Jul 19, 2022
FIRST HALF RESULTS
INSIDE INFORMATION - REGULATED INFORMATION
2Q22 topline exceeds 2Q19 pre-pandemic level, boosting 1H sales 29% year-over-year to 473 million euro and EBITDA margin to 9.8%
Kortrijk, Belgium, 19 July 2022, 7:30 am - Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six-month period ended 30 June 2022.[1]
First half and second quarter 2022 highlights[2]
Orders 1H22 of 509 million euro, an increase of 9% vs 1H21
Orderbook at 538 million euro, 146 million euro higher compared to 1H21 and 51 million euro higher compared to year-end 2021
Sales 1H22 of 473 million euro, an increase of 29% compared to 1H21
EBITDA 1H22 of 46 million euro, or 9.8% of sales vs 7.5% or 27 million euro for 1H21
Orders 2Q22 of 262 million euro up 11% vs 2Q21 and almost flat compared to 2Q19
Sales 2Q22 of 266 million euro up 37% vs 2Q21 and up 5% vs 2Q19
Executive summary Group topline (in millions of euros)
1H22
1H21
1H20
1H19
Change 1H22 vs 1H21
Orders
509.2
465.6
398.7
533.8
9%
Sales
472.6
366.0
407.2
496.4
29%
1H quarter-by-quarter overview
Group topline - continued solid order intake with sales conversion improving Barco's first half sales were 29% above 1H21 and 8% above 2H21 with sales conversion improving in all divisions and all regions. During the first semester, growth accelerated from the first to the second quarter and sales for 2Q22 surpassed 2Q19 pre-pandemic levels, driven by strong uptakes in demand in Cinema and Meeting experience.
Order intake continued to grow, increasing 9% versus last year, and orderbook, which increased 146 million euro compared to last year's first semester and 51 million euro compared to year-end 2021, reached a new record level of 538 million euro after six consecutive quarters of positive book-to-bill.
Division topline performance; Sales increase 37% in 2Q and 29% in 1H22 on growth across all business units The Entertainment division delivered double digit gains in both orders and sales year over year, despite the negative impacts of continued component shortages and regional lockdowns in China. Most of the growth came from the Americas reflecting revived demand for renewal projectors. In addition, Immersive Experience saw a continued good level of order intake resulting in healthy double-digit sales growth.
Enterprise delivered a strong first semester including second quarter sales equaling 2Q19. Reflecting stabilizing back-to-office conditions in Europe and the Americas, the Meeting Experience saw a 50% increase for the first semester and 2Q sales that were above 2Q19. Large Videowalls sales for the first half grew at a double-digit rate versus last year and were flat in the second quarter compared to 2Q19.
While order intake in Healthcare decreased slightly from last year's spike, orders remained very solid reflecting the ongoing resumption of spending by customers in the diagnostic imaging and surgical markets and resulted a positive book-to-bill ratio for the third consecutive semester. With solid deliveries in all three regions, Healthcare reported sales growth in both segments for a divisional gain of more than 20% and an all-time high semester sales performance.
EBITDA starts to expand EBITDA was 46.2 million euro up from 27.5 million euro a year ago. EBITDA margin was 9.8% of sales, or 2.3 percentage points better than 1H21 and 2.7 percentage point higher than 2H21.
Gross profit margin was 37.9%, an improvement of 1.2 percentage points versus the first semester of last year and 2.9 percentage points versus the second semester of last year, mainly reflecting favourable product mix.
Free cash flow for 1H22 was negative 28 million euro compared to positive 35 million euro last year, mainly due to higher inventory in response to the supply chain constraints and higher receivables due to a surge in sales toward the end of the quarter.
Quote of the CEOs, An Steegen & Charles Beauduin Barco is turning the corner in its recovery from the pandemic. Strong demand for our product solutions drove sales to exceed pre-pandemic levels in the second quarter, supported by a focused organizational structure.
For the second semester we are well prepared to deliver steady sales growth and further improve margins on product mix and operational improvements.
Outlook 2022 - current The following statements are forward looking, and actual results may differ materially.
Assuming economic conditions and supply chain constraints do not further deteriorate and orders to sales conversion continues to improve in the second half of the year, management expects that sales for the year 2022 will increase approximately 25% compared to 2021, with an EBITDA margin between 10 to 12%.
Disclaimer This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Barco.
About Barco Barco is a global technology leader that develops networked visualization solutions for the entertainment, enterprise and healthcare markets. Our solutions make a visible impact, allowi
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