unique image quality is achievedthrough original production methods and patented circuitengineering.In the second half of 2000, Barco Digital Cinema alsodeveloped and produced the first D-CineStar projectors,based on Texas Instruments’ DLP CinemaTM technology.

Another important Barco mainstay, BarcoView, certainlydid not lag behind in R&D activities and the resultingsuccesses. For some time already, the business unitresponsible for the visualization of medical images, alongwith other units, has been achieving phenomenalsuccesses with the latest high-resolution monochromedisplays. Extremely high image resolution, coupled withuniform gray values, are ensuring the success of this CRTtechnology in the world of radiology as well.

To supplement this product line, a medical display basedon LCD technology is also in the process of development.This new display will have three million pixels and willalso guarantee the strict gray scale tolerances demandedby specialists in radiology. "Command and control systems" is the second keybusiness unit of the BarcoView activity in which advancedresearch led to successful products and systems. The mostnotable achievement here must be the "ISIS" display. ThisLCD-based screen containing four million pixels is withoutany doubt the display of choice in the world of air trafficcontrol. BarcoView is confident that this smooth, perfectcolor screen, without flickering or convergence errors, willin a short time supersede the earlier CRT-based solution.

In the past year Barco Graphics has made exceptionalefforts in the field of R&D, and these are clearly pointingthe way to future success. The prototype of a new inkjetprinting press (the.factory) was demonstrated at theDRUPA Trade Fair in May 2000, where it captured theattention of the industrial printers. The "direct to plate"research has also reaped success with the new Mondrianand Viking machines. A number of orders have alreadybeen placed for these new developments.

And, last but not least, BarcoVision once againdemonstrated its competence and clout with itsfluorescence-based food inspection equipment and otherproducts. For a few years, this promising technology willbe a significant factor in the results of this group.

Board of directors

Chairman Herman DaemsPresident & CEO Hugo VandammeSenior Vice President & COO Erik DejongheDirectors Jozef Cornu

Marc OomsRené Smits Eric Van ZeleMarc Vercruysse Robert J. VerhoevenKarel Vinck

Honorary Chairman Raynier van Outryve d'YdewalleHonorary Vice-Chairman Alfons WatteeuwHonorary Director Rafaël De BieHonorary Director Jean-Claude DeschampsHonorary Director Gerard Van Acker

Secretary Antoon Van Petegem

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Statutory Auditor

Ernst & Young Bedrijfsrevisoren S.C.C.Marcel Thirylaan 2041200 Brussels

represented by Ludo Swolfs and Marc Van Hoecke

Senior Group Management

President & CEO Hugo VandammeSenior Vice President & COO Erik DejongheVice President & CFO Antoon Van PetegemSenior Vice President Bernard DursinVice President Human Resources& Corporate Affairs Donald Defoort

Management Activities

• Barco Projection SystemsSenior Vice President, Managing Director Frans Claerbout

• Barco GraphicsVice President, Managing Director Bruno Pairon

• BarcoViewSenior Vice President, Managing Director Luc Vandenbroucke

• BarcoVisionVice President, Managing Director Bernard Cruycke

• Barco Interconnection TechnologiesGeneral Manager Patrick Luyssen

• Barco Special ComponentsVice President, Managing Director Willy Maes

Regional Presidents

President Barco America Dany ClaeysPresident Barco Japan Jacques Bertrand

Group Management & Senior Staff Positions

Vice President Research & Development André De ClercqVice President Information Technologies Miel SchampVice President Operation Control Bernard VersavelVice President Corporate Communication & Investor Relations JP TangheDirector Corporate Business Development Roger GesquiereCorporate Director Barco Europe Jean-Pierre Paret

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The board of directors

Directors

Main position Date on which the termoutside the company of office expires: end of

the annual meeting

Chairman:Herman Daems (1) Chairman of the board of Directors Gimv 2006President & CEO:Hugo Vandamme (4) 2002Senior Vice President & COO:Erik Dejonghe (4) 2002Directors:Jozef Cornu (2) Executive Assistant to the Chairman of Alcatel 2004Marc Ooms (3) Managing Director Petercam n.v. 2004René Smits (1) Observer on the board of directors 2002

(from 03/05/01 onwards – appointed by the board of directors as a result of the resignation of Gerard Van Acker)

Eric Van Zele (2) Managing Director Telindus n.v. 2004Marc Vercruysse (1) Chief Financial Officer Gimv 2006Robert J. Verhoeven (2) Managing Director BMT n.v. 2004Karel Vinck (2) Chairman of the board of directors Union Minière n.v. 2002

Alex Brabers (1) Investment Director (until 11/09/00)Gerard Van Acker (1) President & CEO Gimv (until 01/25/01)

(1) non-executive directors attached to shareholder Gimv

(2) non-executive independent directors

(3) non-executive directors; Marc Ooms is an independent director on the Gimv board of directors

(4) executive directors

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Corporate Governance

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Honorary directors

Honorary chairman Raynier van Ouytryve d’YdewalleHonorary vice-chairman Alfons WatteeuwHonorary director Rafaël De BieHonorary director Jean-Claude DeschampsHonorary director Gerard Van Acker

The board consists of ten members:• two executive directors, the Chief Executive Officer and the Chief Operating Officer;• three non-executive directors, who are part of the management of Gimv, as chairman of the board of directors,

Chief Financial Officer and observer on the board of directors; • four independent, non-executive directors who have senior positions in prominent international business enterprises;• a non-executive director, managing director of a prominent stock broker, who is an independent director on the

board of directors of shareholder Gimv.

Statutory rules governing the appointment and re-appointment of directors

According to the statutes, the company shall be managed by a board of directors consisting of at least five (5) directors,at least two (2) of whom shall be independent directors. The independent directors shall:• not presently be or in the recent past have been employed by the company or by the companies having ties with it or

by a shareholder who possesses three percent or more of the voting stock of the company;• not be a shareholder who possesses three percent or more of the voting stock of the company;• not have any other relationship with the company that, in the opinion of the board of directors, could affect their

independence in carrying out their responsibilities as members of the board of directors.

The directors, who may or may not be shareholders, are appointed by the general meeting for a term which may notexceed six years. Their term of office ends at the closing of the annual meeting. Directors may be dismissed at any timeby the general meeting.Directors who have reached the end of their terms of office may be re-appointed.The age limit has been set at 65 as of the day of appointment.In the event of one or more vacancies, the company shall be validly managed and represented by the board ofdirectors, consisting of the remaining directors, until the vacancy is filled. The board of directors shall also be entitled tofill the vacancy provisionally. The first general meeting that is held thereafter needs to decide on the definitiveappointment.

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New directors are proposed by the chairman and the CEO;international business experience and/or experience inprofessional electronics are the main selection criteria.The Gimv representatives are proposed by the board ofdirectors of Gimv. In practice, directors are appointed forterms of office of one to six years.

Operation of the board of directors

The board of directors is authorized to undertake allactions which are necessary or useful to achieve the goalsof the company, except for those where according to thelaw sole authority lies with the meeting of shareholders.

According to the statutes, the board of directors mustmeet at least five (5) times per year; at least one (1)meeting shall be held each quarter and one (1) meetingshall be held for the purpose of drawing up the AnnualStatement of Accounts and the Annual Report.

Some eight meetings shall be held throughout the year.The members shall receive the relevant information in atimely fashion in order to prepare the meetingsthoroughly. The board of directors must be summoned whenever theinterests of the company so require and whenever at leasttwo directors so request. In 2000 the board of directorsmet 11 times. There were also two written and fourtelephone consultations of the members of the board of directors.

At every meeting the board is updated on the variousactivities. Key data can be made available within the firstweek of every month, while detailed financial reportingat the group level with consolidated key figures peractivity is available within one month. The uniformity ofthis reporting permits comparison over time, and between various activities.

If one or more of the directors wishes to obtain advicefrom an independent expert, this proposal must bepresented to the entire board of directors. In the case of a positive decision by the board of directors, the costs forobtaining the advice shall be paid by the company.

Statutory rules concerningdecision-making withinthe board of directors

The board of directors meets under the chairmanship ofits chairman. In the event the chairman is unable toattend, the other directors who are present shall select a director from among their ranks to replace him.

The board of directors can deliberate and take resolutionsonly on matters which are on the agenda, and only whenat least a majority of its members is present orrepresented at the meeting. This requirement to bepresent shall not apply for resolutions in which themajority of the members of the board do not take part,pursuant to Article 523 of company law, subject, however,to the condition that at this meeting a majority of theremaining directors must be present or represented.

The board of directors can validly deliberate on and takeresolutions concerning matters which are not mentionedon the agenda only if all members are present at themeeting and agree thereto. This agreement is deemed to have been given when, according to the minutes, noobjection has been raised.

Any director may commission one of his colleagues,by simple letter, fax, e-mail or any other means ofcommunication involving a printed document, torepresent him at a specific meeting of the board, and tovote on his behalf and in his place. In these circumstancesthe commissioning director is deemed to be present. A single director may represent several of his colleagues.

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The resolutions of the board of directors shall be taken by a simple majority of votes. In the event of a tied vote,the director chairing the meeting has the casting vote.

The decisions of the board of directors may be taken inwriting pursuant to the legal provisions in this matter.

Most significant types of subjects discussed bythe board of directors

The board of directors discusses the Medium-Term Plan,the Short-Term Plan (Profit Plan), the annual and half-yearly results, financing, legal problems relating tocompany law, acquisitions and strategy, and it reviews the interim results for each activity. These discussionsencompass both the parent company and its subsidiaries.Other subjects such as important organizational changes,personnel matters (e.g. stock option plans), externalcommunication, quality care and current affairs such asmajor informatics projects are frequent topics on theagenda of the board of directors.

Way in which the boardsupervises day-to-daymanagement

No executive committee has been set up within the boardof directors. Active management is carried out by Mr.Hugo Vandamme as CEO and Mr. Erik Dejonghe as SeniorVice President & COO. For general matters, they areassisted by an internal executive committee, whichconsists of the managing directors of the various activitiesof the company and managing directors who areresponsible for certain functions. Extended competencewas delegated to the managing directors of the variousactivities of the company for the management of theiractivities, under supervision of a "board of directors"

within the involved activity. These "boards of directors"consist of members of the internal executive committeeand other important managers within the company. Thesemembers are also regularly invited to the board meetingsof the company to provide information on the results oftheir activity, the short-term and long-term planning, andimportant investment projects.

Rules governing the exercise of themanagement function

Regardless of the general powers of representation of the board of directors as a collegiate body, the company islegally bound, both in court and outside, by two directorsacting jointly.

With respect to day-to-day management, the company isalso legally represented, both in court and outside, eitherby each managing director or by each director to whomday-to-day management is entrusted. In addition, thecompany is legally bound by persons to whom specialauthority has been delegated, within the limit of thedelegated authority granted to them.

Rules and procedures for establishing directors’remuneration

The general meeting may grant fixed remuneration to the directors, which will be charged to the general costs.For the executive directors, the remuneration is stipulatedby the remuneration committee. The variable part of this remuneration, including thenumber of stock options granted to them, is stipulated as a function of the profits and the increase of profits andthe evolution of the long-term growth potential of thecompany.

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The board of directors is also authorized to grantremuneration to directors entrusted with special functionsor tasks. These are charged as general costs.For 2001, a total remuneration for the directors of604,860.20 euros will be proposed to the general meeting.In 2000 a total of 2000 stock options were granted to thenon-executive directors.

Committees set up by the board of directors

The audit committee (established on March 28, 1994) hasthe task of reporting to and advising the board ofdirectors.The audit committee supervises the company’s accountingoperations and financial reporting. It verifies that thereare sufficient internal controls and, in collaboration withthe statutory auditors, it inquires into accountancy issues,including the assessment. It meets at least twice per yearin order to discuss the half-year statement and the draftsof the annual accounts and of the consolidated annualaccounts. The audit committee can at any time requestspecific reports on all aspects of the company. It isauthorized to request such information from the statutory auditors, as well. The audit committee canrequisition any necessary documents and information, andit can carry out any audit. The majority of the members ofthis committee must be independent directors. Thecommittee is composed of Mr. Robert Verhoeven,Chairman, and Messrs. Marc Ooms and Marc Vercruysse.The two Executive Directors, Messrs. Hugo Vandamme andErik Dejonghe, and the Vice President of Finance &Administration, Mr. Antoon Van Petegem, are invited tothe meetings. The statutory auditor is usually invited tothe meetings. The internal auditor receives his tasks fromthe audit committee and reports directly to the auditcommittee. Other members of the management can alsobe invited for the discussion of specific subjects.

This committee pays particular attention to the half-yearlyand yearly reporting to shareholders. In 2000 the auditcommittee met three times. The members of the auditcommittee also had one telephone consultation.

