2022 Integrated annual report

Table of contentsTable of contents
Core report...............................1
01 Barco at a glance ...................................3
02 Our company .....................................12
03 How we create value ..............................21
04 Shaping our strategy ............................. 29
05 Our technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
06 Our markets ..................................... 49
07 Our results....................................... 65
Governance & risk report . . . . . . . . . . . . . . . . .85
01 Corporate governance........................ CGR/3
02 Risk management and control processes . . . . . CGR/29
03 Additional risk information pursuant to
the non-financial disclosure directive ...........CGR/44
Report on planet - people - communities 133
01 Our sustainability ambition statement ..........PPC/3
02 Our sustainability strategy . . . . . . . . . . . . . . . . . . . . . PPC/4
03 Our sustainability performance ...............PPC/10
04 Reporting on EU taxonomy ...................PPC/55
05 Managing sustainability ......................PPC/63
06 Annex .......................................PPC/66
Financial report. . . . . . . . . . . . . . . . . . . . . . . . 205
01 Barco consolidated .............................FIN/6
02 Information about the share .................. FIN/95
Integrated Data Pack . . . . . . . . . . . . . . . . . . . 310
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323
GRI Content index ..................... 336
Assurance report. . . . . . . . . . . . . . . . . . . . . . . 344
All definitions for alternative performance measures (APM’s) as used in this report are available in the glossary as available on Barco’s investor portal and in Annex of
the Annual Report
This is the core section of Barco’s 2022
integrated annual report. Other sections
are available via the download center at
ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• Glossary
• GRI Content index
• Assurance report
Barco Integrated report 2022
2
CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Visioneering a bright tomorrow
#wearevisioneers
‘Visioneering a bright tomorrow’, highlights our belief that
truly great engineering starts with a clear vision – a vision of a
better, smarter, healthier world. We are constantly thinking
about how we can help and transform the quality of life of our
customers, our employees and the world around us – not only
today, but also in the next 10 or even 20 years.
The concept of integrated reporting, which we launched in
2020, aligns perfectly with that vision. Integrated reporting
focuses on how a company creates long-term value, and
eectively tells the story of how value is created, both inter -
nally and externally.
By sharing that story, openly and transparently, with our inves-
tors, employees and all other stakeholders, we can win their
trust, which we need to achieve our ‘visioneering a brighter
tomorrow’ mission.
Barco Integrated report 2022
3
CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Interview with
our CEOs
While the world economic outlook is shaky, our
co-CEOs Charles Beauduin and An Steegen look
back upon 2022 with satisfaction – and even a
sense of pride. During their first full year at the helm
of Barco, they have been able to turn the tide and
steer the business forward. More than that, they’re
confident the future looks good for Barco, even in
today’s uncertain economic climate.
Barco endured some rough times during the pandemic.
Last year, you anticipated that 2022 would be a
year of transition. Did this turn out to be true?
Charles: I’d call 2022 a year of recovery. The engine picked
up speed and kept accelerating as the year progressed. Barco
met or maybe even exceeded expectations: both our sales
and share price went up, which are clear tokens of market
confidence.
An: What’s just as important – or even more so – is the
renewed dynamics in our teams. We managed to bring back a
positive vibe, which became really apparent to us at our Capital
Markets Day in September 2022. We gave our dierent teams
the stage to talk about their performance, vision and strategy,
and they did so with enormous enthusiasm. Our brand-new
experience center, by the way, was a fantastic setting for show-
casing the power of Barco technology.
In 2022, the engine picked up speed
and kept accelerating. That was
reflected in our financials, yet just as
important – or even more so – is the
renewed dynamics in our teams.
An Steegen
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Looking back: keys to our 2022 success
So, what is the secret behind that
recovery and the new vibe?
Charles: When we came on board, we immediately decided to
simplify our organization. The structure had become too com-
plex, at the cost of eciency, accountability, innovation and
customer intimacy. While there was some skepticism about
the reshue in the beginning, I’m pretty sure that everyone
will now agree that this was a smart thing to do
An: Indeed, that is one of the keys to our success. On top of
that, we keep highlighting all the opportunities that Barco has
in its markets and invest intensely, up to 11% of our sales, to
accelerate innovation. Of course, we know that we won’t reap
all the fruit of those investments immediately, but they are an
absolute must for a successful future.
Charles: We shouldn’t forget our investments in our manufac-
turing capabilities. The focused factories that are underway
will be largely automated and state-of-the-art, which will boost
eciency, quality and agility. I’m sure these investments inspire
trust as well, among all our stakeholders.
China strategy
China plays a leading role in Barco’s plans, yet
2022 hasn’t been the best year for the Chinese
economy. Does that impact your China strategy?
An: We can’t ignore the fact that it’s been a dicult year to
conduct business in China. The covid lockdowns have really
burdened the economy. Still, the foundations remain unshaken
and we are hopeful that the economy will recover in 2023.
Charles: Let me highlight that there are multiple reasons for us
to strengthen our foothold in China. Sure, we are expanding
our manufacturing footprint there, but not for mere cost-saving
reasons. China is the world’s second largest economy and our
market potential there is huge, especially in entertainment
and healthcare. In our Chinese factories, we research, design
and produce solutions for both local and global markets, and
our on-site sales team understands the needs like no other.
Looking forward: challenges along the way
Looking forward, what do you consider
to be Barco’s biggest challenges?
An: Accelerating innovation, for sure. Image processing is
part of everything we do at Barco and we’ve always been a
visualization champion, but we need more groundbreaking,
value-added solutions that ultimately set us apart. And we need
them quickly, in order to keep ahead of our competitors. That
does require a dierent mindset and new skills. We’ve taken
great leaps forward in the field over the past year.
What about the looming recession. Are you
afraid it might impact Barco’s business?
Charles: Most economists and other experts predict a mild
recession in Europe and the Americas, and we hope they are
right. Our portfolio is strong enough to weather a recession.
Just look at today’s major market trends: images take center
stage, hybrid is the new normal, big data is on the rise … Barco
has the solutions to meet those exact needs.
Sure, we are expanding our
manufacturing footprint in China,
but not merely to save costs.
China is the world’s second
largest economy and our market
potential there is huge, especially in
entertainment and healthcare.
Charles Beauduin
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

ESG: more than Environmental, also Social
Sustainability is also one of the mega trends.
Barco has set the tone in that field for years.
Can you retain that frontrunner position?
Charles: Sustainability has been in Barco’s roadmap for years
and we keep sharpening our focus in that field. Besides boost-
ing the sustainability of our own operations, we also help our
customers cut CO
2
emissions, by providing them with increas-
ingly modular, energy-ecient and circular solutions.
An: What’s more, some Barco products are really part of the
sustainability solution, like our ClickShare tools for hybrid meet-
ings. When looking at the Social pillar of our ESG approach,
we decided to put diversity and inclusion high on the agenda.
It’s apparent even at the very top of Barco how diversity spurs
dialogue, discussions and, therefore, creativity and innovation –
and that’s just what we need as a global technology company.
2023 and beyond
In conclusion, what are your expectations
for 2023 and beyond?
Charles: To continue along the path that we have been busy
paving. Barco has tons of experience and expertise in visual-
ization, which is a field with huge potential these days. And we
have diverse, smart and ambitious teams who all work hard to
build our future. I’m positive about what’s coming.
An: I can’t agree more. And let’s not forget our customers,
partners and investors who help us shape our story. Thanks to
every single stakeholder for their continued support.
Barco has tons of experience and
expertise in visualization, which is a
field with huge potential these days.
And we have diverse, smart and
ambitious teams. I’m positive about
what’s coming.
Charles Beauduin
It’s apparent even at the very
top of Barco how diversity
spurs dialogue, discussions
and, therefore, creativity and
innovation – and that’s just
what we need as a global
technology company.
An Steegen
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

A word from our chairman
Frank Donck
Barco delivered strong results in 2022. We managed to recon-
nect with our long-term strategic growth ambitions. Thanks
to the entrepreneurship and creativity of all our teams, we
reached our financial targets, in spite of the supply chain con-
straints and unstable macro-economic context.
2022 was the first full year under the leadership of CEOs An
Steegen and Charles Beauduin. The new organization they put
in place has spurred the entrepreneurship, customer intimacy
and focus in every single team. Together with the reopening
of many of our markets, this has definitely accelerated our
growth.
Looking ahead, we remain vigilant about the macro-economic
situation, but we are confident that Barco has laid solid foun-
dations for further growth. We are expanding our markets and
product portfolio and accelerating our innovation eorts to
continue setting the standard in visualization and collaboration
technology in the years to come.
Looking ahead, we are confident
that Barco has laid solid
foundations for further growth.
Frank Donck
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

1.
How does the recession impact Barco?
After two challenging years due to the pandemic, the
world looks a lot brighter for Barco today. Our activities
are well spread geographically across the globe, and the
end-markets where our products are sold are very diverse.
This provides a natural balance and buer. Although the
recession and inflation are impacting many people and
businesses around the world, Barco is resilient, as the
underlying growth trends in its business areas are strong
and sustainable: hybrid working, digitization of healthcare
and an increasing demand for compelling entertainment
experiences.
 Read more
2.
Is ClickShare ready to thrive on the hybrid meeting trend?
2022 has proven that hybrid oce working – and, con-
sequently, hybrid meetings – are here to stay. Yet, 71% of
meeting participants complain that it’s hard to truly collab-
orate and interact in hybrid meetings. ClickShare’s wireless
conferencing room solutions are agnostic, utterly user-
friendly and super secure. In this way, they ensure meeting
equity: they make sure that everyone in a hybrid meeting
is valued and heard, whatever platform and device they are
using.
 Read more
3.
What is the future of cinema?
Cinema is alive and kicking. Throughout 2022, the box oce
has improved significantly and is expected to continue its
recovery in 2023. What is changing, however, is the need
for premium experiences. More than reliving a great story,
movie-goers want to enjoy a real night out – something they
can’t experience from their couch at home. Cinionic and
Barco are perfectly positioned to deliver that experience with
the all-laser portfolio. By replacing the first generation of
lamp-based digital projectors, exhibitors get absolute peace
of mind, while reducing operational costs and lowering
energy consumption.
 Read more
The future of Barco: 3 ‘burning questions’ every stakeholder is asking
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Key figures
Barco’s standard customer
experience metric, measured
quarterly (upper quartile industry performance)
Customer NPS
(Net Promoter Score)
Ecoscore
Employees
Reported in heads, excluding temporary workforce
% revenues from products
with Barco ECO label
50%
44
2020
3,303
2021
3,141
2022
3,302
Sales
In millions of euro
Gross profit
In millions of euro
EBITDA
in millions of euro
770
804
1,058
284
288
413
37% 36% 39%
2020
2021
2022 2020
2021
2022 2020
2021
2022
54
59
127
7% 7% 12%
(Database Corporate Associates per 31/12/2022)
Gross profit margin EBITDA margin
100
200
300
400
500
600
700
800
900
1,000
1,100
50
100
150
200
250
300
350
400
450
500
550
10
20
30
40
50
60
70
80
90
130
120
110
100
140
150
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Highlights
FEBRUARY
Dubai’s new Museum of the Future
celebrates the power of technology
Crafted by visionary designers, artists and engi-
neers, Dubai’s Museum of the Future is the pinnacle
of interactivity and immersion. It features the very
latest technology, including an impressive range
of Barco solutions.
» Read more
FEBRUARY
Expanding our single-chip projector
range to meet every need and budget
Our successful family of single-chip projec-
tors keeps growing. With 3 new G62 projectors
launched in February and September 2022, we
oer the fixed install market an ever-larger range
of solutions for every budget.
» Read more
APRIL
Ensuring a premium cinema
experience in 3,500 AMC theaters
AMC, the world’s largest theatrical exhibitor, goes
laser. Thanks to Cinionic’s Cinema-as-a-Service
program, they will be able to elevate the cinema
experience with minimal upfront investment.
» Read more
MAY
Wireless conferencing made easier with
ClickShare smart meeting flows
The 2022 software update to our ClickShare range
takes our meeting solution to the next level of sim-
plicity. New meeting flow features make hosting
hybrid meetings from a laptop as simple as making
a phone call.
» Read more
MAY
The most reliable LED solution in the
market? TruePix ticks all the boxes
From the installation through to after sales support:
our new TruePix LED video wall was designed from
the ground up to ensure a seamless experience in
control rooms, broadcasting and any other enter-
prise environment.
» Read more
JUNE
weConnect makes healthcare training
more accessible and sustainable
The weConnect virtual classroom that we set up
with Nipro Medical Europe in 2020 won a Life
Sciences Trainers & Educators Network Excellence
Award for providing the highest-standard virtual and
hybrid training in the sector.
» Read more
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

SEPTEMBER
Introducing Dermicus, a new digital
health skin solutions company
Our healthcare incubator Demetra merged with the
teledermatology platform of Gnosco to become
Dermicus. The new company will help clinicians
transform the way they diagnose and manage skin
conditions.
» Read more
SEPTEMBER
ITEA Innovation Award of Excellence for
healthcare-related project IMPACT
How can data intelligence help optimize patient
treatment and clinical workflows? Together with 13
other firms, Barco researched the topic in the IMPACT
project. It led to several breakthroughs – and an ‘inno-
vation award’.
» Read more
NOVEMBER
Giving Schiphol operators a shared
view on airport operations
Thanks to the Barco OpSpace workstations, control
room operators at the brand-new Schiphol Airport
Operations Center now have all the information they
need to plan, monitor and control the entire airport
logistics, at the moment they need it, 24/7.
» Read more
NOVEMBER
Healthcare team launches new
diagnostics and surgical displays
In the course of 2022, our diagnostics and surgical
teams extended their portfolios with the high-bright-
ness Nio Gray 5.8MP display specially for breast
imaging and the MDSC-8532 and MDSC-8527 4K
UHD surgical displays, which ensure excellence in
surgical precision.
» Read more
NOVEMBER
Lightweight, compact and designed
with the planet in mind
When designing the UDM projector in 2019, we made
zero concessions. As technology evolves, we keep
raising the bar. The result: 2 new 30K projectors, a
brightness upgrade path and an A+ ECO label.
» Read more
NOVEMBER
Standing ovation for Barco HDR
Lightsteering at Asian World Film Festival
Our innovative HDR Lightsteering technology
dropped jaws during the Asian World Film Festival in
LA. The moviemakers and audience were impressed
with the bright highlights, black levels and the high
dynamic range in the images.
» Read more
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Our company
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Introduction to Barco
About Barco
Barco. Visioneering a bright tomorrow.
Barco is a global company with headquarters in Kortrijk
(Belgium). Our visualization and collaboration technology
helps professionals accelerate innovation in the healthcare,
enterprise and entertainment markets. We count over 3,000
visioneers, whose passion for technology is captured in over
500 unique patents. Our company is listed on the Brussels
Stock Exchange.
Our purpose: visioneering a
bright tomorrow
At Barco, we believe truly great engineering starts with a clear
vision. A vision of a better, smarter, healthier world.
With technology, we accelerate the brightest minds in
entertainment, enterprises and healthcare to create a bright
tomorrow.
To touch people’s hearts and minds. To work better together.
To transform the quality of life.
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Enterprise
Meeting
Experience
Large
Video Walls
Healthcare
Diagnostic
Imaging
Surgical
& Modality
Entertainment
Cinema
Immersive
Experience
Commercial operations
Operations and service delivery
DivisionGlobal functions
Business
unit 1
Business
unit 2
Products Products
SWIT
Finance, Strategy, HR and legal
R&D R&D
Sales Sales
Software and Information Technology
(including global platorms)
Barco Labs
Our organization
A focused organizational
structure
When our new leadership team came on board in 2021, they
decided to overhaul Barco’s organizational structure. The
matrix organization was replaced by a more focused model
with six global business units. Every business unit handles
sales, product management and R&D, while more general
functions (services, sales support, operations, digitization,
finance, HR, legal and Barco Labs) are managed on a global
level.
It is clear that the new structure has boosted agility, market
responsiveness as well as accountability and has been the
perfect stepping-stone to get Barco’s business back to pre-
covid-19 levels and ready for further growth.
It makes so much business sense to
bring R&D, supply chain, product and
sales together in one team. More than
accountability, this has truly fostered
customer intimacy. It’s hard to prove but
I’m sure our solid customer bonds helped
grow our business in 2022.
Johan Fornier
EVP Surgical & Modality
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

41%
The Americas
38%
EMEA*
21%
APAC
* EMEA: Europe & Middle East & Africa
32%
Healthcare
30%
Enterprise
38%*
Entertainment
* Breakdown based on sales 2022
Sales per division Geographical footprint The people of Barco
Geographical
breakdown
of sales
Barco has sites in nearly 30 countries and R&D and/or
manufacturing facilities in 10 countries.
Our people are the driving force to our success. A team
of over 3,000 employees, located around the globe, all
join forces to enable bright outcomes;
Americas
• Brazil
• Canada
• Colombia
• Mexico
• United States
Asia-Pacific
• Australia
• China
• Hong Kong
• India
• Japan
• Malaysia
• Singapore
• South Korea
• Taiwan
Europe, Middle East & Africa
• Belgium
• France
• Germany
• Italy
• The Netherlands
• Norway
• Poland
• Russia
• Spain
• Saoudi Arabia
• Sweden
• Turkey
• United Arab Emirates
• United Kingdom
Sites
R&D and/or manufacturing facilities
71% male
29% female
Gender
Number of employees
3,3032020
3,1412021
3,3022022
Per functional group
8% General & Administration
21% Sales & Marketing
31% Research & development
40% Operations
12% The Americas
55% EMEA
Geographical
33% Asia-Pacific
Figures reported are in heads (not FTE). For definitions on indicators:
see glossary. We refer to note  in the financial chapter for more
information on the headcount evolution.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Leadership
Barco believes that the role of its leadership team
and its Board of Directors is not only to protect the
corporation but also to ensure that Barco is able to
create value for society at large.
While the Board of Directors sets, steers and monitors our stra-
tegic direction, our Core Leadership Team (‘CLT’) is responsible
for implementing our group strategy and policies and achieving
our objectives and results. In this way, all governance bodies
contribute to value creation at Barco.
The composition of the Board of Directors meets the gender
diversity requirements. All directors hold or have held senior
positions in leading international companies in organizations.
The Board of Directors remained unchanged in 2022.
Board of Directors
An Steegen
CEO
Hilde Laga
Charles Beauduin
CEO
Lieve Creten
Frank Donck
Chairman
Ashok K. Jain
Check the CGR report for more 2022 details. Biographies are available on our corporate website.
5
3
4
Directors with
5 years of seniority
Female members of
the Board
Independent
directors
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05 INNOVATION AND
TECHNOLOGY
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07 OUR
RESULTS

An Steegen
CEO
Gerwin Damberg
Cinema & Acting CTO
The CLT, which operates under the chairmanship of the CEOs,
comprises key ocers from various functions, businesses and
regions. Two new CLT members came on board in 2022.
Our Core Leadership Team
Charles Beauduin
CEO
Johan Fornier
Surgical & Modality
Ann Desender
Chief Financial Ocer
Tom Sys
Chief Digital &
Information Ocer
Wim Buyens
Cinionic
Kurt Verheggen
General Counsel
Geert Carrein
Diagnostic Imaging
Anthony Huyghebaert
Chief HR Ocer
Kenneth Wang
MD Barco China
Erdem Soyal
Immersive Experience
Rob Jonckheere
Global Operations
Chris Sluys
Large Video Wall
Experience
Check the CGR report for an overview of the changes in the CLT in 2022. Biographies are available on our corporate website.
11
2
4
CLT members with
5 years of seniority
Female CLT
members
Non-Belgian
CLT members
Stijn Henderickx
Meeting & Learning
Experience
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TECHNOLOGY
06 OUR
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07 OUR
RESULTS

Culture & ethics
Every organization has a culture; implicit or explicit. It is its personality – a set of unwritten rules on how an
organization behaves. And it reveals itself in many dierent forms. Our corporate culture, which we rejuvenated
in 2019, defines the cultural traits that we must embrace to continue leading in our dynamic markets. In 2022,
we took a next step in our culture journey.
Barco culture: how we live our DNA
Corporate culture is everywhere. It comes alive in how we act
towards our customers and how we talk and listen to them. It
becomes visible in the way we design our processes: have we
designed them from our perspective or from the perspectives
of those who are aected by them? It guides us in creating
teams, but also in how we treat each other as team members.
Culture even comes alive in our decision of how to greet each
other in the morning. And above all, it defines how we execute
our strategy. Culture is how we live our DNA.
 Learn more about our corporate culture
The importance of ethics and compliance
Barco’s reputation and continued success depend on the con-
duct of its employees as well as its business partners. That’s
why we put great emphasis on ethics and compliance: we
continuously invest in building a company culture in which
ethical conduct and compliance with our policies and the
applicable regulations are at the core of how we do business.
We team up to win globally
In 2022, we took the next step in our culture journey, organizing
workshops to make sure that everyone at Barco understands
and lives and breathes our culture. The focus in 2022 was on
the building block: ‘We team up to win, globally’, as it highlights
our growing commitment to diversity and inclusion.
» Learn more in the ‘people’ chapter of our PPC report
The 5 building blocks
that summarize the
Barco culture
We build the best team to take the leap from ideas to proof points, to execution. We truly
understand what it is we want to achieve together. We regard diversity of background, experi-
ence and skills as our strength. We focus on helping each other, across regions & functions, to
reach our goals. We celebrate success together and have fun while getting there. That’s how
we live our DNA.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Planet, people and
communities
At Barco, we firmly believe that sustainable business
is good business – and vice-versa. To that end, we
are committed to taking ownership of a sustainable
future. Our sustainability strategy (‘Go for Sustainable
Impact’) has been an integral part of our corporate
strategy for quite some years now and we are
constantly accelerating our eorts.
More than safeguarding the future of our planet, sustainability
at Barco also incorporates responsibility to our employees and
to the communities in which we operate. For each of our three
sustainability pillars – Planet, People, and Communities – we
defined an overall ambition statement as well as medium- and
short-term targets that guide and motivate us to infuse sus -
tainability across the organization.
Our ambitions and targets are linked to the sustainability
areas that matter most to our stakeholders and where we
can achieve the greatest impact: our material topics.
We will lower the environmental
footprint of our customers and
further reduce our own footprint.
We invest in sustainable employ-
ability by creating the right
conditions for our employees to
have an engaging, enriching and
healthy career at Barco. We do
this by encouraging our people
to learn and develop themselves
and by ensuring a healthy work-
ing environment – both physically
and mentally. We engage in build -
ing an inclusive workplace that
embraces the diversity of our peo-
ple as this boosts our innovation
capacity.
We play an active role in the
communities we operate in by
upholding the highest ethical and
quality standards and expecting
the same from our business part-
ners. We always aim to deliver
added value to our customers
through our solutions, services
and capabilities. In addition, we
help ensure more people can par-
ticipate in and benefit from Barco’s
innovation.
PeoplePlanet Communities
It is our ambition to fully integrate sustainability in
our corporate DNA, the design of our products and
solutions and the way we act and operate. We want
to take the lead in topics that are real value drivers,
like product security, lower energy consumption
and employee engagement.
Ann Desender
CFO
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

As markets are evolving strongly and customer demands are changing, diversity and inclusion (D&I) is more
important than ever. Barco is committed to becoming a truly diverse and inclusive organization. To achieve
that aim, we consider diversity and inclusion not as a standalone project, but work hard to fully embed it in our
Barco culture.
Why is diversity and inclusion so key to Barco?
• It drives our innovation: Innovation is at the core of
what we do at Barco. Every day, our people collaborate
closely to come up with the brightest ideas to solve cus-
tomer problems. By actively bringing together people with
diverse perspectives we are able to face the most complex
challenges.
• Serving world markets requires having world leaders: We
are a global company that serves markets all over the world.
We believe it is essential to represent the same diversity inter-
nally as the diversity present in the markets we serve.
• It sparks employee engagement: An inclusive culture where
dierent perspectives are welcomed and actively encour-
aged has a positive impact on employee engagement. We
believe diversity and inclusion are key to ensure that we
nourish the potential every employee brings.
How we fully embed diversity and inclusion in our culture
We have defined a D&I strategy in line with our business goals
that outlines what steps we want to take in the next three
years to embed D&I into our culture. Creating ‘awareness’ is
the starting point. In addition, we have also defined actions
to take throughout our employee journey to ensure we
can attract, grow and retain diverse talent. All these actions
gradually drive change, putting D&I top of mind in our daily
operations.
Diversity and inclusion at Barco
Every person in our company has a role
to play to ensure people are given equal
opportunities and are well accepted for
their dierences. We embrace one and
another’s uniqueness to become a more
diverse and inclusive organization.
Erdem Soyal
Program sponsor Diversity and Inclusion
Barco Integrated report 2022
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AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

How we
create value
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

PeoplePeople
PlanetPlanet
CommunitiesCommunities
ManufacturedManufactured
IntellectualIntellectual
FinancialFinancial
E
n
t
e
r
p
r
i
s
e
d
i
v
i
s
i
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e
a
l
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r
e
d
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s
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o
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t
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r
t
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s
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S
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a
t
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y
Visioneering
a bright
tomorrow
Value creation model
The concept of ‘value creation’ fits perfectly with
our mission of enabling bright outcomes. The value
creation model on the right describes how we create
value to all our stakeholders in the short, medium
and long term. The model articulates the mission
of our company and links it to our strategy and the
markets we cover. The horizontal layers represent the
six capitals in which we group the respective KPIs.*
 Check the full Value creation model on our website
 Check the Integrated Data Pack for a full set of KPIs
(financial and non-financial) with the respective
performance over the last 3 years.
* Together these 6 capitals represent stores of value that are the basis of an
organization’s value creation. See background paper of International Integrated
Reporting Council (IIRC).
The capitals and underlying KPIs remained the same in the annual report of
2022 compared to 2021 and aligned with the recommendations of IIRC. Only
the KPIs with ‘materiality’ and ‘value driver’ properties for Barco were selected
for reporting in the value creation model.
Barco Integrated report 2022
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02 OUR
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04 SHAPING
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CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Financial
Sales
(in millions of euro)
770
804
1,058
-29% +4% +32%
Orders
(in millions of euro)
746
979
1,058
-32% +31% +8%
2020 2021 2022
Net earnings
(in millions of euro)
-4
9
75
EBITDA
(in millions of euro)
54
59
127
7% 7% 12%
% growth % growth EBITDA margin
Visioneering
a bright
tomorrow
2020
2021
2022
2020
2021
2022
2020
2021
2022
20
40
10
20
30
40
50
60
70
80
90
100
60
80
100
120
140
160
100
200
300
400
500
600
700
800
900
1,000
1,100
100
200
300
400
500
600
700
800
900
1,000
1,100
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05 INNOVATION AND
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06 OUR
MARKETS
07 OUR
RESULTS

ROCE
(%)
3%
4%
16%
Product revenues inhouse
manufactured
(over hardware revenues)
70%
66%
62%
Manufactured
Capex
(millions of euro)
15
19
21
2% 2% 2% 2.3 2.4 2.1
Inventory value
(millions of euro)
175
176
246
% of sales Inventory turns
Visioneering
a bright
tomorrow
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
5
10
15
20
25
10
20
30
40
50
60
70
80
90
100
20
40
60
80
100
120
140
160
260
200
220
240
180
5
10
15
20
25
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05 INNOVATION AND
TECHNOLOGY
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07 OUR
RESULTS

Intellectual
R&D spend
(in millions of euro)
Employees in
R&D
# of new patent
filings
# of patents
at year-end
103
941
9
461
101
945
17
504
121
1,008
13
550
13% 13% 11% 29% 30% 31%
% of sales % of total employees
Visioneering
a bright
tomorrow
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
1
2
3
4
5
6
7
8
9
10
13
14
15
16
17
11
12
50
100
150
200
250
300
350
400
450
550
10
20
30
40
50
60
70
80
90
120
110
100
100
200
300
400
500
600
700
800
900
1,000
1,100
500
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05 INNOVATION AND
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06 OUR
MARKETS
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RESULTS

34
39
30
54% 52% 57%
Energy footprint
of sold products
(relative reduction vs base year 2015)
TARGET : -%
Energy consumption
in own operations
(MWh/mio € revenues)
TARGET : 
Planet
* Product and project revenues as reported in Note 3 of the financial chapter of our integrated report
% of revenues* from
products with ECO label
TARGET : %
31%
26%
50%
-27% -34% -30% -33% -27% -51%
Greenhouse gas emissions
from own operations
(tonnes CO
2
e/mio € revenues)
TARGET : 
53
54
40
0.73
0.70
0.73
% renewable % reduction vs 2015% reduction vs 2015
Visioneering
a bright
tomorrow
2020
2021
2022
2020
2021
2022
2020
2021
2022
2021
2020
2022
10
20
30
40
50
60
70
80
100
90
5
10
15
20
25
30
35
45
40
10
20
30
40
50
60
70
80
0.2
0.1
0.8
0.6
0.7
0.4
0.5
0.3
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05 INNOVATION AND
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RESULTS

% women overall
& senior management
17%
overall
senior management
29%
19%
16%
27%
28%
Average training
hours/employee
11.3
10.5
12.3
People
Total number of
employees
(# heads)
3,303
3,141
3,302
Employee Net
Promoter Score
TARGET: 
16
Visioneering
a bright
tomorrow
2020
2021
2022 2022
2020
2021
2022
2020
2021
2022
5
10
15
20
25
30
35
40
1
2
3
4
5
6
7
8
9
11
12
10
13
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
5
10
15
20
25
30
35
40
45
50
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03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Communities
Customer Net
Promoter Score
(Relationship NPS)
Average cybersecurity
maturity score
(NIST CSF)
TARGET : .
ISO 27001 certification
(security)
(# of product lines in scope)
TARGET: +  YEARLY
Suppliers scored on
sustainability performance
(% of production spend)
TARGET : %
2
2 2
2.23
2.19
2.66
58%
44%
71%
47
47
44
Visioneering
a bright
tomorrow
2020
2021
2022
2020
2021
2022
2021
2020
2022
2021
2020
2022
10
20
30
40
50
60
0.5
1
1.5
2
2.5
3
3.5
4
1
2
4
3
10
20
30
40
50
60
80
90
70
100
Barco Integrated report 2022
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AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Shaping
our strategy
Barco Integrated report 2022
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02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Our vision
To be a ‘One Barco’ company defined around our
‘image processing’ capability. The solutions that we
develop and provide are to set the industry standard
and make a visible impact. In this way, we are able to
seize commanding market shares in healthy markets.
2
0
0
9
2
0
1
2
2
0
1
4
2
0
1
6
2
0
1
9
2
0
2
2
2
0
2
5
Setting the visualization
industry standard
Navigating
covid
Focus to
perform
Focus on three
target markets
Growth in networked
visualization
Resume growth &
restore profitability
Stepping up for
the next episode
At Barco, our strategy acts as a guiding light: it defines how
we play to win in our markets. While the foundations of a
corporate strategy should remain unaltered, the strategy itself
needs to be dynamic and agile, particularly in today’s disruptive,
volatile markets. Over the past few years, we have continuously
refined our approach and priorities to keep them in line with
changing dynamics, including relevant market trends, material
topics and risks.
In the post-covid year 2022, we decided to review our strategy
more thoroughly. Our revamped, three-levered strategy will
help us gear up to set the visualization industry standard and
capture commanding market shares in our markets.
Barco Integrated report 2022
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02 OUR
COMPANY
04 SHAPING
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03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Three strategic levers
To accelerate progress towards our vision, we redefined our
strategic levers in 2022. Our renewed strategy now comprises
three levers: capture profitable and ecient growth, inno-
vate for impact and go for sustainable impact. These are the
priorities we want to focus on to remain relevant and flourish
in the short-, mid- and long-term. They help us prioritize our
business activities.
Innovate
for
impact
Go for
sustainable
impact
Capture
profitable
and ecient
growth
Barco Integrated report 2022
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02 OUR
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04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Focus areas Status Proof points in 2022
Organizational redesign to
enhance customer intimacy,
end-to-end accountability and
entrepreneurship
• Roll-out of simplified organization with  BUs and global support services
• Integrated BU teams with sales, product development and R&D all in close con-
tact with the customer
Commercial and operational
eectiveness through digital
transformation
• Global roll-out of Salesforce CRM for sales and customer service
• Launch of new services e-portal for customer service
• Strengthening platform strategy for major IT applications
• Finance functions and processes are certified future-proof
Seize the China opportunity with
stronger local presence
• New healthcare plant in Suzhou operational since December  and ramping
up throughout .
• Start of construction Wuxi plant, focused on the projection technology market
• STEP talent development program for Chinese healthcare team, embedding
strong local presence for product development and sales
Develop new market segments
and expand in healthcare,
control rooms and immersive
entertainment
• Broadening the Immersive Experience portfolio with mid-market products
• Expanding expertise in digital immersive art experiences into Asia
• Strengthening our business in the digital pathology segment (Healthcare) with
the world’s first FDA approved pathology monitor
• Launch of TruePix, a gamechanger in LED video walls, offering a premium visual-
ization experience
• LTEN Excellence award for Barco and partner Nipro as provider of highest-stand-
ard virtual and hybrid training in life sciences sector
• New Dermicus digital health skin solutions company combines the strengths of
Barco Demetra and Gnosco Dermicus
• New collaboration with Strategic Radiology, an association of ,+ private
radiology practices in the USA
Related to these highly material topics: Customer engagement // Product quality, safety & security // Information security & data
protection // Financial resilience // Sustained profitable growth // Product stewardship
Lever 1: Capture profitable and efficient growth
Barco has been a global technology leader for decades. Just
look at our massive expertise and experience, and smart, com-
mitted teams. We are active in markets with solid foundations,
where we oer mission-critical solutions. In order to optimally
seize all the market opportunities ahead and further strengthen
our leading role in our markets, we are determined to exploit
our strengths to the fullest, and even more than we’ve done
in the past.
To achieve that aim, we set a number of short- and mid-term
strategic objectives:
• reshue our organization into 6 business units (BUs) in
order to step up accountability, entrepreneurship, and cus-
tomer intimacy;
• increase operational eectiveness through digital transfor-
mation and standardization;
• grasp our market potential by broadening our geographic
coverage with a focus on China and by developing adjacent
markets.
Assessment
Overall, we score between 2 and 3 out of 4 on the ‘Capture
profitable and ecient growth’ focus areas. The reorganiza-
tion positively impacted accountability, customer intimacy
and entrepreneurship in 2022 and we continued investing in
our business in China, despite the covid hurdles. In the field
of ‘developing new market segments’, several initiatives have
been taken, but with plenty of potential remaining.
Barco Integrated report 2022
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02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Focus areas Status Proof points in 2022
Focused factories
• Kick-off of focused factories approach: create factories that produce a limited set of
products, for a particular business unit.
Strengthen downstream
value chain through OPEX
business models and
channel management
• Roll-out of OPEX business models (Cinema-as-a-Service, weConnect, Dermicus)
focusing on customer experience and full lifecycle management of products
• Addition of new distribution and channel partner agreements
Strengthen supply chain,
reducing component
dependency through
redesign and bringing critical
components in-house
• Reduction of dependency on critical components (semiconductor and other)
through product redesigns that allow for more flexibility to change components
during the products’ lifecycle
• Bringing production of critical subassemblies in-house (e.g. optical components for
projectors or bonding glass for healthcare displays)
Rebalance R&D investment
portfolio
• % of turnover spent on R&D, with a more balanced R&D pipeline focusing more on
new growth investments
• Strengthened patent management with  new patent filings and holding  pat-
ents at year-end 
• Global platforms software development strengthened under cross-divisional man-
agement in SWIT (Software and IT) organization
• Barco selected as Euronext Tech Leader, among Europe’s top innovative high-growth
companies
Develop adjacencies and
new solutions based on core
technologies
• HDR Lightsteering, for the next-gen laser cinema projector piloted and presented to
cinema industry professionals
• Expanding ClickShare proposition with new functionalities on a continuous basis,
such as smart meeting flows and digital signage
Enhance ROI in innovation
combining entrepreneurship
and financial discipline
• R&D managed in the business units, close to customer, enhancing market effective-
ness
• Strengthened innovation governance, led by CEO An Steegen, with frequent innova-
tion boards and fast-fail principles
Related to these highly material topics: Product quality, safety & security // Innovation management // Product stewardship
We are determined to retain our position as a technology
leader and further dierentiate ourselves from our competi-
tors. To achieve that aim, we will continue to accelerate our
innovation and technology capabilities. While innovating, we
always keep in mind that innovation at Barco should deliver
impact, i.e. add value for all our stakeholders, including the
broader communities in which we operate.
Innovating for impact is about more than mere technology
innovation. It includes:
• enhancing and extending our product portfolio
• increasing the eciency of our operations with focused
factories and a stronger supply chain
• creating new business models to strengthen our down-
stream value chain.
Assessment
Overall, we score between 2 and 3 out of 4 on the focus
areas in the ‘Innovate for impact’ lever. In 2022, we were suc-
cessful in minimizing the supply-chain constraints caused by
the pandemic. We managed to instill a stronger innovation
governance, which will help us achieve more breakthrough
innovation in the mid to long term. The focused factories
strategy, for its part, has just been launched and will help us
optimize the manufacturing footprint in the coming years.
Lever 2: Innovate for impact
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02 OUR
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OUR STRATEGY
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CREATE VALUE
05 INNOVATION AND
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07 OUR
RESULTS

Sustainable business is good business. Barco has been con-
vinced of that for many years. When first deciding how to
execute our strategy, we chose to operate with respect for
the planet, our people and the local communities. Year after
year, that commitment has become more deeply embedded
in our corporate DNA. That’s why, ‘Go for sustainable impact’
remains a key lever for our long-term success.
To remain the sustainability frontrunner we’ve been in our
sector for years, we keep
• refining and strengthening our sustainability governance
and organization
• reinforcing our sustainability strategy
• improving the sustainability performance of our operations
and our products
Assessment
Overall, we score between 2 and 3 out of 4 in the field of ‘Go
for sustainable impact’. In 2022, we kept strengthening our
governance and organization, and reinforcing our sustainabil-
ity strategy. Improving our sustainability performance in all
fields – planet, people and communities – remains an ongoing
commitment in everything we do at Barco.
Lever 3: Go for sustainable impact
Focus areas Status Proof points in 2022
Strengthen governance and
organization
• Strong ESG governance in place, under the leadership of CEO An Steegen as
chair of the executive sustainability steerco, and workstream leads for every
highly material topic
• Bottom-up operator engagement strengthened with iGemba program taking
further momentum in Kortrijk, Suzhou and Noida plants
• Raising continuous internal and external awareness and communication about
sustainability, e.g. in our Bright Insights magazine
Reinforce our sustainability
strategy
• Next milestone reached in Barco’s wind turbine project, with the environmental
permit granted (pending on further appeal)
• Further electrification of the company car fleet: + charging stations installed
at HQ
• Diversity and inclusion launched as a global workstream, with senior sponsorship
and dedicated ambassador group
Improve our sustainability
performance in the fields of
planet, people and communities
• On track with our main planet sustainability goals for 2022:
- Greenhouse Gas emissions from own operations at -51% versus 2015
- 50% of revenues from products with ECO label
• Broadening limited assurance audit to include ECO labelled products and emissions
of own products; first time taxonomy-aligned reporting with 27.0% aligned revenues
• Acknowledgements for increased transparency and improved performance:
- Barco recognized by The Financial Times and Statista as one of Europe’s climate
leaders, companies that contributed the most to the prevention of global warming
- ESG ratings: consistently scoring in top-20% among Electronics Industry sector
peers with a score upgrade to AA for MSCI in 2022 (see external evaluations)
- ISO 45001 Health and Safety certification for sites in Beijing: Tai Yang Gong and
Chang Ping
Related to these highly material topics: Information security & data protection // Business ethics // Employee engagement // Diversity &
inclusion // Product stewardship // Climate change & energy
Barco Integrated report 2022
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AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Managing our strategy
in a changing world
Even the best plan must be adapted continuously.
The global pandemic, the Ukraine war, the persistent
inflation and the accelerating climate crisis that
have been impacting our business in the past few
years, all highlight the need for agility and resilience.
That is why we constantly question, fine-tune and
even reimage our strategy to ensure that it remains
anchored in the realities of our business and the
rapidly changing world around us.
In order to keep our strategy in shape, we look at it through
dierent lenses. We monitor relevant market trends, keep track
of evolutions in the material topics and closely follow up on
the risks that could aect our business.
Market
trends
Materiality Risks
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5 relevant
market trends
Our customers, our markets and even our world
are changing faster than ever. As these changes
largely impact our business, we keep a close eye
on trends and act upon them when going forward.
The following shortlist of five market trends is not
exhaustive but is considered as really relevant for the
business that we’re active in. They are shaping our
solution portfolios and strategy.
TREND #1
We live in a visual world.
YouTube, TikTok, marketing videos, infographics, large bill-
boards, digital signage: images are anywhere these days. As
technology evolves, so does the way we process information
and even the way we interact with our environment. On lap-
tops and smartphones, in meeting rooms and boardrooms,
in hospitals as well as in museums, movie theaters and during
events: images always say more than a thousand words. Crisp,
clear, high-quality visuals are a must to meet the needs of
users and audiences.
 Get wowed by the ultimate visual experience:
projection mapping
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TREND #2
The continuing rise of all things
hybrid
Meetings, seminars, training courses and even surgeries are no
longer fully in-person or fully virtual. Hybrid collaboration has
become the new normal. The big challenge for organizations,
universities and hospitals is creating equity for participants,
no matter where they are. Technology that connects people
and makes collaboration truly flow while keeping it secure will
lead to success in the new, hybrid world.
 Discover how to optimize your digital meeting experience
TREND #3
Customer is king
A familiar adage, the ‘Customer is king’, remains relevant in
the 2020s, as savvy consumers demand flexible, personalized,
customer-centric services. More than ever, in fact, consumers
want to feel a strong connection with brands and be part of
a community. Organizations that manage to ensure customer
intimacy, listen and respond to customer needs, and provide
outstanding customer services throughout the customer life-
cycle are set for success.
 Read all about our eorts to boost customer intimacy
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TREND #4
The need for insights
Whether in boardrooms, control rooms, radiology or operating
rooms: everyone generates astronomical volumes of digital
data these days. A massive amount of computing power, smart
visualization solutions and intelligent software are needed
to collect, store, process, distribute and retrieve this data to
then distill insights from it. Organizations that invest in solid,
reliable solutions for data processing, analysis and visualization
are sure to enhance decision-making and gain an edge over
their competitors.
 Read how Barco provides the right perspective
on data in control rooms
TREND #5
The world wants genuinely
sustainable outcomes
Authorities, investors, customers, suppliers and employees
are all challenging companies to set more ambitious environ-
mental, social and governance (ESG) targets. Greenwashing,
however, will no longer do. They demand genuine commit -
ments to reduce CO
2
emissions, embrace diversity and ensure
sustainable employability. Organizations that have the courage
to embrace ESG targets beyond box-ticking will be rewarded
and win in their markets.
 Check out Barco’s carbon emission reduction commitments
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1. Customer engagement
2. Product quality, safety
& security
3. Information security
& data protection
10. Financial resilience
11. Sustained profitable growth
18. Product stewardship
2. Product quality, safety
& security
8. Innovation management
18. Product stewardship
3. Information security
& data protection
4. Business ethics
13. Employee engagement
17. Diversity & inclusion
18. Product stewardship
19. Climate change & energy
Capture profitable
and ecient growth
Innovate
for impact
Go for
sustainable impact
UN SDGs
HIGHLY MATERIAL TOPICS
Materiality
Continuous monitoring of material issues is critical to
staying on top of emerging risks and opportunities.
A materiality assessment helps organizations
understand what topics matter most to their
businesses and stakeholders and where to focus
the attention. We regularly update our materiality
assessment to make sure it reflects changes in our
business and the external environment.
Linking our materiality matrix
to the UN SDGs
Our last extensive materiality assessment was done in 2020,
in close cooperation with a broad group of stakeholders. It
remains relevant, as stakeholder interactions in 2022 did not
reveal major changes. Our Board of Directors decided to raise
the topic ‘Diversity and inclusion’ from medium to highly
material in 2021. In 2022, we started accelerating our eorts to
create a more inclusive workplace that embraces the diversity
of our people.
In the table, we link the highly material topics to the six UN
SDGs that best fit our materiality matrix and our own corpo-
rate strategy.
 Read all about our materiality assessment, the UN SDGs
and our stakeholder engagement on our corporate website
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Risks
Within the context of its business operations, Barco
is exposed to a wide variety of risks that can aect
its ability to achieve its objectives and to execute its
strategy successfully. To anticipate, identify, prioritize,
manage and monitor the risks that impact its
organization, we put a sound risk management and
control system into place, which is actively supported
by the Board of directors.
Risk management process
Risk management is firmly embedded into our processes, at all
levels. For every key management, assurance and supporting
process, Barco has a systematic risk management approach
that consists of five steps: identification, analysis, evaluation,
response and monitoring.
2022: main risks
Every year in the fourth quarter, Barco performs a compa -
ny-wide risk assessment and compliance gap analysis. In 2022,
that led to a slight reclassification and renaming of certain risks,
leading to the following overview.
 Read more on Barco’s risk management
Risk Trend Material topics Strategic levers
1 Innovation, new
technologies
& product portfolio
• Innovation management
• Market reach
• Product stewardship
• Customer engagement
• Innovate for impact
• Capture profitable and
efficient growth
2 Supply chain &
‘Nth’ party risk
• Responsible supply chain management
• Sustainable profitable growth
• Product quality, safety and security
• Capture profitable and
efficient growth
• Go fo sustainable impact
3 Human capital &
talent management
• Employee engagement
• Learning and development
• Employee health, safety and wellbeing
• Diversity and inclusion
• Capture profitable and
efficient growth
• Go fo sustainable impact
4 Product quality • Product quality, safety and security
• Customer engagement
• Brand
• Innovate for Impact
• Capture profitable and
efficient growth
5 Macroeconomic
& geopolitics risk
• Market reach • Capture profitable and
efficient growth
6 Information
security risk
• Information security and data protection
• Product quality, safety and security
• Innovate for impact
• Go for sustainable impact
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05 INNOVATION AND
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06 OUR
MARKETS
07 OUR
RESULTS

Innovation and
technology
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Barco can build on decades of engineering excellence in visu-
alization and imaging technologies to realize its purpose of
‘visioneering a bright tomorrow’.
In the last years, we invested on average 11% to 13% of our
turnover in R&D in order to meet – or, rather anticipate – the
rapidly evolving market demands. Since 2022, we have been
strengthening, sharpening, and accelerating our innovation
eorts, with more focus on breakthrough, disruptive solu-
tions – primarily for our core and adjacent markets but also
in totally new domains.
While we are reinforcing our teams with visioneers who spark
innovation, we retain a disciplined approach to innovation,
with a dedicated budget. Every new product, solution or ser-
vice is the result of extensive market research, and stems from
dialogue with our customers and partners, together with inter-
nal teams. Moreover, exceptional product performance and
quality, not forgetting security, stewardship and sustainability
are all deeply embedded in our solution design processes.
Visioneering a bright
tomorrow
Acquire / Capture
Optimize / Manipulate
Distribute / Transmit
Process / Render
Visualize / Display
• Dermicus, skin imaging camera
Key examples
• Nexxis coding & decoding
• ClickShare
• Media servers
• Switchers
• Controllers
• Displays
• Projectors
• Video walls
• HDR Lightsteering
Mastering the entire visual chain
Innovation has always been the lifeblood of Barco.
Ever since our company was founded back in 1934, we
have been pioneers. While displays and visualization
hardware were our initial focus in our earlier days,
we now master the entire visual chain, from acquisi-
tion through to the display of images, adding all the
capabilities that help bring the image to the screen.
The challenge is to
innovate radically – and
dare to fail.
Charles Beauduin
Barco CEO, in Trends Magazine
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Our innovation
approach
Successful innovation creates both value for the customer
and true business benefit. To ensure that our ideas are tightly
connected to our strategy and purpose, and can be turned
into revenue growth potential, we adopt a disciplined approach
to innovation:
• Balancing start-up dynamics with fast-fail principles
• Focus on early customer involvement
• Governance: disciplined management with dedicated
budget
2. SEED FUNDING GATE
Idea is feasible with a
promising business case.
3. PROOF OF CONCEPT
Proof of concept becomes
a viable product/solution
4. BREAK-EVEN GATE
INCUBATOR
SEED
SCALE UP
IDEATION
1. FUNNEL ENTRY GATE
Business unit-related
breakthrough &
dierentiating innovation
Central organization / BarcoLabs
Business unit
Breakthrough idea
not related to business
unit
Our innovation process
Sustainable, high-quality
product innovation
Barco products stand for top quality, safety, reliability
– and increasingly also for sustainability. To make
sure that every new Barco solution exceeds the most
stringent sustainability criteria, we take sustainability
into account in the earliest phases of our innova-
tion and design processes. Before any prototype
is conceptualized and presented, we estimate the
impact of the materials, its energy consumption,
packaging, shipping, etc., so that we can still adjust
the design if needed.
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These meetings are a source of inspiration for everyone
involved. As are the demo sessions that our BarcoLabs teams
organize for everyone at Barco. On top of that, BarcoLabs
increasingly collaborates with people from the business units,
which creates a new, dynamic vibe. I’m happy to see that we’re
no longer innovating in a vacuum.”
Entrepreneurial spirit
“Now that we’ve built a strong foundation for execution, we
have to keep going beyond 9 to 5, to get our seed ideas to the
next level. That’s not always easy in a corporate environment
but it is great to get clear, authentic sponsorship from our CEOs
and we are progressing really well. We’ve definitely found a
new innovation cadence,” Gerwin concludes.
Things have changed significantly at Barco, since
Gerwin Damberg came on board as CTO in 2020 –
not least in the field of innovation and technology.
The start-up like approach, that he dreamt of
instilling, got an extra impulse when An Steegen and
Charles Beauduin became CEO.
“Ramping up over two years, we now have the right mind-
set, people and processes in place to innovate successfully,”
says Gerwin, “and we can be proud of our first results already.
Some early products, like Dermicus, weConnect and our HDR
Lightsteering projection technology, proceeded from early
seed into the growth phase. Many new ideas make it into
the seed funnel. Successful entrepreneurship however also
requires having the courage to stop, if an idea is not viable
or cannot add enough value.. That’s painful, yet it’s good to
understand it won’t work, sooner than later. That too, is key
in an innovation mindset.”
Innovation board
Decisions on whether a new innovation idea will receive fund-
ing, are made in the innovation board that meets three times a
year. The board comprises our co-CEOs, Gerwin himself and
stakeholders from BarcoLabs and the business units. “This is
where new ideas are pitched and assessed, where we discuss
the progress of ongoing projects, exchange ideas and provide
advice,” Gerwin explains.
We’ve found a new innovation cadence
I’m happy to see that we’re no
longer innovating in a vacuum.
Gerwin Damberg
CTO
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Creating big sparks:
how BarcoLabs truly visioneers the future
How can we, as a company, remain relevant in today’s – and tomorrow’s – global, tech-driven world? By
developing disruptive solutions that add value to our customers’ lives – and doing it quickly. A growing group of
visioneers is helping us to achieve that objective. Peru Dharanipathy is one of them. He joined our central R&D
group, BarcoLabs, in early 2022 to head our Advanced Displays X team.
If you ask Peru, the sky is
the limit when it comes to
innovation. Or, rather, there
are no limits: Peru loves to
shoot for the stars. “These
are such extraordinary times
to be active in technology,”
he starts. “Still, for a tech
company to remain mean-
ingful, being disruptive is a
must.”
Dirty prototypes:
choose progress over perfection
“The key to creating groundbreaking new technology is being
fast and unafraid to fail.” he goes on. “On top of that, you
must keep the dialogue open from the start and involve as
much people as possible, so that you can explore all available
opportunities and spot limitations.”
To improve the speed of innovation and arouse interest in
innovative new technologies, Peru introduced the concept of
‘dirty prototypes’: his team converts ideas into basic prototypes
fairly quickly and then demonstrates them to everyone at Barco
during informal demo days.
Organic,
bottom-up innovation
“The input we get there is
really valuable. Our col
-
leagues from the business
units, for example, can
quickly tell if our prototype
addresses a real market
need. Moreover, we hope
that our demos inspire other
colleagues, from whichever
business unit and whatever
role, to come up with new
ideas.
Innovation is a process of creating as many sparks of disruptive
ideas as we can – and hoping that the best idea catches fire.
This bottom-up approach, where ideas bubble up from any-
where in the organization, is sure to result in more innovation.
It’s pretty new at Barco, but we’re making steady progress.”
Sneak peek: the future of displays
The prototypes that Peru and his team demonstrated most
recently were 3D displays. Still, that is just the beginning, he
says: “Until now, displays have remained fairly static: they emit
light, just like displays have always done. It becomes more fun
when you can turn walls, curtains, glass and any other surface
Innovation is a process of creating
as many sparks of disruptive ideas as
we can – and hoping that the best
idea catches fire.
Peru Dharanipathy
Technology Director, BarcoLabs
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or object into a display. Or better still: if images popped up
everywhere as we walk in a room. While that still feels like sci-
ence fiction, these dynamic, displays will eventually become
part of the display technology mix. Additionally, the case of
reflective display technology can be particularly interesting
too, is that it brings energy use down by over 90% – that sus-
tainability aspect is a very valuable argument to look further
into these types of technology.”
Connecting people and data
While Peru is passionate about technology and innovation,
he stresses that it is the relevance of the solutions that really
counts: “What attracted me to Barco, apart from its global
scale, is how Barco technology improves the lives of people
around the world. Just take our projectors. The photons of
Barco projectors have touched the faces of billions of people
and made them smile.”
“When it comes to displays, our real purpose is to invent solu-
tions for people to connect with and get insights out of the
massive amounts of data available in the world, in order to help
solve key problems. We’ve got a great team here to visioneer
that future, in close cooperation with our other colleagues
from BarcoLabs and from the BUs.”
Towards mature patent
management
Intellectual Property (IP) represents a competitive advantage
for a technology company like Barco: patent holders have a
higher chance of attracting customers, investors and even
employees.
In the past two years, we have been strengthening our IP
management and refocused our strategy. We assigned pat-
ent delegates in each business unit and also hired a new
patent engineer in Taiwan, a Paralegal and a Patent Attorney
in Belgium thus further strengthening our internal patent
group and adding much important international expertise
to the team.
More than educating employees on the importance of IP,
the team has now fully incorporated IP in our innovation
process. Patentability is checked early on in the new product
development cycle, more patents are filed and we introduced
professional IP infringement checks. As a result, the quality of
our patent portfolio is clearly improving.
The real purpose of our innovation
is to come up with solutions for
people to connect with the massive
amounts of data available in the
world.
Peru Dharanipathy
Technology Director, BarcoLabs
We keep strengthening our internal
patent group and adding much
important international expertise to
the team.
Anders Ballestad
Director Innovation Strategy
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05 INNOVATION AND
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MARKETS
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RESULTS

Innovation at Barco is not just about new products.
New workflows, business models and tools all
complement product innovation to retain our
leadership position. The focused factory strategy that
we introduced in the second half of 2022 is a great
example of that: Barco will invest 100 million euro in
new manufacturing facilities and in the automation
and digitization of its manufacturing processes over
the period 2023 - 2025. Rob Jonckheere explains.
What is a focused factory?
“A focused factory manufactures a limited set of products,
for a particular business unit. It’s a dierent approach than
conventional plants, which often mix many manufacturing
processes and even serve dierent business lines.”
Why did Barco choose to invest in focused factories?
“The focused factory approach will simplify the organization
and speed up decision making. Moreover, thanks to the large
degree of automation in manufacturing and logistics we’ll be
able to further simplify our production processes and increase
eciency. Last but not least, product quality will structurally
improve. Our products increasingly integrate miniaturized
components with narrow tolerances, which are dicult to
handle with manual assembly processes. So all-in-all, the
implementation of the focused factory strategy will increase
our competitiveness and also reduce the supply chain risks.”
How exactly do focused factories reduce supply chain risks?
“We’re moving from a pure assembly factory towards a more
vertically integrated factory. That means producing laser driv-
ers, for example, assembling optical components for projectors
Focused factories: another face of Barco innovation
Focused, automated factories
will simplify the production
processes, improve and speed
up decision-making, and lead
to faster and better results.
Rob Jonckheere
EVP Global Operations
or bonding glass for healthcare displays. This allows us to move
up within the value chain, capture ‘more share of wallet’ and
limit our supply chain risks.”
With new plants in Suzhou and Wuxi, China
remains key in Barco’s manufacturing strategy?
“As China is a crucial market for Barco, a regional presence
of manufacturing and development is crucial to support our
growth ambitions. Our focused factory strategy does ensure
that every factory in China has a mirror factory outside China.
This allows us to answer specific market or customer requests,
but also means we can quickly anticipate in case of geographic
and/or geopolitical issues.”
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Image processing has been and remains the
cornerstone of Barco’s technology map. On the
base of this first component, we have defined three
more building blocks which form the foundation for
Barco’s innovation for impact in the future.
Image processing
Professional visualization requires both classical image pro-
cessing algorithms and data-driven approaches. Barco’s
image processing technology domain covers image and
video capture, enhancements, processing, understand-
ing and rendering as well as techniques to enhance
human-machine interaction. Increasingly important is the
implementation of high-performance software solutions on
modern hardware such as graphics processing units.
Advanced display & projection
The display and projection technology that lies at the heart
of Barco’s visualization solutions include optics, electronics
and signal processing, manufacturing and calibration tech-
niques related to projection systems and direct view display
technologies, including LCD and LED. This advanced tech-
nology powers a wide range of advanced display solutions
for use in demanding markets – from cinema projectors
and high-resolution medical displays to video walls for large
screen visualization.
Computational optics
Computational optical technology exploits the properties of
light to enable visual experiences that cannot be delivered
using traditional optical systems alone. This technology opens
the door to a spectrum of new solutions with functional-
ities or value that cannot be delivered by other visualization
or imaging techniques. Examples include Demetra, Barco’s
multispectral skin imaging platform and the high dynamic
range (HDR) Lightsteering technology that uses real-time pro-
grammable lasers and lenses to shape light into high-contrast,
high-brightness images on screen.
Connectivity & data analytics
Technology that enables connectivity is at the core of Barco’s
solutions, as it allows the real-time monitoring of devices or
the local or remote streaming of audio and video data. The
connectivity platforms that power Barco solutions are always
highly optimized for the professional application at hand,
whether that is live entertainment, diagnosis or surgery in
healthcare settings or sharing content in the workplace.
On top of enabling connectivity, Barco increasingly helps
customers understand the data transmitted, thus providing
trustworthy, actionable insights and boosting productivity,
collaboration and engagement.
Technology: domains
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Our markets
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Healthcare
We provide our customers with imaging capabilities
that enable them to make a visible impact, creating
experiences, generating insights and ensuring
connectedness in three healthy markets: Healthcare,
Entertainment and Enterprise.
Our presence in these three markets goes back many years and
is mainly based on the potential of our technology to deliver
top-notch imaging capabilities. Thanks to our deep-rooted
expertise and experience, we are well equipped to lead the
pack in all three markets. We work hard to keep consolidating
our leadership position, by oering innovative, high-quality
and increasingly also truly sustainable solutions that create
value and meet – or rather: exceed – the expectations of our
customers and end-users.
Three divisions, six business units
We serve our markets through three divisions, which are
split into two business units each. Each business unit is fully
empowered to execute strategic priorities.
Three healthy markets,
three divisions
Enterprise
Entertainment
32%
Healthcare
30%
Enterprise
38%*
Entertainment
* Breakdown based on sales 2022
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Customer engagement
Across markets, divisions and business units, whether
in Belgium, the US or China: Barco always goes the
extra mile to meet its customers’ requirements. And
yet, we realize that customer demands are changing
and that it is more important than ever to engage
with our customers, exchange ideas with them and
put them at the very heart of what we do.
How our reorganization fosters customer intimacy
2022 has demonstrated that the reorganization that we
carried out in October 2021 greatly helps to improve the
customer experience. By centralizing sales among the
managers of the business units, we got closer to our
customers. This allows us to respond faster and more
eectively to their questions and needs.
A mature customer experience management model
The customer experience roadmap that we launched
in 2018 has reached maturity: it’s a solid foundation on
which to build further initiatives. As we move forward, we
increasingly digitize the end-to-end customer engage-
ment process to meet customer needs for speed and
high-quality services.
Our new experience
center: where Barco
and customers get
together
In 2022, our experience center was
given a thorough makeover, convert-
ing it into a fully-immersive environment
and the perfect place for Barco, cus-
tomers and partners to meet. This new
space at our One Campus HQ is an
extra motivation for customers and part-
ners to come and visit us in Kortrijk and
share experiences, learn and co-create.
The word ’customer’ was probably
used more than any at Barco in
2022. While we’ve always been
closely involved with our customers,
at Barco, the commitment to take
customer engagement to the next
level has really never been higher.
Rebecca Vanderpiete
VP Global Marketing
Connecting to customers and their ecosystems
The key to delivering an outstanding customer experience
is understanding the customer. The more ‘connected’ we
are to our customers’ lives and ecosystems, the better we
know what they want and need. That’s why our people seize
every opportunity to intensify their connections with our cli-
ents, share insights and discuss trends, collaborate and even
co-create solutions.
 Read more on our customer engagement initiatives
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Healthcare
Barco connects healthcare professionals at almost every
patient touchpoint. From the imaging room to radiology,
during specialist consultations and in the surgical suite: our
solutions and services help medical professionals to enable
better health outcomes and work more eciently in an increas-
ingly complex healthcare environment.
The Healthcare division comprises two business units:
Diagnostic Imaging and Surgical & Modality.
Enabling better healthcare
outcomes for more people
46%
Diagnostic
Imaging
54%
Surgical &
Modality
What if
you could diagnose
people before they
get sick?
Advanced
display
Advanced
display
Image
processing
Image
processing
32%
Healthcare
Barco Healthcare: quick facts
• +30 years of experience, recognized market and tech-
nology leader
• Trusted brand, providing solutions and services that
healthcare professionals can rely on with top-notch
product quality
• Focused on clinical outcomes, beyond product fea-
tures and specs
• Large installed base: 800k+ installations since start
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

How Barco Healthcare creates value
Solutions and services that healthcare
professionals can rely on
There’s no room for compromise when Barco develops
medical displays: we systematically exceed product quality
guidelines. After all, our healthcare solutions can make the
dierence between life or death.
We provide radiologists, surgeons and other physicians with
reliable, medical-grade display solutions that promote clear
and consistent image quality, anytime, anywhere, to make
accurate diagnoses, identify the best options for treatment
and perform flawless surgical procedures.
As a surgeon, you should be able to just
concentrate on the main goal of the
procedure, which is delivering optimal
care to your patient. Technology should
not be a distraction. For Barco, that’s
very important to keep in mind when
developing new products or improving
existing ones.
Nick Maynard
Upper GI Surgeon at Oxford University Hospitals
and member of our Surgical Advisory Board
A trusted brand that puts customers first
To make sure our healthcare solutions truly help healthcare
professionals in delivering better patient outcomes, we involve
medical professionals in the design, concept and validation
stages of every new product development.
A Radiology Advisory Board and a Surgical Advisory Board
that consist of customers as well as key opinion leaders help
our teams to understand their needs, spot trends and discuss
ideas, roadmaps and solutions.
A division with a purpose: we
go for sustainable impact
Our healthcare team is on a mission to ensure
better health outcomes for more people. That mis-
sion makes us a division with an intrinsic purpose:
everything we do is aimed at improving people’s
lives. More than that, we are truly dedicated to the
environment. Since 2005 already, we have been
considering the carbon footprint and recyclability
of our products when designing new solutions.
More than having a sustainable impact,
our healthcare division has a true
purpose: we’re here to make the lives of
patients better. That makes it easier to
retain and attract talent, as jobseekers
and employees increasingly look for
purpose-driven careers.
Geert Carrein
EVP Diagnostic Imaging
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Healthcare division - Diagnostic Imaging
Diagnostic Imaging oers an extensive line-up of high-precision medical display systems for disciplines
including radiology, mammography, dentistry, pathology and clinical review imaging, plus a full suite of support
services.
Our strategy
Capture profitable and ecient growth
With over 30 years’ experience, Barco is the world’s No. 1 in
diagnostic imaging. Building on those strong fundamentals, we
want to grab growth opportunities in adjacent markets, like
mammography home reading and pathology, and strengthen
our position across geographies, like in China.
Innovate for impact
To extend our indisputable leadership position in diagnos-
tic imaging, we will further accelerate innovation in dierent
fields: launching propositions beyond display hardware, devel-
oping new flagship products, and addressing new trends, such
as cloud, AI and 3D. Investments in focused factories and
innovative business models like Display as a Service will further
fuel growth.
Go for sustainable impact
Our healthcare division started lowering its carbon footprint
in 2005 already. While it remains a challenge to reconcile the
exceptional image quality and protection that radiologists
need with environmental concerns, we are making signif-
icant progress year by year, in close collaboration with our
suppliers. Recently, we started implementing more circular
business models to further enhance the lifecycle of our med-
ical products.
2022 ZOOM
The rise of remote
radiology reading
Remote radiology, including mammography, is
dramatically on the rise, especially in the US. Our
product line oers robust remote display systems,
flexible controllers and high-quality medical plat-
forms that address the issues remote radiologists
experience: performance and workflow, security
and patient privacy, quality and compliance with
the stringent regulations.
Related trend: The rise of hybrid
In a nutshell
• Leader and innovator for 30+ years
• Strong position with flagships in radiology and
mammography
• New adjacent markets in digital pathology and
dentistry
• Installed base: 350k+ displays in last 7 years
Cancer rates continue to rise globally
and 70 to 80% of diagnosis and
treatment decisions involve pathology
– while the number of pathologists is
dropping. Digital pathology helps face
this challenge. We are a frontrunner in
this field, providing unique solutions
for multiple digital pathology vendors.
Moreover, the Barco-branded pathology
display is the first to have received
regulatory clearance as a medical device
in this market.
Geert Carrein
EVP Diagnostic Imaging
Barco Integrated report 2022
54
CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

2022 ZOOM
NexxisLive: remote
collaboration in operating
rooms
Similar to all other sectors, remote collaboration is
gaining importance in surgical training, assistance
and conferences too. Our NexxisLive platform
enables participants to talk, chat and annotate as
if they were in the same OR, with excellent audio
and video quality, and low latency.
Related trend: The rise of hybrid
Healthcare division - Surgical & Modality
Surgical & Modality brings together two activities with great synergistic potential, as they target the same
end-customers (often operating rooms) and, thus, require the same go-to-market strategy. More than surgical
displays, the oering of this business unit includes our digital operating room portfolio (based on video-over-
IP-technology), as well as custom medical displays for modality imaging, plus a full suite of support services.
Our strategy
Capture profitable and ecient growth
Barco defined and led the transition to IP in operating rooms
over 10 years ago and has remained a leader ever since. To
grasp the huge market opportunity (200k+ operating rooms
worldwide), we are strenghtening our commercial focus, by
reinforcing our partnership approach, driving service reve-
nues (maintenance contracts and Saas) and strengthening
our foothold in China.
Innovate for impact
While innovation has always been in our DNA, we are now
accelerating our eorts. Increasing product dierentiation
is our number one goal. To-do’s on our innovation roadmap
include developing a premium and mid-segment Nexxis oer-
ing, co-creating new solutions with customers, integrating
more features and embracing new tech trends, such as OLED,
HDR and 3D. Go for sustainable impact
Just like in diagnostic imaging, it remains a challenge to
reconcile exceptional image quality and protection with
sustainability, in Surgical & Modality. Yet here too, we are
making significant progress. In 2022, we launched several
new products with an A ecoscore, including three dierent
modality displays for OEM customers and two new encoders/
decoders for our Nexxis ecosystem.
In a nutshell
• Leader and innovator in digital operating rooms
(OR)
• Supports trends of minimal invasive surgery and
remote collaboration
• Pioneer: first digital OR over 10 years ago
• Installed base: 7k+ digital ORs
More than our pioneering role in OR-over-IP,
our focus on customer intimacy helps us win
deals. Strategic Partner Success Team and
Account teams are in close touch with our
customers and we increasingly interact with
clients to discuss possible new solutions and
product improvements.
Johan Fornier
EVP Surgical & Modality
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

58%
Meeting
Experience
42%
Large Video
Walls
What if the
hybrid workspace
was better than
in real life?
30%
Enterprise
Enterprise
Engaging you to unleash the
power of knowledge and
emotions
Every Barco enterprise solution is designed to help people
collaborate better by ensuring engaging experiences. From
boardrooms and workplaces to control rooms and classrooms:
all our solutions help people unleash the power of knowledge,
insights and emotions – for brighter ideas, stronger collabo-
ration and, ultimately, better results.
The Enterprise division comprises two business units: Meeting
Experience and Large Video Walls.
Advanced
display
Advanced
display
Image
processing
Image
processing
Advanced
projection
Advanced
projection
Barco Enterprise: quick facts
• Market and technology leader in wireless presen-
tation and conferencing
• Long-standing reputation in control room market
• Wide portfolio, for every meeting and control room
• Large installed base: 1.1 mio ClickShare meeting
room installations, 15k control rooms
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

