1. Results 4Q04 and FY04 Martin De Prycker CEO February 17, 2005

2. Operational results 4Q 2004 and full year 2004
in € mio
4Q 2003
2003
4Q 2004
2004
Growth 4Q 04 /
4Q 03
Growth
04 / 03
Orders
nominal
188.5
662.6
161.8
653.2
(14%)
(1%)
Orders at constant currencies *
168.7
682.9
(11%) 3%
Sales nominal
174.7
628.9
193.0
671.9
11% 7%
Sales at constant currencies *
200.9
702.1
15%
12%
EBITA
26.2
69.1
24.3
71.8
(5%) 5%
EBITA at constant currencies *
26.9
76.2
EBITA %
15.0
11.0
12.6
10.7
Book-to-bill
1.08
1.05
0.84
0.97
* $/€ 9 % lower in 4Q
* $/€ 10 % lower in full year

3. Results per quarter
in € million

4. Results 4Q 2004

5. Overall comments 4Q 2004
Weaker order intake than 2003, as 4Q03 had a number of large orders. Some important orders shifted to 2005
Sales were very good, with 11 % growth versus 4Q03, and in all divisions there was growth
Gross profit margin under pressure at 43 % (better than 3Q, but lower than 4Q03 at 45.0 %) as sudden decline in $ has several impacts
Direct impact on sales at lower margin
Re-evaluation of inventory at lower $
Competitive prices in € zone due to $-based competition
Dollar decline caused a lower EBITA of more than € 2 mio in 4Q, versus an unchanged dollar. Natural hedging in 4Q reduced to 72 % due to higher $ sales
Positive evolution of inventory with close to 10 % reduction versus 3Q04

6. Evolution of results per division
4Q Q04
in € million
Sales
% EBITA
View
59.1
18.9
67.8
23.0
Media & Entertainment
38.5
9.3
41.9
-7.1
Presentation & Simulation
27.5
18.8
29.1
13.2
Control Rooms
28.0
21.7
34.3
14.5
Vision
13.6
7.6
16.3
18.2
Manufacturing Services
13.5
-2.8
27.3
-0.1
Eliminations
-5.7 -
-23.7
Total
174.7
15.0
193.0
12.6

7. BarcoView (1)
in € million

8. BarcoView (2) Orders Sales Margins Lower book-to-bill ratio at 0.74
Weaker in Defense & Security, 33 % lower than last year
Orders in Medical 8 % higher than last year, despite $ decline
Weaker orders in Traffic Management than last year (20 % lower)
Sales
Strong sales volume in Medical confirms market leadership, growing at 38 %, despite $ decline. Growth largely organic but first contribution of Voxar for 1.9 € million
Defense sales weaker than 2003
Traffic Management sales 75 % higher than 4Q03, thanks to better supply
Margins
Very good gross profit margin at 51.1 %, thanks to effective purchasing in $ countries and higher software content
High demand in medical puts pressure on our suppliers to deliver enough quantities
Very good profit margin at 23.0 % vs 18.9 % in 4Q03

9. Barco Media & Entertainment (1)
in € million

10. Barco Media & Entertainment (2)
Overall improvements versus last year driven by organic growth and acquisition in the USA (Folsom)
Orders
Book-to-bill ratio at 1.03
Good orders in Media, especially Europe, but 17 % weaker than 4Q03
11 % higher orders in Events
Order level of Digital Cinema higher than 2003
Home Theater no longer included
Sales
Media sales mainly strong in US, but total sales weaker than 4Q03
Good Events sales with 23 % increase vs 4Q03; organic growth worldwide and growing Folsom sales in Europe and Asia
Strong sales in Digital Cinema illustrate a further penetration in cinema theaters
Margins
Very low gross profit margin at 27.5 %, due to
Large inventory and strong $ decline impact margin and inventory valuation
Provisions for bad debt customers had a negative impact on profitability
Strong price pressure in Media in US and Asia
Very low profit margin at –7.1 %

11. Barco Presentation & Simulation (1)
in € million

12. Barco Presentation & Simulation (2)
Orders
Orders in Presentation 22 % weaker vs 4Q03
Orders 12 % lower in Simulation vs 4Q03
Book-to-bill for the division at 0.96
Sales
Presentation
With 4 % sales slightly lower than 4Q03
Simulation
Strong sales in Simulation, growing 14 %, especially in the virtual reality segment worldwide
Margins
Good profit margin at 13.2 %
Lower gross profit margin due to lower $ and price pressure in presentation market
First shipments of HD projector started in Feb 05
At 46.5 % lower gross profit margin than 4Q03 due to lower $ and price pressure in presentation, but better than 3Q04