The remuneration committee (set up on January 9, 1995)is made up exclusively of non-executive directors: Messrs.Herman Daems, Jozef Cornu and Karel Vinck. Pursuant tothe statutes, at least one member must be anindependent director. The Chairman of the board ofdirectors shall also be a member of the remunerationcommittee. The executive directors shall not be membersof the remuneration committee.

One of the responsibilities of the remuneration committeeis to ensure that the members of the staff areremunerated fairly and appropriately in relation to theircontribution to the performance and well-being of thecompany. At the same time, the committee makesrecommendations to the board of directors. Theremuneration committee is also responsible forimplementing the decisions of the general meeting and/orof the board of directors. The board of directors canassign certain tasks to the remuneration committee.

The board of directors can also set up ad hoc committees.This was the case, for example, with the stock optioncommittee, which was set up on June 7, 1999 by theextraordinary general meeting.There is no selection committee. The selection procedureis explained above in the present text.

Policy on theappropriation of profits

The net profit is distributed as follows: At least five percent is set aside to form the legal reserve,until this amounts to one-tenth of the company capital. The application of the profit balance on the basis of a

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proposal made by the board of directors is settled by asimple majority of votes cast in the general meeting. The board of directors determines when and how thedividends are to be paid. The board of directors isempowered to pay interim dividends, subject to the legalprovisions contained in Article 77/ter. It may not resolve to do so less than six months after the closing of theprevious financial year, and before the approval of theannual accounts for the same financial year. The paymentof a second interim dividend in the same year may not be resolved less than three months after the resolutionconcerning the first interim dividend.

The intention continues to be, as in the past, to havedividends follow the earnings evolution.

Relations with dominantshareholders

Under an agreement dated December 17, 1990 betweenthe Gimv and Barco, the Gimv undertakes to provide anykind of advice which may relate to and be relevant to thegeneral management of the company, in particular legaladvice and advice on setting up optimal acquisitionstructures.

In addition to the information provided in the directors’report on the consolidated accounts of the company, the following items need to be reported for Barco n.v.Barco n.v.’s unconsolidated turnover decreased by 6.4%from 226.1 million euros to 211.6 million euros.

Remuneration paid to the statutory auditor for specialassignments and to the persons with whom the statutoryauditor collaborates in his professional capacity amountedto 103,390.19 euros over the past financial year. Paymentsto the statutory auditor for special assignments weregranted mainly as a result of the split of the Barco Groupand the analytical audit of the annual returns of a number of smaller companies within the group. The persons with whom the statutory auditor collaborates professionally were paid with fundsdesignated for fiscal and social consulting services.

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Barco n.v.

Barco turnover (excluding BarcoNet, both for 1999 and for 2000) rose by 19.7 % in 2000. The external growth resultingfrom acquisitions was negligible (0.4 %), though the increase caused by fluctuations in the exchange rate of the U.S.dollar, the British pound and the Japanese yen amounted to roughly 7 %. The net effect of the fluctuations in the exchange rates on the results is very limited: a positive impact of roughly plus1.5 million euros, due in part to the negative result of hedging operations amounting to 1.5 million euros. The effect ofthe rise in the dollar and the pound is positive, especially for Projection and BarcoView. The net impact of the higheryen is negative due to the increase of purchases in Japan. The results of Barco Graphics, BarcoVision and Subcontractingare affected negatively by these currency fluctuations. The insurance compensation for the loss due to the fire in 1998 is omitted from "Other operating income". On theother hand, in a transitional phase a number of services are credited to BarcoNet (particularly IT and the makingavailable of production space). The rise in purchasing costs (after variations in stock) as well as of wages and salaries and various other costs, includesnot only the actual increase but also the effect of the various increases in exchange rates.The stock write-downs remain at the same high level, while provisions on customers are increasing.

Turnover in ‘000 euro 1998 1999 2000 Current

EBIT* (%) 00

Barco Projection 215,592 225,859 313,896 16%Systems

BarcoView 81,662 99,195 135,130 17%

Barco Graphics 155,531 181,044 162,520 2%

BarcoVision 106,441 94,130 100,525 14%

Barco Subcontracting 64,899 56,691 80,604 -1%

Eliminations -39,948 -29,474 -41,565

Total 584,177 627,445 751,111 12,3%

* Current EBIT: profit before the amortization of goodwill, exceptional results, interest and taxes

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Evolution of the results

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Geographical distribution of the turnover per activity (in %)W Europe Nafta Asia R of W

Barco Projection 38 33 22 7Systems

BarcoView 25 55 18 2

Barco Graphics 48 33 16 3

BarcoVision (1) 72 12 13 3

Total 46 33 16 5

(1) The actual percentages for Nafta and Asia are higher, since much of the deliveries to European textile machine builders are exported to Nafta and Asia.

Comments on geographical distribution

Western Europe

Barco Projection SystemsIn 2000, Barco Projection Systems realized an increase in turnover of 17 %, due in part to the breakthrough of DaylightDisplay Systems. There was a particularly large increase in BPS turnover in France, with a more moderate increase in theUK due to the weaker competitive position of the British companies.

BarcoViewBarcoView turnover rose by 8 %. The greatest increase was in France, due in part to the acquisition of Texen.

Barco GraphicsBecause of the negative effect of the DRUPA Trade Fair in the first half of 2000 and the fact that the new systems willbe fully available for delivery only in 2001, Barco Graphics recorded a 16 % decline in turnover.

BarcoVisionIn the course of 2000, BarcoVision turnover increased by 6 %. The number of deliveries to German and Italian machinebuilders also rose in the past year. Due to the weaker competitive position of the British companies, there was anoticeable decline in BarcoVision turnover in the UK.

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Barco Projection SystemsBPS experienced an explosive 69 % growth in turnover,with the exchange rate of the USD playing a positive role in this development. The milestones in 2000 were the success of Control Rooms, Simulation and DaylightDisplays. In addition, there was the remarkable recoveryof market position by Barco Projection Products.

BarcoViewBarcoView managed to increase its turnover by 39 % andalso experienced the positive effect of the exchange rateof the USD. For this activity, the year 2000 was characte-rized by the success both of Medical Imaging Systems andof the graphic boards for Command & Control.

Barco GraphicsThe turnover declined by 18 % in comparison with theprevious year. This is partially due to the same negativeeffect of the DRUPA Trade Fair, which also played a role in the evolution of the turnover in Western Europe.Moreover, in making the comparison with 1999 we musttake into account the exceptional sale to USA Today atthat time, which involved an increase of approximately 10 million USD. Such a sale was not repeated in 2000.

BarcoVisionAt BarcoVision the turnover decreased by 25 %. This is in part the result of the difficult competitive position inwhich the US textile industry found itself in 2000. In addition, the figure for 1999 was remarkably high dueto the exceptionally positive impact of the Y2Kadaptations.

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Asia

Barco Projection SystemsBPS booked a sizable 39 % increase in turnover for Asia. The biggest growth was recorded in China,Southeast Asia and the Middle East.

BarcoViewBarcoView reached a high point in Asia with an increase of 99 %. The greatest increase was in Japan, SoutheastAsia and South Korea.

Barco GraphicsBarco Graphics raised its turnover by 31 %. The growth in Japan, in particular, lay at the basis of this increase. This growth resulted from the customization of the BG products and other factors.

BarcoVisionThe turnover of BarcoVision rose by 22 %. There was a marked growth in Japan.

Rest of the World

Barco Projection SystemsThis activity realized an increase in turnover of 68 %, due in part to the success of Control Rooms in Eastern Europe, Russia and South Africa.

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Comments on the results per activity

Barco Projection Systems

Evolution of turnoverThe turnover of Barco Projection Systems rose by 39 %.

There was no external growth in 2000. The fluctuations in the exchange rates had a positive effect of 10 %.

Barco Projection Products had an increase of 18 %. This business unit managed to partially recapture the Rental & Staging market, especially as a result of the success that the DMD™ based ELM projectors had in this market. The polysilicon 6000 series of projectorsalso did very well.In the Corporate Market it is notable that the Nexxissolution for remote interactive meetings is beginning to take over a certain portion of product sales. Control Rooms increased its turnover by 36 %. In 2000 the principal markets were still in the telecom and utilitiessectors. New markets are increasingly being opened up,however, such as the broadcasting, security, finances andtraffic markets. After its startup in the 2nd half of 1999, Daylight Display Systems more than lived up toexpectations for 2000 with an increase of 300 %. This business unit did very well in the Rental & Stagingmarket worldwide, as well as in fixed installations,especially in Europe and Japan.Simulation and Virtual & Augmented Reality boosted its turnover by 62 %. An important factor here was thecooperation with SGI, which gave rise to a dedicateddisplay with a very high resolution for CAD and otherdemanding graphic applications.

Digital Cinema did not yet have any significant turnoverin 2000.

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• Evolution of turnover and BPS EBIT

• Distribution of turnover per business unit

Evolution EBIT The EBIT of 21 % in 1999 included 4.5 % compensationfor the loss of profit due to the fire in February 1998 (this is 4.5 % of EBIT which is not in fact derived from sales).

In 2000 a larger turnover was realized for systems, whichtemporarily put pressure on the margins. Apart from that,there was also the negative effect of the sudden fall ofthe USD and the JPY at the end of the year, and there wasa 1 % loss of EBIT due to the bankruptcy of a customer in the 2nd half of the year. Considerable provisions were also taken for stock write-downs. Strategic investments for Research & Developmentwere doubled in Digital Cinema and certain otheractivities. The positive effect of changes in exchange rates remained marginal.

Total expenditures for Research & Development amountto 9 % of the turnover.

At the end of 2000, BPS had 1,587 associates worldwide.

Outlook for 2001 A slightly negative effect of the exchange rates (USD, JPY, GBP) must be taken into account. System sales will grow in importance. In particular, anincrease in turnover is expected for Nexxis (solution forcommunication and remote interactive meetings),Daylight Display (with indoor LED wall) and Virtual Realityapplications. An expansion is also anticipated in theproduct offerings of projectors based on polysilicon and DMD™ technology.

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Evolution of turnoverBarcoView turnover rose by 36 %.

The external growth through the acquisition of Texen(December 2000) amounts to 2 %.

Medical Imaging Systems saw its turnover increase by 52 %, a rise due in part to the fact that since itsacquisition of Metheus in early 1999, BarcoView has been offering displays and graphic boards together. The ongoing digitalization of the hospital world will lead to further growth in the coming years.

Command & Control boosted its turnover by 28 %.Rugged Displays experienced limited growth, as opposedto the strong growth in Subsystems. The introduction of ISIS, a highly effective display for air traffic control, will mean that the leadership position BarcoView already holds in this market by virtue of its graphic boards can now also expand to include displays.Command & Control also enjoyed a very positive effect from the rate of the USD.

Turnover for Avionics rose by 46 %.

The rise of the USD caused an extra increase of 12 % inthe turnover.

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• Evolution of BarcoView turnover and EBIT


Evolution EBITThe EBIT margin increased especially due to the impact of the growth in turnover (the turnover in the 2nd half of 2000 was 32 % above that of the 1st half). The rise in operational costs was also smaller than the rise inturnover. Avionics still does not contribute enough to the profit, due to the large investments in Research & Development.

Total expenditures for Research & Development amountto roughly 15 % of the turnover.

At the end of 2000, BarcoView had 842 associatesworldwide.

Outlook for 2001 The breakthrough of Avionics is expected in 2001, alongwith further strong growth in Medical Imaging Systems.Acquired in December 2000, Texen will become fullyintegrated in 2001. In 2000 Texen had a turnover of 29million euros.

We must take into consideration the fact that sales in the USA will occur at a lower exchange rate for the USDthan in 2000. In the first two months of 2001, however,the average exchange rate for the USD is still at the same level as in 2000.

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Evolution of turnoverGraphics turnover declined by 10 %.

Sales in the 1st half suffered from the DRUPA effect. (The 4-yearly DRUPA Trade Fair was held in May 2000.)

Packaging Systems managed to maintain its turnoverroughly at the same level as in 1999 (-1 %), despite thefact that the Mondrian, which will replace the LithosetterComputer to Plate machine, will only be ready for deliveryin 2001. In the digital flexo market, the CDI continues tooccupy a very strong market position. The CADCAMsystems produced by ARTIOS (acquisition of December1998) for the preproduction of packaging also continue to perform strongly. The new product line for packagingprepress on the basis of NT (PackEdge, Colortone, Plato,Flexrip) has been very well received. The offering ofprepress and preproduction in combination continues to be a great plus point for Packaging Systems.

Electronic Tooling Systems saw its turnover decline by 8 %compared to 1999. The market for laser plotters isbecoming saturated and in 2000 it was a question ofwaiting for new products such as the Argos AutomaticOptical Inspection machine and the Gemini, a Laser DirectImaging machine for PCBs, which will be ready fordelivery in the first and third quarters, respectively, of2001. There was, however, an improvement in turnover in the 2nd half as compared to the 1st.