How Barco Enterprise creates value
Solutions and services that organizations can rely on
Our collaboration and control room solutions are marked by
a relentless focus on the user experience. Thanks to a con-
tinuous stream of ClickShare feature upgrades, we constantly
elevate the experience for meeting participants. In control
rooms, every innovation that we launch aims to simplify the
operator workflows and speed up response times. Everyone
in the Enterprise division is committed to exceptional quality,
reliability, and durability.
We want to be at the forefront of
expertly integrating new advancements
in AV technology to better serve our
clients. To do that, working closely and
in collaboration with Barco’s first-rate
technical team enables us to provide
exceptional customer service, and deliver
the high-quality workmanship that we are
known for.
Jim Ferlino
President of Vistacom
A trusted brand that puts customers first
In 2018, the Enterprise division decided to take customer
engagement to the next level and started mapping the cus-
tomer journey and launching initiatives to boost customer
intimacy. In the meantime, that initiative has been rolled out
company-wide. By working closely together with customers,
end-users and partners, we understand their hardware and
software needs. In turn, we share expertise and experience
with our resellers and consultants, which helps them reinforce
their market position.
A division with a purpose: we
go for sustainable impact
Over the course of 2022, we have been preparing
a major next step in our sustainability journey: the
launch of our first fully carbon-neutral product:
the Barco ClickShare CX-50 second generation.
This achievement further underlines our posi-
tion as an industry-broad leader in sustainability.
Moreover, Barco is also supporting the wider indus-
try to move towards more eco-friendly solutions
through our leading role in the AVIXA sustainability
initiatives.
95%
The Ecopower standby of TruePix reduces
the power consumption by up to 95% ver-
sus black mode. Thanks to this functionality,
amongst others, our new LED video wall
platform received the A++ ecoscore.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Enterprise division - Meeting Experience
Meeting Experience (MX) is one of the few manufacturers in the market to oer all main collaboration and
visualization technologies for a smart workplace or learning environment: ClickShare wireless conference and
presentation systems, installation projectors, video walls, weConnect Virtual Classroom, image processors as
well as services.
Our strategy
Capture profitable and sustainable growth
Barco is a global leader in wireless presentation and con-
ferencing. Thanks to the hybrid working trend, demand for
video-enabled rooms is growing, which spurs our growth
potential. To accelerate the growth of ClickShare and
strengthen our leadership position, we are expanding our
presence in the market, refining our value propositions and
continuously launching new software features that improve
the user experience and raise the bar.
Innovate for impact
The constant evolution of ClickShare as a state-of-the-art
meeting and video conferencing solution is a fine example of
bright innovation at Barco. Yet, we don’t want to limit ourselves
to the scope of wireless presentation and conferencing. In our
quest to elevate the user experience, we want to also explore
other innovative meeting room solutions; and move into
collaboration workflows and analytics.
Go for sustainable impact
The hot topic of sustainability has many dierent faces. Our
Meeting Experience team meets all expectations: ClickShare
has the A++ ecoscore, new products will be carbon neutral,
and we have a very diverse, global team – which is a must to
fully understand our customer needs.
2022 ZOOM
The quest for meeting
equity
Successful hybrid meetings keep the connection
going between in-house and remote workers. Still, 1
in 3 remote workers feel disengaged in hybrid calls.
Our ClickShare wireless conferencing room solu-
tion can help ensure that all meeting participants
have equal opportunities to communicate, con-
tribute and share ideas, wherever they are located.
Related trend: The rise of hybrid
In a nutshell
• Market and technology leader in wireless pre-
sentation and conferencing
• Wireless conferencing solutions accounting for
60% of volumes
• Installed based ClickShare: 1.1 million meeting
rooms
• Award-winning product design: 55+ awards
• Strong innovation with 50 patents in US, Canada,
EU and China
We have the technology, expertise and
market knowledge to meet the needs
of today’s and tomorrow’s collaboration
market. We want to elevate the meeting
experience further by addressing the
strong market potential for ClickShare
and exploring new innovative
propositions for meeting rooms,
together with our partners in the broader
collaboration eco-system.
Stijn Henderickx
EVP Meeting Room Experience
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Enterprise division - Large Video Walls
Large Video Walls oers a package of solutions to help control room operators view better, share faster and
resolve quicker – and make well-informed decisions: video walls, video wall controllers, control room software
and a full suite of support services.
Our strategy
Capture profitable and sustainable growth
We have a long-standing reputation in mission-critical control
rooms. To become a true leader in the control room market,
we want to strengthen our software solutions with a special
focus on our security roadmap; leverage our installed base for
renewal opportunities and increase our operational eciency.
Innovate for impact
To ensure sustained growth of our business unit, we explore
the potential of new, ‘deeper’ solutions in adjacent markets:
expand to mid-end through advanced integrated video wall
and operator desk solutions and deepen our reach in specific
verticals by widening our application focus.
Go for sustainable impact
Energy-eciency has become a major concern in the control
room business, both for cost and sustainability reasons. Yet,
our large video wall solutions tick a lot more sustainability
boxes. TruePix got the A+ ecoscore for its energy eciency,
optimized packaging, use of halogen-free plastics and repair-
friendly design. Moreover, we increasingly refurbish existing
rear-projection video walls and repair their lenses on-site.
2022 ZOOM
It’s a data-driven world
Our world has become data driven. Whether in
boardrooms or in trac, airport or emergency con-
trol rooms: there is an abundance of information to
analyze and manage – in order to gain insights. As
humans are highly visual creatures, they want to be
able to correlate images, data and infographics to
drive discussions and decisions. Large video walls
provide the canvas they need to do so.
Related trend: Need for insights
In a nutshell
• Top 3 in control rooms
• Integrated solutions, based on unique triple-play
video wall technologies
• Technological leader with control software,
UniSee and TruePix video walls
• Installed base: 15k+ control rooms worldwide
The OpSpace installations at Heathrow
and Schiphol were definitely two
highlights of 2022. The latest version of
our OpSpace software solution makes
it much easier for operators at the
Airport Operations Centers to manage
the complex passenger flows and the
increasing number of flights.
Chris Sluys
EVP Large Video Walls
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

48%
Cinema
52%
Immersive
Experience
What if you could
bring a T-rex
back to life?
38%
Entertainment
Barco Entertainment: quick facts
• Industry’s most complete range of laser-based pro-
jection and image processing solutions
• Long-lasting market position, recognized market
and technology leader
• Strong reputation for product quality, reliability and
brand
• Large installed base: 100k+ cinema projectors and
10k+ high-end entertainment projectors
No Barco,
no show
At Barco Entertainment we bring experiences to life. Because
we believe in the power of images to amplify great ideas. For
everyone and anywhere on this planet. This belief drives our
passion every day to continuously design the highest perform-
ing, most innovative, most reliable immersive experience and
cinema solutions. Enabling our partners and customers to cre-
ate and deliver their visual miracles. To everyone. Everywhere.
All the time.
The Entertainment division comprises two business units:
Cinema and Immersive Experience.
Advanced
display
Image
processing
Image
processing
Advanced
projection
Advanced
projection
Entertainment
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

How Barco Entertainment creates value
Solutions and services that entertainment
professionals can rely on
Barco stands out from the crowd in every entertainment and
simulation market, thanks to its wide portfolio of visualiza-
tion solutions. From graphics processing, media handling,
projectors to direct view displays and more: every solution is
designed with an unwavering dedication to product perfor-
mance, reliability and service quality. To maintain and further
elevate this high standard and meet customers’ needs, we
continually invest in product innovation and improvement,
end-to-end services and new business models.
From custom solutions to the on-site
professional services, the Barco team
thought outside the box every step of the
way.
Phil Marlowe
Managing Director Middle East at AVI-SPL
on his cooperation with Barco when
setting up the Museum of the Future.
A trusted brand that puts customers first
A close relationship with the customer is key in the entertain-
ment market. More than that, the customer comes first when
designing new solutions. From dedicated Facebook groups
and customer advisory boards to early field trials: every new
channel for sharing our customers’ experiences, insights and
ideas with our teams brings us one step closer to delivering
exceptional end-user experiences.
A division with a purpose: we
go for sustainable impact
As the world’s largest cinema projector maker, we
deeply engrain sustainability in our design culture
and consider it from the earliest concept until the
end of life of our products. Our solutions increas-
ingly meet the most stringent ecoscoring criteria,
thanks to measures like the shift to a complete
laser technology portfolio, lighter projectors, less
packaging, modularity and ecofriendly materials.
70%
Thanks to their EcoPure™ design, our Series
4 laser cinema projectors ensure energy
savings of as much as 70% vs. traditional
Xenon-based illumination.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Entertainment division - Cinema
Our Cinema BU oers the industry’s most complete range of laser projectors and media servers. Barco’s
cinema solutions are brought to market and supported by CFG-BARCO (for China) and by Cinionic (for the rest
of the world).
Our strategy
Capture profitable and sustainable growth
Barco has been a leader in the cinema market for years. With
more than 200,000 cinemas worldwide, the market oppor-
tunity remains immense. To consolidate our No. 1 market
position and grow our market share, we want to lead the
renewal and upgrade to laser, further expand our No. 1 tech-
nology position in Premium Large Format with new and
disruptive technologies and grow in private, residential and
independent cinema with compact models.
Innovate for impact
Barco has been a cinema technology innovator for years. We
are again accelerating our eorts, by leading the industry adop-
tion of HDR Lightsteering and anchoring recurring software
and services revenue within our portfolio. In addition, we want
to further diversify our portfolio to cover all market segments,
including non-exhibition adjacencies such as (post)production,
content creation software, delivery, services…
Go for sustainable impact
Today’s exhibitors want to know how every part of their cinema
value chain is working to support the green value proposition.
With 200,000 cinema screens and only 50,000 laser-powered
(of which 30,000 Barco-branded) projectors sold, there is still a
lot of room for improvement. Barco ensures sustainability on
steroids, oering ever more energy-ecient and eco-friendly
products. While our laser projectors were already top, our
next-gen HDR Lightsteering technology is even more ener-
gy-ecient than laser.
2022 ZOOM
Cinema goes premium
Whether it’s image, sound or seating, you can’t beat
the premium viewing experience in a cinema. So,
exhibitors invest big in this premium experience
to attract more moviegoers back to their theatres.
Cinionic/Barco oer all the technology they need:
bright laser projectors and in the future also HDR
Lightsteering technology that makes the images
pop out of the screen – as if visitors were within
the story.
Related trend: We live in a visual world
In a nutshell
• Market leader with 50+% share worldwide
• Installed base: 100,000+ projectors
• All-laser projector portfolio and strong technol-
ogy for Premium Large Format screens
• Strong innovation with HDR Lightsteering
We can be incredibly proud of the
products resulting from the Series 4
projector platform. We really invested
big in ensuring its modularity – like Lego
building blocks. It took quite a bit of time
and eort but it was definitely worth it.
Customers across the board with large
premium screens to small cinemas can
now all benefit from one family of Barco
laser cinema projectors to meet their
demanding needs.
Gerwin Damberg
EVP Cinema
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Cinionic: our ultimate
commitment to cinema
Since 2018, Cinionic has been the marketing and sales channel
for Barco’s wide range of cinema projectors and media servers
in all regions except China. As a full-service channel to the
market, Cinionic connects with exhibitors and the wider world
of cinema to oer them peace of mind – through exceptional
services, unique financing models and, increasingly, the new
Cinema-as-a-Service model.
As of 2022, Barco holds 80% of the shares in Cinionic, versus
55% in the period 2018-2021.
After two decades and more than 100,000
projectors, we have built a strong foundation
for the future of cinema. The opportunity
to elevate the experience for millions of
moviegoers every day is thanks to the
partnership and trust of those who stand
beside us.
Wim Buyens
CEO Cinionic
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Entertainment division - Immersive Experience
Our Immersive Experience business unit oers solutions tailored to the specific needs of large venues, live
events, projection mapping, themed entertainment (such as museums and theme parks) and simulation
applications: projection, image processing and a modular support service solution.
Our strategy
Capture profitable and sustainable growth
To outperform the market, we invest big in commercial excel-
lence and service capabilities; go for large and strategic deals;
expand our image processing oering to any screen; build on
our experiences in digital art and enter into global partnerships.
The customer experience is a key focus in everything we do.
Innovate for impact
We aim to become an unrivalled leader in the markets of
themed entertainment and events. To achieve that aim, we
are focusing our innovation eorts on next-generation image
processing and projection platforms; growing our 4K port-
folio; oering more hardware, software and service solutions
and expanding in the mid-segment market with cost-ecient
projectors.
Go for sustainable impact
We aim to create impressive visual experiences with truly
sustainable impact. When designing new tools, we ensure
they can promote the highest quality at the lowest ecological
impact. UDM, for example, was our first projector with an A+
ECO label. Year after year, the range of products with an A or
A+ ECO label grows. More than that, our teams are diverse
and international and we constantly intensify our focus on
customer engagement.
2022 ZOOM
A futureproof museum
is digital
Technology is changing the way art and culture
are consumed. Museums are looking for ways to
meet the needs of their audiences, who want expe-
riences, stories and immersion instead of static
artifacts or artwork. From South Korea to Dubai
and from Paris to the US: Barco’s immersive visu-
alization technologies, unique display solutions
and tools for interactivity help tell stories with an
experience-driven approach.
Related trend: We live in a visual world
In a nutshell
• Strong market position in high-end (global top-3)
• Expanding in mid-segment
• No. 1 in simulation applications for training
• Large installed base, including 10k+ high-end
UDX projectors
The Museum of the Future in
Dubai is one of the most iconic
projects in 2022. It hosts a
wide array of Barco projectors,
including the Guinness Book of
records canvas screen, built by
our experts to deliver visitors a
truly immersive experience.
Erdem Soyal
EVP Immersive Experience
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Our results
Barco Integrated report 2022
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05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Barco’s standard customer experience
metric, measured quarterly (upper quartile industry performance)
% revenues from products with Barco ECO label
Customer NPS
(Net Promoter Score)
Ecoscore
44
50%
Group results
Sales
In millions of euro
Gross profit
In millions of euro
EBITDA
in millions of euro
770
804
1,058
284
288
413
37% 36% 39%
2020
2021
2022 2020
2021
2022 2020
2021
2022
54
59
127
7% 7% 12%
Gross profit margin EBITDA margin
32%
Healthcare
30%
Enterprise
38%*
Entertainment
* Breakdown based on sales 2022
Sales per
division
100
200
300
400
500
600
700
800
900
1,000
1,100
50
100
150
200
250
300
350
400
450
500
550
10
20
30
40
50
60
70
80
90
130
120
110
100
140
150
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Comments on the group results
Group topline – strong sales and order
growth across all divisions
Order intake for 2022 was 1,058.4 million euro, 8% more than
in 2021. This result was driven by a solid recovery of demand
across all divisions.
Sales for the year increased 32% to 1,058.3 million euro, close
to the pre-pandemic level in 2019. Excluding China, all regions
posted sales back at the levels of 2019. We expect the Chinese
activity to pick up from the second quarter of 2023 onwards.
Year-over-year, all divisions delivered double-digit sales growth.
The steady improvement in the supply chain over the sec-
ond half of 2022 allowed for faster delivery of the existing
orderbook, which was still at a record-high year-end position.
The order book at the end of December 2022 stood at 496.5
million euro, which is more than 50% above the level at year-
end 2019.
(1) All definitions for alternative performance measures (APM’s) are available in the glossary
as available on Barco’s investor portal
32% topline growth with significant profitability improvement,
positioning Barco well for long-term profitable growth
Financial highlights fiscal year 2022
(1)
• Orders € 1,058.4 million, +8% versus orders in 2021
• Sales € 1,058.3 million, +32% versus sales in 2021 (+24% at constant currencies)
• Orderbook year-end € 496.5 million, up € 9.5 million euro versus year-end 2021
• EBITDA € 126.5 million euro or 12.0 % of sales versus € 58.5 million in 2021
• Adjusted EBIT € 90.1 million compared to € 19.4 million in 2021
• Free cash flow € 13.1 million versus € 78.0 million in 2021
• Net earnings € 75.2 million euro versus € 8.9 million euro in 2021
• Proposal to increase the gross dividend to 0.44 euro per share from 0.40 euro
last year
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Division topline – confirmed rebound in all
divisions and business units
In Healthcare, order intake remained strong throughout 2022.
This reflects the resumption of demand in both the Diagnostic
Imaging and Surgical & Modality market segments, in all
regions, including China. The Diagnostic Imaging business unit
benefited from further customer investments in replacement
displays for radiology and from the resumption of mammogra-
phy display sales which have been softer during the pandemic.
The Surgical & Modality business unit generated particularly
strong growth in the Americas and in China, driven by large
modality projects and digital operating rooms.
Enterprise saw continued recovery from the pandemic with
significant sales growth in both segments. Meeting Experience
sales accelerated in all regions, starting in EMEA, followed by
Americas and Asia. This growth was supported by the return-
to-the-oce wave, the increasing trend towards video-enabled
hybrid meetings and the growing recognition of ClickShare’s
Bring Your Own Meeting value proposition. Large Video Walls
realized double-digit sales growth in all regions, fueled by
deployments of control rooms.
The Entertainment division produced encouraging results in
2022. During the first half of the year, the division dealt with
component shortages. From mid-year onwards, the situa-
tion improved steadily, allowing for a ramp up of deliveries
on the high order book. While 2022 Cinema sales have not
yet returned to pre-pandemic levels, Cinema ended the year
with an order book that was twice as high as year-end 2019.
For Cinema, solid demand for Barco’s all-laser portfolio led
to growth in all regions except Asia, where the lockdowns
in China impacted the business. The Immersive Experience
topline reached an all-time high, with a particularly strong
uptake in the fixed install business that reflected greater
demand from museums, projection mapping and theme parks.
Profitability and free cash flow – significant
EBITDA margin improvement
The gross profit margin improved quarter-over-quarter
throughout 2022 to an average level of 39.0%, up 3.3 ppts
year-over-year. This rebound in gross profit margin back nearly
to 2019 is attributable to gross profit actions, a more favorable
product mix most outspoken in the Enterprise division and a
less constrained supply chain during the second half of the
year.
The EBITDA margin reached 12.0% for the full year, up 4.7 ppts
versus last year. Both gross margin recovery and operational
leverage on the topline growth contributed to this result. As
the supply chain constraints were largely resolved, the EBITDA
margin jumped from 9.8% in the first half of the year to 13.7%
in the second half, reconnecting with the 2019 level. Each of
the business units contributed positively to the EBTIDA margin
except Large Video Walls where the profitability keeps lagging.
Management intends to conduct a strategic review of the busi-
ness unit in 2023, focusing on profitable products and markets.
Free cash flow for 2022 was 13.1 million euro compared to 78.0
million euro in 2021. This decrease is entirely due to higher
working capital. First, we ended the year with higher trade
receivables after the record-high sales in the fourth quarter.
Second, inventory levels of mainly components remained
high as a result of volume purchases and a build-up of safety
stocks for critical components. We expect working capital to
return to normalized levels in 2023.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Outlook FY23
The following statements are forward looking on a like-for-like
basis and actual results may dier materially
Assuming stabilizing macro-economic conditions, manage-
ment confirms its expectation of sales growth between 10 and
15% for 2023 versus the previous year.
The EBITDA margin is expected to further improve and move
above 14% for the full year 2023, reflecting operating leverage
on higher sales and an increase in gross margin as a result of
the further easing of the supply chain constraints.
Dividend
Barco’s Board of Directors will propose to the General
Assembly to distribute a gross dividend of 0.44 euro per share,
a 10% increase from 0.40 euro a year ago.
Ready for Barco’s further
growth ambitions
2022 was a transition year for Barco but it managed to bring
its business back on a successful track. Throughout the year
Barco kept accelerating, and the company is ready for its fur-
ther growth ambitions.
Barco’s CEOs were happy to see the renewed dynamics in
all the Barco teams, with more accountability and custom-
er-centricity. The supply chain was challenging, but creativity
and perseverance from the teams turned 2022 into a success.
Barco starts 2023 fully engaged to deliver on its long-term
strategic growth plans. Besides optimizing the company’s oper-
ational eciency and manufacturing footprint, Barco is looking
forward to expanding its market potential with growth in both
the company’s core and adjacent markets. Furthermore, Barco
intends to focus more than ever on world-class innovations
with its visualization and collaboration technology.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Consolidated results for the fiscal year 2022
Order intake
Order intake was 1,058.4 million euro, up 8% from 978.8 million
euro a year ago. All regions contributed to the increase except
APAC, where the lockdowns in China significantly impacted
market demand.
Order book
Order book at year end was at 496.5 million euro compared
to 487.0 million euro at FY21 year-end, an increase of 2% ver-
sus last year. After a period of component shortages, we are
now delivering on this orderbook and gradually shortening
the lead times. The book-to-bill ratio for the full year 2022
was very close to 1.
Order intake by division
In millions of euro FY FY FY Change vs FY
 Healthcare
. . . -%
 Enterprise
. . . +%
 Entertainment
. . . +%
Group ,. . . +%
Order intake
In millions of euro FY FY FY Change vs FY
Order intake ,. . . +%
Order book
In millions of euro FY FY FY Change vs FY
Order book .  . . +%
Order intake breakdown by region
In millions of euro FY FY FY
Change
(in nominal value)
The Americas % % % +%
EMEA % % % +%
APAC % % % -%
Global % % % +%
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Sales
Sales for the year 2022 were up 32% versus 2021, with a tail-
wind from the currency eect. At constant currencies, the
sales growth would have been 24%. Sales growth was driven
by an improving order-to-sales conversion, especially in the
second half of the year. The topline grew in all divisions and
business units and all three regions. In Asia, the sales reached
a double-digit growth despite the lockdowns in China which
persisted throughout 2022.
Sales
In millions of euro FY FY FY Change vs FY
Sales
,. . . +%
Sales at constant currencies
. +%
Sales by division
In millions of euro FY FY FY Change vs FY
 Healthcare
. . . +%
 Enterprise
.  . . +%
 Entertainment
. . . +%
Group ,. . . +%
Sales by region
In millions of euro FY FY FY Change vs FY
The Americas % % % +%
EMEA % % % +%
APAC % % % +%
Global % % % +%
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Profitability
Gross profit
The gross profit margin was 39.0%, increasing 3.3 percentage
points from 35.7% last year. In addition to a favorable product
mix, the higher broker and transport costs related to com-
ponent shortages levelled o in the second half of the year.
Diverse margin actions were implemented to compensate for
the cost inflation, mostly related to labor, transport and higher
component prices.
Indirect expenses & other operating results
Total indirect expenses grew 21% to 320.9 million euro ver-
sus 265.4 million euro for 2021, partly in connection with the
growing topline and increased headcount, but also due to the
significant impact of general inflation, which reached peak
levels not seen in decades notably in the Americas and Europe.
As a percentage of sales indirect expenses were 30.3% in 2022
compared to 33.0% in 2021.
• Research & Development expenses increased to 120.5
million euro compared to 101.3 million euro last year. As
percentage of sales, R&D expenses were 11.4% of sales com-
pared to 12.6% a year earlier.
• Sales & Marketing expenses increased slightly to 142.7 million
euro, compared to 116.2 million euro for 2021. As a percent
of sales, Sales & Marketing expenses were 13.5% of sales
compared to 14.5% in 2021.
• General & Administration expenses amounted to 57.7 million
euro compared to 47.9 million euro last year and were 5.5%
as a percentage of sales compared to 6.0% in 2021.
Other net operating expenses amounted to 1.7 million euro.
EBITDA & adjusted EBIT
The increase in indirect expenses was oset by the significant
increase in gross profit, which resulted in an EBITDA level of
126.5 million euro, more than double the 2021 EBITDA of 58.5
million euro. EBITDA margin grew to 12.0% versus 7.3% in 2021.
All three divisions posted profitable growth:
• Healthcare’s EBITDA margin increased to 11.2%, driven by
operating leverage on the topline growth. The profitability
level of Healthcare is still 2.1 percentage points lower than
2019, reflecting product mix and temporary higher expenses
linked to the ramp up of the new factory.
• The Enterprise EBITDA margin was 19.1%, more than 3 times
the margin of 2021 of 6.3%, and approaching the level of
2019. This result was fueled by operating leverage and a
more favorable product mix for Meeting Experience, in addi-
tion to topline growth and cost control in Large Video Walls.
• Entertainment’s EBITDA margin at 6.9% was flat versus 2021.
Severe supply chain constraints hampered the order to sales
conversion in the first semester, resulting into a negative
EBITDA margin of -1.7 % in the first half of the year. As these
constraints were largely resolved and production capacity
was ramped up, Entertainment turned around to a 12.6%
EBITDA margin in the second semester.
In millions of euro Sales EBITDA EBITDA %
 Healthcare
. . .%
 Enterprise
.  . .%
 Entertainment
. . .%
Group ,. . .%
EBITDA by division 2022 versus previous years:
In millions of euro FY FY FY
Change
vs FY
 Healthcare
. . . +%
 Enterprise
. . . +%
 Entertainment
. . . +%
Group . . . +%
Adjusted EBIT
2
was 90.1 million euro or 8.5% of sales, com-
pared to 19.4 million euro or 2.4% of sales for 2021.
As a result of reorganisations and team synergies in the enter-
prise division, Barco booked 2.5 million euro in restructuring
charges. Taking this charge into account, EBIT in 2022 was 87.6
million euro compared to 13.0 million euro in 2021.
2 Adjusted EBIT is EBIT excluding restructuring charges and impairments, see
Glossary of the Annual Report.
Barco Integrated report 2022
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01 BARCO
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05 INNOVATION AND
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06 OUR
MARKETS
07 OUR
RESULTS

Income taxes
Taxes in 2022 were 15.9 million euro for an eective tax rate
of 18%, compared to 2.1 million euro in 2021 for the same
eective tax rate.
Net income
Full year net income attributable to the equity holders was
75.2 million euro compared to 8.9 million euro a year ago.
Net income per ordinary share (EPS) was 0.84 euro versus 0.10
euro in 2021. Fully diluted earnings per share were 0.83 euro
compared to 0.10 in 2021.
Cash flow & balance sheet
Free cash flow and working capital
Free cash flow for 2022 was 13.1 million euro. A significant
uptake in gross operating free cash flow, was offset by
increased working capital, due to higher inventory levels and
higher trade receivables. The higher trade receivables are
linked to the peak sales of the fourth quarter. The higher inven-
tories include proactive buying of inventories, as a response
to supply chain challenges and inflation.
In millions of euro FY FY FY
Gross operating Free Cash Flow . . .
Changes in trade receivables -. -. .
Changes in inventory -. . -.
Changes in trade payables . . -.
Other Changes in net working capital . . -.
Change in net working capital -. . -.
Net operating Free Cash Flow . . -.
Interest Income/expense . -. -.
Income Taxes -. -. -.
Free cash flow from operating activities . . -.
Purchase of tangible and intangible FA -. -. -.
Proceeds on disposal of tangible and intangible FA . . .
Free cash flow from investing -.  -. -.
Free cash flow . . -.
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Working capital
Net working capital increased to 14.3% of sales compared to
5.8% of sales in 2021.
The increase in working capital was caused mainly by an
increase in inventory levels. Due to the component short-
ages, safety buers were stocked for a number of scarce
components. Additional purchases were made in anticipation
of upcoming price increases. High sales in the last quarter
helped to start reducing inventories, however inventory levels
remained higher than usual at year end. In addition to the
increase in inventory, higher trade receivables contributed
to the increase in working capital, mainly due to very strong
sales in December, for which cash will be collected in 2023.
Capital expenditure
Capital expenditure was 21.2 million euro, slightly higher than
18.8 million euro reported in 2021. This capital expenditure
included investments in the expansion of the China footprint,
renewal of the Experience Centre and the first Cinema-as-a-
Service contracts.
ROCE
ROCE for the year 2022 was 16% versus 4% last year.
Cash position
Net financial cash position, including net cash held in Cinionic,
was 264.0 million euro, compared to 309.8 million euro end
of 2021.
The decrease versus last year is attributable to the lower free
cash flow caused by increased working capital, a number
of minority investments and the increase of Barco’s share in
Cinionic from 55% to 80%.
In millions of euro FY FY FY
Trade Receivables . .  .
DSO   
Inventory . . .
Inventory turns . . .
Trade Payables -. -. -.
DPO   
Other Working Capital -. -. -.
Total working capital . . .
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Update Planet - People - Communities
Barco has organized its sustainability program into 3 pillars:
the planet, our people and the communities we operate in.
For each of these three sustainability pillars, the company has
formulated an overall ambition statement and defined several
focus areas. In this chapter we oer some highlights on the
progress we made in 2022 within each of these pillars. For a
more comprehensive sustainability chapter please read our
Planet – People – Communities report.
FY FY FY Change vs 
Greenhouse gas emissions from own operations reduction (vs ) -% -% -% - ppts
% revenues from ECO labelled products % % % + ppt s
3 For more information about Barco eco scoring methodology, see Barco’s latest Annual report on the Barco website.
Planet
Under the Planet pillar, Barco has set a goal of reducing its environmental footprint and that of its customers.
Barco’s environmental footprint reduction showed a signifi-
cant progress during 2022, with Greenhouse Gas emissions
from our own operations 51% reduced versus the base level of
2015. This was driven by a logistics modal shift from air to sea
transport, and on infrastructure level the temporary additional
ventilation requirements, linked to covid-19, could be lifted.
To reduce the footprint of its products and to improve the
eco-friendliness of its solutions portfolio Barco has rolled out a
company-wide ECO labelled scoring methodology from 2020
onwards. The target level for 2023 is set at 70% ECO labelled
revenues.
3
In 2022, 50% of revenues came from products with
a Barco ECO label compared to 31% for 2021. This is driven by
a steady increase of ECO labelled product releases. Healthcare
made a step up mostly with new releases in the modality area.
In the Enterprise division, the full ClickShare range and the
newest LED portfolio are now ECO labelled. Entertainment is
driven by the uptake of Series 4 laser projector shipments in
the second half of the year.
Barco Integrated report 2022
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01 BARCO
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02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

People
Barco invests in sustainable employability by creating the right
conditions for our employees to have an engaging, enriching
and healthy career at Barco.
As the business picked up, the number of employees in 2022
grew to 3,302, a net increase of 161 employees year-over-year.
Diversity and inclusion are key elements in our recruitment pro-
cess and in 2022 this has led to a more diverse workforce on all
three of our diversity dimensions: age, nationality and gender.
In 2022, Barco launched an enhanced employee survey,
including a specific eNPS (Employee Net Promotor Score)
question. Due to the dierent methodology, this score cannot
be compared with previous surveys. The eNPS survey resulted
in a score of 16, which breeds into the category “good engage-
ment”. With the insights of this more granular survey and our
continued focus and actions on employee engagement, our
target is to bring this score above 30, “great engagement”.
FY FY FY
Change
vs 
Number of employees at year-end (heads) , , , +%
Employee Net Promotor Score (eNPS)  - - NA
FY FY FY Change vs 
Customer Net Promotor Score    -
Communities
Barco is committed to playing an active role in the commu-
nities in which it operates in by upholding the highest ethical
and quality standards and holding its business partners to the
same standards. In this context Barco remains focused on a
value-add customer experience. The company gathers feed-
back from end-customers as well as partners on a quarterly
basis using the relational Net Promotor Score (NPS) as its stan-
dard customer experience metric.
In 2022, Barco achieved an NPS score of 44, a decline of 3
points versus the previous year. This is mainly related to the
component shortages in the market that Barco has been facing
throughout the year, with longer lead times and impacting
post-sales service. The NPS scores were mostly flat versus last
year in Europe and China, while Americas and the rest of Asia
showed a decrease. A score above 50 is considered excellent
and that is also where we want to steer the company’s rating.
Barco Integrated report 2022
76
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Results of the Healthcare division
% revenues from products with Barco ECO label
Ecoscore
Division in the group
Distribution based on sales
30%
Sales
In millions of euro
Gross profit
In millions of euro
EBITDA
in millions of euro
32%
Healthcare
46%
Diagnostic Imaging
54%
Surgical & Modality
262 262
342
96
87
116
37% 33% 34%
35
22
38
13% 9% 11%
Gross profit margin EBITDA margin
2020
2021
2022
2020
2021
2022
2020
2021
2022
50
100
150
200
250
300
350
400
20
5
40
10
60
80
15
20
120
100
140
160
180
40
35
30
25
200
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

The Healthcare division posted continued solid order intake
following the strong order intake in 2021. Although the
demand for our healthcare products was remarkably resilient
throughout the pandemic in 2020 and 2021, we saw a gradual
resumption of healthcare investments in Diagnostic Imaging
and Surgical & Modality in 2022.
Sales for the Healthcare division reached an all-time high in
2022, in part delivering on the high orderbook that had been
built up in the previous year.
For the Diagnostic Imaging segment, orders increased versus
last year and the business unit delivered double-digit sales
growth in all regions. Sales in the Americas were particu-
larly strong with high volumes and a greater mix of high-end
product. Mammography sales resumed, after being softer
during the pandemic, when many doctor consultations were
delayed. The segment also grew further with the world’s first
stand-alone approved digital pathology display. The Diagnostic
More than accountability, our new
business unit structure has truly fostered
customer intimacy in 2022. During the
supply chain crisis, we sat together with
our customers to find alternatives in case
of shortages. That installed a feeling of
connection that has reinforced the bond
with our clients.
Johan Fornier
EVP Surgical & Modality
Healthcare division
In millions of euro FY FY FY Change vs FY
Orders . . . -%
Sales . . . +%
EBITDA . . . +%
EBITDA margin .% .% .%
reflection of product mix, investments in product roadmaps
and go-to-market, as well as temporary transfer and ramp-up
costs linked to the new factory.
Imaging segment accounted for approximately 46% of the
divisional sales, versus 50% last year.
In Surgical & Modality, orders were slightly lower than last
year’s high order levels, mostly in EMEA and Americas. On the
other hand, Asia, notably China, produced a strong increase in
the order book. Sales reached a record-high level, with dou-
ble-digit growth in all regions. Sales were particularly strong
in the Americas and Asia, with the strongest growth in China.
The performance of the segment was driven by higher vol-
umes in several large modality projects. Furthermore, Barco’s
digital operating room solutions gained momentum, reflect-
ing the growing adoption of digital solutions in the operating
room infrastructure market. The Surgical & Modality segment
accounted for approximately 54% of the divisional sales, versus
50% last year.
The EBITDA margin for the division improved to 11.2%
from 8.6% last year, which is still below the level of 2019, a
250
275
300
325
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Orders last 12 months Sales last 12 months
Last 12 months (LTM) orders and sales 2019-2022
Barco Integrated report 2022
78
CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Results of the Enterprise division
% revenues from products with Barco ECO label
Eco score
Division in the group
Distribution based on sales
79%
Sales
In millions of euro
Gross profit
In millions of euro
EBITDA
in millions of euro
217
233
317
105
109
172
49% 47% 54%
18
15
61
8% 6% 19%
Gross profit margin EBITDA margin
30%
Enterprise
58%
Meeting Experience
42%
Large Video Walls
2020
2021
2022
2020
2021
2022
2020
2021
2022
50
100
150
200
250
300
350
400
20
10
40
20
60
80
30
40
120
100
140
160
180
80
70
60
50
200
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

In the Enterprise division, orders increased by more than
7% and sales by 36% year-over-year. As pandemic measures
eased, the business picked up, starting in the second quarter.
In terms of the sales mix, the Meeting Experience business unit
accounted for about 58% of Enterprise sales for 2022, while
42% of the sales were for Large Video Walls. In 2021, each
business unit delivered half of the turnover.
Meeting Experience saw growing adoption for wireless con-
ferencing, as hybrid meetings have become the “new normal”.
From a regional perspective, sales in 2022 were particularly
strong in EMEA, where the return-to-the-oce trend started
earlier than in other regions. Later in the year, this trend also
picked up in the Americas and Asia. ClickShare has now been
installed in more than 1.1 million meeting rooms globally.
ClickShare Conference accounted for more than 60% of
ClickShare’s volume for the full year. The installed base of
ClickShare Conference more than doubled in 2022 versus
last year with over 150,000 units shipped and installed since
it was launched in 2020. In 2022, Barco further strengthened
2022 was a stellar year for Meeting Experience
as the ClickShare product family proved to be
very well positioned to address our customers’
collaboration needs. Looking forward, our focus on
the user experience, strong innovation capacity and
seasoned team will help us expand our role as a
leading player in the collaboration market.
Stijn Henderickx
EVP Meeting Room Experience
Enterprise division
In millions of euro FY FY FY Change vs FY
Orders . . . +%
Sales .  . . +%
EBITDA . . . +%
EBITDA margin .% .% .%
The division produced a 19.1% EBITDA margin up from 6.3%
last year. This was driven by operating leverage and a favorable
product mix, which resulted in a significantly higher average
gross margin.
its community of leading meeting room ecosystem players
from around the globe making ClickShare the most compatible
solution for hybrid meetings.
The division’s virtual conferencing weConnect growth initiative
brought in a growing number of new customer references in
dierent regions and a growing funnel of new opportunities.
The Large Video Walls segment sales rebounded nearly to the
level of 2019 with the contribution from a particularly strong
fourth quarter. The Americas region performed well with larger
projects in utility and governmental applications. In EMEA,
growth was driven by large installations in the Middle East and
the Benelux. APAC showed a mixed view: there was significant
uptake in many Asian countries, while China sales were lower.
As the profitability of Large Video Walls is lagging, management
intends to conduct a strategic review of the business unit in
2023, focusing on profitable products and markets.
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Orders last 12 months Sales last 12 months
150
200
250
300
Last 12 months (LTM) orders and sales 2019-2022
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

Results of the Entertainment division
% revenues from products with Barco ECO label
Ecoscore
Division in the group
Distribution based on sales
35%
Sales
In millions of euro
Gross profit
In millions of euro
EBITDA
in millions of euro
291
310
399
83
92
124
28% 30% 31%
0
22
28
0% 7% 7%
Gross profit margin EBITDA margin
38%
Entertainment
48%
Cinema
52%
Immersive Experience
2020
2021
2022
2020
2021
2022
2020
2021
2022
50
100
150
200
250
300
350
400
450
500
550
10
20
1030
40
50
2060
70
80
3090
130
40120
110
100
140
50150
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

The Entertainment division delivered an 18% increase in order
intake and a 29% increase in sales for the year compared to
2021. Orders and sales gains reflect the resumption of the
Cinema business and the strong demand for fixed installa-
tions (museums, theme parks) and projection mapping in the
Immersive Experience segment.
Cinema sales growth was strong in Europe and Americas,
while sales in Asia were lower hampered by the continued
lockdowns in China. Throughout the year sales grew steadily
quarter-over-quarter with a remarkable uptake in the fourth
quarter. Order intake was also particularly strong in the last
quarter resulting into an all-time-high order book at year-
end. Laser projection has now become the norm for cinema.
Barco has capitalized on the maturity of this technology with
its leadership position and all-laser portfolio. Demand was
driven in part by returning visitor counts in theatres, but just
as much by the total cost of ownership value proposition for
laser projectors, which feature more than 50% lower energy
consumption and no need for lamp replacements during the
More than ever, people want to be entertained
these days. The pandemic has taught us that there’s
more to life than material things, so people crave
experiences – and that’s exactly what we do at
Barco: touch people’s hearts and minds. As a result,
2022 surpassed our growth records from 2019.”
Erdem Soyal
EVP Immersive Experience
Entertainment division
In millions of euro FY FY FY Change vs FY
Orders  . . . + %
Sales . . . +%
EBITDA . . . +%
EBITDA margin .% .% .%
and driving simulators. Immersive Experience accounted for
approximately 52% of the divisional sales in 2022, compared
to 50% last year.
The EBITDA margin for Entertainment was 6.9% for the full
year, the same as last year, reflecting the significant impact of
higher component and freight costs. This impact was most
pronounced in the first half of the year which resulted in a
negative EBITDA of -1.7%, while EBITDA jumped to 12.6% in
the second half of the year as the supply chain challenges
got largely resolved.
lifetime of these projectors. This provides a clear incentive
to replace first-generation lamp-based projectors with laser
projectors. The roll-out of Cinema-as-a-Service was a growing
success in 2022, oering exhibitors an all-in-one proposition,
including service and support over the lifetime of the projector.
Cinema accounted for approximately 48% of the divisional
sales in 2022, compared to 50% last year.
Just like in Cinema, sales grew steadily quarter-over-quarter in
the Immersive Experience segment, with a record-high fourth
quarter. Significant growth was achieved across all regions,
with lowest but still double-digit growth in Asia, hampered by
the China covid-19 regulations. Business resumed across all
product segments, most outspoken in the fixed AV installa-
tion business, with strong demand for installations in digital
museums, immersive digital art experiences and projection
mapping. The rental and staging segment benefited from
the return of events, mostly in Europe, Middle East, and the
Americas. The simulation business grew with a significant
number of new reference customer projects, both in flight
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Orders last 12 months Sales last 12 months
200
250
300
350
400
450
Last 12 months (LTM) orders and sales 2019-2022
Barco Integrated report 2022
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01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
Barco Corporate Marketing & Investor Relations Oce
Focus Advertising
Barco
Beneluxpark 21
8500 Kortrijk – Belgium
Barco Integrated report 2022
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CORE Report
01 BARCO
AT A GLANCE
02 OUR
COMPANY
04 SHAPING
OUR STRATEGY
03 HOW WE
CREATE VALUE
05 INNOVATION AND
TECHNOLOGY
06 OUR
MARKETS
07 OUR
RESULTS

2022
Integrated
annual report
Governance &
Risk Report

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Table of contents
This is the Governance & Risk Report
section of Barco’s 2022 Integrated annual
report. Other sections are available via the
download center at ir.barco.com/2022.
CORE
MORE
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• Glossary
• GRI Content index
• Assurance report
01 Corporate governance..............................3
Corporate governance statement ......................4
Board of Directors....................................5
Core Leadership Team ................................6
Annual General Meeting .............................. 7
Activity report & Evaluation of the
Board and its Committees .............................8
Remuneration report ................................12
Policies of conduct ..................................28
02 Risk management and control processes .......... 29
Control environment & Risk management process....... 31
Top risks ...........................................35
Deep dive on 2022 consequences and impact of the
macroeconomic environment ........................42
03 Additional risk information pursuant to
the non-financial disclosure directive. . . . . . . . . . . . . . . . . 44
Climate change and energy ..........................45
Business ethics......................................46
Financial risk management and internal control .........47
Barco Integrated report 2022
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
03 ADDITIONAL RISK
INFORMATION
Governance & Risk Report Barco
CGR
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Corporate
governance
03 ADDITIONAL RISK
INFORMATION
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Governance & Risk Report

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Barco's governance structure is one-tier, operating pursuant to the company's articles of asso-
ciation and corporate governance charter. Both are available for download at
www.barco.com/corporategovernance.
There are no dual voting rights for certain shareholders.
In accordance with article 3:6, §2 of the Code of Companies and Associations, Barco applies
the 2020 Belgian Code on Corporate Governance.
Below is an overview of the articles of the Belgian Code on Corporate Governance which Barco
does not comply with, as well as an explanation for such non-compliance.
Corporate governance
statement
• Art. 7.6: The Board of Directors decided
not to grant shares to non-executive board
members as part of their remuneration.
Such grant will trigger tax and practical
ramifications for non-Belgian residents.
Moreover, several directors already hold a
significant number of Barco shares.
• Art. 7.8: The variable part of the executive
remuneration package is linked to the
overall corporate or business unit perfor-
mance and sustainability criteria, which
have become increasingly important for
investors. Both are a function of, and thus
also a measure for, the executives’ individual
performance.
• Art. 7.9: The Board of Directors has not set a
minimum threshold of shares to be held by
the executives. The remuneration package
for executives is suciently balanced with
various components to incentivize exec-
utives to pursue a strategy of sustainable
profitable growth.
• Art. 7.12: The Board of Directors endeavors
to insert a ‘clawback provision’ in contracts
of employment with executives to the
extent permissible by the law governing
such contract.
Declaration regarding the
information given in the
Integrated Annual Report 2022
The undersigned declare that:
• The annual accounts, which are in line with the standards
applicable for annual accounts, give a true and fair view of
the capital, the financial situation and the results of the issuer
and the consolidated companies.
• The annual report gives a true and fair view of the develop-
ment and the results of the company and of the position
of the issuer and the consolidated companies, as well as a
description of the main risks and uncertainties they are faced
with.
Charles Beauduin, CEO
An Steegen, CEO
Ann Desender, CFO
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03 ADDITIONAL RISK
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
5
Directors with
5 years of seniority
Female members of
the Board
3
Independent
directors
4
The composition of the Board of Directors meets the gender
diversity requirement laid down in article 7:86 of the Code of
Companies and Associations. Moreover, a majority of directors
is independent.
All directors hold or have held senior positions in leading inter-
national companies or organizations. Their biographies can
be found on Barco’s corporate website.
Board of Directors
Situation on  February 
Chair Frank Donck
()
*
Directors Charles Beauduin *
An Steegen *
Adisys Corporation (represented by Ashok K. Jain)
()
*
Hilde Laga
()
*
Lieve Creten
()
*
Secretary Kurt Verheggen General Counsel
(1)
independent directors
* date on which the term of oce expires: end of the annual meeting
Changes to the Board of Directors
The General Meeting of 28 April 2022 approved the qualifica-
tion of Adisys Corporation, permanently represented by Mr.
Ashok K. Jain, as independent director as referred to in article
7:87 Code of Companies and Associations.
Board of Directors
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Changes to Core Leadership Team
Barco NV is managed by a Core Leadership Team (‘CLT’) which
comprises certain key ocers from business units and func -
tions. The CLT operates under the chairmanship of the Chief
Executive Ocers and shares responsibility for the deployment
of Barco’s strategy and policies, and the achievement of its
objectives and results.
In April 2022, the CLT composition has gone through a num -
ber of changes:
• Iain Urquhart, EVP of Global Customer Success resigned
from Barco to pursue career opportunities outside of Barco.
The activities of the Global Customer Success organization
were restructured with Sales Operations (including partner
management) now reporting into CFO Ann Desender, Global
Marketing reporting into CEO An Steegen and the Services
organization reporting into EVP Operations Rob Jonckheere.
• Marc Spenlé stepped down from his role as CDIO, and
CLT members with
5 years of seniority
11
Female CLT
members
2
4 non-Belgian
CLT members
4
Core Leadership Team
resigned from Barco. Tom Sys joined the CLT as new CDIO,
responsible for IT and software platforms. The GEAX orga-
nization was folded in the respective business units (with the
exception of software platforms).
• A change in the Business Unit leadership was announced
with Stijn Henderickx stepping up as EVP Meeting
Experience, taking over from Olivier Croly who resigned
from Barco. Erdem Soyal joined the CLT as new business
unit lead for Immersive Experience.
The full biographies of the Core Leadership Team can be found
on Barco’s corporate website.
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Participation rate & Average of "For" votes
Annual General Meeting
The annual general meeting (AGM) is held on the last Thursday
of April. In 2022, the company held its first truly hybrid meeting
whereby shareholders could also cast their vote remotely,
either prior to or real time during the meeting itself. This hybrid
meeting was enabled using the company’s own weConnect
technology.
The company is open to discussions with investors and proxy
voting agencies to better understand their policies and align
the company’s governance practices therewith, considering
its size, profile, jurisdiction as well as the geographical scope
of its activities.
Over the past years, shareholders' participation has been
consistently above 50%.
2021*
91%
64%
2018
95%
56%
2019
94%
54%
2020*
95%
58%
88%
57%
2017
Physical attendance
Approval rate by voting shareholders
Voting by proxy
* In 2020 and 2021, physical attendance was not possible due to covid-19.
2022
88%
51%
80
60
40
20
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Activity report on Board and Committee meetings
Directors’ attendance at Board and Committee meetings
Board of
directors
Audit
committee
Remuneration &
nomination
committee
Technology
committee
Attendance
Rate
Charles Beauduin   %
Frank Donck
()
   %
Ashok K. Jain
()
  %
Hilde Laga
()
   %
An Steegen   %
Lieve Creten
()
   %
(1)
independent directors
Board of Directors
Title 1 and 2 of Barco’s Corporate Governance Charter
describe the responsibilities of the Board of Directors and its
Committees.
The table below provides a comprehensive overview of the
directors’ attendance at Board of Directors and Committee
meetings in 2022.
Intermediate meetings are held via teleconference call if need
be. All the Board of Directors meetings took place in Belgium
with some of the directors attending via videoconferencing
due to covid-related travel and sanitary restrictions.
One meeting was closed with a dinner attended by several
members of the Core Leadership Team to foster closer interac-
tion between the directors and the managers of the company.
Following the easing of covid-related travel restrictions, the
directors have taken the opportunity of familiarizing themselves
with the company’s activities in North America. In October,
the Directors traveled to Vancouver (Canada), Los Angeles
and the San Francisco Bay area (USA). The directors visited
local oces and discussed the current state of aairs, future
business plans and technology trends with the local leader-
ship team. Moreover, they attended technology showcases in
dierent domains relevant to the company (e.g. lightsteering,
automated manufacturing, virtual production, robotic surgery,
virtual classroom). Finally, the directors also met and discussed
business opportunities with current as well as prospective
customers of the company.
At every meeting, the Board of Directors reviewed and dis-
cussed the financial results as well as the short to mid-term
financial forecast of the company. At the beginning of the
year, upon recommendation by the Audit Committee, the
Board approved the financial results of 2021 and proposed
the dividend for approval by the shareholders. In line with the
previous year, the Board also proposed to the shareholders
the option to subscribe to newly issued shares by contributing
the dividend.
The Board, in close concert with the Core Leadership Team,
reflected on each of the business units’ strategies for the short
to mid-term, discussed and decided upon the growth initiatives
for the company and approved the 2023 financial budget.
The Board closely monitored the impact of the corona-
related travel restrictions and disruptions in the supply chain,
as well as geopolitical conflicts and tensions on the company’s
operations and financial results.
average total
attendance rate
98%
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01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Board of Directors
Audit Committee
Remuneration Committee
Technology Committee
Audit Committee
The Audit Committee is composed of three members. Lieve
Creten, who acts as Chair, Frank Donck and Hilde Laga. All
members are independent directors. The Audit Committee’s
members have relevant expertise in financial, accounting
and legal matters as shown in the biographies on Barco’s
corporate website.
The Audit Committee met five times during 2022. All Audit
Committee members were present during all the meetings.
The Audit Committee reported the outcome of each meet-
ing to the Board of Directors. The minutes of each Audit
Committee meeting were submitted to the Board of Directors.
The CFO and the VP Corporate Finance attended all regular
meetings. The CEO Charles Beauduin was present at all reg-
ular meetings and the CEO An Steegen attended two Audit
Committee meetings. The Group’s internal auditor and the
Group’s external auditor PwC Bedrijfsrevisoren BV were present
in 3 meetings. The Group’s data protection ocer was invited to
two audit committee meetings. The overview below indicates a
number of matters that were reviewed and/or discussed in Audit
Committee meetings throughout 2022:
• The Company’s 2021 annual and 2022 interim financial state-
ments, including non-financial information, the Company’s
2021 integrated report, prior to publication thereof.
• The Company’s 2022 integrated report content and review.
• The Committee also assessed in its quarterly meetings the
adequacy and appropriateness of internal control policies
and internal audit programs and their findings.
• Matters relating to accounting policies, financial risks and
compliance with accounting standards. Compliance with
statutory and legal requirements and regulations, particu-
larly in the financial domain, was also reviewed. Important
findings, Barco’s major areas of risk (including the internal
auditor’s reporting thereon, as well as the review of litigation
and other claims), follow-up actions and appropriate mea-
sures were examined thoroughly.
• Quarterly review of critical accounting judgements and
uncertainties, including impact of the macro-economic
environment.
• Each quarter, the Committee reviewed the Company’s free
cash flow generation and working capital ratios.
• The Committee monitored potential impairment indicators,
reviewed the goodwill impairment test performed, financial
impact of strategic investments and risk management.
• The Committee reviewed the report provided by the
Group’s compliance ocer on the application of Corporate
Governance and the Code of Conduct and shared with the
Board. Regular updates on GDPR were provided by the
Group’s data protection ocer.
• With regard to internal audit, the Committee reviewed and
approved the internal audit charter, audit plan, audit scope
and its coverage in relation to the scope of the external audit,
as well as the stang, independence and organizational
structure of the internal audit function.
• With regard to the external audit, the Committee reviewed
the proposed audit scope, approach and fees, the inde-
pendence of the external auditor and non-audit services
provided by the external auditor in conformity with Barco’s
non-audit fee policy. The Committee also reviewed the key
audit matters valuation of goodwill and valuation of deferred
tax assets, as well as the group external auditor’s manage-
ment letter, which contained no recommendations with
material impact.
• For information on the fees of Group auditor, please refer
to note 22 'Related party transactions' in the Financial
Statements 2022.
Board Committees
AUGUSTJANUARY MARCH MAYFEBRUARY APRIL JUNE DECEMBERSEPTEMBERJULY OCTOBER NOVEMBER
Overview of the Board and Committee meetings in 2022
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• The Committee reviewed the report from the external audi-
tor in which the auditor set forth its findings and attention
points during the relevant period. The Committee assessed
the overall performance of the internal and external auditor.
The Committee also reviewed and confirmed its current
Audit Committee schedule
Remuneration and Nomination Committee
The Board of Directors has combined the Remuneration
Committee and the Nomination Committee into a single
committee.
The Remuneration & Nomination Committee is composed
of Frank Donck, who acts as Chair of the committee, Lieve
Creten and Hilde Laga. All members are independent directors.
The Remuneration and Nomination Committee fulfils the mis-
sion imposed on it by law and meets at least three times per
year, as well as whenever the Committee needs to address
imminent topics within the scope of its responsibilities. The
CEOs are invited to meetings, except for matters that concern
them personally. The meetings are prepared by the Chief HR
Ocer, who attends the meetings.
In 2022, the Remuneration and Nomination Committee met
three times.
First focus point for the Committee has been Barco’s HR strat-
egy for 2022-2023, which is articulated around Organizational
eectiveness, Workforce Strategy, Culture, People & Leadership
Development and Operational Excellence as key enabler.
Second focus point was the continuation of the simplification
of the matrix organization. Main initiative has been the transfer
of Business Unit specific Application development teams from
the CDIO organization to the respective Business Units. The
rationale of this reorganization is to have these software devel-
opment teams closer to the products & services development
of the Business Units, and at the same time also closer to the
markets and customers. Additionally, it simplifies the report-
ing lines and enhances more eciency and focus within the
Business Unit R&D teams.
The CDIO organization, now SW.IT, remained and focuses
now on 3 main activities:
• IT and digitalization program
• Cloud platform development team
• Long term software development strategy
Given the dramatic increase of inflation rates, the Committee
had as a third focus point the impact of said rates on the overall
employment cost of the company.
Other focus points have been: (1) Headcount planning, attrition
and forecasting, (2) Leadership development and the launch
of a management enablement track, (3) employee engage-
ment, and (4) Performance management for CLT and their
leadership teams.
Also, the allocations of Stock Options for 2022 have been
prepared and brought to the Board for approval.
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Technology Committee
The Technology Committee is an advisory body to the Board
of Directors. The Committee is composed of three mem-
bers; Charles Beauduin, who acts as Chair, Ashok Jain and
An Steegen.
The Technology Committee assists the Board of Directors in
fulfilling its oversight responsibilities by preparing technology
related matters that could influence Barco’s strategy, such
as the identification of, and investments in, future technolo-
gies through internal resources or technology acquisitions,
technology roadmap strategy, operational performance and
technology trends that may aect portfolio performance.
Major technology investments relate to investments running
over a number of years that involve a minimum commitment
by the company of 10 million euro over the entire duration of
the project. The investments might also include technology
acquisitions.
In 2022, the Technology Committee met two times. The
Committee organized specific working sessions by division,
thus ensuring appropriate depth and focus for each of Barco’s
divisions. The Committee also performed the annual general
review of foundational technologies as included in its strategic
plan update presented to the Board.
Regularly assessing the size, composition, functioning and
performance of the Board of Directors and its Committees
as well as the interaction with the executive management is
an essential element of corporate governance.
The principle of Board assessment is laid down in the
Corporate Governance Code as well as Title 1 (1.5) of the
company’s Corporate Governance Charter.
See www.barco.com/corporategovernance.
The Board of Directors carries out self-assessments under the
supervision of the Chair with the aim to evaluate its functioning
and that of its Committees.
Further to the in-depth board review by a consultancy firm end
of 2019, and the leadership changes of mid 2021, a renewed
board assessment was carried out in September 2022. The
Chair, assisted by the Company Secretary, developed a ques-
tionnaire, building on the findings and improvement actions
defined in the 2019 review. The Chair interviewed each director
separately using the questionnaire as a basis. The feedback,
collected during these interviews, has been summarized in a
report, distributed to, and further discussed among, the direc-
tors in the Board of Directors meeting of November 21, 2022.
Evaluation of the Board of
Directors and its Committees
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Remuneration report for financial year 2022
General introduction
This remuneration report must be read together with the
remuneration policy which, to the extent necessary, should
be regarded as forming part of this remuneration report. The
remuneration granted to directors, CEO and CLT members
with respect to financial year 2022 is in line with the remu-
neration policy. This report covers the 2022 remuneration
of the non-executive board members (Part A), of the Chief
Executive Ocers (CEOs), who are also a member of the board
and thus an executive director (Part B) and other members
of the Core Leadership Team (CLT) who are not members of
the board (Part C).
Part 1:
Introduction to the 2022
remuneration report
The combination of the component shortage crisis that started
in 2021 and continued in 2022 together with the energy crisis
and resulting inflation rates have had a wide-ranging impact.
This obviously resulted in higher employment and production
costs.
In response to that, Barco increased even more its focus on
managing expenses, with specific attention on head count
management.
Part 2:
Remuneration report on the non-executive board
members, CEO and CLT members
2.A Remuneration of the non-executive board members
On 28 April 2022, pursuant to article 17 of the Articles of
Association, the General Meeting set the aggregate annual
remuneration of the entire Board of Directors at 1,963,175 euro
for the year 2022. Next to the board fees of the non-executive
directors this amount includes the remuneration package of
the CEO. Details on the CEOs remuneration are provided in
section 2, B hereinafter.
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Total remuneration non-executive directors
Name
Position
Fixed remuneration Variable remuneration
Extraordinary
items
Pension
expense
Total
remuneration
Proportion of fixed
and variable remuneration
Base
compensation
Attendance
fees
Other
benefits
One-year
variable
Multi-year
variable Fixed Variable
Frank Donck,
Chair of the Board
€ , €  NA NA NA NA NA € , % %
Lieve Creten
Member of the Board
€ , € , NA NA NA NA NA € , % %
Ashok Jain,
Member of the Board
€ , € , NA NA NA NA NA € , % %
Hilde Laga,
Member of the Board
€ , € , NA NA NA NA NA € , % %
Total € , € , NA NA NA NA NA € , % %
The remuneration paid to non-executive directors consists
solely of an annual fixed component plus the fee received for
each meeting attended. Considering the substantial time he
devotes to the ongoing supervision of Barco group aairs, the
Chair of the Board receives a dierent remuneration package
that comprises solely a fixed component. Details on the remu-
neration package of the Board of Directors can be found in
the Barco Remuneration Policy. The company has provided
one director with a projector for demonstration purposes.
Non-executive directors do not receive any variable compen-
sation linked to results or other performance criteria. They
are not entitled to stock options or shares (see comment in
the Corporate Governance statement on page 4 regarding
the application of Principle 7.6 of the 2020 Belgian Corporate
Governance Code), nor to any supplementary pension
scheme.
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2.B Remuneration of the CEO
2.B.1 Total remuneration
The remuneration package of the CEO consists of a base
salary, a variable remuneration, stock options, a pension contri-
bution, and other components. There were no shares granted.
The remuneration package aims to be competitive and is
aligned with the responsibilities of a CEO leading a globally
operating industrial group with various business platforms.
Details of the remuneration package for the CEO can be found
in the Barco Remuneration Policy.
The CEOs Mr. Charles Beauduin and Mrs. An Steegen are under
analysis of this chapter.
The amount of the remuneration and other benefits granted
directly or indirectly to the CEOs, by the Company or its sub-
sidiaries, in respect of 2022 for their CEO role is set forth below.
Base Salary
The base salary of the CEO consists of the actual salary paid
by the company and may include a fixed director’s fee paid by
Barco, Inc. and by Barco China (Holding) Ltd.
Variable remuneration
The variable remuneration of the CEO consists of an annual
bonus which is subject to a deferral period of three years. The
CEO is, contrary to other members of the CLT, not entitled to
a long- term incentive (LTI) bonus. Variable remuneration, if
any, vests on 31 December of the performance year. Therefore,
such variable remuneration is reported for the year it vests and
not for the (subsequent) year it is paid.
The revised remuneration policy as approved at the annual
general meeting of 28 April 2022 introduced a more simple,
transparent and ecient STI policy, based on clearly defined
financial and sustainability targets.
As of 2022 the annual KPIs for the bonus of the CEO and their
weights are the same as those set for the Core Leadership
Team and other executives whereby the specific targets for
the CEO relate to the Barco Group and are set annually at the
beginning of the calendar year based on the annual Profit Plan
as approved by the Board of Directors. In case of a material
impact on any of these targets during the year, caused by a
change of control (e.g., divestments, change in % ownership)
or otherwise, these targets will be recalculated for the same
amount as the impact on actual results, subject to approval
by the Remuneration Committee. Reference is made to the
section on variable remuneration for the CLT on page 18 for
more detailed information on the annual bonus KPIs.
The bonus for 2022 was vested in the hands of Mrs. An Steegen
on 31 December 2022. Payment of 50% of the realized bonus
amount will be made in March 2023, while the payment of
25% is linked to performance goals over a period of 2 years,
and another 25% is linked to performance goals over a 3-year
period.
Considering his part-time assignment, Mr. Charles Beauduin
is not entitled to an annual bonus.
Total remuneration of CEO
Name
Position
Fixed remuneration Variable remuneration
Extraordinary
items***
Pension
expense
Total
remuneration
Proportion of fixed
and variable remuneration
Base
compensation
Foreign
director fees
Other
benefits
One-year
variable*
Multi-year
variable** Fixed Variable
Charles Beauduin
CEO
€ , € , €  €  €  NA €  € , .% .%
An Steegen
CEO
€ , €  € , € , €  € , € , € , .% .%
* non-deferred annual bonus 2022
** deferred payments vesting in 2022
*** includes one-time retention bonus paid March 2022
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Exceptional payments
As reported in the remuneration report 2021, the Board, con-
cerned about employee retention and engagement after two
consecutive years without bonus payments, decided, on the
proposal of the Remuneration and Nomination Committee,
to provide a one-time retention bonus in March 2022. The
one-time retention bonus for Mrs. An Steegen is reported as
exceptional payment.
Pension
The pension benefit of the CEO is an individual defined con-
tribution pension arrangement, which also includes a death
cover.
Considering his part-time assignment, Mr. Charles Beauduin
is not entitled to a pension arrangement.
Other components of remuneration
The other components comprise the total cost of ownership
of a company car, hospitalization insurance as well as a guar-
anteed income insurance in case of disability.
Considering his part-time assignment, Mr. Charles Beauduin
is not entitled to these benefits.
2.B.2 Share based remuneration
No stock options nor shares have been granted to the CEOs
in 2022.
The details on the stock options granted, vested and exercised
by the CEOs are provided in the table below.
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Stock options
Main provisions of the stock option plan
Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of options
at the beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Charles
Beauduin
CEO
SOP -CEO // // // // - // € .  ,
a) ,
b) € ,,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
An Steegen
CEO
SOP -CEO // // // // - // € .  ,
a) ,
b) € ,,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
SOP -CEO // // // // - // € .  ,
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2.C Remuneration of the CLT members
The Core Leadership Team under analysis of this chapter
includes 15 people.
The CLT members are employed by local Barco companies in
their respective countries of residence. Their compensation
packages, therefore, take local market remuneration and ben-
efit practice into account.
2.C.1 Total remuneration
The remuneration package of the Core Leadership Team
members other than the CEOs consists of a base remunera-
tion, a short-term variable remuneration, a long-term variable
bonus, stock options, a pension contribution, and various other
components. The remuneration package aims to be compet-
itive and is aligned with the role and responsibilities of each
CLT member, being a member of a team leading a globally
operating industrial group in the technology market space
with various business platforms. Details of the remuneration
package for the CLT members can be found in the Barco
Remuneration Policy.
The amount of the remuneration and other benefits granted
directly or indirectly to the CLT members, by the Company
or its subsidiaries, in respect of 2022 is set forth below.
Redundancy payments are not included in these amounts.
CLT members
Name Position Employer legal entity Joined/left CLT 
Geert Carrein EVP Diagnostics Barco nv (BE)
Olivier Croly Barco Singapore Pte Ltd. (SG) left CLT:  April 
Gerwin Damberg EVP Cinema & acting CTO MTT Innovation Inc. (CA)
Ann Desender Chief Financial Officer Barco nv (BE)
Johan Fornier EVP Surgical & Modality Barco nv (BE)
Stijn Henderickx EVP Meeting & Learning Experience Barco nv (BE)
Anthony Huyghebaert Chief HR Officer Barco nv (BE)
Rob Jonckheere EVP Global Operations Barco nv (BE)
Chris Sluys EVP Large Video Wall Experience Barco nv (BE)
Erdem Soyal EVP Immersive Experience Barco Middle East L.L.C. joined CLT:  May 
Marc Spenlé Barco nv (BE) left CLT:  April 
Tom Sys Chief Digital & Information Officer Barco nv (BE) joined CLT:  May 
Iain Urquhart Barco Inc. (USA) left CLT:  April 
Kurt Verheggen General Counsel Barco nv (BE)
Kenneth Wang MD Barco China Barco Visual Electronics Co., Ltd. (CN)
Total remuneration of CLT (excluding CEO)
Name
Position
Fixed remuneration Variable remuneration
Extraordinary
items***
Pension
expense
Total
remuneration
Proportion of fixed
and variable remuneration
Base
salary
Foreign
director fees
Other
benefits
One-year
variable*
Multi-year
variable** Fixed Variable
Core Leadership Team € ,,  € , €   ,  € ,  , €  €  ,   €   ,   € , ,   % %
* non-deferred annual bonus 2022
** deferred payments vesting in 2022
*** includes one-time retention bonus paid March 2022
Barco Integrated report 2022
CGR
17
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Base salary
The base salary reflects role responsibilities, job characteristics,
experience, and skill sets.
Variable salary
The variable remuneration includes a short-term and a long-
term incentive component, delivered in cash and stock
options.
Variable remuneration, if any, vests on 31 December of the
performance year. Therefore, such variable remuneration is
reported for the year it vests and not for the (subsequent)
year(s) it is paid.
Annual Bonus
The revised remuneration policy as approved at the annual
general meeting of 28 April 2022 introduced a more simple,
transparent and ecient STI policy, based on clearly defined
financial and sustainability targets.
As of 2022 the individual bonus plan for the members of the Core
Leadership Team is a so-called “metric” plan, with only predefined
measurable and auditable KPIs and no subjective individual KPIs.
The main characteristics of the annual bonus plan are:
• Three (3) KPIs are defined, and a fixed weight is given to each
of them. For CLT members leading a Business Unit or Barco
China, the KPIs relate to a specific target group and for other
CLT members, the KPIs relate to the Barco Group.
• Each KPI is measured separately
• Minimum threshold and maximum cap per KPI
• Same pay-out schedule for all KPIs target awards
• Maximum total bonus pay-out is capped at 35% of the on-tar-
get bonus in case of negative EBITDA at target cluster level.
The specific KPI targets are set annually at the beginning of the
calendar year based on the annual Profit Plan as approved by
the Board of Directors. In case of a material impact on any of
these targets during the year, caused by a change of control
(e.g. divestments, change in % ownership) or otherwise, these
targets will be recalculated for the same amount as the impact
on actual results, subject to approval by the Remuneration
Committee.
The Company does not disclose the actual targets per cri-
terion, as this would require the disclosure of commercially
sensitive information.
The bonus plan provides for deferred payments, hence will
substitute over time the LTI cash plan as it is a hybrid plan,
combining both short-term incentive and long-term incen-
tive. For CLT members with a Target Bonus Value ≥ 37.5% of
the Annal Base Salary, the payment of the achieved bonus is
subject to a deferral period of three years, i.e. the bonus for
Bonus Plan Period 2022 is paid out as follows:
• Achieved bonus on maximum 37.5% OT of the Annual Base
Salary paid in bonus year (performance period) +1.
• Should the OT be above 37.5%: 50% of the achieved bonus
on the exceeding OT in bonus year (performance period) +2.
• Should the OT be above 37.5%: 50% of the achieved bonus
on the exceeding OT in bonus year (performance period) +3.
No additional KPIs or conditions will apply on the payment of
the deferred bonus amounts, except being employed by the
company at the moment of payment.
Bonus Plan 2022 - KPIs
Bonus target clusters
Performance criteria
(measurable & auditable)
Relative
weight
a) Minimum target
performance &
a) On-target
performance &
a) Maximum target
performance &
 KPI
performance and
payment level at
Barco group level
b) Corresponding
payment level*
b) Corresponding
payment level*
b) Corresponding
payment level*
Financial
target group cluster
KPI : sales %
a) %
b) .
a) %
b) .
a) %
b) .
a) .%
b) .
KPI : EBITDA % at end of Plan period %
a) %
b) .
a) %
b) .
a) %
b) .
a) .%
b) .
Sustainability Drivers
on Barco Group level
KPI : Greenhouse Gas emission reduction
and Eco-labelled revenues
%
a) %
b) .
a) %
b) .
a) %
b) .
a) .%
b) .
Total Bonus Payment level individual bonus with lineair calculation in between milestones .  . .
Total Bonus: (individual OT bonus) x (total payment level)
* payout level expressed as a multiple of the "target" bonus
Barco Integrated report 2022
CGR
18
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
2.C.2 Share based remuneration
As stated above, part of the LTI is delivered as stock options.
The target SO value at grant is equal to 25% of the Participant’s
target variable compensation.
No shares were granted to the CLT members, nor was any
other share-based remuneration provided to the CLT mem-
bers, during 2022. Reference is made to the explanation given
in the Corporate Governance Statement on page 4 regarding
the reason for this deviation from article 7.9 of the Belgian
Corporate Governance Code.
In 2022, following authorization by the general meeting and at
the proposal of the Remuneration and Nomination Committee,
the Board of Directors allotted stock options to 9 members of
the CLT. The exercise price amounts to EUR 21.74 per option,
with a three-year vesting period. The number of options to be
oered to each individual beneficiary is variable in part. The
options are oered to the beneficiaries for no consideration.
For CLT members on a Belgian payroll the stock options are
taxable at the moment of grant in application of the Belgian
tax regulations. 141,465 stock options were granted to the
members of the CLT.
All details on the stock options granted, vested, and exercised
by the CLT members are provided in the table on page 20.
Long-term incentive Plan
As indicated above, the revised annual bonus plan for members
of the CLT also provides for deferred payments, hence will
substitute, together with the stock option plan, the Long-Term
incentive Plan 2021 – 2023 as of 2024.
The long-term incentive cash bonus 2021 – 2023 is subject to
the Barco Group meeting certain defined performance targets:
• Cumulated net earnings, EBITDA % at End of PLan Period and
sustainability drivers (Greenhouse Gas Emission reduction
and Eco-labeled revenues) over the respective 3-year plan
period and continued employment on the last day of the
plan period.
Payment is capped at 150% of the target award.
Exceptional payments
As reported in the remuneration report 2021, the Board, con-
cerned about employee retention and engagement after two
consecutive years without bonus payments, decided, on the
proposal of the Remuneration and Nomination Committee,
to provide a one-time retention bonus in March 2022. The
one-time retention bonus for CLT Members is reported as
exceptional payment.
Pension
The CLT is entitled to a complementary pension benefit based
on the provisions of the defined contribution plans for senior
executives in their base countries.
Other components of remuneration
The other main components for all CLT members are company
car or car allowance, hospitalization or medical insurance
and guaranteed income insurance in case of disability, next
to occasional local benefits in accordance with local market
practice.
Barco Integrated report 2022
CGR
19
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
Geert Carrein,
EVP
SOP -P // // NA // - // € .  ,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . ,
Gerwin Damberg,
EVP
SOP -CLT // // NA // - // € . 
a) ,
b) € ,
SOP -P // // NA // - // € .  ,
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
Ann Desender,
CFO
SOP -CLT // // NA // - // € . 
a) ,
b) € ,
SOP -P // // NA // - // € .  ,
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . , ,
Johan Fornier,
EVP
SOP -CLT // // NA // - // € . 
a) , 
b) € ,.
SOP -P // // NA // - // € .  ,
Barco Integrated report 2022
CGR
20
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
Stijn Henderickx,
EVP
SOP -CLT // // NA // - // € . 
a) ,
b) € ,.
SOP -P // // NA // - // € .  ,  
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -EEA // // NA // - // € . , ,
Anthony
Huyghebaert,
CHRO
SOP -CLT // // NA // - // € . 
a) ,
b) € ,
SOP -P // // NA // - // € .  ,
Rob Jonckeere,
EVP Operations
SOP -CLT // // NA // - // € . 
a) ,
b) € ,
SOP -P // // NA // - // € .  ,
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . , ,
Chris Sluys,
EVP
SOP -CLT // // NA // - // € . 
a) ,  
b) € ,
SOP -P // // NA // - // € .  ,
Barco Integrated report 2022
CGR
21
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
Kurt Verheggen,
General Counsel
SOP -CLT // // NA // - // € . 
a) ,
b) € ,.
SOP -P // // NA // - // € .  ,
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . , ,
Kenneth Wang,
EVP
SOP -CLT // // NA // - // € . 
a) ,
b) € ,.
SOP -P // // NA // - // € .  ,
Barco Integrated report 2022
CGR
22
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
Xavier Bourgois,
left  December

SOP -P // // NA // - // € . ,
a) ,
b) € ,.
SOP -P // // NA // - // € . , ,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . ,
Tet Jong Chang,
retired  March

SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . ,   ,  
SOP -ROW // // NA // - // € . ,
Olivier Croly,
left  June

SOP -P // // NA // - // € .  , ,
SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . , ,
SOP -P // // NA // - // € . ,   ,  
An Dewaele,
left  December

SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . , ,
SOP -EEA // // NA // - // € . ,
The details on the stock options granted, vested and exercised
by the CLT members who left Barco are provided in the table
below.
Barco Integrated report 2022
CGR
23
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
Jan De Witte,
left  August

SOP -CEO // // NA // - // € . ,
SOP -CEO // // NA // - // € . ,
a) ,
b) € ,,
SOP -CEO // // NA // - // € . , ,
Johan Heyman,
left  September

