page 1 barco company overview november 2005. activiteiten
TRANSCRIPT
Page 1
Barco Company overview
November 2005
Activiteiten
Activiteitsgebieden Voor professionele markten: ontwerpen en ontwikkelen oplossingen voor grootscherm visualisatie, levenskritische toepassingen en visuele inspectie dmv 5 klantgerichte units.
Regionale spreiding 90 LandenAantal werknemers 4327
Basisgegevens in M€
Markt capitalisatie 741 Aantal aandelen 12,464Free Float 83%Invsteerders Gimv: 9,43%, Fidelity 5,33%, Barco 1,97%
Worldwide presence
Europe
Belgium: Kortrijk, Kuurne, Poperinge, Louvain-la- NeuveCzech Republic DenmarkFrance: Toulouse, Saint- Denis, Peynier Germany: Berlin, Bremen, Düsseldorf, Frankfurt, Karlsruhe, Köln, Stuttgart, Mengerskirchen Italy: Como, Milano Poland Russian FederationSpain: Barcelona, MadridSwitzerlandThe Netherlands UK: Blackburn, Reading, Great Yarmouth, Edinburgh Sweden
Middle East
Israel United Arab Emirates
Asia
China: Beijing, Chengdu, Chongqing, Guangzhou, Nanhing, Shanghai, Hong Kong India: Noida, Mumbai, BangaloreJapan: Tokyo, Osaka, NagoyaMalaysiaSingaporeSouth-KoreaTaiwanThailand
Pacific
Australia: Melbourne, Sydney
North America
USA
Georgia: Kennesaw, Duluth New Jersey: Atlantic City North Carolina: Charlotte Ohio: Xenia Oregon: Beaverton Utah: Logan California: Sacramento
Canada
South America
Brazil
* R&D and/or Manufacturing
Americas EMEA Asiapac
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
Fully Integrated Tactical System, EADSFully Integrated Tactical System, EADS
Defense & Security
Skyguide, ZurichSkyguide, Zurich
Controletorens (50) : Displays, grafische controllers
Barco View : Traffic Management
Imelda Hospital Bonheiden, BelgiumImelda Hospital Bonheiden, Belgium
Medical Imaging
Wereldleider in 3D voor PACS en digitale beeldvorming
Beriev-200Beriev-200
Avionics
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
U2 – European tour 2005U2 – European tour 2005
Events
LED, projection and control equipment for rental & staging industries
Shanghai F1 trackShanghai F1 track
Media
Also in- outdoor advertising
Kinepolis, BelgiumKinepolis, Belgium
Digital Cinema 200 WW
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
NCP ManchesterNCP Manchester
Traffic & Surveillance
Real-time, integrated view of data and video sources for operators in command & control centers of police, fire brigades
Elia, BelgiumElia, Belgium
Utilities & Process control
Typically used in electricity, water, oil and gas plants
Telekom Ulm, GermanyTelekom Ulm, Germany
EMC Digital Head End, TaiwanEMC Digital Head End, Taiwan
Broadcasting
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
Gripen multi-role fighter simulator (SAAB)Gripen multi-role fighter simulator (SAAB)
Simulation
Prestonwood Baptist Church, TexasPrestonwood Baptist Church, Texas
Presentation Networking & Videoconferencing
PSA FrancePSA France
Virtual Reality
Oil & gas, Automotive, Pharmaceutical Modeling
Planetarium aboard Queen Mary 2Planetarium aboard Queen Mary 2
Edutainment
Company structure
BarcoView Barco Media & Entertainment
Barco Control Rooms
Barco Presentation & Simulation
BarcoVision
Barco Manufacturing Services
32.3% 23.4% 16.0% 15.6% 8.9%
3.8%
Defense & security
Traffic management
Medical imaging
Avionics
Events
Media
Digital cinema
Traffic & surveillance
Utilities & process
control
Broadcasting
Simulation & virtual
reality
Presentation
Textiles
Plastics
Textilgruppe HofTextilgruppe Hof
Sensors & systems for visual inspection and quality control
Textiles & Plastics
Financiële gegevens
2001 2002 2003 2004 2005E 2006EOmzet 673 669 629 672Marge 8,1 11,2 44,2 43,2EBITA 69 72Net Profit -64 22 47 48
EPS -5,16 1,74 3,77 3,89 3,27 4,25
CFS 7,69 9,47 8,88 9,47
ROE 12,17 12,03
Div S 1,88 1,92 2,00 2,10
Div % 3,5% 4,2% 3,5% 3,0% #DIV/0! #DIV/0!