Commercial Printing experienced a decline in turnover of 37 %. This was the result of a number of factors. The LithoSetter is currently being replaced by theMondrian, which was presented at DRUPA and will onlybe ready for delivery in 2001. The same holds for theViking, a CTP machine based on the new Violettechnology. There has also been a further decline in themarket for filmsetters. In the comparison with 1999,

46p

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181

5%

163

120100

80604020

20001998 19991997

Mio Euro

EBIT

2%

8% Industrial Printing

49% Packaging26%Commercial

Printing

17% ETS

• Evolution of Barco Graphics turnover and EBIT


the exceptional sale to USA Today for an amount of 10 million USD must be taken into account. There werealso tangible negative consequences due to the difficultmarket conditions in which various manufacturers ofdigital printing presses found themselves, who are alsoOEM customers of Barco Graphics.

The new activity, Industrial Printing, went through a strong investment phase with the new inkjet printingpress technology, the.factory, which is intended forindustrial applications. A technology demo of the.factory,presented at DRUPA, was very well received there.

Evolution EBITThere was a negative effect caused by the exchange rateof the USD. The EBIT margin also declined due to thedecrease in turnover. Furthermore, there were majorinvestments in Research & Development of new productssuch as the.factory (2.7 million euros in 2000) and Gemini(2.2 million euros in 2000).

Total investments in Research & Development amount to 16 % of the turnover.

At the end of 2000, Barco Graphics had 944 associatesworldwide.

Outlook for 2001 Beginning in the second quarter of 2001, the Mondrianwill be ready for full-scale delivery. The Gemini will beavailable for delivery on a trial basis beginning in thethird quarter. the.factory will be available on a trial basisbeginning in the fourth quarter. For Packaging, BackStage will be introduced in Q2.BackStage is an NT-based open packaging server thatrealizes a very strong workflow performance incombination either with the above-mentioned BarcoPackaging software or with third-party software.

C4701010011

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Evolution of turnoverBarcoVision turnover rose by 7.5 %.

The acquisition of Treepoint (December 2000) is notconsolidated in the results for 2000. The fluctuations in the exchange rates had a positiveimpact of 2 % on the turnover.

In 2000, BarcoVision activities in the UK suffered from the poor competitive position that the productioncompanies found themselves in. On the other hand, the new sales and service office in Como, Italy providedfor heightened activity in the most important textilecountry of Europe. In 2000 an independent service officewas also started up in Instanbul. Just like the office inComo, this office also works for the BarcoVision textile,plastics and sorting applications.

Systems & Sensors experienced a 4 % decline in turnoverafter the Y2K efforts of 1999.

Loepfe saw its turnover rise by 37 % due to a revival ofthe ring spinning market. This improvement was situatedparticularly in the Asian market.

Machine Vision had no growth of turnover. Oneimportant cause is the fact that the tobacco industry has not yet regained its old momentum.

48p

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20001998 19991997

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21% Machine Vision

47% Sensors & Systems

32% Loepfe

• Evolution of BarcoVision turnover and EBIT


Evolution EBITBarcoVision found itself confronted with the negativeeffect of the exchange rates on the EBIT margin.

As for Loepfe, the EBIT margin followed the growth in turnover.

The total expenditures for Research & Developmentamount to 10 % of the turnover.

At the end of 2000, BarcoVision had 661 associatesworldwide.

Outlook for 2001 The OEM customer order book is filled up till the middleof 2001. The textile market in the USA is undergoingconsiderable difficulties. There is a very good prospectthat Cyclops (camera inspection system for weavingmachines) will achieve strong sales figures this year. Major orders are also expected from the tobacco industry.

C4901010011

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Dividend

The board of directors will propose to the general meeting that the dividend will be kept equal to the dividend over1999, i.e. 1.8840 euro gross (76 BEF), this is 1.4130 euro net (57 BEF), on withholding tax of 25 %, and 1.6014 euro net(64.60 BEF) on withholding tax of 15 % (with VVPR strip). Dividends will be payable from May 29, 2001.

Capital

The extraordinary general meeting of shareholders of the Barco corporation held on November 9, 2000 decided to splitup the "Barco" corporation and to establish the new corporations Barco n.v. and BarcoNet n.v.

Upon the incorporation of Barco n.v. on November 9, 2000, the capital amounted to 53,058,614.32 euros, distributedover 12,410,479 shares.

Both the number of warrants/options split up and allocated to the newly formed companies "Barco" and "BarcoNet"after the splitting up of "Barco" and the exercise price of the warrants/options allocated within the framework of theoption/warrant plans were established in accordance with the stipulations set down in the proposal for the split-up.

The capital was increased on December 21, 2000 through the implementation of 1,008 share options by the personnel:1008 new shares were created.

On December 31, 2000 the capital amounted to 53,062,928.56 euros, represented by 12,411,487 shares.

At the same time, the above-mentioned extraordinary general meeting of November 9, 2000 approved a new warrantplan in which a maximum of 400,000 warrants can be created for the benefit of staff members and non-active directors,as well as for persons who play an important role in the company.

The total number of outstanding warrants and options as of December 31, 2000, after the conversion resulting fromthe split-up, amounts to 492,085, which can lead to the creation of the same number of shares. The number of warrantsand options, as established in consideration of the choice made on the occasion of the splitting up of Barco n.v., can beimplemented in accordance with the following conditions of implementation:

50p

Dividend • Capital • Ownershipof the Company’s Shares

%

%

C5101010011

Options allocated within the context of the law of 1984allocation last batch implementation balance as of

price Dec 31, 2000

June 30, 96 (personnel) Dec/01 95.5 euros 8,772Jan 31, 97 (personnel) Dec/02 105.9 euros 22,020Dec 8, 97 (personnel) Dec/03 132.2 euros 20,228

51,020

Options allocated within the context of the law of 1999 allocation last batch implementation balance as of

price Dec 31, 2000

Sept 16, 99 (personnel) Sep/09 93.58 euros 135,256Sept 16, 99 (non-personnel) Sep/04 96.93 euros 2,500May 16, 00 (personnel) Dec/06 95.64 euros 11,318July 13, 00 (personnel) Jun/10 91.92 euros 155,380July 13, 00 (non-personnel) Jun/05 93.27 euros 2,000Oct 16, 00 (personnel) Sep/10 107.77 euros 5,584

312,038

Bond loan with warrants 1995-2005allocation last batch implementation number

price Dec 31, 2000

Sept 16, 99 Feb/05 47.6 euros 129,027

The conversion of the convertible 1995-2005 bond loan (issued by Barco n.v. and taken over by the newly incorporatedcompany Barco at the time of the split-up for an amount of 5,395,921 euros), can lead to the creation of 80,000 shares(conversion exchange rate: 67.46 euros).

Ownership of the company’s shares

On December 31, 2000, ownership of the company’s shares was as follows:

Gimv: 33.42 %Public: 66.58 %

The above percentages relate only to the number of outstanding shares.

%

a

a

52p

%Barco New

Price index DJ Stoxx technology

juljun aug sep oct nov dec janmay60

70

80

90

100

110

120

apr

• Evolution share price

C5301010011

%0

20

40

60

80

100

120

140

160

180

200

04 0003 00 05 00 06 00 07 00 08 00 09 00 10 00 11 0002 0003 01 00 22 12 000

500

1000

1500

2000

2500

3000

3500

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Bel 20

• Evolution Barco n.v./Bel 20

Financial part2000

Barco consolidated

innovators in image processing

Barco,

56p

Balance Sheet after AppropriationBarco consolidated

a

a

a

1999 2000 2000June 30

283,735 298,794 295,72136,942 46,954 44,547

139,320 131,669 134,116101,592 113,043 110,945

54,312 61,053 60,56029,189 29,249 29,51813,290 14,375 13,528

462 564 5312,421 2,491 2,2141,918 5,311 4,5945,881 7,128 6,1135,881 7,128 6,1133,780 3,877 3,8822,101 3,251 2,231

484,874 603,663 504,878894 773 1,753559 578 848335 195 905

108,843 169,195 140,070105,322 166,439 137,218

52,220 78,033 59,83526,559 44,438 42,19326,523 42,766 35,142

20 1,202 483,520 2,756 2,852

192,211 294,352 211,946179,807 245,171 184,528

12,404 49,181 27,416115,597 65,318 104,59256,653 65,632 37,03710,676 8,393 9,480

768,609 902,457 800,599

Assets

FIXED ASSESTS

II. Intangible fixed assetsIII. Consolidation differencesIV. Tangible fixed assetsA. Land and buildingsB. Plant, machinery and equipmentC. Office furniture and vehiclesD. Leasing and other similar rightsE. Other tangible fixed assetsF. Assets under construction and advance paymentsV. Financial fixed assetsB. Other enterprises1. Shares2. Amounts receivable and cash guarantees

CURRENT ASSETS

VI. Amounts receivable after one yearA. Trade debtorsB. Other amounts receivableVII. Stocks and contracts in progressA. Stocks1. Raw materials2. Work in process3. Finished goods6. PrepaymentsB. Contracts in progressVIII. Amounts receivable within one yearA. Trade debtorsB. Other amounts receivableIX. InvestmentsX. Cash at bank and in handXI. Deferred charges and accrued income

TOTAL ASSETS

in thousands of euro figures exclusive BarcoNet

C5701010011

a

a

a

a

a

1999 2000 2000June 30

Liabilities

EQUITY

I. CapitalA. Issued capitalII. Share premium accountIV. ReservesVI. Translation differencesVII. Investment grants

MINORITY INTERESTS

VIII. Minority interests

PROVISIONS, DEFERRED TAXES ANDLATENT TAXATIONS

IX. A. Provisions for liabilities and charges1. Pensions and similar obligations2. Major repair and maintenance3. Other liabilities and charges

B. Deferred taxes and latent taxations

CREDITORS

X. Amounts payable after one yearA. Financial debts1. Subordinated loans2. Bonds3. Long term leases and similar obligations4. Credit institutionsD. Other amounts payableXI. Amounts payable within one yearA. Current portion of amounts payable after

one yearB. Financial debts1. Credit institutionsC. Trade debts1. Suppliers2. Bills of exchange payableD. Advances received on contracts in progressE. Taxes, remuneration and

social security1. Taxes2. Remuneration and social securityF. Other amounts payableXII. Accrued charges and deferred income

TOTAL LIABILITIES

421,688 450,928 449,25752,876 53,063 53,05952,876 53,063 53,059

118,563 120,447 120,404242,279 267,662 265,343

5,670 7,265 7,0252,300 2,491 3,427

708 566 273708 566 273

47,373 50,164 48,65738,036 39,642 39,237

3,085 4,223 3,2942,262 2,935 3,245

32,689 32,484 32,6989,336 10,522 9,420

298,841 400,799 302,41215,935 18,451 20,31413,258 15,728 17,731

64211,864 12,340 12,170

364 499 4631,030 2,889 4,4562,677 2,723 2,583

261,000 346,516 258,982

2,539 11,956 1,98753,497 84,748 56,08853,497 84,748 56,08867,140 107,052 70,98767,057 106,324 70,864

83 728 12319,955 26,857 22,597

66,459 73,149 66,42831,579 33,748 29,68434,880 39,401 36,74451,410 42,754 40,895

21,906 35,832 23,114

768,609 902,457 800,599

58p

Income Statement

1999 2000 20002nd halfin thousands of euro figures exclusive BarcoNet

I. Operating incomeA. TurnoverB. Increase (+), decrease (-) in stocks of

finished goods, work in process and contracts in progress

C. Fixed assets own constructionD. Other operating income

II. Operating charges A. Raw materials, consumables and goods for resale1. Purchases2. Increase (-) decrease (+) in stocksB. Services and other goodsC. Remuneration, social security costs and pensionsD. Depreciation and amounts written off on

formation expenses, intangible and tangiblefixed assets

E. Decrease in amounts written off on stocks, contracts in progress and trade debtors

F. Provisions for liabilities and chargesG. Other operating charges

III. Operating profit

IV. Financial incomeA. Income from financial fixed assetsB. Income from current assetsC. Other financial income

V. Financial charges A. Interest and other debt chargesB. Depreciation on consolidation differencesD. Other financial charges