SOP -P // // NA // - // € . ,
a) ,
b) €,.
SOP -P // // NA // - // € . , ,
SOP -EEA // // NA // - // € . , ,
Filip Pintelon,
left  October

SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . ,   ,  
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € . ,
SOP -EEA // // NA // - // € .   ,
Marc Spenlé,
left  July

SOP -P // // NA // - // € .  ,
SOP -P // // NA // - // € . ,
Barco Integrated report 2022
CGR
24
Governance & Risk Report
03 ADDITIONAL RISK
INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Stock options
Main provisions of the stock option plan Information related to the financial year 
Name
Position
Plan
Identification
Grant
Date
Vesting
Date
End of
retention
period Exercise period
Exercise
price
Number of
options at the
beginning of
the year
a) Number of
options granted
b) value underlying
shares @ grant date
a) Number of
options vested
b) value @
exercise price
Number of
options
exercised
Number
of options
expired
George Stromeyer,
left  October

SOP -P // // NA // - // € . , ,
SOP -US // // NA // - // € . , ,
Iain Urquhart,
left  April

SOP -P // // NA // - // € .  , ,
SOP -P // // NA // - // € . , ,
SOP -P // // NA // - // € . , ,
Nicolas
Vanden Abeele,
left  October

SOP -P // // NA // - // € . ,
SOP -P // // NA // - // € . ,
a) ,
b) € ,
SOP -P // // NA // - // € . ,   ,  
Reference is made to page 71 in the Financial Statements for an overview of the stock options exercisable under the stock option plans.
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Part 3: Redundancy payments
CLT members operate under an employment contract, con-
cluded with the entity of the Barco group in the country where
they live. Their contracts are governed by the local legal provi-
sions. If the employment of a CLT member is terminated, local
rules and legislation governing the contract of employment,
including those pertaining to notice periods and severance
payments, apply.
Upon proposal of the remuneration and nomination commit-
tee, the Board agreed on the departure compensation for 2
people, and the basis for its calculation as set forward below.
Iain Urquhart, former EVP Global Customer Success, resigned
from the company on 29 April 2022. No severance or other
compensation were due.
Eective 30 April 2022, Marc Spenlé, Chief Digital & Information
Ocer, left the company. In accordance with the employment
law and the provisions of his employment contract, the sever-
ance agreement included a notice period of 2,5 months and a
prorated 2022 bonus based on the YTD KPI results.
Eective 30 April 2022, Olivier Croly, former EVP Meeting &
Learning Experience, left the company. In accordance with the
provisions of his employment contract, the severance agree-
ment included a termination indemnity based on 4,5 months
of remuneration and a prorated 2022 bonus based on the YTD
KPI results.
Part 4:
Use of the right to reclaim
The company will use the legal options available for payback
of variable remuneration in case fraud or other types of mis-
conduct or irregularities in the results of the company would
be discovered in a period of 2 years following its payment.
There was no reason for the Board to reclaim any previously
paid variable remuneration to the CEO or to any of the CLT
members.
Part 5:
Deviations from the remuneration policy
All of the above was determined and paid in line with the
existing company reward policies. It also reflects the mea-
sures taken by the Board of Directors at the initiative of the
Remuneration and Nomination Committee as stated in Part
1 above.
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Part 6:
Evolution of remuneration
and company performance
As requested by the Belgian Company Law, Barco reports the
pay ratio of the highest FTE CEO remuneration versus the
lowest FTE employee remuneration in its legal entity Barco
nv. The 2022 pay ratio is 21.10.
Part 7:
Vote of the shareholder
Further to the leadership changes in 2021 and upon the
Remuneration and Nomination Committee’s proposal, the
Board of Directors agreed to introduce a more simple, trans-
parent and ecient STI policy, based on clearly defined fi-
nancial and sustainability targets. Subsequently, a revised
remuneration policy has been submitted to the sharehold-
ers’ approval at the annual general meeting of 28 April 2022.
The new remuneration policy has been approved with a 56%
majority. The remuneration report 2021 was approved with
an 85% vote. As no comments were made to the previous
remuneration report, there were no such comments to be
considered for the remuneration paid or vested during 2022.
In thousands of euro      
Remuneration of Non-Executive Directors
()
Total annual remuneration , , , , , ,
Year-on-year difference (%) % -% -% -% % -%
Number of Non-Executive Directors under review      
Remuneration of CEOs
Total annual remuneration of CEOs (EUR) ,, ,, ,, ,, ,, ,,
Year-on-year difference (%) -% % % -% -% %
Remuneration of CLT
Total annual remuneration (EUR) ,, ,, ,, ,, ,, ,,
Year-on-year difference (%) % % % -% -% %
Number of CLT Members under review
()
     
Barco Group Performance
NET SALES (M euro) ,, ,, ,, , , ,,
Year-on-year difference (%) -% -% % -% % %
EBITDA (M euro) ,  , , , , ,
Year-on-year difference (%) % % % -% % %
Net income attributable (M euro) , , , -, , ,
Year-on-year difference (%) % % % -% % %
Average remuneration per FTE employee
()
Average employee cost per FTE (EUR)
()
, , , , , ,
Year-on-year difference (%) .% -.% .% -.% .% . %
(1)
As indicated in Part 2.A of the Remuneration Report, the remuneration for Non-Executive Directors depends only on the number of meetings and is reported aggregated for this table.
(2)
As of 2022, we report CLT without the CEO.
(3)
Average remuneration of employees is calculated on the basis of “wages and direct social benefits”, including company cars, divided by the number of employees on a year-over-year basis.
4))
Employee cost 2022 increase due to (a) high inflation and COL increases versus 2021, and (b) higher attrition combined with recruiting in an overheated labor market.
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Managing sustainabilityPolicies of conduct
At Barco, we see sustainability as one of the drivers of our
corporate strategy. We design and act towards sustainable
outcomes for our planet, the community we operate in and
our colleagues. Governance keeps our corporate sustainability
strategy on track, ensuring that our strategy remains eective,
and that accountability for our results sits right at the top of
our company. A more detailed description of our sustainability
governance is available in our Planet-People-Communities
chapter and on Barco’s corporate website.
Conflicts of interest
The company has laid down the rules for conflicts of inter-
est, applicable to its directors and executive managers, in its
Corporate Governance Charter.
These rules complement the procedures set by the Code
of Companies and Associations for conflicts of interest of a
financial nature and related party transactions (Article 7:96
and 7:97 CCA).
In 2022, no conflicts of interest of a financial nature or related
party transactions falling within the scope of these procedures
arose.
Statutory auditor
Barco refers to note 22 'Related party transactions' in Financial
Statements 2022.
Transparency of transactions involving shares or other
financial instruments of Barco
The company has issued a Market Abuse Prevention Policy
which is being enforced as part of its compliance management
program, available for review on the company’s website. It
meets the requirements of the EU Regulation of 16 April, 2014
n° 596/2014 on market abuse. Persons discharging managerial
responsibilities and persons closely associated with them must
notify the Financial Services Market Authority (“FSMA”) of any
transactions involving shares or other financial instruments of
Barco within three business days after the transaction. Such
transactions are made public on the website of the FSMA
(www.fsma.be) as well as the company’s website, the latter
on an aggregate basis.
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Risk management
and control processes
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Within the context of its business operations, Barco is exposed
to a wide variety of risks that can aect its ability to achieve
its business objectives and to execute its corporate strategy
successfully. To anticipate, identify, prioritize, manage and
monitor the risks that impact its organization, Barco has put
a sound risk management and control system into place in
accordance with the Code of Companies and Associations and
the 2020 Corporate Governance Code. Our risk management
and control processes are actively supported by the Board
of Directors. They understand the risks that Barco faces and
assure that these risks are eectively managed by requiring
that the CEOs and the Core Leadership Team (CLT) are fully
engaged in risk management. Risk mitigation and control is
a core task of the executive management and all employees
with managerial responsibilities.
Barco’s risk management and control system was set up to
achieve the following objectives:
The risk management and control system is based on the prin-
ciples of the COSO reference framework and the ISO 31000
risk management standard.
Objectives
Objectives
Correct and timely
financial reporting
Compliance with all
applicable laws and
regulations
Operational and
strategic objectives
Operational
excellence
Risk
management
and control
system
Control
Environment
Objectives
Identification
Risk
response
Control
activities
Information &
communication
Monitoring
Analysis &
evaluation
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Barco strives for a strong compliance culture and risk aware-
ness attitude by defining clear roles and responsibilities in all
relevant domains. In this way, the company fosters an environ-
ment in which it pursues its business objectives and corporate
strategy in a controlled manner. This environment is created
by implementing various company-wide policies and proce-
dures, such as:
• The Code of Ethics
• Decision and signature authority rules
• The Barco culture building blocks
• Quality and other management systems
• Risk profiling, reporting and mitigation processes
Risk management is firmly embedded into Barco’s processes,
at all levels. For every key management, assurance and sup-
porting process, Barco has developed and implemented a sys-
tematic risk management approach. It consists of five steps:
identification, analysis, evaluation, response and monitoring.
The CLT fully endorses this approach. Employees are regularly
informed and trained on these subjects to ensure sucient
risk management and control at all levels and in all areas of
the organization.
Every year in the fourth quarter, we perform a company-wide
risk assessment and compliance gap analysis. This exercise,
which involves the CLT members, the legal & compliance re-
sponsible of the subsidiaries and other key employees, aims
to strengthen and formalize risk awareness throughout Barco.
It encourages the employees with managerial responsibilities
to actively think about the risks that impact our business and
provides them with a clear view on how their peers around the
world perceive risk.
The yearly risk assessment and compliance gap analysis is a
joint eort of the Risk Manager, the Global Compliance Man-
ager and Internal Audit.
Identification
The Barco risk universe is reviewed on a yearly basis, based on
insights from interviews with the CLT members and a bench-
marking against the risk reports published by the top global
insurers and international organizations.
In 2022, no new risks were defined in the Barco risk universe.
Two risks were absorbed into existing risks. The ‘Digital trans-
formation and new technologies’ risk became part of the
‘Product portfolio & innovation’ risk renamed as ‘the ‘Innova-
tion, new technologies & product portfolio’ risks. The ‘Data
governance & privacy’ risk was added to the ‘Information se-
curity’ risk (Governance) and the ‘Innovation, new technolo-
gies & product portfolio’ risk (Intellectual property). According-
ly, these two risks have been slightly re-defined.
Control environment Risk management process
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* 'Nth' party risk: An order of magnitude broader than the traditional third-party
risk. Every party that a company utilizes is likely to use a large number of other
parties of its own. This then becomes a chain of downstream relationships with
fourth, fifth parties and eventually Nth parties, introducing a new risk factor to
the ecosystem.
Barco Risk Universe
The following risks are taken into consideration. Analysis
Once identified, the risks are scored using inherent risk (‘likeli-
hood’ and ‘impact) and control level scales. The scales for im-
pact, likelihood and control level are based on the acceptable
level of risk exposure determined by the Board of Directors
and laid down in the Barco corporate risk evaluation system.
This year, the improvement potential was also assessed for
each top risk.
The scoring of Barco’s risks was done via an online question-
naire. All 15 CLT members and all 31 senior managers from
dierent subsidiaries completed the questionnaire.
Evaluation
In the ‘evaluation’ phase, a risk matrix is drawn up, resulting in
Barco’s inherent and residual risk profile.
To set the right priorities, the risk is first evaluated in terms
of impact and likelihood. The resulting inherent risk does not
yet consider any management activities or control measures
developed to mitigate it.
The residual risk level is then determined by taking into ac-
count the control level (control measures and their eective-
ness) of each risk.
The CLT then reviews the results. The top risks are identified
and divided into risks to be accepted, monitored or improved.
For each top risk, a risk sponsor is designated.
Barco
risk
universe
FREQUENT RARELY
DESTRUCTIVE
NEGLIGIBLE
• Information security risk
• Macroeconomic & geopolitics risk
• Human capital & talent management
• Product quality
• Supply chain & 3rd / 'Nth' party risk
• Contingency & resilience risk
• Business ethics
• Corporate governance & strategy
• Financial & liquidity risk
• Local compliance & regulatory change
• Sustainability & climate risk
• Innovation, new technologies & product portfolio
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Risk response
Management response to the top risks • ‘Risks to improve’ are contained by means of an enhanced
mitigation plan next to the continuous improvement actions
and existing control measures. This plan must minimize the
eect of these risks on the organization’s ability to achieve
its objectives and results. For these types of risks, if any, a
CLT risk sponsor is appointed.
• ‘Risks to monitor’ are contained by means of the ongoing
continuous improvement actions and existing control mea-
sures. These types of risks reside under the sponsorship of
a CLT member who monitors them.
• ‘Acceptable risks’ and ‘risks to optimize’ are recorded in the
risk register of the related process.
The outcome is summarized in a report that is presented to
the Audit Committee and made available to the Board of Di-
rectors.
The Risk Manager supports the adoption of clear processes
and procedures for a wide range of business operations. In
addition to these control activities, an insurance program has
been implemented for selected risk categories that cannot be
absorbed without material impact on the company’s balance
sheet.
Monitoring
Risk monitoring helps to ensure that mitigation plans and in-
ternal controls continue to operate eectively. Progress of
action plans and related status KPIs are tracked on a regular
basis to remediate gaps in mitigation and monitoring activities.
Risks in the ‘improve’ and ‘monitor’ quadrants are subject to a
quarterly review by the CLT risk sponsor, the Risk Manager and
a delegation of CLT members.
INHERENT RISK
ACCEPT
MONITORIMPROVE
OPTIMIZE
2
10
15
20
25
3 4 5CONTROL LEVEL
RISK UNDER OBSERVATION
UNACCEPTABLE RISK
CRITICAL RISK
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The continuity and the quality of Barco’s risk management and
control system is assessed by following actors:
• Internal Auditor – the tasks and responsibilities assigned
to Internal Audit are recorded in the internal audit charter,
which has been approved by the Audit Committee. The
key mission of internal audit as defined in the internal au-
dit charter is “to add value to the organization by applying
a systematic, disciplined approach to evaluating the inter-
nal control system and providing recommendations to
improve it”.
• External Auditor – in the context of the external audit review
of the annual accounts and their assessment of key internal
controls.
• Compliance Ocer – within the framework of the compa-
ny’s Corporate Governance charter.
• Risk Manager – plays a pivotal role in the organization by en-
suring appropriate coordination and follow-up of risk man-
agement activities.
• Global Compliance Manager – coordinates between dier-
ent compliance roles, functionally and regionally. The com-
pliance status and gaps are mapped on a regular basis in
order to define compliance risks, priorities and mitigations
as needed.
• Audit Committee – the Board of Directors, assisted by its
Audit Committee, has the final responsibility with respect to
internal control and risk management.
Control activities
A timely, complete and accurate information flow – both
top-down and bottom-up – is a cornerstone of eective risk
management.
In all operational domains, Barco has implemented a man-
agement control and reporting system to support ecient
management and reporting of business transactions and
risks. This system enables the Barco management to cap-
ture relevant information on particular areas of business op-
erations at regular time intervals. The process enforces the
clear assignment of roles and responsibilities, thus ensuring
consis tent communication to all stakeholders regarding ex-
ternal and internal changes or risks impacting their areas of
responsibility.
In addition to the management control and reporting sys-
tem, the company has put several mea sures into place to en-
sure the security of confidential information and to provide
a communication channel for employees to report any (sus-
pected) violation of laws, regulations, the company’s code of
ethics or policies.
Information and communication
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On the right are the top risks, identified by the 2022 risk man-
agement process, along with the trends and related material
topic/strategic lever. Certain risks have been slightly regrouped
and renamed compared to last year following the most recent
risk identification process.
We refer to the extra risk section 'Deep dive on the 2022 con-
sequences and impact of the macroeconomic environment'
and to the management discussion and analysis in the ‘Results’
section for an update on the impact of covid-19 and the impact
of supply constraints on the full year 2022 results.
Top risks
Risk Trend Material topic Strategic lever
 Innovation, new technologies
& product portfolio
• Innovation management
• Market reach
• Product stewardship
• Customer engagement
• Innovate for impact
• Capture profitable and efficient growth
 Supply chain &
‘Nth’ party risk
• Responsible supply chain management
• Sustainable profitable growth
• Product quality, safety and security
• Capture profitable and efficient growth
• Go fo sustainable impact
 Human capital &
talent management
• Employee engagement
• Learning and development
• Employee health, safety and wellbeing
• Diversity and inclusion
• Capture profitable and efficient growth
• Go fo sustainable impact
 Product quality
• Product quality, safety and security
• Customer engagement
Brand
• Innovate for impact
• Capture profitable and efficient growth
 Macroeconomic &
geopolitics risk
• Market reach • Capture profitable and efficient growth
 Information security risk
• Information security and data protection
• Product quality, safety and security
• Innovate for impact
• Go fo sustainable impact
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INFORMATION

01 CORPORATE
GOVERNANCE
02 RISK
MANAGEMENT
Risk description
Barco’s revenue growth depends in large parts on the success
of our innovation and technologies in established and new
markets which increasingly see more rapid change in technol-
ogies, consumer preferences, product introductions, business
models and industry standards.
Barco’s ability to outperform competitors and remain relevant
in the market with new technologies, new business models,
faster time-to-market, lower costs or enhanced product fea-
tures is critical to the company’s future success. Technology
and innovation are complex activities and require skilled per-
sonnel and the ability to accurately predict market and tech-
nology trends. We may not be able to achieve this which can
result in missed business opportunities and thus eventually a
decline in revenue.
The inability to balance between core and transformational
innovation with sudden breakthroughs may lead to an overall
weaker product portfolio. Not being able to identify custom-
er needs and to successfully convert these into value-adding
products and solutions might impact market share and profit-
ability of our business.
An inability to safeguard and monetize our IP and loss of criti-
cal IP knowledge would weaken our competitive power.
Trend
Lack of innovation speed, access to and control of new tech-
nologies and a competitive product portfolio identified as a
main risk in 2021 became the key risk in Barco in 2022 ranked
as number 1.
Innovation, new technologies
& product portfolio
Mitigation plan
The revised, lighter organizational structure, with the regional
sales folded into the company’s business units together with
product management and research & development, allows for
short decision paths and end-to-end accountability in each
market.
Separate innovation and investment budget is secured to
grow the company in the future. An increasing fraction of
that budget is reserved for breakthrough long-term innovation
projects. Budgets are located based on pay back periods, op-
portunity size, patentability, sustainability and strategic fit, and
are reviewed 3 times a year.
An innovation funnel, consisting of new ideas (funnel entry
gate), seeds (shark tank gate), proof of concepts (incubators)
and viable product/solutions (break even gate), is managed
and reviewed on a quarterly basis. Accordingly, the product
roadmaps are updated and aligned with market and customer
needs. Derivate portfolios are prepared for adjacent markets.
Strong focus is put on breakthrough innovation and concrete
M&A opportunities are pursued.
Throughout the company, new ideas both within and outside
the scope of the business unit are stimulated and picked up
on the seed board, an integral part of the innovation funnel
process.
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Risk description
The dependency on suppliers, partners, integrators and dis-
tributors creates a vulnerability that might impact our prod-
uct portfolio in terms of quality, availability and cost. Next to
the covid-19 pandemic, the global chip shortage has put high
pressure on the global supply chain and caused an additional
burden on Barco’s resources, inventory, manufacturing and
delivery performance.
Trend
Supply chain and Nth party risks were identified as the main
risk in 2021. In 2022, both the inherent risk and residual risk
show an improvement as dependency is going down with our
stronger multi-source strategy and supply shortage on semi-
conductors is further decreasing.
Supply chain & 'Nth' party risk
Mitigation plan
We maintained mitigation actions that we had defined in the
past years and additionally have introduced 3 main actions fo-
cusing on:
• Proactively identify, analyse and mitigate all types of
supply chain risks related to our supply base, using Risk
methods TM
• Improved supplier relation management to create a more
balanced dependency and to reduce possible impact of a
sole or single supplier.
• Introduce alternative local supply base near our factories.
More information can be found in “Supply chain responsibility”.
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Risk description
A skilled workforce and agile organization are essential for the
continued success of our business. Diculties in attracting,
retaining and developing employees could lead to continued
vacancies in certain critical areas, higher employee dissatisfac-
tion and turnover, lower performance and underutilization of
existing skills. Insucient backups available could cause oper-
ations to slow down or hold. Stang issues could result in a
skillset not able to meet all competency requirements in view
of rapidly moving technologies, changing business models
and operational agility.
Employee health & safety issues, lack of a healthy work/life
balance and an environment of empathy and inclusion could
lead to long inactivity, labor accidents and even legal claims
and fines.
Trend
Human resources management has been identified as an im-
portant risk in the last three years. In 2022, both the inherent
risk and residual risk show a slight improvement.
Mitigation plan
The Human Resources team commits to investing in work-
force strategy and organizational eectiveness as key focus
domains, in addition to delivering professional Human Re-
sources services to attract, develop, reward and engage a di-
verse and global workforce, while ensuring timely and clear
communication to employees. Yet, it remains the main re-
sponsibility of each Business Unit leader and all people man-
agers in the organization to take ownership as a leader and
work on people topics in their daily activities, based on the
tools, solutions and support that HR delivers:
The HR-related priorities start from the Barco business objec-
tives, translating these into main HR actions in the following
domains:
• Site & Workforce strategy: HR guides and partners with the
business to translate the organizational strategy of the busi-
ness units into a coherent people plan to develop proactive
and strategic recruitment and training plans and ensuring we
have a diverse and inclusive workforce at Barco.
• Headcount management strategy: HR leads the recurrent
review of headcount status and in-out-turnover, monitoring
worldwide talent pools in the diverse regions we are active in,
in order to measure and improve the impact of our retention
and recruitment plan.
Human capital & talent management
• Culture, people & leadership development: HR provides
employees and people leaders with the proper tools and
solutions to work on performance management, employee
and leadership development (through management enable-
ment) an innovative and entrepreneurial mindset, employee
engagement and wellbeing through an employee engage-
ment measurement tool, a dedicated Barco University training
oering (classroom, online, e-learning or hybrid) and continu-
ing the culture journey with focus on a global, innovative and
entrepreneurial culture.
Read more in the Report on People.
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02 RISK
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Risk description
Barco’s reputation as a business partner relies heavily on its abil-
ity to supply high-quality products. Failure to comply with the
internal quality processes and stage gate requirements can lead
to the market introduction of immature products – resulting in
loss of sales and market share, additional cost and reputational
damage. Product quality issues and delivery issues such as the
inability to fulfill orders in a timely way leading to reputational
damage, customer dissatisfaction and loss of business.
Trend
Product quality was one of our main risks in 2021 and remains
so in 2022. We noticed a slight increase in both the ranking
and the risk level.
Mitigation plan
Product quality is guaranteed by rigorously executing and
monitoring the Barco processes covering the complete prod-
uct life cycle – from procurement, product planning, to design
and development and sales, all the way to customer services.
These processes are embedded in Barco’s quality manage-
ment system, which is audited by independent external parties
and customers. The product quality is monitored through a
set of quality-related indicators covering the dierent interre-
lated processes.
In close collaboration with the dedicated quality teams, the
business unit executive teams draw up a mitigation plan cen-
tred around the following themes:
• Key product responsibles put emphasis on product maturity,
reliability and manufacturability during the design milestones
to ensure the market release of high-quality products and
solutions.
• Business unit executives monthly review the product quality
dashboards and key performance indicators (KPIs) to initiate
corrective and preventive actions .
• Product quality and corresponding controls in the whole prod-
uct life cycle are part of each change program that might
aect product quality.
Product quality
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Risk description
Serious political and (macro) economic evolutions and fluc-
tuations can heavily impact the investment climate and could
even slow business in a country or region to a complete
halt. Geopolitical tensions (E.g., a more united front against
China among Western countries, not only the US, Iran/Israel
tensions, political situation in Russia and Ukraine…), pandem-
ics, worsening trade relations and trade policy uncertainties
impact the global economic activity and could translate into
constraints to Barco's operations (taris, IP, investment restric-
tions, mobility restrictions through travel limitations but also
quarantine restrictions impacting the company and its peo-
ple.) Barco’s competitive position could also be impacted by
prospects for additional government stimulus and any provi-
sions that would benefit an organization or sector.
Trend
Macroeconomic and geopolitics risk retains its position in the
ranking. We do see a slight improvement in the risk level.
Mitigation plan
• The company closely monitors the macroeconomic and
geopolitical developments, in particular those aecting the
countries in which it is active. The possible impact hereof on
the company’s operations (geographical footprint, supply
chain, operations, import and export activities, commercial
and go-to-market strategy, cash management, etc.) and reme-
dial actions are assessed in business review meetings for the
short term, and in the strategic Management Plan and Profit
Plan for the mid to long term respectively. The construction
of so-called focused factories in dierent countries will create
the ability to respond more flexibly to certain constraining
geopolitical evolutions.
• The wide spread of activities across dierent regions and
industries contributes to absorbing the risk.
Macroeconomic & geopolitics risk
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Risk description
Barco relies considerably on its IT systems: infrastructure, net-
works, operating systems, applications and databases. Failure
of an information technology system due to an internal or
external event (terrorism, crime, violence, vandalism, theft or
human error) could impact employees, sites, assets, critical
information, or intellectual property and have negative conse-
quences for the business (business interruption, reputational
damage and/or liability claims).
Ensuring information security includes, among others, pro-
cesses that:
• protect IT infrastructure, IT governance, prevention and reme-
diation of IT failure and security awareness.
• ensure the development and sale of secure products.
• safeguarding sensitive, personal (GDPR) and critical data.
Trend
For Cyber risk, we noted a slight increase in both ranking and
risk levels.
Mitigation plan
The roadmap on cyber security improvements is reviewed
regularly and adjusted as necessary.
The following two elements will be highlighted in particular
for the future:
• Continue focusing on people, process and technology to
improve the overall security maturity in Barco.
• Progress delivery of the defined security roadmap, and ex-
tend in line with risk-based priorities (e.g. cloud security).
Read more on Corporate security and data privacy and Product
quality, safety & security.
Information security
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Deep dive on the 2022 consequences and impact
of the macroeconomic environment
In 2022, especially after the first quarter, the global covid-19
situation improved considerably, allowing operations to be
carried out in normal conditions again and with demand for
our products resuming in most geographies. The main ex-
ception is China, where local lockdowns continued to aect
the business and local operations throughout the full year. In
the aftermath of the pandemic and as a result of geopolitical
events, 2022 posed new macroeconomic challenges aect-
ing businesses all over the world – including Barco. The main
ones were:
• The supply chain constraints and component shortages:
as previously disclosed, Barco is not immune to compo-
nent shortages and supply chain constraints which have
impacted and continue to impact certain product lines.
These impacts relate to shortages and delayed deliveries
of components, higher broker costs and higher transport
costs.
• High inflation in most geographies, related to salaries,
energy and component costs.
• Remaining pandemic-related eects in China. Several
lockdowns lead to lower production and sales in the
China region (mainly but not limited to the Entertainment
business).
• Scarcity of human resources and talent.
As Russia's invasion of Ukraine and sanctions towards Russia
have a limited impact on Barco's business, there is no signifi-
cant risk. Barco has reviewed the impact on Barco financials
and concluded that there is no material impact.
Approach
In this section, Barco addresses its risk mitigation plan related
to the main 2022 macroeconomic impacts.
Operations and supply chain
The worldwide shortages in dierent commodities in 2021
and 2022, tested Barco's supply chain resilience. Barco's
strong, long-term supplier relationships and agile approach
have proven to be key to find solutions to the shortages in
many cases. Nevertheless, Barco is not immune to compo-
nent shortages and supply chain constraints which have im-
pacted and continue to impact certain product lines.
While the team has largely mitigated these challenges, the
impact was felt in the form of delayed sales and longer lead
times, rather than cancelled orders. Barco experienced a de-
lay in sales after the second quarter of the year of about 40
million euro, primarily in Entertainment for projector-line de-
liveries. By the end of the third quarter this delay decreased to
20 million euro with further improvement towards the end of
the year.
Barco has addressed these challenges by intense collabora-
tion with all suppliers and the temporary involvement of bro-
kers for the sourcing of critical components. Furthermore,
the redesign of products has been a significant mitigating
factor and will continue to be. For certain components and
subassemblies, inventory levels have been temporarily in-
creased to lower the risk of shortages.
Coping with inflation and high commodity prices
The aftermath of the pandemic and the changes in geopo-
litical situation have led to higher interest rates and a steep
increase of the inflation in EMEA and Americas. As Barco has
relatively low external debt, the direct cost eect of increased
interest rates on 2022 financial costs is limited.
The inflation aects mainly energy costs, salaries, and compo-
nent sourcing. All these costs are being critically reviewed and
optimized on a constant basis. Cross charges of these inflation
eects were passed through where possible, reflecting the in-
creased cost basis.
Lifting of pandemic measures, with the exception of China
The pandemic covid-19 situation has improved considerably in
most regions throughout 2022, especially after the first quar-
ter. This has allowed to return to normalized operations. It also
has fueled the demand for our products, most notably in the
Enterprise and Entertainment divisions. In China, the course
of the pandemic has followed a dierent pattern, with quicker
recovery in 2020 and 2021, but still significant local lockdowns
in 2022, aecting the business operations and the customer
demand. In our Chinese locations, the hygienic safety meas-
ures (social distancing, ventilation, masks, homework policies)
have therefore been continued throughout 2022. Despite all
measures put in place, at times the Chinese operations have
run at lower capacity than usual.
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02 RISK
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Retaining and attracting talent
The end of the pandemic has put more pressure on the labor
market in many geographies, with higher turnover of person-
nel seen in many sectors, also aecting Barco. Barco has in-
creased its hiring activity and employer branding campaigns
to attract the right talent. Another consequence is an increase
of the average labor cost, partly driven by salary indexations.
We have cross charged the labor cost inflation eect on our
products where possible to reflect this increased cost base.
Strong funding and liquidity structure in place
Barco has a strong balance sheet and ample liquidity. We refer
to note 14 for more details on Barco’s net cash position.
Barco has sucient headroom to enable it to conform to cov-
enants on its existing borrowings. The Group complied with
all requirements of the loan covenants on its available credit
facilities throughout the reporting period.
While the future may still bring some levels of headwind,
Barco’s strong funding and liquidity structure in place should
be more than sucient to ensure the going concern of the
company. In addition, we refer to note 8 where we explain
how we tested goodwill and all other non-current assets for
impairment and concluded no impairment losses need to be
recognized.
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Additional risk information pursuant to
the non-financial disclosure directive
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Governance & Risk Report

Climate change and energy
Risk description
Climate transition and the environmental footprint in general
holds a series of risks for Barco. The inability to meet (future)
environmental legislation to limit CO
2
emissions and increase
energy and material eciency could lead to regulatory fines
(such as a carbon tax). More importantly, failure to adapt to
changing customer behavior and address environmental
concerns could negatively impact Barco’s reputation with
customers and investors, thus leading to loss in sales or even
shareholder value. Physical climate change risks include im-
pacts of extreme weather events on production facilities, living
areas of our employees and/or equipment and disruptions in
the supply chain due to these events.
Approach
• (Upcoming) legislation and regulation: The Legal counsel,
together with the environmental compliance oce (ECO
oce) and the Environment, Health and Safety (EHS) depart-
ment, closely follows the evolution of regional, national, EU
and worldwide climate related guidelines, directives, standards
and laws, and voluntary standards. We are closely monitoring
the EU regulations that will be linked to the EU Green Deal.
The ECO oce is in charge to avoid that non-compliant prod-
ucts would be released to the market or are in violation ac-
cording to market surveillance. After scope assessment and
product impact validation, these requirements become part of
design requirements, guidance and validation/test reports. For
example, all products placed on the market are validated by
the product validation group according to strict international
standards. Requirements are set prior the design phase and
locked into a follow up handshake tool between R&D and the
validation group and part of ISO 9001 and ISO 14001 audit. All
escalations are handled by the compliance steerco.
• Physical climate change risks: Risk management, together
with the insurance partner, regularly assesses how extreme
weather events could impact our operations. Interruptions
to our infrastructure could seriously impact our revenues and
our brand reputation. Building and ensuring resilience of our
products and services is and remains a top priority. The goal
of Barco's business continuity plans is to keep the company
up and running through interruptions such as natural disasters.
For instance, when building new facilities or setting up busi-
ness with new suppliers, risk assessment of extreme weather
events in the region is included. Another example is the use
of an alert tool: each member of the purchase team receives
daily alerts on predefined (core) suppliers he/she is respon-
sible for on amongst other extreme weather events such as
floodings or earthquakes, or plans to close down production…
This allows for active monitoring of these suppliers, immediate
communication with them and if necessary, timely search for
alternatives.
• Transition climate risk: For Barco this mainly relates to cus-
tomer behaviour: The awareness about environmental issues
is increasing among customers. Barco takes into account cus-
tomer and market demands, often received via tenders and
purchase orders. Via the dierent departments and central
service and strategic marketing these requests are captured
and replied to. Market demands are mainly driven by require-
ments of healthcare integrators, oil and gas industry operators
andEuropean governments in line with green deal policies. On
the supply side, sustainability risks are increasingly taken into
account in the business review meetings with suppliers. In the
ecodesign process, we evaluate the environmental impact of
insourced components and promote the use of lower impact
materials. Examples of how Barco addresses the energy and
climate change aspect for its customers can be found in the
‘Report on planet, people and communities’, section Planet.
Barco's risk management process is not only set up to safeguard
the assets and financial strength but also to protect Barco’s rep-
utation. In 2020 we communicated an ambitious Science Based
climate target, which strengthens our reputation, also confirmed
externally (read more in the 'Report on planet, people and com-
munities', section Planet).
As part of our risk assessment we have mapped all top risks to the material topics from the materiality assessment. The unmapped material topics are described here.
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Governance & Risk Report

Risk description
Insucient fair practice and business behavior (according to
the ethical standards and principles set by the Barco Code of
Ethics), including fraud, corruption, bribery, abuse and viola-
tions of human rights leads to reputational damage, decrease
of sales and legal investigations and prosecutions.
Barco is directly exposed to risks in the area of human rights as
an employer in the first place, but also through its operations
in the regions where it conducts business. Barco may source
raw materials from suppliers which may not respect their em-
ployees’ human rights, such as the freedom of association.
The increased pressure on management and employees
could raise the temptation to deal with unscreened partners
without any diligence procedures. The inability to foster an
environment of equality and equal opportunities regardless of
gender, race, ethnicity, age or sex could harm Barco’s repu-
tation and could lead to noncompliance with applicable laws
and regulations.
Business ethics
Approach
Code of Ethics:
• Barco’s Code of Ethics is fully endorsed and applies to
everyone employed by Barco and its partners, regardless of
position and level of responsibility.
• The mandatory training on “Standards@Work” helps edu-
cate our people and reminds them about the group’s ethical
principles and values.
• The ethics mailbox is available to everyone who wishes to
report, even anonymously, any issue to the Ethics Commit-
tee.
Suppliers
• Our suppliers must comply with the Responsible Business
Alliance (RBA) code of Conduct, including labor, ethics and
health and safety standards. Before engaging in a business
relationship, we screen new suppliers, considering the risk
profile and reputation of each partner as well as their adher-
ence to ethical standards. Existing key partners are screened
periodically. Key principles such as the four-eyes principles
ensure segregation of duties in our procurement and buying
processes.
Human rights and anti-discrimination
• Barco applies a human rights policy in line with the stand-
ards and policies set by the Universal Declaration of Human
Rights, the International Labor Organization (ILO), the UN
Guiding Principles on Business and Human Rights and the
OECD Guidelines for Multinational Enterprises. Our Human
Rights pledge and our anti-discrimination policy are available
on our intranet.
• To oversee this pledge, we use the company-wide compli-
ance management system.Adherence to the anti-discrimi-
nation policy is monitored by the HR department.
• Barco includes all its employees in collective bargaining
agreements by complying with all necessary local work-
force regulations in the countries where Barco operates.
Barco handles specific workforce-related topics by closing
o company-specific collective bargaining agreements.
Where applicable, Barco organizes workers’ councils (both
national and international).
• We promote equal opportunity and do not discriminate
against any employee, candidate, contractor or supplier
based on nationality, race, age, physical disability, social, po-
litical or religious preference or other personal characteris-
tics. Barco encourages social and cultural diversity, and our
recruitment, remuneration, evaluation and supplier tender
processes are based solely on professional qualifications.
Anti-corruption
• In order to limit the risk of money laundering, a process to
screen incoming payments is in place under the Payment
Processing Policy.
• Employees in sales functions and dedicated corporate
functions across the world have to follow a mandatory
anti-bribery course as part of the “Standards@Work” level 2
training.
Read more on 'Ethics and compliance' and 'Supply chain
responsibility'.
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Financial risk management and internal control
• A finance management process policy is in place explaining
the Barco policy framework, describing the Barco finance
organization and explaining the process for financial re-
porting in order to provide management and Barco’s Audit
Committee and Board accurately, completely, timely and
consistently applied (across divisions and regions) financial
statements and financial information in accordance with
IFRS regulations in order to support Barco’s CEOs and Board
in defining short term (forecast), mid-term (profit plan) and
long-term targets (strategic management plan) and strategy.
• Finance and accounting manuals, which are available for
key accounting sections, ensure the accurate and consist-
ent application of accounting rules throughout the compa-
ny.
• Specifically, within the financial domain, a quarterly bot-
tom-up risk analysis is conducted to identify and document
current risk factors (up-down sides reporting) that have po-
tential impact on the forecasted results. Action plans are de-
fined for all key risks. The results of the analysis are discussed
with the statutory auditor at least every half year.
• The accounting teams are responsible for producing the
accounting figures (closing books, reconciliations, etc.),
whereas the business partnering (controlling) teams check
the validity of these figures. These checks include analytical
reviews through comparison with historical and budget fig-
ures as well as sample checks of transactions according to
their materiality.
• All material areas of the financial statements concerning
critical accounting judgements and estimates are period-
ically reported to the Audit Committee.
• Specific internal control activities concerning financial re-
porting are in place, as documented in the financial closing
and reporting procedure. This procedure assures clear com-
munication of timelines, completeness of tasks, and clear
assignment of responsibilities. Specific identification proce-
dures for financial risks are in place to assure the complete-
ness of financial accruals.
• Uniform reporting and a standard chart of accounts
throughout the organization ensures a consistent flow of fi-
nancial information, which allows the detection of potential
anomalies.
• To provide Barco’s investors and other (external) stake-
holders with the information necessary for making sound
business decisions, financial reporting is shared with the
outside world. The external financial calendar is planned in
consultation with the Board of Directors and the Core Lead-
ership Team and then announced to external stakeholders.
• Financial reporting and analyses are shared with Barco’s
CEOs, the CLT and divisional and regional excoms in order
to drive actions towards short-term (forecast), mid-term
(budget) and long-term targets in accordance with the
strategy set forward.
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barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
Barco Corporate Marketing & Investor Relations Oce
Focus Advertising
Barco
Beneluxpark 21
8500 Kortrijk – Belgium
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2022
Integrated
annual report
Report
on planet, people
& communities

Table of contents
01 Our sustainability ambition statement .............. 3
02 Our sustainability strategy . . . . . . . . . . . . . . . . . . . . . . . . . .4
Go for sustainable impact .............................5
How the UN Sustainability Development Goals
and materiality assessment guide Barco’s strategy ........9
03 Our sustainability performance ....................10
Planet.............................................. 11
People.............................................24
Communities .......................................36
04 Reporting on EU taxonomy ........................55
05 Managing sustainability .......................... 63
Sustainability governance and responsibility ............64
Stakeholder engagement and materiality ...............65
External initiatives (platforms and commitments) ........65
Certifications .......................................65
External evaluations .................................65
06 Annex ........................................... 66
EU taxonomy reporting table .........................67
Scope and methodology of carbon footprint and
of measurement of products with Barco ECO label . . . . . . 70
This is the planet - people - communities
section of Barco’s 2022 Integrated annual
report. Other sections are available via the
download center at ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• Glossary
• GRI Content index
• Assurance report
Barco Integrated report 2022
2
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX03 SUSTAINABILITY
PERFORMANCE

Sustainability is an integral part of Barco’s DNA. It is our ambi-
tion to design and act towards sustainable outcomes for our
planet, people and communities.
1. We will lower the environmental footprint of our customers
by developing sustainable products and further reduce our
own footprint.
2. We invest in sustainable employability by creating the right
conditions for our employees to have an engaging, enriching
and healthy career at Barco. We do this by encouraging our
people to learn and develop themselves and by ensuring a
healthy working environment – both physically and mentally.
We engage in building an inclusive workplace that embraces
the diversity of our people as this boosts our innovation
capacity.
3. We will play an active role in the communities we operate
in by upholding the highest ethical and quality standards
and expecting the same from our business partners. We
always aim to deliver added value to our customers through
our solutions, services and capabilities. In addition, we help
ensure more people can participate in and benefit from
Barco’s innovation.
Barco is ready to gear up and move forward towards a more
sustainable future.
An Steegen & Charles Beauduin
CEOs Barco
Our sustainability
ambition statement
Barco Integrated report 2022
3
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Our sustainability
strategy
06 ANNEX
Barco
Integrated report 2022
4
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY

Our sustainability strategy ‘Go for Sustainable Impact’ is an
integral part of our corporate strategy, ‘Visioneering a bright
tomorrow’. Because we believe growing our company goes
hand in hand with helping our people and the communities
around us thrive, while safeguarding our planet.
That’s why Barco’s sustainable impact strategy is focused on
three pillars: planet, people and communities. For each pillar,
we defined an overall ambition statement and linked it to the
areas that matter most to our stakeholders and where we can
achieve the greatest impact: our material topics. The material
topics are defined in our materiality assessment, including the
top 5 of material topics by stakeholder group.
We translated our sustainability ambitions in measurable tar-
gets, so we can track our progress year over year. An overview
of all our measured KPIs can be found in the Integrated Data
Pack
MATERIAL TOPICS AMBITION
Our sustainable impact pillars, ambitions and material topics
We will lower the
environmental footprint of
our customers and further
reduce our own footprint.
• Climate change & energy*
• Product stewardship*
• Waste management
We invest in sustainable
employability by creating
the right conditions for
our employees to have an
engaging, enriching and
healthy career at Barco. We
do this by encouraging our
people to learn and develop
themselves and by ensuring
a healthy working envi-
ronment – both physically
and mentally. We engage
in building an inclusive
workplace that embraces
the diversity of our people
as this boosts our innovation
capacity.
• Employee engagement*
• Learning & development
• Employee health, safety &
wellbeing
• Diversity & inclusion*
• Labor practices & human
rights
• Customer engagement*
• Product quality, safety &
security*
• Information security & data
protection*
• Business ethics*
• Responsible supply chain
management
• Corporate governance
• Community engagement
We will play an active role in
the communities we operate
in by upholding the highest
ethical and quality standards
and expecting the same
from our business partners.
We always aim to deliver
added value to our custom-
ers through our solutions,
services and capabilities.
In addition, we help ensure
more people can participate
in and benefit from Barco’s
innovation.
Planet People Communities
* Highly material topics
Go for
sustainable impact
Barco Integrated report 2022
5
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Planet
0.73
0.70
0.73
2020 2021 2022
Energy efficiency
index of sold
products (relative vs
 base year)
Tonnes CO

e / mio € revenues
By , reduce the
energy footprint of our
products by %
(vs )
-%
. Take science-based climate action
2020
-22%
34
2021
-12%
39
2022
-32%
30
Energy consumption
in own operations
MWh/mio € revenues
% reduction vs 
By , reduce energy
consumption in own
operations by %
(vs )
-%
31%
50%
26%
. Enable our customers to lower their
environmental footprint
2020 2021 2022
% revenues from
products with Barco
ECO label
By , ensure that at least
% of our revenues comes
from products with the Barco
ECO label
%
53
54
40
2020
-34% -27%
2021
-33% -30%
2022
-51% -27%
Greenhouse gas
emissions of our
own operations
Tonnes CO

e / mio € revenues
% reduction vs  % reduction vs 
By , reduce
greenhouse gas emissions
from own operations by
% (vs )
-%
27 7, 335
281,874
330,424
2020
-65%
2021
-65%
2022
-59%
Total greenhouse
gas emissions
Tonnes CO

e
% reduction vs 
By , reduce absolute
greenhouse gas emissions
by % (vs )*
-%
Our sustainable impact (primary) targets and progress
* Target approved by Science Based Targets initiative, in line with the Intergovernmental panel on climate change (IPCC)
1.5°C scenario, covering Scope 1, 2 and 3 emissions. As SBTi requires targets to cover a minimum of 5 years from the date
the target is submitted to the SBTi for validation, the target year has been set to 2025.
Barco Integrated report 2022
6
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Our sustainable impact (primary) targets and progress
People
Empower all our colleagues to have an engaging, enriching and healthy career
2022
16
Employee Net
Promotor Score
Each year, aim for an
employee Net Promoter
Score of at least 

11.3
20
10.5
20
12.2
17
2020 20202021 20212022 2022
Average training
hours/employee
# hours
Internal mobility
% vacancies filled internally
Invest in learning and
development
28
17
27
16
29
19
2020 20202021 20212022 2022
% women overall % women in senior
management
Step up our efforts
in diversity
Barco Integrated report 2022
7
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Our sustainable impact (primary) targets and progress
Communities
44
47
+ yearly
47
. Deliver great customer experience
20212020 2022
Customer Net Promoter Score
Relationship NPS
By , we aim to increase our global
Net Promoter Score by  points per year.
All business units have set individual NPS
targets to achieve that global target.
.
2020
2
2021
2
2022
2
ISO 
certification (security)
# of product lines in scope
Each year, add at least
one new product line
to the scope of the
ISO  certificate
. Proactively manage information security risks
2020 2021 2022
Average cybersecurity
maturity score
NIST CSF
By , obtain an
average cybersecurity
maturity score of
at least .
%
44%
58%
71%
%
+  yearly
. Engage our suppliers in adopting sustainable
business practices
2020 2021 2022
% of production spend
covered by supplier
sustainability score
By , have suppliers covering at least
% of our production spend scored on
their sustainability performance
. Always act lawfully, ethically and with integrity
wherever we operate
2020
98%
2021
99%
2.19
2022
99%
2.23
2.66
% employees trained
in Standards@Work
% of heads (white collars)
Each year, train all
our employees in
Standards@Work
Barco Integrated report 2022
8
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1. Customer engagement
2. Product quality, safety
& security
3. Information security
& data protection
10. Financial resilience
11. Sustained profitable growth
18. Product stewardship
2. Product quality, safety
& security
8. Innovation management
18. Product stewardship
3. Information security
& data protection
4. Business ethics
13. Employee engagement
17. Diversity & inclusion
18. Product stewardship
19. Climate change & energy
Capture profitable
and ecient growth
Innovate
for impact
Go for
sustainable impact
UN SDGs
HIGHLY MATERIAL
TOPICS
How the UN Sustainable Development Goals
and the materiality assessment guide Barco’s strategy
We use the United Nations Sustainable Development Goals
(SDGs) as a guideline to shape our strategy and ambitions.
Defined in 2015, the SDGs consist of 17 global goals with a
2030 deadline. All 193 countries in the UN General Assembly
adopted this resolution.
We realize these goals cannot be met without support from
the global business community. Our approach to supporting
the SDGs is to focus on the goals where we can have the
most impact, while screening and implementing actions that
contribute to the other goals as well. To identify the SDGs
where Barco can make the most impactful dierence, we start
from Barco’s strategy and the material topics*, that our main
stakeholders determined in the 2020 materiality assessment.
That led to the following six SDGs:
• SDG 3: Good health & well-being: Ensure healthy lives and
promote wellbeing for all at all ages
• SDG 7: Aordable and clean energy: Ensure access to
aordable, reliable, sustainable and modern energy for all
• SDG 8: Decent work and economic growth: Promote
sustained, inclusive and sustainable economic growth, full
and productive employment and decent work for all
• SDG 9: Industry, innovation and infrastructure: Build
resilient infrastructure, promote inclusive and sustainable
industrialization and foster innovation
• SDG 12: Responsible consumption and production: Ensure
sustainable consumption and production patterns
• SDG 13: Climate action: Take urgent action to combat
climate change and its impacts
Barco plans to update its materiality assessment in a compre-
hensive way every three to four years, serving as input for the
strategic levers.
* A description of the material topics can be found on our website.
Barco’s strategic levers, linked to highly material topics
and the UN SDGs
Barco Integrated report 2022
9
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Our
sustainability
performance
Barco Integrated report 2022
10
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Planet
Primary targets* Supporting targets
. Take science-based
climate action
By , reduce energy consumption
in own operations by % (vs )
By , send zero waste from own
operations to landfill
By , reduce greenhouse gas
emissions from own operations by
% (vs ) 
By , recycle % of solid waste in own
operations
By , reduce absolute greenhouse gas
emissions by % (vs )** 
. Enable our customers
to lower their environmental footprint
By , ensure that at least % of our
revenues come from products with the
Barco ECO label 
By , % of new products released
have a Barco ECO label
By , reduce the energy footprint of
our products by % (vs )
Our targets
Our ambition
* The baseline of greenhouse gas emissions and energy footprint refer is 2015,
as this is the year where we started measuring these indicators
** Absolute reduction of scope 1, 2, and 3 emissions. Target approved by Science
Based Targets initiative, in line with the IPCC 1.5°C scenario. As SBTi requires
targets to cover a minimum of 5 years from the date the target is submitted
to the SBTi for validation, the target year has been set to 2025.
 The KPIs related to these targets were subject to a limited assurance exercise. This limited assurance exerecise on a selected
number of Planet KPIs that we started in 2021, was continued and extended in 2022 (see assurance report). All KPIs related to
CO
2
emissions have now been covered by this limited assurance exercise.
 The assurance opinion on the 2021 indicators subject to limited assurance can be found in the 2021 PPC report.
We will lower the environment footprint of our customers and further reduce our own footprint.
The full list of environmental KPIs can be found in the Integrated Data Pack. Scope and methodology can be found in ‘Scope
and methodology of carbon footprint and of measurement of products with Barco ECO label’
Barco Integrated report 2022
11
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1.Take science-based climate action
Companies are under more pressure than ever
to deliver on their carbon emission pledges. At
Barco, we set SBTi-aligned ambitions and we
keep working hard to reduce our own carbon
footprint and that of our customers. Thanks to
these eorts, The Financial Times named us a
2022 FT-Statista Climate Leader - a big honor, as
the list includes only four Belgian companies.
Thomas Serbruyns
VP Strategic Initiatives
Our roadmap towards sustainable impact:
key initiatives and action plans
Total greenhouse gas emissions (absolute)
Tonnes CO
2
e
TARGET : % vs 
281,874 
277, 335
,

2020
2021
2022
360.1 350.5 312.2
65% 65%
59%
Total greenhouse gas emissions (relative)
Tonnes CO
2
e / mio € revenues
Relative reduction compared to 2015
%
As expected, the rebound of our activities in 2022 after the
covid-19 crisis did result in an increase of absolute greenhouse
gas emissions. However, the emissions are still 59% lower
compared to 2015. We are still on course to exceed the 45%
reduction target by 2023.
In 2020, Barco committed to setting science-based
targets to further solidify its ambitious climate action.
We commit to aligning our business with the most
ambitious goals of the Paris Agreement: to limit the
global temperature rise to 1.5°C above pre-industrial
levels.
Our absolute target is to reduce scope 1, 2 and 3 greenhouse
gas emissions by 45% by 2025 from a 2015 base year. This
target was approved by the Science Based Targets initiative
in March 2021.
100,000
200,000
300,000
400,000
500,000
Barco Integrated report 2022
12
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1.1 Lowering energy consumption in our own operations
Energy (electricity and fuel) is consumed in our facilities. At
the end of 2022, energy consumption amounted to 29.9 MWh/
mio € revenues – a 32% decrease against the 2015 baseline
(44.2 MWh/mio € revenues). Covid-19 measures, such as extra
ventilation, were no longer needed in 2022, which helped us
decrease the 2022 results against 2021. Our target for 2023 is
to reduce energy consumption by 15% compared to the 2015
base year, so we already realised this target in 2022.
The main action to reduce energy consumption in our facilities
is cutting the overall footprint of our facilities. After moving
to a smaller campus in Sacramento (US) in 2021, we did the
same in Karlsruhe (Germany) in 2022. This helped us to reduce
energy use. In addition, we share tips on saving energy through
our internal communication channels, to boost awareness
among employees. Energy is also a topic in the mandatory
Sustainability Standards@work training and the Compliance
Challenge.
When looking at Barco’s total energy consumption (electricity
and fuel use), 57% is from renewable sources, mainly thanks to
the worldwide switch to renewable electricity in all our main
sites across the globe. We expect the share of renewables in
our energy mix to further increase. In particular, the wind tur-
bine that we want to install at our One Campus site in Kortrijk
would help us deliver a large amount of renewable energy.
With a projected annual production of 11,290 MWh, it would
cover the power consumption of the entire Kortrijk campus,
while the surpluses could be stored and shared.
Energy consumption in own operations
MWh / mio € revenues
TARGET : . % vs 
34.3
39.0
29.9
2020
2021
2022
54% 52% 57%
Our wind turbine:
waiting for the final
green light
For over a decade, Barco has been investigating
the construction of a wind turbine to generate its
own renewable electricity. On an annual basis,
a turbine on the Barco One Campus in Kortrijk
would cover the power consumption of the
entire plant. However, getting the permission to
build such an installation isn’t a walk in the park.
As a frontrunner in cutting-edge
engineering, it’s our responsibility
to develop innovative systems
to maximize the benefits of our
renewable energy production. That’s
what I call innovating for impact.
Kurt Verheggen
General Counsel
22%
12%
32%
Relative reduction compared to 2015
%
% renewable
5
5
10
15
20
25
30
45
40
35
Barco Integrated report 2022
13
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Rotor diameter
139 meters
Tip height
180 meters
Exploding electricity need
Wind energy is an important asset in the energy
transition and will become even more crucial
in the years to come as the demand for car-
bon neutral electricity rises. That also applies
to Barco’s power needs. Our fleet is being elec-
trified exponentially, which means we’ll need
a lot more charging stations, and thus a lot of
electricity. And within five years, our warehouse
will move from Kuurne to Kortrijk, reducing our
carbon footprint in terms of transport, but fur-
ther raising our electricity needs at the Campus.
Our wind turbine in numbers
Tip height: 180 meters (= highest point of the rotor blade)
Rotor diameter: 139 meters
Maximum capacity: 4.5 MW
Projected annual production: 11.290 MWh
(= 14.7 football fields full of solar panels)
An engineering oce, specialized
in the development of wind
turbine projects, identified the
south side of our parking lot as
the perfect spot for our wind
turbine. The location is situated
in an industrial zone and is very
windy. The wind turbine can be
easily connected to the electricity
grid and will not impact air trac,
and eects on the neighborhood
are limited.
Elke Blondeel
Facility Manager
More info on barco.com/wind
Contributing to regional sustainability goals
Yet, obtaining the environmental permit takes
quite some time. After more than a decade of
preparatory work, the province of West-Flanders
has now granted an environmental permit,
which has been appealed. We’re hopeful that
the appeal procedure will turn out favorably for
Barco. Both local and regional governments
understand that renewable energy is indis
-
pensable for realizing their sustainability goals.
The Flemish government is looking to increase
renewable energy production capacity by 150
MW a year, and the city of Kortrijk needs to
reduce carbon emissions by 40% before 2030.
Smart storing and sharing
As a frontrunner in cutting-edge engineering,
it’s our responsibility to develop innovative sys-
tems to maximize the benefits of our renewable
energy production. So, we intend to explore the
possibility of sharing a portion of the renewable
energy we produce with neighboring compa-
nies such as ScioTeq (Barco’s former Defense
& Avionics division), Decathlon, or the AZ
Groeninge hospital. Another initiative to share
the benefits of our wind turbine is the option to
co-invest, which Barco granted to ‘Vlaskracht’, a
local cooperative promoting sustainable energy
that citizens can sign up for. As you’ve probably
noticed, we’re not just standing still while we’re
waiting for the green light…
Barco Integrated report 2022
14
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1.2 Better waste management in our own operations
The two main sources of solid waste at Barco are packaging
materials (waste from operations) and waste from the reno-
vation/refurbishment of our buildings.
By the end of 2022, total solid waste was 1.20 tonnes/mio
€ revenues – a 15% decrease compared to last year which is
largely due to eective waste volume reductions.
First and foremost, we aim to keep waste from operations
to a minimum, especially non-sorted waste. We reduce the
amount of packaging waste of incoming components and
products by guiding suppliers on how to reduce packaging.
In addition, we aim to have 80% of solid waste recycled by
2023 by raising awareness amongst suppliers (use recyclable
packaging materials) and employees (ecient and correct
sorting of waste). Waste recycling is part of our 5S audit sys-
tem, where the presence of the dierent waste recycling bins
is checked. The recycling rate went up by 5%, partly thanks
to the selection of better waste recycling partners in the US.
While waste from operations is approaching the bare mini-
mum, we did generate some extra construction waste in 2022.
In our Atlanta oce, for example, we improved roof insulation
in order to reduce energy consumption. While largely bene-
ficial to improve our footprint, it did cause a one-o rise in
solid waste production.
Our next horizon is 2023, where we aim for zero waste sent
to landfill. In 2022, we were at 10%.
Solid waste generated in own operations
Tonnes / mio € revenues
2.52
1.41
1.20
0.5
1
2.5
2
1.5
2020
2021
2022
52% 58% 63%
29% 15% 10%
% recycled/composted waste
TARGET : %
% waste to landfill
TARGET : %
Barco Integrated report 2022
15
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1.3 Reducing greenhouse gas emissions from our own operations
There are three main sources of greenhouse gas emissions
in our own operations: logistics, mobility and infrastructure.
The greenhouse gas emissions of our own operations
amounted to 39.8 tonnes CO
2
e / mio € revenues – a 13.8
tonnes decrease compared to 2021. The relative reduction in
greenhouse gas emissions from our own operations is -51%
compared to the 2015 baseline (80.5 tonnes CO
2
e / mio €
revenues) - an impressive achievement mainly driven by the
hard work of our global logistics and supply chain community.
Our target is to achieve -35% by 2023 vs 2015.
1. Logistics
Logistics i.e. the transport of incoming goods and outgoing
finished products, was responsible for 76% of Barco’s own
CO
2
emissions in 2022. Overall logistics-related greenhouse
gas emissions dropped by 42% between the 2015 base year
(52.2 tonnes CO
2
e / mio € revenues) and 2022. Our target is
to reduce emissions by 35% by 2023 vs 2015.
Despite the component shortages that impacted our sector,
the modal shift from air to sea freight picked up again in the
second half of 2022. As a result, 57% of our total kms was
transported via deep-sea shipping in 2022, which brings us
beyond 2020 levels. We actively engaged with our partners and
customers on the modal shift by, e.g., proposing alternatives
for air shipments.
As in the previous years, we continued working in 2022 on:
• Re-designing packaging for logistics: when designing new
products, we aim to design smaller and lighter packaging,
in order to reduce the volume and/or the weight of high-
running appliances. Packaging/logistics is one of the four
domains in our ecodesign program.
• Modular product design: as more new Barco products are
built on existing platforms, only the final customization has
to be done in a local warehouse. In this way, we can ship
larger volumes to overseas destinations up front by sea.
• Transport and warehousing tenders include a sustainability
clause, articulating that logistics suppliers are expected to
inform Barco about their sustainability plans and initiatives.
This information is considered in the overall decision matrix
and in our supplier selection procedure. In addition, we add
sustainability clauses to contracts, driving our suppliers to
advance their eorts to cut carbon emissions.
Greenhouse gas emissions of our own
operations
tonnes CO
2
e / mio € revenues
TARGET : . % vs 
53.42020
2021
2022
Infrastructure
Mobility
Logistics
53.6

39.8

Greenhouse gas emissions of our own operations
tonnes CO

e / mio € revenues
  
Infrastructure
.  . 
.
Mobility
.  . 
.
Logistics
.  . 
.
Total
.  . 
.
34%
33%
51%
Relative reduction compared to 2015
%
5
10
15
20
25
30
65
45
55
50
60
40
35
Barco Integrated report 2022
16
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

2. Mobility
The second-largest source of greenhouse gas emissions from
our own operations is mobility: business travel, company cars
and commuting. In 2022, the mobility’s share in Barco’s CO
2
emissions from own operations was 17%. Our target is to
reduce emissions by 23% by 2023 vs 2015.
Overall mobility-related greenhouse gas emissions dropped
by 65% between the 2015 base year (19.1 tonnes CO
2
e / mio
€ revenues) and 2022. In the post-pandemic year 2022, work
and travel behavior were dierent than in 2020 and 2021. The
year was marked by the following trends:
1) Business travel increased again after a spectacular drop
in 2020 and 2021 due to covid-19 restrictions. In 2022, we
wanted to give our people the chance to reconnect with
their colleagues and partners, but with the ‘Barco travel
policy in mind’.
2) In 2022, more than 70% of all newly ordered cars were full
electric – a shift that we had kicked o in 2020. Electrifying
our fleet will further reduce mobility-related CO
2
emissions
in the coming years. Our One Campus site in Kortrijk now
features more than 100 charging stations.
3) Emissions from employee commuting remained lower
than in pre-covid times, as many employees expressed the
will to keep working remotely at least some of the time.
Barco therefore updated the existing HR policies in many
locations, allowing people to work from home for more
days a week. Next to this, we continued investing in hybrid
meeting rooms with ClickShare Conference, which enables
us to ensure an inclusive and ecient meeting culture.
3. Infrastructure
The third source of greenhouse gas emissions from our own
operations is infrastructure: emissions from the use of elec-
tricity, fossil fuels (excl. company cars), waste treatment and
the leakage of refrigerant gases from cooling equipment. In
2022, the share of infrastructure in Barco’s own CO
2
emissions
was 7%, which was mainly attributable to the use of fossil fuels.
Overall infrastructure-related greenhouse gas emissions
dropped by 68% between 2015 (9.2 tonnes CO
2
e/mio € rev-
enues) and 2022 – largely thanks to the switch to renewable
electricity in all our R&D and manufacturing sites in 2020. Our
target is to achieve a 66% reduction by 2023 vs 2015.
Barco Integrated report 2022
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AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

1.4 Reducing greenhouse gas emissions from our products (product use emissions)
Product use emissions, which are by far our largest source of
emissions, are emissions resulting from the energy that Barco
products use on our customers’ premises.
Product use emissions decreased by 61% between 2015 and
2022. In 2022, total product use emissions amounted to 272
tonnes CO
2
e / mio € revenues - an 8% decrease against last
year. That reduction was driven by the growth in turnover
and our continuous focus on improving the ecoscore of our
products, especially that of our high-brightness solutions that
are in increasingly high demand among our customers.
Greenhouse gas emissions of sold
products (product use emissions)
tonnes CO
2
e / mio € revenues
306.7
272.4

296.9

2020
2021
2022
-15%
-3%
-8%
Year-on-year evolution
Barco Integrated report 2022
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02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
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04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX
100
50
400
300
350
200
250
150

2. Lowering the environmental footprint of our customers
2.1 Refining our ecodesign approach
Back in 2017, we released our ecoscoring tool, an objective
tool to determine the environmental performance of our
products. The tool assesses our products on four domains:
energy performance, use of materials, packaging and end-
of-life optimization (i.e., the way products can be maintained,
refurbished, upgraded and eventually recycled).
To improve the value and credibility of our tool towards exter-
nal stakeholders, we submit it to an external audit under the
framework of the ISO 14021:2006 standard (limited assurance)
every year. The audit ensures that the methodology of our
ecoscoring tool is clear, complete, reliable, objective and based
on relevant product aspects.
Most important updates in 2022
We keep improving our ecodesign approach by adapting the
tool to new regulations and learning from our experiences
using it. These are the main changes we carried out in 2022:
• We started performing full Life Cycle Assessment (LCA)
studies to go beyond the four domains that comprise our
ecoscoring tool and calculate the environmental impact of
our products. We aim to implement environmental impact
in our ecoscoring system in the years to come.
• We added more detailed data to our scoring process (e.g.
data on recycled contents, long-time battery performance)
to make our ecoscoring more precise.
• We introduced a financial incentive: one of the key metrics
in the employee bonus program is now on the proportion
of ecolabelled revenues in the total revenues.
• The ecoscoring tool and practices became an inherent part
of the onboarding training for new employees. For other
colleagues, such as procurement and R&D employees, we
organize refresher courses several times a year. We also
continued our online supplier trainings.
E
N
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R
G
Y
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A
T
E
R
I
A
L
U
S
E
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A
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I
N
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-
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-
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I
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Find more about the ecoscoring tool on our website
Barco’s Planet ambition is not only to reduce our own environmental footprint but also that of our customers,
by embedding ecodesign in our new products, improving their energy eciency and oering circular solutions.
Barco Integrated report 2022
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06 ANNEX

Focusing on the sustainability of our best-selling products, we
aim to draw 70% of our revenues from ECO labelled products
by the end of 2023. It’s a strong target that we’ll dedicate a lot
of eort to in 2023. In 2022, we increased our number from
31% to 50%.
ClickShare’s A++ ECO
label isn’t the finish line
One of our bestselling products to improve
its ECO label scoring is the ClickShare collab-
oration system. “Both our CX-30 and CX-50
product ranges now boast an A++ label,” says
New Product Introduction Project Manager
Kristof Maes. “That improvement is mainly due
to the enhanced use of post-consumer recycled
material and the fact that our CX-50 range has
become halogen-free. Keeping our firmware
available online for a longer period to support
our clients also extends the lifetime of our
ClickShare products.”
Madeleine Vandenabeele, Environmental
Sustainability Engineer of Barco Labs, adds: “The
ecoscoring tool is an essential asset in our New
Product Introduction strategy. But even with our
A++ labels in hand, we are still looking at what
we can do to improve the sustainability of our
products. Obtaining and improving our ECO
labels is always a great achievement, but our real
goal is to become a carbon-neutral company.”
Kristof confirms: “Tools like our ecoscoring sys-
tem and the Life Cycle Assessment are injecting
sustainability into our DNA. I really see a change
in mindset within our company walls. More than
that, we also have a positive impact on our sup-
pliers and clients. They rely on us to improve the
sustainability of their activities. That’s something
we can be really proud of.”
% revenues from products with
Barco ECO label
TARGET : %
31%

26%
50%

A look at our targets
Although the strong engagement of our R&D and product
teams in particular, 63% of the new hardware products released
in 2022 had a Barco ECO label (ecoscore A or higher), a 2%
decrease compared to 2021. Despite this slight decrease, we
still believe to be on track to meet the 75% target in 2023.
% of new products released with Barco
ECO label (hardware)
TARGET : %
65%
48%
63%
2020
2021
2022 2020
2021
2022
18%
35%
53%
Relative increase compared to 2018
%
20 20
10 10
60 60
70 70
40 40
50 50
30 30
Barco Integrated report 2022
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02 SUSTAINABILITY
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03 SUSTAINABILITY
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04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

2.2 Improving energy eciency of our products
One of the four domains of Barco’s ecodesign program is
energy eciency. As the energy our products consume on
our customers’ premises has a major impact on the environ-
ment, and more particularly on climate change via Greenhouse
Gas (GHG) emissions, improving their energy eciency is a
high-attention topic.
At the same time, market trends and customer preferences
are shifting towards ever-higher performance (brightness,
resolution, etc.), which requires higher energy consumption.
We therefore measure energy consumption relative to the
delivered capability, i.e., brightness, resolution, luminance,
etc., in “watt/delivered capability” and have set the target for
2023 to reduce the energy footprint of our products by 25%
versus base year 2015.
In 2022, the average energy footprint of sold products was
0.73, which is lower than the 0.75 target (i.e. a 25% reduction
versus baseline 2015). The drop in energy footprint was mainly
driven by the growing adoption of laser projectors, which
consume far less power (-50% to -70%) than traditional lamp-
based systems while producing more light, higher brightness
levels and a better image quality. Smart and balanced inno-
vation in both video wall and projection technology will be
needed to further drive the reduction of energy consumption.
Energy eciency index of sold products*
(relative vs 2015 base year)
TARGET : . % vs 
0.73 0.73
0.70
2020
2021
2022
* The energy eciency index of our products represents
energy consumption/delivered capability of Barco’s major
groups: projectors products in the Entertainment division
and large video walls & LED products in the Enterprise divi-
sion. The energy performance is defined as Watt/delivered
capability. This indicator is weighted on revenues from the
considered products and normalized to a 2015 baseline
value (with default value 1,0).
27%
30%
27%
Relative reduction compared to 2015
%
0.2
0.1
0.8
0.9
1.0
0.6
0.7
0.4
0.5
0.3
Barco Integrated report 2022
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01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
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04 REPORTING
ON EU TAXONOMY
05 MANAGING
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06 ANNEX

The circular economy is a focus area in Barco’s sustainabil-
ity strategy. We want to help our customers with innovative
products and services to provide an increasingly circular expe -
rience. Through smart design and services, we aim to reduce
waste and retain the highest utility and value of products
and components.
Circular product design
To enable circular solutions for our customers, we engage
in circular design. Our ecodesign program embeds several
criteria to improve the circularity of our products: improving
the upgradability and modularity of the devices, facilitating
the repair and increasing the use of recyclable and recycled
materials, both in the product and its packaging. In 2022,
12% of new product launches contained PCR plastics, down
from last year when we were able to launch an exceptional
number of new products with PCR plastics. We aim to boost
that number further in the coming years.
The ecodesign program also focuses on improving material
eciency. We work to shift our portfolio toward more mate-
rials-ecient products and packaging, for example by making
our products more robust/long lasting, optimizing the pack-
aging volumetric weight, reducing the number of accessories
or digitizing our manuals. In 2022, material use intensity was
3,511kg/mio € revenues.
Next to our internal circular design eorts, we fully support
the development of clear, objective criteria that drive the
industry toward more circular products. As an active mem-
ber of the CEN-CENELEC Joint Technical Committee 10 on
energy-related products, which aims to establish an objective
measuring methodology for repairability and recyclability of
products, we contribute to future standards that will improve
the circularity performance of products.
Product recycling services
As e-waste is one of the fastest growing waste streams, it is
crucial for our products to be recycled at end-of-life. This
is the very basic first step in a circular economy. For every
product, we provide a user manual that includes informa
-
tion for customers on how to handle the end-of-life stage,
and a recycling passport that oers recycling information to
recyclers.
We allow customers to return used products to recycling part-
ners free of charge. In 2022, 65% of our revenues were sold
in countries where we participate in and oer product return
and recycling programs. Where no structured program is in
place yet, we oer ad-hoc recycling and collection services.
We demand that all our recycling partners are ISO 14001 cer-
tified and comply with legislation regarding the prohibition of
e-waste export.
As part of the Extended Producer Recyclability (EPR), Barco
must pay upfront for the recycling of all electronic waste, bat-
teries and packaging placed on the dierent markets. In 2022,
we signed several additional contracts with waste compliance
schemes around the globe in order to fulfill our obligations
towards EPR compliance and duly monitor our waste streams.
» Read more on our website
2.3 Oering circular solutions
% of new products released with
post-consumer recycled plastics
4%
35%
12%
2020
2021
2022
20
10
50
40
30
Barco Integrated report 2022
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06 ANNEX