HK 80,8 57,0 70,1 75,1
LK 28,0 35,0 42,8 65,2
KW -10,5 26,4 15,0 18,0 0,0 0,0
Per segment
Omzet Marge EBITA %
2003 2004 2003 2004 2003 2004
B View 212 220 99,0 104,5 15,6 16,9
B Media & Entert. 122 161 40,9 54,8 1,8 1,6
B Control Rooms 83 110 41,9 49,3 12,6 12,1
B Present & Simulation 102 105 52,7 48,5 13,9 10,0
B Vision 76 60 33,2 27,2 15,1 12,4
Others 34 16 8,0 5,8 3,8 0,7
Totaal 629 672 44,2 43,2 11 11
Omzet
0
50
100
150
200
250
2003 212 122 83 102 76 34
2004 220 161 110 105 60 16
B ViewB Media &
E nter t.
B Contr ol
Rooms
B P r esent
& B Vision Other s
Marge
0,0
20,0
40,0
60,0
80,0
100,0
120,0
2003 99,0 40,9 41,9 52,7 33,2 8,0
2004 104,5 54,8 49,3 48,5 27,2 5,8
B ViewB Media &
Entert.
B Control
Rooms
B Present
&
Simulation
B Vision Others
EBITA
0,0
3,0
6,0
9,0
12,0
15,0
2003 15,6 1,8 12,6 13,9 15,1 3,8
2004 16,9 1,6 12,1 10,0 12,4 0,7
B ViewB Media &
Entert.
B Control
Rooms
B Present
&
Simulation
B Vision Others
Per regio
Omzet2003 2004
EMEA 325,7 335,4Americas 200,7 211,1
Asia Pacific 102,6 125,4AndereTotaal 629 672
Strategie
R&D investering 12% van Omzet
Key klanten betrokken bij ontwerp van produkten
Continue produktvernieuwing: 60% bestond 2 jaar geleden niet.
LT : Expansiegroeiplan
KT : plan voor operationele verbeteringen 6-Sigma project (sinds 2004)
hogere volumeproducten naar lage loonlanden
value produkten gekoppeld aan $
overstap van subsystemen naar oplossingen
Strategy: expand in 3 dimensions
Displays Image processing
Content &applications
EU
NA
APAC
Vertical markets
Products Solutions
Geographies
Kwartaalcijfers
05Q1 05Q2 05Q3 04Q4
Omzet 154 177 171 193
Marge 39,6 42,3 40,6 42,9
EBITA 6,4 15,5 11,0 24,3
Net Profit 5 12 8 16
EPS 0,4 0,95 0,68 1,32
Resultaten 27/apr 26/jul 26/okt 26/jan
Omzet 2004 : 672, 2005: 695?Marge: DalendNet Profit: 2004: 48, 2005: 41?
Koersevolutie 5 Jaar
Koersevolutie 1 Jaar
Analisten
• KBC Sec Neerwaarts herzien: doel: 53€
Total analysts: 6
Average consensus:
2.50 (Outperform)
Buy: 1 16.67 %
Outperform: 2 33.33 %
Hold: 2 33.33 %
Underperform:
1 16.67 %
Sell: 0 0.00 %
No ratio: 0 0.00 %
Last update: 2005-10-21
Actual analyst recommendations
Historical average analyst recommendations
Conclusie
• Innovatief bedrijf dus zware R&D• Marges zijn dalend• Grote jaarlijkse koersschommelingen voorbij• Barco Media & Entertainement : zorgenkind• Barco Vision grote EBITA bijdrage maar omzet dalt
fors, orders –20%• Alle grote groei wordt in China gerelaiseerd• Kwartaalcijfers Q4 kunnen deze 2005 nog goed
maken?????• Afwachten of instappen aan veel lagere koers
INDIEN we geloven in de totale oplossing • strategie.