683,801 848,155 436,085627,445 751,111 397,637

-5,340 31,640 3,92037,526 49,641 24,69824,170 15,763 9,830

-607,133 -754,419 -385,749206,075 296,080 148,261207,364 323,457 166,667

-1,289 -27,377 -18,406117,160 138,458 71,067205,281 236,222 123,288

55,323 64,073 32,781

15,548 16,723 11,1103,650 -2,873 -3,2014,096 5,736 2,443

76,668 93,736 50,336

20,536 26,711 12,94023 403 336

5,182 5,808 2,30515,331 20,500 10,299

-26,368 -42,525 -23,0323,604 4,360 2,559

13,022 14,671 7,7119,742 23,494 12,762

C5901010011

VI. Profit on ordinary activities before incometaxes of the consolidated enterprises

VII. Extraordinary incomeE. Gain on disposal of fixed assetsF. Other extraordinary income

VIII. Extraordinary chargesB. Extraordinary depreciation on consolidation

differencesE. Losses on disposal of fixed assetsF. Other extraordinary charges

IX. Profit for the period before income taxes of the consolidated enterprises

X.A. Transfer to deferred taxesand latent taxations

XI. Income taxes A. Income taxes B. Adjustment of income taxes and writeback

of tax provisions

XII. Profit of the consolidated enterprisesShare of the minority interestsShare of the group

1999 2000 20002nd half

70,836 77,922 40,244

2,627 813 8132,627

813 813

-5,000 -2,090 -1,138

3,302226

1,471 2,090 1,138

68,463 76,645 39,919

-924 -1,564 -1,191

-23,091 -26,353 -12,933-23,290 -26,815 -13,126

199 462 193

44,448 48,728 25,796-55 123 46

44,503 48,606 25,750

60p

a

a

a

2000 2000in thousands of euro figures exclusive BarcoNet

48,60664,07314,671

-843-57,478-22,936-54,77566,677

57,995

-51,202-4

-33,347-27

-448-6,508

-91,536

11,68820711946-142

-23,383

-7,820

I. Operating activities

Group's share in net profitDepreciation on fixed assetsDepreciation of consolidation differencesProvisions and deferred taxesTrade debtorsOther amounts receivableStocksShort-term payables

Total operating activities

II. Investment activitiesIntangible fixed assets

acquisitionsother changes

Tangible fixed assetsacquisitionsother changes

Financial fixed assetsPurchase price acquisitionsConsolidation differences

Total investment activities

III. Financial activitiesLong-term borrowingsCapital increaseOther changes in equity accountsChanges in minority interestsDividends declared

Total financial activities

Sources and Uses of Funds

based on the Consolidated Accounts

C6101010011

a

2000-41.361

172.311

130.950

-41.361

IV. Net change in liquid assets

V. Change in liquid assetsShort term investments and liquid assets at 01/01Short term investments and liquid assets at 12/31

Total change in liquid assets

Fifty-eight million euros were generated from operational activities.Both stocks and amounts receivable increased to a considerable extent during 2000.Investments in intangible and tangible fixed assets once again grew, amounting to 51 and 33 million euros, respectively.The new acquisitions relate to Texen and Treepoint. In view of the date of acquisition, Texen contributed only very slightlyto the operating activities. For Treepoint, only the balance sheet was consolidated.The proposed payment results in a liability for dividends of 23.4 million euros.The decrease in fluid assets by 41 million euros was caused mainly by the rise in stocks and accounts receivable.

62p

Commentary on theconsolidated accounts

Balance sheet

ASSETS

The intangible fixed assets increased by 27% through a substantial intensification of R&D efforts for Digital Cinema, LEDwalls, Avionics, large projects at Barco Graphics and other activities.

The consolidation differences decreased by 5.5%, despite the acquisition of Texen and Treepoint. The rate of amortizationof the visual inspection activity was increased from 5% to 10% in view of the disappointing evolution of the results.

The tangible fixed assets increased by 11%. After a year of limited investments (1999), the investments needed to boostthe capacity were made. The financial participation in Xeikon continues to be booked at the same value, though the latent surplus value fellsharply.

Stocks and accounts receivable increased sharply, especially during the second half of the year. Under pressure from theincreased demand and long delivery times for a broad range of components, extra buffers of stocks were built up. On theone hand this enabled the turnover to rise considerably, but on the other hand there was a serious decline in the valueof the stocks due to the sudden drop in the US dollar and the yen at year’s end and due to technical ageing.The accounts receivable increased by 36%, mainly for the projection and graphic activities.This was caused both by the increase in system activity and by the higher than normal turnover in the financialdepartments.Due to the increase in stocks and accounts receivable, the fluid assets fell to 131 million euros whereas the financial debtsgrew to 112 million euros.

Activity Year of Original Balance acquisition goodwill end 1999

Graphics 89-90-93-96-98-99 137,687 71,235Projection and Display Systems 89-90-93-95-96-97-98-99-00 55,482 35,192Vision 89-90-93-94-95-97-98-00 47,361 25,243Specialized Subcontracting 93-95-98 412

Total in thousands of euro figures exclusive BarcoNet 240,942 131,669a

C6301010011

LIABILITIES

LIABILITIES IN %1999 2000 2000

Equity 55% 50%Amounts payable > 1 year and provisions 8% 8%Amounts payable < 1 year 37% 42%

Balance sheet total in thousands of euro figures exclusive BarcoNet 768,609 902,457

ASSETS IN %1999 2000 2000

Fixed assets 37% 33%Stocks and contracts in process 14% 19%Amounts receivable 27% 33%Cash at bank and in hand 22% 15%

Balance sheet total in thousands of euro figures exclusive BarcoNet 768,609 902,457a

a

64p

I. Principles of consolidation

The consolidation is carried out according to the principle of integral consolidation, in view of the fact that Barco n.v.exercises the majority of the voting rights attached to the shares in all the companies in question (direct and indirectparticipations).

The annual accounts of the Belgian and foreign companies included in the consolidation are prepared in accordance withthe legislation and regulations applicable in the countries of incorporation, using valuation rules which, as far as possible,correspond with the valuation rules defined at group level. Where differences exist which can have a major impact,adjustments are made at the consolidation level. These include in particular the standardization of depreciationpercentages on fixed assets and the setting up of specific provisions for liabilities and charges.

The reciprocal accounts of consolidated enterprises are eliminated by compensating receivables and payables as well ascosts and income. The consolidated figures therefore reflect only transactions with third parties.The unrealized profit element contained in stocks purchased from other group companies has been eliminated, in so faras the purchased products still remain in inventory in their original state.

No eliminations are made on contracts in progress.

Unrealized earnings on tangible fixed assets purchased from other enterprises in the group are eliminated when thesepurchases are recurrent in nature.

Positive first consolidation differences are entered under the assets heading "consolidation differences". Theseconsolidation differences are written off over 10 years for distribution companies and over a period of 20 years forcompanies with their own development and production. Negative first consolidation differences are entered under theliabilities heading "consolidation differences". Consolidation differences are booked to the individual assets and liabilitiesheadings only where significant amounts are involved.

Third parties' share in net assets is recorded under "minority interests", and their share in profit for the period is recordedunder "Share of minority interests" in the consolidated income statement.

A provision for deferred taxes is set up for major timing differences, regardless of their duration. In this case the "variabletransfer method" is used i.e. deferred taxes are calculated on the basis of the last known tax rate at year end closing date.

The consolidated balance sheet is drawn up after profit distribution.

Notes to the Consolidated Accounts

C6501010011

II.A. Integrally consolidated subsidiaries

- Barco Graphics n.v. (V.A.T. 413.257.216), Tramstraat 69, B-9052 Gent- Barco Coordination Center n.v. (V.A.T. 431.157.278), Frankrijklaan 18, B-8970 Poperinge- AESTHEDES n.v. (V.A.T. 427.422.976), Tramstraat 69, B-9052 Gent- Barco Picotron n.v. (V.A.T. 426.869.284), Pres. Kennedypark 35, B-8500 Kortrijk- Barco Creative Systems n.v. (V.A.T. 429.790.271), Tramstraat 69, B-9052 Gent- Barco Silex s.a. (V.A.T. 445.977.591), Scientific Parc, rue du Bosquet 7, B-1348 Louvain-la-Neuve - Barco Elbicon n.v. (V.A.T. 412.584.154), Industrieterrein Nieuwland, B-3200 Aarschot- ELBICON Industries n.v. (V.A.T. 428.293.404), Industrieterrein Nieuwland, B-3200 Aarschot- Barco Graphics s.a., Boulevard de la Libération 6, F-93200 Saint-Denis- Barco s.a., Boulevard de la Libération 6, F-93200 Saint-Denis- BarcoView, Texen s.a., Rue Roger Camboulives, Parc Technologique de Basso Cambo, F-31000 Toulouse- Barco Ltd., 50 Suttons Park Avenue, Reading, UK-Berkshire RG6 1AZ- Barco Graphics Ltd., 1 Moons Park, Burnt Meadow Rd., North Moons Moat, Redditch, B98 9PA, UK- ARTOIS UK Ltd., 1 Moons Park, Burnt Meadow Rd., North Moons Moat, Redditch, B98 9PA, UK- BarcoVision Ltd., Philips Rd., Whiteburk Industrial Estate, Blackburn, Lancashire, BB1 5SN, UK- OLDOIS Engineering Ltd., Bessemer Way, Harfreys Industrial Estate, Great Yarmouth, UK-Norfolk NR 31 OLX - OMNIWARD Ltd., Bessemer Way, Harfreys Industrial Estate, Great Yarmouth, UK-Norfolk NR 31 OLX- GERBER Systems Corporation Ltd., 1 Moons Park, Burnt Meadow Rd., North Moons Moat, Redditch, B98 9PA, UK- Barco GmbH, Wilhelm-Franz-Strasse 1, D-77971 Kippenheim- Barco Sedo GmbH, Neuwies 1, D-35794 Mengerskirchen- BAASEL-SCHEEL Lasergraphics GmbH, Gasstrasse 16, D-25524 Itzehoe- Barco CONTROL ROOMS GmbH, An der Rossweid 5, D-76229 Karlsruhe- GERBER Systems GmbH, Wilhelm-Franz-Strasse 1, D-77971 Kippenheim- Barco Graphics GmbH, Wilhelm-Franz-Strasse 1, D-77971 Kippenheim- ARTIOS Deutschland GmbH, Frankfurter Strasse 168-176, D-63263 Neu-Isenburg- BarcoView GmbH, Wilhelm-Franz-Strasse 1, D-77971 Kippenheim- Barco Finance b.v., Marinus van Meelweg 20, NL-5657 EN Eindhoven- PULSARR Industrial Research b.v., Marinus van Meelweg 20, NL-5657 EN Eindhoven- Barco Holding b.v., Marinus van Meelweg 20, NL-5657 EN Eindhoven- Barco b.v., Marinus van Meelweg 20, NL-5657 EN Eindhoven- Barco Electronic Systems s.a., Travessera de Les Corts, 371, E-08029 Barcelona- Barco Service S.L., Travessera de Les Corts, 371, E-08029 Barcelona- Barco s.r.l., Via Monferrato 7, I-20094 Corsico, Milano- B&B International s.r.l., Via A. Serena 45/a4, I-31044 Montebelluna (TV)- Barco Loepfe s.r.l., Via el Alamein 2/c, I-22100 Como- Barco s.r.o., Bieblova 19, CZ-150 00 Prague 5 - Smichov- Barco Manufacturing s.r.o., Billundska 2756, 272 01 Kladno-Krocehlavy- Gebr. Loepfe A.G., Kastellstrasse 10, CH-8623 Wetzikon- Treepoint A.G., Spitalstrasse 72, CH-8630 Rüti- Barco A.G., Soodstrasse 55, 8134 Adliswill- Barco A/S, Emdrupvej 26, DK-2100 Copenhagen- Barco GesmbH, Furth 13B, A-4076 St-Marienkirchen- Barco Sp. z o.o., Marywilska 16, PL-03-475 Warsaw- Barco Graphics Kongsberg A/S, Kirkegardsveien 45, NW-3600 Kongsberg- ELECTRONIC IMAGE SYSTEMS, Inc., 600 Bellbrook Avenue, Xenia, OH 45385, USA- BarcoVision Inc., 4420 Taggert Creek Rd. Ste 101, Charlotte NC 28208, USA- Barco Electronic Tooling Systems Inc., 30 South Satellite Rd, South Windsor, CT 06074 - 3426 USA- BarcoView Inc. 3059 Premiere Parkway, Duluth, GA 30097-4905, USA