Keeping up our frontrunnner position
To increase transparency into product composition and to
improve waste treatment operations, the European Chemicals
Agency (ECHA) has deployed a publicly accessible database.
The SCIP* database provides information on all the substances
of very high concern present in articles placed on the EU mar-
ket,. In this way, it ensures that the information on the articles
is available throughout the entire lifecycle of products and
materials, including at the waste stage - information which is
particularly interesting for recyclers, amongst others.
Since 2021 Barco has been registering all its active end-prod-
ucts in the ECHA SCIP database. We were able to do that prior
to the deadline thanks to our large coverage of Full Material
Disclosures (FMDs) (83,6% of active components in 2022) and
Restriction of Hazardous Substances (RoHS) certificates with
the applicable exemptions. That makes us a pioneering com-
pany when it comes to providing transparent and up-to-date
information. Further regulatory outlooks have triggered Barco
to start a program to roll out the digital passport as intended
by the draft EU Ecodesign for Sustainable Products initiative.
* Substances of Concern In articles as such or in complex objects (Products)
How our Control Room team takes circularity to the
next level
Reuse, repair and upgrade
Why buy new components for a rear-projection
video wall – or buy an entirely new wall – if the
existing parts can be refurbished or replaced by
an update? Our Control Room team has been
oering refurbishment and upgrading services
for a while now…
It all started with repairing worn-out lenses of
rear-projection video walls in our labs. Now
Barco engineers also travel to customers’ loca-
tions to refurbish the lenses on-site, which is
more cost-efficient and better for the envi
-
ronment. More than that, it’s become easy to
replace the projection module of video wall
installations by an updated version. Year after
year, we extend the coverage of our upgrading
services to include more rear-projection video
wall types, both Barco and non-Barco branded.
In 2023, we’ll oer upgrading for our modular
UniSee video walls – a service that is unprece-
dented in the world of LCD.
800+
800 lenses were refurbished in
2022, 5x more than in 2021
Barco Integrated report 2022
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AMBITION
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02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX

Our ambition
Our targets
We invest in sustainable employability by creating the right conditions
for our employees to have an engaging, enriching and healthy
career at Barco. We do this by encouraging our people to learn and
develop themselves and by ensuring a healthy working environment
– both physically and mentally. We engage in building an inclusive
workplace that embraces the diversity of our people, as this
significantly boosts our innovation capacity.
The people of Barco
71% male
29% female
12% The Americas
55% EMEA
Number of employees
Gender
Geographical
Per functional group
3,3032020
3,1412021
3,3022022
Figures reported are in heads (not FTE). For definitions on indicators: see glossary. We refer to note  in the
financial chapter for more information on the headcount evolution.
8% General & Administration
21% Sales & Marketing
30% Research & development
40% Operations
33% Asia-Pacific
Empower all our colleagues to have an engaging,
enriching and healthier career
Primary targets
Each year, aim for an employee Net Promoter Score of at least 
Step up our efforts in diversity
Invest in learning and development
Supporting targets
Each year, aim for zero work accidents
People
The full list of employee related KPIs can be found in the Integrated Data Pack.
Barco Integrated report 2022
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06 ANNEX

After two challenging years, during which covid-19
impacted Barco and its employees, 2022 was the
year of rebuilding and reconnecting with growth.
More than our business, our organization grew
too, in several aspects. We welcomed more new
employees, took our organizational structure to the
next level and supported our employees on their
personal growth paths.
The new organizational structure that our CEOs had intro-
duced at the end of 2021 took root in 2022. By the end of
the year, the Barco organization was fully aligned with our
business strategies and with one of our core culture building
blocks: we team up to win globally.
Reconnecting with growth also meant growing our organiza-
tion. Recruiting the people with the right competences was,
and still is, high on our agenda. In 2022, we took major steps
to build a globally structured and professional recruitment
organization, with more focus on diversity than ever before.
Another key action was the design and deployment of a man-
ager development program to improve and strengthen the
skills of all of our people managers. Kicked o in 2022, this
program will continue to run over the next two years. We
are convinced that it will increase the maturity of our people
leaders, as well as the engagement of our employees.
Our roadmap towards
sustainable impact:
focus points
Stepping up our culture
journey in 2022
In 2019, Barco kicked o a culture journey aimed
at rejuvenating its core values . In 2022, we took
the next step in this journey, further bridging
the gap between the theory and practice in a
three-step approach:
• In the exploration phase, we dig deeper into
the meaning of a specific building block . We
do this in close cooperation with our CEOs,
the management and employees, across the
dierent business units, functions and regions.
In addition, we bring in the external view of
customers, other companies, etc., making
sure to capture the outside-in perspective .
• In the education phase, we seek to upskill our
employees in specific competencies, through
keynotes, training sessions, workshops, etc.
• In the final phase, the energizing phase, we
celebrate what we have learned and share
success stories with each other .
At the specific request of our employees, we
kicked o this exercise with the culture building
block ‘We team up to win globally’.
In 2023, we will start working on the ‘We look
for the better way’ building block, which
addresses the need for entrepreneurship, con-
tinuous improvement and a continuous focus
on innovation.
A corporate culture is a collection
of values and beliefs that
characterizes an organization.
It is, however, only successful if
everyone truly lives and breathes
that culture in their daily activities.
A focused approach helps us
align on the initiatives and ensure
implementation throughout the
regions .
Anthony Huyghebaert
Chief HR Ocer
Barco Integrated report 2022
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06 ANNEX

1. Employee engagement
1.1 Measuring employee engagement using
the Employee Net Promotor Score (E-NPS)
In 2022, Barco launched an enhanced employee survey,
including a specific E-NPS (Employee Net Promotor Score)
question. Due to the dierent methodology, this score cannot
be compared with previous surveys. The E-NPS survey resulted
in a score of 16, which breeds into the category “good engage-
ment”. With continued focus and actions on our employee
engagement, our target is to bring this score above 30 “great
engagement”.
Engaged employees are involved in, enthusiastic
about and committed to their work and their
workplace – which drives the success of a business.
That’s why Barco has always made big investments
in employee engagement. During the 2020 and
2021 pandemic, the mandatory working from home
regime made engagement a challenge. When
employees returned to the workplace in 2022, we
were all facing a new workplace reality.
16
Employee Net Promoter
Score in 2022
What is a good NPS score?
-100 0 30 70
NEEDS IMPROVEMENT
100  0
GOOD
(0 - 30)
GREAT
(30 - 70)
EXCELLENT
(70 - 100)
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06 ANNEX

1.2 Increasing focus on top-down and bottom-up communications
We were happy to read that most colleagues feel respected in
their jobs and praise our learning and development approach.
There was, however, room for improvement in the fields of
communications and strategy. People explicitly stated they
wanted a clearer view on where Barco is going.
These insights immediately led to a series of actions taken to
make sure strategic information is cascaded down through
the organization and ensure that our leaders are more visible,
at all levels:
• The quarterly townhall meetings, which we had been
organizing for a while, remain a great way to inform our
employees. It provides a stage for people from dierent
regions and business units to share their vision and strategy
and tell their stories.
• All BUs now set up quarterly hands-on meetings to share
their strategic objectives, priorities, contract wins, etc.
• Blue-collar workers are invited to local team meetings to
get a view on what’s happening at Barco.
• A lot of local initiatives crop up to discuss particular topics.
From ‘lean coee sessions’ and ‘world cafés’ to ‘engagement
focus groups’, they all have the same objective: to inform
our people so that they feel involved.
1.3 Fostering recognition and development
More than strengthening communications, we introduced
online LinkedIn Learning courses in 2022, on explicit request
of the survey respondents. In addition, the portfolio of leader-
ship training courses was expanded to make sure every Barco
people manager knows how to inspire engagement. In the
meantime, we are upgrading our performance review ses-
sions in order to meet employees’ needs for more frequent
feedback on their work.
Barco India named a
Great Place to Work
®
for the third time
For the third time in five years, the Great Place
to Work Institute gave Barco India the title of ‘A
Great Place to Work’. Considered the gold stan-
dard for great workplaces, the title is awarded
to companies that nurture an attractive, trust-
worthy, innovative, and rewarding culture.
Obtaining the certificate requires quite a bit of
eort. More than a thorough and independent
audit and a meticulous assessment process,
anonymous employee feedback is taken into
account too. No less than 90% of Barco India’s
employees participated in this survey.
This prestigious certification is an acknowl-
edgement of our commitment to cultivating
an environment and culture of pride, respect,
camaraderie, equality, and credibility among
our employees. The title helps us level up our
employer branding in the tech sector so that
we can attract and retain the very best talent.
Barco Integrated report 2022
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Number of iGemba improvement
suggestions per operator
5.5
4.1
6.3
2020 2021 2022
2
1
6
4
5
3
Engaging operators through iGemba: operator-focused initiatives
In 2010, Barco introduced the iGemba program: a unique ini-
tiative that encourages employees to suggest improvement
ideas in many domains, from quality and safety through to
ergonomics and the environment. More than highlighting
our commitment to continuous improvement, iGemba is also
a great way to spur employee engagement in our factories
and oces.
While the covid-19 pandemic had slowed the pace of new
improvement suggestions and operator-focused initiatives in
2020 and 2021, we saw a strong rebound in all our plants in
2022. A short overview:
• In Noida (India), we re-introduced the reward & recognition
ceremony and the iGemba scholarship. By honoring the
most valuable employee-driven improvements (EDIs) during
a ceremony and oering our employees scholarships for
their children to thank them for the EDIs they propose,
we managed to considerably raise the number of new
improvement ideas. In addition, we initiated a closed-loop
feedback process with the employees about their EDIs,
explaining why we reject or select a particular idea and
communicating about the progress. This way of working,
which has already been implemented at other Barco sites,
leads to more transparency and accountability.
• In Suzhou (China), we focused on operator training in 2022.
Training programs were developed for both new and existing
operators and the acquired competences were summarized
in a competence matrix. Every month, operators are invited
to a meeting where they learn improvement methods and
are encouraged to share improvement ideas within the
group. The groundwork was laid in 2022 and the first fruits
will be reaped in 2023.
• In Belgium, too, we focused on engaging and involving
operators. Here, we launched a pilot project with MTM-
UAS, a tool to improve the workflows in the factory and, as
such, operator working conditions. After an initial training,
operators were asked to use the tool in their daily work
so that it could map the processes and the average time
needed for every operation. The insights are discussed
with the operators during Gemba walks and will lead to
improved workstations and processes. Operator involvement
will help boost adoption of the new workstations and, as
such, engagement of the entire teams.
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2. Employee safety,
health & wellbeing
2.1 Continuously improving employee
safety
As covid-19 was still around in most countries where we
are active, we continued to mitigate its impact during 2022.
In addition, each of the larger sites made an action plan to
improve safety and employee wellbeing. A selection of key
actions in 2022:
• Standards@Work mandatory e-learning safety training,
followed by 99% of all employees.
• In our new site in Suzhou (China), June was safety month:
throughout the month we organized activities on safety
and hazard prevention: firefighting training, first-aid training,
lectures on safety laws and regulations, etc.;
• More safety audits in our Duluth site;
• In-depth training for the emergency response teams in our
Noida and Kortrijk sites.
At Barco, we care about people. That’s why
employee health, safety and wellbeing are part of our
daily priorities and something we want to propagate
on every level and at every site of our company. The
Environment, Health, Safety and Security Pledge,
which we launched many years ago and is signed by
each of our VPs, is our guide on our journey towards
a safer and healthier workspace.
Beijing team pioneers with ISO 45001 certificate
Our Beijing (China) team took a major ‘safety’
step forward by achieving ISO 45001 certifica-
tion. Beijing Tai Yang Gong and Beijing Chang
Ping are the very first Barco sites ever to achieve
certification to the Occupational Health and
Safety management system of ISO.
The road to get there was long, yet successful.
The team kicked o the preparations early 2022
and the entire organization worked diligently
to get ready for the audit in July 2022. Their
eorts paid o: the auditors found zero major
non-conformances, confirming that the health
and safety procedures and work instructions are
fully in line with the ISO 45001 standard.
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Lost-time injury
frequency rate explained
Thanks to our continued focus on safety in the
workplace, we managed to further reduce the
lost-time injury frequency and severity rate in
2022.
2.2 Mental health and wellbeing
The mental health of our employees is getting increasing atten-
tion, and rightly so. We took various actions to promote mental
health and wellbeing around the globe in 2022.
Barco Noida (India) organized two sessions on stress manage-
ment and a session on the impact of orthopedic problems on
a person’s wellbeing. In Belgium, employees now have access
to a psychosocial consult through our external medical oce.
Every Barco employee can make use of this new service, on
site and during working hours. In this way, we want to further
reduce the threshold to discussing psychosocial problems
with a professionally trained person (for both work-related
and personal topics).
0.5
1.0
1.5
2.5
2.0
2020 2021
1.59
1.44
0.03
0.070.07
2.44
2022
Lost time injury frequency rate
Lost time injury severity rate
Lost time injury frequency rate
Per 1,000,000 hours worked
Lost time injury severity rate
Per 1,000 hours worked
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3.1 Preparing for the future:
L&D Governance Board
Barco has six dierent learning and development (L&D) gov-
ernance boards: the Standards@work, Product Management
& Marketing Excellence, Commercial Excellence, Innovation
Excellence, Leadership & Organizational Development and
Operational Excellence boards.
Each board consists of several key Barco stakeholders and
an executive sponsor. Together, they identify our business’
key strategic learning needs, translate these to relevant L&D
programs and follow up on the progress.
At Barco, we are dedicated to promoting and supporting employee development. Every year, we critically
review our oering of training programs and development opportunities to continuously improve these.
3. Employee learning & development
3.2 Training in 2022:
sessions to meet every role
Throughout 2022, we organized general as well as more
specific training sessions. In total, we provided 12,3 hours of
training to 91% of our people, back to pre-pandemic levels.
Specific training sessions included, amongst other:
• While our business development managers were trained
in consultative selling and solution selling approaches and
skills, segment marketing and product managers received
pragmatic marketing training sessions.
• In Noida, we organized a local mentoring program to
support our software developers to take ownership of their
own development and maximize their potential.
• In Taiwan, we trained colleagues on the principles of Lean
and Agile.
• We kept training our worldwide Sales & Services teams by
giving them regular updates on key products as well on new
products we launched into the market.
Average training hours per employee
# hours
11.3
10.5
12.3
2020 2021 2022
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3
4
1
2
6
5
8
7
10
11
12
13
9

3.3 Introducing new training formats:
online and gamification
In our April Employee Engagement survey, employees
indicated that they want more online self-paced learning
opportunities. To enable our colleagues to learn anytime,
anywhere, and on any device, we launched LinkedIn Learning
in May 2022. Everyone can now learn on the fly, whenever
and wherever it suits them best, which greatly helps foster a
culture of continuous learning.
In September 2022, we launched the first module of a new
series of Standards@work e-learning courses on safety in the
form of a ‘gamified learning experience’. The goal is to fur-
ther train our employees about all the Barco standards (ethics,
cybersecurity, etc.) in a more animated, game-like environ-
ment. In 2023, new courses will be added.
3.4 Leadership development
At Barco, we believe that good leaders ensure engaged, moti-
vated employees, good work and, as a result, good business.
That’s why we invest big in leadership development.
Global programs
• The Barco Leadership Compass provides the worldwide
framework of what we expect from our leaders in three
domains: thought, people and results leadership. In 2022,
we added one more domain: self-leadership, which is the
core of our Leadership Compass.
• Also in 2022, we redesigned the Business Leader Program
which targets senior leadership. The program now includes
three learning modules: leading self, leading others and
leading change. 30+ global leaders participated in this
program via our weConnnect learning platform.
• Last but not least, a new global leadership development
program kicked o in November 2022. Using a blended
learning approach, the Management Enablement program
aims at strengthening the people management skills of our
people leaders. In a first phase, we covered the foundation,
providing the participants with all the ins and outs of
Barco as an organization, the ‘Barco story’, the Leadership
Compass (people leader, thought leader and result leader)
and the competences that go with it.
Local programs
In addition to the global programs, we also set up local or
team-specific programs. STEP (Strategic Talent Empowerment
Program), for example, is a China-specific talent development
program for local management in the healthcare business
units. In 2022, it helped 18 high-potential Chinese colleagues
develop self-awareness, strategic thinking as well as leader-
ship skills.
During the STEP program,
I learnt more about the Barco
Leadership Compass and culture
and how we can improve on
working together towards a more
collaborative and result-oriented
team.
Zoe Zhou
Industrialization Project Leader
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4. Diversity & inclusion
Our Board of Directors set diversity and inclusion (D&I) as a priority in their meeting of September 2021. Next to
the moral and social imperative to embrace diversity and inclusion, research clearly demonstrates the positive
impact of D&I on a company’s financial performance, innovation and talent attraction and retention.
4.1 Integral part of our strategy
In 2022, a dedicated workstream took up the assignment
to work on D&I. They conducted extensive research on the
topic with internal and external stakeholders, benchmarked
data and organized several workshops with an ambassador
team consisting of members from dierent leadership roles
throughout the organization. The insights were analyzed and
discussed and then summarized in a clear strategy and road-
map with actionable and pragmatic initiatives.
As a starting point, it was decided to embed D&I in our organi-
zational DNA as part of our culture, rather than introduce it as
a separate program. In this way, it will become fully integrated
into the way we work together on a daily basis. An integrated
strategy will help us achieve this objective.
4.2 Focus areas: gender, age and nationality
The research clearly indicated the wish to concentrate our
strategy on three diversity dimensions: gender, age and
nationality. These three areas will be the focus of our initia-
tives and actions, and the areas that we will closely monitor
in the coming years.
We will, of course, keep approaching diversity and inclusion
in a broad sense, making sure to be as inclusive as possible
from the start. Yet, a dedicated focus on specific dimensions
helps to set out a pragmatic strategy.
The strategic framework itself consists of three pillars repre-
senting the employee experience and two enablers. In total,
we have identified 10 leading targets and concrete initiatives
to progress towards those targets between 2022 and 2025.
Diversity by gender
% of heads
Diversity by age in 2022
% of heads
Diversity by nationality in 2022
% women
overall
% women
in senior
management
% women
in Board
10% under 30 years
61% between 30 and 50
29% above 50 years
48
19%2022
16%2021
17%2020
50%2022 50%2021
29%2020 29%2022
27%2021
28%2020
Number of
nationalities in the global
workforce
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4.3 D&I governance
In order to implement our strategy and roll out D&I initiatives,
we appointed a dedicated workstream lead, a workstream
project manager and a CLT sponsor.
Next to that, the ambassador group that helped us shape
our strategy owns several initiatives and ensures that these
get implemented. In addition, each leadership team includes
diversity and inclusion champions to help us drive the agenda
in the several BUs and functions. These champions are the D&I
spokespeople. They develop specific BU or regional initiatives
and follow up on the metrics.
4.4 Raising awareness as a first step
In 2022, we launched the first initiatives, which mainly aim at
raising awareness. Via an expert keynote, for example, col-
leagues learned about unconscious bias and how to sensitize
our teams to the need for an inclusive mindset and culture. A
learning session taught us how to reinforce team collaboration
across the regions.
We now have a clear action plan outlined for the next three
years that aims to push the needle forward to become more
diverse and more inclusive at Barco.
At Barco, we want to welcome dierences
and embrace everyone’s uniqueness. It is
when we start to recognize, accept and
celebrate our dierences that we can truly
grow and thrive.
Lien Meuleman
Program Lead D&I
4.5 Equal pay monitoring
Barco values equality between men and women and believes
this should be reflected in rewards. Our Job Grading Policy
dictates that the salaries be based on a functional level and not
assigned individually, ensuring that there is no material wage
gap between women and men. Furthermore, promotions
and new hires are a shared responsibility between the HR
department and the managers. This extra pair of eyes watching
over all processes is another sanity check for equal payment.
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5. Labor practices & human rights
Respect for human rights has always been a fundamental value for Barco. That is why we approach this topic in
a structured and elaborate way.
5.1 Our commitments
Human rights are the fundamental rights, freedoms and
standards of treatment to which all people are entitled. Barco
commits to manage and respect human rights in its own
operations as well as in the value chain in accordance with
the internationally recognized human rights contained in the
following standards and conventions:
1. The Universal Declaration of Human Rights
2. The International Labor Organization’s (ILO) Declaration
on Fundamental Principles and Rights at Work, and the ILO
eight fundamental labor conventions
3. The UN Guiding Principles on Business and Human Rights
4. The OECD Guidelines for Multinational Enterprises
 The full text of our human rights pledge
is available on our website
5.2 Identifying salient risks in our own
operations
In 2021, Barco identified three salient human right risks in its
own operations: discrimination, protection of identity and
non-retaliation, and emergency preparedness. In 2022, we
continued working on this, adding performance indicators
and assigning ownership for following up on these indicators.
Discrimination
In line with Barco’s Code of Ethics, we aim to provide chal-
lenging, meaningful, and rewarding opportunities for personal
and professional growth to everyone regardless of gender,
race, ethnicity, religion, sexual orientation, age, pregnancy,
national origin, marital status or disability or any other char-
acteristic unrelated to Barco’s legitimate business interests.
The Compliance function is accountable for following up and
reporting on the number of discrimination cases reported in
the new whistleblower tool for all ourstakeholders (as of 2023).
Protection of identity and non-retaliation
Employees can report requests for ethical guidance and
reports of violations or suspected violations to the Ethics
Committee via the Ethics Point: ethics@barco.com, knowing
that all enquiries and reporting will be handled confidentially.
The person who receives the report or request is responsible
for keeping the identity of the reporter or requester confi-
dential at all stages of the process. Barco will not retaliate
against anyone who, in good faith, notifies us of a violation or
potential violation of Barco’s Ethics Code, nor will we tolerate
any intimidation of anybody who reports such a violation. The
Legal Council (or delegate) is accountable for following up the
number of retaliation cases reported in the new whistleblower
tool and reporting.
Emergency preparedness
We are committed to providing a safe and healthy work envi-
ronment wherever we do business. In addition, we provide
our employees with the appropriate resources (time, tools,
processes, training programs) to carry out their responsibilities
in a safe and healthy way – both on company premises and
on the premises of business partners, as explicitly stated in our
Code of Ethics. Performance is checked in the yearly evalua-
tion as part of the site profile risk scan done by the Corporate
Risk Manager. In 2022, 87% of the sites has performed an
emergency evacuation exercise.
5.3 Grievance mechanism
Our employees can report any case of human rights violation
to ethics@barco.com. Every case is investigated diligently. A
remediation procedure in line with national legislation is fore-
seen, if applicable. The grievance mechanism will be adjusted
to ensure compliance with the EU directive nr. 2019/1937 on
the protection of persons who report breaches of Union law
(‘Whistleblowers Directive’) upon its implementation in the
EU member states.
Read the Ethics & compliance chapter of this report for more
information.
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Our targets
Our ambition
We will play an active role in the communities we operate in by upholding the highest ethical
and quality standards and expecting the same from our business partners. We always aim
to deliver added value to our customers through our solutions, services and capabilities. In
addition, we help ensure more people can participate in and benefit from Barco’s innovation.
Primary targets Supporting targets
. Always act lawfully, ethically and
with integrity wherever we operate
Each year, train all our employees in
Standards@Work
. Deliver great customer experience
By , we aim to increase our global Net
Promoter Score by  points per year.
3. Proactively manage information
security risks
By , obtain an average cybersecurity
maturity (NIST CSF) score of at least .
Each year, add at least one new product line
to the scope of the ISO  certificate
4. Engage our suppliers in adopting sus-
tainable business practices
By , have suppliers covering at least %
of our production spend scored on their
sustainability performance
By , enroll all suppliers with sustainability
score < % in improvement plan
Each year, at least % of our production spend
is covered by suppliers undersigning Barco’s
supplier Code of Conduct
Each year, % of new production suppliers are
screened on sustainability by self-assessment
Communities
The full list of community related KPIs can be found in the Integrated Data Pack.
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Our roadmap towards sustainable impact:
key initiatives and action plans
1. Customer engagement
At Barco, “We think with the customer”. In order to become a truly customer-centric organization, we switched
to an omni-channel listening approach in 2022: we gather feedback in every step of the customer journey, via
a multitude of channels. This feedback enables us to improve our operations continuously, in a pragmatic and
proactive way.
1.1 Customer focus:
solid foundations
Since the first customer satisfaction measurements in 2018,
Barco has been moving forward to reach a mature customer
experience management model. Our core customer journey
programs have enabled us to develop a series of initiatives to
track customer experience:
• In our customer journey dashboard, we monitor a number
of KPIs on a monthly basis. These are both internal and
external ones, such as response time of our support teams,
order confirmation lead times, and satisfaction of the Barco
website.
• On a quarterly basis, we calculate our relational Net
Promoter Score (NPS). This survey tracks how healthy the
relationship with our customers and partners is, and drives
strategic improvement actions.
• Since 2021, we have been mapping specific digital
touchpoints. Through this exercise, we can create digital
journeys that are easy to navigate for our customers.
1.2 Customer focus at Barco keeps growing:
2022 and 2023 initiatives
In 2022, we took the next step in our customer
engagement initiatives:
• We launched a new omni-channel listening program, which
enables us to gather customer feedback along the entire
customer journey, via every possible channel. With this
approach, we can track the customer experience directly
as it evolves after each interaction with Barco, so we can
take the necessary actions at the right time and place, by
the right person and in the right way.
• The feedback from our website satisfaction measurement is
extremely useful for a second big initiative in 2022: building
our new corporate website to improve communications
with (potential) customers. We actively involved customers
and partners to test the concept of our new website. Their
voice drove the decisions we made regarding the new
website’s architecture. As a result, we are looking forward
to a very performant website with a user-centric, simple and
clear navigation. Coming soon, in the spring of 2023.
• Our after-sales service organization launched several
projects to improve the overall service process flows at
Barco:
- In 2022, we launched a new service portal and
conducted a pilot with a chatbot, which will provide ready
answers to our website visitors. We organized trainings for
customers and partners on the use of the new e-portal
as well.
- The service team worked out a series of new workflows.
Their goal was to efficiently handle the number of
incoming calls, ensure more first-time-right installations
and follow up logistics more closely with customers.
In 2023, we will continue the initiatives started in 2022,
with a focus on digital transformation and automation of
our processes:
• Further expand our digital and oine listening points;
• Shorten the time between interaction and customer
feedback;
• Shorten the time between feedback and action planning;
• Clearly map who is responsible for solving specific issues.
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1.3 How employee engagement plays a key role in customer satisfaction
Each instance of feedback we receive through our surveys
helps us to improve our operations. But we don’t leave the
people that sent this feedback to us unanswered either, and
developed a consistent ‘closing the loop’ process. When
dissatisfied customers (detractors) reply to our survey, we
investigate the situation and reach out with a communication
to clarify and solve the situation. We also inform them that
their message has resulted in improvement actions from our
side. In this way, we strive to convert dissatisfied customers
and partners into promotors again.
of detractors were turned into promo-
tors in Q4 of 2022, against 3% in Q4
2021
The success of this flow is dependent on employee engage-
ment. Therefore, we actively build awareness of the impact
that the ‘customer-first’ approach has. We regularly and repeat-
edly train our teams across Barco on how to eectively close
the loop, communicate with customers and appreciate their
input as the essential factor of our growth. In 2022, we also
actively praised and celebrated teams and individuals that
contributed to successful customer stories.
In 2022, Barco achieved an NPS score of 44, a decline of 3
points versus the previous year. This is mainly related to the
component shortages in the market which Barco has been fac-
ing throughout the year, with longer lead times and impacting
post-sales service. The NPS scores were mostly flat versus last
year in Europe and China, while Americas and the rest of Asia
showed a decrease. A score above 50 is considered excellent
and that is also where we want to steer the company’s rating.
Besides our high product quality and strong brand, our cus-
tomers and partners describe our employees and their friendly,
professional approach as one of Barco’s strengths.
11%
Customer Net Promoter Score
(relationship NPS)
47 47
44
2020 2021 2022
20
10
40
50
30
Improving the customer
experience of Barco’s leads
The earliest stages of a collaboration with new cus-
tomers cannot be neglected/underestimated. In
fact, a customer’s first impression is a key moment
of brand satisfaction. That’s why our Inside Sales
team enhances engagement of brand-new custom-
ers thanks to automated feedback flows.
By integrating our marketing technologies and
bringing automated listening channels to life in
2022, our Inside Sales team now gets outside-in
information from our leads at the right time, so
they can immediately act on the findings. By gaining
feedback in the inquiry phase already, we make
sure that our end users are satisfied with how our
teams and partners handle their interest in Barco
products.
In many cases, the first human
interaction with our customers is
through Inside Sales. Being able
to measure the customer journey
through satisfaction scores allows
us to finetune our processes and
strengthen our customer relationships
in an ever-shifting business
environment.
Erik Forrez
Inside Sales Manager, Global Marketing
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1.4 Barco business units cherish customer engagement
In addition to the global initiatives, various projects in each
of our business units also encouraged customer engagement
in 2022.
The Meeting Experience team, for example, took customer
engagement to the next level for their ClickShare as well as
weConnect solutions:
• The ClickShare team invited customers to the beta testing
of their ‘smart meeting flows’. In addition, they organized
consultant councils to capture and discuss market insights.
The ClickShare app includes a ‘star rating feature’, which
provides us with immediate feedback from ClickShare users,
and shows us where in the journey users experienced
problems.
• 2022 was a breakthrough year for the weConnect
experience approach. To meet – or exceed – customer
expectations, the team completely rethought the customer
journey for the weConnect SaaS solution. From the initial
awareness presentation through to the entire sales process,
site preparation, installation, tech support, training, adoption,
quarterly review outreach, and most importantly, securing
of ongoing renewals.
Moreover, the weConnect team reviewed their customer
success management structure, in order to secure eective
customer onboarding and provide guidance for leveraging
weConnect features to our existing customers. Feedback from
product users is now regularly fed into the weConnect prod-
uct development roadmap. All customers who have ideas
on how to improve the weConnect experience can join the
weConnect early feedback program and participate in future
developments.
In 2022, Barco and our customer iMEP/Nipro won an LTEN
award for “enabling remote learning and interactivity for med-
ical training”.
Putting the customer at the center of
everything we do, in product development,
marketing, sales, etc. is essential for being
successful in any business, but even more
in the software business. We must go
beyond just selling our products and provide
customers with solutions to their problems.
Rethinking the customer journey from scratch
and working on the customers’ KPIs (rather
than Barco’s KPIs) was and still is a dicult
exercise that has to get embedded in our
Barco DNA... Yet, I am convinced that we are
on the right track.
Simone Hammer
Global Head of Marketing, weConnect
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2.1 Product quality
Barco aims to oer products and solutions that ensure top
quality over their entire lifetimes. While Barco has always
been considered an A brand that delivers quality, we want to
continuously raise the bar in order to consistently meet and
even exceed customers’ quality expectations. That commit-
ment is strongly expressed in our global quality policy.
Quality management system
The drive to realize our quality policy and ensure that every
product – hardware and software – that we launch is of the
highest quality, is ingrained in a company-wide quality man-
agement system. This system defines the standard Barco
processes – from product planning, design and development,
manufacturing and sales all the way to customer service. One
of the key aspects of the system is the definition of clear roles
and responsibilities and the authority of those responsible
for product quality throughout the entire product life cycle.
2. Product quality, safety & security
Barco’s quality management system is audited annually and
certified according to international certification standards:
• ISO 9001 quality management system (for Barco sites in US,
Germany, India, Italy, China, Norway, Taiwan, Melbourne
and Belgium);
• ISO 13485 quality management system specifically for
the medical device industry (for Barco sites in US, China,
Belgium, Italy and South Korea).
Quality organization
Our commitment to quality and customer satisfaction is also
reflected in our quality organizational structure. Each busi-
ness unit has dedicated quality assurance responsibles who
supervise process and product quality. In close collaboration
with the business unit management teams, they monitor qual-
ity-related indicators and spearhead improvement initiatives.
Together with the quality responsibles assigned to each manu-
facturing plant and the supplier quality responsibles, they form
a team that is committed to continuously improving product
quality for all our customers. In addition, a dedicated Quality
Management System team ensures that our processes remain
compliant with the ISO9001 and ISO13485 requirements.
Quality by design
The sustained product quality levels are a result of Barco’s
standardized product design processes, focusing on:
• Compliance with the applicable standards, laws and
regulations, even exceeding them;
• ‘Security by design principle’ to ensure protection against
the rising number of cyberattacks;
• Agile software development principles to ensure that high-
quality software is delivered at the right cadence;
• Close monitoring of key product quality indicators during
the dierent design stages;
• Early and automated product integration and validation;
• Reliable and mature supplier management and manu-
facturing processes.
 Read more on our innovation and product development
approach in the Core section of this report
As a high-tech company, we have a duty to ensure our customers that the products we develop and bring into
the world are high-quality, safe and secure.
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Closing the loop
The quality journey continues after product launch through a
set of dierent processes and initiatives to integrate feedback
into existing and new products, including:
• iGemba initiatives initiated by employees to raise product
quality;
• The monitoring of customer feedback and satisfaction by
the divisional and regional service team;
• Regular cross-functional quality meetings between quality,
R&D, procurement and service to monitor and assess
product quality indicators. When needed, improvement
activities are initiated in response to quality-related issues;
• Process execution monitoring through a yearly internal
audit program;
• A monthly quality dashboard visualizing overall quality
performance and customer feedback.
Main achievements of 2022
• Successfully passing a global multisite ISO9001
recertification;
• Successfully completing the transfer of the US, Belgian,
Korean and Chinese sites to our first ISO13485 multisite
certificate;
• Further transition of the medical devices to the new EU
medical device regulation (MDR);
• Launch of quality improvement programs to strengthen
the early focus on product quality during the design phase,
harmonize product certification and speed up the customer
feedback loop.
2.2 Product safety
A continued focus on product safety
In the past few years, Barco set up a major program to ensure
that our complete active product database complies with the
hazard-based safety standard, which covers an integrated
way of assessing joint functionalities and risks of existing and
innovative technologies. Various countries in the far East and
near East regions are now transitioning to this product safety
standard. Testing and recertification for those regions is done
to provide our overseas customers with the required coun-
try-specific product safety marks. At the same time, the EU
is adopting an upgrade of this safety standard. Again, Barco
has set up a re-certification program to reflect compliance
with the update.
The Brexit has impacted Barco’s certification scope as the CE
marking will no longer be accepted in the UK. Although the
UK announced a delay from 31.12.2022 to 31.12.2024, we are
ready to ship all our products in scope of the UKCA marking
with this required certification mark from 2023 onward.
Interference as a safety issue
Any product that functions thanks to electrical currents, emits
and is susceptible to electromagnetic interference. While radio
frequency signals that are surrounding us go up in frequency
range, so is the need for our products to be immune to sus-
ceptibility in these higher frequency ranges. Proper functioning
of the product and its safeguards needs to be ensured and
propagation of unwanted signals should be blocked. Barco
therefore started testing its newly developed products accord-
ing to the relevant international immunity standard before the
implementation date and we finished testing the active product
list accordingly. None of the products showed susceptibility
for the higher test limits of EN 55035.
Safety throughout the product lifecycle
As early as the concept and prototyping phase, we review the
applicable safety standards. The result of this review is a list
of requirements for critical components, suppliers, product
design, use cases, manufacturing, obsolescence and compo-
nent change management.
Throughout all product lifecycle stages, our product safety
engineers provide necessary input and execute tests against
the applicable standards in our company lab, according to
the ISO17025 standard for test laboratories. The assessment
is successful only when the product passes each requirement
and the test reports are approved by our external certification
partners. Therefore, we CE-label our products with the support
of a third-party certification mark such as CEBEC
1
or DEMKO.
2
As long as our products are manufactured and/or sold, we
ensure compliance with updated and applicable standards
and requirements. During that time, reports and certification
marks serve as proof that our products adhere to the latest
iterations of continuously evolving safety standards.
1 CEBEC: The CEBEC-mark is a Belgian safety certification mark for low voltage
electrical products.
2 DEMKO, initially established as Denmark’s Electrical Equipment Control and
one of the founding members of the CENELEC Certification Agreement
(CCA) Scheme, for the mutual acceptance of test results between European
countries.
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Production process safety
The activities of our in-house safety lab also support product
safety protocols regarding production processes. Procedures
concerning the control of nonconformity and corrective
and preventive actions are in place, thus meeting one of the
requirements of the ISO9001 certification that we hold. Our
employees are continuously trained on safety aspects of the
new technologies that Barco uses in its products, as well as
on changing regulatory requirements.
Market surveillance activities from governments
Market surveillance is the activity carried out by government
agencies to ensure that products placed on their markets
comply with their regulations – and are sure not to endan-
ger consumers and/or workers. The representatives of these
agencies ask for proof of compliance with the applicable reg-
ulations by means of review checks (on the TCF (Technical
Construction File) in general: certificates, manuals, product
and box labels, test reports, ...). Non-compliance may result
in actions such as product withdrawals, recalls and bans of
products in a specific country or region. Barco products were
selected for surveillance in three countries (Germany, China &
Mexico) during 2022. None of the surveillance checks showed
any non-conformities.
2.3 Product security
Cybercrime continues to increase, which forces organizations
to implement strict information security governance processes.
Barco has a clear commitment to delivering secure products
and services to its customers.
Our product security architects and engineers manage product
security. In 2022, they took the following actions to strengthen
the security of our products and services:
• Maintain a product security roadmap
In close cooperation with Barco’s Security Oce, product
security architects and engineers updated Barco’s product
security roadmap in line with new external factors like
market requirements and cybersecurity regulations. The
roadmap governs dierent domains where security is crucial:
compliance and regulation, the development lifecycle,
operational security, sales support, tooling, training, …
This roadmap is Barco’s internal compass to ensuring that
product security focuses on the right domains.
• ISO27001 certification
The current ISO27001 certification scope, which includes
ClickShare and XMS, its cloud management platform,
is properly maintained, which guarantees continuous
improvement. Extensions to other product lines have been
prepared with the aim of extending the scope in 2023,
as Covid-19 caused a delay in the certification process.
This demonstrates a clear commitment to continuously
extending the scope of Barco’s ISO27001 certification
throughout the next years.
• Secure development
Barco continues to focus on maturing the secure software
development lifecycle (SDLC). Measuring the adoption
maturity of the SDLC provides insights that help identify
opportunities for improvement.
• Training
The full R&D community followed technical cybersecurity
training tailored to their day-to-day job content and domains
of expertise.
• Public Key Infrastructure (PKI) for Barco devices
Barco devices installed on customers’ premises get more and
more connected. To ensure that all these devices receive a
maintainable Barco identity, we updated and extended the
PKI infrastructure for device certificates to enable renewal
and revocation capabilities in the future.
• Cloud infrastructure
The cloud infrastructure in which Barco’s product-related
services are run was strengthened to improve application-
level filtering and patching.
Our corporate website includes a responsible disclosure policy,
which provides customers and security researchers with clear
guidelines on how to reach out to us about security vulner-
abilities detected in our products. The feedback is carefully
handled using a risk-based approach by our product security
incident response team (PSIRT). In 2022, we received 289 noti-
fications about potential vulnerabilities (including duplicates) in
products or services, reported by customers, ethical hackers
and third-party pen-testers contracted by Barco.
Number of incidents of non-compliance regarding the
health and safety impacts of products and services
 
 
 
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In order to meet our customers’ expectations for high-quality, innovative products, we rely on service and
manufacturing partners from around the world. Sustainability is an inherent part of our global procurement
mission and strategy: together with our partners, we continue to drive responsible and ethical behavior and
high standards across our supply chain.
3.1 Procurement sustainability policy
Barco has outlined its sustainability commitments in a pro-
curement sustainability policy, which describes how we want
to collaborate with our suppliers in a responsible way: respect
international Human Rights and Labor regulations, meet prod-
uct compliance requirements, select and evaluate suppliers
in a fair way, raising awareness on the importance of sustain-
ability,... The policy will be made available on our website and
shared with all our suppliers in 2023.
3. Supply chain responsibility
3.2 Barco’s supply base
At Barco, we buy a wide range of components, from plas-
tics, optical parts and assemblies, electronic components
and sheet metal to finished products, from many dierent
suppliers located in many dierent countries. As we deal with
many suppliers, we have categorized them into four categories
(key, key+, core and other) based upon supply risk and cost
relevance to Barco. The categorization enables us to define a
targeted scope and supplier management activities. For each
category, we have established dierent levels of engagement.
“Major suppliers” cover the key, key+ and core categories.
2022: an ongoing eort to increase supply chain
resilience
Barco continues to strengthen supplier resilience, given the
current dynamics in geopolitical and economic circumstances,
including ongoing lockdowns. We keep mitigating these
impacts in close cooperation with our suppliers through an
agile and proactive approach.
In 2022, we invested in an online, real-time risk management
tool that will increase the transparency of risks in our supply
chain and allow us to proactively mitigate these risks.
In 2022 Barco had 159 major suppliers,
covering 87% of our total production
spend compared to 144 major suppliers
with a 84% coverage in 2021. The regional
spread of that spend was 61% in APAC, 30%
in EU and 9% in the rest of the world.
87%
159 suppliers
APAC: 61%
EU: 30%
Rest of the world:
9%
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83% 83%
84%
2020 2021 2022
Responsible Minerals Sourcing policy
Managing conflict minerals is part of Barco’s corporate respon-
sibility. Just like many of our stakeholders, we are concerned
about human rights violations in dierent forms (child labor,
human-tracking, forced labor etc.) as well as armed conflicts
causing extreme violence across so-called ‘Conflict-Aected
and High-Risk Areas’ (CAHRAs). We recognize the risk related
to illegal extraction and trade of materials such as tin, tungsten,
tantalum, gold and cobalt.
3.3 Setting clear standards for our suppliers
The key to a high-standard supply chain is ensuring that our
suppliers know our expectations, including those in the
field of sustainability. We adhere to three important sustain-
ability standards: the Barco Code of Conduct for suppliers,
the Product Compliance requirements and the Responsible
Minerals Sourcing policy.
Barco Code of Conduct for suppliers
We require all our suppliers to comply with the Responsible
Business Alliance (RBA) code of Conduct, including labor, eth-
ics and health and safety standards.
The share of major suppliers who have committed to the Barco
Code of Conduct for suppliers or have a similar code, is tracked
as a monthly KPI in the Global Procurement dashboard. At the
end of 2022, 84% of our production spend was covered by
a signed declaration of compliance with the Barco Code of
Conduct for suppliers.
Product Compliance requirements
Every component that our suppliers deliver must comply with
the Barco Product Compliance requirements, which includes
compliance with dierent worldwide regulations (such as
RoHS10 and REACH, ecodesign requirements, WEEE, SCIP*),
industry standards and additional criteria that we defined.
Within the Barco product compliance requirements, we also
demand compliance with the Barco substance list, in which
we restrict the use of specific chemicals or require declaration
of specific substances. With the implementation of this list,
we go beyond current legislation. We urge our suppliers to
provide Full Material Disclosures (FMDs) of chemical substances
contained in products. In 2022, 83.6% of active components
were covered by FMDs.
Our Responsible Minerals Sourcing policy is aligned with the
‘OECD Due Diligence Guidance for Responsible Chains of
Minerals from Conflict-Aected and High-Risk Areas’. Our
in-scope suppliers (i.e. suppliers of products containing tin,
tungsten, tantalum, gold or cobalt) are expected to complete
the Conflict Minerals Reporting Template (CMRT) and submit
it to Barco.
In 2022, 100% of in-scope suppliers responded to the CMRT.
We perform a detailed responsible minerals risk analysis on the
data received through cross referencing and close collabora-
tion with members of the Responsible Minerals Initiative (RMI).
% of production spend covered by signed
Code of Conduct for suppliers
YEARLY TARGET: %
75
100
25
50
* Restriction of Hazardous Substances (RoHS); Registration, Evaluation,
Authorisation and Restriction of Chemicals (REACH), Waste of Electric
and Electrical Equipment (WEEE), Secure Communications Interoperability
Performance (SCIP)
100%
100% of in-scope suppliers responded
to the CMRT
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3.4 Embedding sustainability in the
procurement process
We encourage our suppliers to share our values and expect
them to meet our mandatory ethical, labor and environmental
standards. In order to ensure the level of engagement required,
we have integrated sustainability into every step of the pro-
curement process.
A. Supplier scouting
The supplier self-assessment document includes sustainabil-
ity-related questions, which are reviewed and form the basis
for open discussions when a gap between supplier behavior
and our expectations is detected at first glance. Also in 2022,
100% of new production suppliers were screened using the
supplier self-assessment.
B. Supplier onboarding
In 2020, more sustainability criteria were added to the new
supplier selection report for new component suppliers. We
continued to use these criteria to increase awareness on sus-
tainability during the onboarding process.
All potential production
suppliers
All key+ & core suppliers All major suppliers
Supplier self assessment
document including
sustainability questions
Supplier Performance Review
including sustainability score
Webinars and e-learnings
Supplier innovation days
SCOUTING ONBOARDING PURCHASE
CAPACITY
BUILDING
PERFORMANCE
MONITORING
Embedding sustainability in the procurement process
New critical production
suppliers
All suppliers
New supplier selection
report including mandatory
sustainability criteria
Terms & conditions
of purchase including
sustainability clause (all
purchase orders)
Contract including
sustainability clause (for
important spends)
SCOPETOOLS
C. Purchase contracts
Sustainability clauses are part of Barco’s terms and conditions
(T&Cs) for purchase as well as our master supply agreements
(MSAs) (i.e. contracts with major suppliers). In 2022, 84% of
production spend was covered by signed contracts with a
sustainability clause, i.e. signed MSAs or T&Cs.
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D. Supplier performance monitoring
In the annual performance review, suppliers are scored on
their performance in sustainability domains such as prod-
uct compliance requirements, adherence to Barco’s Code
of Conduct and transparency (the provision of CMRTs and
FMDs). Suppliers are encouraged to proactively share their
progress regarding sustainability in their operations and supply
chains, and to share innovations that could help us improve
the sustainability impact of our products.
In 2022, suppliers covering 71% of our production spend were
scored on their sustainability performance. It ‘s a big step for -
ward and is head start to achieve the target of 70% we set
for 2023.
Barco also performs audits at existing as well as new suppli-
ers. These audits currently focus on quality, checking quality
compliance and assessing process risks that could result in
quality defects. In 2022, 37 supplier audits were performed.
There were less onsite audits performed compared to 2021 as
we were forced to push a number of the audits due to Covid-
19 restrictions set by local governments or by management
of the suppliers as most audits are conducted in Asia. These
audits are rescheduled to early 2023.
E. Supplier training and awareness
To ensure that our suppliers understand our sustainability
standards and learn how to act upon them, we train them
and inform them about developments in several sustainability
domains, such as environmental compliance, ecodesign and
conflict minerals.
% of production spend covered by
supplier sustainability score
TARGET : %
44%
58%
71%
2021 2020 2022
60
20
40
Number of supplier quality audits
#
35
41
37
2020 2021 2022
20
30
10
40
3.5 Training our sta
Just like in 2021, we organized a dedicated training course for
all commodity procurement executives worldwide in 2022.
The training focused on how to coach suppliers in improving
environmental compliance data and providing IPC/FMD data.
3.6 Plans for 2023 and beyond
In 2023, we will continue our journey from awareness to
cooperative improvement of our suppliers’ sustainability
performance.
Our ambition is to upgrade our supplier sustainability pro-
gram to an advanced level, as defined in our sustainability
roadmap. We will also tune our actions in order to be compli-
ant with the European Due Diligence Act and provide further
information to our suppliers.
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Getting ready for the Corporate Sustainability Due Diligence process
Keeping up with sustainability laws and regulations is all about anticipating. That’s why Barco
participated in a learning network organized by employer federation Agoria and set up its own pilot
project to prepare for the Corporate Sustainability Due Diligence (CSDD) process, which is expected
to take place in 2025. Sophie De Smul, Supplier Quality Assurance at Barco, elaborates on our
approach.
What is a Corporate Sustainability Due Diligence?
In February 2022, the European Commission adopted a
proposal for a Directive on Corporate Sustainability Due
Diligence. Companies will be obliged to identify, end,
prevent, mitigate and account for violations of human
rights and environmental impacts in their own opera-
tions, but also in those of their subsidiaries and suppliers.
Whether the entire value chain or just the supply chain
will be taken into account is still being discussed, but it’s
obvious that the new legislation will have a serious impact
on how companies shape their sustainability strategies
and implement actions to reach their goals.
Valuable workshops
To map the consequences of the CSDD, Belgian
employer federation Agoria invited a dozen of leading
technology companies to a learning network. “In a cou-
ple of workshops, we explored which place the new
legislation will take in companies’ ecosystems of sustain-
ability initiatives,” explains Sophie De Smul. “We looked
at what we’re already doing to comply to the CSDD and
identified the gaps in our procedures. Barco is certainly
not lagging behind compared to other companies, but
there’s definitely room for improvement to be entirely
ready for CSDD introduction.”
Enlightening pilot project
“After the workshops, we decided to take further action
by setting up our own pilot project in cooperation with
the University of Leuven,” Sophie continues. “We went
through the entire due diligence cycle of identifying,
addressing, monitoring and reporting risks in our supply
chain. One thing we learned is that the parameter set we
used isn’t reliable yet: high-risk suppliers identified by
the test all operate in the same market and sector. That
means we’ll have to add more parameters to the mix to
get a more comprehensive view of our suppliers and
perform on-site audits to see if a supplier really poses
a threat.”
Concrete next steps
The learning network and pilot project left us with some
concrete next steps for 2023. Sophie: “We’ll gather and
integrate a larger amount of data in our enterprise secu-
rity risk management tool to analyze and visualize our
supply chain risks. Another challenge is deciding how
to deal with high-risk suppliers. Regarding the quality of
our suppliers’ products, we have fixed escalation scores
which are linked to pre-defined measures. We’ll have
to develop a similar approach for sustainability risks.
Defining KPIs and deciding on how to report them is
another question we’re facing. And the list goes on. It will
be an uphill task, but we’re doing everything to succeed.”
Talking with other companies about
their sustainability strategies and
actions was a real eye-opener.
Our challenges, such as gathering
fragmented data, are quite similar.
The CSDD pilot project will help
Barco approach these challenges in
the most eective way.
Sophie De Smul
Supplier Quality Assurance
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4.1 Corporate security
Barco adopted a security organization that operates along
three lines of defense. The first line of defense is operational
security (e.g. own and manage operational risk). The second
line of defense is managed by Barco’s Security Oce (e.g. the
cybersecurity program) and the third line of defense is the
cybersecurity audit (e.g. risk assurance).
Highlights in 2022 included:
1. Continuously increasing our security maturity level in
accordance with the cybersecurity roadmap by focusing
on people, process and technology;
2. Embedding security-by-design into new projects and
initiatives;
3. Providing additional cybersecurity awareness training
among employees, with new e-learnings and phishing
simulations;
4. Further maturing the security and privacy evaluation
framework for third parties in close collaboration with the
DPO oce;
5. Contributing to the Product Security Roadmap in
collaboration with the first line of defense;
6. Preparing ISO 27001 scope extension, adding one more
product line to the scope.
4. Corporate security and data protection
Number of product lines in scope of
ISO 27001
TARGET: +  YEARLY
2 2 2
2020 2021 2022
3
4
1
2
5
Average cybersecurity maturity score
NIST CSF*
TARGET : .
2020 2021 2022
2.19
2.23
2.66
2.66
Our security maturity score increased from 2.23 to 2.66 in 2022
(NIST CSF), thanks to all the initiatives described above. By the
end of 2025 we aim to improve that score to 3.4.
* NIST: National Institute of Standards and Technology ; CSF: Cybersecurity
Framework
As the world faces an ever-changing threat
landscape, Barco continues its focus on corporate
security.
0.5
1
1.5
2
2.5
3
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4.2 Data governance and data protection
Barco prioritizes the protection and management of personal
data in accordance with GDPR and similar data privacy and
data protection legislations outside the EU; e.g., the US HIPAA*,
the UK General Data Protection Regulation, the California
Consumer Privacy Act. Our intragroup data transfer agree-
ment sets the standards and principles that Barco legal entities
must apply when processing personal data about individuals
subject to GDPR.
Our data protection ocer (DPO) is in charge of managing
our data protection compliance program, which is governed
by several guidelines, instructions and templates. A team of
privacy liaison ocers (the legal & compliance responsibles,
security & privacy champions and regional knowledge owners)
support the DPO by overseeing and ensuring compliance with
the GDPR on a day-to-day basis at a local level.
In 2022, Barco installed a DPO oce, which works in close
cooperation with our Security Oce. Our internal audit
department supports the DPO to facilitate GDPR compliance
with independent assessments and reporting on the eective-
ness of implemented measures through the testing of controls
as defined in the internal audit plan.
Number of data / GDPR / privacy incidents reported to
data protection authorities
 
 
 
Highlights in 2022 included:
• Further implementation of our retention policy;
• Updating our personal data breach handling;
• Kick-o of an internal workflow system to deal with data
subject right’s requests;
• Conducting security and privacy assessments of new third-
party cloud service providers and making sure to have data
processing agreements in place with third-party cloud
service providers that are involved in the processing of
personal data on behalf of Barco;
• Creating and giving a ‘data protection by design training’
to Barco employees involved in product and software
development.
* US HIPAA: is the Health Insurance Portability and Accountability Act of 1996
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Good financial performance does not conflict with high ethical standards. Barco’s reputation and continued
success depend on the conduct of our employees as well as our business partners. That’s why we put great
emphasis on building a company culture in which ethical conduct and compliance with Barco’s policies and
the applicable regulations are at the core of how we do business.
5.1 Building a true ethics and compliance
culture
We have deployed a structured, company-wide compliance
program, based on our Code of Ethics, which outlines the
basic principles of compliant and ethical behavior when
dealing with colleagues, business partners, company assets,
information, infrastructure, etc. Every manager is required to
sign o on the Code of Ethics annually. In addition, every Barco
site worldwide has a ‘local legal & compliance responsible’ who
is in charge of overlooking compliance in the country where
the site is situated. Every year, the local legal and compliance
responsible completes a risk and compliance assessment,
which is an integral part of our compliance program.
5. Ethics and compliance
5.2 Compliance awareness actions
To raise awareness about the Code of Ethics, we undertake
several initiatives. For example, almost half of our white-col-
lar workers participate in the Compliance Challenge, a live
quiz organized in all our sites across the world. Every year,
the compliance ocer updates all Barco employees on rele-
vant compliance topics. To target a broad audience, the 2022
update was distributed as a video message instead of a letter.
The topic of compliance is part of the monthly onboarding
sessions for new employees. After two consecutive silver medals, Cinionic was happy
to claim the cup of the 7
th
Compliance Challenge..
Data Protection
Quality
Ethics
Safety
Sustainability
Cybersecurity
Continuous
improvement
Data Protection
Quality
Ethics
Safety
Sustainability
Cybersecurity
Continuous
improvement
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5.3 Global compliance team
In 2022, the compliance team welcomed a risk & compli-
ance ocer who assists the global compliance manager with
monitoring the company’s compliance program. Due to the
Ukrainian-Russian conflict, much of the team’s focus was on
implementing the trade sanctions imposed by various coun-
tries, including a rigid product and end-use screening system
to ensure compliance therewith.
5.4 Company-wide Standards@Work training
To boost awareness and know-how on compliance-related
issues among Barco employees, we set up Standards@Work, a
company-wide training program hosted by Barco University,
our in-house training and development center. The program
includes e-learning courses covering cybersecurity, data
protection, sustainability, quality, safety, ethics and contin-
uous improvement. In addition, we organize more in-depth
Standards@Work trainings on topics like anti-corruption, com-
petition, data protection by design and healthcare regulatory
compliance for designated employees.
In 2022, a course on confidentiality was added to the basic
Standards&Work program. The format of the trainings changed
too: to make the courses more appealing, we restructured
them as games centered around the dierent stages of our
product cycle (‘Design & Development’, ‘Manufacturing’,
‘Go-to-Market’, and ‘Customer Care’). We hope this gamified
learning experience will further raise participation levels – as
we aim to achieve a 100% participation rate. Barco actively
follows up on employees with overdue learning assignments.
% employees trained in
Standards@Work (white collars)
YEARLY TARGET: %
98%
99% 99%
2020 2021 2022
60
80
20
40
100
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5.6 Governmental investigations
Since Barco conducts business across the world, our opera-
tions are scrutinized by governmental authorities in dierent
countries from time to time. Below we indicate pending and
ongoing investigations to the best of our knowledge.
• In India, the Directorate of Revenue Intelligence investigated
the export of components from our factory, allegedly within
the scope of the Indian SCOMET export regulations that
make an export license mandatory. In the spring of 2022, the
Principal Commissioner of Noida Customs Commissionerate
imposed a fine on Barco Electronic Systems Pvt Ltd. and
four of its employees for failing to comply with the export
regulations. Barco Electronic Systems Pvt Ltd. and the
employees involved have appealed this decision before
the Customs, Excise & Service Tax Appellate Tribunal. The
appeal is pending before the tribunal.
• In China, Barco Visual (Beijing) Electronics Co., Ltd. was fined
by the Changping Market Supervision Bureau for a social
media post that highlights the supply of four projectors to
the Beijing 2022 Winter Olympics.
5.5 Promoting a ‘speak up’ culture
Barco wants to actively promote a genuine ‘speak up’ culture
where ethical questions or dilemmas can be raised without
fear of retaliation. Employees who have questions or want to
raise concerns or issues can do so via several channels. Their
direct supervisor or HR business partner is the first line of con-
tact. In addition, any employee can reach out to a member of
the Legal, Audit, Risk & Compliance team. Questions and/or
concerns can also be communicated via the Ethics mailbox
(ethics@barco.com), to then be reviewed and followed up by
the Ethics Committee.
With the transposition of the EU Whistleblower’s Directive into
Belgian law end of December 2022, we are now ready to
deploy the software tool that will enable fully anonymous
ethical issue reporting in dierent languages.
Overview and breakdown of the matters addressed
via the Ethics mailbox in 2022
Conflict of interest 
Discrimination 
Gifts 
Harassment 
Total 
5.7 Membership of associations
Barco is strongly integrated into local and professional initia-
tives as well as communities that are relevant for its activities.
We support these initiatives and communities in various ways
– as a founding partner, through directorship, delegation of
employees to work groups, membership fees, etc. Below is a
non-exhaustive list of the various organizations and associa-
tions we are a member of:
• Industry and trade associations and professional networks:
Agoria, Belgisch Elektrotechnisch Comité (BEC), COCIR,
Laser Illuminated Projector Association (LIPA), BELIR,
Belrim, Beltug, IBJ, VONK, Executive Global Network,
Communication Community, Vlaams Economisch Verbond
(VEV), EIT Health,...
• Non-profit organizations supporting
- local entrepreneurship, like Hangar K, a joint initiative of
education institutions and the city of Kortrijk that supports
start-ups and young entrepreneurs in the educational and
gaming technology domains;
- innovative research within the technology or sustainability
sectors, such as Flanders Make, Flanders.healthTech and
The Shift;
- international exchange and trade including Belgian
American Chambers of Commerce.
• Advocacy organizations, like Voka
The annual membership fees for most of the above organi-
zation and associations range from 250 to 5,000 euro, with
only a few exceeding this range.
Barco does not make donations or other contributions of any
kind to political parties.
Resolved: 5
Unresolved: 2
Closed: 2
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6. Community engagement
At Barco, we want to help ensure more people can participate in and benefit from a prospering society,
regardless of their backgrounds. Focusing on the areas of education and entrepreneurship, we partner with
non-profits and leverage the engagement of our employees to make long-lasting impact in the communities
where we live and work.
6.1 Closing the education gap around the
world
Education is one of the keys to escaping poverty. Over the
past decade, Barco took several initiatives to increase access
to education and school enrollment rates around the globe.
• After two challenging years, when the pandemic put the
education of many children on hold, we were happy to
relaunch the ‘iGemba Scholarship Scheme’ in India, paying
for the education of 23 children of Barco India employees.
The concept: for each improvement suggestion that
operators make through our iGemba program, Barco
donates money, which is collected in a scholarship
fund. Since the start of the program, 75 children have
received scholarships. The program not only supports our
sustainability eorts, but also reinforces the Barco value ‘we
care’ .
• We continued to support the Indian NGO Sakshi,
which founded the Barco Sakshi Education Center for
underprivileged children in Noida, where our site is located.
After supporting the construction in 2017, we keep helping
the school through various initiatives.
• For our emerging leadership program, Barco kept partnering
with StreetwiZe, a unique talent development provider that
develops high-impact learning products to companies,
inspired by the complex and competitive reality of street
communities. StreetwiZe invests 100% of their profits in
Mobile School, an organization that provides non-formal
education to street youth and helps them grow into positive
contributors to society.
• For several years now, we have been partnering with
Close the Gap – a social enterprise that aims to bridge the
digital divide in developing countries by oering IT devices
donated by companies to projects. In 2022, we donated 643
devices to Digital for Youth, a Close the Gap organization
that collects laptops from companies, refurbishes them and
distributes them to vulnerable young people in Belgium.
iGemba scholarship is an excellent example
of living the Barco Value “we care, we grow”
really on ground & engaging employees in
an authentic way to “look for a better way”.
Using a part of the savings coming from
improvement ideas from our employees
for supporting the education of their
children which are future of any society is
immensely satisfying for me personally
Rajeeva Lochan Sharma
VP Operations & Special Projects, Barco India
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6.2 Ensuring healthy lives and promoting
well-being
“Ensure the best possible health outcomes to as much people
as possible” is the mission of our Healthcare division. More
than developing solutions to achieve that aim, we also sup-
port organizations that provide access to good healthcare
services around the world and we promote the importance
of healthcare.
Like in previous years, we again supported Breast Cancer
Awareness Month in October 2022. Next to selling Pink rib-
bons and encouraging employees to ‘wear pink’, we arranged a
sponsored ‘Breast Cancer ride’ with the Barco Belgium cycling
team and duck fishing. With these actions, we raised EUR 2,425
for Think Pink, Belgium’s breast cancer organization.
And there’s more. In November we raised awareness for men’s
health – specifically prostate cancer and mental health –,
encouraging men around the world to grow their moustaches.
6.3 Promoting a world free of bias,
stereotypes and discrimination
Barco put the topic of diversity and inclusion higher on the
agenda in 2022, as we believe that a diverse workforce inspires
creativity and innovation. To ensure diversity and inclusion
among the world’s workforce, we actively promote a gender
equal world, where everyone gets equal opportunities.
Only 20% women students in
engineering, computer sciences
and physics at a university level (US)
(source: NGCP)
In 2022, Barco celebrated International Womens Day with the
#BreakTheBias social media campaign. In the US, we hosted
the AVIXA Women’s Council charity event, which supports an
initiative for engaging girls in STEM education.
6.4 Smaller, including employee-driven
charity initiatives
The ‘we care’ value so typical of the Barco culture is also
reflected in the charity initiatives set up by our own people.
Just a few examples:
• Barco Duluth (US) donated and helped to pack 230 kg of
food for distribution to 425 local families.
• In Australia, we donated a ClickShare Conference solution
to the Ronald Mc Donald House Program, which provides
a temporary safe haven to families with a sick child who
needs treatment far away from home.
• Our colleagues in Taiwan collected shoes for Step 30, an
NGO helping children in Kenya who need to walk barefoot
for hours to go to school.
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Reporting on
EU taxonomy
06 ANNEX
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1. Background
A key objective of the European Commission’s (‘Commission’)
action plan on financing sustainable growth is to reorient cap-
ital flows towards sustainable investment and ensure market
transparency. To achieve this objective, the Commission called
for the creation of a EU classification system for sustainable
activities, i.e. the EU Taxonomy. The regulation relates to 6
environmental objectives, namely Climate change mitigation,
Climate change adaptation, Circular economy, Sustainable
use of water and marine resources, Pollution prevention and
Healthy ecosystems.
Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) was
published in the Ocial Journal of the European Union on
22 June 2020 and entered into force on 12 July 2020. It is
supported by several FAQs published (and forthcoming) by
the EU Commission to clarify the content of the Disclosure
Delegated Acts, as well as to specify the structure and content
of the information to be disclosed.
The EU Taxonomy aims to define and classify environmentally
sustainable activities. It is an important piece of legislation
for enabling and scaling up sustainable investment and thus
implementing the European Green Deal, including an econ-
omy that works for people and ensures a fair transition that
creates employment and leaves nobody behind. Notably, by
providing companies, investors and policymakers with the
definitions of which economic activities can be considered as
environmentally sustainable, it is expected to help shift invest-
ments where they are most needed.
Article 8(2) of Regulation (EU) 2020/852 requires non-financial
undertakings to disclose information on the key perfor-
mance indicators (KPIs) related to the proportion in their
turnover of environmentally sustainable economic activities
(‘Taxonomy-aligned activities’), and the proportion of their
capital expenditure (‘CapEx’) and their operating expenditure
(‘OpEx’) related to assets or processes associated with envi-
ronmentally sustainable economic activities.
As indicated in the Delegated Regulation of (EU) 2021/2178,
non-financial undertakings shall disclose the proportion of
Taxonomy-eligible and alignment of economic activities in
their total turnover, capital and operational expenditure and
the qualitative information for reporting year 2022, including
comparative figures for eligibility.
Barco considers its economic activities to have the potential to
significantly contribute to the Environmental objective (Eligible)
Climate change mitigation, as stated in the EU Taxonomy and
Climate Delegated Act. Barco’s turnover is linked to most of
the high-impact economic sectors listed in the initial Technical
Expert Group on Sustainable Finance (TEG) technical report.
We are committed to communicating in a transparent manner
on the potential impact Barco has on these sectors.
Evaluating the Barco scope 3 Carbon Disclosure Project (CDP)
emissions reporting (mainly representing the scope 2 emis-
sions of our customers) and Barco SBTi commitment, further
supported by discussions with customers, peers and industry
associations, led to the following conclusion:
Barco’s aligned products have the potential to substantially
contribute to one of the environmental objectives by support-
ing the carbon reduction in specific economic activities e.g.
building, entertainment, transport and ICT sector. For example,
supported by our (laser) cinema projectors, we play an import-
ant role in making buildings and permanent installations more
energy ecient, and our ClickShare product range enables
remote collaboration, hence less travel.
Applying the NACE codes, and the freedom provided in the
dedicated Technical Screening Criteria (TSC) and Do No
Significant Harm (DNSH) criteria to compare product Life Cycle
Assessment (LCA) performance to the market benchmarks
(‘Best performing alternative’) both support this conclusion.
At this moment of writing, no delegated act is available defin-
ing the rules and requirements on the reporting obligations
of the 4 remaining environmental objectives. This leads us to
the conclusion that only reporting obligations on the initial
two climate objectives are applicable for reporting year 2022.
Further elaboration on the economic sectors and technical
criteria supporting those sectors in the future might change our
current proportion eligibility/alignment over several activities.
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2.1 Turnover to eligible activities
Article 1 of the EU Taxonomy Regulation defines a taxono-
my-eligible economic activity as an economic activity that is
listed under the applicable TSC, irrespective of whether that
economic activity meets any or all the TSC.
Article 10 in the EU Taxonomy Regulation qualifies an eco-
nomic activity as contributing to Climate change mitigation
if that activity contributes substantially to the stabilization of
greenhouse gas concentrations consistent with the long-term
temperature goal of the Paris Agreement, through the avoid-
ance or reduction of greenhouse gas emissions or the increase
of greenhouse gas removals, including through process inno-
vations or product innovations, for instance, in low-carbon
technologies. Barco oers products that have the potential
to qualify as substantially contributing to Climate change
mitigation
1
, where these products support the transition to a
climate-neutral economy consistent with the IPCC pathway
to limit the temperature increase to 1.5°C above pre-industrial
levels, by reducing the greenhouse gas emissions during the
use phase of our devices, through an enhanced energy e-
ciency, at our customers.
Likewise, EU Taxonomy Regulation Article 10 qualifies an eco-
nomic activity as contributing to Climate change adaptation
if that activity contributes substantially to reducing or pre-
venting the adverse impact of the current or expected future
climate, or the risk of such adverse impact, whether on that
activity itself or on people, nature or assets. Based on the
former definition, Barco does not yet oer products that have
the possibility to substantially contribute to Climate change
adaptation, as our products cannot yet be seen as solutions
to reduce the most important physical climate risks that are
material to the activity. Therefore, eligible activities related to
the Climate acts will be directed towards the Climate change
mitigation objective.
Determination of Barco relevant economical activities is based
on NACE code registration and validation of the economic
activity. The following applicable economic activity as defined
in the delegated act applies:
C – Manufacturing: C26 Manufacture of computer, electronic
and optical products and C27 Manufacture of electrical equip-
ment, qualifying under 3.6 ‘Manufacture of other low-carbon
technologies’ in the Climate Delegated Act on climate change
mitigation.
2. Taxonomy-eligible
1 EU Taxonomy Regulation defining substantial contribution to Climate change adaptation is currently not applicable to Barco solution portfolio
2 Projects are system installations that consist of multiple hardware products and related system installation, technical support based on end-customer specifications.
All project sales are hardware-product related.
For turnover reporting purposes, the following parameters
were applied:
1. Turnover in accordance with International Financial
Reporting Standards (IFRS), as adopted for use by the EU. We
refer to note ‘Significant accounting principles 1.11. Revenue
recognition’ for the accounting principles applied.
2. Turnover-related eligible activities: turnover linked to Barco
solutions that have a direct carbon footprint impact during
the usage stage and are covered by NACE code C26 or
C27. These are defined as: turnover generated by hardware
products consuming electricity and project
2
revenues (see
note 3 of the financial report).
Turnover-related non-eligible activities: turnover linked to
Barco solutions that have no direct carbon footprint impact
during the usage stage as defined in the Climate Delegated
Act. These solutions are turnover from software, licences,
or services.
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2.2 CapEx and OpEx related to eligible
activities
CapEx
The definition of KPI CapEx is available in Annex I 1.1.2 of DA
C(2021) 4987 and is fully in line with the reporting framework
defined in the financial note on Significant accounting princi-
ples ‘5. Property, plant and equipment’ and ‘6. Leases’.
The total amount of CapEx is reported in note 9 ‘Other intan-
gible assets and tangible fixed assets’. The total amount equals
the eligible CapEx, as the total amount of CapEx relates solely
to assets or processes associated with Barco economic activ-
ities defined in section “Taxonomy-eligible economic activity
- Turnover”
3
.
OpEx
The definition of KPI OpEx is available in Annex I 1.1.3 of DA
C(2021) 4987. At this moment in time, there is no clear defini-
tion of OpEx under the IFRS framework, hence the definition
referred to in the EU taxonomy is applied.
For eligibility reporting, OpEx shall be considered to cover
direct non-capitalised costs that relate to research and devel-
opment, building renovation measures, short-term lease,
maintenance and repair, and any other direct expenditures
relating to the day-to-day servicing of assets of property, plant
and equipment by the undertaking or third party to whom
activities are outsourced that are necessary to ensure the con-
tinued and eective functioning of such assets. Translated to
Barco expenses, only the cost related to research and devel-
opment (R&D) is considered material and therefore included
as eligible OpEx.
R&D expenses include all internal and external costs related to
research and development projects, and investments linked to
the Company’s product roadmap. The roadmap can be fully
linked to specific economic activities. We refer to note 3. (a)
‘Research and development expenses’.
3 In contradiction with financial reporting year 2021 note 9 is defined as relevant eligible activities not note 9.2 which limits the eligible activities incorrectly.
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3. Towards taxonomy alignment reporting
EU Taxonomy expects alignment with the TSC, DNSH and compliance with the minimum safeguards. Only if
these three items are met can an economic activity be labelled “aligned”. The following sections aim to disclose
what process and methodology Barco employs for alignment determination covering the Climate change
mitigation objective.
3.1 Turnover
For Barco economic activities C26 and C27, the relevant
alignment TSC are defined under the economic activity 3.6
‘Manufacture of other low-carbon technologies’: “The eco-
nomic activity manufactures technologies that are aimed at
and demonstrate substantial lifecycle GHG emission savings
compared to the best performing alternative technology/prod-
uct/solution available on the market.”
However, the regulation does not contain specific guidance
or requirements on how to identify the best-performing alter-
native technology/product/solution or how to avoid creating
a moving target/benchmark. In addition, the lifecycle GHG
emission savings of alternative technology/product/solution
available on the market are unknown to the reporting entity.
For this reason, the following interpretation is made to define
aligned turnover for economic activity 3.6. The following
product conditions shall be met when considering a product
aligned for reporting over financial year 2022:
• Provide supporting LCA
4
evidence to claim the product
is supporting GHG reduction according to the IPCC1,5°C
pathway.
Translated for scope 3 GHG emissions, this requires a
minimum GHG 2.5% annual reduction compared to the
previous generation of the product placed on the market,
as defined by the SBTI Net Zero Standard
5
table 6A.
• Product does not violate the applicable DNSH criteria
• Comply with minimum social safeguards
Product scope 3 emission is dominantly driven by energy con-
sumption during the product usage phase. Therefore, the GHG
emission reduction is directly linked to the relative improved
energy eciency.
All revenue-related products with an ecolabel according to
an older version of the ecoscore tool have been assessed
case by case. This in order to confirm, as defined above, that
the product is supporting GHG reduction according to the
IPCC1.5°C pathway. This assessment is validating if the product
represents 2.5% annual reduction compared to the relevant
internal benchmark. For example, a new generation of projec-
tors benchmarked to the previous generation, made available
on the market 11 years ago, shall be at least 25% more energy
ecient for the same delivered capabilities. The source data for
this assessment has undergone the limited assurance Scope 3
emissions and revenue from ecolabel products audit.
We have proactively adjusted the ecoscore framework to
assess the turnover alignment of Barco products. This eco-
score framework is annually updated to keep pace with
evolving regulatory requirements. In fact, the latest version
of the ecoscore tool (version 6.0 and 6.1) incorporates the
TSC related to the Climate mitigation objective. Next to this,
the corresponding DNSH criteria validation are also fully
embedded in the ecoscore framework. The future circularity
objective TSC and DNSH will also be implemented in Barco’s
ecoscore framework once the criteria are approved and pub -
lished by the European Commission.
One important part of the ecoscore assessment is to calcu-
late full LCA results of the product, i.e. environmental impacts
caused by the product during its entire lifecycle. The LCA
studies are performed according to the Product Environmental
Footprint (PEF) method, which is a general methodology to
assess and communicate lifecycle environmental impacts of
a product.
4 LCA assessment shall comply with the ISO 14040 and 14044 standards.
5 Net-Zero-Standard.pdf (sciencebasedtargets.org)
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Overall, revenues generated from products that have been
assessed as ecolabelled in the latest version of the Barco
ecoscore framework under the economic activity 3.6, can
be considered aligned.
Products that have been assessed by the ecoscore frame-
work (regardless of the version) are also checked not violate
the DNSH criteria. The described benchmark approach (2.5%
GHG annual reduction) has been integrated both in the new
ecoscore framework and the turnover alignment assessment of
legacy ecoscored products. Hence the dierence between the
turnover generated by ecolabelled products and the turnover
alignment share. Legacy ecoscoring is a static interpretation
at a certain moment in time (for some of them even before
Taxonomy criteria were defined). This discrepancy will disap-
pear over time as more new products will be assessed under
the new framework.
The benchmark approach is a strict prudent interpretation
and reflects a moving target that annually increases, due to
the lack of predefined external benchmark; we are looking
forward to receiving more clear guidance in due course on
how to perform external benchmarking. This results in the
following quantitative data:
Economic
activity
Activity
description
Proportion
turnover eligible
Proportion
aligned turnover
KPI  Manufacture of other low-carbon technologies

eg. Hardware products .% %
KPI  Other out-of-scope solutions eg. Software, service .%
Total %
6 Activity that places hardware products on the market that has specific climate impact throughout the product lifetime (GHG footprint).
7 https://ec.europa.eu/finance/docs/level-2-measures/taxonomy-regulation-delegated-act-2021-2800-annex-1_en.pdf
3.2 CapEx
Aligned CapEx as defined in the Annex I 1.1.2 of DA C(2021)
4987 can be any of the following:
1. Related to assets or processes that are associated with
Taxonomy-aligned economic activities;
2. Part of a plan to expand Taxonomy-aligned economic
activities or to allow Taxonomy-eligible economic activities
to become Taxonomy-aligned;
3. Related to the purchase of output from Taxonomy-aligned
economic activities and individual measures enabling
the target activities to become low-carbon or to lead to
greenhouse gas reductions.
Barco has assessed the investments made in CapEx eligi-
ble activities and made the corresponding link to dedicated
economic activities, covering both acquisition of products/
services and measures that indirectly lead to the reduction
of GHG impact of Barco’s activities. As a result, we identified
several CapEx investments that fulfil the alignment definition
(e.g. infrastructure in green mobility, renewable energy). For
these individual measures, we have positively assessed the
applicable TSC and DNSH.
Examples of potentially aligned individual activities (Climate
change mitigation), mentioned in the Annex I of the Climate
Delegated Act and that Barco invested in, concern the cate-
gory ‘6. Transport’ ‘7. Construction and real-estate activities’
7
(i.e. 7.6, 6.5). For instance, we are little by little switching to
electric lease cars for our own employees. Recently, more
than 100 charging stations have been installed in the car park
We refer to note 3. ‘Income from operations (EBIT)’ for a breakdown of Barco’s sales per type: product sales, project sales and
service sales.
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06 ANNEX

at Barco Kortrijk to allow employees to charge their electric
vehicles. In addition to the solar panels already in place, Barco
has been investigating the possibility to install a wind turbine
to make more use of renewable energy and reduce the GHG
emissions of our activities.
At this point of time, no assets/processes can be linked unam-
biguously to aligned turnover activities in our reporting system.
Hence why we have allocated all CapEx to eligible activities
although this might not be the case and have limited the cur-
rent year reporting on alignment to individual measures.
This results in the following quantitative data:
3.3 OpEx
Aligned OpEx as defined in the Annex I 1.1.2 of DA C(2021)
4987 can be any of the following:
1. Related to assets or processes associated with Taxonomy-
aligned economic activities, including training and other
human resources adaptation needs, and direct non-
capitalised costs that represent research and development;
2. Operating expenditure included as part of the CapEx
plan to expand Taxonomy-aligned economic activities or
allow Taxonomy-eligible economic activities to become
Taxonomy-aligned;
3. Related to the purchase of output from Taxonomy-aligned
economic activities and to individual measures enabling
the target activities to become low carbon, or to lead to
GHG reductions as well as individual building renovation
measures.
Aligned OpEx reflects the development eort into sustainable
product design. OpEx (R&D) should remain at a high level if a
company has continuous sustainability improvement integrated
in the innovation process and wants to achieve improvement
KPIs.
Supported by the Barco ecoscoring process and managed by
dedicated short-term KPIs (new products and revenue-based)
Barco has a dedicated strategy in place to ensure expansion
of Taxonomy-aligned economic activities, or to enable tar-
get activities to be conducted in a low-carbon manner or
reduce emissions of greenhouse gases. This strategy covers
all product development, both hardware and corresponding
software. In other words, applied to Barco the aligned OpEx
corresponds to the investments made in R&D to develop
(future) turnover-aligned products (ecolabelled). If R&D OpEx
eort cannot directly be linked to an aligned activity or future
aligned products, this eort is not accounted for as aligned.
In case R&D eort is linked to both aligned and unaligned
product, a pro-rata aligned revenue is applied.
Examples of aligned R&D activities: the development of the
new generation CX ClickShare and corresponding software,
the new Series IV digital cinema projectors, the development
of new healthcare display.
Examples of pro-rata aligned activities: software running on
the Nexxis platform, development of laser source share over
dierent end products, WeConnect.
The proportion non-eligible OpEx has been determined based
on the pro rata of eligible vs non-eligible turnover to reflect
the share of OpEx related to service activities as the current
reporting does not allow an allocation of R&D to respectively
eligible vs non-eligible activities.
KPI Proportion eligible Proportion aligned
KPI related to capital
expenditure (CapEx)
 % . %
KPI Proportion eligible Proportion aligned
KPI related to oper-
ating expenditure
(OpEx) – limited to
R&D expenses
.% . %
Please find the full EU Taxonomy reporting here
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Barco carries out economic activities across the globe in a
responsible and respectful way. In doing so, it is committed to
complying with the minimum safeguards referred to in Article
18 of the Taxonomy Regulation.
To ensure compliance with these standards, companies sub-
ject to the Taxonomy Regulation are required to implement
procedures to ensure the alignment of their activities with the
OECD Guidelines for Multinational Enterprises and the UN
Guiding Principles on Business and Human Rights, includ-
ing the principles and rights set out in the eight fundamental
conventions identified in the Declaration of the International
Labour Organisation on Fundamental Principles and Rights at
Work and the International Bill of Human Rights.
The EU Commission has asked the Platform on Sustainable
Finance, an independent advisory body, for advice on the
functioning of the minimum safeguards. In October 2022,
this advisory body released its Final Report on Minimum
Safeguards. This report identifies in the OECD Guidelines and
UN Guiding Principles 4 substantive topics, pertinent to the
minimum safeguards, notably human rights (including labor
and consumer rights), bribery, bribe solicitation and extortion,
taxation, and fair competition. Moreover, it proposes two cri-
teria to determine compliance with the minimum safeguards,
i.e.; the implementation of adequate due diligence processes
and the absence of certain negative impacts or events.
The Annual Report, and particularly the PPC Report describes
in various sections the policies, procedures and practices
which Barco has implemented to ensure alignment with the
OECD Guidelines and UN Guiding Principles in the domains
of human rights, bribery, taxation and fair competition.
Finally, Barco has not had any interactions with an OECD
National Contact Point or a Business and Human Rights
Contact Center. It has not been found in violation of labor
or human rights, anti-corruption, tax or competitions laws.
4. Minimum safeguards
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Managing
sustainability
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06 ANNEX