13. Barco Control Rooms (1)
in € million

14. Barco Control Rooms (2) Orders Sales Margins
Order input weaker than last year, some orders shifting to 2005, resulting in a very successful order month in January
Book-to-bill at 0.76
Sales
High growth worldwide of 23 %
Good worldwide sales in all segments, particularly strong in Traffic & Surveillance, but also growing interest in process control
Margins
Gross profit margin under pressure, especially in US, but also in € zone, at 42.7 %, higher than 3Q04 thanks to the volume effect, but much lower than 51.6 % in 4Q03
Good profit margin at 14.5 %

15. BarcoVision (1) in € million
* Excludes Machine Vision, divested in July 2003

16. BarcoVision (2) Sales & Orders Margins
Good sales in systems in textile and plastics, 19.4 % higher than 4Q03
Orders remain at a low level, because of delays in investments, still 11 % higher than 4Q03
Margins
Gross profit margin improved to 47.8 %, thanks to favorable product mix and higher sales volume
EBITA margin at a healthy 18.2 %, thanks to higher volume

17. Barco Manufacturing Services (1)
in € million

18. Barco Manufacturing Services (2)
Sales & Orders
Sales higher, driven by internal reorganization, but lower orders, especially in December
Margins
EBITA margin almost at break-even (-0.1 %)
Consolidation of automatic and manual soldering in 2 factories in Belgium and the Czech Republic now finalized

19. Geographical breakdown of sales
34,2%
16,0%
49,8%
EMEA
AMERICAS
ASIAPAC.
4Q03
4Q04

20. Key figures Income Statement 4Q04

21. Results Full Year 2004

22. Operational results full year 2004
in € mio
2003
2004
Growth
04 / 03
Orders
nominal
662.6
653.2
(1%)
Orders at constant currencies **
682.9 3%
Sales nominal
628.9
671.9 7%
Sales at constant currencies **
702.1
12%
EBITA
69.1*
71.8 5%
EBITA at constant currencies **
69.1
76.4
11%
EBITA %
11.0
10.7
Book-to-bill
1.05
0.97
* Before restructuring of € 2.5 mio
** $/€ 10 % lower in full year

23. Comments full year 2004
Further focus our organization on image processing for B2B with worldwide leadership
Exit of Home Theater
Acquisition of Folsom for Events
Acquisition of Voxar in Medical
Acquisition of System Technologies in Events in January 2005
Order growth of 3 % at constant currencies
Sales growth of 12 % at constant currencies
Dollar decline had a negative impact on EBITA of more than € 4 million vs 2003

24. Key figures Income Statement 2004
in € mio
FY 03 %
FY 04
Sales
Cost of goods sold
628.9
-351.0
100.0
-55.8
671.9
-381.8
100
-56.8
Gross Profit Research & Development
Sales & Marketing
General & Administration
Other operating result
277.9
-68.4
-100.3
-45.6
5.4
44.2
-10.9
-15.9
-7.2
0.9
290.1
-66.8
-109.7
-48.1
6.2
43.2
-9.9
-16.3
EBITA
Goodwill & restructuring
69.1
-8.9
11.0
-1.4
71.8
-10.0
10.7
-1.5
Operating Result
60.2
9.6
61.8
9.2
Non-operating result
-6.9
-1.1
0.6
0.1
Income Taxes
-6.7
-14.7
-2.2
Net Income
46.6
7.4
47.7
7.1
Current Cash Flow
109.8
17.5
116.1
17.3
Current Earnings per Share (in €)
4.42 -
4.69
Net Earnings per Share (in €)
3.77
3.89

25. Key figures Balance Sheet
in € mio
31/12/03
30/06/04
31/12/04
Accounts Receivable
149.5
154.7
166.2
Inventory
103.3
143.1
144.0
Cash
133.4
124.2
90.6
Financial debt
29.2
56.5
58.0

26. Geographical breakdown of sales
2003
2004
Growth 04/03
in local currency
EMEA + 3%
AMERICAS + 14%
ASIAPAC. + 32%

27. Expectations 2005

28. Strategy 2005
Increase profitability through higher efficiency in all business units by strong focus on quality improvements and processes
Main segments where large absolute growth is expected in 2005 through internal growth
Medical
Surveillance & Security
Media
Further growth in US and Asia expected as a result of stronger sales forces set up in 2004 and stronger economic growth in these regions
Increase manufacturing in and supply from China

29. Expectations 1Q 2005
Sales target: between € 150 – 160 million, i.e. more than 6 % year on year growth at constant currencies
Orders growing 10 % versus 1Q04 to around € 170 million
EBITA of between € 5 and 10 million
In order to restore profitability to the level of 2004, several actions will result in
Defending gross profit margin by further cost-down actions of our products
Reducing operational cost by more efficient use of worldwide resources and by reducing working cost

30. Dividend
Proposal of the Board of Directors to the annual shareholders’ meeting on May 4, 2005
Dividend will be increased to € 2.10 from
€ 2.00 last year

31. Questions & Answers