66p

- Barco Graphics Inc., 163 Technology Drive, Irvine, CA 92618, USA- Barco Inc., 3240 Town Point Drive, Kennesaw, GA 30144, USA- Barco Ltd., 17/F Yen Cheng Center, 64 Hoi Yuen Road, Kwun Tong, Kowloon, Hongkong, China- GERBER Systems Corporation Ltd., 17/F Yen Cheng Center, 64 Hoi Yuen Road, Kwun Tong, Kowloon, Hongkong, China- Barco Trading C°, Ltd., Room 123 Xinmao Bldg, N°2005 North Yangao Road, Waigoaqiao Free Trade Zone, Shanghai, China- Barco Electronic Systems Ltd., Cheng Loong Plaza, 33 Min Sheng Road, Sec. 1, Panchiao City, Taipei Hsien, ROC- Barco Graphics Private Ltd., Block 750E Chai Chee Road 5-3/4, Chai Chee Industrial Park, 469005 Singapore- Barco Pte Ltd., Block 750 E Chai Chee Road 5-3/4, Chai Chee Industrial Park, 469005 Singapore- BarcoView Pte Ltd. Block 750 E Chai Chee Road 5-3/4, Chai Chee Industrial Park, 469005 Singapore- Barco Hotline Pvt., Ltd., 7 Western Avenue, Maharani Bagh, New Delhi 110065, India - Barco Electronic Systems Pvt., Ltd., 7 Western Avenue, Maharani Bagh, New Delhi 110065, India- Barco Ltd., 19th Floor, 42 Tower, 65 Soi Sukhumvit 42, Prakhanong, Klongtoey, Bangkok 10110, Thailand - Barco Ltd., 3F, Dansan-Nonhyun Bld. 216-8 Nonhyun-dong, Kangnam-ku, Seoul 135-010, Korea- BarcoView Ltd. 3F, Dansan-Nonhyun Bld. 216-8 Nonhyun-dong, Kangnam-ku, Seoul 135-010, Korea- Barco Co., Ltd., Toho-Seimei Bld. 1F, 3-28-2 Takada, Toshima-ku,Tokyo 171, Japan- SIS Corporation, Takara Bld. 2-6-2, Kigashikanda, Chiyodaku, Tokyo, Japan 101-00- Barco Graphics Co. Ltd., Kikyotake Bld. 1-22-15, Shinkwawa, Chuo-Ku, Tokyo, Japan - Barco Sdn. Bhd., Unit 04-05 Level 4, Uptown 2, 2 Jalan SS1/37 Damansara Uptown, 47400 Petaling, Jaya, Selangor, Darul

Ehsan, Malaysia- Barco Electronic Systems Ltd., Maskit Street, Industrial Area, Herzliya 46120, Israël- Barco Ltda., rua do Rocio 351 – 8° Andar, CEP 04552-000, Vila Olympia, Sao Paulo, Brazil- Barco Systems Pty Ltd., 8 Prohasky Street, Port Melbourne, Vic 3207, Australia- Elbicon Pacific Pty. Ltd., 27 Kingtel Place, Queensland 4034, Australia- Barco Electronics SA de CV, Tamaulipas 30-802 Colonia Condesa, 06140 Mexico, D.F.- Barco Ltda., Calle Rodo 1950, Providencia, Santiago, Chile

Figures from the lastavailable annual accounts

Kept share Equity Netof the capital Annual (+) of (-) results

% account per Currency (in thousands currency)

figures exclusive BarcoNet

- Xeikon n.v., Vredebaan 72,B-2640 Mortsel 3.6 2/31/00 USD 93.153 16.201

- Innovatie en incubatiecentrum Kortrijk n.v.,Baron Ruzettelaan 33, B-8310 Brugge 8.3

- Flabel Corporation n.v., Auguste Reyerslaan 80, B-1030 Schaarbeek 25

- Bedrijvencentrum Regio Kortrijk n.v.,Vlamingstraat 4, B-8560 Wevelgem 6.2

- Bedrijvencentrum Zaventem n.v.,Leuvensesteenweg 613, B-1930 Zaventem Zuid 7 0.36

- Bedrijvencentrum Leuven n.v., Interleuvenlaan 62/62a zone 2, B-3001 Heverlee

- SIS Corporation, Takara Building 2-6-2, Kigashikanda Chiyodaku, Tokyo, Japan 101-0031 25

V. Other companies

C6701010011

VI. Summary of the valuation rules of the group

ASSETS

Depreciation on fixed assets is charged on a full-year’s basis, regardless of at what point in the year the assets involved wereacquired.

Formation expensesAll formation expenses are immediately charged to the results of the financial year in which they are incurred.

Consolidation differencesSee indications under "Principles of consolidation".

Intangible fixed assetsThe costs of research and development expected to generate profit for a longer period than the current financial year arecapitalized at their direct cost price and amortized over three years on a straight-line basis. If it subsequently appears that futurereturns should no longer be expected, the remaining amounts are written off immediately.

All other intangible fixed assets are valued at purchase price and amortized over five years using the straight-line method.

Tangible fixed assetsLand, buildings, installations, machinery, equipment, furniture and office equipment are valued at purchase price, including allrelated costs, with the exception of those costs that do not entail an appreciation of assets, and are depreciated by the straight-line method.

DEPRECIATION

Term in years / % first year

Buildings 20/5Installations 10/10Production machinery 5/20Measurement equipment 4/25Tools and models 3/33Furniture 10/10Office equipment 5/20Computer equipment 3/33Vehicles 5/20

Renovation work on leased buildings is depreciated over the remaining term of the leasing agreement, with a maximum of 20years.Tangible fixed assets acquired under leasing agreements are entered as assets for the total value of the principal amount includedin the lease installments. These assets are depreciated at the same rate as comparable non-leased assets. If by the end of theleasing agreement the purchase option has not been exercised, the balance of the principal portion entered as assets isimmediately and entirely written off. Where the purchase option is exercised, the cost of this option is depreciated over theremaining depreciation period of the asset.

Assets under construction are valued at the nominal amount of the costs already incurred. For work undertaken internally, onlythe direct costs are charged. Upon completion these assets are posted to the proper asset heading. No depreciation is taken onassets under construction. Advance payments on fixed assets include advances already paid on planned investments. Nodepreciation is taken on these advance payments.

It is the company policy not to revalue assets.

Financial fixed assetsShares held in companies which are neither consolidated nor accounted for by the equity method are valued at acquisition cost.Any auxiliary costs are charged immediately to the income statement. Write-offs are recorded and charged against income bydecision of the board of directors, taking into account the equity, profitability and future prospects of the company in questionand exchange rate developments.Write-offs are reversed and written back into income whenever this is justified by the evolution of the company in question.

It is the company policy not to revalue assets.

Stocks and contracts in progressRaw materials, goods purchased, semi-finished articles, contracts in progress and finished goods are valued at their most recentpurchase price or direct manufacturing cost. Obsolete stock and stock items with a slow turnaround are systematically writtendown.

ReceivablesReceivables are valued at nominal value. Reductions in value are recorded whenever the collectability of a receivable is in doubtand after comparison with the market value of the receivable.

Cash investmentsShort term investments in the form of term deposits are recorded at nominal value. Reductions in value are recorded if necessary.Marketable securities purchased as short-term investments are valued at purchase cost, excluding acquisition expenses, which arecharged immediately to earnings.At the end of the year, the purchase cost of these securities is compared with the last known listed price or inventory value. Wherethis is lower than the purchase cost, the difference is charged to earnings.

Deferred accountsThis item records both:- that portion of expenditure incurred during the current or earlier financial years, and which applies to - and is charged to the

income statement in - one or more of the following financial years;- that portion of income recognized in the income statement during the current financial year but which will be collected only

in later years.

LIABILITIES

EquityEquity includes:- the share capital and the share premium account of the parent company;- reserves;- translation differences;- investment grants.

68p

C6901010011

Investment grants are entered on the liabilities side of the balance sheet once the conditions for obtaining the subsidy are met.The corresponding asset item is a claim on the government, which is credited when payment is received. The grant is thencredited to income at the same annual percentage rate as the depreciation on the corresponding fixed asset.

The reserves are the results of:- the reserves and the results carried forward of the parent company;- the group's share in the reserves of its subsidiaries and branches;- the impact on the reserves of the uniformization of the percentages and methods of depreciation of tangible and intangible

fixed assets;- the impact on the reserves of the elimination of intercompany earnings not yet acquired at group level on closing date.

The translation differences arise from the conversion of the participations, equity and income statement of the foreignsubsidiaries.

Minority interestsThis item records third parties' share in the shareholders' equity of the consolidated companies.

Provisions for liabilities and chargesThese are provided for possible losses and charges based on an estimate at the date of the financial statement. For technicalguarantees a provision is made based on turnover for the accounting year.

CreditorsCreditors are valued at nominal value. Liabilities for taxes and social security are recorded at the most likely amount payable. Theprovision for employee holiday pay is determined in accordance with tax legislation in this matter.

Deferred accountsThe expenses to be charged and the deferred revenue are valued at the amount pertaining to the closing financial year or to thesubsequent financial years.

Foreign currenciesFor balance sheet entries in foreign currencies other than participations, the value booked in euro is compared, currency bycurrency, with the hedging rate or with the indicative rate calculated by the European Central Bank in the last working day ofthe year. The balance of the conversion differences per currency is adjusted through earnings in the case of a negative balance and throughdeferred income in the case of a balance. For Belgian companies, this is undertaken on a consolidated level.

Conversion of financial statements in foreign currencyBalance sheets denominated in foreign currencies are converted into euro at the indicative rate calculated by the EuropeanCentral Bank on the last working day of the period. The conversion difference on the share in the net asset value of the companyin question is entered under "Translation differences". The income statement is converted at the average conversion rate for the period. The exchange rate difference is also enteredunder "Translation differences".

Deferred taxes and latent taxations- Deferred taxes (in application of art. 35 of the KB dated 8 th of October 1976,

entered by the KB dated 30th December 1991): 613,509 euro;- Latent taxations (in application of art. 40 of the KB dated 6th march 1990): 9,908,044 euro.

Recognition of salesSales are recognized whenever three basic conditions have been fulfilled:- the goods or services have been dispatched or delivered;- all the costs are known and booked;- corresponding invoices have been issued.

Where orders are delivered in installments, sales are recognized insofar as the above conditions have been fulfilled.

With every intermediate closing of the accounts, a prudently calculated margin is recorded.

70p

a

a

VIII. Statement of intangible fixed assets


A. ACQUISITION COSTAt the end of the preceding yearMovements of the year:- acquisitions, including fixed assets

own construction- sales and disposals (-)- transfers from one heading to another (+)(-)- conversion differences (+)(-)- other movementsAt the end of the year

B. DEPRECIATIONS AND AMOUNTS WRITTEN OFFAt the end of the preceding yearMovements of the year:- recorded- reversals- conversion differences (+)(-)- other movementsAt the end of the year

C. NET BOOK VALUE AT THE END OF THE YEAR (A) - (B)

Research and Concessions,development expenses patents, licences, etc…

182,809 10,039

21,931 690(22)

(412) 41212 9

35204,340 11,163

140,252 8,049

19,490 722(5)

1 1921

159,743 8,806

44,597 2,357

C7101010011

a

a


A. ACQUISITION COSTAt the end of the preceding yearMovements of the year: - acquisitions, including fixed assets

own constructions- sales and

disposals (-)- transfers from one heading to

another (+)(-)- conversion differences (+)(-)- other movementsAt the end of the year

C. DEPRECIATION AND AMOUNTS WRITTEN OFF

At the end of the preceding yearMovements of the year:- recorded- taken back because superfluous (-)- reversals- conversion differences (+)(-)- other movementsAt the end of the year

D. NET BOOK VALUE AT THE END OF THE YEAR (A) - (C)

of which plant, machinery and equipment

IX. Statement of tangible fixed assets

Land and Plant, Furniture Leasing, Other Assets underbuildings machinery and and other tangible construction

and vehicles similar fixed and advanceequipment rights assets payments

85,402 131,688 57,752 829 6,480 4,594

1,122 4,405 4,796 150 984 2,117

-212 -833 -24 -318 -578

883 -1 -882491 350 377 -9 78 60327 583 615

87,342 137,697 62,706 946 7,224 5,311

24,842 102,170 44,224 298 4,266

1,399 6,155 4,248 82 692-1 -6

-94 -572 -28623 106 236 2 6125 112 201

26,289 108,448 48,331 382 4,733

61,053 29,249 14,375 564 2,491 5,311

564

72p

a

a


1. Shares

A. ACQUISITION COSTAt the end of the preceding yearMovements of the year:- conversion differencesAt the end of the year

C. AMOUNTS WRITTEN OFFAt the end of the preceding yearAt the end of the year

E. NET BOOK VALUE AT THE END OF THE YEAR (A)-(C)

(1) Other companies than those with application of the equity method and than fully consolidated companies.

X. Statement of financial fixed assets

XI. Statement of the reserves

Other companies (1)

5,972

-55,967

2,0902,090

3,877

a


At the end of the preceding yearMovements of the year:- share of the group in the net result- dividends- sundriesAt the end of the year

265,343

25,750-23,383

-48267,662

C7301010011

a

Payable inin thousands of euro figures exclusive BarcoNet

Financial debts1. Subordinated loans2. Unsubordinated bonds3. Leasing and other similar

obligations4. Credit institutionsOther debtsTotal

Debts for a total of 6.4 million euro are covered by mortgages.