Governance keeps our corporate sustainability strategy on
track. It ensures that our strategy remains eective, and that
accountability for our results sits right at the top of our com-
pany. Our sustainability governance model is explained on
the Barco website.
Sustainability at Barco is managed by a permanent execu-
tive sustainability steering committee, which consists of
one of our co-CEOs, the Chief HR ocer, CFO, Senior Vice
President of Operations and the group Sustainability Oce.
Depending on the topic, other executive members are invited
(e.g., business unit heads). Under the leadership of the group
Sustainability Oce, a network of sustainability ambassadors
across Barco always prepares the meeting topics based upon
the local execution of the sustainability plans.
Just like in 2021, the committee met six times in 2022.
Representing the committee, the CFO presented the progress
made towards sustainability targets to the Board.
1. Sustainability governance
and responsibility
SUSTAINABILITY
WORKSTREAMS &
AMBASSADORS
GROUPS
SUSTAINABILITY
OFFICE
BOARD OF DIRECTORS
AUDIT COMMITTEE
CORE
LEADERSHIP TEAM
SUSTAINABILITY
WORKSTREAMS &
AMBASSADOR
GROUPS
SUSTAINABILITY
OFFICE
SUSTAINABILITY
OFFICE
EXECUTIVE SUSTAINABILITY
STEERING COMMITTEE
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06 ANNEX

2. Stakeholder engagement
and materiality
Barco attaches great importance to stakeholder engagement:
outside views help us identify and prioritize emerging issues
and better align our strategy, actions and policies with the
interests of our key stakeholder groups.
The outcome of the most recent stakeholder engagement up
to the level of each stakeholder group and the consolidated
view in terms of the materiality matrix can be found on our
website.
3. External initiatives
(platforms and commitments)
We believe collaboration across the private sector and
multi-stakeholder engagement is required to catalyze society’s
transition to a more sustainable future. Barco actively partici-
pates in several external initiatives that promote sustainability,
such as the Science Based Targets initiative, The Shift and
others. A description of the main initiatives and associations
that we currently participate in is available on our website.
4. Certifications
In order to assure our stakeholders that our management
systems meet international industry-specific standards, they
are audited annually and certified according to international
certification standards:
• ISO 9001 quality management system (for Barco sites in US,
Germany, India, Italy, China, Norway, Taiwan and Belgium)
• ISO 13485 quality management system specifically for
the medical device industry (for Barco sites in US, China,
Belgium, Italy and South Korea)
• ISO 14001 environmental management system (for Barco
sites in Belgium, China, India and Italy)
• ISO 27001 information security management system (for
Barco sites in Belgium, India and Taiwan)
5. External evaluations
Barco is rated by several independent organizations on its
sustainability performance. We actively participate in several
initiatives such as CDP, Ecovadis, MSCI, ISS ESG, Sustainalytics,
Vigeo Eiris (Moody’s) and S&P Global. A description and up-to-
date status and evolution of the detailed results can be found
on the Barco website.
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Annex
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EU taxonomy reporting table
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Economic activities
()
Substantial
contribution criteria
DNSH criteria
('Does Not Significantly Harm' criteria)
Code
()
Absolute value
()
Proportion
()
Climate change mitigation
()
Climate change adaptation
()
Climate change mitigation
()
Climate change adaptation
()
Water and marine resources
()
Circular economy
()
Pollution
()
Biodiversity and eco- systems
()
Minimum safeguards*
()
Taxonomy- aligned proportion of turnover, year 
()
Enabling activity
()
Transitional activity
()
in thous-
ands EUR % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
Turnover
Taxonomy-eligible activities
Environmentally sustainable activities
(Taxonomy-aligned)
. , . % . % .% - Y Y Y Y Y Y* . % E -
Turnover of environmentally sustainable
activities (Taxonomy-aligned)
, .% . % .% - Y Y Y Y Y Y*  .  % - -
Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
. , .% - - - - - - - - - - - -
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
, .% - - - - - - - - - - - -
Total turnover of Taxonomy-eligible activities , .% - - - - - - - - - - - -
Taxonomy-non-eligible activities
Turnover of Taxonomy-non-eligible activities , .% - - - - - - - - - - - -
Total turnover of Taxonomy-non-eligible
activities
, .% - - - - - - - - - - - -
Total turnover of Taxonomy-eligible and
non-eligible activities
,, % - - - - - - - - - - - -
(*) Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see 'Minimum Safeguards').
(#) Refers to the reference as included in the mandatory reporting table for non-financial undertakings as required in accordance with the reporting delegated regulation.

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Economic activities
()
Substantial
contribution criteria
DNSH criteria
('Does Not Significantly Harm' criteria)
Code
()
Absolute value
()
Proportion
()
Climate change mitigation
()
Climate change adaptation
()
Climate change mitigation
()
Climate change adaptation
()
Water and marine resources
()
Circular economy
()
Pollution
()
Biodiversity and eco- systems
()
Minimum safeguards*
()
Taxonomy- aligned proportion of CapEx, year 
()
Enabling activity
()
Transitional activity
()
in thous-
ands EUR % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
CapEx
Taxonomy-eligible activities
Environmentally sustainable activities
(Taxonomy-aligned)
Activity : Installation, maintenance and
repair of renewable energy technologies
.  .% .% .% - Y Y Y Y Y Y* .% E -
Activity : Transport by motorbikes,
passenger cars and commercial vehicles
. , .% .% .% - Y Y Y Y Y Y* .% E -
CapEx of environmentally sustainable
activities (Taxonomy-aligned)
, .% .% .% - Y Y Y Y Y Y* .% - -
Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
, .% - - - - - - - - - - - -
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
, .% - - - - - - - - - - - -
Total CapEx of Taxonomy-eligible activities , % - - - - - - - - - - - -
Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible activities  .% - - - - - - - - - - - -
Total CapEx of Taxonomy-non-eligible
activities
 .% - - - - - - - - - - - -
Total CapEx of Taxonomy-eligible and
non-eligible activities
, % - - - - - - - - - - - -
(*) Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see 'Minimum Safeguards').
(#) Refers to the reference as included in the mandatory reporting table for non-financial undertakings as required in accordance with the reporting delegated regulation.

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Economic activities
()
Substantial
contribution criteria
DNSH criteria
('Does Not Significantly Harm' criteria)
Code
()
Absolute value
()
Proportion
()
Climate change mitigation
()
Climate change adaptation
()
Climate change mitigation
()
Climate change adaptation
()
Water and marine resources
()
Circular economy
()
Pollution
()
Biodiversity and eco- systems
()
Minimum safeguards*
()
Taxonomy- aligned proportion of OpEx, year 
()
Enabling activity
()
Transitional activity
()
in thous-
ands EUR % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
OpEx
Taxonomy-eligible activities
Environmentally sustainable activities
(Taxonomy-aligned)
,  . % . % .% - Y Y Y Y Y Y* . % E -
OpEx of environmentally sustainable
activities (Taxonomy-aligned)
,   . % . % .% - Y Y Y Y Y Y* .% - -
Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
, .% - - - - - - - - - - - -
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
, .% - - - - - - - - - - - -
Total OpEx of Taxonomy-eligible activities , .% - - - - - - - - - - - -
Taxonomy-non-eligible activities
OpEx of Taxonomy-non-eligible activities , .% - - - - - - - - - - - -
Total OpEx of Taxonomy-non-eligible
activities
, .% - - - - - - - - - - - -
Total OpEx of Taxonomy-eligible and
non-eligible activities
, % - - - - - - - - - - - -
(*) Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see 'Minimum Safeguards').
(#) Refers to the reference as included in the mandatory reporting table for non-financial undertakings as required in accordance with the reporting delegated regulation.

Scope and methodology of carbon footprint and
of measurement of products with Barco ECO label
MEASURING CARBON FOOTPRINT OF OUR OWN OPERATIONS
Methodology
• Greenhouse Gas Protocol Methodology
• Compliant with ISO  standard
• Sources of emission factors: emission factors from internationally recognized emission factor databases,
ADEME, GHG Protocol, IEA, suppliers specific for electricity, DEFRA
Scope
• Technical: all greenhouse gases such as carbon dioxide (CO

), methane (CH), nitrous oxide (NO),
refrigerants (HFCs, PFCs, CFCs) are converted into CO

equivalents using Intergovernmental Panel on
Climate Change (IPCC) -year global warming potential (GWP) coefficients. This covers all Kyoto gases
which are to be reported according to the Greenhouse Gas Protocol
• Boundaries: operational (vs. equity) approach, as it better defines the boundaries of influence
• Geographical scope: all manufacturing and research & development sites (in Belgium, China, Italy,
Germany, India, Norway, Taiwan and US) covering in total minimum % of the group’s total FTEs
Calculation assumptions
• CO

e emissions are calculated by the external party COLogic
• Extrapolation of October and November data was applied to the main components of infrastructure &
logistics CO

e emissions calculation of full year results
• CO

e emissions from logistics are only covering Barco paid transport
• Emissions from own vehicles only cover Belgium and Germany as the other sites in scope have very few
own vehicles and are therefore immaterial in view of the full scope
Baseline
• For targets and performance comparison, Barco selects FY  as a baseline
MEASURING OUR CARBON FOOTPRINT RELATED TO PRODUCT USE EMISSIONS
Methodology
• Greenhouse Gas Protocol Methodology
Formula to be used: ∑ (total lifetime expected uses of product × number sold in reporting period × electric-
ity consumed per use (kWh) × emission factor for electricity (kg CO

e/kWh))
Scope
• Emissions based solely on the energy consumption of the product (excluding the embodied energy of
components, end-of-life emissions, etc.)
• Approx. % of the products covered (in terms of sales volume)
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MEASURING OUR CARBON FOOTPRINT RELATED TO PRODUCT USE EMISSIONS (cont’d)
Use case data collection
Use case data for Medical Displays
• Average power on (W), typically measured at calibrated luminance value.
• Suspend = standby (W)
• Hibernate = Deep Sleep Power = off (W), internal processor active and
communication with control software possible.
As defined in the public product specification sheet. If no data is in the
product specification sheet electrical safety reporting is used to define the
applicable number.
• Use case on (hrs)
• Use case standby (hrs)
• Use case deep sleep (hrs)
Are defined based on feedback of the product manager.
• Guaranteed lifetime (per  hrs), linked to the backlight lifetime perfor-
mance or the device MTBF performance.
• Relative increase in nominal power per year (%), power compensation to
maintain calibrated luminace value.
Delivered capability specifications:
• Max Luminance (cd/m)
• Mpixels
• Size (Inch)
• DPI (#MP/Inch diagonal)
For Diagnostic imaging devices the following is applicable: h On mode,  h
Standby and h Deep sleep/Off mode over a usage time as defined in the
public product sheet and % of relative increase.
For Surgical and modality devices the use cases and expected lifetime, relative
increase but ranges between -h On mode - h Standby and -h Deep
sleep/Off mode. This variation relates to the specific end user or end system
setup.
Use case data for Cinema and Immersive Experience
• Power consumption (W), as defined in the public product specification sheet. If no data is in the product specifi-
cation sheet electrical safety reporting is used to define the applicable number.
Delivered capability specifications:
• Center lumens (lm), Native brightness as defined in the public product specification sheet.
Several end user application cases have been defined that have an impact on the energy consumption calcula-
tion. The following generic use cases have been defined by the product managers based on field knowledge and
industry feedback:
None-Cinema product can be sold into the different markets, a specific share is taken into account. This is per
default /%, but can vary from -% assigned to one single market.
use cases Cinema Events
Proav
fix install
Proav
simulation HER
Image
Processors
Usage time per year .  . .  
total product use time . . . . . 
power used % % % % % %
Number of years , , , , , ,
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SUSTAINABILITY

MEASURING OUR CARBON FOOTPRINT RELATED TO PRODUCT USE EMISSIONS (cont’d)
Use case data collection
Use case data for Meeting Experience and Learning Experience
• Average power on (W)
• Suspend = standby (W)
• Deep sleep power = off (W)
As defined in the public product specification sheet. If no data is in the product specification
sheet electrical safety reporting is used to define the applicable number.
• Use case on (hrs)
• Use case standby (hrs)
• Use case deep sleep (hrs)
• Guaranteed lifetime (hrs)
Are defined based on feedback of the product manager.
For ClickShare product the following is applicable: h On mode,  h Standby and h Off mode
over a usage time of h
Connected media devices are per default assesses h On mode,  Standby and h Off mode is
considered over a lifetime of h
Use case data Large Video Wall EXperience
• Average power on (W)
• Suspend = standby (W)
• Deep Sleep Power = off (W)
• Use case deep sleep (hrs)
As defined in the public product specification sheet. If no data is in the product specification
sheet electrical safety reporting is used to define the applicable number.
Delivered capability specifications:
• Center lumens (lm)
• Typical power consumption at consumer side @ NIT wall brightness (W)
• Display area (m²)
Products sold into the LVW market are considered to be active /. The following expected
usage times are considered:  Year LED and LCD,  Year Laser RPC,  Year for LED/LAMP RPC,
Server products  Year.
MEASURING PRODUCTS WITH BARCO ECO LABEL
Methodology
• Barco’s ecoscoring methodology, find more on our corporate website.
Subject to external audit under the framework of ISO : standard – see limited
assurance report
Scope
• All newly introduced hardware products, a “newly introduced hardware product” is a
commercial launch of first member of product family covered by one dedicated hardware
development project. Options or modules are not in scope of this definition.
Barco Integrated report 2022
72
PPC
Planet - People - Communities
06 ANNEX01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
03 SUSTAINABILITY
PERFORMANCE
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY

barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
Barco Corporate Marketing & Investor Relations Oce
Focus Advertising
Barco
Beneluxpark 21
8500 Kortrijk – Belgium
Barco Integrated report 2022
73
PPC
Planet - People - Communities
01 SUSTAINABILITY
AMBITION
STATEMENT
02 SUSTAINABILITY
STRATEGY
04 REPORTING
ON EU TAXONOMY
05 MANAGING
SUSTAINABILITY
06 ANNEX03 SUSTAINABILITY
PERFORMANCE

2022
Integrated
annual report
Financial
report

Table of contents
01 Barco consolidated .................................6
Notes to the consolidated financial statements..........23
Supplementary statements ...........................89
Barco NV...........................................91
02 Information about the share ...................... 95
Key figures for the shareholder ........................96
Shareholder structure...............................100
Barco’s investment case.............................102
This is the Financial section of Barco’s
2022 Integrated annual report. Other
sections are available via the download
center at ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• Glossary
• GRI Content index
• Assurance report
Barco Integrated report 2022
2
FIN
Financial report
01 BARCO
CONSOLIDATED
02 INFORMATION
ABOUT THE SHARE

14
18
19
20
21
1
2
3
5
6
7
8
9
10
12
13
15
17
16
4
11
MATERIAL TOPICS
IFRS Financial Statements
Introduction
This chapter of the Annual Report contains the IFRS audited
consolidated financial statements including the notes thereon,
prepared in accordance with the International Financial
Reporting Standards as adopted by the European Union.
The chapter ‘Our results’ provides an analysis of trends and
results of the 2022 financial year, and is based on the IFRS
consolidated financial statements and should be read in con-
junction with these statements.
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01 BARCO
CONSOLIDATED
02 INFORMATION
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Table of contents
Barco Consolidated
Consolidated statement of income .............................................................................6
Statement of comprehensive income ...........................................................................7
Consolidated balance sheet....................................................................................8
Consolidated statement of cash flow............................................................................9
Consolidated statement of changes in equity ...................................................................10
Significant IFRS accounting principles ..........................................................................12
IFRS accounting standards adopted as of 2022 ..................................................................19
IFRS accounting standards issued but not yet effective as of 2022..................................................19
Critical accounting judgments and key sources of estimation uncertainty...........................................20
Notes to the consolidated financial statements
1. Consolidated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
2. Operating Segments information ........................................................................27
3. Income from operations (EBIT) ..........................................................................35
4. Revenues and expenses by nature .......................................................................41
5. Restructuring and impairment costs .....................................................................43
6. Income taxes .........................................................................................44
7. Earnings per share .....................................................................................45
8. Goodwill .............................................................................................46
9. Other intangible and tangible fixed assets.................................................................49
10. Deferred tax assets – deferred tax liabilities................................................................55
11. Investments and interest in associates ...................................................................57
12. Inventory .............................................................................................60
13. Amounts receivable and other non-current assets .........................................................62
14. Net financial cash/debt.................................................................................64
15. Other long-term liabilities...............................................................................68
16. Equity attributable to equity holders of the parent..........................................................69
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02 INFORMATION
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17. Non-controlling interest ................................................................................72
18. Trade payables and advances received from customers ....................................................75
19. Provisions ............................................................................................76
20. Risk management - derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
21. Rights and commitments not reflected in the balance sheet ................................................87
22. Related party transactions ..............................................................................87
23. Cash flow statement: effect of acquisitions and disposals ...................................................88
24. Events subsequent to the balance sheet date..............................................................88
Supplementary statements .....................................................................................89
Free Cash Flow ...........................................................................................89
Return on Operating Capital Employed ..................................................................... 90
Supplementary information..................................................................................... 91
Ba rco N V ...................................................................................................91
Balance sheet after appropriation..........................................................................92
Incom e s tatement .......................................................................................93
Proposed appropriation of Barco NV result..................................................................94
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CONSOLIDATED
02 INFORMATION
ABOUT THE SHARE

In thousands of euro Note 2022 2021 2020
Sales 2, 3 1,058,291 804,288 770,083
Cost of goods sold 3 -645,538 -516,803 -486,300
Gross profit 3 412,753 287,485 283,783
Research and development expenses 3(a) -120,493 -101,338 -102,610
Sales and marketing expenses 3(b) -142,740 -116,240 -112,329
General and administration expenses 3(c) -57,714 -47,858 -50,362
Other operating income (expense) - net 3(d) -1,663 -2,676 -8,302
Adjusted EBIT (a) 3 90,143 19,373 10,180
Restructuring and impairments 5 -2,500 -6,420 -14,513
EBIT 3 87,643 12,953 -4,332
Interest income 2,773 713 1,845
Interest expense -1,930 -1,823 -1,965
Income before taxes 6 88,486 11,843 -4,453
Income taxes 6 -15,927 -2,132 -
Result after taxes 72,559 9,711 -4,453
Share in the result of joint ventures and associates 11 3,337 48 -276
Net income 75,896 9,759 -4,729
Net income attributable to non-controlling interest 17 677 878 -335
Net income attributable to the equity holder of the parent 7 75,219 8,881 -4,393
Earnings per share (in euro) 7 0.84 0.10 -0.05
Diluted earnings per share (in euro) 7 0.83 0.10 -0.05
Consolidated Statement of Income
The accompanying notes are an integral part of this income statement.
(a) Management considers adjusted EBIT to be a relevant performance measure in order to compare results over the period 2020 to 2022, as it excludes adjusting items.
Adjusting items include restructuring costs and impairments. We refer to note 5 restructuring and impairment costs.
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02 INFORMATION
ABOUT THE SHARE

In thousands of euro Note 2022 2021 2020
Net income
75,896 9,759 -4,729
Exchange differences on translation of foreign operations (a) 11,967 28,894 -29,625
Cash flow hedges
Net gain/(loss) on cash flow hedges 1,259 485 62
Income tax -227 -87 -15
Net gain/(loss) on cash flow hedges, net of tax 1,032 398 46
Other comprehensive income/(loss) to be recycled through profit and loss in subsequent periods 12,999 29,292 -29,579
Remeasurement gains/(losses) on defined benefit plans 19 18,395 10,000 37
Deferred tax on remeasurement gains/(losses) on defined benefit plans 10 -4,599 -2,500 -9
Actuarial gains/(losses), net of tax 13,796 7,500 28
Changes in the fair value of equity investments through other comprehensive income 11 -23,004 9,945 18,331
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods -9,208 17,445 18,358
Other comprehensive income/(loss) for the period, net of tax effect 3,791 46,737 -11,221
Attributable to equity holder of the parent 1,287 44,382 -8,764
Attributable to non-controlling interest 2,504 2,355 -2,457
Total comprehensive income/(loss) for the year, net of tax 79,687 56,496 -15,950
Attributable to equity holder of the parent 76,506 53,263 -13,157
Attributable to non-controlling interest 3,181 3,233 -2,793
Statement of comprehensive income
The accompanying notes are an integral part of this income statement.
(a) Translation exposure gives rise to non-cash exchange gains/losses.Examples are foreign equity and other long-term investments abroad. These long-term investments give rise to periodic translation gains/losses that are non-cash in nature until the
investment is realized or liquidated. The comprehensive income line commonly shows a positive result in case the foreign currency appreciates versus the Euro in countries where investments were made and a negative result in case the foreign currency
depreciates.
In 2022, the positive exchange differences in the comprehensive income line were mainly booked on foreign operations held in Hong Kong Dollar and US Dollar (see note 16.4). In 2021, the positive exchange differences in the comprehensive income
line were mainly booked on foreign operations held in Hong Kong Dollar, US Dollar, Chinese Yuan and Indian Rupee. In 2020, the negative exchange differences in the comprehensive income line were mainly booked on foreign operations held in Hong
Kong Dollar, US Dollar, Indian Rupee and Norwegian Krone.
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02 INFORMATION
ABOUT THE SHARE

Consolidated balance sheet
In thousands of euro Note
31 Dec
2022
31 Dec
2021
31 Dec
2020
Assets
Goodwill 8 105,612 105,612 105,612
Other intangible assets 9.1 19,251 17,427 28,952
Land and buildings 9.2 69,677 78,602 74,220
Other tangible assets 9.2 53,181 48,285 49,254
Investments and interest in associates 11 64,811 68,008 106,942
Deferred tax assets 10 55,239 64,155 62,811
Other non-current assets 13 5,819 6,849 5,870
Non-current assets 373,590 388,938 433,662
Inventory 12 245,714 175,496 175,390
Trade debtors 13 194,643 156,977 146,138
Other amounts receivable 13 14,509 16,211 17,789
Short term investments 14 1,651 2,763 3,175
Cash and cash equivalents 14 305,915 351,571 235,402
Prepaid expenses and accrued income 11,383 12,293 6,646
Current assets 773,815 715,311 584,542
Total assets 1,147,405 1,104,249 1,018,203
In thousands of euro Note
31 Dec
2022
31 Dec
2021
31 Dec
2020
Equity and liabilities
Equity attributable to equityholders of the parent
16
759,189 693,783 659,309
Non-controlling interests 17 19,792 41,031 37,798
Equity 778,981 734,814 697,107
Long-term debts 14 32,335 34,366 35,854
Deferred tax liabilities 10 3,229 3,823 4,745
Other long-term liabilities 15 44,524 48,860 43,286
Long-term provisions 19 14,998 31,175 40,156
Non-current liabilities 95,086 118,224 124,042
Current portion of long-term debts 14 11,217 10,218 9,187
Short-term debts 14 - - 86
Trade payables 18 121,920 113,979 70,299
Advances received from customers 18 51,183 54,105 42,375
Tax payables 9,639 4,963 7,478
Employee benefit liabilities (a) (a) 53,487 39,550 32,284
Other current liabilities 5,412 5,036 8,980
Accrued charges and deferred income 11,155 14,823 12,646
Short-term provisions 19 9,325 8,537 13,720
Current liabilities 273,338 251,211 197,054
Total equity and liabilities 1,147,405 1,104,249 1,018,203
The accompanying notes are an integral part of this statement.
(a) Employee benefit liabilities are short term obligations and consist mainly of salaries, bonuses and holiday payments. In
2022 employee benefit liabilities include a bonus provision on the 2022 results, whereas in 2021 bonus provision was
limited and in 2020 minimum criteria for bonus were not met. The remaining increase in 2022 is caused by inflation and
increase in headcount.
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02 INFORMATION
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Consolidated statement of cash flow
In thousands of euro Note 2022 2021 2020
Cash flow from operating activities
Adjusted EBIT 90,143 19,373 10,180
Restructuring 5 -1,211 -8,204 -9,536
Depreciations of tangible and intangible fixed assets 3, 9 36,331 39,136 43,383
(Gain)/Loss on tangible fixed assets -1,621 196 170
Share options recognized as cost 3(d), 16 1,548 3,067 2,907
Share in the profit/(loss) of joint ventures and associates 11 3,337 48 -276
Gross operating cash flow 128,527 53,616 46,829
Changes in trade receivables -35,615 -4,918 41,391
Changes in inventory -70,161 4,432 -12,260
Changes in trade payables 7,425 42,825 -59,936
Other changes in net working capital 2,823 13,195 -23,960
Change in net working capital -95,528 55,534 -54,764
Net operating cash flow 32,999 109,150 -7,936
Net operating cash flow
Interest received 2,773 713 1,845
Interest paid -1,930 -1,823 -1,965
Income taxes -6,042 -8,386 -10,398
Cash flow from operating activities 27,800 99,654 -18,454
In thousands of euro Note 2022 2021 2020
Cash flow from investing activities
Purchases of tangible and intangible fixed assets
-21,218 -18,787
-14,980
Proceeds on disposals of tangible and intangible fixed assets
8,038 183
488
Proceeds from (+), payments for (-) short term investments 14
1,112 412
21,573
Acquisition of Group companies, net of acquired cash 1.3, 24
-3,763 -
-
Other investing activities (a)
-41,634 51,969
-55,530
Dividends from joint ventures and associates
- 3,859
2,492
Cash flow from investing activities (including acquisitions
and divestments)
-57,465 37,636
-45,958
Cash flow from financing activities
Dividends paid
-21,065 -20,560
-33,354
Capital increase
1,737 1,676
482
Sale/(purchase) of own shares 16
5,992 -4,472
2,371
Payments (-) of long-term liabilities 20
-12,390 -12,758
-11,235
Proceeds from (+), payments of (-) short-term liabilities 20
999 614
2,103
Cash flow from financing activities -24,727 -35,500 -39,634
Net increase/(decrease) in cash and cash equivalents -54,392 101,790 -104,045
Cash and cash equivalents at beginning of period 351,571 235,402 357,035
Cash and cash equivalents (CTA) 8,736 14,379 -17,588
Cash and cash equivalents at end of period 305,915 351,571 235,402
The accompanying notes are an integral part of this statement.
(a) Other investing activities’ in 2022 reflect 23.6 million euro paid to the minority shareholders of Cinionic, increasing Barco’s ownership interest in the joint venture to 80%, as well as the movement in investments. In 2021 and 2020 it reflects the movement
in investments in entities in which Barco owns less than 20% of the shares.
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01 BARCO
CONSOLIDATED
02 INFORMATION
ABOUT THE SHARE

Consolidated statement of changes in equity
In thousands of euro Note
Share
capital and
premium
Retained
earnings
Share-based
payments
Cumulative
translation
adjustment
Cash flow
hedge
reserve Own shares
Equity
attributable to
equityholders
of the parent
Non-
Controlling
Interest Equity
Balance on 1 January 2020
202,401 554,479 11,193 -37,522 -1,157 -29,334 700,060 40,590 740,650
Net income - -4,393 - - - - -4,393 -335 -4,729
Dividend 16 - -33,354 - - - - -33,354 - -33,354
Capital and share premium increase 16 482 - - - - - 482 - 482
Other comprehensive income (loss) for the period, net of tax - 18,361 - -27,171 46 - -8,764 -2,457 -11,221
Share-based payment 16 - - 2,907 - - - 2,907 - 2,907
Exercise of options 16 - - - - - 2,371 2,371 - 2,371
Balance on 31 December 2020 202,883 535,093 14,100 -64,693 -1,111 -26,963 659,309 37,798 697,107
Balance on 1 January 2021 202,883 535,093 14,100 -64,693 -1,111 -26,963 659,309 37,798 697,107
Net income - 8,881 - - - - 8,881 878 9,759
Dividend 16 - -33,388 - - - - -33,388 - -33,388
Capital and share premium increase 16 14,504 - - - - - 14,504 - 14,504
Other comprehensive income (loss) for the period, net of tax - 17,197 - 26,787 398 - 44,382 2,355 46,737
Share-based payment 16 - - 4,567 - - - 4,567 - 4,567
Exercise of options 16 - - - - - 6,714 6,714 - 6,714
Share buy-back 16 - - - - - -11,186 -11,186 - -11,186
Balance on 31 December 2021 217,387 527,783 18,667 -37,906 -713 -31,435 693,783 41,031 734,814
Barco Integrated report 2022
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02 INFORMATION
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In thousands of euro Note
Share
capital and
premium
Retained
earnings
Share-based
payments
Cumulative
translation
adjustment
Cash flow
hedge
reserve Own shares
Equity
attributable to
equityholders
of the parent
Non-
Controlling
Interest Equity
Balance on 1 January 2022
217,387 527,783 18,667 -37,906 -713 -31,435 693,783 41,031 734,814
Net income - 75,219 - - - - 75,219 677 75,896
Dividend 16 - -35,695 - - - - -35,695 - -35,695
Capital and share premium increase 16 16,284 - - - - - 16,284 - 16,284
Other comprehensive income (loss) for the period, net of tax - -9,301 - 9,556 1,032 - 1,287 2,504 3,791
Share-based payment 16 - - 1,548 - - - 1,548 - 1,548
Exercise of options 16 - - - - - 5,992 5,992 - 5,992
Increase in ownership interest, without change in control (a) 17 - 771 - - - - 771 -24,420 -23,649
Balance on 31 December 2022 233,671 558,777 20,215 -28,350 319 -25,443 759,189 19,792 778,981
The accompanying notes are an integral part of this statement.
(a) Per 20 April 2022, Barco agreed to buy the shares held by Appotronics and CITICPE in Cinionic, increasing Barco’s ownership interest in the joint venture from 55% to 80%. Barco paid 23.6 million euro for the shares. The gain realized on the transaction
of 0.7 million euro is recognized in equity as the increase in ownership percentage did not result in a change in control.
Barco Integrated report 2022
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01 BARCO
CONSOLIDATED
02 INFORMATION
ABOUT THE SHARE