ANALYSIS OF DEBTS AS TO CURRENCIES:

BEF 6,756 22%DEM 382 1%USD 19,205 63%AUD 207 1%NOK 73 0%HKD 15 0%TWD 110 0%FF 48 0%CHF 3,611 12%

97 % of these debts have fixed interest rates (average : 5.66%) and 3 % are interest-free.

XII. Statement of the consolidation differences

XII.A. Positive consolidation differences

XIII. Statements of amounts payable

ANALYSIS OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE YEAR:

2001 2002 2003 2004 2005 later

0 0 0 0 0 00 0 0 0 0 12,340

261 0 230 269 0 011,493 722 722 722 722 0

202 0 2,132 167 143 28211,956 722 3,084 1,158 865 12,622

a


Net book value at the end of the preceding yearMovements of the year:- depreciations- others (acquisitions)Net book value at the end of the year

Consolidated companies

134,116

-7,7115,264

131,669

74p

2nd half2000

83433205

422119135

Belgium4696 2,5151,561 1,1633,117 1,337

18 15

123,28890,49518,359

2,94210,0111,481

457

A. BREAKDOWN OF TURNOVER

Turnover

Geographical breakdown (in %)BelgiumWestern Europe (excl. Belgium)NaftaAsiaRest of the world

Categories of activity (in %)Projection SystemsGraphicsViewVisionSpecialized Subcontracting

B. PERSONNEL

B.1. Average number of personsWorkersEmployeesManagement personnel

B.2. Personnel chargesa. Remuneration and direct social benefitsb. Employers' contribution for social securityc. Employers' premium for extra

statutory insurance d. Other personnel chargese. Pensions

D. TAXES ON THE RESULTS

D.2. Effect of extraordinary results on the amount of incometaxes on the current period

XIV. Turnover, personnel


C7501010011

2000

2,433548

18,98220,628

55,0684,709

Guarantees receivedConsignment goodsMortgage obligations given by the enterprises included in the consolidation as security for debts and commitments- book value of the relevant assets- total of the mortgageWarranties and securities given by the enterprises included in the consolidation as security for debts and commitmentsForward contracts foreign exchange

XV. Rights and commitments not reflected in the balance sheet

XVI. Relations with affiliated companies and companies linked by participating interests which were not consolidated


2000

3,8771. Financial fixed assets

Investments and shares


a Note w.r.t. mortgage obligations:- book value of the assets involved: 18,982; for 13,796 there is no longer an outstanding debt;- amount of the registration: 20,628; for 14,626 there is no longer an outstanding debt.

Barco appeals only in a limited way to derivatives, mostly to cover exchange risks.As of the end of 2000, there is a limited amount of interest coverage for the CHF.

Obligations in relation with pensions are covered by insurances or explicitely shown as a liability on the balance sheet.

on the consolidated financial statements for the company’s first fiscal year ended December 31, 2000 to the ordinary shareholders’ meeting of Barco n.v.

In accordance with legal and regulatory requirements, we are pleased to report to you on the performance of the audit mandate whichhas been entrusted to us. We have audited the consolidated financial statements for the company's first fiscal year as of and for the six months period endedDecember 31, 2000, which have been prepared under the responsibility of the board of directors and which show a balance sheet totalof 800,599 thousand euros and a consolidated profit for the first fiscal year of 25,796 thousand euros. We have also examined theconsolidated directors’ report.In respect of certain affiliates of your company for which we are not the auditors, we have relied upon the work of other auditors.

Unqualified audit opinion on the consolidated financial statementsWe conducted our audit in accordance with the standards of the "Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren".Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financialstatements are free of material misstatement, taking into account the legal and regulatory requirements applicable to consolidatedfinancial statements in Belgium.In accordance with those standards, we considered the group’s administrative and accounting organisation, as well as its internal controlprocedures. We have obtained explanations and information required for our audit. We examined, on a test basis, evidence supportingthe amounts in the consolidated financial statements. We have assessed the validity of the accounting principles, the consolidation policiesand significant accounting estimates made by the company, as well as the overall presentation of the consolidated financial statements.We believe that those procedures provide a reasonable basis for our opinion.In our opinion, based on our audit and the reports of other auditors, the consolidated financial statements give a true and fair view ofthe group’s assets, liabilities and consolidated financial position as of December 31, 2000 and consolidated result of its operations for theyear then ended, in accordance with the legal and regulatory requirements applicable in Belgium, and the information given in the notesto the consolidated financial statements is adequate.The consolidated directors' report includes the information required by the law and is consistent with the consolidated financialstatements.

Brussels, April 23, 2001

Ernst & Young Bedrijfsrevisoren BCV (B160)Statutory auditorrepresented by

Marc Van Hoecke Ludo SwolfsPartner Partner

76p

Auditor’s report

Financial part2000

Barco n.v.

innovators in image processing

Barco,

78p

Balance Sheet after AppropriationBarco n.v.

a

a

a

20002nd halfin thousands of euro figures exclusive BarcoNet

497,72724,03436,34218,45512,7743,524

472

1,116437,351432,704432,704

3,5453,5451,102

169

932

235,167102,015101,23056,92126,82517,484

785130,609115,37315,236

2582,286

732,894

Assets

FIXED ASSETS

II. Intangible fixed assets (notes II)III. Tangible fixed assets (notes III)A. Land and buildingsB. Plant, machinery and equipmentC. Furniture and vehiclesE. Other tangible fixed assetsF. Assets under construction and

advance paymentsIV. Financial fixed assets (notes IV and V)A. Affiliated enterprises1. InvestmentsB. Other enterprises linked by

participating interests1. InvestmentsC. Other financial fixed assets1. Shares2. Amounts receivable and

cash guarantees

CURRENT ASSETS

VI. Stocks and contracts in progressA. Stocks1. Raw materials and consumables2. Work in process3. Finished goodsB. Contracts in progressVII. Amounts receivable within one yearA. Trade debtorsB. Other amounts receivableIX. Cash at bank and in handX. Deferred charges and accrued income (note VII)

TOTAL ASSETS

C7901010011

a

a

a

a

20002nd half

Liabilities

CAPITAL AND RESERVES

I. Capital (note VIII)A. Issued capitalII. Share premium accountIII. Revaluation surplusIV. ReservesA. Legal reserveC. Untaxed reservesV. Accumulated profitsVI. Investment grants

PROVISIONS AND DEFERRED TAXES

VII. A. Provisions for liabilities and charges1. Pensions and similar obligations3. Major repairs and maintenance4. Other liabilities and charges (note IX)VII. B. Deferred taxes

CREDITORS

VIII. Amounts payable after one year (note X)A. Financial debts2. Bonds4. Credit institutionsD. Other amounts payableIX. Amounts payable within one year (note X)A. Current portion of amounts

payable after one yearB. Financial debts1. Credit institutionsC. Trade debts1. Suppliers2. Bills of exchange payableD. Advances received on contracts in progressE. Taxes, remuneration and

social security1. Taxes2. Remuneration and social securityF. Other amounts payableX. Accrued charges and deferred income (note XI)

TOTAL LIABILITIES

311,105

53,06353,063

120,44763

6,3386,182

156130,414

780

12,79912,192

8582,3598,975

608

408,990131,302130,777

5,892124,886

525269,535

38,16498,87998,87974,17774,177

07,098

24,1726,553

17,61927,0468,153

732,894

80p

Income statement Barco n.v.


I. Operating incomeA. Turnover (note XII, A)B. Increase (+), decrease (-) in stocks of

finished goods, work in process and contracts in progress

C. Fixed assets - own constructionD. Other operating incomeII. Operating charges (-)A. Raw materials, consumables and goods for resale1. Purchases2. Increase (-),

decrease (+) in stocksB. Services and other goodsC. Remuneration, social security costs and

pensions (note XII, C2)D. Depreciation of and other amounts written

off on formation expenses, intangibleand tangible fixed assets

E. Increase (+), decrease (-) in amountswritten off on stocks, contracts in progress and trade debtors (note XII, D)

F. Increase (+), decrease (-) in provisions for liabilities and charges (note XII, C3 and E)

G. Other operating charges (note XII, F)III. Operating profitIV. Financial incomeA. Income from financial fixed assetsB. Income from current assetsC. Other financial income (note XIII,A)V. Financial charges (-)A. Interest and other debt chargesC. Other financial charges (note XIII, D)VI. Profit on ordinary activities before

income taxes (+)

234,099211,579

6,11711,4904,913

(223,155)123,842143,943

(20,101)35,811

41,041

15,758

5,475

432796

10,9444,965

021

4,944(14,664)

7,3877,277

1,246

C8101010011

Appropriation account

20002nd half


VII. Extraordinary incomeB. Write-back of amounts written off financial

fixed assetsD. Gain on disposal of fixed assetsVIII. Extraordinary chargesB. Loss on disposal of financial

fixed assetsD. Losses on disposal of

fixed assetsE. Other extraordinary charges (note XIV, B)IX. Profit for the year before income taxes (+)IXbis.A. Transfer from deferred taxes (+)X. Income taxes (-) (+)A. Income taxes (note XV)B. Adjustment of income taxes and write-back

of tax provisionsXI. Profit for the year XIII. Profit for the year for appropriation

A. Profit to be appropriated1. Profit for the period available

for appropriation2. Profit brought forwardD. Result to be carried forward1. Profit to be carried forwardF. Distribution of profit1. Dividend

0

00

(1,138)

0

01,138

10835

(19)(23)

4123123

153,797

123153,674

(130,414)(23,383)

23,383

82p

Valuation rules

The valuation rules of Barco n.v. conform with those of the group (see consolidated accounts) except for tangible fixedassets and the information on capital, reserves, translation differences and minority interests.

The other definitions of the group's valuation rules on tangible fixed assets are also valid for Barco n.v.

The text relating to shareholders' equity (with the exclusion of the text relating to investment grants) obviously appliesonly at group level.

ADDITIONAL INFORMATION ON TANGIBLE FIXED ASSETS.

Straight line depreciation Declining balance depreciationMaximum term/ Minimum term/

% 1st year % 1st year

Buildings 20/5 17/10Installations 10/10 9/20Production machinery 5/20 4/40Measurement equipment 4/25 4/40Tools and models 3/33 3/40Furniture 10/10 9/20Office equipment 5/20 4/40Computer equipment 3/33 3/40Vehicles 5/20 4/40

C8301010011

100,263 5,976(21,767) (279)78,496 5,697

8,559 37461,980 3,941

(14,528) (166)56,010 4,150

22,486 1,548

Goodwill

148,736148,736

148,736148,736

Notes

II. Statement of intangible assets

Research and Concessions, patents,in thousands of euro figures exclusive BarcoNet development expenses licences, etc..

A. ACQUISITION COSTAt the end of the preceding yearMovements of the year:- acquisitions, including fixed assets-own

constructions- reversals (-)At the end of the year

C. DEPRECIATIONS AND AMOUNTS WRITTEN OFFAt the end of the preceding yearMovements of the year:- recorded- acquisitions from third parties- reversalsAt the end of the year

D. NET BOOK VALUE AT THE END OF THE YEAR (A) - (C)

A. ACQUISITION COSTAcquisitions At the end of the year

C. DEPRECIATIONS AND AMOUNTS WRITTEN OFFAcquisitions from third partiesAt the end of the year

a

a

a

a

84p

a

a


A. ACQUISITION COSTAt the end of the preceding yearMovements of the year:- acquisitions, including fixed

assets own construction- sales and

disposals (-)- transfers from one heading

to another(+) (-)At the end of the year

C. DEPRECIATIONS AND AMOUNTS WRITTEN OFF

At the end of the preceding yearMovements of the year:- recorded- acquisitions from third parties- reversalsAt the end of the year

D. NET BOOK VALUE AT THE END OF THE YEAR (A) +(B) - (C)

III. Statement of tangible fixed assets

Land and Plant, Furniture Other Assets underbuildings machinery and tangible construction

and vehicles fixed assets and advancedequipment payments

41,274 119,139 27,971 1,315 2,100

(2,735) (10,295) (1,655) (210) (102)

882 (882)38,539 109,726 26,316 1,105 1,116

1,056 4,160 1,475 13419,138 102,555 22,744 704

(110) (9,764) (1,427) (205)20,084 96,952 22,792 633

18,455 12,774 3,524 472 1,116

C8501010011

a

a

a

a


1. Investments and shares

A. ACQUISITION COSTAt the end of the preceding yearMovements of the year:- acquisitions- sales and disposalsAt the end of the year

B. REVALUATION SURPLUSESAcquisitions from third partiesAt the end of the year

C. AMOUNTS WRITTEN OFFAt the end of the preceding yearMovements of the year:- acquisitions from third parties- sales and disposalsAt the end of the year

Net book value at the end of the year(a) + (b) - (c) - (d)

2. Receivables

Net book value at the end of the preceding yearMovements of the year:- additionsNet book value at the end of the year

IV. Statement of financial fixed assets

Affiliated Companies linked Othercompanies by participating companies

interests

513,074 8,218 169(32,453) (2,582)480,621 5,635 169

6363

57,710 2,090(9,731)47,979 2,090

432,704 3,545 169

932932

86p

V. Investments and shares in other companies

EUROPE Belgium Barco Graphics n.v. (V.A.T. 413.257.216),

Tramstraat 69, 9052 Gent 10,277,076 99.99 12/31/2000 BEF 2,343,409 57,663Barco Coordination Center n.v.

(V.A.T. 431.157.278), Frankrijklaan 18,8970 Poperinge 31,049 99.12 0.88 12/31/2000 BEF 11,684,425 758,221

AESTHEDES n.v. (V.A.T. 427.422.976),Tramstraat 69, 9052 Gent 769 99.87 0.13 12/31/2000 BEF 176,043 7,276

Barco Picotron n.v. (V.A.T. 426.869.284),Pres. Kennedypark 35, 8500 Kortrijk 1 0.015 99.85 12/31/2000 BEF 119,872 2,785

Barco Creative Systems n.v. (V.A.T. 429.790.271), Tramstraat 69,9052 Gent 49,999 99.99 0.01 12/31/2000 BEF 239,918 985

Barco Elbicon n.v. (V.A.T. 412.584.154), Industrieterrein Nieuwland, 3200 Aarschot 249,999 99.99 0.01 12/31/2000 BEF 52,020 (30,936)

ELbicon Industries n.v. (V.A.T. 428.293.404), Industrieterrein Nieuwland, 3200 Aarschot 9,999 99.99 0.01 12/31/2000 BEF 129,798 (1,619)

Barco Silex s.a. (V.A.T. 445.977.591), Scientific Parc, rue du Bosquet 7, 1348 Louvain-la-Neuve 104 99.00 1.00 12/31/2000 FRF 77,928 20,373

XEIKON n.v., Vredebaan 72, 2640 Mortsel 1,029,500 3.56 12/31/2000 BEF 90,871 (16,253)FLABEL Corporation s.a. (V.A.T. 465.127.074)

A. Reyerslaan 80, 1030 Schaarbeek 250 25 12/31/2000 BEF 299 1Bedrijvencentrum Regio Kortrijk n.v.

(V.A.T. 424.213.266), Vlamingstraat 4,8560 Wevelgem 190 6.2 12/31/2000 BEF 37,174 1,730

Bedrijvencentrum Leuven n.v.(V.A.T. 428.014.676), Interleuvenlaan 62/62a,zone 2, 3001 Heverlee 0.28 12/31/1999 BEF 48,157 320

Bedrijvencentrum Zaventem n.v.(V.A.T. 426.496.726), Leuvensesteenweg 613,1930 Zaventem Zuid 7 0.36 12/31/1999 EUR 551 18

INNOVATIE- EN INCUBATIECENTRUM Kortrijk n.v.(V.A.T. 460.100.197), Baron Ruzettelaan 33,8310 Brugge / Assebroek 5,000,000 8.3 12/31/1999 BEF 62,040 40

Shares held Most recent available accounts

Directly Sub- Annual Cur- Amount of Netsidiaries accounts rency capital & result

at reserveNumber % % (in thousands of currency units)

C8701010011

Denmark Barco A/S, Emdrupvej 26, 2100 Copenhagen 4 100.00 12/31/2000 DKK 2,871 (144)

Germany Barco GmbH, Wilhelm-Franz-Strasse 1,

77971 Kippenheim 100.00 12/31/2000 DEM 26,544 3,775Barco Sedo GmbH, Neuwies 1,

35794 Mengerskirchen 75.00 25.00 12/31/2000 DEM 2,586 623BAASEL-SCHEEL Lasergraphics GmbH,

Gasstrasse 16, 25524 Itzehoe 90.13 12/31/2000 DEM 3,252 0Barco CONTROL ROOMS GmbH, An der Rossweid 5,

76229 Karlsruhe 100.00 12/31/2000 DEM 30,768 8,314GERBER Systems GmbH, Wilhelm-Franz-Strasse 1,

77971 Kippenheim 100.00 12/31/2000 DEM 301 35ARTIOS Deutschland GmbH, Frankfurter

Strasse 168-176, 63263 Neu-Isenburg 100.00 12/31/2000 DEM 651 (351)BarcoView GmbH, Wilhelm Franz

Strasse 1, 77971 Kippenheim 100.00 12/31/2000 DEM 433 82Barco Graphics GmbH, Wilhelm Franz-Strasse 1,

77971 Kippenheim 100.00 12/31/2000 DEM 10,800 2,039

France Barco Graphics s.a., Boulevard de la Libération 6,

Z.A. Urbaparc 1, 93200 Saint-Denis 3,814 99.82 0.16 12/31/2000 FRF 18,123 555Barco s.a., Boulevard de la Libération 6,

Z.A. Urbaparc 1, 93200 Saint-Denis 3,814 99.82 0.16 12/31/2000 FRF 26,326 1,149BarcoView Texen SA, 7, Rue Roger Camboulives,

Parc Technologique de Basso Cambo, 31000 Toulouse 1,377 51.00 12/31/2000 FRF 322 49

ItalyBarco s.r.l., Via Monferrato 7, 20094 Corsico, Milano 100.00 12/31/2000 ITL 3,977,870 682,120B&B INTERNATIONAL s.r.l., Via A. Serena 45/a4,

31044 Montebelluna (TV) 20.00Barco Loepfe s.r.l., Via el Alamein 2/c, I-22100 Como 100.00 12/31/2000 ITL 246,732 66,732

The NetherlandsBarco Finance b.v., Marinus Van Meelweg 20,

5657 EN Eindhoven 160 80 20.00 12/31/2000 NLG 23,607 22Barco Holding b.v., Marinus van Meelweg 20,

5657 EN Eindhoven 4,390 100.00 12/31/2000 NLG 87,817 (27)

a

a

a

a




88p

PULSARR Industrial Research b.v., Marinus vanMeelweg 20, 5657EN Eindhoven 100.00 12/31/2000 NLG 2,416 (174)

Barco b.v., Marinus van Meelweg 20,5657EN Eindhoven 100.00 12/31/2000 NLG 1,641 150

Norway Barco Graphics Kongsberg A/S, Kirkegardsveien 45,

3600 Kongsberg 100.00 12/31/2000 NOK 91,594 9,701

Austria Barco GesmbH, Furth 13B, 4076 St-Marienkirchen 100.00 12/31/2000 ATS 293 (589)

Poland Barco Sp. z o.o., Marywilska 16,

03-475 Warsaw 99.75 12/31/2000 PLN 731 272

Spain Barco Electronic Systems s.a., Travessera

De Les Corts, 371, 08029 Barcelona 5,000 100.00 12/31/2000 ESP 199,497 45,915Barco Service S.L., Travessera de Les Corts, 371,

08029 Barcelona 100.00 12/31/2000 ESP 295 0

Czech RepublicBarco s.r.o., Bieblova 19,

150 00 Prague 5 - Smichov 100.00 12/31/2000 CZK 623 1,027Barco Manufacturing s.r.o., Billundska 2756,

272 01 Kladno-Krocehlavy 100.00 12/31/2000 CZK 121,929 21,805

United KingdomBarco Ltd., 50, Suttons Park Avenue,

Reading, Berkshire RG6 1AZ 1 100 12/31/2000 GBP 5,203 2,306OLDOIS Ltd., Bessemer Way, Harfreys

Industrial Estate, Great Yarmouth, Norfolk NR 31 OLX 100.00 12/31/2000 GBP 115 (6)

OMNIWARD Ltd., Bessemer Way, HarfreysIndustrial Estate, Great Yarmouth, NorfolkNR 31 OLX 99.00 12/31/2000 GBP 62 0

GERBER Systems Corporation Ltd., 1 Moons Park,Burnt Meadow Rd., North Moons Moat,Redditch B98 9PA, UK 100.00 12/31/2000 GBP 352 193

a

a

a

a

a

a




C8901010011

Switzerland GEBRÜDER LOEPFE A.G., Kastellstrasse 10, 8623 Wetzikon 99.99 12/31/2000 CHF 15,580 3,811Barco A.G., Soodstrasse 55, 8134 Adliswill 99.88 12/31/2000 CHF 62 (29)Treepoint AG, Spitalstrasse 72, 8630 Rüti 51.28 12/31/2000 CHF 1,153 0

ASIA China Barco Ltd., 17/F Yen Sheng

Center, 64 Hoi Yuen Road, Kwun Tong, KowloonHong Kong 9,999 99.90 0.10 12/31/2000 HKD 3,281 (9,063)

GERBER Systems Corporation Ltd.,17/F Yen Cheng Center, 64 Hoi Yuen Road, Kwun Tong,Kowloon, Hong Kong 100.00 12/31/2000 HKD 14,434 0

Barco Trading (Shanghai) C°., Ltd., Room 123Xinmao Bldg, n° 2005 North Yangao Road, Waigoaqiao Free Trade Zone, Shanghai 100.00 12/31/2000 USD 213 6

India Barco Hotline Pvt. Ltd., 7 Western Avenue,

Maharani Bagh, New Delhi 110065 100.00 12/31/2000 INR 53,404 3,010Barco Electronic Systems Pvt. Ltd., 7 Western

Avenue, Maharani Bagh, New Delhi 110065 2,200,000 100.00 12/31/2000 INR 255,058 28,435

Israel Barco Electronic Systems Ltd., Merkazim Bldg.

Maskit Street, Industrial Area, P.O. Box 2211,Herzliya 46120 2,643,274 99.71 0.29 12/31/2000 ILS 4,249 1,695

Japan Barco Graphics Co. Ltd., 1-22-15, Shinkwawa,

Chuo-Ku, Tokyo 120 60.00 12/31/2000 JPY 2,924 19,165Barco Co., Ltd., Toho-Seimei Bld. 1F, 3-28-2 Takada,

Toshima-ku, Tokyo 171 2,000 100.00 12/31/2000 JPY 173,273 5,274

Korea Barco Ltd., 3F, Dansan-Nonhyun Bld.,

216-8 Nonhyun-dong, Kangnam-ku, Seoul 135-010 104,000 100.00 12/31/2000 KRW 2,152,448 1,136,395BarcoView Ltd., 3F, Dansan-Nonhyun Bld.

216-8 Nonhyun-dong, Kangnam-kuSeoul 135-010 20,000 100.00 12/31/2000 KRW 110 -

a

a

a

a

a




90p

Malaysia Barco Sendirian Berhad, Unit 04-05 Level 4,

Uptown 2, 2 Jalan SS1/37, Damansara Uptown, 47400 Petaling Jaya, 12/31/2000 MYR 366 66Selangor Darul Ehsan 300,000 100.00

Singapore Barco Graphics Pte Ltd., Block 750E, Chai Chee Road

n° 05-03/04, Chai Chee Industrial Park, 469005 1,000,000 100.00 12/31/2000 SGD 15,648 3,368Barco Projection Pte Ltd., Block 750E, Chai Chee Road

n° 05-03/04, Chai Chee Industrial Park, 469005 300,000 100.00 12/31/2000 SGD 3,439 3,139BarcoView Pte Ltd., Block 750E, Chai Chee Road

n° 05-03/04, Chai Chee Industrial Park, 469005 100,000 100.00 12/31/2000 SGD 535 435

Taiwan Barco Electronic Systems Ltd., 16F-1,

Cheng Loong Plaza, 33 Min Sheng Road,Sec. 1, Panchiao City, Taipei Hsien 235,000 94.00 6.00 12/31/2000 TWD (4,533) (10,592)

Thailand Barco Ltd., 19th floor, 42 Tower, 65 Soi

Sukhumvit 42, Prakhanong, Klongtoey, Bangkok 10110 9,800 49.00 12/31/2000 THB (2,530) (666)

NORTH AMERICAU.S.A.ELECTRONIC Image Systems, Inc.,

600, Bellbrook Avenue, Xenia, OH 45385 100.00 12/31/2000 USD 16,722 1,355BarcoVision, Inc., 4420 Taggert Creek Rd. Ste 101

Charlotte NC 28208 1,000 100.00 12/31/2000 USD 2,151 386Barco Electronic Tooling Systems Inc., 30 South

Soutellite Rd., South Windsor, CT 06074-3426 1,000 100.00 12/31/2000 USD 3,358 (1,150)BarcoView Inc., 3059 Premiere Parkway,

Duluth, GA30097-4905 1,000 100.00 12/31/2000 USD 18,447 934Barco Graphics Inc., 163 Technology Drive,

Irvine, CA 92618 1,000 100.00 12/31/2000 USD 7,428 (3,221)Barco Inc., 3240 Town Point Drive Kennesaw

GA 30144 1,000 100.00 12/31/2000 USD 20,094 (220)

a

a

a

a




C9101010011

LATIN-AMERICA Brazil Barco Ltda., Rua do Rocio 351 – 8° Andar,

CEP 04552-000, Vila Olimpia, Sao Paulo 419,949 99.99 0.01 12/31/2000 BRL 332 98

Chile Barco Ltda., Calle Rodo 1950, Providencia,

Santiago 99.00 1.00 12/31/2000 CLP (59,018) (60,220)

Mexico Barco Electronics SA de CV, Tamaulipas 30–802

Colonia Condesa, 06140 Mexico, D.F. 428,234 50.00 50.00 12/31/2000 MXN 179 (226)

AUSTRALIABarco Systems Pty Ltd., 8 Prohasky Street

Port Melbourne, Vic 3207 500,000 100.00 12/31/2000 AUD 1,070 (541)

a

a

a

VII. Deferred accounts (assets)

2nd half2000

22841

Deferred chargesAccrued income





92p


A. CAPITAL1. Issued capital- At the incorporation as the result of the split of Barco n.v.- Movements of the year:

. 21.12.00 exercise stock options personnel- At the end of the year2. Structure of the capital2.1.Categories of shares:

shares without indication of the nominal value2.2.Registered shares and bearer shares:

registeredbearer

D. COMMITMENTS TO ISSUE SHARES1. Following the exercising of conversion rights- amount of outstanding convertible loans- amount of capital to be subscribed- maximum number of shares to be issued2. Following the exercising of subscription rights- number of outstanding subscription rights- amount of capital to be subscribed- maximum number of shares to be issued

E. AMOUNT OF AUTHORIZED CAPITAL NOT ISSUED

(*): The board of directors can have this amount at its disposal until 22 November 2005.