Significant IFRS accounting principles
1. Accounting principles
1.1. Statement of compliance and basis of presentation
The consolidated financial statements of the Barco Group
have been prepared in accordance with International Financial
Reporting Standards (IFRS), as adopted for use by the EU. All
standards and interpretations issued by the International
Accounting Standards Board (IASB) and the International
Financial Reporting Interpretations Committee (IFRIC) effec-
tive year-end 2022 and adopted by the European Union are
applied by Barco. The financial statements are also prepared
on the basis of going concern.
The consolidated financial statements are presented in thou-
sands of euro and are prepared under the historical cost
convention, except for the measurement at fair value of invest-
ments, pension estimates and derivative financial instruments.
The financial statements were authorized for issue by the board
of directors on 6 February 2023. The chairman has the power
to amend the financial statements until the shareholders’ meet-
ing of 27 April 2023.
1.2. Principles of consolidation
General
The consolidated financial statements comprise the financial
statements of the parent company, Barco NV (registered office:
35 President Kennedypark, 8500, Kortrijk, Belgium), and its
controlled subsidiaries and joint ventures, after the elimination
of all intercompany transactions.
Subsidiaries
Subsidiaries are consolidated from the date the parent
obtains control until the date control ceases. Acquisitions of
subsidiaries are accounted for using the purchase method
of accounting. Control exists when Barco is exposed, or has
rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power
over the investee. The financial statements of subsidiaries
are prepared according to the parent’s company reporting
schedule, using consistent IFRS accounting policies.
Non-controlling interests
Non-controlling interests represent the portion of profit or
loss and net assets not held by the Group and are presented
separately in the income statement and within equity in the
consolidated balance sheet, separately from shareholder’s
equity.
Investments in associated companies and joint ventures
The company has investment in joint ventures when it shares
joint control with other investments, and it has rights to the
net assets of these joint ventures. Investments in associated
companies over which the company has significant influence
(typically those that are 20-50% owned) and joint ventures
are accounted for under the equity method of accounting
and are initially recognized at cost. Thereafter the carrying
amount of the investment is adjusted to recognize changes
in the Group’s share of net assets of the associate since the
acquisition date. The statement of profit or loss reflects the
Group’s share of the results of operations of the associate, in
‘other operating income’ for associated companies and joint
ventures with closely related business and in the line ‘share in
the result of joint ventures and associates’ for all other associ-
ated companies and joint ventures. Investments in associated
companies and joint ventures are presented as non-current
asset on the face of the balance sheet on the line ‘investments
and interest in associates’.
2. Goodwill
Goodwill represents the excess of the cost of the acquisition
over the fair value of identifiable net assets and contingent
liabilities of a subsidiary or associated company at the date
of acquisition.
Goodwill is carried at cost less any accumulated impairment
losses.
3. Research and development costs
Research and development costs are expensed as incurred,
except for development costs, which relate to the design and
testing of new or improved materials, products or technol-
ogies, which are capitalized to the extent that it is expected
that such assets will generate future economic benefits and
the recognition criteria of IAS38 are met. Shorter life cycles,
unpredictability of which development projects will be suc-
cessful, and the volatility of technologies and the markets in
which Barco operates led the Board of Directors to conclude
that Barco’s development expenses since 2015 no longer meet
the criteria of IAS38.57. As the criteria of IAS38.57 are no longer
fulfilled, capitalization of development expenses as of 2015
was not allowed.
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4. Other intangible assets
Intangible assets acquired separately are capitalized at cost.
Intangible assets acquired as part of a business combination
are capitalized at fair value separately from goodwill if the fair
value can be measured reliably upon initial recognition and
are amortized over their economic lifetimes. Other intangible
assets are amortized on a straight-line basis not exceeding 7
years.
5. Property, plant and equipment
Property, plant and equipment are stated at cost less accu-
mulated depreciation and accumulated impairment losses.
Generally, depreciation is computed on a straight-line basis
over the estimated useful life of the asset. When there is an
indication that the item of property, plant and equipment is
impaired, the carrying amounts are reviewed to assess whether
they are recorded in excess of their recoverable amounts,
and where carrying values exceed this estimated recoverable
amount, assets are written down to their recoverable amount.
Estimated useful life is:
- buildings 20 years
- installations 10 years
- production machinery 5 years
- measurement equipment 4 years
- tools and models 3 years
- furniture 10 years
- office equipment 5 years
- computer equipment 3 years
- vehicles 5 years
- demo material 1 to 3 years
- leasehold improvements and finance leases: cfr underlying
asset, limited to outstanding period of lease contract
A property, plant or equipment item is derecognized upon
disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on de-recog-
nition of the asset is included in profit or loss in the year the
asset is derecognized.
6. Leases
Assets, representing the right to use the underlying leased
asset, are capitalized as property, plant and equipment at cost,
comprising the amount of the initial measurement of lease
liability, any lease payments made at or before the commence-
ment date less any lease incentives received, any initial direct
costs and restoration costs. The corresponding lease liabilities,
representing the net present value of the lease payments, are
recognized as long-term or current liabilities depending on the
period in which they are due. Leased assets and liabilities are
recognized for all leases with a term of more than 12 months,
unless the underlying asset is of low value.
The lease payments are discounted using the lessee’s incre-
mental borrowing rate, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset
of similar value in a similar economic environment with similar
terms and conditions. The interest rate implicit in the lease
could not be determined.
Lease interest is charged to the income statement as an inter-
est expense.
Leased assets are depreciated, using straight-line depreciation
over the lease term, including the period of renewable options,
in case it is probable that the option will be exercised.
7. Investments - financial assets at fair value through
profit and loss or other comprehensive income
Investments are treated as financial assets at fair value through
profit and loss or other comprehensive income and are initially
recognized at cost, being the fair value of the consideration
given.
Subsequent fair value recognition through profit and loss or
other comprehensive is determined at moment of initial recog-
nition. For investments quoted in an active market, the quoted
market price is the best measure of fair value. For investments
not quoted in an active market, the carrying amount is the
historical cost, if a reliable estimate of the fair value cannot
be made. An impairment loss is recorded when the carrying
amount exceeds the estimated recoverable amount. These
investments are presented on the balance sheet on the line
‘Investments and interest in associates’.
Short-term investments are cash deposits with a maturity at
inception in excess of 3 months and are intended to be held
to maturity less than one year (solely payment of principle
and interest). They are recognized at cost, with the associated
revenue in interest income.
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8. Other non-current assets
Other non-current assets include long-term interest-bearing
receivables and cash guarantees. Such long-term receivables
are accounted for as loans and receivables originated by the
company and are carried at amortized cost. An impairment loss
is recorded when the carrying amount exceeds the estimated
recoverable amount.
9. Financial assets
The Group classifies its financial assets in the following cat-
egories: financial assets at fair value and financial assets at
amortized cost. The classification depends on the entity’s
business model for managing the financial assets and the
contractual terms of the cash flows. Management determines
the classification of its financial assets at initial recognition.
Regular purchases and sales of financial assets are recognized
on the trade date – the date on which the Group commits to
purchase or sell an asset.
At initial recognition, the Group measures a financial asset
at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through profit or
loss are expensed in profit or loss.
Financial assets (such as loans, trade and other receivables, cash
and cash equivalents) are subsequently measured at amortized
cost using the effective interest method, less any impairment if
they are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest.
Trade and other receivables after and within one year are
recognized initially at fair value and subsequently measured
at amortized cost, i.e. at the net present value of the receiv-
able amount, using the effective interest rate method, less
allowances for impairment. The Group assesses on a for-
ward-looking basis the expected credit loss associated with its
financial assets carried at amortized cost. For trade receivables,
the Group applies the simplified approach permitted by IFRS 9
Financial instruments, which requires expected lifetime losses
to be recognized from initial recognition of the receivables.
The amount of the allowance is deducted from the carrying
amount of the asset and is recognized in the income statement
within other operating income.
10. Inventories
Inventories are stated at the lower of cost or net realiz-
able value. Cost is determined on a first in first out (FIFO)
or weighted average basis. Net realizable value is the esti
-
mated selling price in the ordinary course of business less
the estimated costs of completion and the estimated costs
of completing the sale.
In addition to the cost of materials and direct labor, the rel-
evant proportion of production overhead is included in the
inventory values.
Write offs on inventories are applied on slow-moving inven-
tory. The calculation of the allowance is based on consistently
applied write off rules, which depend on both historical and
future demand, of which the latter is subject to uncertainty
due to rapid technological changes.
11. Revenue recognition
We apply the five-step model to account for revenue arising
from contracts with customers. Revenue is recognised at an
amount that reflects the consideration to which we expect
to be entitled in exchange for transferring goods or services
to a customer.
(a) Sale of goods
Contracts with customers to sell equipment has only 1 perfor-
mance obligation. Revenue recognition occurs at a point in
time, when control of the asset is transferred to the customer,
generally on delivery of the goods. The Group has following
warranty options: the Group provides warranties for general
repairs of which the Group determined that such warranties
are assurance-type warranties which are accounted for under
IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
(b) Rendering of services
The Group provides services within all segments. These
services are sold either on their own in contracts with the
customers or bundled together with the sale of equipment
to a customer. The Group accounts for the equipment and
service as separate deliverables of bundled sales and allocates
consideration between these deliverables using the relative
stand-alone selling prices. The Group recognises service rev-
enue by reference to the stage of completion. The Group
recognises the services over time given that the customer
simultaneously receives and consumes the benefits provided
by the Group. Consequently, the Group recognises revenue
for these service contracts/service components of bundled
contracts over time rather than at a point of time.
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(c) Projects
For revenue out of projects, the percentage of completion
method is used, provided that the outcome of the project can
be assessed with reasonable certainty. These projects generally
have a lifetime of less than one year.
12. Government grants
Government grants related to research and development proj-
ects and other forms of government assistance are recognized
as income upon irreversible achievement and by reference to
the relevant expenses incurred.
13. Trade debtors and other amounts receivable
Trade debtors and other amounts receivable are shown on
the balance sheet at amortized cost (in general, the original
amount invoiced) less an allowance for doubtful debts and
less an amount for expected credit losses. The allowance for
doubtful debts is recorded in operating income when it is prob-
able that the company will not be able to collect all amounts
due. Allowances are calculated on an individual basis, based on
an aging analysis of the trade debtors. For the determination of
the expected credit loss, the Group has applied the simplified
approach and records lifetime expected losses on all trade
receivables. This amount is determined on a portfolio basis.
14. Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and bal-
ances with banks and short-term investments with an original
maturity date or notice period of three months or less. It is
the Group’s policy to hold investments to maturity. All invest-
ments are initially recognized at fair value, which is the cost
at recognition date.
15. Provisions
Provisions are recorded when the Group has a present legal or
constructive obligation as a result of a past event, it is probable
that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate
can be made to the amount of the obligation.
The Group recognizes the estimated liability to repair or
replace products still under warranty at the balance sheet date.
The provision is calculated based on historical experience of
the level of repairs and replacements.
A provision for restructuring is only recognized when the
Group has approved a detailed and formal restructuring plan,
and the restructuring has either commenced or has been
announced to those affected by the plan before the balance
sheet date.
On the line item ‘Long-term provisions’, the company pres -
ents the net liability relating to the post-retirement benefit
obligations which includes the Belgian defined-contribution
pension plans that are by law subject to minimum guaranteed
rates of return. Pension legislation was amended at the end
of 2015 and defines the minimum guaranteed rate of return
as a variable percentage linked to government bond yields
observed in the market as from 1 January 2016 onwards. For
2022 the minimum guaranteed rate of return remains the same
as in 2021 and 2020, i.e. 1.75% on employer contributions and
employee contributions. We refer to note 19 for more detailed
information. As a consequence, the defined contribution plans
have been accounted for as defined benefit plan.
16. Equity – costs of an equity transaction
The transaction costs of an equity transaction are accounted
for as a deduction from equity, net of any related income tax
benefit.
17. Interest-bearing loans and borrowings
All loans and borrowings are initially recognized at cost, being
the fair value of the consideration received net of issue costs
associated with the loan/borrowing. Subsequent to initial rec-
ognition, interest-bearing loans and borrowings are stated
at amortized cost using the effective interest rate method.
Amortized cost is calculated by taking into account any issue
costs and any discount or premium on settlement.
The effective interest method is a method of calculating the
amortized cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the
financial liability, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.
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When a financial liability measured at amortized cost is mod-
ified without this resulting in derecognition, a gain or loss is
recognized in profit or loss. The gain or loss is calculated as
the difference between the original contractual cash flows and
the modified cash flows discounted at the original effective
interest rate.
The measurement of a written put option liability
When the risks and rewards of ownership transfer to the parent,
a financial liability is recognized for the fair value of the put
option. The fair value is the present value of the estimated
redemption amount and depends on a management estimate
of a number of assumptions (i.e. the expected market value,
the estimated probability that the exercise conditions are met
and the expected WACC). Subsequently, the liability is revalued
to fair value at each reporting period through the income
statement, including the effect of unwinding the discount and
other changes in the estimated redemption amount due to
changes in management's assumptions.
18. Trade and other payables
Trade and other payables are stated at amortized cost, which
is the cost at recognition date. This is an approximation of
the fair value.
19. Employee benefits
Employee benefits are recognized as an expense when the
Group consumes the economic benefit arising from service
provided by an employee in exchange for employee benefits,
and as a liability when an employee has provided service in
exchange for employee benefits to be paid in the future.
20. Transactions in foreign currencies
Transactions in foreign currencies are recorded at the rates
of exchange prevailing at the date of transaction or at the
end of the month before the date of the transaction. At the
end of the accounting period the unsettled balances on for-
eign currency receivables and liabilities are valued at the rates
of exchange prevailing at the end of the accounting period.
Foreign exchange gains and losses are recognized in the
income statement in the period in which they arise.
21. Foreign Group companies
In the consolidated accounts, all items in the profit and loss
accounts of foreign subsidiaries are translated into euro at the
average exchange rates for the accounting period. The balance
sheets of foreign group companies are translated into euro
at the rates of exchange ruling at the year-end. The resulting
exchange differences are classified in a separate component of
‘other comprehensive income’, until disposal of the investment.
Foreign currency rates
Currency
December 31, 2022 December 31, 2021 December 31, 2020
Closing rate Average rate Closing rate Average rate Closing rate Average rate
CNY 7. 36 7.08 7.19 7.63 8.02 7.88
INR 88.17 82.69 84.23 87.45 89.66 84.74
USD 1.07 1.05 1.13 1.18 1.23 1.14
22. Derivative financial instruments
Derivative financial instruments are recognized initially at cost,
which is the fair value of the consideration given (in the case of
an asset) or received (in the case of a liability) for it. Subsequent
to initial recognition, derivative financial instruments are stated
at fair value. The fair values of derivative interest contracts
are estimated by discounting expected future cash flows
using current market interest rates and yield curve over the
remaining term of the instrument. The fair value of forward
exchange contracts is estimated using valuation techniques
which include forward pricing and swap models at the balance
sheet date.
Derivative financial instruments that are either hedging instru-
ments that are not designated or do not qualify as hedges
are carried at fair value with changes in value included in the
income statement.
Where a derivative financial instrument is designated as a hedge
of the variability in cash flows of a recognized asset or liability,
or a highly probable forecasted transaction, the effective part
of any gain or loss on the derivative financial instrument is
recognized directly in ‘other comprehensive income’ with the
ineffective part recognized directly in profit and loss.
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Financial assets and liabilities are offset and the net amount is
reported in the balance sheet when there is a legally enforce-
able right to offset the recognized amounts and there is an
intention to settle on a net basis or realize the asset and settle
the liability simultaneously.
23. Income taxes
Current taxes are based on the results of the Group companies
and are calculated according to local tax rules.
Deferred tax assets and liabilities are determined, using the
liability method, for all temporary differences arising between
the tax basis of assets and liabilities and their carrying values
for financial reporting purposes. Tax rates used are expected to
apply to the period when the asset is realized or the liability is
settled, based on tax rates and tax laws that have been enacted
or substantially enacted at the balance sheet date.
Deferred tax assets are recognized for all deductible temporary
differences, carry-forward of unused tax credits and unused
tax losses, to the extent that it is probable that taxable profit
will be available against which the deductible temporary dif-
ferences, carry-forward of unused tax credits and tax losses
can be utilized. The carrying amount of deferred income tax
assets is reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that sufficient tax-
able profit will be available to allow all or part of the deferred
income tax asset to be utilized.
Deferred income tax assets and deferred income tax liabilities are
offset, if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred income taxes
relate to the same taxable entity and the same taxation authority.
The Group reviews their tax positions taken in the financial
statements and in the tax filings and how these are supported.
In addition, the Group assesses how the taxation authorities
might make their examinations and how issues that might arise
from examinations could be resolved. Based on this assess-
ment, a deferred tax liability is determined in line with IFRIC 23.
24. Impairment of assets
Goodwill is reviewed for impairment at least annually. For other
tangible and intangible assets, at each balance sheet date,
an assessment is made as to whether any indication exists
that assets may be impaired. If any such indication exists, an
impairment test is carried out in order to determine if and to
what extent an impairment is necessary to reduce the asset
to its recoverable amount (which is the higher of (i) value in
use and (ii) fair value less costs to sell). The fair value less costs
to sell is determined as (i) the fair value (that is the price that
would be received to sell an asset in an orderly transaction in
the principal market at the measurement date under current
market conditions) less (ii) the costs to sell while value in use
is the present value of the future cash flows expected to be
derived from an asset. Recoverable amounts are estimated for
individual assets or, if this is not possible, for the cash-gener-
ating unit (CGU) to which the assets belong. An impairment
loss is recognized whenever the carrying amount of an asset
or its cash-generating unit exceeds its recoverable amount.
Impairment losses are recognized in the income statement.
Reversal of impairment losses recognized in prior years is
included as income when there is an indication that the impair-
ment losses recognized for the asset are no longer needed
or the need has decreased, except for impairment losses on
goodwill, which are never reversed.
25. Share-based payment
Barco created warrants and stock options for staff and directors
as well as for individuals who play an important role in the
company. According to the publication of IFRS2, the cost of
share-based payment transactions is reflected in the income
statement.
The warrants and stock options are measured at grant date,
based on the share price at grant date, exercise price, expected
volatility, dividend estimates, and interest rates. Warrant cost
is taken into result on a straight-line basis from the grant date
until the end of the vesting period.
26. Earnings per share
The Group calculates both basic and diluted earnings per share
in accordance with IAS 33, Earnings per share. Under IAS 33,
basic earnings per share are computed using the weighted
average number of shares outstanding during the period.
Diluted earnings per share are computed using the weighted
average number of shares outstanding during the period plus
the dilutive effect of warrants outstanding during the period.
As diluted earnings per share cannot be higher than basic
earnings per share, diluted earnings per share are kept equal
to basic earnings per share in case of negative net earnings.
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27. Discontinued operations and non-current assets
held for sale
A discontinued operation is a component of the Group that
either has been disposed of, or is classified as held for sale
and represents a separate major line of business and is part
of a single coordinated plan to dispose of a separate major
line of business or is a subsidiary acquired exclusively with a
view to resale.
The Group classifies a non-current asset (or disposal group) as
held for sale if its carrying amount will be recovered principally
through a sale transaction rather than through continuing use.
The criteria for held for sale classification is regarded as met
only when the sale is highly probable and the asset or disposal
group is available for immediate sale in its present condition.
Management must be committed to the sale expected within
one year from the date of the classification. Property, plant
and equipment and intangible assets are not depreciated or
amortized once classified as held for sale.
Immediately before classification as held for sale, the Group
measures the carrying amount of the asset (or all the assets
and liabilities in the disposal group) in accordance with appli-
cable IFRS. Then, on initial classification as held for sale,
non-current assets and disposal groups are recognized at the
lower of their carrying amounts and fair value less costs to sell.
Impairment losses are recognized for any initial or subsequent
write-down of the asset (or disposal group) to fair value less
costs to sell.
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IFRS accounting standards
adopted as of 2022
IFRS accounting standards
issued but not yet effective as of
2022
The Group applied for the first-time certain standards and
amendments, which are effective for annual periods beginning
on or after 1 January 2022. The Group has not early adopted
any other standard, interpretation or amendment that has been
issued but is not yet effective.
• Amendments to IFRS 3 Business Combinations; IAS
16 Property, Plant and Equipment; IAS 37 Provisions,
Contingent Liabilities and Contingent Assets as well as
Annual Improvements, effective 1 January 2022
• Amendment to IFRS 16 Leases Covid 19-Related Rent
Concessions beyond 30 June 2021 (effective 01/04/2021,
with early application permitted)
None of these IFRS standards issued have an impact on Barco’s
financials.
Standards issued but not yet effective
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group’s financial
statements are disclosed below. The Group intends to adopt
these standards and interpretations, if applicable, when they
become effective.
• Amendments to IAS 1 Presentation of Financial Statements
and IFRS Practice Statement 2: Disclosure of Accounting
policies, effective 1 January 2023
• IFRS 17 ‘Insurance contracts’, effective 1 January 2023
• Amendments to IAS 8 Accounting policies, Changes in
Accounting Estimates and Errors: Definition of Accounting
Estimates, effective 1 January 2023
• Amendments to IAS 1 ‘Presentation of Financial Statements
1
:
Classification of Liabilities as current or non-current’, effec-
tive 1 January 2023
• Amendments to IAS 12 Income Taxes: Deferred Tax related
to Assets and Liabilities arising from a Single Transaction,
effective 1 January 2023
• Amendments to IFRS 17 Insurance contracts: Initial
Application of IFRS 17 and IFRS 9 – Comparative Information
(issued on 9 December 2021, effective 1 January 2023
None of the IFRS standards issued, but not yet effective are
expected to have a material impact on Barco’s financials.
(1) Not yet endorsed by the European Union as at 31 December 2022.
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Critical accounting judgments and key sources of estimation uncertainty
General business risks
Over the year 2022, 2021 and 2020 the macroeconomic
conditions have been affecting businesses all over the world
– Barco included.
We refer to the chapter ‘Risk factors’ (see Corporate
Governance & Risk report page 29-43) for an overview of the
risks affecting businesses of the Barco Group.
The risks described in this chapter are not the only risks facing
the Company. Additional risks and uncertainties not currently
known to the Company or that the Company currently deems
to be immaterial also may materially adversely affect its busi-
ness, financial condition and/or operating results.
In view of climate related matters, Barco’s business is not
impacted by extreme weather conditions such as droughts
or floods. Barco is moving towards more eco-friendly prod-
ucts, and we see that our customer’s behaviour and demand
is making the same evolution.
Deep dive on the 2022 consequences and impact of the
macroeconomic environment
In 2022, especially after the first quarter, the global covid-19
situation improved considerably, allowing operations to be car-
ried out in normal conditions again and with demand for our
products resuming in most geographies. The main exception is
China, where local lockdowns continued to affect the business
and local operations throughout the full year. In the aftermath
of the pandemic and as a result of geopolitical events, 2022
posed new macroeconomic challenges affecting businesses
all over the world – including Barco. The main ones were:
• The supply chain constraints and component shortages:
as previously disclosed, Barco is not immune to compo -
nent shortages and supply chain constraints which have
impacted and continue to impact certain product lines.
These impacts relate to shortages and delayed deliveries
of components, higher broker costs and higher transport
costs.
• High inflation in most geographies, related to salaries,
energy and component costs.
• Remaining pandemic-related effects in China. Several
lockdowns lead to lower production and sales in the
China region (mainly but not limited to the Entertainment
business).
• Scarcity of human resources and talent.
As Russia's invasion of Ukraine and sanctions towards Russia
have a limited impact on Barco's business overall, consequently
there is no significant risk. Furthermore Barco reviewed the
impact on the Group financials and concluded that there is
no material impact.
Approach
In this section, Barco addresses its risk mitigation plan related
to the main 2022 macroeconomic impacts.
Operations and supply chain
The worldwide shortages in different commodities in 2021
and 2022, tested Barco's supply chain resilience. Barco's
strong, long-term supplier relationships and agile approach
have proven to be key to find solutions to the shortages in
many cases. Nevertheless, Barco is not immune to component
shortages and supply chain constraints which have impacted
and continue to impact certain product lines.
While the team has largely mitigated these challenges, the
impact was felt in the form of delayed sales and longer lead
times, rather than cancelled orders. Barco experienced a delay
in sales after the second quarter of the year of about 40 million
euro, primarily in Entertainment for projector-line deliveries. By
the end of the third quarter this delay decreased to 20 million
euro with further improvement towards the end of the year.
Barco has addressed these challenges by intense collaboration
with all suppliers and the temporary involvement of brokers for
the sourcing of critical components. Furthermore, the redesign
of products has been a significant mitigating factor and will
continue to be. For certain components and subassemblies,
inventory levels have been temporarily increased to lower the
risk of shortages.
Coping with inflation and high commodity prices
The aftermath of the pandemic and the changes in geopolitical
situation have led to higher interest rates and a steep increase
of the inflation in EMEA and Americas. As Barco has relatively
low external debt, the direct cost effect of increased interest
rates on 2022 financial costs is limited.
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The inflation affects mainly energy costs, salaries, and com-
ponent sourcing. All these costs are being critically reviewed
and optimized on a constant basis. These inflation effects were
passed through were possible.
Lifting of pandemic measures, with the exception of China
The pandemic covid-19 situation has improved considerably in
most regions throughout 2022, especially after the first quarter.
This has allowed to return to normalized operations. It also
has fueled the demand for our products, most notably in the
Enterprise and Entertainment divisions.
In China, the course of the pandemic has followed a dif-
ferent pattern, with quicker recovery in 2020 and 2021, but
still significant local lockdowns in 2022, affecting the busi-
ness operations and the customer demand. In our Chinese
locations, the hygienic safety measures (social distancing,
ventilation, masks, homework policies) have therefore been
continued throughout 2022. Despite all measures put in place,
at times the Chinese operations have run at lower capacity
than usual.
Retaining and attracting talent
The end of the pandemic has put more pressure on the labor
market in many geographies, with higher turnover of personnel
seen in many sectors, also affecting Barco. Barco has increased
its hiring activity and employer branding campaigns to attract
the right talent. Another consequence is an increase of the
average labor cost, partly driven by salary indexations. We have
cross charged the labour cost inflation effect on our products
where possible to reflect this increased cost base.
Strong funding and liquidity structure in place
Barco has a strong balance sheet and ample liquidity. We refer
to note 14 for more details on Barco’s net cash position.
Barco has sufficient headroom to enable it to conform to cov-
enants on its existing borrowings. The Group complied with
all requirements of the loan covenants on its available credit
facilities throughout the reporting period.
While the future may still bring some levels of headwind,
Barco’s strong funding and liquidity structure in place should
be more than sufficient to ensure the going concern of the
company. In addition, we refer to note 8 where we explain
how we tested goodwill and all other non-current assets for
impairment and concluded no impairment losses need to be
recognized.
Key sources of estimation uncertainty
• Deferred tax assets are recognized for the carry-forward of
unused tax losses and unused tax credits to the extent that it
is probable that future taxable profit will be available against
which the unused tax losses and unused tax credits can be
utilized. In making its judgment, management considers
elements such as long-term business strategy, including
tax planning opportunities (see note 10 ‘Deferred tax assets
– deferred tax liabilities’) and local tax laws enacted at the
reporting date.
• Uncertain tax positions: The Group reviews their tax posi -
tions taken in the financial statements and in the tax filings
and how these are supported. In addition, the Group
assesses how the taxation authorities might make their
examinations and how issues that might arise from exam-
inations could be resolved. Based on this assessment, a
deferred tax liability is determined in line with IFRIC 23 (see
note 10 ‘Deferred tax assets – deferred tax liabilities’).
• Impairment of goodwill: the Group tests the goodwill
for impairment annually or more frequently if there are
indications that goodwill might be impaired (see note 8
’Goodwill’). The outcome of the goodwill impairment test
performed in the last quarter of 2022, did not result in an
impairment loss.
• Write offs on inventories: Inventories are stated at the lower
of cost or net realizable value. The calculation of the allow-
ance for slow-moving inventory is based on consistently
applied write off rules, which depend on both historical
and future demand, of which the latter is subject to uncer-
tainty due to rapid technological changes. On top of the
minimum rules, more severe rules are applied in case of
for example the decision to stop a business unit or prod-
uct line. The remaining inventory on hand is in that case
analyzed and reserved as appropriate. Inventory allowances
are only reversed in case the above rules no longer apply
or the written off inventory is sold or scrapped (see note 12
'Inventory').
• Current expected credit losses: The Group assesses on a
forward-looking basis the expected credit loss associated
with its financial assets carried at amortized cost. For trade
receivables, the Group applies the simplified approach
permitted by IFRS 9 Financial instruments, which requires
expected lifetime losses to be recognized from initial rec-
ognition of the receivables.
The ability of the Company to collect its accounts receiv-
able balances is dependent on the viability and solvency
of its business partners, distributors and resellers, which
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is influenced by business behavior, which is on its turn
influenced by consumer behavior and general economic
conditions. Customers may experience financial difficulties
that could cause them to be unable to fulfil their payment
obligations to the Company.
The Company develops its estimate of credit losses by type
of business and customer type, number of days overdue
and historical loss rates which are then adjusted for specific
receivables that are judged to have a higher than normal
risk profile after taking into account management’s internal
credit assessment, as well as macro-economic and industry
risk factors. Moreover, the Company had a credit insurance
in place for specific higher risk cinema contracts and the
Company has reached extended payment plans with some
of its cinema customers, which have been honored. The
remaining overdue balances with its cinema customers per
31 December 2022 are limited and the limited remaining
extended payments plans are being honored.
For the year ended December 31, 2022, the Company set
up a limited extra provision for current expected credit
losses (2022: -0.2 million euro; 2021: +0.4 million euro
profit) reflecting a lower credit risk of its customers related
accounts receivable compared to 2020. The extra provision
recorded in 2020 (1.5 million euro) reflected a reduction
in the credit quality of specific cinema customers related
accounts receivable as a result of the covid-19 global
pandemic.
Accounting treatment of development expenses
Shorter life cycles, unpredictability of which development proj-
ects will be successful, and the volatility of technologies (more
and more software development) and markets in which Barco
operates led the Board of Directors to conclude that Barco’s
development expenses do not meet the criteria of IAS38.57. As
the criteria of IAS38.57 are not fulfilled, our accounting policy,
with respect to research and development costs, does not
allow the capitalization of development expenses.
Defined benefit obligations
The cost of the defined benefit pension plan (see note 19)
and the present value of the pension obligation are deter-
mined using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from actual devel-
opments in the future. These include the determination of
the discount rate, future salary increases, mortality rates and
future pension increases. Due to the complexities involved in
the valuation, and its long-term nature, a defined obligation is
highly sensitive to changes in these assumptions. All assump-
tions are reviewed on reporting date.
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Notes to the consolidated financial statements
Country of Incorporation Legal Entity Registered Office %
Europe, Middle East and Africa
Belgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100
Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100
Belgium Cinionic bv Beneluxpark 21, 8500 Kortrijk BELGIUM 80
Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk BELGIUM 70
France Barco SAS 177 avenue Georges Clémenceau, Immeuble “Le Plein Ouest”, 92000 Nanterre FRANCE 100
Germany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100
Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100
Italy Barco S.r.l. Via Monferrato 7, 20094 Corsico ITALY 100
Italy FIMI S.r.l. Via Vittor Pisani 6, 20124 Milano ITALY 100
Netherlands Barco B.V. Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam NETHERLANDS 100
Norway Barco Fredrikstad AS Habornveien 53, 1630 Gamle Fredrikstad NORWAY 100
Poland Barco Sp. z o.o. Annopol 17, 03-236 Warsaw POLAND 100
Russia Barco Services OOO Office 1, Floor 3, Kondratyuka str., 3, 129515 Moscow RUSSIAN FEDERATION 100
Saudi Arabia Barco Integrated Solutions Saudi Arabia for Business Services Laysen Valley, King Khalid Rd. and Al-Orouba Rd., Plot 3855, Building 33, 2nd floor, Riyadh SAUDI ARABIA 100
Spain Barco Electronic Systems, S.A. Travessera de les Corts 241, Entlo. 3a, 08028 Barcelona SPAIN 100
Sweden Barco Sverige AB c/o Grant Thornton, Box 2230, 403 14 Göteborg SWEDEN 100
Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 Göteborg SWEDEN 100
Sweden Gnosco AB Kungsgatan 4, 411 19 Göteborg SWEDEN 70
United Arab Emirates* Barco Middle East L.L.C. Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai UNITED ARAB EMIRATES 49
United Kingdom Barco Ltd. Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire UNITED KINGDOM 100
United Kingdom Gnosco Dermicus Ltd. 24 Old Queen Street, SW1H 9HP London UNITED KINGDOM 70
1. Consolidated companies
1.1 List of consolidated companies on 31 December 2022
(*) Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor.
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Country of Incorporation Legal Entity Registered Office %
Americas
Brazil Barco Ltd.. Av. Ibirapuera, 2332, 8° andar, conj 82, Torre II, Moema, 04028-002 São Paulo BRAZIL 100
Canada MTT Innovation Incorporated Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC CANADA 100
Colombia Barco Colombia SAS Carrera 15, n° 88-64, Torre Zimma Oficina 610, 110221 Bogota COLOMBIA 100
Mexico Barco Visual Solutions S.A. de C.V. Mariano Escobedo No. 476 Piso 10 Col. Anzures, C.P. 11590 D.F. México MEXICO 100
Mexico Cinionic Mexico, S.A. de C.V. Artemio del Valle Arizpe 16, 2ndo piso, Col del Valle, CP 03100 New Mexico city (CDMX) MEXICO 80
United States Barco, Inc. 1209 Orange Street, 19801 Wilmington DE UNITED STATES 100
United States Cinionic Inc. 11080 White Rock Road, Suite 100, 95670 Rancho Cordova CA UNITED STATES 80
Asia-Pacific
Australia Barco Systems Pty. Ltd. 2 Rocklea Drive, VIC 3207 Port Melbourne AUSTRALIA 100
Australia Cinionic Pty. Ltd. C/- Accru Melbourne Pty Ltd. 50 Camberwell Road, VIC 3123 Hawthorn East AUSTRALIA 80
China Barco Trading (Shanghai) Co., Ltd. Room 702, No. 138, Fenyang Road, 200031 Shanghai CHINA 100
China Barco Visual (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100
China Barco Visual (Beijing) Trading Co., Ltd. No. 16 Changsheng Road, Chang Ping Park, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100
China Barco China Electronic Visualization Technology (Nanjing) Co., Ltd. No. 1, Hengtong Road Nanjing development zone, 210038 Nanjing, Jiangsu CHINA 100
China Barco (Suzhou) Healthcare Technology Co., Ltd. No. 111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou CHINA 100
China Barco (Wuxi) Technology Co., Ltd. B312-109, No. 3, Fengwei Road, Huizhi Enterprise Center, Xishan development zone, 214101 Wuxi CHINA 100
Hong Kong Barco Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100
Hong Kong Barco Visual Electronics Co., Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100
Hong Kong Barco China (Holding) Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100
Hong Kong Cinionic Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 80
India Barco Electronic Systems Pvt. Ltd. c/o Perfect Accounting & Shared Services P.Ltd., E-20, 1st & 2nd Floor, Main Market, Hauz Khas, 110016 New Delhi INDIA 100
Japan Barco Co., Ltd. Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 Tokyo JAPAN 100
Malaysia Barco Sdn. Bhd. No. 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, Selangor MALAYSIA 100
Singapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore SINGAPORE 100
South Korea Barco Korea Ltd. 1F. & 3F., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, DongAn-Gu, GyeongGi-Do, 14058 AnYang-si KOREA, REPUBLIC OF 100
Taiwan Barco Ltd. 33F., No. 16, Xinzhan Rd., Banqiao Dist., 220 New Taipei City TAIWAN, PROVINCE OF CHINA 100
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1.2 List of equity accounted companies on 31 December 2022
Exemption of publishing financial statements and management
report according German legislation §264 Abs. 3 HGB:
Following subsidiary-companies will be released of publishing
their financial statements and management report 2022:
• Barco GmbH
• Barco Control Rooms GmbH
These companies are included in the consolidation scope of
Barco Consolidated 2022 as listed above.
Country of Incorporation Legal Entity Registered Office %
Americas
United States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35
Asia-Pacific
China CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 49
1.3 Acquisitions and divestments
2022
Acquisition of Gnosco AB
In order to advance its growth initiative Demetra, Barco signed
a joint venture agreement with the Swedish company Gnosco
AB on July 1
st
, 2022.
The two teams will first combine their expertise, go-to-mar-
ket capabilities and installed bases and then plan the path to
commercial success including a joint teledermatology and
telewound care roadmap based on high quality, affordable
skin solutions. Barco acquired 70% of the shares in Gnosco
AB. As the effective control is transferred on 1 July 2022, the
Gnosco figures are taken up in the figures of the Barco Group
from 1 July, 2022 onwards.
The investment payment is recorded as an intangible asset
(acquired know-how) on the Barco Consolidated Balance
Sheet, which will be amortized over 5 years.
A financial liability related to puttable non-controlling interests
was recorded for an amount of 2 million euros. See note 15
for more information.
In 2022 Gnosco AB contributed six months of turnover (0.8
million euro) to the total turnover of the Group, though in its
start-up phase not yet contributing to EBITDA (-0.1 million
euro).
If the acquisition had taken place at the beginning of the year,
the total turnover would have been 1.2 million euro and the
EBITDA loss for the period would have been -0.3 million euro.
Transaction costs of 0.1 million euro have been expensed and
are included in administrative expenses in the statement of
profit or loss and are part of operating cash flows in the state-
ment of cash flows.
The following table summarizes the consideration paid for
Gnosco and the fair values of the assets acquired and liabilities
assumed recognized at the acquisition date. The difference
between the consideration paid, the underlying net assets is
related to future cash flows Barco expects to realize based on
the sale of services provided by Dermicus, the teledermatol-
ogy platform for diagnosis of skin cancer, wounds and other
skin lesions.
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The acquisition has been accounted for using the acquisition
method conform IFRS3 Business Combinations.
We refer to note 23 'Cash flow statement: effect of acquisitions
and disposals' for impact on the cash flow of the Group.
2021 - 2020
Barco did not close any acquisition or divestment agreements
in 2021 and 2020.
Assets and Liabilities Gnosco AB
In thousands of euro 1 July 2022
Opening B/S
Fair value
restatements
IFRS
Opening B/S
Capitalized development 354 -354 -
Know-how 0 7,607 7,607
Deferred tax assets - 73 73
Total non-current assets 354 7,326 7,68 0
Trade receivables 29 - 29
Other current assets 12 - 12
Total current assets 40 - 40
LT loan -172 - -172
Deferred tax liability - -1,567 -1,567
Total non-current liabilities -172 -1,567 -1,739
Other current liabilities -170 - -170
Total current liabilities -170 - -170
Cash 237 - 237
Total net assets 289 5,759 6,048
Upfront consideration 4,000
Total acquisition cost (excl. net cash) 4,000
Financial liabilities related to puttable non-controlling interest 2,048
Cash flow on acquisition 1 July 2022
Net cash acquired with the subsidiary 237
Cash paid -4,000
Net cash flow on acquisition -3,763
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2. Operating Segments information
2.1. Basis of operating segments information
Barco is a global technology company developing solutions
for three main markets, which is also reflected in its divisional
structure: Healthcare, Enterprise and Entertainment.
• Healthcare: The Healthcare division comprises two busi-
ness units:
-
Diagnostic imaging offers an extensive line-up of high-pre-
cision medical display systems for disciplines including
radiology, mammography, dentistry, pathology and clinical
review imaging, plus a full suite of support services.
-
Surgical and Modality brings together two activities with
great synergy potential, as they target the same end-cus-
tomers (often opering rooms) and require the same
go-to-market strategy. The offering of this business unit
includes the company’s digital operating room portfolio
(hardware + video-over-IP-technology), custom medical
displays for modality imaging and a full suite of support
services.
• Enterprise: The Enterprise division comprises two business
units:
-
Meeting Experience offers collaboration and visualization
technologies for a smart workplace or learning environ-
ment: ClickShare wireless conference and presentation
systems, weConnect Virtual Classroom as well as services.
- Large Video Walls offers a package of solutions to help
control room operators make well-informed decisions:
video walls, video wall controllers, control room software
and a full suite of support services.
• Entertainment: The Entertainment division comprises two
business units:
-
Cinema offers the industry’s most complete range of laser
and lamp-based cinema projectors, including image pro-
cessing and audio solutions. Barco’s cinema offering is
marketed via Barco CFG (for China) and Cinionic (for rest
of the world), which combines the projection technology
with consultancy, installation, financing, monitoring and
maintenance services.
- The Immersive Experience business unit offers solutions
tailored to the specific needs of large venues, live events,
themed entertainment (museums, theme parks, digital
immersive art installations, projection mapping, etc.) and
simulation applications: projection, image processing and
related services.
No operating segments have been aggregated to form the
above reportable operating segments.
The Board of directors monitor the results of each of the three
divisions separately, so as to make decisions about resource
allocation and performance assessment and consequently,
the divisions qualify as operating segments. These operating
segments do not show similar economic characteristics and
do not exhibit similar long-term financial performance, there-
fore cannot be aggregated into reportable segments. Division
performance is evaluated based on EBITDA. Group financing
(including finance costs and finance revenue) and income
taxes are managed on a group basis and are not allocated to
the operating divisions.
The modification in the management structure and the core
leadership team in 2021 had no impact on the identification
of the operating segments.
Transfer prices between operating segments are on an arm’s
length basis in a manner similar to transactions with third
parties.
We refer to ‘Our markets’ for more explanation on the activities
performed by each division.
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2.2. Healthcare
Driven by the gradual resumption of spending by Diagnostic
Imaging and Surgical customers, the Healthcare division deliv-
ered 31% sales growth compared to last year. As a result of
platform redesigns, last year challenges associated with com-
ponent shortages were alleviated allowing for a resumption
of conventional lead times.
EBITDA margin for the division reached 11.2%, up 2.6 percent-
age points year-over-year thanks to better gross margins and
operating leverage. Improved gross margins are resulting from
a better product mix and adjusted pricing, passing through
increased component and transportation costs and impact
of inflation where possible.
Increase in segment assets in 2022 are mainly the result of
a temporary increase in inventory levels to lower the risk
of shortages. Higher capital expenditure in 2021 compared
to 2020 and 2022, concern the new build factory in China,
Suzhou, both facility and production (impact of 8 million euro
in 2021).
We refer to 'Our results' and 'Risk management and control
processes' for more explanation.
In thousands of euro 2022 2021 2020 Variance 2022-2021 Variance 2021-2020
Net sales 341,701 100% 261,486 100% 261,856 100% 30.7% -0.1%
Cost of goods sold -225,340 -65.9% -174,294 -66.7% -166,115 -63.4% 29.3% 4.9%
Gross profit 116,361 34.1% 87,192 33.3% 95,741 36.6% 33.5% -8.9%
EBITDA 38,354 11.2% 22,399 8.6% 35,030 13.4% 71.2% -36.1%
Depreciation TFA and (acquired) intangibles 11,176 3.3% 11,775 4.5% 13,362 5.1% -5.1% -11.9%
Adjusted EBIT 27,179 8.0% 10,624 4.1% 21,668 8.3% 155.8% -51.0%
Capital expenditures TFA and software 6,193 1.8% 12,271 4.7% 3,368 1.3% -49.5% 264.4%
Segment assets 193,103 141,127 127,180
Segment liabilities 74,717 59,882 49,398
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2.3. Enterprise
The Enterprise division saw a strong topline growth over the
year, resulting in a year-over-year increase in sales of 36.1% led
by Meeting Experience.
Enterprise saw a continued recovery after the pandemic with
significant sales growth in both segments. Meeting Experience
sales picked up in the different regions as soon as lockdown
measures were eased. The rebound linked to the return-to-
the-office wave started in EMEA, followed by Americas and
Asia. Also Large Video Walls realized double-digit sales growth
in all regions, fueled by deployments of control rooms.
The Enterprise division saw a very solid recovery of profitability
with an EBITDA margin of 19.1%, up 12.8 percentage points
from 6.3% in 2021, primarily driven by the favorable impact on
product mix of Clickshare’s sales growth.
We refer to 'Our results' and 'Risk management and control
processes' for more explanation.
In thousands of euro 2022 2021 2020 Variance 2022-2021 Variance 2021-2020
Net sales 317,250 100% 233,090 100% 216,794 100% 36.1% 7.5%
Cost of goods sold -144,922 -45.7% -124,529 -53.4% -111,601 -51.5% 16.4% 11.6%
Gross profit 172,328 54.3% 108,561 46.6% 105,193 48.5% 58.7% 3.2%
EBITDA 60,609 19.1% 14,645 6.3% 18,246 8.4% 313.9% -19.7%
Depreciation TFA and (acquired) intangibles 8,601 2.7% 9,408 4.0% 10,033 4.6% -8.6% -6.2%
Adjusted EBIT 52,009 16.4% 5,237 2.2% 8,214 3.8% 893.0% -36.2%
Capital expenditures TFA and software 4,015 1.3% 2,706 1.2% 3,436 1.6% 48.4% -21.2%
Interest in associates 13,443 9,557
Segment assets 195,912 202,365 137,786
Segment liabilities 75,144 81,053 53,299
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In thousands of euro 2022 2021 2020 Variance 2022-2021 Variance 2021-2020
Net sales 399,339 100% 309,712 100% 291,433 100% 28.9% 6.3%
Cost of goods sold -275,276 -68.9% -217,980 -70.4% -208,584 -71.6% 26.3% 4.5%
Gross profit 124,063 31.1% 91,732 29.6% 82,849 28.4% 35.2% 10.7%
EBITDA 27,510 6.9% 21,465 6.9% 287 0.1% 28.2% 7379.7%
Depreciation TFA and (acquired) intangibles 16,555 4.1% 17,953 5.8% 19,989 6.9% -7.8% -10.2%
Adjusted EBIT 10,955 2.7% 3,512 1.1% -19,702 -6.8% 211.9% -1 17.8%
Capital expenditures TFA and software 8,002 2.0% 3,810 1.2% 8,177 2.8% 110.0% -53.4%
Interest in associates 13,723 11,316 19,713
Segment assets 288,556 226,584 285,370
Segment liabilities 140,825 144,702 117,6 4 8
The Entertainment division delivered 29% sales growth in 2022,
explained by the solid demand in Cinema for Barco’s all-laser
portfolio and an all-time high topline in Immersive Experience,
with a particular uptake in the fixed install business reflect-
ing greater demand from museums, projection mapping and
theme parks, while impacted by supply constraints (mainly in
the first half of the year).
The division was able to turnaround a negative EBITDA in the
first half of 2022 to an EBITDA margin at the same level as
2021 (6.9%). An improved gross margin, as the negative impact
of component shortages (more pronounced in the first half
of 2022) was largely resolved in the second half of the year
thanks to implemented product redesigns was partly offset
by increased investments in R&D and sales and marketing to
further strengthen the division’s value proposition and accel-
erate certain growth initiatives.
Increase in segment assets in 2022 are mainly the result of
a temporary increase in inventory levels to lower the risk of
shortages.
We refer to 'Our results' and 'Risk management and control
processes' for more explanation.
2.4. Entertainment
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2.5. Reconciliation of segment information with group information
In thousands of euro 2022 2021 2020
External sales
Healthcare 341,701 261,486 261,856
At a point in time revenues 337,983 99% 257,466 98% 258,026 99%
Over time revenues 3,718 1% 4,020 2% 3,830 1%
Enterprise 317,250 233,090 216,794
At a point in time revenues 232,932 73% 161,093 69% 153,435 71%
Over time revenues 84,319 27% 71,996 31% 63,359 29%
Entertainment 399,339 309,712 291,433
At a point in time revenues 364,830 91% 276,981 89% 255,694 88%
Over time revenues 34,509 9% 32,731 11% 35,739 12%
Total external sales segments 1,058,291 804,288 770,083
At a point in time revenues 935,745 88% 695,541 86% 667,155 87%
Over time revenues 122,546 12% 108,747 14% 102,928 13%
Net Income
EBITDA
Healthcare 38,354 22,399 35,030
Enterprise 60,609 14,645 18,246
Entertainment 27,510 21,465 287
Depreciation and other amortizations
Healthcare 11,176 11,775 13,362
Enterprise 8,601 9,408 10,033
Entertainment 16,555 17,953 19,989
Adjusted EBIT
Healthcare 27,179 10,624 21,668
Enterprise 52,009 5,237 8,214
Entertainment 10,955 3,512 -19,702
Total adjusted EBIT 90,143 19,373 10,180
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In thousands of euro 2022 2021 2020
Restructuring and impairments -2,500 -6,420 -14,513
EBIT 87,6 43 12,953 -4,332
Interest income (expense) - net 843 -1,110 -121
Income/(loss) before taxes 88,486 11,843 -4,453
Income taxes -15,927 -2,132 -
Result after taxes 72,559 9,711 -4,453
Share in the result of joint ventures and associates 3,337 48 -276
Net income 75,896 9,759 -4,729
Net income attributable to non-controlling interest 677 878 -335
Net Income attributable to
the equity holder of the parent
75,219 8,881 -4,393
The total over time revenues relate to project sales mainly in the Enterprise division and to recurring service revenues generated on maintenance contracts.
In thousands of euro 2022 2021 2020
Assets
Segment assets
Healthcare 193,103 141,127 127,180
Enterprise 195,912 202,365 137,786
Entertainment 288,556 226,584 285,370
Total segment assets 677,572 570,076 550,336
Deferred tax assets 55,239 64,155 62,811
Short term investments 1,651 2,763 3,175
Cash and cash equivalents 305,915 351,571 235,402
Other non-allocated assets 107,028 115,684 166,479
Total assets 1,147,405 1,104,249 1,018,203
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In thousands of euro 2022 2021 2020
Liabilities
Segment liabilities
Healthcare 74,717 59,882 49,398
Enterprise 75,144 81,053 53,299
Entertainment 140,825 144,702 117,648
Total segment liabilities
290,687 285,637 220,344
Equity attributable to equityholders of the parent 759,189 693,783 659,309
Non-controlling interest 19,792 41,031 37,798
Long-term debts 32,335 34,366 35,854
Deferred tax liabilities 3,229 3,823 4,745
Current portion of long-term debts 11,217 10,218 9,187
Short-term debts - - 86
Other non-allocated liabilities 30,957 35,390 50,880
Total equity and liabilities 1,147,405 1,104,249 1,018,203
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2.6. Geographic information
Management monitors sales of the Group based on the regions
to which the goods are shipped or the services are rendered in
three geographical regions Europe, Americas (North-America
and LATAM) and Asia-Pacific (APAC).
We refer to the ‘Comments on the group results’ for a split of
revenue from external customers based on the geographical
location of the customers to whom the invoice is issued.
There is no significant (i.e. representing more than 10% of
the Group’s revenue) concentration of Barco’s revenues with
one customer.
Sales to Belgium represent 42 million euro of the Group rev-
enues in 2022 versus 21 million euro in 2021 and 23 million
in 2020.
Below table gives an overview of the assets per region and
the most important capital expenditures in non-current assets
per region.
In thousands of euro 2022 2021 2020
Net sales
Europe
405,190 38.3% 305,199 37.9% 280,280 36.4%
Americas
435,793 41.2% 300,826 37.4% 296,942 38.6%
Asia-Pacific
217,308 20.5% 198,262 24.7% 192,862 25.0%
Total
1,058,291 100% 804,288 100% 770,083 100%
Total assets
Europe 515,349 44.9% 557,571 50.5%
455,930 44.8%
Americas 266,778 23.3% 180,303 16.3%
222,214 21.8%
Asia-Pacific 365,277 31.8% 366,375 33.2%
340,059 33.4%
Total 1,147,405 100% 1,104,249 100%
1,018,203 100%
Purchases of tangible and intangible fixed assets (excl. IFRS 16)*
Europe 10,037 47.3% 8,186 43.6%
7,315 48.8%
Americas 3,763 17.7% 1,223 6.5%
1,441 9.6%
Asia-Pacific 7,418 35.0% 9,379 49.9%
6,224 41.5%
Total 21,218 100% 18,787 100%
14,980 100%
(*) As included in the consolidated statement of cash flow.
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3. Income from operations (EBIT)
Sales for the year increased 32% (24% at constant curren-
cies) to 1,058.3 million euro, close to the pre-pandemic 2019
level. Excluding China, all regions are back to the sales level
of 2019. Year-over-year, all divisions delivered a double-digit
sales growth, fueled by the steady improvement in the supply
chain over the second half of 2022.
The gross profit margin improved with 3.3 percentage points
year-on-year to 39%. This recovery close to the pre-pandemic
levels was thanks to gross profit actions and fueled by a more
favorable product mix most outspoken in the Enterprise divi-
sion and by a better supply chain situation during the second
half of the year.
Adjusted EBIT margin reached 8.5% in 2022, up 6.1 percent-
age points versus 2021. Both gross margin improvement and
operational leverage on the topline growth contributed to
these uptakes.
In 2021 topline increased 4.4 % compared to 2020. Although
sales were up year-over-year in all divisions, prolonged
pandemic induced restrictions and component shortages
continued to cause delays in converting orders to sales.
Component and transport scarcity caused higher transport
and broker costs and restricted production and sales (volume)
efficiency, pressuring gross profit margins, down 1.2 percent-
age points versus 2020. In absolute numbers the higher topline
compensated for the lower gross profit margins and was 3.7
million euro higher than 2020.
Indirect costs in 2022 decreased to 30.3 % of sales (2021: 33%).
The increase in absolute numbers is caused by high inflation,
resumed activity levels and investments post-covid.
In 2021, indirect costs were kept stable versus 2020, a result of
extending cost containment measures with selective invest-
ments in research and development and commercialization
to defend and extend the Company’s market position. The
lower level of indirect costs in 2020 and 2021 (-17% below pre
covid level) as a result of measures taken to align the activity
rate with market realities and customer demand, could not
compensate for the margin losses resulting from the lower
topline compared to pre covid level, resulting in an adjusted
EBIT margin of 2.4 % in 2021 and 1.3% in 2020.
In 2022, EBIT includes restructuring costs as a result of a num-
ber of cost down measures across different countries and
functions in the Enterprise division, mainly in the business
unit Large Video Walls where the profitability keeps lagging.
Management intends to conduct a strategic review of this busi-
ness unit in 2023, focusing on profitable products and markets.
EBIT in 2021 included 6.4 million euro restructuring and
impairment costs as a result of the changes in organizational
structure and a number of cost down measures across dif-
ferent countries and functions. In 2020 restructuring and
impairment costs related to the closure of the Taiwanese
Unisee Liquid Crystal Module (LCM) production factory and
to reorganizations in the Entertainment and Enterprise divisions
caused by the economic impact of the covid-19 pandemic
(14.5 million euro).
For more details on adjusting items we refer to note 5
'Restructuring and impairment'.
In thousands of euro 2022 2021 2020
Sales 1,058,291 804,288
770,083
Cost of goods sold -645,538 -516,803
-486,300
Gross profit 412,753 287,485
283,783
Gross profit as % of sales 39.0% 35.7%
36.9%
Indirect costs -320,947 -265,437
-265,300
Other operating income (expenses) - net -1,663 -2,676
-8,302
Adjusted EBIT 90,143 19,373
10,180
Adjusted EBIT as % of sales 8.5% 2.4%
1.3%
Restructuring and impairments -2,500 -6,420
-14,513
EBIT 87,643 12,953
-4,332
EBIT as % of sales 8.3% 1.6%
-0.6%
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The increased topline and higher gross profit margins in 2022
resulted in an improvement of the EBITDA margin by 4.7 per-
centage points, landing at 12% in 2022 (+68 million euro above
last year), compared to an EBITDA margin of 7.3% on sales in
2021 and 7% in 2020.
In 2022 depreciations are 2.8 million lower than in 2021,
explained by fully amortized software and acquired know-
how in 2022.
In thousands of euro 2022 2021 2020
Product sales 882,052 83% 663,034 83% 639,667 83%
Project sales 73,920 7% 65,487 8% 55,743 7%
Service sales 102,318 10% 75,767 9% 74,673 10%
Sales 1,058,291 804,288 770,083
Major part of the sales relates to product sales (in 2022: 83%, in
2021: 83%, in 2020: 83%). Project sales remained stable at 7-8%
of total sales over the period 2020-2022 and include combined
sales from products, installations and services. Most of these
project sales have a lifetime of less than one year. The share of
service sales in 2022 is 10% of total sales (2021:9%, 2020: 10%).
We refer to note 2 'Segment Information' and to the chapter
‘Our results’ for more explanation on sales and income from
operations.
Total product and project sales amount to 956.0 million euro
in 2022. We refer to the note on EU taxonomy on p. 59 for the
Company’s EU taxonomy eligible turnover in 2022.
In thousands of euro Note 2022 2021 2020
Adjusted EBIT 90,143 19,373 10,180
Depreciations and amortizations
9
36,331 39,136 43,383
EBITDA 126,474 58,509 53,563
EBITDA as % of sales 12.0% 7. 3% 7.0%
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In thousands of euro 2022 2021 2020
Research and development expenses (a) -120,493 -101,338 -102,610
Sales and marketing expenses (b) -142,740 -116,240 -112,329
General and administration expenses (c) -57,714 - 47,858 -50,362
Indirect costs -320,947 -265,437 -265,300
Other operating income (expenses) - net (d) -1,663 -2,676 -8,302
Indirect costs and other operating income (expenses) - net -322,610 -268,112 -273,603
Indirect costs and other operating income (expenses) - net
Indirect costs in 2022 decreased to 30.3 % of sales (2021: 33%,
2020: 34.5%). In absolute numbers indirect costs increased,
caused by high inflation, increase in headcount as a result of
resumed activity levels and investments post-covid.
Indirect costs in 2021 were in line with 2020, a result of
extending cost containment measures such as implemented
temporary work arrangements and economic unemployment
measures for both white and blue collars, while sustaining
investments in strategic projects. Both in 2021 and 2020, the
negative impact on the company’s topline versus pre covid was
higher than the reduction in indirect costs via cost measures
could compensate for.
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(a) Research and development expenses
Research and development activities are spread over the divisions as follows:
In thousands of euro 2022 % of sales 2021 % of sales 2020 % of sales
Total research & development expenses
120,493 11.4% 101,338 12.6% 102,610 13.3%
In thousands of euro 2022 % of sales 2021 % of sales 2020 % of sales
Sales and marketing expenses
142,740 13.5% 116,240 14.5% 112,329 14.6%
In 2022 research and development expenses represent 11.4%
of sales (12.6% in 2021; 13.3% in 2020). In absolute numbers
research and development expenses have increased to 120.5
million euro. In 2020 and 2021, the lower absolute level of
research and development expenses were the result of cost
containment measures taken as response to the covid crisis.
The Company, however, continued investments in its product
roadmap to sustain and extend the Company’s technology
leadership position.
Only the cost related to research and development is consid-
ered material and therefore included in EU taxonomy eligible
Opex. We refer to the note on EU taxonomy on p. 61 for the
EU taxonomy eligible opex in 2022.
Sales and marketing expenses include all indirect costs related
to the sales organization which are not billed as part of a prod-
uct or service to the customer as well as the costs related to
regional or divisional marketing activities. Sales and marketing
expenses in 2022 are 13.5% of sales compared to 14.5% in
2021 and 2020. The absolute increase in 2022 is the result
of inflation and increase in headcount. Further activity level
resumed, e.g. travel, post-covid.
(b) Sales and marketing expenses
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(c) General and administration expenses
General and administrative expenses in 2022 are at 5.5% of
sales, down 1 percentage point versus previous years. In abso-
lute numbers expenses increased with almost 10 million euro,
due to the impact of the inflation in Europe and Americas on
personnel costs and higher cost of recruitment as a result of
higher attrition post-covid and activity levels back to a normal
level.
In 2021 and 2020 expenses were lower as a a result of the
covid-related measures taken.
Steady investments in IT systems over the past years have led
to IT costs (including amortizations on SAP ERP system) rep-
resenting the major part of G&A expenses (2022: 42%, 2021:
47%, 2020: 45%).
In thousands of euro 2022 % of sales 2021 % of sales 2020 % of sales
General and administration expenses
57,714 5.5% 47,858 6.0% 50,362 6.5%
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(d) Other operating income (expense) – net
(a) The 49% share in the net result of BarcoCFG is repre-
sented in EBITDA. See note 11. As a result of the remaining
pandemic-related effects in China (especially on the cin-
ema businesses), the 2022 results of the Chinese cinema
joint-venture are at the lowest point, since the start of the
covid-19 global pandemic impact on the cinema business
(2020).
(b) A limited extra bad debt provision is set-up (2022: -0.2
million euro; 2021: +0.4 million euro provision rever
-
sal), reflecting a lower credit risk of its customers related
accounts receivable compared to 2020. The extra provision
recorded in 2020 (1.5 million euro) reflected a reduction
in the credit quality of specific cinema customers related
accounts receivable as a result of the covid-19 global
pandemic.
(c) We refer to note 19 'Provisions'.
In thousands of euro 2022 2021 2020
Share in the result of BarcoCFG (a) 2,764 3,028 3,507
Bad debt provisions (net of write-offs and reversals of write-offs) (b) -243 448 -1,697
Cost of share-based payments -1,548 -3,067 -2,907
Exchange gains and losses (net) -672 -63 -3,109
Other provisions (net of additions and reversals of provisions) (c) 72 -1,059 -4,609
Bank charges -1,139 -778 -902
Customer financial discounts -1,230 -571 -628
Gains/(Loss) on disposal of tangible fixed assets 1,670 1,824 14
Other (net) -1,337 -2,438 2,029
Other operating income (expense) -1,663 -2,676 -8,302
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4. Revenues and expenses by nature
The table below provides information on the major items
contributing to the adjusted EBIT, categorized by nature.
Material costs in 2022 increased with 103 million euro or 24%
compared to 2021 which is in line with the increased top line
(+32%). Also, in 2022 material costs are impacted by higher
component prices due to inflation and supply shortages. As
the topline increased stronger than the material cost we see
a relative improvement of the gross margin of 4 percentage
points compared to last year.
Material costs in 2021 increased as percentage of sales com-
pared to 2020, impacted by higher component prices linked
to supply shortages.
Personnel cost in 2022 is 48 million euro higher than 2021, as
a result of increased headcount, inflation and higher bonus.
As Barco’s activity rate is increasing again after covid we saw
an increase in the number of full-time equivalents, mainly in
the second semester of 2022, and an increase in temporary
personnel compared to 2021.
Personnel cost in 2021 was 5.9 million euro higher than 2020,
but still 46 million euro lower than pre covid level as a result
of temporary measures and executed restructuring lay-offs
(see note 5. Restructuring and impairments) to align costs
with lower demand as a result of the impact of the covid-
19 pandemic on the Company’s markets. The company has
implemented temporary work arrangements and economic
unemployment measures as of 2020 for both white and blue
collars, in conformity with country specific legal frameworks,
support mechanisms and regulations.
The increase compared to 2020 can be explained by reduced
unemployment measures, lower wage subsidies received and
merits (see ‘Remuneration report for financial year 2021’ in
corporate governance chapter).
The company was able to apply for wage grants under the
enacted Covid-19 relief legislation in APAC and Canada for
0.2 million euro (2020: 3.4 million euro, then also including
Cinionic US).
In 2020 and 2021 these measures also entailed shifts in the
planned investment patterns on selected long-term initiatives
and a sustained strict discipline on discretionary spending
(e.g. travel, marketing spend, consulting,… ). The company
made deliberate choices on the continuation and timetable
of selected development projects and adjusted internal and
external support levels in function of the focus shift. This has
resulted in 8 million euro (2020: 32.7 million euro) lower ser-
vices and other costs. These measures are no longer in place
in 2022 and explain part of the increase in services and other
costs, together with higher inflation and contractors hired to
fill temporary gaps as a result of higher recruiting.
In thousands of euro 2022 2021 2020
Sales
1,058,291 804,288 770,083
Material cost
-534,317 -50% -430,858 -54% -393,761 -51%
Services and other costs
-106,529 -10% -70,942 -9% -79,065 -10%
Personnel cost (a)
-289,308 -27% -241,303 -30% -235,392 -31%
Depreciation property, plant, equipment and software
-36,331 -3% -39,136 -5% -43,383 -6%
Other operating income (expense) - net (note 3)
-1,663 0% -2,676 0% -8,302 -1%
Adjusted EBIT
90,143 9% 19,373 2% 10,180 1%
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a) Personnel cost
In thousands of euro 2022 2021 2020
Wages and salaries -237,564 -194,851 -189,654
Social security contributions -27,709 -26,642 -25,494
Pension expense for defined benefit plans -12,859 -12,554 -13,339
Temporary labour -4,004 -1,661 -2,388
Recruiting expenses -2,264 -1,294 -1,552
Other personnel cost -4,908 -4,301 -2,966
Personnel cost -289,308 -241,303 -235,392
In thousands of euro 2022 2021 2020
Barco NV (parent company) 1,196 1,199 1,282
Other subsidiaries 2,004 1,941 2,237
Total average number of full time equivalents 3,200 3,140 3,519
Personnel cost includes the cost for temporary personnel
for an amount of 4 million euro (in 2021: 1.7 million euro, in
2020: 2.4 million euro).
The average number of full time equivalents can be split as
follows:
Average number of employees in 2022 was 3,200 (versus
3,140 in 2021; 3,519 in 2020), including 2,628 white-collars
(in 2021: 2,555, in 2020: 2,738) and 572 blue-collars (in 2021:
585, in 2020: 781). The average level of bleu-collars in 2022 is
impacted by component shortages which resulted in tempo-
rary unemployment, mainly in the first half of the year.
both white and blue collars, in conformity with country specific
legal frameworks, support mechanisms and regulations. In
2021 temporary measures were extended for a limited period,
during the first half year only, in conformity with country spe-
cific legal frameworks and more structural measures were
taken. As of the second half of 2021, the Company noted an
increased number of voluntary leavers, which continued in the
first half of 2022. There is a lagging effect on the replacements
of those positions, which mainly occurred in the second half
of 2022. This explains the higher number of fulltime equiva-
lents at year-end 2022, while the increase in average number
of employees is lower and also explains the lower number
of fulltime equivalents at year-end 2021, while the personnel
costs were still higher than in 2020.
Full time equivalents at year end 2022 amount to 3,299 (versus
3,133 end of 2021; 3,317 end of 2020), including 2,724 white
collars (2021: 2,568, in 2020: 2,671) and 575 blue collars (in
2021: 565, in 2020: 646).
In 2020, the Company has implemented temporary work
arrangements and economic unemployment measures for
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5. Restructuring and impairment costs
The table below shows the restructuring and impairment costs
recognized in the income statement.
As a result of scaling down activities, mainly in the business
unit Large Video Walls announced at the end of 2022, the
Company has recorded 2.5 million euro of restructuring (cash)
costs in 2022.
In 2021, as a result of the redesign of the organization,
announced in the second semester and a number of cost
down measures across different countries and functions, the
Company has recorded 4.9 million euro of restructuring (cash)
costs. The non-cash costs of 1.5 million euro relate to the
remaining fair value of share options of former leadership team
members, accounted for the moment they stopped providing
services to the Company.
Restructuring cash costs include a provision for severance
of 0.5 million euro per 31 December 2021 (see note 19
'Provisions'), paid in 2022. In 2022 1.2 million euro and in 2021
8.2 million euro of restructuring was paid (see the Consolidated
statement of cash flow).
Restructuring costs in 2020 relate to the closure of the
Taiwanese Unisee LCM production factory and to reorgani-
zations in the Entertainment and Enterprise divisions, caused
by the economic impact of the pandemic on our markets,
with the purpose to adjust cost levels to the lower topline but
also with the aim to have the right focus and structure in place
after the global crisis. All 412 people impacted were informed
before the end of 2020. Restructuring cash costs include a
provision for severance of 3.7 million euro per 31 December
2020 (see note 19 'Provisions'), paid in 2021. In 2020, 9.5 million
euro of restructuring was paid (see the Consolidated statement
of cash flow).
As the company decided to move to a more cost competitive
and next generation UniSee platform, the industrialization pro-
cess came to a pivotal moment. After careful evaluation of the
options, Barco’s management decided to outsource UniSee
LCM (Liquid Crystal Module)-production as of the second half
of 2020 and to phase out the inhouse UniSee LCM-production
activity in its Taiwanese factory in the second half of 2020. All
impacted people (232) left the company by the end of 2020.
The decision has resulted in mainly non-cash restructuring
costs related to the closure of the factory and impairment of
the machinery and equipment (see note 9.2 'Tangible fixed
assets').
In thousands of euro Note 2022 2021 2020
Restructuring (cash) 19 -2,500 -4,920 -7,171
Impairments (non-cash) - -1,500 -7,342
Total restructuring and impairments -2,500 -6,420 -14,513
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6. Income taxes
(a) Tax positions taken in the financial statements and in the
tax filings and how these are supported, as well as how
the taxation authorities might make their examinations and
how issues that might arise from examinations could be
resolved, are reviewed. Based on this assessment, a deferred
tax liability is determined in line with IFRIC 23. A reversal
on the deferred tax liability is taken when the uncertain tax
position is no longer in place as a result of an occurred tax
examination or expiration of the examination period.
(b) Includes withholding taxes on dividends received and tax
impact of intragroup dividends that did not apply for a divi-
dend received exemption regime to their full extent.
(c) Deferred tax assets not recognized on tax losses/credits or
tax losses/credits carried forward when assessment shows it
is not probable that these tax benefits can be utilized in the
near future, in 2021 and 2020 mainly in Barco NV (Belgium).
Reference is made to note 10. In 2020, this also related to
an impairment on the deferred tax assets set up in relation
to tax losses carried forward in Barco Taiwan Technology
Ltd., linked to the decision to close the factory and liquidate
the legal entity.
(d) Capital loss incurred on the liquidation of Barco Taiwan
Technology Ltd. in 2021.
In thousands of euro Note 2022 2021 2020
Current versus deferred income taxes
Current income taxes -13,301 -5,333 -6,886
Deferred income taxes 10 -2,626 3,201 6,886
Income taxes -15,927 -2,132 -
Income taxes versus income before taxes
EBIT 87,643 12,953 -4,332
Interest income (expense) - net 843 -1,110 -121
Income before taxes 88,486 11,843 -4,453
Income taxes -15,927 -2,132 -
Effective income tax rate % 18.0% 18.0% 0.0%
Income before taxes 88,486 11,843 -4,453
Theoretical tax rate % 25% 25% 25%
Theoretical tax credit/(cost) -22,122 -2,961 1,113
Innovation income deduction (IID) 6,518 5,224 5,302
Effect of different tax rates in non-Belgian affiliates -523 546 968
Uncertain tax treatment (a) 60 280 1,840
Income not taxed
Other income exempt from tax (mainly government grants) 2,758 1,706 2,141
Non deductible expenses
Dividends received (b) -90 -319 -4,265
Other non-deductible expenses -1,693 -2,038 -2,042
Tax adjustments related to prior periods -773 -165 1,029
Deferred tax assets, derecognized in current year (c) -420 -9,377 -6,895
Set-up/use of deferred tax assets, not recognized in prior years 357 533 809
Realized capital loss on investment in affiliates (d) - 4,439 -
Taxes related to current income before taxes -15,927 -2,132 -
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7. Earnings per share
In thousands of euro 2022 2021 2020
Net income/(loss) attributable to the equity holder of the parent 75,219 8,881 -4,393
Weighted average of shares 90,005,918 88,984,041 88,265,478
Basic earnings per share 0.84 0.10 -0.05
Net income/(loss) attributable to the equity holder of the parent 75,219 8,881 -4,393
Weighted average of shares (diluted) 90,486,263 89,185,100 88,693,611
Diluted earnings per share (a) 0.83 0.10 -0.05
(a) The difference between the weighted average of shares and
weighted average of shares (diluted) is due to exercisable
stock options, which are in the money (which means that
the closing rate of the Barco share was higher than the
exercise price).
For more detailed information concerning the shares and
stock options, we refer to note 16.
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8. Goodwill
There are no changes to goodwill in 2022, 2021 and 2020 and
the impairment tests on goodwill in the 3 years did not result
in any impairment.
The test was performed on a cash-generating unit level by
comparing each unit’s carrying value, including goodwill, to
its value-in-use.
The value-in-use of each reporting unit was assessed using a
discounted cash flow model based on management’s revised
budget on division level for the year and estimated long-term
projections covering a five-year period. Consistently with its
yearly impairment test, the Company adjusts the divisional
management cash flow projections for future years to more
conservative levels in view of the level of uncertainty. In 2020
and 2021, an appropriate level of conservatism was applied, to
take into account covid-19 related uncertainty. For 2022 the
high level of conservatism is again applied to be consistent with
prior year testing. In 2022, 2021 and 2020, the outcome of the
impairment tests on goodwill impairment tests performed did
not result in any impairment loss.
See below for explanations on the impairment testing
performed.
In thousands of euro 2022 2021 2020
At cost 179,775 179,775 179,775
Impairment 74,163 74,163 74,163
Net book value 105,612 105,612 105,612
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Goodwill by cash-generating unit
On acquisition, goodwill acquired in a business combination is
allocated to the cash-generating unit which is expected to ben-
efit from that business combination. These cash-generating
units correspond to the division level for Healthcare, Enterprise
and Entertainment. Therefore, impairment testing is performed
at the level of the cash-generating units as presented below.
The carrying amount of goodwill (after impairment) has been
allocated to the cash-generating units as follows:
Cash-generating units in thousands of euro 2022-2020
Healthcare 28,263
Enterprise 41,785
Entertainment 35,564
Total goodwill (net book value) 105,612
The allocation remained the same over 2022, 2021 and 2020.
The Group performed its annual impairment test in the fourth
quarter of 2022 consistently with prior years.
The Group looks at the relationship between its market cap -
italization and its book value, amongst other factors, when
reviewing the indicators of impairment. At 31 December 2022,
the market capitalization of the Group was almost three times
the amount of equity of the Group. As such, this general test
does not show an indication for impairment.
The annual impairment tests were performed for each
cash-generating unit. The recoverable amount for each of
the cash-generating units has been determined based on a
value-in-use calculation using cash flow projections generated
by management covering a five-year period. Due to the level
of uncertainty of future years, these financial projections have
been adjusted to more conservative levels for the purpose of
our impairment testing.
The pre-tax discount rate applied to projected cash flows is
10.1% (2021 and 2020: 8.7%) and cash flows beyond the five-
year period are extrapolated using a conservative growth rate
of 0% (2021: 0%, 2020: 0%).
The amount by which the unit’s recoverable amount exceeds
its carrying amount is 151 million euro (142 million euro in
2021) in Healthcare, 130 million euro in Enterprise (97 million
euro in 2021) and 106 million euro in Entertainment (42 million
euro in 2021).
The increase versus 2021 is the result of recovering markets
after covid. The level of conservatism applied in the EBITDA
% (average of the last 3 years) is consistent with prior years
and include 2 covid impacted years (2020 and 2021). Despite
the high level of conservatism applied, all three divisions have
substantial headroom.
A sensitivity analysis is performed on all cash-generating units
with respect to the discount rate (see Sensitivity to changes in
assumptions – Discount rate). For forward looking statements
on sales and EBITDA, we refer to the company report of this
annual report.
The assumptions of the annual impairment test are consistent
with external sources.
For none of the cash-generating units management identified
an impairment loss after the impairment test.
Key assumptions used in value-in-use calculations
The calculation of value-in-use for all cash-generating units
is most sensitive to the following assumptions:
• Sales growth rate used during the projection period;
• EBITDA;
• Growth rate used to extrapolate cash flows beyond the
budget period;
• Discount rate;
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The assumptions are shown in below table:
Sensitivity to changes in assumptions
Per 31 December 2022, only a change in EBITDA margin
could result in impairment losses. The implications of the key
assumptions for the recoverable amount are discussed below:
EBITDA percentage on sales – Management has considered
the possibility of lower than projected EBITDA percentages
on sales.
For Healthcare, Enterprise and Entertainment a reduction of
the EBITDA percentage in the last year of the projected period
of respectively more than 7%, 7% and 4% would result in an
impairment.
Discount rates – Management has considered the possibil-
ity of a significant higher weighted average cost to test the
sensitivity. For none of the cash-generating units this leads
to an impairment.
Growth rate estimate (beyond the projection period) – For all
divisions, no reasonable possible change in the growth rate,
used to extrapolate beyond the projection period, would result
in an impairment.
Healthcare Enterprise Entertainment
Sales growth rate used during the projection period 0.0% 0.0% 0.0%
EBITDA as % of sales 11.2% 11.4% 9.2%
Growth rate estimates 0.0% 0.0% 0.0%
Discount rate 10.1% 10.1% 10.1%
Sales growth rate used during the projection period – Sales
growth rate used over the projected period has been kept
conservatively at zero percent for all cash-generating units,
since even then there is no risk for impairment.
EBITDA as percentage of sales – EBITDA as percentage of sales
is based on average percentages over the three years pre-
ceding the start of the budget period for all divisions. The
EBITDA percentage has been kept conservatively flat over the
projected period, except for Entertainment, where as of 2024,
the EBITDA percentage has been set back to pre-covid EBITDA
level, using the 2019 EBITDA% (9.2%) it is more realistic to take
the pre-covid EBITDA level of 2019 (9.2%) as of 2024.
Growth rate estimates – The long-term rate used to extrapolate
the projection has been kept conservatively at zero % for all
cash-generating units.
Discount rate – Discount rate reflects the current market
assessment of the risks specific to Barco Group. The discount
rate was estimated based on a (long-term) pre-tax cost of
capital, the risks being implicit in the cash flows. It was deter-
mined on group level.
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9. Other intangible and tangible fixed assets
9.1 Other intangible assets
In thousands of euro 2022 2021 2020
Software
Customer
Relations Know-how
Other
Intangible Assets
Other
Intangible
assets under
construction Total Total Total
At cost
On 1 January 63,761 15,124 47,786 9,907 - 136,578 134,608 157,250
Expenditure 489 - 1,733 - 1,614 3,836 1,230 1,951
Sales and disposals -404 -5,453 -9,535 -4,702 - -20,094 -3,312 -8,064
Acquisition of subsidiaries - - 7,607 - - 7,607 - -
Transfers 1,552 - - - -1,552 - - -
Translation (losses)/gains 600 147 -23 -5 - 719 4,052 -16,529
On 31 December 65,998 9,818 47, 569 5,200 62 128,646 136,578 134,608
Amortizations and impairment
On 1 January 48,709 15,124 45,702 9,616 - 119,151 105,655 112,781
Amortization 6,375 - 3,602 59 - 10,037 13,095 13,388
Impairment - - - - - - - 3,500
Sales and disposals -404 -5,453 -9,535 -4,702 - -20,094 -3,312 -7,953
Translation (losses)/gains 23 147 159 -27 - 302 3,713 -16,061
On 31 December 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655
Carrying amount
On 1 January 15,053 - 2,084 290 - 17,427 28,952 44,469
On 31 December 11,296 - 7,640 253 62 19,251 17,427 28,952
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As a result of the Gnosco acquisition know-how for an amount
of 7.6 million euro was acquired, which is amortized over 5
years. We refer to note 1.3 for more explanation on the net
assets acquired.
Barco’s intangibles mainly include SAP ERP software and
remaining book value of acquired know-how.
In 2022, capital expenditures for intangible assets amount to
2.1 million euro (2021: 1.2 million euro, 2020: 2 million euro).
Expenditures in 2022 and 2021 mainly related to new customer
relationship management (CRM) software. Expenditures in
2020 were mainly related to SAP ERP software licenses.
Disposals in 2022 and 2021 relate to fully amortized IT software
which is no longer used.
In 2020 the impairment test on acquired intangibles resulted
in an impairment of 3.5 million euro on the acquired know-
how for caresyntax.
The impairment cost is included in research and development
expenses in 2020.
The group performed its annual impairment review on
acquired intangibles in the fourth quarter of 2022 consistently
with prior years. Special attention was paid to the potentialim-
pacts of the macroeconomic environment. The test concluded
no impairments.
Barco does not hold intangible assets with indefinite lifetime.
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9.2. Tangible fixed assets
In thousands of euro 2022 2021 2020
Land and
buildings
Plant,
machinery and
equipment
Furniture,
office
equipment
and vehicles
Other
property, plant
and equipment
Assets under
construction
Total Other
tangible assets Total Total Total
At cost
On 1 January 138,155 87,56 4 42,217 12,586 3,794 146,162 284,317 267,104 276,862
Expenditure* 7,637 5,239 6,429 1,099 9,616 22,383 30,020 27,040 26,513
Sales and disposals -14,739 -6,790 -4,822 -1,683 - -13,295 -28,034 -16,614 -29,847
Transfers 1,269 2,533 345 1,936 -6,082 -1,269 - - -
Translation (losses)/gains 227 -981 -83 -124 -90 -1,277 -1,050 6,786 -6,423
On 31 December 132,549 87,566 44,086 13,813 7, 238 152,704 285,253 284,317 267,104
Depreciation and impairment
On 1 January 59,553 57,850 30,187 9,840 - 97,877 157,430 143,630 141,393
Depreciation 11,242 7,845 6,139 1,068 - 15,052 26,294 26,041 26,495
Impairment - - - - - - - - 5,757
Sales and disposals -8,135 -6,731 -4,589 -1,683 - -13,002 -21,137 -15,787 -26,346
Transfers - 22 28 -50 - - - - -
Translation (losses)/gains 212 -234 -75 -94 - -403 -191 3,546 -3,669
On 31 December 62,872 58,751 31,690 9,082 - 99,523 162,396 1 57,430 143,630
Carrying amount
On 1 January 78,602 29,714 12,031 2,746 3,794 48,285 126,887 123,474 135,469
On 31 December 69,677 28,815 12,396 4,731 7, 238 53,181 122,856 126,886 123,473
(*) Expenditures also include the additions for IFRS16.
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Capital expenditures for tangible assets in 2022, excluding the
impact of IFRS16, amount to 19 million euro. Major investments
in 2022 concern the purchase of land for the new factory in
China, Wuxi (4 million euro) and renewal of demo experience
centers (2 million euro). In 2021, major capex concerned the
new factory in China, Suzhou, both facility and production
related (2021: 8 million euro; 2020: 3.3 million euro). Other
facility related capex in 2020 relate to the software lab in Noida
(1.9 million euro) and heating, ventilation and airco investments
in the Kortrijk and Duluth facilities (1.1 million euro).
In addition, capital expenditures include machinery and tooling
linked to new product development projects (2022: 2 million
euro; 2021: 2.5 million euro; 2020: 3.6 million euro), IT hard-
ware equipment (2022: 2.5 million euro; 2021: 2.4 million euro;
2020: 1.6 million euro) and leasing agreements with cinema
customers (2022: 3 million euro).
The main tangible fixed assets on the balance sheet, real-
ized in the period 2015 – 2019, relates to the headquarters
of Barco and the extended operations facility for 50 million
euro. The net book value per 31 December 2022 amounts to
29.5 million euro.
The total amount of capital expenditure for tangible assets
in 2022 equals the EU taxonomy eligible CapEx as the total
amount of CapEX relates solely to assets or processes asso-
ciated with Barco economic activities defined in section
“Taxonomy-eligible economic activity - Turnover”.
We refer to the note on EU taxonomy on p. 60.
Disposals in 2022 mainly relate to the sale of the building
in Norway, which had a net book value of 4.3 million euro.
The other disposals relate to old machinery & equipment and
furniture, which are no longer in use and fully written down.
Disposals in 2021 mainly relate to old machinery & equipment
and furniture, which are no longer in use and fully written
down, and the sale of part of the land and building in Karlsruhe.
Disposals in 2020 mainly relate to the closure of the Taiwan
factory, together with old machinery. The closure of the
Taiwanese Unisee LCM-production factory in the second
half of 2020 resulted in an impairment of 5.8 million euro
mainly related to the machinery and equipment (see note 5
'Restructuring and impairments'). The closure was linked to
the decision to outsource the Unisee LCM panels.
The Company considered the potential impact of macroeco-
nomic impacts on the utilization levels of its factories and
potential impairment of its machinery and equipment. The
analysis did not conclude an impairment. See ‘Critical account-
ing judgements and key sources of estimation uncertainty’
for more explanation on the impact of the macroeconomic
environment on Barco’s operations.
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Leases
This note provides more information for leases where the
Group is a lessee.
The balance sheet shows the following amounts relating to
leases:
In thousands of euro 2022 2021 2020
Buildings Vehicles Total Total Total
On 1 January 37,534 9,387 46,922 39,013 37,965
New leases or extensions of current leases 7,599 3,387 10,986 10,702 11,000
Termination of leases -4,892 -1,695 -6,586 -4,403 -8,290
Translation (losses)/gains -78 -40 -117 1,611 -1,663
On 31 December 40,164 11,041 51,205 46,922 39,013
Depreciation and impairment
On 1 January -16,680 -4,439 -21,119 -14,415 -9,948
Depreciation -6,936 -2,604 -9,539 -10,023 -10,334
Termination of leases 2,608 1,533 4,141 3,956 5,372
Translation (losses)/gains 123 23 146 -636 495
On 31 December -20,884 -5,487 -26,371 -21,119 -14,415
Right-of-use assets
On 1 January 20,855 4,949 25,803 24,598 28,017
On 31 December 19,280 5,554 24,834 25,803 24,598
Additions to the right-of-use assets during 2022 were 11 mil-
lion euro (2021: 10.7 million euro; 2020: 11 million euro) split
over leased buildings (2022: 7.6 million euro; 2021: 9 million
euro) and leased vehicles (2022: 3.4 million euro; 2021: 1.7
million euro). The additions are both renewals of existing lease
agreements as well as new lease agreements in US, Sweden
and South Korea over a lease period of respectively 2 years,
3 years and 5 years.
We refer to note 14 for more information on the lease liabilities.
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The statement of profit or loss shows the following amounts relating to leases:
The total cash outflow for leases in 2022 was 9.2 million euro
(2021: 9.7 million euro; 2020: 10.8 million euro).
In thousands of euro 31 DEC 2022 31 DEC 2021 31 DEC 2020
Buildings -6,936 -7,591 -7,944
Vehicles -2,604 -2,433 -2,390
Total depreciation charge of right-of-use assets -9,539 -10,023 -10,334
Interest expense (included in finance cost) -1,072 -1,066 -1,000
Expense relating to short-term leases 0 -17 -41
Expense relating to leases of low-value assets that are not shown above as short-term leases -19 -24 -26
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10. Deferred tax assets – deferred tax liabilities
The deferred tax asset and liability balance comprises tempo-
rary differences attributable to:
Assets Liabilities Net asset/(liability)
In thousands of euro 2022 2021 2020 2022 2021 2020 2022 2021 2020
Tax value of tax credits 17,920 26,586 13,616 - - - 17,920 26,586 13,616
Tax value of loss carry forwards 13,721 10,201 22,854 - - - 13,721 10,201 22,854
Deferred revenue 10,227 9,961 5,082 - - -442 10,227 9,961 4,640
Inventory 8,837 8,573 9,133 -211 -34 - 8,626 8,539 9,133
Provisions 6,062 8,477 12,197 122 -32 -142 6,184 8,445 12,054
Tangible fixed assets and software 1,580 2,031 1,734 -363 -678 -925 1,217 1,353 809
Employee benefits 1,333 1,024 843 258 88 -525 1,591 1,112 318
Trade debtors 416 362 407 - - - 416 362 407
Other investments 54 319 797 - - - 54 319 797
Capitalized development cost 6 - - - - - 6 - -
Uncertain tax positions (IFRIC 23) - - - -3,060 -3,120 -3,400 -3,060 -3,120 -3,400
Patents, licenses, ... - - - -5,704 -3,792 -3,688 -5,704 -3,792 -3,688
Other items 852 435 589 -40 -68 -64 812 367 525
Gross tax assets/(liabilities)
61,008 67,969 67,253 -8,998 -7,636 -9,187 52,010 60,333 58,066
Offset of tax
-5,769 -3,814 -4,441 5,769 3,814 4,441 - - -
Net tax assets/(liabilities)
55,239 64,155 62,811 -3,229 -3,822 -4,745 52,010 60,333 58,066
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Movements in the deferred tax assets / (liabilities) arise from the following:
Net deferred tax assets recognized primarily relate to the
tax value of loss carry forwards (13.7 million euro), dividends
received exemption (3.0 million euro), intellectual property
regimes (13.5 million Euro) and other tax credits carried forward
(1.4 million euro) primarily relate to Belgium. On top of these
items for which a net deferred tax is recognized, the Group
owns tax losses carried forward amounting to 70.3 million
euro as of 31 December 2022 (80 million euro in 2021) for
which a valuation allowance has been recorded (resulting in
a valuation allowance of 18.3 million euro (20.8 million euro
in 2021) on deferred tax assets recognized in relation to tax
losses carried forward). A valuation allowance is recorded on
these items because it is not probable that tax assets will be
utilized within their statue of limitations or that taxable profit
will be available in the near future against which the benefits
can be utilized. The tax losses carried forward for which an
allowance has been recorded have no expiration date.
In assessing the realization of deferred tax assets, management
considers whether it is probable that some portion or all of
the deferred tax assets will be realized within the foreseeable
future. The ultimate realization of deferred tax assets is depen-
dent upon the generation of future taxable profit during the
periods in which those temporary differences become deduct-
ible. Management considers the scheduled reversal of deferred
tax liabilities, projected future taxable profit and foreseeable
tax events in making this assessment. In 2020 and 2021, the
covid-19 impact on future taxable profit was factored in in the
realization assessment. A time period of 5 years is considered.
In order to fully realize the deferred tax asset, the Group will
need to generate future taxable profit in the countries where
the net operating losses and other items carried forward were
incurred. Based upon the level of historical taxable income
and projections for future taxable profit over the periods in
which the deferred tax assets are deductible, management
believes it is probable that the Group will be able to utilize
these deferred tax assets.
Barco has not recognized income taxes on undistributed
earnings of its subsidiaries which will not be distributed in the
foreseeable future. The cumulative amount of undistributed
earnings (irrespective of tax treatment exemptions) on which
the Group has not recognized income taxes was approximately
488 million euro per December 31, 2022 (2021: 504 million
euro, 2020: 478 million euro).
In thousands of euro
As at
1 January 2022
Recognized through
income statement
Recognized
through OCI Acquisitions
Exchange gains and
losses
As at
31 December 2022
Tax value of tax credits 26,586 -8,687 - - 21 17,920
Tax value of loss carry forwards 10,201 3,504 - - 16 13,721
Deferred revenue 9,961 -328 - - 594 10,227
Inventory 8,539 -163 - - 250 8,626
Provisions 8,445 2,483 -4,599 - -146 6,184
Employee benefits 1,112 478 - - 1 1,591
Tangible fixed assets and software 1,353 -104 - - -32 1,217
Trade debtors 362 40 - - 14 416
Other investments 319 -285 - - 20 54
Capitalized development cost - 6 - - - 6
Uncertain tax positions (IFRIC 23) -3,120 60 - - - -3,060
Patents, licenses, ... -3,792 -56 - -1,494 -362 -5,704
Other items 367 425 - - 20 812
Net deferred tax 60,333 -2,626 -4,599 -1,494 396 52,010
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11. Investments and interest in associates
(a) Investments
Investments include entities in which Barco owns less than 20%
of the shares. These are accounted for as fair value through
profit and loss or other comprehensive income instruments,
as determined at moment of initial recognition, which implies
that the Group measures these investments on a fair value
basis with differences in fair value reflected in profit and loss
or other comprehensive income.
Interest in associates represents entities in which Barco owns
between 20% and 50% of the shares.
In thousands of euro 2022 2021 2020
Investments (a) 37,645 47,135 87, 228
Interest in associates (b) 27,167 20,872 19,713
Investments and interest in associates 64,811 68,008 106,942
In thousands of euro 2022 2021 2020
Opening net assets 1 January 47,135 87, 228 23,215
Additions 14,893 - 52,273
Divestments -4,384 -54,993 -
Other comprehensive income -23,004 9,945 18,331
Translation gains/(losses)
3,003 4,955 -6,591
Closing net assets 31 December 37,645 47,135 87,228
The investments are measured at market price. For invest-
ments that are publicly quoted in an active market, the quoted
market price is the best measure of fair value (level 1). The
remeasurement at fair value per 31 December 2022 versus the
carrying amount, resulted in an unrealized loss of -23 million
euro, reflected in other comprehensive income. The loss is
caused by a general decrease of the global stock markets in
2022 compared to 2021. Further, a new minority stake, below
regulatory threshold levels, was taken (14.9 million euro cash-
out impact) and a minority stake was sold, resulting in 4 million
euro cash-in in 2022, both reflected in the line ‘other investing
activities’ in the cash flow statement, and 0.7 million euro gain
realized since the moment of acquisition, over the periods until
divestment reflected in other comprehensive income reserve.
The decrease in investments from 2020 to 2021 is related to a
sold minority stake, below regulatory threshold levels. The sale
resulted in 55 million euro cash-in in 2021, reflected in the line
‘other investing activities’ in the cash flow statement and 25.2
million euro gain realized since the moment of acquisition,
which was over the periods until divestment reflected in other
comprehensive income reserve. The remeasurement at fair
value per 31 December 2021 versus the carrying amount
amounted to 9.9 million euro and is reflected in other com-
prehensive income (2020: 18.3 million euro).
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(b) Interest in associates
Interest in associates, in 2022 - 2020, reflects the equity invest-
ment in BarcoCFG and CCO Barco Airport Venture.
The Group’s share of the assets and liabilities as at 31
December 2022 and 2021 and income and expenses of the
joint ventures and associates for the year ended 31 December
2022 and 2021, which are accounted for using the equity
method:
Summarized balance sheet
In thousands of euro
Barco CFG
31 DEC 22
CCO
31 DEC 22
Total
31 DEC 22
Barco CFG
31 DEC 21
CCO
31 DEC 21
Total
31 DEC 21
Cash and cash equivalents 12,185 30,467 42,652 38,822 21,355 60,177
Other current assets 58,842 11,785 70,627 45,535 9,303 54,838
Total current assets 71,027 42,252 113,279 84,356 30,659 115,015
Non-current assets 7,050 9,437 16,487 8,962 8,257 17,219
Other current liabilities 50,070 13,279 63,349 70,225 11,610 81,835
Total current liabilities 50,070 13,279 63,349 70,225 11,610 81,835
Other non-current liabilities - - - - 1 1
Total non-current liabilities - - - - 1 1
Net assets 28,007 38,409 66,416 23,093 27,305 50,398
Reconciliation to carrying amounts
Opening net assets 1 January 23,093 27,305 50,398 22,324 25,070 47,394
Profit/(loss) for the period 5,641 9,534 15,176 6,180 137 6,316
Other comprehensive income (CTA) -728 1,570 842 2,466 2,098 4,564
Dividends paid - - - -7,876 - -7,876
Closing net assets 28,007 38,409 66,416 23,093 27,305 50,398
Group’s share in % 49% 35% - 49% 35% -
Group’s share 13,723 13,443 27,167 11,316 9,557 20,872
Carrying amount 13,723 13,443 27,167 11,316 9,557 20,872
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Summarized statement of comprehensive income
In thousands of euro
Barco CFG
31 DEC 22
CCO
31 DEC 22
Total
31 DEC 22
Barco CFG
31 DEC 21
CCO
31 DEC 21
Total
31 DEC 21
Profit/(loss) for the period 5,641 9,534 15,176 6,180 137 6,316
Other comprehensive income (CTA) -728 1,570 842 2,466 2,098 4,564
Total comprehensive income 4,913 11,105 16,018 8,646 2,234 10,880
Group’s share in % 49% 35% - 49% 35% -
Group’s share in profit/(loss) for the period 2,764 3,337 6,101 3,028 48 3,076
Share in the result of joint ventures and associates - 3,337 3,337 - 48 48
Included in other operating income 3(d) 2,764 - 2,764 3,028 - 3,028
The Group has no contingent liabilities or capital commit-
ments in relation to its associates as at 31 December 2022,
2021 and 2020.
For all equity accounted investments, the parent’s or other
investor’s consent is required to distribute its profits; which
is not decided at the reporting date. The equity accounted
investments did not recognize items in other comprehensive
income.
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12. Inventory
Increase in inventory (+ 40%) compared to 2021 is linked to
the higher sales volume (+ 31.6%) and increase in component
prices (14%). Further due to the component shortages, safety
buffers were stocked for a number of scarce components
and additional component purchases were made in expecta-
tion of upcoming price increases. Finished goods are higher
than usual, mainly in cinema and diagnostic imaging, a result
of capacity ramp-up after component shortages and will be
reduced when delivering out of the high orderbook. As a result
turns remain low at 2.1.
In 2021, as a result of the higher sales volume in the fourth
quarter (+29% yoy), finished goods inventory has decreased
significantly compared to 2020, which was offset by increased
raw materials inventory, caused by the emerging supply
constraints in the second semester. The supply scarcity has
In thousands of euro 2022 2021 2020
Raw materials and consumables 120,610 90,139 68,053
Work in progress 79,993 64,384 57,972
Finished goods 123,930 92,931 122,408
Write-off on inventories -78,819 -71,957 -73,043
Inventory 245,714 175,496 175,390
Inventory turns 2.1 2.4 2.3
resulted in an acceleration of the Company’s raw material
purchases and higher raw material prices (see note 18). Total
inventory and inventory turns remained stable compared to
last year.
Inventory levels in the company vary depending on the oper-
ating segment within Barco. Operating segments selling more
hardware products compared to software or project sales
generally have higher inventory levels.
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The two divisions that were impacted the most by the supply
constraints, Entertainment and Healthcare show the highest
increase in raw materials. For Entertainment, finished goods
increased mainly due to recovery of the market, price increases
(12%), but also partly due to lagging demand from China cus-
tomers as a result of covid lockdowns.
Increase in inventory in Enterprise is linked to higher sales,
turns remained stable.
In 2021, raw materials inventory increased in all three divisions
as a result of accelerated purchases in view of component
shortages. In Entertainment and Enterprise the increase in raw
materials inventory was offset by a higher decrease in finished
goods inventory, thanks to higher fourth quarter sales than in
2020. In Healthcare raw material inventory has increased more
than in the other divisions, as, next to the impact of compo-
nent shortages, the Company has purchased raw materials
upfront under the form of a last-time-buy order for compo-
nents for which the supplier decided to stop the production.
We refer to chapter ‘Critical accounting judgements and key
sources of estimation uncertainty’ for more explanation on
the impact of the macroeconomic environment
Inventories are stated at the lower of cost or net realizable
value. The calculation of the allowance for slow-moving inven-
tory is based on consistently applied write-off rules, which
depend on both historical and future demand.
In 2022 write-offs recognized as expense remained stable at
0.7% of sales compared to 2021.
In 2020, write-offs were impacted by the covid-19 pandemic
and resulted in higher write-offs recognized as expense (11.6
million euro, 1.5% of sales).
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In thousands of euro 2022 2021 2020
Trade debtors - gross 197,493 160,930 150,452
Trade debtors - bad debt reserve
(a)
-2,850 -3,954 -4,314
Trade debtors - net
(b)
194,643 156,977 146,138
V.A.T. Receivable 5,911 6,418 5,358
Taxes receivable 3,491 6,083 5,744
Interest receivable 1 4 24
Currency rate swap (note 20) 2,537 1,055 5,345
Other 2,569 2,650 1,319
Other amounts receivable 14,509 16,211 17,789
Other non-current assets
(c)
5,819 6,849 5,870
Number of days sales outstanding (DSO) 54 56 67
13. Amounts receivable and other non-current assets
Per 31 December 2022, the number of days sales outstanding
decreased to 54 days (56 days in 2021 and 67 in 2020) and are
back at pre-covid levels.
The higher number of days sales outstanding in 2020 was the
result of higher overdues, mainly from cinema customers,
caused by the covid-19 global impact on the cinema markets.
For the year ended December 31, 2022, the Company set up a
limited extra provision for current expected credit losses (2022:
-0.2 million euro; 2021: + 0.4 million euro profit) reflecting a
lower credit risk of its customers related accounts receivable
compared to 2020. The extra provision recorded in 2020 (1.5
million euro) reflected a reduction in the credit quality of spe-
cific cinema customers related accounts receivable as a result
of the covid-19 global pandemic.
The bad debt reserve in proportion to the gross amount of
trade debtors decreased to 1.5% (2020: 2.5%, 2020: 2.9%).
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In thousands of euro 2022 2021 2020
On 1 January -3,954 -4,314 -2,874
Additional provisions -1,191 -797 -2,341
Amounts used 1,234 444 100
Amounts unused 1,156 833 645
Translation (losses) / gains -93 -120 156
On 31 December -2,850 -3,954 -4,314
(a) Movement in bad debt reserve:
In thousands of euro 2022 2021 2020
Not due 171,431 138,188 111,020
Overdue less than 30 days 12,699 10,377 12,282
Overdue between 30 and 90 days 9,176 6,620 6,246
Overdue between 90 days and 180 days 2,869 1,746 12,899
Overdue more than 180 days 1,318 4,000 8,005
Total gross 197,493 160,930 150,452
Bad debt reserve -2,850 -3,954 -4,314
Total 194,643 156,977 146,138
(b) At 31 December 2022 the ageing analysis of trade debtors is as follows:
In 2022, total overdue trade receivables amount to 26.1 million
euro (2021: 22.7 million euro, 2020: 39.4 million euro), resulting
in 7 days overdue DSO (2021: 9 days, 2020: 19 days), which is
even better than pre-covid levels.
The increase in overdue amounts and long outstanding
overdues in 2020 was mainly from the Company’s cinema
customers. The Company was able to reach extended payment
plans, which were honored by the major part of its customers
in 2021, resulting in a decrease of the Company’s overdues
from 19 days in 2020 to 9 days in 2021.
The Company has a credit insurance in place for specific
higher risk cinema contracts and for cinema customers with
long payment terms. During 2021 and 2022, the Company did
not need to exercise its rights under the insurance as the cus-
tomers, for which the credit insurance is in place, paid timely.
The bad debt reserve in 2022 covers more than double of the
trade receivables overdue more than 180 days (2021: 99%,
2020: 54%). Pre covid level was around 140%. In 2020, the
Company has taken into account the credit insurance in place,
payment plans being honored and revenue recognition, when
assessing the potential credit risk and the need for recording
a bad debt reserve on expected credit losses, which explains
the bad debt reserve in 2020 amounting to 54% of the trade
receivables overdue more than 180 days.
(c) Other non-current assets
The other non-current assets include mainly cash guarantees
for an amount of 2.7 million euro (2021: 5.6 million euro, 2020:
5 million euro) and 1.6 million euro other long term receivable
related to a subleased building in America.
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In thousands of euro 2022 2021 2020
Short term investments (a)
1,651 2,763 3,175
Deposits
(a)
151,491 197,039 79,911
Cash at bank
(b)
154,342 154,453 155,426
Cash in hand 82 79 65
Cash and cash equivalents 305,915 351,571 235,402
Long-term financial receivables
Long-term debts
(c)
-32,335 -34,366 -35,854
Current portion of long-term debts
(c)
-11,217 -10,218 -9,187
Short-term debts
(d)
- - -86
Net financial cash / (debt) 264,014 309,750 193,450
14. Net financial cash/debt
At the end of December 2022, Barco’s net cash position
reaches 264 million euro, 45.8 million euro lower compared
to last year (2021: 309.8 million euro, 2020: 193.5 million euro),
a result of the limited positive free cash flow (13 million euro),
a number of minority investments, the increase of Barco's
share in Cinionic from 55% to 80% and the acquired share in
Gnosco AB (-42 million euro), dividends paid out (-21 million
euro) and use of own shares for stock options (8 million euro).
We refer to the supplementary statements, note 16 and note
11 for more explanation.
Of the total net financial cash, 306 million euro is cash on the
balance sheet. Additional financial flexibility is provided with
82.5 million euro of unused bilateral committed credit facil-
ities with a selected group of commercial banks. In addition
to significant liquidity, Barco has a well-balanced debt profile
with debt limited to 43.5 million euro of which 11 million euro
near-term maturities.
The net financial cash at the end of 2021 amounts to 309.8
million euro, 116 million euro higher compared to end 2020,
a result of the positive free cash flow (78 million euro), sold
investments (55 million euro), dividends paid out (-21 million
euro), share buy back program ( -11 million euro) and use of
own shares for stock options (8 million euro). We refer to the
supplementary statements, note 16 and note 11 for more
explanation.
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(a) Short term investments and deposits:
Cash in Hong Kong was used for the repayment of the minority
shareholders in Cinionic (see note 17) and the purchase of
other investments below regulatory threshold levels, explain-
ing the decrease in foreign currency deposits in HKD in 2022
compared to 2021.
The larger deposit amounts in USD and HKD in 2021 are held
in the according home currency of the entities or hedged,
avoiding FX impact in the profit & loss, and optimizing yield
(by avoiding negative yields in EUR).
In thousands of euro 2022
Average
interest rate 2021
Average
interest rate 2020
Average
interest rate
Deposits in USD 120,908 4.22% 141,324 0.09% 71,839 0.70%
Deposits in EUR 19,000 1.25% - - - -
Deposits in HKD 9,379 5.24% 45,057 0.27% - -
Deposits in INR 1,549 5.97% 2,763 4.10% 3,175 3.61%
Deposits in CNY - - 9,368 2.11% 6,232 1.88%
Deposits in other currencies 2,307 - 1,291 - 1,839 -
Total short term investments and deposits 153,142 199,802 83,086
Short term investments are convertible to known amounts
of cash between three and twelve months from inception.
Deposits are short term (between zero and three months),
highly liquid investments, which are readily convertible to
known amounts of cash.
The short term investments and deposits do not carry a mate-
rial risk of change in valuation.
At closing date, all short term investments and deposits
include:
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2022 2021 2020
EUR 41.7% 54.4% 34.7%
HKD 7.1 % 3.9% 28.8%
CNY 15.8% 8.5% 15.3%
USD 21.2% 19.2% 8.6%
Others 14.2% 14.1% 12.5%
(b) Cash at bank:
Cash at bank is immediately available. It is denominated in the
following currencies:
(c) Long-term financial debts:
The below table gives an overview of the long-term financial
debts including the current portion of long-term financial
debts, per type of interest rate:
Type of interest rate Maturity 31 December 2022 31 December 2021 31 December 2020
Real estate financing
Variable, swapped into fixed (EU) Later than 2025 8,288 9,563 10,838
Variable (EU) Later than 2025 7,713 8,438 9,163
Leasing (IFRS 16) 27,458 26,482 24,929
Other 94 103 113
Total long-term financial debts 43,552 44,585 45,042
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The long-term debts, including interests due, and excluding the
current portion of the long-term debts, are payable as follows:
Per 31 December 2022 Per 31 December 2021 Per 31 December 2020
Payable in 2024 9,784 Payable in 2023 10,128 Payable in 2022 9,883
Payable in 2025 8,081 Payable in 2024 7,724 Payable in 2023 7,03 4
Payable in 2026 5,559 Payable in 2025 5,883 Payable in 2024 6,214
Payable in 2027 3,535 Payable in 2026 3,799 Payable in 2025 5,083
Later 7,667 Later 9,679 Later 13,168
Total long-term debts 34,625 Total long-term debts 37,21 2 Total long-term debts 41,381
Barco NV signed a number of bilateral committed credit
facilities totaling 28 million euro, for the financing of Barco’s
headquarters campus project. Drawings have a long-term
tenor of 15 years following the end of the availability period
(as of the end of 2015). An amount of 16 million euro is out-
standing per 31.12.2022. These commitments carry either a
variable interest rate or have been swapped via derivatives into
fixed rate character.
Barco is meeting all requirements of the loan covenants on
its available credit facilities.
The below table summarizes the long-term financial debts,
including the current portion of long-term financial debts,
per currency:
2022 2021 2020
EUR 28,213 28,078 31,348
USD 3,829 4,584 4,098
INR 5,154 3,446 4,162
Other 6,356 8,477 5,434
Total 43,552 44,585 45,042
The lease liabilities per 31 December are as follows:
In thousands of euro 2022 2021 2020
On 1 January 26,482 24,929 28,259
New leases or extensions of current leases 10,991 10,702 11,000
Payments or termination of leases -10,060 -10,159 -13,132
Translation (losses)/gains 45 1,011 -1,199
Total lease liabilities on 31 December 27,458 26,482 24,929
Current 9,217 8,218 7,187
Non-current 18,241 18,264 17,742
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In thousands of euro 2022 2021 2020
Other amounts payable (a)
2,312 350 75
Accrued charges 884 - 3,058
Deferred Income
(b)
41,328 48,510 40,016
Prepayment customers LT - - 138
Other long-term liabilities 44,524 48,860 43,286
15. Other long-term liabilities
(a) Barco signed a joint venture agreement with the Swedish
company Gnosco, AB on July 1
st
, 2022. Barco acquired 70%
of the shares in Gnosco AB for 4 million euros. Further, a
financial liability was recognized related to puttable non-
controlling interests for an amount of 2 million euros.
The terms do not grant the Group any current ownership
interest in the shares to which the put option relates. The
fair value of the put option is the present value of the
estimated redemption amount.
The liability will subsequently be adjusted in the income
statement for changes in value, including the effect of
unwinding the discount and other changes in the estimated
redemption amount due to changes in management's
assumptions.
(b) Deferred income which will be recognized in revenue over
a longer period than one year, is shown in other long-term
liabilities. It concerns mainly maintenance contracts sold in
the Entertainment division which cover a long-term period.
The contracts start at the end of the two years standard
warranty period. The decrease in deferred income in 2022
is caused by the lower installation rate during covid and the
replacement wave for Cinema starting up, meaning the
extended warranty period has not always started yet.
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In thousands of euro 2022 2021 2020
Share capital 56,752 56,296 55,879
Share premium 176,919 161,091 147,003
Share-based payments 20,215 18,667 14,100
Acquired own shares -25,443 -31,435 -26,962
Retained earnings 558,777 527,783 535,093
Cumulative translation adjustment -28,350 -37,906 -64,693
Derivatives 319 -713 -1,111
Equity attributable to equity holders of the parent 759,189 693,783 659,309
16. Equity attributable to equity holders of the parent
1. Share capital, share premium and own shares
The shareholders had in 2022 the option to elect for a dividend
in cash or a dividend in shares. The option to reinvest the gross
dividend over 2021 has resulted in a share premium increase
of 14,173 (000) euro and an increase of the statutory capital
of 456 (000) euro.
As a result, the company’s share capital amounts to 56.7 million
euro on 31 December 2022, consisting of 92,916,645 fully
paid shares.
In the Extraordinary General Meeting of 25 April 2019, Barco’s
shareholders authorized a share buyback. A first share buyback
program for a period of 6 months, starting on 20 September,
2021 was announced on 16 September, 2021.
Barco acquired 600,000 own shares for a total amount of
11,186 (000) euro in 2021.
Further, Barco sold in total 574,760 own shares in 2022 upon
the exercise of 574,760 stock options with a resulting decrease
of the own shares of 5,992 (‘000) euro and an increase in the
share premium account of 1,655(‘000) euro.
The number of own shares acquired by Barco NV up to 31
December 2022 therefore decreased to 2,457,922 own shares
(2021: 3,032,682; 2020: 3,160,032 own shares). The total value
of the share-based payments amount to 20.2 million euro at
the end of 2022.
As a result of the share dividend and exercised stock-options
the company’s share premium account per 31 December 2022
amounts to 177 million euro.
2. Share-based payments
On 8 December 2022, 2 new option plans have been approved
by the Board of Directors, through which maximum 575,000
stock options could be granted before 31 December 2022.
Each stock option gives right to the acquisition of one (1)
share. In 2022, 322,833 stock options have been granted to
and accepted by employees and management of the group
based upon these option plans. On 31 December 2022, no
options remained available for distribution under the 2022
stock option schemes.
Stock option plans
The total number of outstanding stock options on 31
December 2022 amounted to 2,401,900. The company’s
own shares will be used under the outstanding stock option
plan to fulfill the commitment. During 2022, 574,760 stock
options have been exercised (in 2021, 727,350 stock options).
These stock options may be exercised the earliest 3 years
after the allocation date (i.e. the vesting period) over a period
of maximum 10 years and during a couple of fixed periods
over the year. Below is an overview of the outstanding stock
option plans:
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Allocation date End term
Exercise price
(in euro)
Balance on
31 Dec 2021
Accepted
in 2022
Exercised
in 2022
Cancelled
in 2022
Expired
in 2022
Balance on
31 Dec 2022
Stock options
10/31/12 10/30/22 7.48 4,200 - -700 - -3,500 0
10/21/13 10/20/23 8.43 11,060 - -1,260 - - 9,800
10/23/14 10/22/24 7.86 18,891 - -2,100 - - 16,791
10/23/14 10/22/22 7.86 24,864 - -12,600 - -12,264 0
10/23/14
1
10/22/22 7.91 16,450 - -10,150 - -6,300 0
10/22/15 10/21/25 8.16 13,200 - -4,550 - - 8,650
10/22/15 10/21/23 8.16 37,100 - -4,550 - - 32,550
10/22/15
1
10/21/23 8.26 20,650 - -5,250 - - 15,400
10/24/16 10/23/26 10.40 143,960 - -18,800 - - 125,160
10/24/16 10/23/24 10.40 42,210 - -6,650 - - 35,560
10/24/16
1
10/23/24 10.61 22,601 - -2,100 - - 20,501
10/20/17 10/16/27 12.54 214,575 - -29,650 -3,500 - 181,425
10/20/17 10/16/25 12.54 65,800 - -6,000 - - 59,800
10/20/17
1
10/16/25 12.67 1 27,950 - -110,050 - - 17,90 0
10/23/18 10/22/28 14.40 410,900 - -360,350 - - 50,550
10/11/19 10/10/29 24.83 323,330 - - -53,900 - 269,430
10/29/20 10/28/30 12.76 403,000 - - -21,150 - 381,850
12/06/21 12/06/31 17.80 882,400 - - -28,700 - 853,700
12/08/22 12/07/32 21.74 - 289,946 - - - 289,946
12/08/22
1
12/07/32 22.32 - 32,887 - - - 32,887
Total number of stock options
2,783,141
322,833 -574,760 -107, 250 -22,064 2,401,900
(1)
Deviation of exercise price as a result of the implementation of the US sub plan.
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The cost of these stock option plans is recognized over the
vesting period on a straight line basis and included in the
income statement in other operating expense. The stock
options are measured at grant date, based on the share price
at grant date, exercise price, expected volatility, dividend esti-
mates and interest rates. The value of the share-based payment
increased with 1.5 million euro to 20.2 million euro in 2022
(2021: 4.5 million euro; 2020: 2.9 million euro). In 2021, 3
million euro is reflected in other operating income (see note 3
(d) and 1.5 million euro in restructuring, related to the remain-
ing fair value of share options of the former leadership team,
accounted for the moment they stopped providing services
to the Company (see note 5 'Restructuring and impairment
costs').
4. Cumulative translation adjustment
In 2022, the exchange differences on translation of foreign
operations have a net positive impact of 12 million euro, mainly
relating to foreign balances held in Hong Kong Dollar (10.4
million euro), US Dollar (6 million euro), Chinese Yuan (-1.4
million euro) and Indian Rupee (-1.1 million euro).
5. Derivatives
Derivative financial instruments are disclosed in note 20.
6. Main shareholders
3. Retained earnings
The change in retained earnings includes the net income of
2022, actuarial profits, change in the fair value of equity invest-
ments, and the distribution of 35.7 million euro dividend, as
approved by the general shareholders meeting of 28 April
2022. The board of directors of Barco NV will propose a gross
dividend of 0.44 euro per share out of the available reserves
per 31 December 2022. In 2022 a gross dividend of 0.40 euro
per share was granted on the results of 2021 for which the
shareholders had the option to either receive cash or new
shares of the company, 41% opted for shares instead of cash,
resulting in actual pay-out of 21 million euro dividend in 2022.
Before Dilution
Public 58,057,400 62.48%
Vandewiele Group NV 20,162,824 21.70%
3D NV 4,808,391 5.17%
Norges Bank 4,102,042 4.41%
Alantra EQMC Asset
Management SGIIC, S.A.
3,328,066 3.58%
Barco NV 2,457,922 2.65%
Total 92,916,645 100%
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Name Country of incorporation and operation 2022 2021 2020
Cinionic Ltd. Hong Kong 20% 45% 45%
Gnosco AB Sweden 30% - -
17. Non-controlling interest
The below table represents the proportion of equity interest
held by non-controlling interests:
Overview of the equity attributable to non-controlling interest:
Upon the start of Cinionic, three minority shareholders have
contributed in the capital of Cinionic Ltd. totaling 45% of total
contributions of USD 100 million. These capital contributions
all gave right to 45% in the Cinionic legal entities’ equity and
result. In 2022 Barco agreed to buy the stakes held by the
minority shareholders Appotronics and CITICPE in Cinionic,
increasing Barco’s ownership interest in the joint venture to
80%. The 20% stake is shown as non-controlling interest.
The financials of Cinionic are fully consolidated in the
Entertainment results in 2020 - 2022.
In order to advance its growth initiative Demetra, Barco signed
a joint venture agreement with the Swedish company Gnosco
AB on July 1
st
, 2022. Barco acquired 70% of the shares in
Gnosco AB. As the effective control is transferred on 1 July
2022, the Gnosco figures are taken up in the figures of the
Barco Group from 1 July, 2022 onwards.
In thousands of euro 2022 2021 2020
Cinionic Ltd. 20,345 41,031 37,798
Gnosco AB -554 - -
Total equity attributable to non-controlling interest 19,792 41,031 37,798
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Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2022, 2021 and 2020.
Assets and Liabilities Cinionic JV
In thousands of euro 2022 2021 2020
Total non-current assets 11,081 6,788 4,901
Total current assets 134,248 114,807 107,537
Total assets 145,329 121,595 112,438
Equity attributable to equityholders of the parent 81,381 50,149 46,197
Equity attributable to non-controlling interest 20,345 41,031 37,798
Total equity 101,726 91,181 83,995
Total non-current liabilities 29,645 28,512 24,420
Total current liabilities 40,024 26,724 24,186
Total liabilities 171,395 146,416 132,601
Below is the consolidated balance sheet of the Gnosco legal entities as at 31 December 2022.
Assets and Liabilities Gnosco JV
In thousands of euro 2022
Total non-current assets 7,4 46
Total current assets 1,218
Total assets 8,664
Equity attributable to equityholders of the parent 2,791
Equity attributable to non-controlling interest -554
Total equity 2,237
Total non-current liabilities 3,246
Total current liabilities 1,632
Total liabilities 7,115
We refer to note 1.1 for more details on the Gnosco legal entities: Gnosco AB, Barco Solutions BV, Gnosco Dermicus Ltd.
We refer to note 1.1 for more details on the Cinionic legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A.
de C.V., Cinionic Inc. and Cinionic Pty. Ltd.
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Overview of the net income attributable to non-controlling
interest:
Other comprehensive income/(loss) for the period, net of tax
effect, part attributable to non-controlling interest amounts
to 2.5 million euro in 2022, 2.4 million euro in 2021 and -2.5
million euro in 2020.
Total comprehensive income for the year, net of tax, part attrib -
utable to non-controlling interest amounts to 3.2 million euro
in 2022, 3.2 million euro in 2021 and -2.8 million euro in 2020.
In thousands of euro
% non-
controlling 2022 2021 2020
Cinionic Ltd. 374 -208 618
Cinionic bv 6,628 2,559 -741
Cinionic Inc. 1,072 -754 -389
Barco Cine Appo Mexico, S.A. de C.V. -2,343 238 -233
Cinionic Pty. Ltd. 146 116 -
Barco Solutions BV -688 - -
Gnosco AB -976 - -
Gnosco Dermicus Ltd. 2 - -
Net income 4,215 1,951 -745
Cinionic Ltd. 20% 75 45% -93 45% 278
Cinionic bv 20% 1,326 45% 1,151 45% -334
Cinionic Inc. 20% 214 45% -339 45% -175
Barco Cine Appo Mexico, S.A. de C.V. 20% -469 45% 107 45% -105
Cinionic Pty. Ltd. 20% 29 45% 52 0% -
Barco Solutions BV 30% -206 - -
Gnosco AB 30% -293 - -
Gnosco Dermicus Ltd. 30% 1 - -
Net income attributable to non-controlling interest 677 878 -335
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18. Trade payables and advances received from customers
In thousands of euro 2022 2021 2020
Trade payables (a)
121,920 113,979 70,299
Days payable outstanding (DPO) 68 80 53
Advances received from customers 51,183 54,105 42,375
(a) The increase in trade payables in 2022 and 2021 is the
result of higher raw material purchases (increase in volume,
component prices and transport charges). In 2022 higher
purchases are caused by higher sales in the 4
th
quarter (+29%
year-over-year). In 2021, the higher purchases are caused
by higher sales in the 4
th
quarter (+ 29% year-over-year) and
accelerated purchases in view of component and transport
scarcity and resulted in higher days payable outstanding.
Payment terms with suppliers were not extended and there
has been no change in payment behavior towards suppliers.
In 2020 purchases were braked in view of lower demand
to avoid build-up of inventories.
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19. Provisions
In thousands of euro
Balance
sheet 2022
Additional
provisions made
Amounts
used
Unused amounts
reversed Transfers
Remeasurement
gains/(losses) on DBO
Translation
(losses) / gains
Balance
sheet 2021
Balance
sheet 2020
Total long-term provision 14,998 3,392 -1,233 - -78 -18,395 137 31,175 40,156
Defined benefit obligations
(b)
4,891 1,529 -1,019 - - -18,395 -49 22,826 31,282
Technical warranty
(a)
10,087 1,862 -215 - -78 - 185 8,332 8,857
Other claims and risks
(d)
20 - - - - - 2 18 18
Total short-term provision 9,325 4,744 -2,704 -1,419 78 - 89 8,537 13,720
Technical warranty
(a)
4,816 1,161 -285 - 78 - 55 3,807 4,922
Restructuring provision
(c)
1,748 2,500 -1,211 - - - - 458 3,743
Other claims and risks
(d)
2,761 1,083 -1,208 -1,420 - - 34 4,272 5,055
Provisions 24,323 8,136 -3,937 -1,419 - -18,395 226 39,712 53,876
(a) Technical warranty
Provisions for technical warranty are based on historical data of
the cost incurred for repairs and replacements. There are three
different technical warranty provisions: provisions related to
‘standard’ (mostly 2 years) warranty period, provisions related to
extended warranty periods and provisions for specific claims/
issues.
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(b) Defined benefit obligations
As per 31 December 2022, 2021 and 2020, the defined benefit
obligations are composed of:
In thousands of euro 2022 2021 2020
Pension plans in Belgium 732 17,835 26,190
Early retirement plans in Belgium 104 155 213
Local legal requirements (mainly Italy, Korea, Japan, Germany, France) 3,762 4,590 4,754
A small number of individual plans 293 246 125
Total 4,891 22,826 31,282
Belgian regulations require that the minimum guaranteed rate
of return on employer and participant contributions amount-
ing to 1.75%, is annually recalculated based on a risk-free rate
of 10-year government bonds. According to IAS19, Belgian
defined contribution plans that guarantee a specified return on
contributions classify as defined benefit plans, as the employer
is not responsible for the contribution payments but has to
cover the investment risk until the legal minimum rates appli-
cable. The returns guaranteed by the insurance companies
are in most cases lower than or equal to the minimum return
guaranteed by law. As a result, the Group has not fully hedged
its return risk through an insurance contract and a provision
needs to be accounted for. The plans at Barco are financed
through group insurance contracts. The contracts are bene-
fiting from a contractual interest rate granted by the insurance
company. When there is underfunding, this will be covered by
the financing fund and in case this is insufficient, additional
employer contributions will be requested.
IAS 19 requires an entity to recognize a liability when an
employee has provided service in exchange for employee
benefits to be paid in the future. Therefore, pension provisions
are setup. The obligations are measured on a discounted basis
because they are settled many years after the employees ren-
der the related service. A qualified actuary has determined the
present value of the defined benefit obligations and the fair
value of the plan assets. These assets are held by an insurance
company. The projected unit credit method was used to esti-
mate the defined benefit obligations, the defined benefit cost
and the re-measurements of the net liability.
There are 15 defined benefit plans in Barco Belgium, for which
we show below the aggregated view as these do not differ
materially from characteristics, regulatory environment, report-
ing segment or funding arrangement. In accordance with IAS
19 the disclosure is in the form of a weighted average.
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2022, 2021 and 2020 changes in the Belgian defined benefit
obligation and fair value of plan assets:
In thousands of euro
2022 2021 2020
Defined
benefit
obligation
Fair value
of plan
assets
Net defined
benefit
liability
Defined
benefit
obligation
Fair value
of plan
assets
Net defined
benefit
liability
Defined
benefit
obligation
Fair value
of plan
assets
Net defined
benefit
liability
Pension cost charged to P/L
On 1 January 130,214 -112,378 17,835 134,340 -108,150 26,190 124,416 -100,185 24,231
Service cost 5,575 - 5,575 5,639 - 5,639 7,929 - 7,929
Net interest expense 987 -862 126 388 -310 78 585 -474 111
Decrease due to curtailement - - - - - - - - -
Sub-total included in profit or loss 6,562 -862 5,701 6,026 -310 5,716 8,513 -474 8,039
Benefits paid -3,030 3,030 - -2,383 2,383 - -1,285 1,285 -
Remeasurement gains/losses in OCI
Increase due to effect of transfers - - - - - - - - -
Return on plan assets (excluding amounts included in net interest expense) - -1,210 -1,210 - -2,231 -2,231 - -2,733 -2,733
Actuarial changes arising from changes in financial assumptions -16,172 - -16,172 -5,679 - -5,679 1,698 - 1,698
Actuarial changes arising from experience adjustments -1,014 - -1,014 -2,091 - -2,091 998 - 998
Sub-total included in OCI -17,186 -1,210 -18,395 -7,769 -2,231 -10,000 2,696 -2,733 -37
Contributions by employer - -4,409 -4,409 - -4,070 -4,070 - -6,043 -6,043
On 31 December 116,560 -115,828 732 130,214 -112,378 17,835 134,340 -108,150 26,190
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The 17 million euro decrease in net defined benefit liability in
2022 versus 2021 is mainly recorded via other comprehensive
income as caused by change in parameters (see below table):
increased discount rate (3.7% vs 0.8%) and higher assumed
merit and inflation in 2022 and 2023.
The 8.4 million euro decrease in net liability in 2021 versus
2020 is mainly coming from increased discount rate (0.8% vs
0.3%) and higher effective return on plan assets, both recorded
via OCI (equity), as change in parameter. The P&L impact of
€ -1.8m is the result of lower discount rate versus minimum
guaranteed future rate of return, which needs to be compen-
sated by the employer.
In 2020, 2 million euro net increase in P&L is caused by the
increased service cost as a result of a low discount rate com-
pared to the minimum guaranteed future rate of return, for
which additional employer contributions will be requested.
The fair value of the plan assets (115.8 million euro) are fully
invested in insurance policies. In 2022, the target asset mix
did not change compared to 2021 and consists of 67.50%
government bonds, 14% real estate, 7.5% corporate bonds, 6%
corporate loans and 5% shares.
The following overview summarizes the sensitivity analysis
performed for significant assumptions as at 31 December. The
figures show the impact on the defined benefit obligation.
2022 2021 2020
Discount rate 3.73% 0.77% 0.29%
Future salary increases* 8.81% 2.43% 2.44%
Future consumer price
index increases**
8.14% 1.75% 1.75%
analyses are based on a change in a significant assumption,
keeping all other assumptions constant. These may not be
representative for an actual change in the defined benefit
obligation, as it is unlikely that changes in assumptions would
occur in isolation of one another.
The following payments are the expected benefit payments
from the plan assets:
In thousands of euro 2022 2021 2020
Discount rate
0.25% decrease 331 2,834 3,324
0.25% increase -265 -4,305 -3,868
Future salary change
0.25% decrease -143 -1,036 -1,212
0.25% increase 112 1,093 596
Future consumer price index change
0.25% decrease -88 -609 -711
0.25% increase 106 615 735
In thousands of euro 2022 2021 2020
Within the next 12 months 4,750 3,724 3,197
Between 2 and 5 years 33,002 24,696 20,865
Between 5 and 10 years 40,332 41,648 46,857
Total expected payments 78,084 70,068 70,919
*
8.81% in 2022-2023 ; 2.67% from 2024
**
8.14% in 2022-2023 ; 2% from 2024
The sensitivity analyses above have been determined based on
a method that extrapolates the impact on the defined benefit
obligation as a result of reasonable changes in key assumptions
occurring at the end of the reporting period. The sensitivity
The principal assumptions used in determining pension obli-
gations for the Group's plans are shown below:
The average duration of the defined benefit plan obligation at
the end of the reporting period is 11.3 years (12.3 years in 2021
and 12.6 years in 2020). The expected employer contributions
to the plan for the next annual reporting period amounts to 9
million euro (3.9 million euro in 2022 and 4.0 million euro in
2021); the employee contributions are expected to amount to
1.2 million euro (1.1 million euro in 2022 and 2021).
Early retirement plans are recognized as liability and expensed
when the company is committed to terminate the employment
of the employees affected before the normal retirement date.
In Belgium, a multi-employer plan exists for some blue collars
where payments go into a sectoral fund. As Barco does not
have access to information about the plan that satisfies the
requirements of the standard, the plan is further classified as
a defined contribution plan and expensed as incurred.
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(c) Restructuring provision
See note 5 'Restructuring and impairments'. We refer to the
accounting standards on provisions including provisions on
restructuring.
(d) Other claims and risks
This provision relates to disputes with suppliers, pending litiga-
tions and specific customer warranty disputes. Barco cannot
provide details on the specific cases, as this could cause con-
siderable harm to Barco in the particular disputes.
With respect to the contingent liabilities related to former
acquisitions, there is one earn-out capped at 15 million euro
linked to the retention of the former shareholders and future
results for which the future results could not be reliably esti -
mated at acquisition. The earn-outs will flow through profit and
loss at moment of payment over the earn-out period, which
ends May 25, 2026. Per end 2022, no payments occurred
under this earn-out.
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20. Risk management - derivative financial instruments
General risk factors are described in the director’s report “Risk
Factors”.
Derivative financial instruments are used to reduce the expo-
sure to fluctuations in foreign exchange rates and interest
rates. These instruments are subject to the risk of market
rates changing subsequent to acquisition. These changes are
generally offset by opposite effects on the item being hedged.
Foreign currency risk
Recognized assets and liabilities
Barco incurs foreign currency risk on recognized assets and
liabilities when they are denominated in a currency other than
the company’s local currency. Such risks may be naturally cov-
ered when a monetary item at the asset side (such as a trade
receivable or cash deposit) in a given currency is matched with
a monetary item at the liability side (such as a trade payable
or loan) in the same currency.
Forward exchange contracts and selectively option contracts
are used to manage the currency risk arising from recognized
receivables and payables, which are not naturally hedged.
The balances on foreign currency monetary items are valued
at the rates of exchange prevailing at the end of the accounting
period. Derivative financial instruments that are used to reduce
the exposure of these balances are rated in the balance sheet
at fair value. Both changes in foreign currency balances and
in fair value of derivative financial instruments are recognized
in the income statement.
Forecasted transactions
Barco selectively designates forward contracts to forecasted
sales. Hedge accounting is applied to these contracts. The
portion of the gain or loss on the hedging instrument that will
be determined as an effective hedge is recognized directly in
comprehensive income. At 31 December 2022, there were
no forward contracts outstanding under hedge accounting
treatment.
Estimated sensitivity to currency fluctuations
Sensitivity to currency fluctuations is mainly related to the
evolution of a portfolio of foreign currencies (mainly USD
and CNY) versus the euro. This sensitivity is caused by the
following factors:
• The fair value of foreign currency monetary items is
impacted by currency fluctuations. In order to eliminate
most of these effects in foreign currencies, Barco uses
monetary items and/or derivative financial instruments as
described above, which are meant to offset the impact of
such results to a major extent.
• As the company has no cash flow hedges in place that aim
at hedging forecasted transactions, a similar fluctuation in
foreign currencies would not have any effect on the equity
position of Barco.
• Profit margins may be negatively affected because an
important part of sales are realized in foreign currencies,
while costs are incurred in a smaller part in these curren-
cies. Barco has done great efforts throughout the years to
increase its natural hedging ratio in USD (being its main
foreign currency in terms of sales) by increasing its oper-
ational costs and by purchasing more components in this
currency. Impact on adjusted EBIT is currently estimated
at 20.0 million euro when the weighted average rate of a
foreign currency basket, that has an overall overweight of
USD & CNY, changes by 10% versus the euro in a year. The
overall natural hedge ratio of foreign currencies reached a
level of 71% in 2022 (2021: 73%).
• Another impact is the fact that some of Barco’s competi-
tors are USD-based. Whenever the USD decreases in value
against the euro, these competitors have a worldwide com-
petitive advantage over Barco. This impact on operating
result cannot be measured reliably.
Interest rate risk
Barco uses following hedging instruments to manage its inter-
est rate risk:
Swap on outstanding or anticipated borrowing
Barco concluded a series of interest rate swaps with an out-
standing notional amount of 8.3 million euro by means of
a partial hedge for the bilateral real estate leasing (currently
outstanding at 16.0 million euro) for the financing of Barco's
HQ campus starting in 2016. This instrument swaps the variable
interest rate into a fixed 1.76%. These swaps are determined as
an effective hedge of outstanding or anticipated borrowings
and meet the hedging requirements of IAS 39. The fair values
of the effective portion of the hedging instrument are therefore
recognized directly in comprehensive income under hedge
accounting treatment.
Estimated sensitivity to interest rate fluctuations
Changes in interest rate are closely followed up by
management.
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With reference to the fair values table below, just over 60% of
Barco’s outstanding long-term debt portfolio has a fixed inter-
est rate character, which limits the exposure of the company
to interest rate fluctuations. This ratio increases to 83% when
including the swap instruments disclosed above.
Credit risk
Credit risk on accounts receivable
Credit evaluations are performed on all customers requiring
credit over a certain amount. The credit risk is monitored on
a continuous basis. In a number of cases collateral is being
requested before a credit risk is accepted. Specific trade finance
instruments such as letters of credit and bills of exchange are
regularly used in order to minimize the credit risk.
In 2022, Barco continued to conclude credit insurances in
order to cover credit risks on specific customers or large con-
tracts on a case by case basis.
Credit risk on liquid securities and short-term investments
A policy defining acceptable counter parties and the maximum
risk per counter party is in place. Short-term investments are
made in marketable securities, cash holdings or in fixed term
deposits with reputable banks.
Fair values
Set out on the right is an overview of the carrying amounts of
the Group’s financial instruments that are shown in the finan-
cial statements. In general, the carrying amounts are assumed
to be a close approximation of the fair value.
In thousands of euro
2022 2021 2020
Carrying amount / Fair value (approx.)
Financial assets
Investments at fair value through equity 37,337 46,680 86,651
Trade receivables 194,643 156,977 146,138
Other receivables 14,509 16,211 17,789
Loan and other receivables 11,971 15,152 12,420
Interest receivable 1 4 24
Currency rate swap 2,187 1,055 5,345
Interest rate swap 350 - -
Other non-current assets 5,819 6,849 5,870
Short term investments 1,651 2,763 3,175
Cash and cash equivalents 305,915 351,571 235,402
Total 559,874 581,051 495,026
Financial liabilities
Financial debts 16,000 18,000 20,000
Floating rate borrowings 8,288 9,563 10,838
Fixed rate borrowings 7,71 3 8,438 9,163
Other long-term liabilities 44,524 48,860 43,286
Short-term debts - - 86
Trade payables 121,920 113,979 70,299
Other current liabilities 5,412 5,036 8,980
Other short term amounts payable 750 1,206 80
Dividends payable 2,289 2,289 2,290
Currency rate swap 2,373 859 5,529
Interest rate swap - 682 1,080
Total 187,856 185,875 142,650
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The fair value of the financial assets and liabilities is defined
as the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in
a forced or liquidation sale.
The following methods and assumptions were used to estimate
the fair values:
• Cash and cash equivalents and short-term investments,
trade receivables, trade payables, and other current liabili-
ties approximate their carrying amounts largely due to the
short-term maturities of these instruments.
• Investments are measured at market price. For investments
that are publicly quoted in an active market, the quoted
market price is the best measure of the fair value. The
remeasurement at fair value per 31 December 2022 versus
the carrying amount is reflected in other comprehensive
income.
• Long term fixed rate and variable rate other assets are eval-
uated by the Group based on parameters such as interest
rates, specific country risk factors, individual creditwor-
thiness of the customer and the risk characteristics of the
financed project. Based on this evaluation, allowances are
made to account for the expected losses of these receiv-
ables. As at 31 December 2022, the carrying amounts of
such receivables, net of allowances, are assumed not to be
materially different from their calculated fair values.
• The fair value of unquoted instruments, loans from banks
and other financial liabilities, obligations under finance
leases as well as other non-current financial liabilities is esti-
mated by discounting future cash flows using the effective
interest rates currently available for debt on similar terms,
credit risk and remaining maturities. As of 31 December
2022, the effective interest rate is not materially different
from the nominal interest rate of the financial obligation.
• The Group enters into derivative financial instruments with
various counterparties, principally financial institutions with
investment grade credit ratings. Derivatives valued using
valuation techniques with market observable inputs are
mainly interest rate (cap/floor) swaps and foreign exchange
forward contracts. The most frequently applied valuation
techniques include forward pricing and swap models, using
present value calculations. The models incorporate various
inputs including foreign exchange spot and forward rates
and interest rate curves.
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Fair value hierarchy
As at 31 December 2022, the Group held the following financial
instruments measured at fair value:
The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for iden-
tical assets or liabilities;
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly;
Level 3: techniques that use inputs having a significant effect
on the recorded fair value that are not based on observable
market data.
In thousands of euro 2022 2021 2020
Assets measured at fair value
Financial assets at fair value through profit or loss
Foreign exchange contracts - non-hedged 2,187 1,055 5,345
Financial assets at fair value through equity
Investments 37,337 46,680 86,651
Interest rate swap 350 - -
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Foreign exchange contracts - non-hedged 2,373 859 5,529
Financial liabilities at fair value through equity
Interest rate swap - 682 1,080
All fair values mentioned in the above table relate to Level
2, except for the investments which were based on level 1
input. The liabilities associated with puttable non-controlling
interests are in the IFRS fair value hierarchy level 3, i.e. one or
more significant inputs are not based on observable market
data (see note 15).
During the reporting period ending 31 December 2022,
there were no transfers between Level 1 and Level 2 fair value
measurements.
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Capital Management
Management evaluates its capital needs based on following
data:
In thousands of euro Note 2022 2021 2020
Net financial cash / (debt) 14 264,014 309,750 193,527
Equity 778,981 734,814 697,107
% Net financial cash (debt) / Equity 33.9% 42.2% 27.8%
In thousands of euro 2022 2021 2020
Equity 778,981 734,814 697,107
Total equity and liabilities 1,147,405 1,104,249 1,018,203
% Equity / Total equity and liabilities 67.9% 66.5% 68.5%
In 2022, the net cash position ended at a level of 264 million
euro compared to 309.8 million euro as per end of 2021. We
refer to note 14 for the details on the movement.
The solvency position and other current ratios continue to con-
solidate at healthy levels. Together with the existing committed
credit facilities, management considers that it has secured a
healthy liquidity profile and strong capital base for the further
development of the group.
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Changes in liabilities arising from financing activities
In thousands of euro
Non-cash changes
1 January 2022 Cash flows
IFRS 16
movements Acquisition / sale
Foreign exchange
movement 31 December 2022
Long-term debts
Long-term liabilities 16,000 -2,173 - 172 2 14,000
Long-term lease liabilities 18,366 -10,216 10,134 - 51 18,335
Short-term debts
Short-term liabilities 2,000 - - - - 2,000
Short-term lease liabilities 8,218 999 - - - 9,217
Total liabilities from financing activities 44,585 -11,391 10,134 172 53 43,552
The long-term liabilities and lease liabilities are together the
long-term debts as shown in the balance sheet. The short-term
liabilities are the total of current portion of long-term debts and
short-term debts, as shown in the balance sheet.
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21. Rights and commitments not reflected in the balance sheet
(a) Guarantees given to third parties mainly relate to guarantees
given to customers for ongoing projects, guarantees given
to suppliers for investment projects and to authorities for
commitments related to VAT, duties, etc.
(b) The total mortgage includes three loans of 10 million euro
each to fund the headquarter campus. The decrease in net
book value since 2020 is due to depreciation.
22. Related party transactions
During the ordinary course of their business conduct Barco
affiliates will also enter into related party transactions. This
includes both service transactions and financing arrangements.
Related party transactions are generally undertaken on an at
arm’s length basis based on Barco’s worldwide transfer pricing
policies. Where appropriate, the arm’s length nature of transac-
tions is tested against benchmarking searches and the results
thereof are shared with tax authorities worldwide in line with
local transfer pricing requirements and regulations.
Barco commits not to use tax structures without economic
substance or make use of jurisdictions for the sole purpose of
tax avoidance. Barco NV, as the ultimate parent entity of the
Barco group, submits the transfer pricing Country-by-Country
(CbC) report in Belgium, thereby disclosing taxes paid world-
wide on a jurisdictional level to the Belgian tax authorities on
an annual basis. Following the implementation of the CbC
reporting in Belgian legislation, submitted CbC reports will
be shared by the Belgian tax authorities with tax authorities
worldwide.
Transactions between the Company and its subsidiaries, which
are related parties, have been eliminated in the consolida-
tion and are accordingly not disclosed in this note. None of
the related parties have entered into any other transactions
with the Group that meet the requirements of IAS 24, ‘Related
party disclosures’. We refer to note 1 'Consolidated companies'
for an overview of the consolidated and equity accounted
companies.
We refer to the ‘Corporate Governance Chapter’ for informa-
tion with respect to remuneration of directors and members
of the core leadership team.
At the annual shareholders meeting of 29 April 2021, PWC
Bedrijfsrevisoren bv, Culliganlaan 5, 1830 Diegem, was
appointed as statutory auditor of the company for a period
of three years. In 2022, remuneration approved by the Audit
Committee to the statutory auditor for auditing activities
amounted to 320,982 euro. Remuneration paid to the statutory
auditor for special assignments was 81,432 euro.
In thousands of euro Note 2022 2021 2020
Guarantees given to third parties (a) 3,594 3,474 3,850
Mortgage obligations given as security (b) 30,000 30,000 30,000
Book value of the relevant assets 29,539 33,029 36,527
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23. Cash flow statement: effect of
acquisitions and disposals
The following table shows the effect of acquisitions and dis-
posals on the balance sheet movement of the Group.
The acquisition in 2022 relates to a joint venture agreement
with the Swedish company Gnosco AB. We refer to note 1.3 on
acquisitions and divestments and to the Cash flow statement.
There were no acquisitions and disposals in 2021 and 2020.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are carried in terms of historical cost using
the exchange rate at the date of the acquisition.
In thousands of euro Aquisitions 2022
Net-identifiable assets and liabilities -1,796
Know-how on acquisitions 7,607
Put option non-controlling interest -2,049
Acquired/(sold) cash 237
Purchase price 4,000
24. Events subsequent to the balance sheet
date
There are no major events subsequent to the balance sheet
date which have a major impact on the further evolution of
the company.
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Supplementary statements
In thousands of euro 2022 2021 2020
Adjusted EBIT 90,143 19,373 10,180
Restructuring -1,211 -8,204 -9,536
Depreciations of tangible and intangible fixed assets 36,331 39,136 43,383
Gain/(Loss) on tangible fixed assets -1,621 196 170
Share in the profit/(loss) of joint ventures and associates 3,337 48 -276
Gross operating Free Cash Flow 126,979 50,549 43,921
Changes in trade receivables -35,615 -4,918 41,391
Changes in inventory -70,161 4,432 -12,260
Changes in trade payables 7,425 42,825 -59,936
Other changes in net working capital 2,823 13,195 -23,960
Change in net working capital -95,528 55,534 -54,764
Net operating Free Cash Flow 31,451 106,083 -10,843
Interest received 2,773 713 1,845
Interest paid -1,930 -1,823 -1,965
Income taxes -6,042 -8,386 -10,398
Free Cash flow from operating activities 26,252 96,587 -21,361
Purchases of tangible & intangible FA -21,218 -18,787 -14,980
Proceeds on disposals of tangible & intangible fixed assets 8,038 183 488
Free Cash flow from investing activities -13,180 -18,604 -14,493
FREE CASH FLOW 13,072 7 7,983 -35,854
Free Cash Flow
In 2022 the Company generated 13.1 million euro positive free
cash flow reflecting a significant uptake in gross operating free
cash flow, which amounted 127.0 million euro. This was offset
by increased working capital, due to higher inventory levels
and higher trade receivables. The higher trade receivables are
linked to the peak sales of the fourth quarter. The higher inven-
tories include proactive buying of inventories, as a response
to supply chain challenges and inflation.
At the end of December 2022, Barco’s net cash position
reaches 264 million euro, 46 million euro lower compared to
last year (2021: 309.8 million euro, 2020: 193.5 million euro).
The decrease versus last year is attributable to the lower free
cash flow, a number of minority investments and the increase
of Barco’s share in Cinionic from 55% to 80%, dividends paid
out (-21 million euro) and use of own shares for stock options
(8 million euro) We refer to note 14, note 16 and note 11 for
more explanation.
Balance Sheet
Net working capital increased to 14.3% of sales compared to
5.8% in 2021.
The increase in working capital is mainly caused by an increase
in inventory levels (see note 12).
Due to the component shortages, safety buffers were stocked
for a number of scarce components. High sales in the last
quarter helped to start reducing inventories, however inven -
tory levels remained higher than usual at year end and will
require more work in 2023 to bring them back to pre-covid
levels. In addition to the increase in inventory, higher trade
receivables contributed to the increase in working capital,
mainly due to very strong sales in December, for which cash
will be collected in 2023.
In 2021 net working capital reduced to 5.8% of sales compared
to 10% in 2020, as a result of higher trade payables, customer
advances received, reduced DSO from 67 days to 56 days and
stable inventory.
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The return on capital employed increased to 16% in 2022 (2021:
4%, 2020: 3%), thanks to a stronger increased operational result
compared to the increase in capital employed (14.2% of sales).
In thousands of euro Note 2022 2021 2020
Trade debtors 194,643 156,977 146,138
Inventory 245,714 175,496 175,390
Trade payables -121,920 -113,979 -70,299
Other working capital -168,014 -171,695 -170,620
Working capital 150,423 46,799 80,610
Other long term assets & liabilities 194,119 204,646 210,493
Operating capital employed 344,543 251,445 291,102
Goodwill 105,612 105,612 105,612
Operating capital employed (incl goodwill) 450,155 357,056 396,714
Adjusted EBIT 90,143 19,373 10,180
Adjusted ROCE after tax (%) (a) 16% 4% 3%
Return on Operating Capital Employed
(a) Tax rate used is the effective tax rate (in 2022 and 2021: 18%; 2020: 0%)
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Supplementary
information
Barco NV
Summary version of statutory accounts Barco NV
The financial statements of the parent company, Barco NV,
are presented below in a condensed form.
The accounting principles used for the statutory annual
accounts of Barco NV differ from the accounting principles
used for the consolidated annual accounts: the statutory
annual accounts follow the Belgian legal requirements, while
the consolidated annual accounts follow the International
Financial Reporting Standards. Only the consolidated annual
financial statements as set forth in the preceding pages present
a true and fair view of the financial position and performance
of the Barco Group.
The management report of the Board of Directors to the
Annual General Meeting of Shareholders and the annual
accounts of Barco NV, as well as the Auditor’s Report, will be
filed with the National Bank of Belgium within the statutory
periods. These documents are available upon request from
Barco’s Investor Relations department, and at www.barco.com.
The statutory auditor’s report is unqualified and certifies that
the non-consolidated financial statements of Barco NV for the
year ended 31 December 2021 gives a true and fair view of the
financial position and results of the company in accordance
with all legal and regulatory dispositions.
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Balance sheet after appropriation
In thousands of euro 2022 2021 2020
Fixed assets 345,576 351,619 362,928
Intangible fixed assets 11,381 17,505 27,260
Tangible fixed assets 61,623 63,788 67,267
Financial fixed assets 272,572 270,326 268,401
Current assets 340,521 273,469 255,249
Inventory 156,492 103,283 109,712
Amounts receivable within one year 145,766 129,543 109,517
Investments (own shares) 25,623 31,615 27,143
Cash and cash equivalents 2,818 124 295
Deferred charges and accrued income 9,822 8,904 8,582
TOTAL ASSETS 686,097 625,088 618,177
Capital and reserves 358,218 273,313 276,033
Capital 56,753 56,297 55,880
Share premium account 173,360 159,186 146,776
Reserves 32,687 38,678 34,207
Accumulated profits 93,383 18,042 38,977
Investment grants 2,035 1,110 193
Provisions 9,566 8,633 11,739
Provisions for liabilities and charges 9,566 8,633 11,739
Creditors 318,312 343,141 330,404
Amounts payable after more than one year 14,000 16,000 18,000
Amounts payable within one year 304,312 327,141 312,404
TOTAL LIABILITIES 686,097 625,088 618,177
Intangible fixed assets relate mainly to the implementation
cost of SAP ERP software. These SAP capital expenditures are
amortized over 7 years. In 2022, 1.9 million euro investments
were made in new customer relationship management (CRM)
software.
The main capital expenditures realized in 2022 relate to
machinery and tooling (3.5 million euro) linked to new prod-
uct development projects as well as the renewal of the Barco’s
HQ customer experience centre (1.6 million euro).
Financial fixed assets in 2022 increased by net 2.5 million euro.
The increase is attributable to the joint venture agreement
entered into on July 1
st
, 2022 with the Swedish company
Gnosco AB whereas an additional statutory impairment was
taken on the participation in Barco Fredrikstad AS (Norway).
Inventory levels in 2022 are at an all-time high.Raw material
inventory increased due to supply chain constraints causing
base price increase (7.5%), combined with the effect of change
in currency rates. Furthermore, due to missing other compo-
nents raw materials remain longer in inventory. These effects
are also reflected in work in progress and finished goods inven-
tory levels, mainly in the Entertainment and Healthcare division.
Amounts receivable are higher compared to 2021 primarily
caused by the strong fourth quarter and year-end external and
intercompany sales. Days sales outstanding evolved positively
from 59.5 days in 2021 to 44.2 days in 2022.
The decrease in amounts payable within one year in 2022 is
mainly attributable to the decrease in the intercompany cash
pool account with Barco Coordination Center NV following
the improved results compared to 2021 and 2020. Further the
decrease was linked to the slowdown in last quarter purchase
volume in view of the high inventory levels.
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Income statement
Sales in 2022 were close to pre-covid levels, increased 27.8%
compared to 2021, thanks to reopening of most global markets
after two years with considerable impact on sales due to the
pandemic as well as consequential component shortages that
delayed order to sales conversion in 2021.
Gross margin in 2022 increased to 41% compared to 40.3%
in 2021 and 36.2% in 2020. The turnaround from an operat-
ing loss in 2021 towards an operating income in 2022 was
attributable to the considerable higher topline at improved
margins. Operating costs increased in 2022, though relatively
operating expenses decreased to 18.3% of sales compared to
20% in 2021 & 2020.
The recurring financial result of 46.2 million euro in 2022
includes mainly the intercompany dividends received from
Barco Coordination Center NV, Barco Ltd. (U.K.), Barco SAS
(France), Barco Limited (Taiwan) and Barco Sdn. Bhd. (Malaysia)
compared to one intercompany dividend from Barco Inc. (US)
in 2021.
The negative non-recurring financial result in 2022 is caused
by an additional impairment on Barco Fredrikstadt (Norway)
caused by higher interest rates applied on calculating future
discounted cashflows. Further there is a negative impact fol-
lowing the reclassification of the impairment on caresyntax,
included in other investments, formerly included in intangibles.
In 2020 the significant negative non-recurring financial result
was attributable to impairments on Barco Ltd. (Taiwan) and
the liquidation of Barco Technology Taiwan.
The income taxes in 2022 relate to corporate taxes on the
result of the year, net after usage of tax credits, and withholding
taxes on received dividends. In 2021 and 2020 income taxes
related entirely to withholding taxes on dividends.
As a result of the above, Barco NV realized a profit for the year
2022 of 109.2 million euro compared to 19.2 million euro in
2021 and a 17.3 million euro loss in 2020.
In thousands of euro 2022 2021 2020
Sales 745,160 583,012 583,172
Recurring operating income/(loss) 76,974 -4,097 -15,954
Recurring financial result 46,201 19,388 44,514
Non-recurring financial result -11,024 3,966 -41,784
Income taxes -2,960 -66 -4,030
Profit/(loss) for the year 109,191 19,191 -17, 25 4
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Proposed appropriation of Barco NV result
The board of directors of Barco NV will propose to the General
Assembly to distribute a gross dividend of 0.44 euro per share,
relating to the result as of 31 December 2022.
In thousands of euro 2022 2021 2020
Profit/(loss) for the year for appropriation 109,191 19,191 -17, 25 4
Profit brought forward 18,002 38,978 87,771
Profit to be appropriated 127,193 58,169 70,517
Transfer from other reserves -5,992 4,472 -1,848
Profit to be carried forward 93,383 18,042 38,977
Gross dividends 39,802 35,655 33,388
Total 1 27,193 58,169 70,517
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Information
about the share
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Key figures for the shareholder
(a) Gross dividend / share price at year-end closing date
(b) Increase or decrease share price + gross dividend paid out in the year, divided by closing share price of previous year
(c) Gross dividend number of shares on 31 December / net income attributable to the equity holder of the parent
(d) Share price 31 December / earnings per share
Number of shares (in thousands): 92,917 92,170 91,487
Per share (in euro) 2022 2021 2020
EPS
0.84 0.10 -0.05
Diluted EPS
0.83 0.10 -0.05
Gross dividend
0.44 0.400 0.378
Net dividend
0.31 0.28 0.26
Return on Equity (ROE)
9.7% 1.3% -0.7%
Gross dividend yield (a)
1.9% 2.1% 2.1%
Yearly return (b)
22.5% 9.6% -41.8%
Pay-out ratio (c)
54.4% 415.1% -787.1%
Price/earnings ratio (d)
27.6 191.9 -358.0
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Share price performance*
* Values for 2011-2019 restated following to the 7:1 share split; see press release
** The average number of shares traded daily for the period 2022 is taking into account the trades on the Lit Venues: Euronext as well as registered trades on alterna-
tive platforms (Source: Refinitiv Market Share Reporter and Euronext’ customer portal “Connect”). Values for the period 2021 are based on the Fidessa stock report.
Values for the periods 2018-2020 are based on Euronext’ customer portal “Connect”.
5
10
20
25
30
35
15
0
2010 2011 2012 2013 2014 2015 2016 2019 2020 2022202120182017
Lowest to highest closing price Average closing price
Share price*
Per share (in euro) 2022 2021 2020 2019 2018
Average closing price 21.37 20.04 21.22 23.80 15.09
Highest closing price 25.58 24.42 35.21 31.71 17.66
Lowest closing price 17.50 15.92 12.76 14.37 12.84
Closing price 31 December 23.08 19.16 17.82 31.29 14.13
Average number of shares traded daily** 177,237 165,296 279,797 165,784 137,160
Stock market capitalization on 31 December (in millions) 2,144.52 1,765.98 1,630.31 2,862.09 1,292.35
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Liquidity
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
2020 2021 2022
100,000
200,000
300,000
600,000
700,000
800,000
900,000
1,000,000
500,000
400,000
Daily average shares traded*
* The numbers referenced here take into account the trades in the Lit-category.
"All Venues" includes Lit-venues, the Systematic internalisers and dark venues
(LIT+Auction+Dark+OTC+SI).
Source for period 2022: Refinitiv Market Share Reporter and Euronext’ customer
portal “Connect”
Source for period 2021: Fidessa stock report
Source for period 2020: Euronext’ customer portal “Connect” (no information
for other venues than Euronext in 2020).
Source Source 2022 2021 2020
Total yearly volume (shares) Euronext 26,486,626 42,646,488 71 ,907,829
Lit venues
(1)
45,549,874 48,913,548
All venues
(2)
95,232,679 86,712,750
Daily average number of shares traded Euronext 103,061 165,296 279,797
Lit venues
(1)
177,237 189,587
All venues
(2)
370,555 336,096
Total yearly volumes (turnover) in million euro Euronext 563.11 837.86 1,459.92
Lit venues
(1)
971.24 958.21
All venues
(2)
2,036.62 2,501.13
Velocity Euronext 27.27% 44.98% 77.56%
(1) & (2): The numbers referenced here take into account the trades in the Lit-
category. The category "Lit venues" includes Euronext and the alternative
platforms. "All Venues" includes Lit-venues, the Systematic internalisers and
dark venues (LIT+Auction+Dark+OTC+SI).
Source for period 2022: Refinitiv Market Share Reporter and Euronext’ customer
portal “Connect”
Source for period 2021: Fidessa stock report
Source for period 2020: Euronext’ customer portal “Connect” (no information
for other venues than Euronext in 2020).
All venues
Euronext data
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Barco share price 2022
Barco share price 2022
15
20
10
25
30
02-01 01-0301-02 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12
-30
-20
0%
-10
10
30
20
02-01 01-0301-02 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12
Barco Bel 20 Next 150
Barco / Bel 20 / Next 150
Barco Eurostoxx 50 Eurostoxx technology Nasdaq - 100
Barco / Eurostoxx 50 / Eurostoxx Technology / Nasdaq - 100
Barco
-40
-30
-20
0%
-10
10
20
30
02-01 01-0301-02 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12
-40
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Shareholders
A study of Barco’s global shareholdership, carried out in
December 2022 and January 2023, plotted nearly 98% of the
company’s shareholder composition
(1)
.
Identified institutional investors hold 74.8% of all shares.
Treasury shares held by the company are good for 2.65% of
the shares and approximately 14.1% of the shares are held by
retail investors, down from 14.9% a year ago.
Geographic distribution
Belgium remains the dominant investment region in Barco’s
institutional shareholder base, with a strong proportional rep-
resentation versus peers and industry averages. Over 2022
Belgium ownership experienced inflows to hold now almost
half (48.4%) of the institutional shares compared to 48.6% at
the end of 2021.
US remains the second largest region in institutional owner-
ship and saw their exposure rising by more than 2 percentage
points to 16.1%, up from 14.0% the year before, due to more
buying than selling activity. France remained the third country
in Barco’s institutional investor universe, with a 10.5% share,
an increase from 9.3% last year. The United Kingdom took
the fourth place. It registered more sellers than buyers and
declined from a 8.7% position last year to 6.1% in 2022.
Compared to the Nasdaq Belgian client base benchmark,
Belgium continues to show substantial overweight in terms
of domestic ownership. Barco remains very much underweight
in both the US and the UK compared to the benchmark.
Investment style
Growth ownership has been declining since 2021, down by
1.0% to now account for 15.6% of institutional shares.
Conversely, value-oriented investors increased their exposure
by 0.7% to 15.1% of institutional shares. The position of GARP-
type investors declined by 1.2 percentage points at 10.0% from
11.2% a year ago.
The main reference holders further strengthened their posi-
tion in the company. They are grouped together with other
shareholders, in the category 'other investment style' that now
accounts for more than 50% of the ownership. This category
is significantly overweighted, making all other main categories
underweight when compared to Nasdaq Technology Base
benchmark.
Index type investors maintained their position in 2022, owning
now 8.6%, slightly up versus 8.5 % the year before.
Investing responsibly
According to the analysis, 24% of the institutional shares are
held by ESG funds, an increase of almost 5 percentage points
compared to 2021. This level remains below average when
compared to Nasdaq’s technology sector, Belgian and wider
European major benchmarks.
Concentration
The concentration level amongst Barco top holders moved
slightly in 2022, with the top-10 category increasing over this
analysis period, and both top-25 and top-50 categories slightly
decreasing.
The categories now account for:
• Top 10: 59.2% of institutional shares compared to 57 % last
year
• Top 25: 75.5% compared to 77% last year
• Top 50: 89.2% compared to 90% last year
Compared to the average observed in the mid-cap client base
benchmark (Nasdaq European Mid Cap client base), Barco’s
concentration levels are above average.
(1) Shareholder analysis performed by Nasdaq Advisory services in December
2022 and January 2023.
Shareholder structure
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Shareholder structure
Geographic distribution
Investment style
74.8%
14.1%
4.9%
2.7%
3.5%
15.6%
15.1%
10.0%
8.6%
0.5%
50.3%
48.4%
16.1%
10.5%
6.1%
4.2%
14.3%
0.5%
Growth
Value
GARP
Index
Hedge Fund
Other
Institutional
Retail
Brokerage/trading
Company-related
Unassigned Shares
Ownership of Barco’s shares 2022
(per 31 December 2022)
Vandewiele Group nv
3D NV
Norges Bank
Alantra EQMC Asset Management SGICC, S.A.
Public*
TOTAL
Belgium
United States
France
United Kingdom
Spain
Rest of Europe
Rest of world
* Public: inclusive Barco (2,457,922 shares, or 2.65%)
21.70%
5.17%
4.41%
3.58%
100.00%
65.13%
20,162,824 shares
4,808,391 shares
4,102,042 shares
3,328,066 shares
92,916,645 shares
60,515,322 shares
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Shareholder remuneration Barco’s investment case
Dividend
Barco’s Board of Directors will propose to the General
Assembly to distribute a gross dividend of 0.44 euro per share,
a 10% increase from 0.40 euro a year ago.
Dividend policy
The dividend is set by the Board of Directors and subsequently
proposed at the Annual General Meeting of shareholders at
the end of each fiscal year.
Barco’s Board believes that consistency and reliability towards
the investment community is key, and considers a consis-
tent dividend pay-out as a key contributor, reflecting the
long-term confidence in the company and its future growth
opportunities.
Strong foundation with technology and
market leadership in healthy markets
Backed by over 85 years of experience, Barco is a strong brand
known for its technology leadership in three solid and healthy
markets: Healthcare, Enterprise and Entertainment. Building on
sustainable advantages, Barco has established global leader-
ship positions in all of these markets. The solutions delivered
to these markets are mostly mission-critical with a real effec-
tive need for high-performance and reliable technology.
Based on a solid experience, a thorough understanding of
customer needs, advanced know-how in developing differ -
entiated technology and delivering value-add solutions and
a well-developed go-to-market network, Barco continues to
lead in these markets.
Focused strategy
Barco's strategy is focused around three levers. 'Capturing
profitable and efficient growth' focuses on leveraging lever-
aging operational efficiencies from a simplified organization
and digital transformation, seizing the China opportunity with
strong local presence, and developing new vertical market
segments via adjacent products and geographic expansion.
The 'Innovate for impact' lever builds on increasing the man-
ufacturing footprint with a strengthened supply chain, and on
accelerating innovation with a rebalanced R&D portfolio. The
underlying 'Go for Sustainable Impact' pillar addresses Barco's
ambition to design and act towards sustainable outcomes for
our planet, people, and communities.
Solid financial results
Over the past years, Barco has continued to sharpen the focus
of its activities.
Since introducing the ‘focus to perform’ program in 2016,
Barco has made measurable and steady progress by rational-
izing the business portfolio and footprint and by implementing
value engineering initiatives. EBITDA margin expanded from
8% in 2016 to 14% in 2019 and net earnings grew to 9% of
sales. In 2020 and 2021 the company delivered weaker results
mainly due to covid-19 pandemic impacts and supply chain
constraints, which resulted in a softer sales and profit per-
formance. End of 2021, Barco carried out an organizational
redesign to install greater empowerment and accountability at
the business unit level while enhancing customer and market
responsiveness. In 2022, Barco was able to reconnect with its
long-term growth ambitions, bringing the EBITDA margin back
to 12%, and laying the foundations to expand its markets and
accelerate innovation with its visualization and collaboration
technology.
Except in 2020, Barco booked year-on-year net cash positive
results. The company follows a conservative course in man-
aging its financials and net cash position.
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A strong and reliable leadership team
Further strengthened with the onboarding of some new
leaders, Barco’s leadership team holds diverse and global
competencies and insights. The organizational redesign brings
together focused teams per market, with accountability from
R&D over product development to supply chain and sales.
With a clear focus on the customer, the leadership team and
the entire company are committed to delivering sustainable
and profitable long-term growth.
Shareholder trust
Barco has a stable international shareholder base with a
pre-dominance of value-oriented investors. Since 2015, both
Vandewiele group nv and 3D NV are represented in the Board
of Directors. Together they own close to 27% of Barco's shares.
Board believes that consistency and reliability towards the
investment community is key and considers a consistent
dividend pay-out as a key contributor, reflecting the long-
term confidence in the company and its future growth and
opportunities.
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Analysts covering Barco
Bank Degroof Petercam sa Kris Kippers
Berenberg Trion Reid
De Belegger Geert Smet
Flemish Federation of Investors and Investor Club Gert De Mesure
ING Marc Hesselink
KBC Securities Guy Sips
Kepler Cheuvreux Matthias Maenhaut
Van Lanschot Kempen Emmanuel Carlier
Announcement of results 4Q22 and FY22 Thursday 9 February 2023
Trading update 1Q23 Wednesday 19 April 2023
Annual General Shareholders Meeting Thursday 27 April 2023
Announcement of results 1H23 Wednesday 19 July 2023
Trading update 3Q22 Wednesday 18 October 2023
Barco share BAR ISIN BE0974362940
Reuters BARBt.BR
Bloomberg BAR BB
Financial calendar 2023
Share info
More info including the quarterly consensus update, reports, reference to conference, roadshows and relevant tradeshows are
available on Barco’s investor portal www.barco.com/investors.
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barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered office
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
Barco Corporate Marketing & Investor Relations Office
Focus Advertising
Barco
Beneluxpark 21
8500 Kortrijk – Belgium
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2022
Integrated
annual report
Integrated
Data Pack

04 PLANET 05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL
Table of contents
Financial .............................................3
Manufactured.........................................4
Intellectual ...........................................5
Planet ................................................6
People ...............................................9
Communities ........................................11
This is the Integrated Data Pack 2022.
This is an appendix to the 2022 Annual
Report. Other sections are available via the
download center at ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Glossary
• GRI Content index
• Assurance report
Integrated Data Pack Barco Integrated report 2022
IDP
2

04 PLANET 05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL
Capital Topic Indicator Unit   
FINANCIAL Sustained profitable growth
Group sales mio € ,. . .
Gross profit mio € .  .  .
Gross profit (% of sales) % . . .
EBITDA mio € . . .
EBITDA margin % . . . 
OPEX as % of sales % . . .
Earnings per share € . . -.
Dividend € . . .
Nominal tax amount paid mio €   
Effective tax rate %   
Financial resilience
Total amount paid in dividends to shareholders k€ , , ,
Total amount of share buybacks undertaken # of shares - , -
Net financial cash/(debt) mio € . . .
Free Cash Flow mio € . . -.
Equity as % of balance sheet total %  . . .
Integrated Data Pack
This Integrated Data Pack document contains a full set of
metrics (financial and non-financial) with the respective
performance results over the last 3 years. These metrics are
organized per Capital and (material) topic.
This document is being updated every year and released
together with the Annual Report. For definitions on the
indicators, see the Glossary.
Integrated Data Pack Barco Integrated report 2022
IDP
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04 PLANET 05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 01 FINANCIAL 02 MANUFACTURED
Capital Topic Indicator Unit   
MANUFACTURED Long term asset performance
% make % . . .
Countries with a manufacturing facility #   
ROCE % . . .
Inventory turns # . . .
Capex (in % of sales) % . . .
Integrated Data Pack Barco Integrated report 2022
IDP
4

04 PLANET 05 PEOPLE 06 COMMUNITIES 02 MANUFACTURED 01 FINANCIAL 03 INTELLECTUAL
Capital Topic Indicator Unit   
INTELLECTUAL Innovation management
Number of patents at year-end #   
Number of new patent filings #   
% of employees in R&D % of heads . . .
R&D spend mio €   
R&D spend (in % of sales) % . . .
Innovation awards #   
Integrated Data Pack Barco Integrated report 2022
IDP
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05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 04 PLANET
Capital Topic Indicator Unit   
PLANET EU taxonomy
% revenues eligible for EU Taxonomy alignment % . . -
% revenues aligned under EU Taxonomy alignment % . - -
% capex eligible for EU Taxonomy alignment %   -
% capex aligned under EU Taxonomy alignment % . - -
% opex eligible for EU Taxonomy alignment %   -
% opex aligned under EU Taxonomy alignment % . - -
Environmental management system % of (manufacturing) sites covered by a certified environmental management system %   
Product stewardship
% of new products released with Barco ECO label (hardware) %   
Revenues from products with Barco ECO label mio € revenues . . .
% revenues from products with Barco ECO label (hardware) %   
Energy efficiency index of sold products relative versus base year  # . . .
Greenhouse gas emissions of sold products (product use emissions) (relative)
Tonnes CO

e /mio €
revenues
. . .
Material use (absolute) kg ,,
,, ,,
Material use (relative) kg /mio € revenues , , ,
% of new products released with recycled plastics (hardware) %   
% of revenues in countries with Barco return and recycling programs %   
% of active components covered by Full Material Declarations % . . .
Integrated Data Pack Barco Integrated report 2022
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05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 04 PLANET
Capital Topic Indicator Unit   
Climate change & energy
Total greenhouse gas emissions (absolute) Tonnes CO

e , , , 
Total greenhouse gas emissions (relative)
Tonnes CO

e /mio €
revenues
. . .
Greenhouse gas emissions scope  (absolute) Tonnes CO

e , , ,
Greenhouse gas emissions scope  (absolute) Tonnes CO

e   
Greenhouse gas emissions scope  incl. product use emissions (absolute) Tonnes CO

e  ,   , ,
Greenhouse gas emissions of our own operations
Tonnes CO

e /mio €
revenues
. . .
Greenhouse gas emissions infrastructure
Tonnes CO

e /mio €
revenues
. . .
Greenhouse gas emissions mobility
Tonnes CO

e /mio €
revenues
. . .
Greenhouse gas emissions logistics
Tonnes CO

e /mio €
revenues
. . .
Energy consumption in own operations (absolute) MWh , , ,
Energy consumption in own operations (relative) MWh/mio € revenues . . .
% energy consumption from renewable sources %   
Total electricity consumption (absolute) MWh , , ,
% electricity from renewable sources %   
Waste management
Total solid waste (absolute) Tonnes , , ,
Total solid waste (relative) Tonnes/mio € revenues . . .
Total hazardous waste (absolute) Tonnes . . .
% hazardous waste of solid waste % . . .
Integrated Data Pack Barco Integrated report 2022
IDP
7

05 PEOPLE 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 04 PLANET
Capital Topic Indicator Unit   
Recycled & composted solid waste (absolute) Tonnes . . , .
Recycled & composted solid waste (relative) Tonnes/mio € revenues . . .
Landfilled waste (absolute) Tonnes . . .
Landfilled waste (relative) Tonnes/mio € revenues . . .
% waste to landfill %   
Recycling & composting rate of solid waste %   
Water
Water withdrawal (absolute) m

, , ,
Integrated Data Pack Barco Integrated report 2022
IDP
8

04 PLANET 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 05 PEOPLE
Capital Topic Indicator Unit   
PEOPLE
Number of employees at the end of the financial year (heads) # heads , , ,
Number of employees at the end of the financial year (FTEs) # FTEs , , ,
Number of new (external) hires # heads   
Permanent workforce at the end of the financial year (heads) # heads , , ,
Non-permanent workforce at the end of the financial year directly employed by Barco
(heads, fixed-term contracts + temporary work + apprenticeship)
# heads   
Employee wages and benefits (personnel costs) mio €   
Employer contributions to pensions or other retirement plans mio €   
Employee engagement
Employee Net Promoter Score #  - -
Voluntary turnover rate % of heads . . .
Number of iGemba improvement suggestions per operator # . . .
Learning & Development
Average training hours per employee # hours . . .
% of employees having received training % of heads   
Average training investment per employee € . . .
Internal mobility (% of vacancies filled internally) %   
% of employees who received Annual performance review, or regular feedback/check-in session(s) % of heads   
Employee health, safety & wellbeing
Lost Time Injury Frequency rate (per ,, hours worked) employees # . . .
Lost Time Injury Severity rate (per , hours worked) employees # . . .
Total work-related fatalities (employees and contractors) #   
% employees trained in Standards@Work Safety (white collars) % of heads . . .
Rate of absenteeism % . . 
Integrated Data Pack Barco Integrated report 2022
IDP
9

04 PLANET 06 COMMUNITIES 03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 05 PEOPLE
Capital Topic Indicator Unit   
Diversity & inclusion
% women overall % of heads . . .
% women in senior management % of heads   
% women in Core Leadership Team % of heads   
% women in Board % of heads   
% employees <  yrs % of heads   
% employees >  yrs <  yrs % of heads   
% employees >  yrs % of heads   
Average age of the workforce #   
Number of nationalities in the global workforce #   
Labor practices & human rights
% employees covered by formal collective agreements % of heads   
% of the total workforce across all locations represented in
formal joint management-worker health & safety committees
% of heads   
Integrated Data Pack Barco Integrated report 2022
IDP
10

04 PLANET 05 PEOPLE03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 06 COMMUNITIES
Capital Topic Indicator Unit   
COMMUNITIES Customer engagement
Customer Net Promoter Score (relationship NPS) #   
Product quality, safety & security
Number of incidents of non-compliance regarding the health and
safety impacts of products and services
#   
% employees trained in Standards@Work Quality (white collars) % of heads . . .
% of (development and manufacturing) sites covered by a certified quality management system %   
Number of notifications about potential vulnerabilities (including duplicates) in products or
services, reported by customers, ethical hackers and third-party pen-testers contracted by Barco
#   
Information security & data pro-
tection
Number of data / GDPR / privacy incidents reported to data protection authorities #   
Average cybersecurity maturity (NIST CSF) score # . . .
Number of product lines in scope of ISO  #   
% employees trained in Standards@Work Cybersecurity (white collars) % of heads . . .
% employees trained in Standards@Work Data protection (white collars) % of heads . . .
Business ethics
% employees trained in Standards@Work (white collars) % of heads   
% employees trained in Standards@Work Ethics (white collars) % of heads . . .
Number of incidents reported via ethics mailbox #   
Corporate governance
Average remuneration per FTE employee k€ . . .
Total CEO Compensation k€ ,. ,. ,.
Highest CEO compensation / Lowest employee compensation in legal entity Barco nv
(euros/euros)
ratio . . .
Number of non-executive Board members / Number of Board members excluding employee
representatives
ratio / / /
% independent directors % of heads   
% non-Belgian members in the Core Leadership Team % of heads   
Integrated Data Pack Barco Integrated report 2022
IDP
11

04 PLANET 05 PEOPLE03 INTELLECTUAL 02 MANUFACTURED 01 FINANCIAL 06 COMMUNITIES
Capital Topic Indicator Unit   
Participation rate Annual General Meeting %   
Average % of 'For' votes in Annual General Meeting %   
Average total attendance rate at Board and Committee meetings %   
Responsible supply chain
management
Number of major (key, key+, core) suppliers (covering X% of production spend)
#
(%)

()

()

()
Days payment outstanding (average payment term of suppliers) #   
Number of supplier quality audits #   
% of production spend covered by signed Barco supplier code of conduct %   
% of production spend covered by contracts with sustainability clause (MSA, signed T&Cs, PA) %   
% of production spend covered by supplier sustainability score % . . .
% of new production suppliers screened using social and environmental criteria %   -
% in-scope suppliers that responded to Conflict Minerals Reporting Template %   
Community engagement
Community investment € , , ,
Integrated Data Pack Barco Integrated report 2022
IDP
12

barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
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Beneluxpark 21
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Barco Integrated report 2022
IDP
13
Integrated Data Pack

2022
Integrated
annual report
Glossary

This is the Glossary 2022. This is an
appendix to the 2022 Annual Report.
Other sections are available via the
download center at ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• GRI Content index
• Assurance report
Barco Integrated report 2022
2
Glos sary
GLO
GLOSSARY