G. SHAREHOLDERS ON 12/31/2000 (*): Gimv (Gimv n.v. and VIM n.v.): 4,148,284 shares, representing 33.52 % of the existing voting rights and 32.17 % of the potentialvoting rights.(*): the percentages of the acknowledgment dd. 07/08/1996 have been recalculated based on the current number ofshares/potential shares, as confirmed bij Gimv.

VIII. Statement of capital

Amounts Number of shares

53,059 12,410,479

4 1,00853,063 12,411,487

12,411,487

4,32312,407,164

5,396342

80,000

492,0852,104

492,085

26,600

IX. Provisions for other liabilities and charges

2nd half2000

1,2093,8073,958

Provisions for environmental costsProvisions technical guarantee salesProvisions risks


C9301010011

A. ANALYSIS OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE YEAR


Financial debts:2. unsubordinated bonds4. credit institutionsOther debtsTotal

X. Statement of amounts payable

a

XI. Deferred accounts (liabilities)

2nd half2000

1831,952

455,973

Accrued chargesInvoicing not closedConversion differencesSales for completion


C. AMOUNTS PAYABLE CONCERNING TAXES, REMUNERATIONS AND SOCIAL SECURITY

2nd half2000

6,553

17,619

1.b. Tax amounts not overduec. Estimated tax liabilities

2.b. Other debts concerning remuneration and social security


Payable with a residual term

less than between one over one year and five years five years

38,056 75,953 54,8245,892

38,056 70,061 54,824107 525

38,164 76,478 54,824

94p

2nd half

A. BREAKDOWN OF TURNOVER TOWARDS GEOGRAPHICAL MARKETSBelgium Western Europe (excl. Belgium)NaftaAsiaRest of the world

C.1. Number of employees recorded in the personnel registera. Total number at closing date b. Average number of employees in fulltime

equivalentsc. Number of actual working hoursC.2. Personnel chargesa. Remuneration and direct social benefitsb. Employers' contributions for social securityc. Employers' premium for extra statutory insurancesd. Other personnel chargese. PensionsC.3. Provisions for pensions

Increase (+); decrease (-)

D. AMOUNTS WRITTEN OFF1. Stocks and contracts in progress- recorded- written back (-)2. Trade debtors- recorded- written back (-)

E. PROVISIONS FOR LIABILITIES AND CHARGESIncreasesDecreases (-)

F. OTHER OPERATING CHARGESTaxes related to operationsOther charges

G. TEMPORARY PERSONNEL AND PERSONS PLACED AT THE DISPOSAL OF THE COMPANY

1. Total number at closing date2. Average number in fulltime equivalents

Number of actual working hours Costs for the company

XII. Operating results

in thousands of euro figures exclusive BarcoNet (C1 and G not in thousands of euro) 2000

29,26857,68161,58518,97444,071

2,022

1,9091,463,135

30,5039,060

79059791

(26)

5,492(335)

696(380)

1,727(1,295)

242555

9191

175,2083,136

C9501010011

2nd half

A. OTHER FINANCIAL INCOMESubsidies granted by public authorities:- in capitalDetail of other financial income, if significant amounts:- exchange differences- cash discounts

E. OTHER FINANCIAL CHARGESThe amount of the discount borne by the enterpriseas a result of negotiating amounts receivableDetail of other financial charges if significant amounts:- exchange differences- other financial costs- cost of stock exchange quotations

XIV. Extraordinary results

B. DETAIL OF THE OTHER EXTRAORDINARY RESULTS- restructuring charges

XV. Income taxes

A. BREAKDOWN1.Income taxes of the current yearsa.Payable or paid charges for income taxes and withholding taxesc. Estimated taxes payable2.Estimated tax surplusesa.Due or paid tax surpluses

B. ORIGIN OF THE DIFFERENCESExempted gains and losses, investment allowances, rejected costs

D. SOURCES OF DEFERRED TAX BALANCES 1. Deferred debit - accumulated fiscal losses that are deductible from later taxable earnings

XIII. Financial results

in thousands of euro figures exclusive BarcoNet 2000

1,009

3,832103

218

6,9176577

1,138

2323

1,2461,246

96p

2nd half2000

35,84236,329

9,464

A. VALUE ADDED TAX, CHARGED DURING THEFINANCIAL YEAR:1. to the enterprise (deductible)2. by the enterprise

B. AMOUNTS RETAINED ON BEHALF OF THIRD PARTIES FOR:1. payroll withholding taxes2. withholding taxes on investment income

XVI. Value added tax and taxes paid on behalf of third parties



XVII. Rights and commitments not reflected in the balance sheet

Personal guarantees given or irrevocably promised by the company as guarantee for debts or liabilities of third parties: 19,983- maximum amount for which other third party obligations are

guaranteed by the company 19,983

Real guarantees, given or irrevocably promised by the company on its own assets respectively for liabilities andcommitments of

1 2the enterprise third parties

- Mortgages (*):. book value of the immovable properties mortgaged 13,796. amount of registration 14,626(*): there is no longer an outstanding debt for the above mentioned amount.

The company provides in a supplementary pension scheme for its personnel.The liabilities resulting from this system are covered for by contracts with an insurance company.Insurance premiums are booked in the corresponding financial year.

C9701010011

1. Financial fixed assets- investments

2. Receivables- within one year

4. Payables- after one year- within one year

5. Debts and commitments guaranteed by affiliated companies for the company

7. Financial results- revenues. from financial fixed assets. from current assets

- interest costs and other debt charges

XVIII. Relationships with affiliated companies and companies linked by participating interests

in thousands of euro figures exclusive BarcoNet2nd half2nd half2000 2000

432,704 3,545432,704 3,54560,21160,211

284,482124,886159,596

6,537

XIX. Statement relating to the consolidated accounts

A. INFORMATION TO BE COMPLETED BY ALL ENTERPRISES

The enterprise prepares and discloses consolidated accounts and a consolidated management report in accordance with therequirements of the Royal Decree of 6th March, 1990 relating to consolidated accounts: yes.

B. INFORMATION TO BE COMPLETED BY THE ENTERPRISE SHOULD IT BE A SUBSIDIARY OR A JOINT SUBSIDIARY

Name, full address and, in case of a Belgian entity, V.A.T. or National Register number of the mother company(ies) and indicationsif this(these) mother company(ies) prepare(s) and disclose(s) consolidated accounts in which the enterprises accounts areincorporated:Gimv n.v., Karel Oomsstraat 37, 2018 Antwerp (V.A.T. BE 220.324.117)

XX. Remuneration to directors

The General Meeting of May 10, 2000 approved a total remuneration of 604,860,2 euro for the directors of Barco n.v.

Companies linkedAffiliated companies by participating

interests

98p

Social balance

Registration number of the company at the National Office of Social Security: 000-0883735-95

Numbers of the Joint Industrial Committees which are competent for the enterprise: 111.01 and 209.00

I. State of persons employed

A. EMPLOYEES RECORDED IN THE PERSONNEL REGISTER

1. During the financial period and the previous financial period1. Full-time 2. Part-time 3. Total(T) or

total offull-time

equivalents(FTE)

2000 2000 2000Average number of employees 1,841 98 1,909Number of actual working hours 1,406,335 56,800 1,463,135Personnel charges in thousands of euro figures exclusive BarcoNet 39,895 1,146 41,041

2. As at the closing date of the financial period1. Full-time 2. Part-time 3. Total in

full-timeequivalents

a. Number of employees recorded in the personnel register 1,893 129 1,952

B. TEMPORARY PERSONNEL AND PERSONS PLACED AT THE DISPOSAL OF THE ENTERPRISE

During the financial period1. Temporary personnel

Average number of persons employed 91

C9901010011

II. Statement of the personnel movements during the financial period

1. Full-time 2. Part-time 3. Total infull-time

equivalents

A. Entries 395 6 398

B. Leaves 466 19 478

III. Statement concerning the implementation of measures stimulating employment during the financial period

Measures stimulating employment

Number of employed persons envolved

1. Number 2. In full-timeequivalents

Number of employees involved with one or more measures stimulating the employment

Total for the financial period 71 70Total for the past financial period 247 243.4

100p

On the financial statements of Barco n.v. for the fist year ended December 31, 2000 to the ordinary shareholders’ meeting of Barco n.v.

In accordance with the legal and statutory requirements we report on the performance of our audit mandate which has been entrustedto us.We have audited the financial statements for the first year as of December 31, 2000 and for the six months period then ended, which havebeen prepared under the responsibility of the board of directors and which show a balance sheet total of 732,894 thousand euros and aprofit for the year of 123 thousand euros. We have also carried out specific additional audit work required by law.

Unqualified audit opinion on the financial statementsOur examination has been conducted in accordance with the auditing standards of the "Instituut der Bedrijfsrevisoren". Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement taking into account the Belgian legal and regulatory requirements with respect to financial statements.In accordance with these standards we considered the company’s administrative and accounting organisation as well as its internal controlprocedures. The company officials have responded clearly to all our requests for information and explanations. We have examined on atest basis, the evidence supporting the amounts included in the financial statements. We have assessed the accounting policies, thesignificant estimates made by the company and the overall presentation of the financial statements. We believe that our audit providesa reasonable basis for our opinion.In our opinion, taking into account the applicable legal and regulatory requirements, the financial statements give a true and fair viewof the company’s assets, liabilities, financial position as of December 31, 2000 and the result of its operations for the year then ended, andthe information given in the notes to the financial statements is adequate.

Additional certificationsWe supplement our report with the following certifications which do not modify our audit opinion on the financial statements:- The directors’ report includes the information required by the law and is consistent with the financial statements.- The accounting records are maintained in accordance with the legal and regulatory requirements applicable in Belgium.- No transaction has been concluded or decision made in violation of the Articles of Association or Company Law which needs to be

reported to you. The appropriation of the result proposed to the General Meeting complies with legal and statutory requirements.

Brussels, April 23, 2001

Ernst & Young Bedrijfsrevisoren BCV (B160)Statutory auditorrepresented by

Marc Van Hoecke Ludo SwolfsPartner Partner

Statutory Auditor’s Report

C10101010011

Registered office

Pres. Kennedypark 35B-8500 Kortrijktel. : ++ 32 (0)56 26 26 11fax : ++ 32 (0)56 26 22 62

Group management

Pres. Kennedypark 35B-8500 Kortrijktel. : ++ 32 (0)56 26 26 11fax : ++ 32 (0)56 26 22 62

Stock exchange

Brussels

Financial information

More information can be obtained at the Investor Relations Service Group Management: Mr. J.P. Tanghe, Vice President Corp. Comm. & Inv. Rel., Pres. Kennedypark 35, 8500 Kortrijk, tel. ++ 32 (0)56 26 29 07, fax ++ 32 (0)56 26 22 62 or e-mail: [email protected]

Calendar

Payment of dividend (coupon number 73): May 29th 2001Announcement of the half yearly results 2001: 1st half of September 2001Announcement of the yearly results: 2nd half of March 2002Annual General Meeting of Shareholders: 2nd Wednesday of May

Annual report

This brochure is also available in Dutch and French.and can be consulted on the website www.barco.com.