Glossary
Indicator Unit of measure Definition
% capex aligned under EU Taxonomy alignment %
Relative proportion of capex that complies with the requirements of alignment in accordance with the EU taxonomy regulation
% capex eligible for EU Taxonomy alignment %
Relative proportion of capex that qualifies for eligibility in accordance with the EU taxonomy regulation
% electricity consumption from renewable sources % Electricity consumption from renewable sources / total electricity consumption of the considered Barco sites. Renewable electricity is either
achieved by own production using a renewable source (e.g. PV panels) or by having renewable electricity contracts (e.g. Guarantees of Origin,
RECs). Renewable energy sources are sources which have zero direct CO2e-emissions (e.g. solar power, wind turbines).
% employees < 30 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age < 30 years / total number
of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors and
Cinionic employees are excluded.
% employees > 30 yrs < 50 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age >=30 years and =<50
years / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns,
contractors and Cinionic employees are excluded.
% employees > 50 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age > 50 years / total number
of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors and
Cinionic employees are excluded.
% employees covered by formal collective agreements % of heads Barco applies an active formal collective agreements policy in these countries and industries where collective agreements are mandatory, relevant
or customary. For the scope of this definition, we take into consideration the number of employees captured by collective agreement for these
sites and regions where a formal collective agreements policy is applicable. In Belgium where the company has its headquarter as well as its main
manufacturing site, Barco applies interprofessional, industry as well as company-specific formal collective agreements. In the rest of the EMEA
region as well as the Latin American region Barco applies interprofessional and industry collective agreements. In other regions such as APAC-
region; where collective agreements are less common, the company is typically subject of regulatory requirements in this domain. In addition to
the regulatory framework the respective topics are typically captured in local policies and employee handbooks.
% employees trained in Standards@Work (white-collars) % of heads Number of white-collars trained in Standards@Work (sum of all modules) / number of white-collars at the end of the financial year.
% employees trained in Standards@Work Continuous Improvement (white-collars) % of heads Number of white collars trained in Standards@Work Continuous Improvement / number of white collars at the end of the financial year.
% employees trained in Standards@Work Cybersecurity (white-collars) % of heads Number of white collars trained in Standards@Work Cybersecurity / number of white collars at the end of the financial year.
% employees trained in Standards@Work Data protection (white-collars) % of heads Number of white collars trained in Standards@Work Data Protection / number of white collars at the end of the financial year.
% employees trained in Standards@Work Ethics (white-collars) % of heads Number of white collars trained in Standards@Work Ethics / number of white collars at the end of the financial year.
This glossary document contains a description of frequently used Financial Terms, Alternative
Performance Measures (APM) and Non-financial KPIs in Barco’s reporting deliverables.
It is being updated every year and disclosed together with the Annual Report.
Barco Integrated report 2022
3
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
% employees trained in Standards@Work Quality (white-collars) % of heads Number of white collars trained in Standards@Work Quality / number of white collars at the end of the financial year.
% employees trained in Standards@Work Safety (white-collars) % of heads Number of white collars trained in Standards@Work Safety / number of white collars at the end of the financial year.
% employees trained in Standards@Work Sustainability (white-collars) % Number of white collars trained in Standards@Work Sustainability / number of white collars at the end of the financial year.
% hazardous waste of solid waste % Tonnes hazardous waste / total tonnes of solid waste generated at the considered Barco sites. Note that the classification of "hazardous" is
dependent on the legal framework of the country considered.
% independent directors % of heads Independent directors must either meet the independence criteria laid down in art. 3.5 of the Belgian Corporate Governance Code 2020 or have
been expressly qualified as independent by the shareholders
% in-scope suppliers that responded to Conflict Minerals Reporting Template % Number of in-scope suppliers that responded to Conflict Minerals Reporting Template (CMRT) / Total number of in-scope suppliers. In-scope
suppliers are suppliers that deliver products or components containing tungsten, tantalum, tin or gold. The CMRT is provided by the Responsible
Minerals Initiative (RMI).
% make % Product revenue (excl. services) of materials inhouse manufactured / Total product & project sales. We refer to note 3 in finance report for total
product and project sales of the financial year.
% non-Belgian members in the Core Leadership Team % of heads Core leadership team is Barco's executive team which operates under the chairmanship of the Chief Executive Ocer, comprises key ocers from
functions, businesses and regions. Non-Belgian members are these members who do not have a Belgian passport.
% of active components covered by Full Material Declarations % Number of purchased components that are covered by FMD-A (Full Material Declaration) or FMD-B material declarations / total purchased
components.
% of (development and manufacturing) sites covered by a certified quality management system % Number of product development or manufacturing sites having a valid ISO9001 or ISO13485 Quality Management System certificate / total
number of product development and manufacturing sites
% of employees having received training % of heads Number of employees who had followed a training course over the year/ total number of employees at the end of the financial year
% of employees in R&D % of heads Employees per functional group R&D
% of employees who received annual performance review, or regular feedback/check-in
session(s)
% of heads % bonus eligible white collars / permanent workforce at the end of the financial year
% of (manufacturing) sites covered by a certified environmental management system % Number of manufacturing sites having a valid ISO14001 Environmental Management System certificate / total number of manufacturing sites
% of new production suppliers screened using social and environmental criteria % New production suppliers are suppliers which were created in Barco's ERP system in the reporting year and with confirmed purchase orders.
Screened means supplier self-assessment including social and environmental criteria is completed.
% of new products released with Barco ECO label (hardware) %
Number of newly introduced hardware products that have received the Barco ECO label / total number of newly introduced hardware products.
Definition "hardware product": Barco branded finished electronic hardware product, either designed inhouse or outsourced to OEM suppliers,
that can deliver standalone its intended function. Definition "newly introduced hardware product": commercial launch of first member of product
family covered by one dedicated hardware development project. Options or modules are not in scope of the definition. Definition "commercial
launch": projects for which Formal Quality Review (FQR) is granted and or is available on Barco.com. The ecoscoring methodology, which is
validated against the ISO 14021 standard, is explained on our website.
Barco Integrated report 2022
4
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
% of new products released with recycled plastics (hardware) % Number of newly introduced hardware products containing recycled plastics / total number of newly introduced hardware products. Definition
"hardware product": Barco branded finished electronic hardware product, either designed inhouse or outsourced to OEM suppliers, that can
deliver standalone its intended function. Definition "newly introduced hardware product": commercial launch of first member of product family
covered by one dedicated hardware development project. Options or modules are not in scope of the definition. Definition "commercial launch":
projects for which Formal Quality Review (FQR) is granted and or is available on Barco.com. Definition "containing recycled plastics": product
containing a minimum mass percentage recycled content in plastic parts larger than 25 grams. The minimum mass percentage is defined in the
applied Barco ecoscore tool version.
% of production spend covered by contracts with sustainability clause (MSA, signed T&Cs, PA) % Total spend by production suppliers with formally signed MSA, T&C's or Purchase Agreement / total production spend. MSA means Master Supply
Agreement. T&C's means Terms & Conditions.
% of production spend covered by signed Barco supplier code of conduct % Production spend covered by a signed commitment to the Barco code of conduct for suppliers or equivalent/total production spend. Production
spend equals total cost of production materials.
% of production spend covered by supplier sustainability score % Total production spend from suppliers that have been scored on sustainability by Barco / Total production spend.
% of revenues in countries with Barco return and recycling programs % Revenue of products sold in countries where Barco joined an EPR (Extended Producer Responsibility) scheme relative to the total revenue
% of the total workforce across all locations represented in formal joint management-worker
health & safety committees
% of heads Total number of permanent and fixed-term contracted employees on Barco payroll in countries with a committee divided by total number of
permanent and fixed-term contracted employees on Barco payroll at the end of the financial year, in heads.
% opex aligned under EU Taxonomy alignment %
Relative proportion of opex that complies with the requirements of alignment in accordance with the EU taxonomy regulation
% opex eligible for EU Taxonomy alignment %
Relative proportion of opex that qualifies for eligibility in accordance with the EU taxonomy regulation
% revenues aligned under EU Taxonomy alignment %
Relative proportion of total revenues that complies with the requirements of alignment in accordance with the EU taxonomy regulation
% revenues eligible for EU Taxonomy alignment %
Relative proportion of total revenues that qualify for eligibility in accordance with the EU taxonomy regulation
% revenues from products with Barco ECO label (hardware) % Total revenues from products with Barco ECO label / Total product & project sales. We refer to note 3 in finance report for total product and project
sales of the financial year.
% waste to landfill % Tonnes of waste sent to landfill / total tonnes of solid waste generated at the considered Barco sites.
% women in board % of heads Total number of female members of the Board of Directors divided by total number of members of the Board at the end of the financial year, in
heads.
% women in Core Leadership Team % of heads Total number of female members of the Core Leadership Team divided by total number of members of the Core Leadership Team at the end of the
financial year, in heads.
% women in senior management % of heads We define senior management as employees with hay grade >=18. As a result the metrics equates the following: number of female employees
with hay grade >= 18 / total number of employees with hay grade >= 18 at year-end. For Hay grade information see public sources.
% women overall % of heads Number of female permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads / total number of permanent
and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors and Cinionic employees
are excluded.
Barco Integrated report 2022
5
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Adjusted EBIT € EBIT excluding restructuring costs and impairments relating to reorienting or stopping certain activities, business or product lines, as well as
impairments on goodwill and revenues resulting from a single material transaction not linked to current business activities (e.g. change of control
in a subsidiary). Results out of divestments or acquisitions are included in EBIT(DA). Reconciliation from EBIT to adjusted EBIT can be found in the
income statement.
Adjusted Return on operating capital employed (ROCE) € Adjusted EBIT after tax relative to operating capital employed (including goodwill). ROCE = (Adjusted) EBIT*(1- tax rate)/Operating capital employed
(including goodwill)
Associates Companies in which Barco has a significant influence, generally reflected by an interest of at least 20%. Associates are accounted for using the
equity method.
Average age of the workforce # Sum of all ages of the number of permanent and fixed-term contracted employees on Barco payroll at the end of financial year divided by the
number of permanent and fixed-term contracted employees on Barco payroll at the end of the financial year. Interim/temp contracts, interns,
contractors and Cinionic employees are excluded.
Average cybersecurity maturity (NIST CSF) score # NIST CST: National Institute of Standards and Technology Cybersecurity Framework.
The NIST CSF self-assessment result is performed at the end of the financial year and is the average of the NIST CSF Functions according to the
NIST CSF methodology.
Average number of blue collars (incl. Cinionic) # FTEs Average blue-collar number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp
contracts, interns and contractors are excluded. Calculation average: sum of number at month end divided by 12.
Average number of employees (incl. Cinionic) # FTEs Average number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp contracts, interns
and contractors are excluded. Calculation average: sum of number at month end divided by 12.
Average number of white-collars (incl. Cinionic) # FTEs Average white-collar number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp
contracts, interns and contractors are excluded. Calculation average: sum of number at month end divided by 12.
Average remuneration per FTE employee k€ Remuneration is calculated based on total wages and direct social benefits, including company cars divided by the average number of employees
(including Cinionic)
Average training hours per employee # hours Total hours of learning or training followed / total number of employees at the end of the financial year
Average training investment per employee € Total expenses for learning & development / total number of employees at the end of the financial year
BarcoCFG 'Full name is CFG Barco (Beijing) Electronics Co., Ltd. BarcoCFG is the entity where Barco joined forces with China Film Group to address the
Chinese cinema market. Barco holds a 49% stake in this entity at the end of December 2021.
Book value per share Equity attributable to the Group divided by number of shares outstanding at balance sheet date.
Capex (in % of sales) % Purchase of tangible and intangible assets as included in the statement of cash flow
Community investment € Rough order of magnitude of the sum of money & goods invested in charity / community initiatives that were defined by Barco throughout the
year, on a global scale. The reported amount is based on a non-exhaustive list of inputs from the dierent local teams.
Countries with a manufacturing facility # Country where Barco has own production site(s)
Barco Integrated report 2022
6
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Customer Net Promoter Score (relationship NPS) # "Calculation of the Net Promotor (NPS) Score is based on the answer of customers to the question: ""On a scale from 0-10, how likely are you
to recommend Barco to a friend or colleague?"" Detractors score 0-6, passives score 7-8, promotors score 9-10. Calculation of NPS result = %
promotors - % detractors. The NPS score reported is the overall result of the yearly survey conducted in the fourth quarter of the year.
The survey recipients are extracted from CRM customer data; product and mybarco.com registrations and are selected to get 100 responses per
business units per region."
Days payment outstanding (average payment term of suppliers) # calendar days Days payable outstanding calculated as Trade Payables / (Material cost + Services and other costs) x 365
Direct available net cash € Net financial cash excluding the cash in Cinionic.
Dividend yield % Gross dividend as a percentage of the share price on 31 December.
DPO # Days payable outstanding calculated as Trade Payables / (Material cost + Services and other costs) x 365
DSO # Days sales outstanding calculated as ((Trade debtors / (sales past quarter)) * 90
Earnings per share € Net income/(loss) attributable to the equity holder of the parent divided by weighted average of shares
EBIT € Operating result (earnings before interest and taxes), calculated as gross profit less research & development expenses, sales and marketing
expenses, general and administration expenses, other operating income (expense) - net and plus or minus adjusting items
EBITDA € Adjusted EBIT + depreciation, amortization and impairments (if any).
Employee Net Promoter Score # The employee net promotor score is derived from the engagement question “I would recommend the company to people I know as a great place
to work” as part of the Employee Engagement survey, distributed among the white-collar population only. The net promotor score is based on the
eNPS technique where scores between 0 to 6 (on 10) are considered “detractors”, score 7 & 8 as “passive” and 9 & 10 as “promotors”. eNPS score is
promotors minus detractors.
Employees per functional group General & Administration % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in general & administration
(information technology, finance, general and divisional management, human resources, legal and investor relations), divided by the total number
of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/temporary contracts, interns,
contractors and Cinionic employees are excluded
Employees per functional group operations % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in the operations
department (including procurement, quality, production, customer service and customer projects), divided by the total number of permanent and
fixed-term contracted employees on Barco payroll at the end of the financial year, in heads. Interim/temporary contracts, interns, contractors and
Cinionic employees are excluded.
Employees per functional group R&D % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in research &
development, divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads.
Interim/temporary contracts, interns, contractors and Cinionic employees are excluded.
Employees per functional group sales & marketing % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in sales & marketing,
divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/
temporary contracts, interns, contractors and Cinionic employees are excluded.
Employees per region % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in a legal entity in Europe,
Americas or APAC, divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in
heads. Interim/temporary contracts, interns, contractors and Cinionic employees are excluded.
Barco Integrated report 2022
7
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Energy consumption in own operations (absolute) MWh Total energy consumption (MWh) of the considered Barco sites, covering both infrastructure energy consumption and owned/leased fleet energy
consumption. Regarding infrastructure energy this covers both fossil fuel consumption (natural gas, fuel), purchased energy (grey or green
electricity, district heating) as well as produced renewable electricity (e.g. by means of PV panels)
Energy consumption in own operations (relative) MWh / mio €
revenues
Energy consumption in own operations on total Group sales.
Energy eciency index of sold products relative versus base year 2015 # The energy eciency index of our products represents energy consumption/delivered capability of Barco’s major groups: projectors products in
the Entertainment division and large video walls & LED products in the Enterprise division. The energy performance is defined as Watt divided by
delivered capability. This indicator is weighted on revenues from the considered products and normalized to a 2015 baseline value (with default
value 1.0).
Equity method Method of accounting whereby an investment (in an associate) is initially recognized at cost and subsequently adjusted for any changes in the
investor’s share of the associate’s net assets (i.e. equity). The income statement reflects the investor’s share in the net result of the investee.
Free cashflow € 'Gross operating cash flow excluding share options recognized as cost + change in net working capital + Interest (expense)/income + income
taxes + purchase of tangible and intangible fixed assets + proceeds on disposals of tangible and intangible fixed assets.
Greenhouse gas emissions infrastructure Tonnes CO
2
e /
mio € revenues
Greenhouse gas emissions infrastructure on total sales. Infrastructure covers total energy emissions from infrastructure energy, refrigerant losses
and waste generated at the facilities. Same scope applies as for Greenhouse gas emissions of our own operations.
Greenhouse gas emissions logistics Tonnes CO
2
e /
mio € revenues
Greenhouse gas emissions logistics on total sales. Logistics covers all emissions from transport of goods (in- & outbound) paid for by Barco. Same
scope applies as for Greenhouse gas emissions of our own operations.
Greenhouse gas emissions mobility Tonnes CO
2
e /
mio € revenues
Greenhouse gas emissions mobility on total sales. Mobility covers owned/leased fleet emissions, commuting and business travel emissions. Same
scope applies as for Greenhouse gas emissions of our own operations.
Greenhouse gas emissions of our own operations (absolute) Tonnes CO
2
e Sum of total Greenhouse gas emissions from infrastructure, mobility and logistics in tonnes of CO2e on total sales for all production and research
& development sites (in Belgium, China, Italy, Germany, India, Norway, Taiwan and US) covering in total minimum 85% of the Group’s total FTE. For
more information on methodology, scope, baseline and calculation assumptions, we refer to our website.
Greenhouse gas emissions of sold products (product use emissions) (relative) Tonnes CO
2
e /
mio € revenues
Total greenhouse gas emissions of Barco sold products in tonnes of CO2e / total Group sales (mio € revenues). For more information on
methodology and scope, we refer to our website.
Greenhouse gas emissions scope 1 (absolute) Tonnes CO
2
e Greenhouse gas emissions covering scope 1 as defined by the Greenhouse Gas Protocol in tonnes of CO2e. Scope 1 covers the direct emissions
from combustion of fossil fuels at company facilities and by company vehicles and emissions from refrigerant losses at company facilities.
Greenhouse gas emissions scope 2 (absolute) Tonnes CO
2
e Greenhouse gas emissions covering scope 2 as defined by the Greenhouse Gas Protocol. Scope 2 covers the direct emissions from purchased
electricity and district heating. Note that the market-based approach is used here.
Greenhouse gas emissions scope 3 incl. product use emissions (absolute) Tonnes CO
2
e Greenhouse gas emissions scope 3 as defined by the Greenhouse Gas Protocol covers the direct emissions from upstream activities (fuel and
energy related activities, transportation and distribution, waste generated in operations, business travel, employee commuting) and downstream
activities (use of sold products) in tonnes of CO2e
Greenhouse gas emissions scope 3 incl. product use emissions (relative) Tonnes CO
2
e /
mio € revenues
Greenhouse gas emissions scope 3 incl. product use emissions on total sales (mio € revenues).
Barco Integrated report 2022
8
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Highest CEO compensation / Lowest employee compensation (euros/euros) ratio Highest FTE CEO compensation (excluding stock options) over lowest FTE employee compensation registered in the legal entity Barco nv in
Belgium.
Indirect costs/expenses € Research & development expenses, sales and marketing expenses and general and administration expenses; including depreciations and
amortizations
Innovation awards # Number of awards that recognize the innovative aspect of technology and/or solutions to create or enhance an outcome, awarded by an
independent organisation with a global, well-known reputation
Internal mobility (% of vacancies filled internally) % Number of internally recruited, filled in vacancies/total number of vacancies filled.
Inventory turns # Inventory turns = 12 / [Inventory / (average monthly sales last 12 months x material cost of goods sold %)]
Landfilled waste (absolute) Tonnes Total amount of waste sent to landfill at the considered Barco sites in tonnes of waste.
Landfilled waste (relative) Tonnes /
mio € revenues
Landfilled waste on total Group sales.
Lost time injury frequency rate (per 1 000 000 hours worked) employees # Number of lost-time injuries multiplied with 1,000,000 and divided by total hours worked by all employees. Lost-time injuries are accidents that
result in at least one lost day of work. When recording lost-time injuries, we use applicable national definitions for incidents as work-related.
Lost Time Injury Severity rate (per 1000 hours worked) employees # Number of lost days of work of all employees multiplied with 1,000 and divided by total hours worked by all employees.
Material use (absolute) kg Weight of product mass or components placed on the market (excluding the weight of sold intercompany items)
Material use (relative) kg / mio € revenues Material use / Total product & project sales. We refer to note 3 on p. 35 in finance report for total product and project sales of the financial year.
Net financial cash/(debt) € Short term investments + Cash and cash equivalents + long-term financial receivables - long-term debts - current portion of long-term debts -
short-term debts
Nominal tax amount paid mio € Total taxes paid over the reporting paid as reported in the cash flow statement on the line 'Income taxes'
Non-permanent workforce at the end of the financial year directly employed by Barco (heads,
fixed-term contracts + temporary work + apprenticeship)
# heads Number of fixed-term contracts and interim/temporary contracts directly employed by Barco at the end of the financial year, in heads. Permanent
workforce, interns, contractors and Cinionic employees are excluded.
Number of blue collars at the end of the financial year (incl. Cinionic) (FTEs) # FTEs Total blue-collar number of permanent and fixed-term contracts on Barco and Cinionic payroll at the end of the year, in fulltime equivalents.
Interim/temp contracts, interns and contractors are excluded.
Number of data / GDPR / privacy incidents reported to data protection authorities # Number of personal data breaches reported to the data protection authorities at the end of the financial year.
Number of employees at the end of the financial year (FTEs) # FTEs Total number of permanent and fixed-term contracts on Barco payroll at the end of the year, in fulltime equivalents. Interim/temp contracts,
interns and contractors and Cinionic employees are excluded.
Number of employees at the end of the financial year (heads) # heads Total number of permanent and fixed-term contracts on Barco payroll at the end of the year, in heads. Interim/temp contracts, interns and
contractors and Cinionic employees are excluded.
Number of employees at the end of the financial year (incl. Cinionic), including split of white
collars and blue collars
# FTEs Total number of permanent and fixed-term contracts on Barco and Cinionic payroll at the end of the year, in fulltime equivalents. Interim/temp
contracts, interns and contractors are excluded.
Barco Integrated report 2022
9
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Number of iGemba improvement suggestions per operator # Total number of iGemba improvement suggestions received in the considered year / total number of operators. iGemba is the name of Barco's
continuous improvement system. An improvement suggestion is an idea, improvement, solution, ... that is registered by an operator on an iGemba
improvement card. An operator is a blue-collar employee.
Number of incidents of non-compliance regarding the health and safety impacts of products and
services
# Number of incidents of non-compliance registered in the field causing a health or safety impact for any stakeholder working with our products or
using our services
Number of incidents reported via ethics mailbox # Incident is every notification, complaint, question or request for ethical guidance, addressed to ethics@barco.com, regardless of whether the
sender is known or anonymous
Number of major (key, key+, core) suppliers (covering X% of production spend) # Number of key, key+ and core suppliers at the end of the financial year. Categorization of key, key+ and core suppliers is based upon supply risk
and cost relevance to Barco.
Number of nationalities in the global workforce # Total number of nationalities of the number of permanent and fixed-term contracted employees on Barco payroll at the end of financial year.
Number of new (external) hires # heads Number of permanent + fixed-term contracted hires (externally recruited) on Barco payroll during year, in heads. Interim/temporary contracts,
interns, contractors and Cinionic employees are excluded.
Number of new patent filings # New patent applications filed in the indicated year.
Number of non-executive Board members / Number of Board members excluding employee
representatives
ratio Ratio comparing non-executive board members over the board members (excluding possible employee representatives)
Number of notifications about potential vulnerabilities (including duplicates) in products or
services, reported by customers, ethical hackers and third-party pen-testers contracted by Barco
# This is the number of notifications regarding security received via the following channels: (1) our PSIRT (Product Security Incident Response Team),
reported by external experts and researchers, (2) our service desk, reported by customers, or (3) via penetration test reports (reported by third party
experts, contracted by Barco).
Number of patents at year-end # Total number of granted patents at year-end (of the indicated year).
Number of product lines in scope of ISO 27001 # Product lines in scope of ISO27001 as published on our public certificate at the end of the financial year.
Product lines are products found on the public Barco.com website.
Number of supplier quality audits # Total number of supplier quality audits performed during reporting year by Barco personnel.
Number of white collars at the end of the financial year (incl. Cinionic) # FTEs Total white-collar number of permanent and fixed-term contracts on Barco and Cinionic payroll at the end of the year, in fulltime equivalents.
Interim/temp contracts, interns and contractors are excluded.
Operating capital employed (including goodwill) € Operating capital employed + goodwill
Operating capital employed (OCE) € Working capital + other long-term assets and liabilities
Operating expenses (OPEX) € Research & development expenses, sales and marketing expenses and general and administration expenses; excluding depreciations and
amortizations
Order An order can only be recognized if a valid purchase order has been received from the invoice-to customer.
An order is only valid if it is:
- In writing. This includes electronic version of the purchase order out of the customer’s ERP system.
- The contract needs to be signed by an authorized person from the business partner.
Next to this, a minimum number of fields need to be mentioned on the order like customer name, address, reference to sales quotation or
business partner sales agreement of Barco, etc.
Barco Integrated report 2022
10
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
Orderbook Orderbook are previously received orders, which still fulfil all the conditions of an order, but are not delivered yet and hence not taken in revenue.
Other long-term assets and liabilities € Other long-term assets & liabilities include the sum of other intangible assets, land and buildings, other tangible assets, deferred tax assets (net). We
refer to note 9 and 10 for the amounts.
Other working capital € Other working capital includes the net of other non-current assets, other amounts receivable, prepaid expenses and accrued income and other
long-term liabilities, advances received from customers, tax payables, employee benefits liabilities, other current liabilities, accrued charges and
deferred income and provisions
Participation rate Annual General Meeting % The participation rate is the ratio between the number of shares which are present or represented at the shareholders meeting or have voted
remotely prior to that meeting, and the total number of shares issued by the company.
Permanent workforce at the end of the financial year (heads) # heads Number of employees on Barco payroll having a permanent employment contract at the end of the financial year, in heads.
Fixed-term contracts/apprenticeships, interim/temporary contracts, interns, contractors and Cinionic employees are excluded.
R&D spend mio € Indirect expense spent on Research and Development over the reporting period
R&D spend (in % of sales) % Research and development spend in percentage of sale
Rate of absenteeism % Total absentee days lost divided by the total days scheduled to be worked by employees during the reporting period, expressed as a percentage.
Recycled & composted solid waste (absolute) Tonnes Total amount of recycled or composted waste at the considered Barco sites in tonnes of waste.
Recycled & composted solid waste (relative) Tonnes /
mio € revenues
Total recycled or composted waste on total Group sales.
Recycling & composting rate of solid waste % Tonnes recycled or composted waste/ total tonnes of solid waste generated at the considered Barco sites.
Regional spread of major suppliers (covering x% of production spend) % Sum of production spend of major suppliers per region /total production spend of major suppliers. Production spend equals total cost of
production materials. Major suppliers are key, key + and core suppliers. Categorization of key, key+ and core suppliers is based upon supply risk
and cost relevance to Barco.
Return on operating capital employed (ROCE) % Adjusted EBIT after tax relative to operating capital employed (including goodwill). ROCE = EBIT*(1- eective tax rate)/Operating capital employed
(including goodwill).
Revenues from products with Barco ECO label mio € revenues
Total revenue coming from products sold having a Barco eco label > B (A, A+, A++). The eco-scoring methodology, which is validated against the
ISO 14021 standard, is explained on our website.
Split of shares per July20 At Barco’s Extraordinary General Shareholder’s Meeting, of 30 April 2020, the shareholders have approved the share split by a factor seven (7),
eective as of 1 July 2020. The purpose of the share split is to enhance accessibility and to improve the liquidity of the Barco share. As a result of
this share split, Barco’s total capital shall be represented by 91,487,438 shares as from 1 July 2020. Each of these shares confers one voting right
at the General Meeting. The new split shares (please note: new ISIN code BE0974362940) are traded on the Euronext Brussels regulated market
from 1 July 2020 onwards. Therefore, the earnings and diluted earnings per share as of 31 December 2019 and 2018 are for comparison reasons
recalculated for the new number of shares.
Subsidiaries Companies in which Barco exercises control.
Barco Integrated report 2022
11
Glos sary
GLO
GLOSSARY

Indicator Unit of measure Definition
TFA € Tangible fixed assets
Theoretical tax rate % The theoretical tax rate is the corporate tax rate applied in the country of origin of the parent legal entity (i.e. Belgium). The Belgian corporate tax
rate as of 2020 is 25% (2019: 29.58%)
Total amount of share buybacks undertaken # of shares # of shares bought back over the reporting year
Total amount paid in dividends to shareholders k€ Amount of dividends (in cash/shares) to be distributed as proposed by the Board of Directors of Barco nv to the General Assembly.
Total CEO Compensation k€ The remuneration package of the CEO(s) consists of all salaries, benefits, bonuses and value of employer pension contribution. We refer to note
2.B Remuneration of the CEO in CGR part of the integrated report.
Total CEO compensation / Lowest employee compensation (Euros / Euros) ratio Total CEO compensation (excluding stock options) over lowest employee compensation registered in the legal entity Barco NV in Belgium.
Total electricity consumption (absolute) MWh Total electricity consumption (MWh) of the considered Barco sites
Total greenhouse gas emissions (absolute) Tonnes CO
2
e Total Greenhouse Gas emissions of the considered Barco sites and Barco sold products for the complete covered scope (own operations
emissions + product use emissions) in tonnes of CO2e.
Total greenhouse gas emissions (relative) Tonnes CO
2
e /
mio € revenues
Total Greenhouse Gas emissions on total Group sales.
Total hazardous waste (absolute) Tonnes Total amount of hazardous solid waste generated at the considered Barco sites in tonnes of waste. Note that the classification of "hazardous" is
dependent on the legal framework of the country considered.
Total solid waste (absolute) Tonnes Total amount of solid waste generated at the considered Barco sites in tonnes of waste. Solid waste is all reported waste at the Barco sites in solid
state, excluding liquid waste streams such as wastewater.
Total solid waste (relative) Tonnes / mio €
revenues
Total solid waste on total Group sales.
Total work-related fatalities (employees and contractors) # Number of deaths of persons at work or performing work related tasks, including employees and contractors
Voluntary turnover rate % of heads Number of permanent and fixed-term contracted employees on Barco payroll that voluntary left Barco over the year / total number of permanent
and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors and Cinionic employees
are excluded.
Water withdrawal (absolute) m³ Direct purchased water at the considered Barco sites in m³. Typically this is called "city water", "tap water", "mains water". It excludes water use from
other sources (e.g. Captured rainfall or groundwater).
Working capital (net) € Trade debtors + inventory - trade payables - other working capital
Barco Integrated report 2022
12
Glos sary
GLO
GLOSSARY

Barco Integrated report 2022
13
Glos sary
GLO
Barco
13
Glossary
GLO
barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
Barco Corporate Marketing & Investor Relations Oce
Focus Advertising
Barco
Beneluxpark 21
8500 Kortrijk – Belgium
GLOSSARY

2022
Integrated
annual report
GRI Content
index

Reporting period, cycle and scope
This integrated report provides an overview of our most
relevant intentions, achievements and objectives in 2022,
unless stated otherwise. The scope of the report is Barco
worldwide (same as financial reporting), unless stated
otherwise. The report is published annually, coinciding with
the financial results. Date of previous report: Febuary 2022.
GRI standards
This report has been prepared in accordance with the GRI
Universal Standards 2021.
GRI Content index
Pages without prefix refer to the Core integrated report. PPC
refers Planet-People-Communities report. FIN refers to Finan-
cial report. CCG refers to Corporate governance report. GRI
refers to GRI index. IDP refers to the Integrated Data Pack.
GLO refers to the Glossary. ASR refers to Assurance report.
GRI Content index
This is the GRI Content Index of Barco’s
2022 Integrated annual report. Other
sections are available via the download
center at ir.barco.com/2022.
CORE
MORE
• Governance & risk report
• Report on planet - people - communities
• Financial report
ANNEX
• Integrated Data Pack
• Glossary
• Assurance report
Barco Integrated report 2022
2
GRI Content index
GRI
GRI CONTENT
INDEX

NR. DISCLOSURE PAGE
GRI 1 FOUNDATION 2021
Publish a GRI content index GRI/2-7
Statement of use GRI/2
GRI 2 GENERAL DISCLOSURES 2021
2-1 Organizational details 13, 15, 83, FIN/12, FIN/23-25
2-2 Entities included in the organization’s sustainability reporting FIN/23-25
2-3 Reporting period, frequency and contact point GRI/2, FIN/23-25, PPC/73
2-4 Restatements of information N/A
2-5 External assurance ASR
2-6 Activities, value chain, and other business relationships
9, 14-15, 49-64, 66-68, CGR/37, FIN/6, FIN/27, PPC/43
2-7 Employees 9, 67, IDP/9, PPC/24, PPC/33
2-8 Workers who are not employees N/A
2-9 Governance structure and composition 16 -17, CGR/4 -7, PPC/64
2-10 Nomination and selection of the highest governance body CGR/7
2-11 Chair of the highest governance body 7, 16, CGR/5-7
2-12 Role of the highest governance body in overseeing the management of impacts 39-40, CGR/8-11, CGR/35-47, PPC/5, PPC/65
2-13 Delegation of responsibility for managing impacts 16 -17, PPC/64
2-14 Role of the highest governance body in sustainability reporting PPC/64
2-15 Conflicts of interest CGR/28
2-16 Communication of critical concerns CGR/34-47
2-17 Collective knowledge of the highest governance body CGR/5-6
2-18 Evaluation of the performance of the highest governance body CGR/11
2-19 Remuneration policies CGR/12-27
2-20 Process to determine remuneration CGR/12-27
2-21 Annual total compensation ratio CGR/27, IDP/11
Barco Integrated report 2022
3
GRI Content index
GRI
GRI CONTENT
INDEX

NR. DISCLOSURE PAGE
2-22 Statement on sustainable development strategy PPC/3
2-23 Policy commitments 4-7, 18, PPC/3, PPC/25
2-24 Embedding policy commitments PPC/10-55
2-25 Processes to remediate negative impacts 31-35, 50-64, CGR/29-47, PPC/10-55
2-26 Mechanisms for seeking advice and raising concerns CGR/32, PPC/50-52
2-27 Compliance with laws and regulations CGR/46, PPC/35, PPC/42, PPC/46, PPC/49, PPC/52
2-28 Membership associations PPC/52
2-29 Approach to stakeholder engagement 39, PPC/5, 65
2-30 Collective bargaining agreements IDP/10
GRI 3 MATERIAL TOPICS 2021
3-1 Process to determine material topics 39, PPC/5, 65
3-2 List of material topics 39, PPC/5, 65
3-3 Management of material topics 31-35, 50-64, CGR/29-47, PPC/10-55
GRI 200 ECONOMIC TOPICS
GRI 201 Economic Performance 2016
201-1 Direct economic value generated and distributed FIN/6, FIN/27-40
201-2 Financial implications and other risks and opportunities due to climate change CGR/45
201-3 Defined benefit plan obligations and other retirement plans FIN/77-79
201-4 Financial assistance received from government FIN/41, FIN/44
GRI 205 Anti-corruption 2016
205-1 Operations assessed for risks related to corruption CGR/46
205-2 Communication and training about anti-corruption policies and procedures CGR/46, PPC/51
205-3 Confirmed incidents of corruption and actions taken PPC/52
Barco Integrated report 2022
4
GRI Content index
GRI
GRI CONTENT
INDEX

NR. DISCLOSURE PAGE
GRI 206 Anti-competitive behavior 2016
206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices PPC/52
GRI 207 Tax 2019
207-1 Approach to tax FIN/44, FIN/55-56
207-2 Tax governance, control, and risk management CGR/30-34
207-3 Stakeholder engagement and management of concerns related to tax FIN/87
207-4 Country-by-country reporting FIN/44, FIN/55-56, FIN/87
GRI 300 ENVIRONMENTAL TOPICS
GRI 301 Materials 2016
301-1 Materials used by weight or volume GLO/5, IDP/6, PPC/22
GRI 302 Energy 2016
302-1 Energy consumption within the organization GLO/8, IDP/7, PPC/13
302-2 Energy consumption outside of the organization 26, GLO/8, IDP/7, PPC/18
302-3 Energy intensity 26, GLO/8, IDP/7, PPC/13
302-4 Reduction of energy consumption PPC/13, PPC/21
302-5 Reductions in energy requirements of products and services 26, GLO/8, IDP/6, PPC/21
GRI 303 Water and euents 2018
303-3 Water withdrawal GLO/12, IDP/8
GRI 305 Emissions 2016
305-1 Direct (Scope 1) GHG emissions GLO/8, IDP/7, PPC/16
305-2 Energy indirect (Scope 2) GHG emissions GLO/8, IDP/7, PPC/13
305-3 Other indirect (Scope 3) GHG emissions GLO/8, IDP/7, PPC/16, PPC/18
305-4 GHG emissions intensity 26, GLO/8, IDP/7, PPC/12
305-5 Reduction of GHG emissions 26, PPC/12-13, PPC/16, PPC/18
Barco Integrated report 2022
5
GRI Content index
GRI
GRI CONTENT
INDEX

NR. DISCLOSURE PAGE
GRI 306 Waste 2020
306-2 Management of significant waste-related impacts PPC/15, PPC/19, PPC/22-23
306-3 Waste generated GLO/12, IDP/7, PPC/15, PPC/19
306-4 Waste diverted from disposal GLO/11, IDP/8, PPC/15
306-5 Waste directed to disposal GLO/5, GLO/9, GLO/11, IDP/8, PPC/15
GRI 308 Supplier Environmental Assessment 2016
308-1 New suppliers that were screened using environmental criteria GLO/4, IDP/12, PPC/46
GRI 400 SOCIAL TOPICS
GRI 401 Employment 2016
401-1 New employee hires and employee turnover IDP/9
GRI 403 Occupational Health & Safety 2018
403-1 Occupational health and safety management system GLO/5, PPC/29
403-2 Hazard identification, risk assessment, and incident investigation PPC/29
403-3 Occupational health services PPC/29
403-4 Worker participation, consultation, and communication on occupational health and safety GLO/5, IDP/10, PPC/29
403-5 Worker training on occupational health and safety IDP/9, PPC/29-30
403-6 Promotion of worker health PPC/29
403-7
Prevention and mitigation of occupational health and safety impacts directly linked by business relationships PPC/41
403-9 Work-related injuries IDP/9, PPC/30
GRI 404 Training and Education 2016
404-1 Average hours of training per year per employee 27, IDP/9, PPC/31-32
404-2 Programs for upgrading employee skills and transition assistance programs PPC/31
404-3 Percentage of employees receiving regular performance and career development reviews IDP/9
Barco Integrated report 2022
6
GRI Content index
GRI
GRI CONTENT
INDEX

NR. DISCLOSURE PAGE
GRI 405 Diversity and equal opportunity 2016
405-1 Diversity of governance bodies and employees 27, GLO/5, IDP/10, PPC/33
GRI 406 Non-discrimination 2016
406-1 Incidents of discrimination and corrective actions taken PPC/52
GRI 413 Local communities 2016
413-1 Operations with local community engagement, impact assessments, and development programs IDP/12, PPC/53-54
GRI 414 Supplier social assessment 2016
414-1 New suppliers that were screened using social criteria GLO/4, IDP/12, PPC/45-46
GRI 415 Public policy 2016
415-1 Political contributions PPC/52
GRI 416 Customer health and safety 2016
416-1 Assessment of the health and safety impacts of product and service categories PPC/40-42
416-2 Incidents of non-compliance concerning the health and safety impacts of products and services IDP/11, PPC/42
GRI 418 Customer privacy 2016
418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data GLO/9, IDP/11, PPC/50
Barco Integrated report 2022
7
GRI Content index
GRI
GRI CONTENT
INDEX

Barco Integrated report 2021
8
GRI Content index
GRI
barco.com
Group management
Beneluxpark 21
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
Registered oce
President Kennedypark 35
8500 Kortrijk – Belgium
Tel.: +32 (0)56 23 32 11
VAT BE 0473.191.041 | RPR Gent, Section Kortrijk
Stock exchange
Euronext Brussels
Financial information
More information is available from the
Group’s Investor Relations Department:
Willem Fransoo
Director Investor Relations
Tel.: +32 (0)56 26 23 22
E-mail: willem.fransoo@barco.com
Copyright © 2023 Barco NV
All rights reserved
Realization
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Barco
Beneluxpark 21
8500 Kortrijk – Belgium
GRI CONTENT
INDEX

PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem
Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent
T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
STATUTORY AUDITOR'S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OF
BARCO NV ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2022
We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated
financial statements of Barco NV (the “Company”) and its subsidiaries (jointly “the Group”). This report
includes our report on the consolidated accounts, as well as the other legal and regulatory
requirements. This forms part of an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general meeting d.d. 29 April 2021, following the
proposal formulated by the board of directors and following the recommendation by the audit
committee and the proposal formulated by the works’ council. Our mandate will expire on the date of
the general meeting which will deliberate on the annual financial statements for the year ended
31 December 2023. We have performed the statutory audit of the Company’s consolidated financial
statements for 5 consecutive years.
Report on the consolidated accounts
Unqualified opinion
We have performed the statutory audit of the Group’s consolidated financial statements, which
comprise the consolidated balance sheet as at 31 December 2022, the consolidated statement of
income, the statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the consolidated
financial statements, including a summary of significant accounting policies and other explanatory
information, and which is characterised by a consolidated balance sheet total of EUR’000 1,147,405
and a net profit attributable to the equity holder of the parent of EUR‘000 75,219.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s net equity
and consolidated financial position as at 31 December 2022, and of its consolidated financial
performance and its consolidated cash flows for the year then ended, in accordance with International
Financial Reporting Standards as adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the
IAASB which are applicable to the year-end and which are not yet approved at the national level. Our
responsibilities under those standards are further described in the “Statutory auditor’s responsibilities
for the audit of the consolidated accounts” section of our report. We have fulfilled our ethical
responsibilities in accordance with the ethical requirements that are relevant to our audit of the
consolidated financial statements in Belgium, including the requirements related to independence.
We have obtained from the board of directors and Company officials the explanations and information
necessary for performing our audit.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current period. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Impairment testing of goodwill - Note 8
Description of key audit matter
The carrying value of the Group’s goodwill amounts to EUR’000 105,612 at 31 December 2022.
These assets are subject to impairment testing on an annual basis or more frequently if there are
indicators of impairment.
We consider this matter as key to our audit because the determination of whether or not an
impairment charge is necessary involves significant judgement in estimating the future results of the
business.
How our audit addressed the key audit matter
We evaluated the appropriateness of the Group’s accounting policies and assessed compliance with
the policies in accordance with IFRS.
We evaluated management’s annual impairment testing and assessment of the indicators of
impairment and challenged impairment calculations by assessing the future cash flow forecasts used
in the models, and the process by which they were drawn up, including comparing them to the latest
budgets approved by the board of directors.
We understood and challenged:
● Assumptions used in the Group’s budget and internal forecasts and the long-term growth rates
by comparing them to economic and industry forecasts;
● The discount rate by assessing the cost of capital and other inputs including benchmarking
with comparable organisations;
● The historical accuracy of budgets to actual results to determine whether cash flow forecasts
are reliable based on past experience;
● The mechanics of the underlying calculations.
In performing the above work, we utilised our internal valuation experts to provide challenge and
external market data to assess the reasonableness of the assumptions used by management.
We evaluated the sensitivity analysis around the key drivers within the cash flow forecasts to ascertain
the extent of change in those assumptions and also considered the likelihood of such a movement in
those key assumptions arising.

3 of 7
Whilst recognizing that cash flow forecasting, impairment modelling and valuations are all inherently
judgmental, we found that the assumptions used by management were within an acceptable range of
reasonable estimates.
Valuation of deferred taxes and valuation allowance on deferred tax assets related to tax losses
carried forward and tax credits - Note 10
Description of key audit matter
Deferred tax assets on tax losses carried forward and tax credits amounts to EUR’000 31,641 (note
10). The valuation of the deferred tax positions at Barco involved significant judgement, more
specifically in the determination of the recognition of deferred tax assets related to tax losses carried
forward and tax credits. The estimation of the future taxable basis is highly judgemental as well as the
assessment of the impact of tax laws and regulations, tax planning action and strategies, rulings and
transfer pricing.
The valuation and recoverability of deferred tax assets is key to our audit due to the magnitude of the
amount recognized for these assets and because the assessment requires management estimates,
mainly on the assumptions regarding expected future market and economic conditions and tax laws
and regulation.
How our audit addressed the key audit matter
We challenged the assumptions made to assess the recoverability of deferred tax assets related to tax
losses carried forward and tax credits and the timing of the reversal of deferred tax positions. During
our procedures, we used amongst others budgets, forecasts and tax laws and in addition we assessed
the historical accuracy of management’s assumptions. We involved tax specialists in our audit. An
important management judgement was the period over which taxable profits can be reliably estimated
and consequently, no deferred tax assets are recognised for tax losses used in any period beyond.
We verified that the deferred tax position was calculated at the enacted tax rate for the year in which
the deferred tax position is expected to reverse.
We also assessed the adequacy and completeness of the Company’s disclosure included in Note 10
in respect of deferred taxes.
We found management’s judgements in respect of the Group’s deferred tax positions to be consistent
and in line with our expectations.
Responsibilities of the board of directors for the preparation of the consolidated financial
statements
The board of directors is responsible for the preparation of consolidated financial statements that give
a true and fair view in accordance with International Financial Reporting Standards as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium, and for such
internal control as the board of directors determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or
error.

4 of 7
In preparing the consolidated financial statements, the board of directors is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the board of directors either intends
to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Statutory auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to
the audit of the consolidated financial statements in Belgium. A statutory audit does not provide any
assurance as to the Group’s future viability nor as to the efficiency or effectiveness of the board of
directors’ current or future business management at Group level. Our responsibilities in respect of the
use of the going concern basis of accounting by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated accounts, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control;
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board of directors;
• Conclude on the appropriateness of the board of directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our statutory auditor’s report to the related disclosures in the consolidated accounts
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our statutory auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going concern;

5 of 7
• Evaluate the overall presentation, structure and content of the consolidated accounts, including
the disclosures, and whether the consolidated accounts represent the underlying transactions
and events in a manner that achieves fair presentation;
• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the Group
audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the audit committee, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the
consolidated financial statements, the report on non-financial information and the other information
included in the annual report on the consolidated financial statements.
Statutory auditor’s responsibilities
In the context of our mandate and in accordance with the Belgian standard which is complementary to
the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify,
in all material respects, the directors’ report on the consolidated financial statements, the separate
report on non-financial information and the other information included in the annual report on the
financial statements and to report on these matters.
Aspects related to the directors’ report on the consolidated financial statements and to the
other information included in the annual report on the consolidated financial statements
In our opinion, after having performed specific procedures in relation to the directors’ report on the
consolidated financial statements, this directors’ report is consistent with the consolidated financial
statements for the year under audit and is prepared in accordance with article 3:32 of the Companies'
and Associations' Code.

6 of 7
In the context of our audit of the consolidated financial statements, we are also responsible for
considering, in particular based on the knowledge acquired resulting from the audit, whether the
directors’ report on the consolidated financial statements and the other information included in the
annual report on the consolidated financial statements is materially misstated or contains information
which is inadequately disclosed or otherwise misleading. In light of the procedures we have
performed, there are no material misstatements we have to report to you.
The non-financial information required by virtue of article 3:32, §2 of the Companies’ and Associations’
Code is included in the directors’ report on the consolidated financial statements. The Company has
prepared the non-financial information, based on Global Reporting Initiative Standards. However, in
accordance with article 3:80, §1, 5° of the Companies’ and Associations’ Code, we do not express an
opinion as to whether the non-financial information has been prepared in accordance with the Global
Reporting Initiative Standards as disclosed in the consolidated financial statements.
Statement related to independence
● Our registered audit firm and our network did not provide services which are incompatible with the
statutory audit of the consolidated accounts, and our registered audit firm remained independent
of the Group in the course of our mandate.
● The fees for additional services which are compatible with the statutory audit of the consolidated
accounts referred to in article 3:65 of the Companies' and Associations' Code are correctly
disclosed and itemized in the notes to the consolidated accounts.
European Uniform Electronic Format (“ESEF”)
In accordance with the standard on the draft verification of the compliance of the financial statements
with the European Uniform Electronic Format (hereinafter “ESEF”), we must verify whether the ESEF
format is in accordance with the regulatory technical standards established by the European Delegate
Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”).
The board of directors is responsible for the preparation, in accordance with ESEF requirements, of
the consolidated financial statements in the form of an electronic file in ESEF format (hereinafter
“consolidated financial statements”) included in the annual financial report.
Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking
language of the digital consolidated financial statements comply in all material respects with the ESEF
requirements under the Delegated Regulation.
The annual financial report and the digital consolidated financial statements have not yet been
submitted to us at the date of this report.
If, in our audit of the digital consolidated financial statements, we determine that there is a material
misstatement, we will be required to report the matter to the board of directors and request the latter to
make any necessary changes. If this does not happen, we will be forced to adjust this report due to
the fact that the format of and the marking of information in the digital consolidated financial
statements included in the annual financial statements report of Barco NV conform in all material
respects with the ESEF requirements under the Delegated Regulation.

7 of 7
Other statements
● This report is consistent with the additional report to the audit committee referred to in article 11 of
the Regulation (EU) N° 537/2014.
Ghent, 8 February 2023
The statutory auditor
PwC Reviseurs d'Entreprises SRL / PwC Bedrijfsrevisoren BV
Represented by
Peter Opsomer
Réviseur d’Entreprises / Bedrijfsrevisor

PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Woluwe Garden, Culliganlaan 5, B-1831 Diegem
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
To the Board of Directors of Barco NV
INDEPENDENT LIMITED ASSURANCE REPORT ON A SELECTION OF
SUSTAINABILITY KPI’S IN THE INTEGRATED ANNUAL REPORT 2022 OF BARCO NV
This report has been prepared in accordance with the terms of our contract dated 6 December 2022
(the “Agreement”), whereby we have been engaged to issue an independent limited assurance report
in connection with a selection of sustainability KPIs, marked with a checkmark (), in the Integrated
Annual Report as of and for the year ended 31 December 2022 of Barco NV and its subsidiaries (the
“Report”).
The Directors’ Responsibility
The Directors of Barco NV (“the Company”) are responsible for the preparation and presentation of the
selection of sustainability KPIs for the year 2022, marked with a checkmark () in the Report (the
“Subject Matter Information”), in accordance with the criteria disclosed in the Report (the “Criteria”).
This responsibility includes the selection and application of appropriate methods for the preparation of
the Subject Matter Information, for ensuring the reliability of the underlying information and for the use
of assumptions and estimates for individual sustainability disclosures which are reasonable in the
circumstances. Furthermore, the responsibility of the Directors includes the design, implementation
and maintenance of systems and processes relevant for the preparation of the Subject Matter
Information that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an independent conclusion about the Subject Matter Information based
on the procedures we have performed and the evidence we have obtained.
We conducted our work in accordance with the International Standard on Assurance Engagements
3000 (Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial
Information” (ISAE 3000), issued by the International Auditing and Assurance Standards Board. This
standard requires that we comply with ethical requirements and that we plan and perform the
engagement to obtain limited assurance as to whether any matters have come to our attention that
cause us to believe that the Subject Matter Information has not been prepared, in all material respects,
in accordance with the Criteria.

2 of 3
The procedures performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had a reasonable engagement been performed. The selection of such procedures
depends on our professional judgement, including the assessment of the risks of material
misstatement of the Subject Matter Information in accordance with the Criteria. The scope of our work
comprised the following procedures:
● assessing and testing the design and functioning of the systems and processes used for data-
gathering, collation, consolidation and validation, including the methods used for calculating
and estimating the Subject Matter Information as of and for the year ended 31 December 2022
presented in the Report;
● conducting interviews with responsible officers;
● reviewing, on a limited test basis, relevant internal and external documentation;
● performing an analytical review of the data and trends in the information submitted for
consolidation;
● considering the disclosure and presentation of the Subject Matter Information.
The scope of our work is limited to assurance over the selection of sustainability KPIs for the year
2022, marked with a checkmark () in the Report. Our assurance does not extend to information in
respect of earlier periods or to any other information included in the Report.
Our Independence and Quality Control
Our engagement has been carried out in compliance with the legal requirements in respect of auditor
independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20, 28 and
29 of the Belgian Act of 7 December 2016 organizing the audit profession and its public oversight of
registered auditors, and with other ethical requirements of the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International
Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional
behaviour.
Our firm applies International Standard on Quality Control 1 and accordingly maintains a
comprehensive system of quality control including documented policies and procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.

3 of 3
Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Subject Matter Information within your Report as of
and for the year ended 31 December 2022 has not been prepared, in all material respects, in
accordance with the Criteria disclosed in the Report.
Other ESG related information
The other information comprises all of the ESG related information in the Report other than the
Subject Matter Information and our assurance report. The directors are responsible for the other ESG
related information. As explained above, our assurance conclusion does not extend to the other ESG
related information and, accordingly, we do not express any form of assurance thereon. In connection
with our assurance of the Subject Matter Information, our responsibility is to read the other ESG
related information and, in doing so, consider whether the other ESG related information is materially
inconsistent with the Subject Matter Information or our knowledge obtained during the assurance
engagement, or otherwise appears to contain a material misstatement of fact. If we identify an
apparent material inconsistency or material misstatement of fact, we are required to perform
procedures to conclude whether there is a material misstatement of the Subject Matter Information or
a material misstatement of the other information, and to take appropriate actions in the circumstances.
Other matter - Restriction on Use and Distribution of our Report
Our report is intended solely for the use of the Company, in connection with their Report as of and for
the year ended 31 December 2022 and should not be used for any other purpose. We do not accept
or assume and deny any liability or duty of care to any other party to whom this report may be shown
or into whose hands it may come.
Diegem, 8 February 2023
PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL
Represented by
Marc Daelman
1
Registered auditor
1
Marc Daelman BV, Director, represented by its permanent representative Marc Daelman

PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem
Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent
T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
STATUTORY AUDITOR'S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OF
BARCO NV ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2022
We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated
financial statements of Barco NV (the “Company”) and its subsidiaries (jointly “the Group”). This report
includes our report on the consolidated accounts, as well as the other legal and regulatory
requirements. This forms part of an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general meeting d.d. 29 April 2021, following the
proposal formulated by the board of directors and following the recommendation by the audit
committee and the proposal formulated by the works’ council. Our mandate will expire on the date of
the general meeting which will deliberate on the annual financial statements for the year ended
31 December 2023. We have performed the statutory audit of the Company’s consolidated financial
statements for 5 consecutive years.
Report on the consolidated accounts
Unqualified opinion
We have performed the statutory audit of the Group’s consolidated financial statements, which
comprise the consolidated balance sheet as at 31 December 2022, the consolidated statement of
income, the statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the consolidated
financial statements, including a summary of significant accounting policies and other explanatory
information, and which is characterised by a consolidated balance sheet total of EUR’000 1,147,405
and a net profit attributable to the equity holder of the parent of EUR‘000 75,219.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s net equity
and consolidated financial position as at 31 December 2022, and of its consolidated financial
performance and its consolidated cash flows for the year then ended, in accordance with International
Financial Reporting Standards as adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the
IAASB which are applicable to the year-end and which are not yet approved at the national level. Our
responsibilities under those standards are further described in the “Statutory auditor’s responsibilities
for the audit of the consolidated accounts” section of our report. We have fulfilled our ethical
responsibilities in accordance with the ethical requirements that are relevant to our audit of the
consolidated financial statements in Belgium, including the requirements related to independence.
We have obtained from the board of directors and Company officials the explanations and information
necessary for performing our audit.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current period. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Impairment testing of goodwill - Note 8
Description of key audit matter
The carrying value of the Group’s goodwill amounts to EUR’000 105,612 at 31 December 2022.
These assets are subject to impairment testing on an annual basis or more frequently if there are
indicators of impairment.
We consider this matter as key to our audit because the determination of whether or not an
impairment charge is necessary involves significant judgement in estimating the future results of the
business.
How our audit addressed the key audit matter
We evaluated the appropriateness of the Group’s accounting policies and assessed compliance with
the policies in accordance with IFRS.
We evaluated management’s annual impairment testing and assessment of the indicators of
impairment and challenged impairment calculations by assessing the future cash flow forecasts used
in the models, and the process by which they were drawn up, including comparing them to the latest
budgets approved by the board of directors.
We understood and challenged:
● Assumptions used in the Group’s budget and internal forecasts and the long-term growth rates
by comparing them to economic and industry forecasts;
● The discount rate by assessing the cost of capital and other inputs including benchmarking
with comparable organisations;
● The historical accuracy of budgets to actual results to determine whether cash flow forecasts
are reliable based on past experience;
● The mechanics of the underlying calculations.
In performing the above work, we utilised our internal valuation experts to provide challenge and
external market data to assess the reasonableness of the assumptions used by management.
We evaluated the sensitivity analysis around the key drivers within the cash flow forecasts to ascertain
the extent of change in those assumptions and also considered the likelihood of such a movement in
those key assumptions arising.

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Whilst recognizing that cash flow forecasting, impairment modelling and valuations are all inherently
judgmental, we found that the assumptions used by management were within an acceptable range of
reasonable estimates.
Valuation of deferred taxes and valuation allowance on deferred tax assets related to tax losses
carried forward and tax credits - Note 10
Description of key audit matter
Deferred tax assets on tax losses carried forward and tax credits amounts to EUR’000 31,641 (note
10). The valuation of the deferred tax positions at Barco involved significant judgement, more
specifically in the determination of the recognition of deferred tax assets related to tax losses carried
forward and tax credits. The estimation of the future taxable basis is highly judgemental as well as the
assessment of the impact of tax laws and regulations, tax planning action and strategies, rulings and
transfer pricing.
The valuation and recoverability of deferred tax assets is key to our audit due to the magnitude of the
amount recognized for these assets and because the assessment requires management estimates,
mainly on the assumptions regarding expected future market and economic conditions and tax laws
and regulation.
How our audit addressed the key audit matter
We challenged the assumptions made to assess the recoverability of deferred tax assets related to tax
losses carried forward and tax credits and the timing of the reversal of deferred tax positions. During
our procedures, we used amongst others budgets, forecasts and tax laws and in addition we assessed
the historical accuracy of management’s assumptions. We involved tax specialists in our audit. An
important management judgement was the period over which taxable profits can be reliably estimated
and consequently, no deferred tax assets are recognised for tax losses used in any period beyond.
We verified that the deferred tax position was calculated at the enacted tax rate for the year in which
the deferred tax position is expected to reverse.
We also assessed the adequacy and completeness of the Company’s disclosure included in Note 10
in respect of deferred taxes.
We found management’s judgements in respect of the Group’s deferred tax positions to be consistent
and in line with our expectations.
Responsibilities of the board of directors for the preparation of the consolidated financial
statements
The board of directors is responsible for the preparation of consolidated financial statements that give
a true and fair view in accordance with International Financial Reporting Standards as adopted by the
European Union and with the legal and regulatory requirements applicable in Belgium, and for such
internal control as the board of directors determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or
error.

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In preparing the consolidated financial statements, the board of directors is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the board of directors either intends
to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Statutory auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to
the audit of the consolidated financial statements in Belgium. A statutory audit does not provide any
assurance as to the Group’s future viability nor as to the efficiency or effectiveness of the board of
directors’ current or future business management at Group level. Our responsibilities in respect of the
use of the going concern basis of accounting by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated accounts, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control;
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board of directors;
• Conclude on the appropriateness of the board of directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our statutory auditor’s report to the related disclosures in the consolidated accounts
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our statutory auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going concern;

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• Evaluate the overall presentation, structure and content of the consolidated accounts, including
the disclosures, and whether the consolidated accounts represent the underlying transactions
and events in a manner that achieves fair presentation;
• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the Group
audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the audit committee, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the
consolidated financial statements, the report on non-financial information and the other information
included in the annual report on the consolidated financial statements.
Statutory auditor’s responsibilities
In the context of our mandate and in accordance with the Belgian standard which is complementary to
the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify,
in all material respects, the directors’ report on the consolidated financial statements, the separate
report on non-financial information and the other information included in the annual report on the
financial statements and to report on these matters.
Aspects related to the directors’ report on the consolidated financial statements and to the
other information included in the annual report on the consolidated financial statements
In our opinion, after having performed specific procedures in relation to the directors’ report on the
consolidated financial statements, this directors’ report is consistent with the consolidated financial
statements for the year under audit and is prepared in accordance with article 3:32 of the Companies'
and Associations' Code.

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In the context of our audit of the consolidated financial statements, we are also responsible for
considering, in particular based on the knowledge acquired resulting from the audit, whether the
directors’ report on the consolidated financial statements and the other information included in the
annual report on the consolidated financial statements is materially misstated or contains information
which is inadequately disclosed or otherwise misleading. In light of the procedures we have
performed, there are no material misstatements we have to report to you.
The non-financial information required by virtue of article 3:32, §2 of the Companies’ and Associations’
Code is included in the directors’ report on the consolidated financial statements. The Company has
prepared the non-financial information, based on Global Reporting Initiative Standards. However, in
accordance with article 3:80, §1, 5° of the Companies’ and Associations’ Code, we do not express an
opinion as to whether the non-financial information has been prepared in accordance with the Global
Reporting Initiative Standards as disclosed in the consolidated financial statements.
Statement related to independence
● Our registered audit firm and our network did not provide services which are incompatible with the
statutory audit of the consolidated accounts, and our registered audit firm remained independent
of the Group in the course of our mandate.
● The fees for additional services which are compatible with the statutory audit of the consolidated
accounts referred to in article 3:65 of the Companies' and Associations' Code are correctly
disclosed and itemized in the notes to the consolidated accounts.
European Uniform Electronic Format (“ESEF”)
In accordance with the standard on the draft verification of the compliance of the financial statements
with the European Uniform Electronic Format (hereinafter “ESEF”), we must verify whether the ESEF
format is in accordance with the regulatory technical standards established by the European Delegate
Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”).
The board of directors is responsible for the preparation, in accordance with ESEF requirements, of
the consolidated financial statements in the form of an electronic file in ESEF format (hereinafter
“consolidated financial statements”) included in the annual financial report.
Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking
language of the digital consolidated financial statements comply in all material respects with the ESEF
requirements under the Delegated Regulation.
The annual financial report and the digital consolidated financial statements have not yet been
submitted to us at the date of this report.
If, in our audit of the digital consolidated financial statements, we determine that there is a material
misstatement, we will be required to report the matter to the board of directors and request the latter to
make any necessary changes. If this does not happen, we will be forced to adjust this report due to
the fact that the format of and the marking of information in the digital consolidated financial
statements included in the annual financial statements report of Barco NV conform in all material
respects with the ESEF requirements under the Delegated Regulation.

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Other statements
● This report is consistent with the additional report to the audit committee referred to in article 11 of
the Regulation (EU) N° 537/2014.
Ghent, 8 February 2023
The statutory auditor
PwC Reviseurs d'Entreprises SRL / PwC Bedrijfsrevisoren BV
Represented by
Peter Opsomer
Réviseur d’Entreprises / Bedrijfsrevisor

PwC Bedrijfsrevisoren bv - PwC Reviseurs d'Entreprises srl - Risk Assurance Services
Maatschappelijke zetel/Siège social: Woluwe Garden, Culliganlaan 5, B-1831 Diegem
T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
To the Board of Directors of Barco NV
INDEPENDENT LIMITED ASSURANCE REPORT ON A SELECTION OF
SUSTAINABILITY KPI’S IN THE INTEGRATED ANNUAL REPORT 2022 OF BARCO NV
This report has been prepared in accordance with the terms of our contract dated 6 December 2022
(the “Agreement”), whereby we have been engaged to issue an independent limited assurance report
in connection with a selection of sustainability KPIs, marked with a checkmark (), in the Integrated
Annual Report as of and for the year ended 31 December 2022 of Barco NV and its subsidiaries (the
“Report”).
The Directors’ Responsibility
The Directors of Barco NV (“the Company”) are responsible for the preparation and presentation of the
selection of sustainability KPIs for the year 2022, marked with a checkmark () in the Report (the
“Subject Matter Information”), in accordance with the criteria disclosed in the Report (the “Criteria”).
This responsibility includes the selection and application of appropriate methods for the preparation of
the Subject Matter Information, for ensuring the reliability of the underlying information and for the use
of assumptions and estimates for individual sustainability disclosures which are reasonable in the
circumstances. Furthermore, the responsibility of the Directors includes the design, implementation
and maintenance of systems and processes relevant for the preparation of the Subject Matter
Information that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an independent conclusion about the Subject Matter Information based
on the procedures we have performed and the evidence we have obtained.
We conducted our work in accordance with the International Standard on Assurance Engagements
3000 (Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial
Information” (ISAE 3000), issued by the International Auditing and Assurance Standards Board. This
standard requires that we comply with ethical requirements and that we plan and perform the
engagement to obtain limited assurance as to whether any matters have come to our attention that
cause us to believe that the Subject Matter Information has not been prepared, in all material respects,
in accordance with the Criteria.

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The procedures performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had a reasonable engagement been performed. The selection of such procedures
depends on our professional judgement, including the assessment of the risks of material
misstatement of the Subject Matter Information in accordance with the Criteria. The scope of our work
comprised the following procedures:
● assessing and testing the design and functioning of the systems and processes used for data-
gathering, collation, consolidation and validation, including the methods used for calculating
and estimating the Subject Matter Information as of and for the year ended 31 December 2022
presented in the Report;
● conducting interviews with responsible officers;
● reviewing, on a limited test basis, relevant internal and external documentation;
● performing an analytical review of the data and trends in the information submitted for
consolidation;
● considering the disclosure and presentation of the Subject Matter Information.
The scope of our work is limited to assurance over the selection of sustainability KPIs for the year
2022, marked with a checkmark () in the Report. Our assurance does not extend to information in
respect of earlier periods or to any other information included in the Report.
Our Independence and Quality Control
Our engagement has been carried out in compliance with the legal requirements in respect of auditor
independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20, 28 and
29 of the Belgian Act of 7 December 2016 organizing the audit profession and its public oversight of
registered auditors, and with other ethical requirements of the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International
Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional
behaviour.
Our firm applies International Standard on Quality Control 1 and accordingly maintains a
comprehensive system of quality control including documented policies and procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.

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Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Subject Matter Information within your Report as of
and for the year ended 31 December 2022 has not been prepared, in all material respects, in
accordance with the Criteria disclosed in the Report.
Other ESG related information
The other information comprises all of the ESG related information in the Report other than the
Subject Matter Information and our assurance report. The directors are responsible for the other ESG
related information. As explained above, our assurance conclusion does not extend to the other ESG
related information and, accordingly, we do not express any form of assurance thereon. In connection
with our assurance of the Subject Matter Information, our responsibility is to read the other ESG
related information and, in doing so, consider whether the other ESG related information is materially
inconsistent with the Subject Matter Information or our knowledge obtained during the assurance
engagement, or otherwise appears to contain a material misstatement of fact. If we identify an
apparent material inconsistency or material misstatement of fact, we are required to perform
procedures to conclude whether there is a material misstatement of the Subject Matter Information or
a material misstatement of the other information, and to take appropriate actions in the circumstances.
Other matter - Restriction on Use and Distribution of our Report
Our report is intended solely for the use of the Company, in connection with their Report as of and for
the year ended 31 December 2022 and should not be used for any other purpose. We do not accept
or assume and deny any liability or duty of care to any other party to whom this report may be shown
or into whose hands it may come.
Diegem, 8 February 2023
PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL
Represented by
Marc Daelman
1
Registered auditor
1
Marc Daelman BV, Director, represented by its permanent representative Marc Daelman

PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services
Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem
Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent
T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com
BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB /
BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
STATUTORY AUDITOR’S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING, IN
ACCORDANCE WITH ARTICLE 12 OF THE ROYAL DECREE OF 14 NOVEMBER 2007,
REGARDING THE COMPLIANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS IN THE
FORM OF AN ELECTRONIC FILE OF BARCO NV AS AT 31 DECEMBER 2022 WITH THE ESEF
(EUROPEAN SINGLE ELECTRONIC FORMAT) REQUIREMENTS AND TAXONOMY UNDER THE
DELEGATED REGULATION (EU) 2019/815
_________________________________________________________________________________
Mission
In accordance with article 12 of the Royal Decree of 14 November 2007, the statutory auditors'
mission is to report on the format and XBRL marking language of the digital consolidated financial
statements in the form of an electronic file (hereinafter “digital consolidated financial statements”) in
accordance with the ESEF requirements and taxonomy (more specifically the provisions in force as
laid down in the ESEF Regulatory Technical Standard, “ESEF RTS” under Delegated Regulation (EU)
2019/815 dated 17 December 2018) applicable to the digital consolidated financial statements as at
31 December 2022.
This report follows our statutory auditor’s report to the general shareholders meeting of Barco NV in
the context of the consolidated annual accounts for the year ended 31 December 2022 due to the
untimely receipt of the digital consolidated financial statements.
Responsibilities of the board of directors
The board of directors is responsible for the preparation of the digital consolidated financial statements
as included in the annual financial report in accordance with the ESEF requirements (“ESEF RTS”)
applicable to the digital consolidated financial statements as at 31 December 2022.
This responsibility includes the selection and application of the most appropriate methods to prepare
the digital consolidated financial statements. In addition, the responsibility of the board of directors
includes designing, implementing and maintaining systems and processes relevant to the preparation
of the digital consolidated financial statements that are free from material misstatement resulting from
fraud or errors. The board of directors should verify that the digital consolidated financial statements
are consistent with the human-readable consolidated financial statements.
Statutory auditor’s responsibility
Our responsibility is to express a conclusion as to whether the format and the marking language XBRL
of the digital consolidated financial statements of Barco NV per 31 December 2022 complies in all
material respects with the ESEF technical regulatory standards under Delegated Regulation (EU)
2019/815 based on the work we perform.
We conducted our work in accordance with International Standard on Assurance Engagements (ISAE)
3000 (Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial
Information”. This standard requires that we comply with ethical requirements and that we plan and
perform the engagement to obtain reasonable assurance about whether nothing has come to our
attention that causes us to believe that the digital consolidated financial statements are, in all
materiality, in that respect would not have been prepared in accordance with the ESEF technical
regulatory standards applied by the Company.

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The selection of the procedures performed depends on our judgment and assessment of the risk of
material misstatement in the digital consolidated financial statements and in the statements of the
board of directors. The entirety of the work performed by us consisted of, among other things, the
following procedures:
● Verify that the digital consolidated financial statements in XHTML format have been prepared
in accordance with Article 3 of the Delegated Regulation;
● Obtain an understanding of the processes of the Company's practice in the XBRL marking
language of its digital consolidated financial statements and of the internal controls relevant to
the certification, in order to design audit procedures that are appropriate in the circumstances
but not for the purpose of expressing an opinion on the effectiveness of the internal controls
that are designed to provide reasonable assurance about whether the XBRL marking
language of the digital consolidated financial statements complies in all material respects with
the ESEF regulatory technical standards;
● Obtaining sufficient appropriate audit evidence about the effective operation of controls
relevant to the XBRL marking language of the digital consolidated financial statements of
Barco NV per 31 December 2022;
● Reconciliation of the marked data with the audited consolidated financial statements of Barco
NV per 31 December 2022;
● Assessing the completeness and fairness of the marking language of the digital consolidated
financial statements prepared by the Company;
● Assessing the appropriateness of the Company's use of the XBRL elements of the ESEF
taxonomy and assessing the creation of the extension taxonomy.
Our independence and quality control
We have complied with the independence requirements and other ethical requirements of the
legislation and regulations in force in Belgium that apply in the context of our assignment. These are
founded on the fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behavior.
Our firm applies the International Standard on Quality Control (ISQC) n°1, Quality Control for Firms
that Perform Audits and Reviews of Financial Statements, and Other Assurance Related Services
Engagements, and accordingly, maintains a comprehensive system of quality management including
documented policies and procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements
Our opinion
In our opinion, based on the procedures performed, the format and the marking language of the digital
consolidated financial statements as included within the annual financial report of Barco NV per 31
December 2022 complies in all material respects with the ESEF requirements under the Delegated
Regulation (EU) 2019/815.

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We do not express an audit opinion, a review conclusion or any other assurance conclusion on the
consolidated financial statements themselves in this report. Our audit opinion on the Group's
consolidated financial statements is set out in the statutory auditor's report dated 8 February 2023.
Other matter
The consolidated financial statements of Barco NV (the “Company”) and its subsidiaries (jointly “the
Group”) have been prepared by the board of directors of the Company on 8 February 2023 and has
been subject to a statutory audit. Our statutory auditor's report (signed on 8 February 2023) includes
an unqualified opinion on the true and fair view of the Group's equity and consolidated financial
position as of 31 December 2022, as well as its consolidated results and its consolidated cash flows
for the year then ended, in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and with the legal and regulatory requirements applicable in Belgium.
Ghent, 24 March 2023
The statutory auditor
PwC Bedrijfsrevisoren BV/Reviseurs d’Entreprises SRL
represented by
Peter Opsomer
Bedrijfsrevisor / Réviseur d’Entreprises